Category: Asia

  • MIL-OSI China: China deepens international collaboration to push forward deep-space exploration

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

    SHANGHAI, April 25 — China, with an open stance, is collaborating with the international community to drive breakthroughs in deep-space exploration and foster resource sharing, striving to build a shared future in space.

    On the occasion of Space Day of China, which is celebrated annually on April 24, the China National Space Administration (CNSA) announced a series of international collaboration initiatives to advance deep-space exploration.

    Seven institutions from six countries — France, Germany, Japan, Pakistan, the United Kingdom and the United States — have been authorized to borrow the lunar samples collected by China’s Chang’e-5 mission for scientific research.

    In 2020, the Chang’e-5 mission retrieved samples from the moon weighing about 1,731 grams, which were the first lunar samples in the world in over 40 years, helping advance humanity’s knowledge about the moon.

    Shan Zhongde, head of the CNSA, said China’s lunar exploration program has always adhered to the principles of equality, mutual benefits, peaceful utilization and win-win cooperation, sharing achievements with the international community.

    He added that CNSA will continue to accept international applications for lunar sample research, expressing hope that global scientists will make new discoveries that expand human knowledge and benefit humanity.

    With the advancement of China’s lunar exploration program, international cooperation continues to deepen. The CNSA announced that the Chang’e-8 mission, which is scheduled for launch around 2029, will carry payloads from 11 countries and regions and one international organization.

    Developers of the instruments to be aboard the Chang’e-8 are from Asia, Europe, Africa and South America.

    The Chang’e-8 mission will target the Leibnitz-Beta Plateau near the lunar south pole region, working with the earlier Chang’e-7 mission to conduct scientific exploration and in-situ resource utilization experiments. These efforts will lay the groundwork for the future International Lunar Research Station (ILRS).

    The ILRS, initiated by China, is a scientific experimental facility consisting of sections on the lunar surface and in lunar orbit, and is projected to be built in two phases: a basic model to be built by 2035 in the lunar south pole region, and an extended model to be built in the 2040s.

    A total of 17 countries and international organizations, and more than 50 international research institutions, have joined the ILRS, according to Bian Zhigang, deputy director of the CNSA.

    Bian stressed that the ILRS will offer new opportunities and platforms for fostering global cooperation, technological innovation and shared development.

    China welcomes international partners to participate in various stages of the ILRS and at all levels of the mission. This will promote the use of space technology to benefit humanity and advance the building of a community with a shared future for humanity in the field of outer space, he said.

    Amjad Ali, a senior official with the Space and Upper Atmosphere Research Commission (SUPARCO) of Pakistan, said that the CNSA leads in inclusive space exploration, enabling emerging space nations like Pakistan to rise.

    The Chang’e-8 mission will carry a 30-kilogram lunar rover developed by SUPARCO, contributing to terrain mapping and regolith analysis.

    “The CNSA-SUPARCO partnership strengthens intercultural dialogue, diplomacy and peaceful collaboration, proving that shared dreams can unite nations among the stars,” he added.

    Humanity can reach deeper space through collaboration from lunar soil to Martian surface.

    China aims to launch the Tianwen-3 Mars sample-return mission around 2028, with the primary scientific goal of searching for signs of life. The retrieval of samples from Mars is the most technically challenging space exploration mission since the Apollo program, and no such retrieval has ever been accomplished, said Liu Jizhong, chief designer of the mission.

    Despite this mission’s considerable challenges and limited resources, China still plans to allocate 20 kilograms of resources for international collaboration.

    China invites global partners to jointly advance Mars exploration and research, thereby expanding humanity’s understanding of the red planet, said CNSA.

    Joining hands, humanity can unlock mysteries beyond the stars.

    An astronomical satellite jointly developed by China and France has detected a gamma-ray burst dating back 13 billion years, likely originating from the collapse of an early star forming a black hole or a neutron star. This discovery offers humanity a glimpse into the universe’s infancy.

    The discovery made by the Space-based multi-band Variable Object Monitor (SVOM) was also released on the Space Day of China.

    The SVOM project, a major bilateral space collaboration between China and France spanning nearly two decades, is a contribution that Chinese and French scientists and engineers have made to the international astronomy community through years of cooperation, integrating high-tech resources from both countries.

    “Together, we will pool efforts to promote the development of the world’s space industry, ensuring that space innovations serve and enhance human well-being across broader domains, at deeper levels, and to higher standards,” Shan emphasized at the opening ceremony for the Space Day of China.

    At the invitation of the Permanent Mission of China in Vienna, the Permanent Representatives of Kenya and South Africa to Vienna, along with diplomats from the Permanent Missions of Venezuela, Belarus, Egypt, Malaysia, Indonesia, and Kazakhstan to Vienna, made a special trip to China to participate in the series of activities for the Space Day.

    Award-winning paintings created by Chinese children, depicting their space dreams, were presented to these diplomats.

    MIL OSI China News

  • MIL-OSI: Preferred Bank Reports First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, April 25, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended March 31, 2025. Preferred Bank (“the Bank”) reported net income of $30.0 million or $2.23 per diluted share for the first quarter of 2025. This represents a small decrease in net income of $197,000 from the prior quarter and a decrease of $3.4 million from the same quarter last year. The decrease compared to both periods was mainly due to a decrease in net interest income. In the first quarter of 2025, the incremental impact to interest income from loans placed on nonaccrual status was approximately $2.8 million. In addition, a property securing one of our loans was damaged in the Palisades fire in January and as a result, the Bank has reversed out the $208,000 interest receivable on this loan although we expect to recoup this amount after the property is sold. In addition to a lowering of overall interest rates, these were the main factors in the decrease in net interest income.

    Net interest income was $62.7 million, a decrease of $6.5 million from the previous quarter and a decrease of $5.8 million compared to the same quarter last year. Noninterest income was $4.0 million, an increase of $361,000 over the prior quarter and an increase of $933,000 over the same quarter last year. Noninterest expense was $23.4 million, a decrease of $4.9 million from the previous quarter and an increase of $3.3 million over the same quarter last year.

    Highlights for the Quarter:

    • Return on average assets was 1.76%
    • Return on beginning equity of 15.96%
    • Total deposits increased by $155.9 million or 2.6%, linked quarter
    • Efficiency ratio was 35.1%

    Li Yu, Chairman and CEO, commented, “Preferred Bank’s net income for the first quarter, 2025 was $30.0 million or $2.23 per fully diluted share. This quarter, there was an outsized impact to interest income of approximately $2.8 million on nonaccrual loans. We have also written down the value of our one OREO property by $1.3 million.

    Non-accrual loans totaled $78.9 million as of March 31, 2025 and are mostly comprised of two loans totaling $65.6 million. These two loans are well-secured, and we do not anticipate any losses associated with these two credits. Overall criticized loans have decreased to $129.2 million from $158.2 million at year-end. There were very few new migrations into the criticized loan category.

    The large interest reversal of $2.8 million significantly affected the reported net interest margin, which was 3.75% for the quarter. Without that, the margin would have been much closer to the 4.06% reported in the fourth quarter of 2024. Deposit growth for the quarter was $155.9 million or 2.6% on a linked quarter basis. However, total loans reduced slightly from December 31, 2024. We do not feel there will be material changes in the loan demand in the near future under the shadow of the import tariff uncertainty.

    The import tariff impositions and threats are truly unprecedented. At this time, we are still completely uncertain as to the size of the tariffs and which countries will ultimately be tariffed. In short, every American’s economic well-being will likely be impacted. Even if an agreement can be reached within the “90 days”, there seems to be no certainty that the issue will be completely resolved and this uncertainty may persist for a year or possibly more. We at Preferred Bank will stay alert and constantly monitoring our activities.

    As a starting point, we have began a “deep-dive” within our relatively small “trade finance” portfolio and will continue to widen the scope of our credit monitoring activities related to trade.”

    Results of Operations

    Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $62.7 million for the first quarter of 2025. This represents a $6.5 million decrease from the $69.2 million recorded in the prior quarter and a $5.8 million decrease from the same quarter last year. The decrease compared to both comparable quarters was primarily due to the reversal of interest income of $2.8 million associated with the nonaccrual loans. In addition, there was a property in the Palisades fire that secured a construction loan financed by the Bank. As part of that restructuring, the Bank elected to reverse $208,000 out of interest income that had accrued on that loan. Interest expense decreased compared to both comparable periods despite growth in deposits during the quarter. The Bank’s net interest margin came in at 3.75% for the quarter, this is down from the 4.06% recorded last quarter and from the 4.19% margin achieved in the first quarter of the prior year. The loan interest reversals played a major role in the decrease of the net interest margin in the first quarter. Management believes that efforts to reduce the Bank’s deposit costs have been largely effective as evidenced by the decreases in interest expense.

    Noninterest Income. For the first quarter of 2025, noninterest income was $4.0 million compared with $3.1 million for the same quarter last year and compared to $3.6 million for the fourth quarter of 2024. The increase over the prior quarter was primarily due to letter of credit (LC) fee income which was up by $268,000 and gains on sales of SBA loans which increased by $163,000. In comparing to the same quarter last year, fee income was down but LC fee income increased by $741,000 and gains on sales of SBA loans increased by $172,000.

    Noninterest Expense. Total noninterest expense was $23.4 million for the first quarter of 2025 compared to $28.2 million for the fourth quarter of 2024 and compared to the $20.0 million recorded in the same period last year. The primary reason for the decrease over the prior quarter was the $8.1 million occupancy expense adjustment recorded in the fourth quarter of 2024. This was related to accounting pronouncement ASC 842, accounting for leases. Partially offsetting that was an increase in personnel expense of $1.6 million and an increase in OREO expense of $1.4 million. In the first quarter of 2025, the Bank recorded a valuation charge of $1.3 million related to the OREO property in Santa Barbara. In comparing to the same quarter last year; personnel expense was up by $939,000, occupancy expense was up by $583,000 and OREO expense was up by $1.4 million due to the aforementioned OREO valuation charge recorded in the first quarter of 2025. Salary expense increased over the same quarter last year due mainly to an increase in personnel and merit increases. The increase in personnel expense over the prior quarter was primarily due to employer paid taxes as during the first quarter, incentive compensation is paid out to employees.

    Income Taxes. The Bank recorded a provision for income taxes of $12.6 million for the first quarter of 2025. This represents an effective tax rate (“ETR”) of 29.5% which is up from the 29.0% ETR for last quarter and up from the 29.0% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

    Balance Sheet Summary

    Total gross loans at March 31, 2025 were $5.63 billion, a decrease of $6.2 million from the total of $5.64 billion as of December 31, 2024. Total deposits were $6.07 billion, an increase of $155.9 million from the $5.92 billion as of December 31, 2024. Total assets were $7.1 billion, an increase of $176.7 million over the total of $6.92 billion as of December 31, 2024.

    Asset Quality

    Non-accrual loans and loans 90 days past due and still accruing totaled $78.9 million as of March 31, 2025. The bulk of the nonaccrual loans comprised of two loans totaling $65.6 million. One of the loans is a multi-family loan which is well-secured and the other loan is now vacant, entitled land in a prime area of Orange County. Again, this loan is also well-secured. The loans were part of the same relationship and one is now working its way through the bankruptcy court while the other loan is in the process of being sold, at par. Management is confident that there will be no loss associated with these two loans. Total net charge-offs (recoveries) for the quarter were ($97,000) compared to net charge-offs of $6.6 million in the prior quarter. In addition to that, the Bank wrote down the value of its OREO property in Santa Barbara by $1.34 million, reflecting the proposed net proceeds of the most recent sales contract that the Bank was involved in, which sale did not materialize.

    Total criticized loans decreased to $129.2 million from $158.1 million reported in the prior quarter.

    Allowance for Credit Losses

    The provision for credit losses for the first quarter of 2025 was $700,000 compared to $2.0 million last quarter and compared to $4.4 million in the same quarter last year. The Bank’s allowance coverage ratio increased to 1.28% of loans as compared to 1.27% in the prior quarter.

    Capitalization

    As of March 31, 2025, the Bank’s tangible capital ratio was 10.96%, the leverage ratio was 11.52%, the common equity tier 1 capital ratio was 11.86% and the total capital ratio stood at 15.15%. As of December 31, 2024, the Bank’s tangible capital ratio was 11.02%, the Bank’s leverage ratio was 11.33%, the common equity tier 1 ratio was 11.80% and the total capital ratio was 15.11%.

    Conference Call and Webcast

    A conference call with simultaneous webcast to discuss Preferred Bank’s first quarter 2025 financial results will be held this afternoon April 25, 2025 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at www.preferredbank.com.

    Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through May 2, 2025; the passcode is 8939265.

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), two branches in New York (Manhattan and Flushing, Queens) and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy
    shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2024 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.

    AT THE COMPANY: AT FINANCIAL PROFILES:
    Edward J. Czajka  Jeffrey Haas
    Executive Vice President General Information
    Chief Financial Officer (310) 622-8240
    (213) 891-1188 PFBC@finprofiles.com
       
       

    Financial Tables to Follow

     
    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
               
               
      For the Quarter Ended
      March 31,   December 31,   March 31,
        2025       2024       2024  
    Interest income:          
    Loans, including fees $ 101,491     $ 111,596     $ 109,980  
    Investment securities   12,810       14,013       16,257  
    Fed funds sold   228       249       283  
     Total interest income   114,529       125,858       126,520  
               
    Interest expense:          
    Interest-bearing demand   16,590       18,245       22,290  
    Savings   69       85       75  
    Time certificates   33,887       37,030       34,330  
    Subordinated debt   1,325       1,325       1,325  
     Total interest expense   51,871       56,685       58,020  
     Net interest income   62,658       69,173       68,500  
    Provision for credit losses   700       2,000       4,400  
     Net interest income after provision for credit losses   61,958       67,173       64,100  
               
    Noninterest income:          
    Fees & service charges on deposit accounts   716       761       845  
    Letters of credit fee income   2,244       1,977       1,503  
    BOLI income   103       102       105  
    Net gain on sale of loans   275       112       103  
    Other income   660       685       509  
     Total noninterest income   3,998       3,637       3,065  
               
    Noninterest expense:          
    Salary and employee benefits   14,839       13,279       13,900  
    Net occupancy expense   2,294       10,110       1,711  
    Business development and promotion expense   462       340       266  
    Professional services   1,651       1,606       1,457  
    Office supplies and equipment expense   386       396       473  
    OREO valuation allowance and related expense   1,531       155       135  
    Other   2,206       2,360       2,086  
     Total noninterest expense   23,369       28,246       20,028  
     Income before provision for income taxes   42,587       42,564       47,137  
    Income tax expense   12,563       12,343       13,671  
     Net income $ 30,024     $ 30,221     $ 33,466  
               
    Income per share available to common shareholders          
     Basic $ 2.27     $ 2.29     $ 2.48  
     Diluted $ 2.23     $ 2.25     $ 2.44  
               
    Weighted-average common shares outstanding          
     Basic   13,226,582       13,190,696       13,508,878  
     Diluted   13,453,176       13,442,294       13,736,986  
               
    Cash dividends per common share $ 0.75     $ 0.75     $ 0.70  
               
    PREFERRED BANK
    Condensed Consolidated Statements of Financial Condition
    (unaudited)
    (in thousands)
           
           
      March 31,   December 31,
        2025       2024  
      (Unaudited)   (Audited)
    Assets      
    Cash and due from banks $ 905,183     $ 765,515  
    Fed funds sold   20,000       20,000  
    Cash and cash equivalents   925,183       785,515  
           
    Securities held-to-maturity, at amortized cost   19,745       20,021  
    Securities available-for-sale, at fair value   390,096       348,706  
           
    Loans held for sale, at lower of cost or fair value         2,214  
           
    Loans   5,634,413       5,640,615  
    Less allowance for credit losses   (72,274 )     (71,477 )
    Less amortized deferred loan fees, net   (9,652 )     (9,234 )
    Loans, net   5,552,487       5,559,904  
           
    Other real estate owned and repossessed assets   13,650       14,991  
    Bank furniture and fixtures, net   8,276       8,462  
    Bank-owned life insurance   10,502       10,433  
    Accrued interest receivable   31,775       33,561  
    Investment in affordable housing partnerships   63,612       58,346  
    Federal Home Loan Bank stock, at cost   15,000       15,000  
    Deferred tax assets   46,280       47,402  
    Income tax receivable         2,195  
    Operating lease right-of-use assets   20,281       13,182  
    Other assets   3,205       3,497  
    Total assets $ 7,100,092     $ 6,923,429  
           
    Liabilities and Shareholders’ Equity      
    Deposits:      
    Noninterest bearing demand deposits $ 730,270     $ 704,859  
    Interest bearing deposits:   2,099,987       2,026,965  
    Savings   32,631       30,150  
    Time certificates of $250,000 or more   1,531,715       1,477,931  
    Other time certificates   1,678,132       1,676,943  
    Total deposits   6,072,735       5,916,848  
           
    Subordinated debt issuance, net   148,529       148,469  
    Commitments to fund investment in affordable housing partnerships   20,956       21,623  
    Operating lease liabilities   24,021       16,990  
    Accrued interest payable   14,634       16,517  
    Other liabilities   40,613       39,830  
    Total liabilities   6,321,488       6,160,277  
           
    Shareholders’ equity   778,604       763,152  
    Total liabilities and shareholders’ equity $ 7,100,092     $ 6,923,429  
           
    Book value per common share $ 59.30     $ 57.86  
    Number of common shares outstanding   13,130,296       13,188,776  
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
               
               
      For the Quarter Ended
      March 31, December 31, September 30, June 30, March 31,
       2025   2024   2024   2024   2024 
    Unaudited historical quarterly operations data:          
    Interest income $ 114,529   $ 125,858   $ 129,424   $ 127,294   $ 126,520  
    Interest expense   51,871     56,685     60,576     61,187     58,020  
     Interest income before provision for credit losses   62,658     69,173     68,848     66,107     68,500  
    Provision for credit losses   700     2,000     3,200     2,500     4,400  
    Noninterest income   3,998     3,637     3,459     3,404     3,065  
    Noninterest expense   23,369     28,246     22,089     19,697     20,028  
    Income tax expense   12,563     12,343     13,635     13,722     13,671  
     Net income $ 30,024   $ 30,221   $ 33,383   $ 33,592   $ 33,466  
               
    Earnings per share          
     Basic $ 2.27   $ 2.29   $ 2.50   $ 2.51   $ 2.48  
     Diluted $ 2.23   $ 2.25   $ 2.46   $ 2.48   $ 2.44  
               
    Ratios for the period:          
    Return on average assets   1.76 %   1.74 %   1.95 %   1.97 %   2.00 %
    Return on beginning equity   15.96 %   16.03 %   18.37 %   19.31 %   19.36 %
    Net interest margin (Fully-taxable equivalent)   3.75 %   4.06 %   4.10 %   3.96 %   4.19 %
    Noninterest expense to average assets   1.37 %   1.62 %   1.29 %   1.15 %   1.20 %
    Efficiency ratio   35.06 %   38.79 %   30.55 %   28.34 %   27.99 %
    Net (recoveries) charge-offs to average loans (annualized)   -0.01 %   0.47 %   -0.00 %   0.68 %   0.26 %
               
    Ratios as of period end:          
    Tangible common equity ratio   10.96 %   11.02 %   10.92 %   10.55 %   10.35 %
    Tier 1 leverage capital ratio   11.52 %   11.33 %   11.28 %   10.89 %   10.80 %
    Common equity tier 1 risk-based capital ratio   11.86 %   11.80 %   11.66 %   11.52 %   11.50 %
    Tier 1 risk-based capital ratio   11.86 %   11.80 %   11.66 %   11.52 %   11.50 %
    Total risk-based capital ratio   15.15 %   15.11 %   15.06 %   14.93 %   15.08 %
    Allowances for credit losses to loans at end of period   1.28 %   1.27 %   1.36 %   1.34 %   1.49 %
    Allowance for credit losses to non-performing loans 0.91 x 1.89 x   3.92 x   1.79 x   4.33 x
               
    Average balances:          
    Total securities $ 402,754   $ 350,732   $ 356,590   $ 353,357   $ 348,961  
    Total loans   5,555,010     5,542,558     5,458,613     5,320,360     5,263,562  
    Total earning assets   6,780,438     6,788,487     6,684,766     6,728,498     6,585,853  
    Total assets   6,905,249     6,920,325     6,817,979     6,863,829     6,718,018  
    Total time certificate of deposits   3,164,766     3,144,523     2,874,985     2,884,259     2,852,860  
    Total interest bearing deposits   5,244,243     5,220,655     5,124,245     5,203,034     5,004,834  
    Total deposits   5,886,163     5,905,127     5,828,227     5,901,976     5,761,488  
    Total interest bearing liabilities   5,392,735     5,369,092     5,272,617     5,351,347     5,153,089  
    Total equity   779,339     760,345     747,222     715,190     704,996  
               
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                             
                             
            As of
            March 31,   December 31,   September 30, June 30,   March 31,
            2025   2024   2024   2024   2024
    Unaudited quarterly statement of financial position data:                  
    Assets:                  
      Cash and cash equivalents $ 925,183     $ 785,515     $ 804,994     $ 917,677     $ 936,600  
      Securities held-to-maturity, at amortized cost   19,745       20,021       20,311       20,605       20,904  
      Securities available-for-sale, at fair value   390,096       348,706       337,363       331,909       333,411  
      Loans:                  
        Real estate – Mortgage:                  
          Real estate—Residential $ 779,462     $ 790,069     $ 753,453     $ 732,251     $ 724,101  
          Real estate—Commercial   2,897,956       2,840,771       2,882,506       2,833,430       2,777,608  
          Total Real Estate – Mortgage   3,677,418       3,630,840       3,635,959       3,565,681       3,501,709  
        Real estate – Construction:                  
          R/E Construction — Residential   306,283       296,580       274,214       238,062       236,596  
          R/E Construction — Commercial   269,065       287,185       290,308       247,582       213,727  
          Total real estate construction loans   575,348       583,765       564,522       485,644       450,323  
        Commercial and industrial   1,374,379       1,418,930       1,365,550       1,371,694       1,369,529  
        SBA   7,104       6,833       5,424       5,463       3,914  
        Consumer and others   164       247       124       118       379  
          Gross loans   5,634,413       5,640,615       5,571,579       5,428,600       5,325,854  
      Allowance for credit losses on loans   (72,274 )     (71,477 )     (76,051 )     (72,848 )     (79,311 )
      Net deferred loan fees   (9,652 )     (9,234 )     (10,414 )     (10,502 )     (10,460 )
        Net loans, excluding loans held for sale $ 5,552,487     $ 5,559,904     $ 5,485,114     $ 5,345,250     $ 5,236,083  
      Loans held for sale $     $ 2,214     $ 225     $ 955     $ 605  
        Net loans $ 5,552,487     $ 5,562,118     $ 5,485,339     $ 5,346,205     $ 5,236,688  
                             
      Other real estate owned and repossessed assets $ 13,650     $ 14,991     $ 15,082     $ 16,716     $ 16,716  
      Investment in affordable housing partnerships   63,612       58,346       58,009       60,432       62,854  
      Federal Home Loan Bank stock, at cost   15,000       15,000       15,000       15,000       15,000  
      Other assets   120,319       118,732       136,246       138,036       134,040  
        Total assets $ 7,100,092     $ 6,923,429     $ 6,872,344     $ 6,846,580     $ 6,756,213  
                             
    Liabilities:                  
      Deposits:                  
        Demand $ 730,270     $ 704,859     $ 682,859     $ 675,767     $ 709,767  
        Interest bearing demand   2,099,987       2,026,965       1,994,288       2,326,214       2,159,948  
        Savings   32,631       30,150       29,793       28,251       29,261  
        Time certificates of $250,000 or more   1,531,715       1,477,931       1,478,500       1,406,149       1,349,927  
        Other time certificates   1,678,132       1,676,943       1,682,324       1,442,381       1,552,805  
        Total deposits $ 6,072,735     $ 5,916,848     $ 5,867,764     $ 5,878,762     $ 5,801,708  
                             
      Subordinated debt issuance, net   148,529       148,469       148,410       148,351       148,292  
      Commitments to fund investment in affordable housing partnerships   20,956       21,623       23,617       27,946       29,647  
      Other liabilities   79,268       73,337       82,436       68,394       77,008  
        Total liabilities $ 6,321,488     $ 6,160,277     $ 6,122,227     $ 6,123,453     $ 6,056,655  
                             
    Equity:                    
      Net common stock, no par value $ 96,079     $ 105,501     $ 109,928     $ 113,509     $ 115,915  
      Retained earnings   705,360       685,108       664,808       640,675       616,417  
      Accumulated other comprehensive income   (22,835 )     (27,457 )     (24,619 )     (31,057 )     (32,774 )
        Total shareholders’ equity $ 778,604     $ 763,152     $ 750,117     $ 723,127     $ 699,558  
        Total liabilities and shareholders’ equity $ 7,100,092     $ 6,923,429     $ 6,872,344     $ 6,846,580     $ 6,756,213  
                             
    PREFERRED BANK
    Quarter-to-Date Average Balances, Yield and Rates
    (Unaudited)
                               
                           
          Three months ended
    March 31,
      Three months ended
    December 31,
      Three months ended
    March 31,
           2025     2024     2024 
            Interest Average     Interest Average     Interest Average
          Average Income or Yield/   Average Income or Yield/   Average Income or Yield/
          Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:                      
      Loans (1,2) $ 5,556,521   $ 101,491   7.41 %   $ 5,543,215   $ 111,596   8.01 %   $ 5,265,940   $ 109,980   8.40 %
      Investment securities (3)   402,754     4,093   4.12 %     350,732     3,566   4.04 %     348,961     3,430   3.95 %
      Federal funds sold   20,222     228   4.57 %     20,172     249   4.91 %     20,390     283   5.58 %
      Other earning assets   800,941     8,816   4.46 %     874,368     10,546   4.80 %     950,562     12,928   5.47 %
        Total interest earning assets   6,780,438     114,628   6.86 %     6,788,487     125,957   7.38 %     6,585,853     126,621   7.73 %
      Deferred loan fees, net   (9,189 )         (9,808 )         (10,694 )    
      Allowance for credit losses on loans   (71,550 )         (75,474 )         (78,349 )    
    Noninterest earning assets:                      
      Cash and due from banks   11,513           10,626           11,244      
      Bank furniture and fixtures   8,439           8,866           10,084      
      Right of use assets   15,201           28,570           22,003      
      Other assets   170,397           169,058           177,877      
        Total assets $ 6,905,249         $ 6,920,325         $ 6,718,018      
                               
    LIABILITIES AND SHAREHOLDERS’ EQUITY
    Interest bearing liabilities:                      
      Deposits:                      
        Interest bearing demand and savings $ 2,079,477   $ 16,659   3.25 %   $ 2,076,132   $ 18,330   3.51 %   $ 2,151,974   $ 22,365   4.18 %
        TCD $250K or more   1,482,324     15,640   4.28 %     1,481,219     17,514   4.70 %     1,341,298     16,501   4.95 %
        Other time certificates   1,682,442     18,247   4.40 %     1,663,304     19,516   4.67 %     1,511,562     17,829   4.74 %
        Total interest bearing deposits   5,244,243     50,546   3.91 %     5,220,655     55,360   4.22 %     5,004,834     56,695   4.56 %
    Short-term borrowings         0.00 %     3     0   3.31 %           0.00 %
    Subordinated debt, net   148,492     1,325   3.62 %     148,434     1,325   3.55 %     148,255     1,325   3.59 %
        Total interest bearing liabilities   5,392,735     51,871   3.90 %     5,369,092     56,685   4.20 %     5,153,089     58,020   4.53 %
    Noninterest bearing liabilities:                      
      Demand deposits   641,920           684,472           756,654      
      Lease liability   18,963           25,486           19,500      
      Other liabilities   72,292           80,930           83,779      
        Total liabilities   6,125,910           6,159,980           6,013,022      
    Shareholders’ equity   779,339           760,345           704,996      
        Total liabilities and shareholders’ equity $ 6,905,249         $ 6,920,325         $ 6,718,018      
    Net interest income   $ 62,757         $ 69,272         $ 68,601    
    Net interest spread     2.96 %       3.18 %       3.20 %
    Net interest margin     3.75 %       4.06 %       4.19 %
                               
    Cost of Deposits:                      
      Noninterest bearing demand deposits $ 641,920         $ 684,472         $ 756,654      
      Interest bearing deposits   5,244,243     50,546   3.91 %     5,220,655     55,360   4.22 %     5,004,834     56,695   4.56 %
        Total Deposits $ 5,886,163   $ 50,546   3.48 %   $ 5,905,127   $ 55,360   3.73 %   $ 5,761,488   $ 56,695   3.96 %
                               
    (1) Includes non-accrual loans and loans held for sale                    
    (2) Net loan fee income of $865,000, $1.2 million, and $1.1 million for the quarter ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis                  
    Preferred Bank
    Loan and Credit Quality Information
                 
    Allowance For Credit Losses History
            Quarter Ended   Year Ended
            March 31,
    2025
      December 31,
    2024
             (Dollars in 000’s)
    Allowance For Credit Losses      
    Balance at Beginning of Period $ 71,477     $ 78,355  
      Charge-Offs      
        Commercial & Industrial         19,028  
        Total Charge-Offs         19,028  
                 
      Recoveries      
        Commercial & Industrial   97       50  
        Total Recoveries   97       50  
                 
      Net (Recoveries) Charge-Offs   (97 )     18,978  
      Provision for Credit Losses:   700       12,100  
    Balance at End of Period $ 72,274     $ 71,477  
                 
    Average Loans Held for Investment $ 5,555,010     $ 5,396,844  
    Loans Held for Investment at End of Period $ 5,634,413     $ 5,640,615  
    Net (Recoveries) Charge-Offs to Average Loans   -0.01%     0.35%
    Allowances for Credit Losses to Loans at End of Period   1.28%     1.27%
                 

    The MIL Network

  • MIL-OSI Europe: ASIA/MYANMAR – The nation remembers Pope Francis with gratitude, “a man of peace and reconciliation”

    Source: Agenzia Fides – MIL OSI

    Loikaw (Fides Agency) – In a refugee camp in Kayah State, in the Diocese of Loikaw – one of the areas affected by the ongoing civil war in Myanmar – Catholic faithful gathered for a prayer vigil according to the traditional local rite of the Karenni ethnic group to ask for God’s protection and blessings for Pope Francis. The spontaneous prayer vigil brought together people living in precarious conditions who wanted to express their deep gratitude to Francis. The Pope is remembered and appreciated as a leader who always cared about Myanmar and the suffering of the Burmese people, mentioning this countless times in his speeches and appeals. “He was concerned about us, he cared about the fate of our people,” people recall.Throughout Myanmar, spontaneous groups of believers gathered in parishes, chapels, camps for displaced persons, and forest clearings to pray for Pope Francis. In addition, Burmese citizens of all faiths commemorated Pope Francis’ historic visit to Myanmar in 2017 and gave thanks for his messages of peace and reconciliation.The Bishops’ Conference of Myanmar prayed for the Pope during a special Mass in honor of Francis, celebrated on April 22 in Yangon Cathedral, presided over by Cardinal Charles Maung Bo and attended by numerous bishops, priests, religious, and members of the diplomatic corps. The chargé d’affaires of the Nunciature, Monsignor Andrea Ferrante, gave a speech in which he traced the biography of Jorge Mario Bergoglio, highlighting in particular the extraordinary event of the apostolic journey to Myanmar in 2017, when the Pope set foot on Burmese soil for the first time. During the ceremony, those present expressed their grief at the loss of the Pope and their affection for him in words and gestures.Cardinal Bo thanked the Pope, “a man of peace and humility,” on behalf of the Burmese people for his tireless efforts for peace in Myanmar and his calls for prayer and humanitarian aid for the country ravaged by a long civil war and an earthquake. Buddhist, Muslim, and Hindu religious leaders were also present at the Mass.In the diocese of Myitkyina in northern Myanmar, Bishop John La Sam announced a special Eucharistic celebration on the day of the Pope’s funeral, April 26, in the cathedral in Myitkyina. Memorial services are also planned in other dioceses, where the faithful can gather for heartfelt prayer.Buddhist monks also recalled the Pope’s many gestures of openness to interreligious dialogue and described him as a “compassionate and kind-hearted man who loved all humanity without distinction.”On the civil level, the general of the ruling junta, Min Aung Htain, and the National Unity Government (NUG) in exile sent condolences on the death of the pope.(PA) (Fides Agency 25/4/2025)
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    MIL OSI Europe News

  • MIL-OSI United Kingdom: International crackdown on cannabis smuggling

    Source: United Kingdom – Executive Government & Departments 3

    News story

    International crackdown on cannabis smuggling

    UK-Thai cooperation results in 90% reduction in cannabis arriving in the post. 

    Cannabis arrivals by post from Thailand plummeted by 90% in the first three months of this year, thanks to a new partnership between UK Border Force and Thai customs.

    Since Thailand decriminalised cannabis in 2022, there has been a dramatic increase in the amount of cannabis being sent to the UK by post.

    In the last quarter of 2024, Border Force, with the support of Royal Mail, detected over 15 tonnes of the drug, which threatened to overwhelm resources. 

    However, after intense diplomatic engagement, UK Border Force and Thai customs established a new agreement, requiring parcels from Thailand to be checked before they are shipped.

    Border Force have detected 1.5 tonnes of cannabis coming through the post in the first quarter of 2025 – a 90% reduction, which is a result of the extra checks taking place in Thailand.  

    The action is key to this government’s work to boost international cooperation and tighten border security as we deliver safer streets for working people through our Plan for Change.

    Minister for Citizenship and Migration, Seema Malhotra said:  

    Our partnership with Thai customs has slashed cannabis smuggling in the post by 90% in just three months. This collaboration is delivering real results and it’s a prime example of how international cooperation is crucial to our Plan for Change, safer streets mission. 

    By stopping these drugs at source, we’re disrupting organised crime, protecting communities, and freeing Border Force to focus on other priorities. Together with our partners in Thailand, this government will continue to take tough action against those attempting to smuggle illegal drugs across our borders.

    The Home Office and Border Force have also worked closely with Thailand to prevent drugs being smuggled by air passengers. In February, Border Force and the National Crime Agency took part in Operation Chaophraya, a Home Office-led operation at Bangkok Airport.  

    This resulted in over 2 tonnes of cannabis being surrendered from transiting passengers, with an estimated value of £6 million. 

    Since Operation Chaophraya began under this government in July 2024, over 50 British nationals have been arrested in Thailand for attempted cannabis smuggling, underlining the importance of upstream deterrence work.  

    To mark the new partnership, the UK hosted Director General of Thai Customs, Mr Theeraj Athanavanich, and his delegation at Heathrow Airport and a Border Force postal depot earlier this week.  

    Mr Athanavanich met with the Minister for Migration and Citizenship, Seema Malhotra, and Director General for Border Force, Phil Douglas, where they discussed the success of the agreement and future collaboration.  

    Border Force Director General, Phil Douglas said:  

    Border Force works tirelessly to protect and strengthen our borders, by preventing the smuggling of cannabis and other illegal items into the UK. Our work doesn’t stop at the border – we work internationally with our partners to prevent illicit goods from even reaching the UK.  

    We are using advanced intelligence more than ever before and last year we made a record number of drug seizures, including the highest harm substances. Border Force remains fully committed to securing our borders and keeping our streets safe.

    In parallel with its cooperation with the UK on cannabis, Thai customs have introduced stricter screening measures at the border. This has resulted in over 800 cannabis smugglers being intercepted between October 2024 and March 2025, with over 9 tonnes of cannabis seized.

    Both the UK and Thailand are taking a zero-tolerance approach on criminal gangs who are exploiting vulnerable people to smuggle drugs across the UK border on their behalf. Individuals who are caught smuggling drugs will be arrested and face the full force of the law.  

    Alex Murray, NCA Director of threat leadership, said:

    The NCA continues to work with partners at home and abroad to target high-risk routes, seize shipments of drugs and disrupt the OCGs involved, denying them profits.

    We have been working well with the Thai authorities who are keen to intervene. Couriers should think very carefully about agreeing to smuggle cannabis. There are life-changing consequences. Crime groups can be very persuasive but the risk of getting caught is very high and simply not worth it.

    Border Force is committed to delivering the government’s Plan for Change, Safer Streets mission by stopping illegal drugs from entering our country and destroying lives.

    In the year ending March 2024, Border Force and the police seized over 119 tonnes of illegal drugs, with a street value of £3 billion, a 52% increase from the year prior, in the highest number of seizures on record. 

    Charlotte Prescott, Director of Customs and International Policy at Royal Mail said:

    Collaboration between government agencies and postal bodies is essential. We have a very strong partnership with Border Force and are proud to work alongside our Border Force colleagues, assisting their work in identifying restricted and prohibited items, and helping to tackle this issue – this relationship has been recognised as one of the best internationally.

    Updates to this page

    Published 25 April 2025

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: Healthcare fee adjustments published

    Source: Hong Kong Information Services

    The Hospital Authority announced today that the new fee schedule for public services in public hospitals will take effect on January 1 next year, following its publication in the Government Gazette today.

    Since the announcement of the “Public Healthcare Fees & Charges Reform” in March, the Health Bureau and the authority have been engaging with the Legislative Council, the public and other stakeholders to explain the reforms and gather feedback.

    They have found a consensus that the current public healthcare subsidisation structure cannot cope with increasing service demands driven by demographic changes and healthcare developments. In light of these realities, modifications to patterns of healthcare service utilisation, more precise allocation of medical resources, and reduced wastage and misuse of medical resources are deemed necessary.

    Besides restructuring subsidisation levels for various services, the reforms seek to enhance the medical fee waiver mechanism, introduce a cap on annual spending, and strengthen protection for patients with critical illnesses in relation to drugs and medical devices.

    As such, public healthcare will be reinforced as a safety net for all, and it is expected that the enhanced medical fee waiving mechanism will expand the number of eligible beneficiaries from 0.3 million to 1.4 million underprivileged individuals, while the annual spending cap will benefit 70,000 patients with serious illnesses.

    The Hospital Authority’s next steps are to refine implementation measures to ensure the reforms’ smooth execution. This includes streamlining application procedures for medical fee waivers and relaxing the eligibility criteria under means testing for the Samaritan Fund safety net.

    The authority will launch a means test calculator on its website and a mobile application, ‘HA Go’, on April 28. By inputting information about household income and assets, patients can make a preliminary estimation of their eligibility for medical fee waivers and safety net applications under the new healthcare protection measures.

    Additionally, starting from January 1 – when the new Accident & Emergency fee of $400 takes effect – the special A&E refund arrangements will be regularised simultaneously. While waiting for consultation after nurses conduct triage and preliminary medical assessments, patients who choose to seek treatment at other healthcare institutions may apply for a $350 refund.

    MIL OSI Asia Pacific News

  • MIL-OSI Global: How human connections shaped the spread of farming among ancient communities

    Source: The Conversation – UK – By Javier Rivas, Senior Lecturer in Economics, University of Bath

    Yuangeng Zhang/Shutterstock

    If you’ve ever wondered how farming spread far and wide, our research on past human societies offers one explanation: contact between different groups often drives change.

    In a recent paper, together with our colleagues Enrico R. Crema, Stephen Shennan and Oreto García-Puchol among others, we used a mathematical model to analyse what happens when communities with different cultures interact.

    We used a model from predator-prey equations that usually describe how animal populations compete. Our results, published in Proceedings of the National Academy of Sciences, showed that when one group of foragers and another group of farmers share the same space, their interaction can determine the speed at which agriculture is adopted.

    In many parts of the world, people lived by hunting, fishing and gathering until groups of farmers arrived. This date varies depending on region. For instance, farming arrived at around 1000BC in Japan but at around 5600BC in Iberia.

    Archaeologists have long debated whether farming spread because local foragers took it up themselves or because farmers from elsewhere moved in and outnumbered or replaced them.

    Our model builds on the view that in some cases locals might have adopted farming from newcomers either through exchange or intermarriage but in other cases they might have been displaced or killed by the incoming farmers.

    We tested simulated data against real data from Eastern Iberia, Denmark and the island of Kyushu (Japan) to see which explanations fit best. Considering a period of 1,000 years, we combined equations for population growth, mortality resulting from species’ competition, migration and something called an assimilation parameter, which represents how many foragers became farmers in each time step.

    This allowed us to assess the role of competition and collaboration between groups during the transition to farming.

    To check whether this theory makes sense in real life, we looked at three regions where farming was introduced to local foragers.

    1. Eastern Iberia (Spain)

    Agriculture seems to have arrived around 5600-5500BC in this area and took hold relatively quickly, within about 300-400 years. Small groups of farmers probably arrived by sea, which meant weaker ties to their original communities.

    As a result, they had only two options: perish or expand, since they could not rely all that much on the support of their original groups. Their attempt to expand farming may have failed if they didn’t integrate with or eliminate locals.

    This opens the door to potential “failed attempts”, not captured by the archaeological record. There are recorded “failed” attempts at farming in other areas throughout the world in the archaeological record.

    2. Denmark

    Further north, the process was slower, taking up to 600-800 years. Farmers and foragers appear to have lived close to one another for centuries before the rapid turnover, with a stable “frontier” between the two groups for centuries.

    3. Kyushu (Japan)

    Wet rice farming was introduced by multiple waves of migrants from the Korean peninsula around 1,000BC. We found that, although the farming population grew at a modest rate, mixing with locals was limited. Foragers did, however, decline faster and grow slower than in the other two areas.

    Farming was introduced to Japan around 1000BC.
    Chatrawee Wiratgasem/Shutterstock

    Why contact matters

    Our findings show how human interaction can drive the adoption of farming. Our approach considers that small-scale human relationships can have big consequences.

    Imagine a small community of farmers setting up near a river that local hunter-gatherers frequently visit. Soon they start trading, and a few foragers learn how to cultivate plants. Over time, more people see the benefits of a stable crop supply and switch from hunting to farming.

    Likewise, picture groups of farmers clearing woods to create spaces for husbandry and agriculture. In doing so, they can (even inadvertently) ruin hunting spots during the process, forcing the hunter-gatherers to move elsewhere.

    These scenarios might seem obvious, but considering them pushes us to look for more nuanced explanations further than environmental drivers. While such drivers can play a role, our findings suggest that the demographic makeup, how many farmers there are compared to foragers, and how likely foragers are to jump ship, can be crucial in the spread of farming.

    The same dynamics might explain other moments in human history where two groups interacted. For instance, sometimes early humans migrating into Neanderthal territory mixed with the local populations.

    On the other hand, the spread of horse-riding groups over Eurasia from 3000BC provoked a major demographic turnover. People adapt to their ever-changing contexts, which causes a snowball effect.

    Perhaps the biggest takeaway is that human connectivity is key for cultural and technological change. Our approach isn’t meant to exclude other explanations like climate fluctuations. But it does remind us to think about how simple social exchanges; marriages, friendships or alliances, as well as conflicts, can shape communities.

    Today we think nothing of adopting a new app or gadget once enough people around us use it, in the same way that we often stick to our good ol’ way of doing things, despite being aware of better alternatives.

    Ancient groups might have shown similar patterns on a massive scale during the spread of farming. Seeing these parallels helps us understand how humans behave in groups, whether in a prehistoric village, or a modern metropolis.

    Alfredo Cortell receives funding from the European Commission: MSCA-IF ArchBiMod project H-2020-MSCA-IF-2020 actions (Grant No. 101020631) and The Humboldt Foundation (Grant ID: 1235670). This work has received funding from the following projects: ERC-StG project ENCOUNTER (Grant No. 801953); Synergy Grant project COREX: From Correlations to Explanations: towards a new European Prehistory (Grant Agreement No. 95138). The projects PID2021-127731NB-C21 EVOLMED “Evolutionary cultural patterns in the contexts of the neolithization process in the Western Mediterranean,” MCIN/AI/10.13039/ 501100011033 ERDF A way of making Europe are funded by the Spanish Government, and Prometeo/2021/007 NeoNetS “A Social Network Approach to Understanding the Evolutionary Dynamics of Neolithic Societies (C. 7600–4000 cal. BP)” is funded by the Generalitat Valenciana. Open access funding has been provided by the Max Planck Society.

    Javier Rivas 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. How human connections shaped the spread of farming among ancient communities – https://theconversation.com/how-human-connections-shaped-the-spread-of-farming-among-ancient-communities-254852

    MIL OSI – Global Reports

  • MIL-OSI United Nations: In Dialogue with Turkmenistan, Experts of the Committee against Torture Commend Turkmenistan on Installing Cameras in Places of Detention, Ask about Measures to Prevent Torture in Prisons and the Treatment of Homosexual Persons

    Source: United Nations – Geneva

    The Committee against Torture today concluded its consideration of the eighth periodic report of Turkmenistan, with Committee Experts commending the State for installing cameras in places of detention, while raising questions about measures taken to prevent torture in prisons and the treatment of homosexual persons.

    Liu Huawen, Committee Expert and Country Co-Rapporteur, welcomed that Turkmenistan said it placed high value on human beings, protecting their liberty and fundamental freedoms, and that it had adopted national action plans for protecting human rights, gender equality and children’s rights, and implemented measures to prevent child labour.  It was also commendable that video cameras had been installed in places of detention. Mr. Liu asked questions relating to the operation of these cameras.

    Todd Buchwald, Committee Expert and Country Co-Rapporteur, asked what measures were in place to ensure that legal safeguards against torture were implemented in practice?  Did the State’s laws ensure that medical examinations were independent and conducted within 24 hours of admission into detention centres?  Did all detained persons have the right to challenge their detention? Were all detentions recorded in registers and were there limitations on access to registers?  What measures were in place to ensure that detained persons were informed about the reasons for their arrest promptly in a language they understood both orally and in writing? 

    Mr. Liu said homosexuality remained criminalised in the State party, with up to two years in prison for consensual same sex relations.  Were there any investigations or prosecutions for consensual same sex conduct?  United Nations treaty bodies had repeatedly recommended that the State party repeal this legislation; had any action been taken to implement these recommendations? There had been reports that people who spoke out about issues relating to homosexuality were at risk of being arrested and tortured and that homosexual prisoners were subject to humiliating anal examinations.  Could the delegation comment on these reports?  What measures would be taken to guarantee the rights of lesbian, gay, bisexual and transgender persons? 

    The delegation said Turkmenistan took measures to prevent acts of torture and harsh treatment across its territory.  Over the reporting period, it had invested around 14 million United States dollars in construction and repair work for prisons, medical equipment, and training for staff.  In 2023, the number of convicts fell by 4.5 per cent compared to the previous year, and by a further three per cent in 2024, facilitated by measures taken to provide alternatives to custodial sentences, including parole and commuted sentences.  The occupancy rate in the State’s prisons was 83 per cent.  Food, medical and hygiene supplies were provided to inmates to ensure their health at the cost of the State. 

    The delegation said the State recognised human rights but there were certain specific aspects on which they would follow their own line.  Regarding the allegations of torture and ill-treatment against homosexuals, there had been no such allegations recorded.  If specific details could be provided, more specific information could be provided. 

    Introducing the report, Vepa Hajiyev, Permanent Representative of Turkmenistan to the United Nations Office at Geneva and head of the delegation, said a new edition of the Criminal Code, which entered into force in January 2023, included a definition of torture that was fully aligned with article 1 of the Convention.  The Code established criminal liability for acts of torture and explicitly excluded any justification for such acts, including references to orders, exceptional circumstances, or threats to security. Turkmenistan had established the absolute prohibition of torture, as required by international law.

    In closing remarks, Claude Heller, Committee Chair, said the Committee would highlight several priority recommendations within the concluding observations.  The Committee hoped to continue an open, ongoing dialogue with the State party.   

    In his concluding remarks, Mr. Hajiyev expressed gratitude to the Committee for having the opportunity to present the report. Thanks to the open dialogue over the last two days, members of the delegation had identified priority areas to focus on.  There was a need to review the State’s legislation to ensure it was fully aligned with the main provisions of the Convention. 

    The delegation of Turkmenistan consisted of representatives from the Supreme Court; Prosecutor General’s Office; Ministry of Internal Affairs; Ministry of Justice; Institute of State, Law and Democracy of Turkmenistan; and the Permanent Mission of Turkmenistan to the United Nations Office at Geneva.

    The Committee will issue concluding observations on the report of Turkmenistan at the end of its eighty-second session on 2 May.  Those, and other documents relating to the Committee’s work, including reports submitted by States parties, will be available on the session’s webpage.  Summaries of the public meetings of the Committee can be found here, and webcasts of the public meetings can be found here.

    The Committee will next meet in public on Friday, 25 April at 3 p.m. to continue its consideration of the seventh periodic report of Ukraine (CAT/C/UKR/7).

    Report

    The Committee has before it the third periodic report of Turkmenistan (CAT/C/TKM/3).

    Presentation of Report

    VEPA HAJIYEV, Permanent Representative of Turkmenistan to the United Nations Office at Geneva and head of the delegation, said that following the review of Turkmenistan’s second periodic report by the Committee, the State party had developed an action plan for the implementation of the Committee’s recommendations.  Some 50 subparagraphs of the Committee’s concluding observations had been fully or partially implemented; and 16 were currently being implemented.

    State, law enforcement, and civil society institutions were carrying out practical efforts to prevent conditions that could lead to cruel, inhuman, or degrading treatment or punishment.  The State was implementing national action plans on human rights, gender equality and children’s rights, and against corruption and trafficking, which had specific goals and objectives and indicators for evaluating the results attained.

    A new edition of the Criminal Code, which entered into force in January 2023, included a definition of torture that was fully aligned with article 1 of the Convention.  The Code established criminal liability for acts of torture and explicitly excluded any justification for such acts, including references to orders, exceptional circumstances, or threats to security. Turkmenistan had established the absolute prohibition of torture, as required by international law.

    In recent years, Turkmenistan had been implementing measures to strengthen the institutional capacity of the Ombudsman.  In 2024, new departments were created within the Ombudsman’s Office and the number of staff increased.  Amendments made in 2024 to the law on the Ombudsman enhanced the Ombudsman’s ability to restore violated rights and broadened the scope for applying preventive measures.  The Ombudsman’s Office continued to closely cooperate with international organizations to bring its mandate fully in line with the Paris Principles and was developing a roadmap for upgrading its status to category “A”.

    Turkmenistan had undertaken a comprehensive set of reforms aimed at improving the judicial system and enhancing the quality of justice.  The State Concept for the Development of the Judicial System for 2022-2028 aimed to improve the legislative framework governing the functioning of the courts, the qualifications of judicial system personnel, and the material and technical infrastructure of the courts, as well as expand international legal cooperation.  In April 2025, a new edition of the law on the judiciary was adopted, which incorporated key international standards related to the independence and competence of judges, as well as measures aimed at enhancing the efficiency of the courts.

    To modernise and standardise the process of professional development for judges and judicial staff, a new procedure for organising and conducting relevant training activities was approved in 2023.  Turkmenistan was also implementing a phased digitalisation of its judiciary to enhance transparency, facilitating video and audio recording of court proceedings and digital access to judicial information and services.  Between 2020 and 2025, lawyers provided legal assistance in 530 cases of detention where unlawful actions falling under the scope of the Convention were identified.

    In line with the Committee’s concluding observations, internal regulations governing conditions of detention had been introduced.  These rules covered living conditions, medical care, and the rights to phone calls, visits, walks, and to receive parcels.  Particular attention was paid to medical supervision and the documentation of physical injuries.  Every individual admitted to a penitentiary facility underwent a mandatory medical examination.  Any injuries discovered were documented, and in cases where violence was suspected, an additional investigation was carried out. 

    Between 2020 and 2023, large-scale reconstruction and capital repairs were carried out in 12 penitentiary institutions.  These efforts aimed to bring detention conditions in line with the Mandela Rules. Monitoring visits by the Ombudsman and Public Monitoring Commissions were regularly organised – a total of 20 visits to places of detention were conducted in 2023-2024 alone.

    Criminal procedural legislation explicitly prohibited the use of evidence obtained through torture, threats, deception, or cruel treatment.  All institutions under the jurisdiction of the Ministry of Internal Affairs had implemented the practice of video recording interrogations to ensure transparency and help prevent potential abuses.

    The Criminal Code provided for liability for violent acts within the household.  A national survey was conducted in cooperation with the United Nations Population Fund on domestic violence against women, and based on its findings, a roadmap for the prevention of domestic violence for 2022–2025 was developed.  The State aimed to introduce clear definitions, establish penalties, and create comprehensive protection mechanisms for vulnerable groups, including conducting awareness-raising campaigns.  Human rights education and the prevention of torture were integral components of the training of law enforcement personnel.

    A cooperation plan between the Government and the International Committee of the Red Cross Representation for 2025 had been approved, which included seminars and lectures on international standards of law enforcement for relevant agency personnel, and awareness-raising initiatives on international norms related to the treatment of persons deprived of liberty and to penitentiary standards. Discussions were ongoing on the possible organization of visits to places of detention by the International Committee of the Red Cross.  Direct contact had also been established since 2024 with Human Rights Watch and other human rights organizations.

    Questions by Committee Experts

    TODD BUCHWALD, Committee Expert and Country Co-Rapporteur, said there were reports of numerous enforced disappearances in Turkmenistan, the victims of which remained behind bars without access to family members.  There were 162 reports of such disappearances by the Prove-They-Are-Alive campaign, including 29 persons who had died in custody. There were also reports of cruel treatment of detainees, lack of independence of the judiciary, harassment of journalists and human rights defenders, and a culture of impunity. Did the State have sufficient mechanisms to identify torture and ill-treatment?  What had the State party done to investigate the 162 reported cases of enforced disappearance?

    What measures were in place to ensure that legal safeguards against torture were implemented in practice? Did the State’s laws ensure that medical examinations were independent and conducted within 24 hours of admission into detention centres?  Did all detained persons have the right to challenge their detention?  Were all detentions recorded in registers and were there limitations on access to registers?  What measures were in place to ensure that detained persons were informed about the reasons for their arrest promptly in a language they understood both orally and in writing? 

    In which circumstances did the right to free legal assistance for accused persons apply?  There were cases in which accused persons had reportedly struggled to obtain legal representation.  How did the State ensure that lawyers were not dissuaded from representing clients seen as controversial, and that lawyers were well-trained and independent?  There were reports of closed trials; what legal rules governed such trials?  Was the right to immediately inform family members of detention provided in law and in practice?  Were officers that failed to provide these safeguards punished? How many complaints had been received related to the lack of provision of safeguards and what investigations had been carried out in response?

    Turkmenistan remained largely closed to international scrutiny.  It had issued a standing invitation to special procedures in 2018 but had not accepted all but one of the 15 requests for visits received since, and the one visit that was accepted had not yet been carried out.  How would the State party improve cooperation with special procedures? Did the International Committee of the Red Cross have access to places of deprivation of liberty?  How many meetings between representatives of international organizations and detained persons had been held in the last three years, and how were such persons protected from reprisals?

    What was the Government doing to ratify the Optional Protocol and to accept the Committee’s jurisdiction to receive individual communications?  What awareness raising campaigns was the State party carrying out regarding the Committee’s concluding observations?  Were translated versions of the concluding observations published online?  The State had not provided data in response to several of the questions posed by the Committee in the list of issues.  What measures were in place to develop the State’s capacities in data collection?

    There were concerns that the Ombudsman’s Office lacked independence and had not taken steps to address torture and ill-treatment.  Its reports failed to adequately address human rights violations, and it had not submitted a report to the Committee before the dialogue.  What was the State party doing to strengthen the mandate of the Ombudsman’s Office to investigate human rights violations?  The Office had no mandate to conduct visits to places of detention; would such a mandate be established?  Did the Ombudsman require prior permission to conduct such visits? 

    Complaints from individuals could only be considered by the Ombudsman within one year, eliminating the possibility of investigating historical crimes.  Would this rule be eliminated?  What measures were in place to ensure that complaints submitted to the Ombudsman were kept confidential?  There had been few appeals to the Ombudsman’s Office by persons deprived of liberty; why was this?  Had the Office recommended ratifying international human rights treaties and facilitating visits by special procedures?  How many times had the Ombudsman concluded that there had been a human rights violation and what actions were taken in response?

    Turkmenistan had not granted asylum to any person since 2005.  How was the State party strengthening its asylum procedures?  Did it cooperate with the United Nations High Commissioner for Refugees?  Persons unable to document their lack of nationality were denied statelessness status. Was the State party working to address this issue?

    Mr. Buchwald cited reports of prison staff torturing prisoners, including by beating a man to death with a soldering iron, denying an ill prisoner medical treatment, and torturing a man with an electric current.  How did the State party prevent torture in detention and investigate all reported cases? There were also reports of forcible transfers of critics of the State living abroad to Turkmenistan, where they were subjected to abuse and enforced disappearance, and of travel bans imposed on activists who opposed the Government.  How would the State party guarantee activists’ safety and right to travel?

    LIU HUAWEN, Committee Expert and Country Co-Rapporteur, welcomed that the State said it placed high value on human beings, protecting their liberty and fundamental freedoms, and that it had adopted national action plans for protecting human rights, gender equality and children’s rights, and implemented measures to prevent child labour. 

    The Committee also welcomed the training activities carried out for the police.  However, there was no mechanism for assessing the effectiveness of this training.  Was training mandatory and how many personnel had participated?  It was commendable that annual training was provided for judges of the Supreme Court.  What training was provided for judicial personnel in other courts and medical personnel involved in the treatment of detainees?  Did such training address the revised Istanbul Protocol? 

    The Committee was concerned by the absence of guidelines on the prohibition of torture in the healthcare sector?  Would such guidelines be developed?  Were there ongoing training programmes on the prohibition of torture for police officers and prison staff?  Were international personnel involved in the design and presentation of this training?

    It was commendable that video cameras had been installed in places of detention.  What percentage of places of deprivation of liberty had been equipped? Were all interrogations recorded? Were there consequences for failing to record interrogations?  Were there limitations on access to recordings by detained persons and their lawyers?

    How many persons were detained in Turkmenistan’s prisons and for what period of time?  What efforts were underway to expand alternatives to detention? There were reports that prisons held nearly three times their capacity, and that Turkmenistan had the fourth highest incarceration rate globally.  What steps had been taken to reduce occupancy rates?

    There were reports of failures to provide timely medical examinations and delays in isolating prisoners with tuberculosis, which increased the risk of spread of the disease.  Prisoners reportedly needed to pay for medications that should be provided for free.  Some detainees went months without being provided access to leisure facilities within prisons.  Could the delegation comment on these issues?

    Persons could reportedly be placed in solitary confinement for up to three months, left in total darkness with a lack of access to water or basic hygiene.  How was the use of solitary confinement documented and regulated? Had measures been taken to gradually end the use of prolonged solitary confinement, which was reportedly used as a tool of repression against political prisoners?  What rules governed visitation rights and phone calls for persons in solitary confinement?

    How did the State party ensure that meetings between lawyers and remand prisoners were private?  Were there provisions prohibiting the interrogation of suspects before lawyers were present?  Could refusals to give testimony be used against detainees in court?

    The Committee called for data on inter-prisoner violence and deaths in custody, and investigations into such cases. How did the State party ensure that family members could request independent autopsies of deaths in custody and that victims of violence in prisons could report the incident? Police officers had the right to use physical force to protect the rights and freedoms of citizens and prevent “socially dangerous acts” under State law.  This law seemed exceedingly broad.  Did it apply to the use of firearms?  Were there more specific rules governing the use of force?  What investigations had been carried out into excessive use of force by the police and what were their outcomes?

    There were reports that patients in psychiatric facilities were abused by staff.  What measures were in place to improve complaints mechanisms in such facilities?  How did the State party oversee involuntary hospitalisations?  In how many cases had restraints been used in psychiatric facilities, and what types of restraints were used?

    How did the State party ensure that appropriate support services were provided to victims of torture?  What measures were in place to provide redress, compensation and rehabilitation to victims?

    The Committee welcomed the criminalisation of corporal punishment in all settings and measures taken to protect children from violence, including the appointment of inspectors specialising in violence against children.  How many cases had they investigated?  The Committee also welcomed the establishment of juvenile courts.  How many cases had they assessed?  What measures were in place to prevent the detention of juveniles?

    Gender-based violence had not been established as a separate crime in the Criminal Code, though there were many cases of gender-based violence in the State.  Had the roadmap developed to prevent gender-based violence been published online?  What progress had been made in implementing it?  What were the obstacles to adopting a law on gender-based violence?  How did the State party evaluate its awareness raising activities on gender-based violence?  Were victims support services in place?  How many shelters for victims and hotlines for reporting violence had been established? 

    High school girls were reportedly subjected to forced virginity tests, and information on girls found to have had sexual relations was reportedly passed to police.  How did the State party prevent this practice?

    Other Committee Experts asked questions on the national action plan on countering terrorism and the international organizations the State party partnered with to implement the plan; how legal safeguards were ensured for persons suspected of terrorism; the number of convictions imposed under anti-terrorism legislation; reforms adopted to align the legislative framework on terrorism with the State’s international obligations; the number of juveniles, particularly girls, currently in detention and the conditions in which they were held; measures to prevent overcrowding and ensure access to healthcare in prisons; and complaints and monitoring mechanisms in place for juvenile detention.

    Responses by the Delegation

    The delegation said Turkmenistan took measures to prevent acts of torture and harsh treatment across its territory.  Over the reporting period, it had invested around 14 million United States dollars in construction and repair work for prisons, bought medical equipment, and ensured training for staff.  In 2023, the number of convicts fell by four and a half per cent compared to the previous year, and by a further three per cent in 2024, facilitated by measures taken to provide alternatives to custodial sentences, including parole and commuted sentences. 

    The occupancy rate in the State’s prisons was 83 per cent.  Food, medical and hygiene supplies were provided to inmates to ensure their health at the cost of the State.  Allegations of infected inmates not being separated from other inmates were unfounded; such inmates were transferred to prison hospitals for treatment.  The State had examined eight complaints from prisoners in 2023 and five in 2024, finding no wrongdoing by State officials in each case.  Regular training sessions were organised for prison staff, which addressed basic standards for treating inmates.  Over 2,000 training sessions were carried out between 2022 and 2024.

    Turkmenistan had continued to develop its legislation on torture and other cruel, inhuman or degrading treatment.  Between 2022 and 2024, orders were issued on strengthening supervisory work on places of deprivation of liberty and on creating a special body for regulating medical examinations in prisons.

    The Ombudsman’s Office had access to all places of deprivation of liberty and did not need prior permission to conduct visits.  It verified the sanitary norms of establishments, the right to food and healthcare, and the right to visits and to receive parcels from family members. The Office had issued recommendations on improving detention facilities and healthcare services in prisons that the Government was working to implement.  No complaints had been received by the Ombudsman on the lack of provision of parole, or from inmates in detention centres for women or juveniles.

    Work had been undertaken to ensure that police stations and remand prisons were equipped with audio-visual recording devices.  Access to recordings was given to the Ombudsman and legal counsel.

    The national action plan on gender equality for 2021-2025 included measures to combat gender-based violence against women and girls, including domestic violence.  A survey conducted by the State showed that some 12 per cent of women in Turkmenistan had been subjected to domestic violence.  A roadmap to implement the survey’s recommendations had been developed, which included plans to develop a rapid response mechanism for domestic violence. 

    The State had established a pilot system of family support centres where social workers provided support for victims of violence; this would soon be expanded.  There were also hotlines that victims could use to report violence.  The Government was studying legislation on domestic violence in other countries with a view to developing such legislation domestically.

    The delegation said Turkmenistan regularly provided information on individual cases to various United Nations structures.  Turkmenistan had given information concerning individuals to certain countries, and special procedures had closed these cases.  The State would continue to provide information to the special procedures and other interested parties.  There was no special complaints mechanism for cases of cruel or inhumane treatment, but a complaint could be submitted to authorities of law enforcement via writing or in person.  The Special Prosecutor visited places of detention to monitor the work of the penitentiary institutions. 

    According to the Criminal Code, the diagnosis of an illness could be a ground for early release, and a decision would be taken by a court.  The delegation cited several cases, including one prisoner who in 2017 was convicted of smuggling psychoactive substances, and was pardoned in 2020.  Three years later, another criminal case was initiated against him, after which he was placed on a wanted list.  He hid in a mountainous area for some time without food and medication, surviving on psychoactive substances.  When he was detained, he already had multiple forms of bodily harm, developed during his time in the mountains, and he died three days after he was detained due to an overdose from psychoactive substances. Evidence that his cause of death was bodily harm due to torture was not true and this had been confirmed by the forensic investigation.  Turkmenistan’s actions throughout all cases had been aimed at protecting its citizens.

    The memorandum on humanitarian visits had not yet been signed, as negotiations had been interrupted six years ago.  In 2024, the Turkmen side took the initiative to discuss the text again and was waiting to hear from the International Criminal Court.  The State was ready to consider requests from the International Criminal Court to visit places of detention. 

    Immediately after the appeal of the High Commissioner for Refugees to grant asylum to citizens of Afghanistan, Turkmenistan as a neighbouring country expressed willingness to make all resources available to facilitate transport to third countries.  About 150 Afghan citizens received temporary visas while they awaited permission to move to other countries.  A person had the right to continue to stay in the country until their status was determined officially, whether this was a stateless person, or an individual of another country.  During the COVID-19 pandemic, amendments were made to the law on migration which provided for the option to extend the validity of passports in emergency situations.  A passport could only be renewed twice and only in extraordinary legal circumstances.

    Not all countries of the world had the practice of issuing passports abroad, as this required significant resources and would become an additional burden on the State.  Primary requests to obtain a passport abroad could be submitted electronically.  The Government was looking to simplify the procedure for issuing passports. 

    Solitary confinement was only meted out to prisoners for intentional violations and measures.  Training courses regarding torture and solitary confinement were provided to the Ministry of Interior staff.  A learning course had been started for the doctors working in the penitentiary system to update their knowledge of tuberculosis and treatment.  Medical units were present within each penitentiary establishment.  The treatment plan for the multi-drug-resistant tuberculosis was fully functioning.  Work was ongoing to deal with cases of tuberculosis, and penitentiary administrations were responsible for ensuring the good health of convicts.

    Last month, a monitoring visit had been conducted to see seven Turkish prisoners serving sentences in Turkmenistan. There was only one establishment for juvenile offenders, and the occupancy rate was 22 per cent of its total capacity.  Juvenile female offenders were held separately from male offenders. 

    Turkmenistan had successfully implemented a national strategy to prevent violent extremism and combat terrorism and was preparing the new strategy for 2025-2030.   

    Around 94 court rooms had audio and video cameras, representing more than 90 per cent of courtrooms in the country. This work on the digitalisation of courts was continuing.  The accused had the right to view all documents related to the case, including documents and video recordings.  Relevant work was carried out to implement the provisions of the Convention.  The new version of the Criminal Code entered into force in January 2023 and punishment for certain crimes had been reduced. 

    All courts in Turkmenistan had special rooms for minors, increasing their protection.  A new provision had been introduced, in which a minor committing an offence for the first time, providing it was a medium offence or below, would not be imprisoned.  There had been a drop in the numbers of minors imprisoned by 35 per cent in 2024, compared to 2020, as a result. 

    According to the Criminal Code, data should not be considered admissible in court if acquired through violations of the law, including torture, violence or threat.  Courts now had specialised judges on family matters to ensure the best interests of children.  A lawyer was available from the moment of detention or indictment.  In the event of remand of a minor, or a person with a disability, there were specific provisions.  Use of an interpreter could be requested. 

    In each case of detention, a notification was sent in writing to the Office of the Public Prosecutor, within 24 hours from the moment of detention.  The Office of the Public Prosecutor had the right to cancel an unlawful detention.  Without the authorisation of the Public Prosecutor, a detainee needed to be released after 24 hours, with the arrest communicated to close relatives. 

    Disciplinary measures were taken against staff and other officials who breached guaranteed safeguards.  The Code of Criminal Procedure was in keeping with international treaties, which meant there were guarantees to safeguard the rights of the accused. 

    To date, Turkmenistan had two national action plans on combatting human trafficking.  The penalty for this crime had been strengthened to between 15 to 20 years in prison.  A Commission on Combatting Human Trafficking had been established in Turkmenistan, which included 13 State bodies working on this issue.  In July 2024, the first meeting of the Commission was held.  The Commission was tasked with ensuring the implementation of the national action plan, including through prevention, protection, and prosecution, providing assistance to victims, and carrying out awareness raising events.  The national action plan 2020-2025 was adopted by a decree. 

    The Ministry of Justice provided support to the Bar Association of the country.  There were six associations of lawyers in Turkmenistan.  Over the last four years, lawyers in Turkmenistan had participated in 48 training sessions on human rights and had carried out more than 3,000 visits to places to detention.  A conference had taken place where participants from many countries exchanged views on how to better protect lawyers.  The State stood ready to continue work in the legal area, promote a legal culture, and strengthen international cooperation.

    There had been no complaints recorded about forced virginity tests, but the delegation would look into any case if information was provided.  In certain cases, law enforcement bodies could ask for medical tests to be carried out in the framework of existing legislation.  A roadmap had been developed for the ratification of the Optional Protocol and work was ongoing in this respect. 

    Questions by Committee Experts

    TODD BUCHWALD, Committee Expert and Country Co-Rapporteur, said many bodies and individuals had made allegations, which the State party had denied.  The bodies making these allegations were highly credible.  The Committee recommended the ratification of the Optional Protocol to the Convention as a critical step for the State party, as well as having a regular relationship with the International Criminal Court.  Were the recommendations from Committees made available in all major newspapers? 

    The Ombudsman had not received any complaints which was concerning.  Did this suggest a need to deal more assertively with the problem?  It was positive that the Ombudsman had access to all places of deprivation of liberty; however, it was inferred that she had not visited some facilities.  Was this correct?  Was it possible to share the data responsive to the Committee’s list of issues?  There was data available on overcrowding, so it would be helpful to provide disaggregated data split by facility. 

    How was it determined whether information published by journalists was true, accurate or impartial?  What were the penalties for publishing information which was determined not to fall under this category?  What were the prospects for revising the law so there would be no statute of limitations for the crime of torture? 

    LIU HUAWEN, Committee Expert and Country Co-Rapporteur, said there had been progress in the field of family law.  Today, domestic violence was not a matter of private law, but a focus of public law.  Marriage and family membership should not deprive any person of her or his basic human rights. 

    Turkmenistan’s strict abortion restrictions could create a cruel, inhumane or degrading environment for women, with abortion banned after five weeks, which was before many women realised they were pregnant.  Reproductive health care was limited, forcing women towards unsafe methods which endangered their health and lives.  These laws contributed to preventable maternal deaths and increased health risks. It was regretful that Turkmenistan did not provide access to emergency contraceptives. 

    The Committee suggested that the State party align its legal framework with international standards.  Would the State party take concrete steps to ensure access to safe abortion nation-wide and to reduce teenage pregnancies, including by providing access to contraceptives and reproductive services? Would the State ensure that doctors and medical professionals provided safe abortions for women whose lives were at risk due to pregnancy? 

    Homosexuality remained criminalised in the State party, with up to two years in prison for consensual same sex relations.  Were there any investigations or prosecutions for consensual same sex conduct?  United Nations treaty bodies had repeatedly recommended that the State party repeal this legislation; had any action been taken to implement these recommendations?  There had been reports that people who spoke out about issues relating to homosexuality were at risk of being arrested and tortured and that homosexual prisoners were subject to humiliating anal examinations.  Could the delegation comment on these reports? 

    What measures would be taken to guarantee the rights of lesbian, gay, bisexual and transgender persons?  Would the State party provide systematic training for law enforcement officers, police officers and members of the judiciary on human rights standards for gender and sexual identity orientation?

    As a neutral country, Turkmenistan could play a more constructive and unique role in international cooperation. It was hoped Turkmenistan would make a greater contribution to global governance, including through the effective implementation of the Convention. 

    A Committee Expert asked if there was monitoring of places of deprivation of liberty where minors were held? Who carried out this monitoring activity? 

    Another Expert asked about the legislation to combat terrorism; could more specific information be provided? 

    Responses by the Delegation 

    The delegation said cooperation was something which Turkmenistan needed to improve.  The State party worked with various international organizations and human rights committees in Geneva.  All decisions and conclusions voiced within the Committee needed to be based on established and recognised standards.  Often the opinions of law enforcement bodies were interpreted objectively, and the State was trying to bridge the gap by involving representatives of civil society to enable human rights organizations to better understand the individual cases. There was a clear imbalance of information, and the State was doing its best to address this.  The State did not plan the official publication of results of the Committee’s recommendations, but if others wished to publish them, they could do so.

    The Ombudsperson visited prisons, but it was important to enhance the capacities of the institution to ensure it had greater access to places of detention.  The State recognised human rights but there were certain specific aspects on which they would follow their own line.  Regarding the allegations of torture and ill-treatment against homosexuals, there had been no such allegations recorded.  If specific details could be provided, more specific information could be provided. 

    As a neutral state, Turkmenistan was working to advocate for the values of peace and trust to ensure the Sustainable Development Goals were met.   

    Currently, Turkmenistan was a party to the 19 legal instruments combatting terrorism.  The law on combatting terrorism included legal protection of citizens for their participation in combatting terrorism. The State had extensive levels of cooperation in this area.  There were no issues of overcrowding in prisons.  The State rejected allegations that there had been an increase in the number of minors detained.  There had been single cases, which did not represent a serious problem in the country. Institutions for minors serving sentences functioning under the auspices of the Ministry of Interior were monitored by the Ombudsman and other institutions. 

    Turkmenistan worked closely with the counterterrorism mechanism of the United Nations.  A seminar had been held in Doha about the spread of terrorist ideas through the internet. 

    Women had the permission to interrupt pregnancies after the established timeframe, but this was based on an individual approach, relating to specific circumstances.  Having abortions outside of medical institutions involved serious risks to the health of women.  To prevent illegal abortions, there were special provisions in the law of responsibility.  Written agreement was required from parents only if the girl was under the age of 18. 

    In 2023, the General Prosecutor’s Office of Turkmenistan, in conjunction with the United Nations Development Programme, organised special seminars attended by over 100 participants from law enforcement agencies.  Such events, relating to refresher training, took place all over the world, including in the United States, Europe and Asia.  In March this year, Turkmenistan held a briefing relating to the presentation of a national plan on combatting trafficking. 

    Turkmenistan had ratified a significant number of legal instruments and it received bilateral requests on extradition related to criminal prosecutions, including for crimes of torture.  When a person was extradited, Turkmenistan took into account all guarantees provided in relevant United Nations Conventions. In each case, the situation of the person was reviewed to ensure the person would not be subject to torture in the country to which the person was extradited.  It was necessary to receive a written confirmation from the State that torture would not be used against those individuals. 

    Closing Remarks 

    CLAUDE HELLER, Committee Chairperson, said the delegation had 48 hours to provide the Committee with additional information.  The Committee would highlight several priority recommendations within the concluding observations.  The Committee hoped to continue an open, ongoing dialogue with the State party.   

    VEPA HAJIYEV, Permanent Representative of Turkmenistan to the United Nations Office at Geneva and head of the delegation, expressed gratitude to the Committee for having the opportunity to present the report.  Thanks to the open dialogue over the last two days, members of the delegation had identified priority areas to focus on.  The Committee’s recommendations would be thoroughly reviewed.  There was a need to review the State’s legislation to ensure it was fully aligned with the main provisions of the Convention.  Any progress required work and readiness to move forward. 

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CAT25.007E

    MIL OSI United Nations News

  • MIL-OSI: Lakeland Financial Reports a 12% Increase in Net Interest Income and Organic Loan Growth of 4%

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, Ind., April 25, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $20.1 million for the three months ended March 31, 2025, which represents a decrease of $3.3 million, or 14%, compared with net income of $23.4 million for the three months ended March 31, 2024. Diluted earnings per share were $0.78 for the first quarter of 2025 and decreased $0.13, or 14%, compared to $0.91 for the first quarter of 2024. On a linked quarter basis, net income decreased $4.1 million, or 17%, to $24.2 million. Diluted earnings per share decreased $0.16, or 17%, from $0.94 on a linked quarter basis.

    Pretax pre-provision earnings, which is a non-GAAP measure, were $31.0 million for the three months ended March 31, 2025, an increase of $1.7 million, or 6%, compared to $29.3 million for the three months ended March 31, 2024.

    “Our first quarter results are highlighted by double digit growth in net interest income and strong net interest margin expansion,” stated David M. Findlay, Chairman and CEO. “Further, we continued to experience healthy loan growth that was funded with equally positive deposit growth. The Lake City Bank team delivered encouraging operating results in the quarter.”

    Quarterly Financial Performance

    First Quarter 2025 versus First Quarter 2024 highlights:

    • Tangible book value per share grew by $1.80, or 7%, to $26.85
    • Average loans grew by $214.9 million, or 4%, to $5.19 billion
    • Core deposits grew by $402.5 million, or 7%, to $5.83 billion
    • Net interest margin improved 25 basis points to 3.40% versus 3.15%
    • Net interest income increased by $5.5 million, or 12%
    • Revenue grew by 6% from $60.0 million to $63.8 million
    • Provision expense of $6.8 million, compared to $1.5 million
    • Watch list loans as a percentage of total loans increased to 4.13% from 3.67%
    • Pretax, pre-provision earnings increased by $1.7 million, or 6%
    • Common equity tier 1 capital improved to 14.51%, compared to 14.21%
    • Tangible capital ratio improved to 10.09%, compared to 9.80%
    • Average equity increased by $51.0 million, or 8%

    First Quarter 2025 versus Fourth Quarter 2024 highlights:

    • Tangible book value per share grew by $0.38, or 1%, to $26.85
    • Average loans grew by $99.3 million, or 2%, to $5.19 billion
    • Net interest margin improved 15 basis points to 3.40% versus 3.25%
    • Net interest income increased by $1.2 million, or 2%
    • Provision expense of $6.8 million, compared to $3.7 million
    • Watch list loans as a percentage of total loans remained at 4.13%
    • Pretax, pre-provision earnings decreased $1.9 million, or 6%
    • Common equity tier 1 capital of 14.51%, compared to 14.64%
    • Tangible capital ratio of 10.09%, compared to 10.19%

    Capital Strength

    The company’s total capital as a percentage of risk-weighted assets improved to 15.77% at March 31, 2025, compared to 15.46% at March 31, 2024, and down from 15.90% at December 31, 2024. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

    The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.09% at March 31, 2025, compared to 9.80% at March 31, 2024, and down from 10.19% at December 31, 2024. Unrealized losses from available-for-sale investment securities were $188.3 million at March 31, 2025, compared to $189.9 million at March 31, 2024 and $191.1 million at December 31, 2024. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, improved to 12.19% at March 31, 2025, compared to 12.03% at March 31, 2024, and down from 12.37% at December 31, 2024.

    As announced on April 8, 2025, the board of directors approved a cash dividend for the first quarter of $0.50 per share, payable on May 5, 2025, to shareholders of record as of April 25, 2025. The first quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the first quarter of 2024.

    The board of directors also reauthorized and extended the company’s share repurchase program through April 30, 2027 with remaining aggregate purchase price authority of $30.0 million. The company anticipates activating the share repurchase program during the second quarter of 2025.

    Kristin L. Pruitt, President commented, “We believe that the recent stock price performance, driven by the impact of tariff activity, provides us with an opportunity to return capital to shareholders at attractive prices through our repurchase plan. Further, our strong capital levels continue to provide capacity for organic loan growth in our Indiana markets. Our capital position also supports our continued growth in the dividend paid to shareholders.”

    Loan Portfolio

    Average total loans of $5.19 billion in the first quarter of 2025 increased $214.9 million, or 4%, from $4.97 billion for the first quarter of 2024, and increased $99.3 million, or 2%, from $5.09 billion for the fourth quarter of 2024. Total loans, net of deferred loan fees, increased by $224.8 million, or 4%, from $5.00 billion as of March 31, 2024, to $5.23 billion as of March 31, 2025. The increase in loans occurred across much of the portfolio with our commercial real estate and multi-family residential loan portfolio growing by $143.4 million, or 6%, our commercial and industrial loan portfolio growing by $46.3 million, or 3%, our consumer 1-4 family mortgage loans portfolio growing by $39.7 million, or 9%, and our agri-business and agricultural loan portfolio growing by $15.9 million, or 4%. These increases were offset by a decrease to other commercial loans of $25.4 million, or 21%. On a linked quarter basis, total loans, net of deferred loan fees, increased by $104.9 million, or 2%, from $5.12 billion at December 31, 2024. The linked quarter increase was primarily a result of growth in total commercial and industrial loans of $72.7 million, or 5%, growth in total commercial real estate and multi-family residential loans of $28.3 million, or 1%, and growth in our consumer 1-4 family mortgage loans portfolio of $10.0 million, or 2%.

    Commercial loan originations for the first quarter included approximately $365.0 million in loan originations, offset by approximately $268.0 million in commercial loan pay downs. Line of credit usage increased to 43% as of March 31, 2025, compared to 39% at March 31, 2024 and 41% as of December 31, 2024. Total available lines of credit contracted by $153.0 million, or 3%, as compared to a year ago, and line usage increased by $122.0 million, or 7%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $100.6 million for this sector represented 2% of total loans at March 31, 2025, a decrease of $1.1 million, or 1%, from December 31, 2024. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 214% of total risk-based capital at March 31, 2025.

    “We are encouraged by the continued organic loan growth during the quarter. In particular, we are pleased to see the upward trend in commercial line utilization, which reached 43% in the first quarter compared to 39% a year ago. Commercial and Industrial loan growth was a highlight this quarter and positively impacted our commercial line utilization,” added Findlay. “Linked quarter loan growth was largely driven by expansion in working capital lines of credit loans and construction and land development loans.”

    Diversified Deposit Base

    The bank’s diversified deposit base has grown on a year over year basis and on a linked quarter basis.

    DEPOSIT DETAIL
    (unaudited, in thousands)
     
      March 31, 2025   December 31, 2024   March 31, 2024
    Retail $ 1,787,992   30.0 %   $ 1,780,726   30.2 %   $ 1,770,007   31.5 %
    Commercial   2,336,910   39.2       2,269,049   38.4       2,117,536   37.7  
    Public funds   1,709,883   28.7       1,809,631   30.7       1,544,775   27.5  
    Core deposits   5,834,785   97.9       5,859,406   99.3       5,432,318   96.7  
    Brokered deposits   125,409   2.1       41,560   0.7       185,767   3.3  
    Total $ 5,960,194   100.0 %   $ 5,900,966   100.0 %   $ 5,618,085   100.0 %
     

    Total deposits increased $342.1 million, or 6%, from $5.62 billion as of March 31, 2024, to $5.96 billion as of March 31, 2025. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $402.5 million, or 7%. Total core deposits at March 31, 2025 were $5.83 billion and represented 98% of total deposits, as compared to $5.43 billion and 97% of total deposits at March 31, 2024. Brokered deposits were $125.4 million, or 2% of total deposits, at March 31, 2025, compared to $185.8 million, or 3% of total deposits, at March 31, 2024.

    The increase in core deposits since March 31, 2024, reflects growth in all three core deposit components. Commercial deposits grew annually by $219.4 million, or 10%, to $2.34 billion. Commercial deposits as a percentage of total deposits expanded to 39%, up from 38%. Public funds deposits grew annually by $165.1 million, or 11%, to $1.71 billion. Public funds deposits as a percentage of total deposits was 29%, up from 28%. Growth in public funds was positively impacted by the addition of new public funds customers in the Lake City Bank footprint, including their operating accounts. Retail deposits expanded by $18.0 million, or 1%, to $1.79 billion. Retail deposits as a percentage of total deposits was 30% of total deposits, down from 32%.

    On a linked quarter basis, total deposits increased $59.2 million, or 1%, from $5.90 billion at December 31, 2024, to $5.96 billion at March 31, 2025. Core deposits decreased by $24.6 million, or less than 1%, while brokered deposits increased by $83.8 million, or 202%. The linked quarter reduction in core deposits resulted primarily from a seasonal decrease in public funds deposits of $99.7 million, or 6%. Offsetting this increase was an increase in commercial deposits of $67.9 million, or 3%, and an increase in retail deposits of $7.3 million, or less than 1%.

    “Annual core deposit growth of 7% continues to provide liquidity to fund loan growth. We continue to see opportunities to gain market share in our Indiana footprint,” noted Lisa M. O’Neill, Executive Vice President and Chief Financial Officer. “Our diversified funding base is stable, and average checking account balances continue to maintain liquidity in excess of pre-pandemic levels.”

    Average total deposits were $5.87 billion for the first quarter of 2025, an increase of $244.3 million, or 4%, from $5.63 billion for the first quarter of 2024. Average interest-bearing deposits drove the increase in average total deposits and increased by $260.1 million, or 6%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $439.5 million, or 14%. Offsetting this increase was a reduction in average time deposits of $167.7 million, or 17%, and a decrease to average savings deposits of $11.8 million, or 4%. Average noninterest-bearing demand deposits decreased by $15.8 million, or 1%.

    On a linked quarter basis, average total deposits decreased by $136.4 million, or 2%, from $6.01 billion for the fourth quarter of 2024 to $5.87 billion for the first quarter of 2025. Average interest bearing deposits drove the decrease to total average deposits, which decreased by $112.8 million, or 2%. Driving the decrease to average interest bearing deposits were decreases to total average time deposits of $102.7 million, or 11%, and interest bearing checking accounts of $19.0 million, or 1%. Average noninterest bearing demand deposits decreased by $23.6 million, or 2%.

    Checking account trends as of March 31, 2025 compared to March 31, 2024, include growth of $222.5 million, or 17%, in aggregate public fund checking account balances, growth of $212.3 million, or 11%, in aggregate commercial checking account balances, and growth of $35.5 million, or 4%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 7% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during the prior twelve months.

    Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 57% as of March 31, 2025, compared to 62% at December 31, 2024, and 54% at March 31, 2024, reflecting changes in core deposits and growth in public fund deposits over those periods. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund (which insures public funds deposits in Indiana), were 29% of total deposits at March 31, 2025, compared to 32% at December 31, 2024, and 27% at March 31, 2024. At March 31, 2025, 98% of deposit accounts had deposit balances less than $250,000.

    Net Interest Margin

    Net interest margin was 3.40% for the first quarter of 2025, representing a 25 basis point increase from 3.15% for the first quarter of 2024. This improvement was driven by a reduction in the company’s funding costs, with interest expense as a percentage of average earning assets falling by 45 basis points from 2.82% for the first quarter of 2024 to 2.37% for the first quarter of 2025. Offsetting the decrease in funding costs was a decrease to earning asset yields of 20 basis points from 5.97% for the first quarter of 2024 to 5.77% for the first quarter of 2025.

    Linked quarter net interest margin expanded by 15 basis points to 3.40% for the first quarter of 2025, compared to 3.25% for the fourth quarter of 2024. Interest expense as a percentage of average earning assets decreased 19 basis points from 2.56% to 2.37% on a linked quarter basis. Average earning asset yields decreased by 4 basis points from 5.81% to 5.77% on a linked quarter basis. The easing of monetary policy by the Federal Reserve Bank, which began in September of 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing. Notably, the deposit mix shift from noninterest bearing deposits to interest bearing deposits experienced by the company during the previous monetary tightening cycle has stabilized with noninterest bearing deposits representing 22% of total deposits at March 31, 2025, March 31, 2024 and December 31, 2024.

    “We continue to see improvements in net interest margin due to the Federal Reserve Bank’s rate easing cycle. Our deposit costs have declined more than loan yields resulting in year over year improvements in net interest margin of 25 basis points and linked quarter improvements of 15 basis points,” stated O’Neill. “Net interest margin expansion combined with healthy loan growth has contributed to double digit growth in net interest income.”

    The loan beta for the current rate-easing cycle is 37% compared to the deposit beta of 55%. The cumulative loan beta, which measures the sensitivity of a bank’s average loan yield to changes in short-term interest rates, was 56% for the recent rate-tightening cycle. The cumulative deposit beta, which measures the sensitivity of a bank’s deposit cost to changes in short-term interest rates, was 54% for the recent rate-tightening cycle.

    Net interest income was $52.9 million for the first quarter of 2025, representing an increase of $5.5 million, or 12%, as compared to the first quarter of 2024. Net interest income for the first quarter of 2025 benefited from a decrease in deposit interest expense of $4.7 million and a decrease in borrowings interest expense of $1.3 million. Offsetting these effects on net interest income was a decrease in loan interest of $910,000. On a linked quarter basis, net interest income increased $1.2 million, or 2%, from $51.7 million for the fourth quarter of 2024. On a linked quarter basis, the increase to net interest income was driven by a reduction in interest expense of $4.1 million and offset by a reduction in interest income of $2.9 million.

    Asset Quality

    The company recorded a provision for credit losses of $6.8 million in the first quarter of 2025, an increase of $5.3 million, as compared to $1.5 million in the first quarter of 2024. On a linked quarter basis, the provision expense increased by $3.1 million, from $3.7 million for the fourth quarter of 2024. Provision expense during the first quarter of 2025 was primarily attributable to an increase in the specific allocation for the previously disclosed $43.3 million nonperforming credit to an industrial company in Northern Indiana.

    The allowance for credit loss reserve to total loans was 1.77% at March 31, 2025, up from 1.46% at March 31, 2024, and 1.68% at December 31, 2024. Net charge offs in the first quarter of 2025 were $327,000 compared to $312,000 in the first quarter of 2024 and $1.4 million during the linked fourth quarter of 2024. Annualized net charge offs to average loans were 0.03% for the first quarter of 2025, compared to 0.03% for the first quarter of 2024, and 0.11% for the linked fourth quarter of 2024.

    Nonperforming assets increased $42.6 million, or 280%, to $57.9 million as of March 31, 2025, versus $15.2 million as of March 31, 2024. On a linked quarter basis, nonperforming assets increased $1.0 million, or 2%, compared to $56.9 million as of December 31, 2024. The ratio of nonperforming assets to total assets at March 31, 2025 increased to 0.84% from 0.23% at March 31, 2024, and decreased from 0.85% at December 31, 2024. The increase in nonperforming assets was primarily driven by the aforementioned credit.

    Total individually analyzed and watch list loans increased by $32.3 million, or 18%, to $215.6 million as of March 31, 2025, versus $183.3 million as of March 31, 2024. On a linked quarter basis, total individually analyzed and watch list loans increased by $4.4 million, or 2%, from $211.1 million at December 31, 2024. The linked quarter increase in total individually analyzed and watch list loans was primarily driven by the addition of five commercial relationships to the watch list with aggregate balances of $11.5 million and offset by watch list removals of two relationships with aggregate balances of $8.0 million. Watch list loans as a percentage of total loans were 4.13% at March 31, 2025, an increase of 46 basis points compared to 3.67% at March 31, 2024, and unchanged from December 31, 2024.

    “Asset quality remains stable with watch list loans as a percentage of total loans at 4.13%,” commented Findlay. “It is premature to comment on the impact of the tariff activity on our borrowers’ businesses and we are actively talking with our clients to understand the impact of this trade policy activity. As part of our internal credit administration and loan review process, we initiated a detailed plan to identify and analyze specific industries and clients that may be more sensitive to the effects of tariffs. As part of this process, our credit team is aggregating and segmenting direct and indirect exposure that our commercial and industrial borrowers have with international trading partners.”

    Investment Portfolio Overview

    Total investment securities were $1.13 billion at March 31, 2025, reflecting a decrease of $12.0 million, or 1%, as compared to $1.14 billion at March 31, 2024. On a linked quarter basis, investment securities increased $9.9 million, or 1%, due primarily to security purchases of $22.2 million, offset by improvement in the fair market value of available-for-sale securities of $2.8 million, and cash flows from calls, paydowns and maturities of $14.7 million. Investment securities represented 17% of total assets on March 31, 2025, March 31, 2024 and December 31, 2024. The company anticipates receiving principal and interest cash flows of approximately $82.3 million during the remainder of 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth and reinvestment of investment securities cash flows. Tax equivalent adjusted effective duration for the investment portfolio was 5.9 years at March 31, 2025, compared to 6.6 years at March 31, 2024 and 6.0 years December 31, 2024.

    Noninterest Income

    The company’s noninterest income decreased $1.7 million, or 13%, to $10.9 million for the first quarter of 2025, compared to $12.6 million for the first quarter of 2024. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effect of the insurance recovery recorded during the first quarter of 2024, was $11.6 million for the first quarter of 2024, a decrease of $684,000, or 6%, compared to $10.9 million for the first quarter of 2025. Wealth advisory fees increased $412,000, or 17%, driven by growth in customers and assets under management. Deposit fees increased $83,000, or 3% driven primarily by growth in our treasury management services. Other income decreased $1.3 million, or 61%. Other income during the first quarter of 2024 benefited from a $1.0 million insurance recovery related to the wire fraud loss from 2023 and death benefits received from the company’s bank owned life insurance program. Bank owned life insurance income decreased $714,000, or 69%, primarily due to a reduction in the market performance of the company’s variable bank owned life insurance policies, which are tied to the equity markets.

    Noninterest income for the first quarter of 2025 decreased by $948,000, or 8%, on a linked quarter basis from $11.9 million during the fourth quarter of 2024. Wealth advisory fees increased by $168,000, or 6%. The linked quarter decrease in noninterest income was impacted by a decrease in bank owned life insurance income, which decreased $894,000, or 74%, due to market performance of the company’s variable bank owned life insurance policies.

    “The growth of our wealth advisory business continues to positively impact revenue growth with 17% improvement in fees on a year over year basis,” added Findlay, “We continue to focus on our fee-based businesses that contribute to noninterest income and revenue growth.”

    Noninterest Expense

    Noninterest expense increased $2.1 million, or 7%, to $32.8 million for the first quarter of 2025, compared to $30.7 million during the first quarter of 2024. Salaries and benefits expense increased by $1.1 million, or 6%, driven by performance-based incentive compensation expense of $1.3 million and salary expense of $524,000. These increases were offset by reduced deferred compensation expense of $687,000, which moves in tandem with the market performance of the company’s variable bank owned life insurance. Other expense increased by $400,000, or 18%, from increased customer reimbursements for counterfeit checks and account takeover wire fraud losses. Data processing fees and supplies expense increased $426,000, or 11%, from continued investment in customer-facing and operational technology solutions.

    On a linked quarter basis, noninterest expense increased by $2.1 million, or 7%, from $30.7 million during the fourth quarter of 2024. Salaries and employee benefits increased by $641,000, or 4%, due to merit-based increases for salaries, incentive pay, and annual health insurance benefits that are funded at the beginning of each year. Data processing fees and supplies expense increased $523,000, or 14%. Corporate and business development expense increased by $456,000, or 48%, which was primarily driven by an increase in advertising expense of $462,000 during the quarter from the company’s seasonal promotional campaigns. Other expense increased $228,000, or 9%.

    The company’s efficiency ratio was 51.4% for the first quarter of 2025, compared to 51.2% for the first quarter of 2024 and 48.2% for the linked fourth quarter of 2024.

    Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $6.9 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

    This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental trade, monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

    LAKELAND FINANCIAL CORPORATION
    FIRSTQUARTER2025FINANCIAL HIGHLIGHTS
     
      Three Months Ended
    (Unaudited – Dollars in thousands, except per share data) March 31,   December 31,   March 31,
    END OF PERIOD BALANCES   2025       2024       2024  
    Assets $ 6,851,178     $ 6,678,374     $ 6,566,861  
    Investments   1,132,854       1,122,994       1,144,816  
    Loans   5,223,221       5,117,948       4,997,559  
    Allowance for Credit Losses   92,433       85,960       73,180  
    Deposits   5,960,194       5,900,966       5,618,085  
    Brokered Deposits   125,409       41,560       185,767  
    Core Deposits (1)   5,834,785       5,859,406       5,432,318  
    Total Equity   694,509       683,911       647,009  
    Goodwill Net of Deferred Tax Assets   3,803       3,803       3,803  
    Tangible Common Equity (2)   690,706       680,108       643,206  
    Adjusted Tangible Common
    Equity (2)
      854,585       846,040       809,395  
    AVERAGE BALANCES          
    Total Assets $ 6,762,970     $ 6,795,596     $ 6,554,468  
    Earning Assets   6,430,804       6,470,920       6,216,929  
    Investments   1,136,404       1,134,011       1,158,503  
    Loans   5,185,918       5,086,614       4,971,020  
    Total Deposits   5,874,725       6,011,122       5,630,431  
    Interest Bearing Deposits   4,616,381       4,729,201       4,356,328  
    Interest Bearing Liabilities   4,716,465       4,729,206       4,532,137  
    Total Equity   696,053       693,744       645,007  
    INCOME STATEMENT DATA          
    Net Interest Income $ 52,875     $ 51,694     $ 47,416  
    Net Interest Income-Fully Tax Equivalent   53,983       52,804       48,683  
    Provision for Credit Losses   6,800       3,691       1,520  
    Noninterest Income   10,928       11,876       12,612  
    Noninterest Expense   32,763       30,653       30,705  
    Net Income   20,085       24,190       23,401  
    Pretax Pre-Provision Earnings (2)   31,040       32,917       29,323  
    PER SHARE DATA          
    Basic Net Income Per Common Share $ 0.78     $ 0.94     $ 0.91  
    Diluted Net Income Per Common Share   0.78       0.94       0.91  
    Cash Dividends Declared Per Common Share   0.50       0.48       0.48  
    Dividend Payout   64.10 %     51.06 %     52.75 %
    Book Value Per Common Share (equity per share issued) $ 26.99     $ 26.62     $ 25.20  
    Tangible Book Value Per Common Share (2)   26.85       26.47       25.05  
    Market Value – High $ 71.77     $ 78.61     $ 73.22  
    Market Value – Low   58.24       61.10       60.56  
    Basic Weighted Average Common Shares Outstanding   25,714,818       25,686,276       25,657,063  
    Diluted Weighted Average Common Shares Outstanding   25,802,865       25,792,460       25,747,643  
               
               
      Three Months Ended
    (Unaudited – Dollars in thousands, except per share data) March 31,   December 31,   March 31,
    KEY RATIOS   2025       2024       2024  
    Return on Average Assets   1.20 %     1.42 %     1.44 %
    Return on Average Total Equity   11.70       13.87       14.59  
    Average Equity to Average Assets   10.29       10.21       9.84  
    Net Interest Margin   3.40       3.25       3.15  
    Efficiency (Noninterest Expense/Net Interest Income
    plus Noninterest Income)
      51.35       48.22       51.15  
    Loans to Deposits   87.64       86.73       88.95  
    Investment Securities to Total Assets   16.54       16.82       17.43  
    Tier 1 Leverage (3)   12.30       12.15       12.01  
    Tier 1 Risk-Based Capital (3)   14.51       14.64       14.21  
    Common Equity Tier 1 (CET1) (3)   14.51       14.64       14.21  
    Total Capital (3)   15.77       15.90       15.46  
    Tangible Capital (2)   10.09       10.19       9.80  
    Adjusted Tangible Capital (2)   12.19       12.37       12.03  
    ASSET QUALITY          
    Loans Past Due 30 – 89 Days $ 4,288     $ 4,273     $ 3,177  
    Loans Past Due 90 Days or More   7       28       7  
    Nonaccrual Loans   57,392       56,431       14,762  
    Nonperforming Loans   57,399       56,459       14,769  
    Other Real Estate Owned   284       284       384  
    Other Nonperforming Assets   193       143       78  
    Total Nonperforming Assets   57,876       56,886       15,231  
    Individually Analyzed Loans   81,346       78,647       15,181  
    Non-Individually Analyzed Watch List Loans   134,218       132,499       168,133  
    Total Individually Analyzed and Watch List Loans   215,564       211,146       183,314  
    Gross Charge Offs   508       1,657       504  
    Recoveries   181       299       192  
    Net Charge Offs/(Recoveries)   327       1,358       312  
    Net Charge Offs/(Recoveries) to Average Loans   0.03 %     0.11 %     0.03 %
    Credit Loss Reserve to Loans   1.77       1.68       1.46  
    Credit Loss Reserve to Nonperforming Loans   161.04       152.25       495.51  
    Nonperforming Loans to Loans   1.10       1.10       0.30  
    Nonperforming Assets to Assets   0.84       0.85       0.23  
    Total Individually Analyzed and Watch List Loans to Total Loans   4.13 %     4.13 %     3.67 %
    OTHER DATA          
    Full Time Equivalent Employees   647       643       628  
    Offices   54       54       53  

    __________________________________________________

    (1)   Core deposits equals deposits less brokered deposits.
    (2)   Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
    (3)   Capital ratios for March 31, 2025 are preliminary until the Call Report is filed.
         
    CONSOLIDATED BALANCE SHEETS (in thousands, except share data)      
    March 31,
    2025
      December 31,
    2024
    (Unaudited)  
    ASSETS      
    Cash and due from banks $ 89,325     $ 71,733  
    Short-term investments   145,899       96,472  
    Total cash and cash equivalents   235,224       168,205  
         
    Securities available-for-sale, at fair value   1,000,875       991,426  
    Securities held-to-maturity, at amortized cost (fair value of $109,481 and $113,107, respectively)   131,979       131,568  
    Real estate mortgage loans held-for-sale   1,295       1,700  
         
    Loans, net of allowance for credit losses of $92,433 and $85,960   5,130,788       5,031,988  
         
    Land, premises and equipment, net   60,797       60,489  
    Bank owned life insurance   113,826       113,320  
    Federal Reserve and Federal Home Loan Bank stock   21,420       21,420  
    Accrued interest receivable   28,818       28,446  
    Goodwill   4,970       4,970  
    Other assets   121,186       124,842  
    Total assets $ 6,851,178     $ 6,678,374  
         
         
    LIABILITIES      
    Noninterest bearing deposits $ 1,296,907     $ 1,297,456  
    Interest bearing deposits   4,663,287       4,603,510  
    Total deposits   5,960,194       5,900,966  
           
    Borrowings – Federal Home Loan Bank advances   108,200       0  
    Accrued interest payable   14,699       15,117  
    Other liabilities   73,576       78,380  
    Total liabilities   6,156,669       5,994,463  
         
    STOCKHOLDERS’ EQUITY      
    Common stock: 90,000,000 shares authorized, no par value      
    26,016,494 shares issued and 25,556,904 outstanding as of March 31, 2025      
    25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024   130,243       129,664  
    Retained earnings   743,650       736,412  
    Accumulated other comprehensive income (loss)   (163,879 )     (166,500 )
    Treasury stock, at cost (459,590 shares and 469,239 shares as of March 31, 2025 and December 31, 2024, respectively)   (15,594 )     (15,754 )
    Total stockholders’ equity   694,420       683,822  
    Noncontrolling interest   89       89  
    Total equity   694,509       683,911  
    Total liabilities and equity $ 6,851,178     $ 6,678,374  
     
    CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
    Three Months Ended March 31,
      2025       2024  
    NET INTEREST INCOME      
    Interest and fees on loans      
    Taxable $ 81,740     $ 82,042  
    Tax exempt   292       900  
    Interest and dividends on securities      
    Taxable   3,389       3,039  
    Tax exempt   3,910       3,947  
    Other interest income   1,124       1,106  
    Total interest income   90,455       91,034  
     
    Interest on deposits   36,458       41,164  
    Interest on short-term borrowings   1,122       2,454  
    Total interest expense   37,580       43,618  
     
    NET INTEREST INCOME   52,875       47,416  
     
    Provision for credit losses   6,800       1,520  
     
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   46,075       45,896  
     
    NONINTEREST INCOME      
    Wealth advisory fees   2,867       2,455  
    Investment brokerage fees   452       522  
    Service charges on deposit accounts   2,774       2,691  
    Loan and service fees   2,884       2,852  
    Merchant and interchange fee income   822       863  
    Bank owned life insurance income   322       1,036  
    Mortgage banking income (loss)   (51 )     52  
    Net securities gains (losses)   0       (46 )
    Other income   858       2,187  
    Total noninterest income   10,928       12,612  
     
    NONINTEREST EXPENSE      
    Salaries and employee benefits   17,902       16,833  
    Net occupancy expense   1,980       1,740  
    Equipment costs   1,382       1,412  
    Data processing fees and supplies   4,265       3,839  
    Corporate and business development   1,406       1,381  
    FDIC insurance and other regulatory fees   800       789  
    Professional fees   2,380       2,463  
    Other expense   2,648       2,248  
    Total noninterest expense   32,763       30,705  
     
    INCOME BEFORE INCOME TAX EXPENSE   24,240       27,803  
    Income tax expense   4,155       4,402  
    NET INCOME $ 20,085     $ 23,401  
     
    BASIC WEIGHTED AVERAGE COMMON SHARES   25,714,818       25,657,063  
     
    BASIC EARNINGS PER COMMON SHARE $ 0.78     $ 0.91  
         
    DILUTED WEIGHTED AVERAGE COMMON SHARES   25,802,865       25,747,643  
         
    DILUTED EARNINGS PER COMMON SHARE $ 0.78     $ 0.91  
     
    LAKELAND FINANCIAL CORPORATION
    LOAN DETAIL
    (unaudited, in thousands)
     
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Commercial and industrial loans:                      
    Working capital lines of credit loans $ 716,522     13.7 %   $ 649,609     12.7 %   $ 646,459     12.9 %
    Non-working capital loans   807,048     15.5       801,256     15.6       830,817     16.6  
    Total commercial and industrial loans   1,523,570     29.2       1,450,865     28.3       1,477,276     29.5  
                         
    Commercial real estate and multi-family residential loans:                      
    Construction and land development loans   623,905     12.0       567,781     11.1       659,712     13.2  
    Owner occupied loans   804,933     15.4       807,090     15.8       833,410     16.7  
    Nonowner occupied loans   852,033     16.3       872,671     17.0       744,346     14.9  
    Multifamily loans   339,946     6.5       344,978     6.7       239,974     4.8  
    Total commercial real estate and multi-family residential loans   2,620,817     50.2       2,592,520     50.6       2,477,442     49.6  
                         
    Agri-business and agricultural loans:                      
    Loans secured by farmland   156,112     3.0       156,609     3.1       167,271     3.3  
    Loans for agricultural production   227,659     4.3       230,787     4.5       200,581     4.0  
    Total agri-business and agricultural loans   383,771     7.3       387,396     7.6       367,852     7.3  
                         
    Other commercial loans   94,927     1.8       95,584     1.9       120,302     2.4  
    Total commercial loans   4,623,085     88.5       4,526,365     88.4       4,442,872     88.8  
                         
    Consumer 1-4 family mortgage loans:                      
    Closed end first mortgage loans   265,855     5.1       259,286     5.1       260,633     5.2  
    Open end and junior lien loans   217,981     4.2       214,125     4.2       188,927     3.8  
    Residential construction and land development loans   16,359     0.3       16,818     0.3       10,956     0.2  
    Total consumer 1-4 family mortgage loans   500,195     9.6       490,229     9.6       460,516     9.2  
                       
    Other consumer loans   102,254     1.9       104,041     2.0       97,369     2.0  
    Total consumer loans   602,449     11.5       594,270     11.6       557,885     11.2  
    Subtotal   5,225,534     100.0 %     5,120,635     100.0 %     5,000,757     100.0 %
    Less:  Allowance for credit losses   (92,433 )         (85,960 )       (73,180 )  
    Net deferred loan fees   (2,313 )         (2,687 )       (3,198 )  
    Loans, net $ 5,130,788         $ 5,031,988       $ 4,924,379    
     
    LAKELAND FINANCIAL CORPORATION
    DEPOSITS AND BORROWINGS
    (unaudited, in thousands)
     
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Noninterest bearing demand deposits $ 1,296,907   $ 1,297,456   $ 1,254,200
    Savings and transaction accounts:          
    Savings deposits   293,768     276,179     296,671
    Interest bearing demand deposits   3,554,310     3,471,455     3,041,025
    Time deposits:          
    Deposits of $100,000 or more   602,577     642,776     805,832
    Other time deposits   212,632     213,100     220,357
    Total deposits $ 5,960,194   $ 5,900,966   $ 5,618,085
    FHLB advances and other borrowings   108,200     0     200,000
    Total funding sources $ 6,068,394   $ 5,900,966   $ 5,818,085
     

     

    LAKELAND FINANCIAL CORPORATION
    AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
    (UNAUDITED)
     
        Three Months Ended March 31, 2025   Three Months Ended December 31, 2024   Three Months Ended March 31, 2024
    (fully tax equivalent basis, dollars in thousands)   Average Balance   Interest Income   Yield (1)/
    Rate
      Average Balance   Interest Income   Yield (1)/
    Rate
      Average Balance   Interest Income   Yield (1)/
    Rate
    Earning Assets                                    
    Loans:                                    
    Taxable (2)(3)   $ 5,160,031     $ 81,740   6.42 %   $ 5,060,397     $ 83,253   6.54 %   $ 4,916,943     $ 82,042   6.71 %
    Tax exempt (1)     25,887       361   5.66       26,217       364   5.52       54,077       1,118   8.31  
    Investments: (1)                                    
    Securities     1,136,404       8,338   2.98       1,134,011       7,953   2.79       1,158,503       8,035   2.79  
    Short-term investments     2,964       28   3.83       2,765       29   4.17       2,710       33   4.90  
    Interest bearing deposits     105,518       1,096   4.21       247,530       2,881   4.63       84,696       1,073   5.10  
    Total earning assets   $ 6,430,804     $ 91,563   5.77 %   $ 6,470,920     $ 94,480   5.81 %   $ 6,216,929     $ 92,301   5.97 %
    Less:  Allowance for credit losses     (87,477 )             (84,687 )             (72,433 )        
    Nonearning Assets                                    
    Cash and due from banks     71,004               67,994               68,584          
    Premises and equipment     60,523               60,325               57,883          
    Other nonearning assets     288,116               281,044               283,505          
    Total assets   $ 6,762,970             $ 6,795,596             $ 6,554,468          
                                         
    Interest Bearing Liabilities                                    
    Savings deposits   $ 283,888     $ 42   0.06 %   $ 274,960     $ 43   0.06 %   $ 295,650     $ 49   0.07 %
    Interest bearing checking accounts     3,486,447       28,075   3.27       3,505,470       31,562   3.58       3,046,958       30,365   4.01  
    Time deposits:                                    
    In denominations under $100,000     212,934       1,832   3.49       214,429       1,921   3.56       224,139       1,918   3.44  
    In denominations over $100,000     633,112       6,509   4.17       734,342       8,150   4.42       789,581       8,832   4.50  
    Miscellaneous short-term borrowings     99,830       1,122   4.56       5       0   5.30       175,809       2,454   5.61  
    Long-term borrowings     254       0   0.00       0       0   0.00       0       0   0.00  
    Total interest bearing liabilities   $ 4,716,465     $ 37,580   3.23 %   $ 4,729,206     $ 41,676   3.51 %   $ 4,532,137     $ 43,618   3.87 %
    Noninterest Bearing Liabilities                                    
    Demand deposits     1,258,344               1,281,921               1,274,103          
    Other liabilities     92,108               90,725               103,221          
    Stockholders’ Equity     696,053               693,744               645,007          
    Total liabilities and stockholders’ equity   $ 6,762,970             $ 6,795,596             $ 6,554,468          
    Interest Margin Recap                                    
    Interest income/average earning assets         91,563   5.77 %         94,480   5.81 %         92,301   5.97 %
    Interest expense/average earning assets         37,580   2.37           41,676   2.56           43,618   2.82  
    Net interest income and margin       $ 53,983   3.40 %       $ 52,804   3.25 %       $ 48,683   3.15 %
    (1)   Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax-exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.27 million in the three-month periods ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
    (2)   Loan fees, which are immaterial in relation to total taxable loan interest income for the three-month periods ended March 31, 2025, December 31, 2024, and March 31, 2024, are included as taxable loan interest income.
    (3)   Nonaccrual loans are included in the average balance of taxable loans.
         

    Reconciliation of Non-GAAP Financial Measures

    Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended
      Mar. 31, 2025   Dec. 31, 2024   Mar. 31, 2024
    Total Equity $ 694,509     $ 683,911     $ 647,009  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167  
    Tangible Common Equity   690,706       680,108       643,206  
    Market Value Adjustment in AOCI   163,879       165,932       166,189  
    Adjusted Tangible Common Equity   854,585       846,040       809,395  
               
    Assets $ 6,851,178     $ 6,678,374     $ 6,566,861  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167  
    Tangible Assets   6,847,375       6,674,571       6,563,058  
    Market Value Adjustment in AOCI   163,879       165,932       166,189  
    Adjusted Tangible Assets   7,011,254       6,840,503       6,729,247  
               
    Ending Common Shares Issued   25,727,393       25,689,730       25,677,399  
               
    Tangible Book Value Per Common Share $ 26.85     $ 26.47     $ 25.05  
               
    Tangible Common Equity/Tangible Assets   10.09 %     10.19 %     9.80 %
    Adjusted Tangible Common Equity/Adjusted Tangible Assets   12.19 %     12.37 %     12.03 %
               
    Net Interest Income $ 52,875     $ 51,694     $ 47,416  
    Plus:  Noninterest Income   10,928       11,876       12,612  
    Minus:  Noninterest Expense   (32,763 )     (30,653 )     (30,705 )
               
    Pretax Pre-Provision Earnings $ 31,040     $ 32,917     $ 29,323  
     

    Adjusted core noninterest income, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of insurance recoveries related to the 2023 wire fraud loss for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended
      Mar. 31, 2025   Dec. 31, 2024   Mar. 31, 2024
    Noninterest Income $ 10,928     $ 11,876     $ 12,612  
    Less: Insurance Recovery   0       0       (1,000 )
    Adjusted Core Noninterest Income $ 10,928     $ 11,876     $ 11,612  
               
    Earnings Before Income Taxes $ 24,240     $ 29,226     $ 27,803  
    Adjusted Core Impact:          
    Noninterest Income   0       0       (1,000 )
    Total Adjusted Core Impact   0       0       (1,000 )
    Adjusted Earnings Before Income Taxes   24,240       29,226       26,803  
    Tax Effect   (4,155 )     (5,036 )     (4,153 )
    Core Operational Profitability (1) $ 20,085     $ 24,190     $ 22,650  
               
    Diluted Earnings Per Common Share $ 0.78     $ 0.94     $ 0.91  
    Impact of Adjusted Core Items   0.00       0.00       (0.03 )
    Core Operational Diluted Earnings Per Common Share $ 0.78     $ 0.94     $ 0.88  
               
    Adjusted Core Efficiency Ratio   51.35 %     48.22 %     52.02 %
    (1)   Core operational profitability was $751,000 lower than reported net income for the three months ended March 31, 2024.

    Contact
    Lisa M. O’Neill
    Executive Vice President and Chief Financial Officer
    (574) 267-9125
    lisa.oneill@lakecitybank.com

    The MIL Network

  • MIL-OSI Economics: Safer Schools, Stronger Futures

    Source: Asia Development Bank

    On April 25, 2015, a 7.8 magnitude earthquake struck Nepal, claiming over 8,000 lives and destroying thousands of homes, businesses, and schools. In response, the Government of Nepal, ADB, and development partners launched a determined effort to create safer, more resilient schools.

    MIL OSI Economics

  • MIL-OSI Asia-Pac: Firing practice for May 2025

    Source: Hong Kong Government special administrative region

    Firing practice for May 2025————————————–

    DateMay 3 (Saturday)
    May 6 (Tuesday)
    May 7 (Wednesday)
    May 8 (Thursday)
    May 9 (Friday)
    May 10 (Saturday)
    May 12 (Monday)
    May 13 (Tuesday)
    May 14 (Wednesday)
    May 15 (Thursday)
    May 16 (Friday)
    May 17 (Saturday)
    May 19 (Monday)
    May 20 (Tuesday)
    May 21 (Wednesday)
    May 22 (Thursday)
    May 23 (Friday)
    May 24 (Saturday)
    May 26 (Monday)
    May 27 (Tuesday)
    May 28 (Wednesday)
    May 29 (Thursday)
    May 30 (Friday) 8am-9pm
    8am-9pmTsing Shan Firing Range
    ——————————-

    DateMay 3 (Saturday)
    May 6 (Tuesday)
    May 7 (Wednesday)
    May 8 (Thursday)
    May 9 (Friday)
    May 10 (Saturday)
    May 12 (Monday)
    May 13 (Tuesday)
    May 14 (Wednesday)
    May 15 (Thursday)
    May 16 (Friday)
    May 17 (Saturday)
    May 19 (Monday)
    May 20 (Tuesday)
    May 21 (Wednesday)
    May 22 (Thursday)
    May 23 (Friday)
    May 24 (Saturday)
    May 26 (Monday)
    May 27 (Tuesday)
    May 28 (Wednesday)
    May 29 (Thursday)
    May 30 (Friday) 8am-9pm
    8am-9pm Issued at HKT 11:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Water charge enforcement enhanced

    Source: Hong Kong Information Services

    The Water Supplies Department (WSD) said today that the efficiency of its enforcement against overcharging of tenants living in sub-divided units (SDUs) for water has been significantly enhanced following the enactment of a legislative amendment.

    The Waterworks (Amendment) Ordinance 2024 empowered the WSD and the Rating & Valuation Department (RVD) to exchange information, thereby enabling a more effective inspection process. The WSD now handles cases that could not be followed up in the past.

    As of today, since the enactment of the amended ordinance on April 19 last year, the WSD has completed 280 investigations into suspected overcharging tenants for water in SDUs.

    Of these, a total of 21 cases were prosecuted, resulting in convictions with fines, while a number of other cases are currently at the prosecution stage.

    The WSD said this represents an increase of between five and six times compared to the 40-plus cases per year before the enactment of the amended ordinance. Moreover, the conviction rate exceeds the previous average of about six per year by between three and four times.

    Meanwhile, with its new enforcement powers allowing the WSD to compel relevant parties to provide information or documents, including receipts for water charges or payment records, for investigation, landlords’ response rate has grown from 10% in the past to about 90% recently.

    The WSD added that it has successfully prosecuted several landlords and WSD-registered consumers for failing to provide the requested information or documents.

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Governor Newsom proclaims Day of Remembrance of the Armenian Genocide

    Source: US State of California 2

    Apr 24, 2025

    Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring April 24, 2025 as “Day of Remembrance of the Armenian Genocide.”

    The text of the proclamation and a copy can be found below:

    PROCLAMATION

    On April 24, 1915, the Ottoman Empire began its systematic genocide of Armenian people, a minority group that had long been treated as second-class citizens. The Armenian Genocide began with the forced deportation and murder of hundreds of Armenian intellectuals and community leaders and ended with the deaths of 1.5 million men, women, and children. It was the first genocide of the 20th century. Armenians around the world continue to face targeted persecution, evidenced by the recent violence towards over 120,000 indigenous Christian Armenians from Artsakh in 2023.

    As we remember the victims and survivors on this somber anniversary, we honor the strength and resilience of the Armenian people, who have built new lives and thriving communities in all corners of the globe. Thousands made their homes in California, and we are immeasurably greater for their contributions. 

    Shamefully, this community continues to be the target of hateful acts that too often go unreported. These, and other ongoing threats to the Armenian people, are painful reminders of the need to not only learn the lessons of history but also to redouble efforts to address discrimination and violence. California is taking action to confront racial, ethnic, and religious hate through enhanced security at houses of worship and other at-risk cultural centers, anti-hate programs that promote tolerance and support victims, an anonymous reporting hotline for victims and witnesses of hate acts, and other resources.

    California is committed to continuing this work to protect the safety and well-being of all our communities. Let us recommit ourselves to remembering the painful lessons of the past and always speaking out against hatred and atrocities anywhere they occur.

    NOW THEREFORE I, GAVIN NEWSOM, Governor of the State of California, do hereby proclaim April 24, 2025 as “Day of Remembrance of the Armenian Genocide.”

    IN WITNESS WHEREOF I have hereunto set my hand and caused the Great Seal of the State of California to be affixed this 18th day of April 2025.
     

    GAVIN NEWSOM
    Governor of California

    ATTEST:
    SHIRLEY N. WEBER, Ph.D.
    Secretary of State

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  • MIL-OSI USA: Ahead of peak fire season, California adds second C-130 airtanker to world’s largest aerial firefighting fleet

    Source: US State of California 2

    Apr 24, 2025

    What you need to know: California’s second C-130 Hercules airtanker is ready for firefighting operations, adding to the state’s arsenal that stands ready to protect communities from catastrophic wildfire.

    SACRAMENTO – With peak fire season on the horizon, Governor Gavin Newsom today announced the state’s second C-130 Hercules (C-130H) airtanker is now ready for firefighting operations. This strengthens California’s ability to protect communities from catastrophic wildfire, adding to the largest aerial firefighting fleet in the world. 

    Last year, California became the first state in the nation to own, operate, and deploy a C-130H airtanker for wildfire suppression. The first C-130H was a critical part of the state’s firefight in Los Angeles earlier this year. Since it went into operation, the tanker has flown 90 missions responding to 36 fires and dropping 253,702 gallons of retardant.  

    Tanker 121, a former United States Coast Guard aircraft, has been officially placed into CAL FIRE service today after undergoing precise and critical modifications. This is the second of seven planned C-130H airtankers, and is a mission-critical asset in an era of increased year-round wildfire frequency and intensity. 

    These large-capacity, highly specialized aircraft deliver significant volumes of fire retardant in a single mission, enhancing CAL FIRE’s ability to protect communities and natural resources. 

    Governor Newsom — in partnership with U.S. Senator Alex Padilla, the late U.S. Senator Dianne Feinstein, and Representative Ken Calvert — spearheaded this initiative for California to take on ownership of these aircraft, speed up the time to have them flying firefighting operations in California, and expand CAL FIRE’s firefighting capabilities.

    At a hangar in Sacramento, the Governor joined CAL FIRE Chief Joe Tyler, firefighting personnel, and those who helped make the C-130H possible to celebrate the milestone.  

    The largest aerial firefighting force in the world is getting even bigger. Thanks to our champions in Congress – Senator Padilla, Representative Calvert, and the late, great Senator Feinstein – California’s second C-130 airtanker is ready to take flight, just in time ahead of peak fire season.

    Governor Gavin Newsom

    Today, the Governor also received a demonstration of CAL FIRE’s new C-130H simulator – the only one of its kind in the nation owned by a fire department. The simulator helps train pilots and engineers specifically for C-130 firefighting missions.  

    The journey to integrate the C-130H aircraft into CAL FIRE’s fleet began in 2018 when California secured approval to acquire seven of these aircraft from the Coast Guard. President Joe Biden signed legislation in late 2023, officially transferring ownership of the seven C-130H aircraft to the state, where CAL FIRE would complete the work of retrofitting the aircraft for wildfire suppression operations.

    “The completed transfer of federal C-130 airtankers to CAL FIRE is equipping California’s firefighters with significantly expanded capabilities to protect vulnerable communities from wildfires and save lives,” said Senator Padilla. “Pushing the Air Force to complete this transfer has been a top priority of mine since I joined the Senate, which is why I worked to pass legislation to get it done as quickly as possible. As we saw with the first retrofitted aircraft fighting the Los Angeles fires, these powerful planes will enable California to respond to wildfires more quickly and effectively as we face more extreme conditions and increasingly devastating disasters.”

    “The C-130 Hercules aircraft that have been transferred from the federal government to CAL FIRE are game changing additions to our wildfire response aviation arsenal,” said Representative Calvert. “Our bipartisan efforts to secure the C-130s are an important step in better protecting Californians from dangerous wildfires. I look forward to all seven of the C-130s being operational and deployed across California in the near future.”

    CAL FIRE’s C-130 program involved substantial contributions from multiple partners. The United States Air Force and the United States Coast Guard provided support in maintaining these aircraft, including the replacement of inner and outer wing boxes and essential spare parts. Following their arrival at CAL FIRE Aviation Headquarters, the aircraft underwent extensive modifications, including the installation of a 4,000-gallon tank and a sophisticated retardant delivery system (RDS). 

    “Placing the second C-130H airtanker into service is another milestone in ensuring Californians are protected from the growing threat of wildfire,” said CAL FIRE Director and Fire Chief Joe Tyler. “This addition strengthens our aerial firefighting capabilities and demonstrates our continued commitment to safeguarding lives, property, and natural resources across the state.”

    Building on unprecedented progress 

    Even before this, California had built up the largest aerial firefighting fleet in the world, including the recently added – and night-time capable – firefighting Fire Hawk helicopters. These new C-130Hs will be strategically located throughout the state at CAL FIRE bases to mobilize when needed, adding to the helicopters, other aircraft, and firefighters ready to protect Californians. This follows California’s leadership in utilizing innovation and technology to fight fires smarter, leveraging artificial intelligence (AI), satellites, and more for wildfire detection, projection, and suppression.

    In addition to nearly doubling the state’s budget for CAL FIRE in recent years, the state has also dramatically increased work to prevent wildfire. While 57% of California’s forests are federally managed, the state government manages only 3% of the forestland. On state land, more than 2,200 projects are complete or underway, and in recent years, California has treated nearly 2 million acres – made possible by scaling up investments to 10 times the amount from when the Governor took office in 2019.

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  • MIL-OSI: Best Crypto Casinos 2025: JACKBIT, Rated as Best Bitcoin Casino Without Verification & Fast Payout

    Source: GlobeNewswire (MIL-OSI)

    LARNACA, Cyprus, April 25, 2025 (GLOBE NEWSWIRE) — Crypto casinos will thrive in 2025, but not every platform will deliver the same experience. After evaluating dozens of online casino sites, JACKBIT rises above the rest with its generous bonuses, cutting-edge games, lightning-fast registration, and no-KYC requirement.

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    Online casinos are indeed an advantage, from travelling miles to play their favorite casino games, now players can enjoy games at their fingertips, all with a network connection and a compatible device. The rise of crypto casinos has even eased the gambling process, allowing players to stay anonymous while taking part in instant and low-cost gambling transactions.

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    Emailsupport@jackbit.com

    Disclaimers and Affiliate Disclosure

    1. General Disclaimer
      This content is for informational purposes only and not legal or financial advice. Information is based on research available at the time of writing. Verify details independently before acting.
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      Online gambling involves risk and may not be suitable for everyone. Ensure you meet the legal age and follow your local laws. We do not promote gambling, and participation is at your own risk. JACKBIT is a third-party site; we are not responsible for any issues.
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    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/56744353-5ea8-4e4a-92b6-514796bc963a

    The MIL Network

  • MIL-OSI Asia-Pac: 3-Day ‘India Steel 2025’ Kicks Off with Visionary Dialogue and Industry-Driven Innovation on Day 1

    Source: Government of India

    Posted On: 24 APR 2025 8:30PM by PIB Mumbai

    Mumbai, 24 April 2025

     

    India Steel 2025 was inaugurated today at the Bombay Exhibition Centre with a dynamic Day 1 that set the tone for three days of ground breaking dialogues, collaborations, and innovations. The biennial event, jointly organized by the Ministry of Steel, Government of India, and FICCI (Federation of Indian Chambers of Commerce and Industry), has once again cemented its status as the country’s premier platform for the steel industry.

    The inaugural session was addressed by Hon’ble Prime Minister Shri Narendra Modi through a video message and he emphasized India’s strategic vision to enhance domestic steel production, reduce carbon emissions, and promote Make in India. The other key dignitaries part of the inaugural session included Shri Bhupathi Raju Srinivasa Varma, Minister of State, Ministry of Steel, Govt of India; Shri Lakhan Lal Dewangan, Hon’ble Minister of Commerce and Industry, Labour, Govt of Chhattisgarh, Shri Sandeep Pondrik, Secretary, Ministry of Steel, Govt of India; Shri Amarendu Prakash, Chairman, Steel Authority of India Ltd. (SAIL) and Chair- FICCI Steel Committee, Shri Anant Goenka, Senior Vice President, FICCI & Vice Chairman, RPG Group, and Dr. Edwin Basson, Director General, World Steel Association.

    During the day, important sessions were organized to discuss the potential, challenges and opportunities in the Indian steel sector and the road map to capitalize the international market.

    The session on ‘Viksit Bharat: Role of Steel Sector in Indian Economy’, a high-level panel comprising senior policymakers, economists, and industry leaders delved into the critical role of steel in realizing India’s $5 trillion economy vision which was moderated by Shri Anthony Crasto, Senior Partner, Deloitte. The session emphasized the sector’s potential to drive infrastructure, employment, and self-reliance under the Atmanirbhar Bharat initiative. Context to the session was set by Shri Amarendu Prakash, Chairman, SAIL whereas panelists H.E. Shri Mikhail Yurin, Deputy Minister, Ministry of Industry & Trade, Government of Russian Federation, Shri Ashwini Kumar, Economic Advisor, Ministry of Steel, Government of India, Shri Jayant Acharya, Joint Managing Director & CEO JSW Group, Shri Anthony Crasto, Senior Partner, Deloitte & Shri Hitoshi Kawano, CEO, Primetals Technologies India Ltd. shared their thoughts.

    The ‘CEOs Round Table’ was chaired by Shri Bhupathi Raju Srinivasa Varma, Hon’ble Minister of State for Ministry of Steel and Heavy Industries. Other key participants included Shri Sandeep Poundrik, Secretary, Ministry of Steel, Government of India, Shri Hemant Sharma, Additional Chief Secretary, Industries and MSME, Government of Odisha, Shri Ashish Chatterjee, Additional Secretary and Financial Advisor, Ministry of Steel, Government of India along with other govt officials, industry leaders who discussed on the current challenges and growth for the Indian steel sector.

    The ‘India–Russia Round Table’ served as a strategic platform for bilateral engagement between key stakeholders from both nations. The Indian delegation included senior officials such as the Secretary (Steel), Additional Secretary and Financial Advisor (AS&FA), Director General of BIS, Joint Secretaries (AN and VKT), the Director of SAIL, Chairmen and Managing Directors of NMDC and MECON, as well as top leadership from major private sector players including Tata Steel, AMNS, JSW, JSPL, JSL, and other prominent industry members. On the Russian side, the delegation was led by H.E. Shri Mikhail Yurin, Deputy Minister, Ministry of Industry and Trade, along with Shri Bobylev Petr, Director, Coal Industry Development, Ministry of Energy. The round table also included key trade representatives: Shri Evgeny Griva, Shri Mamed Akmedov, Shri Andrey Podchufarov, Shri Artem Ukolov, and Shri Vladislav Dmitriev, Head of the Chamber of Commerce and Industry of the Russian Federation. The discussion centered on enhancing bilateral cooperation in the steel and mining sectors, fostering joint ventures, and exploring new avenues for technology transfer and trade facilitation.

    With participation from over 250 exhibitors across 15 countries, the exhibition hall buzzed with activity, showcasing cutting-edge equipment, automation solutions, and sustainable product lines. Delegates explored advances in AI, robotics, and materials science that are shaping the future of steel.

    The Day-2 of India Steel 2025 will witness the presence of Shri Piyush Goyal, Minister of Commerce & Industry, Govt of India; Shri Dharmendra Pradhan, Minister of Education, Govt of India; Shri Ashwini Vaishnaw, Minister of Railways, I&B and Electronics & Information Technology, Govt of India; Shri Pralhad Joshi, Minister of New & Renewable Energy, Govt of India; along with Shri Mohan Charan Majhi, Chief Minister of Odisha; to address the industry leaders, delegates along with exhibitors  on various sessions on infrastructure, export strategies, and skill development. Networking events and B2B meetings are also scheduled to drive cross-border collaboration and business growth.

    India Steel 2025 continues through April 26, offering a comprehensive platform for stakeholders to engage, ideate, and lead the way forward.

     

    * * *

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Adjustment in ceiling prices for dedicated LPG filling stations in May 2025

    Source: Hong Kong Government special administrative region

    Adjustment in ceiling prices for dedicated LPG filling stations in May 2025 
         A department spokesman said that the adjustment on May 1, 2025, would reflect the movement of the LPG international price in April 2025. The adjusted auto-LPG ceiling prices for dedicated LPG filling stations would range from $3.67 to $4.59 per litre, amounting to a decrease of $0 to $0.01 per litre.
     
         The spokesman said that the auto-LPG ceiling prices were adjusted according to a pricing formula specified in the contracts. The formula comprises two elements – the LPG international price and the LPG operating price. The LPG international price refers to the LPG international price of the preceding month. The LPG operating price is adjusted on February 1 and June 1 annually according to the average movement of the Composite Consumer Price Index and the Nominal Wage Index.
     
         The auto-LPG ceiling prices for respective dedicated LPG filling stations in May 2025 are as follows:
     

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: 2025 Voter Registration Campaign launched (with video)

    Source: Hong Kong Government special administrative region

    2025 Voter Registration Campaign launched (with video) 
         A spokesperson for the REO said, “The REO encourages eligible persons to submit applications for new registration as GC electors or change of voter registration particulars through ‘iAM Smart’. They may also provide/update their mobile phone number and email address, and check their voter registration status through ‘iAM Smart’.”
     
         Members of the public who are newly registered as GC electors or registered electors who need to update their residential address must submit to the REO an address proof. They should also provide their phone number and email address for the REO to facilitate contact. Applicants who are the registered occupants of public rental housing under the Housing Department or subsidised housing under the Hong Kong Housing Society are not required to submit any address proof.
     
    “Under no circumstances would the REO require the provision of address proof with personal bank information. Members of the public shall remain vigilant in avoiding fraud,” the spokesperson reminded. 
         Announcements in the Public Interest of the Voter Registration Campaign will run on television, radio, online platforms and various venues such as housing estates and government buildings starting from today. The relevant information will also be publicised through banners, posters, social media platforms, websites, and mobile applications, and displayed in the public transportation system, such as on bus and tram bodies, in MTR stations and at bus shelters. The Ballot Box Family mascots, comprising the Blue Ballot, Red Ballot and Grandpa Ballot, are well received by members of the public and designed with ballot boxes as the concept. The mascots have been adopted for publicity in this year’s Voter Registration Campaign to present the Campaign’s messages in an engaging manner and motivate the public to register.Issued at HKT 13:50

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  • MIL-OSI Asia-Pac: 15.43 lakh new workers enrolled under ESI Scheme in the month of February, 2025

    Source: Government of India

    15.43 lakh new workers enrolled under ESI Scheme in the month of February, 2025

    7.36 lakh young employees upto the age group of 25 years constitute new registrations

    3.35 lakh female employees enrolled in the ESI Scheme

    23,526 new establishments registered under ESI Scheme in the month of February, 2025

    74 transgender employees registered under ESI Scheme in February, 2025

    Posted On: 25 APR 2025 11:08AM by PIB Delhi

    The provisional payroll data of ESIC reveals that 15.43 lakh new employees have been added in the month of February, 2025.

    23,526 new establishments have been brought under the social security ambit of the ESI Scheme in the month of February, 2025 thus ensuring social security to more workers.

    Head

    Feb 2024

    Feb 2025

    Growth

    Number of all existing employees who paid contribution during the month

    2,91,38,395

     

    2,97,04,614

    5,66,219

     

    Through the data, it is noticeable that out of the total 15.43 lakh employees added during the month, 7.36 lakh employees amounting to around 47.7% of the total registrations belong to the age group of upto 25 years.

    Also, the gender-wise analysis of the payroll data indicates that net enrolment of female members has been 3.35 lakh in February, 2025. Besides, a total of 74 transgender employees have also got registered under ESI Scheme in the month of February, 2025 which attests the commitment of ESIC to deliver its benefits to every section of the society.

    The payroll data is provisional since the data generation is a continuous exercise.

    ****

    Himanshu Pathak

    (Release ID: 2124205) Visitor Counter : 69

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  • MIL-OSI Asia-Pac: OPENING OF THE 26TH SAMOA GAME FISHING TOURNAMENT- SIGFA HEADQUARTERS,

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    KEYNOTE ADDRESS by the Prime Minister Hon. Fiame Naomi Mataafa [Saturday, 5th April 2025]

    Talofa lava, and a warm welcome to our distinguished Guests, Captains, Crews and Supporters gathered here for the 26th Annual Samoa International Game Fishing Tournament.

    This year we are honoured to host an impressive overseas representation of boats including 5 from New Zealand, 6 from American Samoa, 1 from Tonga not to mention a very impressive local representation of 17 boats flying the Samoan Flag.

    Unlike last year, this year‘s tournament is doubling as the Inaugural Neptune Pacific Direct Line (NPDL) Pacific Islands Game Fishing Tournament. This is the first of its kind in the Pacific. After Samoa, the boats are off to American Samoa then to Tonga for the final leg.

    Over the next week of competition friendships will be forged and stories will be told over a few cleansing ales. Stories of how you landed the big one and stories of how you dropped the big one. The latter being where tall tales associated with fishing come from. Only you and your crew know so this can be embellished to no end. The fish can be as big as you say it was and no one can argue.

    For our overseas guests I hope that you will take some time to explore our Beautiful Samoa. Experience our culture, our people and our diverse landscapes.

    In closing I wish to congratulate the President, Vaughan Simpson, and SIGFA for putting together yet another great event, and in particular for initiating the first ever Pacific Islands Fishing Tournament!

    For all the participants may your lines be tight and the fish aplenty. Be safe and I wish you all the best of luck.

    Fa’afetai tele lava, and let the 26th Samoa International Game Fishing Tournament begin!

    SOIFUA.

    Photo by the Government of Samoa (Peseta Tusiga Taofiga)

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  • MIL-OSI Asia-Pac: Tenders for operation and management contracts of Light Public Housing invited

    Source: Hong Kong Government special administrative region

         The Housing Bureau (HB) today (April 25) invites tenders for two operation and management contracts of the Light Public Housing (LPH), and encourages capable and experienced organisations to participate.
     
         The first contract covers the four school conversion projects located at Shun On Road, Choi Yuen Road, Shun Lee Tsuen Road and Chuk Yuen Road respectively (i.e. the Mission Covenant Church Holm Glad No. 2 Primary School in Shun On Estate, Kwun Tong; Tung Wah Group of Hospitals Ma Kam Chan Memorial Primary School (Choi Yuen Annex) in Choi Yuen Estate, Sheung Shui; Carmel Leung Sing Tak School in Shun On Estate, Kwun Tong; and Baptist Rainbow Primary School in Chuk Yuen South Estate, Wong Tai Sin), the conversion works of which will be completed in two phases. The first phase covers the two projects at Shun On Road and Choi Yuen Road, which will provide about 130 and 110 units respectively, and are expected to be completed in the fourth quarter of this year. The second phase covers the two projects at Shun Lee Tsuen Road and Chuk Yuen Road, which will provide about 110 and 105 units respectively, and are expected to be completed in the first quarter of 2027. The second contract covers the project at Sheung On Street, Chai Wan, which will provide about 1 720 units and is expected to be completed in the second quarter of next year.
     
         A spokesperson for the HB said, “The four school conversion projects are packaged into one single contract, taking into account that these four projects are relatively smaller in scale. By engaging a single operating organisation for the overall operation and management, resources can be shared among the projects to enhance cost-effectiveness.”
     
         Same as the contracts already awarded, the operation and management services for the LPH not only cover occupant management, property management and daily maintenance, but also the provision of social services, as well as the management and operation of ancillary facilities, etc. To encourage participation of different stakeholders in the community, the HB welcomes tenders from all capable and experienced service providers, including non-government organisations and those with a valid property management company licence, or collaborations between them.
     
         To ensure service quality, the HB will carry out technical assessments based on a series of factors, including the management capability, relevant experience and past service performance of the organisations, as well as the proposed modes of operation and management, social services to be provided, feasibility of exit plan and use of innovation and information technology as stated in their proposals, so that the facilities and services of the LPH can meet the needs of the residents and the local community. The tender price will then be evaluated to form a consolidated assessment to decide on the most suitable organisation for operating the LPH.
     
         Tenant intake for the first LPH project at Yau Pok Road, Yuen Long, which provides about 2 100 units, already commenced on March 28 this year by phases. It is managed and operated by the Pioneer Management Limited – Tung Wah Group of Hospitals Joint Venture. The second operation and management contract, which covers the two LPH projects at Choi Hing Road and Choi Shek Lane, Ngau Tau Kok (i.e. the former St Joseph’s Anglo-Chinese School), providing about 2 290 and 148 units respectively, has been awarded to the Easy Living Consultant Limited and Yan Chai Hospital Joint Venture. The two LPH projects are to be completed by late June this year and the first quarter of next year respectively. The HB is now evaluating tenders for the third and fourth operation and management contracts covering the LPH projects at Tsing Fuk Lane, Tuen Mun (i.e. Tuen Mun Area 3A) and Olympic Avenue, Kai Tak (Phase 1), which will provide about 1 900 and 3 000 units respectively, with tenant intake anticipated in the fourth quarter of this year.
     
         The spokesperson said, “Under the leadership of the HB, the brand new operation and management model of the LPH has entered into a new stage, with intake for the first LPH project commenced in late March on a gradual basis. Through the provision of an improved living environment, better living facilities, lower rent, larger units and a series of social services, those with the most pressing needs in society can receive practical assistance and enhance their sense of happiness and sense of gain. At the same time, the LPH can suitably serve as an adequate housing option for the tenants of subdivided units (SDUs) in need. Along with transitional housing and the various traditional public rental housing projects to be completed in the coming few years, the Government will have the fundamental strength to effectively and accurately address the problem of SDUs in Hong Kong. To this end, we hope that experienced and aspirational organisations can participate in the tender exercises and join hands with us in this large-scale social project.”
     
         Interested organisations may download the tender documents via the relevant tender notices on the HB’s website (www.hb.gov.hk) or from the e-Tendering System; or contact the Dedicated Team on Light Public Housing under the HB for obtaining the tender documents. The Tender Reference for the Shun On Road; Choi Yuen Road; Shun Lee Tsuen Road and Chuk Yuen Road LPH projects is HB2025/OPR-LPH-VSP, while the Tender Reference for the Sheung On Street, Chai Wan LPH project is HB2025/OPR-LPH-CW.
     
         Tenderers must submit the tenders by noon on June 13, 2025 (Friday), either electronically via the e-Tendering System or by deposit in the Government Secretariat Tender Box situated at Lobby of the Public Entrance on Ground Floor, East Wing, Central Government Offices, 2 Tim Mei Avenue, Tamar. Late tenders will not be accepted.

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  • MIL-OSI Asia-Pac: More Hong Kong Reading Week highlight activities to be held this weekend

    Source: Hong Kong Government special administrative region

    More Hong Kong Reading Week highlight activities to be held this weekend 
         The public libraries in Guangdong, Hong Kong and Macao earlier organised the 4.23 World Book Day Creative Competition under the same theme “Reading – My Travel Buddy”. The HKPL will hold a prize presentation ceremony at the HKCL tomorrow to commend participants from Hong Kong who excelled in the competition.
     
         In addition, a series of fun day activities suitable for people of all ages will be available at the HKCL on Saturday and Sunday. The activities include the “Next Station: Conservation” interactive talks tomorrow, where educators from Ocean Park Hong Kong will explore interesting facts about animals with participants, share the experiences of animal caretakers for giant pandas, and talk about a book titled “Whiskers and Friends: Polar Sports Challenge” to provide tips on energy saving and alleviating global warming.
     
         The “Understanding Pandas” workshop will be held on Sunday, where educator Tang Man-hon (STEM Sir) will explore with audiences the lives of giant pandas and the threats to their habitats. Renowned landscape photographer Kelvin Yuen will conduct an “On the Road” photography sharing session on the same day, discussing the creative process behind his works and the challenges encountered. Works by Yuen and winners of the Matching Quotes with Snapshots Competition will also be on display at the HKCL. Other activities include workshops on Chinese tea culture appreciation, mosquito-repelling fragrant sachet making, plant rubbing and dyeing, Zentangle art, tag making, and more.
     
         In collaboration with Bring Me A Book Hong Kong, the HKPL will hold REadCONNECT family activities at the HKCL on Sunday, including creative book-making workshops and “Author Meets and Greets” sessions hosted by picture book authors Rachel Ip, Shana Cheung, Benny Lau and Bonnie Pang. The authors will share how their observations of daily life inspire their works.
     
         The Pop-up Library@Hong Kong Reading Week will be held at D·PARK in Tsuen Wan on Sunday. Author Rap Chan, Korean culture and travel writer Joyce Cheuk, content creator SaiDorSi, and writer Christine Cappio will share their life stories and selected books on “soul empowerment”, accompanied by live music and sand painting performances. There will also be activity booths, including scented bookmark making and a virtual reality tour of the natural landscape and cultural attractions of China. The Library-on-Wheels outreach truck will be stationed outside D·PARK to provide a book-lending service, and members of the public can experience the convenience of the easy-to-use self-checkout service.
     
         Selected public libraries across Hong Kong will continue to have special decorations on Saturday and Sunday to create a fun-filled reading space. Workshops such as storytelling, landscape sketching, and making aroma stones will be held. Photo taking booths will be available at some selected public libraries for patrons to create travel-themed postcards.
     
         The HKRW is being held from April 19 to 27. Under the theme “Zoom/LIBRARY”, the HKRW holds about 450 online and on-site events to foster a reading habit among the public. All activities of the HKRW are free of charge, while seat reservations are required for some events. For details, please visit the website: www.hkpl.gov.hk/hkrwIssued at HKT 11:30

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  • MIL-OSI Asia-Pac: KEEL LAYING OF FOURTH NEXT GENERATION OFFSHORE PATROL VESSEL YARD (3040)

    Source: Government of India

    Posted On: 25 APR 2025 8:23AM by PIB Delhi

    Keel laying ceremony for Yard 3040, the fourth (ex-GRSE) Next Generation Offshore Patrol Vessel (NGOPV), was held at Garden Reach Shipbuilders & Engineers Ltd (GRSE) in Kolkata, on 24 Apr 25.

    The ceremony was attended by Vice Admiral Rajaram Swaminathan, Controller of Warship Production & Acquisition, as the Chief Guest. Cmde PR Hari (Retd), Chairman and Managing Director of GRSE, along with other senior officials from the Indian Navy and the shipyard, were also present.

    This milestone marks a significant step forward in the construction of the NGOPV, further showcasing India’s indigenous shipbuilding capabilities.

    The contracts for indigenous design and construction of eleven Next Generation Offshore Patrol Vessels (NGOPV) were concluded on 30 Mar 23 with Goa Shipyard Ltd (GSL), Goa and Garden Reach Shipbuilders and Engineers (GRSE), Kolkata, with seven ships to be constructed by Lead Shipyard GSL and four ships by Follow Shipyard GRSE.

    The NGOPVs, with an approximate tonnage of 3000T, are designed for Coastal Defence & Surveillance, Search & Rescue operations, Protection of Offshore Assets and Anti-Piracy missions. Keel Laying of the vessel marks a significant milestone in the overall project timeline. The eleven NGOPVs are being built in consonance with the nation’s vision of ‘Aatmanirbhar Bharat ‘ and ‘ Make in India‘ and are poised to augment the Indian Naval maritime prowess.

    *****

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  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi termed the steel sector as the “foundation of India’s growth” and the one writing the “story of change”

    Source: Government of India

    Posted On: 24 APR 2025 8:27PM by PIB Mumbai

    Mumbai, 24 April 2025

     

    Addressing a gathering electronically at the India Steel 2025, PM Modi said that he hoped the event would prove to be a new launch pad for sharing new ideas, forge partnerships and boost innovation. “This event will become the foundation of a new chapter in the steel industry.

    “The role of steel in all developed economies has been like a skeleton. Be it sky-scarpers, highways, high speed trains, smart cities, industrial corridors…every success story is backed by the strength of steel,” PM Modi said. He said that the country was taking steps to become a USD 5 trillion economy. “The steel industry will play a crucial role in achieving this target. We are proud that India is now the second biggest steel producer in the world,” he said, underscoring how his government formulated the steel policy envisaging production of 3 million tonnes of steel by 2030. The per capita consumption of steel at present is 98 Kg, which is expected to rise up to 160 Kgs by 2030.

    “The increase in steel consumption signals the direction of the country’s growth, its efficiency and effectiveness,” he said, adding that the steel industry was full of new hopes and ideas. “Today country has the base of PM Gati Shakti and national masterplan,” he said, highlighting how the various utility services and logistic nodes were integrated under PM Gati Shakti. Likewise, he said, the various mine areas and steel units were being mapped for multi-model connectivity.

    “This is the reason why government initiatives have the largest proportion in steel consumption,” he said. The PM said that the steel policy of the government was enabling other industries to become globally competitive. “Our manufacturing, construction and automobile sectors are gaining strength from the steel industry,” he said, adding that the government has tried to give impetus to Make In India by announcing the National Manufacturing Mission. “This mission will boost the small, medium and large industries besides opening new avenues for the steel industry,” he said.

    “We are moving with the goal of building modern and large ships in the country. Our target is that other countries of the world should also buy the steel made in India. Similarly, the demand for pipelines, grade steel and corrosion registered alloys is also increasing in the country. Today, the railway infrastructure in the country is also being developed rapidly,” he said.

    The PM said that there should be a goal for all such needs. “We are aiming to export 25 million tons of steel. We are also working to reach our capacity of 500 million tons by 2047. But for this it is necessary that our steel sector is ready for new processes, new growth and new scale. We have to keep the future in mind and update ourselves,” he said.

    “There are infinite possibilities of employment generation in the growth potential of the steel industry. I appeal to both the private and public sectors to develop new ideas, nurture them and share them. We need to move ahead together in the modern technology upgrade in manufacturing. We have to create as many new employment opportunities as possible for the youth of the country,” he said, adding that there were some challenges in the development journey of the steel industry and it is necessary to solve them to move ahead.

    The PM said that if the global partners and Indian companies work together in this direction, then various challenges will be resolved faster.

    In the last 10 years, the country has taken strides in mining. “Now it is very important to use these allotted mines and the resources of the country properly and on time. The more delay there is in this, the country will suffer losses and the industry will also suffer losses,” he said, stressing on acceleration of green field mining.

    Shri Bhupathi Raju Srinivasa Varma, Minister of State, Ministry of Steel said, “Steel industry is a pivotal pillar of India’s economic expansion, contributing nearly 2% of GDP. As we strive towards becoming a US $ 5 Trillion economy, the sector’s role in infrastructure, manufacturing and exports will only become indispensable. Every investment in steel fuels a ripple effect across allied industries, strengthening our economic foundation and manufacturing excellence.”

    Shri Lakhan Lal Dewangan, Hon’ble Minister of Commerce and Industry, Labour, Chhattisgarh highlighted the important role of his state in Indian Steel Industry stating, Chhattisgarh has long been the backbone of India’s steel industry, contributing significantly to the nation’s production capacity and industrial growth. India Steel 2025 is a timely platform to showcase the immense potential of our state—not only as a leading steel-producing region but also as an emerging hub for green manufacturing and value-added steel products. With the strong support of central government initiatives such as the PM Gati Shakti programme, the National Steel Policy, and Production Linked Incentive (PLI) schemes, Chhattisgarh is rapidly enhancing its infrastructure, attracting new investments, and creating skilled employment opportunities.”

    Shri Sandeep Pondrik, Secretary, Ministry of Steel highlighted the importance of the Indian steel industry. He said, “For the last four years, India has been growing in double digit, perhaps the only major economy which is growing at such a rate. We are not only growing, we will continue to grow for a foreseeable future.  He further added that this growth is happening because of growing steel consumption. In the last 10 years we have doubled the consumption and that is why the steel industry is seeing a positive side. Another factor is our per capita consumption is growing- we have crossed 100 KGs per capita consumption and we are hoping to cross 160 KGs per capita consumption in next 4/5 years.

    Shri Amarendu Prakash, Chairman, Steel Authority of India Ltd. (SAIL) highlighted the importance of India Steel 2025.  He said “India Steel 2025 is not just an exhibition—it is a strategic platform that underscores India’s rising stature in the global steel landscape. As we continue to strengthen our capabilities and expand our global footprint, forums like India Steel provide the perfect opportunity to engage with international partners, showcase our technological advancements, and reaffirm our commitment to nation-building through steel.”

    Shri Anant Goenka, Senior Vice President, FICCI & Vice Chairman, RPG Group said, “The steel industry today serves as a critical catalyst for advancing multiple national priorities. Its growth generates a multiplier effect on manufacturing, industrial and economic growth. To support the growth of the steel industry, it is essential to address certain challenges like financing of capacity augmentation, dumping, cost competitiveness and regulatory pressure around decarbonization as we transition to green steel.

    Dr. Edwin Basson, Director General, World Steel Association said, “India is the second largest steel producer and user, which means what happens here in India is important on a global basis and is also important for the global steel industry. It is indicative of India’s status as a developing economy. Steel industry is an enabling industry, for every 1 US dollar of income generated in the steel industry, there is another 5$ USD generated elsewhere in the economic system.

    He also highlighted the challenges faced by the industry such as maintaining the level playing field, decarbonization and last but not the least is human challenge. India can play a major role in combating all these challenges.

    With India now the second-largest producer of steel globally, India Steel 2025 serves as a vital convergence point for domestic and international stakeholders to explore investment opportunities, forge partnerships, and accelerate the industry’s contribution to India’s economic growth.

     

    * * *

    PIB Mumbai | T.Jadhav/ D.Rane

    Follow us on social media: @PIBMumbai    /PIBMumbai     /pibmumbai   pibmumbai[at]gmail[dot]com  /PIBMumbai     /pibmumbai

    (Release ID: 2124170) Visitor Counter : 94

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  • MIL-OSI Asia-Pac: CABINET RE-APPOINTS TO’OALA ELITA AS M.P.E. CHIEF EXECUTIVE

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    (GOVT. PRESS SECRETARY]- To’oala Elita To’oala, will continue as the Ministry of Public Enterprise Chief Executive Officer per Cabinet approval this week.

    A Samoa College alumni To’oala completed her Undergraduate Degree in Business Studies at the University of the South Pacific (USP) in Fiji complemented by a Bachelor of Commerce from the National University of Samoa (NUS) and Masters in Business Studies with the University of Western Sydney, Australia.

    This will be her 4th consecutive three year term in office.

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  • MIL-OSI Asia-Pac: HE INDEPENDENT STATE OF SAMOA EXHIBITS ITS PAVILION WITH THE THEME OF “EMPOWERING LIVES” AT EXPO 2025 OSAKA, KANSAI, JAPAN

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    [PRESS RELEASE 11 April 2025] – The Independent State of Samoa is proud to announce its participation in the Osaka, Kansai Expo 2025, where it will present its Exhibit under the shared Pavillion theme “Empowering Lives” in the Commons A Pavilion. Visitors will have the chance to engage with Samoa’s rich heritage and experience its world renowned hospitality.

    ■Background of the Theme

    Samoa’s Exhibition theme, “Fostering Inclusive Prosperity through enhanced access to opportunity for the people of Samoa,” aligns with its national vision of advancing opportunities for all, particularly women and youth, while strengthening spiritual, cultural, and leadership development. People empowerment is at the heart of Samoa’s national development, promoting social harmony, inclusion, gender equality, and support for the most vulnerable.

    The Samoa Exhibit will offer an immersive experience highlighting three main components:

    1. Samoan Culture, People and Way of Life

    2. Investment and Business Opportunities

    3. Sustainable Tourism Promotion

    The overarching EXPO theme ‘Designing Future Society for our Lives’ underscores the importance of resilience, innovation, and sustainable development. Samoa’s participation will also emphasize the significance of land and marine conservation in ensuring food security and economic growth for small island nations.

    Samoa’s Exhibits aspires to showcase its key national priorities while fostering cross cultural exchanges. Bysharing its rich traditions and development journey, Samoa seeks to learn from other participants and inspire global collaborations.

    ■Exhibit Highlights

    Visitors to the Samoa Exhibit will experience:

    – A curated collection of cultural artefacts and locally made products such as beverages, handcrafted items, textiles, organic personal care products, and local business merchandise.

    – Visual displays including images, banners, and videos showcasing Samoa’s vibrant culture, craftsmanship, and economic potential.

    – Interactive engagements with exhibit staff to learn more about Samoa’s initiatives and opportunities for investment, trade, and tourism.

    ■Samoa’s National Day Celebrations

    Samoa’s National Day at the Expo will be celebrated on 8th June 2025, from 11:00 AM to 12:00 PM at the National Day Hall (‘Ray Garden’), featuring traditional siva (dance) performances by the Samoa Tourism Authority’s Dance Group. Additional cultural and promotional activities will be held at the following times and locations:

    – 8th June 2025: 5:00 PM 8:00 PM at National Day Hall (Ray Garden)

    – 9th 10th June 2025: 12:00 PM 3:00 PM at Inner East Pop up Stages

    ■Discover Samoa

    Samoa, a tropical island in the South Pacific, is celebrated for its breathtaking rainforests, pristine beaches, and warm hospitality. With a population of approximately 220,000, Samoa consists of nine islands spanning 2,842 square kilometers, with Apia as its capital city. Known as the “Cradle of Polynesia,” Samoa maintains a strong cultural heritage rooted in the Fa’a Samoa way of life.

    The economy is driven by agriculture, fisheries, remittances, and tourism, with key exports including coconuts, taro, and fresh seafood. As a parliamentary democracy, Samoa prioritizes sustainable development, environmental preservation, and community empowerment. Notably, Samoa was the first Pacific nation to gain independence in 1962 and made history as the first Pacific Island nation with a female Prime Minister, Hon. Fiame Naomi Mata’afa, who took office in 2021.

    Samoa invites all visitors to explore its Exhibition Booths at the Osaka, Kansai Expo 2025 and experience the essence of its culture, resilience, and vision for the future.

    Expo Site

    https://www.expo2025.or.jp/expo

    END.

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  • MIL-OSI Asia-Pac: RECEPTION HOSTED BY THE AMBASSADOR OF SWITZERLAND, HE VIKTOR VAVRICKA

    Source:

    REMARKS by the Prime Minister of the Independent State of Samoa, Honourable Fiame Naomi Mata’afa [Wednesday 9 April, 2025]

    Pastor Samoa Unoi,

    Your Excellency, Viktor Vavricka and your good lady,

    Members of the Diplomatic Corps,

    Ladies and Gentlemen,

    Talofa and a pleasant good evening to you all.

    It is a pleasure to join you this evening to celebrate the growing relations between Samoa and Switzerland. In that regard let me extend a very warm welcome to Your Excellency, Ambassador Viktor Vavricka and your good lady. I also congratulate you on your accreditation yesterday as the Ambassador of the Swiss Confederation to Samoa.

    We look forward to working closely with you to further strengthen the connections between our two nations.

    Samoa and Switzerland have enjoyed cordial relationship over four decades underpinned by mutual respect and our shared aspirations for sustainable development.

    Switzerland’s invaluable support has played a crucial role in advancing Samoa’s interests on the global stage. We acknowledge Switzerland’s financial assistance to support the establishment in 2022 of Samoa’s Embassy and Permanent Mission in Geneva, which serves as a vital platform for multilateral diplomacy to engage especially with UN agencies such as WTO, Human Rights, FAO and UNESCO.

    Your country’s generosity in this regard reflects its steadfast commitment to supporting small island developing states in amplifying their voices in the international arena.

    Switzerland’s contribution and investment in the Green Climate Fund GCF) and the Asian Development Bank (ADB) has benefitted Samoa through climate resilient projects for Small island developing states. These projects have continued to significantly assist Samoa in building resilience against climate change, promoting sustainable economic growth, and enhancing our disaster preparedness.

    Excellency, it would be remiss of me not to acknowledge the contribution made by Mrs. Sylvie Salanoa as the Swiss Honorary Consul to Samoa especially through Switzerland’s small grant aid which has benefitted our local community. Her dedication has added to fostering stronger ties between our two nations.

    Excellency, I am assured that your tenure as the Ambassador of Switzerland to Samoa will present new opportunities for collaboration and sustained progress in our relations.

    Ladies and gentlemen, please join me in proposing a toast: “To the close and enduring relations between Samoa and Switzerland”.

    Soifua and God bless.

    Photo by the Government of Samoa (Peseta Tusiga Taofiga)

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  • MIL-OSI Asia-Pac: HON. PRIME MINISTER FIAME NAOMI MATAAFA MEETS WITH TAIALA YOUTH EXCHANGE PROGRAM

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    [PRESS RELEASE Apia Samoa, 10th April 2025] – The Taiala Youth Exchange Program, a cultural and leadership initiative led by Brown Girl Woke and Samoan Solutions, was honored to meet with the Honorable Prime Minister Fiame Naomi Mataafa on April 10, 2025, at the Prime Minister’s Office in Apia.

    The meeting brought together Samoan diaspora youth and national leadership to discuss service, identity, and the importance of reconnecting to Fa’aSamoa.

    At 11:33 a.m., the Prime Minister was formally welcomed in Samoan by Jocelynette Leilua, Program Manager of Brown Girl Woke. The youth were introduced and acknowledged for their work and commitment to their cultural roots.

    The Prime Minister shared her reflections on leadership, shaped by the legacy of her mother and aunties—women who modeled integrity and service in governance.

    After receiving her matai title at age 20, her political career began shortly after, grounded in education, faith, and community.

    Youth Questions & Prime Minister’s Reflections

    1. Donnavyn Tuitele: Who were your role models and mentors?

    Fiame: “My mother, my aunties, and the women in my community. They didn’t call themselves mentors, but they always told me what to do. I was raised by strong women who were midwives, teachers, and community leaders.”

    2. Nerisa Tuaua: Did you feel pressure to enter politics because of your family’s legacy?

    Fiame: “No, I always had an interest in politics. But things happened faster than I expected. When my father passed away, it shifted everything. I received my matai title at 20, and my leadership path began from there.”

    3. Alexandria Saelua: How do you care for your own mental health while serving Samoa?

    Fiame: “Mental health is so important. We don’t talk about it enough here. There’s only one mental health organization in Samoa, and a small hospital unit. I try to reflect, stay close to nature, and surround myself with positive people. Rest and prayer help ground me.”

    4. Manalita Sagote: What do you consider your greatest accomplishment?

    Fiame: “Serving in the Ministry of Education and rebuilding after the cyclones. We had to redesign the curriculum to support bilingual learning—keeping Samoan language strong while teaching

    English.”

    5. Epi Aumavae: What message do you have for diaspora youth trying to reconnect to Samoa?

    Fiame: “You can’t make up identity—it has to be lived. But you can build it. If our young people are supported where they are, they’ll carry Samoa with them. If not, we need to welcome them back with open arms and strong culture.”

    6. Why Taiala Matters

    a) Maluseu Doris Tulifau, founder of Brown Girl Woke, shared:

    “Brown Girl Woke was created in Samoa as a safe space for diaspora Samoans who carry a deep desire to return—not just to reconnect, but to serve with humility.

    Coming home isn’t always easy, but it’s necessary. Taiala helps bridge that journey. It allows us to ground our experiences in Fa’aSamoa, and to give back in a way that honors both where we come from and what we’ve learned. This exchange reminds us there is always room to return, to listen, and to serve with grace.”

    b) Epi Leone Aumavae, founder of Samoan Solutions and Taiala Program Coordinator, added:

    “Taiala was created to help our youth find their identity by learning about being samoan —not just by blood, but through culture, language, and service. We come back to Samoa because this is where we’re reminded who we are. For so many diaspora youth, that connection has been broken or never fully formed. This exchange gives them a path—not just to visit, but to belong.”

    Brown Girl Woke & Samoan Solutions Leadership

    1. Maluseu Doris Tulifau – Founder, Brown Girl Woke

    2. Jocelynette Leilua – Program Manager, Brown Girl Woke

    3. Prince Lalovi – Cultural Program Assistant, Brown Girl Woke

    4. Epi Leone Aumavae – Founder, Samoan Solutions & Taiala Program Coordinator

    2025 Taiala Youth Delegation

    1. Lulani Jolee Tafilele Moors

    2. Donnavyn Iliganoa Fatumalala Tuitele

    3. Nerisa Anita Tuaua

    4. Manalita Akenese Sefulu Sagote

    5. Charmaine Susana Ah Kuoi – Sanft, Chaperone

    6. Aaliyah Puataunofo Aumavae, Media Team Lead

    7. Alexandria Laloifi Saelua, Mental Health Educator & Facilitator

    7) A Cultural Homecoming

    Prime Minister Mataafa left the youth with a reminder that identity is not fixed—it is something we choose to honor and carry.

    “E matitiva fa’afesaga’i.”

    “Even in poverty, be gracious, be generous, and stay connected to others.”

    She explained that poverty is not only material, but emotional and spiritual—and in moments of disconnection, we must still choose compassion and community.

    Taiala is more than a program. It is a cultural homecoming, a bridge between generations, and a living example of how young Samoans across the globe are returning with purpose.

    For media inquiries, partnerships, or to support the next Taiala cohort:

    Brown Girl Woke | browngirlwoke.com

    Samoan Solutions | samoansolutions.org

    ENDS.

    Photos by the Government of Samoa (Peseta Tusiga Taofiga)

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  • MIL-OSI Asia-Pac: Union Minister of State for Finance Shri Pankaj Chaudhary presides over Passing Out Parade of 75th batch of 42 Indian Revenue Service (Customs & Indirect Taxes) officer trainees at NACIN, Palasamudram

    Source: Government of India

    Union Minister of State for Finance Shri Pankaj Chaudhary presides over Passing Out Parade of 75th batch of 42 Indian Revenue Service (Customs & Indirect Taxes) officer trainees at NACIN, Palasamudram

    Confident that new batch of officers will advance vision of Viksit Bharat by promoting economic progress and social equality: MoS Shri Pankaj Chaudhary

    CBIC Chairman urges officers for balance between enforcement and facilitation, encouraging officers to lead with empathy, confidence, and discipline

    Public servants must remain accessible, fair and citizen-centric in their conduct: CBIC Member

    The 75th batch is the first to undergo entire Foundation Training at the newly-developed NACIN Palasaudram campus: DG NACIN

    Five exceptional performers also earn gold medals in various benchmarked areas

    Posted On: 25 APR 2025 4:01PM by PIB Delhi

    Union Minister of State for Finance Shri Pankaj Chaudhary presided over the Passing Out Parade today as Chief Guest of the 75th batch of 42 Indian Revenue Service (Customs & Indirect Taxes) officer trainees, including 25 men and 17 lady officers at NACIN, Palasamudram.  Five officers are from the Royal Government of Bhutan were also part of the training programme. Also present were Shri Sanjay Kumar Agarwal, Chairman, CBIC, Ms Aruna Narayan Gupta, Member, CBIC, and Dr. M. Subramanyam, Director General, NACIN, along with senior officers of CBIC and dignitaries.

    The Passing Out Parade, National Academy of Customs, Indirect Taxes & Narcotics (NACIN), Palasamudram, marks the culmination of an intensive 18-month training programne and commences their journey as Karmayogi, dedicated to safeguarding India’s economic interests.

    The ceremony commenced with a solemn observance of mourning and tribute for the victims of the tragic Pahalgam incident, with officers and dignitaries stood in silence to honour victims’ memory.

    In his address on the occasion, Shri Chaudhary commended the batch’s achievements and emphasised their responsibility in building a transparent and accountable tax system.  Shri Chaudhary highlighted the role of IRS officers in economic growth and urged them to lead with courage and clarity. The Minister expressed confidence in their ability to advance the Government’s vision of Viksit Bharat by promoting economic progress and social equality.

    In his address, Shri Sanjay Kumar Agarwal, Chairman, CBIC, congratulated the 75th batch officers and outlined their pivotal role in revenue mobilisation, trade facilitation, and national development and urged them to stay updated, uphold integrity, and embrace digital transformation to serve efficiently. Shri Agarwal further urged them for a balance between enforcement and facilitation, encouraging officers to lead with empathy, confidence, and discipline.

    In her address, Ms. Aruna Narayan Gupta, Member, CBIC, stressed on ethical conduct, empathy and continuous learning, while underscoring “Sevabhav” as a foundational quality for IRS officers, urging them to approach their duties with empathy, humility and a service-oriented mindset. She emphasised that public servants must remain accessible, fair and citizen-centric in their conduct, reinforcing that serving people is at the heart of governance.

    In his address, Dr. M. Subramanyam, Director General, NACIN, congratulated the officers as they are the first batch to undergo their entire foundational training at the newly developed NACIN Palasamudram campus, making the occasion a historic milestone for the academy. Further emphasising adaptability, public service and the importance of integrity in shaping modern tax officers, he expressed pride in the academy’s evolving capabilities, highlighting its advanced training infrastructure and growing international collaborations.

    During the ceremony, the following exceptional performers of the 75th batch, were honoured with gold medals for their outstanding achievements:

    • Finance Minister’s Gold Medal: Awarded to Shri Sreekumar Ravindrakumar for achieving balanced excellence in academics, attendance and physical training.
    • Chairman’s Gold Medal: Awarded to Shri Abhishek Maji for securing the highest aggregate marks in written examinations.
    • Smt. Kaushalya Narayanan Memorial Gold Medal: Awarded to Ms. Pooja Barwal for her outstanding performance as the best lady officer trainee.
    • Director General’s Gold Medal: Awarded to Shri Shantanu Sunil Malani for consistent performance and excellent conduct throughout the training.
    • Shri N.K. Upadhyay Memorial Gold Medal: Awarded to Mrs Sathya Parvathy R for exemplary discipline, conduct and teamwork.

    The parade included a display of drills, showcasing the professionalism and discipline of the officers and also reaffirmed NACIN’s role as a world-class institution committed to excellence in training and nation-building. The event concluded with the officers taking a solemn pledge to uphold the values of integrity and service as they step into their roles as economic enablers and defenders of the nation.

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  • MIL-OSI Asia-Pac: ELECTRIC VEHICLE TRANSPORTATION FOR HOSPITAL OXYGEN SERVICES

    Source: Government of Samoa

    KEYNOTE SPEECH by the Minister of Works, Transport & Infrastructure – Hon. Olo Fiti Afoa Vaai [April 10, 2025]

    Your Excellency, Aliona Niculita, the Resident Representative of UNDP Samoa Country Office,

    Your Exellency, Ryotaro Suzuki, Ambassador, Government of Japan

    Distinguished Guests,

    Ladies and Gentlemen,

    I am indeed extremely privileged and humbled to address this important ceremony for the handing over of the much needed and immensely valued e-truck and charger to support the administration of TTM Hospital Oxygen Plants services and transportation of oxygen cylinders from our main oxygen plant here to other health facilities both in Upolu and Savaii.

    I believe this electric-truck is one of the e-vehicles procured under the Climate Action Pathways for Island Transport project implemented by the Government of Samoa through the leadership of the Ministry of Works, Transport and Infrastructure in close partnership with UNDP and funded by the Government of Japan.

    The procurement of this electric-truck is increasingly important for oxygen plant administration due to their potential to reduce emissions, lower operating costs and improve air quality, especially in areas where oxygen plants often operate.

    I applaud the fact that this is the first time ever that this electric truck has been specially manufactured and reconfigured to cater the need of MOH, for a specialized truck to transport oxygen cylinders from the TTM Hospital Oxygen Plant to rural health facilities.

    Most importantly, it is Samoa’s commitment to expected outcomes of the Pathway for the Development of Samoa 2021-2026 in placing emphasis on Samoa’s efforts towards decarbonization and enhancement of health services provision.

    On behalf of Samoa government and its people, I would like to take this opportunity to express my sincere gratitude to UNDP and Government of Japan for your never-ending support. This handover is another good example of how we can continue working together and fostering our partnership in finding solutions for challenges that confront the health of our people on a daily basis.

    I have no doubt that this pivotal assistance, will go a long way to save lives and improve the quality of life of all our people, by ensuring sufficient oxygen supplies to all health facilities in Samoa.

    To this end, I would like to reiterate my deepest appreciation to our development partners who had kindly provide this assistance for us, not forgetting our local counterparts who had worked together in facilitating and negotiation of such important assistance to support the provision of quality and safe health support services for our people.

    Ladies and gentlemen, it is my pleasure to celebrate with you this addition of e-vehicles provided by UNDP and Government of Japan through Climate Action Pathways for Island Transport project for Samoa, and look forward to receiving more e-vehicles in the coming years, and continue to receive more support from our partners to promote health and wellbeing of our people.

    Soifua ma ia manuia.

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  • MIL-OSI Asia-Pac: Fee schedule for public healthcare services gazetted to take effect on January 1 next year

    Source: Hong Kong Government special administrative region

    Fee schedule for public healthcare services gazetted to take effect on January 1 next year 
    The HHB spokesperson emphasised that the Government is implementing the healthcare system reform in a holistic manner, of which public healthcare fees and charges is an integral part. The reform will be based on five key principles:
     
    (i) Commitment will not be lessened: The Government’s commitment to public health will remain unchanged. All gains from the reform will be wholly utilised for public healthcare services; 
    (ii) Co-payment for those who can afford it and for those with mild conditions: The Government will reasonably expand and enhance the co-payment mechanism; 
    (iii) Enhancement and reduction: Protection for “poor, acute, serious, critical” patients will be enhanced, and wastage will be reduced; 
    (iv) High subsidisation: The high level of subsidy will be maintained after the reform, with the target of maintaining the 90 per cent overall public subsidisation rate; and 
    (v) Gradual and orderly progress: The objective will be achieved in a progressive and orderly manner in five years.  
    Following the announcement of the Public Healthcare Fees and Charges Reform on March 25, the HHB and the HA have been actively engaging with the Legislative Council, members of the public, and various stakeholders to explain the reform details and gather feedback on the reform direction. There is a consensus across society that Hong Kong’s current public healthcare subsidisation structure cannot cope with increasing service demands driven by demographic changes and healthcare developments. This necessitates reform of the public healthcare subsidisation structure to modify healthcare service utilisation patterns, achieve precise allocation of medical resources, reduce wastage and misuse of medical resources, and strengthen protection for those most in need.
     
    Apart from restructuring subsidisation levels for various services, the public healthcare fees and charges reform emphasises enhanced healthcare protection, including enhancing the medical fee waiver mechanism, introducing a cap on annual spending, and strengthening protection for patients with critical illnesses regarding drugs and medical devices. As such, public healthcare will be reinforced as a safety net for all, which is also becoming larger, more stable, thicker and denser, to enhance protection for “poor, acute, serious, critical” patients. It is expected that the enhanced medical fee waiving mechanism will expand eligible beneficiaries from 0.3 million to 1.4 million underprivileged individuals, while the annual spending cap will benefit 70 000 patients with serious illnesses. More patients with critical illnesses, including those from middle-income families, will receive subsidies for drugs and medical devices.
     
    The HA spokesperson said, “The HA’s next steps will focus on refining implementation measures to ensure the smooth execution of the reform, including streamlining application procedures for medical fee waivers and relaxing the eligibility criteria of means test for the Samaritan Fund safety net, and establishing information platforms to help members of the public understand and utilise the new healthcare protection measures starting next year. On April 28, the HA will launch a means test calculator on the HA website and mobile application ‘HA Go’ (See Attachment). By inputting information about household income and assets, members of the public can make a preliminary estimation of their eligibility for medical fee waiving and safety net applications under the new healthcare protection measures to be implemented next year.”
     
    The spokesperson added that the Primary Healthcare Commission (PHC Commission) will actively develop primary healthcare to complement the reform, encouraging appropriate utilisation of community primary healthcare networks. The HA will continue to increase the capacity of family medicine outpatient services, with a priority to serve underprivileged groups including low-income families and the elderly living in poverty. Through cross-district collaboration and flexible resource allocation, evening and holiday outpatient services will be increased, focusing on districts with high demand. The PHC Commission and the HA will also collaborate with private healthcare institutions to compile information about private hospitals and primary healthcare clinics providing evening and holiday services, making this information available through various channels including eHealth and at Accident and Emergency (A&E) departments to help members of the public access service options beyond A&E. Starting January 1 next year, when the new A&E fee ($400) takes effect, the HA will simultaneously regularise the special A&E refund arrangements. While waiting for consultation after triage nurses conduct triage and preliminary medical assessments, patients who choose to seek treatment at other healthcare institutions may apply for a $350 refund.
     
    The HA is also reviewing fees for non-eligible persons, private services in public hospitals, and remaining individual fee items for public healthcare services. Further announcements will be made upon completion of the review.
    Issued at HKT 18:40

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