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Category: Banking

  • MIL-OSI Economics: DG joins high-level meeting to support the accessions of Ethiopia and Uzbekistan

    Source: WTO

    Headline: DG joins high-level meeting to support the accessions of Ethiopia and Uzbekistan

    The Director-General stressed that pursuing lasting economic reforms and accession to the WTO required strong political commitment. She highlighted Ethiopia’s economic reforms under Prime Minister Abiy Ahmed Ali’s “Home-Grown Economic Reform Programme” which aimed at structural transformation of the economy and private sector growth. She noted moreover that the reforms have also created an enabling environment for Ethiopia to benefit from its membership in the African Continental Free Trade Area (AfCFTA).
    Continued support by President Mirziyoyev of Uzbekistan had also underpinned Uzbekistan’s reform programme, DG Okonjo-Iweala said.  Key presidential decrees had aimed to reduce exclusive rights in several sectors and address other issues of concern to WTO members, while a Presidential Decree in March replaced export restrictions with export duties. This makes the export regime more predictable and transparent, the Director-General noted.
    She also took the opportunity to thank both WTO members and multilateral institutions such as the IMF and World Bank for their assistance in helping build institutional capacity and provide training to acceding governments. The fact that large economies like Ethiopia and Uzbekistan wish to join the WTO reaffirmed the continued importance of the organization and the stability and predictability provided by the multilateral trading system. The Director-General’s comments are available here.
    World Bank and IMF representatives lent their support to domestic reforms being undertaken by Ethiopia and Uzbekistan and looked forward to their accession to the WTO.
    Antonella Bassani, World Bank Vice President for Europe and Central Asia, noted that Uzbekistan had emerged as one of the top reformers worldwide, having completed over 200 domestic legal reforms since 2020. There was an expectation that Uzbekistan was in the final stretch of its WTO membership negotiations. Ms Bassani said WTO accession remained critical for emerging and developing economies and the World Bank was ready to support the process.
    Amit Dar, World Bank Acting Vice President for the Eastern and Southern Africa Region, highlighted the reforms undertaken by Ethiopia. He acknowledged that challenges remain, particularly in the areas of state-owned enterprises, competition, intellectual property rights, trade facilitation and subsidies. He emphasized that the World Bank remains fully committed to supporting Ethiopia through providing technical assistance and resources to help Ethiopia achieve its WTO membership goals and deepen its integration into world markets.
    Kenneth Kang, Deputy Director, Strategy, Policy and Review Department of the IMF, stressed the importance of structural reforms for generating a predictable and stable trade policy environment and the need for careful macroeconomic management and commended both countries on their progress. He noted that economic reforms during the accession process had a positive impact on economic growth. This has been demonstrated in a recent joint study by IMF and WTO staff that showed economies that made deeper commitments during their accession processes grew on average 1.5 percentage points faster than they otherwise would have done.
    Highlighting the economic and legislative reforms undertaken by their respective countries, representatives from Ethiopia and Uzbekistan reaffirmed their countries’ commitment to conclude accession negotiations by MC14, to be held in Cameroon in March 2026.
    Ethiopia’s State Minister for Finance Eyob Tekalgn said that WTO accession was important for further accelerating economic reforms. Ethiopia’s membership of the AfCFTA had also anchored its reform programme. He also pointed to the need for financial support to build capacity, notably for negotiations and implementation of reforms and to bring legislation into conformity with WTO rules. He added that Ethiopia was working actively to complete bilateral market access negotiations and hoped to conclude these shortly.
    Uzbekistan’s Chief Negotiator Azizbek Urunov noted key steps taken recently, including bringing its food and product safety rules in line with the WTO agreements. To date, nearly 120 legal acts had been harmonized with WTO agreements, he said, with various other draft laws expected to become law soon. Regarding privatization, Mr Urunov noted that Uzbekistan is on course to meet its goal of increasing the share of the private sector in the economy to 85 per cent by 2030.
    Both representatives indicated they were ready to take all the remaining necessary steps to complete their respective reform programmes and become WTO members.
    WTO accessions of Ethiopia and Uzbekistan
    Ethiopia held its 5th Working Party meeting on 19 March 2025. More information on Ethiopia’s accession is available here.
    Uzbekistan held its 9th Working Party meeting on 5 and 6 December 2024. More information on Uzbekistan’s accession is available here.

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  • MIL-OSI Economics: ECB introduces changes to the dedicated credit facility for euro area CCPs

    Source: European Central Bank

    30 April 2025

    • Discretionary activation by the Governing Council no longer required
    • Additional safeguards introduced in relation to financial soundness and sound liquidity risk management
    • Changes will come into effect through the adoption of relevant legal acts in 2025, including the TARGET Guideline

    The Governing Council of the European Central Bank (ECB) decided to implement changes to the dedicated Eurosystem overnight credit facility, which serves as a crisis-related liquidity backstop for eligible euro area central counterparties (CCPs) under the TARGET Guideline.1 Currently, activation of the CCP credit facility requires a decision by the ECB Governing Council. This discretionary activation will be no longer required to ensure prompt operationalisation, meaning that the CCP credit facility will be immediately available to eligible euro area CCPs if needed.

    CCPs are systemically important financial market infrastructures. Under normal operating conditions, their liquidity inflows and outflows are balanced by the end of the day, meaning that they do not generally encounter liquidity mismatches. In situations of severe financial stress, however, it may not be feasible for a CCP to manage its potentially sizeable liquidity needs through market-based solutions in a timely manner. In these circumstances, the CCP credit facility can provide a pre-arranged and effective liquidity backstop.

    The revised CCP credit facility remains subject to the TARGET Guideline and is outside the monetary policy implementation framework.

    Euro area CCPs need to meet the relevant requirements set out in the TARGET Guideline to access the CCP credit facility. As part of these requirements, new safeguards are being introduced to ensure that only euro area CCPs that are financially sound and have sound liquidity risk management may access the CCP credit facility. In case of non-compliance with these safeguards, the ECB Governing Council may decide on discretionary measures on the grounds of prudence. The interest rate applicable to borrowings under the CCP credit facility will be the ECB marginal lending facility rate. The maturity of the facility will be overnight, with the possibility of rolling over across business days. Collateralisation requirements will continue to apply in line with the current provisions of the TARGET Guideline.

    The aforementioned decision of the Governing Council concludes a review of the CCP credit facility by the Eurosystem central banks that has been conducted over the past years. The changes to the CCP credit facility will come into effect through an amendment to the TARGET Guideline and the adoption of further legal acts dedicated to the aforementioned safeguards, the assessments underpinning those safeguards and related discretionary measures of the Eurosystem on the grounds of prudence. The application date of all related legal acts is foreseen for the fourth quarter of 2025. Once formally adopted, the relevant legal acts will be published.

    For media queries, please contact Alessandro Speciale, tel.: +49 172 1670791

    Notes

    MIL OSI Economics –

  • MIL-OSI Economics: ECB study shows money market turnover rose from 2022 to 2024

    Source: European Central Bank

    30 April 2025

    • Money market rates efficiently reflected changes in the ECB’s deposit facility rate, used by Governing Council to steer monetary policy stance
    • Increased daily money market activity, dominated by secured and foreign exchange swap segments
    • High concentration in short-term tenors, with non-banks being most active counterparties

    The European Central Bank (ECB) today published its Euro money market study 2024. The study shows that daily turnover in the euro money market grew by 38% to €1.8 trillion in the two years to the end of 2024, up from €1.3 trillion at the end of 2022. The reasons for this growth are mainly twofold: banks adapting to declining excess liquidity by trading more in money markets and changes to monetary policy rates that influenced the shape of the yield curve.

    Secured and foreign exchange swap transactions accounted for more than half of total market turnover and outstanding amounts, with the overnight index swap segment showing the most significant growth.

    The study also highlights that activity in both the secured and unsecured segments was particularly concentrated in very short-term tenors such as overnight, spot/next and tomorrow/next transactions.

    As at the end of 2024, bilateral trading activity among euro area banks as a share of the total in each segment was modest with 17% for unsecured and 26% for foreign exchange swaps. Compared with the period from 2021 to 2022, secured trading with public institutions increased significantly to almost €70bn from €10bn following the reduction in the remuneration of non-monetary policy deposits that took effect as of 1 May 2023.

    The study finds that the continuation of interest rate hikes by the ECB until September 2023 and the subsequent cuts starting in June 2024 were immediately and fully reflected in money market rates and that policy rate expectations triggered significant activity in the overnight index swap segment.

    Money market rates converged towards the deposit facility rate – the interest rate through which the Governing Council of the ECB steers its monetary policy stance – albeit to different degrees. As a result, a persistent positive spread emerged between secured and unsecured overnight rates, as €STR showed low sensitivity to reductions in excess liquidity (see details in box 1).

    The next euro money market study, set for publication in the second quarter of 2027, will broaden the scope of analysis to include trades from 69 banks compared with 45 banks in the 2024 study. This reflects the increase in the number of money market statistical reporting agents as announced in April 2023.

    For media queries, please contact Lena-Sophie Demuth, tel.: +49 162 295 2316.

    Notes

    • The ECB’s euro money market study is published every second year. The 2024 study provides a detailed overview of the euro money market in the period between January 2023 to December 2024. It focuses on key developments and dynamics in five euro money market segments: secured, unsecured, short-term securities, foreign exchange swaps and overnight index swaps.
    • The study is based on daily transactions in the euro money market collected from the largest euro area banks under Regulation (EU) No 1333/2014 of the European Central Bank of 26 November 2014 concerning statistics on the money markets (ECB/2014/48) (OJ L 359, 16.12.2014, p. 97) – the Money Market Statistical Reporting (MMSR) Regulation.

    MIL OSI Economics –

  • MIL-OSI Economics: DDG Hill discusses WTO accessions at Horn of Africa Initiative ministerial meeting

    Source: WTO

    Headline: DDG Hill discusses WTO accessions at Horn of Africa Initiative ministerial meeting

    Four Horn of Africa countries – Ethiopia, Somalia, Sudan and South Sudan – are currently negotiating their accession to the WTO. This is half of the total number of African countries seeking to join the WTO and some of the most active in the WTO accession process, DDG Hill noted. Recent progress was made in particular with the accession of Ethiopia, with the 5th Working Party meeting held in March, and the accession of Somalia, with the first Working Party meeting taking place in February.
    DDG Hill pointed to Ethiopia’s “Homegrown Economic Reform Programme” launched in 2019, which demonstrates its strong commitment to economic transformation and to building an open and rules-based economy. She said: “WTO Director-General Ngozi Okonjo-Iweala has stressed that Ethiopia’s accession is a strategic priority for the WTO’s 14th Ministerial Conference, which will take place in Cameroon in March 2026. As the largest economy currently outside the WTO and one of the few remaining least-developed countries in the accession pipeline, Ethiopia’s membership would meaningfully advance the WTO’s goal of universality.”
    “Somalia has demonstrated strong political commitment and dedicated technical expertise in the process,” she added, noting the complementarity between WTO accession efforts and the country’s ongoing work to integrate into the East African Community.
    The meeting provided an opportunity to discuss an action plan aimed at boosting trade across the Horn of Africa, building on prior commitments and technical consultations. DDG Hill noted that this year’s focus on regional trade and trade facilitation issues is very timely. “Strengthening trade links can be a key piece in fostering regional integration and connectivity in the Horn of Africa”, she said.
    The 24th Horn of Africa Initiative was co-chaired by Ethiopia’s Finance Minister Ahmed Shide and the World Bank’s Acting Vice President for Eastern and Southern Africa Amit Dar. It brought together ministers of finance and high-level officials from the region. Ministers welcomed a new USD 10 billion contribution from development partners, including the African Development Bank, the European Union, Germany’s Federal Ministry for Economic Cooperation and Development, the United Kingdom and the World Bank.
    The meeting closed with Somalia’s Finance Minister, Bihi Iman Egeh, taking over as the new chair of the Initiative for the next two years.
    Horn of Africa Initiative
    Through the Horn of Africa Initiative, Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan and Sudan are committed to coordinating approaches to exploring regional synergies and addressing regional challenges. They also prioritize regional programmes in infrastructure connectivity, economic integration, resilience building and skills development.
    WTO accessions in the Horn of Africa
    More information on Ethiopia’s accession is available here.
    More information on Somalia’s accession is available here.
    Sudan held its 5th Working Party meeting on 26 July 2021. More information on Sudan’s accession is available here.
    South Sudan held its first Working Party meeting on 21 March 2019. More information on South Sudan’s accession is available here.

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  • MIL-OSI Economics: WTO, IFC launch joint publication on trade finance in Central America and Mexico

    Source: World Trade Organization

    The report finds that trade and supply chain finance (TSCF) supports 8 per cent of Mexico’s goods trade, 12 per cent of Guatemala’s, and 10 per cent of Honduras’s. In the case of Mexico, only about a quarter of merchandise importers and exporters have any access to financing. These are among the lowest access rates across surveyed economies, despite supply chain finance having made some inroads in Mexico’s economy and, to a lesser extent, in Guatemala and Honduras.

    The report underscores that there is significant potential to grow and diversify the currently concentrated market for TSCF. Model-based projections show that doubling TSCF coverage and aligning costs with advanced economy standards could raise exports and imports by up to 8.9 per cent in Honduras, 7.8 per cent in Guatemala and 7.4 per cent in Mexico – adding more than USD 90 billion in combined trade volume.

    In her opening remarks at the launch, DDG Hill underlined the importance of the WTO-IFC collaboration on trade finance given its key role in enabling trade. Citing the Asian Development Bank (ADB) estimation of a USD 2.5 trillion global trade finance gap in 2023, mainly in developing economies, she noted that “inadequate access to trade finance functions in effect as a prohibitive trade cost, holding back trade and closing off economic opportunities for firms and people.”

    This is particularly relevant in the case of micro, small and medium-sized enterprises and women-owned businesses that “find it particularly hard to access trade finance,” she added.

    This is the third and last edition of a short series of reports on trade finance in developing economies aimed at improving understanding of the trade finance ecosystem, the constraints to trade finance and gaps in provisions. The first report focused on West Africa (Côte d’Ivoire, Ghana, Nigeria, Senegal) in 2022 and the second on the Mekong region (Cambodia, Lao PDR and Viet Nam) in 2023-24.

    The joint WTO-IFC work on trade finance springs from a 2021 joint statement by the WTO Director-General Ngozi Okonjo-Iweala and IFC Managing Director Makhtar Diop, pledging to enhance cooperation to improve the analytics, identification, and detection of trade finance gaps in order to better direct capacity building and other resources to where unmet demand is greatest.

    DDG Hill stressed that in the countries and regions studied so far, only a limited share of trade is supported by trade and supply chain finance, whereas in advanced economies this share is at least 60 per cent. “In each of the regions we examined, trade finance was heavily concentrated. Too few banks directing too little finance towards a small group of well-established and large traders,” she said.

    Doubling the trade finance coverage of trade would increase trade flows by a significant amount and help diversify trade geographically. “More trade finance means not only more trade integration, but also more socioeconomic inclusion through trade,” she added.

    Looking ahead, DDG Hill emphasized that the WTO will continue its work – whether in the trade finance field, through its investment facilitation efforts or through the implementation of its Trade Facilitation Agreement – to reduce international trade costs. In many emerging economies, reducing the cost of shipping, financing and border clearance is key to being competitive internationally. “The adoption of digital technologies is paramount in this regard,” she noted.

    “We remain at our members’ disposal for promoting trade finance solutions and engaging in expert discussions, such as today’s, with support from multilateral development banks and development financial institutions,” DDG Hill said. She noted that “these efforts help address persistent gaps in trade finance access, especially for small and medium enterprises, and support broader goals of trade inclusion, economic diversification, and digital transformation.” Her full remarks (in Spanish) are here.

    Policy recommendations included in the report point at strengthening supply chain markets through regulatory harmonization, digital innovation, improved risk assessments and better access for small and women-owned firms. International organizations and development banks can also play a key role through capacity building, liquidity support and risk-sharing facilities.

    The launch was followed by a presentation of the report and a panel discussion bringing together representatives of the WTO, IFC, the International Chamber of Commerce (ICC), the Mexican government and the Instituto Tecnológico Autónomo de México (ITAM).

    The publication can be found here.

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  • MIL-OSI Europe: Iceland: Sidekick Health Secures €35 Million Venture Debt from EIB to Accelerate R&D and Global Expansion

    Source: European Investment Bank

    • The European Investment Bank (EIB) has signed a €35 million venture debt facility with Sidekick Health, a leading digital health and therapeutics company operating across Europe and the US.
    • The funding will accelerate Sidekick’s therapy development and AI-driven platform innovation across multiple chronic and specialty care areas.
    • The R&D-focused facility is backed by the European Commission’s InvestEU initiative and complemented by a €7M capital injection from existing and new investors to accelerate Sidekick’s commercial growth.

    The European Investment Bank (EIB) and Sidekick Health — a global leader in integrated digital health and therapeutics — today announced the signing of a €35 million venture debt facility, backed by a dedicated life science venture debt window of the European Commission’s InvestEU programme. It provides Sidekick with dedicated capital to accelerate R&D activities, expand its digital therapeutics portfolio, enhance AI capabilities, and strengthen its data and platform infrastructure — delivering scalable, secure, and impactful solutions for patients, payers, and pharmaceutical partners worldwide. The agreement represents the EIB Group’s first venture debt transaction in Iceland, where Sidekick is headquartered.

    In parallel, Sidekick closed an additional €7M growth-focused financing, reflecting strong investor confidence and providing additional capital to scale its commercial footprint and strategic partnerships.

    At the signing ceremony today in Luxembourg, Tryggvi Thorgeirsson, MD, MPH, CEO and Co-Founder of Sidekick Health, commented:

    “This strategic financing from the EIB enables us to double down on our mission to improve and save lives by digitizing care. It strengthens our ability to invest in R&D, therapy development, and AI, while focusing future equity on scaling our commercial impact. Together with the strong backing of our investors, our diversified funding strategy — now including non-dilutive venture debt — positions Sidekick to accelerate innovation, deepen our partnerships, and continue transforming healthcare at scale.”

    Thomas Östros, Vice-President of the EIB, said:

    “The EIB has a solid track record in financing European med-tech companies through its venture debt instrument. The competitiveness of these companies is very important for our EU strategic autonomy. This is already the fifth InvestEU project in Iceland, building on a long tradition of EU-guaranteed funding for Icelandic projects.”

    Sidekick partners with leading pharmaceutical companies, health insurers, and healthcare providers to deliver AI-enhanced digital health and therapeutics solutions across chronic and specialty care, including oncology, cardiovascular, metabolic, women’s health, and inflammatory conditions. The company’s platform has demonstrated improved patient outcomes and supported cost reduction in collaboration with partners, helping drive the shift toward personalized, proactive care.

    EU Ambassador to Iceland Clara Ganslandt added:

    “It was only in January last year, 2024, that Iceland’s participation in InvestEU was formally launched but we now already have five InvestEU projects in Iceland. That is certainly worth celebrating. The EU is committed to fuelling research and innovation and making use of impactful investments – in a world of increased global competition, it is in our common interest for Iceland and the European Union to work together. For three decades, since 1994, Icelandic organisations have been remarkably active, valued and successful participants in EU programmes, and Sidekick Health will certainly make this financing agreement a success.”

    Background information  

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    InvestEU

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It helps generate additional investments in line with EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. InvestEU brings all EU financial instruments together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee of €26.2 billion. This guarantee increases their risk-bearing capacity, thus mobilising at least €372 billion in additional investment.

    Sidekick Health

    Sidekick Health is a digital health innovation company offering a uniquely broad portfolio of digital health and therapeutic programs across oncology, cardiovascular, metabolic, women’s health, and inflammatory conditions. Our solutions engage and empower people to improve health outcomes and quality of life. Sidekick works with health insurers, including leading national US health plans, pharmaceutical companies, including half of the world’s top 10 life sciences companies, and develops fully regulated prescription digital therapeutics — prescribed by over 17,000 physicians — designed to improve patient outcomes, enhance clinical efficiency, and reduce the cost of care.

    MIL OSI Europe News –

  • MIL-OSI Europe: Finland: Helsinki to get new tramline and a depot with €400 million EIB package

    Source: European Investment Bank

    • EIB lends total of €400 million to Helsinki and its transport company to build tram connection to eastern suburbs.
    • The project also features new pathways for cyclists and pedestrians, includes the construction of a new tram and bus depot for Helsinki, and involves acquiring new trams for the city’s entire network.
    • Three major bridges to be built for new tramline.

    The European Investment Bank (EIB) is providing a €400 million financing package to help the Finnish capital Helsinki build a tramline to three suburbs, construct a new tram and bus depot, purchase new trams, and add pathways for cyclists and pedestrians. The EIB support involves loans of €150 million to the City of Helsinki and €250 million to metropolitan transport company Metropolitan Area Transport Ltd (Pääkaupunkiseudun Kaupunkiliikenne Oy) for the “Crown Bridges Light Rail” project.

    The goals are to extend Helsinki’s tram system to the eastern suburbs of Laajasalo, Korkeasaari and Kalasatama with a new line that will halve travel times to 20 minutes and to increase the city’s bike and pedestrian paths. The project is due to be completed by 2027.

    “Investing in sustainable transport is a priority for the EIB and provides a key step toward advancing climate action and enhancing connectivity in the city,” said EIB Vice-President Thomas Östros. “This project will play an important role in improving the quality of life for Helsinki’s residents.”

    Crown Bridges Light Rail reflects a commitment by Helsinki, which has a population of 685,000, to expand clean public transport. That step should in turn stimulate urban development and regeneration.
    Because Laajasalo and Korkeasaari are islands – Helsinki has around 300 of them – the project features three major bridges over which the new tramline will travel. The longest, Kruunuvuorensilta Bridge, will be 1,200 metres and have a pylon rising to 135 metres. The two other bridges – Merihaansilta and Finkensilta – will have lengths of 400 metres and 300 metres, respectively.

    All three bridges will have bike lanes that are three metres wide and pedestrian pavements with widths of between two and six metres.

    The project includes constructing Helsinki’s Ruskeasuo depot, Finland’s first combined tram and bus depot. It offers storage for about 80 trams, daily maintenance and repair facilities, and a wheel lathe track. The depot also serves regional bus traffic, with roof parking and maintenance spaces for buses.

    The EIB financing covers 40% of the project costs and will go towards building the tramline and the depot as well as buying new tram sets.

    The support aligns with EIB pledges to advance efforts in Europe to reduce greenhouse gas emissions and improve air quality.

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.   

    In 2024, EIB Group investments in Finland rose to €2.3 billion from €992 million the year before, focusing on green projects and business innovation.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Israeli demolitions of Palestinian homes in the Palestinian occupied West Bank – E-001332/2025

    Source: European Parliament

    Question for written answer  E-001332/2025/rev.1
    to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy
    Rule 144
    Luke Ming Flanagan (The Left)

    Concerning the escalating rate of Israeli demolitions of Palestinian homes in the Palestinian occupied West Bank, the UN Office for the Coordination of Humanitarian Affairs (OCHA) documented that Israeli occupation authorities demolished 1 787 Palestinian facilities between 7 October 2023 and 15 October 2024, including 800 inhabited homes.

    On 21 January 2025, the Israeli military launched ‘Operation Iron Wall’, which, according to the UN Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), forcibly displaced 40 000 Palestinians in the northern West Bank[1]. Ireland and the EU have funded infrastructure in the occupied West Bank, such as schools, playgrounds and other community facilities, which Israel has demolished. The report details the expansion of Israeli illegal settlements, the unlawful demolition of Palestinian homes and a surge in settler violence, all taking place in ‘a climate of impunity’. International humanitarian law prohibits an occupying power from demolishing homes and other property belonging to the protected population. Israel’s practice amounts to a grave violation of international humanitarian law and is a war crime under the Rome Statute of the International Criminal Court.

    Has the EU sought compensation from Israel for infrastructure subsidised by the EU and subsequently demolished by Israel?

    Submitted: 1.4.2025

    • [1] UNRWA, ‘Large-scale forced displacement in the West Bank impacts 40,000 people’ – official statement, 10 February 2025, https://www.unrwa.org/newsroom/official-statements/large-scale-forced-displacement-west-bank-impacts-40000-people.
    Last updated: 29 April 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Briefing – Monetary Dialogue in March 2025: Summary of parliamentary scrutiny activities – 29-04-2025

    Source: European Parliament

    This paper provides a summary of all scrutiny activities of the European Parliament related to euro area monetary policy in occasion of the March 2025 Monetary Dialogue with the European Central Bank (ECB). It covers the topics chosen by the competent Committee and related expertise papers provided in advance of the Dialogue, the actual topics addressed during the Dialogue, a brief overview of results from the Monetary Policy Expert Panel Survey, the latest written questions made by Members to the ECB President and European Parliament resolution on the ECB Annual Report 2024. The document is published regularly ahead and after each Monetary Dialogue with the ECB.

    MIL OSI Europe News –

  • MIL-OSI: Form 8.5 (EPT/RI)-GlobalData plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.5 (EPT/RI)

    PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
    Rule 8.5 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)        Name of exempt principal trader: Investec Bank plc
    (b)        Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 GlobalData plc
    (c)        Name of the party to the offer with which exempt principal trader is connected: Investec is Joint Broker to GlobalData plc Rue plc
    (d)        Date dealing undertaken: 30th April 2025
    (e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchases/ sales Total number of securities Highest price per unit paid/received Lowest price per unit paid/received

    Ordinary

    		 Purchases 2,010,104 180 137.5

    Ordinary

    		 Sales 2,055,036 175.5 137.5

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    N/A N/A N/A N/A N/A

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    N/A N/A N/A N/A N/A N/A N/A N/A

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
    N/A N/A N/A N/A N/A

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    N/A N/A N/A N/A

    3.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
    (i)        the voting rights of any relevant securities under any option; or
    (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None
    Date of disclosure: 1stMay 2025
    Contact name: Gary Darch
    Telephone number: 020 7597 4549

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI Europe: Answer to a written question – Impact of Greece’s golden visa scheme on the housing market – E-000613/2025(ASW)

    Source: European Parliament

    Since the adoption of the European Parliament resolution[1] on investor residence schemes[2], the Commission has taken action to address the risks related to security, money-laundering, tax evasion and corruption.

    In its 2022 Recommendation[3], the Commission called on Member States to take measures to prevent such risks and take specific actions regarding investor residence permit granted to nationals of Russia and Belarus.

    The new Anti-Money Laundering package[4] also introduces strict obligations on involved actors and requires Member States running these schemes to assess and monitor risks, and to put in place mitigating measures.

    In addition, the proposed recast of the Long-Term Residents Directive[5] includes rules to prevent third-country investors from abusively acquiring EU long-term resident status.

    With regards to the social impact of “golden visa” schemes, the Commission notes that in respect of the subsidiarity and proportionality principles, primary responsibility for housing is within the remit of Member States, and regional and local authorities. However, the Commission is already providing support to Member States through a variety of funding and programmes[6].

    In addition, the Commission appointed the first-ever Commissioner responsible for housing and established a Task Force for Housing. The Commission will put forward a European Affordable Housing Plan to help national, regional and local authorities address structural drivers of the housing crisis.

    The Commission will foster investments in affordable housing through a pan-European investment platform[7], by allowing Member States to double cohesion policy investments in this area and by reviewing state aid rules to enable housing support measures.

    • [1] European Parliament resolution of 9 March 2022 with proposals to the Commission on citizenship and residence by investment schemes (2021/2026(INL)) proposed to phase out CBI (Citizenship by investment Schemes) by 2025, and proposed other measures to address the risks posed by RBI (Residence by investment schemes) which are commonly named as ‘golden visas (https://www.europarl.europa.eu/doceo/document/TA-9-2022-0065_EN.pdf).
    • [2] Commonly known as “golden visa” schemes.
    • [3] C(2022) 2028 final, Commission Recommendation on immediate steps in the context of the Russian invasion of Ukraine in relation to investor citizenship and investor residence schemes .
    • [4] In particular: Directive (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024 on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Directive(EU) 2019/1937, and amending and repealing Directive (EU) 2015/849; Regulation (EU) 2024/1624 of the European Parliament and of the Council of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
    • [5] COM(2022) 650 final.
    • [6] Including the Recovery and Resilience Plans, the European Regional Development Fund , the Cohesion Fund and Just Transition Fund, as well as the InvestEU programme’s Social Investments and skills window and sustainable infrastructure window and the European Social Fund+ .
    • [7] To be established in cooperation with the European Investment Bank and other financial institutions.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Shri Arvind Shrivastava took charge as Secretary, Department of Revenue, Ministry of Finance, today

    Source: Government of India

    Posted On: 01 MAY 2025 1:46PM by PIB Delhi

    Shri Arvind Shrivastava, takes charge as the Secretary, Department of Revenue, Ministry of Finance, today.

    The Appointments Committee of the Cabinet on 18th April 2025 appointed Shri Shrivastava as the Secretary, D/o Revenue.

    Previously, Shri Shrivastava, a 1994-batch Indian Administrative Service (IAS) officer of the Karnataka cadre, served as Joint Secretary and then Additional Secretary in the Prime Minister’s Office.

    Before that, Shri Shrivastava has also served as Joint Secretary, in the Budget Division of the Department of Economic Affairs, Ministry of Finance; Development Officer in the Asian Development Bank; Secretary, Finance Dept., Bengaluru; Secretary, Urban Development Department, Bengaluru; Managing Director in the Urban Infrastructure Development & Finance Corporation, Karnataka.

    ****

    NB/KMN

    (Release ID: 2125726) Visitor Counter : 24

    MIL OSI Asia Pacific News –

  • MIL-OSI Banking: Minister Kang’s Statement on the 5th APEC Ocean-Related Ministerial Meeting Busan, Republic of Korea | 01 May 2025 5th APEC Ocean-Related Ministerial Meeting On Tuesday in Busan, Kang Do-Hyung, Korea’s Minister of Oceans and Fisheries, shared with his ocean and fisheries counterparts a statement that reflects the outcomes of the 5th APEC Ocean-Related Ministerial Meeting, which he chaired on 1 May 2025.

    Source: APEC – Asia Pacific Economic Cooperation

    On Tuesday in Busan, Kang Do-Hyung, Korea’s Minister of Oceans and Fisheries, shared with his ocean and fisheries counterparts a statement that reflects the outcomes of the 5th APEC Ocean-Related Ministerial Meeting, which he chaired on 1 May 2025.

    Under the theme “Navigating our Blue Future – Connection, Innovation, and Prosperity,” the meeting underscored the urgent need for stronger cooperation to tackle environmental challenges, promote sustainable ocean practices and support inclusive economic growth in the region.

    The statement highlighted the critical role of regional collaboration in addressing marine pollution, disaster preparedness and the sustainability of fisheries and aquaculture.

    Chair’s Statement on the 2025 APEC Ocean-Related Ministerial Meeting
    Supplementary Chair’s Statement on the 5th APEC Ocean-Related Ministerial Meeting APEC Korea 2025

    Ministers also emphasized the need for the development of the APEC Ocean Resilience Enhancement Roadmap, a framework aimed at enhancing disaster risk management and strengthening regional resilience.

    Ministers recognized the growing threat of marine pollution, urging the timely implementation of the APEC Roadmap on Marine Debris and calling for innovative technological solutions to reduce pollution and safeguard marine biodiversity.

    In the area of fisheries management, ministers reiterated the importance of science-based approaches to ensure the sustainability of ocean resources, food security and the livelihoods of coastal communities.

    They called for increased efforts to combat Illegal, Unreported, and Unregulated (IUU) Fishing and for the enhancement of capacity-building initiatives to support robust monitoring and enforcement across the region.

    APEC ministers also committed to fostering collaboration on sustainable aquaculture development and small-scale fisheries, stressing the need for public-private partnerships and knowledge exchange to drive economic growth while preserving marine ecosystems.

    For further information or media inquiries, please contact:
    [email protected]

    MIL OSI Global Banks –

  • MIL-OSI: Financial results for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Profit after tax of DKK 491 million and return on equity of 14.0%

    With a profit after tax of DKK 491 million and a return on equity of 14.0%, Spar Nord is off to a good start to 2025. As expected, the result is affected by the falling level of interest rates, with a lower return on the Bank’s substantial excess liquidity contributing to a reduction in net interest income compared with last year. This is the principal reason why core income was DKK 136 million lower than in the same period of last year.

    In terms of our banking business, we maintained a strong momentum from Q1 2024 to Q1 2025 with annual growth in lending and deposits of 10% and 6%, respectively, and a 4% increase in total business volume during the period. Looking exclusively at Q1 2025, lending was up by DKK 1.3 billion and deposits by DKK 0.7 billion.

    The first quarter of 2025 was also characterised by further solid asset management activity, and activity in the housing market is once again trending higher. At the same time, impairment charges for the period were limited owing to persistently strong credit quality.

    With respect to Nykredit’s takeover offer, two out of three conditions for the offer are currently met. The necessary approval from the Danish Competition and Consumer Authority remains outstanding and, most recently on 23 April 2025, this resulted in an extension of the offer period, which is now projected to expire on 20 May 2025. Nykredit still expects the offer to be completed during the first half of 2025, says Lasse Nyby, CEO.

    Please direct any questions regarding this release to Lasse Nyby, Chief Executive Officer, on tel. +45 9634 4011, or Rune Brandt Børglum, Chief Financial Officer, on tel. + 45 9634 4236.

    Yours faithfully

    Rune Brandt Børglum
    CFO

    Attachment

    The MIL Network –

  • MIL-OSI: Netcompany – Interim report for the three months ended 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    Netcompany – Interim report for the three months ended 31 March 2025

    Company announcement
     No. 13/2025

                                                                                                                                    1 May 2025

    Growth and margin improvement in a continued challenging market

    Summary

    • In Q1 2025, Netcompany grew revenue by 9.1% (constant 9%) to DKK 1,744.3m.
    • Adjusted EBITDA increased by 24.4% (constant 25%) to DKK 307.3m in Q1 2025.
    • Adjusted EBITDA margin was 17.6% in Q1 2025 (constant 17.7%) compared to 15.5% in Q1 2024.
    • Diluted earnings per share increased by 36.9% to DKK 2.56.
    • Average workforce increased by 342 FTEs to 8,150 FTEs in Q1 2025 from 7,808 FTEs in Q1 2024.
    • Free cash flow increased to DKK 67.9m in Q1 2025 from negative DKK 4.9m in Q1 2024.
    • Cash conversion ratio (tax normalised) was 83.3% in Q1 2025.
    • Debt leverage improved to 1.2x in Q1 2025 from 1.6x in Q1 2024.

    “The Group continued the growth momentum from last year and grew revenue by 9.1% in Q1 2025. At the same time, we increased our margin by more than two percentage points to 17.6%. Our growth is built on the continued focus on our products and platforms – a proven foundation for our future growth within Netcompany.

    During Q1, we announced the merger with SDC into a newly formed entity – Netcompany Banking Services. The transaction is still on schedule to be completed around mid-year.

    At the end of Q1 2025, we employed more than 8,150 talented people and mainly grew in the international part of the Group.

    Irrespective of the increased geopolitical turmoil and the high level of uncertainty we reiterate our full year financial expectations of revenue growth of 5% to 10% and an adjusted EBITDA margin of between 16% and 19%.

    We believe that Europe is in a unique position to strengthen itself in these uncertain times and we take pride in being a mission critical provider of world leading digitalisation services and solutions supporting governments and enterprises throughout Europe.”

    André Rogaczewski
    Netcompany CEO and Co-founder

    Financial overview
    For full details on financial performance, see enclosed Company announcement Q1 2025.

    Conference details
    In connection with the publication of the results for Q1 2025, Netcompany will host a conference call on 1 May 2025 at 11.00 CEST.

    The conference call will be held in English and can be followed live via the company’s website; www.netcompany.com

    Dial-in details for investors and analysts
    DK: +45 7876 8490
    UK: +44 203 769 6819
    US: +1 646 787 0157
    PIN: 598046

    Webcast Player URL: https://netcompany-as.eventcdn.net/events/interim-report-for-the-first-three-months-of-2025

    Additional information
    For additional information, please contact:

    Netcompany Group A/S
    Thomas Johansen, CFO, + 45 51 19 32 24
    Frederikke Linde, Head of IR, +45 60 62 60 87

    Attachment

    The MIL Network –

  • MIL-OSI: LHV Kindlustus renewed mandates of Supervisory Board members

    Source: GlobeNewswire (MIL-OSI)

    On 30 April 2025, the shareholders of AS LHV Kindlustus, belonging to the AS LHV Group consolidation group, resolved to extend the mandates of the current Supervisory Board members – Madis Toomsalu, Erki Kilu, Veiko Poolgas and Jaan Koppel – by five years.

    When deciding the renewal, Toomsalu’s wish to leave LHV Group was taken into account – accordingly, his mandate as a member of the LHV Kindlustus Supervisory Board will also end at the time of his resignation.

    All four Supervisory Board members have been involved with LHV Kindlustus since the company was founded. Their shared role is to support the company’s strategic development, ensure the reliable management of the insurance portfolio, guide the work of the management board, and ensure that the company’s activities comply with both legislative requirements and the internal principles of LHV.

    LHV Kindlustus offers a diverse range of property insurance products for both private and corporate customers. The company operates with the aim of providing transparent and customer-focused insurance solutions, strengthening LHV Group’s position as an innovative service provider in the local financial sector.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,160 people. As at the end of March, LHV’s banking services are being used by 465,000 clients, the pension funds managed by LHV have 113,000 active customers, and LHV Kindlustus is protecting a total of 174,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee

    The MIL Network –

  • MIL-OSI New Zealand: ASB offers relief to South Island and lower North Island customers affected by severe weather

    Source: ASB

    ASB will support customers affected by extreme weather events impacting the South Island and lower North Island, with tailored packages including suspension of home loan repayments and emergency overdraft facilities available for personal, business and rural customers.

    ASB Executive General Manager for Personal Banking Adam Boyd says ASB’s team is available to help any customers who require financial assistance or support.

    “We know this may be a stressful time and our thoughts are with those impacted by the extreme weather. Our teams are on standby to talk through relief options for customers that have damage to their homes, properties or businesses and need support. We are here to help.”

    Emergency assistance can be offered to personal, farming and business customers on a case-by-case basis, including:

    • Option to suspend home loan principal repayments for up to three months
    • Immediate consideration of requests for emergency credit card limit increases and overdraft facilities
    • Tailored solutions for eligible ASB business and rural customers including access to working capital of up to $100,000.

    Personal customers needing support should call our contact centre on 0800 803 804. Alternatively, customers can email hardship@asb.co.nz.  Affected ASB business and rural customers should speak to their relationship manager or call 0800 272 287.  

    Further detail on available support is available at Extreme weather support l ASB.

    MIL OSI New Zealand News –

  • MIL-OSI Submissions: Research – Australia’s credit and charge card payments to near $300 billion in 2025 amid consumer and e-commerce growth, forecasts GlobalData

    Source: GlobalData

    Australia’s credit and charge card payments market continues to demonstrate resilience and growth, underpinned by rising consumer spending, robust payment infrastructure, and an expanding e-commerce landscape.

    Enhanced by value-added incentives such as cashback offers, flexible repayment options, and installment facilities, the market is set to maintain an upward trajectory, reaching AUD453.9 billion ($299.7 billion) in 2025 despite evolving global economic challenges, reveals GlobalData, a leading data and analytics company.

    GlobalData’s Payment Cards Analytics reveals that credit and charge card payment value in Australia registered a growth of 6.3% in 2024, driven by the rise in consumer spending.

    Kartik Challa, Senior Banking and Payments Analyst at GlobalData, comments: “Public awareness of the advantages associated with credit card usage is widespread in Australia. Consumers frequently utilize these cards to capitalize on benefits, including cashback offers and rewards programs. Bolstered by a robust payment infrastructure and a flourishing e-commerce market, credit and charge cards have gained marked preference among the Australian consumers.”

     

    Australians are increasingly using credit and charge cards for payments, with the frequency of payments per card standing at 225.5 times in 2024 and is anticipated to further rise to 239.5 in 2029. This is driven by banks offering flexible repayment options and value-added benefits such as cashback, reward points, discounts, and installment facilities.

    CommBank offers an installment plan “SurePay,” allowing its credit card holders to convert purchases into three, six, or 12 months. Likewise, National Australia Bank’s  NAB Now Pay Later option allows customers to split the cost of purchases into four interest-free repayments over six weeks.

    Well-developed payment infrastructure has been another key driver for the rise of credit and charge cards in Australia. The number of POS terminals per million inhabitants in Australia stood at 39,031 in 2024, which is higher compared to some of its peers such as China (33,631), Hong Kong (27,184), and India (6,964), though there is significant room for further expansion of POS infrastructure.

    Rising e-commerce payments is another factor contributing to the growth in credit and charge card usage. According to GlobalData’s E-Commerce Analytics, credit and charge cards are the preferred payment method for online payments, with 22.5% share in 2024.

    Meanwhile, to mitigate the risk of over-indebtedness, banks offer debt reconsolidation programs and credit card balance transfer programs to their customers to enable them to merge multiple loans (including credit card debt) into a single, monthly installment and transfer their credit card balance without interest. For example, ANZ offers balance transfer options that enable customers to consolidate debt by transferring outstanding balances from non-ANZ credit cards to a new or existing ANZ credit card.

    Challa concludes: “Australia’s credit and charge card market is poised for sustained growth over the next five years, driven by the economic recovery, growing consumer spending, and growth in e-commerce payments. However, challenges such as the ongoing global trade tariff dispute among major countries, and geopolitical uncertainties remain bottlenecks to the market. Overall, the value of credit and charge card payments is forecast to register a slower compound annual growth rate (CAGR) of 4.4% between 2025 and 2029 to reach AUD539.1 billion ($356 billion) in 2029.”

    About GlobalData

    4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

    MIL OSI – Submitted News –

  • MIL-OSI New Zealand: Reserve Bank Publishes Response to Deposit Taker Core Standards Consultation

    Source: Reserve Bank of New Zealand

    1 May 2025 – The Reserve Bank of New Zealand – Te Pūtea Matua has today published its response to submissions on three of the four core standards that set the prudential requirements deposit takers will need to meet in order to be licensed under the Deposit Takers Act 2023 (DTA).

    Jess Rowe, Director Prudential Policy, says the response covers liquidity, disclosure, and Depositor Compensation Scheme (DCS) related requirements.  

    “The DTA standards give us a significant opportunity to create a coherent, modern and proportionate prudential framework,” Ms Rowe says.  

    “The three core standards covered in this release ensure deposit takers can manage their liquidity, provide timely prudential disclosures to the market, and meet data and disclosure requirements for the DCS.”

    Public consultation on the proposed core standards generated 26 submissions from banks, non-bank deposit takers and industry groups.

    “In response to comprehensive submissions and engagement from industry, we’re making changes to further support a proportionate approach, reduce compliance costs, and improve regulatory efficiency,” says Ms Rowe.  

    “This shows our focus remains on ensuring prudent management of risk, in a manner that also supports an efficient, competitive and inclusive financial system.”  

    Read the response document
     

    Response to capital standard to be published later

    A fourth standard, the capital standard, was also included in the core standard consultation.  This standard generated a significant number of submissions.  To ensure we address these submissions, and the matters raised at the Finance and Expenditure Committee inquiry into banking competition, we have announced a more comprehensive review of key aspects of our deposit takers capital settings.  The response to submissions on this standard will, therefore, not be published at this time.  

    Deposit Takers Act background

    The Deposit Takers Act 2023 (DTA) modernises our regulatory framework to help ensure the safety and soundness of deposit takers and support a stable financial system that New Zealanders can trust.  

    Once the DTA is fully in force (expected to be in 2028), the Reserve Bank will begin regulating and supervising credit unions, building societies and finance companies (known as non-bank deposit takers or NBDTs), together with banks, under a single, consistent, and proportionate framework.  

    The Act also introduces a new Depositor Compensation Scheme (DCS), effective from 1 July 2025.

    The Reserve Bank ran a consultation on the four core standards from May to July 2024 and on the nine non-core standards from August to November 2024.

    More information

    Deposit Takers Act : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=e438a4a08b&e=f3c68946f8

    Implementation timeline : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f89e60d59f&e=f3c68946f8

    Proportionality Framework : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=2a63751296&e=f3c68946f8

    Depositor Compensation Scheme : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=80b599c069&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Economy – RBNZ research investigates why the ‘natural interest rate’ has fallen in New Zealand over recent decades

    Source: Reserve Bank of New Zealand

    1 May 2025 – The fall in New Zealand’s natural interest rate has been driven mainly by declining labour productivity growth and a lower natural interest rate globally, a Reserve Bank of New Zealand Discussion Paper finds.

    Pushing in the other direction, high population growth and increasing labour force participation among older households have kept the natural interest rate higher than otherwise.

    This ‘natural rate of interest’ is closely related to the ‘neutral rate of interest’ and is an important benchmark for monetary policymakers when considering the level of the Official Cash Rate.

    The decline in the natural interest rate among advanced economies has been widely studied. New research from the RBNZ explores the factors that have contributed to this decline in New Zealand over time.

    To better understand the natural interest rate, the authors build a model capturing how households’ savings decisions change over their lifetimes. The model also accounts for the impact of changes in New Zealand demographics and government debt levels, as well as global trends.

    A key driver of the decline in New Zealand’s natural interest rate is labour productivity growth, which fell in New Zealand after the Global Financial Crisis.

    As captured in the model, people tend to save more as productivity growth falls, because they don’t expect incomes to rise as much in future. In turn, more savings in New Zealand flow through to a lower natural interest rate.

    The natural interest rate across many advanced economies has fallen in recent decades, with the world natural rate falling about 1.5 percentage points in the post-GFC period. With New Zealand integrated into global financial markets, this lower world natural interest rate has flowed through into a lower natural interest rate in New Zealand.

    The impact of these drivers has been partially offset by higher population growth and increasing labour force participation among older households. This is because households who expect to work for longer tend to save less for retirement. Higher population growth means more younger households in the population, who tend to save less than older households. Lower domestic savings means a higher natural rate of interest.

    Understanding the drivers of changes in the natural interest rate is important for central banks and helps inform expectations on where the natural rate will move in future.

    “If the natural and neutral rates of interest remain low, this would suggest an ongoing need for alternative monetary policy tools when encountering the effective lower bound (close to zero interest rates) on central bank policy rates,” the authors say.  

    The model developed in this research has a wide range of potential extensions which future work may explore. These extensions could include modelling different types of households in more detail or introducing a risk premium between the return to safe and risky assets.

    More information

    Read the Discussion Paper: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=03b47f37a3&e=f3c68946f8

    Authors: Robert Kirkby, Trent Lockyer, Andrew Coleman

    Definition of natural rate of interest: The long-run return to capital. The level of the natural rate of interest reflects the underlying balance between the amount of savings (from households or overseas investors) and demand for capital (from businesses and the government).
    Definition of neutral interest rate: The nominal neutral interest rate is the level of the Official Cash Rate consistent with inflation being sustainably at target and the economy running at its potential output. When the OCR is above neutral, monetary policy restrains demand and inflation pressures. Below neutral, it is stimulatory. The level of neutral interest rates shapes expectations of where the OCR is likely to settle in the long run, in the absence of future shocks.
    RBNZ’s Additional Monetary Policy toolkit: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=562a64b2ba&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI Security: Former Antioch Police Officer Found Guilty Of Conspiracy To Distribute Anabolic Steroids And Obstruction Of Justice

    Source: Office of United States Attorneys

    OAKLAND – A federal jury today convicted former Antioch police officer Devon Wenger of one count of conspiracy to distribute and possess with the intent to distribute anabolic steroids and one count of obstruction of justice. The jury’s verdict follows a three-day trial before Senior U.S. District Judge Jeffrey S. White.

    Wenger, 33, was previously employed as a police officer with the Antioch Police Department. According to court documents and evidence presented at trial, Wenger conspired with Daniel Harris, who was at the time also a police officer with the Antioch Police Department, to distribute anabolic steroids to a third individual, and then deleted evidence of this conspiracy from his cellular phone.

    “Instead of upholding the law, as he swore an oath to do, Devon Wenger conspired with a fellow officer to sell illegal anabolic steroids.  When the FBI arrived at his home to investigate him, he then doubled down by destroying evidence of his crime. Crimes like these by a police officer have a corrosive effect on the public’s trust in law enforcement.  Thanks to today’s jury conviction, Mr. Wenger will now face sentencing for his violations of law,” said Acting United States Attorney Patrick D. Robbins.

    “When Devon Wenger broke the law and then tried to cover his tracks, he didn’t just commit a crime — he betrayed the trust of the community he was sworn to serve. After learning the FBI was outside his home with a search warrant, he chose to delete evidence rather than come clean. That kind of misconduct corrodes public confidence in law enforcement,” said FBI Special Agent in Charge Sanjay Virmani. “Today’s guilty verdict makes clear that the FBI will hold accountable anyone who abuses the authority and responsibility of public service.”

    According to the evidence presented at trial, in February 2022, Wenger set up the sale of anabolic steroids, a Schedule III controlled substance, between Harris and a third individual. Harris was also charged in this case and pleaded guilty to his role in the conspiracy on Sept. 17, 2024. Law enforcement officials seized the package of anabolic steroids destined for Harris before they arrived, although Wenger continued to communicate with Harris about supplying the third individual with anabolic steroids, including offering to give this individual some of Wenger’s own while they waited for the delayed package.

    On March 23, 2022, at 8:03 a.m., the Federal Bureau of Investigation (FBI) began calling and sending text messages to Wenger telling him that they were outside of his residence with a warrant. It was not until 9:00 a.m. that Wenger appeared for the FBI to seize Wenger’s cellular phone. Later forensic examination of that device showed that specific entries related to the anabolic steroid distribution conspiracy had been deleted: specifically, all text messages between Wenger and Harris, all text messages between Wenger and the third individual he was trying to supply with steroids, the contacts for both Harris and the third individual, and recent call log entries for Wenger’s most recent phone calls with the third individual.

    The jury convicted Wenger of all counts charged in this case: one count of conspiracy to distribute and possess with the intent to distribute anabolic steroids in violation of 21 U.S.C. §§ 846, 841(a)(1), and (b)(1)(E)(i) and one count of destruction, alteration, or falsification of records in federal investigations (obstruction of justice) in violation of 18 U.S.C. § 1519.

    Wenger is scheduled to appear on May 6, 2025, for a hearing on whether to remand him to custody pending sentencing. He faces a maximum sentence of 10 years in prison on the conspiracy to distribute anabolic steroids count and 20 years in prison on the obstruction of justice count. Any sentence will be imposed by the Court only after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

    The case is being prosecuted by the National Security & Special Prosecutions Section and the Oakland Branch of the United States Attorney’s Office. This prosecution is the result of an investigation by the FBI and the Office of the Contra Costa County District Attorney.

    * * *

    Separately, Wenger is scheduled to appear before Senior U.S. District Judge Jeffrey S. White on May 6, 2025, for a status conference in United States v. Wenger, 23-cr-00269, which charges Wenger with one count of conspiracy against rights in violation of 18 U.S.C. § 241 and one count of deprivation of rights under color of law in violation of 18 U.S.C. § 242. The United States v. Wenger, 23-cr-00269 case is set for trial on July 21, 2025.

    These charges against Wenger were brought as part of an investigation into the Antioch and Pittsburgh police departments that resulted in multiple charges against 10 current and former officers and employees of these two police departments for various crimes ranging from the use of excessive force to fraud. The status of these cases, all of which are before Senior U.S. District Judge Jeffrey S. White, is below:

    Case Name and Number Statute(s)

    Defendant

    (Bold: multiple case numbers)

    		 Status

    Fraud

    23-cr-00264

    		 18 U.S.C. §§ 1349 (Conspiracy to Commit Wire Fraud; 1343 (Wire Fraud) Patrick Berhan Sentenced to 30 months custody, 2 years supervised release concurrent with 24-cr-157 on 9/5/24
    Morteza Amiri Convicted at trial 8/8/24, remanded to custody pending sentencing, which is set for 6/3/25
    Amanda Theodosy a/k/a Nash Sentenced to 3 months custody, 3 years supervised release 11/15/24
    Samantha Peterson Sentenced to time served, 3 years supervised release 4/24/24
    Ernesto Mejia-Orozco Sentenced to 3 months custody, 3 years supervised release on 9/19/24
    Brauli Jalapa Rodriguez Sentenced to 3 months custody, 3 years supervised release on 10/25/24

    Obstruction

    23-cr-00267

    		 18 U.S.C. §§ 1519 (Destruction, Alteration, and Falsification of Records in Federal Investigations); 1512(c)(2) (Obstruction of Official Proceedings); 242 (Deprivation of Rights Under Color of Law) Timothy Manly Williams Pleaded guilty 11/28/23, status conference 8/19/25

    Anabolic Steroid Distribution

    23-cr-00268

    		 21 U.S.C. §§ 846 (Conspiracy to Distribute and Possess with Intent to Distribute Anabolic Steroids), 841(a)(1), and (b)(1)(E)(i) (Possession with Intent to Distribute Anabolic Steroids) Daniel Harris Pleaded guilty 9/17/24, status conference 8/19/25

    21 U.S.C. §§ 846, 841(a)(1), and (b)(1)(E)(i) (Conspiracy to Distribute and Possess with Intent to Distribute Anabolic Steroids);

    18 U.S.C.§ 1519 (Destruction, Alteration, and Falsification of Records in Federal Investigations)

    		 Devon Wenger Convicted at trial 4/30/25, sentencing pending

    Civil Rights

    23-cr-00269

    		 18 U.S.C. §§ 241 (Conspiracy Against Rights), 242 (Deprivation of Rights Under Color of Law); § 1519 (Destruction, Alteration, and Falsification of Records in Federal Investigations) Morteza Amiri Convicted at trial 3/14/25 on counts 2 and 5, remanded to custody pending sentencing, which is set for 6/3/25
    18 U.S.C. §§ 241 (Conspiracy Against Rights), 242 (Deprivation of Rights Under Color of Law) Eric Rombough Pleaded guilty 1/14/25, status conference 8/19/25
    18 U.S.C. §§ 241 (Conspiracy Against Rights), 242 (Deprivation of Rights Under Color of Law) Devon Wenger Trial 7/21/25

    Anabolic Steroid Distribution

    24-cr-00157

    		 21 U.S.C. §§ 841(a)(1) and (b)(1)(E)(i) (Possession with Intent to Distribute Anabolic Steroids) Patrick Berhan Sentenced to 30 months custody, 2 years supervised release concurrent with 23-cr-264 on 9/5/24

    Bank Fraud

    24-cr-00502

    		 18 U.S.C. § 1344(1), (2) (Bank fraud) Daniel Harris Pleaded guilty 9/17/24, status conference 8/19/25

    MIL Security OSI –

  • MIL-OSI USA: HARRISBURG – Governor Shapiro to Unveil New Hotline, Website to Protect Pennsylvania Consumers

    Source: US State of Pennsylvania

    May 01, 2025 – Harrisburg, PA

    ADVISORY – HARRISBURG – Governor Shapiro to Unveil New Hotline, Website to Protect Pennsylvania Consumers

    Governor Josh Shapiro, Department of Banking and Securities Secretary Wendy Spicher, and Pennsylvania Insurance Department Commissioner Michael Humphreys will join financial protection leaders to announce new tools and resources to help protect Pennsylvanians from financial, insurance, and consumer scams.

    As the federal government slashes the Consumer Financial Protection Bureau and steps back its responsibility to protect consumers, the Shapiro Administration is taking action to ensure all Pennsylvanians have continued access to resources and services when facing fraud, predatory practices, or unfair treatment.

    WHO:
    Governor Josh Shapiro
    Secretary Wendy Spicher, Department of Banking and Securities
    Commissioner Michael Humphreys, Pennsylvania Insurance Department
    Deputy Insurance Commissioner David Buono, Pennsylvania Insurance Department
    Debby Freedman, Executive Director of Community Legal Services of Philadelphia
    Tom Lynch, President of the Mortgage Bankers Association of Eastern PA
    Jonathan Smith, Consumer Services Specialist, Department of Banking and Securities

    WHEN:
    Thursday, May 1, 2025, at 1:00PM

    WHERE:
    Pennsylvania Insurance Department
    13th Floor of Strawberry Square
    1326 Strawberry Street,
    Harrisburg, PA 17120
    *Press credentials must be presented at security check-in prior to attending the event

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News –

  • MIL-OSI: Business First Bancshares, Inc. Appoints Alejandro M. Sanchez to its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    BATON ROUGE, La., April 30, 2025 (GLOBE NEWSWIRE) — Business First Bancshares Inc. (Nasdaq: BFST), the holding company for b1BANK, has announced the appointment of Alejandro M. Sanchez to the Business First Bancshares, Inc. Board of Directors and b1BANK Board of Directors, effective March 27, 2025.

    Sanchez is the president and CEO of Salva Financial Group of Florida, a consulting group advising financial institutions on strategic planning, regulatory compliance and crisis management. He also serves as an executive advisor to Nasdaq and holds board positions with Popular, Inc. (Nasdaq: BPOP), the holding company for Popular Bank and Republic Bancorp, Inc. (Nasdaq: RBCAA), the holding company for Republic Bank & Trust, contributing expertise in governance, risk management and audit oversight.

    Sanchez led the Florida Bankers Association as president and CEO from 1998 to 2023, advocating for the state’s banking industry. He was nominated by President George W. Bush as one of three Presidential appointees for the Federal Retirement Thrift Investment Board from 2002 to 2010 and was invited by President Obama to serve an additional two years.

    “Alex’s deep experience guiding financial institutions through complex regulatory environments and strategic transformations aligns closely with our growth strategy and governance objectives,” said Jude Melville, chairman and CEO of b1BANK. “His leadership and seasoned perspective will help us thoughtfully navigate opportunities and challenges, enhancing our capacity to serve our clients and communities effectively.”

    “It is an honor to join the Business First Bancshares board,” said Sanchez. “I look forward to contributing to the company’s strategic vision and ongoing success.”

    Sanchez holds a Doctorate from the University of Iowa College of Law and a Bachelor of Science from Troy University. He served in the U.S. Air Force from 1976 to 1981.

    About Business First Bancshares Inc.

    As of March 31, 2025, Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, has $7.8 billion in assets, $7.1 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas providing commercial and personal banking products and services. b1BANK is a 2024 Mastercard “Innovation Award” winner and multiyear winner of American Banker Magazine’s “Best Banks to Work For.” Visit b1BANK.com for more information.

    Media Contact: Misty Albrecht
    b1BANK
    225.286.7879
    Misty.Albrecht@b1BANK.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1b9e3cc0-4786-4497-9e7c-ce188ece6be6

    The MIL Network –

  • MIL-OSI Economics: Saudi Arabia card payments to surpass $160 billion in 2025 amid digital shift and policy push, forecasts GlobalData

    Source: GlobalData

    Saudi Arabia card payments to surpass $160 billion in 2025 amid digital shift and policy push, forecasts GlobalData

    Posted in Banking

    Saudi Arabia’s card payments market is projected to reach SAR615.5 billion ($164.1 billion) in 2025, driven by a growing shift toward digital transactions and declining cash usage. Strong government support, improved payment infrastructure, and increasing consumer preference for contactless and electronic payments are accelerating this transition, reinforcing the Kingdom’s broader goals of financial inclusion and reduced reliance on cash, according to GlobalData, a leading data and analytics company.

    GlobalData’s report, “Saudi Arabia Cards and Payments: Opportunities and Risks to 2028,” reveals that the card payment value in the Saudi Arabia registered a growth of 10.1% in 2024 to reach SAR571.2 billion ($152.3 billion), driven by the rise in consumer spending.

    However, the current global uncertainty because of latest US tariffs can pose a challenge for the Saudi Arabia’s overall economic growth, resulting in slowdown in the overall card payments value, which is expected to grow by 7.8% in 2025.

    Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “While cash has traditionally been the preferred method of payment in Saudi Arabia, it’s usage is on decline in line with the rising consumer preference for electronic payments. The country has a robust digital payment infrastructure, supported by a developing card market and well-established card acceptance infrastructure. The government is taking steps to enhance the infrastructure by encouraging merchants to adopt at least one electronic payment option apart from cash.”

    Cash remains an integral part of the Saudi consumer payments landscape, particularly for lower-value transactions. However, there has been a consistent increase in electronic payment methods. The government aims to reduce the country’s dependence on cash, drive financial inclusion, promote electronic payments, and encourage payment innovation. The Kingdom’s Vision 2030 plan aims to reduce cash transactions and increase the share of electronic payments.

    As of April 2025, seven banks in Saudi—Al Rajhi Bank, Riyad Bank, Arab National Bank, Banque Saudi Fransi, the Saudi Investment Bank (SAIB), Bank AlJazira, and Bank AlBilad—had obtained SAMA’s license to provide agent banking services.

    The COVID-19 pandemic changed the way Saudi consumers make payments, with an increasing number of consumers preferring contactless payments supported by an improved payment infrastructure.

    According to the country’s central bank, number of contactless card payments using mada cards increased from 3.1 billion in 2021 to 4.6 billion in 2024. In terms of value, SAR311.3 billion ($83.01 billion) worth of contactless card transactions were made in 2024 – up from SAR301.6 billion ($80.43 billion) in 2021.

    Debit cards dominate the overall card payment space, accounting for 79.9% of the overall card payment value in 2024. The government’s financial inclusion initiatives, consumers’ preference for debt-free payments, and prudent consumer spending have resulted in their dominance. Credit and charge cards, on the other hand, are not very popular primarily due to a religious aversion towards debt.

    Sharma concludes: “The Saudi Arabia payment card market is expected to continue grow supported by government initiatives, rising consumer preference for digital payments, and improving banking and payment infrastructure. The card payments value is expected to register a compound annual growth rate (CAGR) of 6.5% between 2025 to 2029 to reach SAR790.5 billion ($210.8 billion) in 2029.”

    MIL OSI Economics –

  • MIL-OSI USA: Pressley Applauds Release of Mohsen Mahdawi, Renews Call for Release of Rümeysa Öztürk, Mahmoud Khalil, and Others

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Yesterday, Pressley Rallied With Colleagues at State Dept. to Demand Mahdawi’s Release and Due Process for All

    Pressley Recently Met with Constituent Rümeysa Öztürk, Mahmoud Khalil at ICE Detention Centers in Louisiana

    WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07) issued the following statement applauding the release of Mohsen Mahdawi, Columbia University student and lawful permanent resident who was detained on April 14 after his naturalization interview in Vermont. Yesterday, at a rally outside the State Department, Congresswoman Pressleyjoined Congresswoman Becca Balint (VT-AL)and their colleagues to call for Mahdawi’s immediate release and demand due process for all. Congresswoman Pressley recently met with constituent Rümeysa Öztürk and Mahmoud Khalil, two students who have been unlawfully detained by ICE and transported to Louisiana from their homes in retaliation for their protected speech.

    “Mohsen’s release is an encouraging step in the fight to defend our democracy and the constitutional rights that Donald Trump is working overtime to rip away,” said Rep. Ayanna Pressley. “Due process and free speech are fundamental rights. I am relieved and encouraged that Mohsen was released from detention today, and I continue to demand the immediate release of my constituent Rümeysa Öztürk, as well as Mahmoud Khalil, and the residents across the nation who may not have made headlines but similarly have been unjustly detained by this hostile administration. We have not forgotten about you and we will fight for your rights daily.”

    Mahdawi, a Vermont permanent resident for the last ten years, was abruptly arrested earlier this month by masked, hooded ICE agents without being charged with a crime. In response to his arrest, Rep. Balint, Rep. Pressley, and 66 other House Democrats demanded to know the Administration’s alleged reason for his arrest from Secretaries Rubio and Noem and received no response. 

    A full transcript of her remarks at yesterday’s rally is available below and video is available here.

    Transcript: Pressley Colleagues Demand Due Process for All at “Free Mohsen Mahdawi” Rally
    U.S. State Department
    April 29, 2025

    We keep using the word shame, and this is a shame that we find ourselves here. 

    And it is also a sham. 

    These extremist acts to disappear people from society have nothing to do with immigration. They have nothing to do with law and order. They have everything to do with power.

    And Donald Trump is abusing power. That is what dictators do. Dictators mean to silence any dissenting voices – and the only way to beat a dictator is with defiance, and that’s what brings us all here today. 

    I’m so glad that you all are awake. The other side wants you to be asleep. They’re anti-woke because they want a citizenry that is ignorant and uninformed, that is indifferent to the suffering of their neighbors, and that is inactive. 

    So you’re already winning, and you give me hope and make it easier to practice the discipline of hope – because you could have been anywhere else today, but you chose to be here to say that these abuses of power will not go unchecked.

    I know that I am speaking to the choir as I go to refer to my notes and enumerate these facts, but I preach to the choir for one reason, because I need the choir to sing. 

    When you leave here, I need you to sing about these injustices. I need you to sing about the fact that this is not about whether or not we can weather the next four years, that this is about shaping the next one hundred.

    I need you to sing about the fact that this is the moment and the opportunity to be better ancestors than descendants. 

    Who is Mohsen?

    Mohsen was raised in a Palestinian refugee camp in the occupied West Bank. He is a man who loves and is loved, who is connected to family, who is connected to community.

    Mohsen is a green card holder and lawful permanent resident of the United States.

    Mohsen is a scholar, a senior at Columbia University and co-founder of Columbia’s Palestinian Student Union.

    And now, shamefully, Mohsen is a political prisoner. 

    Instead of celebrating his graduation and preparing for his Master’s program in the fall, he was on the verge of becoming a US citizen, after 10 years of living and learning and contributing in the United States. 

    Instead, his life has been upended, and he is awaiting his future from the confines of a detention center. Shameful.

    In Donald Trump’s America, Mohsen’s story is becoming shamefully all too familiar to all of us. 

    He was whisked away and disappeared off of the streets, just like my constituent, Somerville resident and PhD student, Rümeysa Öztürk.

    Make no mistake, these abductions are not isolated. 

    They are part and parcel of Trump’s precise, intentional, and coordinated attack on our democracy and our constitutional rights. 

    They serve no purpose other than to silence dissent, restrict due process, and to sow fear in our communities – which is exactly how a dictator operates. 

    But again, we will not allow these abuses of power to go unchecked or unanswered. 

    Last week, I went to conduct some real-time oversight. I visited our sister Rümeysa Öztürk and our brother Mahmoud Khalil in Louisiana at the ICE detention facilities where they are being held. 

    Allow me to digress for a moment to remind people that this is a for-profit carceral system, and the same way that there are billionaire corporations that benefit from for-profit prisons and mass incarceration, the same billionaire corporations are benefiting from for-profit detention centers and the disappearing of immigrants. These things are all connected. 

    So if someone at home is saying, “Why should I care about this?”

    If you care about mass incarceration, you need to care about mass deportation. If you care about mass deportation, you need to care about mass incarceration. 

    So last week, I went for a wellness check, which also again, was real-time congressional oversight. What I saw and heard from Rümeysa and Mahmoud was harrowing, heartbreaking, and infuriating. 

    Mahmoud spoke of growing up in Syria under Assad. He said, “I know what an authoritarian regime looks like – and this is it.”

    Rümeysa thanked me for being there, along with my colleagues in our CODEL and said the women at this detention facility have questioned if God has forgotten about us, if the world has forgotten about us.

    They are being denied proper medical care, deprived of sleep. They’re not receiving nutritious meals, no religious accommodation. A nurse, without consent, removed Rümeysa’s hijab.

    The cruelty is the point. 

    Look family, what’s happening to Mohsen, Rümeysa, Mahmoud and so many others is a damning injustice. They’ve been charged with no crimes, and are being detained simply for exercising their right to free speech, for speaking out about the Israeli government’s genocide in Gaza. 

    Now let me be clear, regardless of your position on that issue or any other, this should outrage everyone and anyone with a moral conscience. 

    I do not journey to rural Louisiana because I am a Democrat. I journeyed to rural Louisiana because I’m a human being who gives a damn about other human beings. 

    In America we have a fundamental right to freedom of speech, and that’s what makes us who we are. So this blatant, flagrant violation of our First Amendment rights through these abductions should outrage everyone, regardless of your personal beliefs. 

    And as I close, because our freedoms and our destinies are tied, in his letter to Angela Y. Davis, James Baldwin wrote, “If they take you in the morning, dear sister, they will surely be coming for us that night.” And that is the truth. 

    Today, it is Mohsen, it is Rümeysa, it is Mahmoud, and tomorrow it could be you. 

    It could be you for reading a banned book. It could be you for suffering a miscarriage. It could be you for practicing Diversity Equity and Inclusion. 

    So today, we refuse to accept these abuses as inevitable. We demand due process and accountability for all, and we will keep working to protect our Constitution and everyone who calls this country home. 

    Free Mohsen Mahdawi. Free Rümeysa Öztürk. Free Mahmoud Khalil. Save our democracy.

    This is not about weathering the next four years. This is about shaping the next one hundred.

    MIL OSI USA News –

  • MIL-OSI: Finward Bancorp Announces Earnings for the Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    MUNSTER, Ind., April 30, 2025 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $456 thousand, or $0.11 per diluted share, for the quarter ended March 31, 2025, as compared to $2.1 million, or $0.49 per diluted share for the quarter ended December 31, 2024, and as compared to $9.3 million or $2.17 per diluted share for the quarter ended March 31, 2024. Selected performance metrics are as follows for the periods presented:

    Finward Bancorp
    Quarterly Financial Report
                               
    Performance Ratios   Quarter ended,
    (unaudited)          March 31,   December 31,   September 30,   June 30,   March 31,
              2025   2024   2024   2024   2024
    Return on equity   1.17 %   5.39 %   1.60 %   0.39 %   24.97 %
    Return on assets   0.09 %   0.41 %   0.12 %   0.03 %   1.77 %
    Tax adjusted net interest margin (Non-GAAP) 2.95 %   2.79 %   2.66 %   2.67 %   2.57 %
    Noninterest income / average assets   0.43 %   0.72 %   0.55 %   0.50 %   2.57 %
    Noninterest expense / average assets   2.81 %   2.75 %   2.80 %   2.79 %   2.86 %
    Efficiency ratio     93.11 %   87.20 %   97.32 %   98.56 %   59.41 %
                                     

    “Margin continued to expand in the first quarter as deposits repriced lower, continuing the trend we have seen over the past year. With economic uncertainty potentially increasing, we are maintaining our focus on capital and credit quality. Non-performing loans improved in the first quarter, and our Provision for Credit Loss was driven by model-related factors that reflect the broader trends we see in the economy. Seasonal and timing factors impacted operating expense and non-interest income, and we see opportunity in both areas as the year moves forward,” said Benjamin Bochnowski, CEO. “Our team remains focused on continued improvement in operating results, and on serving our customers and communities.”  

    Highlights of the current period include:

    • Net Interest Margin – The net interest margin for the quarter ended March 31, 2025, was 2.81%, compared to 2.65% for the quarter ended December 31, 2024. The tax-adjusted net interest margin (a non-GAAP measure) for the quarter ended March 31, 2025, was 2.95%, compared to 2.79% for the quarter ended December 31, 2024. The increased net interest margin for the three months ended March 31, 2025 compared to December 31, 2024 is primarily the result of reduced deposit and borrowing costs as a result of the Federal Reserve’s reduction of federal funds rates during the last four months of 2024. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.
    • Funding – As of March 31 2025, deposits totaled $1.8 billion, a decrease of $10.2 million, or 0.6% compared to December 31, 2024, which also totaled $1.8 billion. As of March 31, 2025, non-interest-bearing deposits totaled $281.5 million, an increase of $18.1 million or 6.9%, compared to December 31, 2024. Core deposits totaled $1.2 billion at both March 31, 2025 and December 31, 2024. Core deposits include checking, savings, and money market accounts and represented 68.9% of the Bancorp’s total deposits at March 31, 2025. As of March 31, 2025, balances for certificates of deposit totaled $544.8 million, compared to $560.3 million on December 31, 2024, a decrease of $15.5 million or 2.8%. The decline in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. The increase in non-interest-bearing deposits is primarily attributable to inflows of business-related checking deposits after year-end. In addition, as of March 31, 2025, borrowings and repurchase agreements totaled $101.7 million, a decrease of $3.4 million or 3.2%, compared to December 31, 2024. The decrease in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities.

      As of March 31, 2025, 72% of our deposits are fully FDIC insured, and another 9% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, contractual loan repayments, and access to diversified borrowing sources. As of March 31, 2025, the Bancorp had available liquidity of $697 million including borrowing capacity from the FHLB and Federal Reserve facilities.

    • Securities Portfolio – Securities available for sale balances decreased by $3.5 million to $330.1 million as of March 31, 2025, compared to $333.6 million as of December 31, 2024. The decrease in securities available for sale was primarily due to continued portfolio runoff. Accumulated other comprehensive loss (“AOCL”) was $58.2 million as of March 31, 2025, compared to $58.1 million on December 31, 2024, a decline of $160.4 thousand, or 0.3%. The yield on the securities portfolio increased to 2.38% for the three months ended March 31, 2025 from 2.34% for the three months ended December 31, 2024. Management did not execute any securities sale transactions during the quarter.
    • Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both March 31, 2025 and December 31, 2024. During the three months ended March 31, 2025, the Bank originated $36.7 million in new commercial loans, compared to $25.0 million during the three months ended December 31, 2024. The loan portfolio represents 79.1% of earning assets and is comprised of 62.6% commercial-related credits. At March 31, 2025, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $236.9 million or 15.7% of total loan balances and commercial real estate non-owner-occupied properties totaled $302.8 million or 20.1% of total loan balances. Of the $302.8 million in commercial real estate non-owner-occupied properties balances, loans collateralized by office buildings represented $40.4 million or 2.7% of total loan balances.
    • Asset Quality – At March 31, 2025, non-performing loans totaled $12.5 million, compared to $13.7 million at December 31, 2024, a decrease of $1.3 million or 9.1%. The Bank’s ratio of non-performing loans to total loans was 0.84% at March 31, 2025, compared to 0.91% at December 31, 2024. The Bank’s ratio of non-performing assets to total assets was 0.69% at March 31, 2025, compared to 0.74% at December 31, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management.

      The allowance for credit losses (ACL) on loans totaled $17.9 million at March 31, 2025, or 1.20% of total loans receivable, compared to $16.9 million at December 31, 2024, or 1.12% of total loans receivable, an increase of $1 million or 6.2%. The Bank’s unused commitment reserve, included in other liabilities, totaled $2.1 million at March 31, 2025, compared to $2.7 million at December 31, 2024, a decrease of $622 thousand or 22.7%. 

      For the quarter ended March 31, 2025, the Bank recorded a net provision for credit loss expense totaling $454 thousand based on historical loss rate updates, migration of loan and unfunded commitment segment balances, and other factors within the Bank’s ACL modeling. The first quarter’s provision expense consisted of a $1.1 million provision for credit losses on loans, and a $623 thousand reversal of provision for credit losses on unused commitments. The decrease in the Bank’s unused commitment reserve was primarily due to lower loss rates. For the quarter ended March 31, 2025, net charge-offs, totaled $32.7 thousand, compared to $2.2 million for the quarter ended December 31, 2024, a decrease of $2.1 million, or a decline of 97.2%. The ACL as a percentage of non-performing loans, or coverage ratio, was 143.8% at March 31, 2025 compared to 123.1% at December 31, 2024.  

    • Operating Expenses – Non-interest expense as a percentage of average assets was 2.81% for the quarter ended March 31, 2025, as compared to 2.75% for the quarter ended December 31, 2024. The increase in non-interest expenses quarter over quarter was primarily attributable to increased compensation and benefit expenses offset by reduced data processing and marketing expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions. Compensation and benefits expense is up 3.7% for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024, primarily due to annual merit-based salary increases during the quarter ended March 31, 2025.
    • Capital Adequacy – As of March 31, 2025, the Bank’s tier 1 capital to adjusted average assets ratio was 8.48%, an improvement of 0.01% compared to 8.47% at December 31, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $29.55 at March 31, 2025, up from $29.48 as of December 31, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.26% at March 31, 2025, up from 6.17% as of December 31, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $43.02 as of March 31, 2025, from $42.94 as of December 31, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

    Disclosures Regarding Non-GAAP Financial Measures
    Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.

    About Finward Bancorp
    Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

    Forward Looking Statements
    This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: changes in domestic and international trade policies, including tariffs and other non-tariff barriers, and the effects of such changes on the Bank and its customers; the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; the aggregate effects of inflation experienced in recent years; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

    In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

    FOR FURTHER INFORMATION
    CONTACT SHAREHOLDER SERVICES
    (219) 853-7575

     
    Finward Bancorp
    Quarterly Financial Report
                                 
    Performance Ratios Quarter ended,
    (unaudited) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Return on equity  1.17%     5.39%     1.60%     0.39%     24.97%  
    Return on assets  0.09%     0.41%     0.12%     0.03%     1.77%  
    Yield on loans  5.25%     5.27%     5.22%     5.11%     5.02%  
    Yield on security investments  2.38%     2.34%     2.37%     2.43%     2.37%  
    Total yield on earning assets  4.71%     4.74%     4.70%     4.64%     4.52%  
    Cost of interest-bearing deposits 2.17%     2.41%     2.47%     2.37%     2.36%  
    Cost of repurchase agreements 3.35%     3.65%     4.04%     3.86%     3.88%  
    Cost of borrowed funds 4.12%     4.31%     4.56%     4.95%     4.62%  
    Total cost of interest-bearing liabilities 2.28%     2.53%     2.63%     2.55%     2.53%  
    Tax adjusted net interest margin1 2.95%     2.79%     2.66%     2.67%     2.57%  
    Noninterest income / average assets 0.43%     0.72%     0.55%     0.50%     2.57%  
    Noninterest expense / average assets 2.81%     2.75%     2.80%     2.79%     2.86%  
    Efficiency ratio 93.11%     87.20%     97.32%     98.56%     59.41%  
                                 
    Non-performing assets to total assets  0.69%     0.74%     0.73%     0.61%     0.64%  
    Non-performing loans to total loans 0.84%     0.91%     0.92%     0.75%     0.78%  
    Allowance for credit losses to non-performing loans 143.84%     123.10%     134.12%     161.17%     159.12%  
    Allowance for credit losses to loans receivable 1.20%     1.12%     1.23%     1.22%     1.25%  
                                 
    Basic earnings per share $0.11     $0.49     $0.14     $0.03     $2.18  
    Diluted earnings per share  $0.11     $0.49     $0.14     $0.03     $2.17  
    Stockholders’ equity / total assets 7.44%     7.35%     7.69%     7.16%     7.32%  
    Book value per share  $35.10     $35.10     $36.99     $34.45     $35.17  
    Closing stock price $29.10     $28.11     $31.98     $24.52     $24.60  
    Price to earnings per share ratio 68.08     14.25     56.21     182.60     2.82  
    Dividends declared per common share $0.12     $0.12     $0.12     $0.12     $0.12  
                                 
                                 
    Non-GAAP Performance Ratios Quarter ended,
    (unaudited) March 31,    December 31,    September 30,    June 30,    March 31, 
      2025    2024    2024    2024    2024 
    Net interest margin – tax equivalent  2.95%     2.79%     2.66%     2.67%     2.57%  
    Tangible book value per diluted share $29.55     $29.48     $31.28     $28.67     $29.30  
    Tangible book value per diluted share adjusted for AOCL $43.02     $42.94     $42.47     $42.33     $42.36  
    Tangible common equity to total assets 6.26%     6.17%     6.51%     5.95%     6.09%  
    Tangible common equity to total assets adjusted for AOCL 9.12%     8.99%     8.83%     8.79%     8.81%  
                                 
    (1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures
                             
    Quarter Ended                        
    (Dollars in thousands) Average Balances, Interest, and Rates  
    (unaudited) March 31, 2025   December 31, 2024  
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)  
    ASSETS                        
    Interest bearing deposits in other financial institutions $ 53,553     $ 540   4.03   $ 50,271     $ 650   5.17  
    Federal funds sold   1,375       12   3.49     891       9   4.04  
    Securities available-for-sale   336,060       1,998   2.38     343,411       2,011   2.34  
    Loans receivable   1,498,312       19,655   5.25     1,504,233       19,802   5.27  
    Federal Home Loan Bank stock   6,547       136   8.31     6,547       123   7.51  
    Total interest earning assets   1,895,847     $ 22,341   4.71     1,905,353     $ 22,595   4.74  
    Cash and non-interest bearing deposits in other financial institutions   27,919               27,360            
    Allowance for credit losses   (16,946 )             (18,110 )          
    Other noninterest bearing assets   153,148               154,707            
    Total assets $ 2,059,968             $ 2,069,310            
                             
    LIABILITIES AND STOCKHOLDERS’ EQUITY                        
    Interest-bearing deposits $ 1,481,377     $ 8,044   2.17   $ 1,465,198     $ 8,811   2.41  
    Repurchase agreements   41,631       349   3.35     43,372       396   3.65  
    Borrowed funds   61,613       635   4.12     72,536       781   4.31  
    Total interest bearing liabilities   1,584,621     $ 9,028   2.28     1,581,106     $ 9,988   2.53  
    Non-interest bearing deposits   279,013               289,467            
    Other noninterest bearing liabilities   40,923               42,944            
    Total liabilities   1,904,557               1,913,517            
    Total stockholders’ equity   155,411               155,793            
    Total liabilities and stockholders’ equity $ 2,059,968             $ 2,069,310            
                             
    Net interest income     $ 13,313           $ 12,607      
    Return on average assets   0.09 %             0.41 %          
    Return on average equity   1.17 %             5.39 %          
    Net interest margin (average earning assets)   2.81 %             2.65 %          
    Net interest margin (average earning assets) – tax equivalent   2.95 %             2.79 %          
    Net interest spread   2.43 %             2.21 %          
    Ratio of interest-earning assets to interest-bearing liabilities 1.20x           1.21x          
                             
    Finward Bancorp
    Quarterly Financial Report
                                 
    Balance Sheet Data                            
    (Dollars in thousands)                            
    (unaudited) March 31,    December 31,    September 30,    June 30,    March 31, 
      2025    2024    2024    2024    2024 
    ASSETS                            
                                 
    Cash and non-interest bearing deposits in other financial institutions $         18,563     $         17,883     $         23,071     $         19,061     $         16,418  
    Interest bearing deposits in other financial institutions 52,829     52,047     48,025     63,439     54,755  
    Federal funds sold 975     654     553     707     607  
                                 
    Total cash and cash equivalents 72,367     70,584     71,649     83,207     71,780  
                                 
    Securities available-for-sale 330,127     333,554     350,027     339,585     346,233  
    Loans held-for-sale 2,849     1,253     2,567     1,185     667  
    Loans receivable, net of deferred fees and costs 1,491,696     1,508,976     1,508,242     1,506,398     1,508,251  
    Less: allowance for credit losses (17,955 )   (16,911 )   (18,516 )   (18,330 )   (18,805 )
    Net loans receivable 1,473,741     1,492,065     1,489,726     1,488,068     1,489,446  
    Federal Home Loan Bank stock 6,547     6,547     6,547     6,547     6,547  
    Accrued interest receivable 7,821     7,721     7,442     7,695     7,583  
    Premises and equipment 46,680     47,259     47,912     48,696     47,795  
    Foreclosed real estate –     –     –     –     71  
    Cash value of bank owned life insurance 33,712     33,514     33,312     33,107     32,895  
    Goodwill 22,395     22,395     22,395     22,395     22,395  
    Other intangible assets 1,635     1,860     2,203     2,555     2,911  
    Other assets 41,840     43,947     40,882     44,027     43,459  
                                 
    Total assets $    2,039,714     $    2,060,699     $    2,074,662     $    2,077,067     $    2,071,782  
                                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY                            
                                 
    Deposits:                            
    Non-interest bearing $       281,461     $       263,324     $       285,157     $       286,784     $       296,959  
    Interest bearing 1,468,923     1,497,242     1,463,653     1,469,970     1,450,519  
    Total 1,750,384     1,760,566     1,748,810     1,756,754     1,747,478  
    Repurchase agreements 45,053     40,116     43,038     42,973     41,137  
    Borrowed funds 56,657     65,000     85,000     85,000     90,000  
    Accrued expenses and other liabilities 35,813     43,603     38,259     43,709     41,586  
                                 
    Total liabilities 1,887,907     1,909,285     1,915,107     1,928,436     1,920,201  
                                 
    Commitments and contingencies                            
                                 
    Stockholders’ Equity:                            
                                 
    Preferred stock, no par or stated value;
        10,000,000 shares authorized, none outstanding    		 –     –     –     –     –  
    Common stock, no par or stated value; 10,000,000 shares authorized; 
       shares issued and outstanding:  March 31, 2025 – 4,324,485
                                    December 31, 2024 – 4,313,698    		 –     –     –     –     –  
                                                                     
    Additional paid-in capital 70,132     70,034     69,916     69,778     69,727  
    Accumulated other comprehensive loss (58,244 )   (58,084 )   (48,241 )   (58,939 )   (56,313 )
    Retained earnings 139,919     139,464     137,880     137,792     138,167  
                                 
    Total stockholders’ equity 151,807     151,414     159,555     148,631     151,581  
                                 
    Total liabilities and stockholders’ equity $    2,039,714     $    2,060,699     $    2,074,662     $    2,077,067     $    2,071,782  
                                 
    Finward Bancorp
    Quarterly Financial Report
                                 
    Consolidated Statements of Income                                
    (Dollars in thousands) Quarter Ended,
    (unaudited) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Interest income:                            
      Loans $ 19,655     $ 19,802     $ 19,660     $ 19,174     $ 18,879  
      Securities & short-term investments 2,686     2,793     2,812     2,953     3,105  
      Total interest income 22,341     22,595     22,472     22,127     21,984  
    Interest expense:                            
      Deposits 8,045     8,812     8,946     8,610     8,794  
      Borrowings 983     1,176     1,520     1,463     1,410  
      Total interest expense 9,028     9,988     10,466     10,073     10,204  
    Net interest income 13,313     12,607     12,006     12,054     11,780  
    Provision for credit losses 454     (579 )   –     76     –  
    Net interest income after provision for credit losses 12,859     13,186     12,006     11,978     11,780  
    Noninterest income:                            
      Fees and service charges 1,109     1,439     1,463     1,257     1,153  
      Wealth management operations 619     728     731     763     633  
      Gain on tax credit investment 67     1,236     –     –     –  
      Gain on sale of loans held-for-sale, net 230     328     338     320     152  
      Increase in cash value of bank owned life insurance 198     202     205     212     193  
      Gain (loss) on sale of real estate –     (212 )   –     15     11,858  
      Loss on sale of securities, net –     –     –     –     (531 )
      Other 6     11     130     6     17  
      Total noninterest income 2,229     3,732     2,867     2,573     13,475  
    Noninterest expense:                            
      Compensation and benefits 7,372     6,628     6,963     7,037     7,109  
      Occupancy and equipment 2,111     2,045     2,181     2,116     1,908  
      Data processing 1,039     1,202     1,165     1,135     1,170  
      Federal deposit insurance premiums 433     457     435     397     501  
      Marketing 86     220     209     212     158  
      Professional and outside services 1,260     1,341     1,251     1,257     1,557  
      Technology 454     509     602     507     625  
      Other 1,716     1,845     1,668     1,756     1,976  
      Total noninterest expense 14,471     14,247     14,474     14,417     15,004  
    Income before income taxes 617     2,671     399     134     10,251  
    Income tax expenses (benefit) 161     569     (207 )   (9 )   972  
    Net income $ 456     $ 2,102     $ 606     $ 143     $ 9,279  
                                 
    Earnings per common share:                            
      Basic $ 0.11     $ 0.49     $ 0.14     $ 0.03     $ 2.18  
      Diluted $ 0.11     $ 0.49     $ 0.14     $ 0.03     $ 2.17  
                                 
                       
    Finward Bancorp
    Quarterly Financial Report
                       
    Asset Quality                  
    (Dollars in thousands)                  
    (unaudited) March 31,   December 31,   September 30,   June 30,   March 31,
      2025   2024   2024   2024   2024
    Nonaccruing loans $ 12,483     $ 13,738     $ 13,806     $ 11,079     $ 11,603  
    Accruing loans delinquent more than 90 days –     –     –     294     215  
    Securities in non-accrual 1,630     1,419     1,440     1,371     1,442  
    Foreclosed real estate –     –     –     –     71  
    Total nonperforming assets $ 14,113     $ 15,157     $ 15,246     $ 12,744     $ 13,331  
                       
    Allowance for credit losses (ACL):                  
    ACL specific allowances for collateral dependent loans $ 259     $ 284     $ 1,821     $ 1,327     $ 1,455  
    ACL general allowances for loan portfolio 17,696     16,627     16,695     17,003     17,351  
    Total ACL $ 17,955     $ 16,911     $ 18,516     $ 18,330     $ 18,806  
                       
    (Dollars in thousands)                       Minimum Required To Be
    (unaudited)             Minimum Required For   Well Capitalized Under Prompt
        Actual   Capital Adequacy Purposes   Corrective Action Regulations
    March 31, 2025   Amount Ratio   Amount Ratio   Amount Ratio
    Common equity tier 1 capital to risk-weighted assets   $178,036   11.02%     $72,679   4.50%     $104,981   6.50%  
    Tier 1 capital to risk-weighted assets   $178,036   11.02%     $96,906   6.00%     $129,207   8.00%  
    Total capital to risk-weighted assets   $198,107   12.27%     $129,207   8.00%     $161,509   10.00%  
    Tier 1 capital to adjusted average assets   $178,036   8.48%     $84,019   4.00%     $105,023   5.00%  
    Table 1 – Reconciliation of the Non-GAAP Performance Measures         
                       
    (Dollars in thousands) Quarter Ended,
    (unaudited) March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Calculation of tangible common equity         
    Total stockholder’s equity $ 151,807     $ 151,414     $ 159,555     $ 148,631     $ 151,581  
    Goodwill (22,395 )   (22,395 )   (22,395 )   (22,395 )   (22,395 )
    Other intangibles (1,635 )   (1,860 )   (2,203 )   (2,555 )   (2,911 )
    Tangible common equity $ 127,777     $ 127,159     $ 134,957     $ 123,681     $ 126,275  
                       
    Calculation of tangible common equity adjusted for accumulated other comprehensive loss         
    Tangible common equity $ 127,777     $ 127,159     $ 134,957     $ 123,681     $ 126,275  
    Accumulated other comprehensive loss 58,244     58,084     48,241     58,939     56,313  
    Tangible common equity adjusted for accumulated other comprehensive loss $ 186,021     $ 185,243     $ 183,198     $ 182,620     $ 182,588  
                       
    Calculation of tangible book value per share         
    Tangible common equity $ 127,777     $ 127,159     $ 134,957     $ 123,681     $ 126,275  
    Shares outstanding 4,324,485     4,313,698     4,313,940     4,313,940     4,310,251  
    Tangible book value per diluted share $ 29.55     $ 29.48     $ 31.28     $ 28.67     $ 29.30  
                       
    Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss         
    Tangible common equity adjusted for accumulated other comprehensive loss $ 186,021     $ 185,243     $ 183,198     $ 182,620     $ 182,588  
    Shares outstanding 4,324,485     4,313,698     4,313,940     4,313,940     4,310,251  
    Tangible book value per diluted share adjusted for accumulated other comprehensive loss $ 43.02     $ 42.94     $ 42.47     $ 42.33     $ 42.36  
                       
    Calculation of tangible common equity to total assets         
    Tangible common equity $ 127,777     $ 127,159     $ 134,957     $ 123,681     $ 126,275  
    Total assets 2,039,714     2,060,699     2,074,662     2,077,067     2,071,782  
    Tangible common equity to total assets 6.26%   6.17%   6.51%   5.95%   6.09%
                       
    Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss         
    Tangible common equity adjusted for accumulated other comprehensive loss $ 186,021     $ 185,243     $ 183,198     $ 182,620     $ 182,588  
    Total assets 2,039,714     2,060,699     2,074,662     2,077,067     2,071,782  
    Tangible common equity to total assets adjusted for accumulated other comprehensive loss 9.12%   8.99%   8.83%   8.79%   8.81%
                       
    Calculation of tax adjusted net interest margin         
    Net interest income $ 13,313     $ 12,607     $ 12,006     $ 12,054     $ 11,780  
    Tax adjusted interest on securities and loans 670     674     678     677     699  
    Adjusted net interest income $ 13,983     13,281     12,684     12,731     $ 12,479  
    Total average earning assets 1,895,847     1,905,353     1,910,731     1,906,998     1,945,501  
    Tax adjusted net interest margin 2.95%   2.79%   2.66%   2.67%   2.57%
                       
    Efficiency ratio                  
    Total non-interest expense $ 14,471     $ 14,247     $ 14,474     $ 14,417     $ 15,004  
    Total revenue 15,542     16,339     14,873     14,627     25,255  
    Efficiency ratio 93.11%   87.20%   97.32%   98.56%   59.41%

    The MIL Network –

  • MIL-OSI: Landmark Bancorp, Inc. Announces Growth in First Quarter 2025 Net Earnings of 43.2%. Declares Cash Dividend of $0.21 per Share

    Source: GlobeNewswire (MIL-OSI)

    Manhattan, KS, April 30, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.81 for the three months ended March 31, 2025, compared to $0.57 per share in the fourth quarter of 2024 and $0.48 per share in the same quarter last year. Net income for the first quarter totaled $4.7 million, compared to $3.3 million in the prior quarter and $2.8 million in the first quarter of 2024. For the three months ended March 31, 2025, the return on average assets was 1.21%, the return on average equity was 13.71% and the efficiency ratio(1) was 64.1%.

    First Quarter 2025 Performance Highlights

    • Loan growth totaled $22.6 million or an annualized increase of 8.7% over the prior quarter.
    • Net interest margin improved 25 basis points to 3.76% compared to 3.51% in prior quarter.
    • Deposits increased $42.3 million, or 3.3%, from the same quarter last year and $7.1 million, or 2.2%, from prior quarter.
    • Other borrowed funds decreased $11.8 million compared to the prior quarter.
    • Non-interest expenses declined $1.1 million compared to the prior quarter.
    • Credit quality remained stable with net charge-offs totaling $23,000 in the first quarter.
    • Ratio of equity to assets increased to 9.04% this quarter.

    In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “I am pleased to report strong growth in net income this quarter driven by growth in net interest income, lower expenses and excellent credit quality. We continued to experience solid loan demand in the first quarter 2025, especially for commercial real estate and residential mortgage loans. In the first quarter 2025, total gross loans increased by $22.6 million or 8.7% (annualized) with growth in most loan categories. Total deposits also increased in the first quarter by $7.1 million, exceeding the typical seasonal decline in money market and interest checking accounts. Over the last two quarters, deposits have increased over $60 million. Other borrowed funds declined by $11.8 million, which reduced interest expense and improved our net interest margin. Growth in our balance sheet, plus the shift in our funding position led to net interest income growth of 22.1% over the previous year and net interest margin expansion of 25 basis points to 3.76%. Non-interest expense also declined this quarter by $1.1 million compared to the prior quarter. Credit quality remained solid overall with minimal net charge-offs, and no provision for credit losses was taken this quarter. These strong results are a tribute to the associates who work hard every day to make Landmark the bank of choice for our customers and stockholders.”

    Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid June 4, 2025, to common stockholders of record as of the close of business on May 21, 2025.

    Management will host a conference call to discuss the Company’s financial results at 9:30 a.m. (Central time) on Thursday, May 1, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 866149. A replay of the call will be available through May 8, 2025, by dialing (866) 813-9403 and using access code 282640.

    Net Interest Income

    Net interest income in the first quarter of 2025 amounted to $13.1 million representing an increase of $720,000, or 5.8%, compared to the previous quarter. The increase in net interest income resulted from a combination of both higher interest income on loans and lower interest expense on deposits and other borrowed funds (FHLB, repurchase agreements and other debt). Net interest margin increased to 3.76% during the first quarter from 3.51% during the prior quarter. Compared to the previous quarter, interest income on loans increased $440,000 to $16.4 million due to higher average balances combined with higher yields on loans. Average loan balances increased $38.4 million, while the average tax-equivalent yield on the loan portfolio increased 6 basis points to 6.34%. Interest on investment securities declined slightly due to lower balances, partially offset by higher earning rates. Compared to the fourth quarter of 2024, interest on deposits decreased $114,000, or 2.1%, due to lower rates as average interest-bearing deposit balances increased by $34.8 million. Interest on other borrowed funds declined by $216,000, due to lower rates and average balances. The average rate on interest-bearing deposits decreased 8 basis points to 2.17% while the average rate on other borrowed funds decreased 15 basis points to 5.09% in the first quarter.

    Non-Interest Income

    Non-interest income totaled $3.4 million for the first quarter of 2025, a decrease of $13,000 from the previous quarter. The decrease in non-interest income during the first quarter of 2025 was primarily due to a $704,000 decline in bank owned life insurance income relating to one-time benefits recorded in the fourth quarter, coupled with a $322,000 decline in fees and service charges relating to lower deposit related fee income, partially due to fewer days in the quarter. Partially offsetting those declines was a $1.0 million loss on the sales of lower yielding investment securities in the fourth quarter of 2024, compared to a loss of only $2,000 in the first quarter of 2025.

    (1) Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation.

    Non-Interest Expense

    During the first quarter of 2025, non-interest expense totaled $10.8 million, a decrease of $1.1 million compared to the prior quarter. The decrease in non-interest expense was primarily due to decreases of $350,000 in other non-interest expense, $298,000 in occupancy and equipment and $298,000 in professional fees. The decreases in other non-interest expenses and occupancy and equipment were primarily related to branch closures in 2024 and associated cost savings in 2025. The decrease in professional fees this quarter was primarily due to higher consulting costs in the prior quarter related to several initiatives.

    Income Tax Expense (Benefit)

    Landmark recorded income tax expense of $1.0 million in the first quarter of 2025 compared to an income tax benefit of $886,000 in the fourth quarter of 2024. The effective tax rate was 17.8% in the first quarter of 2025. The fourth quarter of 2024 included the recognition of $1.0 million of previously unrecognized tax benefits, which significantly reduced the effective tax rate.

    Balance Sheet Highlights

    As of March 31, 2025, gross loans totaled $1.1 billion, an increase of $22.6 million, or 8.7% annualized since December 31, 2024. During the quarter, loan growth was primarily comprised of commercial real estate (growth of $14.4 million), one-to-four family residential real estate (growth of $3.4 million) and construction and land loans (growth of $3.3 million). Investment securities decreased $16.5 million during the first quarter of 2025 mainly due to maturities. Pre-tax unrealized net losses on the investment securities portfolio decreased from $20.9 million at December 31, 2024, to $17.1 million at March 31, 2025, mainly due to lower market rates for these securities at March 31, 2025.

    Period end deposit balances increased $7.1 million to $1.3 billion at March 31, 2025. The increase in deposits was driven by increases in non-interest-bearing demand deposits (increase of $16.9 million), certificates of deposit (increase of $10.0 million) and savings (increase of $3.7 million), partially offset by a decline in money market and checking accounts (decrease of $23.5 million). The decrease in money market and checking accounts was mainly driven by a seasonal decline in public fund deposit account balances. Total borrowings decreased $11.8 million during the first quarter 2025. At March 31, 2025, the loan to deposits ratio was 79.5% compared to 78.2% in the prior quarter.

    Stockholders’ equity increased to $142.7 million (book value of $24.69 per share) as of March 31, 2025, from $136.2 million (book value of $23.59 per share) as of December 31, 2024. The increase in stockholders’ equity was due mainly to a decrease in accumulated other comprehensive losses (lower unrealized net losses on investment securities) along with net earnings from the quarter. The ratio of equity to total assets increased to 9.04% on March 31, 2025, from 8.65% on December 31, 2024.

    The allowance for credit losses totaled $12.8 million, or 1.19% of total gross loans on March 31, 2025, compared to $12.8 million, or 1.22% of total gross loans on December 31, 2024. Net loan charge-offs totaled $23,000 in the first quarter of 2025, compared to $219,000 during the fourth quarter of 2024. No provision for credit losses on loans was recorded in the first quarter of 2025 compared to a provision of $1.5 million recorded in the fourth quarter of 2024.

    Non-performing loans totaled $13.3 million, or 1.24% of gross loans, at March 31, 2025, compared to $13.1 million, or 1.25% of gross loans, at December 31, 2024. Loans 30-89 days delinquent totaled $10.0 million, or 0.93% of gross loans, as of March 31, 2025, compared to $6.2 million, or 0.59% of gross loans, as of December 31, 2024.

    About Landmark

    Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

    Contact:
    Mark A. Herpich
    Chief Financial Officer
    (785) 565-2000
     

    Special Note Concerning Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies and financial markets, including the effects of inflationary pressures and future monetary policies of the Federal Reserve in response thereto; (ii) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such laws, regulations and policies; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders, including tariffs, immigration policy, regulatory and other governmental agencies, foreign policy and tax regulations; (x) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, concentration large loans to certain borrowers, and large deposits from certain clients (including commercial real estate loans); (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxvi) the Company’s success at managing and responding to the risks involved in the foregoing items; and (xxvii) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

    LANDMARK BANCORP, INC. AND SUBSIDIARIES  
    Consolidated Balance Sheets (unaudited)  
                                   
    (Dollars in thousands)   March 31,     December 31,     September 30,     June 30,     March 31,  
        2025     2024     2024     2024     2024  
    Assets                              
    Cash and cash equivalents   $ 21,881     $ 20,275     $ 21,211     $ 23,889     $ 16,468  
    Interest-bearing deposits at other banks     3,973       4,110       4,363       4,881       4,920  
    Investment securities available-for-sale, at fair value:                                        
    U.S. treasury securities     58,424       64,458       83,753       89,325       93,683  
    Municipal obligations, tax exempt     101,812       107,128       112,126       114,047       118,445  
    Municipal obligations, taxable     70,614       71,715       75,129       74,588       75,371  
    Agency mortgage-backed securities     125,142       129,211       140,004       142,499       149,777  
    Total investment securities available-for-sale     355,992       372,512       411,012       420,459       437,276  
    Investment securities held-to-maturity     3,701       3,672       3,643       3,613       3,584  
    Bank stocks, at cost     6,225       6,618       7,894       9,647       7,850  
    Loans:                                        
    One-to-four family residential real estate     355,632       352,209       344,380       332,090       312,833  
    Construction and land     28,645       25,328       23,454       30,480       24,823  
    Commercial real estate     359,579       345,159       324,016       318,850       323,397  
    Commercial     190,881       192,325       181,652       178,876       181,945  
    Agriculture     101,808       100,562       91,986       84,523       86,808  
    Municipal     7,082       7,091       7,098       6,556       5,690  
    Consumer     31,297       29,679       29,263       29,200       28,544  
    Total gross loans     1,074,924       1,052,353       1,001,849       980,575       964,040  
    Net deferred loan (fees) costs and loans in process     (426 )     (307 )     (63 )     (583 )     (578 )
    Allowance for credit losses     (12,802 )     (12,825 )     (11,544 )     (10,903 )     (10,851 )
    Loans, net     1,061,696       1,039,221       990,242       969,089       952,611  
    Loans held for sale, at fair value     2,997       3,420       3,250       2,513       2,697  
    Bank owned life insurance     39,329       39,056       39,176       38,826       38,578  
    Premises and equipment, net     19,886       20,220       20,976       20,986       20,696  
    Goodwill     32,377       32,377       32,377       32,377       32,377  
    Other intangible assets, net     2,426       2,578       2,729       2,900       3,071  
    Mortgage servicing rights     3,045       3,061       3,041       2,997       2,977  
    Real estate owned, net     167       167       428       428       428  
    Other assets     24,894       26,855       23,309       28,149       29,684  
    Total assets   $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754     $ 1,553,217  
                                             
    Liabilities and Stockholders’ Equity                                        
    Liabilities:                                        
    Deposits:                                        
    Non-interest-bearing demand     368,480       351,595       360,188       360,631       364,386  
    Money market and checking     613,459       636,963       565,629       546,385       583,315  
    Savings     149,223       145,514       145,825       150,996       154,000  
    Certificates of deposit     204,660       194,694       203,860       192,470       191,823  
    Total deposits     1,335,822       1,328,766       1,275,502       1,250,482       1,293,524  
    FHLB and other borrowings     48,767       53,046       92,050       131,330       74,716  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     6,256       13,808       9,528       8,745       15,895  
    Accrued interest and other liabilities     23,442       20,656       25,229       20,292       20,760  
    Total liabilities     1,435,938       1,437,927       1,423,960       1,432,500       1,426,546  
    Stockholders’ equity:                                        
    Common stock     58       58       55       55       55  
    Additional paid-in capital     95,148       95,051       89,532       89,469       89,364  
    Retained earnings     60,422       56,934       60,549       57,774       55,912  
    Treasury stock, at cost     –       –       (396 )     (330 )     (249 )
    Accumulated other comprehensive loss     (12,977 )     (15,828 )     (10,049 )     (18,714 )     (18,411 )
    Total stockholders’ equity     142,651       136,215       139,691       128,254       126,671  
    Total liabilities and stockholders’ equity   $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754     $ 1,553,217  
    LANDMARK BANCORP, INC. AND SUBSIDIARIES  
    Consolidated Statements of Earnings (unaudited)  
       
    (Dollars in thousands, except per share amounts)   Three months ended,  
        March 31,     December 31,     March 31,  
        2025     2024     2024  
    Interest income:                        
    Loans   $ 16,395     $ 15,955     $ 14,490  
    Investment securities:                        
    Taxable     2,180       2,210       2,428  
    Tax-exempt     719       738       764  
    Interest-bearing deposits at banks     48       49       63  
    Total interest income     19,342       18,952       17,745  
    Interest expense:                        
    Deposits     5,236       5,350       5,457  
    FHLB and other borrowings     565       737       1,022  
    Subordinated debentures     357       389       412  
    Repurchase agreements     65       77       107  
    Total interest expense     6,223       6,553       6,998  
    Net interest income     13,119       12,399       10,747  
    Provision for credit losses     –       1,500       300  
    Net interest income after provision for credit losses     13,119       10,899       10,447  
    Non-interest income:                        
    Fees and service charges     2,388       2,710       2,461  
    Gains on sales of loans, net     562       522       512  
    Bank owned life insurance     272       976       245  
    Losses on sales of investment securities, net     (2 )     (1,031 )     –  
    Other     138       194       182  
    Total non-interest income     3,358       3,371       3,400  
    Non-interest expense:                        
    Compensation and benefits     6,154       6,264       5,532  
    Occupancy and equipment     1,252       1,550       1,390  
    Data processing     396       452       481  
    Amortization of mortgage servicing rights and other intangibles     239       240       412  
    Professional fees     745       1,043       647  
    Valuation allowance on real estate held for sale     –       –       129  
    Other     1,975       2,325       1,960  
    Total non-interest expense     10,761       11,874       10,551  
    Earnings before income taxes     5,716       2,396       3,296  
    Income tax expense (benefit)     1,015       (886 )     518  
    Net earnings   $ 4,701     $ 3,282     $ 2,778  
                             
    Net earnings per share (1)                        
     Basic   $ 0.81     $ 0.57     $ 0.48  
     Diluted     0.81       0.57       0.48  
    Dividends per share (1)     0.21       0.20       0.20  
    Shares outstanding at end of period (1)     5,778,610       5,775,198       5,747,560  
    Weighted average common shares outstanding – basic (1)     5,777,593       5,775,227       5,743,452  
    Weighted average common shares outstanding – diluted (1)     5,814,650       5,789,764       5,748,595  
                             
    Tax equivalent net interest income   $ 13,291     $ 12,574     $ 10,925  
                             
    (1) Share and per share values at or for the periods ended March 31, 2024 and December 31, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.
    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Select Ratios and Other Data (unaudited)
                 
    (Dollars in thousands, except per share amounts)   As of or for the
    three months ended,
        March 31,   December 31,   March 31,
        2025   2024   2024
    Performance ratios:                        
    Return on average assets (1)     1.21 %     0.83 %     0.72 %
    Return on average equity (1)     13.71 %     9.54 %     8.88 %
    Net interest margin (1)(2)     3.76 %     3.51 %     3.12 %
    Effective tax rate     17.8 %     -37.0 %     15.7 %
    Efficiency ratio (3)     64.1 %     70.8 %     72.1 %
    Non-interest income to total income (3)     20.4 %     25.0 %     24.1 %
                             
    Average balances:                        
    Investment securities   $ 377,845     $ 409,648     $ 456,933  
    Loans     1,048,585       1,010,153       945,737  
    Assets     1,574,295       1,568,821       1,555,662  
    Interest-bearing deposits     979,787       944,969       935,417  
    FHLB and other borrowings     48,428       57,507       72,618  
    Subordinated debentures     21,651       21,651       21,651  
    Repurchase agreements     8,634       12,212       14,371  
    Stockholders’ equity   $ 139,068     $ 136,933     $ 125,846  
                             
    Average tax equivalent yield/cost (1):                        
    Investment securities     3.29 %     3.03 %     2.96 %
    Loans     6.34 %     6.28 %     6.16 %
    Total interest-bearing assets     5.53 %     5.34 %     5.11 %
    Interest-bearing deposits     2.17 %     2.25 %     2.35 %
    FHLB and other borrowings     4.73 %     5.10 %     5.66 %
    Subordinated debentures     6.69 %     7.15 %     7.65 %
    Repurchase agreements     3.05 %     2.51 %     2.99 %
    Total interest-bearing liabilities     2.38 %     2.52 %     2.70 %
                             
    Capital ratios:                        
    Equity to total assets     9.04 %     8.65 %     8.16 %
    Tangible equity to tangible assets (3)     6.99 %     6.58 %     6.01 %
    Book value per share   $ 24.69     $ 23.59     $ 22.04  
    Tangible book value per share (3)   $ 18.66     $ 17.53     $ 15.87  
                             
    Rollforward of allowance for credit losses (loans):                        
    Beginning balance   $ 12,825     $ 11,544     $ 10,608  
    Charge-offs     (108 )     (246 )     (141 )
    Recoveries     85       27       134  
    Provision for credit losses for loans     —       1,500       250  
    Ending balance   $ 12,802     $ 12,825     $ 10,851  
                             
    Allowance for unfunded loan commitments   $ 150     $ 150     $ 300  
                             
    Non-performing assets:                        
    Non-accrual loans   $ 13,280     $ 13,115     $ 3,621  
    Accruing loans over 90 days past due     —       —       —  
    Real estate owned     167       167       428  
     Total non-performing assets   $ 13,447     $ 13,282     $ 4,049  
                             
    Loans 30-89 days delinquent   $ 9,977     $ 6,201     $ 4,064  
                             
    Other ratios:                        
    Loans to deposits     79.48 %     78.21 %     73.64 %
    Loans 30-89 days delinquent and still accruing to gross loans outstanding     0.93 %     0.59 %     0.42 %
    Total non-performing loans to gross loans outstanding     1.24 %     1.25 %     0.38 %
    Total non-performing assets to total assets     0.85 %     0.84 %     0.26 %
    Allowance for credit losses to gross loans outstanding     1.19 %     1.22 %     1.13 %
    Allowance for credit losses to total non-performing loans     96.40 %     97.79 %     299.67 %
    Net loan charge-offs to average loans (1)     0.01 %     0.09 %     0.00 %
                             
    (1) Information is annualized.  
    (2) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
    (3) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.
    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Finacials Measures (unaudited)
                 
    (Dollars in thousands, except per share amounts)   As of or for the
    three months ended,
        March 31,   December 31,   March 31,
        2025   2024   2024
                 
    Non-GAAP financial ratio reconciliation:                        
    Total non-interest expense   $ 10,761     $ 11,874     $ 10,551  
    Less: foreclosure and real estate owned expense     (50 )     (13 )     (50 )
    Less: amortization of other intangibles     (152 )     (151 )     (170 )
    Less: valuation allowance on real estate held for sale     —       —       (129 )
    Adjusted non-interest expense (A)     10,559       11,710       10,202  
                             
    Net interest income (B)     13,119       12,399       10,747  
                             
    Non-interest income     3,358       3,371       3,400  
    Less: losses on sales of investment securities, net     2       1,031       —  
    Less: gains on sales of premises and equipment and foreclosed assets     —       (273 )     9  
    Adjusted non-interest income (C)   $ 3,360     $ 4,129     $ 3,409  
                             
    Efficiency ratio (A/(B+C))     64.1 %     70.8 %     72.1 %
    Non-interest income to total income (C/(B+C))     20.4 %     25.0 %     24.1 %
                             
    Total stockholders’ equity   $ 142,651     $ 136,215     $ 126,671  
    Less: goodwill and other intangible assets     (34,803 )     (34,955 )     (35,448 )
    Tangible equity (D)   $ 107,848     $ 101,260     $ 91,223  
                             
    Total assets   $ 1,578,589     $ 1,574,142     $ 1,553,217  
    Less: goodwill and other intangible assets     (34,803 )     (34,955 )     (35,448 )
    Tangible assets (E)   $ 1,543,786     $ 1,539,187     $ 1,517,769  
                             
    Tangible equity to tangible assets (D/E)     6.99 %     6.58 %     6.01 %
                             
    Shares outstanding at end of period (F)     5,778,610       5,775,198       5,747,560  
                             
    Tangible book value per share (D/F)   $ 18.66     $ 17.53     $ 15.87  

    The MIL Network –

  • MIL-OSI: Digital Ascension Group’s Digital Fusion Summit 2025 Concludes, Brings Elite Family Offices and Blockchain Leaders Together

    Source: GlobeNewswire (MIL-OSI)

    Dallas, Texas, April 30, 2025 (GLOBE NEWSWIRE) — The exclusive Digital Fusion Summit successfully concluded at the prestigious Altitude Center on the 33rd floor in Dallas, Texas. Hosted by Digital Wealth Partners and Digital Ascension Group, the invitation-only gathering brought together an exceptional roster of family offices, institutional investors, and industry luminaries to explore the convergence of traditional finance and emerging digital technologies.

    Digital Fusion Summit 2025 | Jake Claver, Managing Director – Digital Ascension Group, speaking on technical aspects of digital assets

    The summit, which took place on April 24th, featured an impressive lineup of panels covering critical topics in the digital asset landscape, from innovative DeFi strategies and institutional adoption to cybersecurity, regulatory frameworks, and technical infrastructure. The carefully curated event provided attendees with actionable insights while fostering meaningful connections in an intimate setting.

    “The Digital Fusion Summit represents exactly what the institutional investment community needs right now – a trusted environment where family offices and sophisticated investors can gain legitimate education about digital asset utilization and distributed ledger technology,” said Max Avery, Chief Business Development Officer of Digital Ascension Group. “By bringing together traditional funding experts with institutional service providers, we’ve created a powerful resource that bridges knowledge gaps and opens new avenues for multigenerational wealth creation.”

    The summit was made possible through the support of title sponsor Anchorage Digital, alongside Algoz, Compliers, and The Texas BlockchainCouncil. These leading organizations demonstrated their commitment to advancing institutional adoption of digital assets through educational initiatives.

    Throughout the evening, attendees engaged with thought leaders across six meticulously crafted panel discussions:

    • How to Make Your Digital Assets Work – Providing actionable insights on leveraging DeFi for portfolio optimization and passive yield generation
    • Tax Reform For a Web3 World – Clarifying evolving tax policies to help investors maximize returns while maintaining compliance
    • Legal & Policy – Navigating the rapidly changing regulatory landscape with strategies for institutional adoption
    • Cybersecurity, Fraud Mitigation & Digital Privacy – Exploring powerful approaches to mitigate risks while enhancing blockchain security
    • The Convergence of Institutions & DeFi – Examining investment strategies for bridging institutional capital with retail-driven DeFi opportunities
    • Technical Discussion – Deep diving into the mechanics of blockchain infrastructure with world-renowned developers

    The summit also featured a keynote address from Ben Hurn of Anchorage Digital, highlighting institutional-grade custody solutions and their pivotal role in securing digital assets for sophisticated investors.

    Panelists included distinguished experts such as Matthew Snider, CIO of Digital Wealth Partners and author of “Warren Buffet in a Web3 World”; Charles Finfrock, former CIA Officer who managed Tesla’s global information security team; Cameron McDougal, Supervisory Intelligence Analyst at the Department of Homeland Security; Ken “KC” Chapman, Head of US at XDC Network; John Wingate, Founder/CEO of BankSocial and lecturer at Harvard; and Ben Jorgensen, Founder & CEO of Constellation Network, among many other industry leaders.

    “What made this summit truly exceptional was the caliber of both speakers and attendees,” added Avery. “The conversations happening in the room represented a genuine meeting of traditional financial expertise and blockchain innovation—precisely the intersection where substantial opportunity lies for forward-thinking family offices.”

    Digital Wealth Partners and Digital Ascension Group plan to host additional exclusive gatherings throughout 2025, with the next summit tentatively scheduled for fall. Family offices and qualified investors interested in attending future events are encouraged to reach out directly for consideration.

    Digital Fusion Summit 2025

    About Digital Ascension Group

    Digital Ascension Group is a forward-thinking multi-family office specializing in digital assets (crypto / blockchain). Our mission is to empower High-Net-Worth (HNW) and Ultra-High-Net-Worth (UHNW) individuals, as well as Family Offices, to confidently navigate the rapidly evolving digital asset landscape. We provide a comprehensive suite of services designed to address the unique needs and opportunities in this dynamic sector. From investment strategy and risk management to regulatory compliance and custody solutions, Digital Ascension Group delivers tailored strategies that prioritize sustainable wealth protection and growth. With a deep understanding of blockchain technology, cryptocurrency markets, and tokenized assets, we bridge the gap between traditional wealth management and the cutting-edge world of digital finance. Our expert team ensures that our clients remain at the forefront of innovation while maintaining the security and stability their wealth demands.

    Press inquiries

    Digital Ascension Group
    https://www.digitalfamilyoffice.io
    Max Avery
    max@digitalfamilyoffice.io
    307-243-3711
    9100 John W Carpenter Fwy
    Dallas, Texas 75247

    The MIL Network –

  • MIL-OSI: The First of Long Island Corporation Reports Earnings for the First Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    MELVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — The First of Long Island Corporation (Nasdaq: FLIC, the “Company” or the “Corporation”), the parent of The First National Bank of Long Island (the “Bank”), reported earnings for the three months ended March 31, 2025.

    Analysis of Earnings – First Quarter 2025 Versus Linked Quarter

    Net income for the first quarter of 2025 increased $512,000 compared to the fourth quarter of 2024. The increase in net income was primarily due to a $795,000 increase in net interest income largely due to an eight basis point improvement in the net interest margin, and a decrease in noninterest expense of $1.5 million primarily due to branch consolidation expenses of $1.4 million and vesting of equity awards during the fourth quarter of 2024 offset by pending merger related system conversion expenses of $468,000 and debit card chargeoffs of $243,000 during the first quarter of 2025. These were partially offset by a provision for credit losses of $168,000 as compared to a provision reversal for credit losses of $381,000 in the fourth quarter, a decrease in noninterest income of $503,000 primarily due to $233,000 of back-to-back swap fees and $225,000 of bank-owned life insurance (“BOLI”) benefit payments earned in the fourth quarter, and an increase in income tax expense of $761,000 substantially due to a decrease in the percentage of pre-tax income derived from the Bank’s real estate investment trust, increasing the state and local income tax due. 

    Analysis of Earnings – First Quarter 2025 Versus First Quarter of 2024

    Net income and earnings per share (“EPS”) for the quarter ended March 31, 2025 were $3.8 million and $0.17, respectively, as compared to $4.4 million and $0.20, respectively, for the comparable quarter in 2024. The principal drivers of the change in net income were an increase in net interest income of $661,000, or 3.6%, which was more than offset by an increase in the provision for credit losses of $168,000, an increase in noninterest expense of $922,000, and an increase in income tax expense of $193,000. The quarter produced a return on average assets (“ROA”) of 0.37%, return on average equity (“ROE”) of 3.98%, and a net interest margin of 1.91%.

    Net interest income increased when comparing the first quarters of 2025 and 2024 primarily due to a decrease in interest expense of $2.0 million which was partially offset by a $1.4 million decrease in interest income. The decrease in interest expense was a combination of a 16 basis points decrease in the cost of interest-bearing liabilities and a decrease in average interest-bearing liabilities of $92.9 million. The decrease in interest income resulted from interest-earning assets decreasing by $156.6 million offset by the yield on interest-earning assets increasing two basis points.

    In the first quarter of 2025, the Bank recorded a provision for credit losses of $168,000. The Bank did not record a provision in the first quarter of 2024. The allowance for credit losses remained relatively flat when compared to year-end 2024 largely due to declines in historical loss rates and loan balances which were offset by an increase due to deterioration in current and forecasted economic conditions, including adjustments for economic uncertainty. The reserve coverage ratio ticked up one basis point to 0.89% of total loans at March 31, 2025 as compared to 0.88% at December 31, 2024. Past due loans and nonaccrual loans were at $7.5 million and $3.5 million, respectively, on March 31, 2025. Overall, the credit quality of the loan and investment portfolios remains strong.

    Noninterest income decreased $57,000, or 2.1%, when comparing the first quarters of 2025 and 2024 mainly due to 2024 nonrecurring items of $114,000 in real estate tax refunds, $60,000 in BOLI benefit payments, $50,000 in joint marketing fees and an additional one-time service charge cycle related to the Bank’s core system conversion, which were partially offset by increases of $96,000 in merchant card service fees and $72,000 in BOLI accretion.

    Noninterest expense increased $922,000, or 5.7%, for the first quarter of 2025, as compared to the first quarter of 2024. The change in noninterest expense is mainly attributable to the current year’s expenses related to the pending merger. Noninterest expense increased due to merger expenses of $230,000, merger related system conversion expenses of $468,000, debit card chargeoffs of $243,000 and higher legal fees, partially offset by a 2.6% year-over-year decrease in salaries and employee benefits.  The decrease in salaries and employee benefits was due to a decrease in full time equivalent employees, primarily the result of branch closings in 2024.

    Income tax expense increased $193,000 due to an increase in the effective tax rate from 6.2% in the first quarter of 2024 to 11.5% in the current quarter. The increase in the effective tax rate is mainly due to the same reasons discussed above with respect to the linked quarter changes. 

    Liquidity

    Total average deposits declined by $51.9 million when comparing the first quarters of 2025 and 2024. There were no overnight advances on March 31, 2025 or December 31, 2024. On March 31, 2025, other borrowings were down by $75.0 million from year-end 2024. At March 31, 2025, the Bank had $653.3 million in collateralized borrowing lines with the Federal Home Loan Bank of New York and the Federal Reserve Bank, a $20.0 million unsecured line of credit with a correspondent bank and $204.8 million in unencumbered securities. In total, $878.1 million in liquidity was available on March 31, 2025. Uninsured deposits were 49.5% of total deposits at March 31, 2025. 

    Capital

    The Corporation’s capital position remains strong with a leverage ratio of approximately 10.29% on March 31, 2025. Book value per share was $16.91 on March 31, 2025, versus $16.77 on December 31, 2024. The Company declared its quarterly cash dividend of $0.21 per share during the quarter. There were no share repurchases during the quarter.

    Forward Looking Information

    This earnings release contains various “forward-looking statements” within the meaning of that term as set forth in Rule 175 of the Securities Act of 1933 and Rule 3b-6 of the Securities Exchange Act of 1934. Such statements are generally contained in sentences including the words “may” or “expect” or “could” or “should” or “would” or “believe” or “anticipate”. The Corporation cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic conditions; legislative and regulatory changes; changes in domestic or international governmental policies, including the imposition of tariffs; monetary and fiscal policies of the federal government; changes in interest rates; deposit flows and the cost of funds; demand for loan products; competition; changes in management’s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; and other factors discussed in the “risk factors” section of the Corporation’s filings with the Securities and Exchange Commission (“SEC”). The forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

    For more detailed financial information please see the Corporation’s quarterly report on Form 10-Q for the quarter ended March 31, 2025. The Form 10-Q will be available through the Bank’s website at www.fnbli.com on or about May 1, 2025, when it is anticipated to be electronically filed with the SEC. Our SEC filings are also available on the SEC’s website at www.sec.gov.

               
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
      3/31/2025     12/31/2024  
      (dollars in thousands)  
    Assets:              
    Cash and cash equivalents $ 67,555     $ 38,330  
    Investment securities available-for-sale, at fair value   615,350       624,779  
                   
    Loans:              
    Commercial and industrial   134,095       136,732  
    Secured by real estate:              
    Commercial mortgages   1,929,881       1,963,107  
    Residential mortgages   1,065,380       1,084,090  
    Home equity lines   33,452       36,468  
    Consumer and other   1,126       1,210  
        3,163,934       3,221,607  
    Allowance for credit losses   (28,308 )     (28,331 )
        3,135,626       3,193,276  
                   
    Restricted stock, at cost   24,329       27,712  
    Bank premises and equipment, net   28,411       29,135  
    Right-of-use asset – operating leases   18,358       18,951  
    Bank-owned life insurance   117,471       117,075  
    Pension plan assets, net   11,693       11,806  
    Deferred income tax benefit   35,022       36,192  
    Other assets   22,491       22,080  
      $ 4,076,306     $ 4,119,336  
    Liabilities:              
    Deposits:              
    Checking $ 1,072,766     $ 1,074,671  
    Savings, NOW and money market   1,587,030       1,574,160  
    Time   635,789       616,027  
        3,295,585       3,264,858  
                   
    Overnight advances   —       —  
    Other borrowings   360,000       435,000  
    Operating lease liability   20,348       21,964  
    Accrued expenses and other liabilities   17,533       18,648  
        3,693,466       3,740,470  
    Stockholders’ Equity:              
    Common stock, par value $0.10 per share:              
    Authorized, 80,000,000 shares;              
    Issued and outstanding, 22,635,724 and 22,595,349 shares   2,264       2,260  
    Surplus   79,866       79,731  
    Retained earnings   353,043       354,051  
        435,173       436,042  
    Accumulated other comprehensive loss, net of tax   (52,333 )     (57,176 )
        382,840       378,866  
      $ 4,076,306     $ 4,119,336  
                   
                   
         
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
         
      Three Months Ended  
      3/31/2025     3/31/2024  
      (dollars in thousands)  
    Interest and dividend income:              
    Loans $ 33,785     $ 33,543  
    Investment securities:              
    Taxable   5,374       6,993  
    Nontaxable   956       960  
        40,115       41,496  
    Interest expense:              
    Savings, NOW and money market deposits   10,318       10,083  
    Time deposits   6,403       6,977  
    Overnight advances   71       263  
    Other borrowings   4,501       6,012  
        21,293       23,335  
    Net interest income   18,822       18,161  
    Provision for credit losses   168       —  
    Net interest income after provision for credit losses   18,654       18,161  
                   
    Noninterest income:              
    Bank-owned life insurance   912       840  
    Service charges on deposit accounts   829       880  
    Net loss on sales of securities   —       —  
    Other   976       1,054  
        2,717       2,774  
    Noninterest expense:              
    Salaries and employee benefits   9,711       9,974  
    Occupancy and equipment   3,233       3,214  
    Merger expenses   230       —  
    Other   3,954       3,018  
        17,128       16,206  
    Income before income taxes   4,243       4,729  
    Income tax expense   487       294  
    Net income $ 3,756     $ 4,435  
                   
    Share and Per Share Data:              
    Weighted Average Common Shares   22,625,117       22,520,568  
    Dilutive restricted stock units   86,270       73,827  
    Dilutive weighted average common shares   22,711,387       22,594,395  
                   
    Basic EPS $ 0.17     $ 0.20  
    Diluted EPS   0.17       0.20  
    Cash Dividends Declared per share   0.21       0.21  
                   
    FINANCIAL RATIOS  
    (Unaudited)  
    ROA   0.37 %     0.42 %
    ROE   3.98       4.72  
    Net Interest Margin   1.91       1.79  
                   
                   
               
    PROBLEM AND POTENTIAL PROBLEM LOANS AND ASSETS
    (Unaudited)
               
      3/31/2025     12/31/2024  
      (dollars in thousands)  
    Loans including modifications to borrowers experiencing financial difficulty:              
    Modified and performing according to their modified terms $ 419     $ 421  
    Past due 30 through 89 days   7,452       270  
    Past due 90 days or more and still accruing   —       —  
    Nonaccrual   3,510       3,229  
        11,381       3,920  
    Other real estate owned   —       —  
      $ 11,381     $ 3,920  
                   
    Allowance for credit losses $ 28,308     $ 28,331  
    Allowance for credit losses as a percentage of total loans   0.89 %     0.88 %
    Allowance for credit losses as a multiple of nonaccrual loans   8.1 x     8.8 x
                   
                   
         
    AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL
    (Unaudited)
         
      Three Months Ended March 31,  
      2025     2024  
      Average     Interest/   Average     Average     Interest/   Average  
    (dollars in thousands) Balance     Dividends   Rate     Balance     Dividends   Rate  
    Assets:                                      
    Interest-earning bank balances $ 28,537     $ 313   4.45 %   $ 55,117     $ 751   5.48 %
    Investment securities:                                      
    Taxable (1)   568,162       5,061   3.56       638,857       6,242   3.91  
    Nontaxable (1) (2)   151,745       1,210   3.19       153,417       1,215   3.17  
    Loans (1)   3,185,771       33,785   4.24       3,243,445       33,543   4.14  
    Total interest-earning assets   3,934,215       40,369   4.10       4,090,836       41,751   4.08  
    Allowance for credit losses   (28,399 )                 (28,947 )            
    Net interest-earning assets   3,905,816                   4,061,889              
    Cash and due from banks   28,197                   31,703              
    Premises and equipment, net   28,912                   31,257              
    Other assets   130,528                   120,884              
      $ 4,093,453                 $ 4,245,733              
    Liabilities and Stockholders’ Equity:                                      
    Savings, NOW & money market deposits $ 1,572,109       10,318   2.66     $ 1,534,081       10,083   2.64  
    Time deposits   612,730       6,403   4.24       643,854       6,977   4.36  
    Total interest-bearing deposits   2,184,839       16,721   3.10       2,177,935       17,060   3.15  
    Overnight advances   6,322       71   4.55       18,846       263   5.61  
    Other borrowings   416,944       4,501   4.38       504,258       6,012   4.80  
    Total interest-bearing liabilities   2,608,105       21,293   3.31       2,701,039       23,335   3.47  
    Checking deposits   1,067,804                   1,126,593              
    Other liabilities   35,260                   40,014              
        3,711,169                   3,867,646              
    Stockholders’ equity   382,284                   378,087              
      $ 4,093,453                 $ 4,245,733              
                                           
    Net interest income (2)         $ 19,076                 $ 18,416      
    Net interest spread (2)               0.79 %                 0.61 %
    Net interest margin (2)               1.91 %                 1.79 %
    (1) The average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on available-for-sale securities.
    (2) Tax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation’s investment in tax-exempt investment securities had been made in investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.
       

    For More Information Contact:
    Janet Verneuille, SEVP and CFO
    (516) 671-4900, Ext. 7462

    The MIL Network –

  • MIL-OSI: Midland States Bancorp, Inc. Announces Preliminary 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    EFFINGHAM, Ill., April 30, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) reported preliminary results for the first quarter of 2025. As previously disclosed, the Company is completing its evaluation, subject to review by its independent registered public accounting firm, of the accounting and financial reporting of third-party lending and servicing arrangements, including the collection and analysis of third-party documentation, not material to tangible equity. This process is ongoing and must be completed for the Company to file its Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”), which is expected to include restated financial statements for the applicable periods.

    While the Company works diligently to complete this process, the Company is providing preliminary results for the first quarter of 2025. These results reflect the updated accounting methodology for the remaining third party lending and servicing arrangements. The Company’s actual results may differ materially from these preliminary financial results. The Company is also completing an evaluation of whether there is an impairment to its goodwill, including obtaining valuation information from third parties. An impairment, if determined to exist, would not affect the tangible equity or the regulatory capital ratios of the Company. This preliminary financial data has been prepared by and is the responsibility of the Company. The Company’s independent auditor has not reviewed or audited these preliminary financial results. The results should be considered preliminary and are subject to adjustment based on the results of the process, the restatement and other developments that may arise between now and the time the Company’s 2024 audited consolidated financial statements are issued.

    As a result of the delays in the filing of the 2024 Annual Report, certain subsequent events have been evaluated and will be recorded in the Company’s audited financial statements for the year ended December 31, 2024. The Company will continue to evaluate subsequent events that occur prior to the date the financial statements for the year ended December 31, 2024 are available to be issued.

    Preliminary 2025 First Quarter Results

    • Net income available to common shareholders of $12.6 million, or $0.57 per diluted share, for the first quarter of 2025
    • Pre-tax, pre-provision earnings of $27.0 million, or $1.12 per diluted share, for the first quarter of 2025

    Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:

    “We are working diligently to resolve the delay in our audited financials, although we want to emphasize that we do not expect a material impact to first quarter tangible equity or regulatory capital levels, and that our unaudited preliminary first quarter results already reflect the previously disclosed accounting methodology changes, for a small third party guaranteed loan portfolio.

    “Improving credit quality remains a strategic priority, and during the first quarter we had no significant new substandard or nonperforming loans identified, with two-thirds of net charge-offs in the quarter taking place within third party programs that were fully reimbursed. The previously disclosed sale of $330 million of GreenSky loans in April 2025, plus tighter underwriting standards in our equipment finance portfolio are expected to significantly reduce exposure to higher-risk portfolios over the balance of 2025.

    “Our underlying profitability trends were favorable in the first quarter, with a strong net interest margin of 3.48%, solid loan growth in the Community Bank, and continued contribution from our wealth management revenue platform. We continue to expect stronger profitability over the balance of 2025 with growing capital ratios.”

    Key Points for First Quarter and Outlook

    Continued Credit Clean-up; Tightened Credit Standards

    • The Company closed its sale of participation interests of consumer loans originated through the GreenSky program. The sale included approximately $330 million, or 89%, of the Company’s GreenSky portfolio. The remaining portfolio will be retained by the Company under a new servicing agreement.
    • Substandard accruing loans and nonperforming loans decreased slightly to $75.7 million and $140.0 million at March 31, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
    • Net charge-offs were $16.9 million for the quarter, including $11.1 million of fully reimbursed charge-offs related to our third party lending programs. Net charge-offs in our equipment finance portfolio were approximately $4.5 million as we continue to see credit issues primarily in the trucking industry.
    • Provision for credit losses on loans was $8.3 million for the first quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
    • Allowance for credit losses on loans was $90.5 million, or 1.80% of total loans.

    The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of March 31, 2025.

    (in thousands)   As of and for the
    Three Months Ended
    March 31, 2025
    Asset Quality    
    Loans 30-89 days past due   $ 43,522  
    Nonperforming loans     140,020  
    Nonperforming assets     146,080  
    Substandard accruing loans     75,668  
    Net charge-offs     16,878  
    Loans 30-89 days past due to total loans     0.87 %
    Nonperforming loans to total loans     2.79 %
    Nonperforming assets to total assets     1.96 %
    Allowance for credit losses to total loans     1.80 %
    Allowance for credit losses to nonperforming loans     64.60 %
    Net charge-offs to average loans     1.35 %
             

    Solid Growth Trends in Community Bank & Wealth Management

    • Total loans at March 31, 2025 were $5.02 billion, a decrease of $149.5 million from December 31, 2024. Key changes in the loan portfolio were as follows:
      • Loans originated by our Community Bank increased $56.8 million, or 1.8%, from December 31, 2024, pipelines remain strong
      • We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $159.3 million during the quarter.
      • Equipment finance portfolio balances declined $44.9 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
    • Total deposits were $5.94 billion at March 31, 2025, a decrease of $260.8 million from December 31, 2024. The decline in deposits reflects the following:
      • Noninterest-bearing deposits increased $35.1 million in the quarter.
      • Retail deposits increased by $96.8 million through a growth and marketing strategy implemented late in the first quarter of 2025, along with higher average deposits held by retail customers.
      • Brokered deposits, including both money market and time deposits decreased by $115.4 million.
      • Sweep accounts included in interest bearing checking decreased by $115.4 million, of which $80 million was related to normal first quarter distributions for one large depositor with the remainder due to seasonal adjustments.
      • Servicing deposits decreased by $53.9 million.
    • Wealth Management revenue totaled $7.4 million in the first quarter of 2025. Assets under administration were $4.10 billion at March 31, 2025. The Company added six new sales positions in the first quarter of 2025 and continues to experience strong pipelines.

    Net Interest Margin

    • Net interest margin was 3.48%, and we saw a continued decline in the cost of funding. Rate cuts enacted by the Federal Reserve Bank in late 2024 continue to result in a lower cost of deposits for the Company, which fell to 2.29% in the first quarter of 2025.

    The following table summarizes certain factors affecting the Company’s net interest margin for the first quarter of 2025.

        For the Three Months Ended
    (dollars in thousands)   March 31, 2025
    Interest-earning assets   Average Balance   Interest & Fees   Yield/Rate
    Cash and cash equivalents   $ 68,671   $ 718   4.24 %
    Investment securities(1)     1,311,887     15,517   4.80  
    Loans(1)(2)     5,057,394     78,014   6.26  
    Loans held for sale     326,348     4,563   5.67  
    Nonmarketable equity securities     35,614     647   7.37  
    Total interest-earning assets     6,799,914     99,459   5.93  
    Noninterest-earning assets     687,870        
    Total assets   $ 7,487,784        
                 
    Interest-Bearing Liabilities            
    Interest-bearing deposits   $ 5,074,007   $ 34,615   2.77 %
    Short-term borrowings     73,767     700   3.85  
    FHLB advances & other borrowings     299,578     3,163   4.28  
    Subordinated debt     77,752     1,387   7.23  
    Trust preferred debentures     51,283     1,200   9.49  
    Total interest-bearing liabilities     5,576,387     41,065   2.99  
    Noninterest-bearing deposits     1,052,181        
    Other noninterest-bearing liabilities     124,638        
    Shareholders’ equity     734,578        
    Total liabilities and shareholder’s equity   $ 7,487,784        
                 
    Net Interest Margin       $ 58,394   3.48 %
                 
    Cost of Deposits           2.29 %
    (1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.2 million for the three months ended March 31, 2025.
    (2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
       

    Trends in Noninterest Income and Expense

    • Noninterest income was $17.8 million for the first quarter of 2025 and included a loss on limited partnership investments of $0.6 million and credit enhancement losses of $0.6 million, offset by income from death benefits on life insurance policies of $0.3 million.
    • As of the date of this earnings release, the Company expects noninterest income of approximately $17.0 million to $17.5 million in the near term quarters after consideration of credit enhancement income or losses.
    • Noninterest expense was $48.9 million for the first quarter of 2025 and was impacted by an additional $1.4 million in severance expense and $0.7 million in professional fees. The Company continues to experience higher levels of legal fees and other expenses related to loan collections.
    • As of the date of this earnings release, the Company expects the near term operating expense run rate to be approximately $48.0 million to $49.0 million.

    First Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):

        As of and for the
    Three Months Ended
    March 31, 2025
    Return on average assets     0.80 %
    Pre-tax, pre-provision return on average assets(1)     1.46 %
    Net interest margin     3.48 %
    Efficiency ratio (1)     64.24 %
    Noninterest expense to average assets     2.65 %
    Net charge-offs to average loans     1.35 %
    Tangible book value per share at period end (1)   $ 21.43  
    Diluted earnings per common share   $ 0.57  
    Common shares outstanding at period end     21,503,036  
    (1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.
       

    Capital

    At March 31, 2025, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

      As of March 31, 2025
      Midland States Bank   Midland States
    Bancorp, Inc.    		   Minimum Regulatory Requirements (2)
    Total capital to risk-weighted assets 13.10%   13.77%   10.50%
    Tier 1 capital to risk-weighted assets 11.84%   11.43%   8.50%
    Common equity Tier 1 capital to risk-weighted assets 11.84%   8.60%   7.00%
    Tier 1 leverage ratio 9.90%   9.55%   4.00%
    Tangible common equity to tangible assets (1) N/A   6.32%   N/A
    (1) A non-GAAP financial measure. Refer to page 10 for a reconciliation to the comparable GAAP financial measure.
    (2) Includes the capital conservation buffer of 2.5%, as applicable.
       

    About Midland States Bancorp, Inc.

    Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of March 31, 2025, the Company had total assets of approximately $7.46 billion, and its Wealth Management Group had assets under administration of approximately $4.10 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank. 

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.

    These non-GAAP financial measures include “Pre-tax, pre-provision earnings,” “Pre-tax, pre-provision diluted earnings per share,” “Pre-tax, pre-provision return on average assets,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including the expected timing and results of the Company’s audit for the year ended December 31, 2024, and the Company’s ongoing evaluation of whether there is an impairment to its goodwill; the fact that the completion and filing of the 2024 Annual Report has taken, and may continue to take, longer than expected; changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    CONTACTS:
    Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
    Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321

    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)
         
    (dollars in thousands)   As of March 31, 2025
    Assets    
    Cash and cash equivalents   $ 102,006  
    Investment securities     1,368,405  
    Loans     5,018,053  
    Allowance for credit losses on loans     (90,458 )
    Total loans, net     4,927,595  
    Loans held for sale     287,821  
    Premises and equipment, net     86,719  
    Other real estate owned     4,669  
    Loan servicing rights, at lower of cost or fair value     17,278  
    Goodwill     161,904  
    Other intangible assets, net     11,189  
    Company-owned life insurance     212,336  
    Credit enhancement asset     5,614  
    Other assets     272,217  
    Total assets   $ 7,457,753  
         
    Liabilities and Shareholders’ Equity    
    Noninterest-bearing demand deposits   $ 1,090,707  
    Interest-bearing deposits     4,845,727  
    Total deposits     5,936,434  
    Short-term borrowings     40,224  
    FHLB advances and other borrowings     498,000  
    Subordinated debt     77,754  
    Trust preferred debentures     51,358  
    Other liabilities     109,599  
    Total liabilities     6,713,369  
    Total shareholders’ equity     744,384  
    Total liabilities and shareholders’ equity   $ 7,457,753  
             
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
         
    (in thousands, except per share data)   For the Three Months
    Ended     March 31, 2025
    Net interest income:    
    Interest income   $ 99,251  
    Interest expense     41,065  
    Net interest income     58,186  
    Provision for credit losses on loans     8,250  
    Net interest income after provision for credit losses     49,936  
    Noninterest income:    
    Wealth management revenue     7,350  
    Service charges on deposit accounts     3,305  
    Interchange revenue     3,151  
    Residential mortgage banking revenue     676  
    Income on company-owned life insurance     2,334  
    Credit enhancement (loss) income     (578 )
    Other income     1,525  
    Total noninterest income     17,763  
    Noninterest expense:    
    Salaries and employee benefits     26,416  
    Occupancy and equipment     4,498  
    Data processing     6,919  
    Professional services     2,741  
    Amortization of intangible assets     911  
    FDIC insurance     1,463  
    Other expense     5,977  
    Total noninterest expense     48,925  
    Income before income taxes     18,774  
    Income tax expense     3,975  
    Net income     14,799  
    Preferred stock dividends     2,228  
    Net income available to common shareholders   $ 12,571  
         
    Basic earnings per common share   $ 0.57  
    Diluted earnings per common share   $ 0.57  
             
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)
         
    (in thousands)   As of March 31, 2025
    Loan Portfolio Mix    
    Commercial loans   $ 869,009
    Equipment finance loans     390,276
    Equipment finance leases     373,168
    Total commercial loans and leases     1,632,453
    Commercial real estate     2,592,325
    Construction and land development     264,966
    Residential real estate     373,095
    Consumer     155,214
    Total loans   $ 5,018,053
         
    Loan Portfolio Segment    
    Regions    
    Eastern   $ 897,792
    Northern     747,028
    Southern     711,787
    St. Louis     902,743
    Total Community Bank     3,259,350
    Specialty finance     865,401
    Equipment finance     763,444
    Non-core consumer and other(1)     129,858
    Total loans   $ 5,018,053
         
    Deposit Portfolio Mix    
    Noninterest-bearing demand   $ 1,090,707
    Interest-bearing:    
    Checking     2,161,282
    Money market     1,154,403
    Savings     522,663
    Time     818,732
    Brokered time     188,647
    Total deposits   $ 5,936,434
         
    Deposit Portfolio by Channel    
    Retail   $ 2,846,494
    Commercial     1,074,837
    Public Funds     490,374
    Wealth & Trust     301,251
    Servicing     842,567
    Brokered Deposits     358,063
    Other     22,848
    Total deposits   $ 5,936,434
    (1) Non-core consumer loans refers to consumer loan portfolios originated through third parties.
       
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
         
    Pre-Tax, Pre-Provision Earnings Reconciliation
         
        For the Three Months
    Ended March 31, 2025
    Income before income taxes   $ 18,774  
    Provision for credit losses     8,250  
    Pre-tax, pre-provision earnings   $ 27,024  
    Pre-tax, pre-provision earnings per diluted share   $ 1.12  
    Pre-tax, pre-provision return on average assets     1.46 %
         
    Efficiency Ratio Reconciliation
         
    (dollars in thousands)   For the Three Months
    Ended     March 31, 2025
    Noninterest expense – GAAP   $ 48,925  
         
    Net interest income – GAAP   $ 58,186  
    Effect of tax-exempt income     208  
    Adjusted net interest income     58,394  
         
    Noninterest income – GAAP     17,763  
         
    Adjusted total revenue   $ 76,157  
         
    Efficiency ratio     64.24 %
             
    Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
         
    (dollars in thousands, except per share data)   As of March 31, 2025
    Shareholders’ Equity to Tangible Common Equity
    Total shareholders’ equity—GAAP   $ 744,384  
    Adjustments:    
    Preferred Stock     (110,548 )
    Goodwill     (161,904 )
    Other intangible assets, net     (11,189 )
    Tangible common equity     460,743  
         
    Total Assets to Tangible Assets:    
    Total assets—GAAP   $ 7,457,753  
    Adjustments:    
    Goodwill     (161,904 )
    Other intangible assets, net     (11,189 )
    Tangible assets   $ 7,284,660  
         
    Common Shares Outstanding     21,503,036  
         
    Tangible Common Equity to Tangible Assets     6.32 %
    Tangible Book Value Per Share   $ 21.43  

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