Category: Banking

MIL-OSI: Brookline Bancorp Announces Second Quarter Results

Source: GlobeNewswire (MIL-OSI)

Net Income of $22.0 million, EPS of $0.25

Quarterly Dividend of $0.135

BOSTON, July 23, 2025 (GLOBE NEWSWIRE) — Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $22.0 million, or $0.25 per basic and diluted share, for the second quarter of 2025, compared to net income of $19.1 million, or $0.21 per basic and diluted share, for the first quarter of 2025, and $16.4 million, or $0.18 per basic and diluted share, for the second quarter of 2024. The Company reported operating earnings after tax (non-GAAP) of $22.4 million, or $0.25 per basic and diluted share, for the second quarter of 2025, compared to operating earnings after tax (non-GAAP) of $20.0 million, or $0.22 per basic and diluted share, for the first quarter of 2025, and $17.0 million, or $0.19 per basic and diluted share, for the second quarter of 2024.

Commenting on the second quarter’s performance, Mr. Perrault stated, “We are pleased to report solid earnings for the second quarter of the year led by growth in our C&I portfolio and deposits. Our dedicated team of bankers continue to provide exceptional service to the communities we serve. As a result of these efforts, our net interest margin expanded again this quarter despite intentional contraction in our commercial real estate portfolio.”

BALANCE SHEET

Total assets at June 30, 2025 were $11.6 billion, representing an increase of $48.9 million from $11.5 billion at March 31, 2025, primarily driven by an increase in cash and cash equivalents partially offset by a reduction of loans and leases. Total assets decreased $66.5 million from June 30, 2024.

At June 30, 2025, total loans and leases were $9.6 billion, representing a decrease of $60.3 million from March 31, 2025, and a decrease of $138.8 million from June 30, 2024.

Total investment securities at June 30, 2025 decreased $15.7 million to $866.7 million from $882.4 million at March 31, 2025, and increased $10.3 million from $856.4 million at June 30, 2024. Total cash and cash equivalents at June 30, 2025 increased $149.2 million to $506.7 million from $357.5 million at March 31, 2025, and increased $163.6 million from $343.1 million at June 30, 2024. As of June 30, 2025, total investment securities and total cash and cash equivalents represented 11.9 percent of total assets, compared to 10.8 percent and 10.3 percent as of March 31, 2025 and June 30, 2024, respectively.

Total deposits at June 30, 2025 increased $49.8 million to $9.0 billion from March 31, 2025, primarily driven by an increase of $58.3 million in customer deposits partially offset by a decline of $8.5 million in brokered deposits. Total deposits increased $224.2 million from $8.7 billion at June 30, 2024, primarily driven by an increase of $391.2 million in customer deposits partially offset by a decline of $167.0 million in brokered deposits.

Total borrowed funds at June 30, 2025 remained flat at $1.2 billion compared to March 31, 2025, and decreased $274.4 million from $1.4 billion at June 30, 2024.

The ratio of stockholders’ equity to total assets was 10.84 percent at June 30, 2025, as compared to 10.77 percent at March 31, 2025, and 10.30 percent at June 30, 2024. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 8.82 percent at June 30, 2025, as compared to 8.73 percent at March 31, 2025, and 8.23 percent at June 30, 2024. Tangible book value per common share (non-GAAP) increased $0.17 from $11.03 at March 31, 2025 to $11.20 at June 30, 2025, and increased $0.67 from $10.53 at June 30, 2024.

NET INTEREST INCOME

Net interest income increased $2.9 million to $88.7 million during the second quarter of 2025 from $85.8 million for the quarter ended March 31, 2025. The net interest margin increased 10 basis points to 3.32 percent for the three months ended June 30, 2025 from 3.22 percent for the three months ended March 31, 2025, primarily driven by lower funding costs and higher yields on loans and leases.

NON-INTEREST INCOME

Total non-interest income for the quarter ended June 30, 2025 increased $0.3 million to $6.0 million from $5.7 million for the quarter ended March 31, 2025. The increase was primarily driven by an increase of $0.2 million in gain on sales of loans and leases.

PROVISION FOR CREDIT LOSSES

The Company recorded a provision for credit losses of $7.0 million for the quarter ended June 30, 2025, compared to $6.0 million for the quarter ended March 31, 2025. The increase in provision was driven by a combination of continued stress in the Boston office sector as well as additional specific reserves on two large Eastern Funding credits.

Total net charge-offs for the second quarter of 2025 were $5.1 million, compared to $7.6 million in the first quarter of 2025. The $5.1 million in net charge-offs was driven by two commercial real estate loans that were sold during the quarter resulting in a combined $3.5 million in net charge-offs. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis decreased to 21 basis points for the second quarter of 2025 from 31 basis points for the first quarter of 2025.

The allowance for loan and lease losses represented 1.32 percent of total loans and leases at June 30, 2025, compared to 1.29 percent at March 31, 2025, and 1.25 percent at June 30, 2024.

ASSET QUALITY

The ratio of nonperforming loans and leases to total loans and leases was 0.65 percent at June 30, 2025, flat compared to March 31, 2025. Total nonaccrual loans and leases decreased $0.8 million to $62.3 million at June 30, 2025 from $63.1 million at March 31, 2025, driven by the sale of two commercial real estate loans. The ratio of nonperforming assets to total assets was 0.55 percent at June 30, 2025, a decrease from 0.56 percent at March 31, 2025. Total nonperforming assets decreased $0.4 million to $63.6 million at June 30, 2025 from $64.0 million at March 31, 2025.

NON-INTEREST EXPENSE

Non-interest expense for the quarter ended June 30, 2025 decreased $1.9 million to $58.1 million from $60.0 million for the quarter ended March 31, 2025. The decrease was primarily driven by decreases of $0.7 million in compensation and employee benefits expense, $0.5 million in merger and acquisition expense related to the previously announced proposed merger of the Company with Berkshire Hills Bancorp, Inc. (“Berkshire”), and $0.4 million in occupancy expense, partially offset by an increase of $0.5 million in advertising and marketing expense.

PROVISION FOR INCOME TAXES

The effective tax rate was 25.6 percent and 25.3 percent for the three and six months ended June 30, 2025 compared to 25.0 percent for the three months ended March 31, 2025 and 24.4 percent and 24.5 percent for the three and six months ended June 30, 2024.

RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

The annualized return on average assets increased to 0.77 percent during the second quarter 2025 from 0.66 percent for the first quarter of 2025.

The annualized return on average stockholders’ equity increased to 7.04 percent during the second quarter of 2025 from 6.19 percent for the first quarter of 2025. The annualized return on average tangible stockholders’ equity (non-GAAP) increased to 8.85 percent for the second quarter of 2025 from 7.82 percent for the first quarter of 2025.

DIVIDEND DECLARED

The Company’s Board of Directors approved a dividend of $0.135 per share for the quarter ended June 30, 2025. The dividend will be paid on August 22, 2025 to stockholders of record on August 8, 2025.

CONFERENCE CALL

The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, July 24, 2025 to discuss the results for the quarter, business highlights and outlook. A copy of the Earnings Presentation is available on the Company’s website, www.brooklinebancorp.com. To listen to the call and view the Company’s Earnings Presentation, please join the call via https://events.q4inc.com/attendee/149362707. To listen to the call without access to the slides, interested parties may dial 833-470-1428 (United States) or 404-975-4839 (internationally) and ask for the Brookline Bancorp, Inc. conference call (Access Code 673409). A recorded playback of the call will be available for one week following the call on the Company’s website under “Investor Relations” or by dialing 866-813-9403 (United States) or 929-458-6194 (internationally) and entering the passcode: 916742.

ABOUT BROOKLINE BANCORP, INC.

Brookline Bancorp, Inc., a bank holding company with $11.6 billion in assets and branch locations in Massachusetts, Rhode Island, and the Lower Hudson Valley of New York State, is headquartered in Boston, Massachusetts and operates as the holding company for Brookline Bank, Bank Rhode Island, and PCSB Bank (the “banks”). The Company provides commercial and retail banking services, cash management and investment services to customers throughout Central New England and the Lower Hudson Valley of New York State. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites: www.brooklinebank.com, www.bankri.com and www.pcsb.com.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the right of the Company or Berkshire to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Berkshire or Company; delays in completing the proposed transaction with Berkshire; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction), or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all, including the ability of Berkshire and the Company to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the impact of certain restrictions during the pendency of the proposed transaction on the parties’ ability to pursue certain business opportunities and strategic transactions; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; changes in interest rates; general economic conditions (including the impact of actual or threatened tariffs imposed by the U.S. and foreign governments, inflation, and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ongoing turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company’s investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

BASIS OF PRESENTATION

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

NON-GAAP FINANCIAL MEASURES

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

INVESTOR RELATIONS:

Contact:	Carl M. Carlson
	Brookline Bancorp, Inc.
	Co-President and Chief Financial and Strategy Officer
	(617) 425-5331
	carl.carlson@brkl.com

BROOKLINE BANCORP, INC AND SUBSIDIARIES
Selected Financial Highlights (Unaudited)
	At and for the Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
	(Dollars in Thousands Except per Share Data)
Earnings Data:
Net interest income	$	88,685		$	85,830		$	84,988		$	83,008		$	80,001
Provision for credit losses on loans	6,997			5,974			4,141			4,832			5,607
Provision (recovery) of credit losses on investments	3			12			(104)			(172)			(39)
Non-interest income	5,970			5,660			6,587			6,348			6,396
Non-interest expense	58,061			60,022			63,719			57,948			59,184
Income before provision for income taxes	29,594			25,482			23,819			26,748			21,645
Net income	22,026			19,100			17,536			20,142			16,372

Performance Ratios:
Net interest margin (1)	3.32		%	3.22		%	3.12		%	3.07		%	3.00		%
Interest-rate spread (1)	2.57		%	2.38		%	2.35		%	2.26		%	2.14		%
Return on average assets (annualized)	0.77		%	0.66		%	0.61		%	0.70		%	0.57		%
Return on average tangible assets (annualized) (non-GAAP)	0.79		%	0.68		%	0.62		%	0.72		%	0.59		%
Return on average stockholders’ equity (annualized)	7.04		%	6.19		%	5.69		%	6.63		%	5.49		%
Return on average tangible stockholders’ equity (annualized) (non-GAAP)	8.85		%	7.82		%	7.21		%	8.44		%	7.04		%
Efficiency ratio (2)	61.34		%	65.60		%	69.58		%	64.85		%	68.50		%

Per Common Share Data:
Net income — Basic	$	0.25		$	0.21		$	0.20		$	0.23		$	0.18
Net income — Diluted	0.25			0.21			0.20			0.23			0.18
Cash dividends declared	0.135			0.135			0.135			0.135			0.135
Book value per share (end of period)	14.08			13.92			13.71			13.81			13.48
Tangible book value per share (end of period) (non-GAAP)	11.20			11.03			10.81			10.89			10.53
Stock price (end of period)	10.55			10.90			11.80			10.09			8.35

Balance Sheet:
Total assets	$	11,568,745		$	11,519,869		$	11,905,326		$	11,676,721		$	11,635,292
Total loans and leases	9,582,374			9,642,722			9,779,288			9,755,236			9,721,137
Total deposits	8,961,202			8,911,452			8,901,644			8,732,271			8,737,036
Total stockholders’ equity	1,254,171			1,240,182			1,221,939			1,230,362			1,198,480

Asset Quality:
Nonperforming assets	$	63,596		$	64,021		$	70,452		$	72,821		$	62,683
Nonperforming assets as a percentage of total assets	0.55		%	0.56		%	0.59		%	0.62		%	0.54		%
Allowance for loan and lease losses	$	126,725		$	124,145		$	125,083		$	127,316		$	121,750
Allowance for loan and lease losses as a percentage of total loans and leases	1.32		%	1.29		%	1.28		%	1.31		%	1.25		%
Net loan and lease charge-offs	$	5,127		$	7,597		$	7,252		$	3,808		$	8,387
Net loan and lease charge-offs as a percentage of average loans and leases (annualized)	0.21		%	0.31		%	0.30		%	0.16		%	0.35		%

Capital Ratios:
Stockholders’ equity to total assets	10.84		%	10.77		%	10.26		%	10.54		%	10.30		%
Tangible stockholders’ equity to tangible assets (non-GAAP)	8.82		%	8.73		%	8.27		%	8.50		%	8.23		%

(1) Calculated on a fully tax-equivalent basis.
(2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)

	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
ASSETS	(In Thousands Except Share Data)
Cash and due from banks	$	87,386		$	78,741		$	64,673		$	82,168		$	60,067
Short-term investments		419,362			278,805			478,997			325,721			283,017
Total cash and cash equivalents		506,748			357,546			543,670			407,889			343,084
Investment securities available-for-sale		866,684			882,353			895,034			855,391			856,439
Total investment securities		866,684			882,353			895,034			855,391			856,439
Allowance for investment security losses		(97	)		(94	)		(82	)		(186	)		(359	)
Net investment securities		866,587			882,259			894,952			855,205			856,080
Loans and leases:
Commercial real estate loans		5,485,546			5,580,982			5,716,114			5,779,290			5,782,111
Commercial loans and leases		2,520,347			2,512,912			2,506,664			2,453,038			2,443,530
Consumer loans		1,576,481			1,548,828			1,556,510			1,522,908			1,495,496
Total loans and leases		9,582,374			9,642,722			9,779,288			9,755,236			9,721,137
Allowance for loan and lease losses		(126,725	)		(124,145	)		(125,083	)		(127,316	)		(121,750	)
Net loans and leases		9,455,649			9,518,577			9,654,205			9,627,920			9,599,387
Restricted equity securities		66,481			67,537			83,155			82,675			78,963
Premises and equipment, net of accumulated depreciation		83,963			84,439			86,781			86,925			88,378
Right-of-use asset operating leases		42,415			44,144			43,527			41,934			35,691
Deferred tax asset		52,325			52,176			56,620			50,827			60,032
Goodwill		241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net of accumulated amortization		14,600			16,030			17,461			19,162			20,830
Other real estate owned and repossessed assets		1,288			917			1,103			1,579			1,974
Other assets		237,467			255,022			282,630			261,383			309,651
Total assets	$	11,568,745		$	11,519,869		$	11,905,326		$	11,676,721		$	11,635,292
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Demand checking accounts	$	1,726,933		$	1,664,629		$	1,692,394		$	1,681,858		$	1,638,378
NOW accounts		650,707			625,492			617,246			637,374			647,370
Savings accounts		1,795,761			1,793,852			1,721,247			1,736,989			1,735,857
Money market accounts		2,153,709			2,183,855			2,116,360			2,041,185			2,073,557
Certificate of deposit accounts		1,877,661			1,878,665			1,885,444			1,819,353			1,718,414
Brokered deposit accounts		756,431			764,959			868,953			815,512			923,460
Total deposits		8,961,202			8,911,452			8,901,644			8,732,271			8,737,036
Borrowed funds:
Advances from the FHLB		934,669			957,848			1,355,926			1,345,003			1,265,079
Subordinated debentures and notes		84,397			84,362			84,328			84,293			84,258
Other borrowed funds		135,985			113,617			79,592			68,251			80,125
Total borrowed funds		1,155,051			1,155,827			1,519,846			1,497,547			1,429,462
Operating lease liabilities		43,528			45,330			44,785			43,266			37,102
Mortgagors’ escrow accounts		15,289			15,264			15,875			14,456			17,117
Reserve for unfunded credits		4,586			5,296			5,981			6,859			11,400
Accrued expenses and other liabilities		134,918			146,518			195,256			151,960			204,695
Total liabilities		10,314,574			10,279,687			10,683,387			10,446,359			10,436,812
Stockholders’ equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, and 96,998,075 shares issued, respectively		970			970			970			970			970
Additional paid-in capital		904,697			903,696			902,584			901,562			904,775
Retained earnings		475,781			465,898			458,943			453,555			445,560
Accumulated other comprehensive income		(39,378	)		(42,498	)		(52,882	)		(38,081	)		(61,693	)
Treasury stock, at cost;
7,039,136, 7,037,610, 7,019,384, 7,015,843, and 7,373,009 shares, respectively		(87,899	)		(87,884	)		(87,676	)		(87,644	)		(91,132	)
Total stockholders’ equity		1,254,171			1,240,182			1,221,939			1,230,362			1,198,480
Total liabilities and stockholders’ equity	$	11,568,745		$	11,519,869		$	11,905,326		$	11,676,721		$	11,635,292

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
	Three Months Ended
	June 30, 2025			March 31, 2025		December 31, 2024			September 30, 2024			June 30, 2024
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	143,933		$	143,309	$	147,436		$	149,643		$	145,585
Debt securities		6,691			6,765		6,421			6,473			6,480
Restricted equity securities		1,062			1,203		1,460			1,458			1,376
Short-term investments		2,386			2,451		2,830			1,986			1,914
Total interest and dividend income		154,072			153,728		158,147			159,560			155,355
Interest expense:
Deposits		52,682			53,478		56,562			59,796			59,721
Borrowed funds		12,705			14,420		16,597			16,756			15,633
Total interest expense		65,387			67,898		73,159			76,552			75,354
Net interest income		88,685			85,830		84,988			83,008			80,001
Provision for credit losses on loans		6,997			5,974		4,141			4,832			5,607
Provision (recovery) of credit losses on investments		3			12		(104	)		(172	)		(39	)
Net interest income after provision for credit losses		81,685			79,844		80,951			78,348			74,433
Non-interest income:
Deposit fees		2,472			2,361		2,297			2,353			3,001
Loan fees		472			393		439			464			702
Loan level derivative income (loss)		(4	)		70		1,115			—			106
Gain on sales of loans and leases held-for-sale		264			24		406			415			130
Other		2,766			2,812		2,330			3,116			2,457
Total non-interest income		5,970			5,660		6,587			6,348			6,396
Non-interest expense:
Compensation and employee benefits		35,147			35,853		37,202			35,130			34,762
Occupancy		5,349			5,721		5,393			5,343			5,551
Equipment and data processing		6,841			7,012		6,780			6,831			6,732
Professional services		1,471			1,726		1,345			2,143			1,745
FDIC insurance		1,880			2,037		2,017			2,118			2,025
Advertising and marketing		1,371			868		1,303			859			1,504
Amortization of identified intangible assets		1,431			1,430		1,701			1,668			1,669
Merger and restructuring expense		439			971		3,378			—			823
Other		4,132			4,404		4,600			3,856			4,373
Total non-interest expense		58,061			60,022		63,719			57,948			59,184
Income before provision for income taxes		29,594			25,482		23,819			26,748			21,645
Provision for income taxes		7,568			6,382		6,283			6,606			5,273
Net income	$	22,026		$	19,100	$	17,536		$	20,142		$	16,372
Earnings per common share:
Basic	$	0.25		$	0.21	$	0.20		$	0.23		$	0.18
Diluted	$	0.25		$	0.21	$	0.20		$	0.23		$	0.18
Weighted average common shares outstanding during the period:
Basic		89,104,605			89,103,510		89,098,443			89,033,463			88,904,692
Diluted		89,612,781			89,567,747		89,483,964			89,319,611			89,222,315
Dividends paid per common share	$	0.135		$	0.135	$	0.135		$	0.135		$	0.135

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)

	Six Months Ended June 30,
		2025		2024
	(In Thousands Except Share Data)
Interest and dividend income:
Loans and leases	$	287,242	$	290,850
Debt securities		13,456		13,358
Restricted equity securities		2,265		2,868
Short-term investments		4,837		3,738
Total interest and dividend income		307,800		310,814
Interest expense:
Deposits		106,160		116,605
Borrowed funds		27,125		32,620
Total interest expense		133,285		149,225
Net interest income		174,515		161,589
Provision for credit losses on loans		12,971		13,030
Provision (credit) for credit losses on investments		15		(83	)
Net interest income after provision for credit losses		161,529		148,642
Non-interest income:
Deposit Fees		4,833		5,898
Loan Fees		865		1,491
Loan level derivative income, net		66		543
Gain on sales of loans and leases held-for-sale		288		130
Other		5,578		4,618
Total non-interest income		11,630		12,680
Non-interest expense:
Compensation and employee benefits		71,000		71,391
Occupancy		11,070		11,320
Equipment and data processing		13,853		13,763
Professional services		3,197		3,645
FDIC insurance		3,917		3,909
Advertising and marketing		2,239		3,078
Amortization of identified intangible assets		2,861		3,377
Merger and restructuring expense		1,410		823
Other		8,536		8,892
Total non-interest expense		118,083		120,198
Income before provision for income taxes		55,076		41,124
Provision for income taxes		13,950		10,087
Net income	$	41,126	$	31,037
Earnings per common share:
Basic	$	0.46	$	0.35
Diluted	$	0.46	$	0.35
Weighted average common shares outstanding during the period:
Basic		89,104,060		88,899,635
Diluted		89,590,267		89,201,912
Dividends paid per common share	$	0.270	$	0.270

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Asset Quality Analysis (Unaudited)
	At and for the Three Months Ended
		June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
	(Dollars in Thousands)
NONPERFORMING ASSETS:
Loans and leases accounted for on a nonaccrual basis:
Commercial real estate mortgage	$	987		$	10,842		$	11,525		$	11,595		$	11,659
Multi-family mortgage		1,433			6,576			6,596			1,751			—
Total commercial real estate loans		2,420			17,418			18,121			13,346			11,659

Commercial		8,687			7,415			14,676			15,734			16,636
Equipment financing		46,067			32,975			31,509			37,223			27,128
Total commercial loans and leases		54,754			40,390			46,185			52,957			43,764

Residential mortgage		3,572			3,962			3,999			3,862			4,495
Home equity		1,561			1,333			1,043			1,076			790
Other consumer		1			1			1			1			1
Total consumer loans		5,134			5,296			5,043			4,939			5,286

Total nonaccrual loans and leases		62,308			63,104			69,349			71,242			60,709

Other real estate owned		700			700			700			780			780
Other repossessed assets		588			217			403			799			1,194
Total nonperforming assets	$	63,596		$	64,021		$	70,452		$	72,821		$	62,683

Loans and leases past due greater than 90 days and still accruing	$	24,899		$	3,009		$	811		$	16,091		$	4,994

Nonperforming loans and leases as a percentage of total loans and leases		0.65	%		0.65	%		0.71	%		0.73	%		0.62	%
Nonperforming assets as a percentage of total assets		0.55	%		0.56	%		0.59	%		0.62	%		0.54	%

PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:
Allowance for loan and lease losses at beginning of period	$	124,145		$	125,083		$	127,316		$	121,750		$	120,124
Charge-offs		(5,601	)		(9,073	)		(8,414	)		(4,183	)		(8,823	)
Recoveries		474			1,476			1,162			375			436
Net charge-offs		(5,127	)		(7,597	)		(7,252	)		(3,808	)		(8,387	)
Provision for loan and lease losses excluding unfunded commitments *		7,707			6,659			5,019			9,374			10,013
Allowance for loan and lease losses at end of period	$	126,725		$	124,145		$	125,083		$	127,316		$	121,750

Allowance for loan and lease losses as a percentage of total loans and leases		1.32	%		1.29	%		1.28	%		1.31	%		1.25	%

NET CHARGE-OFFS:
Commercial real estate loans	$	3,524		$	—		$	—		$	—		$	3,819
Commercial loans and leases		1,640			7,647			7,257			3,797			4,571
Consumer loans		(37	)		(50	)		(5	)		11			(3	)
Total net charge-offs	$	5,127		$	7,597		$	7,252		$	3,808		$	8,387

Net loan and lease charge-offs as a percentage of average loans and leases (annualized)		0.21	%		0.31	%		0.30	%		0.16	%		0.35	%

*Provision for loan and lease losses does not include (credit) provision of $(0.7 million), $(0.7 million), $(0.9 million), $(4.5 million), and $(4.4 million) for credit losses on unfunded commitments during the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)
	Three Months Ended
	June 30, 2025							March 31, 2025							June 30, 2024
	Average Balance		Interest (1)		Average Yield/ Cost			Average Balance		Interest (1)		Average Yield/ Cost			Average Balance		Interest (1)		Average Yield/ Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	874,212	$	6,752		3.09	%	$	888,913	$	6,814		3.07	%	$	846,469	$	6,510		3.08	%
Restricted equity securities (2)		65,724		1,062		6.46	%		69,784		1,204		6.90	%		71,696		1,375		7.67	%
Short-term investments		215,982		2,386		4.42	%		202,953		2,451		4.83	%		143,800		1,914		5.33	%
Total investments		1,155,918		10,200		3.53	%		1,161,650		10,469		3.60	%		1,061,965		9,799		3.69	%
Loans and Leases:
Commercial real estate loans (3)		5,533,208		77,136		5.51	%		5,651,390		77,243		5.47	%		5,754,901		81,565		5.61	%
Commercial loans (3)		1,286,908		20,757		6.38	%		1,237,078		19,698		6.37	%		1,069,154		17,672		6.54	%
Equipment financing (3)		1,240,128		25,069		8.09	%		1,281,425		25,965		8.11	%		1,374,217		26,255		7.64	%
Consumer loans (3)		1,556,254		21,437		5.51	%		1,548,973		20,861		5.41	%		1,488,587		20,291		5.46	%
Total loans and leases		9,616,498		144,399		6.01	%		9,718,866		143,767		5.92	%		9,686,859		145,783		6.02	%
Total interest-earning assets		10,772,416		154,599		5.74	%		10,880,516		154,236		5.67	%		10,748,824		155,582		5.79	%
Non-interest-earning assets		630,518							662,814							704,570
Total assets	$	11,402,934						$	11,543,330						$	11,453,394

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	637,786		1,034		0.65	%	$	628,346		1,005		0.65	%	$	659,351		1,111		0.68	%
Savings accounts		1,780,838		10,692		2.41	%		1,743,688		10,173		2.37	%		1,731,388		11,874		2.76	%
Money market accounts		2,189,373		13,990		2.56	%		2,187,581		13,587		2.52	%		2,026,780		15,520		3.08	%
Certificates of deposit		1,879,749		18,437		3.93	%		1,886,386		19,593		4.21	%		1,699,510		18,717		4.43	%
Brokered deposit accounts		748,205		8,529		4.57	%		767,275		9,120		4.82	%		958,146		12,499		5.25	%
Total interest-bearing deposits		7,235,951		52,682		2.92	%		7,213,276		53,478		3.01	%		7,075,175		59,721		3.39	%
Borrowings
Advances from the FHLB		904,399		10,422		4.56	%		1,007,508		11,847		4.70	%		1,049,609		12,894		4.86	%
Subordinated debentures and notes		84,380		1,718		8.14	%		84,345		1,701		8.07	%		84,241		1,375		6.53	%
Other borrowed funds		46,086		565		4.93	%		71,462		872		4.95	%		103,753		1,364		5.29	%
Total borrowings		1,034,865		12,705		4.86	%		1,163,315		14,420		4.96	%		1,237,603		15,633		5.00	%
Total interest-bearing liabilities		8,270,816		65,387		3.17	%		8,376,591		67,898		3.29	%		8,312,778		75,354		3.65	%
Non-interest-bearing liabilities:
Demand checking accounts		1,654,594							1,680,527							1,646,869
Other non-interest-bearing liabilities		225,469							251,011							300,362
Total liabilities		10,150,879							10,308,129							10,260,009
Stockholders’ equity		1,252,055							1,235,201							1,193,385
Total liabilities and equity	$	11,402,934						$	11,543,330						$	11,453,394
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				89,212		2.57	%				86,338		2.38	%				80,228		2.14	%
Less adjustment of tax-exempt income				527							508							227
Net interest income			$	88,685						$	85,830						$	80,001
Net interest margin (5)						3.32	%						3.22	%						3.00	%

(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Average Yields / Costs (Unaudited)
	Six Months Ended
	June 30, 2025							June 30, 2024
	Average Balance		Interest (1)		Average Yield/ Cost			Average Balance		Interest (1)		Average Yield/ Cost
	(Dollars in Thousands)
Assets:
Interest-earning assets:
Investments:
Debt securities (2)	$	881,522	$	13,566		3.08	%	$	869,848	$	13,437		3.09	%
Restricted equity securities (2)		67,743		2,266		6.69	%		74,015		2,868		7.75	%
Short-term investments		209,503		4,837		4.62	%		137,284		3,738		5.45	%
Total investments		1,158,768		20,669		3.57	%		1,081,147		20,043		3.71	%
Loans and Leases:
Commercial real estate loans (3)		5,591,973		154,379		5.49	%		5,758,318		162,614		5.59	%
Commercial loans (3)		1,262,130		40,455		6.38	%		1,047,810		35,179		6.64	%
Equipment financing (3)		1,260,663		51,034		8.10	%		1,374,322		53,150		7.73	%
Consumer loans (3)		1,552,633		42,298		5.46	%		1,485,702		40,269		5.43	%
Total loans and leases		9,667,399		288,166		5.96	%		9,666,152		291,212		6.03	%
Total interest-earning assets		10,826,167		308,835		5.71	%		10,747,299		311,255		5.79	%
Non-interest-earning assets		646,577							684,343
Total assets	$	11,472,744						$	11,431,642

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Deposits:
NOW accounts	$	633,092		2,039		0.65	%	$	665,632		2,372		0.72	%
Savings accounts		1,762,366		20,865		2.39	%		1,712,804		23,226		2.73	%
Money market accounts		2,188,482		27,577		2.54	%		2,051,542		31,474		3.09	%
Certificates of deposit		1,883,049		38,030		4.07	%		1,661,814		35,389		4.28	%
Brokered deposit accounts		757,687		17,649		4.70	%		927,465		24,144		5.23	%
Total interest-bearing deposits		7,224,676		106,160		2.96	%		7,019,257		116,605		3.34	%
Borrowings
Advances from the FHLB		955,669		22,269		4.63	%		1,107,071		27,527		4.92	%
Subordinated debentures and notes		84,363		3,419		8.11	%		84,223		2,752		6.54	%
Other borrowed funds		58,704		1,437		4.94	%		98,406		2,341		4.78	%
Total borrowings		1,098,736		27,125		4.91	%		1,289,700		32,620		5.00	%
Total interest-bearing liabilities		8,323,412		133,285		3.23	%		8,308,957		149,225		3.61	%
Non-interest-bearing liabilities:
Demand checking accounts		1,667,489							1,635,690
Other non-interest-bearing liabilities		238,169							289,351
Total liabilities		10,229,070							10,233,998
Stockholders’ equity		1,243,674							1,197,644
Total liabilities and equity	$	11,472,744						$	11,431,642
Net interest income (tax-equivalent basis) /Interest-rate spread (4)				175,550		2.48	%				162,030		2.18	%
Less adjustment of tax-exempt income				1,035							441
Net interest income			$	174,515						$	161,589
Net interest margin (5)						3.27	%						3.03	%

(1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
(2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
(3) Loans on nonaccrual status are included in the average balances.
(4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis.

BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Financial Information (Unaudited)
	At and for the Three Months Ended March 31,						At and for the Six Months Ended June 30,
		2025			2024			2025			2024
Reconciliation Table – Non-GAAP Financial Information	(Dollars in Thousands Except Share Data)						(Dollars in Thousands Except Share Data)

Reported Pretax Income	$	29,594		$	21,645		$	55,076		$	41,124
Add:
Merger and restructuring expense		439			823			1,410			823
Operating Pretax Income	$	30,033		$	22,468		$	56,486		$	41,947
Effective tax rate		25.3	%		24.4	%		24.8	%		24.5	%
Provision for income taxes		7,590			5,473			14,008			10,289
Operating earnings after tax	$	22,443		$	16,995		$	42,478		$	31,658

Operating earnings per common share:
Basic	$	0.25		$	0.19		$	0.48		$	0.36
Diluted	$	0.25		$	0.19		$	0.47		$	0.35

Weighted average common shares outstanding during the period:
Basic		89,104,605			88,904,692			89,104,060			88,899,635
Diluted		89,612,781			89,222,315			89,590,267			89,201,912

Return on average assets *		0.77	%		0.57	%		0.72	%		0.54	%
Add:
Merger and restructuring expense (after-tax) *		0.01	%		0.02	%		0.02	%		0.01	%
Operating return on average assets *		0.78	%		0.59	%		0.74	%		0.55	%

Return on average tangible assets *		0.79	%		0.59	%		0.73	%		0.56	%
Add:
Merger and restructuring expense (after-tax) *		0.01	%		0.02	%		0.02	%		0.01	%
Operating return on average tangible assets *		0.80	%		0.61	%		0.75	%		0.57	%


Return on average stockholders’ equity *		7.04	%		5.49	%		6.61	%		5.18	%
Add:
Merger and restructuring expense (after-tax) *		0.10	%		0.21	%		0.17	%		0.10	%
Operating return on average stockholders’ equity *		7.14	%		5.70	%		6.78	%		5.28	%


Return on average tangible stockholders’ equity *		8.85	%		7.04	%		8.34	%		6.65	%
Add:
Merger and restructuring expense (after-tax) *		0.13	%		0.27	%		0.21	%		0.13	%
Operating return on average tangible stockholders’ equity *		8.98	%		7.31	%		8.55	%		6.78	%

* Ratios at and for the three months and six months ended are annualized.

	At and for the Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
	(Dollars in Thousands)

Net income, as reported	$	22,026		$	19,100		$	17,536		$	20,142		$	16,372

Average total assets	$	11,402,934		$	11,543,330		$	11,580,572		$	11,451,338		$	11,453,394
Less: Average goodwill and average identified intangible assets, net		256,508			257,941			259,496			261,188			262,859
Average tangible assets	$	11,146,426		$	11,285,389		$	11,321,076		$	11,190,150		$	11,190,535

Return on average tangible assets (annualized)		0.79	%		0.68	%		0.62	%		0.72	%		0.59	%

Average total stockholders’ equity	$	1,252,055		$	1,235,201		$	1,232,527		$	1,216,037		$	1,193,385
Less: Average goodwill and average identified intangible assets, net		256,508			257,941			259,496			261,188			262,859
Average tangible stockholders’ equity	$	995,547		$	977,260		$	973,031		$	954,849		$	930,526

Return on average tangible stockholders’ equity (annualized)		8.85	%		7.82	%		7.21	%		8.44	%		7.04	%

Total stockholders’ equity	$	1,254,171		$	1,240,182		$	1,221,939		$	1,230,362		$	1,198,480
Less:
Goodwill		241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net		14,600			16,030			17,461			19,162			20,830
Tangible stockholders’ equity	$	998,349		$	982,930		$	963,256		$	969,978		$	936,428

Total assets	$	11,568,745		$	11,519,869		$	11,905,326		$	11,676,721		$	11,635,292
Less:
Goodwill		241,222			241,222			241,222			241,222			241,222
Identified intangible assets, net		14,600			16,030			17,461			19,162			20,830
Tangible assets	$	11,312,923		$	11,262,617		$	11,646,643		$	11,416,337		$	11,373,240

Tangible stockholders’ equity to tangible assets		8.82	%		8.73	%		8.27	%		8.50	%		8.23	%

Tangible stockholders’ equity	$	998,349		$	982,930		$	963,256		$	969,978		$	936,428

Number of common shares issued		96,998,075			96,998,075			96,998,075			96,998,075			96,998,075
Less:
Treasury shares		7,039,136			7,037,610			7,019,384			7,015,843			7,373,009
Unvested restricted shares		854,334			855,860			880,248			883,789			713,443
Number of common shares outstanding		89,104,605			89,104,605			89,098,443			89,098,443			88,911,623

Tangible book value per common share	$	11.20		$	11.03		$	10.81		$	10.89		$	10.53

PDF available: http://ml.globenewswire.com/Resource/Download/713b7b8a-a804-4b26-a467-f10b0d266b1b

MIL-OSI Banking: Facilitator cites “strong engagement” in initial WTO reform consultations

Source: WTO

Headline: Facilitator cites “strong engagement” in initial WTO reform consultations

Ambassador Ølberg, who was appointed by General Council Chair Ambassador Saqer Abdullah Almoqbel (Kingdom of Saudi Arabia) in early June to serve as facilitator for the reform discussions, noted that he has conducted two rounds of consultation involving nearly 100 members, with the discussion structured around three indicative tracks:

governance (institutional issues)
fairness (level playing field and balanced trade)
“issues of our time”

“What is already clear is this: across all three tracks, there is strong engagement, serious thinking, and a shared sense that reform is both necessary and urgent — even if views differ on the details,” the facilitator said.
The “next phase of our work is about focus, discipline, and delivery,” he added. “From the consultations so far, one thing is clear — we have a wide range of perspectives … Our goal is not to solve every issue now. It’s to identify where ministers can add the guidance needed to move forward decisively after MC14.”
At their 12th Ministerial Conference in 2022, WTO members agreed to undertake a comprehensive review of the WTO’s functions in order to ensure the organization is capable of responding more effectively to both the challenges facing the multilateral trading system and the opportunities provided by contemporary developments in global trade.
Speaking after more than 60 members took the floor to react to the facilitator’s report, Director-General Ngozi Okonjo-Iweala said she was “encouraged with what I’m hearing.”
“I agree with those who say that it’s somewhat existential for the organization to seize the opportunity to do this reform,” she said. “It’s not unusual that views are initially divergent … that being said, there seems to be an unmistakable momentum.”
A number of members noted the importance of dispute settlement reform, which is being addressed on a separate track. Addressing the General Council, Ambassador Almoqbel referred to his communication to members in early June stating that he and the Dispute Settlement Body (DSB) Chair, Ambassador Clare Kelly (New Zealand), would be closely monitoring the situation on dispute settlement reform and would revert to members at the appropriate time.
Since that communication, the DSB Chair has been holding “low-key” conversations with members to “check the temperature,” Ambassador Almoqbel said, and these conversations are ongoing.
Report of the Director-General
Reporting to the General Council in her capacity as Chair of the Trade Negotiations Committee, Director-General Ngozi Okonjo-Iweala welcomed the submission of Argentina’s instrument of acceptance for the Agreement on Fisheries Subsidies. She noted that only five more acceptances are needed for the Agreement to enter into force, with several already in the pipeline. She also noted the possibility of convening a special General Council meeting after the summer break to formally receive the additional instruments and mark the Agreement’s entry into force.
Regarding the negotiations on additional provisions to the Agreement, DG Okonjo-Iweala said she was encouraged by the strong support expressed by many members to move forward and conclude the negotiations. However, there was value in using the summer break to reflect on how best to advance the discussions, she said.
The Director-General also invited members to use the summer break to reflect on how to collectively ensure movement on “the negotiating files”, including joint initiatives such as the Investment Facilitation for Development (IFD) Agreement.
“We cannot have a jam on multilateral negotiations moving forward and a jam on plurilaterals,” DG Okonjo-Iweala said. Otherwise, members risk ending the year with nothing credible to take to the 14th Ministerial Conference (MC14) for consideration, she added. The world is “looking to the WTO, not as a source of stagnation or lack of action, but as a source of stability, predictability, a source of revitalization.”
Twenty-four members took the floor after the Director-General’s intervention, some speaking on behalf of groups of members, highlighting their issues of interest.
Investment facilitation for development
On the IFD initiative, members were once again unable to reach consensus on the request supported by 127 members to incorporate the IFD Agreement under Annex 4 of the Marrakesh Agreement establishing the WTO. This marked the ninth time the proposal has been submitted to members for adoption.
Speaking on behalf of the 127 co-sponsors, the Republic of Korea underlined the urgent need to incorporate the Agreement into the WTO framework in order to help members attract investment, in particular for developing and least developed country members. The outlook for global foreign direct investment (FDI) in 2025 remains negative due to escalating trade tensions, geopolitical fragmentation and economic volatility, the Republic of Korea said. The IFD member parties believe that incorporating the Agreement into the WTO will reinforce the credibility and relevance of the organization.
Three members reiterated their objections to incorporating the IFD Agreement into the WTO multilateral framework. They reiterated their openness to further discussions on the matter.
Current trade tensions
China once again introduced a proposal on supporting the multilateral trading system in the current situation. The proposal further elaborates on its “Stability, Development and Reform” (SDR) approach for the WTO, which calls for stability as the cornerstone, development as the priority, and reform as the pathway to support the multilateral trading system as it faces heightened trade turbulence. China said it stands ready to work with all members pragmatically and constructively to collectively safeguard and strengthen the rules-based multilateral trading system.
Five members took the floor to respond to China’s intervention.
Brazil introduced an agenda item on respecting the rules-based multilateral trading system. Brazil said the world was witnessing an unprecedented attack on the system and on the credibility of the WTO, with arbitrary tariffs disrupting global value chains and posing risks to the world economy.
Even more concerning is a dangerous shift towards the use of tariffs as a tool to interfere in the domestic affairs of third countries, Brazil said. It is essential that the WTO recover its role as a place where all countries can settle disputes and affirm legitimate interests through dialogue and negotiation, Brazil added.
Fifteen members took the floor to react to Brazil’s statement. DG Okonjo-Iweala said the interventions underlined the importance of WTO reform and responding to the concerns expressed by members.
Work Programme on Electronic Commerce – Report by the facilitator
Ambassador Richard Brown (Jamaica), the facilitator for the WTO’s Work Programme on E-Commerce, reported on his recent consultations with members. He said that, overall, members overwhelmingly consider the work programme as an important aspect of the WTO engagement on e-commerce. They would like to see it preserved and made more effective, he added.
Ambassador Brown also noted that the “vast majority” of members support the extension of the WTO’s customs duties moratorium on electronic transmissions, with some preferring either longer periods for the moratorium or a permanent decision. At the same time, a few delegations continue to raise concerns related to revenue losses and policy space limitations, he added.
Ministers at the 13th Ministerial Conference in 2024 agreed to maintain the moratorium until MC14 or 31 March 2026, whichever is earlier. Both the moratorium and the Work Programme are set to expire on that date. MC14 is scheduled for 26-29 March 2026.
Transition support measures in favour of countries graduated from the LDC category
Gambia, on behalf of the Group of Least Developed Countries (LDCs), introduced the group’s latest proposal regarding additional transition measures in favour of countries graduated from the LDC category. The measures are in recognition that the phasing-out of international support measures associated with LDC status can present challenges for graduating LDCs as they seek to integrate more fully into the global economy.
Next meeting
The next regular meeting of the General Council is tentatively scheduled for 6-7 October.

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MIL-OSI Banking: Verizon Delivers a one-two punch with Best Wireless Network Performance results:

Source: Verizon

Headline: Verizon Delivers a one-two punch with Best Wireless Network Performance results:

NEW YORK – Another day, another set of network victories for the wireless provider serving the most mobility and broadband customers in the U.S.¹ In back-to-back benchmarking reports, Verizon continues its award-winning momentum as J.D. Power – the global leader in consumer insights, advisory services and data and analytics – names Verizon America’s Most Awarded Brand for Network Quality, 35 times in a row in the J.D. Power 2025 U.S. Wireless Network Quality Study – Volume 2. Meanwhile, the industry-leading wireless provider dominates the 1H 2025 RootMetrics study, claiming top spots for Best 5G Network; Fastest 5G Network; and Most Reliable 5G Network.

“When you’re named the Most Awarded Brand for Network Quality, 35 Times in a Row by the gold standard for customer satisfaction and service quality ratings, it explains why more customers, businesses, sports leagues and everyone in between choose Verizon,” said Joe Russo, EVP & President, Global Network and Technology, Verizon. “This recognition just reinforces what we- and our customers- have always known: Verizon delivers unmatched quality, unwavering reliability and innovative connectivity that people count on whenever and wherever it matters most.”

Verizon’s latest recognition underscores its ongoing streak of industry leadership and network excellence. As 5G reshapes the wireless landscape, Verizon continues to set the standard with a durable, high-performing network that delivers for millions of customers nationwide. This momentum reflects the company’s relentless investment and forward-thinking strategy, ensuring that Verizon remains at the forefront of connectivity and innovation.

A true differentiator in the industry, Verizon stands apart through the depth and versatility of its network offerings, delivering exceptional value for customers, including:

Unmatched reliability and coverage: Verizon’s awarding-winning 5G and 4G LTE networks deliver coast-to-coast coverage, keeping customers connected in bustling cities and remote communities alike. The networks’ proven performance means fewer dropped calls and dependable service when it matters most and to complement Verizon’s industry leading network coverage, its satellite services remain free of charge to Verizon customers.
5G leadership that sets the pace: Verizon’s 5G Ultra Wideband continues to raise the bar, offering blazing-fast speeds and ultra-low latency for streaming, gaming and remote work. With dedicated mmWave and C-band spectrum now reaching more than 280 million people, and expanding.
Consistent speed, even in high-traffic moments: Verizon’s ongoing network investments enable fast, reliable connections—even in crowded stadiums, busy downtowns and during peak hours.
Powering innovation for critical sectors: From utilities and transportation to public safety, Verizon’s advanced network delivers secure, low-latency solutions that drive smart grid technology, IoT deployments and private networks. The Verizon Frontline Innovation Program continues to deliver next-generation tools for first responders and essential services.
Security at every level: Verizon prioritizes network security, employing robust measures to protect customer data and communications. This is especially important for government agencies and critical infrastructure, where advanced cybersecurity safeguards sensitive information.

Verizon keeps raising the bar for what’s possible in connectivity, powering experiences that make lives better. As the model of excellence for network quality and 5G performance, Verizon delivers exceptional value to its customers by combining its industry-leading network, compelling customer offerings, and AI-powered customer experience innovations that set a new standard for what customers can expect. The Verizon team isn’t just leading today– they are shaping the future of how people live, work and play.

MIL-OSI: Federal Home Loan Bank of New York Announces Second Quarter 2025 Operating Highlights

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter ended June 30, 2025.

“Throughout the first half of 2025, the Federal Home Loan Bank of New York has continued to provide stable, reliable and low-cost funding to our members in support of their lending activities across our region and beyond,” said Randolph C. Snook, president and CEO of the FHLBNY. “Our second quarter results reflect our ongoing dedication to executing on this foundational purpose. Providing members with on-demand access to our liquidity helps extend credit to and reduce borrowing costs for the consumer and supports the creation of attainable homeownership opportunities. This is our mission, on which we have continued to deliver this year.”

Highlights from the second quarter of 2025 include:

Net income for the quarter was $153.1 million, a decrease of $28.2 million, or 15.6%, from net income of $181.3 million for the second quarter of 2024. Net interest income for the quarter was $214.5 million, a decrease of $33.2 million, or 13.4%, from $247.7 million in the second quarter of last year. The decrease in net interest income was driven by a decrease in market interest rates and a decrease in average advances balances from the prior year period. Non-interest income increased by $2.1 million, or 12.3%, to $19.4 million from the second quarter of 2024.

Return on average equity (“ROE”) for the quarter was 7.20% (annualized), compared to ROE of 8.54% for the second quarter of 2024.

As of June 30, 2025, total assets were $167.8 billion, an increase of $7.5 billion, or 4.7%, from total assets of $160.3 billion at December 31, 2024. As of June 30, 2025, advances (par amount) were $104.9 billion, a decrease of $1.6 billion, or 1.5%, from $106.5 billion at December 31, 2024.

Total capital was $8.4 billion as of both June 30, 2025 and December 31, 2024, as a decrease in capital stock, aligned with the decrease in advances balances, was offset by an increase in retained earnings. The FHLBNY’s retained earnings were $2.6 billion as of June 30, 2025; $1.3 billion of the retained earnings were unrestricted and $1.3 billion were restricted. At June 30, 2025, the FHLBNY was in compliance with its regulatory capital ratios and liquidity requirements.

The FHLBNY allocated $17.0 million from its second quarter 2025 earnings for its Affordable Housing Program. The FHLBNY set aside an additional $4.2 million from the quarter’s earnings for voluntary contributions to affordable housing and community development initiatives.

The FHLBNY expects to file its Form 10-Q for the second quarter of 2025 with the U.S. Securities and Exchange Commission on or before August 7, 2025.


Selected Balance Sheet Items (dollars in millions)
	June 30,			December 31,
	2025			2024			Change

Advances	$	104,720		$	105,838		$	(1,118)
Mortgage loans held for portfolio		2,459			2,345			114
Mortgage-backed securities		19,961			19,397			564
Liquidity assets		38,143			30,344			7,799
Total assets	$	167,779		$	160,300		$	7,479

Consolidated obligations	$	154,520		$	148,411		$	6,109
Capital stock		5,962			6,014			(52)
Unrestricted retained earnings		1,280			1,286			(6)
Restricted retained earnings		1,271			1,209			62
Accumulated other comprehensive income (loss)		(88)			(100)			12
Total capital	$	8,424		$	8,410		$	14

Capital-to-assets ratio (GAAP)		5.02	%		5.25	%
Capital-to-assets ratio (Regulatory)		5.08	%		5.31	%

Operating Results (dollars in millions)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025			2024			Change		2025			2024			Change

Total interest income	$	1,895.8		$	2,283.4		$	(387.6)	$	3,717.3		$	4,599.4		$	(882.1)
Total interest expense		1,681.3			2,035.7			(354.4)		3,287.8			4,086.7			(798.9)
Net interest income		214.5			247.7			(33.2)		429.5			512.7			(83.2)
Provision (Reversal) for credit losses		(0.1)			(0.3)			0.2		0.1			(0.8)			0.8
Net interest income after provision for credit losses		214.6			248.0			(33.4)		429.4			513.5			(84.0)
Non-interest income (loss)		19.4			17.3			2.1		40.1			53.1			(13.0)
Non-interest expense		63.9			63.8			0.1		126.4			120.1			6.3
Affordable Housing Program assessments		17.0			20.2			(3.2)		34.4			44.7			(10.4)
Net income	$	153.1		$	181.3		$	(28.2)	$	308.7		$	401.8		$	(92.9)

Return on average equity		7.20	%		8.54	%				7.39	%		9.55	%
Return on average assets		0.36	%		0.43	%				0.38	%		0.48	%
Net interest margin		0.51	%		0.60	%				0.53	%		0.61	%

Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of June 30, 2025, the FHLBNY serves 334 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

CONTACT: Brian Finnegan
(212) 441-6877
brian.finnegan@fhlbny.com

MIL-OSI: Federal Home Loan Bank of New York Announces Second Quarter 2025 Operating Highlights

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter ended June 30, 2025.

“Throughout the first half of 2025, the Federal Home Loan Bank of New York has continued to provide stable, reliable and low-cost funding to our members in support of their lending activities across our region and beyond,” said Randolph C. Snook, president and CEO of the FHLBNY. “Our second quarter results reflect our ongoing dedication to executing on this foundational purpose. Providing members with on-demand access to our liquidity helps extend credit to and reduce borrowing costs for the consumer and supports the creation of attainable homeownership opportunities. This is our mission, on which we have continued to deliver this year.”

Highlights from the second quarter of 2025 include:

Net income for the quarter was $153.1 million, a decrease of $28.2 million, or 15.6%, from net income of $181.3 million for the second quarter of 2024. Net interest income for the quarter was $214.5 million, a decrease of $33.2 million, or 13.4%, from $247.7 million in the second quarter of last year. The decrease in net interest income was driven by a decrease in market interest rates and a decrease in average advances balances from the prior year period. Non-interest income increased by $2.1 million, or 12.3%, to $19.4 million from the second quarter of 2024.

Return on average equity (“ROE”) for the quarter was 7.20% (annualized), compared to ROE of 8.54% for the second quarter of 2024.

As of June 30, 2025, total assets were $167.8 billion, an increase of $7.5 billion, or 4.7%, from total assets of $160.3 billion at December 31, 2024. As of June 30, 2025, advances (par amount) were $104.9 billion, a decrease of $1.6 billion, or 1.5%, from $106.5 billion at December 31, 2024.

Total capital was $8.4 billion as of both June 30, 2025 and December 31, 2024, as a decrease in capital stock, aligned with the decrease in advances balances, was offset by an increase in retained earnings. The FHLBNY’s retained earnings were $2.6 billion as of June 30, 2025; $1.3 billion of the retained earnings were unrestricted and $1.3 billion were restricted. At June 30, 2025, the FHLBNY was in compliance with its regulatory capital ratios and liquidity requirements.

The FHLBNY allocated $17.0 million from its second quarter 2025 earnings for its Affordable Housing Program. The FHLBNY set aside an additional $4.2 million from the quarter’s earnings for voluntary contributions to affordable housing and community development initiatives.

The FHLBNY expects to file its Form 10-Q for the second quarter of 2025 with the U.S. Securities and Exchange Commission on or before August 7, 2025.


Selected Balance Sheet Items (dollars in millions)
	June 30,			December 31,
	2025			2024			Change

Advances	$	104,720		$	105,838		$	(1,118)
Mortgage loans held for portfolio		2,459			2,345			114
Mortgage-backed securities		19,961			19,397			564
Liquidity assets		38,143			30,344			7,799
Total assets	$	167,779		$	160,300		$	7,479

Consolidated obligations	$	154,520		$	148,411		$	6,109
Capital stock		5,962			6,014			(52)
Unrestricted retained earnings		1,280			1,286			(6)
Restricted retained earnings		1,271			1,209			62
Accumulated other comprehensive income (loss)		(88)			(100)			12
Total capital	$	8,424		$	8,410		$	14

Capital-to-assets ratio (GAAP)		5.02	%		5.25	%
Capital-to-assets ratio (Regulatory)		5.08	%		5.31	%

Operating Results (dollars in millions)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025			2024			Change		2025			2024			Change

Total interest income	$	1,895.8		$	2,283.4		$	(387.6)	$	3,717.3		$	4,599.4		$	(882.1)
Total interest expense		1,681.3			2,035.7			(354.4)		3,287.8			4,086.7			(798.9)
Net interest income		214.5			247.7			(33.2)		429.5			512.7			(83.2)
Provision (Reversal) for credit losses		(0.1)			(0.3)			0.2		0.1			(0.8)			0.8
Net interest income after provision for credit losses		214.6			248.0			(33.4)		429.4			513.5			(84.0)
Non-interest income (loss)		19.4			17.3			2.1		40.1			53.1			(13.0)
Non-interest expense		63.9			63.8			0.1		126.4			120.1			6.3
Affordable Housing Program assessments		17.0			20.2			(3.2)		34.4			44.7			(10.4)
Net income	$	153.1		$	181.3		$	(28.2)	$	308.7		$	401.8		$	(92.9)

Return on average equity		7.20	%		8.54	%				7.39	%		9.55	%
Return on average assets		0.36	%		0.43	%				0.38	%		0.48	%
Net interest margin		0.51	%		0.60	%				0.53	%		0.61	%

Federal Home Loan Bank of New York
The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of June 30, 2025, the FHLBNY serves 334 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

CONTACT: Brian Finnegan
(212) 441-6877
brian.finnegan@fhlbny.com

MIL-OSI United Nations: UN official reiterates call for Gaza ceasefire as ‘nightmare of historic proportions’ unfolds

Source: United Nations 2

Khaled Khiari, Assistant Secretary-General for the Middle East, told ministers and ambassadors that ongoing talks must lead to a permanent end to hostilities, the release of all hostages, unimpeded entry of humanitarian aid, and for recovery and reconstruction to begin.

He painted a grim picture of conditions on the ground, citing expanded Israeli military operations, particularly in Deir Al-Balah, which have led to further mass displacement.

UN premises were also struck, hampering humanitarian operations and exacerbating the already dire situation.

ASG Khiari briefs the Security Council.

Humanitarian toll deepens

At least 1,891 Palestinians have been killed in Gaza since 30 June, according to figures from Gazan health authorities, including 294 people reportedly killed while attempting to collect aid near militarised distribution points.

Evacuation orders continue to force repeated displacement, while food insecurity and malnutrition are worsening despite a limited uptick in the entry of humanitarian supplies.

On the Israeli side, 13 soldiers have been killed in the same period. Palestinian armed groups have continued sporadic rocket attacks into Israel. According to Israeli sources, 50 hostages – including 28 believed to be dead – are still being held by Hamas and other groups.

“The Secretary-General has repeatedly condemned the continued holding of hostages by Hamas and other armed groups,” Mr. Khiari stressed. “Hostages must be released immediately and unconditionally.”

Places of worship struck

The briefing also highlighted growing concerns about civilian casualties and attacks on protected sites.

Mr. Khiari condemned a 17 July strike on the Catholic Church of the Holy Family in Gaza City, which killed three and injured several others. The strike forced the evacuation of roughly 600 Palestinians, including children and persons with special needs, who had been sheltering there.

The Israeli Prime Minister’s Office expressed regret, describing the strike as the result of “stray ammunition,” and said an investigation was underway, Mr. Khiari reported.

A woman and child walk through the heavily bombed town of Khuza’a in the Gaza Strip.

Dire fuel shortages

Since 9 July, Israel has allowed limited fuel deliveries through the Kerem Shalom/Karim Abu Salem crossing, after 130 days of a full blockade.

However, the amount is “a fraction of what is required to run essential life-saving services in Gaza, where nearly every aspect of life depends on fuel,” Mr. Khiari warned.

Occupied West Bank

Turning to the occupied West Bank, Mr. Khiari reported high levels of violence, including deadly Israeli military operations, attacks by settlers on Palestinians and retaliatory attacks by Palestinians against Israelis.

He noted that the Palestinian Authority (PA) is facing a severe fiscal crisis, with $2.7 billion in withheld clearance revenues, crippling its ability to pay salaries and provide basic services.

“Unless urgently addressed, the deterioration of the PA’s fiscal and institutional situation could have catastrophic consequences, undermining the significant progress made over many years to build up Palestinian institutions,” he warned, urging immediate international support.

UN Photo/Loey Felipe

A wide view of the Security Council meeting on the situation in the Middle East, including the Palestinian question.

Tensions in the wider region

Mr. Khiari also highlighted continued tensions along the Blue Line between Lebanon and Israel, as well as renewed violence in Syria’s Sweida region and Israeli airstrikes on Syrian territory.

He urged both Israel and Syria to adhere to the 1974 Disengagement Agreement and to avoid any actions that risk escalating the conflict.

Call for a political horizon

Mr. Khiari concluded by reiterating that only a revived political process towards the two-State solution can deliver a sustainable solution.

“Our goal is clear: realizing the vision of two States – Israel and a viable and sovereign Palestinian State of which Gaza is an integral part – living side by side in peace and security within secure and recognized borders, on the basis of the pre-1967 lines, with Jerusalem as the capital of both States,” he said.

MIL OSI United Nations News –

MIL-OSI Europe: Ukrainian school in southwestern city of Chernivtsi reopens after major EU funded renovation

Source: European Investment Bank

School in Ukrainian city of Chernivtsi in southwestern Ukraine reopens after €930,000 renovation funded by EIB
Upgrades to Gymnasium No. 20 improve conditions for more than 400 students and teachers
Project covered by EIB’s €200 million Ukraine Early Recovery Programme

A school in the southwestern Ukrainian city of Chernivtsi reopened today after major upgrades funded by the European Investment Bank (EIB). Gymnasium No. 20 – a primary and middle school – underwent a €930,000 renovation that improved conditions for more than 400 students and teachers.

Among the students, who range in age from six to 15, are children who have been displaced by Russia’s full-scale invasion of Ukraine in 2022.

The works included equipping the school building with full thermal insulation, a new roof, energy‑efficient windows and doors and a heating system that better regulates indoor temperatures and reduces energy costs. In addition, a new ramp and repaired entrances facilitated access to the premises, particularly for more than 10 children with disabilities.

“The EIB plays a key role in helping Ukrainian municipalities restore essential social infrastructure,” said EIB Vice-President Teresa Czerwińska, who oversees the bank’s operations in Ukraine. “The renovated school in Chernivtsi is a clear example of how our support brings safer and more inclusive spaces for children to learn and thrive, even in challenging times.”

The upgrades to Gymnasium No. 20 were completed in six months under a €200 million EIB initiative called the Ukraine Early Recovery Programme. The programme is one of three joint European Union‑EIB recovery initiatives carried out with the Ukrainian Ministry for Development of Communities and Territories of Ukraine, the Ministry of Finance and local authorities in participating cities, with technical support from the United Nations Development Programme (UNDP).

“Reopening this school is a clear sign that recovery is happening on the ground,” said Deputy Prime Minister for Restoration of Ukraine and Minister for Communities and Territories Development of Ukraine Oleksii Kuleba. “Together with our European partners, we are creating safer, more resilient communities for Ukrainians.”

Chernivtsi Mayor Roman Klichuk echoed the point: “Thanks to our European partners, more than 400 children and staff now have a warm, safe and modern school that meets their needs.”

In the Chernivtsi region, or oblast, the EIB is also funding two projects to repair administrative service centres and four projects to upgrade heating, water supply and sewage systems. These initiatives, as was the case with the renovation of Gymnasium No. 20, are being carried out in cooperation with the Chernivtsi Regional Military Administration and the Chernivtsi City Council.

“Every renovated school – like the one in Chernivtsi – is a building block in Ukraine’s recovery,” said Stefan Schleuning, Head of Cooperation at the EU Delegation to Ukraine. “Together with the EIB, we are working hand in hand with communities across the country to help rebuild a stronger Ukraine.”

“More renovations to facilities will follow to strengthen the region’s social infrastructure,” said Ruslan Zaparaniuk, head of the Chernivtsi Regional Military Administration.

“Through our partnership with the EIB and local authorities, UNDP is helping Ukraine rebuild more strongly by ensuring recovery investments enhance community resilience and establish sustainable foundations for long-term development,” said UNDP Resident Representative in Ukraine Auke Lootsma. “Projects such as this school renovation in Chernivtsi embody this approach.”

Background information

The EIB in Ukraine

Present in Ukraine since 2007, the EIB has stepped up its financial support for the country’s resilience and modernisation since Russia’s full-scale invasion of Ukraine in 2022. Since then, the EIB has provided €3.6 billion in financing, with almost two-thirds already disbursed. Through its EU for Ukraine (EU4U) Initiative, coupled with its key role in implementing a dedicated window under Pillar 2 of the Ukraine Facility, the EIB is strongly committed to stepping up and accelerating its activities in line with the mandate given by EU leaders and in close cooperation with the European Commission, the European Parliament, Member States and international partners.

EIB recovery programmes in Ukraine

The reconstruction of the gymnasium in Chernivtsi was carried out under the Ukraine Early Recovery Programme, one of three recovery initiatives supported by the European Investment Bank (EIB). As of July 2025, the EIB has provided €740 million through these programmes to support Ukraine’s recovery. The funding helps the government to restore essential services in communities across the country – including schools, kindergartens, hospitals, housing, heating and water systems. These EIB-backed programmes are further supported by €15 million in EU grants to facilitate implementation. The Ministry for Development of Communities and Territories of Ukraine, in cooperation with the Ministry of Finance, coordinates and oversees programme implementation, while local authorities and self-governments are responsible for managing recovery sub-projects. The United Nations Development Programme (UNDP) in Ukraine provides technical assistance to local communities, supporting project implementation and ensuring independent monitoring for transparency and accountability. More information about the programmes is available here.

Ukrainian school in southwestern city of Chernivtsi reopens after major EU funded renovation
Ukrainian school in southwestern city of Chernivtsi reopens after major EU funded renovation
©EIB
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MIL OSI Europe News –

MIL-OSI United Nations: Home is where the heart is — and where development begins

Source: United Nations MIL OSI

Mathare, one of the country’s largest slums, houses upwards of 500,000 people in five square kilometres, cramming them together and storing the human waste they produce in uncovered rivulets. But when he recounted the visit later to UN News, this was not the image that stuck with him the most.

Without formal sewage systems, rivulets in the Mathare slum in Nairobi hold human waste.

What he remembered most clearly was a group of boys and girls, dressed in navy blue school uniforms — the girls in skirts and the boys in pants, both with miniature ties underneath their vests — surrounded by squawking chickens and human waste.

There was no formal, or UNICEF-funded, school nearby. But the Mathare community had come together to create a school where their children might just have the chance to break an intergenerational cycle of poverty and invisibility.

“That was a message for me that development should be localized. There is something happening at the community [level],” said Mr. Jobin.

Globally, over one billion people live in overcrowded slums or informal settlements with inadequate housing, making this one of the largest development issues worldwide, but also one of the most underrecognized.

“The first place where opportunity begins or is denied is not an office building or a school. It is in our homes,” UN Deputy Secretary-General Amina Mohammed told a high-level meeting of the Economic and Social Council (ECOSOC) on Tuesday.

A litmus test

Mr. Jobin was one of the experts taking part in the High-Level Political Forum (HLPF) on Sustainable Development at UN Headquarters in New York this month to discuss progress – or lack thereof – towards the globally agreed 17 Sustainable Development Goals (SDGs).

One of the goals aspires to create sustainable cities and communities. However, with close to three billion people facing an affordable housing crisis, this goal remains unrealized.

“Housing has become a litmus test of our social contract and a powerful measure of whether development is genuinely reaching people or quietly bypassing them,” said Rola Dashti, Under-Secretary-General for the UN Economic and Social Commission for Western Asia (ESCWA).

Housing as a mirror for inequalities

An apartment building at an informal settlement in Mumbai, India.

With over 300 million unhoused people worldwide, sometimes it is easy to forget about the one billion people who are housed but inadequately. These people, who populate informal settlements and slums, live in unstable dwellings and in communities where few services are provided.

“Housing reflects the inequalities shaping people’s daily lives. It signals who has access to stability, security and opportunity and who does not,” said Ms. Dashti.

Children living in slums or informal settlements are up to three times more likely to die before their fifth birthday. They are also 45 per cent more stunted than their peers as a result of poor nutrition.

Women and girls are more likely to experience gender-based violence. And human trafficking and child exploitation are also more prevalent.

An intergenerational invisibility

People in informal settlements are often not a part of the national census, according to Mr. Jobin, meaning that they are not taken into consideration in policies, social programmes or budgets. Even if they were given social protections, these settlements rarely have addresses at which families could receive cash transfers.

This is why experts often say that the people living in informal settlements and slums are invisible in official data and programmes.

“You’re born from an invisible family, so you become invisible,” Mr. Jobin said. “You don’t exist. You’re not reflected in policies or budgeting.”

This invisibility makes it almost impossible to escape poverty.

“You become a prisoner of a vicious circle that entertains itself and then you reproduce yourself to your kid,” he said, referring to an inescapable cycle of deprivation.

The urban paradox

More and more people are migrating into urban centres, leading to the growth of these informal settlements. And with their growth, comes more urgency to address the issues.

The World Bank estimates that 1.2 million people each week move to cities, often seeking the opportunities and resources that they offer. But millions of people are never able to benefit, instead becoming forgotten endnotes in an urban paradox that portrays urban wealth as a protection against poverty.

By 2050, the number of people living in informal settlements is expected to triple to three billion, one-third of whom will be children. Over 90 per cent of this growth will occur in Asia and Africa.

“These statistics are not just numbers — they represent families, they represent workers and entire communities being left behind,” said Anacláudia Rossbach, Under-Secretary-General of UN Habitat which is working to make cities more sustainable.

The Mathare slum in Nairobi houses 500,000 people within 5 square kilometres.

Housing as a human right

It is not just national and local governments which struggle to contend with informal settlements — organizations like UNICEF are also “blind”, Mr. Jobin said, regarding the scope of problems in informal settlements.

Development partners face twin issues in designing interventions — there is not enough national data and informal governance, or slum lords, can be more critical for coordinating programs than traditional governmental partners.

“We know the issue … But somehow we have not really been able to intervene,” he said.

Ms. Mohammed emphasized that we need to begin to see adequate and affordable housing as more than just a result of development — it is the foundation upon which all other development must rest.

“Housing is not simply about a roof over one’s head. It’s a fundamental human right and the foundation upon which peace and stability itself rests.”

MIL OSI United Nations News –

MIL-OSI USA: Lawler Introduces Legislation Modernizing Post-Assad Syria Sanctions Policy

Source: US Congressman Mike Lawler (R, NY-17)

Washington, D.C. – 7/17/25… Today, Congressman Mike Lawler (NY-17), Chairman of the House Foreign Affairs Subcommittee on the Middle East and North Africa and House Financial Services Committee member, introduced the Syria Sanctions Accountability Act, legislation to modernize U.S. sanctions policy for a post-Assad Syria.

“This bill modernizes the existing sanctions regime on Syria, requires assessments on existing sanctions relief provisions, and sets out goals for the Syrian government to meet anti-money laundering and anti-corruption standards. As the Trump Administration is already reviewing sanctions policy, we must ensure they have the tools to do so that reflect the current security environment,” said Chairman Lawler.

The Syria Sanctions Accountability Act:

Directs the Financial Crimes Enforcement Network to provide a briefing to Congress on the exceptive relief for the Commercial Bank of Syria.
Instructs U.S. representatives to the IMF and World Bank to support regular economic monitoring in Syria, processes to improve financial connectivity in Syria, and priorities related to anti-money laundering, weapons non-proliferation, and anti-corruption policies in Syria.
Requires a formal assessment from the Export-Import Bank on the appropriateness of current country limitations concerning Syria.
Updates the Caesar Syria Civilian Protection Act by updating conditions to lift sanctions. This includes requiring the Syrian government to take verifiable steps to combat illicit proliferation of Captagon, ensuring the Syrian government is not engaged in the targeting or extrajudicial detention of religious minorities, and removing references to Russia and Iran that were originally placed in the law due to Assad’s relationship with these adversarial regimes.

“The al-Sharaa Administration certainly has a lot of work to do to reintegrate Syria with the U.S. and our allies. While this job should be difficult given the circumstances, it shouldn’t be impossible,” concluded Chairman Lawler.

Congressman Lawler is one of the most bipartisan members of Congress and represents New York’s 17th Congressional District, which is just north of New York City and contains all or parts of Rockland, Putnam, Dutchess, and Westchester Counties. He was rated the most effective freshman lawmaker in the 118th Congress, 8th overall, surpassing dozens of committee chairs.

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Full text of the bill can be found HERE.

MIL OSI USA News –

MIL-OSI United Kingdom: expert reaction to observational study looking at rates of depression and anxiety in teens who smoke and vape

Source: United Kingdom – Executive Government & Departments

July 23, 2025

An observational study published in PLOS Mental Health looks at mental health outcomes in teens who smoke or use e-cigarettes.

Prof Peter Hajek, Professor of Clinical Psychology, and Director of the Health and Lifestyle Research Unit, Queen Mary University of London (QMUL), said:

“There is not much novelty in this study. The findings add to the well-established link between mental health issues or other sources of stress, especially in childhood, and the use of psychoactive substances including nicotine.”

Prof Stella Chan, Charlie Waller Chair in Evidence-Based Psychological Treatment, University of Reading, said:

“This well conducted study has helpfully established robust evidence for a link between the use of cigarettes and vapes and symptoms of depression and anxiety in adolescents in the US. As acknowledged by the authors, the cross-sectional nature of the data cannot point towards causal relationships. It is therefore impossible to determine from this study if the use of tobacco increases the risk for mental health problems; or that adolescents with mood difficulties use tobacco as a coping strategy; or if a bit of both. Future research can also investigate differences between gender groups, those with neural divergent conditions, those belonging to minority or vulnerable groups such as LGBT+ , in care system, or justice system, to understand the effects of tobacco use in further details in order to inform support and intervention.”

Dr Jasmine Khouja, Senior Research Associate in the Tobacco and Alcohol Research Group, University of Bristol, said:

“This study design is not appropriate to address the research question. The study measures whether adolescents who have ever tried a “tobacco product” (even just once) are more or less likely to have some symptoms of anxiety or depression. It does not measure whether regularly using e-cigarettes or smoking causes depression or anxiety. Although the number of young people who used e-cigarettes more than once or twice is not reported, the majority of this group is likely made up of young people who vaped once or twice to give it a try. Therefore, the study measures whether people with anxiety and depression symptoms are more likely to have experimented with potentially risky products. This is not discussed in the limitations, which is concerning because the authors should be aware that the measure is not appropriate for this question.

“The study does not adequately account for other factors that could be driving this link, and it is cross-sectional, meaning that the mental health symptoms could have preceded the vaping experimentation. The authors state that nicotine could be a mechanism by which vaping could cause depression and anxiety, but they did not ascertain whether the products contained nicotine or not.

“It is important to note that although the authors describe e-cigarettes as tobacco products, e-cigarettes do not contain tobacco, and using e-cigarettes is not considered tobacco use.

“This study alone does not add much to our understanding of the relationship between vaping, smoking, and mental health. Much more research (with a more appropriate study design) is needed before we can determine whether vaping causes poor mental health.”

Dr Johnathan Livingstone-Banks, Lecturer & Senior Researcher in Evidence-Based Healthcare, Nuffield Department of Primary Care Health Sciences, University of Oxford, said:

“This study finds a correlation between ever trying cigarettes or vapes and reporting depression or anxiety, but as the authors note, it doesn’t show that one causes the other. It could just as easily be that young people with poor mental health are more likely to experiment. However, that does not mean that this correlation shouldn’t be taken seriously, and there is evidence in adults that quitting smoking can improve mental health.

“In the US, vapes are classed as tobacco products. But it’s worth clarifying: while they usually contain nicotine, they don’t contain any tobacco. In the UK, they’re not classified as tobacco products.

“This survey counts anyone who has ever used a vape or cigarette, even just once, as a user. That’s potentially misleading, especially when it comes to ‘dual use’. Someone who tried a vape once and a cigarette once, perhaps years apart, would be counted as dual users. Without more detailed data, we can’t tell whether these young people were actual users or just experimenting. The sample probably includes a mix of both.”

Dr Lion Shahab, Chartered member of the British Psychological Society, said:

“This study analysed cross-sectional data from the US National Youth Tobacco Survey to investigate the association of cigarettes and e-cigarette use in youth with self-reported depression and anxiety symptoms. The results show that exclusive cigarette and exclusive e-cigarette use, as well as co-use of both products was associated with higher depression and anxiety levels than not using either. Tobacco use has a well-established bidirectional relationship with mental health such that mental health symptoms predict later smoking and smoking leads to deterioration in mental health symptoms. This study shows that a similar relationship may exist with e-cigarette use.

“However, there are several caveats that need to be considered when interpreting these findings. First, as all measurements were taken at the same time, it is not clear whether e-cigarette use preceded poorer mental health symptoms or whether poorer mental health symptoms preceded e-cigarettes use, or whether there is evidence of an effect in both directions. This can only be assessed in a longitudinal cohort study where timelines of what occurs first (e-cigarette use or deterioration in mental health symptoms) can be clearly established.

“Due to the cross-sectional nature of this study, it is therefore as likely that adolescents who have experienced psychological stress or mental health problems may be more likely to start vaping as it is that prior vaping leads to later poor mental health outcomes. Second, as for most epidemiological studies, there is a risk that important factors that influence both e-cigarette use and mental health symptoms were not controlled for. For instance, this study did not account for familial history of mental health problems, which may – in part – explain the observed association.

“Lastly, the study used a relatively crude measure of e-cigarette use, which was defined ‘ever e-cigarette only use’. This category lumps together adolescents who may have used an e-cigarette once or twice with youth who vape daily, which is unhelpful. It is unlikely that very occasional e-cigarette use will have lasting effects on mental health. Future work would benefit from investigating whether the frequency of vaping and nicotine content in vapes has a dose-response relationship with mental health symptoms. Notwithstanding these issues, this study highlights the need to examine the effects of vaping in youth, not only in terms of potential physical health but also mental health.”

‘Mental health outcomes associated with electronic cigarette use, combustible tobacco use, and dual use among U.S. adolescents: Insights from the National Youth Tobacco Survey’ by Abdulhay et al. was published in PLOS Mental Health at 19:00 UK time on Wednesday 23th July.

DOI: 10.1371/journal.pmen.0000370

Declared interests

Dr Jasmine Khouja None

Prof Peter Hajek None

Prof Stella Chan None

Dr Jonathan Livingstone-Banks No financial conflicts – I’ve never received funding from industry. I’m a tobacco control researcher at the University of Oxford and I’m an author of numerous academic papers on smoking and e-cigarettes, including the Cochrane reviews on e-cigarettes for smoking cessation and interventions for vaping cessation.

Dr Lion Shahab None

For all other experts, no reply to our request for DOIs was received.

MIL OSI United Kingdom –

MIL-OSI Banking: Understanding what AI means to consumers

Source: Microsoft

Headline: Understanding what AI means to consumers

When we talk about new AI-powered devices and experiences, the focus often lands on the pace of technological progress. But just as quickly, the way people are using these tools—and how they feel about them—is evolving too.

To better understand that shifting sentiment, we commissioned new consumer AI research that digs deeper into people’s priorities and perceptions. Going beyond usage data, we examined the emotional undercurrents: what excites people about AI, what gives them pause and how those attitudes shift across generations.

What emerged is a more textured view of consumer behavior. In this report, you’ll find insights that add greater dimension to what meaningful AI solutions look like today.

The full report is available for download here.

From burnout to breakthrough: Americans use AI to move forward

This consumer AI report examines evolving attitudes toward AI. It presents findings from research conducted by an independent research firm, Edelman Data & Intelligence, among 1,000 consumers in the United States ages 13 and older between March 14, 2025 and March 25, 2025. As both AI tools and human behaviors continue to shift, the report offers a research-backed lens for business leaders, organizations, and curious individuals seeking to understand what’s changing and why. 

Can AI help an overloaded generation cut through the noise?

These days, we have a lot on our minds.

We’re living in an era where information has never been so available. Entire histories of societies, bodies of scholarship, and even the details of our own relationships can be pulled up with a single search. But instead of helping us get ahead, it often just adds more noise. Traditional authority has fractured and everywhere we turn, new voices and platforms compete for our attention. In fact, 7 in 10 consumers admit they are overwhelmed by the amount of information available when making a decision.

So it’s no surprise that we’re starting to question not just our choices, but how we make them. This is where AI offers a new way forward: our research finds that it counteracts decision fatigue by lightening the mental burden of weighing one’s options. After using AI when making a decision, 84% percent of people report experiencing positive emotion.

Majority experience a positive emotion after using AI to make a decision: Eighty-four percent of people felt a positive emotion after using AI when making a decision, with relief and confidence being the two most common.

Introducing Generation AI

Leading the way is Generation AI, born between 1995 and 2012. Raised on increasingly intuitive digital tools, they’ve learned how to embrace emerging technologies as a support system rather than merely a shortcut—from PCs and mobile devices, to the internet, and now AI. This generation is 16% more likely to use AI tools than those who are older, and when they do, they’re finding more than answers. They’re unlocking a greater sense of relief and confidence, a result that users of all ages can learn from.

AI interrupts overthinking, before the spiral starts

AI’s mainstream moment comes at a critical time for this generation’s mental health.

Generation AI is carrying a compound burden made up of the ambient weight of everyday social pressures, persistent economic uncertainty, digital isolation, and the long tail of a global pandemic. Seventy-two percent of those aged 18-34 rate mental health as a significant stressor, the highest among all age cohorts.

With estimates suggesting that the average person can face thousands of choices each day, this mental load is unrelenting. It’s the kind of weight that turns indecision into inaction, leading people to abandon choices that once felt important.

Even once we are finally able to make up our minds, it rarely feels like closure. Sixty-eight percent of Generation AI would describe themselves as an “overthinker,” someone who spends a lot of time worrying about their decisions, even after making them. Would-be relief is clouded by doubt, a lingering sense that maybe we missed something better, smarter, or more optimized.

But data shows that AI offers overthinkers a different outcome. Across all age groups, respondents were more than twice as likely to feel relieved (30%) or confident (30%) compared to anxious (14%) or frustrated (14%) after using generative AI to make a personal decision.

This confidence boost applies to a range of relatable scenarios. Many find support for things they are passionate about, involving AI in decisions around entertainment (34%) or travel (25%). For others, AI proves helpful in moving through more emotionally fraught territory, such as money decisions (35%), health and wellness (35%), and career or job considerations (34%).

AI helps make decisions in diverse scenarios: Generative AI helps users make decisions in the following areas: money (35%), health and wellness (35%), career or job (34%), entertainment (34%), and travel (25%).

Instead of dwelling on these decisions interminably, every prompt becomes a quiet practice in turning uncertainty into action.

Creating a safe space for deeper, more helpful answers

We are now getting a glimpse into a tech-powered future that is more intuitive, personal, and judgment-free. AI reflects consumers’ curiosity back to them in a way few tools have before. When they need help making a decision, a third of respondents (33%) say they appreciate that AI gives them a clear, personalized response.

Getting the right advice has always depended on the gatekeepers of the moment. In the past, information was limited by which experts or institutions one had access to. Even the internet, once seen as the great equalizer, has its limits. The search engines that Generation AI grew up using may have put pages and pages of web results at their fingertips, but they stopped short at turning that data into something truly actionable. This has left 67% of this age group feeling like it is still “hard to find guidance or suggestions that fit my exact situation” when gathering information to answer a question or make a decision.

Now, they have somewhere else to turn; a conversational advisor that can match their thirst for knowledge with specificity, flexibility, and patience. When asked about using generative AI for advice, all respondents cite a sense of emotional delicacy, noting how “I can ask as many follow-up questions as I want without feeling bad” (81%) and “AI doesn’t judge me like a person would” (78%).

This change in our relationship with information also changes how we learn. Recent research on AI usage found that students aged 18 and older used it more than any other employment group, with 85% reporting usage. Generation AI students are now more likely to rank AI as a helpful study aid (45%) than books (36%) or a one-on-one tutor (27%).

The way AI users describe themselves tells us more about their mindset. Those who use AI to make decisions are more likely to say they are “ambitious” (+20ppts), “decisive” (+15ppts), and “problem solvers” (+10 ppts) compared to those who don’t use it. These labels signal how AI might intersect with a generation’s sense of self.

AI users describe themselves differently: People who use AI to make decisions are more likely to describe themselves as a problem solver (+10ppts), ambitious (+20ppts), and decisive (+16ppts).

While each individual interaction might feel small, these micro-moments of support can foster trust in both the technology itself and in the user’s own ability to choose.

Hopeful but not naïve, Generation AI brings discernment to AI asks

This isn’t the first time Generation AI has lived through a major technological shift, and it won’t be the last. As true digital natives, they approach any new tool with nuance, carefully weighing the promised benefits against potential tradeoffs.

When it comes to AI, 66% of this generation is optimistic that it will improve our lives and the world we live in. While only 15% of all consumers say they fully trust AI when making important decisions, 95% have still used a generative AI tool in the past month—suggesting that people are finding meaningful, appropriate ways to engage with these tools. Rather than blind trust, this is thoughtful adoption: users are integrating AI into their broader decision-making process in ways that feel supportive and safe.

Also in the mix? Friends, family, experts, and professionals. But most of all, their own judgment: 59% of consumers trust their gut when making a decision.

Trust varies across sources when making important decisions: When making an important decision, 15% trust AI—less than their own gut (59%), advice from friends or family (44%), or web search results (37%), the same as teachers (15%), and more than social media influencers (11%) or political leaders (7%).

Call it curiosity, caution, or a carefully balanced blend of both. While 59% of all respondents used generative AI for work and business purposes in the past year, even more have explored how it might fit into their personal lives. Sixty-four percent report using AI for hobbies and personal interests, such as art music, or DIY projects.

AI can help sort through today’s information overload until one’s instincts take over. It summarizes information so that it is easier to understand (34% of use cases), shows different options that users hadn’t thought about (31%), and compares choices by showing pros and cons (30%).

Turning to AI in these everyday moments builds a rhythm of trust—measured, useful, and often accompanied by a sense of relief. With just enough structure to help people make sense of pressing considerations, these tools make confident decision-making possible.

In a world that often feels like too much, AI offers something rare: relief

Our research shows that American consumers are taking the emotional edge off decision-making by bolstering their own judgement with AI-powered tools that offer clarity, curiosity, and calm.

AI reshapes what it feels like to choose. The “before”—that data-gathering phase—is shorter, more streamlined. Information is delivered clearly, without overload or judgment. The “after” feels different too, marked by reassurance instead of regret. Instead of spiraling over making the right call, individuals experience a sturdy sense of confidence.

The proof is in the practice: using these tools as Generation AI does, for everyday decisions both big and small, changes what’s possible. Over time, it builds the kind of momentum that moves people through uncertainty, not just around it. And when faced with the daily thrum of decisions, it helps them trust themselves enough to move forward.

MIL-OSI Canada: 3rd Finance Ministers and Central Bank Governors Meeting

Source: Government of Canada News

Statement

July 18, 2025

We, the G20 Finance Ministers and Central Bank Governors (FMCBG), met on 17 and 18 July 2025, in Durban, South Africa. Under the G20 South African Presidency’s “Solidarity, Equality and Sustainability” theme, we committed to international policy cooperation to further promote global prosperity and address key shared challenges.

Global Economy

The global economy is facing heightened uncertainty and complex challenges, including ongoing wars and conflicts, geopolitical and trade tensions, disruptions to global supply chains, high debt levels, and frequent extreme weather events and natural disasters, which impact economic growth, financial and price stability.

In light of high public debt and fiscal pressures, we recognise the need to raise long-term growth potential by pursuing growth-oriented macroeconomic policies, while building fiscal buffers, ensuring fiscal sustainability, encouraging public and private investments and undertaking productivity-enhancing reforms. Structural reforms are essential for generating strong economic growth and creating more and better jobs. All excessive imbalances should be further analysed by the IMF and, if necessary and, without discrimination, addressed through country-specific reforms and multilateral coordination, in a way that contributes to an open global economy and without compromising sustainable global growth. We reaffirm our April 2021 exchange rate commitment.

Central banks are strongly committed to ensuring price stability, consistent with their respective mandates, and will continue to adjust their policies in a data-dependent manner. Central bank independence is crucial to achieving this goal.

We emphasise the importance of strengthening multilateral cooperation to address existing and emerging risks to the global economy. We will continue to pursue efforts that advance prosperity and recognise the importance of the World Trade Organisation (WTO) to advance trade issues, and acknowledge the agreed upon rules in the WTO as an integral part of the global trading system. We recognise the WTO has challenges and needs meaningful, necessary, and comprehensive reform to improve all its functions, through innovative approaches, to be more relevant and responsive in light of today’s realities.

We note the progress on the priorities of the Framework Working Group and look forward to the respective outcomes. 

International Financial Architecture

The Multilateral Development Banks (MDBs) are implementing the G20 MDB Roadmap and the recommendations from the Capital Adequacy Framework (CAF) Report. We acknowledge the progress of MDBs and the IFA Working Group in developing the Monitoring and Reporting Framework, and expect to receive the inaugural report in October. We further acknowledge CAF’s potential to help MDBs more efficiently utilise existing resources, share more risk with the private sector and utilise new instruments to increase lending capacity over the next decade. We also welcome the collaboration on blended finance among the International Finance Corporation and other MDBs. We look forward to the outcome of the International Bank for Reconstruction and Development’s 2025 Shareholding Review, in line with the Lima Shareholding principles.

We support the 17th replenishment of the African Development Fund. We acknowledge the strategic importance of an enhanced G20 partnership with African economies, including through strengthening the G20 Compact with Africa, and welcome the Presidency’s side event on Mobilising G20 Investment for Sustainable Growth in Africa. We welcome the work initiated by the Presidency on the impediments to growth and development in Africa.

We are committed to addressing debt vulnerabilities in low- and middle-income countries in an effective, comprehensive and systematic manner. To this end, we reaffirm our commitment to further strengthen the implementation of the G20 Common Framework (CF) in a predictable, timely, orderly, and coordinated manner. We endorse the G20 note on lessons learned from initial CF cases and the document outlining debt treatment steps. We welcome that the fact sheets on CF cases are now available on the G20 and Paris Club websites to enhance information sharing. We welcome the agreement on the Memorandum of Understanding on a debt treatment between Ethiopia and its Official Creditors Committee. We furthermore call for enhanced debt transparency from all stakeholders, including private creditors.

We urge the international community to support vulnerable countries whose debt is sustainable but are facing liquidity challenges, and encourage the International Monetary Fund (IMF) and the World Bank to continue their work on feasible options to support these countries, which should be country-specific and voluntary.

We acknowledge the G20 note on Special Drawing Rights (SDR) channelling. We note the achievement of exceeding USD 100 billion in voluntary channelling of SDRs or equivalent contributions for countries in need, and the transfer to the Poverty Reduction and Growth Trust and the Resilience and Sustainability Trust. We urge the swift delivery of pending pledges and encourage countries that are willing and legally able to explore channelling SDRs to MDBs while respecting the reserve asset status of the resulting SDR-denominated claims and ensuring their liquidity.

We reaffirm our commitment to a strong, quota-based, and adequately resourced IMF at the centre of the Global Financial Safety Net. We have advanced the domestic approvals for our consent to the quota increase under the 16th General Review of Quotas, and we look forward to finalising this process with no further delay. We acknowledge the importance of realignment in quota shares to better reflect members’ relative positions in the world economy while protecting the quota shares of the poorest members. We acknowledge, however, that building consensus among members on quota and governance reforms will require progress in stages. We support the call for the IMF Executive Board to develop a set of principles guiding future discussions on IMF quotas and governance by the 2026 Spring meetings in line with the Diriyah Declaration.

We underscore the need for enhancing the representation and voice of developing countries in decision-making in MDBs and other international economic and financial institutions. In that context, we welcome the creation of a 25th chair at the IMF Executive Board to enhance the voice and representation of Sub-Saharan Africa.

We remain committed to promoting sustainable capital flows to EMDEs and fostering sound policy frameworks, notably central bank independence. We note the growing role of non-bank financial institutions (NBFIs) and ongoing work to understand the impact on capital flows.

Sustainable Finance

We note a commitment to strengthen the global sustainable finance architecture by helping to ensure robust, resilient and effective coordination among stakeholders to foster interoperability among MDBs, Vertical Climate and Environment Funds, and National Development Banks, in support of sustainability goals and national priorities, as appropriate. Scaling up co-financing and mobilising private sector resources by improving efficiency and promoting the use of innovative financial instruments is essential for developing countries’ risk-sharing in country-led climate investments.

We acknowledge progress on tailoring key considerations that integrate adaptation and resilience into the voluntary transition plans of financial institutions and corporations. These efforts may support vulnerable sectors in moving towards sustainable and climate-resilient economies. We look forward to continued work related to more effective funding mechanisms for adaptation and promote flexible country-tailored solutions that address natural catastrophe insurance protection gaps by developing practical guidance and tools.

We take note of the potential of high-integrity, voluntary, private-sector led carbon markets, including by promoting interoperability, accessibility, transparency and scalability. We note the efforts by the Climate Data Steering Committee to develop principles aimed towards building a Common Carbon Credit Data Model, as a voluntary tool.

We note the progress made thus far on the multi-year G20 Sustainable Finance Roadmap which is flexible and voluntary in nature.

Infrastructure

Recognising that increasing quality infrastructure investment is critical to support faster and sustainable economic growth and development, we note the progress made in the development of a framework for effective planning and preparation practices, a report on scaling up blended finance de-risking measures, and a toolkit on advancing cross-border infrastructure projects. We also endorse the Practice Guide on Leveraging Project-Level Data and Digitising the Pipeline, and a Note on Improving the Accessibility and Availability of Key Market Data, which are voluntary and non-binding.

Financial Sector Issues and Financial Inclusion

We reaffirm our commitment to addressing vulnerabilities and promoting an open, resilient, and stable financial system, which supports economic growth, and is based on the consistent, full and timely implementation of all agreed upon reforms and international standards, including Basel III. We note the growing role of NBFIs in both EMDEs and AEs, and support the Financial Stability Board’s (FSB) work to address NBFI data availability and reporting, quality, use, and information sharing. We endorse the recently finalised FSB recommendations for addressing systemic risks from NBFI leverage and encourage implementation by jurisdictions. We welcome the appointment of the new FSB Chair, Andrew Bailey, Governor of the Bank of England.

We reaffirm our commitment to the effective implementation of the G20 Roadmap for Enhancing Cross-border Payments (the Roadmap) as well as appropriate further actions as necessary to deliver on the Roadmap’s goals. We welcome the initiatives undertaken by the FSB, the Bank for International Settlements’ (BIS) Committee on Payments and Market Infrastructures, the Financial Action Task Force (FATF), and other international organisations to advance progress in its implementation. We welcome the launch of the BIS Innovation Hub-G20 TechSprint 2025, which aims to promote innovative solutions that improve trust and integrity in open and scalable finance. We note the update on the FSB Roadmap for addressing climate-related financial risks and the upcoming FSB thematic peer review on the implementation of the high-level crypto assets and stablecoin recommendations.

We reaffirm our commitment to support the FATF and FATF-Style Regional Bodies in overseeing the implementation of the FATF Standards to combat money laundering, terrorist financing and proliferation financing across the Global Network. In particular, we reiterate the importance of stepping up global efforts to combat the misuse of legal entities, to foster increased asset recovery, to enhance payments transparency, and to promote innovation in the virtual assets sector, while mitigating illicit finance involving virtual assets. We also support FATFs ongoing work on emerging technologies and associated risks including from DeFi arrangements, stablecoins, and peer-to-peer transactions.

We reaffirm our commitment to financial inclusion and to promoting access to financial services for individuals and micro, small, and medium-sized enterprises (MSMEs). We welcome insights from the Presidency’s Priority Paper on “Moving from Access to Usage,” which offers innovative approaches to enhance the use of financial services across payments, savings, credit, insurance, and remittances. We support the ongoing implementation of the G20 Global Partnership for Financial Inclusion Action Plan for MSME Financing. We also welcome the deliverable to explore the role of new and innovative technologies in enhancing the quality of financial inclusion for individuals and MSMEs.

International Taxation

We will continue engaging constructively to address concerns regarding Pillar Two global minimum taxes, with the shared goal of finding a balanced and practical solution that is acceptable for all. Delivery of a solution will need to include a commitment to ensure any substantial risks that may be identified with respect to the level playing field, including a discussion of the fair treatment of substance-based tax incentives, and risks of base erosion and profit shifting, are addressed and will facilitate further progress to stabilise the international tax system, including a constructive dialogue on the tax challenges arising from the digitalisation of the economy. These efforts will be advanced in close cooperation across the membership of the OECD/G20 Inclusive Framework (IF), preserving the tax sovereignty of all countries. We look forward to the OECD and Global Forum stock take report on tax transparency; the IF stock take report on BEPS; the OECD report on the exchange of real estate information on a voluntary basis to combat tax evasion and avoidance; the Platform for Collaboration on Tax (PCT) report on the progress in strengthening capacity-building frameworks to enhance technical assistance; and the IMF report on strengthening revenue administrations to improve domestic revenue mobilisation (DRM). We welcome the announcement of the PCT to hold the Tax and Development Conference, with a focus on DRM, in Tokyo next year.

Recalling the G20 Rio de Janeiro Ministerial declaration on International Tax Cooperation, we welcome the IF’s decision to adopt a phased, evidence-based approach to explore global mobility and understand the interaction between tax policy, inequality and growth. We also welcome discussions to enhance the effectiveness and inclusivity of the IF. We note the ongoing negotiations to establish a United Nations Framework Convention on International Tax Cooperation and the participating G20 members reaffirm the objectives to reach broad consensus and build on existing achievements, processes and on the ongoing work of other international organisations, while seeking to avoid unnecessary duplication of efforts.

Joint Finance Health Task Force

The Joint Finance-Health Task Force (JFHTF) remains committed to strengthened finance and health co-ordination in relation to pandemic prevention, preparedness, and response (PPR). We emphasise the importance of efficient and effective health spending and domestic resource mobilisation, given the current reductions in donor assistance, as well as the need for better coordination and alignment of external and domestic funding flows. We note the preliminary insights of the updated versions of the Global Report on the Framework for Economic Vulnerabilities and Risks (FEVR) and of the Operational Playbook for response financing. We also note the Simulation exercises on pandemic response financing undertaken by finance and health officials and look forward to further exercises. We note the independent Joint Finance Health Task Force stocktake report, note the focused reconvening of the High-Level Independent Panel, and will continue to work with the Pandemic Fund and other global health funds that catalyse international and domestic investment actions to strengthen pandemic prevention, preparedness and responses.

We note the outcome of the Fourth International Conference on Financing for Development, held from June 30 to July 3, 2025, in Seville, Spain, and the renewed commitment by participating countries to support developing countries in achieving their development objectives.

We acknowledge the upcoming COP30 in Belém and note participating countries’ engagement within the COP30 Circle of Finance Ministers.

We concluded our first cycle of G20 Finance Ministers and Central Bank Governors meetings on the vibrant continent of Africa, joining the people of South Africa in celebrating Nelson Mandela Day. Our discussions over the past two days centred on creating a better world, embodying the spirit of Mandela’s values. We look forward to our next meeting in October 2025 in Washington, D.C.

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Eastern Michigan Financial Corporation (OTCMKTS: EFIN)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) —

Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Eastern Michigan Financial Corporation (OTCMKTS: EFIN) related to its merger with Mercantile Bank Corporation. Upon completion of the proposed transaction, each outstanding share of Eastern Michigan common stock will be converted into the right to receive $32.32 in cash and 0.7116 shares of Mercantile common stock. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/eastern-michigan-financial-corporation/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Eastern Michigan Financial Corporation (OTCMKTS: EFIN)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) —

Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Eastern Michigan Financial Corporation (OTCMKTS: EFIN) related to its merger with Mercantile Bank Corporation. Upon completion of the proposed transaction, each outstanding share of Eastern Michigan common stock will be converted into the right to receive $32.32 in cash and 0.7116 shares of Mercantile common stock. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/eastern-michigan-financial-corporation/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

MIL-OSI Banking: Attend the July 24 live online event celebrating 10 years of Power BI

Source: Microsoft

Headline: Attend the July 24 live online event celebrating 10 years of Power BI

In 2015, Microsoft Power BI embarked on a mission to empower individuals, teams, and organizations to turn data into insights and action. Since then, we’ve grown into one of the world’s most adopted and beloved business intelligence platforms thanks to an incredible community of customers, partners, MVPs, power users, and data enthusiasts.

We want to celebrate this incredible journey by bringing together the global community to celebrate 10 years of Power BI with a live event on YouTube on Thursday, July 24th at 8AM Pacific Time/11AM EST/17:00 CET/21:30 IST.

This is a celebration you don’t want to miss! We’ll have Power BI’s own Guy in a Cube reflect on Power BI’s evolution, share behind-the-scenes stories, announce contest winners for our PBI10 data visualization contest, and even share some fun stories from the community. Watch the livestream at aka.ms/pbi10birthday.

Livestream attendees will get a special first look at some limited-edition Power BI swag. And if you’re attending the Fabric Community Conference (FabCon) in Vienna this September, you’ll get a chance to grab some swag in person. Our swag party is also going digital, so you can celebrate with us and your colleagues virtually! The download link will be available on our Power BI community site and displayed during the live event.

We’re also taking this moment to reflect on Power BI’s history and recognize our incredible community. Read more about our journey below.

Power BI’s Journey Over the Last Decade

Over the last ten years, Power BI has evolved tremendously. It began with a public preview that drew about 500,000 early adopters across 45,000 organizations. Since then, we’ve introduced over 1,500 features, continually adapting Power BI to meet the changing needs of our users. Today, Power BI is trusted by over 375,000 organizations, including 95% of the Fortune 500, and millions of users worldwide.

From its early days of empowering business intelligence through Excel integrations to the latest advancements in Copilot in Power BI, each chapter in Power BI’s journey reflects the passion of its community and drive for innovation. The timeline below highlights some of the defining moments along the way.

Power BI Customers Leading the Way with Data

Over the years, Power BI has grown because of the organizations and people who use it every day to drive change. From small businesses to global enterprises across various industries, our customers are the reason Power BI continues to evolve and improve.

We’ve seen enterprises such as Walmart’s finance organization standardizing Power BI, democratizing data, and making it available to end users from executive leadership to individual analysts. In the public sector, governments have used Power BI to improve operational efficiency, support vulnerable community members and even transform law enforcement. Non-profits, such as The Salvation Army UK, have leveraged Power BI to better track their outcomes and secure funding through data. And across the ecosystem, partner-built solutions are helping customers optimize everything from supply chains to financial reporting.

These stories reflect more than product usage. They highlight creativity, determination, and a shared belief in the power of data to make a difference. To all our customers and partners, thank you for pushing boundaries, sharing your feedback, and building what’s next alongside us. Power BI would not be what it is today without you.

Shout out to our MVPs and Community: The Heart of Power BI

We also want to celebrate our Power BI MVPs—experts and advocates who go above and beyond in the community. In honor of the 10th anniversary, Power BI MVPs from around the globe sent in videos sharing their personal Power BI journeys. These MVP stories are a powerful reminder of what makes the Power BI community special: a shared passion for data, a commitment to helping others, and a culture built on knowledge-sharing.

In recent weeks, social media has lit up with the #PBI10 hashtag as users around the world share their Power BI pride. From LinkedIn posts highlighting favorite dashboards to nostalgic tweets on X (formerly Twitter) reflecting on the platform’s early days, it’s been incredible to witness the outpouring of memories and creativity.

Leonardo Almeida recalled building a Power BI report back in 2015 that caught the attention of the President of Brazil and the Minister of Education. Christos Demertzis looked back on a decade-long journey with Power BI, saying, “I still have reports sitting in My Workspace from those early days, and looking back at them now… just WOW. The evolution of the platform has been nothing short of incredible.” And Mike Honey congratulated the Power BI team, sharing, “I clearly remember how electrifying it was when it all came together as Power BI. The product has been my primary focus ever since and has certainly kept me busy. May that continue for the next 10 years!”

In our community’s Career Hub forums, you can find stories of accountants, teachers, and marketing specialists who taught themselves Power BI and transitioned into roles such as BI analysts and data engineers. Companies of all sizes are investing in Power BI training to up-skill their workforce, recognizing that a data-literate workforce gives them a competitive edge.

The Power BI Community Forums started with a few thousand early adopters and have grown into millions of members today, sharing knowledge daily. Over 200 Power BI & Fabric User Groups have connected over members with meetups and events. A big thank you to our 500 Power BI user group leaders who connect passionate data enthusiasts across the world every day.

Thank You and See You at the Celebration!

Thank you for 10 amazing years! We can’t wait to celebrate with you and look ahead to the next decade of innovation, and we’re thrilled to continue this journey with all of you. As we like to say: empower yourself, empower others, and let’s keep turning data into insights and action—together. Happy 10^th birthday Power BI!

MIL-OSI Africa: CORRECTION: Affluenz Magazine Unveils Commemorative Issue Spotlighting United Arab Emirates (UAE) Founding Father Sheikh Zayed, Noura Al Kaabi, and African Visionary Elvis Abuyere

Source: APO

Affluenz Magazine (www.Affluenz.com), International’s leading global luxury, leadership, and impact publication, has officially released its much-anticipated July/August 2025 issue — a special edition commemorating the 20th anniversary of the passing of His Highness Sheikh Zayed bin Sultan Al Nahyan, the Founding Father of the United Arab Emirates.

This commemorative edition features a powerful trio of cover stories — spotlighting the enduring legacy of Sheikh Zayed, the cultural diplomacy of UAE’s Minister of State, Noura bint Mohammed Al Kaabi, and the entrepreneurial excellence of Elvis Abuyere, CEO of Skywise Group, one of Africa’s most innovative investment firms.

This historic issue celebrates Sheikh Zayed’s vision of unity, progress, and inclusion — a legacy that continues to define the modern UAE. Affluenz Magazine delves into his leadership, values, and role in positioning the Emirates as a hub of diplomacy, innovation, and tolerance.

Also on the cover is Noura Al Kaabi, a global advocate for cultural dialogue and creative economies. In her exclusive interview, she discusses the UAE’s mission to foster global cultural exchange and its investment in youth empowerment across the Arab world and Africa.

Rounding out the trio is Elvis Abuyere, the young African magnate who has risen to prominence through Skywise Group’s diversified holdings in key industries such as automobiles, finance, travel, real estate, and philanthropy. His story of resilience, reinvention, and corporate leadership offers inspiration for a new generation of African entrepreneurs.

Beyond the covers, the issue features in-depth profiles on several influential leaders and institutions across Africa and the Middle East — from oil and gas executives and royalty to social innovators and philanthropists — all of whom are making measurable impact in their sectors and communities.

Beyond its striking covers, the July/August 2025 edition of Affluenz Magazine delivers an enriching array of exclusive features and compelling interviews that spotlight transformative figures shaping Africa and the global stage.

Among the celebrated personalities is Ameera Abraham, the trailblazing founder of The Nail Bar, who shares her journey in redefining luxury wellness and empowering a new wave of African beautypreneurs. Equally inspiring is Tonya Lawani, the formidable force behind SEAL Group, whose strategic leadership continues to drive innovation and empowerment across industries.

Linda Turner, founder of Linda Hope Initiatives and CEO of Jat Holdings, exemplifies the powerful blend of business acumen and humanitarian spirit. With ventures spanning real estate, fashion, interior design, and hospitality, she personifies resilience and compassion, balancing her roles as a mother, wife, entrepreneur, and advocate—all grounded in her unwavering commitment to uplifting lives.

Adunni Rinwa emerges as a beacon of integrity and innovation in Nigeria’s real estate sector. As founder and CEO of Rinwa Realty, she has revolutionized property investment and homeownership, raising the bar for transparency and delivery in the industry.

The issue also features Hassan Imam, Managing Director of Keystone Bank, recognized for his strategic role in redefining digital banking and financial inclusion in Nigeria. From the UAE, Hussain Abdulrahman Khansaheb is profiled for his contributions to sustainable urban development and visionary leadership in construction and infrastructure.

Adding to the intellectual gravitas of the edition is Peace Hyde, celebrated media entrepreneur, educator, and founder of Aim Higher Africa. Her voice continues to inspire a generation to dream big and build boldly.

Together, these stories reflect the essence of Affluenz Magazine: a publication committed to elevating Africa’s voices, capturing legacies in the making, and connecting excellence across continents.

Founded in 2011 as Pleasures Magazine and rebranded as Affluenz Magazine in 2024, the publication has evolved into a world-class platform that highlights African and Middle Eastern excellence, entrepreneurship, and culture. With editorial offices in Abuja, Dubai,Riyadh Accra, Washington DC and London, the magazine reaches readers in over 103 countries and maintains syndication through platforms like Yahoo Finance, Business Insider, and Washington Times.

Speaking about the new edition, Executive Publisher Adedotun Olaoluwa remarked:
“This special issue is not just a tribute to Sheikh Zayed, but a celebration of global visionaries — individuals building bridges across continents. Affluenz continues to be a vessel for celebrating our shared humanity and transformative leadership from Africa to the Middle East.”

The July/August 2025 issue is now available in digital and print formats across select global outlets, including Barnes & Noble (US), WHSmith (UK), and Virgin Megastore (UAE), as well as through Affluenz’s official website: www.Affluenz.com and Selar (https://apo-opa.co/45fvREG).

Distributed by APO Group on behalf of The Affluenz (formerly Pleasures Magazine).

Contact:
Dotmount Communications
Email: info@affluenz.com
Instagram: @ affluenzmag
Phone: +234 816 090 6918
https://apo-opa.co/45fvREG

Media files

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MIL OSI Africa –

MIL-OSI United Kingdom: The Israeli aid system is inhumane, ineffective, dangerous and fuelling instability: UK statement at the UN Security Council

Source: United Kingdom – Government Statements

Speech

The Israeli aid system is inhumane, ineffective, dangerous and fuelling instability: UK statement at the UN Security Council

Statement by Ambassador Barbara Woodward, UK Permanent Representative to the UN, at the UN Security Council open debate on the Middle East Peace Process.

My Foreign Secretary has been unequivocal: the war in Gaza must end now. Hamas and Israel must both commit to a ceasefire now.

A ceasefire is within reach and we urge all sides to make it a reality, to secure the release of the hostages, who have been cruelly held by Hamas since 7 October, and to end the appalling suffering of Palestinian civilians.

I will make three points.

First, the Israeli aid system is inhumane, ineffective, dangerous and fuelling instability. Reports and images this week of children dying from starvation are beyond horrific.

The IDF is shooting at desperate Palestinian civilians on an almost daily basis. Hamas is exploiting this disorder.

We call on Israel to end these attacks, hold those responsible to account and to work with the UN to implement effective aid distribution in line with humanitarian principles and international humanitarian law.

And let me reaffirm the UK’s firm and unequivocal support for the UN and OCHA in their brave efforts to get aid into Gaza.

We also condemn recent strikes on the WHO in Deir al Balah. Humanitarians and civilians must be protected.

Second, we condemn Defence Minister Katz’s proposals of forced displacement to Rafah. Illegal settlement expansion in the West Bank continues at pace as well as settler violence, and even terrorism, against Palestinians. This is an accelerating campaign to prevent a Palestinian state.

We condemn these attacks and call for Israel to hold its citizens to account.

We also oppose the reintroduction of the E1 settlement plan, which is a flagrant breach of international law.

Third, we are clear that Hamas must play no future role in the governance of Gaza or be able to threaten Israel’s security again. However, the organisation which represents a credible alternative to Hamas, the Palestinian Authority, is being undermined by Israeli actions.

Israel is withholding $2.6 billion in clearance revenues, crippling the Palestinian economy and pushing essential health and education services to the brink. This is not conducive to Israel’s security.

President, the United Kingdom is resolute in our commitment to a two-state solution and my Foreign Secretary has been clear that we are prepared to take further action to prevent the forcible erosion of the only viable path to lasting peace.

Next week’s conference, co-chaired by France and Saudi Arabia, is a vital opportunity to demonstrate the strength of international resolve to secure a better future for Israelis, Palestinians and the region.

Published 23 July 2025

MIL OSI United Kingdom –

MIL-OSI: Northeast Bank Announces Dates for Fiscal 2025 Fourth Quarter Earnings Results and Conference Call

Source: GlobeNewswire (MIL-OSI)

PORTLAND, Maine, July 23, 2025 (GLOBE NEWSWIRE) — Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based bank, announced today it will release its fiscal 2025 fourth quarter earnings results on Monday, July 28, 2025. Following the release, the Bank will host a conference call with a simultaneous webcast at 10:00 a.m. ET on Thursday, July 31, 2025. The conference call will be hosted by Rick Wayne, President and Chief Executive Officer, Richard Cohen, Chief Financial Officer, and Pat Dignan, Chief Operating Officer.

To access the conference call by phone, please go to this link (Phone Registration), and you will be provided with dial in details. The call will be available via a live webcast, which can be viewed by accessing the Bank’s website at www.northeastbank.com and clicking on the Investor Relations section. To listen to the webcast, attendees are encouraged to visit the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. Please note there is a slide presentation that will accompany the webcast. For those who cannot listen to the live broadcast, a replay will be available online for one year at www.northeastbank.com.

About Northeast Bank

Northeast Bank (NASDAQ: NBN) is a bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via seven branches. Our National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com.

NBN-F

For More Information:
Richard Cohen, Chief Financial Officer
Northeast Bank
27 Pearl Street, Portland, ME 04101
207.786.3245 ext. 3249
www.northeastbank.com

MIL-OSI Africa: Afreximbank Shareholders Approve Key Resolutions and Reaffirm Support for Preferred Creditor Status

Source: APO

At the 32nd Annual General Meeting of Shareholders of the African Export-Import Bank (Afreximbank) (www.Afreximbank.com), held as part of the Bank’s 2025 Annual Meetings in Abuja, Nigeria, from 25 to 28 June 2025, shareholders approved a series of key resolutions aimed at strengthening the Bank’s strategic direction, financial resilience, and governance.

Among the most significant outcomes was the appointment of Dr. George Elombi as the fourth President and Chairman of the Board of Directors, succeeding Professor Benedict Oramah, who will step down later this year after nearly a decade of transformative leadership.

Shareholders also approved the expansion of the Bank’s Concessional Finance Window, increasing its capital allocation from USD 1 billion to USD 5 billion, and raising the direct shareholder contribution from USD 200 million to USD 700 million. This substantial expansion reflects the growing demand for accessible development finance across Africa and the Caribbean, and strengthens Afreximbank’s capacity to support inclusive and sustainable economic growth.

In addition, shareholders reaffirmed the commitment of the Bank’s Member States to Afreximbank’s Preferred Creditor Status (PCS), as codified in the Bank’s Establishment Agreement, to which all Member States are signatories. This reaffirmation underscores continued support for the Afreximbank’s role as a trusted African Multilateral Financial Institution.

In what marked his final Shareholders’ Meeting, Professor Oramah welcomed the outcomes and expressed appreciation for the vision and leadership shown:

“It has been a great honour to serve as President and Chairman of the Board of Directors of Afreximbank for the past decade. I commend our shareholders for the bold and strategic decisions taken, particularly the unwavering reaffirmation of their commitment to respect their obligations under the Afreximbank Establishment Agreement, through which the Bank enjoys Preferred Creditor Status across its member states. We also welcome their decision to increase the size of the Africa Trade Transformation Fund (ATTF), the Concessional Finance initiative launched at the 30th Annual Meetings of the Bank, from USD 1 billion to USD 5 billion. These decisions would collectively shape the future of this great institution and advance Africa’s prosperity.

“I am confident that the Bank is well placed to continue making a profound impact under the capable leadership of my able successor, Dr. George Elombi, and I extend my very best wishes to him.”

The shareholders also elected Mr. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy as Chairman of the General Meeting for the period 2025/2026 and passed other statutory resolutions including adoption of the Bank’s audited financial statements for the year ended 31 December 2024 and appointment of auditors.

The shareholders in addition confirmed the re-election of Dr. Denny Hamachila Kalyalya (Zambia), Dr. John Panonesta Mangudya (Zimbabwe) and Mr. Victor Jérôme Nembelessini-Silué (Côte d’Ivoire) to the Bank’s Board of Directors. Independent Directors Mr. Anil Dua (United Kingdom) and Mr. Ronald Sibongiseni Ntuli (South Africa) were also re-elected. Newly elected Directors include Mrs. Leila Mokaddem (Tunisia), as a nominee of the African Development Bank.

The shareholders noted the challenges and negative reports disputing African Multilateral Financial Institutions and undermining the commitments that African states have made in the treaties establishing these institutions, including Afreximbank.

In a statement unanimously endorsed and adopted by the General Meeting, Mr. Wale Edun, Nigeria’s Minister of Finance and Chairman of the General Meeting, affirmed the shareholders’ unwavering confidence in the Bank’s financial resilience and mandate to drive Africa’s trade-led growth.

Mr. Edun stated: “The shareholders affirm their respect for the 1993 treaty establishing Afreximbank, signed and ratified by African states, noting that it enshrined binding sovereign commitments and underpinned the preferred creditor status (PCS) of the Bank, shielding its loans from sovereign debt restructurings.

“Additionally, shareholders reaffirm the commitment of the Bank’s Member States to the Preferred Creditor Status (PCS) enshrined in the Bank’s Establishment Agreement to which all Member States are signatories and call for collective responsibility in safeguarding the integrity of African Multilateral Financial Institutions (AMFIs).

“This meeting confirms shareholders’ full commitment to supporting the Bank’s mission, and call upon all stakeholders to engage constructively, reflecting the Bank’s robust legal protections and credit fundamentals.”

This collective statement by Afreximbank’s shareholders sends a strong signal to partners, rating agencies, and the broader financial community: the Bank remains a trusted and protected institution anchored by solid legal foundations and an unwavering mandate to drive Africa’s economic transformation through trade.

Nearly 6,000 delegates attended the 32^nd Afreximbank Annual Meetings, making it the Bank’s most highly attended Annual Meeting in its 32-year history. Attendees included 22 current and former African and Caribbean Heads of State or their representatives, as well as policymakers, academics, business leaders and high-profile dignitaries.

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Vincent Musumba
Communications and Events Manager (Media Relations)
Email: press@afreximbank.com

Follow us on:
X: https://apo-opa.co/4m5A4QT
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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.Afreximbank.com

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MIL OSI Africa –

MIL-OSI Security: Environmental crime threatening peace and security, finds new INTERPOL-UN Environment report

Source: Interpol (news and events)

8 December 2016

Washington DC, USA – More than 80 per cent of countries consider environmental crime a national priority, with the majority saying new and more sophisticated criminal activities increasingly threaten peace and security.

INTERPOL and UN Environment surveyed close to 70 countries for their new joint report, ‘Environment, Peace and Security – A Convergence of Threats’, released today at the Law, Justice and Development Week 2016 hosted by the World Bank in Washington DC.

The report focuses on the links between global environmental crime, valued at USD 91 – 258 billion annually, and other criminal activities, including organized crime and terrorism.

More than 60 per cent of surveyed countries stated they were witnessing new environmental crimes or modus operandi, indicating growing sophistication and adaptation by transnational organized crime groups.

In addition, 84 per cent reported a convergence with other serious crimes, such as corruption (42 per cent), counterfeiting (39 per cent), drug trafficking (36 per cent), cybercrime (23 per cent) and financial crime (17 per cent).

INTERPOL Secretary General Jürgen Stock said: “Environmental crime is transnational in scope and insidious in nature. It robs governments of much-needed revenues, people of their livelihoods, and communities of peace and security. The international community needs to support a comprehensive approach by following rhetoric with action, policy with implementation and law with enforcement.”

The report found that some non-state armed groups, terrorist groups and criminal networks fund their activities by exploiting natural resources in conflict areas, posing a serious threat to peace and security. It is estimated that at least 40 per cent of internal conflicts have a link to natural resources.

“The time has come to meet the threat of environmental crime with a coordinated response from member states, international organizations and the United Nations. Such a response must address the need for improved information sharing, enhanced protection of civilians, better law enforcement and a deeper understanding of the drivers of conflicts,” said Erik Solheim, Under-Secretary-General of the United Nations and Head of UN Environment.

With environmental crime sometimes viewed as an alternative to poverty for low-income populations, their needs are exploited by criminal groups which rely on them for activities, such as illegal poaching, logging, fishing or mining.

The report recommends, among others: a multidisciplinary approach to tackling environmental crime; greater information exchange across sectors; increased focus on the implementation of environmental policy; and stronger financial support including through Official Development Assistance.

The report’s publication follows the resolution adopted at the 71st session of the UN General Assembly in November which calls for enhanced cooperation between the UN and INTERPOL against transnational crime and terrorism.

MIL Security OSI –

MIL-OSI: API Bank a.d. Beograd Prepares Updated Corporate Governance Documents in Line with New Banking Law

Source: GlobeNewswire (MIL-OSI)

API Bank a.d Beograd Logo

BELGRADE, Serbia, July 23, 2025 (GLOBE NEWSWIRE) — API Bank a.d. Beograd announces that the General Meeting of Shareholders, chaired by Mr. Andrey Shlyakhovoy, has adopted updated editions of the Bank’s Statute and Incorporation Act. The revisions are intended to align with forthcoming amendments to the Law on Banks of the Republic of Serbia, which take effect on October 1, 2025.

The updated documents reflect API Bank’s continued commitment to maintaining strong corporate governance and compliance practices. By proactively adjusting its foundational documents ahead of the legal changes, the Bank aims to ensure a smooth transition and full adherence to regulatory expectations.

While specific provisions of the updated documents will come into effect following regulatory confirmation, the Bank’s leadership has worked to ensure that the revisions are consistent with both the spirit and letter of the upcoming legal framework.

Final implementation of the revised Statute and Incorporation Act is subject to approval by The Regulator.

About API Bank a.d. Beograd

The Bank has been present in the Serbian market since 2008 and was established as greenfield investment in the banking sector of Serbia. With a change in ownership structure since 2018, the Serbian company AZRS INVEST d.o.o. became the 100% owner of the Bank. Focused on providing quality products and services, the Bank’s business network includes two branches in Belgrade and one branch in Novi Sad. The name of the Bank – API (Application Programming Interface) reflects a vision of the future that will bring technological progress and integration of practical solutions in everyday business. The Bank is focused on modernization and is committed to applying quality and innovative solutions using the latest financial technologies, digitalization, and expanding e-services that play a vital role for further development.

Media Contact:
API Bank a.d. Beograd
Office of Corporate Affairs
office@apibank.rs
www.apibank.rs

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2ffbc1a5-38e1-4f6c-ab6a-3bd1b093541f

MIL-OSI Canada: Discontinuation of one-month treasury bill

Source: Bank of Canada

As announced in the 2025-26 Debt Management Strategy, the Government of Canada will be discontinuing the one-month treasury bill. This is in line with the policy intent to introduce it on a temporary basis as previously outlined in the federal 2024 Budget and a market notice. The last one-month treasury bill auction will occur on 29 July 2025.

The one-month bill program was launched in May 2024 to support an orderly transition away from Bankers’ Acceptances (BAs) that are no longer being issued after the cessation of the Canadian Dollar Offered Rate’s (CDOR) publication in June 2024.

Given the greater availability and attractiveness of private sector alternatives for replacing BAs, the one-month treasury bill has fulfilled its objective of providing a partial substitute for BAs during a transition period and is no longer needed for maintaining well-functioning of the Canadian money market. This is evident from the mild auction demand and comments received from market participants during the Debt Management Strategy Consultations in Fall 2024.

Operationally, there will be no changes to the Terms and Conditions and to the timing for the three, six, and twelve-month treasury bill auctions; however, starting on 12 August 2025 all treasury bill sectors’ Call for Tenders and Pre-Call for Tenders will occur at 10:40 am on their relevant days (currently at 1:00 pm).

For further information, please contact:

Director
Financial Markets Department
Bank of Canada
343‑573‑4846

Director
Funds Management Division
Department of Finance Canada
343‑549‑3651

https://www.bankofengland.co.uk/markets/london-foreign-exchange-joint-standing-committee
http://www.newyorkfed.org/fxc/volumesurvey/
https://www.sfemc.org/statistics.html
http://www.fxcomtky.com/index_e.html
http://www.tma.org.hk/en_newsevents.aspx
https://www.afxc.rba.gov.au/statistics/

MIL-OSI Canada: CFEC Releases Results of April 2025 Foreign Exchange Volume Survey

Source: Bank of Canada

The Canadian Foreign Exchange Committee (CFEC) released today the results of its April 2025 semi-annual survey of foreign exchange volumes in Canada. The purpose of the survey is to provide information on the size and structure of the foreign exchange and foreign exchange derivatives markets in Canada. Volumes are broken down by product, currency, counterparty, maturity and execution method. The eight banks with the largest foreign exchange sales activity in Canada participate.

The summary highlights of the April 2025 survey include the following:

The monthly turnover in April of traditional foreign exchange products (defined as spot transactions, outright forwards and foreign exchange swaps) totaled about US$4.4 trillion. On an average daily basis, total turnover decreased by 1.7 per cent to US$201.0 billion from October 2024.
Spot transactions increased by 23.9 per cent to US$32.1 billion on an average daily basis from October 2024. Outright forwards increased by 11.2 per cent to US$24.2 billion and foreign exchange swaps decreased by 7.8 per cent to US$144.7 billion over the same period.
The monthly turnover of foreign exchange derivatives (currency swaps and options) totaled US$608 billion in April. On an average daily basis, derivatives turnover increased by 42.4 per cent to US$27.6 billion from October 2024.
Currency swaps turnover increased 49.6 per cent to US$21.4 billion and currency options turnover increased by 22.2 per cent to US$6.2 billion on an average daily basis from October 2024.
Compared with the survey from one year ago, the average daily turnover of traditional foreign exchange products increased by 12.7 per cent, and foreign exchange derivatives increased by 34.6 per cent.

The detailed results of the survey are presented in the summary tables attached.

Notes

CFEC is an industry group composed of senior representatives from financial institutions actively involved in the foreign exchange market in Canada and the U.S. dollar/Canadian dollar market globally. Formed in 1989, its objective is to provide a forum for the regular discussion of issues and developments pertinent to the foreign exchange market, including the review of market practices and procedures. The Bank of Canada chairs CFEC and provides secretariat services to the Committee.

The Bank of Canada also co-ordinates the CFEC survey on behalf of the market participants. The eight banks that participate in the survey are:

Bank of America Canada
Bank of Nova Scotia
BMO Capital Markets
CIBC World Markets
National Bank of Canada
RBC Capital Markets
State Street Canada
TD Securities

Globally, the (London) Foreign Exchange Joint Standing Committee, the (New York) Foreign Exchange Committee, the Singapore Foreign Exchange Market Committee, the Tokyo Foreign Exchange Market Committee, the Australian Foreign Exchange Committee and Hong Kong’s Treasury Markets Association conduct similar surveys. Their results are also released today (see links below).

MIL-OSI Canada: The Bank of Canada releases the second quarter issues of the Business Outlook Survey and the Canadian Survey of Consumer Expectations

Source: Bank of Canada

OTTAWA – On Monday, July 21, 2025, the Bank of Canada will release the second quarter issues of the Business Outlook Survey and the Canadian Survey of Consumer Expectations.

Time

10:30 (Eastern Time)

Lock-Up

At 09:00 (ET), journalists are invited to review copies of the Business Outlook Survey and the Canadian Survey of Consumer Expectations, under embargo, at the Bank’s head office in Ottawa. Please use the Bank of Canada Museum entrance, located at 30 Bank Street (corner of Bank and Wellington), and bring photo ID.

For security reasons, journalists wishing to attend must confirm their presence by contacting Media Relations before noon (ET) on Friday, July 18, 2025. Those who have not registered will not be admitted to the lock-up.

At 10:30 (ET), the lock-up ends and the embargo will be lifted.

Media Briefing Session

There will be no briefing session for this event.

Distribution

The Business Outlook Survey and the Canadian Survey of Consumer Expectations will be available at 10:30 (ET) on the Bank’s website.

Media Availability

There will be no media availability for this event.

Webcast

There will be no webcast for this event.

Note

For more information, please contact Media Relations.

MIL-OSI Analysis: AI chatbots can boost public health in Africa – why language inclusion matters

Source: The Conversation – Africa (2) – By Songbo Hu, PhD Candidate, University of Cambridge

Language technologies like generative artificial intelligence (AI) hold significant potential for public health. From outbreak detection systems that scan global news in real time, to chatbots providing mental health support and conversational diagnostic tools improving access to primary care, these innovations are helping address health challenges.

At the heart of these developments is natural language processing, an interdisciplinary field within AI research. It enables computers to interpret, understand and generate human language, bridging the gap between humans and machines. Natural language processing can process and analyse enormous volumes of health data, far more than humans could ever handle manually. This is especially valuable in regions with a stretched healthcare workforce or limited public health surveillance infrastructure, because it enables faster, data-driven responses to public health needs.

Recently, our interdisciplinary team, combining expertise from computer science, human geography and health sciences, conducted a review of studies on how language AI is being used for public health in African countries. Almost a decade’s worth of academic research was analysed, to understand how this powerful technology is being applied to pressing human needs.

Out of 54 research publications, we found that evidence of real-world effects of the technology was still rare. Only 4% of these studies (two out of 54) showed measurable improvements in public health, such as boosting people’s mood or increasing vaccine intentions.

Most projects stop at technology development and publication. Very few advance to real-world use or impact. Opportunities to improve health and well-being across the continent could be missed as a result.

Current limitations

In recent years, AI language technologies for public health have increased rapidly. This wave of technology development really took off as the COVID-19 pandemic renewed attention to public health. Health chatbots and sentiment analysis tools were developed in Africa and beyond.

Health chatbots “talk” to people and provide reliable health information in a friendly, conversational way. Sentiment analysis tools scan social media posts to understand what people are feeling and talking about. Together they can identify misinformation or changes in public opinion and then provide accurate information.

Of course, new technologies come with imperfections. We found that most technologies for public health in Africa exist in just a few languages whose dominance can be traced to colonial times, namely English and French.

The consequences are clear: key health messages fail to reach many communities, leaving millions unable to access or act on essential information.

We also found that few projects have gone beyond the laboratory development stage. Our study found only one system in operation that had a measurable public health effect.

A successful model

This standout example comes from a team at the Center for Global Development and the University of Chicago, in partnership with the Busara Center for Behavioral Economics. Their chatbot, deployed on Facebook Messenger, was designed for people in Kenya and Nigeria who were hesitant about COVID-19 vaccines. It was only available in English.

More than 22,000 social media users used this app, sharing vaccine-related questions and concerns. The chatbot provided tailored, evidence-based responses to topics ranging from vaccine effectiveness and safety to misinformation. Its effect was notable. The intervention boosted users’ intention and willingness to get vaccinated by 4%-5%. The strongest effects were seen among those most hesitant to begin with.

Behind this success was the researchers’ commitment to understanding the local context. Before launching the chatbot, in-depth discussions were held with focus groups and social media users in Kenya and Nigeria. The aim was to learn about the specific worries and cultural factors shaping attitudes toward vaccination.

The chatbot was designed to address these concerns. This user-centred, locally adapted approach enabled the chatbot’s messages to address real barriers. As this example demonstrates, language technologies for public health are most effective when responding to the concerns and needs of the intended users.

From lab to life

These technologies take time and money to be put into practice. The COVID-19 pandemic jump-started development but public health language AI technologies are very new. It could be that a future survey would find a very different situation.

At the same time, advances in large language models such as GPT-4 are rapidly lowering the technical barriers to developing language technologies. These models can often be adapted to new applications with far less data and effort than previous methods. Recent advances could enable small teams of researchers or even individual developers to build tools tailored to the specific needs of their own communities. The path from lab to real-world effects may become much shorter and easier.

Investors, accelerators and state support could help make this transition from lab to life happen.

Technology developers can also contribute by rooting their work in community-driven, multi-disciplinary and cross-sector collaboration. Social science and public health research knowledge and skills can inform the design and development of new technologies.

To maximise the potential of language technologies for public health, the following needs to happen:

involving communities and health workers in natural language processing design
expanding provision in indigenous African languages
integrating language technologies into existing health systems.

Future research and development must move beyond technical prototypes and laboratory tests to rigorous real-world evaluations that measure health outcomes.

The other co-authors behind this research are: Abigail Oppong, Ebele Mogo, Charlotte Collins, and Giulia Occhini.

Songbo Hu currently receives funding from the Cambridge Trust.

Anna Barford currently receives funding from UKRI and the Mastercard Foundation. She has previously received funding from the the British Aacdemy, ESRC, Leverhulme Trust, CPEST, the University of Cambridge, Unilever (via a philanthropic donation to the University) and the Asian Development Bank. Anna is the Co-Director of the Business Fights Poverty Institute and a consultant to the International Labour Organization.

Anna Korhonen receives funding from UKRI, and has previously received funding from MRC, EPSRC, NERC, Royal Society, ERC, and philantrophic donations to the University of Cambridge.

– ref. AI chatbots can boost public health in Africa – why language inclusion matters – https://theconversation.com/ai-chatbots-can-boost-public-health-in-africa-why-language-inclusion-matters-260861

MIL OSI Analysis –

MIL-OSI United Nations: Security Council Convenes to Debate Recent Developments in Middle East

Source: United Nations 4

9963rd Meeting (AM & PM)

The Security Council is holding its quarterly open debate on “The situation in the Middle East, including the Palestinian question”. Chaired by Mohammad Ishaq Dar, Pakistan’s Deputy Prime Minister and Minister for Foreign Affairs, the meeting covers recent developments in Gaza, the West Bank and the wider Middle East region — including in Iran, Lebanon, Syria, and the Red Sea. Members will hear a briefing by Mohamed Khaled Khiari, Assistant Secretary-General for the Middle East, Asia and the Pacific in the Departments of Political and Peacebuilding Affairs and Peace Operations.

For information media. Not an official record.

MIL OSI United Nations News –

MIL-OSI: EnerPure Appoints Advisory Board Members to Support Strategic Growth and Commercialization Efforts

Source: GlobeNewswire (MIL-OSI)

Winnipeg, MB, July 23, 2025 (GLOBE NEWSWIRE) — EnerPure Inc. (“EnerPure” or the “Company”), a waste to energy company, is pleased to announce the appointment of Gary Farrar, Susan Rohac, and Mogens L. Mathiesen as Advisory Board Members. Each of these newly appointed Advisors brings significant industry experience and expertise in their respective areas and their thought leadership, strategic acumen, and experience will be invaluable to management as EnerPure moves through the commercialization and growth phase.

“Gary, Susan, and Mogens as true experts in their respective fields provide tremendous depth and width to the knowledge base of our team, we are honoured to have them on the team” said Rick Koshman, President and CEO of EnerPure. “Each of them brings a unique and highly complementary skill set that aligns perfectly with our goal to deploy 21 recycling plants in 6 years. Gary with over 46 years experience in UMO recycling, Susan as one of Canada’s most prolific Cleantech investors, and Mogens with his shipping decarbonization focus provide us with priceless industry insights and know-how as we look to navigate the next few years.”

About Gary Farrar
Gary is a seasoned executive with over 45 years of leadership in the used motor oil (UMO) recycling and environmental services industry across North America. His expertise spans operations, business development, logistics, refinery supply, and sales. He has held senior roles including U.S. Vice President of Supply and Product Sales at Safety-Kleen, where he led the growth of recycled oil streams and oversaw the world’s largest UMO re-refinery. As General Manager of Safety-Kleen Canada, he managed nationwide operations and multiple business lines. At Heritage-Crystal Clean, he helped launch and scale a 75-million-gallon refinery in Indianapolis. Gary is known for building high-performing teams and driving operational and commercial success in complex industrial environments.

About Susan Rohac – LinkedIn
Susan recently retired from BDC (Business Development Bank of Canada) after 34 years of service. As Managing Partner of the Climate Tech venture capital fund, she led a pan-Canadian team of investment professionals and managed a portfolio of over $1 billion in assets including a $500 million fund that was launched in 2022 focusing on investing in Canada’s most promising cleantech companies. She has invested in a wide range of climate technologies such as CCUS, CDR, hydrogen, critical minerals, energy storage/battery, mobility, proptech, and advanced materials. Susan was recognized as a Climate Leader in 2024 by the Clean50 and was recipient of the Clean16 award. Susan holds honour degrees in both science and finance and has her executive MBA and ICD governance designation.

About Mogens L. Mathiesen – LinkedIn
Mogens has over 25 years of expertise in maritime technology and sustainability. Specializing in maritime decarbonisation, he has pioneered data-driven solutions to reduce shipping emissions. As Chief Industry and Strategy Officer at HUB Ocean, Mogens led initiatives to enable green shipping routes and foster industry collaboration. He co-founded Arundo Analytics, driving the development of analytics platforms for maritime applications, and volunteers in the Ocean Rescue Service in Norway. With an M.Sc. in Ocean Engineering and Marine Cybernetics from the NTNU and UC Berkeley, Mogens is committed to advancing sustainable practices through innovation and strategic leadership.

About EnerPure – https://enerpure.tech
“We recycle Used Motor Oil (UMO) to reduce GHG emissions while producing a lower carbon-intensive marine fuel.”

Each year ~17 billion litres of UMO* are improperly burned or dumped, causing widespread environmental harm. EnerPure sees a tremendous opportunity to solve this problem through the deployment of its modular micro-scale recycling plants using its patented technology to convert UMO into high-quality marine fuel.

EnerPure is entering its next phase of growth, with our first commercial plant planned for Alberta. Our recycling plants require ~5% of the capex of traditional solutions, enabling localized recycling (while reducing the cost of collection) and providing strong economic returns.

Our technology has been proven via our pilot plant (operating at 43% of scale) with 1.6 million litres processed and validated through the sale of over 1.2 million litres. Our drop-in ISO 8217-compliant marine fuel is in high demand in a growing market with its 14.6% lower carbon intensity. Annually each recycling plant can reduce greenhouse gas (“GHG”) emissions and criteria air contaminants by 36,315 and 437 tonnes, respectively.

EnerPure, while delivering strong economic returns, offers a proven, scalable platform where environmental need meets commercial opportunity, powering the energy transition through smart regional recycling.

*UMO is defined as any petroleum-based or synthetic lubricating oil that cannot be used for its original purpose due to contamination.

Disclosure and Caution
This press release may contain certain disclosures that may constitute “forward-looking statements” within the meaning of Canadian securities legislation. In making the forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements are subject to numerous risks, uncertainties and other factors, including but not limited to economic, capital expenditures, and engineering projections, that may cause future results to differ materially from those expressed or implied in such forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

MIL-OSI: Juniata Valley Financial Corp. Announces Results for the Quarter Ended June 30, 2025

Source: GlobeNewswire (MIL-OSI)

Mifflintown, PA, July 23, 2025 (GLOBE NEWSWIRE) — Juniata Valley Financial Corp. (OTCQX:JUVF) (“Juniata”), announced net income for the three months ended June 30, 2025 of $1.9 million, an increase of 9.5% compared to net income of $1.7 million for the three months ended June 30, 2024. Earnings per share, basic and diluted, increased 8.6%, to $0.38, during the three months ended June 30, 2025, compared to $0.35 during the three months ended June 30, 2024. Net income was $3.9 million for the six months ended June 30, 2025, an increase of 26.4% compared to net income of $3.1 million for the six months ended June 30, 2024. Earnings per share, basic and diluted, increased 25.8%, to $0.78, during the six months ended June 30, 2025, compared to $0.62 during the six months ended June 30, 2024.

President’s Message

President and Chief Executive Officer, Marcie A. Barber stated, “We are pleased to announce second quarter net income of $1.9 million which represents a 9.5% increase over the same quarter last year and a year-to-date net income increase of 26.4% compared to the first six months last year. These improvements are due primarily to disciplined loan and deposit pricing and healthy loan growth. Our credit quality remains strong with nonperforming loans totaling 0.1% of the total loan portfolio and delinquent and nonperforming loans comprising 0.3% of the portfolio. We anticipate continued strong loan activity throughout the remainder of 2025, which would be expected to contribute to the positive trend in our net interest margin.”

Financial Results Year-to-Date

Annualized return on average assets for the six months ended June 30, 2025 was 0.92%, an increase of 27.8% compared to the annualized return on average assets of 0.72% for the six months ended June 30, 2024. Annualized return on average equity for the six months ended June 30, 2025 was 15.76%, an increase of 4.1% compared to the annualized return on average equity of 15.14% for the six months ended June 30, 2024.

Net interest income was $12.0 million during the six months ended June 30, 2025 compared to $11.3 million during the comparable 2024 period. Average earning assets decreased $11.6 million, or 1.3%, to $846.3 million, during the six months ended June 30, 2025 compared to the same period in 2024, due primarily to a decrease of $18.2 million, or 5.8%, in average investment securities as principal paydowns on the mortgage-backed securities portfolio were used for funding needs rather than being reinvested into the securities portfolio. This decline was partially offset by a $7.9 million, or 1.5%, increase in average loans over the same six month periods. Average interest bearing liabilities decreased by $13.6 million, or 2.2%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. This decrease was primarily due to a decline of $26.0 million, or 33.9%, in average borrowings and other interest bearing liabilities, which was partially offset by an increase in average time deposits of $16.2 million, or 8.0%, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

The yield on earning assets increased 17 basis points, to 4.46%, for the six months ended June 30, 2025 compared to same period last year driven by an increase in loan yields of 18 basis points, while the cost to fund interest earning assets with interest bearing liabilities decreased three basis points, to 2.24%. The net interest margin, on a fully tax equivalent basis, increased from 2.68% for the six months ended June 30, 2024 to 2.89% for the six months ended June 30, 2025.

Juniata recorded a provision for credit losses of $453,000 in the six months ended June 30, 2025 compared to a provision for credit losses of $239,000 in the six months ended June 30, 2024. The increase in the provision for credit losses between six month periods was primarily due to 4.2% growth in total loans in 2025.

Non-interest income was $2.8 million during both the six months ended June 30, 2025 and June 30, 2024. Most significantly impacting the comparative six month periods was an increase of $99,000 in customer service fees in the 2025 period, which was offset by decreases of $75,000 in fees derived from loan activity primarily due to a decline in title insurance commissions, as well as $41,000 in commissions from sales of non-deposit products in the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Non-interest expense was $9.8 million during the six months ended June 30, 2025 compared to $10.3 million during the six months ended June 30, 2024, a decrease of 4.9%. Most significantly impacting non-interest expense in the comparative six month periods were decreases in employee compensation and benefits expenses of $367,000 and $130,000, respectively. The primary drivers for these declines were decreases in employee salary expenses compared to the 2024 period, with the 2024 expenses having been elevated due to overtime pay from the 2024 core conversion and actions taken to optimize staffing levels, and employee benefits expense due to a decrease in medical claims expenses for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Also contributing to the decrease in non-interest expense between the comparative six month periods was a decrease of $80,000 in professional fees. These decreases were partially offset by an increase of $91,000 in equipment expense primarily due to an increase in office depreciation expenses.

An income tax provision of $700,000 was recorded during the six months ended June 30, 2025 compared to an income tax provision of $497,000 recorded during the six months ended June 30, 2024, due primarily to the increase in taxable income in the 2025 period.

Financial Results for the Quarter

Annualized return on average assets for the three months ended June 30, 2025 was 0.89%, an increase of 9.9%, compared to 0.81% for the three months ended June 30, 2024. Annualized return on average equity for the three months ended June 30, 2025 was 15.01%, a decrease of 8.4%, compared to 16.38% for the three months ended June 30, 2024.

Net interest income was $6.2 million for the three months ended June 30, 2025 compared to $5.8 million for the three months ended June 30, 2024. Average interest earning assets decreased 1.0%, to $849.8 million, for the three months ended June 30, 2025 compared to the same period in 2024, due to a decrease of $18.3 million, or 5.8%, in average investment securities, which was partially offset by an $11.2 million, or 2.1%, increase in average loans. Average interest bearing liabilities decreased by $11.3 million, or 1.8%, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. This decrease was primarily due to a decline of $28.1 million, or 38.1%, in average borrowings and other interest bearing liabilities, which was partially offset by increases in average interest bearing demand and time deposits of $4.9 million, or 2.4%, and $14.9 million, or 7.3%, respectively, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

The yield on earning assets increased 14 basis points, to 4.50%, for the three months ended June 30, 2025 compared to same period last year, driven by an increase in loan yields of 11 basis points, while the cost to fund interest earning assets with interest bearing liabilities decreased eight basis points, to 2.21%. The net interest margin, on a fully tax equivalent basis, increased from 2.73% for the three months ended June 30, 2024 to 2.95% for the three months ended June 30, 2025.

Juniata recorded a provision for credit losses of $349,000 for the three months ended June 30, 2025 compared to a provision for credit losses of $119,000 for the three months ended June 30, 2024. The increase in the provision for credit losses between three month periods was primarily due to growth in outstanding loans in the 2025 period.

Non-interest income was $1.5 million for both the three months ended June 30, 2025 and June 30, 2024. Most significantly impacting non-interest income in the comparative three month periods were decreases of $40,000 in commissions from sales of non-deposit products and $32,000 in trust fees. Partially offsetting these declines were increases of $31,000 in the change in value of equity securities and $44,000 in other non-interest income primarily due to recording an IRS refund on an amended tax return and an increase in online banking fees in the three months ended June 30, 2025 compared the three months ended June 30, 2024.

Non-interest expense was $5.1 million for both the three months ended June 30, 2025 and June 30, 2024. Most significantly impacting non-interest expense in the comparative three month periods was a decrease of $134,000 in employee compensation expense, due primarily to the 2024 expenses having been elevated due to overtime pay from the 2024 core conversion and actions taken to optimize staffing levels. Partially offsetting this decline were increases of $57,000 in taxes, other than income, due to an increase in Pennsylvania Shares Tax expense and $176,000 in other non-interest expense due primarily to an increase in the provision for unfunded commitments in the three months ended June 30, 2025.

An income tax provision of $329,000 was recorded during the three months ended June 30, 2025 compared to an income tax provision of $296,000 recorded during the three months ended June 30, 2024, primarily due to greater taxable income in the 2025 period.

Financial Condition

Total assets as of June 30, 2025 were $866.4 million, an increase of $17.6 million, or 2.1%, compared to total assets of $848.9 million at December 31, 2024. Cash and cash equivalents increased by $1.1 million, or 10.1%, as of June 30, 2025 compared to December 31, 2024, while total debt and equity securities decreased by $4.9 million, or 1.9%, over the same period as cash flows were used for funding needs rather than reinvested into the investment portfolio. Total loans increased by $22.5 million, or 4.2%, as of June 30, 2025 compared to year-end 2024 mainly due to an increase in commercial loans. Total deposits increased by $11.4 million, or 1.5%, as of June 30, 2025 compared to December 31, 2024 due to an increase in interest bearing deposits. Short-term borrowings and repurchase agreements increased by $7.5 million, or 17.7%, as of June 30, 2025 compared to year-end 2024 primarily due to an increase in overnight borrowings, which were used to replace a FHLB long-term advance that matured in June 2025, resulting in the $5.0 million, or 100.0%, decline in long-term debt between comparative periods.

Juniata maintained a strong liquidity position as of June 30, 2025, with additional borrowing capacity with the Federal Home Loan Bank of Pittsburgh of $203.9 million and $50.7 million in additional borrowing capacity from the Federal Reserve’s Discount Window. In addition, Juniata has internal authorization for brokered deposits of up to $175.0 million. Juniata had no brokered deposits outstanding as of June 30, 2025.

Subsequent Event

On July 15, 2025, the Board of Directors declared a cash dividend of $0.22 per share to shareholders of record on August 18, 2025, payable on September 1, 2025.

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

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

Forward-Looking Information

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

Financial Statements

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


(Dollars in thousands, except share data)	(Unaudited)
	June 30, 2025			December 31, 2024
ASSETS
Cash and due from banks	$	4,874		$	5,064
Interest bearing deposits with banks		7,237			5,934
Cash and cash equivalents		12,111			10,998

Equity securities		1,154			1,189
Debt securities available for sale		64,231			64,623
Debt securities held to maturity (fair value $182,845 and $182,773, respectively)		187,174			191,627
Restricted investment in bank stock		2,283			2,530
Total loans		556,319			533,869
Less: Allowance for credit losses		(6,622	)		(6,183	)
Total loans, net of allowance for credit losses		549,697			527,686
Premises and equipment, net		9,177			9,382
Bank owned life insurance and annuities		16,009			15,214
Investment in low income housing partnerships		671			832
Core deposit and other intangible assets		223			258
Goodwill		9,812			9,812
Mortgage servicing rights		65			69
Deferred tax asset, net		9,004			9,842
Accrued interest receivable and other assets		4,823			4,812
Total assets	$	866,434		$	848,874
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	192,629		$	196,801
Interest bearing		566,678			551,156
Total deposits		759,307			747,957

Short-term borrowings and repurchase agreements		49,720			42,242
Long-term debt		—			5,000
Other interest bearing liabilities		776			830
Accrued interest payable and other liabilities		4,250			5,388
Total liabilities		814,053			801,417
Commitments and contingent liabilities
Stockholders’ Equity:
Preferred stock, no par value: Authorized – 500,000 shares, none issued		—			—
Common stock, par value $1.00 per share: Authorized 20,000,000 shares; Issued – 5,151,279 shares at June 30, 2025 and December 31, 2024; Outstanding – 5,018,799 shares at June 30, 2025 and 5,003,384 shares at December 31, 2024		5,151			5,151
Surplus		24,741			24,896
Retained earnings		54,840			53,126
Accumulated other comprehensive loss		(30,211	)		(33,320	)
Cost of common stock in Treasury: 132,480 shares at June 30, 2025; 147,895 shares at December 31, 2024		(2,140	)		(2,396	)
Total stockholders’ equity		52,381			47,457
Total liabilities and stockholders’ equity	$	866,434		$	848,874

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


	Three Months Ended				Six Months Ended
(Dollars in thousands, except share and per share data)	June 30,				June 30,
	2025		2024		2025		2024
Interest income:
Loans, including fees	$	8,112	$	7,778	$	15,893	$	15,245
Taxable securities		1,372		1,455		2,737		2,920
Tax-exempt securities		30		29		60		59
Other interest income		20		49		37		92
Total interest income		9,534		9,311		18,727		18,316
Interest expense:
Deposits		2,889		2,722		5,692		5,364
Short-term borrowings and repurchase agreements		440		712		971		1,410
Long-term debt		21		89		51		206
Other interest bearing liabilities		7		8		14		17
Total interest expense		3,357		3,531		6,728		6,997
Net interest income		6,177		5,780		11,999		11,319
Provision for credit losses		349		119		453		239
Net interest income after provision for credit losses		5,828		5,661		11,546		11,080
Non-interest income:
Customer service fees		466		456		926		827
Debit card fee income		450		470		872		874
Earnings on bank-owned life insurance and annuities		62		58		119		114
Trust fees		112		144		243		251
Commissions from sales of non-deposit products		69		109		170		211
Fees derived from loan activity		158		177		273		348
Change in value of equity securities		40		9		12		(4	)
Gain from life insurance proceeds		20		—		20		—
Other non-interest income		100		56		188		154
Total non-interest income		1,477		1,479		2,823		2,775
Non-interest expense:
Employee compensation expense		2,098		2,232		4,073		4,440
Employee benefits		502		533		1,048		1,178
Occupancy		301		327		667		659
Equipment		243		226		460		369
Data processing expense		778		815		1,407		1,478
Professional fees		247		279		453		533
Taxes, other than income		95		38		126		94
FDIC Insurance premiums		119		139		254		294
Amortization of intangible assets		17		20		35		42
Amortization of investment in low-income housing partnerships		80		80		161		161
Other non-interest expense		585		409		1,066		1,009
Total non-interest expense		5,065		5,098		9,750		10,257
Income before income taxes		2,240		2,042		4,619		3,598
Income tax provision		329		296		700		497
Net income	$	1,911	$	1,746	$	3,919	$	3,101
Earnings per share
Basic	$	0.38	$	0.35	$	0.78	$	0.62
Diluted	$	0.38	$	0.35	$	0.78	$	0.62

MIL-OSI: Diane Davis Appointed to Boards of First Fed and First Northwest Bancorp

Source: GlobeNewswire (MIL-OSI)

PORT ANGELES, Wash., July 23, 2025 (GLOBE NEWSWIRE) — First Northwest Bancorp (NASDAQ: FNWB), the holding company for First Fed Bank, announced the appointment of Diane C. Davis to the Boards of Directors of both First Fed Bank and First Northwest Bancorp.

Ms. Davis brings more than 25 years of leadership experience in the insurance industry, with expertise in executive management, strategy, risk management, and corporate governance. Further, Diane is an experienced community bank board member, having served on the board of First Financial Northwest Bancorp, which was acquired earlier this year.

“Diane’s extensive experience in risk oversight and executive leadership will be a tremendous asset to our organization as we continue to grow and serve our communities,” said Geri Bullard, Interim CEO of First Fed. “Her proven expertise in strategy and governance aligns with our long-term goals, and we are excited to welcome her to the Board.”

“Community banks play a vital role in building strong, resilient local economies, and I’m deeply passionate about supporting that mission. I’m honored to join First Fed’s board and work alongside its dedicated executive team and fellow board members,” said Diane Davis.

Ms. Davis began her career at Farmers New World Life Insurance Company in 1992 and advanced through a variety of leadership roles, including Chief Risk Officer and ultimately President from 2016 until her retirement in 2019. She also served as Regional Chief Risk Officer for Global Life North America at Zurich Insurance Company Ltd., bringing broad actuarial and strategic planning experience to her board role.

She holds a Bachelor of Science in Actuarial Science from the University of Illinois at Urbana-Champaign and a Master of Business Administration from the University of Washington. A Fellow of the Society of Actuaries, Ms. Davis currently serves as co-chair of 5050 Women on Boards of Greater Seattle and is a former member of the Board of Directors for Habitat for Humanity Seattle-King County.

Her appointment reflects First Fed’s ongoing commitment to strong governance, sustainable growth, and long-term financial security for its customers and communities.

About FNWB

First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently, First Fed has 18 locations in Washington State including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. First Fed is headquartered in Port Angeles, Washington.

First Fed Bank was recognized by Puget Sound Business Journal as a Best Workplace in 2023 and top Corporate Philanthropist in 2023 and 2024. By popular vote, First Fed received 2024 awards for Best Bank and Best Lender in Best of the Peninsula for Clallam County. First Fed is a Member FDIC and equal housing lender.

Geri Bullard, Interim CEO / Chief Operating Officer
First Fed 105 W. Eight Street
Port Angeles, WA 98362
360-565-8556