Category: Banking

  • MIL-OSI: ING posts 1Q2025 net result of €1,455 million, with strong growth in customer balances and fee income

    Source: GlobeNewswire (MIL-OSI)

    ING posts 1Q2025 net result of €1,455 million, with strong growth in customer balances and fee income

     
    1Q2025 profit before tax of €2,124 million with a CET1 ratio of 13.6%
    Strong increase in fee income, driven especially by an increase in investment products
    Total income was resilient, supported by an excellent growth in deposits and a continued increase in mortgage volumes, as well as strong results in Financial Markets
    Operating expenses excluding regulatory costs slightly lower quarter-on-quarter
    We continue to move our capital towards our target level and announce a €2.0 billion share buyback
     

    CEO statement
    “While the geopolitical and macroeconomic circumstances remain uncertain, we believe there is an opportunity for Europe to collectively drive competitiveness and resilience through simplification of regulations and investments in infrastructure, technology and defence,” said Steven van Rijswijk, CEO of ING Group. “As one of the largest and most geographically diversified European banks, we are well-positioned to play a key role in supporting this growth while navigating volatility. During these times, we are staying particularly close to our clients to understand their concerns and banking needs. Our scale, strong performance and robust capital ratios enable us to provide our customers with the support required to manage uncertainties, mitigate risks and capture opportunities.

    “During the first quarter of 2025, we have delivered continued commercial growth, driven by excellent growth in deposits and higher mortgage volumes. Total income has increased, supported by resilient commercial net interest income and a strong increase in fee income. Expenses have decreased slightly quarter-on-quarter and the increase year-on-year was in line with our guidance, reflecting the impact of inflation and client acquisition expenses. Risk costs were €313 million and below our through-the-cycle-average, reflecting the quality of our loan portfolio.

    “In Retail Banking, our mobile primary customer base has grown by 174,000 customers this quarter, mainly attributable to Germany, the Netherlands, Spain and Poland. We have attracted €17 billion in retail core deposits, primarily in Germany. And we have increased core lending by €9 billion, of which €6 billion is in residential mortgages, particularly in the Netherlands and Germany, and nearly €2 billion in Business Banking. Across our markets, we have seen 125,000 mortgage applications during this quarter, up 20% year-on-year. Retail fee income has risen 18% year-on-year, primarily driven by growth in the number of investment product customers, higher assets under management and an increase in customer trading activity.

    “In Wholesale Banking, total income was stable, with strong results in Financial Markets as we have supported our clients during the turbulent market conditions. This turbulence has also led to muted lending volumes. Fee income in Wholesale Banking has increased quarter-on-quarter, mainly driven by higher fees from Global Capital Markets and Trade Finance. Moreover, we have continued to invest in front office growth, our digital customer experience and the scalability of our systems.

    “We continue to support clients in their sustainability transition by launching innovative services or by entering into partnerships. In Wholesale Banking, we have increased sustainable volume mobilised to €30 billion, a 23% increase versus last year. In Spain, we have launched a service that helps retail customers get insights into their CO2e emissions and provides tips on how to reduce their environmental footprint. In Australia, ING has become the first bank to participate in a new digital energy ratings programme that provides our customers with free energy ratings of their homes and identifies potential sustainability improvements.

    “We continue to converge our CET1 ratio to our target level while taking the ongoing geopolitical and macroeconomic uncertainty into account. In that light, today we announce a share buyback programme of €2.0 billion.

    “We’re pleased with our first-quarter performance and are confident in our ability to deliver value to our stakeholders in the current macroeconomic turbulence. We are well on track to meet our 2027 targets and I would like to thank our employees across the world for their contributions to these strong results and their commitment to serving our customers.”

     
    Further information
    All publications related to ING’s 1Q 2025 results can be found at the quarterly results page on ING.com. For more on investor information, go to www.ing.com/investors.

    A short ING ON AIR video with CEO Steven van Rijswijk discussing our 1Q 2025 results is available on Youtube.
    For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news feed on X. Photos of ING operations, buildings and its executives are available for download at Flickr.

     
    Investor conference call and webcast
    Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 2 May 2025 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com.
     
    Investor enquiries
    E: investor.relations@ing.com

    Press enquiries
    T: +31 20 576 5000
    E: media.relations@ing.com

     
    ING Profile
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell.

    Important legal information
    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) noncompliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network

  • MIL-OSI: ING completes share buyback and announces new programme of up to €2.0 billion

    Source: GlobeNewswire (MIL-OSI)

    ING completes share buyback and announces new programme of up to €2.0 billion

    ING announced today that it has completed the share buyback programme announced on 31 October 2024. The total number of ordinary shares repurchased under the programme is 125,848,305 at an average price of €15.84 for a total consideration of €1,993,571,438.95.

    During the last week of the programme, from 28 April 2025 up to and including 30 April 2025, in total 6,872,040 shares were purchased. These shares were repurchased at an average price of €17.12 for a total amount of €117,683,132.31.

    Today ING announced a new share buyback programme under which it plans to repurchase ordinary shares of ING Groep N.V. for a maximum total amount of € 2.0 billion. The purpose of the programme is to converge our CET1 ratio towards our target.

    ING Group’s CET1 ratio was 13.6% at the end of the first quarter of 2025, which is well above the prevailing CET1 ratio requirement of 10.76%. The share buyback programme will have an impact of approximately 59 bps on our CET1 ratio. The programme will commence on 2 May 2025 and is expected to end no later than 27 October 2025.

    The ECB has approved the programme, which will be executed in compliance with the Market Abuse Regulation and within the limitations of the existing authority to acquire a maximum of 20% of the issued shares, as granted by the general meeting of shareholders on 22 April 2025. ING has entered into a non-discretionary arrangement with a financial intermediary to conduct the buyback.

    For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at www.ing.com/Investor-relations/Share-information/Share-buyback-programme.htm.

    Note for editors
    For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom. Photos of ING operations, buildings and its executives are available for download at Flickr.

    Press enquiries   Investor enquiries
    Raymond Vermeulen   ING Group Investor Relations
    +31 20 576 5000   +31 20 576 6396
    Raymond.Vermeulen@ing.com   Investor.Relations@ing.com

    ING PROFILE

    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

    IMPORTANT LEGAL INFORMATION

    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non- compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network

  • MIL-OSI Economics: Result of Underwriting Auction conducted on May 02, 2025

    Source: Reserve Bank of India

    In the underwriting auction conducted on May 02, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    Nomenclature of the Security Notified Amount
    (₹ crore)
    Minimum Underwriting Commitment (MUC) Amount
    (₹ crore)
    Additional Competitive Underwriting Amount Accepted
    (₹ crore)
    Total Amount underwritten
    (₹ crore)
    ACU Commission Cut-off rate
    (paise per ₹100)
    6.64% GS 2027 6,000 3,003 2,997 6,000 0.04
    New GS 2035 30,000 15,015 14,985 30,000 0.07
    Auction for the sale of securities will be held on May 02, 2025.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/225

    MIL OSI Economics

  • MIL-OSI Economics: Money Market Operations as on April 30, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 6,03,530.26 5.96 0.01-6.30
         I. Call Money 17,990.81 5.94 5.00-6.05
         II. Triparty Repo 3,94,904.10 5.95 5.70-6.05
         III. Market Repo 1,89,156.35 5.99 0.01-6.30
         IV. Repo in Corporate Bond 1,479.00 6.15 5.95-6.25
    B. Term Segment      
         I. Notice Money** 53.25 5.65 5.35-5.90
         II. Term Money@@ 600.00 6.15-6.15
         III. Triparty Repo 8,776.50 6.14 6.00-6.24
         IV. Market Repo 599.00 6.23 6.20-6.25
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Wed, 30/04/2025 2 Fri, 02/05/2025 14,952.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Wed, 30/04/2025 1 Thu, 01/05/2025 7,671.00 6.25
      Wed, 30/04/2025 2 Fri, 02/05/2025 800.00 6.25
    4. SDFΔ# Wed, 30/04/2025 1 Thu, 01/05/2025 1,78,695.00 5.75
      Wed, 30/04/2025 2 Fri, 02/05/2025 9,019.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,64,291.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,479.16  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     35,210.16  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,29,080.84  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on April 30, 2025 9,38,624.04  
         (ii) Average daily cash reserve requirement for the fortnight ending May 02, 2025 9,51,938.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ April 30, 2025 14,952.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on April 04, 2025 2,36,088.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/224

    MIL OSI Economics

  • MIL-OSI New Zealand: Greenpeace calls on Luxon to show leadership on dairy pollution as Canterbury floods highlight growing climate crisis

    Source: Greenpeace

    Greenpeace Aotearoa says that the damage caused by this week’s Canterbury floods is yet another reminder of the risk of continuing to ignore the climate crisis fuelled by the intensive dairy industry.
    This week, devastating floods swept through the Canterbury region, causing many at-risk areas in the Selwyn District to evacuate, and leading to the declaration of a state of emergency in Christchurch City and Banks Peninsula.
    Greenpeace Aotearoa spokesperson Will Appelbe, who is based in Canterbury, says: “The damage caused by this extreme weather event is real, and will impact communities in Canterbury into the future. But neither is this the last time we will see flooding like this in our region.
    “As the climate crisis continues, we can expect to see storms like the one that battered the country this week increasing in intensity and happening more often – unless we take action to stop climate change from getting worse.
    “Here in Aotearoa, the worst climate polluter is the intensive dairy industry, led by Fonterra. The oversized dairy herd is belching out huge amounts of superheating methane gas, which heats the climate much faster than carbon dioxide.”
    “But as we’ve seen repeatedly in Canterbury, farmers are also among the first to directly experience the consequences of the climate crisis – with extreme weather events flooding their farms, or droughts leading to dry pastures.”
    “The way farming is done in Canterbury has to change. We need to transition away from intensive dairying that harms the climate and pollutes waterways, towards more ecological, plant-based farming practices. And Fonterra and our Government need to support that transition.”
    Since the 2023 election, Christopher Luxon’s Government has rolled back numerous policies that would have reduced New Zealand’s impact on the climate crisis, including several in the agricultural sector.
    “Cantabrians are seeing the consequences of inaction on climate change today,” says Appelbe. “This Government’s decisions have prioritised profit for a select few over a liveable future for us all.”
    “Luxon must show some leadership and reverse the anti-nature decisions he has made, particularly when it comes to our country’s worst climate polluter – the agricultural industry. Otherwise, the climate crisis will only get worse.”
    Greenpeace says that some of the communities being evacuated in the wake of this flood are also dealing with nitrate-contaminated drinking water as a result of intensive dairying.
    “If we change the way farming is done, we can prevent the worst of the climate crisis by reducing methane pollution from intensive dairy, and we can protect drinking water, lakes and rivers here in Canterbury, which are under threat from intensive dairy pollution.”

    MIL OSI New Zealand News

  • MIL-OSI USA: Senate Majority Leader Expedites Vote On Historic Digital Asset Legislation

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    WASHINGTON—Today, Senate Majority Leader John Thune initiated a process that expedites a vote on a historic piece of legislation that establishes the first ever regulatory framework for payment stablecoins. The legislation is the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act authored by United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, and cosponsored by Tim Scott (R-SC), Chairman of the Senate Banking Committee, and Cynthia Lummis (R-WY).
    “The GENIUS Act establishes a clear, pro-growth, and secure regulatory framework to modernize our payments system and cement U.S. dollar dominance. I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and make sure foreign companies are playing by the same rules,” Sen. Bill Hagerty (R-TN) said.
    “Our landmark stablecoin legislation is a huge victory for the digital asset industry and a critical step in securing our nation’s financial future,” said Sen. Cynthia Lummis. “The GENIUS Act strikes the balance of establishing proper guardrails that protect consumers while preserving financial innovation and America’s dollar dominance in the global financial system. President Trump and Leader Thune’s decision to bring this important legislation to the floor demonstrates his commitment to maintaining U.S. leadership in financial services while keeping digital asset companies and jobs onshore. I want to thank Senator Hagerty and Chairman Scott for their leadership on this and look forward to getting this legislation across the finish line.”
    “The GENIUS Act is a critical first step towards delivering on President Trump and the American people’s mandate to advance a regulatory framework for digital assets – and will protect consumers and expand financial inclusion across the country,” said Chairman Tim Scott. “I look forward to voting for the bill on the floor and the Senate taking historic action to provide the industry with the clarity it deserves.”
    Background:
    Dollar-denominated payment stablecoins are digital assets pegged to the U.S. dollar. They can improve transaction efficiency, expand financial inclusion, and strengthen the dollar’s supremacy as the world reserve currency by driving demand for U.S. Treasuries. The previous Administration’s hostility toward crypto and refusal to provide clear regulatory guidelines has severely stifled stablecoin innovation. This legislation turns a new page.
    The GENIUS Act:
    Defines a payment stablecoin as a digital asset used for payment or settlement that is pegged to a fixed monetary value;
    Establishes clear procedures for institutions seeking licenses to issue stablecoins;
    Implements reserve requirements and light-touch, tailored regulatory standards for stablecoin issuers;
    For issuers of more than $10 billion of stablecoins, applies the Federal Reserve’s regulatory framework to depository institutions and the Office of the Comptroller of the Currency’s framework for nonbank issuers;
    Allows for state regulation of issuers under $10 billion in issuance and provides a waiver process for issuers exceeding the threshold to remain state-regulated; and
    Establishes supervisory, examination, and enforcement regimes with clear limitations.

    MIL OSI USA News

  • MIL-OSI New Zealand: Weather News – Friday and weekend weather outlook – MetService

    Source: MetService

    Covering period of Friday 2nd – Monday 5th May
     
    Key Stats
    • Canterbury saw 100 to 200 mm of rain between Wednesday and Friday morning, while parts of Banks Peninsula saw up to 300 mm
    • On 30 April, Christchurch (80.2 mm) and Ashburton (105.4 mm) saw their wettest April day on record. For Ashburton, it was their wettest day in at least 19 years, while Christchurch records go back to 1943
    • The wettest parts of Wellington recorded between 120 and 150 mm of rain in that time, with the largest accumulation in Wainuiomata
    • On Thursday, at 118 km/h, Wellington Airport got their strongest southerly wind since 2013
    • Waves of 12 metres were measured off Baring Head in Wellington on Thursday

    After days of heavy rain, fierce winds, and widespread warnings, Aotearoa New Zealand is in for a change. MetService is forecasting an easing trend later today (Friday), with the wettest and windiest weather on the way out in time for the weekend.

    While rain and strong winds remain in the mix – including heavier showers and thunderstorms with hail in the upper North Island, conditions are expected to gradually settle later in the day and into the weekend – offering a much-needed window for clean-up efforts and a return to something closer to normal.

    South Island
    After a very wet couple of days in Canterbury, breaks in the rain can be expected today, with the bulk of the showers expected to have cleared by the end of the day.  However, temperatures remain on the chilly side, with daytime highs hovering in the low to mid-teens.

    The weekend brings a mostly dry forecast for many parts of the South Island. Some showers may return to parts of Canterbury, especially around the foothills and Banks Peninsula on Saturday night into Sunday morning. But with patches of sunshine also expected, the coming days should help support any recovery work. A brief front clips the far south (Southland and Otago) with showers from Saturday into Sunday morning.

    North Island
    Friday brings showers for Northland, Auckland, and the top of the Coromandel Peninsula — some heavy at times with thunderstorms and hail — before a clearing trend sets in during the evening.

    After a wild and windy night, the worst of the winds have moved off the North Island. That said, it will still be gusty today for Wellington and Wairarapa, as strong southwesterlies continue — though more in line with what’s considered ‘typical’ for the region.

    An Orange Heavy Rain Warning remains in place for Wairarapa until 3pm Friday, and rain and showers ease towards evening. Large waves along the Wellington and Wairarapa coasts are expected to gradually ease through Friday, though coastal conditions in Hawke’s Bay and Tairāwhiti Gisborne remain rough through Saturday evening.

    Looking ahead to the weekend, most of the North Island can expect a settled spell. Eastern areas may still see a few showers, and Wellington and Northland could get some early showers on Saturday. But for many, Sunday looks sunny — a chance to finally tackle that laundry backlog or spend time outdoors.

    MIL OSI New Zealand News

  • MIL-OSI USA: Senate Adopts Boozman Backed Resolution Designating April as Financial Literacy Month

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman
    WASHINGTON—The U.S. Senate unanimously adopted a resolution backed by U.S. Senator John Boozman (R-AR) designating April as Financial Literacy Month. Boozman joined Senate Banking Committee Chairman Tim Scott (R-SC) and Senator Jack Reed (D-RI) in leading the measure to raise awareness for access to resources that can help Americans of all ages develop and maintain healthy financial habits while underscoring the importance of financial education and empowerment.  
    “When Americans have the tools and knowledge to better manage their finances, they are empowered to chart a path to financial stability,” said Boozman. “I am pleased to support this commonsense, bipartisan effort to help hardworking people of all ages make positive money management choices.”
    “Financial literacy is critical to achieving financial independence and the American Dream,” said Scott. “Unfortunately, many Americans growing up like I did lack basic financial education, which is why I’ve made it my mission to make programs and resources on this important topic more accessible. Designating April 2025 as Financial Literacy Month builds on our efforts to ensure all Americans can access the tools necessary to secure their financial future.”
    “From managing a household budget to making major purchases to laying the foundation for a secure retirement, financial literacy is a lifelong endeavor. Unfortunately, too many Americans lack the basic financial literacy skills needed to make informed decisions,” said Reed. “This has impacts on families, communities, and future generations. Raising awareness about the resources available to improve financial literacy is the first step on the path to a financially secure future. I’m pleased our Senate colleagues are coming together on a bipartisan basis to recognize financial Literacy Month.” 
    In addition to Boozman, Scott and Reed, the resolution was also cosponsored by Senators Ron Wyden (D-OR), Dick Durbin (D-IL), Susan Collins (R-ME), Mike Crapo (R-ID), Maria Cantwell (D-WA), Sheldon Whitehouse (D-RI), John Barrasso (R-WY), Jim Risch (R-ID), Angus King (I-ME), Shelley Moore Capito (R-WV), Gary Peters (D-MI), Bill Cassidy, M.D. (R-LA), Mike Rounds (R-SD), Maggie Hassan (D-NH), Cindy Hyde-Smith (R-MS), Kevin Cramer (R-ND), Mark Kelly (D-AZ), Cynthia Lummis (R-WY), Tommy Tuberville (R-AL), Raphael Warnock (D-GA), Katie Britt (R-AL), Jim Banks (R-IN), Lisa Blunt Rochester (D-DE) and Bernie Moreno (R-OH).
     Click here for text of the resolution.  

    MIL OSI USA News

  • MIL-OSI USA: Lummis, Hagerty, Tim Scott Celebrate Expedited Vote on Historic Digital Asset Legislation

    US Senate News:

    Source: United States Senator for Wyoming Cynthia Lummis

    May 1, 2025

    Washington, D.C.— U.S. Senator Cynthia Lummis (R-WY) joined Senator Bill Hagerty (R-TN) and Banking Committee Chairman Senator Tim Scott (R-SC) in praising Senate Majority Leader Thune on expediting a vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act which establishes a clear regulatory framework for payment stablecoins. 

    “Our landmark stablecoin legislation is a huge victory for the digital asset industry and a critical step in securing our nation’s financial future,” said Lummis. “The GENIUS Act strikes the balance of establishing proper guardrails that protect consumers while preserving financial innovation and America’s dollar dominance in the global financial system. President Trump and Leader Thune’s decision to bring this important legislation to the floor demonstrates their commitment to maintaining U.S. leadership in financial services while keeping digital asset companies and jobs onshore. I want to thank Senator Hagerty and Chairman Scott for their leadership on this and look forward to getting this legislation across the finish line.”

    “The GENIUS Act is a critical first step towards delivering on President Trump and the American people’s mandate to advance a regulatory framework for digital assets —and will protect consumers and expand financial inclusion across the country,” said Scott. “I look forward to voting for the bill on the floor and the Senate taking historic action to provide the industry with the clarity it deserves.” 

    “The GENIUS Act establishes a clear, pro-growth, and secure regulatory framework to modernize our payments system and cement U.S. dollar dominance,” said Hagerty. “I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and make sure foreign companies are playing by the same rules.” 

    MIL OSI USA News

  • MIL-OSI Security: Ringleader of Bank Fraud Conspiracy Case Receives Lengthy Federal Prison Sentence

    Source: Office of United States Attorneys

    SHREVEPORT, La. – Acting United States Attorney Alexander C. Van Hook announced that Destane Glass, 24, of Shreveport, has been sentenced by United States District Judge S. Maurice Hicks, Jr. to 135 months in prison for conspiracy to commit bank fraud. Glass was ordered to pay restitution in the amount of $539,578. In addition, Judge Hicks ordered that Glass’s sentence run consecutive to a 37-month federal prison sentence she is currently serving for Payment Protection Program fraud, making her sentence a total of 172 months (14 years, 4 months).

    According to evidence presented in court, beginning on or about January 1, 2021, and continuing through October 31, 2022, Glass and her co-conspirators conspired to commit bank fraud from USAA Savings Bank (USAA Bank), Navy Federal Credit Union, and JP Morgan Chase Bank. Glass was the ringleader of this conspiracy and directed and recruited others to participate in the scheme to defraud the banks. Glass was indicted, along with 20 other defendants, in April 2024 in connection with this federal bank fraud scheme. 

    USAA Bank was a financial institution whose deposits were insured by the Federal Deposit Insurance Corporation (FDIC).  Teleperformance was a multinational company that provided a wide variety of business services including operating a call center in Shreveport, Louisiana.  The call center provided customer service for USAA Bank.  Teleperformance employees had access to USAA Bank customer information including, but not limited to, customer names, the age of customers, account balances, and account numbers. Glass was not an employee of Teleperformance but conspired with others who were to execute a scheme to defraud USAA Bank.

    As part of the conspiracy, Glass worked with her co-defendants to improperly obtain account holder information so that the information could be used by Glass to create counterfeit USAA Bank checks. She instructed her co-defendants to target elderly bank customers whose bank accounts held high account balances as they would be less likely to regularly check their accounts. Glass created counterfeit checks on USAA Bank totaling $2,149,621 from accounts accessed by her co-defendants.  After she created the checks, Glass used social media and other methods to recruit individuals in the Shreveport area with bank accounts to use their accounts to deposit the counterfeit checks.

    Once the counterfeit checks were deposited into the accounts, Glass and others, worked to withdraw the funds at various locations to include area casinos. Glass and her co-conspirators would share the proceeds generated from negotiating the counterfeit checks. 

    ZarRajah Z. Watkins, 23, of Shreveport, who also participated in this scheme and was charged as a defendant in this case was sentenced today. Watkins pleaded guilty to conspiracy to commit bank fraud and was sentenced to 37 months in prison and ordered to pay restitution in the amount of $397,930. 

    All of the other defendants charged in this case have now pleaded guilty and received their sentences.

    This case was investigated by the United States Secret Service, Federal Bureau of Investigation, Louisiana State Police and Shreveport Police Department and was prosecuted by Acting United States Attorney Alexander C. Van Hook.

    # # #

    MIL Security OSI

  • MIL-OSI Security: Passaic County Man Admits to Using An Explosive to Damage a Chase Bank ATM

    Source: Office of United States Attorneys

    NEWARK, N.J. – A Passaic County man admitted to using an explosive to damage a Chase Bank Automated Teller Machine (“ATM”) in Prospect Park, New Jersey, U.S. Attorney Alina Habba announced.

    Nicolas Torres, 42, of Passaic, New Jersey pleaded guilty before U.S. District Court Judge Julien X. Neals in Newark federal court to a one-count information charging him with using an explosive to damage real property used in interstate commerce.

    According to documents filed in this case and statements made in court:

    In the early morning hours of July 5, 2022, Torres was captured on surveillance video approaching the Chase Bank ATM in Prospect Park, New Jersey and igniting an item in front of the ATM. Several seconds later, an explosion was seen at the ATM. Torres was seen fleeing the location with two individuals.

    In addition to the surveillance video, cellular phone location data placed Torres in the area of the Chase Bank at the time of the explosion. The investigation also revealed that Torres had traveled to Pennsylvania the day before and purchased approximately $1,000 worth of fireworks.

    The use of an explosive to damage real property used in interstate commerce charge carries a statutory minimum of 5 years in prison, a statutory maximum of 20 years in prison, and a fine of $250,000. Sentencing is scheduled for September 9, 2025.

    U.S. Attorney Habba credited special agents of the Federal Bureau of Investigation, Newark Field Division, under the direction of Acting Special Agent in Charge Terence G. Reilly, and the Prospect Park Police Department, under the direction of Chief William Rausch, with the investigation leading to today’s plea.

    The government is represented by Assistant U.S. Attorney Vera Varshavsky of the U.S. Attorney’s National Security Unit in Newark. 

                                                               ###

    Defense counsel: Adalgiza A. Núñez, Office of the Public Defender

    MIL Security OSI

  • MIL-OSI: First Savings Financial Group, Inc. Announces Redemption of Subordinated Notes

    Source: GlobeNewswire (MIL-OSI)

    JEFFERSONVILLE, Ind., May 01, 2025 (GLOBE NEWSWIRE) — First Savings Financial Group, Inc. (NASDAQ: FSFG) (the “Company”), the holding company for First Savings Bank (the “Bank”), announced today the redemption of $20.0 million of subordinated notes, at par, on April 30, 2025. The subordinated notes were issued by the Company on September 20, 2018 as a 5.95% Fixed-to-Floating Rate Subordinated Note due 2028, in the principal amount of $20.0 million. Prior to redemption, the subordinated notes were floating rate and yielded 7.66%. In order to consummate the redemption, the Bank paid the Company a dividend of $19.0 million, which the Bank funded with a like dollar amount of short-term wholesale borrowings at a rate of 4.48%. Subsequent to the dividend, the Bank maintained leverage and total risk-based capital ratios in excess of 9.0% and 12.0%, respectively, as of March 31, 2025. Subsequent to the redemption, the Company maintained leverage and total risk-based capital ratios in excess of 9.0% and 12.0%, respectively, as of April 30, 2025.

    Commenting on the redemption, Larry W. Myers, President and CEO, stated “We are very pleased to have redeemed and retired this excess, high-cost debt, which we expect will contribute to expansion in net interest margin. This debt redemption and the repurchase of Company common shares have been strategic initiatives we’ve desired to implement. The redemption helps clear a path for the opportunity to repurchase Company common shares in the forthcoming months should we continue to build excess capital, which we currently anticipate, and should such repurchases be accretive to the Company’s earnings per share.”

    The Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

    This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions.

    Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed in the Company’s periodic filings with the Securities and Exchange Commission.

    Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this release or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

    Contact:

    Tony A. Schoen
    Chief Financial Officer
    (812) 283-0724

    The MIL Network

  • MIL-OSI: CALIFORNIA BANCORP ANNOUNCES INCREASE IN SHARE REPURCHASE PROGRAM AND THE REDEMPTION OF SUBORDINATED NOTES

    Source: GlobeNewswire (MIL-OSI)

    San Diego, Calif., May 01, 2025 (GLOBE NEWSWIRE) — California Bancorp (the “Company”) (Nasdaq: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”), announces that its Board of Directors has authorized an increase in the number of shares of the Company’s common stock that may be repurchased pursuant to its share repurchase program to 1.6 million shares, up from 550,000 shares when the program was first announced on June 15, 2023. The increase allows for the repurchase of approximately 4.9% of the Company’s outstanding shares of common stock. No stock has yet been repurchased through the original or increased repurchase program.

    “The increase in our share repurchase program demonstrates the conviction of our Board of Directors and management team to our relationship-based banking strategy, and our commitment to building long-term shareholder value,” said David Rainer, Executive Chairman of the Company and the Bank. “Our strong balance sheet and capital levels will allow us to be flexible in the opportunistic deployment of capital for share repurchases, as well as the repayment of outstanding callable subordinated debt.”

    Repurchases under the program may occur from time to time in open market transactions, in privately negotiated transactions, or by other means in accordance with federal securities laws and other restrictions. The Company intends to fund its repurchases from available working capital and cash provided by operating activities. The timing of repurchases, as well as the number of shares repurchased, will depend on a variety of factors, including price; trading volume; business, economic and general market conditions; and the terms of any Rule 10b5-1 plan adopted by the Company. The repurchase program has no expiration date and may be suspended, modified, or terminated at any time without prior notice.

    The Company also announces today that it has elected to, and expects to, redeem the $18 million of 5.50% Fixed-to-Floating Subordinated Notes due 2030, that it issued on May 28, 2020.

    ABOUT CALIFORNIA BANCORP

    California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include expectations regarding opportunities to deploy capital for share repurchases, enhance shareholder value through share repurchases, and redeem our outstanding subordinated debt. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

    Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to risks related to our recently completed merger with the predecessor California BanCorp, including the risks that cost savings may be less than anticipate and difficulties in retaining senior management, employees or customers, the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines; and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents the Company files with the SEC from time to time.

    Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

    INVESTOR RELATIONS CONTACT
    Kevin Mc Cabe
    California Bank of Commerce
    kmccabe@bankcbc.com
    818.637.7065

    The MIL Network

  • MIL-OSI: Fairfax India Holdings Corporation First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

    (Note:   All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS®Accounting Standards”), except as otherwise noted. This press release contains certain non-GAAP and other financial measures, including book value per share and cash and marketable securities, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See “Glossary of non-GAAP and other financial measures” at the end of this press release for further details.)
         

    TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (TSX: FIH.U) announces a net loss of $211.2 million ($1.57 net loss per diluted share) in the first quarter of 2025, compared to a net loss of $293.5 million in the first quarter of 2024 ($2.17 net loss per diluted share). The company’s book value per share decreased 7.4% to $19.41 at March 31, 2025 from $20.96 at December 31, 2024, primarily due to unrealized losses recorded on the company’s publicly listed investments.

    Highlights for the first quarter of 2025 included the following:

    • The company recorded a net change in unrealized losses on investments of $222.9 million, principally from decreases in the fair values of the company’s publicly listed investments in IIFL Capital (formerly IIFL Securities) ($106.8 million), IIFL Finance ($64.5 million), Fairchem Organics ($28.1 million), 5paisa ($10.0 million) and CSB Bank ($9.9 million), and private company investment in Sanmar ($19.2 million) (primarily due to a decrease in the publicly traded share price of its subsidiary, Chemplast), partially offset by an increase in the fair value of the company’s private company investment in Seven Islands ($18.7 million).
    • On February 20, 2025 the company completed its previously announced investment of an additional 10.0% equity interest in Bangalore International Airport Limited (“BIAL”) for a purchase price of $255.0 million. In accordance with the agreement with Siemens Project Ventures GmbH (“Siemens”), the company paid an initial installment on the closing date and recognized a payable for securities purchased of $170.9 million, representing the second and third installments to be paid in the third quarters of 2025 and 2026, respectively.
    • In February 2025, the company also increased the borrowing limit of its revolving credit facility from

    $175.0 million to $250.0 million, including the use of letters of credit. The company issued a letter of credit for $170.9 million in favour of Siemens equal to the deferred purchase price for the additional 10.0% equity interest in BIAL. The increased borrowing limit and Siemens letter of credit will be reduced over a period of approximately eighteen months in accordance with the terms of the amended credit agreement and letter of credit.

    Fairfax India is in strong financial health, with cash and marketable securities at March 31, 2025 of $113.0 million and $79.2 million available under its revolving credit facility.

    There were 134.8 million and 135.4 million weighted average common shares outstanding during the first quarters of 2025 and 2024, respectively. At March 31, 2025 there were 104,839,462 subordinate voting shares and 30,000,000 multiple voting shares outstanding.

    Unaudited balance sheets, earnings (loss) and comprehensive income (loss) information follow and form part of this press release. Fairfax India’s detailed first quarter report can be accessed at its website www.fairfaxindia.ca.

    Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

    For further information, contact: John Varnell, Vice President, Corporate Affairs
      (416) 367-4755
    Information on            
    CONSOLIDATED BALANCE SHEETS            
    as at March 31, 2025 and December 31, 2024            
    (unaudited – US$ thousands)            
      March 31, 2025
      December 31, 2024
     
    Assets    
    Cash and cash equivalents   21,616     59,322  
    Bonds   114,823     180,507  
    Common stocks   3,419,382     3,381,206  
    Total cash and investments   3,555,821     3,621,035  
                 
    Interest and dividends receivable   5,093     8,849  
    Income taxes refundable   175     174  
    Other assets   844     722  
    Total assets   3,561,933     3,630,780  
         
    Liabilities    
    Accounts payable and accrued liabilities   1,106     1,300  
    Accrued interest expense   2,736     8,611  
    Income taxes payable   1,547     5,379  
    Payable to related parties   9,434     10,099  
    Payable for securities purchased   170,850      
    Deferred income taxes   129,973     149,780  
    Borrowings   498,479     498,349  
    Total liabilities   814,125     673,518  
         
    Equity    
    Common shareholders’ equity   2,617,071     2,826,495  
    Non-controlling interests   130,737     130,767  
    Total equity   2,747,808     2,957,262  
        3,561,933     3,630,780  
                 
    Book value per share $       19.41   $ 20.96  
             
    Information on        
    CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)        
    for the three months ended March 31, 2025 and 2024        
    (unaudited – US$ thousands except per share amounts)        
      First quarter
      2025   2024  
    Income        
    Interest 3,196   5,038  
    Dividends 2,998   7,049  
    Net realized gains on investments 616   116,924  
    Net change in unrealized losses on investments (222,862 ) (410,927 )
    Net foreign exchange gains (losses) 3,245   (376 )
      (212,807 ) (282,292 )
    Expenses        
    Investment and advisory fees 9,399   9,484  
    General and administration expenses 1,648   2,536  
    Interest expense 6,755   6,380  
      17,802   18,400  
             
    Loss before income taxes (230,609 ) (300,692 )
    Recovery of income taxes (19,142 ) (7,483 )
    Net loss (211,467 ) (293,209 )
             
    Attributable to:        
    Shareholders of Fairfax India (211,224 ) (293,504 )
    Non-controlling interests (243 ) 295  
      (211,467 ) (293,209 )
                 
    Net loss per basic and diluted share $         (1.57 ) $    (2.17 )
    Shares outstanding (weighted average) 134,839,462   135,365,933  
             
             
             
    Information on        
    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)        
    for the three months ended March 31, 2025 and 2024        
    (unaudited – US$ thousands)        
      First quarter
      2025   2024  
    Net loss (211,467 ) (293,209 )
    Other comprehensive income (loss), net of income taxes        
    Item that may be subsequently reclassified to net earnings (loss)        
    Unrealized foreign currency translation gains (losses), net of income taxes of nil (2024 – nil) 2,046   (5,708 )
    Comprehensive loss (209,421 ) (298,917 )
             
    Attributable to:        
    Shareholders of Fairfax India (209,391 ) (298,926 )
    Non-controlling interests (30 ) 9  
      (209,421 ) (298,917 )

    This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or an Indian Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.

    Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: oil price risk; geographic concentration of investments; potential lack of diversification; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; disruption of the company’s information technology systems could significantly affect the company’s business; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; trading price of subordinate voting shares relative to book value per share risk; weather risk; taxation risks; emerging markets; legal, tax and regulatory risks; MLI; economic risk; reliance on trading partners; and economic disruptions from conflicts in Ukraine and the Middle East and the development of other geopolitical events and economic disruptions worldwide. Additional risks and uncertainties are described in the company’s annual information form dated March 7, 2025 which is available on SEDAR+ at www.sedarplus.ca and on the company’s website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

    Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

    GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES
    Management analyzes and assesses the financial position of the consolidated company in various ways. Certain of the measures included in this press release, which have been used consistently and disclosed regularly in the company’s Annual Reports and interim financial reporting, do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. Those measures are described below.

    Book value per share – The company considers book value per share a key performance measure in evaluating its objective of long term capital appreciation, while preserving capital. This measure is also closely monitored as it is used to calculate the performance fee, if any, to Fairfax Financial Holdings Limited. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.

    Cash and marketable securities – This measure is calculated by the company as the sum of cash, cash equivalents, short term investments and Government of India bonds. The company uses this measure to monitor short term liquidity risk.

    The MIL Network

  • MIL-OSI Russia: IMF Management Approves the First Review New Staff Monitored-Program with Haiti

    Source: IMF – News in Russian

    May 1, 2025

    Staff Monitored Programs (SMPs) are informal arrangements between national authorities and IMF staff to monitor the authorities’ economic program. As such, they do not entail endorsement by the IMF Executive Board. SMP Staff reports are issued to the Board for information.

    • Management of the International Monetary Fund (IMF) has approved the First Review of the Staff-Monitored Program (SMP) with Haiti.
    • The SMP takes into account Haiti’s fragility and capacity constraints, linked to security. It is designed to support the authorities’ economic policy objectives and build a track record of reform implementation.
    • Fund management welcomes the authorities’ publication of the Governance Diagnostic Report.

    Washington, DC: Management of the International Monetary Fund (IMF) approved on April 15, 2025 the first review of Haiti’s Staff-Monitored Program (SMP). SMPs are arrangements between country authorities and the IMF to monitor the implementation of the authorities’ economic program and to establish a track record of policy implementation that could pave the way for financial assistance from the Fund under the Upper Credit Tranche (UCT).

    Haiti faces a multidimensional crisis with a challenging outlook which is highly uncertain. The country is affected by both global and country-specific shocks, which have worsened its fragility, since the negotiation of the SMP. Risks to the outlook are tilted to the downside and include worsening insecurity that would constrain further activity and the ability to implement reforms and attract aid and the foreign direct investment. The supply-side shock caused by the security crisis will continue to suppress growth and feed inflation unless the security outlook improves. Therefore, restoration of security is the priority.

    Despite domestic and global difficulties, the authorities are firmly committed to implement this SMP and have managed to contain the impact of the various shocks, thereby averting even worse economic outcomes. Net international reserves were valued at over US$1.1 billion at the end of December 2024. Despite the political transition and insecurity both the Ministry of Finance and the Bank of the Republic of Haiti (the Central Bank) have remained continuously engaged. They have consistently attempted to adopt feasible measures to limit macroeconomic imbalances and have been able to demonstrate full ownership and support for the SMP through the high-level Program Monitoring Committee which meets with IMF staff on a continuous basis.

    Implementation under the SMP has been broadly satisfactory and its objectives remain achievable. All quantitative targets have been met, with a comfortable margin. Of the seven structural benchmarks assessed under this review, six were implemented and one is expected to be met by June (due to constraints related to insecurity).

    The SMP is an important anchor for signaling the authorities’ commitment to continue making progress toward macroeconomic stabilization and strengthen governance, and locking in macroeconomic gains accumulated over recent years, despite the many headwinds.

    An urgent government priority is re-starting the mobilization of revenue to support the country’s massive development needs and boost well-targeted spending. The measures under the SMP should help achieve these goals. Continued strengthening of the social safety net is essential to cushion the impact of the shocks on the population and alleviate widespread poverty. The spending commitments previously indicated by the authorities using Food Shock Window resources should be audited in line with SMP commitments.

    The fiscal and monetary authorities’ commitment to keeping monetary financing of the deficit at zero is commendable and should continue. The FY2023 financial audit of the BRH is urgent and its eventual publication by August 2025 would be important for demonstrating transparency.

    In addition to addressing insecurity, advancing governance reforms is paramount to help Haiti exit from fragility, ensure macroeconomic stability and build trust with the private sector and development partners. In this vein, the authorities’ publication of the Governance Diagnostic Report and action plan is commendable. The report should provide a road map for reforms to enhance governance and will require capacity development support not only from the Fund but also from development partners.

    A government-led strategy to continue to strengthen the economy’s resilience to multiple shocks requires the financial support of the international community. This assistance is indispensable to allow quality spending, over the short, medium, and long term. Without it, Haiti will continue to suffer large import compression. External assistance should take the form of grants. The authorities should avoid contracting non-concessional loans, to ensure consistency with the SMP commitments. Non-concessional loans would not only be against SMP commitment. It would also undermine debt sustainability.

    In line with the Fund Strategy for Fragile and Conflict-Affected States, IMF staff will also continue to coordinate closely with Haiti’s main development partners, particularly on governance and capacity development.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Brian Walker

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/01/pr-25126-haiti-imf-approves-1st-review-new-staff-monitored-program

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI: Guggenheim Investments Announces May 2025 Closed-End Fund Distributions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).

    The following dates apply to the distributions:

    Record Date May 15, 2025

    Ex-Dividend Date May 15, 2025

    Payable Date May 30, 2025

    Distribution Schedule
    NYSE Ticker Closed-End Fund Name Distribution
    Per Share
    Change from Previous Distribution Frequency
    AVK Advent Convertible and Income Fund $0.1172   Monthly
    GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust $0.12573   Monthly
    GOF Guggenheim Strategic Opportunities Fund $0.1821   Monthly
    GUG Guggenheim Active Allocation Fund $0.11875   Monthly


    A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.

    You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

    Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

    About Guggenheim Investments

    Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $246 billion* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 220+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.

    Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.

    *Assets under management are as of 3.31.2025 and include leverage of $15.2bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.

    This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.

    Analyst Inquiries
    William T. Korver
    cefs@guggenheiminvestments.com

    Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value
    Member FINRA/SIPC (05/25) 64740

    The MIL Network

  • MIL-OSI: Quaint Oak Bancorp, Inc. Announces First Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    Southampton, PA , May 01, 2025 (GLOBE NEWSWIRE) — Quaint Oak Bancorp, Inc. (the “Company”) (OTCQB: QNTO), the holding company for Quaint Oak Bank (the “Bank”), announced today net loss for the quarter ended March 31, 2025 of $83,000, or $(0.03) per basic and diluted share, compared to net income of $873,000, or $0.36 per basic and diluted share, for the same period in 2024.

    Robert T. Strong, Chief Executive Officer stated, “First quarter results historically are not the best of our calendar year. Our first quarter results of this year certainly proved true with slightly less than a breakeven performance. The trends in the country’s real gross domestic product shrinkage of -0.3% in the first quarter 2025 from growth of 2.4% in the fourth quarter of 2024 is a testament to the reality we have experienced.”

    Mr. Strong added, “Uncertainty of the country’s direction in world trade and other domestic issues have had the effect of slowing commitments in the business sector. The housing market has failed to thrive so far this year, rendering our mortgage banking subsidiary to a relatively neutral production mode. Small Business loans both in the SBA category and our portfolio category are slow to close with business owners waiting to gauge the momentum of 2025.”

    Mr. Strong continued, “On a more positive note, the Bank’s pipeline for commercial loans, SBA loans and mortgage loans is relatively strong which would indicate that as the uncertainty in political direction is clarified, our prospects for loan closings should improve.”

    Mr. Strong commented, “We have been reporting weakness in the small business sector of our loan portfolio which still exists. Although both the non-performing loans as a percentage of total loans receivable, net and our non-performing assets as a percentage of total assets experienced a marginal increase over the previous quarter ended December 31, 2024, both have improved over the quarter ended March 31, 2024. Our Texas Ratio is 9.22% at the quarter ended March 31, 2025, down from 11.96% at the quarter ended March 31, 2024. Additionally, I am pleased to report that the Bank’s Total Risk-Based Capital Ratio improved to 13.92% at March 31, 2025 from 13.61% at March 31, 2024.”

    Mr. Strong concluded, “As always, our current and continued business strategy focuses on long-term profitability and maintaining healthy capital ratios both of which reflect our strong commitment to shareholder value.”

    Comparison of Quarter-over-Quarter Operating Results

    Net loss amounted to $83,000 for the three months ended March 31, 2025, a decrease of $956,000, or 109.5%, compared to net income of $873,000 for the three months ended March 31, 2024. The decrease in net income on a comparative quarterly basis was primarily the result of a decrease in interest and dividend income of $2.2 million, an increase in non-interest expense of $419,000, and a decrease in net income from discontinued operations of $406,000, partially offset by a decrease in interest expense of $930,000, a decrease in the provision for credit losses of $695,000, a decrease in the net provision for income taxes from continuing operations of $262,000, and an increase in non-interest income of $178,000.

    The $2.2 million, or 18.1%, decrease in interest and dividend income was primarily due to a decrease in the average balance of loans receivable, net, which decreased $69.8 million from $658.4 million for the three months ended March 31, 2024 to $588.7 million for the three months ended March 31, 2025 and had the effect of decreasing interest income $1.2 million, a 35 basis point decrease in the average yield on loans receivable, net from 6.82% for the three months ended March 31, 2024 to 6.47% for the three months ended March 31, 2025, and had the effect of decreasing interest income $519,000, and a $31.1 million decrease in the average balance of due from banks – interest earning, which decreased from $68.2 million for the three months ended March 31, 2024 to $37.1 million for the three months ended March 31, 2025, and had the effect of decreasing interest income $356,000.

    The $930,000, or 13.9%, decrease in interest expense for the three months ended March 31, 2025 over the comparable period in 2024 was driven by a $1.3 million, or 21.0%, decrease in interest expense on deposits, which was primarily attributable to reduced correspondent banking activity. Also contributing to the decrease in interest expense for the three months ended March 31, 2025 was a $237,000, or 97.9%, decrease in the interest expense on Federal Home Loan Bank long-term borrowings due to a $23.3 million, or 92.8%, decrease in the average balance of Federal Home Loan Bank long-term borrowings which decreased from $25.1 million for the three months ended March 31, 2024 to $1.8 million for the three months ended March 31, 2025 and a $32,000, or 6.6%, decrease in interest expense on subordinated debt. These decreases in interest expense were partially offset by a $479,000, or 100.0%, increase in the interest expense on Federal Home Loan Bank short-term borrowings due to a $43.2 million, or 100.0%, increase in the average balance of Federal Home Loan Bank short-term borrowings which increased from none for the three months ended March 31, 2024 to $43.2 million for the three months ended March 31, 2025, and a $116,000, or 100.0% increase in interest expense on senior debt. The average interest rate spread increased from 2.06% for the three months ended March 31, 2024 to 2.13% for the three months ended March 31, 2025 while the net interest margin decreased from 2.96% for the three months ended March 31, 2024 to 2.63% for the three months ended March 31, 2025.

    The $695,000, or 61.2%, decrease in the provision for credit losses for the three months ended March 31, 2025 over the three months ended March 31, 2024 was primarily due to a decrease in loans receivable, net, partially offset by an increase in charge-offs during the three months ended March 31, 2025.

    The $178,000, or 11.3%, increase in non-interest income for the three months ended March 31, 2025 over the comparable period in 2024 was primarily attributable to a $279,000, or 996.4%, increase in gain on sale of SBA loans, a $121,000, or 12.9%, increase in net gain on sale of loans, and a $33,000, or 21.7%, increase in insurance commissions. These increases were partially offset by a $195,000, or 85.9%, decrease in other fees and service charges, a $60,000, or 29.1%, decrease in mortgage banking, equipment lending and title abstract fees, and a $4,000, or 100.0%, decrease in real estate sales commissions, net.

    The $419,000, or 8.2%, increase in non-interest expense for the three months ended March 31, 2025 over the comparable period in 2024 was primarily due to a $181,000, or 72.4%, increase in occupancy and equipment expense, a $139,000, or 52.9%, increase in data processing expense, an $82,000, or 58.2%, increase in professional fees, a $55,000, or 11.3%, increase in other expense, a $14,000, or 27.5%, increase in directors’ fees and expenses, and a $13,000, or 15.1%, increase in advertising expense. These increases were partially offset by a $52,000, or 30.1%, decrease in FDIC deposit insurance assessment, and a $13,000, or 0.4%, decrease in salaries and employee benefits expense.

    The provision for income tax from continuing operations decreased $262,000, or 99.2%, from $264,000 for the three months ended March 31, 2024 to $2,000 for the three months ended March 31, 2025 due primarily to a decrease in pre-tax income.

    Comparison of Financial Condition

    The Company’s total assets at March 31, 2025 were $650.4 million, a decrease of $34.8 million, or 5.1%, from $685.2 million at December 31, 2024. This decrease in total assets was primarily due to a $14.1 million, or 22.4%, decrease in cash and cash equivalents, a $13.3 million, or 20.7%, decrease in loans held for sale, and an $8.3 million, or 1.6%, decrease in loans receivable, net of allowance for credit losses. The largest decreases within the loan portfolio occurred in commercial real estate loans which decreased $9.6 million, or 3.2%, commercial business loans which decreased $8.9 million, or 7.8%, and one-to-four family non-owner occupied loans which decreased $946,000, or 2.8%. Partially offsetting these decreases were construction loans which increased $4.2 million, or 22.7%, one-to-four family owner occupied loans which increased $4.1 million, or 15.9%, and home equity loans which increased $2.8 million, or 49.3%. Also contributing to the decrease in assets was a $208,000, or 12.5%, decrease in investment securities available for sale, and a $40,000, or 2.5%, decrease in premises and equipment, net. Partially offsetting the decrease in total assets was a $686,000, or 31.0%, increase in investment in Federal Home Loan Bank stock, at cost, a $301,000, or 3.9%, increase in prepaid expenses and other assets, a $227,000, or 5.7%, increase in accrued interest receivable, and a $30,000, or 0.7%, increase in bank-owned life insurance.

    Loans held for sale decreased $13.3 million, or 20.7%, from $64.3 million at December 31, 2024 to $50.9 million at March 31, 2025 as the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, originated $19.6 million of one-to-four family residential loans during the three months ended March 31, 2025 and sold $24.8 million of loans in the secondary market. The Bank’s commercial real estate subsidiary, Oakmont Commercial, LLC, originated $9.4 million of commercial real estate loans during the three months ended March 31, 2025 and sold $17.8 million of loans in the secondary market during this same period. Additionally, the Bank originated $4.9 million of SBA loans and sold $3.7 of loans in the secondary market in the same period.

    Total deposits decreased $45.7 million, or 8.3%, to $507.6 million at March 31, 2025 from $553.3 million at December 31, 2024. This decrease in deposits was primarily attributable to a decrease of $47.8 million, or 100.0%, in interest bearing checking accounts as the Company exited one of its correspondent banking relationships. Also contributing to the decrease in deposits was a decrease of $18.0 million, or 11.1%, in money market accounts, and a $62,000, or 12.6%, decrease in savings accounts. These decreases in deposits were partially offset by an increase of $19.0 million, or 6.7%, in certificates of deposit, and an increase of $1.1 million, or 1.9%, in non-interest bearing checking accounts.

    Total Federal Home Loan Bank (FHLB) borrowings increased $17.1 million, or 35.8%, to $65.0 million at March 31, 2025 from $47.9 million at December 31, 2024. During the period ended March 31, 2025, the Company borrowed $60.0 million of FHLB short-term borrowings, paid down $40.0 million of FHLB short-term borrowings, and paid down $2.9 million of FHLB long-term borrowings.

    Senior debt, net of unamortized debt issuance costs, increased $9.5 million, or 100.0% from none at December 31, 2024 as the Company entered into a Senior Unsecured Note Purchase Agreement with certain institutional accredited investors pursuant to which the Company issued an aggregate of $9.75 million in aggregate principal amount of Fixed Rate Unsecured Senior Notes due March 1, 2028 (the “Notes”) in a private placement. The Company issued to an accredited individual investor an additional $250,000 in principal amount of the Notes as of March 4, 2025 for a total of $10.0 million in aggregate principal amount. The Notes bear interest at a fixed annual rate of 11.00%, payable semi-annually in arrears on March 1 and September 1 of each year, beginning September 1, 2025. The maturity date of the Notes is March 1, 2028.

    Subordinated debt, net of unamortized debt issuance costs, decreased $14.0 million, or 63.6%, to $8.0 million at March 31, 2025 from $22.0 million at December 31, 2024 as the Company used the net proceeds from the sale of the Senior Debt Notes to repay a portion of the outstanding $14.0 million aggregate principal amount of its 8.5% Fixed Rate Subordinated Notes upon their maturity on March 15, 2025.

    Total stockholders’ equity from continuing operations decreased $353,000, or 0.7%, to $52.3 million at March 31, 2025 from $52.6 million at December 31, 2024. Contributing to the decrease were dividends paid of $341,000, and net loss for the period ended March 31, 2025 of $83,000. The decrease in stockholders’ equity was partially offset by amortization of stock awards and options under our stock compensation plans of $61,000, the reissuance of treasury stock under the Bank’s 401(k) Plan of $9,000, and other comprehensive income, net of $1,000.

    Non-performing loans at March 31, 2025 totaled $5.9 million, or 1.13%, of total loans receivable, net of allowance for credit losses, consisting of $5.4 million of loans on non-accrual status and $513,000 of loans 90-days or more delinquent. Non-accrual loans consist of one one-to-four family residential owner occupied loan, eight commercial real estate loans, and twelve commercial business loans. Included in the twelve commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan, one commercial real estate loan and two commercial business loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the period ended March 31, 2025, seven commercial business loans totaling $419,000 that were previously on non-accrual were charged-off through the allowance for credit losses. Non-performing loans at December 31, 2024 totaled $5.7 million, or 1.07%, of total loans receivable, net of allowance for credit losses, consisting of $3.9 million of loans on non-accrual status and $1.8 million of loans 90-days or more delinquent. Non-accrual loans consist of one commercial real estate loan, and ten commercial business loans. Included in the ten commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan and two commercial real estate loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the year ended December 31, 2024, 19 commercial business loans totaling $1.6 million, and one construction loan of $187,000, that were previously on non-accrual were charged-off through the allowance for credit losses.

    Quaint Oak Bancorp, Inc., a Financial Services Company, is the parent company for the Quaint Oak Family of Companies. Quaint Oak Bank, a Pennsylvania-chartered stock savings bank and wholly-owned subsidiary of the Company, is headquartered in Southampton, Pennsylvania and conducts business through three regional offices located in the Delaware Valley, Lehigh Valley and Philadelphia markets. Quaint Oak Bank’s subsidiary companies include Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, Quaint Oak Mortgage, LLC, and Oakmont Commercial, LLC, a specialty commercial real estate financing company. All companies are multi-state operations.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Factors which could result in material variations include, but are not limited to, changes in interest rates which could affect net interest margins and net interest income, competitive factors which could affect net interest income and noninterest income, changes in demand for loans, deposits and other financial services in the Company’s market area; changes in asset quality, general economic conditions as well as other factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

    In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Companys loan, investment and mortgage-backed securities portfolios; geographic concentration of the Companys business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Companys financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Companys operations, markets, products, services and fees.

    QUAINT OAK BANCORP, INC.
    Consolidated Balance Sheets
    (In Thousands)
          At March 31,       At December 31,  
          2025       2024  
          (Unaudited)       (Unaudited)  
    Assets                
    Cash and cash equivalents   $ 48,859     $ 62,989  
    Investment in interest-earning time deposits     912       912  
    Investment securities available for sale at fair value     1,458       1,666  
    Loans held for sale     50,946       64,281  
    Loans receivable, net of allowance for credit losses (2025: $6,388; 2024: $6,476)     526,374       534,693  
    Accrued interest receivable     4,188       3,961  
    Investment in Federal Home Loan Bank stock, at cost     2,900       2,214  
    Bank-owned life insurance     4,477       4,447  
    Premises and equipment, net     1,586       1,626  
    Goodwill     515       515  
    Other intangible, net of accumulated amortization     65       77  
    Prepaid expenses and other assets     8,088       7,787  
    Total Assets   $ 650,368     $ 685,168  
                     
    Liabilities and StockholdersEquity                
    Liabilities                
    Deposits                
    Non-interest bearing   $ 60,928     $ 59,783  
    Interest-bearing     446,654       493,469  
    Total deposits     507,582       553,252  
    Federal Home Loan Bank short-term borrowings     65,000       45,000  
    Federal Home Loan Bank long-term borrowings           2,855  
    Subordinated debt     8,000       22,000  
    Senior debt     9,487        
    Accrued interest payable     773       937  
    Advances from borrowers for taxes and insurance     2,044       3,122  
    Accrued expenses and other liabilities     5,218       5,385  
    Total Liabilities     598,104       632,551  
                     
    Total StockholdersEquity     52,264       52,617  
    Total Liabilities and StockholdersEquity   $ 650,368     $ 685,168  
    QUAINT OAK BANCORP, INC.
    Consolidated Statements of Operations
    (In Thousands, except share data)
        For the Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Interest and Dividend Income                
    Interest on loans, including fees   $ 9,523     $ 11,232  
    Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock     403       890  
    Total Interest and Dividend Income     9,926       12,122  
                     
    Interest Expense                
    Interest on deposits     4,729       5,986  
    Interest on Federal Home Loan Bank short-term borrowings     479        
    Interest on Federal Home Loan Bank long-term borrowings     5       242  
    Interest on Federal Reserve Bank short-term borrowings     1        
    Interest on subordinated debt     452       484  
    Interest on senior debt     116        
    Total Interest Expense     5,782       6,712  
    Net Interest Income     4,144       5,410  
    Provision for Credit LossesLoans     326       1,084  
    Provision for Credit LossesUnfunded Commitments     115       52  
    Net Interest Income after Provision for Credit Losses     3,703       4,274  
                     
    Non-Interest Income                
    Mortgage banking, equipment lending and title abstract fees     146       206  
    Real estate sales commissions, net           4  
    Insurance commissions     185       152  
    Other fees and services charges     32       227  
    Net loan servicing income     4       2  
    Income from bank-owned life insurance     30       28  
    Net gain on sale of loans     1,056       935  
    Gain on the sale of SBA loans     307       28  
    Total Non-Interest Income     1,760       1,582  
                     
    Non-Interest Expense                
    Salaries and employee benefits     3,650       3,663  
    Directors’ fees and expenses     65       51  
    Occupancy and equipment     431       250  
    Data processing     402       263  
    Professional fees     223       141  
    FDIC deposit insurance assessment     121       173  
    Advertising     99       86  
    Amortization of other intangible     12       12  
    Other     541       486  
    Total Non-Interest Expense     5,544       5,125  
    (Loss) income from continuing operations before income taxes     (81 )     731  
    Income Taxes     2       264  
    Net (loss) income from continuing operations     (83 )     467  
    Income from discontinued operations           564  
    Income tax from discontinued operations           158  
    Net income from discontinued operations           406  
    Net (Loss) Income   $ (83 )   $ 873  
        Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Per Common Share Data:                
    Earnings per share from continuing operations – basic   $ (0.03 )   $ 0.20  
    Earnings per share from discontinued operations – basic   $     $ 0.16  
    Earnings per share, net – basic   $ (0.03 )   $ 0.36  
    Average shares outstanding – basic     2,626,967       2,450,814  
    Earnings per share from continuing operations – diluted   $ (0.03 )   $ 0.20  
    Earnings per share from discontinued operations – diluted   $     $ 0.16  
    Earnings per share, net – diluted   $ (0.03 )   $ 0.36  
    Average shares outstanding – diluted     2,626,967       2,450,814  
    Book value per share, end of period   $ 19.89     $ 20.84  
    Shares outstanding, end of period     2,627,397       2,407,048  
        Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Selected Operating Ratios:                
    Average yield on interest-earning assets     6.30 %     6.63 %
    Average rate on interest-bearing liabilities     4.17 %     4.57 %
    Average interest rate spread     2.13 %     2.06 %
    Net interest margin     2.63 %     2.96 %
    Average interest-earning assets to average interest-bearing liabilities     113.59 %     124.57 %
    Efficiency ratio     70.40 %     73.29 %
                     
    Asset Quality Ratios (1):                
    Non-performing loans as a percent of total loans receivable, net     1.13 %     1.28 %
    Non-performing assets as a percent of total assets     0.91 %     1.00 %
    Allowance for credit losses as a percent of non-performing loans     107.45 %     97.24 %
    Allowance for credit losses as a percent of total loans receivable, net     1.20 %     1.23 %
    Texas Ratio (2)     9.22 %     11.96 %

      
    (1)  Asset quality ratios are end of period ratios.
    (2)  Total non-performing assets divided by tangible common equity plus the allowance for credit losses.

    The MIL Network

  • MIL-OSI: HOME FEDERAL BANCORP, INC. OF LOUISIANA REPORTS RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    Shreveport, Louisiana, May 01, 2025 (GLOBE NEWSWIRE) — Home Federal Bancorp, Inc. of Louisiana (the “Company”) (Nasdaq: HFBL), the holding company of Home Federal Bank, reported net income for the three months ended March 31, 2025, of $748,000 compared to net income of $732,000 reported for the three months ended March 31, 2024. The Company’s basic and diluted earnings per share were $0.24 for the three months ended March 31, 2025 and for the three months ended March 31, 2024. The Company reported net income of $2.7 million for the nine months ended March 31, 2025, compared to $3.0 million for the nine months ended March 31, 2024. The Company’s basic and diluted earnings per share were $0.88 for the nine months ended March 31, 2025 compared to $0.97 and $0.95, respectively, for the nine months ended March 31, 2024.

     The Company reported the following highlights during the nine months ended March 31, 2025:

      ●  Book value per share increased to $17.55 at March 31, 2025 from $16.80 at June 30, 2024.
      ●  There were no advances from the FHLB at March 31, 2025 or June 30, 2024.
      ●  Other borrowings totaled $4.0 million at March 31, 2025 compared to $7.0 million at June 30, 2024.

    The increase in net income for the three months ended March 31, 2025, as compared to the same period in 2024, resulted primarily from an increase of $270,000, or 6.1%, in net interest income, an increase of $32,000, or 6.3%, in non-interest income, and a decrease of $5,000, or 45.5%, in the provision for credit losses, partially offset by an increase of $260,000, or 6.5%, in non-interest expense and an increase of $31,000, or 17.6%, in the provision for income taxes. The increase in net interest income for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily due to a decrease of $735,000, or 21.1%, in total interest expense, partially offset by a decrease of $465,000, or 5.9%, in total interest income. The Company’s average interest rate spread was 2.66% for the three months ended March 31, 2025, compared to 2.16% for the three months ended March 31, 2024. The Company’s net interest margin was 3.33% for the three months ended March 31, 2025, compared to 2.89% for the three months ended March 31, 2024.

    The decrease in net income for the nine months ended March 31, 2025, as compared to the same period in 2024, resulted primarily from a decrease of $891,000, or 6.1%, in net interest income and an increase of $102,000, or 35.2%, in the provision for income taxes, partially offset by a decrease of $331,000, or 2.7%, in non-interest expense, an increase of $248,000, or 23.0%, in non-interest income, and an increase of $167,000 in the recovery of credit losses. The decrease in net interest income for the nine months ended March 31, 2025, as compared to the same period in 2024, was primarily due to a decrease of $1.2 million, or 5.1%, in total interest income, partially offset by a decrease of $329,000, or 3.5%, in total interest expense. The Company’s average interest rate spread was 2.44% for the nine months ended March 31, 2025, compared to 2.46% for the nine months ended March 31, 2024. The Company’s net interest margin was 3.14% for the nine months ended March 31, 2025, and the nine months ended March 31, 2024.

    The following tables set forth the Company’s average balances and average yields earned and rates paid on its interest-earning assets and interest-bearing liabilities for the periods indicated.

        For the Three Months Ended March 31,  
        2025     2024  
        Average
    Balance
        Average
    Yield/Rate
        Average
    Balance
        Average
    Yield/Rate
     
        (Dollars in thousands)  
    Interest-earning assets:                                
    Loans receivable   $ 459,828       5.94 %   $ 504,918       5.80 %
    Investment securities     95,706       2.44       104,646       2.21 %
    Interest-earning deposits     14,513       3.05       3,607       3.79 %
    Total interest-earning assets   $ 570,047       5.28 %   $ 613,171       5.18 %
                                     
    Interest-bearing liabilities:                                
    Savings accounts   $ 94,375       1.75 %   $ 69,178       0.62 %
    NOW accounts     69,562       1.15       68,170       0.58 %
    Money market accounts     75,882       2.01       89,313       2.60 %
    Certificates of deposit     182,721       3.76       222,534       4.36 %
    Total interest-bearing deposits     422,540       2.57       449,195       2.86 %
    Other bank borrowings     4,000       7.71       9,448       8.73 %
    FHLB advances                 5,956       5.87 %
    Total interest-bearing liabilities   $ 426,540       2.62 %   $ 464,599       3.02 %
        For the Nine months ended March 31,  
        2025     2024  
        Average
    Balance
        Average
    Yield/Rate
        Average
    Balance
        Average
    Yield/Rate
     
        (Dollars in thousands)  
    Interest-earning assets:                                
    Loans receivable   $ 460,972       5.90 %   $ 503,664       5.80 %
    Investment securities     96,395       2.24       109,255       2.38 %
    Interest-earning deposits     23,326       4.45       5,060       3.55  
    Total interest-earning assets   $ 580,693       5.24 %   $ 617,979       5.18 %
                                     
    Interest-bearing liabilities:                                
    Savings accounts   $ 89,171       1.69 %   $ 73,676       0.46 %
    NOW accounts     71,022       1.17       67,145       0.47 %
    Money market accounts     76,828       2.20       98,021       2.44 %
    Certificates of deposit     191,936       4.04       209,985       4.05 %
    Total interest-bearing deposits     428,957       2.75       448,827       2.58 %
    Other bank borrowings     4,832       7.55       9,100       8.57 %
    FHLB advances                 4,151       5.77 %
    Total interest-bearing liabilities   $ 433,789       2.80 %   $ 462,078       2.72 %

    The $32,000 increase in non-interest income for the three months ended March 31, 2025, compared to the prior year quarterly period, was primarily due to an increase of $27,000 in other non-interest income, an increase of $19,000 in service charges on deposit accounts, an increase of $11,000 in gain on sale of loans, and an increase of $1,000 in income on bank owned life insurance, partially offset by a decrease of $26,000 in gain on sale of securities. The $248,000 increase in non-interest income for the nine months ended March 31, 2025 compared to the prior year nine-month period was primarily due to a decrease of $149,000 in loss on sale of real estate, an increase of $115,000 in other non-interest income, an increase of $14,000 in service charges on deposit accounts, and an increase of $5,000 in income from bank owned life insurance, partially offset by an increase of $32,000 in loss on sale of securities, and a decrease of $3,000 in gain on sale of loans.

    The $260,000 increase in non-interest expense for the three months ended March 31, 2025, compared to the same period in 2024, is primarily attributable to increases of $414,000 in data processing expense, $77,000 in occupancy and equipment expense, $67,000 in audit and examination fees, $49,000 in professional fees, $40,000 in other non-interest expense, $15,000 in loan and collection expense, and $12,000 in deposit insurance premium expense. The increases were partially offset by decreases of $317,000 in compensation and benefits expense, $55,000 in advertising expense, $33,000 in franchise and bank shares tax expense, and $9,000 in amortization of core deposit intangible expense. The $331,000 decrease in non-interest expense for the nine months ended March 31, 2025, compared to the same nine-month period in 2024, is primarily attributable to decreases of $470,000 in compensation and benefits expense, $184,000 in franchise and bank shares tax expense, $179,000 in advertising expense, $65,000 in other non-interest expense, $47,000 in professional fees, $42,000 in amortization of core deposit intangible expense, $22,000 in deposit insurance premium expense, and $19,000 in loan and collection expense. The decreases were partially offset by increases of $594,000 in data processing expense, $86,000 in occupancy and equipment expense, and $17,000 in audit and examination fees. The increase in data processing expense resulted from a billing discrepancy with our core processor, which had failed to issue invoices for certain services dating back to December 2022. Upon discovery of the issue, we negotiated a discounted settlement to resolve the outstanding invoices.

    Total assets decreased $17.9 million, or 2.8%, from $637.5 million at June 30, 2024 to $619.6 million at March 31, 2025. The decrease in assets was comprised of decreases in net loans receivable of $12.6 million, or 2.7%, from $470.9 million at June 30, 2024 to $458.3 million at March 31, 2025, cash and cash equivalents of $4.5 million, or 12.9%, from $34.9 million at June 30, 2024 to $30.4 million at March 31, 2025, premises and equipment of $736,000, or 4.0%, from $18.3 million at June 30, 2024 to $17.6 million at March 31, 2025, loans-held-for-sale of $734,000, or 42.4%, from $1.7 million at June 30, 2024 to $999,000 at March 31, 2025, core deposit intangible of $216,000, or 18.0%, from $1.2 million at June 30, 2024 to $983,000 at March 31, 2025, investment securities of $102,000, or 0.1%, from $96.0 million at June 30, 2024 to $95.9 million at March 31, 2025, and partially offset by increases in real estate owned of $482,000, or 115.3% from $418,000 at June 30, 2024 to $900,000 at March 31, 2025, deferred tax asset of $186,000, or 15.7%, from $1.2 million at June 30, 2024 to $1.4 million at March 31, 2025, other assets of $178,000, or 13.2%, from $1.3 million at June 30, 2024 to $1.5 million at March 31, 2025, bank owned life insurance of $87,000, or 1.3%, from $6.8 million at June 30, 2024 to $6.9 million at March 31, 2025, and accrued interest receivable of $27,000, or 1.5%, from $1.78 million at June 30, 2024 to $1.8 million at March 31, 2025.

    Total liabilities decreased $19.8 million, or 3.4%, from $584.7 million at June 30, 2024 to $564.9 million at March 31, 2025. The decrease in liabilities was comprised of decreases in total deposits of $17.2 million, or 3.0%, from $574.0 million at June 30, 2024 to $556.8 million at March 31, 2025, other borrowings of $3.0 million, or 42.9%, from $7.0 million at June 30, 2024 to $4.0 million at March 31, 2025, advances from borrowers for taxes and insurance of $137,000, or 26.3%, from $521,000 at June 30, 2024 to $384,000 at March 31, 2025, and partially offset by an increase in other accrued expenses and liabilities of $577,000, or 18.1%, from $3.2 million at June 30, 2024 to $3.8 million at March 31, 2025. The decrease in deposits resulted from decreases in certificates of deposit of $32.5 million, or 15.1%, from $214.9 million at June 30, 2024 to $182.4 million at March 31, 2025, money market deposits of $5.7 million, or 6.6%, from $85.5 million at June 30, 2024 to $79.9 million at March 31, 2025, and non-interest deposits of $535,000, or 0.4%, from $130.3 million at June 30, 2024 to $129.8 million at March 31, 2025, partially offset by increases in savings deposits of $19.3 million, or 25.2%, from $76.6 million at June 30, 2024 to $96.0 million at March 31, 2025, and NOW accounts of $2.1 million, or 3.1%, from $66.6 million at June 30, 2024 to $68.7 million at March 31, 2025. The Company had no balances in brokered deposits at March 31, 2025 or June 30, 2024.

    At March 31, 2025, the Company had $3.0 million of non-performing assets (defined as non-accruing loans, accruing loans 90 days or more past due, and other real estate owned) compared to $1.9 million of non-performing assets at June 30, 2024, consisting of six one-to-four family residential loans, six home equity loans, two commercial non-real estate loans, two commercial real-estate loans, and one consumer loan at March 31, 2025, compared to five one-to-four family residential loans, four home equity loans, three commercial non-real estate loans, and three single-family residences in other real estate owned at June 30, 2024. At March 31, 2025 the Company had nine one-to-four family residential loans, six home equity loans, five commercial non-real-estate loans, two commercial real-estate loans, and two consumer loans classified as substandard, compared to six one-to-four family residential loans, five commercial non-real-estate loans, four home equity loans and one consumer loan classified as substandard at June 30, 2024. There were no loans classified as doubtful at March 31, 2025 or June 30, 2024.

    Shareholders’ equity increased $1.9 million, or 3.6%, from $52.8 million at June 30, 2024 to $54.7 million at March 31, 2025. The increase in shareholders’ equity was comprised of net income for the nine-month period of $2.7 million, a decrease in the Company’s accumulated other comprehensive loss of $559,000, the vesting of restricted stock awards, stock options, and the release of employee stock ownership plan shares totaling $370,000, and proceeds from the issuance of common stock from the exercise of stock options of $19,000, partially offset by dividends paid totaling $1.2 million, and stock repurchases of $517,000.

    Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its ten full-service banking offices and home office in northwest Louisiana.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like believe,expect,anticipate,estimate, andintend, or future or conditional verbs such aswill,would,should,could, ormay. We undertake no obligation to update any forward-looking statements.

    In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Companys loans, investment and mortgage-backed securities portfolios; geographic concentration of the Companys business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Companys financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Companys operations, markets, products, services and fees.

    HOME FEDERAL BANCORP, INC. OF LOUISIANA
    CONSOLIDATED BALANCE SHEETS
    (In thousands except share and per share data)
     
                     
        March 31, 2025     June 30, 2024  
        (Unaudited)          
    ASSETS                
                     
    Cash and Cash Equivalents (Includes Interest-Bearing Deposits with Other Banks of $22,197 and $25,505 at March 31, 2025 and June 30, 2024, Respectively)   $ 30,439     $ 34,948  
    Securities Available-for-Sale (amortized cost March 31, 2025: $34,751; June 30, 2024: $30,348, Respectively)     32,149       27,037  
    Securities Held-to-Maturity (fair value March 31, 2025: $52,428; June 30, 2024: $54,450, Respectively)     63,066       67,302  
    Other Securities     636       1,614  
    Loans Held-for-Sale     999       1,733  
    Loans Receivable, Net of Allowance for Credit Losses (March 31, 2025:  $4,632; June 30, 2024: $4,574, Respectively)     458,301       470,852  
    Accrued Interest Receivable     1,802       1,775  
    Premises and Equipment, Net     17,567       18,303  
    Bank Owned Life Insurance     6,897       6,810  
    Goodwill     2,990       2,990  
    Core Deposit Intangible     983       1,199  
    Deferred Tax Asset     1,367       1,181  
    Real Estate Owned     900       418  
    Other Assets     1,528       1,350  
                     
    Total Assets   $ 619,624     $ 637,512  
                     
    LIABILITIES AND SHAREHOLDERSEQUITY                
                     
    LIABILITIES                
                     
    Deposits:                
    Non-interest bearing   $ 129,799     $ 130,334  
    Interest-bearing     426,964       443,673  
    Total Deposits     556,763       574,007  
    Advances from Borrowers for Taxes and Insurance     384       521  
    Other Borrowings     4,000       7,000  
    Other Accrued Expenses and Liabilities     3,758       3,181  
                     
    Total Liabilities     564,905       584,709  
                     
    SHAREHOLDERSEQUITY                
                     
    Preferred Stock – $0.01 Par Value; 10,000,000 Shares Authorized: None Issued and Outstanding      –        –  
    Common Stock – $0.01 Par Value; 40,000,000 Shares Authorized: 3,118,764 and 3,142,168 Shares Issued and Outstanding at March 31, 2025 and June 30, 2024, Respectively     32       32  
    Additional Paid-in Capital     42,055       41,739  
    Unearned ESOP Stock     (336 )     (408 )
    Retained Earnings     15,024       14,055  
    Accumulated Other Comprehensive Loss     (2,056 )     (2,615 )
                     
    Total ShareholdersEquity     54,719       52,803  
                     
    TOTAL LIABILITIES AND SHAREHOLDERSEQUITY   $ 619,624     $ 637,512  
    HOME FEDERAL BANCORP, INC. OF LOUISIANA
    CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (Unaudited)
        Three Months Ended     Nine months ended  
        March 31,     March 31,  
        2025     2024     2025     2024  
    Interest income                                
    Loans, including fees   $ 6,740     $ 7,281     $ 20,426     $ 21,952  
    Investment securities     83       124       213       573  
    Mortgage-backed securities     493       451       1,406       1,384  
    Other interest-earning assets     109       34       779       135  
    Total interest income     7,425       7,890       22,824       24,044  
    Interest expense                                
    Deposits     2,675       3,194       8,851       8,688  
    Federal Home Loan Bank borrowings           87             180  
    Other bank borrowings     76       205       274       586  
    Total interest expense     2,751       3,486       9,125       9,454  
    Net interest income     4,674       4,404       13,699       14,590  
                                     
    Provision for (recovery of) credit losses     6       11       (172 )     (5 )
    Net interest income after provision for credit losses     4,668       4,393       13,871       14,595  
                                     
    Non-interest income                                
    Gain on sale of loans     80       69       181       184  
    Loss on sale of real estate                 (266 )     (415 )
    Gain(Loss) on sale of securities           26       (6 )     26  
    Income on Bank-Owned Life Insurance     29       28       87       82  
    Service charges on deposit accounts     382       363       1,165       1,151  
    Other income     47       20       165       50  
    Total non-interest income     538       506       1,326       1,078  
                                     
                                     
    Non-interest expense                                
    Compensation and benefits     2,136       2,453       6,667       7,137  
    Occupancy and equipment     610       533       1,711       1,625  
    Data processing     553       139       1,107       513  
    Audit and examination fees     150       83       473       456  
    Franchise and bank shares tax     135       168       304       488  
    Advertising     22       77       123       302  
    Professional fees     145       96       396       443  
    Loan and collection     46       31       104       123  
    Amortization Core Deposit Intangible     70       79       216       258  
    Deposit insurance premium     102       90       267       289  
    Other expenses     282       242       729       794  
    Total non-interest expense     4,251       3,991       12,097       12,428  
    Income before income taxes     955       908       3,100       3,245  
    Provision for income tax expense     207       176       392       290  
                                     
    NET INCOME   $ 748     $ 732     $ 2,708     $ 2,955  
                                     
    EARNINGS PER SHARE                                
    Basic   $ 0.24     $ 0.24     $ 0.88     $ 0.97  
    Diluted   $ 0.24     $ 0.24     $ 0.88     $ 0.95  
        Three Months Ended     Nine months ended  
        March 31,     March 31,  
        2025     2024     2025     2024  
                                     
    Selected Operating Ratios(1):                                
    Average interest rate spread     2.66 %     2.16 %     2.44 %     2.46 %
    Net interest margin     3.33 %     2.89 %     3.14 %     3.14 %
    Return on average assets     0.50 %     0.45 %     0.58 %     0.60 %
    Return on average equity     5.59 %     5.62 %     6.85 %     7.64 %
                                     
    Asset Quality Ratios(2):                                
    Non-performing assets as a percent of total assets     0.49 %     0.37 %     0.49 %     0.37 %
    Allowance for credit losses as a percent of non-performing loans     215.44 %     203.11 %     215.44 %     203.11 %
    Allowance for credit losses as a percent of total loans receivable     1.00 %     0.97 %     1.00 %     0.97 %
                                     
    Per Share Data:                                
    Shares outstanding at period end     3,118,764       3,145,236       3,118,764       3,145,236  
    Weighted average shares outstanding:                                
    Basic     3,061,928       3,047,335       3,062,511       3,039,907  
    Diluted     3,087,624       3,091,011       3,081,233       3,095,817  
    Book value per share at period end   $ 17.55     $ 16.71     $ 17.55     $ 16.71  
     ______________                                
    (1) Ratios for the three and nine month periods are annualized.                                
    (2) Asset quality ratios are end of period ratios.                                

    The MIL Network

  • MIL-OSI: Glacier Bancorp Completes Acquisition of Bank of Idaho Holding Co. in Idaho Falls, Idaho

    Source: GlobeNewswire (MIL-OSI)

    KALISPELL, Mont., May 01, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (“Glacier”) (NYSE: GBCI), today announced the completion of its acquisition of Bank of Idaho Holding Co. (“BOID”) (OTCQX: BOID), the bank holding company for Bank of Idaho, a community bank headquartered in Idaho Falls, Idaho. The Bank of Idaho operations will join three existing Glacier Bank divisions: the Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank, and the Eastern Washington operations will join Wheatland Bank. As of March 31, 2025, BOID had total assets of $1.3 billion, total loans of $1.1 billion and total deposits of $1.1 billion.

    About Glacier Bancorp, Inc.

    Glacier Bancorp, Inc. is the parent company for Glacier Bank and its bank divisions: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

    Visit Glacier’s website at www.glacierbancorp.com.

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “estimate,” “anticipate,” “expect,” “will,” and similar references to future periods. Such forward-looking statements include but are not limited to statements regarding the potential benefits of the business combination transaction involving Glacier and BOID, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts regarding either company or the combination of the companies. These forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, that may cause actual results or events to differ materially from those projected, including but not limited to the following: risks that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Glacier and BOID operate; uncertainties regarding the ability of Glacier Bank and Bank of Idaho to promptly and effectively integrate their businesses, including into Glacier Bank’s existing division structure; uncertainties regarding the reaction to the transaction of the companies’ respective customers, employees, and contractual counterparties; and risks relating to the diversion of management time on merger-related issues. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. Glacier undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report. For more information, see the risk factors described in Glacier’s Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the SEC.

    CONTACT: Randall M. Chesler
    (406) 751-4722

    Ron J. Copher
    (406) 751-7706

    The MIL Network

  • MIL-OSI: Employers Holdings, Inc. Reports First Quarter 2025 Results and Declares Increase in Regular Quarterly Dividend to $0.32 per Share and New Share Repurchase Authorization of $125 Million

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., May 01, 2025 (GLOBE NEWSWIRE) — Employers Holdings, Inc. (the “Company”) (NYSE:EIG), a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services focused on small and mid-sized businesses engaged in low-to-medium hazard industries, today reported financial results for its first quarter ended March 31, 2025.

    Financial Highlights:
    (All comparisons vs. the first quarter of 2024).

    • Net income per diluted share decreased by 53%, from $1.11 to $0.52;
    • Adjusted net income per diluted share increased 30%, from $0.67 to $0.87;
    • Gross premiums written increased 1%, from $210.9 million to $212.1 million;
    • Net premiums earned decreased 1%, from $184.9 million to $183.0 million;
    • Underwriting expense ratio improved from 25.0% to 23.4%;
    • Net investment income increased 20%, from $26.8 million to $32.1 million;
    • Record number of ending policies in-force of 133,121, a 4% increase; and
    • Returned $27.5 million to stockholders through a combination of share repurchases and regular quarterly dividends.

    Management Commentary

    Chief Executive Officer Katherine Antonello commented: “First quarter net premiums earned were flat compared to 2024, driven by higher renewal premiums offset by lower new business and a reduction in audit premiums. Rate increases and underwriting actions taken to maintain our underwriting profitability targets in certain states impacted new business premiums, while final audit premiums decreased in-line with the moderation of employment and wage growth. We have identified several refinements in our underwriting and pricing approach that we believe will allow us to maintain our underwriting discipline but also return to moderate new business growth. Our appetite expansion effort continues to identify areas of profitable growth, and our success has given us the confidence to accelerate this effort. We again ended the period with another record number of policies in-force, which were up 4% year-over-year.

    We recorded our current accident year loss and LAE ratio on voluntary business at 66.0%, slightly above the 64.0% we maintained throughout 2024. As was the case in the first quarter of 2024, a full actuarial study was not performed, and the amount of indicated net prior year loss reserve development was consistent with our expectations. We will evaluate our prior year reserves in more detail at mid-year when we routinely perform a full reserve study.

    Our commission expense ratio was 12.6%, versus 13.6% a year ago. We continue to see improvement in our underwriting expense ratio, which decreased to 23.4%, from 25.0% a year ago.

    Our net investment income was $32.1 million, up 20% from a year ago. The increase was primarily due to returns from our investments in limited partnerships.

    Lastly, we raised our regular quarterly dividend to $0.32 per share, an increase of 7%, and announced a new $125.0 million share repurchase plan after exhausting the former plan prior to its scheduled expiration. These actions reflect our strong balance sheet, abundant underwriting capital, and the confidence in the Company’s future operations.”

    Summary of First Quarter 2025 Results

    (All comparisons vs. the first quarter of 2024, unless otherwise noted).

    Gross premiums written were $212.1 million, an increase of 1%. The increase was due to strong retention in renewal business writings partially offset by a decline in new business writings and lower final audit premiums. Net premiums earned were $183.0 million, a decrease of 1%.

    Losses and loss adjustment expenses were $120.7 million, an increase of 4%. The increase was primarily due to a higher current accident year loss and loss adjustment expense estimate. The Company’s loss and loss adjustment expense ratio was 66.0% (66.8% excluding LPT), versus 63.0% (64.1% excluding LPT).

    Commission expense was $23.0 million, a decrease of 8%. The Company’s commission expense ratio was 12.6%, versus 13.6% a year ago. The decrease was primarily due to a release of commissions payable associated with non-performing policies sent to collections.

    Underwriting expenses were $42.9 million, a decrease of 7%. The Company’s underwriting expense ratio was 23.4%, versus 25.0% a year ago. The decrease primarily related to lower bad debt expense and compensation-related expenses.

    Net investment income was $32.1 million, an increase of 20%. The increase was primarily due to returns from our investments in private equity limited partnerships, along with higher book yields on our fixed maturity securities.

    Net realized and unrealized (losses) gains on investments reflected on the income statement were $(12.8) million, versus $11.4 million.

    Income tax expense was $3.1 million (19.5% effective rate), versus $7.0 million (19.8% effective rate). The effective rates during each of the periods included income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, deferred gain amortization and related adjustments, and tax credits utilized.

    The Company’s book value per share including the deferred gain of $48.25 increased 12.3% year-over-year and 2.5% during the first quarter of 2025, computed after considering dividends declared. During the first quarter this measure was favorably impacted by $21.1 million of after-tax unrealized gains arising from fixed maturity securities (which are reflected on the balance sheet) partially offset by $9.2 million of net after tax unrealized losses arising from equity securities and other investments (which are reflected on the income statement). The Company’s adjusted book value per share of $50.75 increased by 8.5% year-over-year and 1.0% during the first quarter of 2025, computed after considering dividends declared.

    Second Quarter 2025 Dividend Declaration

    On April 30, 2025, the Company’s Board of Directors declared an increase in our regular quarterly dividend to $0.32. The dividend is payable on May 28, 2025 to stockholders of record as of May 14, 2025.

    Stock Repurchases and New Stock Repurchase Authorization

    During the first quarter of 2025, the Company repurchased 406,101 shares of its common stock at an average price of $49.69 per share. During the period from April 1, 2025 through April 29, 2025, the Company repurchased a further 170,000 shares of its common stock at an average price of $48.35 per share.

    On April 30, 2025, the Company’s Board of Directors authorized a new stock repurchase program to allow for repurchases of up to $125.0 million of our common stock from May 6, 2025 through December 31, 2026. The new program replaces a similar program that was scheduled to expire on July 31, 2025, but its repurchase authorization has been exhausted.

    Earnings Conference Call and Webcast

    The Company will host a conference call on Friday, May 2, 2025 at 11:00 a.m. Eastern Daylight Time / 8:00 a.m. Pacific Daylight Time.

    To participate in the live conference call, you must first register here. Once registered you will receive dial-in numbers and a unique PIN number.

    The webcast will be accessible on the Company’s website at www.employers.com through the “Investors” link.

    Reconciliation of Non-GAAP Financial Measures to GAAP

    The information in this press release should be read in conjunction with the Financial Supplement that is attached to this press release and available on our website.

    Within this earnings release we present various financial measures, some of which are “non-GAAP financial measures” as defined in Regulation G pursuant to Section 401 of the Sarbanes – Oxley Act of 2002. A description of these non-GAAP financial measures, as well as a reconciliation of such non-GAAP measures to our most directly comparable GAAP financial measures is included in the attached Financial Supplement. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

    Forward-Looking Statements

    In this press release, the Company and its management discuss and make statements based on currently available information regarding their intentions, beliefs, current expectations, and projections of, among other things, the Company’s future performance, economic or market conditions, including current or future levels of inflation, potential implications of increased tariffs, changes in interest rates, labor market expectations, catastrophic events or geo-political conditions, legislative or regulatory actions or court decisions, business growth, retention rates, loss costs, claim trends and the impact of key business initiatives, future technologies and planned investments. Certain of these statements may constitute “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and are often identified by words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek,” “likely,” or “continue,” or other comparable terminology and their negatives. The Company and its management caution investors that such forward-looking statements are not guarantees of future performance. Risks and uncertainties are inherent in the Company’s future performance. Factors that could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements include, among other things, those discussed or identified from time to time in the Company’s public filings with the Securities and Exchange Commission (SEC), including the risks detailed in the Company’s Quarterly Reports on Form 10-Q and the Company’s Annual Reports on Form 10-K. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

    Filings with the SEC

    The Company’s filings with the SEC and its quarterly investor presentations can be accessed through the “Investors” link on the Company’s website, www.employers.com. The Company’s filings with the SEC can also be accessed through the SEC’s EDGAR Database at www.sec.gov (EDGAR CIK No. 0001379041).

    About Employers Holdings, Inc.

    Employers Holdings, Inc. (NYSE: EIG), is a holding company with subsidiaries that are specialty providers of workers’ compensation insurance and services (collectively “EMPLOYERS®”) focused on small and mid-sized businesses engaged in low-to-medium hazard industries. EMPLOYERS leverages over a century of experience to deliver comprehensive coverage solutions that meet the unique needs of its customers. Drawing from its long history and extensive knowledge, EMPLOYERS empowers businesses by protecting their most valuable asset – their employees – through exceptional claims management, loss control, and risk management services, creating safer work environments.

    EMPLOYERS is also proud to offer Cerity®, which is focused on providing digital-first, direct-to-consumer workers’ compensation insurance solutions with fast, and affordable coverage options through a user-friendly online platform.

    EMPLOYERS operates throughout the United States, apart from four states that are served exclusively by their state funds. Insurance is offered through Employers Insurance Company of Nevada, Employers Compensation Insurance Company, Employers Preferred Insurance Company, Employers Assurance Company and Cerity Insurance Company, all rated A (Excellent) by AM Best. Not all companies do business in all jurisdictions. EIG Services, Inc., and Cerity Services, Inc., are subsidiaries of Employers Holdings, Inc. EMPLOYERS® is a registered trademark of EIG Services, Inc., and Cerity® is a registered trademark of Cerity Services, Inc. For more information, please visit www.employers.com and www.cerity.com.

    Contact Information

    Michael Pedraja (775) 327-2706 or mpedraja@employers.com

         
    EMPLOYERS HOLDINGS, INC.
    Table of Contents
         
    Page    
         
    1   Consolidated Financial Highlights
         
    2   Summary Consolidated Balance Sheets
         
    3   Summary Consolidated Income Statements
         
    4   Return on Equity
         
    5   Combined Ratios
         
    6   Roll-forward of Unpaid Losses and LAE
         
    7   Consolidated Investment Portfolio
         
    8   Book Value Per Share
         
    9   Earnings Per Share
         
    10   Non-GAAP Financial Measures
         
       
    EMPLOYERS HOLDINGS, INC.
    Consolidated Financial Highlights (unaudited)
    $ in millions, except per share amounts
       
      Three Months Ended
      March 31,
        2025       2024     % change
    Selected financial highlights:          
    Gross premiums written $ 212.1     $ 210.9     1 %
    Net premiums written   210.3       209.1     1  
    Net premiums earned   183.0       184.9     (1 )
    Net investment income   32.1       26.8     20  
    Net income excluding LPT(1)   11.2       26.2     (57 )
    Adjusted net income(1)   21.3       17.2     24  
    Net Income before income taxes   15.9       35.3     (55 )
    Net Income   12.8       28.3     (55 )
    Comprehensive income   34.6       17.4     99  
    Total assets   3,556.9       3,562.8      
    Stockholders’ equity   1,075.7       1,018.9     6  
    Stockholders’ equity including the Deferred Gain(2)   1,168.1       1,116.1     5  
    Adjusted stockholders’ equity(2)   1,228.8       1,213.0     1  
    Annualized adjusted return on stockholders’ equity(3)   6.9 %     5.7 %   21 %
    Amounts per share:          
    Cash dividends declared per share $ 0.30     $ 0.28     7 %
    Earnings per diluted share(4)   0.52       1.11     (53 )
    Earnings per diluted share excluding LPT(4)   0.46       1.03     (55 )
    Adjusted earnings per diluted share(4)   0.87       0.67     30  
    Book value per share(2)   44.43       40.20     11  
    Book value per share including the Deferred Gain(2)   48.25       44.04     10  
    Adjusted book value per share(2)   50.75       47.86     6  
    Combined ratio excluding LPT:(5):          
    Loss and loss adjustment expense ratio:          
    Current Year   66.1 %     64.2 %    
    Prior Year   0.7       (0.1 )    
    Loss and loss adjustment expense ratio   66.8 %     64.1 %    
    Commission expense ratio   12.6 %     13.6 %    
    Underwriting expense ratio   23.4 %     25.0 %    
    Combined ratio excluding LPT   102.8 %     102.7 %    
    (1) See Page 3 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (2) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (3) See Page 4 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (4) See Page 9 for description and calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (5) See Pages 5 for details and Page 10 for information regarding our use of Non-GAAP Financial Measures.
       
             
    EMPLOYERS HOLDINGS, INC.
    Summary Consolidated Balance Sheets (unaudited)
    $ in millions, except per share amounts
             
        March 31,
    2025
      December 31,
    2024
    ASSETS        
    Investments, cash and cash equivalents   $ 2,537.6     $ 2,532.4  
    Accrued investment income     14.6       15.7  
    Premiums receivable, net     377.0       361.3  
    Reinsurance recoverable, net of allowance, on paid and unpaid losses and LAE     412.9       417.8  
    Deferred policy acquisition costs     63.8       59.6  
    Deferred income tax asset, net     35.0       38.3  
    Other assets     116.0       116.2  
    Total assets   $ 3,556.9     $ 3,541.3  
             
    LIABILITIES        
    Unpaid losses and LAE   $ 1,792.6     $ 1,808.2  
    Unearned premiums     428.0       402.2  
    Commissions and premium taxes payable     60.3       65.8  
    Deferred Gain     92.4       94.0  
    Other liabilities     107.9       102.4  
    Total liabilities   $ 2,481.2     $ 2,472.6  
             
    STOCKHOLDERS’ EQUITY        
    Common stock and additional paid-in capital   $ 424.7     $ 424.8  
    Retained earnings     1,478.5       1,472.9  
    Accumulated other comprehensive loss     (60.7 )     (82.5 )
    Treasury stock, at cost     (766.8 )     (746.5 )
    Total stockholders’ equity     1,075.7       1,068.7  
    Total liabilities and stockholders’ equity   $ 3,556.9     $ 3,541.3  
             
    Stockholders’ equity including the Deferred Gain (1)   $ 1,168.1     $ 1,162.7  
    Adjusted stockholders’ equity (1)     1,228.8       1,245.2  
    Book value per share (1)   $ 44.43     $ 43.52  
    Book value per share including the Deferred Gain(1)     48.25       47.35  
    Adjusted book value per share (1)     50.75       50.71  
    (1) See Page 8 for calculations and Page 10 for information regarding our use of Non-GAAP Financial Measures.
       
       
    EMPLOYERS HOLDINGS, INC.
    Summary Consolidated Income Statements (unaudited)
    $ in millions
       
      Three Months Ended
      March 31,
        2025       2024  
    Revenues:  
    Net premiums earned $ 183.0     $ 184.9  
    Net investment income   32.1       26.8  
    Net realized and unrealized (losses) gains on investments(1)   (12.8 )     11.4  
    Other income   0.3        
    Total revenues   202.6       223.1  
    Expenses:      
    Losses and LAE incurred   (120.7 )     (116.5 )
    Commission expense   (23.0 )     (25.1 )
    Underwriting expenses   (42.9 )     (46.2 )
    Interest and financing expenses   (0.1 )      
    Total expenses   (186.7 )     (187.8 )
    Net income before income taxes   15.9       35.3  
    Income tax expense   (3.1 )     (7.0 )
    Net Income   12.8       28.3  
    Unrealized AFS investment gains (losses) arising during the period, net of tax(2)   21.1       (11.6 )
    Reclassification adjustment for net realized AFS investment losses in net income, net of tax(2)   0.7       0.7  
    Total comprehensive income $ 34.6     $ 17.4  
    Net Income $ 12.8     $ 28.3  
    Amortization of the Deferred Gain – losses   (1.6 )     (1.5 )
    Amortization of the Deferred Gain – contingent commission         (0.4 )
    LPT contingent commission adjustments         (0.2 )
    Net income excluding LPT Agreement (3)   11.2       26.2  
    Net realized and unrealized losses (gains) on investments   12.8       (11.4 )
    Income tax (benefit) expense related to items excluded from Net income   (2.7 )     2.4  
    Adjusted net income $ 21.3     $ 17.2  
    (1) Includes unrealized (losses) gains on equity securities and other investments of $(11.7) million and $12.7 million for the three months ended March 31, 2025 and 2024, respectively.
    (2) AFS = Available for Sale securities.
    (3) See Page 10 regarding our use of Non-GAAP Financial Measures.
       
         
    EMPLOYERS HOLDINGS, INC.
    Return on Equity (unaudited)
    $ in millions
         
        Three Months Ended
        March 31,
          2025       2024  
             
    Net income A $ 12.8     $ 28.3  
    Impact of the LPT Agreement     (1.6 )     (2.1 )
    Net realized and unrealized losses (gains) on investments     12.8       (11.4 )
    Income tax (benefit) expense related to items excluded from Net income     (2.7 )     2.4  
    Adjusted net income (1) B   21.3       17.2  
             
    Stockholders’ equity – end of period   $ 1,075.7     $ 1,018.9  
    Stockholders’ equity – beginning of period     1,068.7       1,013.9  
    Average stockholders’ equity C   1,072.2       1,016.4  
             
    Stockholders’ equity – end of period   $ 1,075.7     $ 1,018.9  
    Deferred Gain – end of period     92.4       97.2  
    Accumulated other comprehensive loss – end of period     76.8       122.6  
    Income taxes related to accumulated other comprehensive loss – end of period     (16.1 )     (25.7 )
    Adjusted stockholders’ equity – end of period     1,228.8       1,213.0  
    Adjusted stockholders’ equity – beginning of period     1,245.2       1,199.1  
    Average adjusted stockholders’ equity (1) D   1,237.0       1,206.1  
             
    Return on stockholders’ equity A / C   1.2 %     2.8 %
    Annualized return on stockholders’ equity     4.8       11.1  
             
    Adjusted return on stockholders’ equity (1) B / D   1.7 %     1.4 %
    Annualized adjusted return on stockholders’ equity (1)     6.9       5.7  
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
       
         
    EMPLOYERS HOLDINGS, INC.
    Combined Ratios (unaudited)
    $ in millions, except per share amounts
         
        Three Months Ended
        March 31,
          2025       2024  
             
    Net premiums earned A $ 183.0     $ 184.9  
    Losses and LAE incurred B   120.7       116.5  
    Amortization of deferred reinsurance gain – losses     1.6       1.5  
    Amortization of deferred reinsurance gain – contingent commission           0.4  
    LPT contingent commission adjustments           0.2  
    Losses and LAE excluding LPT(1) C   122.3       118.6  
    Prior year loss reserve development     1.3       (0.1 )
    Losses and LAE excluding LPT – current accident year D $ 121.0     $ 118.7  
    Commission expense E $ 23.0     $ 25.1  
    Underwriting expenses F $ 42.9     $ 46.2  
    GAAP combined ratio:        
    Loss and LAE ratio B/A   66.0 %     63.0 %
    Commission expense ratio E/A   12.6       13.6  
    Underwriting expense ratio F/A   23.4       25.0  
    GAAP combined ratio     102.0 %     101.6 %
    Combined ratio excluding LPT:(1)        
    Loss and LAE ratio excluding LPT C/A   66.8 %     64.1 %
    Commission expense ratio E/A   12.6       13.6  
    Underwriting expense ratio F/A   23.4       25.0  
    Combined ratio excluding LPT     102.8 %     102.7 %
    Combined ratio excluding LPT: current accident year:(1)        
    Loss and LAE ratio excluding LPT D/A   66.1 %     64.2 %
    Commission expense ratio E/A   12.6       13.6  
    Underwriting expense ratio F/A   23.4       25.0  
    Combined ratio excluding LPT: current accident year     102.1 %     102.8 %
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
       
       
    EMPLOYERS HOLDINGS, INC.
    Roll-forward of Unpaid Losses and LAE (unaudited)
    $ in millions
       
      Three Months Ended
      March 31,
        2025     2024  
       
    Unpaid losses and LAE at beginning of period $ 1,808.2   $ 1,884.5  
    Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE   412.4     428.4  
    Net unpaid losses and LAE at beginning of period   1,395.8     1,456.1  
    Losses and LAE incurred:      
    Current year losses   121.0     118.7  
    Prior year losses   1.3     (0.1 )
    Total losses incurred   122.3     118.6  
    Losses and LAE paid:      
    Current year losses   8.0     6.8  
    Prior year losses   124.6     117.4  
    Total paid losses   132.6     124.2  
    Net unpaid losses and LAE at end of period   1,385.5     1,450.5  
    Reinsurance recoverable, excluding CECL allowance, on unpaid losses and LAE   407.1     424.0  
    Unpaid losses and LAE at end of period $ 1,792.6   $ 1,874.5  
                 

    Total losses and LAE shown in the above table exclude amortization of the Deferred Gain and LPT contingent commission adjustments, which totaled $1.6 million and $2.1 million for the three months ended March 31, 2025 and 2024, respectively.

     
    EMPLOYERS HOLDINGS, INC.
    Consolidated Investment Portfolio (unaudited)
    $ in millions
             
        March 31, 2025   December 31, 2024
    Investment Positions:   Cost or Amortized
    Cost (1)
      Net Unrealized Gain (Loss)   Fair Value   %   Fair Value   %
    Fixed maturity securities   $ 2,165.7   $ (76.9 )   $ 2,087.4   82 %   $ 2,097.4   83 %
    Equity securities     151.4     102.7       254.2   10       259.8   10  
    Short-term investments                       0.1    
    Other invested assets     85.0     10.4       95.4   4       106.6   4  
    Cash and cash equivalents     100.4           100.4   4       68.3   3  
    Restricted cash and cash equivalents     0.2           0.2         0.2    
    Total investments and cash   $ 2,502.7   $ 36.2     $ 2,537.6   100 %   $ 2,532.4   100 %
                             
    Breakout of Fixed Maturity Securities:                        
    U.S. Treasuries and agencies   $ 68.0   $ (0.9 )   $ 67.1   3 %   $ 59.3   3 %
    States and municipalities     161.3     (1.6 )     159.7   8       159.3   8  
    Corporate securities     821.8     (33.6 )     788.0   38       803.0   38  
    Mortgage-backed securities     727.1     (36.8 )     689.9   33       684.9   33  
    Asset-backed securities     212.3           212.3   10       214.0   10  
    Collateralized loan obligations     26.4     (0.2 )     26.2   1       35.3   2  
    Bank loans and other     148.8     (3.8 )     144.2   7       141.6   7  
    Total fixed maturity securities   $ 2,165.7   $ (76.9 )   $ 2,087.4   100 %   $ 2,097.4   100 %
    Weighted average book yield     4.5%       4.5%
    Average credit quality (S&P)     A+       A+
    Duration     4.3       4.5
    (1) Amortized cost excludes allowance for current expected credit losses of $1.4 million.
       
                     
    EMPLOYERS HOLDINGS, INC.
    Book Value Per Share (unaudited)
    $ in millions, except per share amounts
                     
        March 31,
    2025
      December 31,
    2024
      March 31,
    2024
      December 31, 2023
    Numerators:                
    Stockholders’ equity A $ 1,075.7     $ 1,068.7     $ 1,018.9     $ 1,013.9  
    Plus: Deferred Gain     92.4       94.0       97.2       99.2  
    Stockholders’ equity including the Deferred Gain (1) B   1,168.1       1,162.7       1,116.1       1,113.1  
    Accumulated other comprehensive loss     76.8       104.5       122.6       108.9  
    Income taxes related to accumulated other comprehensive loss     (16.1 )     (22.0 )     (25.7 )     (22.9 )
    Adjusted stockholders’ equity (1) C $ 1,228.8     $ 1,245.2     $ 1,213.0     $ 1,199.1  
                     
    Denominator (shares outstanding) D   24,210,602       24,556,706       25,343,504       25,369,753  
                     
    Book value per share (1) A / D $ 44.43     $ 43.52     $ 40.20     $ 39.96  
    Book value per share including the Deferred Gain(1) B / D   48.25       47.35       44.04       43.88  
    Adjusted book value per share (1) C / D   50.75       50.71       47.86       47.26  
                     
    Year-over-year change in: (2)                
    Book value per share     13.5 %     11.9 %     14.5 %     18.1 %
    Book value per share including the Deferred Gain     12.3       10.6       13.1       16.3  
    Adjusted book value per share     8.5       9.8       10.8       10.5  
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
    (2) Reflects the twelve month change in book value per share after taking into account dividends declared of $1.20, $1.18, $1.12 and $1.10 for the twelve month periods ended March 31, 2025, December 31, 2024, March 31, 2024 and December 31, 2023, respectively.
       
         
    EMPLOYERS HOLDINGS, INC.
    Earnings Per Share (unaudited)
    $ in millions, except per share amounts
         
        Three Months Ended
        March 31,
          2025       2024  
    Numerators:        
    Net income A $ 12.8     $ 28.3  
    Impact of the LPT Agreement     (1.6 )     (2.1 )
    Net income excluding LPT (1) B   11.2       26.2  
    Net realized and unrealized losses (gains) on investments     12.8       (11.4 )
    Income tax (benefit) expense related to items excluded from Net income     (2.7 )     2.4  
    Adjusted net income (1) C $ 21.3     $ 17.2  
             
    Denominators:        
    Average common shares outstanding (basic) D   24,398,610       25,345,942  
    Average common shares outstanding (diluted) E   24,606,572       25,535,971  
             
    Earnings per share:        
    Basic A / D $ 0.52     $ 1.12  
    Diluted A / E   0.52       1.11  
             
    Earnings per share excluding LPT: (1)        
    Basic B / D $ 0.46     $ 1.03  
    Diluted B / E   0.46       1.03  
             
    Adjusted earnings per share: (1)        
    Basic C / D $ 0.87     $ 0.68  
    Diluted C / E   0.87       0.67  
    (1) See Page 10 for information regarding our use of Non-GAAP Financial Measures.
       

    Non-GAAP Financial Measures

    Within this earnings release we present the following measures, each of which are “non-GAAP financial measures.” A reconciliation of these measures to the Company’s most directly comparable GAAP financial measures is included herein. Management believes that these non-GAAP measures are important to the Company’s investors, analysts and other interested parties who benefit from having an objective and consistent basis for comparison with other companies within our industry. Management further believes that these measures are more relevant than comparable GAAP measures in evaluating our financial performance.

    The LPT Agreement is a non-recurring transaction that no longer provides any ongoing cash benefits to the Company. Management believes that providing non-GAAP measures that exclude the effects of the LPT Agreement (amortization of deferred reinsurance gain, adjustments to LPT Agreement ceded reserves and adjustments to the contingent commission receivable) is useful in providing investors, analysts and other interested parties a meaningful understanding of the Company’s ongoing underwriting performance.

    Deferred reinsurance gain (Deferred Gain) reflects the unamortized gain from the LPT Agreement. This gain has been deferred and is being amortized using the recovery method, whereby the amortization is determined by the proportion of actual reinsurance recoveries to total estimated recoveries, except for the contingent profit commission, which was amortized through June 30, 2024, the date of its final determination. Amortization is reflected in losses and LAE incurred.

    Adjusted net income (see Page 3 for calculations) is net income excluding the effects of the LPT Agreement, and net realized and unrealized gains and losses on investments (net of tax), and any miscellaneous non-recurring transactions (net of tax). Management believes that providing this non-GAAP measures is helpful to investors, analysts and other interested parties in identifying trends in the Company’s operating performance because such items have limited significance to its ongoing operations or can be impacted by both discretionary and other economic factors and may not represent operating trends.

    Stockholders’ equity including the Deferred Gain (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain. Management believes that providing this non-GAAP measure is useful in providing investors, analysts and other interested parties a meaningful measure of the Company’s total underwriting capital.

    Adjusted stockholders’ equity (see Page 8 for calculations) is stockholders’ equity including the Deferred Gain, less accumulated other comprehensive income (net of tax). Management believes that providing this non-GAAP measure is useful to investors, analysts and other interested parties since it serves as the denominator to the Company’s adjusted return on stockholders’ equity metric.

    Return on stockholders’ equity and Adjusted return on stockholders’ equity (see Page 4 for calculations). Management believes that these profitability measures are widely used by our investors, analysts and other interested parties.

    Book value per share, Book value per share including the Deferred Gain, and Adjusted book value per share (see Page 8 for calculations). Management believes that these valuation measures are widely used by our investors, analysts and other interested parties.

    Net income excluding LPT (see Page 3 for calculations). Management believes that these performance and underwriting measures are widely used by our investors, analysts and other interested parties.

    The MIL Network

  • MIL-OSI: SB Financial Group Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    DEFIANCE, Ohio, May 01, 2025 (GLOBE NEWSWIRE) — SB Financial Group, Inc. (NASDAQ: SBFG) (“SB Financial” or the “Company”), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services today reported earnings for the first quarter ended March 31, 2025.

    First Quarter 2025 Highlights Over the First Quarter Prior Year Include:

    • Adjusted net income of $2.7 million, after accounting for $0.7 million of nonrecurring merger expenses, was up 23.2 percent from the prior year adjusted net income of $2.2 million, with adjusted Diluted Earnings Per Share (“DEPS”) of $0.42. Unadjusted net income and EPS were slightly below the prior year quarter.
    • Successful completion of the Marblehead Bank acquisition, adding $56 million of low-cost deposits and $19 million in loans.
    • Interest income of $17.4 million increased by 13.5 percent from $15.3 million reported in the prior year quarter.
    • Loan growth of $96.7 million, or 9.8 percent from the prior-year quarter, with growth from the linked quarter of $41.6 million. This was our fourth consecutive quarter of sequential expanding loan growth, year over year. Growth adjusted for the Marblehead acquisition would be $78.2 and $23.1 million, from the linked quarter.
    • Deposit growth of $159.7 million, or 14.4 percent from the prior-year quarter, with growth from the linked quarter of $119.4 million. Growth adjusted for the Marblehead acquisition would be $103.7 and $63.4 million, from the linked quarter.
    • Tangible book value (“TBV”) per share ended the quarter at $15.79 up $0.86 per share or 5.8 percent from the prior year quarter. Absent the per share dilution from the acquisition of $0.87, TBV would have been up $1.73 per share or 11.6 percent.
    Earnings Highlights Three Months Ended
    ($ in thousands, except per share & ratios) Mar. 2025 Mar. 2024 % Change
    Operating revenue $ 15,386   $ 13,131   17.2 %
    Interest income   17,372     15,300   13.5 %
    Interest expense   6,093     6,120   -0.4 %
    Net interest income   11,279     9,180   22.9 %
    Provision for credit losses   387       N/M
    Noninterest income   4,107     3,951   3.9 %
    Noninterest expense   12,410     10,282   20.7 %
    Net income   2,158     2,368   -8.9 %
    Merger adjusted Earnings per diluted share   0.42     0.33   27.3 %
    Earnings per diluted share   0.33     0.35   -5.7 %
    Merger adjusted Return on Avg. Assets   0.76 %   0.67%   13.4 %
    Return on average assets   0.60 %   0.71%   -15.5 %
    Merger adjusted Return on Avg. Equity   8.35 %   7.26%   15.0 %
    Return on average equity   6.63 %   7.72%   -14.1 %

    “Our first quarter results highlight the value of our growth strategy, even in the midst of temporary economic uncertainty,” said Mark A. Klein, Chairman, President, and CEO. “Merger adjusted net income for the quarter was $2.7 million, a 22.3 percent increase from the prior-year quarter, with the GAAP EPS of $0.33 slightly down from the prior year. The successful closing of the acquisition in the first quarter significantly strengthened our liquidity position through their low-cost deposit base and further expanded our market presence in Northern Ohio. This marks an important milestone in executing our long-term growth strategy to grow organically and through M & A.”

    Interest income for the quarter grew by 13.5 percent to $17.4 million compared to the previous year, driven by continued strong loan growth. Total loans increased by $96.7 million, compared to the prior year, and by $41.5 million from the linked quarter. Adjusted for the Marblehead acquisition, total loan growth would have been $78.2 and $23.1 million, respectively. Deposits rose by $158.9 million, or 14.3 percent, to $1.27 billion, a result of the acquisition and a testament to the trust our clients place in us. Adjusted for the acquisition, deposit growth would have been $102.9 and $62.6 million, respectively.

    RESULTS OF OPERATIONS

    Consolidated Revenue

    In the first quarter of 2025, total operating revenue increased to $15.4 million, a 17.2 percent rise from $13.1 million in the prior year and a slight 0.1 percent decrease from the linked quarter, driven by growth in both net interest income and noninterest income. Net interest income reached $11.3 million, a strong 22.9 percent year-over-year increase, reflecting higher interest income on loans, which rose by $1.7 million to $15.4 million. Deposit costs increased by 5.1 percent to $5.4 million, but were largely offset by decreases in interest expense on other funding sources, resulting in a 0.4 percent decrease in total interest expense compared to the prior year quarter. As a result, the net interest margin expanded by 41 basis points year-over-year to 3.40 percent, reflecting the continued strength of our interest-earning assets and disciplined management of our funding costs. Noninterest income for the quarter increased by 3.9 percent year-over-year to $4.1 million due to improvements in gains on sale and title insurance, partially offset by decreases in mortgage loan servicing fees. Looking ahead, we remain focused on maintaining a balanced strategy that drives sustainable revenue growth while effectively managing costs, ensuring consistent value creation for our shareholders.

    Mortgage Loan Business

    Net mortgage banking revenue for the quarter reached $1.5 million, down $84,000 from the prior-year quarter. Loan servicing fees added $894,000 to revenue, reflecting an increase of $39,000 from the prior year quarter. The OMSR net valuation adjustment for the first quarter of 2025 was a positive $11,000 compared to a positive $181,000 in the first quarter of 2024.

                 
    Mortgage Banking            
    ($ in thousands) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Prior Year
    Growth
    Mortgage originations $ 39,775   $ 72,534   $ 70,715   $ 75,110   $ 42,912   $ (3,137 )
    Mortgage sales   39,279     62,301     61,271     55,835     36,623     2,656  
    Mortgage servicing portfolio   1,432,184     1,427,318     1,406,273     1,389,805     1,371,713     60,471  
    Mortgage servicing rights   14,965     14,868     14,357     14,548     14,191     774  
                 
                 
    Revenue            
    Loan servicing fees   894     886     874     862     855     39  
    OMSR amortization   (294 )   (358 )   (370 )   (335 )   (273 )   (21 )
    Net administrative fees   600     528     504     527     582     18  
    OMSR valuation adjustment   11     288     (465 )   38     181     (170 )
    Net loan servicing fees   611     816     39     565     763     (152 )
    Gain on sale of mortgages   849     1,196     1,311     1,277     781     68  
    Mortgage banking revenue, net $ 1,460   $ 2,012   $ 1,350   $ 1,842   $ 1,544   $ (84 )
                 

    Noninterest Income and Noninterest Expense

    “Noninterest income for the first quarter of 2025 totaled $4.1 million, up $156,000 or 3.9 percent from the prior-year quarter, primarily due to increased gains on sales of mortgage loans and OSMR, and increased title service and other revenue. Compared to the prior-year quarter, gains on sales of mortgage loans and OSMR grew modestly by $68,000 year over year, and title insurance revenue added $131,000, reflecting the consistent benefit of our revenue diversification strategy,” Mr. Klein noted.

                   
    Noninterest Income/Noninterest Expense          
    ($ in thousands, except ratios)   Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Prior Year
    Growth
    Noninterest Income (NII)   $ 4,107   $ 4,557   $ 4,123   $ 4,386   $ 3,951   $ 156  
    NII / Total Revenue     26.7%     29.5%     28.8%     31.5%     30.1%     -3.4%  
    NII / Average Assets     1.1%     1.3%     1.2%     1.3%     1.2%     -0.1%  
    Total Revenue Growth     17.2%     2.2%     4.5%     -0.6%     -6.1%     23.3%  
                                           
    Noninterest Expense (NIE)   $ 12,410   $ 11,003   $ 11,003   $ 10,671   $ 10,282   $ 2,128  
    Efficiency Ratio     80.0%     71.1%     76.8%     75.9%     78.2%     1.8%  
    NIE / Average Assets     3.4%     3.2%     3.2%     3.2%     3.1%     0.3%  
    Net Noninterest Expense/Avg. Assets   -2.3%     -1.9%     -2.0%     -1.9%     -1.9%     -0.4%  
    Total Expense Growth     20.7%     6.1%     5.0%     3.2%     -4.6%     25.3%  

    Noninterest expense for the first quarter of 2025 was impacted by the one-time merger related expenses of $726,000. Adjusting for these expenses and the $300,000 in Marblehead operating expenses for the quarter, total operating costs were up just 3.5 percent from the linked quarter and 10.7 percent.

    “Our efficiency ratio in the first quarter of 2025 was 76.0 percent when we factor out the merger related costs, which was an improvement compared to the prior year.” stated Mr. Klein.

    Balance Sheet

    As of March 31, 2025, SB Financial reported total assets of $1.50 billion, higher from both the linked quarter and the previous year. This growth was primarily driven by a robust increase in the loan portfolio, which reached $1.09 billion, marking a $96.7 million or 9.8 percent increase year over year. Loan growth also included $18.7 million in loans added with the completion of the acquisition. Cash increased by $78.5 million from the prior year, including $35 million added from the liquidation of the acquired investment portfolio.

    Total deposits increased to $1.27 billion, growing $158.9 million or 14.3 percent year over year, including $56 million in low-cost deposits from the acquisition and $102.9 million in organic deposit growth reflecting SB Financial’s successful efforts in deposit gathering and customer engagement. Shareholders’ equity ended the quarter at $131.5 million, representing a $7.8 million increase from the prior year. This growth reflects management’s commitment to enhancing shareholder value and the Company’s disciplined approach to capital management.

    During the first quarter, SB Financial repurchased 26,446 shares, less than previous quarters as the average price was above our target range. This reflects the Company’s dedication to returning value to shareholders through dividends and share repurchases while retaining adequate capital to support our long-term growth.

    “As we progress through the remainder of 2025, our balance sheet strength and strategic management of resources highlight our long-term strategic growth ambitions, both organically and through successful acquisitions,” said Mr. Klein, Chairman, President, and CEO. “Even in the current challenging rate environment, we achieved our fourth consecutive quarter of loan growth, with balances increasing by $96.7 million from the previous year, which included $78.2 million of organic loan growth. This performance underscores the strength of our deep client relationships and our continued competitiveness in the market. Our strong asset quality, supported by top-decile coverage ratios, remains a cornerstone of our financial stability, which we will leverage to take advantage of emerging opportunities while maintaining our focus on operational excellence. Looking ahead, we are committed to driving shareholder value and sustaining robust financial performance as the economic landscape stabilizes.”

                 
    Loan Balances            
    ($ in thousands, except ratios) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Annual
    Growth
    Commercial $ 125,878   $ 124,764   $ 123,821   $ 123,287   $ 120,016   $ 5,862  
    % of Total   11.6%     11.9%     12.0%     12.3%     12.1%     4.9%  
    Commercial RE   509,518     479,573     459,449     434,967     429,362     80,156  
    % of Total   46.8%     45.8%     44.6%     43.3%     43.3%     18.7%  
    Agriculture   61,443     64,680     64,887     64,329     62,365     (922 )
    % of Total   5.6%     6.2%     6.3%     6.4%     6.3%     -1.5%  
    Residential RE   319,307     308,378     314,010     316,233     314,668     4,639  
    % of Total   29.3%     29.5%     30.5%     31.5%     31.7%     1.5%  
    Consumer & Other   72,128     69,340     67,788     66,574     65,141     6,987  
    % of Total   6.6%     6.6%     6.6%     6.6%     6.6%     10.7%  
    Total Loans $ 1,088,274   $ 1,046,735   $ 1,029,955   $ 1,005,390   $ 991,552   $ 96,722  
    Total Growth Percentage                 9.8%  
                 
                 
    Deposit Balances            
    ($ in thousands, except ratios) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024 Annual
    Growth
    Non-Int DDA $ 240,446   $ 232,155   $ 222,425   $ 208,244   $ 219,395   $ 21,051  
    % of Total   18.9%     20.1%     19.2%     18.7%     19.7%     9.6%  
    Interest DDA   208,583     201,085     202,097     190,857     169,171     39,412  
    % of Total   16.4%     17.4%     17.4%     17.1%     15.2%     23.3%  
    Savings   285,902     237,987     241,761     231,855     244,157     41,745  
    % of Total   22.5%     20.6%     20.8%     20.8%     21.9%     17.1%  
    Money Market   257,013     222,161     228,182     225,650     221,362     35,651  
    % of Total   20.2%     19.3%     19.7%     20.2%     19.9%     16.1%  
    Time Deposits   279,276     259,217     265,068     258,582     258,257     21,019  
    % of Total   22.0%     22.5%     22.9%     23.2%     23.2%     8.1%  
    Total Deposits $ 1,271,220   $ 1,152,605   $ 1,159,533   $ 1,115,188   $ 1,112,342   $ 158,878  
    Total Growth Percentage                 14.3%  
                 

    Asset Quality

    As of March 31, 2025, SB Financial continued to demonstrate strong asset quality metrics. Nonperforming assets totaled $6.1 million, representing 0.41 percent of total assets, an increase of $3.2 million compared to $2.9 million or 0.22 percent of total assets reported in the prior year. This year-over-year growth was driven by weakness in three credits that we continue to expect to resolve favorably in 2025.

    The allowance for credit losses remained strong at 1.41 percent of total loans, providing 254.4 percent coverage of nonperforming loans, a level slightly lower than the linked quarter but indicative of our conservative approach to risk management amid the current environment. The net loan charge-offs to average loans ratio remained modest at 3 basis points, improving from 7 basis points in the prior quarter and consistent with the year-ago period, reflecting disciplined credit practices and effective collateral management.

    “Our asset quality metrics fully illustrate the diligence of our approach and commitment to disciplined risk management,” stated Mark Klein, Chairman, President, and CEO. “While we observed a slight uptick in nonperforming assets compared to the prior year, our reserve coverage ratio and continued low charge-off levels underscore the quality of our loan portfolio. We remain focused on balancing our conservative approach in maintaining the integrity of our credit processes with the need to effectively manage our balance sheet for long-term growth.”

                 
    Nonperforming Assets                
    ($ in thousands, except ratios) Mar. 2025 Dec. 2024 Sep. 2024 Jun. 2024 Mar. 2024   Annual
    Change
    Commercial & Agriculture $ 3,418   $ 2,927   $ 2,899   $ 2,781   $ 897   $ 2,521  
    % of Total Com./Ag. loans   1.82%     1.55%     1.54%     1.48%     0.49%     281.0%  
    Commercial RE   798     807     813     475     49     749  
    % of Total CRE loans   0.16%     0.17%     0.18%     0.11%     0.01%     1528.6%  
    Residential RE   1,608     1,539     1,536     1,247     1,295     313  
    % of Total Res. RE loans   0.50%     0.50%     0.49%     0.39%     0.41%     24.2%  
    Consumer & Other   227     243     270     231     193     34  
    % of Total Con./Oth. loans   0.31%     0.35%     0.40%     0.35%     0.30%     17.6%  
    Total Nonaccruing Loans   6,051     5,516     5,518     4,734     2,434     3,617  
    % of Total loans   0.56%     0.53%     0.54%     0.47%     0.25%     148.6%  
    Foreclosed Assets and Other Assets   73             510     510     (437 )
    Total Change (%)             -85.7%  
    Total Nonperforming Assets $ 6,124   $ 5,516   $ 5,518   $ 5,244   $ 2,944   $ 3,180  
    % of Total assets   0.41%     0.40%     0.40%     0.39%     0.22%     108.02%  


    Webcast and Conference Call

    The Company will hold the first quarter 2025 earnings conference call and webcast on May 2, 2025, at 11:00 a.m. EDT. Interested parties may access the conference call by dialing 1-888-338-9469. The webcast can be accessed at ir.yourstatebank.com. An audio replay of the call will be available on the Company’s website.

    About SB Financial Group

    Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for the State Bank & Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.

    Forward-Looking Statements

    Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in interest rates, demand for loans in the market areas in SB Financial and its subsidiaries operate, increases in FDIC insurance premiums, changes in the competitive environment, losses of significant customers, geopolitical events, the loss of key personnel and other risks identified in SB Financial’s Annual Report on Form 10-K and documents subsequently filed by SB Financial with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and SB Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial or any person acting on its behalf are qualified by these cautionary statements.

    Non-GAAP Financial Measures

    This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically pre-tax, pre-provision income, tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, total interest income – FTE, net interest income – FTE and net interest margin – FTE are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. In addition, the Company excludes the OMSR valuation adjustment and any gain on sale of assets from net income to report a non-GAAP adjusted net income level. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

    Investor Contact Information:

    Mark A. Klein
    Chairman, President and
    Chief Executive Officer
    Mark.Klein@YourStateBank.com

    Anthony V. Cosentino
    Executive Vice President and
    Chief Financial Officer
    Tony.Cosentino@YourStateBank.com

        SB FINANCIAL GROUP, INC.
        CONSOLIDATED BALANCE SHEETS – (Unaudited)
                               
              March   December   September   June   March
          ($ in thousands)     2025       2024       2024       2024       2024  
                               
    ASSETS                    
      Cash and due from banks   $ 105,145     $ 25,928     $ 49,348     $ 21,983     $ 26,602  
      Interest bearing time deposits     1,565       1,565       1,706       2,417       2,417  
      Available-for-sale securities     199,721       201,587       211,511       207,856       213,239  
      Loans held for sale     4,286       6,770       8,927       7,864       4,730  
      Loans, net of unearned income     1,088,274       1,046,735       1,029,955       1,005,390       991,552  
      Allowance for credit losses     (15,391 )     (15,096 )     (15,278 )     (15,612 )     (15,643 )
      Premises and equipment, net     21,875       20,456       20,715       20,860       20,985  
      Federal Reserve and FHLB Stock, at cost     5,340       5,223       5,223       5,204       6,512  
      Foreclosed assets and other assets     73                   510       510  
      Interest receivable     5,072       4,908       4,842       4,818       3,706  
      Goodwill     27,158       23,239       23,239       23,239       23,239  
      Cash value of life insurance     30,871       30,685       30,488       30,294       30,103  
      Mortgage servicing rights     14,965       14,868       14,357       14,548       14,191  
      Other assets     12,048       12,649       8,916       12,815       13,869  
                               
          Total assets   $ 1,501,002     $ 1,379,517     $ 1,393,949     $ 1,342,186     $ 1,336,012  
                               
                               
                               
    LIABILITIES AND SHAREHOLDERS’ EQUITY                    
      Deposits                    
        Non interest bearing demand   $ 240,446     $ 232,155     $ 222,425     $ 208,244     $ 219,395  
        Interest bearing demand     208,583       201,085       202,097       190,857       169,171  
        Savings     285,902       237,987       241,761       231,855       244,157  
        Money market     257,013       222,161       228,182       225,650       221,362  
        Time deposits     279,276       259,217       265,068       258,582       258,257  
                               
          Total deposits     1,271,220       1,152,605       1,159,533       1,115,188       1,112,342  
                               
      Short-term borrowings     11,058       10,585       15,240       15,178       12,916  
      Federal Home Loan Bank advances     35,000       35,000       35,000       35,000       35,000  
      Trust preferred securities     10,310       10,310       10,310       10,310       10,310  
      Subordinated debt net of issuance costs     19,702       19,690       19,678       19,666       19,654  
      Interest payable     2,634       2,351       3,374       2,944       2,772  
      Other liabilities     19,552       21,468       17,973       18,421       19,295  
                               
          Total liabilities     1,369,476       1,252,009       1,261,108       1,216,707       1,212,289  
                               
      Shareholders’ Equity                    
        Common stock     61,319       61,319       61,319       61,319       61,319  
        Additional paid-in capital     14,955       15,194       15,090       15,195       14,978  
        Retained earnings     117,397       116,186       113,515       112,104       109,938  
        Accumulated other comprehensive loss     (26,872 )     (30,234 )     (24,870 )     (31,801 )     (31,547 )
        Treasury stock     (35,273 )     (34,957 )     (32,213 )     (31,338 )     (30,965 )
                               
          Total shareholders’ equity     131,526       127,508       132,841       125,479       123,723  
                               
          Total liabilities and shareholders’ equity $ 1,501,002     $ 1,379,517     $ 1,393,949     $ 1,342,186     $ 1,336,012  
    SB FINANCIAL GROUP, INC.
    CONSOLIDATED STATEMENTS OF INCOME – (Unaudited)
                             
    ($ in thousands, except per share & ratios)   At and for the Three Months Ended
                             
            March   December   September   June   March
    Interest income      2025     2024       2024     2024       2024  
      Loans                    
      Taxable   $ 15,244   $ 14,920     $ 14,513   $ 13,883     $ 13,547  
      Tax exempt     115     122       127     124       123  
      Securities                    
      Taxable     1,169     1,178       1,192     1,226       1,274  
      Tax exempt     38     35       37     37       37  
      Other interest income     806     592       679     384       319  
                             
        Total interest income     17,372     16,847       16,548     15,654       15,300  
                             
    Interest expense                      
      Deposits     5,352     5,169       5,568     5,208       5,090  
      Repurchase agreements & other     24     41       43     36       34  
      Federal Home Loan Bank advances   362     369       369     370       613  
      Trust preferred securities     160     177       187     187       188  
      Subordinated debt     195     194       195     194       195  
                             
        Total interest expense     6,093     5,950       6,362     5,995       6,120  
                             
                             
    Net interest income     11,279     10,897       10,186     9,659       9,180  
                             
      Provision for credit losses     387     (76 )     200            
                             
    Net interest income after provision                    
      for loan losses       10,892     10,973       9,986     9,659       9,180  
                             
    Noninterest income                    
      Wealth management fees     864     916       882     848       865  
      Customer service fees     879     842       870     875       880  
      Gain on sale of mtg. loans & OMSR   849     1,196       1,311     1,277       781  
      Mortgage loan servicing fees, net     611     816       39     565       763  
      Gain on sale of non-mortgage loans   15     10       20     105       10  
      Title insurance revenue     397     478       485     406       266  
      Net gain on sales of securities                          
      Gain (loss) on sale of assets               200            
      Other     492     299       316     310       386  
                             
        Total noninterest income     4,107     4,557       4,123     4,386       3,951  
                             
    Noninterest expense                    
      Salaries and employee benefits     6,237     6,185       6,057     6,009       5,352  
      Net occupancy expense     893     702       706     707       769  
      Equipment expense     1,072     1,127       1,069     1,060       1,077  
      Data processing fees     1,439     821       758     727       769  
      Professional fees     1,034     895       659     615       758  
      Marketing expense     165     207       241     176       197  
      Telephone and communication expense     139     136       128     156       105  
      Postage and delivery expense     137     116       145     89       97  
      State, local and other taxes     224     224       208     230       245  
      Employee expense     174     168       228     159       178  
      Other expenses     896     422       804     743       735  
                             
        Total noninterest expense     12,410     11,003       11,003     10,671       10,282  
                             
                             
    Income before income tax expense     2,589     4,527       3,106     3,374       2,849  
                             
      Income tax expense     431     892       752     261       481  
                             
    Net income       $ 2,158   $ 3,635     $ 2,354   $ 3,113     $ 2,368  
                             
    Common share data:                    
      Basic earnings per common share   $ 0.33   $ 0.55     $ 0.35   $ 0.47     $ 0.35  
      Diluted earnings per common share $ 0.33   $ 0.55     $ 0.35   $ 0.47     $ 0.35  
                             
    Average shares outstanding (in thousands):                    
      Basic:     6,481     6,575       6,660     6,692       6,715  
      Diluted:     6,502     6,599       6,675     6,700       6,723  
    SB FINANCIAL GROUP, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS – (Unaudited)
                         
    ($ in thousands, except per share & ratios) At and for the Three Months Ended
                         
        March   December   September   June   March
    SUMMARY OF OPERATIONS     2025       2024       2024       2024       2024  
                         
    Net interest income   $ 11,279     $ 10,897     $ 10,186     $ 9,659     $ 9,180  
    Tax-equivalent adjustment     41       42       44       43       43  
    Tax-equivalent net interest income     11,320       10,939       10,230       9,702       9,223  
    Provision for credit loss     387       (76 )     200              
    Noninterest income     4,107       4,557       4,123       4,386       3,951  
    Total operating revenue     15,386       15,454       14,309       14,045       13,131  
    Noninterest expense     12,410       11,003       11,003       10,671       10,282  
    Pre-tax pre-provision income     2,976       4,451       3,306       3,374       2,849  
    Net income     2,158       3,635       2,354       3,113       2,368  
                         
    PER SHARE INFORMATION:                    
    Basic earnings per share (EPS)     0.33       0.55       0.35       0.47       0.35  
    Diluted earnings per share     0.33       0.55       0.35       0.47       0.35  
    Common dividends     0.145       0.145       0.140       0.140       0.135  
    Book value per common share     20.29       19.64       20.05       18.80       18.46  
    Tangible book value per common share (TBV)     15.79       16.00       16.49       15.26       14.93  
    Market price per common share     20.82       20.91       20.56       14.00       13.78  
    Market price to TBV     131.8 %     130.7 %     124.7 %     91.8 %     92.3 %
    Market price to trailing 12 month EPS     12.2       12.1       11.8       7.9       7.9  
                         
    PERFORMANCE RATIOS:                    
    Return on average assets (ROAA)     0.60 %     1.04 %     0.68 %     0.93 %     0.71 %
    Pre-tax pre-provision ROAA     0.83 %     1.28 %     0.96 %     1.01 %     0.86 %
    Return on average equity (ROE)     6.63 %     11.13 %     7.32 %     10.16 %     7.72 %
    Return on average tangible equity     8.32 %     13.58 %     8.97 %     12.59 %     9.55 %
    Efficiency ratio     80.00 %     71.09 %     76.78 %     75.86 %     78.17 %
    Earning asset yield     5.23 %     5.18 %     5.16 %     5.02 %     4.97 %
    Cost of interest bearing liabilities     2.32 %     2.36 %     2.53 %     2.47 %     2.55 %
    Net interest margin     3.40 %     3.35 %     3.17 %     3.10 %     2.99 %
    Tax equivalent effect     0.01 %     0.01 %     0.02 %     0.01 %     0.01 %
    Net interest margin, tax equivalent     3.41 %     3.36 %     3.19 %     3.11 %     3.00 %
    Non interest income/Average assets     1.14 %     1.31 %     1.20 %     1.31 %     1.19 %
    Non interest expense/Average assets     3.45 %     3.15 %     3.20 %     3.18 %     3.08 %
    Net noninterest expense/Average assets     -2.31 %     -1.85 %     -2.00 %     -1.87 %     -1.90 %
                         
    ASSET QUALITY RATIOS:                    
    Gross charge-offs     87       195       29             66  
    Recoveries     2       13       2       16       9  
    Net charge-offs     85       182       27       (16 )     57  
    Nonperforming loans/Total loans     0.56 %     0.53 %     0.54 %     0.47 %     0.25 %
    Nonperforming assets/Loans & OREO     0.56 %     0.53 %     0.54 %     0.52 %     0.30 %
    Nonperforming assets/Total assets     0.41 %     0.40 %     0.40 %     0.39 %     0.22 %
    Allowance for credit loss/Nonperforming loans     254.35 %     273.68 %     276.83 %     329.78 %     642.69 %
    Allowance for credit loss/Total loans     1.41 %     1.44 %     1.48 %     1.55 %     1.58 %
    Net loan charge-offs/Average loans (ann.)     0.03 %     0.07 %     0.01 %     (0.01 %)     0.02 %
                         
    CAPITAL & LIQUIDITY RATIOS:                    
    Loans/ Deposits     85.61 %     90.81 %     88.82 %     90.15 %     89.14 %
    Equity/ Assets     8.76 %     9.24 %     9.53 %     9.35 %     9.26 %
    Tangible equity/Tangible assets     6.96 %     7.66 %     7.97 %     7.72 %     7.63 %
    Common equity tier 1 ratio (Bank)     12.35 %     13.43 %     13.19 %     13.98 %     13.84 %
                         
    END OF PERIOD BALANCES                    
    Total assets     1,501,002       1,379,517       1,393,949       1,342,186       1,336,012  
    Total loans     1,088,274       1,046,735       1,029,955       1,005,390       991,552  
    Deposits     1,271,220       1,152,605       1,159,533       1,115,188       1,112,342  
    Shareholders equity     131,526       127,508       132,841       125,479       123,723  
    Goodwill and intangibles     29,125       23,597       23,613       23,630       23,646  
    Tangible equity     102,401       103,911       109,228       101,849       100,077  
    Mortgage servicing portfolio     1,432,184       1,427,318       1,406,273       1,389,805       1,371,713  
    Wealth/Brokerage assets under care     519,158       547,697       557,724       525,713       525,517  
    Total assets under care     3,452,344       3,354,532       3,357,946       3,257,704       3,233,242  
    Full-time equivalent employees     262       252       248       249       245  
    Period end common shares outstanding     6,483       6,494       6,624       6,676       6,702  
    Market capitalization (all)     134,982       135,780       136,189       93,458       92,359  
                         
    AVERAGE BALANCES                    
    Total assets     1,459,896       1,395,473       1,376,849       1,342,847       1,333,236  
    Total earning assets     1,346,354       1,301,872       1,283,407       1,246,099       1,230,736  
    Total loans     1,076,328       1,040,580       1,018,262       1,005,018       993,310  
    Deposits     1,227,449       1,163,531       1,145,964       1,120,367       1,091,803  
    Shareholders equity     131,944       130,647       128,608       122,510       123,058  
    Goodwill and intangibles     26,714       23,605       23,621       23,638       23,654  
    Tangible equity     105,230       107,042       104,987       98,872       99,404  
    Average basic shares outstanding     6,481       6,575       6,660       6,692       6,715  
    Average diluted shares outstanding     6,502       6,599       6,675       6,700       6,723  
    SB FINANCIAL GROUP, INC.
      Rate Volume Analysis – (Unaudited)
      For the Three Months Ended Mar. 31, 2025 and 2024
               
      ($ in thousands) Three Months Ended Mar. 31, 2025     Three Months Ended Mar. 31, 2024
        Average   Average     Average   Average
    Assets Balance Interest Rate     Balance Interest Rate
                       
      Taxable securities $ 196,880   $ 1,276 2.63 %     $ 210,252   $ 1,413 2.70 %
      Overnight Cash   66,460     699 4.27 %       20,729     180 3.48 %
      Nontaxable securities   6,686     38 2.30 %       6,445     37 2.30 %
      Loans, net   1,076,328     15,359 5.79 %       993,310     13,670 5.52 %
                       
      Total earning assets   1,346,354     17,372 5.23 %       1,230,736     15,300 4.99 %
                       
      Cash and due from banks   10,339             4,512      
      Allowance for loan losses   (15,238 )           (15,830 )    
      Premises and equipment   21,082             21,281      
      Other assets   97,359             92,537      
                       
      Total assets $ 1,459,896           $ 1,333,236      
                       
    Liabilities                
      Savings, MMDA and interest bearing demand $ 709,324   $ 2,959 1.69 %     $ 605,243   $ 2,525 1.67 %
      Time deposits   276,253     2,393 3.51 %       258,592     2,565 3.98 %
      Repurchase agreements & other   13,106     24 0.74 %       15,993     34 0.85 %
      Advances from Federal Home Loan Bank   35,044     362 4.19 %       51,030     613 4.82 %
      Trust preferred securities   10,310     160 6.29 %       10,310     188 7.31 %
      Subordinated debt   19,694     195 4.02 %       19,646     195 3.98 %
                       
      Total interest bearing liabilities   1,063,731     6,093 2.32 %       960,814     6,120 2.55 %
                       
      Non interest bearing demand   241,872             227,968      
                       
      Total funding   1,305,603     1.89 %       1,188,782     2.06 %
            44.20 %         1  
      Other liabilities   22,349             21,396      
                       
      Total liabilities   1,327,952             1,210,178      
                       
      Equity   131,944             123,058      
                       
      Total liabilities and equity $ 1,459,896           $ 1,333,236      
                       
      Net interest income   $ 11,279         $ 9,180  
                       
      Net interest income as a percent of average interest-earning assets – GAAP measure 3.40 %         2.99 %
                       
      Net interest income as a percent of average interest-earning assets – non GAAP 3.41 %         3.00 %
      – Computed on a fully tax equivalent (FTE) basis             
    Non-GAAP reconciliation Three Months Ended
           
    ($ in thousands, except per share & ratios) Mar. 31, 2025   Mar. 31, 2024
           
    Total Operating Revenue $ 15,386     $ 13,131  
    Adjustment to (deduct)/add OMSR recapture/impairment *   (11 )     (181 )
           
    Adjusted Total Operating Revenue   15,375       12,950  
           
           
    Total Operating Expense $ 12,410     $ 10,282  
    Adjustment for merger expenses   (726 )      
           
    Adjusted Total Operating Expense   11,684       10,282  
           
           
    Income before Income Taxes   2,589       2,849  
    Adjustment for OMSR*/Merger Expenses   715       (181 )
           
    Adjusted Income before Income Taxes   3,304       2,668  
           
           
    Provision for Income Taxes   431       481  
    Adjustment for OMSR/Merger Expenses **   150       (38 )
           
    Adjusted Provision for Income Taxes   581       443  
           
           
    Net Income   2,158       2,368  
    Adjustment for OMSR*/Merger Expenses   565       (143 )
           
    Adjusted Net Income   2,723       2,225  
           
           
    Diluted Earnings per Share   0.33       0.35  
    Adjustment for OMSR*/Merger Expenses   0.09       (0.02 )
           
    Adjusted Diluted Earnings per Share $ 0.42     $ 0.33  
           
           
    Return on Average Assets   0.60 %     0.71 %
    Adjustment for OMSR*/Merger Expenses   0.15 %     -0.04 %
           
    Adjusted Return on Average Assets   0.75 %     0.67 %
           
    *valuation adjustment to the Company’s mortgage servicing rights    
           
    **tax effect is calculated using a 21% statutory federal corporate income tax rate

    The MIL Network

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Racial Discrimination Commend Gabon on Special Contingent Composed of Indigenous Persons, Ask Questions on Treatment of Hausa Gabonese Population and Human Trafficking

    Source: United Nations – Geneva

    The Committee on the Elimination of Racial Discrimination today concluded its consideration of the tenth periodic report of Gabon, with Committee Experts commending the State on the establishment of a special contingent in the National Guard made up of indigenous persons, while asking questions on the treatment of the Hausa Gabonese population and steps taken to combat human trafficking.

    Régine Esseneme, Committee Expert and Country Rapporteur, said the Committee was informed that the President of the Transition, the current Head of State, had set up a special contingent in the National Guard composed of members of the indigenous peoples’ communities, with a view to protecting the environment, which was a commendable action.

    Ms. Esseneme asked about the situation of the Hausa Gabonese since their naturalisation as Gabonese citizens in 2015, in terms of facilitating their national integration? What measures were being taken to ensure effective access to birth registration for members of ethnic minorities and indigenous peoples and to ensure the issuance of official identity documents and passports, especially in remote areas?

    Bakri Sidiki Diaby, Committee Expert and Country Co-Rapporteur, asked what was the proportion of Gabonese nationals who were victims of trafficking? What were the main forms of trafficking found in Gabon? What was the profile of the perpetrators of human trafficking, their gender and their nationality? What were the measures for reparation and rehabilitation of victims of trafficking? What was being done by the State to prevent and combat trafficking in persons, including for the purpose of labour exploitation, sexual exploitation and domestic servitude, including of non-citizens, especially children?

    The delegation said the Hausa Gabonese benefitted the same as any other citizen who held Gabonese nationality. A naturalisation decree had been implemented which granted Gabonese nationality to all Hausa people living in the country at the time; this was around 1,000 people. Some people had tried to fall through the cracks and benefit from this decree without actually meeting the requirements, which had a negative impact on the administrative situation. The Ministry of Justice was currently verifying the validity of these documents.

    The delegation said in 2023, Gabon completed the procedure required for the State to be in a position to proactively identify cases of human trafficking by identifying irregular movements. The country was also collecting data in this regard, to identify trends and receive up to date information on this phenomenon in Gabon. Underground networks operated the trafficking of women and children, and irregular migration was the driving force behind this phenomenon. Gabon was working with Benin to find a solution to this issue. The State was fully committed to rolling out the project to have practical solutions to these issues, including police investigations into these cases.

    Introducing the report, Paul-Marie Gondjout, Minister of Justice, Keeper of the Seals of Gabon and head of the delegation, apologised for the late submission of the report, which should have been submitted more than 20 years ago. Since the “ coup of liberation” of 30 August 2023, the country had been engaged in a democratic transition process under the aegis of the President of the Transition. Structured around profound institutional reforms, this inclusive process had laid the foundations for more transparent and democratic governance. A new Constitution was adopted in December 2024, which brought substantial innovations in governance; and the Electoral Code adopted in January 2025 introduced greater involvement of electoral observers, two seats of deputies for the Gabonese diaspora, and the guarantee of the right to vote for incarcerated citizens.

    In concluding remarks, Ms. Esseneme congratulated Gabon for the multi-sectoral approach taken to the dialogue, which had been productive and fruitful. Gabon was urged to do its utmost to implement the recommendations contained in the concluding observations, to ensure ongoing collaboration with the Committee.

    Mr. Gondjout, in his concluding remarks, thanked the Committee for the constructive and respectful exchange which had taken place. Gabon would continue engaging with the Committee and looked forward to the concluding observations and follow-up. It would respond within the timeframes indicated.

    The delegation of Gabon consisted of representatives of the Transitional National Assembly; Ministry of the Interior; Ministry of Health; Ministry of Energy and Water Resources; Ministry of Women and Child Protection; Ministry of National Education; Directorate of Human Rights Protection; Directorate of Criminal Affairs; Directorate of Equal Opportunities; Labour Inspectorate; Central Directorate of Financial Affairs; Directorate of Documentation and Immigration; Immigration Task Force; and the Permanent Mission of Gabon to the United Nations Office at Geneva.

    The Committee will issue its concluding observations on the report of Gabon after the conclusion of its one hundred and fifteenth session on 9 May. The programme of work and other documents related to the session can be found here . Summaries of the public meetings of the Committee can be found here , while webcasts of the public meetings can be found here .

    The Committee will next meet in public on Thursday, 1 May at 3 p.m. to consider the combined eleventh and twelfth periodic reports of Kyrgyzstan (CERD/C/KGZ/11-12).

    Report

    The Committee has before it the tenth periodic report of Gabon (CERD/C/GAB/10).

    Presentation of Report

    PAUL-MARIE GONDJOUT, Minister of Justice, Keeper of the Seals of Gabon and head of the delegation , apologised for the late submission of the report, which should have been submitted more than 20 years ago. It covered the period from 1999 to 2021 and was drafted in an inclusive, participatory process. Since gaining sovereignty, Gabon had promoted equal dignity among all citizens by prohibiting any distinction of race, origin or religion. The country had made the fight against all forms of discrimination one of the priorities in its resolute commitment to building a State governed by the rule of law that respected and protected human rights and guaranteed access to rights for all.

    Since the “ coup of liberation” of 30 August 2023, the country had been engaged in a democratic transition process under the aegis of the President of the Transition. Structured around profound institutional reforms, this inclusive process had laid the foundations for more transparent and democratic governance. A new Constitution was adopted in December 2024, which brought substantial innovations in governance; and the Electoral Code adopted in January 2025 introduced greater involvement of electoral observers, two seats of deputies for the Gabonese diaspora, and the guarantee of the right to vote for incarcerated citizens. The presidential election was held on 12 April, which would be followed on 3 May by the inauguration of the President of the Republic, thus putting an end to the transition. Transitional authorities had taken determined action to periodically update the legislative arsenal to bring it into line with ratified international treaties.

    Statistical data was a major challenge for Gabon. To address this, the Directorate General of Statistics had set up a technical body to carry out the seventh national census, which would provide data on age, gender, ethnicity, nationality and language spoken for the total population, indigenous peoples, ethnic minorities and migrants, as well as information on employment, income level and social protection. The project for the harmonisation and improvement of statistics in West and Central Africa was providing financing of statistical activities between 2025 and 2029, ensuring the production of reliable and regularly updated statistics.

    The Convention was directly applicable in Gabon and took precedence over national laws. To raise awareness of the Convention, several initiatives were implemented during the reporting period, from capacity-building workshops to the dissemination of multilingual communications. In various training schools, the Convention was presented in the module on human rights.

    No Gabonese text defined racial discrimination in the same terms as those in article one of the Convention. However, the Constitutions of 1991 and 2024 had adopted and enshrined the main principles of article one, targeting discrimination based on race, colour, national or ethnic origin and covering several sectors of the population. The Constitution also enshrined the equality of citizens before the law and the courts and the presumption of innocence for accused persons. The Government envisaged developing a national plan of action to combat racial discrimination and related intolerance in the coming year. Training sessions on the issue had been organised and a committee had been set up to develop a draft.

    A law on the reorganisation of the National Human Rights Commission was promulgated in November 2024. The process of re-establishing the institution would be completed in the coming weeks after the selection of the commissioners by the Bureau of the National Assembly. Premises for the Commission were made available in 2014, and it had recruited staff since 2012. Its budget has increased from 12,000,000 CFA francs in 2016 to 592,000,000 in 2025.

    During the period under review, measures were taken to ensure that the Criminal Code and other legislation complied with the Convention. State laws prohibited and penalised acts of racial, religious and ethnic discrimination and regionalist propaganda; secular or religious associations that provoked hatred between ethnic groups; and the dissemination, including online, of racist hate speech, which constituted an aggravating circumstance.

    The High Authority for Communication had imposed sanctions on media outlets on several occasions, but no decision condemning hate speech had been handed down by courts to date. A digital campaign entitled “Gabon against hate” was launched in December 2023 to educate citizens on the dangers of hate speech and disinformation, and in December 2024, the Government organised a workshop on the Central African strategy and action plan for the prevention and response to hate speech and incitement to violence, which led to the drafting of a national action plan.

    The new Constitution recognised civil society organizations as a part of pluralist and participatory democracy. A bill was also submitted in September 2024 on the protection of human rights defenders. Civil society organizations, including the network of human rights defenders, were strongly involved in the transition process, both in the Government and in Parliament.

    To align legislation on migrants with international standards, Gabon prepared a draft law establishing rules governing the admission and residence of foreigners in the Republic. The Government planned to integrate the issue of migrants into the curricula of training schools, particularly at the National School of the Judiciary and the National Police Academy, which also had a module on trafficking in persons.

    Gabon had made commitments at international, regional and national levels to combat trafficking in persons through local initiatives and partnerships with international actors. In 2023, the State party created a commission that was mandated to strengthen the capacities of actors addressing trafficking and establish coordinated mechanisms for the identification, care and protection of victims in each province. In addition, a proposed strategy and action plan on trafficking for the period 2025-2029 would implement actions to prevent the phenomenon, protect victims and prosecute perpetrators.

    Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur , extended warm congratulations to the elected President of the Republic, Brice Oligui Nguema. She said the Committee had considered Gabon’s last report in 1998 in the absence of a delegation. The State submitted its next report 26 years late in 2024. The report did not provide sufficient information on the implementation of the Committee’s previous concluding observations. However, Ms. Esseneme congratulated the State party on significant developments that had been made in the legal and institutional framework, particularly the prohibition of hate speech.

    Gabon’s new Constitution of 2024 did not contain all the grounds of discrimination provided for in article one of the Convention, including skin colour, national origin and ancestry. Was this Constitution currently in effect? By what mechanism could the Convention be invoked before national courts? Could the delegation give examples of court cases in which Convention provisions had been applied? Were there plans to adopt comprehensive anti-discrimination legislation in line with the Convention? Gabon’s Common Core Document dated from 1998 and did not contain precise information on equality and non-discrimination. Were there plans to update it?

    Was there any legislation in the State party explicitly prohibiting racial profiling by police? Gabonese police reportedly carried out racial profiling checks and extorted foreigners staying in Gabon, demanding sums of money from them that varied depending on whether they held a residence permit. What measures were envisaged to prevent, prohibit and expressly punish racial profiling?

    Was the Government drafting a new Criminal Code that incorporated all the provisions of article four of the Convention? Since the events of 30 August 2023, there had reportedly been a rise in racist hate speech against Gabonese of foreign origin, including the Hausa Gabonese group, and foreigners. What measures had the State party taken to counter this hate speech? Had the Prosecutor’s Office received cases of discriminatory acts against Hausa Gabonese?

    The situation seemed to have deteriorated since the presidential election. Some 500 vehicles belonging to non-nationals employed in a private scheme for disadvantaged people had been seized and impounded. Could the State party provide an update on this case, which appeared to amount to racially motivated violence?

    Did Gabon’s law hold persons from a dominant group to account when they destroyed the property of or committed violence against a member of a minority group? What measures were in place to improve the reporting and monitoring of racist hate crimes and hate speech? What progress had been made through the “Gabon against hate” campaign?

    BAKRI SIDIKI DIABY, Committee Expert and Country Co-Rapporteur, called for data on the demographic composition of the population based on self-identification, disaggregated by ethnic origin; data on migrants, refugees, asylum seekers and stateless people; and disaggregated economic and social indicators on the different groups living in the territory, in particular minority groups? The Committee was concerned about the State’s general lack of disaggregated data, including on ethnicity, needed to monitor progress on human rights and inform policymaking. How was the State addressing this? Did it plan to establish a comprehensive data collection and reporting system that would provide insight into racial discrimination, socio-economic inequalities and implementation of the Convention?

    Responses by the Delegation

    The delegation apologised for Gabon’s lateness in submitting the report. The State party was fully committed to working with the Committee. The transitional authorities sought to fulfil the country’s international obligations.

    The Constitution reflected the principles of the Convention, even though it did not reproduce its provisions word for word. There had been no complaints submitted to courts on racial discrimination. The President would take office in three days’ time, when the new Constitution would enter into force.

    The Convention had supremacy over all domestic laws, and when there were Convention provisions that were contrary to the Constitution, the Constitutional Court could recommend amendments to the Constitution. The Criminal Code was last revised in 2020 and Gabon was engaging in work to further revise the Code to formalise within it all elements of article one of the Convention.

    Police officers apprehended persons based on the acts that they conducted. They did not consider persons’ racial or ethnic identity; State law prohibited racial profiling. The Government worked to promote unity between different ethnic groups and ensure that hate speech did not gain ground.

    Data on ethnic origin was not collected in the previous census of 2013, though data on nationality was. The next census would collect data on age, gender, ethnic origin and languages spoken. The Government had undertaken a project to reform the national statistics system, which aimed to provide more resources to the national statistics institute and to establish officers on statistics in each ministerial department, who would collect data on the implementation of the Convention.

    Last year, a leader of a political party made a statement against an ethnic group; investigations into this incident were ongoing. The State party embraced the Hausa Gabonese and other populations of foreign origin, promoting their integration into society. It sought to resolve institutional friction to ensure such integration. It was not aware of reports of seizing of non-nationals’ vehicles.

    Follow-Up Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, asked whether the President would need to approve legislation to bring the new Constitution into force. What happened when constitutional or domestic legal provisions ran counter to international norms? Did victims need to lodge complaints related to hate speech for criminal investigations to start? Did the law on the protection of personal data include measures to prevent racial profiling?

    A Committee Expert said the Committee was very pleased to see the delegation of Gabon after nearly a quarter-century and looked forward to continued dialogue with the State. In 2011, a law was implemented that addressed ritualistic crimes against children. What measures had the State party taken to protect children from these crimes? How many children were affected by such crimes?

    Responses by the Delegation

    The delegation said the new Constitution was in force, but its content on ceasing the transitional process was not applicable immediately. The Constitutional Court assessed new laws to ensure that they were aligned with the Convention and the Constitution. It informed the Government when laws contained provisions that did not align with the Convention and called for their revision.

    The Higher Authority on Communication could suggest administrative sanctions against media agencies that disseminated hate speech.

    There were no legal provisions that specifically referred to “ritualistic crimes”, but there were provisions punishing related acts, such as murder and removal of vital organs, as aggravated crimes.

    Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, said Gabon had not adopted a plan of action to combat racial discrimination. What measures had the State party taken to develop such a plan and implement the Durban Programme of Action, and what results had it obtained?

    The National Human Rights Commission was reorganised in November 2024. Had the State party applied for accreditation from the Global Alliance of National Human Rights Institutions? The Commission received and examined complaints from individuals and victims. What was the procedure for this, and how many complaints had it examined, including related to racial discrimination? How was the Commission raising awareness about human rights protections? The Commission’s financial resources had been significantly increased; the Committee hoped that this would strengthen the Commission’s ability to combat racial discrimination.

    The registration procedure for non-governmental organizations was reportedly very expensive and inconsistent, which discouraged organizations from carrying out their activities. The Committee had not received any alternative report from civil society. How was the State party encouraging this? What progress had been made in establishing a consultation framework between the State and civil society, and in developing a law on human rights defenders? Human and environmental rights defenders in the country were highly vulnerable to abuses and reprisals, including women, farmers and indigenous peoples fighting against deforestation. What measures were being taken to ensure the protection of human rights defenders who fought against racial discrimination and defended indigenous peoples and migrants?

    The Committee welcomed that the State automatically appointed a lawyer to accused persons who could not afford one, and that such persons benefitted from the presumption of innocence. How many persons had benefitted from legal aid in the last two years, including persons from ethnic minorities?

    What continuous training or awareness raising activities were being carried out for the judiciary, law enforcement officials and the public on human rights, international human rights treaties, non-discrimination and minority rights? Did training on human rights for security and defence forces address the Convention? What measures had been implemented to support the filing of complaints and claims for redress in cases of racial discrimination, particularly for ethnic minorities, indigenous peoples and non-citizens? Victims often struggled to prove that they had been discriminated against when perpetrators held positions of authority. Did the State party intend to introduce a reversal of the burden of proof in favour of victims of discrimination? How would the State bring the administration of justice closer to rural areas inhabited by indigenous peoples, and remove obstacles related to linguistic diversity?

    What progress had been made on introducing human rights education into school curricula and higher education? Did curricula address the Convention, combatting racial discrimination, and the history, culture and traditions of the different ethnic groups and indigenous peoples? What difficulties did the State party encounter in promoting education on national languages? Were there any community radio stations in the State party where information was disseminated in local languages and indigenous languages such as Baka? What programmes were in place to promote ethnic cultures and traditions and social cohesion?

    BAKRI SIDIKI DIABY, Committee Expert and Country Co-Rapporteur, said the new Constitution stipulated that citizens’ gatherings, demonstrations or parades in public spaces needed to be authorised under the conditions provided for by law. This seemed to restrict freedom of assembly and contradict 2017 legislation calling only for a declaration of planned gatherings. Why had this regressive change been made? How would the State party bring its rules on freedom of assembly in line with international standards? Were remedies available for persons whose demonstrations had been banned?

    In February 2021, tear gas and grenades were used in Libreville and Port Gentil to disperse a crowd demonstrating in opposition to the restrictions imposed during the COVID-19 pandemic. What justified this use of public force? Had investigations been carried out to establish responsibility? Could legislation on assembly be used to restrict private meetings? What measures had the State party adopted to ensure that indigenous peoples, ethnic minorities and non-citizens could exercise their right to freedom of assembly without discrimination, including at demonstrations in opposition to infrastructure projects or calling for protection of the environment and natural resources?

    FAITH DIKELEDI PANSY TLAKULA, Committee Expert and Follow-Up Rapporteur , said she was encouraged by the State’s desire to strengthen its institutions. How were the members of the National Human Rights Commission appointed and to whom were they accountable? The State party had not ratified the African Charter on Democracy, Elections and Governance. Did it plan to do so?

    Responses by the Delegation

    The delegation said that the National Human Rights Commission would apply for accreditation with the Global Alliance of National Human Rights Institutions. Funding for the Commission had increased exponentially. Legislation on the re-establishment of the Commission was in line with the Paris Principles; it had been developed with the Office of the High Commissioner for Human Rights. There had not been any complaints of racial discrimination submitted to the Commission yet. The State party would work to raise awareness of the Commission’s complaints mechanism.

    The Commission and civil society were involved in drafting the State party’s reports to treaty bodies. Civil society had submitted alternative reports to the Human Rights Committee, and training had been provided to civil society on preparing such reports. Reports that the procedure for creating non-governmental organizations was onerous were false. There were no costs associated with creating such organizations in Gabon.

    Gabon sought to rebuild its institutions based on justice. It had set up a legal aid office, which provided legal aid to vulnerable persons, and sought to strengthen this system and make it accessible throughout the country. There was no discrimination in the provision of legal aid. All plaintiffs appearing before a criminal court needed to be represented by a lawyer. The State party would consider revising the Criminal Code to reverse the burden of proof for cases involving racial discrimination.

    The new Constitution enshrined the principles of freedom of expression and assembly for all citizens. Legislation set up a system of declaration for public demonstrations; there was no authorisation system. Individuals who had been banned from holding demonstrations could file administrative appeals and appeals with the courts. There were no barriers to the freedom of expression in Gabon.

    Human rights education was part of the Gabonese civic education programme from primary level onwards. There had been an initiative to bolster this programme and to provide human rights education in vocational training institutions. Teaching on national languages was provided in religious establishments, and there were plans to include national language education in the general primary and secondary curricula.

    The new members of the National Human Rights Commission would be appointed by an ad-hoc committee within the National Assembly through a transparent process that ensured appropriate geographic balance. These members would be standing, independent members. Members’ reports would be sent to relevant institutions for follow-up.

    Initial training for members of the magistracy included a module on human rights, and ongoing training was provided on certain issues, for example concerning migrants and trafficking.

    Questions by a Committee Expert

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, asked which groups in Gabon self-determined as national minorities, even though the State declared it did not grant them legal status? What was the situation of the Hausa Gabonese since their naturalisation as Gabonese citizens in 2015, in terms of facilitating their national integration? According to information received by the Committee, the State was struggling to issue birth certificates and national identity cards to ethnic and indigenous minorities. What measures were being taken to ensure effective access to birth registration for members of ethnic minorities and indigenous peoples and to ensure the issuance of official identity documents and passports, especially in remote areas?

    It was reported that in 2022, people returning from holidays, whose surnames sounded foreign, had had their passports taken away by border police officers, and they had to go and collect them and justify their Gabonese nationality. What was at the origin of this search for the original “Gabonness” that seemed to be coming back in force since the events of August 2023? What was the State party doing to ensure social cohesion in these circumstances?

    How many members of the indigenous peoples’ communities held positions of responsibility in the central and local State administration? What measures were being taken to strengthen the political and administrative capacities of the members of these communities for better representation? What was the proportion of women, and particularly women from indigenous peoples and the Hausa Gabonese minority, in elective and decision-making positions in the civil service? Did it mean the State would prefer to appoint a less qualified man to a senior job in the State rather than a highly qualified woman, if the 30 per cent quota for women was reached? What measures had the State party taken to prevent and combat racial discrimination in the workplace, as well as abusive practices and labour exploitation, in particular against indigenous peoples and other minorities?

    From the report, it appeared the State party was made up of the Baka, Babongo, Bakoya, Baghame, Barimba, Akoula and Akwoa ethnic groups that were settled in different regions of Gabonese territory. What were the legal and institutional frameworks, as well as policies and programmes established for the promotion and protection of the specific rights of these indigenous peoples? What measures had been taken to enable indigenous peoples to enjoy genuine equality of opportunity and treatment with other members of the population? How many indigenous peoples were there in Gabon?

    What mechanism had been implemented to conduct prior consultations to obtain the free and informed consent of the indigenous peoples concerned by projects, including the deployment of fibre optics, and to involve them in their implementation? Was there a permanent framework for cooperation with community leaders or associations that represented these populations? Who were the ethnic groups of the indigenous inhabitants of the 26 villages concerned by the development project, being conducted with the United Nations Children’s Fund?

    The Committee was informed that the President of the Transition, the current Head of State, had set up a special contingent in the National Guard composed of members of the indigenous peoples’ communities, with a view to protecting the environment, which was a commendable action. It was hoped this would not be an isolated act.

    According to available information, entire villages populated by indigenous communities had been displaced without prior consent for mining projects in Bakoumba, and had been relocated to undesirable and polluted areas, with no action taken by the authorities to follow up on the complaints of those affected by the pollution. Could information on this situation be provided? What measures were being taken to ensure the right of indigenous peoples to own, develop, control and use the lands, resources and community territories that they traditionally occupied or used? What tools did the Government use to promote equal opportunities in education and training? How were the specific needs of indigenous peoples taken into account? Did pre-primary and primary education include the teaching of mother tongue languages?

    The Gabonese Government had adopted a commendable housing policy with the home savings plan put in place since March 2019. However, a World Bank report from 2020 revealed that more than one in two households did not have access to decent housing. What was the real situation in terms of housing? Could information be provided on the poverty rate among indigenous peoples and other minorities and their access to basic services?

    The education system had specialised facilities for children with hearing impairments, including those belonging to indigenous peoples and other minorities. What was the situation of the education of other children with special needs, such as autistic children, considered in some societies to be evil or sorcerous children? Given that some 50 national languages were spoken in Gabon, what languages were used within the media and what methodology was used to choose these languages? Were there programmes in the Baka and Koya languages that were spoken by indigenous peoples? What measures had been taken to promote the dissemination of and respect for the traditions and culture of the different ethnic groups in Gabon, and to protect indigenous languages, such as Baka and Koya?

    Responses by the Delegation

    Regarding the Hausa whose passports were removed if their names sounded foreign, the delegation said there were people who had not been careful to keep up with the administrative situation in the country in which they lived. They may not see the importance of having birth and identity documents. This meant today, when the State was focused on restoring its institutions, these matters came to the surface. There had been some confusing situations which arose because many people had held fake documents for a long time before. The Government was looking into this issue as a matter of national security.

    Members of the Hausa population benefitted the same as any other citizen who held Gabonese nationality. A naturalisation decree had been implemented which granted Gabonese nationality to all Hausa people living in the country at the time; this was around 1,000 people. Some people had tried to fall through the cracks and benefit from this decree without actually meeting the requirements, which had a negative impact on the administrative situation. The Ministry of Justice was currently verifying the validity of these documents.

    It was true that there were more women than men in Gabon. However, when it came to elections, not many women wanted to participate in political life, and the State wanted to change this. This was why legislation had been developed which established quotas; this aimed to be positive discrimination for women. The quotas intended to encourage more women to become involved in political life at the local and national level. The 30 per cent minimum quota was in place for all political parties, with the requirement that 30 per cent of all candidates should be women. The State also aimed to encourage more young people and persons with disabilities to become involved in political life.

    Indigenous peoples were included in Gabon’s social protection coverage. They were covered by the social protection system and received unemployment and health benefits. The 26 villages covered by the support programme were villages with people from Baka, Bango and other groups. Work was done with pregnant women to ensure neonatal services were provided, especially in remote parts of the country where many indigenous groups lived. The State had set up a centre for autistic children and aimed to roll this out to other parts of the country.

    In 2016, a programme was launched to combat all forms of discrimination in employment, healthcare and education, and other areas of public life. The State sought to support all levels of society in Gabon through this programme, which covered indigenous peoples, women and other vulnerable groups. All programmes were intended to promote equality of opportunity for all. Indigenous peoples, regardless of where they were located in the country, could benefit from State programmes.

    In Gabon, there was an observatory which focused on the issue of equality and undertook various studies, including a recent one on the equality of opportunity for indigenous peoples in Gabon. On the basis of this study, an action plan had been developed, with policies to be rolled out to address the situation of indigenous peoples in the country. The most recent census had enabled the State to identify 15,000 persons with disabilities who needed additional support, and actions relating to education and health were carried out in this regard. Gabon was on the right track in terms of indigenous peoples, as the State was pursuing inclusive policies, taking into account all persons on the territory of the country.

    Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, said several questions had not been answered, namely on the languages used in the media; the use of land by indigenous peoples; and the medicinal practices of indigenous peoples. There had been a case where indigenous peoples were forcibly removed from their village and transported to polluted areas; could this be addressed? Was it correct that the 30 per cent quota was a minimum? If there was a list of candidates which did not reach the minimum threshold, was it then rejected? Was the State considering an individualised approach to the Hausa Gabonese?

    A Committee Expert asked if the State looked at issues which might be particularly harmful to indigenous peoples, and then adopted policies and programmes to address these issues?

    Another Committee Expert asked what members of the delegation meant when they said they did not recognise minorities as a legal concept? Did this mean these minorities did not qualify for legal protection?

    An Expert asked if the State had investigated what held women back from applying for election posts?

    A Committee Expert said Gabon had last reviewed the Constitution in 2011. How had Gabon addressed the issues of discrimination in education?

    Responses by the Delegation

    The delegation clarified that Gabon had a brand-new Constitution. The law on data protection stated that it was prohibited to collect or process any data which revealed the racial or ethnic background of an individual, their political or religious views, and data related to their sex life or health, among other points. The profiling of children was strictly prohibited, except when strictly necessary. Personal data could be accessed on the grounds of State security defence. When the police were carrying out controls or checks, they treated all passengers in stopped vehicles the same; everyone was asked to show their identity documents.

    When the 30 per cent quotas were not achieved, steps were taken to encourage favourable treatment for women, by ensuring a male and female alternance for candidates in electoral lists, to achieve the 30 per cent representation. This was a “carrot rather than stick” approach. Women were being encouraged to overcome cultural blocks and stand for leadership roles. A workshop had been held last week which sought to address the grassroot social issues, including that women were typically viewed as homemakers and housewives. The quota law aimed to break these traditional mindsets.

    Gabon had enacted specific measures, including the law on persons with disabilities, which mandated that education was compulsory for all children with disabilities. Education was compulsory by law for all children between ages three and 16 in Gabon. A forum was organised in 2019 on the implementation of inclusive education. New schools being built were required to meet accessibility standards, to ensure free and easy access for children with motor disabilities.

    The relocation of individuals in certain areas had been required, but the fact that they were relocated to polluted areas was refuted. Some people had to accustom themselves to living in a new location, but it was the sovereign right of the State to ensure they could tap their resources for the overall benefit of the country. More information about the claims would be appreciated. There were community radio stations which broadcast programmes in local indigenous languages.

    Questions by Committee Experts

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, said there had been no shadow report received from Gabonese civil society. The information regarding the relocation of indigenous peoples had been received by the Committee members which was why they asked the question. State sovereignty should not be used against the population, but rather for their wellbeing.

    What measures had been adopted, including special measures or affirmative action measures, with a view to combatting inequalities and multiple forms of discrimination, including racial discrimination, with regard to ethnic minorities and indigenous peoples, such as the Baka, Babongo, Bakoya, Baghame, Barimba, Akoula and Akwoa? To what extent did the 2018 national strategy to combat gender-based violence and the law on the elimination of violence against women take into account the specific needs of indigenous girls and women? What other measures had been adopted to address the multiple and intersecting forms of discrimination faced by women belonging to ethnic minorities, indigenous peoples, and other vulnerable groups?

    BAKRI SIDIKI DIABY, Committee Expert and Country Co-Rapporteur, said law no. 5/86, establishing the regime for the admission and residence of foreigners in the Gabonese Republic, provided for severe fines and imprisonment for foreigners in an irregular situation, which considerably reduced the scope of protection for persons who arrived in Gabon irregularly or those already in Gabon in need of international protection. What measures had been taken by the State party to harmonise its national legislation, including this law, with international obligations, in particular to decriminalise irregular migration? What measures had been adopted to prevent and combat racial discrimination and xenophobia against migrants, asylum seekers, refugees and stateless persons, and to facilitate the integration of non-citizens?

    What measures had been adopted by the State party to ensure that the practical application of the policy of “Gabonisation” of employment did not lead to cases of discrimination in hiring and dismissal on the basis of race, colour, descent or national or ethnic origin? According to a provision within the refugee act, the majority of refugees in Gabon lived with families. What was the profile of these families? How was the legal integration of refugees carried out? What were the socio-demographic, spatial and legal-administrative characteristics of the descendants of refugees in Libreville? Clear procedures were needed to ensure the prompt identification of persons seeking international protection at land borders and arrivals by sea; what measures were being taken in this regard? What had been done to strengthen the National Commission for Refugees?

    The Committee had been told that asylum seekers remained excluded from the national medical insurance scheme and did not have access to medical services pending a decision on their refugee status. What steps had been taken to extend primary health care to asylum seekers who were awaiting a final decision on their refugee status? What efforts had the Gabonese Government made to develop and implement a statelessness determination procedure? The Committee had been informed that many foreigners were forced by the administrative services to add so-called “Gabonese” surnames to their surnames, which discouraged some parents of children born in Gabon from finalising the procedures for obtaining Gabonese nationality or identity documents; what measures had been taken to address these situations?

    What was the proportion of Gabonese nationals who were victims of trafficking? What were the main forms of trafficking found in Gabon? Did forced labour include domestic servitude, commercial exploitation and sexual exploitation? What was the profile of the perpetrators of human trafficking, their gender, and their nationality? How many cases had been prosecuted and convicted? What were the measures for reparation and rehabilitation of victims of trafficking? What was being done by the State to prevent and combat trafficking in persons, including for the purpose of labour exploitation, sexual exploitation and domestic servitude, including of non-citizens, especially children? Had appropriate resources been allocated to the National Commission for the Prevention and Combatting of Trafficking in Persons to enable it to carry out its mandate?

    Responses by the Delegation

    The delegation said a guide had been produced to inform people on how to tackle different forms of violence, including sexual violence, and how to support victims. A specific programme had been developed for indigenous children with nomadic lifestyles. Gabon provided support to refugees and asylum seekers as required. The right to health was recognised as a universal human right. Those in an irregular situation received healthcare regardless of their status.

    There was a small number of cases of irregular migration in Gabon today. In recent years, it was ensured that migrants in an irregular situation had been provided with documents and put into a regular situation.

    In 2023, Gabon completed the procedure required for the State to be in a position to proactively identify cases of human trafficking by identifying irregular movements. The country was also collecting data in this regard, to identify trends and receive up to date information on this phenomenon in Gabon. Transnational networks existed, operating by both land and sea. Underground networks operated trafficking of women and children, and irregular migration was the driving force behind this phenomenon. Gabon was working with Benin to find a solution to this issue. The State was fully committed to rolling out the project to have practical solutions to these issues, including police investigations into these cases. Trafficking was a transnational problem, and it was important to go back to the country of origin.

    Everyone in Gabon enjoyed the right to freedom of assembly. Indigenous peoples were dealt with on an equal footing, the same way as other citizens in Gabon. They were appropriately supported if they wished to establish associations. If the laws on equal treatment were not respected, appropriate penalties would be handed down.

    Legislation established the National Commission for the Prevention of Human Trafficking in Gabon. The Commission spearheaded a national strategy to counter trafficking. Gabon was a party to the 1951 Geneva Convention on Refugees. An appeals mechanism existed for those who were not satisfied with their asylum decision. There were no refugee camps in Gabon; refugees and asylum seekers shared the same schools and hospitals as Gabonese citizens. A refugee held the same rights as a Gabonese citizen. A refugee card was issued and gave access to many of the same rights as an identity card.

    BAKRI SIDIKI DIABY, Committee Expert and Country Co-Rapporteur, congratulated Gabon on the mechanism adopted to tackle human trafficking. Could statistics on the number of stateless people be provided? 

    A Committee Expert asked what steps had been taken by the Gabonese Government to push back against hate speech and xenophobia? Would Gabon ratify the Convention on the Rights of Migrants and Members of their Families?

    Another Expert asked if history education was compulsory in the State party at all levels of the education system? Given the colonial legacy of the State party, to what extent did the educational curricula cover this issue? Was Gabon supportive of the concept of reparations for colonial wrongs?

    A Committee Expert asked if any measures had been taken to eradicate malaria, particularly among migrants and asylum seekers?

    Another Expert asked how refugees were cared for in Gabon, including accommodation needs, in light of the fact that there were no camps?

    An Expert said Gabon had made good progress in regard to the education of children with disabilities. Had Gabon ratified the Convention on the Protection of Persons with Disabilities, and instruments on displaced persons.

    One Expert paid tribute to the father of the Gabonese nation.

    Responses by the Delegation

    The delegation said in history classes in public schools, there was no political link with colonialism. The curriculum was based on the programme drafted by a national pedological institution.

    Closing Remarks

    FAITH DIKELEDI PANSY TLAKULA, Committee Expert and Follow-up Rapporteur , said it would be the first time that Gabon would receive recommendations with a follow-up. Several recommendations would be highlighted for follow-up within one year.

    RÉGINE ESSENEME, Committee Expert and Country Rapporteur, congratulated Gabon for the multi-sectoral approach taken to the dialogue, which had been productive and fruitful. Ms. Esseneme thanked all those who had made the dialogue possible, especially in the hybrid format. Gabon was urged to do its utmost to implement the recommendations contained in the concluding observations, to ensure ongoing collaboration with the Committee.

    PAUL-MARIE GONDJOUT, Minister of Justice, Keeper of the Seals of Gabon and head of the delegation , thanked the Committee for the constructive and respectful exchange which had taken place. The Committee’s questions had provided an opportunity to share more information about the situation in Gabon. Gabon would continue engaging with the Committee and looked forward to the concluding observations and follow-up. Gabon would respond within the timeframes indicated. Gabon would take steps to ensure the optimal implementation of the provisions enshrined within the Convention, working with all stakeholders involved in human rights.

    _______________

    CERD25.007E

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

    MIL OSI United Nations News

  • MIL-OSI Economics: Steering Committee of Partenariat pour le Coton addresses priorities for cotton sector

    Source: WTO

    Headline: Steering Committee of Partenariat pour le Coton addresses priorities for cotton sector

    Participants focused on translating identified needs into actionable investment opportunities and presented findings from national and regional consultations. They also validated the terms of reference of the Partenariat, including its membership framework, geographical scope and core functions.
    In his opening remarks, WTO Deputy Director-General Jean-Marie Paugam emphasized the importance of strengthening the cotton–textile–garment value chains in the C-4+ countries through increased value addition, expanded trade opportunities and sustainable development outcomes. He noted that the objective of the meeting was threefold: to present the national and regional reports emerging from the consultations; to highlight national priorities and investment needs; and to explore the technical assistance and financing options proposed by financial institutions in response to these findings. His full remarks (in French) are here.
    Ms Kanayo Awani, Afreximbank’s Executive Vice President for Intra-African and Export Development, underscored the need to address issues relating to low yields and processing capacity, climate change, climate variability, market fluctuations, global cotton prices, and limited infrastructure and technology, which hinder productivity and efficiency. To be able to upgrade and integrate into the global cotton value chain, the C-4+ countries need these issues to be tackled, she said.
    Over the two-day gathering, the Steering Committee engaged in thematic sessions on sustainable practices in cotton production and on financing mechanisms for value chain development aligned with the outcomes of the national consultations. A high-level panel explored strategies to unlock investment for cotton industrialization and local transformation in the C-4+ region.
    The meeting concluded with forward-looking discussions on supporting C-4+ priorities, including the establishment of a dedicated C-4+ Partenariat Support Fund to facilitate participation in capacity-building activities and key international meetings. Participants also discussed preparations for the upcoming World Cotton Day, to be hosted in October 2025 by Chad in collaboration with the International Trade Centre (ITC).
    Attendees included representatives from the WTO, United Nations Industrial Development Organization (UNIDO),the  International Labour Organization (ILO), Better Cotton (BC), the African Development Bank (AfDB), FIFA, the International Atomic Energy Agency (IAEA) and the International Cotton Advisory Committee (ICAC). Also present were representatives of the International Finance Corporation (IFC), the International Trade Centre (ITC), the United Nations Office on Drugs and Crime (UNODC), and development partners such as China and the European Union, as well as representatives of the C-4+ countries.
    The next opportunity to carry forward these discussions will be the Director-General’s Consultative Framework Mechanism on Cotton meeting scheduled for 14 May in Geneva.

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    MIL OSI Economics

  • MIL-OSI Asia-Pac: India Post Payments Bank Reiterates its Commitment to the Labour Force of India, this Labour Day

    Source: Government of India

    Posted On: 01 MAY 2025 8:22PM by PIB Delhi

    • IPPB introduced Antyodaya Shramik Suraksha Yojana in 2023, an affordable insurance scheme aimed at providing comprehensive coverage and protection to the unorganized sector workers.

    On the occasion of Labour Day, India Post Payments Bank reiterates its commitment to the welfare of Shramiks or labourers. IPPB launched the Antyodaya Shramik Suraksha Yojana (ASSY) for unorganised sector workers, a visionary and affordable insurance scheme aimed at providing comprehensive coverage and protection to the unorganized sector workers. The scheme was launched by the Hon’ble Chief Minister of Gujarat on 8th July 2023 at Kheda, Gujarat.

    Since the inception of ASSY, a total of 6,97,531 policies have been issued to labourers or Shramiks. A total of 355 claims have been settled and claim amount of Rs. 5,41,17,754 has been disbursed. The scheme is being offered through IPPB & issued by its six insurance partners including New India Assurance, Bajaj Allianz general Insurance, TATA AIG General Insurance, Niva Bupa Health Insurance, Aditya Birla Health Insurance and Start Health.

    Sharing his thoughts on Labour Day, Mr. R. Viswesvaran, MD & CEO, India Post Payments Bank said “We are committed to the welfare and upliftment of labourers. For this reason, we had implemented the Antyodaya Shramik Suranksha Yojana for the labourers which has helped lakhs of Shramiks improve their quality of life and well-being”.

    With such initiatives IPPB strives to bring life changing experience and access to digital banking at the doorstep of every household of India. IPPB has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising ~1,65,000 Post Offices (~140,000 in rural areas) and ~3,00,000 Postal employees.

    About India Post Payments Bank

    India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising ~1,65,000 Post Offices (~140,000 in rural areas) and ~3,00,000 Postal employees.

    IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages to 11 Crore customers across 5.57 lakh villages & towns in India.

    IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true – Every customer is important, every transaction is significant and every deposit is valuable.

     Reach us at:  www.ippbonline.com  marketing@ippbonline.in

    Social Media Handles:

    Twitter – https://twitter.com/IPPBOnline

    Instagram – https://www.instagram.com/ippbonline

    LinkedIn – https://www.linkedin.com/company/indiapostpaymentsbank

    Facebook – https://www.facebook.com/ippbonline

    YouTube- https://www.youtube.com/@IndiaPostPaymentsBank

    ***

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Day-long Seminar on National Road Safety Policy 2025 organised in New Delhi

    Source: Government of India

    Posted On: 01 MAY 2025 8:12PM by PIB Delhi

    To enhance road safety, enable proactive measures and bring behavioural change among road users, a day-long ‘National Brainstorming Seminar on Road Safety Policy 2025’ was organised by the Ministry of Road Transport and Highways (MoRTH) and National Highways Authority of India (NHAI) in New Delhi.

    The day-long deliberations and insightful panel discussions were held with various stakeholders to suggest, highlight and reconcile measures pertaining to various aspects of road safety that can be implemented in the National Road Safety Policy to save precious lives.

    The seminar focused on eight thematic areas, which will provide action plan for road safety. Panel discussions with stakeholders and industry experts were held on various topics which included Accident Spot Rectification and Proactive Hazard Mitigation, Improving Effectiveness of District Road Safety Committees, School Zone Road Safety, Behavioural Change and Effective Communication, Evidence Driven Enforcement, Implementation of Driver Training, Licensing and Policies, Strengthening Vehicular Safety Standards, Post Crash Response, Highway Rescue and Cashless Treatment.  

    Shri Nitin Gadkari, Hon’ble Minister for Road Transport and Highways; Minister of State for Road Transport and Highways, Shri Ajay Tamta; Senior officials from Ministry, NHAI, Secretary PWD, Secretary Transport, ADG (Traffic) of States, Education Ministry from Government of India, World Bank, WHO, UNICEF, SaveLIFE Foundation, Road Safety Experts, DPR Consultants, Consultants, Contractors, Research institutions and NGOs were present on the occasion. 

    Participating in the discussions Union Minister Shri Nitin Gadkari shared his valuable insights to enable thought provoking and impactful deliberations on different topics. He emphasised the need to intervene at the DPR stage of road building itself, whether it is broad engineering issues or school zones. Imploring the audience to find solutions grounded in data and evidence, he highlighted how small and low-cost interventions can play a significant role in saving lives.

    Shri Ajay Tamta, Hon’ble Minister of State for Road Transport and Highways encouraged all stakeholders to actively participate and make roads safer for every commuter and road user.

    Setting the context of the seminar, Shri V Umashankar, Secretary, MoRTH said, “Road safety is a cause that touches every citizen. This brainstorming session is an important step toward shaping the National Road Safety Policy 2025. Our goal is to have concrete, evidence-based, and implementable recommendations across all aspects of road safety. We have a clear objective to drastically reduce fatalities by 2030. With the collective participation from all stakeholders, we can make India a global model for road safety. This daylong seminar is a platform for collaborative action, and I am sure this will lead to building a safer, smarter road ecosystem across the country.”

    Addressing the audience, Shri Vishal Chauhan, Member (Administration), NHAI emphasised that Road safety needs to be addressed on a larger scale in a very holistic manner. Today’s seminar brings together all key stakeholders on a single platform for a focused, action-driven dialogue.  

    In pursuance of the Government of India’s mission of reducing road accident casualties by 50% by the end of 2030, the day-long brainstorming seminar not only addressed the vital issues in ensuring road safety for all, but also helped in outlining key aspects that will help in shaping the policy for safety of road users across the country.

    ***

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    MIL OSI Asia Pacific News

  • MIL-OSI USA: Cramer, Warner Reintroduce Bipartisan Bill to Authorize Remote Online Notarizations Nationwide

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    ***Click here for audio.***
    WASHINGTON, D.C. – Despite significant advancements in digital technology, remote notarization has yet to be fully deployed and accepted on an interstate basis. While nearly every state allows for remote electronic notarization, regulations and recognition vary between states.
    U.S. Senators Kevin Cramer (R-ND) and Mark Warner (D-VA) introduced their bipartisan Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act. This bill would permit the nationwide use of Remote Online Notarizations (RON), enabling notaries and signers to complete the process from different physical locations. It authorizes every notary in the United States to perform RON and provides certainty for interstate recognition of RON. The SECURE Notarization Act requires tamper-evident technology and fraud prevention measures through the use of multifactor authentication.
    “We’ve made a lot of progress toward much more widespread use of online notarizations in the past few years, particularly through the pandemic,” said Cramer. “But this patchwork of state regulations really leaves consumers without consistent access to some notary services. Quite honestly, I think it violates, certainly, the spirit of interstate commerce. Our bill simply makes sure online notarizations are valid across [state] lines and allow every notary to perform them, and perform them in a very secure way.”
    “It’s time to finally bring the notarization process into the 21st century,” said Warner. “Remote notarizations have proven to be a safe and convenient way for individuals to complete essential services such as executing wills, completing financial documents, and buying or selling a home online. This legislation would continue to modernize this system by permitting nationwide use of Remote Online Notarization to complete important documents.”
    The SECURE Notarization Act will complement state regulations, including those in North Dakota, which already allow for remote notarizations.
    The bill is endorsed by American Land Title Association (ALTA), Mortgage Bankers Association (MBA), National Association of REALTORS (NAR), and American Council of Life Insurers (ACLI).
    “Senators Cramer and Warner have been longstanding champions in recognizing the clear benefits of extending RON access to all Americans and leading this bipartisan legislation, which offers a safe and secure path to remotely close real estate and mortgage transactions,” said Diane Tomb, CEO of ALTA. “By passing the SECURE Notarization Act, Congress will embrace a proven innovation and modernize the notarization process with a secure system that meets consumer needs and expectations, including those of our military heroes overseas, the elderly, and homebuyers seeking convenience.”
    “The SECURE Notarization Act would make the mortgage closing process more convenient for consumers by creating federal minimum standards to allow notaries in all states to perform remote online notarization (RON) transactions,” said Bill Killmer, Senior Vice President of Legislative and Political Affairs at MBA. “MBA appreciates Senator Cramer and Warner’s commitment to enable nationwide use of RON technology. Their continued diligence and hard work on this critical issue will greatly simplify and improve mortgage transactions for all borrowers.” 
    “The National Association of REALTORS applauds Senators Cramer and Warner for reintroducing the SECURE Notarization Act,” said Shannon McGhan, EVP & Chief Advocacy Officer for the National Association of REALTORS. “This commonsense, bipartisan bill will modernize an essential part of real estate transactions by allowing nationwide use of secure, remote online notarization. Reliable, accessible notarized records are the bedrock of real estate, and this technology ensures Americans can continue to buy, sell, and finance property with confidence in today’s digital age.”
    “Senators Cramer and Warner understand that families need practical, modern tools to plan for their financial futures,” said David Chavern, President and CEO of the ACLI. “During COVID, life insurers demonstrated how well remote online notarization works for consumers. Allowing its use nationwide is a smart, commonsense step to bring the notarization process into the 21st century.”
    Click here for bill text.

    MIL OSI USA News

  • MIL-OSI: Mizuho Americas Announces Five-Year Renewal Agreement With the LPGA Tour as Title Sponsor of the Mizuho Americas Open, Reinforcing Its Commitment to Women’s Sports

    Source: GlobeNewswire (MIL-OSI)

    Mizuho to Raise Purse to $3.25 Million in 2026

    Michelle Wie West to Continue as Mizuho Brand Ambassador and Tournament Host

    Liberty National Golf Club to Host Event in 2028-2030; Mountain Ridge Country Club Added for 2026-2027

    NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — Mizuho Americas, the New York-headquartered arm of Mizuho Financial Group (NYSE: MFG), announced today that it has renewed its title sponsor agreement for the Mizuho Americas Open through 2030 and will raise the 2026 purse to $3.25 million, one of the largest outside of the Major championships. The tournament will maintain its successful format where the American Junior Golf Association’s future stars compete alongside the best women golfers in the world.

    The new five-year agreement will allow the marquee tournament to remain in the New York City Metro area, providing unmatched benefits to the LPGA players, AJGA junior golfers, and the local community. After three years at the prestigious Liberty National Golf Club in Jersey City, NJ, the Mizuho Americas Open will travel just a few miles west to Mountain Ridge Country Club in West Caldwell, NJ, for 2026 and 2027, and then back to its long-term home at Liberty National for the remaining years through 2030. Additionally, LPGA Tour Icon and Mizuho Americas Brand Ambassador Michelle Wie West will continue to serve as Tournament Host.

    “We first partnered with the LPGA, AJGA, and Liberty National in 2023 to create a one-of-a-kind tournament that stands apart from the others,” said Jerry Rizzieri, President & CEO of Mizuho Securities USA and Head of Americas Corporate and Investment Bank. “We share this tournament – not only with the players – but also with our employees and clients. We remain deeply committed to our investment in women’s sports as we aim to help advance the next generation of talent and level the playing field for women, both on and off the golf course.”

    During the five-year partnership, the prize purse will continue to escalate, ensuring that the Mizuho Americas Open remains one of the largest non-Major championship purses on the LPGA Tour. Mizuho raised the bar for player experience and will continue to provide complimentary first-class accommodations and transportation for all LPGA players participating in the event through 2030.

    Mizuho’s continued support of the LPGA and its players speaks volumes about the company’s culture and its commitment to empowering women and fueling their aspirations,” said Liz Moore, Interim LPGA Commissioner. “Through our partnership with Mizuho, we’re able to showcase the world’s best golfers on a global stage, right outside one of the world’s most iconic cities, while uniquely providing rising AJGA stars the opportunity to compete alongside them — creating an unparalleled platform to inspire the next generation and furthering our core mission of using the game of golf to transform and enrich the lives of girls and women

    In a few short years, the Mizuho Americas Open has cemented itself as a premier LPGA Tour stop. Played on one of the best golf courses in the country, its groundbreaking format offers an opportunity for top-ranked AJGA junior golfers to compete side-by-side with the best LPGA players in the world, creating an unprecedented week of education and access to help ignite the passion of young women to become the next generation of LPGA Tour superstars.

    “We’re thrilled to strengthen this tremendous partnership with Mizuho, LPGA Tour and AJGA to host the world’s best professional and junior players through the end of the decade,” said Dan Fireman, Co-Founder and Executive Chairman of Liberty National Golf Club. “This event is truly unique and embodies our ethos and deep commitment to growing the game through the Liberty National Foundation’s Torch Lighters Club, which supports a number of charitable organizations, including the AJGA and others that benefit youth and our broader community.”

    Philanthropy will remain at the heart of the Mizuho Americas Open. Mizuho will continue to host its DrivHER Summit, a leadership forum developed in conjunction with Girls Inc., to help young women explore, aspire, and achieve. The comprehensive program features a golf clinic and workshops on self-confidence, career planning, and networking, reflecting the values championed by Girls Inc. of access, inclusivity, and opportunity.

    “Thanks in large part to the unwavering support of Mizuho, this tournament has grown into a crown jewel on the LPGA Tour,” said Michelle Wie West. “Mizuho is different than most sponsors in that they’re involved every step of the way, ensuring a premium is placed on the player experience and community impact. As tournament host, I feel inspired by how they’ve supercharged this event through innovative philanthropic and marketing efforts that put women’s golf front and center in the world’s largest media market.”

    The Mizuho Americas Open is operated by Excel Sports Management, a leading sports agency representing marquee brands, properties, and premier professional athletes – including many of the players and stars of today’s LPGA Tour.

    “We couldn’t be more excited to extend our partnership with Mizuho for another five years. What began as an ambitious vision has quickly become a cornerstone event on the LPGA Tour,” said Kevin Hopkins, Senior Vice President at Excel Sports Management. “As we look ahead, we’re energized by the opportunity to further elevate this championship experience for the players, our partners, and the dedicated golf fans across the New York metropolitan area who have embraced this event from day one”

    Information on ticket sales, corporate hospitality and volunteer opportunities are available at www.mizuhoamericasopen.com. Follow @MizuhoLPGA on Twitter, Instagram and Facebook for the latest news on the event.

    About Mizuho
    Mizuho Financial Group, Inc. is one of the largest financial institutions in the world as measured by total assets of ~$2 trillion, according to S&P Global 2024. Mizuho’s 65,000 employees worldwide offer comprehensive financial services to clients in 36 countries and 850 offices throughout the Americas, EMEA, and Asia.

    Mizuho Americas is a leading Corporate and Investment Bank (CIB) that provides a full spectrum of client-driven solutions across strategic advisory, capital markets, corporate banking, and fixed income and equities sales & trading to corporate, government, and institutional clients in the US, Canada, and Latin America. Through its acquisition of Greenhill, Mizuho enhanced its M&A, restructuring, and private capital advisory capabilities across the Americas, Europe, and Asia. Mizuho Americas employs approximately 4,000 professionals. For more information, visit www.mizuhoamericas.com.

    About the Mizuho Americas Open
    The Mizuho Americas Open is a purpose-driven tournament on the LPGA Tour. As title sponsor, Mizuho Americas created and drove the vision for a distinctive and premium event that celebrates women and advances the next generation, with a charitable focus on providing leadership and life skills to young girls from underserved communities. Played at the prestigious Liberty National Golf Club, with LPGA icon Michelle Wie West as celebrity host, the tournament features an elevated purse and a unique junior component where the AJGA’s stars of tomorrow compete alongside the best women golfers in the world. The tournament is also home to the Mizuho Americas DrivHER Summit, an inspirational day of learning and activities for Girls Inc., the official charitable partner of the Mizuho Americas Open. The Summit leverages the game of golf and the LPGA to inspire the members of Girls Inc. to discover the confidence they need to become leaders in their communities.

    About the LPGA 
    The Ladies Professional Golf Association (LPGA) is the world’s premier women’s professional golf organization. Created in 1950 by 13 pioneering female Founders, the LPGA, whose Members now represent nearly 40 countries, is the longest-standing professional women’s sports organization. Through the LPGA Tour, the Epson Tour, the LPGA Professionals, and a joint venture with the Ladies European Tour, the LPGA provides female professionals the opportunity to pursue their dreams in the game of golf at the highest level. In addition to its professional tours and teaching accreditation programs, the LPGA features a fully integrated Foundation, which provides best-in-class programming for female golfers through its junior golf programming, and its LPGA Amateurs division, which offers its members playing and learning opportunities around the world. The LPGA aims to use its unique platform to inspire, transform and advance opportunities for girls and women, on and off the golf course. 

    Follow the LPGA online at www.LPGA.com and download its mobile apps on Apple or Google Play. Join the social conversation on Facebook, X (formerly known as Twitter), Instagram and YouTube

    About the LPGA Tour 
    The LPGA Tour is the world’s leading competitive destination for the best female professional golfers in the world. The Tour hosts more than 32 annual events across 12 countries for over 200 athletes, awarding total prize funds exceeding $129 million and reaching television audiences in more than 220 countries. Follow the LPGA Tour on its U.S. television home, Golf Channel. 

    About the AJGA
    The American Junior Golf Association is a 501(c)(3) nonprofit organization dedicated to the overall growth and development of young men and women who aspire to earn college golf scholarships through competitive junior golf. The AJGA provides valuable exposure for college golf scholarships and has an annual junior membership (boys and girls, ages 12-19) of more than 9,000 members from 50 states and 51 foreign countries. Through initiatives like the Liberty National ACE Grant, a financial assistance program, and Leadership Links, a service-oriented platform that teaches juniors charitable-giving skills, the AJGA fosters the growth of golf’s next generation.

    TaylorMade and adidas are the AJGA’s Global Sponsors, supporting the AJGA for more than 25 years. TaylorMade has served as the Official Ball of the AJGA since 2016. adidas has been the Official Apparel and Footwear of the AJGA since 2017. Rolex, in its fourth decade of AJGA sponsorship, became the inaugural AJGA Premier Partner in 2004.

    AJGA alumni have risen to the top of amateur, collegiate and professional golf. Former AJGA juniors have compiled more than 1,000 victories on the PGA and LPGA Tours. AJGA alumni include Patrick Cantlay, Billy Horschel, Collin Morikawa, Scottie Scheffler, Jordan Spieth, Justin Thomas, Tiger Woods, Paula Creamer, Jessica Korda, Nelly Korda, Cristie Kerr, Stacy Lewis, Inbee Park, Lexi Thompson and Rose Zhang.

    About Liberty National Golf Club
    One of the world’s most iconic golf locales, Liberty National Golf Club is located along the Hudson River in Jersey City, NJ, with striking views of the Statue of Liberty, Ellis Island, and Manhattan skyline. Liberty National fittingly opened on July 4, 2006, and is guided by the vision and leadership of former Reebok Founder, Chairman & CEO Paul Fireman and his son Dan Fireman, managing partner of Fireman Capital Partners. Designed by US Open Champion Tom Kite and esteemed golf course mastermind Bob Cupp, Liberty National is kept in tournament ready playing condition. Liberty National hosted The Presidents Cup in 2017 as well as multiple PGA TOUR FedExCup Playoff events, and is currently the home of the LPGA Mizuho Americas Open. For more information about Liberty National Golf Club, visit www.libertynationalgc.com.

    About Mountain Ridge Country Club
    Founded in 1912, Mountain Ridge Country Club has long been considered a historic venue. Originally established in West Orange, NJ, the Club moved to its current site in West Caldwell, located just 20 miles from New York City, in 1929 when it commissioned famed golf course architect Donald Ross to design a championship 18-hole course across 282 rolling acres. Often described as one of the NY City Metropolitan Area’s “hidden gems”, the course has always been viewed as a classic Donald Ross design. The course was considered a difficult test when it opened in 1931, and little has changed in the 90+ years since. The course is known for its distinctly Ross features, especially its challenging greens. Ross designed each nine-hole loop to wind down to the lower part of the property and conclude with a long assent back to the iconic fieldstone clubhouse, designed by renowned architect Clifford C. Wendehack. The venue has hosted many championships including the 2012 USGA Senior Amateur Championship and the 2021 LPGA Cognizant Founder’s Cup. Over its century-long history, Mountain Ridge has been home to many prominent members and continues its commitment to excellence, community, philanthropy, and the game of golf.

    Media Contacts

    For Mizuho:
    Jon Schwartz, Prosek Partners
    (347) 794-9633
    jschwartz@prosek.com

    or

    Laura London
    Director, Media Relations, Mizuho
    (917) 446-5226
    laura.london@mizuhogroup.com

    For LPGA:
    Emily Carman
    emily.carman@lpga.com
    (714) 742-8301

    The MIL Network

  • MIL-OSI: Best Loans For Bad Credit in 2025 – By Low Credit Finance

    Source: GlobeNewswire (MIL-OSI)

    CHAMPLAIN, N.Y., May 01, 2025 (GLOBE NEWSWIRE) — Bad credit doesn’t mean you’re out of options—it just means you need to look in the right places. Many lenders now offer specialized loans tailored for those with less-than-perfect credit scores. These aren’t just high-interest traps; some provide realistic repayment terms, flexible criteria, and fast approvals. The key is knowing which ones are trustworthy and which ones to avoid.

    This article breaks down the best loans for bad credit. From secured personal loans to credit union alternatives and online platforms that factor in more than just your credit score, you’ll find practical choices that can actually help rebuild your financial standing. Each option listed here has been evaluated for transparency, approval speed, and fairness—so you can focus on borrowing without added stress.

    Getting the funds you need shouldn’t feel impossible. If you’ve been denied in the past, or are worried about predatory terms, this guide will point you toward lenders that still say yes—without punishing you in the long run. Let’s take a closer look at which loans make the most sense for bad credit borrowers in 2025.

    Low Credit Finance – Our No. 1 Pick for Bad Credit Loans in 2025 Guaranteed Approval

    After reviewing dozens of online lenders that cater to individuals with low credit scores, Low Credit Finance ranks as the top choice for bad credit loans in 2025. It offers a large loan range, minimal application friction, and fast turnaround times—making it a strong fit for people looking for emergency funds, debt consolidation, or unexpected expenses.

    Loan Amounts, APR Range, and Repayment Terms

    Low Credit Finance enables borrowers to request funds between $100 and $50,000, with APR rates ranging from 5.99% to 35.99%, depending on the lender match, loan type, and personal credit profile. Unlike many bad credit loan services that cap lending at $5,000 or impose narrow terms, Low Credit Finance provides access to a broader network of lenders, which increases the likelihood of finding a loan that fits specific needs.

    Repayment terms are not one-size-fits-all. Borrowers have flexibility to choose repayment plans that stretch over months or even years. This avoids the pressure of short balloon-style payments, a common drawback with other low-credit loan providers. The ability to repay on terms that suit your cash flow helps reduce the financial strain that often comes with unsecured loans.

    Why It’s the Top Pick

    Several reasons place Low Credit Finance above its competitors:

    • Inclusive Approval Process: All credit types are accepted. No minimum credit score is required to apply.
    • Fast Funding: If approved, borrowers can receive funds within 60 minutes—an edge over traditional banks and slower platforms.
    • Transparent APR Details: There are no hidden charges or surprise penalties. APR range is clearly disclosed upfront.
    • Flexible Loan Amounts: Few platforms allow bad credit borrowers to access amounts up to $50,000.
    • Simple Application: The online form takes only 2 minutes to complete, with no paperwork required.
    • Wide Lender Network: Low Credit Finance connects applicants with multiple lenders, increasing match potential.

    For people with a poor credit history, this service reduces the typical friction seen in traditional lending. It acts as a bridge between those in urgent need and lenders that evaluate more than just credit scores. The platform is designed to minimize barriers while keeping risk levels in check.

    Apply now at Low Credit Finance for fast bad credit loan offers>>

    What Is a Bad Credit Score?

    A bad credit score generally refers to a credit rating that falls below a lender’s acceptable range for offering loans at favorable terms. In most scoring models, such as FICO and VantageScore, a score below 580 is typically categorized as poor.

    Credit scores are built from several factors, including:

    • Payment history
    • Amount of debt
    • Length of credit history
    • Types of credit accounts
    • Recent credit inquiries

    When payments are missed, debts are too high compared to available credit, or accounts go into collections, the score drops significantly. A low score signals higher risk to lenders, making it difficult to obtain loans or resulting in loans with higher interest rates.

    Credit score categories typically break down like this:

    • Excellent: 800 and above
    • Very Good: 740 – 799
    • Good: 670 – 739
    • Fair: 580 – 669
    • Poor: 579 and below

    Financial setbacks, medical bills, unemployment, or limited credit history can all contribute to having a poor credit score. Rebuilding credit takes time through consistent, responsible use of financial products and services.

    Example Scenario: Who This Is Best For

    Consider an individual named Raj, who had a credit score of 580 due to past missed payments. He needed $8,000 to pay for urgent medical expenses and was rejected by his bank and two other online lenders. Through Low Credit Finance, he submitted a short application, was matched with a lender offering an 18-month loan term, and received the funds later that same day. Raj repaid the loan early without penalty, and his credit score improved after consistent repayments.

    This platform is best suited for:

    • Individuals with credit scores below 650
    • Those needing urgent loans for bad credit
    • Applicants looking for personal loans with bad credit
    • People who want flexible repayment plans
    • Borrowers uncomfortable with lengthy paperwork or branch visits

    Those seeking easy approval loans for bad credit often face inflated rates or exploitative contracts. Low Credit Finance provides a safer alternative with clear conditions and faster outcomes.

    What Are Bad Credit Loans?

    Bad credit loans are financial products specifically tailored for individuals with low or damaged credit scores. Traditional banks often deny applications based solely on credit scores. In contrast, bad credit loans are offered by lenders willing to assess the bigger financial picture, not just a number.

    These loans come in several forms:

    • Personal Loans: Lump-sum loans repaid in installments over a fixed term.
    • Secured Loans: Loans backed by collateral such as a car, savings account, or home.
    • Payday Alternative Loans: Short-term small loans typically offered by credit unions.
    • Peer-to-Peer Loans: Loans funded by individual investors rather than traditional financial institutions.

    Bad credit loans often carry higher interest rates to offset the lender’s risk. Some lenders also charge additional fees like origination fees, late payment penalties, or prepayment penalties. Reading the terms carefully before agreeing to a loan offer becomes important to avoid costly mistakes.

    These loans serve several purposes:

    • Emergency expenses
    • Debt consolidation
    • Major purchases
    • Medical bills
    • Business financing

    For many people with low scores, a bad credit loan is a necessary step toward financial stability. Responsible use of the funds and timely repayment can help improve the credit score over time.

    Eligibility & Application Process To Get A Loan With Bad Credit

    One major advantage of Low Credit Finance is the minimal entry barrier. It does not require a high credit score or long financial history. This makes it more accessible to borrowers who have been turned away elsewhere.

    Minimum Credit Score

    There is no official minimum credit score requirement to apply. The platform accepts applications from users with bad credit, fair credit, or even limited credit history. Approval depends on lender-specific factors like income, existing debts, employment status, and identity verification—not just credit score alone.

    This open-criteria approach allows for higher match rates and gives users a real opportunity to secure funds without needing to “fix” their credit first.

    Required Documents

    There is no need to upload scanned documents or visit a branch office. The entire process is digital. During the application, you may need to provide:

    • Full name and contact information
    • Proof of income or employment (self-reported)
    • Bank account details (to receive funds)
    • Valid identification (basic KYC)

    Lenders in the network may ask for additional verification, but this typically happens after initial approval and is done electronically.

    Approval Time and Disbursement

    One of the key highlights of Low Credit Finance is the speed of processing. After submitting the short online form, applicants receive an instant decision. If matched with a lender and approved, funds are often sent the same working day, and in many cases, within 60 minutes.

    This makes it one of the fastest personal loan options for bad credit available right now.

    Check your eligibility in 2 minutes—no credit score required.

    How to Apply Online

    The process to request funds is designed to be fast and intuitive:

    1. Select Loan Amount
      Choose from predefined loan ranges: $100–$1,000, $1,000–$2,500, up to $50,000.
    2. Complete the Form
      Provide your details through the secure online application form. It takes under 2 minutes to fill out.
    3. Get Matched & Review Terms
      If you’re matched, the lender will show the loan terms, including the interest rate, repayment schedule, and total repayment amount. You can choose to accept or decline.
    4. Receive Funds
      Once accepted, the lender transfers the loan directly to your bank account—typically within the hour.

    Pros

    • Wide Loan Range: You can request as little as $100 or as much as $50,000, offering flexibility depending on your needs.
    • Same Day Funding: If approved, the loan can arrive in your bank account in as little as 60 minutes.
    • No Minimum Credit Score: Applications are accepted from borrowers across all credit backgrounds, making it accessible.
    • Quick Application: Completing the online form takes under two minutes and requires no physical paperwork.
    • Transparent APR Range: Rates are openly disclosed between 5.99% and 35.99%, helping you make informed decisions.
    • Flexible Repayment Terms: You are able to repay the loan over a period that matches your budget, avoiding stress from tight deadlines.
    • Large Lender Network: Multiple lenders increases the chances of matching with an offer that fits your needs.
    • No Prepayment Penalties: Pay off your loan early without extra fees.
    • Safe, Encrypted Platform: Personal information remains protected during the application and loan disbursement process.

    Cons

    • Higher APR for Poor Credit: Applicants with very low credit scores may receive offers on the higher end of the APR spectrum.
    • Lender Variation: Loan terms, fees, and conditions vary depending on the specific lender you are matched with.

    Why It’s Hard to Get Loans with Bad Credit

    A low credit score can close a lot of financial doors. Most traditional lenders, including banks and credit unions, rely heavily on credit reports to assess the risk of lending money. A credit score below 580 is typically considered poor, while scores between 580 and 669 are classified as fair. Anything below 620 often triggers automatic denials from mainstream financial institutions.

    Lenders use credit scores to measure trust. Missed payments, defaults, high credit utilization, and past bankruptcies signal risk. As a result, people with these red flags often find themselves blocked from access to standard financial products.

    Banks prioritize security. If someone’s financial history suggests they might struggle to repay, the loan application rarely moves forward. This leads borrowers with low scores into the hands of alternative lenders, many of whom impose steep fees and sky-high interest rates to offset the risk. While some lenders are legitimate, others exploit desperation. They use confusing terms, aggressive marketing, and hidden charges to trap borrowers in cycles of debt.

    Traditional lending models don’t consider context. A single medical emergency or job loss can trigger missed payments, leading to a cascading effect on one’s score. That doesn’t always reflect current ability to repay—but many lenders don’t account for that nuance. This gap leaves a large segment of borrowers underserved, with few safe and realistic lending options.

    What to Look for in a Bad Credit Loan

    Not all loans are structured to punish. Some lenders design products specifically for borrowers with low scores. But selecting the right one requires more than checking the first result online. Here are the features that actually matter:

    Fair Interest Rates

    Many bad credit loans come with inflated APRs, often exceeding 100%. While higher rates are expected when risk is high, anything beyond 36% annual percentage rate is considered predatory by most experts. Responsible lenders cap their interest rates even for low-score applicants. When reviewing loan options, check the APR—not just the monthly installment. A low monthly payment stretched over several years may end up costing far more in the long run.

    Look for fixed-rate loans over variable ones. Variable interest can lead to ballooning payments if economic conditions shift. A fixed rate keeps repayment predictable and manageable.

    Also, be cautious of extremely short-term loans like payday loans. These may seem helpful at first, but the effective interest rates can reach 400% or more. They often lead to a cycle of repeat borrowing, which can be financially crippling.

    No Prepayment Penalties

    Some lenders penalize borrowers who pay off loans early. This might seem counterintuitive, but early repayment can reduce the lender’s interest earnings. Penalties come in different forms—flat fees, a percentage of the balance, or a sliding scale based on time left in the loan term.

    Avoid lenders that charge for being financially responsible. A borrower should be allowed to clear their debt faster without financial punishment. Transparent lenders make this clear in their terms and often advertise “no prepayment penalty” as a feature.

    Repaying a loan early saves money and improves credit scores. It’s an option that should remain open, especially for borrowers working to rebuild financial health.

    Soft Credit Checks or Alternative Criteria

    Many people avoid applying for loans out of fear that a hard inquiry will further lower their credit score. That fear is valid. A hard credit pull can shave off a few points, especially if the score is already low. That’s why it’s helpful to choose lenders who use a soft inquiry for pre-qualification.

    Soft checks don’t affect credit scores and give borrowers an idea of loan terms before committing. This makes shopping for loans less risky. It also gives borrowers the ability to compare multiple options without negative consequences.

    Some lenders also consider alternative data. This includes rental history, income stability, utility payments, or even educational background. A growing number of financial providers are recognizing that credit scores alone don’t offer the full picture. Lenders using alternative criteria can offer more inclusive terms that reflect a borrower’s actual financial behavior.

    When reviewing lenders, prioritize those who offer prequalification with a soft check. Avoid lenders who won’t disclose whether they use hard or soft inquiries until after the application is submitted.

    Fast Disbursement and Clear Terms

    Emergencies don’t wait. When a borrower needs funds quickly, loan disbursement speed matters. Some online lenders process applications and release funds within 24 to 48 hours. Others take a week or more. Always check expected timelines before applying—especially for urgent expenses like medical bills, rent, or car repairs.

    But speed shouldn’t come at the cost of clarity. Many bad credit loan providers advertise instant approvals and quick cash while burying fees in fine print. Borrowers should always understand:

    • The total repayment amount (principal + interest + fees)
    • Due dates and installment frequency
    • Penalties for late payments
    • Any upfront charges, including origination fees

    If the loan terms are vague, or hidden behind layers of conditions, that’s a red flag. A credible lender presents all terms in clear, easy-to-read language. Better yet, the loan agreement should be available before entering any binding commitment.

    Loan calculators can help here. Some sites allow borrowers to input loan amount, interest rate, and duration to see total costs before applying. These tools make it easier to avoid traps and pick loans with manageable repayment structures.

    It’s also worth checking customer service responsiveness. Can someone be reached if there’s a problem? Does the lender offer phone support, chat, or email help? A responsible loan provider offers accessible help—not just automated responses.

    How to Find Personal Loans for Bad Credit

    Finding a personal loan when credit is poor involves preparation, careful research, and avoiding predatory lenders. Borrowers should focus on options that are transparent and willing to work with their current credit standing.

    Steps to find a personal loan with bad credit:

    1. Know Your Credit Score

    Before applying, checking your current credit score provides a baseline for understanding what lenders will see. Some lenders specialize in specific score ranges. Knowing your score also prevents falling for offers that sound too good to be true.

    2. Research Lenders

    Look for lenders that publicly state they work with low credit score applicants. Focus on lenders offering personal loans for bad credit without excessive fees or unreasonable conditions. Reviews, Better Business Bureau ratings, and customer testimonials can provide insights into how a lender treats its clients.

    3. Prequalify When Possible

    Some lenders allow you to prequalify with a soft credit check. This gives a preview of potential loan offers without harming your credit score. Prequalification shows the likely loan amount, APR, and repayment terms based on your profile.

    4. Compare APRs and Fees

    The Annual Percentage Rate (APR) includes both the interest rate and any associated fees. A lower APR means a more affordable loan. Comparing several offers side-by-side ensures you get the best possible deal based on your situation.

    5. Understand Terms and Conditions

    Loan agreements often contain fine print about penalties, fees, and repayment structures. Understanding these details before accepting any offer prevents future issues.

    6. Be Ready to Offer Collateral

    If unsecured loans seem difficult to obtain, offering collateral such as a vehicle or savings account can improve approval odds and lower the interest rate.

    7. Avoid Payday Lenders

    Payday loans often trap borrowers in cycles of debt due to extremely high-interest rates and short repayment windows. Even with bad credit, better alternatives exist that are safer and more manageable.

    8. Consider a Co-Signer

    Having a trusted co-signer with better credit can open access to larger loan amounts and better rates. However, both parties must understand that the co-signer becomes equally responsible for the debt.

    Where to Find Bad Credit Loans

    Several types of lenders offer personal loans specifically designed for applicants with bad credit. Choosing the right source depends on the amount needed, speed of funding, and flexibility of repayment terms.

    1. Online Lenders

    Online lending platforms such as Low Credit Finance connect borrowers directly with a network of lenders. These platforms often have easier applications, faster decisions, and a broader acceptance of low scores compared to banks.

    Online lenders usually offer:

    • Quick prequalification
    • Soft credit checks
    • Same-day funding
    • Flexible loan amounts up to $50,000

    They have become a primary source for personal loans for bad credit due to their accessibility and speed.

    2. Credit Unions

    Credit unions are member-owned financial cooperatives that often provide more lenient lending standards. Many offer personal loans for members with low credit scores, sometimes at much lower APRs than traditional banks or online lenders. Membership might require living in a specific area or working for a certain employer.

    3. Peer-to-Peer Lending Platforms

    Peer-to-peer lenders connect borrowers directly with investors willing to fund loans. These platforms use different scoring systems, sometimes taking employment history, education, and debt-to-income ratio into account. Funding speed varies but can be competitive for borrowers seeking fair rates.

    4. Community Banks

    Some small community banks have bad credit loan programs designed to serve local residents. Though options may be limited, speaking directly with a loan officer could provide customized offers not found elsewhere.

    5. Nonprofit Lenders

    Certain nonprofit organizations provide low-interest personal loans to individuals struggling with bad credit. These programs are designed to promote financial inclusion and often come with financial education resources.

    FAQs About Bad Credit Loans

    Q. Is it possible to get a $3,000 loan with bad credit?

    Yes, getting a $3,000 loan with bad credit is possible. Many online lenders, credit unions, and alternative financing platforms offer loans based on factors like income and employment, not just credit scores. Lenders like Low Credit Finance can help you secure $3,000 quickly, even if your credit history isn’t perfect. Approval usually depends on proof of steady income and ability to repay.

    Q. What loans can I get with really bad credit?

    Even with very bad credit, you have several options. Secured loans backed by collateral, credit union loans, peer-to-peer lending, and personal loans through online platforms are all available. Some lenders focus more on your income and current financial situation rather than just your credit score. Using a co-signer can also help you access better loan offers.

    Q. Can I get a loan with a 500 credit score?

    A 500 credit score still leaves you eligible for certain loans. Online lenders, credit unions, and bad credit specialists often approve borrowers with scores around 500. You may face higher interest rates, but stable income, low existing debts, or a co-signer can improve your loan terms. Always compare different lenders to find the most reasonable offer.

    Q. What credit score is needed for a $5,000 loan?

    Many lenders require a minimum score around 580 to approve a $5,000 loan, although requirements can vary. Traditional banks prefer higher scores, but online platforms and credit unions are more flexible. If your score is under 600, showing strong income and a low debt-to-income ratio can improve your chances of securing $5,000 at a fair rate.

    Q. Who can give me money right now?

    Online lending platforms such as Low Credit Finance can connect you to lenders offering same-day funding. Completing a short application can result in instant decisions, and approved borrowers often receive funds within 60 minutes. If you need money urgently, online lenders are usually faster than banks or credit unions, provided you meet their minimum eligibility.

    Conclusion: Is This Loan Right for You?

    Low Credit Finance provides an opportunity for borrowers who need fast, flexible funding without facing the traditional barriers placed on those with bad credit. It matches a wide range of applicants to lenders ready to offer loans without demanding perfect financial histories.

    This platform suits you if:

    • You need access to up to $50,000 quickly
    • Your credit score is below 650
    • You prefer an application that requires no paperwork
    • You want fast approval decisions with same-day funding
    • You are comfortable with reviewing lender terms independently before accepting an offer

    Low Credit Finance bridges a major gap left by traditional banks and smaller online lenders. The transparent APR range, large borrowing limits, and quick application make it an ideal solution for emergency needs, debt consolidation, or covering large expenses.

    Applicants should remember that loan offers can vary depending on individual profiles. Comparing the terms, rates, and repayment conditions carefully ensures the loan remains manageable and affordable.

    If you are ready to apply, the process is simple: select your desired loan amount, complete the quick online form, and review the matched offers. Low Credit Finance brings you closer to securing the funds you need without unnecessary delays.

    Media Details:

    Company: Low Credit Finance

    Full Company Address: 102 W Service Rd, Apt: 820, Champlain, NY 12919

    Company Website: https://lowcreditfinance.com/

    Contact Person: David C. Hans

    Official Email ID: David.hans@lowcreditfinance.com

    Disclaimer: This announcement contains general information about Low Credit Finance services and should not be considered financial advice. Low Credit Finance services does not guarantee loan approval, and loan terms may vary by applicant and lender requirements. Loans are available to U.S. residents only.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/89176a9c-6390-41f6-a2fe-e4b691dd606c

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/15d5aa19-5447-4948-a453-7c57085de8c0

    The MIL Network

  • MIL-OSI: Foresight Financial Group Finalizes Legal Consolidation, Unifies Community Banks as Foresight Bank

    Source: GlobeNewswire (MIL-OSI)

    WINNEBAGO, Ill., May 01, 2025 (GLOBE NEWSWIRE) — Foresight Financial Group is proud to announce the successful legal consolidation of its six community banks—German American State Bank, Northwest Bank of Rockford, State Bank of Freeport, Lena State Bank, State Bank of Davis, and State Bank of Herscher—into a single charter under the new name Foresight Bank. Each location will continue to operate under its familiar name, now proudly as a division of Foresight Bank. This unification marks an important milestone in strengthening the organization’s ability to deliver streamlined services, greater operational efficiency, and enhanced tools across all markets.

    “Bringing our six banks together under one charter as Foresight Bank allows us to better serve our customers and communities,” said Peter Q. Morrison, CEO of Foresight Bank. “This unification strengthens our ability to provide consistent tools, expanded access, and the local service our customers rely on—while positioning us to grow together in meaningful, lasting ways.”

    This consolidation builds on a long-standing legacy of shared values, local decision-making, and deep community relationships. With a unified structure, Foresight Bank brings together the strength and scale of a $1.6 billion total asset institution—while remaining the only locally headquartered and managed bank in Winnebago County. Customers will continue to receive the same trusted service from their local teams, with even more to come—including the ability to bank at any of our 12 Foresight Bank branches beginning this fall, following scheduled system updates in August and October. This change positions the organization to better support individuals, businesses, and communities—today and into the future.

    About Foresight Financial Group, Inc.
    Foresight Financial Group, Inc. is a locally owned bank holding company headquartered in Winnebago County, Illinois, with total assets of $1.63 billion as of December 31, 2024. Foresight Financial is the parent company of Foresight Bank, which was formed through the legal consolidation of six long-standing community banks: German American State Bank, Northwest Bank of Rockford, State Bank of Freeport, Lena State Bank, State Bank of Davis, and State Bank of Herscher.

    Each location continues to serve its community under its familiar name as a division of Foresight Bank—delivering local service backed by the strength and resources of a unified organization. Foresight Financial Group’s common stock is traded on the OTCQX Marketplace under the symbol “FGFH.”

    Contact:
    Foresight Financial Group, Inc.
    809 Cannell-Puri Ct., Suite #5
    P.O. Box 339
    Winnebago, IL 61088
    Office: 815-847-7500
    www.foresightfg.com

    The MIL Network

  • MIL-OSI Security: Elizabeth Man Sentenced to 15 Years’ Imprisonment for Spree of Armed Robberies

    Source: Office of United States Attorneys

    TRENTON, N.J. – An Elizabeth, New Jersey man was sentenced to 15 years in prison for committing a series of three armed robberies, U.S. Attorney Alina Habba announced.

    Dayshawn Brimfield, of Elizabeth, New Jersey, previously pleaded guilty before United States District Judge Zahid N. Quraishi to a five-count Information, charging him with one count of bank robbery, two counts of Hobbs Act robbery, one count of using and carrying a firearm during and in relation to a crime of violence, and one count of interstate transportation of a stolen motor vehicle. Judge Quraishi imposed sentence in Trenton federal court.

    According to documents filed in this case and statements made in court:

    On April 2, 2021, Brimfield robbed a bank in Hazlet, New Jersey. Brimfield entered the bank and handed a teller a note, which stated, among other things “This is a Robbery I have a Gun I will Kill Someone if you do not follow these instructions.” On April 17, 2021, Brimfield stole a motor vehicle in Elizabeth, New Jersey, which he used as the getaway car in his later robberies. On April 20, 2021, Brimfield robbed a convenience store in Aberdeen, New Jersey. Brimfield entered the store and displayed the handgun that he was carrying to the cashier before taking money from the store’s register and fleeing the scene. On April 20, 2021, Brimfield robbed another convenience store in South Plainfield, New Jersey. Brimfield entered the store and pointed a handgun at the cashier. Brimfield took the cashier’s wallet and cellular phone before emptying the store’s registers and fleeing the scene. Brimfield fled New Jersey in the stolen vehicle, but was ultimately apprehended by law enforcement in Lancaster County, Nebraska. Brimfield led officers on a brief, high-speed chase before crashing into a fence on the side of the highway.

    In addition to the prison term, Judge Quraishi sentenced Brimfield to 5 years of supervised release and ordered restitution to the victims of Brimfield’s offenses.

    U.S. Attorney Habba credited special agents of the FBI, Newark Division, Red Bank Resident Agency, under the direction of Special Agent in Charge Terence G. Reilly; detectives of the Monmouth County Prosecutor’s Office, under the direction of Prosecutor Raymond S. Santiago; as well as officers of the Hazlet Police Department, under the direction of Chief Robert Mulligan; the South Plainfield Police Department, under the direction of Chief Peter J. Papa; and the Nebraska State Patrol with the investigations leading to this sentencing.

    The government is represented by Assistant U.S. Attorney Alexander E. Ramey of the U.S. Attorney’s Office’s Criminal Division in Trenton.

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    Defense Counsel:        Teri S. Lodge, Esq. 

    MIL Security OSI