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  • MIL-Evening Report: Cultural burning isn’t just important to Indigenous culture – it’s essential to Australia’s disaster management

    Source: The Conversation (Au and NZ) – By Bhiamie Williamson, Research Fellow, Monash University

    Toa55/Shutterstock

    Last month, Australia’s newly appointed minister for emergency management, Senator Jenny McAllister, and Senator Tony Sheldon, special envoy for disaster recovery, took part in a cultural burn outside Lismore in New South Wales, as part of the National Gathering on Indigenous Disaster Resilience.

    It was significant to see members of the federal government listening to and taking direction from a cultural burn expert, Oliver Costello of Jagun Alliance, before undertaking a burn.

    Cultural burning is increasingly being used in disaster management. Pictured: Oliver Costello, Senator Jenny McAllister, Bhiamie Williamson and Senator Tony Sheldon at a cultural burn held during the National Gathering.
    Gabrielle Connole, CC BY-NC-ND

    It represented a hopeful sign that cultural burning might be increasingly used as a tool for disaster mitigation. After all, McAllister isn’t the minister for Indigenous affairs or the environment – her role is emergency management. At last month’s meeting, Indigenous peoples spoke of their desire and inherent right to be involved in disaster management.

    Cultural burning is, of course, vitally important to culture. But these gentle, regular burns were one of the main ways Indigenous groups managed land. They created mosaics of burned and unburned land, reducing the chance of megafires by burning fuel loads and creating safe havens in dangerous times.

    Networks of Indigenous groups have begun using fire to once again care for Country all around Australia. These are positive signs. But there is more to do to dismantle remaining barriers to mainstreaming cultural burning – and making it possible to use these ancient techniques to reduce, or avoid, disasters.

    An ancient practice rekindled

    The evidence of Indigenous land management using fire is significant and growing.

    This evidence has emerged through formal truth-telling processes such as Yoorrook, whose commissioners heard about the deliberate suppression of Indigenous land management in Victoria. It has come from ongoing academic research stitching settler accounts of the land and observations of how Indigenous groups used fire. In 1802, for instance, the settler John Murray recorded his amazement at how Boon Wurrung people set and controlled fire in Victoria’s Western Port Bay. The fire, which “must have covered an acre of ground”, was “dous’d […] at once”.

    In Mary Gilmore’s account of 19th-century colonial life in the New South Wales Riverina, she writes:

    As to fire, it was [Indigenous people] who taught our first settlers to get bushes and beat out a conflagration […] Indeed, it was a constant wonder, when I was little, how easily [Indigenous people] would check a fire before it grew too big for close handling or start a return fire when and where it was safest.

    These historical observations are complementary to the work of passing on knowledge of fire to the next generation. Taken together, they reveal a fundamental truth about Australia – it is a land of fire, and Indigenous people are the masters.

    The return of parcels of land to Indigenous groups in recent decades means we can restart these ancient fire regimes, through Indigenous rangers and other organisations.

    The return of ancient practices

    The management of land over deep time by Indigenous groups has meant people and the land effectively co-evolved.

    Since 1788, colonisation and Indigenous dispossession have radically altered many parts of Australia. Land was cleared for farms, cities, roads and infrastructure. Rivers were dammed for irrigation.

    Grasslands and yam fields were converted to livestock farms or cropping. Forested areas in some areas were cleared and in other areas thickly regrew, replacing the park-like mix of grassland and stands of trees produced by Indigenous land management. Thirsty crops such as cotton were planted, siphoning off huge volumes of water from lakes and rivers.

    John Glover’s 1838 painting shows open savannahs and grasslands in the Surrey Hills district of north-west Tasmania. In our time, this area has become temperate rainforest.
    Art Gallery of NSW

    Even the creation of national parks transformed landscapes, as Western practices of more passive management replaced active Indigenous management.

    The suppression of cultural burning brought yet more difficult change to Australia’s plants and animals. Australia now has one of the highest extinction rates of animals in the world. But cultural burning is being applied as a method to help protect vulnerable species, such as the Corroboree Frog.

    Over years, Indigenous groups have worked diligently and strategically to rekindle this ancient practice. But they have also reimagined it. It’s time to ask the question: what would it mean to bring back cultural burning at scale?

    No longer do Indigenous groups apply fire as a normal and everyday rhythm of life, stopping to light small fires as they walk. It’s now much more deliberate, requiring careful planning, creation of fire breaks and management of fire using trucks and heavy machinery.

    Even ignition is done differently. For a ceremony, firesticks will be used, with further lighting done using drip torches. In remote areas, fires are lit from helicopters, making it possible to cover vast areas.

    Combining these ancient and contemporary practices creates something fundamentally new. We require innovative discourses to better describe these developments.

    Indigenous Yika rangers burn using drip torches.
    Rohan Carboon/Indigenous Desert Alliance, CC BY

    New fire season, new hazards

    This fire season is likely to be a dangerous one. The seasonal bushfire outlook released by the Australasian Fire and Emergency Council projects the risk of early fires and a higher-than-usual bushfire risk over vast areas of Australia.

    Large parts of Australia are forecast to have a higher fire risk this spring.
    Australasian Fire and Emergency Council, CC BY-SA

    Recent rainy La Nina years triggered rapid vegetation growth in many areas, increasing the fuel load. Fire authorities are worried about what a forecast hot, dry, windy summer will mean.

    In recent years, Indigenous ranger groups have been undertaking cool burns as much as possible. In arid areas, there are fears of fast-moving grass fires due to the spread of introduced and highly flammable buffel grass.

    As danger from climate change intensifies, making volatile and combustible landscapes safer poses challenges both complex – and urgent.

    Indigenous groups around Australia have begun the work of rekindling cultural burns, but barriers still remain. Responsibility for fire management in state forests, national parks and on private land has long been split between government authorities and landholders. It’s time this disaster management work by Indigenous groups was recognised and magnified by governments.

    To mainstream cultural burning will mean finding ways of sharing the knowledge of when and how to burn, and resourcing Indigenous groups to undertake training and burns. Doing this will not only benefit the land and Indigenous groups, but all Australians.



    Read more:
    Before the colonists came, we burned small and burned often to avoid big fires. It’s time to relearn cultural burning

    Bhiamie Williamson leads the National Indigenous Disaster Resilience Program at Monash University. He is also a Director of the environmental charity Country Needs People.

    – ref. Cultural burning isn’t just important to Indigenous culture – it’s essential to Australia’s disaster management – https://theconversation.com/cultural-burning-isnt-just-important-to-indigenous-culture-its-essential-to-australias-disaster-management-241269

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Abortion is back in the headlines in Australia. The debates in the United States tell us why

    Source: The Conversation (Au and NZ) – By Prudence Flowers, Senior Lecturer in US History, College of Humanities, Arts, and Social Sciences, Flinders University

    The 2022 news that the US Supreme Court had overturned Roe v Wade and ended the constitutional right to abortion sent shockwaves around the world.

    For Australian opponents of abortion who had long looked to the US for leadership and inspiration, it prompted rejoicing.

    As a leader of Cherish Life Queensland put it, “if the USA can do it, with God’s help, so can we”.

    In late 2024, the abortion issue has suddenly erupted in Queensland and South Australia. A subset of local conservatives, energised by the fall of Roe v Wade and the example of Donald Trump, are embracing the divisive “culture war” tactics that dominate US politics.

    Abortion and Australian politics in 2024

    In the 2020 Queensland election, the Liberal National Party (LNP) has promised a “review” of the legislation that had decriminalised abortion two years prior. However, the party has spent most of the 2024 campaign studiously avoiding the issue.

    That is, until Robbie Katter MP, of Katter’s Australia Party, threw a spanner in the works.

    On October 8, Katter announced that if the LNP won, as was widely predicted, he would immediately introduce a private member’s bill to repeal the state abortion law.

    LNP leader David Crisafulli, who voted against decriminalisation, insists that changing the law is “not part of our plan”.

    However, last week Crisafulli was asked 132 times about abortion and the issue of conscience votes and refused to provide a clear answer.

    In the final leaders’ debate on Tuesday night, Crisafulli finally said there would be no change to abortion law and he was “pro-choice”.

    However, that is unlikely to be the end of the issue – opposition to abortion runs deep in the LNP.

    Party policy in 2018 was that abortion should remain a criminal offence. Despite being a conscience vote, the three LNP members who voted for decriminalisation were threatened with “punishment” afterwards.

    In 2024, several new anti–abortion candidates are running for the LNP. Former Liberal senator Amanda Stoker is a particularly high-profile one, having repeatedly addressed the Brisbane March for Life rally.

    The furore over the future of reproductive rights in Queensland occurred in parallel with controversy over anti-abortion legislation introduced by state Liberal MP Ben Hood in South Australia.

    His bill required anyone needing to end a pregnancy after 28 weeks to have labour induced and for the baby to be delivered alive, regardless of the health outcomes for the pregnant person or infant.

    Peak medical and legal bodies condemned the bill, which critics described as a “forced birth” measure. It was narrowly defeated in the upper house on October 16.

    Federally, Senator Jacinta Price has also called for abortion to be back on the “national agenda” and condemned abortion after the first 12 weeks of pregnancy. Her stance is out of step with abortion law in all Australian jurisdictions.



    Read more:
    Abortion is now legal across Australia – but it’s still hard to access. Doctors are both the problem and the solution

    Public and party opinion

    This sudden uptick in anti-abortion politics does not reflect Australian attitudes.

    A 2024 poll found 75% of Queenslanders agreed that decriminalising abortion had been the right action.

    This view was shared across partisan and geographical lines, held by 73% of LNP voters and 78% of regional Queenslanders.

    Historian Cassandra Byrnes demonstrates that these pro-choice attitudes have deep roots. A majority of the public opposed the police raids on abortion clinics that occurred under Nationals premier Sir Joh Bjelke-Petersen.

    A 2020 poll of South Australians found 80% supported decriminalisation. And 63% considered that later abortion should be available “when the woman and her healthcare team decide it is necessary”.

    The LNP’s hostility towards decriminalisation was also markedly different from the approach in other states.

    Notably, in both New South Wales and South Australia, prominent Liberals, including premiers, voted to decriminalise abortion.

    In South Australia, two senior Liberals, Minister for Human Services Michelle Lensink and Attorney-General Vickie Chapman, led the cross-party group that achieved law reform.

    Importing the culture wars

    When Australian states and territories debated decriminalisation, anti-abortion opponents relied heavily on tactics, pseudoscientific evidence and outright misinformation that first emerged in the United States.



    Read more:
    How the US right-to-life movement is influencing the abortion debate in Australia

    For example, in 2008, one Victorian group controversially distributed graphic photographs of aborted fetuses, and American diagrams and descriptions of later abortion procedures.

    Now, as Australian conservatives seek to reopen the debate over abortion, American influence underpins the rhetoric and framing.

    For decades, opponents of abortion in the United States focused on chipping away abortion rights and eroding access. They never accepted that abortion was health care.

    Since 1995, their central focus was also on the statistically rare abortions performed after 20 weeks gestation. This focus has been imported wholesale into Australia.

    The anti-abortion activism surrounding Hood’s bill reflects these approaches. Opponents of abortions waged a broad and stigmatising campaign against abortion after 22 weeks and six days, the legal point in South Australia after which two medical practitioners must approve an abortion.

    Hood’s bill is best interpreted as an anti-abortion “messaging” exercise rather than a genuine attempt to amend the law.

    For decades, this was the default tactic motivating Republicans when they introduced extreme, unenforceable bills. The purpose was not legislative change but to amplify their rhetoric and arguments and energise conservative voters.

    Opposition to abortion is also part of a broader rightward shift taking place among some state Liberal branches.

    In South Australia, conservatives launched a power grab after abortion was decriminalised in 2021. This included a significant recruitment drive among Pentecostals.

    A similar recruiting focus on conservative religious faith groups has also occurred in Victoria, triggered by LGBTQI+ victories.

    In South Australia, the party takeover is openly led by Senator Alex Antic. He made a name for himself through his hostility to COVID-19 vaccines and his opposition to trans and abortion rights.

    Antic praises Trump and seeks out connections with conservatives who are or have been close to him, including Steven Bannon and Donald Trump junior.

    Meanwhile, in Queensland, Crisafulli’s desperate efforts not to be pinned down on abortion offer a local version of themes in the 2024 presidential election.

    Because Republicans have experienced significant voter backlash over abortion, Trump has charted an uneasy course.

    Trump claims sole responsibility for the end of Roe v Wade while simultaneously denying any connection to the abortion bans now in place in many states.

    Like Crisafulli, Trump has been unclear about what his victory would mean for reproductive rights.

    Political commentator Mark Kenny concludes that an “ideological battle” is unfolding among Australian Liberals.

    As in the United States, unwavering hostility to abortion is proving central to these politicians as a way to signify their priorities to voters and define themselves against others in their party.

    Prudence Flowers has received funding from the South Australian Department of Human Services. She is a member of the South Australian Abortion Action Coalition.

    – ref. Abortion is back in the headlines in Australia. The debates in the United States tell us why – https://theconversation.com/abortion-is-back-in-the-headlines-in-australia-the-debates-in-the-united-states-tell-us-why-241778

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Western New England Bancorp, Inc. Reports Results for Three and Nine Months Ended September 30, 2024 and Declares Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    WESTFIELD, Mass., Oct. 23, 2024 (GLOBE NEWSWIRE) — Western New England Bancorp, Inc. (the “Company” or “WNEB”) (NasdaqGS: WNEB), the holding company for Westfield Bank (the “Bank”), announced today the unaudited results of operations for the three and nine months ended September 30, 2024. For the three months ended September 30, 2024, the Company reported net income of $1.9 million, or $0.09 per diluted share, compared to net income of $4.5 million, or $0.21 per diluted share, for the three months ended September 30, 2023. On a linked quarter basis, net income was $1.9 million, or $0.09 per diluted share, as compared to net income of $3.5 million, or $0.17 per diluted share, for the three months ended June 30, 2024. For the nine months ended September 30, 2024, net income was $8.4 million, or $0.40 per diluted share, compared to net income of $12.6 million, or $0.58 per diluted share, for the nine months ended September 30, 2023.

    The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.07 per share on the Company’s common stock. The dividend will be payable on or about November 21, 2024 to shareholders of record on November 7, 2024.

    James C. Hagan, President and Chief Executive Officer, commented, “We believe our Company continues to be well positioned with strong capital and access to various liquidity sources. Our financial performance has been largely impacted by the unprecedented interest rate cycle and higher funding costs in response to the sustained increase in interest rates over the last 18-24 months. While it remains unclear whether the recent decrease in interest rates represents an end to this trend, the balance sheet is positioned to benefit from this decrease and the challenge will begin to subside as our liabilities begin to reprice lower. As we continue to manage the balance sheet in this uncertain interest rate environment, we remain focused on expense management initiatives to mitigate top line pressures and improve efficiencies over the Company’s long-term. The Company also continues to focus on our core business to grow loans and deposits as well as retention of our customers. Total deposits increased $80.5 million, or 3.8%, and total loans increased $21.7 million, or 1.1%, from year-end. Our asset quality remains strong, with nonperforming loans to total loans of 0.24% at September 30, 2024.”

    Hagan concluded, “The Company is considered to be well-capitalized as defined by the regulators and we remain disciplined in our capital management strategies. During the nine months ended September 30, 2024, we repurchased 714,282 shares of the Company’s common stock at an average price per share of $7.61. We continue to believe that buying back shares represents a prudent use of the Company’s capital and we are pleased to be able to continue to return value to shareholders through share repurchases. Although the banking environment has been challenged, our capital management strategies have been critical to sustaining growth in book value per share, which increased $0.44, or 4.0%, while tangible book value per share increased $0.43, or 4.2%, to $10.73. The management team remains focused and well positioned to serve our community and to enhance shareholder value over the long term.”

    Key Highlights:

    Loans and Deposits

    At September 30, 2024, total loans were $2.0 billion and increased $21.7 million, or 1.1%, from December 31, 2023. The increase in total loans was due to an increase in commercial real estate loans of $3.0 million, or 0.3%, an increase in residential real estate loans, including home equity loans, of $26.4 million, or 3.7%, partially offset by a decrease in commercial and industrial loans of $7.0 million, or 3.2%.

    At September 30, 2024, total deposits were $2.2 billion and increased $80.5 million, or 3.8%, from December 31, 2023. Core deposits, which the Company defines as all deposits except time deposits, decreased $8.3 million, or 0.5%, from $1.5 billion, or 71.5% of total deposits, at December 31, 2023, to $1.5 billion, or 68.5% of total deposits at September 30, 2024. Time deposits increased $88.8 million, or 14.5%, from $611.4 million at December 31, 2023 to $700.2 million at September 30, 2024. Brokered time deposits, which are included in time deposits, totaled $1.7 million at September 30, 2024 and at December 31, 2023. The loan-to-deposit ratio decreased from 94.6% at December 31, 2023 to 92.1% at September 30, 2024.

    Liquidity

    The Company’s liquidity position remains strong with solid core deposit relationships, cash, unencumbered securities, a diversified deposit base and access to diversified borrowing sources. At September 30, 2024, the Company had $1.1 billion in immediately available liquidity, compared to $615.0 million in uninsured deposits, or 27.7% of total deposits, representing a coverage ratio of 183%. Uninsured deposits of the Bank’s customers are eligible for FDIC pass-through insurance if the customer opens an IntraFi Insured Cash Sweep (“ICS”) account or a reciprocal time deposit through the Certificate of Deposit Account Registry System (“CDARS”). IntraFi allows for up to $250.0 million per customer of pass-through FDIC insurance, which would more than cover each of the Bank’s deposit customers if such customer desired to have such pass-through insurance.

    Allowance for Loan Losses and Credit Quality

    At September 30, 2024, the allowance for credit losses was $20.0 million, or 0.97% of total loans and 409.5% of nonperforming loans, compared to $20.3 million, or 1.00% of total loans and 315.6% of nonperforming loans at December 31, 2023. At September 30, 2024, nonperforming loans totaled $4.9 million, or 0.24% of total loans, compared to $6.4 million, or 0.32% of total loans, at December 31, 2023. Total delinquent loans decreased $1.7 million, or 28.3%, from $6.0 million, or 0.30% of total loans, at December 31, 2023 to $4.3 million, or 0.21% of total loans, at September 30, 2024. At September 30, 2024 and December 31, 2023, the Company did not have any other real estate owned.

    Net Interest Margin

    The net interest margin was 2.40% for the three months ended September 30, 2024 compared to 2.42% for the three months ended June 30, 2024. The net interest margin, on a tax-equivalent basis, was 2.42% for the three months ended September 30, 2024, compared to 2.44% for the three months ended June 30, 2024.

    Stock Repurchase Program

    On June 10, 2024, the Company announced the completion of its previously authorized stock repurchase plan (the “2022 Plan”) pursuant to which the Company was authorized to repurchase up to 1.1 million shares, or approximately 5% of its outstanding common stock, as of the date the 2022 Plan was adopted. On May 22, 2024, the Board of Directors authorized a new stock repurchase plan (the “2024 Plan”) under which the Company may repurchase up to 1.0 million shares, or approximately 4.6%, of the Company’s then-outstanding shares of common stock.

    During the three months ended September 30, 2024, the Company repurchased 244,441 shares of common stock under the 2024 Plan, with an average price per share of $8.18. During the nine months ended September 30, 2024, the Company repurchased 714,282 shares of common stock with an average price per share of $7.61. As of September 30, 2024, there were 692,318 shares of common stock available for repurchase under the 2024 Plan.

    The repurchase of shares under the stock repurchase program is administered through an independent broker. The shares of common stock repurchased under the 2024 Plan have been and will continue to be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, or otherwise, depending upon market conditions. There is no guarantee as to the exact number, or value, of shares that will be repurchased by the Company, and the Company may discontinue repurchases at any time that the Company’s management (“Management”) determines additional repurchases are not warranted. The timing and amount of additional share repurchases under the 2024 Plan will depend on a number of factors, including the Company’s stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements.

    Book Value and Tangible Book Value

    The Company’s book value per share was $11.40 at September 30, 2024 compared to $10.96 at December 31, 2023, while tangible book value per share, a non-GAAP financial measure, increased $0.43, or 4.2%, from $10.30 at December 31, 2023 to $10.73 at September 30, 2024. See pages 19-21 for the related tangible book value calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Net Income for the Three Months Ended September 30, 2024 Compared to the Three Months Ended June 30, 2024

    The Company reported net income of $1.9 million, or $0.09 per diluted share, for the three months ended September 30, 2024, compared to net income of $3.5 million, or $0.17 per diluted share, for the three months ended June 30, 2024. Net interest income increased $258,000, or 1.8%, the provision for credit losses increased $1.2 million, non-interest income decreased $693,000, or 18.1%, and non-interest expense increased $92,000, or 0.6%. Return on average assets and return on average equity were 0.29% and 3.19%, respectively, for the three months ended September 30, 2024, compared to 0.55% and 6.03%, respectively, for the three months ended June 30, 2024.

    Net Interest Income and Net Interest Margin

    On a sequential quarter basis, net interest income, our primary driver of revenues, increased $258,000, or 1.8%, to $14.7 million for the three months ended September 30, 2024, from $14.5 million for the three months ended June 30, 2024. The increase in net interest income was primarily due to an increase in interest income of $1.0 million, or 3.9%, partially offset by an increase in interest expense of $780,000, or 6.3%.

    The net interest margin was 2.40% for the three months ended September 30, 2024, compared to 2.42% for the three months ended June 30, 2024. The net interest margin, on a tax-equivalent basis, was 2.42% for the three months ended September 30, 2024, compared to 2.44% for the three months ended June 30, 2024. The decrease in the net interest margin was primarily due to an increase in the average cost of interest-bearing liabilities, which was partially offset by an increase in the average yield on interest-earning assets. During the three months ended September 30, 2024 and the three months ended June 30, 2024, the Company had a fair value hedge which contributed to an increase in the net interest margin of seven basis points. Excluding the interest income attributed to the fair value hedge, the net interest margin was 2.33% and 2.35%, for the three months ended September 30, 2024 and the three months ended June 30, 2024, respectively. The fair value hedge is scheduled to mature in October of 2024.

    The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was 4.54% for the three months ended September 30, 2024, compared to 4.49% for the three months ended June 30, 2024. The average loan yield, without the impact of tax-equivalent adjustments, was 4.90% for the three months ended September 30, 2024, compared to 4.85% for the three months ended June 30, 2024. During the three months ended September 30, 2024, average interest-earning assets increased $40.6 million, or 1.7% to $2.4 billion, primarily due to an increase in average loans of $21.5 million, or 1.1%, an increase in average short-term investments, consisting of cash and cash equivalents, $17.7 million, or 123.6%, and an increase in average other investments of $1.6 million, or 11.0%.

    The average cost of total funds, including non-interest bearing accounts and borrowings, increased eight basis points from 2.16% for the three months ended June 30, 2024 to 2.24% for the three months ended September 30, 2024. The average cost of core deposits, which the Company defines as all deposits except time deposits, increased six basis points to 0.93% for the three months ended September 30, 2024, from 0.87% for the three months ended June 30, 2024. The average cost of time deposits increased five basis points from 4.39% for the three months ended June 30, 2024 to 4.44% for the three months ended September 30, 2024. The average cost of borrowings, including subordinated debt, increased five basis points from 5.00% for the three months ended June 30, 2024 to 5.05% for the three months ended September 30, 2024. Average demand deposits, an interest-free source of funds, increased $10.4 million, or 1.9%, from $548.8 million, or 25.7% of total average deposits, for the three months ended June 30, 2024, to $559.2 million, or 25.7% of total average deposits, for the three months ended September 30, 2024.

    Provision for (Reversal of) Credit Losses

    During the three months ended September 30, 2024, the Company recorded a provision for credit losses of $941,000, compared to a reversal for credit losses of $294,000 during the three months ended June 30, 2024. The provision for credit losses includes a provision for credit losses on loans of $609,000 and a reserve on unfunded loan commitments of $332,000. The increase in the provision for credit losses on loans was due to changes in the economic environment and related adjustments to the quantitative components of the CECL methodology as well as growth in the loan portfolio. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company’s loan portfolio, changes in the loan portfolio mix and Management’s consideration of existing economic conditions and the economic outlook from the Federal Reserve’s actions to control inflation. The increase in reserves on unfunded loan commitments was due to an increase in commercial real estate unfunded loan commitments of $33.5 million, or 20.7%, from $161.8 million at June 30, 2024 to $195.3 million at September 30, 2024. Management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

    During the three months ended September 30, 2024, the Company recorded net charge-offs of $98,000, compared to net charge-offs of $10,000 for the three months ended June 30, 2024.

    Non-Interest Income

    On a sequential quarter basis, non-interest income decreased $693,000, or 18.1%, to $3.1 million for the three months ended September 30, 2024, from $3.8 million for the three months ended June 30, 2024. Service charges and fees on deposits were $2.3 million for the three months ended September 30, 2024 and the three months ended June 30, 2024. Income from bank-owned life insurance (“BOLI”) decreased $32,000, or 6.4%, from the three months ended June 30, 2024 to $470,000, for the three months ended September 30, 2024. During the three months ended September 30, 2024, the Company reported $74,000 in other income from loan-level swap fees on commercial loans and did not have comparable income during the three months ended June 30, 2024. During the three months ended September 30, 2024, the Company sold $20.1 million in fixed rate residential loans to the secondary market and reported income from mortgage banking activities of $246,000 and did not have comparable income during the three months ended June 30, 2024. During the three months ended September 30, 2024 and the three months ended June 30, 2024, the Company reported unrealized gains on marketable equity securities of $10,000 and $4,000, respectively. During the three months ended June 30, 2024, the Company reported a gain on non-marketable equity investments of $987,000 and did not have comparable gains or losses from non-marketable equity investments during the three months ended September 30, 2024.

    Non-Interest Expense

    For the three months ended September 30, 2024, non-interest expense increased $92,000, or 0.6%, to $14.4 million from $14.3 million for the three months ended June 30, 2024. Salaries and employee benefits increased $211,000, or 2.7%, to $8.1 million, software expenses increased $46,000, or 8.1%, data processing expense increased $23,000, or 2.7%, FDIC insurance expense increased $15,000, or 4.6%, and debit card and ATM processing fees increased $6,000, or 0.9%. During the same period, these increases were partially offset by a decrease in professional fees of $41,000, or 7.1%, a decrease in advertising expense of $68,000, or 20.1%, a decrease in occupancy expense of $1,000, or 0.1%, and a decrease in other non-interest expense of $99,000, or 7.0%.

    For the three months ended September 30, 2024, the efficiency ratio was 80.6%, compared to 78.2% for the three months ended June 30, 2024. For the three months ended September 30, 2024, the adjusted efficiency ratio, a non-GAAP financial measure, was 80.7% compared to 82.7% for the three months ended June 30, 2024. The increases in the efficiency ratio and the adjusted efficiency ratio were driven by lower revenues, defined as the sum of net interest income and non-interest income, during the three months ended September 30, 2024. See pages 19-21 for the related adjusted efficiency ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Income Tax Provision

    Income tax expense for the three months ended September 30, 2024 was $618,000, or an effective tax rate of 24.5%, compared to $771,000, or an effective tax rate of 18.0%, for the three months ended June 30, 2024. The increase in the effective tax rate for the three months ended September 30, 2024 was driven by the Company’s projections of pre-tax income for the year ending December 31, 2024.

    Net Income for the Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023.

    The Company reported net income of $1.9 million, or $0.09 per diluted share, for the three months ended September 30, 2024, compared to net income of $4.5 million, or $0.21 per diluted share, for the three months ended September 30, 2023. Net interest income decreased $1.7 million, or 10.1%, provision for credit losses increased $587,000, non-interest income decreased $471,000, or 13.0%, and non-interest expense increased $288,000, or 2.0%, during the same period. Return on average assets and return on average equity were 0.29% and 3.19%, respectively, for the three months ended September 30, 2024, compared to 0.70% and 7.60%, respectively, for the three months ended September 30, 2023.

    Net Interest Income and Net Interest Margin

    Net interest income decreased $1.7 million, or 10.1%, to $14.7 million, for the three months ended September 30, 2024, from $16.4 million for the three months ended September 30, 2023. The decrease in net interest income was due to an increase in interest expense of $3.6 million, or 37.8%, partially offset by an increase in interest and dividend income of $1.9 million, or 7.5%. Interest expense on deposits increased $3.5 million, or 44.9%, and interest expense on borrowings increased $133,000, or 7.3%. The increase in interest expense was a result of competitive pricing on deposits due to the continued higher interest rate environment and the unfavorable shift in the deposit mix from low cost core deposits to high cost time deposits.

    The net interest margin was 2.40% for the three months ended September 30, 2024, compared to 2.70% for the three months ended September 30, 2023. The net interest margin, on a tax-equivalent basis, was 2.42% for the three months ended September 30, 2024, compared to 2.72% for the three months ended September 30, 2023. The decrease in the net interest margin was primarily due to an increase in the average cost of interest-bearing liabilities and the unfavorable shift in the deposit mix from low cost core deposits to high cost time deposits, which was partially offset by an increase in the average yield on interest-earning assets. During the three months ended September 30, 2024 and the three months ended September 30, 2023, the Company had a fair value hedge which contributed to an increase in the net interest margin of seven basis points. Excluding the interest income from the fair value hedge, the net interest margin was 2.33% and 2.64%, for the three months ended September 30, 2024 and three months ended September 30, 2023, respectively. The fair value hedge is scheduled to mature in October of 2024.

    The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was 4.54% for the three months ended September 30, 2024, compared to 4.28% for the three months ended September 30, 2023. The average loan yield, without the impact of tax-equivalent adjustments, was 4.90% for the three months ended September 30, 2024, compared to 4.64% for the three months ended September 30, 2023. During the three months ended September 30, 2024, average interest-earning assets increased $38.2 million, or 1.6% to $2.4 billion, primarily due to an increase in average loans of $31.3 million, or 1.6%, an increase in average short-term investments, consisting of cash and cash equivalents, of $9.7 million, or 43.4%, an increase in average other investments of $3.7 million, or 30.8%, partially offset by a decrease in average securities of $6.5 million, or 1.8%.

    The average cost of total funds, including non-interest bearing accounts and borrowings, increased 60 basis points from 1.64% for the three months ended September 30, 2023 to 2.24% for the three months ended September 30, 2024. The average cost of core deposits, which the Company defines as all deposits except time deposits, increased 23 basis points to 0.93% for the three months ended September 30, 2024, from 0.70% for the three months ended September 30, 2023. The average cost of time deposits increased 98 basis points from 3.46% for the three months ended September 30, 2023 to 4.44% for the three months ended September 30, 2024. The average cost of borrowings, including subordinated debt, increased 24 basis points from 4.81% for the three months ended September 30, 2023 to 5.05% for the three months ended September 30, 2024. Average demand deposits, an interest-free source of funds, decreased $32.7 million, or 5.5%, from $591.9 million, or 27.5% of total average deposits, for the three months ended September 30, 2023, to $559.2 million, or 25.7% of total average deposits, for the three months ended September 30, 2024.

    Provision for Credit Losses

    During the three months ended September 30, 2024, the Company recorded a provision for credit losses of $941,000, compared to a provision for credit losses of $354,000, during the three months ended September 30, 2023. The increase was primarily due to an increase in the loan portfolio, specifically unfunded commercial real estate loan commitments, as well as changes in the economic environment and related adjustments to the quantitative components of the CECL methodology. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company’s loan portfolio, changes in the loan portfolio mix and Management’s consideration of existing economic conditions and the economic outlook from the Federal Reserve’s actions to control inflation. Management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

    The Company recorded net charge-offs of $98,000 for the three months ended September 30, 2024, as compared to net charge-offs of $78,000 for the three months ended September 30, 2023.

    Non-Interest Income

    Non-interest income decreased $471,000, or 13.0%, from $3.6 million for the three months ended September 30, 2023 to $3.1 million for the three months ended September 30, 2024. Service charges and fees on deposits increased $196,000, or 9.1%, and income from BOLI increased $16,000, or 3.5%, from the three months ended September 30, 2023 to the three months ended September 30, 2024. During the three months ended September 30, 2024, the Company reported $74,000 in other income from loan-level swap fees on commercial loans and did not have comparable income during the three months ended September 30, 2023. During the three months ended September 30, 2024, the Company reported income of $246,000 in mortgage banking activities due to the sale of fixed rate residential loans and did not have comparable income during the three months ended September 30, 2023. During the three months ended September 30, 2024, the Company reported $10,000 in unrealized gains of marketable equity securities and did not have comparable income during the three months ended September 30, 2023. During the three months ended September 30, 2023, the Company reported a gain on non-marketable equity investments of $238,000 and did not have comparable non-interest income during the three months ended September 30, 2024. During the three months ended September 30, 2023, non-interest income included a non-taxable gain of $778,000 on BOLI death benefits. The Company did not have comparable income during the three months ended September 30, 2024. During the three months ended September 30, 2023, the Company reported a loss on the sales of premises and equipment of $3,000 and did not have comparable expense during the three months ended September 30, 2024.

    Non-Interest Expense

    For the three months ended September 30, 2024, non-interest expense increased $288,000, or 2.0%, to $14.4 million from $14.1 million, for the three months ended September 30, 2023. Salaries and employee benefits increased $157,000, or 2.0%, to $8.1 million, debit card and ATM processing fees increased $87,000, or 15.5%, software expenses increased $83,000, or 15.7%, occupancy expense increased $58,000, or 5.0%, data processing expense increased $45,000, or 5.5%, other non-interest income increased $54,000, or 4.3%, and furniture and equipment related expenses increased $1,000, or 0.2%. These increases were partially offset by a decrease in professional fees of $103,000, or 16.0%, a decrease in advertising expense of $91,000, or 25.1%, and a decrease in FDIC insurance expense of $3,000, or 0.9%.

    For the three months ended September 30, 2024, the efficiency ratio was 80.6%, compared to 70.6% for the three months ended September 30, 2023. For the three months ended September 30, 2024, the adjusted efficiency ratio, a non-GAAP financial measure, was 80.7% compared to 74.4% for the three months ended September 30, 2023. The increases in the efficiency ratio and the non-GAAP adjusted efficiency ratio were driven by lower revenues during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. See pages 19-21 for the related adjusted efficiency ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Income Tax Provision

    Income tax expense for the three months ended September 30, 2024 was $618,000, or an effective tax rate of 24.5%, compared to $1.0 million, or an effective tax rate of 18.7%, for the three months ended September 30, 2023. The effective tax rate for the three months ended September 30, 2023 included $778,000 in non-taxable BOLI death benefits.

    Net Income for the Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023

    For the nine months ended September 30, 2024, the Company reported net income of $8.4 million, or $0.40 per diluted share, compared to $12.6 million, or $0.58 per diluted share, for the nine months ended September 30, 2023. Return on average assets and return on average equity were 0.44% and 4.74% for the nine months ended September 30, 2024, respectively, compared to 0.66% and 7.19% for the nine months ended September 30, 2023, respectively.

    Net Interest Income and Net Interest Margin

    During the nine months ended September 30, 2024, net interest income decreased $7.2 million, or 13.9%, to $44.5 million, compared to $51.7 million for the nine months ended September 30, 2023. The decrease in net interest income was due to an increase in interest expense of $14.1 million, or 62.3%, partially offset by an increase in interest and dividend income of $6.9 million, or 9.3%. The $14.1 million increase in interest expense was primarily due to an increase of $12.9 million, or 72.3%, in interest expense on deposits as a result of competitive pricing and an unfavorable shift in the deposit mix from low cost core deposits to high cost time deposits.

    The net interest margin for the nine months ended September 30, 2024 was 2.46%, compared to 2.88% during the nine months ended September 30, 2023. The net interest margin, on a tax-equivalent basis, was 2.48% for the nine months ended September 30, 2024, compared to 2.90% for the nine months ended September 30, 2023. The decrease in the net interest margin was primarily due to an increase in the average cost of interest-bearing liabilities and the unfavorable shift in the deposit mix from low cost core to high cost time deposits, which was partially offset by an increase in the average yield on interest-earning assets. During the nine months ended September 30, 2024 and the nine months ended September 30, 2023, the Company had a fair value hedge which contributed to an increase in the net interest margin of seven and three basis points, respectively. Excluding the interest income from the fair value hedge, the net interest margin was 2.39% and 2.85%, for the nine months ended September 30, 2024 and the nine months ended September 30, 2023, respectively. The fair value hedge is scheduled to mature in October of 2024.

    The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was 4.49% for the nine months ended September 30, 2024, compared to 4.14% for the nine months ended September 30, 2023. The average loan yield, without the impact of tax-equivalent adjustments, was 4.86% for the nine months ended September 30, 2024, compared to 4.49% for the nine months ended September 30, 2023. During the nine months ended September 30, 2024, average interest-earning assets increased $14.5 million, or 0.6%, to $2.4 billion, from the same period in 2023. The increase was primarily due to an increase in average loans of $23.4 million, or 1.2%, an increase in average short-term investments, consisting of cash and cash equivalents, of $5.7 million, or 44.2%, and an increase in other interest-earning assets of $1.7 million, or 13.7%, partially offset by a decrease in average securities of $16.3 million, or 4.4%.

    The average cost of total funds, including non-interest bearing accounts and borrowings, increased 80 basis points from 1.32% for the nine months ended September 30, 2023 to 2.12% for the nine months ended September 30, 2024. The average cost of core deposits, which the Company defines as all deposits except time deposits, increased 24 basis points to 0.86% for the nine months ended September 30, 2024, from 0.62% for the nine months ended September 30, 2023. The average cost of time deposits increased 160 basis points from 2.72% for the nine months ended September 30, 2023 to 4.32% for the nine months ended September 30, 2024. The average cost of borrowings, including subordinated debt, increased 15 basis points from 4.84% for the nine months ended September 30, 2023 to 4.99% for the nine months ended September 30, 2024. Average demand deposits, an interest-free source of funds, decreased $52.1 million, or 8.6%, from $607.3 million, or 28.0% of total average deposits, for the nine months ended September 30, 2023, to $555.3 million, or 25.8% of total average deposits, for the nine months ended September 30, 2024.

    Provision for Credit Losses

    During the nine months ended September 30, 2024, the Company recorded a provision for credit losses of $97,000, compared to a provision for credit losses of $386,000 during the nine months ended September 30, 2023. The decrease was primarily due to changes in the loan mix as well as economic environment and related adjustments to the quantitative components of the CECL methodology. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company’s loan portfolio, changes in the loan portfolio mix and Management’s consideration of existing economic conditions and the economic outlook from the Federal Reserve’s actions to control inflation. Management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

    During the nine months ended September 30, 2024, the Company recorded net charge-offs of $41,000 compared to net charge-offs of $1.9 million for the nine months ended September 30, 2023. The charge-offs during the nine months ended September 30, 2023 were related to one commercial relationship acquired in October 2016 from Chicopee Bancorp, Inc. The Company recorded a $1.9 million charge-off on the relationship, which represented the non-accretable credit mark that was required to be grossed-up to the loan’s amortized cost basis with a corresponding increase to the allowance for credit losses under the CECL implementation.

    Non-Interest Income

    For the nine months ended September 30, 2024, non-interest income increased $1.5 million, or 17.9%, from $8.2 million during the nine months ended September 30, 2023 to $9.6 million. Service charges and fees on deposits increased $328,000, or 5.0%, and income from BOLI increased $37,000, or 2.7%.

    During the nine months ended September 30, 2024, the Company reported a gain of $987,000 on non-marketable equity investments, compared to a gain of $590,000 during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Company reported income of $246,000 from mortgage banking activities due to the sale of fixed rate residential real estate loans and did not have comparable income during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Company reported $74,000 in other income from loan-level swap fees on commercial loans and did not have comparable income during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Company reported $22,000 in unrealized gains of marketable equity securities and did not have comparable income during the nine months ended September 30, 2023. Gains and losses from the investment portfolio vary from quarter to quarter based on market conditions, as well as the related yield curve and valuation changes. During the nine months ended September 30, 2024, the Company reported a loss on the sales of premises and equipment of $6,000 compared to $3,000 during the nine months ended September 30, 2023. During the nine months ended September 30, 2023, the Company recorded a $1.1 million final termination expense related to the defined benefit pension plan (the “DB Plan”) termination. The Company did not have comparable income or expense during the nine months ended September 30, 2024. During the nine months ended September 30, 2023, non-interest income included a non-taxable gain of $778,000 on BOLI death benefits. The Company did not have comparable income during the nine months ended September 30, 2024.

    Non-Interest Expense

    For the nine months ended September 30, 2024, non-interest expense decreased $63,000, or 0.1%, to $43.5 million, compared to $43.6 million for the nine months ended September 30, 2023. The decrease in non-interest expense was primarily due to a decrease in professional fees of $513,000, or 23.3%, a decrease in salaries and employee benefits of $218,000, or 0.9%, a decrease in advertising expense of $159,000, or 14.2%, a decrease in other non-interest expense of $120,000, or 2.9%, and a decrease in furniture and equipment related expense of $10,000, or 0.7%. These decreases were partially offset by an increase in software related expenses of $309,000, or 19.7%, an increase in debit card and ATM processing fees of $264,000, or 16.7%, an increase in data processing of $208,000, or 8.8%, an increase in FDIC insurance expense of $88,000, or 9.0%, and an increase in occupancy expense of $88,000, or 2.4%.

    For the nine months ended September 30, 2024, the efficiency ratio was 80.3%, compared to 72.7% for the nine months ended September 30, 2023. For the nine months ended September 30, 2024, the adjusted efficiency ratio, a non-GAAP financial measure, was 81.8% compared to 73.0% for the nine months ended September 30, 2023. The increases in the efficiency ratio and the non-GAAP adjusted efficiency ratio were driven by lower revenues during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. See pages 19-21 for the related adjusted efficiency ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Income Tax Provision

    Income tax expense for the nine months ended September 30, 2024 was $2.2 million, representing an effective tax rate of 20.9%, compared to $3.4 million, representing an effective tax rate of 21.3%, for nine months ended September 30, 2023.

    Balance Sheet

    At September 30, 2024, total assets were $2.6 billion, an increase of $75.9 million, or 3.0%, from December 31, 2023. The increase in total assets was primarily due to an increase in cash and cash equivalents of $44.0 million, or 152.4%, an increase in total loans of $21.7 million, or 1.1%, and an increase in investment securities of $8.7 million, or 2.4%.

    Investments

    At September 30, 2024, the investment securities portfolio totaled $369.4 million, or 14.0% of total assets, compared to $360.7 million, or 14.1%, of total assets, at December 31, 2023. At September 30, 2024, the Company’s available-for-sale (“AFS”) securities portfolio, recorded at fair market value, increased $18.8 million, or 13.7%, from $137.1 million at December 31, 2023 to $155.9 million. The held-to-maturity (“HTM”) securities portfolio, recorded at amortized cost, decreased $10.1 million, or 4.5%, from $223.4 million at December 31, 2023 to $213.3 million at September 30, 2024.

    At September 30, 2024, the Company reported unrealized losses on the AFS securities portfolio of $24.6 million, or 13.6% of the amortized cost basis of the AFS securities portfolio, compared to unrealized losses of $29.2 million, or 17.5% of the amortized cost basis of the AFS securities at December 31, 2023. At September 30, 2024, the Company reported unrealized losses on the HTM securities portfolio of $30.7 million, or 14.4%, of the amortized cost basis of the HTM securities portfolio, compared to $35.7 million, or 16.0% of the amortized cost basis of the HTM securities portfolio at December 31, 2023.

    The securities in which the Company may invest are limited by regulation. Federally chartered savings banks have authority to invest in various types of assets, including U.S. Treasury obligations, securities of various government-sponsored enterprises, mortgage-backed securities, certain certificates of deposit of insured financial institutions, repurchase agreements, overnight and short-term loans to other banks, corporate debt instruments and marketable equity securities. The securities, with the exception of $4.6 million in corporate bonds, are issued by the United States government or government-sponsored enterprises and are therefore either explicitly or implicitly guaranteed as to the timely payment of contractual principal and interest. These positions are deemed to have no credit impairment, therefore, the disclosed unrealized losses with the securities portfolio relate primarily to changes in prevailing interest rates. In all cases, price improvement in future periods will be realized as the issuances approach maturity.

    Management regularly reviews the portfolio for securities in an unrealized loss position. At September 30, 2024 and December 31, 2023, the Company did not record any credit impairment charges on its securities portfolio and attributed the unrealized losses primarily due to fluctuations in general interest rates or changes in expected prepayments and not due to credit quality. The primary objective of the Company’s investment portfolio is to provide liquidity and to secure municipal deposit accounts while preserving the safety of principal. The Company expects to strategically redeploy available cash flows from the securities portfolio to fund loan growth and deposit outflows.

    Total Loans

    Total loans increased $21.7 million, or 1.1%, from December 31, 2023, to $2.0 billion at September 30, 2024. The increase in total loans was due to an increase in commercial real estate loans of $3.0 million, or 0.3%, an increase in residential real estate loans, including home equity loans, of $26.4 million, or 3.7%, partially offset by a decrease in commercial and industrial loans of $7.0 million, or 3.2%. During the three months ended September 30, 2024, the Company sold $20.1 million in fixed rate residential loans to the secondary market with servicing retained.

    The following table presents the summary of the loan portfolio by the major classification of the loan at the periods indicated:

      September 30, 2024   December 31, 2023
      (Dollars in thousands)
       
    Commercial real estate loans:      
    Non-owner occupied $ 878,265     $ 881,643  
    Owner-occupied   204,524       198,108  
    Total commercial real estate loans   1,082,789       1,079,751  
           
    Residential real estate loans:      
    Residential   631,649       612,315  
    Home equity   116,923       109,839  
    Total residential real estate loans   748,572       722,154  
           
    Commercial and industrial loans   210,390       217,447  
           
    Consumer loans   4,631       5,472  
    Total gross loans   2,046,382       2,024,824  
    Unamortized premiums and net deferred loans fees and costs   2,620       2,493  
    Total loans $ 2,049,002     $ 2,027,317  
                   

    Credit Quality

    Management continues to closely monitor the loan portfolio for any signs of deterioration in borrowers’ financial condition and also in light of speculation that commercial real estate values may deteriorate as the market continues to adjust to higher vacancies and interest rates. We continue to proactively take steps to mitigate risk in our loan portfolio.

    Total delinquency was $4.3 million, or 0.21% of total loans, at September 30, 2024, compared to $6.0 million, or 0.30% of total loans at December 31, 2023. At September 30, 2024, nonperforming loans totaled $4.9 million, or 0.24% of total loans, compared to $6.4 million, or 0.32% of total loans, at December 31, 2023. Total nonperforming assets totaled $4.9 million, or 0.18% of total assets, at September 30, 2024, compared to $6.4 million, or 0.25% of total assets, at December 31, 2023. At September 30, 2024 and December 31, 2023, there were no loans 90 or more days past due and still accruing interest. At September 30, 2024 and December 31, 2023, the Company did not have any other real estate owned.

    At September 30, 2024, the allowance for credit losses as a percentage of total loans was 0.97% as compared to 1.00% at December 31, 2023. At September 30, 2024, the allowance for credit losses as a percentage of nonperforming loans was 409.5% as compared to 315.6% at December 31, 2023.

    Total classified loans, defined as special mention and substandard loans, increased $3.7 million, or 9.4%, from $39.5 million, or 1.9% of total loans, at December 31, 2023 to $43.2 million, or 2.1%, of total loans at September 30, 2024. We continue to maintain diversity among property types and within our geographic footprint. More details on the diversification of the loan portfolio are available in the supplementary earnings presentation.

    Deposits

    Total deposits increased $80.5 million, or 3.8%, from $2.1 billion at December 31, 2023 to $2.2 billion at September 30, 2024. Core deposits, which the Company defines as all deposits except time deposits, decreased $8.3 million, or 0.5%, from $1.5 billion, or 71.5% of total deposits, at December 31, 2023, to $1.5 billion, or 68.5% of total deposits, at September 30, 2024. Non-interest-bearing deposits decreased $10.9 million, or 1.9%, to $568.7 million, money market accounts increased $1.5 million, or 0.2%, to $635.8 million, savings accounts decreased $8.2 million, or 4.4%, to $179.2 million and interest-bearing checking accounts increased $9.3 million, or 7.1%, to $140.3 million. Time deposits increased $88.8 million, or 14.5%, from $611.4 million at December 31, 2023 to $700.2 million at September 30, 2024. Brokered time deposits, which are included in time deposits, totaled $1.7 million at September 30, 2024 and at December 31, 2023.

    The table below is a summary of our deposit balances for the periods noted:

      September 30, 2024   June 30, 2024   December 31, 2023
      (Dollars in thousands)
    Core Deposits:          
    Demand accounts $ 568,685     $ 553,329     $ 579,595  
    Interest-bearing accounts   140,332       149,100       131,031  
    Savings accounts   179,214       186,171       187,405  
    Money market accounts   635,824       611,501       634,361  
    Total Core Deposits $ 1,524,055     $ 1,500,101     $ 1,532,392  
                           
    Time Deposits:   700,151       671,708       611,352  
    Total Deposits: $ 2,224,206     $ 2,171,809     $ 2,143,744  
                           

    During the nine months ended September 30, 2024, the Company continued to experience an unfavorable shift in deposit mix from low cost core deposits to high cost time deposits as customers continue to migrate to higher deposit rates. The Company continues to focus on the maintenance, development, and expansion of its core deposit base to meet funding requirements and liquidity needs, with an emphasis on retaining a long-term customer relationship base by competing for and retaining deposits in our local market. At September 30, 2024, the Bank’s uninsured deposits represented 27.7% of total deposits, compared to 26.8% at December 31, 2023.

    FHLB and Subordinated Debt

    At September 30, 2024, total borrowings decreased $4.1 million, or 2.6%, from $156.5 million at December 31, 2023 to $152.4 million. Short-term borrowings decreased $11.7 million, or 72.7%, to $4.4 million, compared to $16.1 million at December 31, 2023. Long-term borrowings increased $7.6 million, or 6.3%, from $120.6 million at December 31, 2023 to $128.3 million at September 30, 2024. At September 30, 2024 and December 31, 2023, borrowings also consisted of $19.7 million in fixed-to-floating rate subordinated notes.

    The Company utilized the Bank Term Funding Program (“BTFP”), which was created in March 2023 to enhance banking system liquidity by allowing institutions to pledge certain securities at par value and borrow at a rate of ten basis points over the one-year overnight index swap rate. The BTFP was available to federally insured depository institutions in the U.S., with advances having a term of up to one year with no prepayment penalties. The BTFP ceased extending new advances in March 2024. At December 31, 2023, the Company’s outstanding balance under the BTFP was $90.0 million. There were no outstanding balance under the BTFP at September 30, 2024.

    As of September 30, 2024, the Company had $452.0 million of additional borrowing capacity at the Federal Home Loan Bank, $404.9 million of additional borrowing capacity under the Federal Reserve Bank Discount Window and $25.0 million of other unsecured lines of credit with correspondent banks.

    Capital

    At September 30, 2024, shareholders’ equity was $240.7 million, or 9.1% of total assets, compared to $237.4 million, or 9.3% of total assets, at December 31, 2023. The change was primarily attributable to a decrease in accumulated other comprehensive loss of $3.4 million, cash dividends paid of $4.5 million, repurchase of shares at a cost of $5.6 million, partially offset by net income of $8.4 million. At September 30, 2024, total shares outstanding were 21,113,408.

    The Company’s regulatory capital ratios continue to be strong and in excess of regulatory minimum requirements to be considered well-capitalized as defined by regulators and internal Company targets. Total Risk-Based Capital Ratio was 14.4% at September 30, 2024 and 14.7% at December 31, 2023.  The Bank’s Tier 1 Leverage Ratio to adjusted average assets was 9.61% at September 30, 2024 and 9.62% at December 31, 2023.

    Dividends

    Although the Company has historically paid quarterly dividends on its common stock and currently intends to continue to pay such dividends, the Company’s ability to pay such dividends depends on a number of factors, including restrictions under federal laws and regulations on the Company’s ability to pay dividends, and as a result, there can be no assurance that dividends will continue to be paid in the future.

    About Western New England Bancorp, Inc.

    Western New England Bancorp, Inc. is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank, CSB Colts, Inc., Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC. Western New England Bancorp, Inc. and its subsidiaries are headquartered in Westfield, Massachusetts and operate 25 banking offices throughout western Massachusetts and northern Connecticut. To learn more, visit our website at www.westfieldbank.com.

    Forward-Looking Statements

    This press release contains “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, with respect to the Company’s financial condition, liquidity, results of operations, future performance, and business. Forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.”  Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates.  These factors include, but are not limited to:

    • unpredictable changes in general economic conditions, financial markets, fiscal, monetary and regulatory policies, including actual or potential stress in the banking industry;
    • the duration and scope of potential pandemics, including the emergence of new variants and the response thereto;
    • unstable political and economic conditions which could materially impact credit quality trends and the ability to generate loans and gather deposits;
    • inflation and governmental responses to inflation, including recent sustained increases and potential future increases in interest rates that reduce margins;
    • the effect on our operations of governmental legislation and regulation, including changes in accounting regulation or standards, the nature and timing of the adoption and effectiveness of new requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Basel guidelines, capital requirements and other applicable laws and regulations;
    • significant changes in accounting, tax or regulatory practices or requirements;
    • new legal obligations or liabilities or unfavorable resolutions of litigation;
    • disruptive technologies in payment systems and other services traditionally provided by banks;
    • the highly competitive industry and market area in which we operate;
    • changes in business conditions and inflation;
    • operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks;
    • failure or circumvention of our internal controls or procedures;
    • changes in the securities markets which affect investment management revenues;
    • increases in Federal Deposit Insurance Corporation deposit insurance premiums and assessments;
    • the soundness of other financial services institutions which may adversely affect our credit risk;
    • certain of our intangible assets may become impaired in the future;
    • new lines of business or new products and services, which may subject us to additional risks;
    • changes in key management personnel which may adversely impact our operations;
    • severe weather, natural disasters, acts of war or terrorism and other external events which could significantly impact our business; and
    • other risk factors detailed from time to time in our SEC filings.

    Although we believe that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from the results discussed in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by law.

    WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES
    Consolidated Statements of Net Income and Other Data
    (Dollars in thousands, except per share data)
    Unaudited)
     
      Three Months Ended Nine Months Ended
      September 30, June 30, March 31, December 31, September 30, September 30,
        2024     2024     2024     2023     2023     2024     2023  
    INTEREST AND DIVIDEND INCOME:              
    Loans $ 25,134   $ 24,340   $ 24,241   $ 23,939   $ 23,451   $ 73,715   $ 67,230  
    Securities   2,121     2,141     2,114     2,094     2,033     6,376     6,276  
    Other investments   189     148     136     140     166     473     418  
    Short-term investments   396     173     113     597     251     682     424  
    Total interest and dividend income   27,840     26,802     26,604     26,770     25,901     81,246     74,348  
                   
    INTEREST EXPENSE:              
    Deposits   11,165     10,335     9,293     8,773     7,704     30,793     17,876  
    Short-term borrowings   71     186     283     123     117     540     1,466  
    Long-term debt   1,622     1,557     1,428     1,444     1,444     4,607     2,513  
    Subordinated debt   254     254     254     254     253     762     760  
    Total interest expense   13,112     12,332     11,258     10,594     9,518     36,702     22,615  
                   
    Net interest and dividend income   14,728     14,470     15,346     16,176     16,383     44,544     51,733  
                   
    PROVISION FOR (REVERSAL OF) CREDIT LOSSES   941     (294 )   (550 )   486     354     97     386  
                   
    Net interest and dividend income after provision for (reversal of) credit losses   13,787     14,764     15,896     15,690     16,029     44,447     51,347  
                   
    NON-INTEREST INCOME:              
    Service charges and fees on deposits   2,341     2,341     2,219     2,283     2,145     6,901     6,573  
    Income from bank-owned life insurance   470     502     453     432     454     1,425     1,388  
    Unrealized gain (loss) on marketable equity securities   10     4     8     (1 )   –     22     –  
    Gain on sale of mortgages   246     –     –     –     –     246     –  
    Gain on non-marketable equity investments   –     987     –     –     238     987     590  
    Loss on disposal of premises and equipment   –     –     (6 )   –     (3 )   (6 )   (3 )
    Loss on defined benefit plan termination   –     –     –     –     –     –     (1,143 )
    Gain on bank-owned life insurance death benefit   –     –     –     –     778     –     778  
    Other income   74     –     –     –     –     74     –  
    Total non-interest income   3,141     3,834     2,674     2,714     3,612     9,649     8,183  
                   
    NON-INTEREST EXPENSE:              
    Salaries and employees benefits   8,112     7,901     8,244     7,739     7,955     24,257     24,475  
    Occupancy   1,217     1,218     1,363     1,198     1,159     3,798     3,710  
    Furniture and equipment   483     483     484     494     482     1,450     1,460  
    Data processing   869     846     862     788     824     2,577     2,369  
    Software   612     566     699     598     529     1,877     1,568  
    Debit/ATM card processing expense   649     643     552     559     562     1,844     1,580  
    Professional fees   540     581     569     674     643     1,690     2,203  
    FDIC insurance   338     323     410     338     341     1,071     983  
    Advertising   271     339     349     377     362     959     1,118  
    Other   1,315     1,414     1,250     2,020     1,261     3,979     4,099  
    Total non-interest expense   14,406     14,314     14,782     14,785     14,118     43,502     43,565  
                   
    INCOME BEFORE INCOME TAXES   2,522     4,284     3,788     3,619     5,523     10,594     15,965  
                   
    INCOME TAX PROVISION   618     771     827     1,108     1,033     2,216     3,408  
    NET INCOME $ 1,904   $ 3,513   $ 2,961   $ 2,511   $ 4,490   $ 8,378   $ 12,557  
                   
    Basic earnings per share $ 0.09   $ 0.17   $ 0.14   $ 0.12   $ 0.21   $ 0.40   $ 0.58  
    Weighted average shares outstanding   20,804,162     21,056,173     21,180,968     21,253,452     21,560,940     21,013,003     21,631,067  
    Diluted earnings per share $ 0.09   $ 0.17   $ 0.14   $ 0.12   $ 0.21   $ 0.40   $ 0.58  
    Weighted average diluted shares outstanding   20,933,833     21,163,762     21,271,323     21,400,664     21,680,113     21,122,208     21,681,251  
                   
    Other Data:              
    Return on average assets (1)   0.29 %   0.55 %   0.47 %   0.39 %   0.70 %   0.44 %   0.66 %
    Return on average equity (1)   3.19 %   6.03 %   5.04 %   4.31 %   7.60 %   4.74 %   7.19 %
    Efficiency ratio   80.62 %   78.20 %   82.03 %   78.27 %   70.61 %   80.27 %   72.71 %
    Adjusted efficiency ratio (2)   80.67 %   82.68 %   82.04 %   78.26 %   74.38 %   81.79 %   72.98 %
    Net interest margin   2.40 %   2.42 %   2.57 %   2.64 %   2.70 %   2.46 %   2.88 %
    Net interest margin, on a fully tax-equivalent basis   2.42 %   2.44 %   2.59 %   2.66 %   2.72 %   2.48 %   2.90 %
    (1) Annualized.          
    (2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, loss on disposal of premises and equipment, loss on defined benefit plan termination and gain on bank-owned life insurance death benefit.
     
    WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets
    (Dollars in thousands)
    (Unaudited)
     
      September 30,   June 30,   March 31,   December 31,   September 30,
        2024       2024       2024       2023       2023  
    Cash and cash equivalents $ 72,802     $ 53,458     $ 22,613     $ 28,840     $ 62,267  
    Securities available-for-sale, at fair value   155,889       135,089       138,362       137,115       130,709  
    Securities held to maturity, at amortized cost   213,266       217,632       221,242       223,370       225,020  
    Marketable equity securities, at fair value   252       233       222       196       –  
    Federal Home Loan Bank of Boston and other restricted stock – at cost   7,143       7,143       3,105       3,707       3,063  
                       
    Loans   2,049,002       2,026,226       2,025,566       2,027,317       2,014,820  
    Allowance for credit losses   (19,955 )     (19,444 )     (19,884 )     (20,267 )     (19,978 )
    Net loans   2,029,047       2,006,782       2,005,682       2,007,050       1,994,842  
                       
    Bank-owned life insurance   76,570       76,100       75,598       75,145       74,713  
    Goodwill   12,487       12,487       12,487       12,487       12,487  
    Core deposit intangible   1,531       1,625       1,719       1,813       1,906  
    Other assets   71,492       75,521       76,206       74,848       79,998  
    TOTAL ASSETS $ 2,640,479     $ 2,586,070     $ 2,557,236     $ 2,564,571     $ 2,585,005  
                       
    Total deposits $ 2,224,206     $ 2,171,809     $ 2,143,747     $ 2,143,744     $ 2,176,303  
    Short-term borrowings   4,390       6,570       11,470       16,100       8,890  
    Long-term debt   128,277       128,277       120,646       120,646       121,178  
    Subordinated debt   19,741       19,731       19,722       19,712       19,702  
    Securities pending settlement   2,513       102       –       –       2,253  
    Other liabilities   20,697       23,104       25,855       26,960       25,765  
    TOTAL LIABILITIES   2,399,824       2,349,593       2,321,440       2,327,162       2,354,091  
                       
    TOTAL SHAREHOLDERS’ EQUITY   240,655       236,477       235,796       237,409       230,914  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 2,640,479     $ 2,586,070     $ 2,557,236     $ 2,564,571     $ 2,585,005  
                       
    WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES
    Other Data
    (Dollars in thousands, except per share data)
    (Unaudited)
                                           
      Three Months Ended
      September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Shares outstanding at end of period   21,113,408       21,357,849       21,627,690       21,666,807       21,927,242  
                       
    Operating results:                  
    Net interest income $ 14,728     $ 14,470     $ 15,346     $ 16,176     $ 16,383  
    Provision for (reversal of) credit losses   941       (294 )     (550 )     486       354  
    Non-interest income   3,141       3,834       2,674       2,714       3,612  
    Non-interest expense   14,406       14,314       14,782       14,785       14,118  
    Income before income provision for income taxes   2,522       4,284       3,788       3,619       5,523  
    Income tax provision   618       771       827       1,108       1,033  
    Net income   1,904       3,513       2,961       2,511       4,490  
                       
    Performance Ratios:                  
    Net interest margin   2.40 %     2.42 %     2.57 %     2.64 %     2.70 %
    Net interest margin, on a fully tax-equivalent basis   2.42 %     2.44 %     2.59 %     2.66 %     2.72 %
    Interest rate spread   1.60 %     1.66 %     1.85 %     1.96 %     2.07 %
    Interest rate spread, on a fully tax-equivalent basis   1.62 %     1.67 %     1.86 %     1.98 %     2.09 %
    Return on average assets   0.29 %     0.55 %     0.47 %     0.39 %     0.70 %
    Return on average equity   3.19 %     6.03 %     5.04 %     4.31 %     7.60 %
    Efficiency ratio (GAAP)   80.62 %     78.20 %     82.03 %     78.27 %     70.61 %
    Adjusted efficiency ratio (non-GAAP) (1)   80.67 %     82.68 %     82.04 %     78.26 %     74.38 %
                       
    Per Common Share Data:                  
    Basic earnings per share $ 0.09     $ 0.17     $ 0.14     $ 0.12     $ 0.21  
    Earnings per diluted share   0.09       0.17       0.14       0.12       0.21  
    Cash dividend declared   0.07       0.07       0.07       0.07       0.07  
    Book value per share   11.40       11.07       10.90       10.96       10.53  
    Tangible book value per share (non-GAAP) (2)   10.73       10.41       10.25       10.30       9.87  
                       
    Asset Quality:                  
    30-89 day delinquent loans $ 3,059     $ 3,270     $ 3,000     $ 4,605     $ 4,097  
    90 days or more delinquent loans   1,253       2,280       1,716       1,394       1,527  
    Total delinquent loans   4,312       5,550       4,716       5,999       5,624  
    Total delinquent loans as a percentage of total loans   0.21 %     0.27 %     0.23 %     0.30 %     0.28 %
    Nonperforming loans $ 4,873     $ 5,845     $ 5,837     $ 6,421     $ 6,290  
    Nonperforming loans as a percentage of total loans   0.24 %     0.29 %     0.29 %     0.32 %     0.31 %
    Nonperforming assets as a percentage of total assets   0.18 %     0.23 %     0.23 %     0.25 %     0.24 %
    Allowance for credit losses as a percentage of nonperforming loans   409.50 %     332.66 %     340.65 %     315.64 %     317.62 %
    Allowance for credit losses as a percentage of total loans   0.97 %     0.96 %     0.98 %     1.00 %     0.99 %
    Net loan charge-offs (recoveries) $ 98     $ 10     $ (67 )   $ 136     $ 78  
    Net loan charge-offs (recoveries) as a percentage of average loans   0.00 %     0.00 %     0.00 %     0.01 %     0.00 %

    ____________________________
    (1) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, loss on disposal of premises and equipment, loss on defined benefit plan termination and gain on bank-owned life insurance death benefit.
    (2) Tangible book value per share (non-GAAP) represents the value of the Company’s tangible assets divided by its current outstanding shares.

    The following table sets forth the information relating to our average balances and net interest income for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023 and reflects the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.

      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
      Average       Average Yield/   Average       Average Yield/   Average       Average Yield/
      Balance   Interest   Cost(8)   Balance   Interest   Cost(8)   Balance   Interest   Cost(8)
      (Dollars in thousands)
    ASSETS:                                        
    Interest-earning assets                                        
    Loans(1)(2) $ 2,038,593   $ 25,253     4.93 %   $ 2,017,127   $ 24,454     4.88 %   $ 2,007,267   $ 23,568     4.66 %
    Securities(2)   354,696     2,121     2.38       354,850     2,141     2.43       361,216     2,033     2.23  
    Other investments   15,904     189     4.73       14,328     148     4.15       12,155     166     5.42  
    Short-term investments(3)   32,043     396     4.92       14,328     173     4.86       22,349     251     4.46  
    Total interest-earning assets   2,441,236     27,959     4.56       2,400,633     26,916     4.51       2,402,987     26,018     4.30  
    Total non-interest-earning assets   153,585               156,701               156,503          
    Total assets $ 2,594,821             $ 2,557,334             $ 2,559,490          
                                             
    LIABILITIES AND EQUITY:                                        
    Interest-bearing liabilities                                        
    Interest-bearing checking accounts $ 131,133     271     0.82     $ 131,449     253     0.77     $ 144,792     269     0.74  
    Savings accounts   179,844     38     0.08       185,690     51     0.11       195,020     41     0.08  
    Money market accounts   621,340     3,172     2.03       622,062     2,930     1.89       656,066     2,488     1.50  
    Time deposit accounts   688,797     7,684     4.44       650,054     7,101     4.39       563,135     4,906     3.46  
    Total interest-bearing deposits   1,621,114     11,165     2.74       1,589,255     10,335     2.62       1,559,013     7,704     1.96  
    Borrowings   153,317     1,947     5.05       160,484     1,997     5.00       149,507     1,814     4.81  
    Interest-bearing liabilities   1,774,431     13,112     2.94       1,749,739     12,332     2.83       1,708,520     9,518     2.21  
    Non-interest-bearing deposits   559,224               548,781               591,933          
    Other non-interest-bearing liabilities   23,466               24,453               24,504          
    Total non-interest-bearing liabilities   582,690               573,234               616,437          
    Total liabilities   2,357,121               2,322,973               2,324,957          
    Total equity   237,700               234,361               234,533          
    Total liabilities and equity $ 2,594,821             $ 2,557,334             $ 2,559,490          
    Less: Tax-equivalent adjustment(2)       (119 )               (114 )               (117 )      
    Net interest and dividend income     $ 14,728               $ 14,470               $ 16,383        
    Net interest rate spread(4)         1.60 %           1.66 %           2.07 %
    Net interest rate spread, on a tax-equivalent basis(5)         1.62 %           1.67 %           2.09 %
    Net interest margin(6)         2.40 %           2.42 %           2.70 %
    Net interest margin, on a tax-equivalent basis(7)         2.42 %           2.44 %           2.72 %
    Ratio of average interest-earning assets to average interest-bearing liabilities         137.58 %           137.20 %           140.65 %
                                             

    The following tables set forth the information relating to our average balances and net interest income for the nine months ended September 30, 2024 and 2023 and reflect the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.

      Nine Months Ended September 30,
      2024   2023
      Average
    Balance    		   Interest   Average Yield/
    Cost(8)    		   Average
    Balance    		   Interest   Average Yield/
    Cost(8)    		  
                                           
      (Dollars in thousands)
    ASSETS:                          
    Interest-earning assets                          
    Loans(1)(2) $ 2,025,858   $ 74,058     4.88 %   $ 2,002,485   $ 67,586     4.51 %
    Securities(2)   356,340     6,376     2.39       372,623     6,276     2.25  
    Other investments   14,248     473     4.43       12,528     418     4.46  
    Short-term investments(3)   18,634     682     4.89       12,922     424     4.39  
    Total interest-earning assets   2,415,080     81,589     4.51       2,400,558     74,704     4.16  
    Total non-interest-earning assets   154,894               154,525          
    Total assets $ 2,569,974             $ 2,555,083          
                               
    LIABILITIES AND EQUITY:                          
    Interest-bearing liabilities                          
    Interest-bearing checking accounts $ 132,708     759     0.76 %   $ 142,716     780     0.73 %
    Savings accounts   183,872     128     0.09       207,513     142     0.09  
    Money market accounts   623,216     8,689     1.86       711,173     6,813     1.28  
    Time deposit accounts   655,700     21,217     4.32       498,193     10,141     2.72  
    Total interest-bearing deposits   1,595,496     30,793     2.58       1,559,595     17,876     1.53  
    Short-term borrowings and long-term debt   158,183     5,909     4.99       130,796     4,739     4.84  
    Total interest-bearing liabilities   1,753,679     36,702     2.80       1,690,391     22,615     1.79  
    Non-interest-bearing deposits   555,253               607,338          
    Other non-interest-bearing liabilities   24,931               23,886          
    Total non-interest-bearing liabilities   580,184               631,224          
                               
    Total liabilities   2,333,863               2,321,615          
    Total equity   236,111               233,468          
    Total liabilities and equity $ 2,569,974             $ 2,555,083          
    Less: Tax-equivalent adjustment (2)       (343 )               (356 )      
    Net interest and dividend income     $ 44,544               $ 51,733        
    Net interest rate spread (4)         1.70 %           2.35 %
    Net interest rate spread, on a tax-equivalent basis (5)         1.71 %           2.37 %
    Net interest margin (6)         2.46 %           2.88 %
    Net interest margin, on a tax-equivalent basis (7)         2.48 %           2.90 %
    Ratio of average interest-earning assets to average interest-bearing liabilities       137.72 %           142.01 %

    (1) Loans, including nonaccrual loans, are net of deferred loan origination costs and unadvanced funds.
    (2) Loan and securities income are presented on a tax-equivalent basis using a tax rate of 21%. The tax-equivalent adjustment is deducted from tax-equivalent net interest and dividend income to agree to the amount reported on the consolidated statements of net income.
    (3) Short-term investments include federal funds sold.
    (4) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    (5) Net interest rate spread, on a tax-equivalent basis, represents the difference between the tax-equivalent weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    (6) Net interest margin represents net interest and dividend income as a percentage of average interest-earning assets.
    (7) Net interest margin, on a tax-equivalent basis, represents tax-equivalent net interest and dividend income as a percentage of average interest-earning assets.
    (8) Annualized.

    Reconciliation of Non-GAAP to GAAP Financial Measures

    The Company believes that certain non-GAAP financial measures provide information to investors that is useful in understanding its results of operations and financial condition.  Because not all companies use the same calculation, this presentation may not be comparable to other similarly titled measures calculated by other companies.  A reconciliation of these non-GAAP financial measures is provided below.

      For the quarter ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
      (Dollars in thousands)
                       
    Loan interest (no tax adjustment) $ 25,134     $ 24,340     $ 24,241     $ 23,939     $ 23,451  
    Tax-equivalent adjustment   119       114       110       113       117  
    Loan interest (tax-equivalent basis) $ 25,253     $ 24,454     $ 24,351     $ 24,052     $ 23,568  
                       
    Net interest income (no tax adjustment) $ 14,728     $ 14,470     $ 15,346     $ 16,176     $ 16,383  
    Tax equivalent adjustment   119       114       110       113       117  
    Net interest income (tax-equivalent basis) $ 14,847     $ 14,584     $ 15,456     $ 16,289     $ 16,500  
                       
    Average interest-earning assets $ 2,441,236     $ 2,400,633     $ 2,403,086     $ 2,427,112     $ 2,402,987  
    Net interest margin (no tax adjustment)   2.40 %     2.42 %     2.57 %     2.64 %     2.70 %
    Net interest margin, tax-equivalent   2.42 %     2.44 %     2.59 %     2.66 %     2.72 %
                       
    Book Value per Share (GAAP) $ 11.40     $ 11.07     $ 10.90     $ 10.96     $ 10.53  
    Non-GAAP adjustments:                  
    Goodwill   (0.59 )     (0.58 )     (0.58 )     (0.58 )     (0.57 )
    Core deposit intangible   (0.08 )     (0.08 )     (0.07 )     (0.08 )     (0.09 )
    Tangible Book Value per Share (non-GAAP) $ 10.73     $ 10.41     $ 10.25     $ 10.30     $ 9.87  
                       
      For the quarter ended
      9/30/2024   6/30/2024   3/31/2024   12/31/2023   9/30/2023
      (Dollars in thousands)
                       
    Efficiency Ratio:                  
    Non-interest Expense (GAAP) $ 14,406     $ 14,314     $ 14,782     $ 14,785     $ 14,118  
                       
    Net Interest Income (GAAP) $ 14,728     $ 14,470     $ 15,346     $ 16,176     $ 16,383  
                       
    Non-interest Income (GAAP) $ 3,141     $ 3,834     $ 2,674     $ 2,714     $ 3,612  
    Non-GAAP adjustments:                  
    Unrealized (gains) losses on marketable equity securities   (10 )     (4 )     (8 )     1       –  
    Gain on non-marketable equity investments   –       (987 )     –       –       (238 )
    Loss on disposal of premises and equipment   –       –       6       –       3  
    Gain on bank-owned life insurance death benefit   –       –       –       –       (778 )
    Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) $ 3,131     $ 2,843     $ 2,672     $ 2,715     $ 2,599  
    Total Revenue for Adjusted Efficiency Ratio (non-GAAP) $ 17,859     $ 17,313     $ 18,018     $ 18,891     $ 18,982  
                       
    Efficiency Ratio (GAAP)   80.62 %     78.20 %     82.03 %     78.27 %     70.61 %
                       
    Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP))   80.67 %     82.68 %     82.04 %     78.26 %     74.38 %
                       
      For the nine months ended
      9/30/2024   9/30/2023
      (Dollars in thousands)
           
    Loan income (no tax adjustment) $ 73,715     $ 67,230  
    Tax-equivalent adjustment   343       356  
    Loan income (tax-equivalent basis) $ 74,058     $ 67,586  
           
    Net interest income (no tax adjustment) $ 44,544     $ 51,733  
    Tax equivalent adjustment   343       356  
    Net interest income (tax-equivalent basis) $ 44,887     $ 52,089  
           
    Average interest-earning assets $ 2,415,080     $ 2,400,558  
    Net interest margin (no tax adjustment)   2.46 %     2.88 %  
    Net interest margin, tax-equivalent   2.48 %     2.90 %  
           
    Adjusted Efficiency Ratio:      
    Non-interest Expense (GAAP) $ 43,502     $ 43,565  
           
    Net Interest Income (GAAP) $ 44,544     $ 51,733  
           
    Non-interest Income (GAAP) $ 9,649     $ 8,183  
    Non-GAAP adjustments:      
    Unrealized gains on marketable equity securities   (22 )     –  
    Loss on disposal of premises and equipment, net   6       3  
    Gain on bank-owned life insurance   –       (778 )
    Gain on non-marketable equity investments   (987 )     (590 )
    Loss on defined benefit plan curtailment   –       1,143  
    Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) $ 8,646     $ 7,961  
    Total Revenue for Adjusted Efficiency Ratio (non-GAAP) $ 53,190     $ 59,694  
           
    Efficiency Ratio (GAAP)   80.27 %     72.71 %
           
    Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP))   81.79 %     72.98 %
                   

    For further information contact:
    James C. Hagan, President and CEO
    Guida R. Sajdak, Executive Vice President and CFO
    Meghan Hibner, First Vice President and Investor Relations Officer
    413-568-1911

    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 United Kingdom: Visitor levy will be big boost for Edinburgh

    Source: Scottish Greens

    24 Jan 2025 Culture

    A visitor levy will raise vital funds for services.

    More in Culture

    The Scottish Greens have welcomed Edinburgh City Council’s vote to support a 5% visitor levy on hotels and overnight accommodation. It is similar to schemes already in place in popular tourist destinations across the world including Paris, Barcelona and New York.

    The power to apply a levy was secured by Scottish Green MSPs during previous budget negotiations. Edinburgh’s Green Councillors have led calls for such a levy since 2011, and presented proposals for an 8% rate.

    Edinburgh Green Cllr Alys Mumford said:

    “The idea of a visitor levy was first raised by Edinburgh’s Greens councillors more than a decade ago, and today the Council has approved an ambitious plan with green values at its heart – raising investment for public services and affordable housing.

    “While we’re disappointed that the Labour administration didn’t take the opportunity to set a more ambitious rate for the levy, as well as caving in to the demands of corporate lobbyists around the implementation timeline, it shouldn’t detract from the major step forward it represents.

    “Green Councillors across Scotland are working to implement visitor levies for their areas, and the decision Edinburgh has made will set the model for that. We look forward to visitor levies being standard practice around the country, as they are in many European countries.”

    Scottish Green MSP Lorna Slater welcomed the news, saying:

    “This will be a big boost for Edinburgh.

    “We’re incredibly fortunate that so many people want to visit our city. Tourism brings a lot of money into local economies, but our councils see very little benefit from it.

    “I’m delighted that Scottish Green Cllrs have led the call for the levy and that Green MSPs were able to deliver the powers to apply it.

    “It is a simple step that will ensure that tourists are able to contribute to the services that they are using, while providing vital funding for our local authorities.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Edinburgh declares Scotland’s first visitor levy

    Source: Scotland – City of Edinburgh

    Councillors have formally agreed to introduce Edinburgh’s Visitor Levy scheme.

    Hailed as a ‘historic moment for Edinburgh’, the decision was taken during a special meeting of the Council held online today (Friday 24 January) .

    From 24 July 2026, a 5% fee will be applied to the cost of overnight accommodation in Edinburgh, capped at five nights in a row. Businesses will need to apply the levy to any advance bookings made as of 1 October 2025 for stays on or after 24 July 2026.

    The levy is projected to raise up to £50 million a year once established, for the city to invest in protecting, supporting and enhancing Edinburgh’s worldwide appeal as a place to live and visit.

    The final proposals for the scheme have been updated to provide accommodation providers and booking agencies with extra time to prepare systems for advance bookings ahead of next summer’s launch.

    Responding to today’s decision, Council Leader Jane Meagher said:

    What an historic moment for Edinburgh. Introducing this ground-breaking visitor levy means realising a once in a lifetime opportunity to invest tens of millions of pounds towards enhancing and sustaining the things that make our city such a great place to visit – and live in – all year round.

    The scheme has been many years in the making and I’m grateful to Council officers, businesses and residents who have helped shape it, every step of the way. Its introduction is declared today with a huge amount of backing, not least from local residents.

    At all stages we’ve listened to and taken account of the views of industry and other stakeholders. It’s in this spirit that we’ve also extended the amount of time hoteliers and small businesses will have to prepare for the changes that are coming in.

    It’s vital that we continue to work closely as we get ready to launch this scheme and deliver the many benefits it is going to bring. We’ve always said this is a city fund and spending decisions need to be taken with a whole city mindset, and we’ll soon be establishing a Visitor Levy Forum with an independent Chair. We’ll also be reporting next steps to executive Council committees.”

    Neil Ellis, Chair of the Edinburgh Hotels Association, said:

    Edinburgh Hotels Association welcomes the introduction of the visitor levy for its intended use of improving the experience of all visitors – local, national or international – through additional spending. This is a fantastic opportunity to further enhance Edinburgh’s reputation on the World stage as a must visit destination.”

    Donald Emslie, a representative of Edinburgh’s tourism industry, said:

    This new income stream presents a unique opportunity to generate significant funds for the city’s long-term development. The levy’s potential to generate transformative funds for the benefit of all who live, work, and visit Edinburgh is well recognised and I’m pleased to see a decision made to declare a scheme which will not only support spending on city operations and infrastructure, but sustain Edinburgh’s cultural offering and destination and visitor management.”

    The agreed Visitor Levy for Edinburgh scheme:

    Scheme Objectives

    The overarching aim of the Scheme is to sustain Edinburgh’s status as one of the world’s greatest cultural and heritage cities and to ensure that the impacts of a successful visitor economy are managed effectively and in support of the priorities as set out in the Council’s Business Plan (or equivalent).

    The objectives of the Scheme are therefore to Sustain, Support and Develop:

    1. Public services, programmes and infrastructure that provide an enjoyable and safe visitor and resident experience.
    2. Edinburgh’s culture, heritage and events provision to ensure it remains world-leading and competitively attractive to visitors as well as residents.
    3. The city’s visitor economy, by fostering innovation in response to environmental and societal challenges, enhancing Edinburgh’s global reputation while promoting responsible and sustainable tourism.

    Scheme area, start date and duration

    The Scheme covers the entirety of the City of Edinburgh Council boundaries and will apply to overnight stays from 24 July 2026, booked and paid for (in part or full) on or after 1 October 2025. It will apply indefinitely, or until the Council decides to end or amend it, and at all times of the year.

    The levy rate

    The levy rate will be 5%, payable for a maximum of five consecutive nights and will apply at the same level, year-round, across the entire City of Edinburgh Council boundary area.

    Accommodation liable for the levy

    The levy will apply to all overnight accommodation, including those with an annual turnover below the applicable VAT threshold, based within the City of Edinburgh Council boundary.

    This includes:

    • Hotels;
    • Hostels;
    • Guest houses;
    • Bed and breakfast accommodation;
    • Self-catering accommodation, including short-term lets;
    • All paid accommodation on caravan sites and campsites, including temporary tent and campervan pitches;
    • Accommodation in a vehicle, or on board a vessel, which is permanently or predominantly situated in one place; and
    • Any other place at which a room or area is offered by the occupier for residential purposes otherwise than as a visitor’s only or usual place of residence.

    Certain accommodation providers may apply to the Council for a discretionary site exemption if they meet both of the following criteria:

    • The property is occupied by a charity or trustee of a charity; and
    • Overnight stays must be wholly or mainly for charitable purposes.

    This discretionary exemption is aligned with the cases where charities may receive mandatory relief from paying Non-Domestic Rates and may be cross-checked with that register.

    Accommodation providers who do not charge for overnight accommodation, or who cater fully for individuals who are exempted from paying the levy are not liable for the levy.

    Individuals exempted or excluded from paying the levy

    The Visitor Levy is payable by anyone staying in accommodation which is not their only or usual place of residence (temporary or otherwise). Individuals who do not have an only or usual place of residence are therefore not required to pay the levy. This includes people who are homeless, refugees and asylum seekers and people whose homes are unfit or unsafe for habitation. In addition, individuals defined in s. 14 (1) of the Act are exempt from paying the levy.

    Individuals who are exempt or excluded will need to pay the levy to the accommodation provider and request reimbursement from the Council, unless their accommodation has been arranged and paid for directly via the Council. Reimbursement can be applied for online, submitting relevant evidence (as detailed below and on the Council’s website) and bank details (to enable payment via BACS). Alternative provision can be made for those who do not have internet access.

    Evidence which will be required to be submitted includes:

    • The name of person exempted/excluded;
    • If exclusion applies, verification of such status from relevant official body (this can include the Council’s Homelessness service, Social services, relevant third sector provider, Police Scotland etc);
    • If exemption applies, a copy (scan/photo) of the relevant benefit award letter or similar document;
    • Booking confirmation/accommodation invoice – the name of the person exempted/excluded should be included on this document; and
    • Proof of payment for overnight accommodation.

    The Council will assess the evidence received and pay the reimbursement via bank transfer within 5 working days if the applicant is found to be eligible.

    Collecting and enforcing the levy

    Accommodation providers within the local authority area will be liable for the levy. They will be required to submit quarterly reports, detailing the total accommodation charges and the total levy collected to a national online visitor levy portal. The levy will be payable at the same time as submitting returns.

    Accommodation providers are required to keep accurate records of all transactions that are subject to the levy. The Council will conduct inspections, as required, to ensure compliance with the scheme and remittance requirements.

    Accommodation providers who fail to comply may be subject to penalties.

    Appeals relating to decisions made by the Council on the operation and/or enforcement of the scheme can be registered following the Visitor Levy appeal process detailed on the Council’s website. The Council will aim to review and process such appeals within 28 calendar days.

    Use of net proceeds

    The Act stipulates that the net proceeds of a visitor levy must be spent on facilitating the achievement of the scheme’s objectives and on “developing, supporting and sustaining facilities and services which are substantially for or used by persons visiting [overnight] for leisure or business purposes (or both)”.

    After administration costs, which includes the establishing and maintenance of a contingency fund, a fixed amount will be assigned to:

    • Housing and tourism mitigation (£5m p.a.);
    • Participatory budgeting (£2m over 3 years) with appropriate audit checks in place to ensure that these funds are spent on facilitating the achievement of the scheme’s objectives; and
    • Reimbursement of 2% of remitted funds to Accommodation Providers, to off-set the administrative cost incurred from operating in accordance with the Scheme and collecting visitor data

    The remaining funds will then be split into the following investment streams:

    • City Operations and Infrastructure (55%);
    • Culture, Heritage and Events (35%); and
    • Destination and Visitor Management (10%).

    The Council will make decisions on the use of funds after consultation with the Visitor Levy Forum (see details below), with these decisions delegated to the relevant executive Committees.

    Reviewing and changing the scheme

    The Council will review the scheme every three years to assess whether it is successfully achieving its objectives and to measure the impact of the scheme on businesses, visitors and communities. The review will be published along with a report detailing how the income has been spent and the benefits which the VL-funded projects have brought.

    If the Council wishes to make changes to the scheme following the review, it will publicly consult on the change and publish a report detailing the decision and its justification. Significant changes to the scheme will require an 18-month implementation period.

    Significant changes to the scheme include:

    • Increasing the scheme area;
    • Increasing the percentage rate; and/or
    • Removing any exemptions

    Visitor Levy Forum

    A Visitor Levy Forum will be established to discuss and advise on the VL scheme, including the review of the scheme and any modifications to the scheme. The Forum will also be consulted on how the VL funds will be spent.

    The Forum will be made up of an equal number of representatives from the community and from businesses in the city’s visitor economy and at least 40% of the representatives must be women. Council officers responsible for the investment streams and officers from the Council’s Programme Management Office will be in attendance at Forum meetings and may make recommendations to the Forum but will not be members of the Forum itself.

    The Council will report publicly and to the Scottish Government on

    • the amount we collect
    • how we use the net proceeds, (the amount collected minus costs or expenses of operating the scheme)
    • how we demonstrate that we are delivering the objectives of the Scheme.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Storm Eowyn Update Evening Friday January 24

    Source: Scotland – City of Dundee

    Dundee City Council is providing an update on waste services as Storm Eowyn passes through the city following a day of disruption.

    Re-arranged collections will be put in place after services were stood down on Friday.

    These are:

    · Grey bin (general waste) collections that were scheduled for Friday January 24 will now be collected on Monday January 27.

    · Any bulky uplifts that were scheduled for Friday January 24 will now be uplifted on Monday January 27.

    · Blue bin (paper/cardboard) collections that were scheduled for Friday January 24 will now take place on Wednesday January 29

    Burgundy bin (metals, plastics, cartons) and food waste collections will be uplifted at the next scheduled pick-up day.

    Commercial waste (including recycling) collections will also be uplifted at the next scheduled date.

    Baldovie & Riverside Household Waste Recycling centres will re-open on Saturday January 25 subject to site inspections.

    Yellow weather warnings for snow, ice and wind remain in place for the city on Saturday and further disruption is possible.

    The council will provide updates on arrangements for the reopening of Council buildings in due course. For the latest information on all our services, please visit our Storm Éowyn page.

    Updates will also be posted on our social media channels, including Facebook and X

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Avian Influenza Prevention Zone declared for whole of England

    Source: United Kingdom – Executive Government & Departments 2

    Mandatory enhanced biosecurity will now be required and the housing order extended to cover York, North Yorkshire and Shropshire.

    The UK Chief Veterinary Officer has ordered a new  Avian Influenza Prevention Zone AIPZ to cover the whole of England from noon on Saturday 25 January following the escalating number of cases of avian influenza and continued heightened risk levels in wild birds.

    The move will require keepers to conduct enhanced biosecurity to mitigate the risk of further outbreaks of the disease.

    A Housing Order has also been extended in the north of England to now cover York and North Yorkshire, and a new Housing Order has been ordered for Shropshire following an outbreak in the county. This will come into force at 00:01 on Monday 27th January.

    A housing order remains in in force across East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk, Suffolk. Areas with Housing Orders require the strictest levels of biosecurity as set out by the AIPZ.

    Mandatory housing also applies in any 3km Protection Zone surrounding an infected premises.

    The current risk to human health remains very low and as standard, properly cooked poultry and poultry products, including eggs, are safe to eat. UKHSA remains vigilant for any evidence of changing levels of risk and are keeping this under constant review.

    UK Chief Veterinary Officer, Christine Middlemiss said: > > Given the continued increase in the number of bird flu cases across England, we are taking further action to try and prevent the further spread of disease. > > I urge bird keepers to check which requirements apply to them, to continue to exercise robust biosecurity measures, remain alert for any signs of disease and report suspected disease immediately to the Animal and Plant Health Agency.

    The AIPZ measures apply to all bird keepers whether they have pet birds, commercial flocks or just a few birds in a backyard flock and are essential to protecting flocks from avian influenza.

    Bird keepers are advised to consult the Interactive Map on gov.uk to check if they are impacted and should then read the AIPZ declaration relevant to their area – either the regional AIPZ with housing measures which sets out the requirements in East Riding of Yorkshire, City of Kingston Upon Hull, Lincolnshire, Norfolk, Suffolk, Shropshire, York and North Yorkshire, or the regional AIPZ without housing measures for all other areas of England.

    Further information on the latest situation and guidance to help bird keepers comply with the new rules is available via gov.uk/birdflu, but includes measures such as cleansing and disinfect clothing, footwear, equipment and vehicles before and after contact with poultry and captive birds– if practical, use disposable protective clothing.

    Keepers are encouraged to take action to prevent bird flu and stop it spreading. Be vigilant for signs of disease and report it to keep your birds safe.

    Check if you’re in a bird flu disease zone on the map and check the [declarations] (https://www.gov.uk/animal-disease-cases-england) for details of the restrictions and gov.uk/birdflu for further advice and information.

    The AIPZs will be in place until further notice and will be kept under regular review as part of the government’s work to monitor and manage the risks of avian influenza.

    Updates to this page

    Published 24 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: ICE ERO Boston arrests Haitian gang member with numerous convictions

    Source: US Immigration and Customs Enforcement

    BOSTON – U.S. Immigration and Customs Enforcement’s Enforcement and Removal Operations Boston apprehended an illegally present 25-year-old Haitian national who has 17 criminal convictions in Massachusetts. ICE officers from ERO Boston arrested Wisteguens Jean Quely Charles, a member of a violent Haitian street gang, in Boston Jan. 22. Charles’ convictions include multiple drug, weapons, and assault and battery crimes.

    “Mr. Charles illegally entered the United States and has consistently broken our laws causing significant harm to the residents of Massachusetts,” said acting Field Office Director Patricia H. Hyde. “ERO Boston will not tolerate the repeated victimization of our New England neighborhoods. We will continue our mission to apprehend such illegal alien offenders and remove them from our communities.”

    Charles entered the U.S. lawfully July 13, 2013 in Miami, Florida; however, he violated the terms of his lawful admission.

    Charles has been arrested, charged, and convicted for 17 crimes between Aug. 16, 2022, and Aug. 14, 2024, including both possession of and possession to distribute controlled substances, distribution of controlled substances, trespassing, carrying dangerous weapon to wit brass knuckles, possession of a firearm without a permit and possession of ammunition without a permit, assault and battery with a dangerous weapon, assault and battery, and resisting arrest.

    ICE ERO encountered Charles April 15, 2023, following one of these arrests. ERO Boston issued an immigration detainer against Charles with the Norfolk House of Correction in Massachusetts. However, the correctional facility released Charles Oct. 20, 2023, without honoring the immigration detainer.

    Officers with ICE ERO Boston arrested Charles Jan. 22, in Boston and issued him a Notice to Appear before a DOJ immigration judge, and he remains in ICE custody.

    As one of ICE’s three operational directorates, ERO is the principal federal law enforcement authority in charge of domestic immigration enforcement. ERO’s mission is to protect the homeland through the arrest and removal of those who undermine the safety of U.S. communities and the integrity of U.S. immigration laws, and its primary areas of focus are interior enforcement operations, management of the agency’s detained and non-detained populations, and repatriation of noncitizens who have received final orders of removal. ERO’s workforce consists of more than 7,700 law enforcement and non-law enforcement support personnel across 25 domestic field offices and 208 locations nationwide, 30 overseas postings, and multiple temporary duty travel assignments along the border.

    Members of the public with information regarding child sex offenders can report crimes or suspicious activity by dialing the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ERO Boston’s mission to increase public safety in our New England communities on X, formerly known as Twitter, at @EROBoston.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: North West trunk road network ready for Storm Eowyn

    Source: Scotland – Highland Council

    The Met Office has issued a red weather warning for wind affecting most of central and southern Scotland from 10am until 5pm today, Friday 24 January. This means very dangerous conditions and significant disruption, particularly in coastal areas.

    Police Scotland are advising the public not to travel in, or to, the areas affected by the red warning during the period of the weather.

    Transport Scotland’s operating company BEAR Scotland is mobilised and ready to deal with whatever Storm Éowyn brings to North West Scotland’s trunk roads, where safe to do so.

    All road works that were scheduled today have been postponed and new programme dates will be shared in due course.

    Ian Stewart, BEAR Scotland’s North West representative, said: “Conditions are expected to be hazardous across the network and Police Scotland have issued a warning not to travel to the areas affected by the red weather warning. We urge the public to pay close attention to weather warnings and comply with police advice to avoid travel during the storm.

    “Our teams will be fully mobilised to respond to and deal with any issues that arise on the trunk road network, such as fallen trees, flooding or bridge closures.”

    A video explaining how BEAR Scotland monitors and prepares for storms can be viewed here: https://youtu.be/ffmNM1HxX2Y

    Live traffic information is available from Traffic Scotland at http://www.traffic.gov.scot or on X at @trafficscotland.

    24 Jan 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: An open letter to the Minister for Public Finance

    Source: Scotland – City of Edinburgh

    The Council Leader has formally written to the Scottish Government to declare Edinburgh’s intention to launch a Visitor Levy.

    Writing today (24 January) following the Council’s decision to introduce a Visitor Levy scheme, Council Leader Jane Meagher addresses the Minister for Public Finance, Ivan McKee.

    The letter states:

    Dear Minister for Public Finance,

    I am writing to formally declare Edinburgh’s intention to introduce a Visitor Levy scheme.

    A full public consultation period was carried out from 23 September 2024 – 15 December 2024, with the results published in a report with the final recommended scheme.

    During a Council meeting today, the details of our Scheme were agreed and will see a levy in place from 24 July 2026, applying to all bookings made on and after 1 October 2025. The full final scheme is available on our website.

    The overarching aim of the scheme and the reason for us to agree to proceed with it is to sustain Edinburgh’s status as one of the world’s greatest cultural and heritage cities and to ensure that the impacts of a successful visitor economy are managed effectively and in support of the priorities as set out in the Council’s Business Plan.

    I would like to thank you and the work of the Visitor Levy (Scotland) Bill team. In advancing the legislation, the Scottish Government is giving Councils greater financial responsibility and strengthening local democracy.

    I am immensely proud that Edinburgh becomes the first city in Scotland to declare a levy. We were named Europe’s leading sustainable destination 2023 by the World Travel Awards and Edinburgh continues to be a world class destination with around 4 million visitors a year and a growing economy.

    The visitor levy will help boost the tourism industry with funds re-invested back into local facilities and services that will support the sustainable growth of the visitor economy. This new source of funding is urgently needed to sustain local services and spaces used by visitors and locals alike.

    I look forward to continued working between the City of Edinburgh Council and the Scottish Government as we enter the implementation period.

    Yours sincerely

    Jane Meagher

    Leader of the City of Edinburgh Council

    Published: January 24th 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: January 25 is the day of the legal end of the war between the USSR and Germany

    Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    On June 22, 1941, Nazi German troops treacherously invaded the territory of the Soviet Union, marking the beginning of the bloodiest war in history.

    The Second World War in Europe ended on May 9, 1945, when Germany signed the act of surrender. But legally, the Soviet Union stopped considering Germany an enemy only on January 25, 1955. On that day, the Decree of the Presidium of the Supreme Soviet of the USSR “On the termination of the state of war between the Soviet Union and Germany” was issued.

    Why did it take 10 years between the end of the fighting and this decree? The document itself explains that at the Potsdam Conference in 1945, the victorious countries decided that Germany should become a united, peaceful and democratic country. It was also decided that a peace treaty should be signed with Germany.

    But 10 years passed and Germany was still divided and there was no peace treaty. The Soviet government believed that this was wrong and that the German people should not be in an unequal position compared to other nations.

    The decree stated that the USA, England and France were doing everything to ensure that West Germany rearmed and joined military alliances. This prevented an agreement to unite Germany on peaceful terms and sign a peace treaty.

    Despite this, the Soviet leadership decided to put an end to these difficult relations and declare peace with Germany.

    “Having in mind the strengthening and development of friendly relations between the Soviet Union and the German Democratic Republic, based on the recognition of the principles of sovereignty and equality, taking into account the opinion of the Government of the German Democratic Republic and taking into account the interests of the population of both East and West Germany.

    The Presidium of the Supreme Soviet of the USSR by this Decree declares:

    The state of war between the Soviet Union and Germany is terminated and peaceful relations are established between them. All legal restrictions arising in connection with the war with respect to German citizens who were considered citizens of an enemy state are no longer in force. The declaration of the termination of the state of war with Germany does not change its international obligations and does not affect the rights and obligations of the Soviet Union arising from existing international agreements of the four powers concerning Germany as a whole.”

    The document was signed by the Chairman and Secretary of the Presidium of the Supreme Soviet of the USSR K. Voroshilov and N. Pegov.

    Did you know about this fact? Share in the comments on our official pages.

    Subscribe to the TG channel “Our GUU” Date of publication: 01/25/2025

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Council Service Update January 24

    Source: Northern Ireland – City of Derry

    Council Service Update January 24

    24 January 2025

    Council continues to work with local agencies in the ongoing emergency response to Storm Éowyn which has resulted in significant damage to roads and property throughout the City and District.

    This is compounded by the potential risk of snow and ice forecast for this evening which will make efforts to assess and repair damages even more challenging tomorrow.

    We hope to resume normal Council services as soon as it is safe to do so, but the health and safety of both staff and the general public is our first priority.

    We will begin the process of assessing any impacts on Council sites early tomorrow, but please note that further delays to services are expected.

     Bin collections

    Refuse crew will be out on the ground from 8am tomorrow to collect as many bins as possible that were scheduled for collection today, but we will only be able to do so if it is safe.  Please leave bins in a sheltered place later this evening or early tomorrow morning if you can. Any missed bins will be collected as soon as possible.

     

    Cemeteries and outdoor sites

    Efforts are being made to reopen Council cemeteries, parks, and recycling centres tomorrow morning following assessment.

    Burials will be prioritized, with a number scheduled to take place tomorrow. The cemeteries will open to the wider public as soon as they have been inspected and are safe. 

    Leisure Centres and other venues

    Leisure Centres, the Guildhall and other cultural and community venues will open tomorrow as usual following inspections.

    Grass and 3G pitches will also open subject to pitch inspections for any storm damage.

    We will continue to provide regular updates on our social media platforms and appreciate your patience and cooperation as we work towards restoring full services. Please follow the guidance of the PSNI and stay home and stay safe while warnings are in place.

     

    Emergency Information

    • Stay up to date with the weather forecast for your area and follow advice from emergency services and local authorities.

    • Further updates – Click on – UK weather warnings – Met Office

    Emergency Contact numbers:

    Emergency services 999 or 112

    Flooding Incident Line – 0300 2000 100

    NI Electricity Networks – 03457 643 643

    NI Gas Emergency Service – 0800 002 001

    NI Water – 03457 440 088

    Housing Executive – 03448 920 901

    Report a blocked road – 0300 200 7891

    For further advice see:

    • https://www.nidirect.gov.uk/camp…/be-ready-for-emergencies

    • http://www.metoffice.gov.uk/guide/weather/warnings

    • https://www.metoffice.gov.uk/…/env…/community-resilience

    • https://www.infrastructure-ni.gov.uk/…/dfi-rivers-water…

    • https://twitter.com/nidirect

    • Report a road drainage fault (https://www.nidirect.gov.uk/…/report-road-drainage-fault);

    NB – register on the Met Office website or download the Met Office app to receive weather warnings; http://www.metoffice.gov.uk/…/mobile…/weather-app

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Statement on the approval of the accounts at the Audit and Governance Committee on Wednesday 22 January

    Source: St Albans City and District

    Publication date:

    Councillor Paul de Kort, Leader of St Albans City and District Council, said:

    I am pleased that the Council’s Statements of Accounts for three previous financial years have been approved by the Audit Committee.

    This brings to an end what has been a frustrating period for us and dozens of other local authorities across the country.

    We have complied with all laws and regulations governing our financial activities and there is nothing untoward in the accounts, which have been open to public inspection.

    Unfortunately, the delays in auditing the accounts – which were out of our control – have led to some unfair criticism and speculation that can now be put to rest.

    We will move forward, look to the future and concentrate on finalising our accounts for the last financial year, 2023/24, with the way clear for them to be audited in a timely fashion.

    Jonathan Flowers, the independent Chair of the Council’s Audit and Governance Committee, said: 

    As the Council’s external auditor BDO’s report explains, delays to the auditing of local authority accounts have been a national problem due to factors which councils have been powerless to prevent.

    These range from significant staff shortages among BDO and other auditors, who have had difficulty in recruiting and retaining staff, to the adverse impact upon their work of the Covid-19 pandemic.

    The Government recognised councils were experiencing lengthy delays through no fault of their own and introduced legislation last year which allowed them to clear the backlog and start afresh.

    Auditors are now required to issue a disclaimed opinion on accounts which the backlog pressures mean they have been unable to check.

    More than 300 disclaimed opinions have been made by auditors for local authority accounts across the country. It offers no opinion rather than an approval or a non-approval and attaches no blame. 

    It is a mechanism the Government is using to reset the local audit assurance process and allow for a fresh start.

    This means that the Audit and Governance Committee have had to look to other sources of assurance in relation to our accounts such as the work of our internal audit service.

    We look forward to putting the backlog behind us, though it will be some time before any of the affected councils can get fully approved accounts because of the overhang from this issue.

    Cllr de Kort added: 

    A disclaimed opinion is what BDO have made for our accounts for the financial years, 2021/22 and 2022/23.

    For the financial year 2020/21, they have issued a modified opinion. The audit commenced for that financial year but was not completed.

    Some issues were identified during the audit but were not resolved within the time constraints. 

    These are of a technical nature, such as the method used to value land and buildings, and we don’t necessarily accept the points BDO have raised. It is a matter of judgement, and we will simply agree to disagree. 

    The important thing is that we can now put these frustrating delays behind us and with the Committee having approved the accounts, we can move on to complete our accounts for 2023/24 with the help of our new auditors, KPMG.

    Notes:

    BDO’s Audit Completion Report – Extract from the Executive Summary:

    Circumstances that affect the form and content of the auditor’s report

    There has been a deterioration in the timeliness of local audit in recent years leading to a persistent and significant backlog of audit opinions. 

    Across England, the backlog of outstanding audit opinions stood at 771 at 31 December 2023 and is estimated to increase to around 1,000 later this year. 

    In February 2024, the Department for Levelling Up, Housing and Communities published ‘Local audit delays: Joint statement on update to proposals to clear the backlog and embed timely audit’. 

    This joint statement confirmed that: “The issues facing local audit are widely recognised as multi-faceted and complex with no single cause or solution”. 

    The factors contributing to the delay in issuing an audit opinion on the financial statements of St Albans City & District Council for the year ended 31 March 2021 include, but are not limited to:

    § increased regulator expectations on auditors

    § difficulties in attracting, developing and retaining staff to perform local audit work 

    § the impact of the Covid-19 pandemic 

    Over the last year, organisations involved in the regulation and oversight of local body financial reporting and audit have been working collectively to agree a proposed solution to clear the outstanding historical audit opinions and ensure that delays do not return.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Emotions and the law under the spotlight in new research project Understanding where emotions have received legal attention and the reasons behind it is the focus of a new research project involving the School of Law.

    Source: University of Aberdeen

    Photo credit: Katrin BolovstovaUnderstanding where emotions have received legal attention and the reasons behind it is the focus of a new research project involving the School of Law.
    ‘A History of Hurt Feelings and the Law’ will explore when, why and in what contexts people have sought legal redress for injured feelings from the 1750s through to the modern day.
    The four-year study will focus on Scotland, a small jurisdiction with a long and rich history of compensating for hurt feelings. It will combine approaches from law, history of emotions, medical history and legal history, charting how injured feelings have been identified, defined and addressed by courts.
    Dr Alice Krzanich, along with lead investigator Professor Chloë Kennedy at the University of Edinburgh and Professor Katie Barclay from Macquarie University, Australia, will work on the project following a £372,000 funding grant from the Leverhulme Trust.
    The project will explore how socially and culturally-informed ideas of selfhood, wellbeing, dignity and respect have shaped legal processes and examine how class, race and gender have affected litigation and legal decision making.
    “I am hugely excited to be undertaking this project”, says Dr Krzanich. “In law, we often focus on pecuniary remedies and the financial cost of illegal or offensive behaviour. This project though is a chance to consider how the law responds – both now and historically – to more intangible harm in the form of grief, stress, heartbreak, fright or anger. It will thus make an important contribution to the rich and ever evolving field of law and emotions.”
    The project will start in May this year and the team will include a Post-doctoral Research Fellow.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Police update on Storm Éoywn

    Source: Northern Ireland City of Armagh

    The Police Service of Northern Ireland urge the public not to travel and stay indoors during Storm Éoywn.

    Assistant Chief Constable Davy Beck said: “We are now in the red weather warning phase of Storm Éoywn, which will last until 2pm this afternoon. This means there is a significant risk to life and the public should not travel during this time and stay at home.

    “There is currently severe disruption to the road network and overnight we received 70 reports of trees down and other debris on the roads. We expect this number to increase over the course of the day.

    “This is being treated as a major incident and we will continue to work with our partner agencies to assist with this operation, both throughout and after Éowyn passes. I have met with the Strategic Coordination Group and continue to keep the First Minister and deputy First Minister updated.

    “We have additional officers stood up today and will be ready to respond to calls where required. Members of the public should only contact 999 in an emergency.

    “We anticipate serious disruption across our road network, public transport,  health services and other public services. I continue to urge people be prepared and ensure you have emergency lighting such as torches easily accessible in the event of power cuts. Have ready access to additional blankets or sources of warmth in the event your heating supply is disrupted.

    “Our message is clear; do not travel, remain indoors and stay safe.”

    Details of road closures are available on the Traffic Watch NI website: https://orlo.uk/ySHmg

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Go Greener Faster: Council grant funds community workshops for renewable energy.

    Source: City of Winchester

    Energise South Downs is running a series of renewable energy workshops for communities across the district, supported by the council’s Go Greener Faster grants scheme.

    Participants at the Future Energy Landscapes workshops can learn about the benefits of locally generated renewable energy, how it can power communities and help reduce their carbon footprint. They are open to everyone who wants to learn more about renewable energy, whether they are a supporter, or have concerns about what the transition away from fossil fuels may mean for their local area. Everyone is invited to join the conversation.

    Upcoming Future Energy Landscapes workshops are taking place in the following areas:

    Shedfield, Swanmore, Waltham Chase – 10am–12.30pm Saturday 25 January
    Otterbourne – 7pm–9.30pm – Tuesday 4 February
    East Meon – 7pm–9.30pm – Wednesday 5 March
    Denmead – 7pm–9.30pm – Tuesday 11 March

    Residents can find out more and book a place on Future Energy Landscapes: https://esd.energy/events/future-energy-landscapes/

    Councillor Kelsie Learney, Cabinet Member for Climate Emergency said: “The brilliant thing about these workshops is that they truly put the community at the heart of their future energy options.  We know that many people across the district are keen to explore renewable energy and take action, and these workshops will help local communities learn more or even discuss their concerns.  We know it will take all our collective efforts to provide the greener, cleaner future we all hope for and reach our ambitious target of being a carbon neutral district by 2030. Our hope is that many people come along and join the conversation.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Tough restrictions for Sheffield hairdresser and baker who falsely claimed £98,000 in Covid loans

    Source: United Kingdom – Executive Government & Departments

    Bankrupt hairdresser claimed two separate loans totalling £98,000 for a new business which only traded for two weeks

    • Hannah Lucy Walker applied for two Covid Bounce Back Loans to claim a total of £98,000 
    • She took the loans for a new business which was not entitled to any money under the scheme and gave false information in her applications 
    • Walker is now subject to 12 years of sanctions which restrict her finance and business activities to protect the public from further harm 

    A bankrupt former hairdresser from Sheffield is subject to 12 years of stringent sanctions after the Official Receiver found she abused the Covid Bounce Back Loan scheme to claim almost £100,000 she was not entitled to. 

    Hannah Lucy Walker, 31, of Pollard Crescent in Sheffield, was originally a hairdresser. 

    But when Covid lockdowns were in operation during May 2020, she also began a baking business, trading as Something Sweet. 

    And on 25 June 2020, Walker applied for a £50,000 Bounce Back Loan for Something Sweet – which only ever traded for two weeks – declaring its turnover was £256,000. 

    The next day she applied to a different bank for another Bounce Back Loan of £48,000 for the baking business. This time she claimed the business had a turnover of £230,000. 

    Walker was made bankrupt in March 2024, with outstanding debts of around £109,000 including the full amount of both loans.  

    The Official Receiver, whose duty includes investigating the cause of a bankruptcy, found that Something Sweet had not been eligible to apply for a loan. 

    Samantha Crook, Deputy Official Receiver at the Insolvency Service, said: 

    Hannah Walker blatantly abused a scheme designed to support existing businesses during one of the toughest times the country faced. 

    She breached the rules of the scheme by taking out not one, but two loans, for a business that was not even eligible for a loan. 

    These restrictions will curtail her business activities for a long time to help protect the public from further financial harm.

    Under the rules of the Bounce Back Loan scheme, businesses must have been trading by 1 March 2020 in order to apply for a loan.  

    The rules allowed applications for a single loan per business of up to 25% of its 2019 turnover – or of an estimated turnover if the business had started during the previous financial year – up to a maximum of £50,000. Any money claimed was to be used for the economic support of the business. 

    Walker’s baking business was not entitled to any money through the scheme. She did not apply for a loan to support her hairdressing business. 

    Walker signed a Bankruptcy Restrictions Undertaking in which she did not dispute that she had provided false information on two Bounce Back Loan applications to receive a total of £98,000 to which she was not entitled. 

    She must abide by the restrictions, which extend the terms of her original bankruptcy – usually a period of 12 months – for a further 12 years.  

    They prevent Walker from acting as a company director without permission from the court and from borrowing more than £500 without declaring that she is subject to the sanctions. She is also restricted from holding certain roles in public organisations while subject to the measures. 

    The Secretary of State for Business and Trade accepted the undertaking on 14 January 2025. The restrictions will run until 13 January 2037. 

    Further information

    Updates to this page

    Published 24 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Patricia Rubin appointed as Trustee of The National Gallery

    Source: United Kingdom – Executive Government & Departments

    The Prime Minister has appointed Patricia Rubin as Trustee of The National Gallery for a 4 year term from 29 November 2024 to 28 November 2028

    Patricia Rubin 

    Appointed from 29th November 2024 to 28th November 2028

    Patricia Rubin is an art historian, professor, and administrator. In addition to her decades-long teaching career in London and New York, she has been Deputy Director of the Courtauld Institute of Art and founding Head of the Courtauld Institute Research Forum (2004-9), Director of the Institute of Fine Arts at New York University (2009-17), and Acting Director of Harvard University Center for Renaissance Studies/Villa I Tatti in Florence (1997). She is currently a Visiting Scholar at the Max-Planck-Gesellschaft/Kunsthistorisches Institut in Florence and an Honorary Research Fellow of the Courtauld Institute. Museum-based education and research have been fundamental to her work. She has been involved as co-curator, consultant, and catalogue contributor to numerous exhibitions and served on museum boards and committees at the Getty Museum, the Metropolitan Museum of Art, The Morgan Library and Museum, and the Galleria dell’Accademia of Venice.

    She has written books on Giorgio Vasari’s Lives of the Artists and on art and society in Renaissance Florence (Giorgio Vasari: Art and History and Images and Identity in Fifteenth-century Florence), along with numerous essays and articles on related topics, including the co-authorship of the National Gallery exhibition catalogue Renaissance Florence: The Art of the 1470s. Her research interests range from altarpiece design to humbug and art history in the nineteenth century. She has recently written essays on Sandro Botticelli’s illustrations to Dante’s Divine Comedy, Anglo-American viewing of Leonardo da Vinci’s Last Supper, tomb sculptures by Michelangelo Buonarroti and Andrea del Verrocchio (“Michelangelo’s Monkey and the Melancholy of Death”), “‘Perverse Images’: Monstrous Beauty and Monkey Business in Italian Art from Botticelli to Bronzino,” and “Dangerous Liaisons: Compromising Positions and Provocative Allusions in Bronzino’s Martyrdom of St. Lawrence.”

    Remuneration and Governance Code

    Trustees of The National Gallery are not remunerated. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments. The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Patricia Rubin has declared no significant political activity.

    Updates to this page

    Published 24 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Supermarket closed for persistent sale of illegal tobacco

    Source: City of Coventry

    A Coventry store has been ordered to close its doors for three months.

    A Coventry store has been ordered to close its doors for three months, after a Council investigation discovered Saad Supermarket (which previously traded as Victoria Mini Market) on Primrose Hill Street, Coventry, persistently sold illegal tobacco and vaping products, as well as selling these items to persons under 18.

    Costs of £4,974.26 were awarded to the Council, to be equally split between both the operator of the business and the landlord of the premises.

    The Council’s Trading Standards and Legal teams applied to Coventry Magistrates Court for a Closure Order, which was granted on Wednesday 15 January 2025 under the Anti-Social Behaviour, Crime and Policing Act 2014.

    The store has been ordered to close completely for three months and no-one is allowed to access or remain on the premises.

    The Closure Order will remain in force until midnight on Tuesday 15 April 2025.

    Those found to breach the Order may be imprisoned, fined or both.

    The Court heard that despite warnings, there were continued sales of illicit products from the shop, as well as the sale of such to minors. Due to its proximity to a local school, this was a clear risk to the safety of the community and robust enforcement action was required.

    Cllr Abdul Salam Khan, Deputy Council Leader, said: “Our trading standards and legal teams once again have taken the necessary action against businesses who ignore the law”.

    “It’s important that we publicise this work because it will not be tolerated both by the Council or the police. In this case there was an added concern about the school being so close”.

    “It’s a warning to any other businesses and I’d encourage any residents, who have similar concerns about local shops they suspect may be selling illegal vapes and tobacco and also selling to people under age, to contact us.”  

    The sale of illegal tobacco and vaping products has a detrimental effect on legitimate local businesses and also contributes to anti-social behaviour in the community.

    It can also support organised crime, which may also be linked to modern-day slavery, human trafficking, and other serious criminality. Illegal tobacco and vaping products also present a serious public health issue with very high levels of tar, nicotine and other toxic chemicals. The lower prices at which these items can be sold also encourage children to start smoking or vaping.

    Lord Michael Bichard, Chair of National Trading Standards, said: “The trade in illegal tobacco harms local communities and affects honest businesses operating within the law. Having removed 46 million illegal cigarettes, 12,600kg of hand-rolling tobacco and almost 175kg of shisha products from sale, Operation CeCe – the National Trading Standards initiative in partnership with HMRC – continues to successfully disrupt this illicit trade.”

    Coventry Trading Standards will use all available powers to protect the local community and legitimate businesses.

    We need information from the public to help us with issues like this. Information we receive about where and when this type of activity is happening will help us build an intelligence picture and enable us to act where necessary.

    If you are concerned about similar activity happening where you live, you can send us an anonymous report – please search ‘Coventry Trading Standards’ and use the online reporting form, or find the anonymous form on the Council’s website.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Garadacimab (andembry) approved to prevent angioedema attacks

    Source: United Kingdom – Executive Government & Departments

    The Medicines and Healthcare products Regulatory Agency (MHRA) has today, 24th January 2025, approved garadacimab (brand name Andembry) for patients aged 12 years and older with hereditary angioedema (HAE) to prevent angioedema attacks.

    This national approval has been granted through an ACCESS work-sharing procedure. The ACCESS consortium is a medium-sized coalition of regulatory authorities that work together to promote greater regulatory collaboration and alignment of regulatory requirements.

    HAE is a rare condition that causes fluid to build up throughout the body, triggering sudden and repeated serious swelling. HAE is a condition that often runs in families, but some people may not have a family history.

    Garadacimab is administered as a subcutaneous (under the skin) injection.

    Julian Beach, MHRA Interim Executive Director of Healthcare Quality and Access, said:

    Patient safety is our top priority, which is why I am pleased to confirm approval of garadacimab for patients with hereditary angioedema to prevent angioedema attacks.

    We’re assured that the appropriate regulatory standards of safety, quality and efficacy for the approval of this new medicine have been met.

    As with all products, we will keep its safety under close review.

    A study was undertaken with patients involving 64 adult and paediatric patients with HAE, who experienced at least who experienced at least 2 attacks during the run-in period, which lasted up to 2 months.

    The study showed that over six months of treatment, patients taking garadacimab had a lower monthly rate of HAE attacks compared with patients given placebo.

    Additionally, more patients taking garadacimab were attack-free during the first 3 months of treatment compared to placebo.

    For the full list of all side effects reported with this medicine, see Section 4 of the Patient Information leaflet or the Summary of Product Characteristics available on the MHRA website.

    Anyone who suspects they are having a side effect from this medicine are encouraged to talk to their doctor, pharmacist or nurse and report it directly to the Yellow Card scheme, either through the website (https://yellowcard.mhra.gov.uk/) or by searching the Google Play or Apple App stores for MHRA Yellow Card.   

    ENDS   

    Notes to editors   

    1. The new marketing authorisation was granted on January 24th 2025 to CSL Behring GmbH

    2. This product was submitted and approved via a national procedure and ACCESS. 

    3. More information can be found in the Summary of Product Characteristics and Patient Information leaflets which will be published on the MHRA Products website within 7 days of approval. 

    4. The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe.  All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks. 

    5. The MHRA is an executive agency of the Department of Health and Social Care. 

    6. For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651.

    Updates to this page

    Published 24 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Garry Taylor appointed as Director of City Development

    Source: City of York

    City of York Council is delighted to announce the appointment of Garry Taylor as the new Director of City Development.

    Garry, who brings over 25 years of extensive experience in local government, urban regeneration, and place-making, will take up the position on Monday 27 January.

    Garry joins the Council following his role as Assistant Director for Major Projects, Culture & Place at Hull City Council. There, he oversaw a £400 million public-private capital investment programme, including highways, cultural venues, retail and leisure developments, and public spaces. His leadership was instrumental in Hull’s transformation during and after its tenure as UK City of Culture 2017, delivering economic growth, cultural renewal, and significant investment to the region.

    In his new role, Garry will lead York’s City Development directorate, driving forward strategic regeneration initiatives, inward investment, and sustainable growth to ensure York remains a thriving and inclusive city. A passionate advocate for place-making, Garry is committed to enhancing both the physical environment and the quality of life for all residents and visitors.

    “I am truly excited to be joining City of York Council at such a pivotal time,” he said.

    “York is a city with a rich heritage and dynamic community, and I look forward to working closely with colleagues, partners, and residents to build on its unique character while addressing key challenges and opportunities for sustainable and inclusive development.”

    Ian Floyd, Chief Operating Officer at City of York Council, said:

    “We are thrilled to welcome Garry to the team.

    “His wealth of experience in urban regeneration and his proven track record of delivering transformative projects make him the ideal choice to lead our city development initiatives. We look forward to working with him to ensure York continues to flourish.”

    Garry’s appointment aligns with the Council’s commitment to delivering ambitious plans for York’s future, including strengthening the city’s economy, improving infrastructure, and addressing climate and sustainability goals.

    With a background in planning and regeneration and professional accreditation as a Chartered Member of the Royal Town Planning Institute (MRTPI), Garry has also been recognised for his innovative and collaborative approach to fostering partnerships, securing funding, and delivering award-winning projects.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: BLOG: A new plan for urban mobility will benefit us all

    Source: City of Liverpool

    Liverpool City Council is set to green light a new strategy to transform how people move around Liverpool city centre over the next 20 years. Cllr Dan Barrington discusses how the plan will increase safety, well-being and quality of life for everyone.

    Liverpool City Council’s Cabinet this week approved a vitally important plan that will help improve the lives of our residents, commuters and visitors.

    Our 20-year Urban Mobility and Public Spaces Plan aims to increase the use of public transport, walking, and cycling while reducing reliance on private vehicles.

    This ambitious plan, part of the Council’s commitment to achieving net-zero status, will guide multi-million-pound enhancements to transport infrastructure and vibrant public spaces.

    What does that mean for our city and residents?

    Firstly, it means improving bus routes and connectivity between major transport hubs. Whether it’s commuters travelling to work or people out enjoying the vibrant social scene in Liverpool, everyone needs to have a fully integrated public transport system. Without it we simply will not be able to reduce car usage on our roads.

    At the same time, we will be prioritizing safe and accessible cycling and walking routes throughout the city centre. Castle Street and London Road will be revitalized to create more pedestrian-friendly environments.

    Obviously, we have seen work completed towards these objectives in the last few years, such as the Liverpool City Centre connectivity program, which saw significant investments in upgrading key routes.

    A Focus on People and Place

    The plan emphasizes a “people-first” approach, prioritizing the needs of commuters, residents, businesses, and visitors. It will also focus on environmental sustainability, reducing carbon emissions, and improving air quality.

    Immediate Actions and Long-Term Vision

    The plan outlines a phased approach, with immediate “quick win” projects followed by more ambitious long-term initiatives. These include:

    • Improving pedestrian and public transport links at key locations.
    • Developing a city-wide parking strategy to address issues like pavement parking.
    • Exploring innovative solutions like bus franchising to improve public transport efficiency.
    • A more sustainable future for Liverpool

    One of the actions we will be looking at taking is the introduction of 20mph zones within Liverpool city centre.

    This has proved successful in other parts of the UK, such as Wales where road traffic collisions, injuries and deaths have all been reduced without a significant increase in car journey times. These types of policies may attract some initial negative responses. But once residents, businesses and commuters experience the benefits that can be realised they are won over to a new way of doing things.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Media Alert – temporary city centre road closure planned

    Source: City of Manchester

    A temporary closure of a small section of the Bridgewater Viaduct (A56) is scheduled for Monday, January 27th.

    A temporary lane closure of Bridgewater Viaduct (A56) between Whitworth Street West and Old Deansgate*/Owen Street is due to come into effect from Monday 27 January. 

    The closure of the southbound carriageway – travelling out of Manchester – is planned to provide work crews a safe environment to carry out the widening of the pavement around the viaduct. A diversion will be in place for those leaving the city centre, going along Whitworth Street West/Albion Street/Medlock Street. 

    The northbound carriageway – travelling into the city centre – will remain in use for motorists and cyclists.

    This closure is planned to be in place for two weeks, extendable up to four weeks dependent on weather or if other unavoidable issues arise. 

    The Council will endeavour to minimise disruption during this period, but motorists are advised to avoid this stretch of road where possible during the course of works. Steps will be put in place to manage traffic around busy periods to keep delays to a minimum. 

    Updates can also be found via the Council’s social media channels. 

    Councillor Tracey Rawlins, Executive Member for Clean Air, Environment and Transport, said: “This necessary closure will be put in place to ensure that workers in the road are able to carry out their jobs safely, and I would like to thank people in advance for their patience.” 

    For more information about this scheme please follow this link https://www.manchester.gov.uk/deansgate-what-is-happening 

    *Old Deansgate is a colloquial name, used to differentiate between the sections of the road called Deansgate, which is separated by Whitworth Street West. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Dibden Road fire updates

    Source: City of Norwich

    Published on Friday, 24th January 2025

    Following the recent fire on Dibden Road, the council and partners have been actively working to ensure the safety of residents and facilitate recovery efforts.

    The building at the centre of the fire was a privately owned shoe factory that was no longer operational.

    The fire began on the evening of Monday 20 January and was responded to by Norfolk Fire Service.

    Key actions so far:

    1. Safety measures:
      • Precautionary asbestos testing was conducted periodically throughout, and all results have been negative.
      • Additional testing was performed in nearby areas, including a the playground at George White Primary School to enable it to reopen after a two-day precautionary closure.
    2. Debris removal:
      Environmental protection officers joined contractors to engage with residents near the site to address concerns about debris. Inspections found minimal debris in gardens, which the contractor is clearing. If you have any outstanding concerns about debris in your garden, please email compliance@norwich.gov.uk with the details.
    3. Work on the site:
      Demolition work is underway, with the work scheduled to restart on Monday 27 January, due to the high winds forecast on Friday 24 January.
    4. Road closures:
      Dibden Road will remain closed until work is completed and rubble is removed.
    5. Bin collections:
      • Disrupted bin collections are resuming from the afternoon of Friday 24 January.

    Looking ahead

    The council and its partners are committed to keeping residents informed as recovery efforts continue. Regular updates will be shared via social media and the council website when necessary.

    We thank everyone for their patience and cooperation during this time.

    MIL OSI United Kingdom –

  • MIL-OSI Global: Why peat is a key ingredient in whisky and the climate crisis

    Source: The Conversation – UK – By Toby Ann Halamka, Postdoctoral Researcher in Organic Geochemistry, School of Earth Sciences, University of Bristol

    Kondor83/Shutterstock

    Burnt. Smoky. Medicinal. Each of these represents a subcategory of “peaty” whisky in the Scotch Whisky Research Institute’s brightly coloured flavour wheel.

    A more chemistry-focused flavour wheel might include names like lignin phenols, aromatic hydrocarbons or nitrogen-containing heterocycles. Perhaps less appealing, but these chemicals define the flavours of Scotch whisky and represent just a few of the many types of organic carbon that are stored in peatlands.

    However, when peat is burned for the production of whisky, ancient carbon is released into the atmosphere. Approximately 80% of Scotch whisky is made using peat as a fuel source for drying barley during the malting process. The aromas of the burning peat, or “reek” as it is known in the industry, are steeped into the grains providing the intense smoky flavours associated with many Scotch whiskies.

    Historically, peat was a critical fuel resource for Scotland – a nation famously rich in peatlands with few trees for wood-burning. But as the industry has modernised, peat burning in whisky manufacturing has become less a story of adapting to resource limitations and more one of tradition and distinctive flavouring.

    There is little debate about the importance of peat burning in generating some of the most highly sought-after flavours in the world of whisky. Some enthusiasts identifying as “peat heads” track the parts per million (ppm) of peaty compounds in their favourite brands. The ppm measure represents phenol concentrations (a group of aromatic organic compounds) in the malted barley. But this does not represent how peaty your whisky will taste as much will get lost in subsequent processes. Nor does the ppm represent how much peat was burned in production.

    Most of the peat that is extracted in Scotland is used in horticulture as compost to grow things like mushrooms, lettuce and houseplants. However, both the Scottish and UK governments are making efforts to reduce peat extraction for gardening needs.

    The Scotch whisky industry makes up about 1% of total peat use in Scotland. But, as horticulture practices change, this may represent a larger portion of peat use in the future.

    In 2023, the Scotch whisky industry outlined a long-term sustainability plan that expresses goodwill but lacks clearly defined goals towards peatland restoration.

    Such policies that ban or limit the use of peat in certain industries have followed an increased awareness of how important peatlands are to locking carbon away instead of releasing it into our atmosphere. Despite making up only about 3% of Earth’s land surfaces, peatlands store more carbon than all the world’s forests.

    So, should you worry about the climate consequences of peat use in Scotch whisky?

    No matter how you slice it, harvesting peat is not good for the environment – and getting your hands on a nice dry slab of peat to extract those smoky flavours is no easy task. Peat is formed by waterlogged, oxygen-poor conditions that slow the natural breakdown process of plant material.

    While it is critical for healthy peatlands, excess water is not ideal for burning or transporting peat. Hence, peat extraction usually involves the extensive draining of peatlands. This halts the natural peat accumulation process and releases greenhouse gases from the now-degraded peats into the atmosphere.

    More than 80% of Scotland’s peatlands are degraded.

    Some recovery efforts are being made, and it has been suggested that the whisky industry can offset their peat degradation by investing in peat restoration. But, peatland restoration is a long-term and imprecise solution that might take decades to properly assess, while existing peatlands are needed as a natural carbon sink now.

    Flavour innovations

    There are reasons for “peat heads” (both whisky fans and climate warriors) to feel optimistic about the future of this industry.

    For decades, the barley malting industry has focused on extracting the most flavour out of the least peat. Innovations in enhanced peat burning efficiency and investigations into peat flavouring alternatives are just some of the ways that the whisky industry is decreasing its peat footprint.

    Change in this sector takes time. Any innovations in whisky made today must age for at least three years before being ready for the “flavour wheel”. This delay underscores the urgency of developing new methods as it will take time to find the perfect eco-friendly recipe that compromises neither the taste nor tradition of Scotch whisky.

    In the meantime, whisky drinkers can seek out distilleries that are taking active steps to decrease their environmental impact and try drinking peat-free or peat-efficient whiskies.

    To continue celebrating the uniqueness of peat as a flavour in whisky, we need to better acknowledge the effect it has on peatland degradation and continue to advocate for positive changes in the industry.

    The story of peat use in Scotch whisky will continue to evolve. But while experimenting with future flavours, Scotland must preserve one of this nation’s most precious environmental resources.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

    Toby Ann Halamka receives funding from the CERES (Climate, Energy and Carbon in Ancient Earth Systems) UKRI grant at the University of Bristol.

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

    – ref. Why peat is a key ingredient in whisky and the climate crisis – https://theconversation.com/why-peat-is-a-key-ingredient-in-whisky-and-the-climate-crisis-245497

    MIL OSI – Global Reports –

  • MIL-OSI Global: The Trumps want you to buy their meme coins, but history should make us cautious about the hype

    Source: The Conversation – UK – By Emmanuel Mogaji, Associate Professor in Marketing, Keele University

    Just before assuming office as the 47th president of the United States, Donald Trump introduced his meme coin – $Trump. The digital token attracted lots of attention, and a couple of days after its launch the combined value of the coins was nearly US$8.5 billion (£6.9 billion).

    Trump venturing into meme coins is perhaps not surprising, given his history of branding everything from sneakers to bibles. The first lady followed suit with a meme coin of her own ($Melania, which briefly outperformed her husband’s coin).

    History shows us that speculative hypes like this are not new. Hype can distort rational decision-making, with investors often neglecting due diligence and failing to ask the usual important questions of their investment.

    In 17th-century Netherlands, tulip bulbs became status symbols. Rare varieties could fetch six times a typical salary – until the bubble burst, leaving many financially devastated. Similarly, the South Sea Bubble of the 18th century saw the South Sea Company’s stock price skyrocket based on speculative frenzy (and a high-profile figurehead in King George I) before crashing back down. And the dotcom bubble of the early 2000s saw unproven tech startups achieve sky-high valuations on sheer optimism until the inevitable crash.

    The rise of meme coins, including the Trump ventures, bears similarities to the frenzy surrounding these past phenomena. They are driven by hype, the perception of scarcity and the promise of high returns. These factors can inflate the value irrationally and lead to significant financial risks for those who invest.

    Meme coins thrive on the power of hype. Prominent figures like Trump and viral sensations such as internet star Haliey Welch’s failed cryptocurrency have the power to generate enormous buzz. Like the tulip mania of the 1600s, these digital tokens don’t hold any intrinsic value but instead rely on public sentiment to drive prices up. The hype can quickly make them seem indispensable and highly valuable, even though they have no physical existence.

    The ease of access to meme coins also boosts their popularity. People can buy them online using simple apps or websites – much like shopping for any other product – without the need for a broker or intermediary. This autonomy appeals to modern investors, allowing them to manage their assets from the comfort of their homes. However, the simplicity and convenience often mask the high risks involved.

    Social media amplifies the excitement surrounding meme coins, creating a community vibe that fuels their popularity. The constant buzz on platforms and among influencers generates Fomo (fear of missing out), pressuring people to join the bandwagon in pursuit of the potential gains. But this rush can lead to ill-informed decisions.

    Meme coins are seen as opportunities for quick and substantial profits – an anonymous buyer (the so-called Lucky Crypto Trader) reportedly made US$100 million within hours on Trump’s coin. But these successes are rare and unpredictable. For most consumers, investing in meme coins is like gambling, with no guarantees of returns and a high likelihood of losses.

    Is it ethical?

    As a researcher in financial services marketing and fintech, I focus on the ethical and financial implications of meme coins.

    Cryptocurrencies remain largely unregulated, leaving investors without protection. So the influence of prominent figures like the Trumps hyping these assets raises questions of accountability and fairness. This lack of oversight puts inexperienced consumers at significant financial risk, which only serves to underline the need for caution.

    The parallels with past speculative bubbles offer valuable lessons. From tulip mania to the dotcom bust, history shows us the dangers of unchecked hype and speculative investments. Consumers should learn from these events to avoid repeating the same mistakes in the cryptocurrency era. There are some basic principles would-be buyers should bear in mind.

    To navigate the risks associated with meme coins and cryptocurrencies, consumers should find out more about the technology and become more aware of the trends and performance of the coins. Managing expectations is crucial; speculative investments are unpredictable and the hype can die away quickly. Diversifying investments rather than concentrating all funds in one asset or market can spread risk and provide greater financial stability.

    Education is equally important – taking the time to read the fine print on investment opportunities, such as Trump’s coin disclaimer that it is not an investment vehicle, is essential to understanding the true nature of these assets.

    Trump’s venture into meme coins is the latest in a long history of speculative financial trends, and he will probably not be the last to capitalise on this craze.

    But until regulatory frameworks catch up, consumers should tread carefully, ensuring that their pursuit of profits does not come at the expense of their financial security.

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

    – ref. The Trumps want you to buy their meme coins, but history should make us cautious about the hype – https://theconversation.com/the-trumps-want-you-to-buy-their-meme-coins-but-history-should-make-us-cautious-about-the-hype-248057

    MIL OSI – Global Reports –

  • MIL-OSI Global: Almost 2 million people in the UK didn’t have the right ID to vote in 2024

    Source: The Conversation – UK – By Ralph Scott, Leverhulme Early Career Fellow in Politics, University of Bristol

    The 2024 general election was the first in the UK’s history to be run under a system of voter ID. When heading to the polling station, people could only vote if they proved their identity first. This was the result of a law brought in in 2023 and that had already applied to local elections in England that year.

    Using data from the British Election Study, we tracked people eligible to vote between 2023 and 2024 and found that 5% of people eligible to vote – nearly 2 million people – didn’t own any recognised voter identification. This lack of ID was concentrated among poorer and less educated voters.

    Of course, lacking photographic ID is not necessarily a permanent state. Some people will have been in the process of renewing passports and driving licences during this period. All of these people would also have been eligible for a voter authority certificate, a form of identification brought in with the new law – although we found take up of these was low.

    We found that around 0.5% of all voters reported being turned away at polling stations as a result of lacking ID in the local elections of 2023. We also found that four times as many people (around 2%) reported not voting because they knew they didn’t have the right ID.

    The equivalent figures were slightly lower at the general election of 2024, but a meaningful contingent still did not participate. Around 1.3% of electors – or over half a million people – were turned away or didn’t show up at all because of voter identification requirements.

    While administrative records can provide accurate numbers about how many people were turned away at the polling station, they tell us little about people who were discouraged from even trying to vote because they didn’t have the right ID. So it is clear from our analysis that the impact of voter ID on turnout is likely larger than previous estimates based on polling station returns.

    Who benefits?

    We also found that the Conservatives were more likely to benefit from the voter ID law than other parties.

    This is not surprising when we consider demographic factors. As our research shows, Conservative voters are more likely to own ID, because they are more likely to be older and more affluent. Despite changes in social patterns of party support since the 2016 Brexit referendum, this pattern still holds true.

    The types of identification which are allowed under the new law – and especially the decision to allow older people but not younger people to use travel passes – exacerbates these differences.

    Who didn’t have ID?

    Percentage of party supporters (general election vote intention) without photo ID, May 2023 (lighter column) and 2024 (darker column)
    British Election Study, CC BY-ND

    The chart above shows the percentage lacking photo ID by general election vote intention, as measured in May 2023 (lighter bars) and May 2024 (shaded bars), shortly before the general election was called.

    In 2024, only 2.4% of Conservative supporters were likely to not have photo ID, while 3.8% of Labour supporters and 4.1% of Reform supporters were lacking.

    One notable difference is an increase in Liberal Democrats and non-voters with no photo identification in 2024, although this is almost entirely due to a change in the number of people supporting the Liberal Democrats or deciding not to vote rather than changes in people’s actual ownership of ID.

    Liberal Democrat voters had the lowest proportion of supporters without voter ID in 2023 (1.3%), but in 2024, the Liberal Democrat rate exceeded that of the Conservatives (2.9%).

    There are still opportunities to mitigate the risks posed by voter ID. Ahead of the next election the new government should extend the forms of identification allowed (especially for those younger than state pension age).

    Improving public awareness around the law and the availability of voter authority certificates is another important step. There are also suggestions that a system of allowing people to vouch for others who don’t have voter ID would be an option.

    In an electorate of 49 million, if almost two million aren’t able to vote because they don’t have the right ID, there is a problem. Those interested in building trust in our democracy should consider not only minimising electoral fraud but reducing this number by as much as possible.

    Ralph Scott receives funding from the Leverhulme Trust and has previously received funding from the Economic and Social Research Council.

    Ed Fieldhouse receives funding from the Economic and Social Research Council.

    – ref. Almost 2 million people in the UK didn’t have the right ID to vote in 2024 – https://theconversation.com/almost-2-million-people-in-the-uk-didnt-have-the-right-id-to-vote-in-2024-246270

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Get your West Beach tennis courts annual pass now!

    Source: City of Canterbury

    Home  »  Latest News   »   Get your West Beach tennis courts annual pass now!

    An annual household pass to use the West Beach tennis courts in Whitstable for just £35 for the whole year is now available.

    Having purchased the pass, the courts are free to use for up to four sessions a week, for up to two hours a session.

    The pass is designed to make tennis more accessible and affordable and is perfect for players of all ages and skill levels.

    To buy the pass, simply head to the Clubspark website. More information about how the pass works is available by reading the answers to frequently asked questions.

    Published: 24 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Defra’s Science Advisory Council Chair appointed

    Source: United Kingdom – Executive Government & Departments 2

    Professor Rowland Kao has been appointed as the Chair of Defra’s Science Advisory Council

    The Secretary of State for Environment, Food and Rural Affairs has appointed Professor Rowland Cao as Chair of the Science Advisory Council (SAC). This will be for a term of 3 years from 8 January 2025 until 7 January 2028.

    The appointment has been made in accordance with the Governance Code on Public Appointments.

    Biography

    • Professor Rowland Kao is Professor of Veterinary Epidemiology and Data Science at the University of Edinburgh. Kao’s research focusses on infectious disease dynamics, mainly with respect to the role of demography in the spread and persistence of infectious diseases in wildlife, humans and livestock.
    • Rowland previously served as a member of the Science Advisory Council (SAC) from 2018 to 2024.

    Notes to editors:

    • Defra’s Science Advisory Council is an advisory non-departmental public body who provide expert independent advice on science policy and strategy to the Department for Environment Food and Rural Affairs (Defra).
    • All appointments are made on merit and political activity plays no part in the selection process.

    Updates to this page

    Published 24 January 2025

    MIL OSI United Kingdom –