Category: Banking

MIL-OSI USA: SBA Announces 2025 National Small Business Week Virtual Summit Agenda

Source: United States Small Business Administration

WASHINGTON — Today, the U.S. Small Business Administration announced the agenda for the National Small Business Week Virtual Summit, a free online event that will be held May 6-7. Registration is required. The Virtual Summit, co-sponsored by SCORE, will feature more than a dozen educational workshops led by cosponsors, access to federal resources, and networking and mentorship opportunities. The virtual summit is part of the 2025 National Small Business Week taking place May 4-10.

“As America’s top provider of free, expert small business mentoring, SCORE is proud to help drive the nation’s small business engine,” said SCORE CEO Bridget Weston. “Through this year’s Virtual Summit, we will meet entrepreneurs where they are, providing expert insights on timely topics alongside the tools and resources needed to achieve success.”

National Small Business Week cosponsors VISA, T-Mobile, Google, Verizon, Paychex, U.S. Bank, Amazon, Constant Contact, Block, Chase for Business, Lockheed Martin and Worldpay lead the sessions. View the schedule online or as a PDF.

The National Small Business Week Virtual Summit is part of SBA’s year-round efforts to leverage technology to reach small business owners in communities across America. An in-person, national award celebration will take place on May 5 in Washington, D.C., and local winners will be recognized at award events across the nation.

Details on National Small Business Week, the virtual summit, registration and speakers are featured on www.sba.gov/NSBW and will be updated as additional information and activities are confirmed. Local events will be featured on www.sba.gov/events and are identifiable by searching with #SmallBusinessWeek.

# # #

About SCORE
SCORE, the nation’s largest network of volunteer, expert business mentors, is dedicated to helping small businesses get off the ground, grow and achieve their goals. Since 1964, SCORE has provided education and mentorship to more than 11 million entrepreneurs. SCORE is a 501(c)(3) nonprofit organization and a resource partner of the U.S. Small Business Administration.

About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Cosponsorship Authorization #24-44-C. SBA’s participation in this Cosponsored Activity is not an endorsement of the views, opinions, products or services of any Cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis.

MIL OSI USA News –

April 30, 2025

MIL-OSI: Lake Shore Bancorp, Inc. Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

DUNKIRK, N.Y., April 29, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), reported unaudited net income of $1.1 million, or $0.19 per diluted share, for the first quarter of 2025 compared to net income of $1.0 million, or $0.17 per diluted share, for the first quarter of 2024. The Company’s financial performance for the first quarter of 2025 was positively impacted by an increase in net interest income along with a decrease in non-interest expenses because of efforts to optimize operating expenses while continuing to reduce its reliance on wholesale Federal Home Loan Bank of New York (“FHLBNY”) funding by $6.3 million.

“Given the ongoing economic uncertainty, I am pleased with our first quarter 2025 performance,” stated Kim C. Liddell, President, CEO, and Director. “We continue to focus efforts on improving the efficiency of our core operations while maintaining a disciplined approach to balance sheet management.”

First Quarter 2025 Financial Highlights:

Net income increased to $1.1 million during the first quarter of 2025, an increase of $43,000, or 4.2%, when compared to the first quarter of 2024. Net income was positively impacted by an increase in net interest income of $332,000, or 6.5%, when compared to the first quarter of 2024;
Net interest margin increased to 3.49% during the first quarter of 2025, an increase of 18 basis points when compared to net interest margin of 3.31% during the fourth quarter of 2024 and an increase of 39 basis points when compared to net interest margin of 3.10% during the first quarter of 2024;
Reduced reliance on wholesale funding by repaying $6.3 million of FHLBNY borrowings during the first quarter of 2025;
At March 31, 2025 and December 31, 2024, the Company’s percentage of uninsured deposits to total deposits was 11.8% and 13.5%, respectively;
Book value per share increased 0.4% to $15.74 per share at March 31, 2025 as compared to $15.67 per share at December 31, 2024; and
The Bank’s capital position remains “well capitalized” with a Tier 1 Leverage ratio of 14.31% and a Total Risk-Based Capital ratio of 18.67% at March 31, 2025.

Net Interest Income

Net interest income for the first quarter of 2025 increased by $124,000, or 2.3%, to $5.5 million as compared to $5.3 million for the fourth quarter of 2024 and increased $332,000, or 6.5%, as compared to $5.1 million for the first quarter of 2024. Net interest margin and interest rate spread were 3.49% and 2.94%, respectively, for the first quarter of 2025 as compared to 3.31% and 2.72%, respectively, for the fourth quarter of 2024 and 3.10% and 2.55%, respectively, for the first quarter of 2024.

Interest income for the first quarter of 2025 was $8.4 million, a decrease of $223,000, or 2.6%, compared to $8.6 million for the fourth quarter of 2024, and a decrease of $242,000, or 2.8%, compared to $8.6 million for the first quarter of 2024.

The decrease in interest income from the prior quarter was primarily due to a decrease in the average balance of interest-earning assets of $18.0 million, or 2.8%. Interest earned on interest-earning deposits decreased by $265,000, or 53.1%, due to a 63 basis points decrease in average yield and a $19.8 million decrease in the average balance of interest-earning deposits during the first quarter of 2025 as compared to the prior quarter.

The decrease in interest income from the prior year quarter was primarily due to a decrease in the average balance of interest-earning assets of $35.0 million, or 5.3%. The decrease was partially offset by a 14 basis points increase in the average yield on interest-earning assets. During the first quarter of 2025 as compared to the same period in 2024, there was a $364,000 decrease in interest earned on interest-earning deposits due to a decrease in the average balance and yield of interest-earning deposits of $20.5 million, or 46.5%, and 146 basis points, respectively. Additionally, during the first quarter of 2025 as compared to the same period in 2024, there was a $44,000 decrease in interest earned on securities due to a decrease in the average balance and yield of securities of $3.9 million, or 6.4%, and 11 basis points, respectively. These decreases were partially offset by a $166,000 increase in interest income on loans due to a 22 basis points increase in the average yield on loans.

Interest expense for the first quarter of 2025 was $2.9 million, a decrease of $347,000, or 10.7%, from the fourth quarter of 2024, and a decrease of $574,000, or 16.5%, from $3.5 million for the first quarter of 2024.

The decrease in interest expense when compared to the previous quarter was primarily due to a 21 basis points decrease in the average interest rate paid on interest-bearing liabilities and a $14.1 million, or 2.8%, decrease in the average balance of interest-bearing liabilities. During the first quarter of 2025 as compared to the previous quarter, interest expense on deposits decreased by $301,000, or 9.6%, due to a $9.7 million decrease in the average balance of deposits and a 20 basis points decrease in the average interest rate paid on deposit accounts. The decrease in the average interest rate paid on deposit accounts was primarily due to the decrease in market interest rates and time deposit repricing. Average interest-bearing deposit balances were $477.8 million, a 2.0% decrease during the first quarter of 2025 when compared to the previous quarter due to a decrease in the average balance of all deposit categories. Interest expense on borrowed funds and other interest-bearing liabilities decreased by $46,000 primarily due to a $4.4 million, or 41.4%, decrease in the average balance of borrowed funds and other interest-bearing liabilities due to the repayment of $6.3 million of our FHLBNY borrowings during the first quarter of 2025.

The decrease in interest expense when compared to the prior year quarter was primarily due to a 25 basis points decrease in average interest rate paid on interest-bearing liabilities and a $39.9 million, or 7.6%, decrease in the average balance of interest-bearing liabilities. During the first quarter of 2025 as compared to the same period in 2024, interest expense on deposits decreased by $402,000, or 12.4%, due to a 24 basis points decrease in the average interest rate paid on deposit accounts and a $16.6 million, or 3.4%, decrease in the average balance of deposits. The decrease in the average interest rate paid on deposit accounts was primarily due to the decrease in market interest rates and time deposit repricing. Average interest-bearing deposit balances decreased 3.4% during the first quarter of 2025 from the first quarter of 2024 due to a decrease in all deposit categories except money market accounts. During the first quarter of 2025, interest expense on borrowed funds and other interest-bearing liabilities decreased by $172,000, or 74.1%, compared to the first quarter of 2024, primarily due to a $23.3 million, or 78.9%, decrease in average borrowed funds and other interest-bearing liabilities outstanding due to the repayment of $25.0 million of FHLBNY borrowings during 2024 and $6.3 million during the first quarter of 2025.

Non-Interest Income

Non-interest income was $724,000 for the first quarter of 2025, a decrease of $344,000, or 32.2%, as compared to $1.1 million for the fourth quarter of 2024, and an increase of $17,000, or 2.4%, as compared to $707,000 for the first quarter of 2024. The decrease from the prior quarter was primarily due to a $139,000 decrease in earnings on annuity assets in connection with the purchase of annuities during the fourth quarter of 2024, a $135,000 decrease in earnings on bank-owned life insurance during the first quarter of 2025 as the result of the recognition of a death benefit in the fourth quarter of 2024, and a decrease of $31,000 in service charges and fees. The increase from the prior year quarter was primarily due to a $35,000 increase in unrealized gain on equity securities and a $22,000 increase in earnings on annuity assets in connection with the purchase of annuities during the fourth quarter of 2024.

Non-Interest Expense

Non-interest expense was $4.9 million for the first quarter of 2025, a decrease of $397,000, or 7.5%, as compared to $5.3 million for the fourth quarter of 2024, and a decrease of $117,000, or 2.3%, as compared to $5.0 million for the first quarter of 2024. The decrease from the prior quarter was primarily due to a decrease in salaries and employee benefits expense of $382,000, or 11.6%, along with a decrease in professional services expense of $50,000, or 13.7%. The decrease from the first quarter of 2024 was primarily related to a decrease in FDIC insurance of $207,000, or 74.2%.

Income Tax Expense

Income tax expense was $206,000 for the first quarter of 2025, a decrease of $72,000, or 25.9%, as compared to $278,000 for the fourth quarter of 2024, and an increase of $23,000, or 12.6%, as compared to $183,000 for the first quarter of 2024. The decrease in income tax expense from the prior quarter was primarily related to the decrease in pre-tax income earned during the current quarter, partially offset by an increase in the effective tax rate during the first quarter of 2025. The increase in income tax expense from the prior year quarter was due to an increase in pre-tax income earned during the current quarter along with an increase in the effective tax rate in the first quarter of 2025. The effective tax rate was 16.3% for the first quarter of 2025 as compared to 15.9% for the fourth quarter of 2024 and 15.3% for the first quarter of 2024.

Credit Quality

The Company’s allowance for credit losses on loans was $5.2 million as of March 31, 2025 as compared to $5.1 million as of December 31, 2024. The Company’s allowance for credit losses on unfunded commitments was $323,000 as of March 31, 2025 as compared to $314,000 as of December 31, 2024. Non-performing assets as a percent of total assets decreased to 0.50% at March 31, 2025 as compared to 0.55% at December 31, 2024, primarily due to a decrease in non-performing assets of $332,000, or 8.7%. On March 26, 2025, one commercial relationship with two loans representing a total amortized cost of $1.2 million on non-accrual status was sold at foreclosure. Subject to customary foreclosure proceedings, the Bank expects the sale to close during the second quarter of this year. The Company’s allowance for credit losses on loans as a percent of loans at amortized cost was 0.93% at March 31, 2025 and December 31, 2024.

The Company recorded a provision for credit losses of $48,000 for the first quarter of 2025, of which $39,000 related to the loan portfolio and $9,000 related to the reserve for unfunded commitments.

The increase in the allowance for credit losses on loans and unfunded commitments and the corresponding provision for credit losses recognized during the first quarter of 2025 was the result of an increase to the quantitative estimated loss calculation inclusive of forecasted economic trends, primarily related to the mortgage loan pools, including residential mortgages and commercial real estate mortgages.

Balance Sheet Summary

Total assets at March 31, 2025 were $689.0 million, a $3.5 million increase, or 0.5%, as compared to $685.5 million at December 31, 2024. Cash and cash equivalents decreased by $2.7 million, or 8.2%, from $33.1 million at December 31, 2024 to $30.4 million at March 31, 2025. The decrease in cash and cash equivalents was primarily due to an increase in loans receivable, net of $7.0 million, or 1.3%, and a decrease in long-term debt due to the repayment of FHLBNY borrowings of $6.3 million in the first quarter of 2025. These decreases were partially offset by an increase in total deposits of $9.8 million, or 1.7%. Securities available for sale were $55.8 million at March 31, 2025 as compared to $56.5 million at December 31, 2024 which decrease was primarily due to repayments during the first quarter of 2025. Net loans receivable at March 31, 2025 and December 31, 2024 were $551.6 million and $544.6 million, respectively. Total deposits at March 31, 2025 were $582.7 million, an increase of $9.8 million, or 1.7%, compared to $573.0 million at December 31, 2024. Total borrowings decreased to $4.0 million at March 31, 2025, a decrease of $6.3 million, or 61.0%, as compared to $10.3 million as of December 31, 2024.

Stockholders’ equity at March 31, 2025 was $90.7 million, a $794,000, or 0.9%, increase as compared to $89.9 million at December 31, 2024. The increase in stockholders’ equity was primarily attributed to $1.1 million in net income earned during the first quarter of 2025.

About Lake Shore

Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.

Safe-Harbor

This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, tariffs, unanticipated changes in our liquidity position, climate change, public health issues, geopolitical conflict, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

Source: Lake Shore Bancorp, Inc.
Category: Financial

Investor Relations/Media Contact
Kim C. Liddell
President, CEO, and Director
Lake Shore Bancorp, Inc.
31 East Fourth Street
Dunkirk, New York 14048
(716) 366-4070 ext. 1012

Selected Financial Condition Data

		March 31,		December 31,
		2025		2024
		(Unaudited)
		(Dollars in thousands)

Total assets	$	688,996	$	685,504
Cash and cash equivalents		30,428		33,131
Securities, at fair value		55,801		56,495
Loans receivable, net		551,640		544,620
Deposits		582,730		572,978
Long-term debt		4,000		10,250
Stockholders’ equity		90,662		89,868

Statements of Income

		Three Months Ended
		March 31,
		2025			2024
	(Unaudited)
	(Dollars in thousands, except per share amounts)
Interest income	$	8,367		$	8,609
Interest expense		2,902			3,476
Net interest income		5,465			5,133
Provision (credit) for credit losses		48			(352	)
Net interest income after provision (credit) for credit losses		5,417			5,485
Total non-interest income		724			707
Total non-interest expense		4,878			4,995
Income before income taxes		1,263			1,197
Income tax expense		206			183
Net income	$	1,057		$	1,014
Basic and diluted earnings per share	$	0.19		$	0.17

Selected Financial Ratios
Return on average assets⁽¹⁾		0.62	%		0.57	%
Return on average equity⁽¹⁾		4.65	%		4.69	%
Average interest-earning assets to average interest-bearing liabilities		129.52	%		126.33	%
Interest rate spread⁽¹⁾		2.94	%		2.55	%
Net interest margin⁽¹⁾		3.49	%		3.10	%
Efficiency ratio		78.82	%		85.53	%

(1) Annualized.

Average Balance Sheets, Interest, and Rates (Quarterly Comparison)

	For the Three Months Ended						For the Three Months Ended
	March 31, 2025						March 31, 2024
	Average		Interest Income/		Yield/		Average		Interest Income/		Yield/
	Balance		Expense		Rate⁽²⁾		Balance		Expense		Rate⁽²⁾
	(Unaudited)
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits & federal funds sold	$	23,562	$	234	3.97	%	$	44,038	$	598	5.43	%
Securities⁽¹⁾		57,804		381	2.64	%		61,728		425	2.75	%
Loans, including fees		545,561		7,752	5.68	%		556,151		7,586	5.46	%
Total interest-earning assets		626,927		8,367	5.34	%		661,917		8,609	5.20	%
Other assets		51,656						50,866
Total assets	$	678,583					$	712,783

Interest-bearing liabilities
Demand & NOW accounts	$	62,784	$	15	0.10	%	$	69,753	$	17	0.10	%
Money market accounts		152,680		867	2.27	%		139,794		966	2.76	%
Savings accounts		53,541		9	0.07	%		62,684		11	0.07	%
Time deposits		208,804		1,951	3.74	%		222,179		2,250	4.05	%
Borrowed funds & other interest-bearing liabilities		6,237		60	3.85	%		29,556		232	3.14	%
Total interest-bearing liabilities		484,046		2,902	2.40	%		523,966		3,476	2.65	%
Other non-interest bearing liabilities		103,593						102,299
Stockholders’ equity		90,944						86,518
Total liabilities & stockholders’ equity	$	678,583					$	712,783
Net interest income			$	5,465					$	5,133
Interest rate spread					2.94	%					2.55	%
Net interest margin					3.49	%					3.10	%

(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of 21%, results in rates of 3.04% and 3.13% for the three months ended March 31, 2025 and 2024, respectively. Yields above are not presented on a tax equivalent basis.
(2) Annualized.

Average Balance Sheets, Interest, and Rates (Prior Quarter Comparison)

	For the Three Months Ended						For the Three Months Ended
	March 31, 2025						December 31, 2024
	Average		Interest Income/		Yield/		Average		Interest Income/		Yield/
	Balance		Expense		Rate⁽²⁾		Balance		Expense		Rate⁽²⁾
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits & federal funds sold	$	23,562	$	234	3.97	%	$	43,366	$	499	4.60	%
Securities⁽¹⁾		57,804		381	2.64	%		61,137		388	2.54	%
Loans, including fees		545,561		7,752	5.68	%		540,376		7,703	5.70	%
Total interest-earning assets		626,927		8,367	5.34	%		644,879		8,590	5.33	%
Other assets		51,656						49,207
Total assets	$	678,583					$	694,086

Interest-bearing liabilities
Demand & NOW accounts	$	62,784	$	15	0.10	%	$	64,465	$	15	0.09	%
Money market accounts		152,680		867	2.27	%		153,407		912	2.38	%
Savings accounts		53,541		9	0.07	%		55,451		9	0.06	%
Time deposits		208,804		1,951	3.74	%		214,150		2,207	4.12	%
Borrowed funds & other interest-bearing liabilities		6,237		60	3.85	%		10,641		106	3.98	%
Total interest-bearing liabilities		484,046		2,902	2.40	%		498,114		3,249	2.61	%
Other non-interest bearing liabilities		103,593						105,881
Stockholders’ equity		90,944						90,091
Total liabilities & stockholders’ equity	$	678,583					$	694,086
Net interest income			$	5,465					$	5,341
Interest rate spread					2.94	%					2.72	%
Net interest margin					3.49	%					3.31	%

(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of 21%, results in rates of 3.04% and 2.91% for the three months ended March 31, 2025 and December 31, 2024, respectively. Yields above are not presented on a tax equivalent basis.
(2) Annualized.

Selected Quarterly Financial Data

	As of or For the Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(Unaudited)
	(Dollars in thousands, except per share amounts)
Selected Financial Condition Data:
Total assets	$	688,996		$	685,504		$	697,596		$	711,042		$	717,582
Cash and cash equivalents		30,428			33,131			49,981			60,987			54,953
Securities, at fair value		55,801			56,495			58,782			57,309			58,682
Loans receivable, net		551,640			544,620			539,005			544,337			555,455
Deposits		582,730			572,978			587,563			589,395			594,704
Long-term debt		4,000			10,250			10,250			23,250			25,250
Stockholders’ equity		90,662			89,868			89,877			86,932			86,510

Condensed Statements of Income:
Interest income	$	8,367		$	8,590		$	8,851		$	8,754		$	8,609
Interest expense		2,902			3,249			3,468			3,548			3,476
Net interest income		5,465			5,341			5,383			5,206			5,133
Provision (credit) for credit losses		48			(613	)		(229	)		(285	)		(352	)
Net interest income after provision (credit) for credit losses		5,417			5,954			5,612			5,491			5,485
Total non-interest income		724			1,068			791			738			707
Total non-interest expense		4,878			5,275			4,813			4,897			4,995
Income before income taxes		1,263			1,747			1,590			1,332			1,197
Income tax expense		206			278			258			216			183
Net income	$	1,057		$	1,469		$	1,332		$	1,116		$	1,014
Basic and diluted earnings per share	$	0.19		$	0.26		$	0.24		$	0.19		$	0.17

Selected Financial Ratios:
Return on average assets⁽¹⁾		0.62	%		0.85	%		0.76	%		0.63	%		0.57	%
Return on average equity⁽¹⁾		4.65	%		6.52	%		6.03	%		5.19	%		4.69	%
Average interest-earning assets to average interest-bearing liabilities		129.52	%		129.46	%		128.81	%		127.00	%		126.33	%
Interest rate spread⁽¹⁾		2.94	%		2.72	%		2.67	%		2.56	%		2.55	%
Net interest margin⁽¹⁾		3.49	%		3.31	%		3.28	%		3.14	%		3.10	%
Efficiency ratio		78.82	%		82.30	%		77.96	%		82.39	%		85.53	%

Asset Quality Ratios:
Non-performing loans as a percent of loans at amortized cost		0.62	%		0.69	%		0.74	%		0.73	%		0.71	%
Non-performing assets as a percent of total assets		0.50	%		0.55	%		0.57	%		0.56	%		0.55	%
Allowance for credit losses on loans as a percent of loans at amortized cost		0.93	%		0.93	%		1.01	%		1.08	%		1.12	%
Allowance for credit losses on loans as a percent of non-performing loans		148.89	%		134.91	%		137.03	%		148.20	%		157.62	%

Share Information:
Common stock, number of shares outstanding		5,760,272			5,735,226			5,737,036			5,737,036			5,684,784
Treasury stock, number of shares held		1,076,242			1,101,288			1,099,478			1,099,478			1,151,730
Book value per share	$	15.74		$	15.67		$	15.67		$	15.15		$	15.22
Tier 1 leverage ratio		14.31	%		13.83	%		13.37	%		13.02	%		12.87	%
Total risk-based capital ratio		18.67	%		18.79	%		18.85	%		18.64	%		18.13	%

(1) Annualized

The MIL Network –

April 30, 2025

MIL-OSI: Sound Financial Bancorp, Inc. Q1 2025 Results

Source: GlobeNewswire (MIL-OSI)

SEATTLE, April 29, 2025 (GLOBE NEWSWIRE) — Sound Financial Bancorp, Inc. (the “Company”) (Nasdaq: SFBC), the holding company for Sound Community Bank (the “Bank”), today reported net income of $1.2 million for the quarter ended March 31, 2025, or $0.45 diluted earnings per share, as compared to net income of $1.9 million, or $0.74 diluted earnings per share, for the quarter ended December 31, 2024, and $770 thousand, or $0.30 diluted earnings per share, for the quarter ended March 31, 2024. The Company also announced today that its Board of Directors declared a cash dividend on the Company’s common stock of $0.19 per share, payable on May 23, 2025 to stockholders of record as of the close of business on May 9, 2025.

Comments from the President / Chief Executive Officer and Chief Financial Officer

“Despite ongoing economic uncertainty, we remained focused on lowering our cost of deposits and originating new loans at higher rates, which contributed to a 12-basis point improvement in our net interest margin compared to the prior quarter. This reflects the team’s strong efforts to build full banking relationships by addressing both the lending and deposit needs of our consumer and business clients,” remarked Laurie Stewart, President and Chief Executive Officer.

“We continue to prioritize expense management, even though expenses increased compared to the previous quarter. The quarter-over-quarter increase was largely due to typical year-end accrual adjustments and annual expenses that are recognized in the first quarter. However, when compared to the first quarter of 2024, we have seen reductions in combined salaries and benefits, and operational expenses, thanks to our investments in technology. We also expect the year-over-year growth in data processing costs to moderate as the year progresses,” explained Wes Ochs, Executive Vice President and Chief Financial Officer.

Mr. Ochs continued, “While we did see an increase in nonperforming loans this quarter mainly due to two specific credits, one of which has since been repaid, we have not observed broader signs of stress in the loan portfolio. Importantly, we also successfully exited a $17 million loan that had been rated as special mention, which contributed to the decline in overall loan balances. Notably, 83% of our nonperforming loans are tied to just four loans, each with its own unique circumstances. These loans are well-secured, and we are actively working toward resolutions in the near-term.”


Q1 2025 Financial Performance
Total assets increased $75.6 million or 7.6% to $1.07 billion at March 31, 2025, from $993.6 million at December 31, 2024, and decreased $17.5 million or 1.6% from $1.09 billion at March 31, 2024.				Net interest income decreased $149 thousand or 1.8% to $8.1 million for the quarter ended March 31, 2025, from $8.2 million for the quarter ended December 31, 2024, and increased $611 thousand or 8.2% from $7.5 million for the quarter ended March 31, 2024.

Loans held-for-portfolio decreased $13.9 million or 1.5% to $886.2 million at March 31, 2025, compared to $900.2 million at December 31, 2024, and decreased $11.7 million or 1.3% from $897.9 million at March 31, 2024.				Net interest margin (“NIM”), annualized, was 3.25% for the quarter ended March 31, 2025, compared to 3.13% for the quarter ended December 31, 2024 and 2.95% for the quarter ended March 31, 2024.

Total deposits increased $72.5 million or 8.7% to $910.3 million at March 31, 2025, from $837.8 million at December 31, 2024, and decreased $6.5 million or 0.7% from $916.9 million at March 31, 2024. Noninterest-bearing deposits decreased $5.8 million or 4.4% to $126.7 million at March 31, 2025 compared to $132.5 million at December 31, 2024, and decreased $2.0 million or 1.5% compared to $128.7 million at March 31, 2024.				A $203 thousand release of provision for credit losses was recorded for the quarter ended March 31, 2025, compared to a $14 thousand provision and a $33 thousand release of provision for credit losses for the quarters ended December 31, 2024 and March 31, 2024, respectively. At March 31, 2025, the allowance for credit losses on loans to total loans outstanding was 0.95%, compared to 0.94% at December 31, 2024 and 0.96% at March 31, 2024.

The loans-to-deposits ratio was 98% at March 31, 2025, compared to 108% at December 31, 2024 and 98% at March 31, 2024.				Total noninterest income decreased $62 thousand or 5.3% to $1.1 million for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024, and was virtually unchanged compared to the quarter ended March 31, 2024.

Total nonperforming loans increased $2.2 million or 28.9% to $9.7 million at March 31, 2025, from $7.5 million at December 31, 2024, and increased $600 thousand or 6.6% from $9.1 million at March 31, 2024. Nonperforming loans to total loans was 1.09% and the allowance for credit losses on loans to total nonperforming loans was 86.95% at March 31, 2025.				Total noninterest expense increased $856 thousand or 12.1% to $7.9 million for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024, and increased $258 thousand or 3.4% compared to the quarter ended March 31, 2024.

				The Bank continued to maintain capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at March 31, 2025.

Operating Results

Net Interest Income after (Release of) Provision for Credit Losses

	For the Quarter Ended								Q1 2025 vs. Q4 2024					Q1 2025 vs. Q1 2024
	March 31, 2025			December 31, 2024		March 31, 2024			Amount ($)			Percentage (%)		Amount ($)			Percentage (%)
	(Dollars in thousands, unaudited)
Interest income	$	13,706		$	14,736	$	13,760		$	(1,030	)	(7.0)	%	$	(54	)	(0.4)	%
Interest expense		5,635			6,516		6,300			(881	)	(13.5)	%		(665	)	(10.6)	%
Net interest income		8,071			8,220		7,460			(149	)	(1.8)	%		611		8.2	%
(Release of) provision for credit losses		(203	)		14		(33	)		(217	)	(1550.0)	%		(170	)	515.2	%
Net interest income after (release of) provision for credit losses		8,274			8,206		7,493			68		0.8	%		781		10.4	%

Q1 2025 vs Q4 2024

The decrease in interest income from the prior quarter was primarily due to a lower average balance of loans, investments and interest-earning cash, an eight basis point decline in the average yield on loans, a 41 basis point decline in the average yield on interest-bearing cash, and a 57 basis point decline in the average yield on investments.

Interest income on loans decreased $482 thousand, or 3.7%, to $12.6 million for the quarter ended March 31, 2025, compared to $13.1 million for the quarter ended December 31, 2024. The average balance of total loans was $896.8 million for the quarter ended March 31, 2025, down from $900.8 million for the quarter ended December 31, 2024. The decrease in the average balance of total loans was primarily due to declines in construction and land loans and one-to-four family loans, offset by growth in commercial and multifamily loans and home equity loans. The average balances for manufactured home loans, floating home loans, commercial business loans, and other consumer loans remained relatively flat from the fourth quarter of 2024. The average yield on total loans was 5.69% for the quarter ended March 31, 2025, down from 5.77% for the quarter ended December 31, 2024. The decline was primarily due to interest that was reversed on nonaccrual loans during the first quarter, as well as interest that had been recognized on those loans in the fourth quarter. This was partly offset by new loans being made at higher interest rates and some variable-rate loans adjusting upward. Interest income on investments was $108 thousand for the quarter ended March 31, 2025, compared to $132 thousand for the quarter ended December 31, 2024. Interest income on interest-bearing cash decreased $524 thousand to $1.0 million for the quarter ended March 31, 2025, compared to $1.5 million for the quarter ended December 31, 2024. This decrease was a result of both lower average yields and average balances during the quarter.

The decrease in interest expense during the current quarter from the prior quarter was primarily the result of lower average balances and rates paid on all categories of interest-bearing deposits. The average cost of deposits was 2.37% for the quarter ended March 31, 2025, down from 2.58% for the quarter ended December 31, 2024 as higher costing deposits repriced lower due to market interest rate cuts beginning in September 2024. The average cost of FHLB advances was 4.25% for the quarter ended March 31, 2025, down from 4.31% for the quarter ended December 31, 2024.

A release of provision for credit losses of $203 thousand was recorded for the quarter ended March 31, 2025, consisting of a release of provision for credit losses on loans of $85 thousand and a release of provision for credit losses on unfunded loan commitments of $118 thousand. This compared to a provision for credit losses of $14 thousand for the quarter ended December 31, 2024, consisting of a release of provision for credit losses on loans of $73 thousand and a provision for credit losses on unfunded loan commitments of $87 thousand. The decrease in the provision for credit losses for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 resulted primarily from a smaller loan portfolio and a reduced balance of unfunded commitments, partially offset by an additional qualitative adjustment applied to certain loan segments, specifically consumer and construction loans, reflecting increased uncertainty in market conditions tied to the impact of tariffs and other external factors affecting our clients. Expected credit loss estimates consider various factors, including market conditions, borrower-specific information, projected delinquencies, and anticipated effects of economic trends on borrowers’ ability to repay.

Q1 2025 vs Q1 2024

Interest income on loans increased $355 thousand, or 2.9%, to $12.6 million for the quarter ended March 31, 2025, compared to $12.2 million for the quarter ended March 31, 2024. The average balance of total loans was $896.8 million for the quarter ended March 31, 2025, up from $895.4 million for the quarter ended March 31, 2024. The average yield on total loans was 5.69% for the quarter ended March 31, 2025, up from 5.49% for the quarter ended March 31, 2024. The increase in the average loan yield during the current quarter, compared to the same quarter in 2024, was primarily due to the origination of new loans at higher interest rates. Additionally, variable-rate loans resetting to higher rates contributed to the increase in average yield compared to the first quarter of 2024. Interest income on investments was $108 thousand for the quarter ended March 31, 2025, compared to $111 thousand for the quarter ended March 31, 2024. Interest income on interest-bearing cash decreased $406 thousand to $1.0 million for the quarter ended March 31, 2025, compared to $1.4 million for the quarter ended March 31, 2024. The decrease was a result of both a lower average yield and average balance.

The decrease in interest expense during the current quarter from the same quarter a year ago was primarily the result of a $18.9 million decrease in the average balance of interest-bearing demand and NOW accounts, a $25.5 million decrease in the average balance of certificate accounts, and a $15.0 million decrease in the average balance of FHLB advances, as well as lower average rates paid on all categories of interest-bearing deposits; resulting from lower market interest rates generally. These average-balance decreases were partially offset by a $51.0 million increase in the average balance of savings and money market accounts. The average cost of deposits was 2.37% for the quarter ended March 31, 2025, down from 2.57% for the quarter ended March 31, 2024. The average cost of FHLB advances was 4.25% for the quarter ended March 31, 2025, down from 4.31% for the quarter ended March 31, 2024.

Noninterest Income

	For the Quarter Ended								Q1 2025 vs. Q4 2024					Q1 2025 vs. Q1 2024
	March 31, 2025			December 31, 2024		March 31, 2024			Amount ($)			Percentage (%)		Amount ($)			Percentage (%)
	(Dollars in thousands, unaudited)
Service charges and fee income	$	684		$	619	$	612		$	65		10.5	%	$	72		11.8	%
Earnings on bank-owned life insurance (“BOLI”)		195			127		177			68		53.5	%		18		10.2	%
Mortgage servicing income		269			277		282			(8	)	(2.9)	%		(13	)	(4.6)	%
Fair value adjustment on mortgage servicing rights		(99	)		77		(65	)		(176	)	(228.6)	%		(34	)	52.3	%
Net gain on sale of loans		49			53		90			(4	)	(7.5)	%		(41	)	(45.6)	%
Other income		—			7		—			(7	)	(100.0)	%		—		100.0	%
Total noninterest income	$	1,098		$	1,160	$	1,096		$	(62	)	(5.3)	%	$	2		0.2	%

Q1 2025 vs Q4 2024

The decrease in noninterest income during the current quarter compared to the quarter ended December 31, 2024 was primarily related to

a $176 thousand downward adjustment in fair value of mortgage servicing rights due to a smaller servicing portfolio, partially offset by :
an increase of $68 thousand in earnings from BOLI primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter, offset by fluctuations in financial markets which decreased the values of policies; and
a $65 thousand increase in service charges and fee income due to a volume incentive paid by Mastercard in the first quarter of 2025 and higher interchange income.

Loans sold during the quarter ended March 31, 2025, totaled $2.0 million, compared to $3.5 million and $4.2 million of loans sold during the quarters ended December 31, 2024 and March 31, 2024, respectively.

Q1 2025 vs Q1 2024

The increase in noninterest income during the current quarter compared to the quarter ended March 31, 2024 was primarily due to

a $72 thousand increase in service charges and fee income primarily due to the reasons noted above, and
an $18 thousand increase in earnings from BOLI primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter, offset by fluctuations in financial markets, which reduced the values of policies. The increases in service charges and fee income and in earnings from BOLI were partially offset by
a $13 thousand decrease in mortgage servicing income as a result of the portfolio paying down at a faster rate than originations replace repayments;
a $34 thousand decrease in the fair value adjustment on mortgage servicing rights due to a smaller servicing portfolio; and
a $41 thousand decrease in net gain on sale of loans due to fewer loans sold.

Noninterest Expense

	For the Quarter Ended							Q1 2025 vs. Q4 2024				Q1 2025 vs. Q1 2024
	March 31, 2025		December 31, 2024			March 31, 2024		Amount ($)		Percentage (%)		Amount ($)			Percentage (%)
	(Dollars in thousands, unaudited)
Salaries and benefits	$	4,595	$	3,920		$	4,543	$	675	17.2	%	$	52		1.1	%
Operations		1,365		1,329			1,457		36	2.7	%		(92	)	(6.3)	%
Regulatory assessments		221		189			189		32	16.9	%		32		16.9	%
Occupancy		437		409			444		28	6.8	%		(7	)	(1.6)	%
Data processing		1,293		1,232			1,017		61	5.0	%		276		27.1	%
Net loss (gain) on OREO and repossessed assets		3		(21	)		6		24	(114.3)	%		(3	)	(50.0)	%
Total noninterest expense	$	7,914	$	7,058		$	7,656	$	856	12.1	%	$	258		3.4	%

Q1 2025 vs Q4 2024

The increase in noninterest expense during the current quarter from the quarter ended December 31, 2024 was primarily a result of:

a $675 thousand increase in salaries and benefits related to higher salaries expense, partially due to accrual reversals in the fourth quarter 2024, along with an annual deferred compensation contribution for key executives made in the first quarter of each year, higher 401(k) contributions, and higher payroll taxes related to annual bonus payments;
a $32 thousand increase in regulatory assessments due to a higher estimated accrual for exam costs;
a $28 thousand increase in occupancy due to higher annual property charges and maintenance fees recognized in the first quarter;
a $61 thousand increase in data processing due to higher vendor fees associated with annual subscription renewals; and
a $24 thousand increase in OREO and repossessed assets due to the addition of a new property in the first quarter of 2025 and the absence of property sales in the prior quarter.

Q1 2025 vs Q1 2024

The increase in noninterest expense during the current quarter from the quarter ended March 31, 2024 was primarily a result of:

a $276 thousand increase in data processing expenses due to various project implementations that began amortizing in the third quarter of 2024 and the reimbursement of expenses by a software vendor in the first quarter of 2024;
a $32 thousand increase in regulatory assessment expenses due to a higher estimated accrual for exam costs.

These increases were partially offset by a $92 thousand decrease in operations expense, primarily due to the recognition of annual fee reimbursements from Mastercard beginning in the first quarter of 2025 and lower expenses across various accounts resulting from ongoing cost saving initiatives and process improvements.

Balance Sheet Review, Capital Management and Credit Quality

Assets at March 31, 2025 totaled $1.07 billion, up from $993.6 million at December 31, 2024 and down from $1.09 billion at March 31, 2024. The increase in total assets from December 31, 2024 was primarily due to an increase in cash and cash equivalents, partially offset by a lower balance of loans held-for-portfolio. The decrease from one year ago was primarily a result of lower balances of cash and cash equivalents and loans held-for-portfolio.

Cash and cash equivalents increased $87.9 million, or 201.3%, to $131.5 million at March 31, 2025, compared to $43.6 million at December 31, 2024, and decreased $6.5 million, or 4.7%, from $138.0 million at March 31, 2024. The increased cash and cash equivalents from the prior quarter-end was primarily due to the strategic decision to sell reciprocal deposits at the end of 2024, which reduced our cash balances. These reciprocal deposits returned to our balance sheet in the first quarter of 2025.

Investment securities decreased $110 thousand, or 1.1%, to $9.8 million at March 31, 2025, compared to $9.9 million at December 31, 2024, and decreased $462 thousand, or 4.5%, from $10.3 million at March 31, 2024, as pay-offs and paydowns of investments exceeded new purchases. Held-to-maturity securities totaled $2.1 million at both March 31, 2025 and December 31, 2024, and totaled $2.2 million at March 31, 2024. Available-for-sale securities totaled $7.7 million at March 31, 2025, compared to $7.8 million at December 31, 2024 and $8.1 million at March 31, 2024.

Loans held-for-portfolio were $886.2 million at March 31, 2025, compared to $900.2 million at December 31, 2024 and $897.9 million at March 31, 2024. The decrease from both prior dates was primarily due to the payoff during the first quarter of 2025 of one $17.0 million loan that was risk rated special mention.

Nonperforming assets (“NPAs”), which are comprised of nonaccrual loans (including nonperforming modified loans), other real estate owned (“OREO”) and other repossessed assets, increased $2.2 million, or 29.4%, to $9.7 million at March 31, 2025, from $7.5 million at December 31, 2024 and decreased $49 thousand, or 0.5%, from $9.7 million at March 31, 2024. The increase in NPAs from December 31, 2024 was primarily due to the addition of six loans totaling $2.4 million to nonaccrual status, including two commercial real estate loans of $1.1 million and $988 thousand. The increase also included $41 thousand of other real estate owned properties. These additions were partially offset by $207 thousand in regular loan payments. Subsequent to quarter-end, the $988 thousand commercial real estate loan added during the quarter was paid-off. The decrease in NPAs from one year ago was primarily due to payoffs totaling $2.1 million, the return of $522 thousand of loans to accrual status, the sale of two other real estate owned properties for $690 thousand, and regular loan payments. These decreases were partially offset by the placement of an additional $3.6 million of loans on nonaccrual status, which included the two commercial real estate loans noted above.

NPAs to total assets were 0.91%, 0.75% and 0.90% at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The allowance for credit losses on loans to total loans outstanding was 0.95% at March 31, 2025, compared to 0.94% at December 31, 2024 and 0.96% at March 31, 2024. Net loan charge-offs for the first quarter of 2025 totaled $21 thousand, compared to $13 thousand for the fourth quarter of 2024, and $56 thousand for the first quarter of 2024.

The following table summarizes our NPAs at the dates indicated (dollars in thousands):

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Nonperforming Loans:
One-to-four family	$	762		$	537		$	745		$	822		$	835
Home equity loans		368			298			338			342			83
Commercial and multifamily		5,627			3,734			4,719			5,161			4,747
Construction and land		22			24			25			28			29
Manufactured homes		501			521			230			136			166
Floating homes		2,363			2,363			2,377			2,417			3,192
Commercial business		—			11			23			—			—
Other consumer		10			3			32			3			1
Total nonperforming loans		9,653			7,491			8,489			8,909			9,053
OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			—			—			575
Manufactured homes		41			—			115			115			115
Total OREO and repossessed assets		41			—			115			115			690
Total NPAs	$	9,694		$	7,491		$	8,604		$	9,024		$	9,743

Percentage of Nonperforming Loans:
One-to-four family		7.9	%		7.3	%		8.7	%		9.1	%		8.5	%
Home equity loans		3.8			4.0			3.9			3.8			0.9
Commercial and multifamily		58.0			49.8			54.8			57.2			48.7
Construction and land		0.2			0.3			0.3			0.3			0.3
Manufactured homes		5.2			7.0			2.7			1.5			1.7
Floating homes		24.4			31.5			27.6			26.8			32.8
Commercial business		—			0.1			0.3			—			—
Other consumer		0.1			—			0.4			—			—
Total nonperforming loans		99.6			100.0			98.7			98.7			92.9
Percentage of OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			—			—			5.9
Manufactured homes		0.4			—			1.3			1.3			1.2
Total OREO and repossessed assets		0.4			—			1.3			1.3			7.1
Total NPAs		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

The following table summarizes the allowance for credit losses at the dates and for the periods indicated (dollars in thousands, unaudited):

	At or For the Quarter Ended:
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Allowance for Credit Losses on Loans
Balance at beginning of period	$	8,499		$	8,585		$	8,493		$	8,598		$	8,760
(Release of) provision for credit losses during the period		(85	)		(73	)		106			(88	)		(106	)
Net charge-offs during the period		(21	)		(13	)		(14	)		(17	)		(56	)
Balance at end of period	$	8,393		$	8,499		$	8,585		$	8,493		$	8,598
Allowance for Credit Losses on Unfunded Loan Commitments
Balance at beginning of period	$	234		$	147		$	245		$	266		$	193
Provision for (release of) provision for credit losses during the period		(118	)		87			(98	)		(21	)		73
Balance at end of period		116			234			147			245			266
Allowance for Credit Losses	$	8,509		$	8,733		$	8,732		$	8,738		$	8,864
Allowance for credit losses on loans to total loans		0.95	%		0.94	%		0.95	%		0.96	%		0.96	%
Allowance for credit losses to total loans		0.96	%		0.97	%		0.97	%		0.98	%		0.99	%
Allowance for credit losses on loans to total nonperforming loans		86.95	%		113.46	%		101.13	%		95.33	%		94.97	%
Allowance for credit losses to total nonperforming loans		88.15	%		116.58	%		102.86	%		98.08	%		97.91	%

Total deposits increased $72.5 million, or 8.7%, to $910.3 million at March 31, 2025, from $837.8 million at December 31, 2024 and decreased $6.5 million, or 0.7%, from $916.9 million at March 31, 2024. The increase in total deposits compared to the prior quarter-end was primarily a result of the movement of reciprocal deposits off balance sheet for strategic objectives at year-end, followed by the return of those deposits to our balance sheet in the first quarter of 2025, and a decrease in one high cost money market deposit relationship as part of our strategic decision to decrease our overall cost of funds. Noninterest-bearing deposits decreased $5.8 million, or 4.4%, to $126.7 million at March 31, 2025, compared to $132.5 million at December 31, 2024 and decreased $2.0 million, or 1.5%, from $128.7 million at March 31, 2024. Noninterest-bearing deposits represented 13.9%, 15.8% and 14.0% of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

FHLB advances totaled $25.0 million at March 31, 2025, compared to $25.0 million at both December 31, 2024, and March 31, 2024. FHLB advances are primarily used to support organic loan growth and to maintain liquidity ratios in line with our asset/liability objectives. FHLB advances outstanding at March 31, 2025 had maturities ranging from early 2026 through early 2028. Subordinated notes, net totaled $11.8 million at both March 31, 2025 and December 31, 2024, and $11.7 million at March 31, 2024.

Stockholders’ equity totaled $104.4 million at March 31, 2025, an increase of $765 thousand, or 0.7%, from $103.7 million at December 31, 2024, and an increase of $3.4 million, or 3.4%, from $101.0 million at March 31, 2024. The increase in stockholders’ equity from December 31, 2024 was primarily the result of $1.2 million of net income earned during the current quarter, $81 thousand in share-based compensation, and $21 thousand in common stock options exercised, partially offset by a $17 thousand increase in accumulated other comprehensive loss, net of tax and the payment of $487 thousand in cash dividends to the Company’s stockholders.

Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, which is headquartered in Seattle, Washington and has full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one loan production office located in the Madison Park neighborhood of Seattle. For more information, please visit www.soundcb.com.

Forward-Looking Statements Disclaimer

When used in this press release and in documents filed or furnished by Sound Financial Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events and may turn out to be wrong because of inaccurate assumptions we might make, because of the factors listed below or because of other factors that we cannot foresee that could cause our actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

Factors which could cause actual results to differ materially, include, but are not limited to: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation or deflation, a recession or slowed economic growth, as well as supply chain disruptions; changes in the interest rate environment, including increases and decreases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and the duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; changes in consumer spending, borrowing and savings habits; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; secondary market conditions for loans;expectations regarding key growth initiatives and strategic priorities; environmental, social and governance goals and targets; results of examinations of the Company or the Bank by their regulators; increased competition; changes in management’s business strategies; legislative changes; changes in the regulatory and tax environments in which the Company operates; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on our third-party vendors; the potential for new or increased tariffs, trade restrictions, or geopolitical tensions that could affect economic activity or specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with or furnished to the SEC, which are available at www.soundcb.com and on the SEC’s website at www.sec.gov. The risks inherent in these factors could cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company and could negatively affect the Company’s operating and stock performance.

The Company does not undertake—and specifically disclaims any obligation—to revise any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.

CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, unaudited)

	For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024		June 30, 2024			March 31, 2024
Interest income	$	13,706		$	14,736		$	14,838	$	14,039		$	13,760
Interest expense		5,635			6,516			6,965		6,591			6,300
Net interest income		8,071			8,220			7,873		7,448			7,460
(Release of) provision for credit losses		(203	)		14			8		(109	)		(33	)
Net interest income after (release of) provision for credit losses		8,274			8,206			7,865		7,557			7,493
Noninterest income:
Service charges and fee income		684			619			628		761			612
Earnings on bank-owned life insurance		195			127			186		134			177
Mortgage servicing income		269			277			280		279			282
Fair value adjustment on mortgage servicing rights		(99	)		77			101		(116	)		(65	)
Net gain on sale of loans		49			53			40		74			90
Other income		—			7			—		30			—
Total noninterest income		1,098			1,160			1,235		1,162			1,096
Noninterest expense:
Salaries and benefits		4,595			3,920			4,469		4,658			4,543
Operations		1,365			1,329			1,540		1,569			1,457
Regulatory assessments		221			189			189		220			189
Occupancy		437			409			414		397			444
Data processing		1,293			1,232			1,067		910			1,017
Net (gain) loss on OREO and repossessed assets		3			(21	)		—		(17	)		6
Total noninterest expense		7,914			7,058			7,679		7,737			7,656
Income before provision for income taxes		1,458			2,308			1,421		982			933
Provision for income taxes		291			389			267		187			163
Net income	$	1,167		$	1,919		$	1,154	$	795		$	770

CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
ASSETS
Cash and cash equivalents	$	131,494		$	43,641		$	148,930		$	135,111		$	137,977
Available-for-sale securities, at fair value		7,689			7,790			8,032			7,996			8,115
Held-to-maturity securities, at amortized cost		2,121			2,130			2,139			2,147			2,157
Loans held-for-sale		2,267			487			65			257			351
Loans held-for-portfolio		886,226			900,171			901,733			889,274			897,877
Allowance for credit losses – loans		(8,393	)		(8,499	)		(8,585	)		(8,493	)		(8,598	)
Total loans held-for-portfolio, net		877,833			891,672			893,148			880,781			889,279
Accrued interest receivable		3,540			3,471			3,705			3,413			3,617
Bank-owned life insurance, net		22,685			22,490			22,363			22,172			22,037
Other real estate owned (“OREO”) and other repossessed assets, net		41			—			115			115			690
Mortgage servicing rights, at fair value		4,688			4,769			4,665			4,540			4,612
Federal Home Loan Bank (“FHLB”) stock, at cost		1,734			1,730			2,405			2,406			2,406
Premises and equipment, net		4,591			4,697			4,807			4,906			6,685
Right-of-use assets		3,546			3,725			3,779			4,020			4,259
Other assets		6,957			7,031			6,777			6,995			4,500
TOTAL ASSETS	$	1,069,186		$	993,633		$	1,100,930		$	1,074,859		$	1,086,685
LIABILITIES
Interest-bearing deposits	$	783,660		$	705,267		$	800,480		$	781,854		$	788,217
Noninterest-bearing deposits		126,687			132,532			129,717			124,915			128,666
Total deposits		910,347			837,799			930,197			906,769			916,883
Borrowings		25,000			25,000			40,000			40,000			40,000
Accrued interest payable		586			765			908			760			719
Lease liabilities		3,828			4,013			4,079			4,328			4,576
Other liabilities		10,774			9,371			9,711			9,105			9,578
Advance payments from borrowers for taxes and insurance		2,450			1,260			2,047			812			2,209
Subordinated notes, net		11,770			11,759			11,749			11,738			11,728
TOTAL LIABILITIES		964,755			889,967			998,691			973,512			985,693
STOCKHOLDERS’ EQUITY:
Common stock		25			25			25			25			25
Additional paid-in capital		28,515			28,413			28,296			28,198			28,110
Retained earnings		76,952			76,272			74,840			74,173			73,907
Accumulated other comprehensive loss, net of tax		(1,061	)		(1,044	)		(922	)		(1,049	)		(1,050	)
TOTAL STOCKHOLDERS’ EQUITY		104,431			103,666			102,239			101,347			100,992
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,069,186		$	993,633		$	1,100,930		$	1,074,859		$	1,086,685

KEY FINANCIAL RATIOS
(unaudited)

	For the Quarter Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Annualized return on average assets	0.45	%	0.70	%	0.42	%	0.30	%	0.29	%
Annualized return on average equity	4.53	%	7.40	%	4.50	%	3.17	%	3.06	%
Annualized net interest margin⁽¹⁾	3.25	%	3.13	%	2.98	%	2.92	%	2.95	%
Annualized efficiency ratio⁽²⁾	86.31	%	75.25	%	84.31	%	89.86	%	89.48	%

(1)	Net interest income divided by average interest earning assets.
(2)	Noninterest expense divided by total revenue (net interest income and noninterest income).

PER COMMON SHARE DATA
(unaudited)

	At or For the Quarter Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Basic earnings per share	$	0.45	$	0.75	$	0.45	$	0.31	$	0.30
Diluted earnings per share	$	0.45	$	0.74	$	0.45	$	0.31	$	0.30
Weighted-average basic shares outstanding		2,554,265		2,547,210		2,544,233		2,540,538		2,539,213
Weighted-average diluted shares outstanding		2,578,609		2,578,771		2,569,368		2,559,015		2,556,958
Common shares outstanding at period-end		2,566,069		2,564,907		2,564,095		2,557,284		2,558,546
Book value per share	$	40.70	$	40.42	$	39.87	$	39.63	$	39.47

AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE RATE PAID
(Dollars in thousands, unaudited)

The following table presents, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Income and yields on tax-exempt obligations have not been computed on a tax equivalent basis. All average balances are daily average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield for the period they have been on nonaccrual (dollars in thousands).

	Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	Average Outstanding Balance			Interest Earned/Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/Paid		Yield/Rate
Interest-Earning Assets:
Loans receivable	$	896,822		$	12,588	5.69	%	$	900,832		$	13,070	5.77	%	$	895,430		$	12,233	5.49	%
Interest-earning cash		95,999			1,010	4.27	%		130,412			1,534	4.68	%		107,361			1,416	5.30	%
Investments		12,924			108	3.39	%		13,263			132	3.96	%		14,038			111	3.18	%
Total interest-earning assets	$	1,005,745			13,706	5.53	%		1,044,507		$	14,736	5.61	%	$	1,016,829			13,760	5.44	%
Interest-Bearing Liabilities:
Savings and money market accounts	$	335,419			2,058	2.49	%	$	350,495			2,476	2.81	%	$	284,455			1,866	2.64	%
Demand and NOW accounts		140,905			108	0.31	%		144,470			128	0.35	%		159,762			141	0.35	%
Certificate accounts		289,960			3,039	4.25	%		301,293			3,413	4.51	%		315,495			3,696	4.71	%
Subordinated notes		11,766			168	5.79	%		11,756			168	5.69	%		11,724			168	5.76	%
Borrowings		25,000			262	4.25	%		30,546			331	4.31	%		40,000			429	4.31	%
Total interest-bearing liabilities	$	803,050			5,635	2.85	%	$	838,560			6,516	3.09	%	$	811,436			6,300	3.12	%
Net interest income/spread				$	8,071	2.68	%				$	8,220	2.52	%				$	7,460	2.32	%
Net interest margin						3.25	%						3.13	%						2.95	%

Ratio of interest-earning assets to interest-bearing liabilities		125	%						125	%						125	%
Noninterest-bearing deposits	$	126,215						$	130,476						$	132,438
Total deposits		892,499		$	5,205	2.37	%		926,734		$	6,017	2.58	%		892,150		$	5,703	2.57	%
Total funding ⁽¹⁾		929,265			5,635	2.46	%		969,036			6,516	2.68	%		943,874			6,300	2.68	%

(1)	Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

LOANS
(Dollars in thousands, unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Real estate loans:
One-to-four family	$	262,457		$	269,684		$	271,702		$	268,488		$	279,213
Home equity		28,112			26,686			25,199			26,185			24,380
Commercial and multifamily		392,798			371,516			358,587			342,632			324,483
Construction and land		42,492			73,077			85,724			96,962			111,726
Total real estate loans		725,859			740,963			741,212			734,267			739,802
Consumer Loans:
Manufactured homes		42,448			41,128			40,371			38,953			37,583
Floating homes		86,626			86,411			86,155			81,622			84,237
Other consumer		18,224			17,720			18,266			18,422			18,847
Total consumer loans		147,298			145,259			144,792			138,997			140,667
Commercial business loans		14,690			15,605			17,481			17,860			19,075
Total loans		887,847			901,827			903,485			891,124			899,544
Less:
Premiums		688			718			736			754			808
Deferred fees, net		(2,309	)		(2,374	)		(2,488	)		(2,604	)		(2,475	)
Allowance for credit losses – loans		(8,393	)		(8,499	)		(8,585	)		(8,493	)		(8,598	)
Total loans held-for-portfolio, net	$	877,833		$	891,672		$	893,148		$	880,781		$	889,279

DEPOSITS
(Dollars in thousands, unaudited)

	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Noninterest-bearing demand	$	126,687	$	132,532	$	129,717	$	124,915	$	128,666
Interest-bearing demand		143,595		142,126		148,740		152,829		159,178
Savings		63,533		61,252		61,455		63,368		65,723
Money market		287,058		206,067		285,655		253,873		241,976
Certificates		289,474		295,822		304,630		311,784		321,340
Total deposits	$	910,347	$	837,799	$	930,197	$	906,769	$	916,883

CREDIT QUALITY DATA
(Dollars in thousands, unaudited)

	At or For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total nonperforming loans	$	9,653		$	7,491		$	8,489		$	8,909		$	9,053
OREO and other repossessed assets		41			—			115			115			690
Total nonperforming assets	$	9,694		$	7,491		$	8,604		$	9,024		$	9,743
Net charge-offs during the quarter	$	(21	)	$	(13	)	$	(14	)	$	(17	)	$	(56	)
Provision for (release of) credit losses during the quarter		(203	)		14			8			(109	)		(33	)
Allowance for credit losses – loans		8,393			8,499			8,585			8,493			8,598
Allowance for credit losses – loans to total loans		0.95	%		0.94	%		0.95	%		0.96	%		0.96	%
Allowance for credit losses – loans to total nonperforming loans		86.95	%		113.46	%		101.13	%		95.33	%		94.97	%
Nonperforming loans to total loans		1.09	%		0.83	%		0.94	%		1.00	%		1.01	%
Nonperforming assets to total assets		0.91	%		0.75	%		0.78	%		0.84	%		0.90	%

OTHER STATISTICS
(Dollars in thousands, unaudited)

	At or For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Total loans to total deposits		97.53	%		107.64	%		97.13	%		98.27	%		98.11	%
Noninterest-bearing deposits to total deposits		13.92	%		15.82	%		13.95	%		13.78	%		14.03	%

Average total assets for the quarter	$	1,051,135		$	1,089,067		$	1,095,404		$	1,070,579		$	1,062,036
Average total equity for the quarter	$	104,543		$	103,181		$	102,059		$	100,961		$	101,292

Contact

Financial:
Wes Ochs
Executive Vice President/CFO
(206) 436-8587

Media:
Laurie Stewart
President/CEO
(206) 436-1495

The MIL Network –

April 30, 2025

MIL-OSI Security: Former President of Ypsilanti Steelworkers Union Sentenced for Stealing $58,000 in Union Funds

Source: Office of United States Attorneys

DETROIT – Dilanjan Miller was sentenced today to six months in federal prison after pleading guilty to bank fraud, Acting United States Attorney Julie A. Beck announced.

Joining Beck in the announcement is Thomas Murray, District Director of the Detroit-Milwaukee District Office of the Department of Labor-Office of Labor-Management Standards.

Miller, age 38, was sentenced after pleading guilty before the Honorable Laurie Michelson to bank fraud. In addition to his term of imprisonment, Judge Michelson ordered Miller to pay restitution to the union.

According to the facts alleged in the information and further developed at the plea hearing, USW Local 2513 represented machine operators, inspectors, stock chasers, and rackers at Marsh Plating in Ypsilanti. Miller was elected President of Local 2513 in April 2018. Miller also assumed all financial duties of Local 2513 as acting Financial Secretary and Treasurer. While President, Acting Financial Secretary, and Acting Treasurer of the union, Miller embezzled approximately $47,347 of union funds in the custody and control of the Bank of Ann Arbor by issuing approximately 38 unauthorized checks to himself and forging the signature of the second signatory on 20 of those checks; issuing approximately 4 unauthorized checks made payable to a family member; and making approximately 2 unauthorized cash withdrawals from the union’s bank account.

Miller also used the union’s Bank of Ann Arbor debit card as his own personal debit card. He made at least 184 unauthorized personal purchases, totaling approximately $11,259. His purchases with the union’s debit card included flights, hotel rooms, rental cars, and retail purchases. For example, Miller used the debit card to pay for five flights to Florida, Las Vegas, and Atlanta and for rental cars in Florida and Atlanta. Miller also used the debit card at a jewelry store and several footwear shops.

Acting U.S. Attorney Beck commended the work of the Department of Labor in conducting this criminal investigation of a corrupt union officer and said, “Union officials are expected to serve with integrity. This prosecution demonstrates that we will not tolerate union officers who abuse their authority and line their own pockets at the expense of the union’s membership. We will continue to work with our law enforcement partners to root out corruption and fraud involving unions.”

“Dilanjan Miller betrayed the trust of his fellow union members and failed in his fiduciary duties when he stole over $58,000 from Steelworkers Local 2513 for his personal benefit through multiple embezzlement schemes,” said U.S. Department of Labor’s Office of Labor-Management Standards District Director Thomas Murray. “Today’s sentencing leaves no question as to the department’s commitment to seek justice when anyone puts personal financial gain ahead of the best interests of their fellow union members.”

The investigation of this case was conducted by the Department of Labor Office of Labor-Management Standards. It was prosecuted by Assistant U.S. Attorney Sarah Resnick Cohen.

MIL Security OSI –

April 30, 2025
MIL-OSI Global: Mark Carney won: Here are the key economic priorities for his new government

Source: The Conversation – Canada – By Berhane Elfu, Lecturer in Finance, Northern Alberta Institute of Technology

The Liberal Party led by Mark Carney has secured a fourth consecutive term in government. This victory has come at a time when Canada is facing an unprecedented threat to its economic security and sovereignty from United States President Donald Trump.

In an election defined by concerns over Trump’s erratic tariff policy and talk of making Canada a 51st state, voters decided Carney was the leader best equipped to deal with these challenges.

Carney previously served as governor of the Bank of Canada, where he guided the country through the 2008 global financial crisis. He later became the first non-British person to head the Bank of England, helping guide the United Kingdom through Brexit, one of the biggest shocks to the British economy in decades.

Read more:
Game change Canadian election: Mark Carney leads Liberals to their fourth consecutive win

Now the world is facing similar financial shocks from Trump’s trade war. The on-again, off-again nature of Trump’s tariff policy could inflict significant damage to the global economy — even more to the American economy — and cause irreparable damage to its reputation as a rational entity in international trade.

In the face of the ill-advised and self-defeating U.S. tariffs, the new Canadian government should take prudent, urgent and bold steps to strengthen the nation’s economy. Here are major and important economic priorities for the government to reshape the economy and spur much-needed economic growth.

Stabilize and strengthen the national economy

As a primary act, the new government should stabilize the Canadian economy from the tariff shocks. It must continue to develop carefully calibrated retaliations to Trump’s tariffs.

The revenue raised from the tariffs should be used to compensate those directly affected by them, using a multi-pronged mechanism that includes training, increased employment insurance benefits and additional transfers to low-income households to reduce the impact of tariffs on food costs.

Read more:
U.S. tariffs are about to trigger the greatest trade diversion the world has ever seen

Currently, a series of provincial regulations restrict the goods and services that cross Canada’s provincial borders daily. The new government should urgently remove longstanding interprovincial trade barriers.

According to a report by the Canadian Federation of Independent Business, removing these impediments could boost the economy by up to $200 billion annually. Similarly, a study by the International Monetary Fund indicates the effect of these barriers is equivalent to a 21 per cent tariff.

Removing interprovincial trade barriers would significantly offset the negative effects of Trump’s tariffs on the Canadian economy, and provide a boost to the “Buy Canadian” movement.

Carney seems to have made this a priority already, which is promising. In March, he said he aims to have “free trade by Canada Day” among provinces and territories.

Streamlining natural resource projects

Canada is a natural resource superpower. However, for natural resources and critical minerals to be extracted efficiently, regulatory processes need to be streamlined by cutting red tape and duplicative assessments.

The federal government and the provinces should agree to a single environmental assessment that meets the standards of both jurisdictions.

Additionally and importantly, respectful, genuine and meaningful consultations must be undertaken by project proponents and governments with the relevant Indigenous communities to address their concerns, respect their rights and safeguard their economic well-being in the development of the natural resources projects.

Carney has said he will uphold the principle of free, prior and informed consent when it comes to initiating resource extraction projects and make it easier for Indigenous communities to become owners of said projects.

A similar approach should also guide the construction of infrastructure projects such as pipelines and ports, which play a crucial role in facilitating Canada’s exports.

Boost Canada’s productivity through innovation

A country’s ability to raise living standards for its people mostly depends on its capacity to improve its productivity. Economist Paul Krugman once stated, “productivity is not everything, but, in the long run, it is almost everything.”

Canada’s productivity is lagging, according to the Organization for Economic Co-operation and Development.

Read more:
Canada is lagging in innovation, and that’s a problem for funding the programs we care about

The new Canadian government should take steps to boost the nation’s productivity by increasing direct expenditures on research and development. Additional funding should be allocated to higher institutions of learning, and incentivizing businesses to spend more on research and development through significant tax credits.

Although research and development spending continues to grow in Canada, as a percentage to GDP, it is the second lowest among G7 nations. Boosting investments will drive innovation, spur economic growth and ensure Canada remains competitive on the global stage.

Dealing with U.S. tariffs

One of the government’s primary tasks will be preparing meticulously for trade negotiations with the U.S. to address the threat of tariffs and reach a “win-win” trade deal. Given Trump’s highly unpredictable nature, negotiations will not be easy.

Although Trump could have withdrawn from the Canada-US-Mexico Agreement (CUSMA), he has not done so, and zero-tariffs remain in effect for products that are certified as being North American origin under the CUSMA rules. This could be a solid starting point for future trade negotiations.

At the same time, Carney and his team must work to stabilize the Canadian economy against the unprecedented threat of Trump’s tariffs by strengthening the domestic economy, diversifying Canada’s exports and reducing the country’s dependence on the U.S.

Pulling away from the world’s largest economy will not be easy for Canadian businesses, given the deep integration of Canada’s economy with that of the U.S.

Still, expanding trade with the European Union, the U.K., Africa and the Association of Southeast Asian Nations — and exploring other opportunities to reducing trade barriers with nations in Asia, the Middle East and Latin America — will enlarge Canada’s export market.

By doing all this, Canada can not only prepare for a tough round of U.S. trade talks but also position itself as a stronger, more self-reliant global trading partner.

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

– ref. Mark Carney won: Here are the key economic priorities for his new government – https://theconversation.com/mark-carney-won-here-are-the-key-economic-priorities-for-his-new-government-255477

MIL OSI – Global Reports –

April 30, 2025

MIL-OSI Russia: Financial news: On holding auctions on April 30, 2025 to place OFZ issues No. 26235RMFS and No. 26246RMFS

Translation. Region: Russian Federal

Source: Moscow Exchange – Moscow Exchange –

For bidders

We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:

Name of the Issuer	Ministry of Finance of the Russian Federation
Name of security	federal loan bonds with constant coupon income
State registration number of the issue	26235RMFS from 10/12/2020
Date of the auction	April 30, 2025
Information about the placement (trading mode, placement form)	The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
Trade code	SU26235RMFS0
ISIN code	RU000A1028E3
Calculation code	B05
Additional conditions of placement	The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Trading time	Trading hours: bid collection period: 12:00 – 12:30; bid execution period: 13:00 – 18:00.

Name of the Issuer	Ministry of Finance of the Russian Federation
Name of security	federal loan bonds with constant coupon income
State registration number of the issue	26246RMFS from 08.05.2024
Date of the auction	April 30, 2025
Information about the placement (trading mode, placement form)	The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
Trade code	SU26246RMFS7
ISIN code	RU000A108EE1
Calculation code	B05
Additional conditions of placement	The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Trading time	Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

Contact information for media 7 (495) 363-3232Pr@moex.kom

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HTTPS: //VVV. MEEX.K.M.M.

MIL OSI Russia News –

April 30, 2025

MIL-OSI Russia: Financial News: Current Price Growth Slowed in Most Regions in March

Translation. Region: Russian Federal

Source: Central Bank of Russia –

Prices in 59 Russian regions increased in March less than in February. Services increased in price most noticeably. Food prices increased at an accelerated rate in most regions. Non-food products increased in price at a low rate almost everywhere, and in 18 regions they even became cheaper.

Annual inflation in 46 regions was slightly higher than the national average (10.34%), while in the rest it was lower or at the same level. Inflation remains high because the economy’s ability to increase the supply of goods and services is still lagging behind demand.

In order to reduce inflation in Russia to 4% in 2026, the Bank of Russia will maintain high rates in the economy for a long time.

For more information on inflation in each region, seeinformation and analytical materials, published on the website of the Bank of Russia. From this month they are published in a new format: the emphasis is not on annual, but on monthly rates of price change. This gives a clearer idea of why the Bank of Russia is building its monetary policy in this way.

Preview photo: Collection Maykova / Shutterstock / Fotodom

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HTTPS: //vv. KBR.ru/Press/Event/? ID = 23584

MIL OSI Russia News –

April 30, 2025
MIL-OSI USA: Cortez Masto, Cassidy Introduce Bipartisan Legislation to Help Working Families Afford Their First Homes
US Senate News:
Source: United States Senator for Nevada Cortez Masto

Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Bill Cassidy (R-La.) reintroduced the bipartisan Affordable Housing Bond Enhancement Act, which would make homeownership more accessible and sustainable for working families. The bill would update and expand the Mortgage Revenue Bond (MRB) and Mortgage Credit Certificates (MCC) programs that have helped more than four million working-class families purchase their first home. The legislation would also help homeowners disaster-proof their houses to mitigate damage from increasingly common fires, devastating storms, and other natural disasters and would permit homeowners to refinance to a lower-cost mortgage.

“Hardworking families deserve the safety and security of a roof over their heads, said Senator Cortez Masto. “These tax credits and interest rate reductions will give working Nevadans a meaningful break as they take the important step of buying a first home. I will continue working in a bipartisan way to make sure that Nevadans have access to secure, affordable housing.”

“Buying a home is increasingly out of reach for first-time buyers. This addresses that issue,” said Dr. Cassidy. “By giving them a boost, we get them on the ladder of homeownership.”

Families with incomes of 115% of Area Median Income or less are able to receive discounted interest rates when they buy a home with an MRB. They also may be able to utilize an MCC that helps families qualify to buy a home and allows them to sustain homeownership over time. Cortez Masto and Cassidy’s bipartisan legislation makes updates and reforms to the MRB and MCC programs to better serve working families. Specifically, the Affordable Housing Bond Enhancement Act would:
- Simplify the administration of both MRB and MCC programs and make commonsense changes to ensure the tax benefits will aid working families.
- Add additional flexibility for homeowners, including allowing homeowners to refinance their mortgages.
- Increase the amount of money homeowners with MRB loans can direct towards making home health and safety improvements—including adding accessible bathrooms and ramps to help older and disabled Americans remain in their home, as well as supporting energy efficiency upgrades and disaster mitigation renovations. The bill raises the current funding limit of $15,000 to $75,000 and indexes it for inflation.
- Provide housing finance agencies with flexibility to extend loan and credit periods to account for delays due to supply chain issues or construction shortages.
You can find a one-pager about the bill here and the full bill text here.

Senator Cortez Masto has been a leader working to lower costs and build more housing supply. Recently, she reintroduced the HOME and PRICE Acts to increase the supply of and access to affordable housing. Last year she secured $9.4 million from the Federal Home Loan Bank of San Francisco’s targeted Nevada fund — almost twice as much as Nevada received the previous year — to build more middle-class homes, and she’s pushing to reform the FHLB system.
MIL OSI USA News –
April 30, 2025
MIL-OSI USA: Cassidy Introduces Bill to Help Working Families Afford Their First Homes

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) introduced the Affordable Housing Bond Enhancement Act to make homeownership more accessible for working families by improving tax credits for first-time homebuyers. The bill improves access to affordable home ownership by expanding tax credits for first-time buyers and making it easier for MRB borrowers to finance home improvements.
“Buying a home is increasingly out of reach for first-time buyers. This addresses that issue,” said Dr. Cassidy. “By giving them a boost, we get them on the ladder of homeownership.”
“The National Council of State Housing Agencies (NCSHA) thanks Senators Bill Cassidy and Cortez Masto for introducing the Affordable Housing Bond Enhancement Act, which will expand access to homeownership for low- and moderate-income home buyers,” said Stockton Williams, executive director of NCSHA. “Mortgage Revenue Bonds and Mortgage Credit Certificates historically have been the state housing finance agencies’ primary tool for financing affordable homeownership opportunities for working families, having helped nearly four million home buyers combined. This legislation will enact a series of simple, commonsense reforms to the MRB and MCC programs that will allow HFAs to better stretch their resources and help more underserved households.”
Cassidy was joined by U.S. Senator Catherine Cortez Masto (D-NV) in reintroducing the legislation.
Specifically, the Affordable Housing Bond Enhancement Act would:

Simplify the application process for MRB and MCC programs and make commonsense changes to use tax benefits to aid working families and add additional flexibility for borrowers.
Allow homeowners to refinance their mortgages with MRB loans, lowering costs for homeowners.
Increase the amount of money homeowners with MRB loans can direct towards making home health and safety improvements, including possibly adding accessible bathrooms and ramps to help older and disabled Americans remain in their homes, as well as supporting energy efficiency upgrades or disaster mitigation renovations. The bill raises the current limit of $15,000 to $75,000.
Provide housing finance agencies with the flexibility to extend loan and credit periods to account for delays due to the pandemic, supply chain issues, or construction shortages.
Only require the issuers, not the lenders, to report MCC recipients to the IRS for tax accuracy and shorten the lengthy 90-day public notice requirement to 30 days to encourage more widespread use of the MCC program.

This legislation is endorsed by the National Council of State Housing Agencies, LISC, National Association of REALTORS, National Association of Homebuilders, and the Mortgage Bankers Association.

MIL OSI USA News –

April 30, 2025
MIL-OSI Russia: Financial news: Number of borrowers and indebtedness of citizens decreased in the second half of 2024

Translation. Region: Russian Federal

Source: Central Bank of Russia –

For the first time since 2022, the total number of borrowers from banks and microfinance organizations decreased by 0.5 million in six months, amounting to just over 50 million people, according to data from credit history bureaus.

Banks began to limit the risks of borrowers becoming over-indebted by reducing the average size of a cash loan (it decreased by 20%) and its term (the share of loans up to one year increased by 13 percentage points, to 21%).

In Q4 2024, the number of the most indebted borrowers with at least three loans decreased by 0.5 million people, but they still account for about half of the debt on retail loans.

The number of citizens with a mortgage remained at the same level, amounting to 10.2 million people. At the same time, banks began to issue mortgage loans for a term of over 30 years less frequently. The share of borrowers who take out a consumer loan before a mortgage has decreased. This indicates that the likelihood of a down payment using credit funds has decreased.

Read more in the information and analytical material “Analysis of trends in the retail lending segment based on credit bureau data” for the second half of 2024.

Preview photo: Urbanscape / Shutterstock / Fotodom

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Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //vv. KBR.ru/Press/Event/? ID = 23582

MIL OSI Russia News –

April 30, 2025
MIL-OSI: FinWise Bancorp Announces Strategic Lending and Credit Enhanced Balance Sheet Program with Backd to Support Business Owners

Source: GlobeNewswire (MIL-OSI)

MURRAY, Utah, April 29, 2025 (GLOBE NEWSWIRE) — FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent company of FinWise Bank (the “Bank”), today announced the launch of a new strategic lending program with leading fintech Backd Business Funding (“Backd”). Since its inception in 2019, Backd’s highly rated and experienced team has utilized an efficient and user-friendly process to support business owners with lending solutions best suited for their needs.

FinWise, through its relationship with Backd, will provide business installment loans to small and medium-sized (“SMB”) businesses. FinWise will also provide Backd with access to its Credit Enhanced Balance Sheet program, which benefits strategic programs through capital efficiency, allows them to diversify their sources of funding and extends the reach of their warehouse facilities.

“Backd continues to make strides in its mission to empower SMBs across the U.S. to achieve their greatest potential through fast and easy financing solutions. This lending and Credit Enhanced Balance Sheet partnership with FinWise gives us an opportunity to continue to scale and grow our business while ensuring deep regulatory expertise and guidance,” said Xan Myburgh, Backd’s CEO & Co-Founder. “We have proven success in multiple sectors including healthcare and e-commerce and believe we have a substantial runway for growth as the SMB population makes up nearly 44% of overall GDP and approximately $734 billion of the digital lending and credit market.”

Robert Keil, EVP and Chief Fintech Officer of FinWise commented, “We are thrilled that Backd chose FinWise to augment their thriving business by using both our Strategic Lending and Credit Enhanced Balance Sheet programs. The trust that they have placed in us is a testament to the strength of the FinWise multi-product offering and the innovative lending products that we deliver to our strategic partners.”

About Backd
Backd was founded to support relentless entrepreneurs—the true “men and women in the arena”—who build, innovate, and push their businesses forward. Backd provides fast, flexible financing to help business owners overcome critical financial challenges.

Backd believes courage, resilience, and ambition drive success. When financial resources make the difference between opportunity and setback, Backd bridges the gap with tailored funding solutions, keeping businesses moving forward.

Rooted in respect and partnership, Backd understands the challenges entrepreneurs face. With transparency, integrity, and a commitment to growth, obstacles are tackled head-on. As risks are taken and perseverance is tested in the arena, Backd stands beside business owners at every vital step.
https://www.backd.com/

About FinWise

FinWise provides Banking and Payments solutions to fintech brands. Its existing Strategic Program Lending business, conducted through scalable API-driven infrastructure, powers deposit, lending and payments programs for leading fintech brands. As part of Strategic Program Lending, FinWise also provides a Credit Enhanced Balance Sheet Program, which addresses the challenges that lending and card programs face securing warehouse facilities and managing capital requirements. In addition, FinWise manages other Lending programs such as SBA 7(a), Owner Occupied Commercial Real Estate, and Leasing, which provide flexibility for disciplined balance sheet growth. The Company is also expanding and diversifying its business model by incorporating Payments (MoneyRails ™) and BIN Sponsorship offerings. Through its compliance oversight and risk management-first culture, the Company is well positioned to guide fintechs through a rigorous process to facilitate regulatory compliance.

https://www.finwise.bank/

Contacts

investors@finwisebank.com
media@finwisebank.com
info@backd.com
marketing@backd.com

The MIL Network –

April 30, 2025

MIL-OSI: Northeast Bank Reports Third Quarter Results and Declares Dividend

Source: GlobeNewswire (MIL-OSI)

PORTLAND, Maine, April 29, 2025 (GLOBE NEWSWIRE) — Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based bank, today reported net income of $18.7 million, or $2.23 per diluted common share, for the quarter ended March 31, 2025, compared to net income of $13.9 million, or $1.83 per diluted common share, for the quarter ended March 31, 2024. Net income for the nine months ended March 31, 2025 was $58.2 million, or $7.07 per diluted common share, compared to $43.1 million, or $5.67 per diluted common share, for the nine months ended March 31, 2024.

The Board of Directors declared a cash dividend of $0.01 per share, payable on May 27, 2025, to shareholders of record as of May 13, 2025.

“We recorded strong loan volume during the third fiscal quarter,” said Rick Wayne, Chief Executive Officer. “Our National Lending Division generated $292.5 million in originated and purchased volume, and our small balance SBA 7(a) program with Newity LLC as our loan service provider has continued to grow, with quarterly originations of $121.3 million, compared to $100.3 million for the quarter ended December 31, 2024 and $29.0 million for the quarter ended March 31, 2024. At March 31, 2025, the loan portfolio, including loans held for sale, totaled $3.80 billion, representing an increase of $1.04 billion, or 37.7%, over June 30, 2024. During the quarter ended March 31, 2025, we sold $73.6 million of the guaranteed portion of our SBA loans, generating a gain on sale of $6.0 million, compared with sales of $64.5 million for a gain on sale of $5.6 million in the quarter ended December 31, 2024. For the quarter, we are reporting earnings of $2.23 per diluted common share, a return on average equity of 16.5%, and a return on average assets of 1.9%.”

As of March 31, 2025, total assets were $4.23 billion, an increase of $1.10 billion, or 35.0%, from total assets of $3.13 billion as of June 30, 2024.

1. The following table highlights the changes in the loan portfolio, including loans held for sale, for the nine months ended March 31, 2025:


	Loan Portfolio Changes
	March 31, 2025 Balance		June 30, 2024 Balance		Change ($)			Change (%)
	(Dollars in thousands)
National Lending Purchased	$	2,443,822	$	1,708,551	$	735,271			43.03	%
National Lending Originated		1,185,153		981,497		203,656			20.75	%
SBA National		152,319		48,405		103,914			214.68	%
Community Banking		19,495		22,704		(3,209	)		(14.13	%)
Total	$	3,800,789	$	2,761,157	$	1,039,632			37.65	%

Loans generated by the Bank’s National Lending Division for the quarter ended March 31, 2025 totaled $292.5 million, which consisted of $74.5 million of purchased loans at an average price of 94.2% of unpaid principal balance, and $218.0 million of originated loans. Loans generated by the Bank’s SBA Division for the quarter ended March 31, 2025 totaled $121.3 million.

An overview of the Bank’s National Lending Division portfolio follows:

	National Lending Portfolio
	Three Months Ended March 31,
	2025						2024
	Purchased		Originated		Total		Purchased		Originated		Total
	(Dollars in thousands)
Loans purchased or originated during the period:
Unpaid principal balance	$	79,144	$	217,983	$	297,127	$	–	$	153,349	$	153,349
Initial net investment basis (1)		74,553		217,983		292,536		–		153,349		153,349

Loan returns during the period:
Yield		8.33%		8.73%		8.46%		8.67%		10.09%		9.19%
Total Return on Purchased Loans (2)		8.43%		N/A		8.43%		8.70%		N/A		8.70%

	Nine Months Ended March 31,
	2025						2024
	Purchased		Originated		Total		Purchased		Originated		Total
	(Dollars in thousands)
Loans purchased or originated during the period:
Unpaid principal balance	$	901,693	$	591,292	$	1,492,985	$	271,741	$	284,876	$	556,617
Initial net investment basis (1)		821,485		591,292		1,412,777		238,477		284,876		523,353

Loan returns during the period:
Yield		8.65%		9.02%		8.77%		8.95%		9.97%		9.34%
Total Return on Purchased Loans (2)		8.70%		N/A		8.70%		8.98%		N/A		8.98%

Total loans as of period end:
Unpaid principal balance	$	2,638,438	$	1,185,153	$	3,823,591	$	1,794,669	$	975,876	$	2,770,545
Net investment basis		2,443,822		1,185,153		3,628,975		1,620,409		975,876		2,596,285

(1) Initial net investment basis on purchased loans is the initial amortized cost basis net of initial allowance for credit losses (credit mark).
(2) The total return on purchased loans represents scheduled accretion, accelerated accretion, gains (losses) on real estate owned, release of allowance for credit losses on purchased loans, and other noninterest income recorded during the period divided by the average invested balance on an annualized basis. The total return on purchased loans does not include the effect of purchased loan charge-offs or recoveries during the period. Total return on purchased loans is considered a non-GAAP financial measure. See reconciliation in below table entitled “Total Return on Purchased Loans.”

2. Deposits increased by $956.3 million, or 40.9%, from June 30, 2024. The increase was primarily attributable to increases in time deposits of $943.5 million, or 72.2%. The significant drivers in the change in time deposits were the increase in brokered time deposits, which increased by $818.8 million, and Community Banking Division time deposits, which increased by $105.3 million compared to June 30, 2024.

3. Federal Home Loan Bank (“FHLB”) advances increased by $33.4 million, or 9.7%, from June 30, 2024. The increase was attributable to one new short-term borrowing, partially offset by net paydowns on amortizing advances.

4. Shareholders’ equity increased by $90.9 million, or 24.1%, from June 30, 2024, primarily due to net income of $58.2 million and $31.3 million of net proceeds on shares issued in connection with the Bank’s at-the-market (“ATM”) program.

Net income increased by $4.8 million to $18.7 million for the quarter ended March 31, 2025, compared to net income of $13.9 million for the quarter ended March 31, 2024.

1. Net interest and dividend income before provision for credit losses increased by $9.5 million to $46.0 million for the quarter ended March 31, 2025, compared to $36.5 million for the quarter ended March 31, 2024. The increase was primarily due to the following:

An increase in interest income earned on loans of $15.8 million, primarily due to higher average balances in the National Lending Division purchased and Small Business Administration (“SBA”) portfolios, partially offset by lower rates earned across the portfolio; and
An increase in interest income earned on short-term investments of $965 thousand, due to higher average balances, partially offset by lower rates earned; partially offset by,
An increase in deposit interest expense of $7.3 million, primarily due to higher average balances, partially offset by lower rates on interest-bearing deposits.

The following table summarizes interest income and related yields recognized on the loan portfolios:


	Interest Income and Yield on Loans
	Three Months Ended March 31,
	2025						2024
	Average		Interest				Average		Interest
	Balance (1)		Income		Yield		Balance (1)		Income		Yield
	(Dollars in thousands)
Community Banking	$	20,074	$	349	7.05	%	$	24,640	$	387	6.32	%
SBA National		121,521		2,975	9.93	%		35,848		1,159	13.00	%
National Lending:
Originated		1,120,756		24,120	8.73	%		953,401		23,909	10.09	%
Purchased		2,387,715		49,034	8.33	%		1,635,494		35,260	8.67	%
Total National Lending		3,508,471		73,154	8.46	%		2,588,895		59,169	9.19	%
Total	$	3,650,066	$	76,478	8.50	%	$	2,649,383	$	60,715	9.22	%

	Nine Months Ended March 31,
	2025						2024
	Average		Interest				Average		Interest
	Balance (1)		Income		Yield		Balance (1)		Income		Yield
	(Dollars in thousands)
Community Banking	$	21,330	$	1,088	6.79	%	$	25,786	$	1,242	6.41	%
SBA National		91,481		8,145	11.86	%		30,125		2,833	12.52	%
National Lending:
Originated		1,052,656		71,297	9.02	%		951,129		71,284	9.97	%
Purchased		2,183,068		141,831	8.65	%		1,558,362		104,780	8.95	%
Total National Lending		3,235,724		213,128	8.77	%		2,509,491		176,064	9.34	%
Total	$	3,348,535	$	222,361	8.85	%	$	2,565,402	$	180,139	9.35	%

(1) Includes loans held for sale.

The components of total income on purchased loans are set forth in the table below entitled “Total Return on Purchased Loans.” When compared to the quarter ended March 31, 2024, transactional income increased by $113 thousand for the quarter ended March 31, 2025, and regularly scheduled interest and accretion increased by $14.1 million primarily due to the increase in average balances. The total return on purchased loans for the quarter ended March 31, 2025 was 8.4%, a decrease from 8.7% for the quarter ended March 31, 2024. The following table details the total return on purchased loans:


	Total Return on Purchased Loans
	Three Months Ended March 31,
	2025				2024
	Income		Return (1)		Income		Return (1)
	(Dollars in thousands)
Regularly scheduled interest and accretion	$	48,149	8.18	%	$	34,045	8.37		%
Transactional income:
Release of allowance for credit losses on purchased loans		573	0.10	%		130	0.03		%
Accelerated accretion and loan fees		885	0.15	%		1,215	0.30		%
Total transactional income		1,458	0.25	%		1,345	0.33		%
Total	$	49,607	8.43	%	$	35,390	8.70		%

	Nine Months Ended March 31,
	2025				2024
	Income		Return (1)		Income			Return (1)
	(Dollars in thousands)
Regularly scheduled interest and accretion	$	136,055	8.30	%	$	98,505		8.41	%
Transactional income:
Release of allowance for credit losses on purchased loans		734	0.05	%		356		0.03	%
Accelerated accretion and loan fees		5,775	0.35	%		6,275		0.54	%
Total transactional income		6,509	0.40	%		6,631		0.57	%
Total	$	142,564	8.70	%	$	105,136		8.98	%

(1) The total return on purchased loans represents scheduled accretion, accelerated accretion, and gains (losses) on real estate owned, and release of allowance for credit losses on purchased loans recorded during the period divided by the average invested balance on an annualized basis. The total return does not include the effect of purchased loan charge-offs or recoveries in the quarter. Total return is considered a non-GAAP financial measure.

2. Provision for credit losses increased by $2.3 million to $2.9 million for the quarter ended March 31, 2025, compared to $596 thousand in the quarter ended March 31, 2024. The increase was primarily related to loan growth and increased reserves on the unguaranteed portion of the SBA portfolio.

3. Noninterest income increased by $5.1 million for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024, primarily due to an increase in gain on sale of SBA loans of $5.0 million, due to the sale of $73.6 million in SBA loans during the quarter ended March 31, 2025 as compared to the sale of $18.9 million during the quarter ended March 31, 2024.

4. Noninterest expense increased by $3.7 million for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024, primarily due to the following:

An increase in salaries and employee benefits expense of $1.7 million, primarily due to increases in regular, stock compensation expense and incentive compensation expense;
An increase in loan expense of $1.5 million primarily related to increased expenses in connection with the origination of SBA 7(a) loans; and
An increase in Federal Deposit Insurance Corporation (the “FDIC”) insurance expense of $195 thousand, due to the growth of the Bank’s asset size and an increased assessment rate.

5. Income tax expense increased by $3.7 million to $10.8 million, or an effective tax rate of 36.7%, for the quarter ended March 31, 2025, compared to $7.2 million, or an effective tax rate of 34.1%, for the quarter ended March 31, 2024. The increase in effective tax rate is primarily due to projected changes in income apportionment for state taxes and increased projections of the required write-down of the Bank’s deferred tax asset as a result of a change in Massachusetts income tax law.

As of March 31, 2025, nonperforming assets totaled $33.4 million, or 0.79% of total assets, compared to $28.3 million, or 0.90% of total assets, as of June 30, 2024.

As of March 31, 2025, past due loans totaled $34.0 million, or 0.91% of total loans, compared to past due loans totaling $26.3 million, or 0.95% of total loans, as of June 30, 2024.

As of March 31, 2025, the Bank’s Tier 1 leverage capital ratio was 11.5%, compared to 12.3% at June 30, 2024, and the Total risk-based capital ratio was 14.0% at March 31, 2025, compared to 14.8% at June 30, 2024. Capital ratios decreased primarily due to the increase in risk-weighted assets and average assets from significant loan growth during the nine months ended March 31, 2025, partially offset by increased retained earnings and additional capital raised under the Bank’s ATM program.

Investor Call Information
Rick Wayne, Chief Executive Officer, Richard Cohen, Chief Financial Officer, and Pat Dignan, Chief Operating Officer and Chief Credit Officer of Northeast Bank, will host a conference call to discuss third quarter earnings and business outlook at 10:00 a.m. Eastern Time on Wednesday, April 30^th. To access the conference call by phone, please go to this link (Phone Registration), and you will be provided with dial in details. The call will be available via live webcast, which can be viewed by accessing the Bank’s website at www.northeastbank.com and clicking on the About Us – Investor Relations section. To listen to the webcast, attendees are encouraged to visit the website at least fifteen minutes early to register, download and install any necessary audio software. Please note there will also be a slide presentation that will accompany the webcast. For those who cannot listen to the live broadcast, a replay will be available online for one year at www.northeastbank.com.

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

Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures, including tangible common shareholders’ equity, tangible book value per share, total return on purchased loans, and efficiency ratio. The Bank’s management believes that the supplemental non-GAAP 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 determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the FDIC, in our annual reports to our shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Although the Bank believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, contingencies, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Bank’s control. The Bank’s actual results could differ materially from those expressed or implied by such the forward-looking statements as a result of, among other factors, changes in interest rates and real estate values; changes in employment levels, general business and economic conditions on a national basis and in the local markets in which the Bank operates; changes in customer behavior due to changing business and economic conditions (including the impact of recently imposed tariffs by the U.S. Administration and foreign governments, inflation and concerns about liquidity) or legislative or regulatory initiatives; the possibility that future credits losses are higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in loan defaults and charge-off rates; changes in the value of securities and other assets, adequacy of credit loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; changes in legislation and regulation under the new U.S. presidential administration; operational risks including, but not limited to, cybersecurity, fraud, natural disasters, climate change and future pandemics; the risk that the Bank may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Bank’s financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Bank’s Annual Report on Form 10-K, as amended by Amendment No. 1 to the Annual Report on Form 10-K/A for the year ended June 30, 2024 as updated in the Bank’s Quarterly Reports on Form 10-Q and other filings submitted to the FDIC. These statements speak only as of the date of this release and the Bank does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events.

NBN-F


NORTHEAST BANK
BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share and per share data)
	March 31, 2025		June 30, 2024
Assets
Cash and due from banks	$	2,443	$	2,711
Short-term investments		341,633		239,447
Total cash and cash equivalents		344,076		242,158


Available-for-sale debt securities, at fair value		21,473		48,978
Equity securities, at fair value		7,314		7,013
Total investment securities		28,787		55,991

SBA loans held for sale		60,339		14,506

Loans:
Commercial real estate		2,764,809		2,028,280
Commercial and industrial		852,985		618,846
Residential real estate		122,466		99,234
Consumer		190		291
Total loans		3,740,450		2,746,651
Less: Allowance for credit losses		46,024		26,709
Loans, net		3,694,426		2,719,942


Premises and equipment, net		25,338		27,144
Real estate owned and other possessed collateral, net		1,200		–
Federal Home Loan Bank stock, at cost		16,106		15,751
Loan servicing rights, net		810		984
Bank-owned life insurance		19,203		18,830
Accrued interest receivable		17,445		15,163
Other assets		20,772		21,734
Total assets	$	4,228,502	$	3,132,203

Liabilities and Shareholders’ Equity
Deposits:
Demand	$	154,540	$	146,727
Savings and interest checking		796,762		732,029
Money market		94,837		154,504
Time		2,249,654		1,306,203
Total deposits		3,295,793		2,339,463

Federal Home Loan Bank and other advances		378,543		345,190
Lease liability		19,465		20,252
Other liabilities		67,185		50,664
Total liabilities		3,760,986		2,755,569

Commitments and contingencies		–		–


Shareholders’ equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized; no shares
issued and outstanding at March 31, 2025 and June 30, 2024		–		–
Voting common stock, $1.00 par value, 25,000,000 shares authorized;
8,525,362 and 8,127,690 shares issued and outstanding at
March 31, 2025 and June 30, 2024, respectively		8,525		8,128
Non-voting common stock, $1.00 par value, 3,000,000 shares authorized;
No shares issued and outstanding at March 31, 2025 and June 30, 2024		–		–
Additional paid-in capital		97,078		64,762
Retained earnings		361,901		303,927
Accumulated other comprehensive income (loss)		12		(183	)
Total shareholders’ equity		467,516		376,634
Total liabilities and shareholders’ equity	$	4,228,502	$	3,132,203


NORTHEAST BANK
STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except share and per share data)
	Three Months Ended March 31,						Nine Months Ended March 31,
	2025			2024			2025		2024
Interest and dividend income:
Interest and fees on loans		$	76,478	$	60,715		$	222,361	$	180,139
Interest on available-for-sale securities			352		596			1,383		1,639
Other interest and dividend income			3,996		3,179			12,104		9,541
Total interest and dividend income			80,826		64,490			235,848		191,319

Interest expense:
Deposits			30,593		23,340			89,959		63,772
Federal Home Loan Bank advances			4,057		4,401			11,754		16,247
Obligation under capital lease agreements			225		237			691		664
Total interest expense			34,875		27,978			102,404		80,683
Net interest and dividend income before provision for credit losses			45,951		36,512			133,444		110,636
Provision for credit losses			2,908		596			5,275		1,221
Net interest and dividend income after provision for credit losses			43,043		35,916			128,169		109,415

Noninterest income:
Fees for other services to customers			362		320			1,197		1,218
Gain on sales of SBA loans			6,014		1,015			14,915		1,837
Net unrealized gain (loss) on equity securities			79		(55	)		106		17
Loss on real estate owned, other repossessed collateral and premises and equipment, net			–		–			–		(9	)
Bank-owned life insurance income			124		116			372		348
Correspondent fee income			16		40			69		183
Other noninterest income			24		106			28		194
Total noninterest income			6,619		1,542			16,687		3,788

Noninterest expense:
Salaries and employee benefits			12,477		10,784			34,947		30,409
Occupancy and equipment expense			1,275		1,072			3,456		3,277
Professional fees			669		503			1,985		1,784
Data processing fees			1,496		1,376			4,605		3,823
Marketing expense			89		256			318		738
Loan acquisition and collection expense			2,270		813			5,626		2,402
FDIC insurance expense			468		273			1,756		917
Other noninterest expense			1,399		1,352			4,203		4,138
Total noninterest expense			20,143		16,429			56,896		47,488
Income before income tax expense			29,519		21,029			87,960		65,715
Income tax expense			10,838		7,164			29,734		22,624
Net income		$	18,681	$	13,865		$	58,226	$	43,091


Weighted-average shares outstanding:
Basic			8,216,746		7,509,320			8,047,775		7,510,065
Diluted			8,394,964		7,595,124			8,232,435		7,602,844

Earnings per common share:
Basic		$	2.27	$	1.85		$	7.24	$	5.74
Diluted			2.23		1.83			7.07		5.67

Cash dividends declared per common share		$	0.01	$	0.01		$	0.03	$	0.03


NORTHEAST BANK
AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(Unaudited)
(Dollars in thousands)
	Three Months Ended March 31,
	2025						2024
			Interest		Average				Interest		Average
	Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate		Balance		Expense		Rate
Assets:
Interest-earning assets:
Investment securities	$	32,963	$	352	4.33	%	$	60,211	$	596	3.98	%
Loans (1) (2) (3)		3,650,066		76,478	8.50	%		2,649,383		60,715	9.22	%
Federal Home Loan Bank stock		16,657		301	7.33	%		17,636		449	10.24	%
Short-term investments (4)		336,877		3,695	4.45	%		204,869		2,730	5.36	%
Total interest-earning assets		4,036,563		80,826	8.12	%		2,932,099		64,490	8.85	%
Cash and due from banks		2,332						2,446
Other non-interest earning assets		39,847						50,227
Total assets	$	4,078,742					$	2,984,772

Liabilities & Shareholders’ Equity:
Interest-bearing liabilities:
NOW accounts	$	566,932	$	5,190	3.71	%	$	524,301	$	5,767	4.42	%
Money market accounts		116,647		754	2.62	%		190,379		1,619	3.42	%
Savings accounts		198,094		1,365	2.79	%		140,737		1,126	3.22	%
Time deposits		2,129,320		23,284	4.43	%		1,185,558		14,828	5.03	%
Total interest-bearing deposits		3,010,993		30,593	4.12	%		2,040,975		23,340	4.60	%
Federal Home Loan Bank advances		372,029		4,057	4.42	%		396,130		4,401	4.47	%
Lease liability		19,340		225	4.72	%		20,981		237	4.54	%
Total interest-bearing liabilities		3,402,362		34,875	4.16	%		2,458,086		27,978	4.58	%

Non-interest bearing liabilities:
Demand deposits and escrow accounts		183,348						163,042
Other liabilities		33,025						24,571
Total liabilities		3,618,735						2,645,699
Shareholders’ equity		460,007						339,073
Total liabilities and shareholders’ equity	$	4,078,742					$	2,984,772

Net interest income			$	45,951					$	36,512

Interest rate spread					3.96	%					4.27	%
Net interest margin (5)					4.62	%					5.01	%

Cost of funds (6)					3.94	%					4.29	%

(1) Interest income and yield are stated on a fully tax-equivalent basis using the statutory tax rate.
(2) Includes loans held for sale.
(3) Nonaccrual loans are included in the computation of average, but unpaid interest has not been included for purposes of determining interest income.
(4) Short-term investments include FHLB overnight deposits and other interest-bearing deposits.
(5) Net interest margin is calculated as net interest income divided by total interest-earning assets.
(6) Cost of funds is calculated as total interest expense divided by total interest-bearing liabilities plus demand deposits and escrow accounts.


NORTHEAST BANK
AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(Unaudited)
(Dollars in thousands)
	Nine Months Ended March 31,
	2025						2024
			Interest		Average				Interest		Average
	Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate		Balance		Expense		Rate
Assets:
Interest-earning assets:
Investment securities	$	42,865	$	1,383	4.30	%	$	60,060	$	1,639	3.63	%
Loans (1) (2) (3)		3,348,535		222,361	8.85	%		2,565,402		180,139	9.35	%
Federal Home Loan Bank stock		16,190		977	8.04	%		20,415		1,331	8.68	%
Short-term investments (4)		302,262		11,127	4.90	%		204,252		8,210	5.35	%
Total interest-earning assets		3,709,852		235,848	8.47	%		2,850,129		191,319	8.93	%
Cash and due from banks		2,219						2,482
Other non-interest earning assets		55,078						58,609
Total assets	$	3,767,149					$	2,911,220

Liabilities & Shareholders’ Equity:
Interest-bearing liabilities:
NOW accounts	$	570,906	$	17,014	3.97	%	$	507,594	$	16,548	4.34	%
Money market accounts		131,481		2,972	3.01	%		226,072		5,760	3.39	%
Savings accounts		188,053		4,575	3.24	%		118,044		2,603	2.93	%
Time deposits		1,864,771		65,398	4.67	%		1,061,399		38,861	4.87	%
Total interest-bearing deposits		2,755,211		89,959	4.35	%		1,913,109		63,772	4.44	%
Federal Home Loan Bank advances		357,020		11,754	4.39	%		463,065		16,247	4.67	%
Lease liability		19,655		691	4.68	%		21,373		664	4.13	%
Total interest-bearing liabilities		3,131,886		102,404	4.36	%		2,397,547		80,683	4.48	%

Non-interest bearing liabilities:
Demand deposits and escrow accounts		182,877						166,955
Other liabilities		29,877						24,388
Total liabilities		3,344,640						2,588,890
Shareholders’ equity		422,509						322,330
Total liabilities and shareholders’ equity	$	3,767,149					$	2,911,220

Net interest income			$	133,444					$	110,636

Interest rate spread					4.11	%					4.45	%
Net interest margin (5)					4.79	%					5.17	%

Cost of funds (6)					4.12	%					4.19	%

(1) Interest income and yield are stated on a fully tax-equivalent basis using the statutory tax rate.
(2) Includes loans held for sale.
(3) Nonaccrual loans are included in the computation of average, but unpaid interest has not been included for purposes of determining interest income.
(4) Short-term investments include FHLB overnight deposits and other interest-bearing deposits.
(5) Net interest margin is calculated as net interest income divided by total interest-earning assets.
(6) Cost of funds is calculated as total interest expense divided by total interest-bearing liabilities plus demand deposits and escrow accounts.


NORTHEAST BANK
SELECTED FINANCIAL HIGHLIGHTS AND OTHER DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
	Three Months Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Net interest income	$	45,951	$	48,490	$	39,000	$	37,935	$	36,512
Provision for credit losses		2,908		1,944		422		547		596
Noninterest income		6,619		5,949		4,119		2,092		1,542
Noninterest expense		20,143		19,066		17,685		17,079		16,429
Net income		18,681		22,440		17,106		15,140		13,865

Weighted-average common shares outstanding:
Basic		8,216,746		8,044,345		7,886,148		7,765,868		7,509,320
Diluted		8,394,964		8,197,568		8,108,688		7,910,692		7,595,124
Earnings per common share:
Basic	$	2.27	$	2.79	$	2.17	$	1.95	$	1.85
Diluted		2.23		2.74		2.11		1.91		1.83

Dividends declared per common share	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01

Return on average assets		1.86%		2.24%		2.09%		1.99%		1.87%
Return on average equity		16.47%		21.14%		17.53%		16.56%		16.45%
Net interest rate spread (1)		3.96%		4.21%		4.18%		4.41%		4.27%
Net interest margin (2)		4.62%		4.88%		4.90%		5.13%		5.01%
Efficiency ratio (non-GAAP) (3)		38.32%		35.02%		41.01%		42.67%		43.17%
Noninterest expense to average total assets		2.00%		1.90%		2.16%		2.24%		2.21%
Average interest-earning assets to average interest-bearing liabilities		118.64%		118.24%		118.48%		118.78%		119.28%

	As of:
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Nonperforming loans:
Originated portfolio:
Residential real estate	$	2,407	$	2,446	$	3,976	$	2,502	$	2,573
Commercial real estate		3,197		3,662		4,682		1,407		2,075
Commercial and industrial		6,945		6,696		6,684		6,520		6,928
Consumer		3		5		–		–		–
Total originated portfolio		12,552		12,809		15,342		10,429		11,576
Total purchased portfolio		19,680		17,257		21,830		17,832		16,370
Total nonperforming loans		32,232		30,066		37,172		28,261		27,946
Real estate owned and other repossessed collateral, net		1,200		1,200		–		–		–
Total nonperforming assets	$	33,432	$	31,266	$	37,172	$	28,261	$	27,946

Past due loans to total loans		0.91%		0.85%		0.89%		0.95%		1.13%
Nonperforming loans to total loans		0.86%		0.84%		1.06%		1.02%		1.05%
Nonperforming assets to total assets		0.79%		0.77%		0.94%		0.90%		0.93%
Allowance for credit losses to total loans		1.23%		1.25%		1.25%		0.97%		0.98%
Allowance for credit losses to nonperforming loans		142.79%		148.92%		117.40%		94.51%		92.83%
Net charge-offs (recoveries)	$	2,082	$	869	$	1,604	$	1,347	$	2,225
Commercial real estate loans to total capital (4)		521.47%		542.12%		604.38%		482.13%		509.08%
Net loans to deposits		112.10%		112.52%		110.70%		116.88%		118.15%
Purchased loans to total loans		65.33%		66.63%		69.11%		61.88%		60.99%
Equity to total assets		11.06%		10.88%		9.96%		12.02%		11.73%
Common equity tier 1 capital ratio		12.72%		12.66%		11.45%		13.84%		13.24%
Total risk-based capital ratio		13.97%		13.91%		12.70%		14.82%		14.22%
Tier 1 leverage capital ratio		11.45%		11.16%		12.06%		12.30%		11.79%

Total shareholders’ equity	$	467,516	$	444,101	$	392,557	$	376,634	$	351,913
Less: Preferred stock		–		–		–		–		–
Common shareholders’ equity		467,516		444,101		392,557		376,634		351,913
Less: Intangible assets (5)		–		–		–		–		–
Tangible common shareholders’ equity (non-GAAP)	$	467,516	$	444,101	$	392,557	$	376,634	$	351,913

Common shares outstanding		8,525,362		8,492,856		8,212,026		8,127,690		7,977,690
Book value per common share	$	54.84	$	52.29	$	47.80	$	46.34	$	44.11
Tangible book value per share (non-GAAP) (6)		54.84		52.29		47.80		46.34		44.11

(1) The net interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the period.
(2) The net interest margin represents net interest income as a percent of average interest-earning assets for the period.
(3) The efficiency ratio represents noninterest expense divided by the sum of net interest income (before the credit loss provision) plus noninterest income.
(4) For purposes of calculating this ratio, commercial real estate includes all non-owner occupied commercial real estate loans defined as such by regulatory guidance, including all land development and construction loans.
(5) Includes the loan servicing rights asset.
(6) Tangible book value per share represents total shareholders’ equity less the sum of preferred stock and intangible assets divided by common shares outstanding.

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

The MIL Network –

April 30, 2025

MIL-OSI Global: Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally

Source: The Conversation – UK – By Steve Dunne, PhD researcher, Department of Politics and International Studies, University of Warwick

As in life, trust matters in international politics. Vital for cooperation and reciprocation, trusting someone nevertheless leaves one vulnerable should they break faith and pursue self-serving goals. As US political scientist Andrew Kydd recognised, trust is the belief that someone “prefers mutual cooperation to exploiting and suckering others”.

Two versions of trust matter in international relations. Strategic trust, in the form of institutionalised agreements and organisations which provide certainty – as well as material incentives – to encourage people and nations to honour their commitments. And moralistic trust, based on what social scientists call an “implicit theory of personality” that involves people making everyday judgements regarding a person’s character and integrity.

A brief look at the liberal post-war economic order shows how trust has proved fundamental. The Bretton Woods system of multilateral institutions that developed after the second world war, including the International Monetary Fund, World Bank and World Trade Organization, created a rules-based consistency for mutual benefit.

The WTO, for example, promised members that economic conditions between countries would not opportunistically and suddenly change. If they did, independent recourse was available through its appellate body.

This certainty encouraged many otherwise hesitant states to engage. The collapse of the appellate body in 2019 – after the US, under then-president, Donald Trump, blocked further appointees, thus denying it the required quorum – was a critical first step towards the present crisis in trust.

How is Donald Trump’s presidency shaping up after 100 days? Here’s what the experts think. If you like what you see, sign up to receive our weekly World Affairs Briefing newsletter.

Across the opening 100 days of his second term, Trump has broken both these conceptions of trust. In doing so, he has devastated – perhaps irreparably – economic confidence in the US.

In terms of strategic trust, look no further than Trump’s attacks on Canada and Mexico. On February 1, Trump threatened near-universal 25% tariffs on exports from America’s two largest trading partners. These tariffs entered into effect on March 4 and were followed by additional duties on aluminum, steel and auto parts.

Viewed from Canada and Mexico, Trump’s actions were an unambiguous breach of trust and the US-Mexico-Canada agreement, which Trump had personally signed in 2020. Canada’s prime minister, Mark Carney, reacted by forewarning that “its clear the US is no longer a reliable partner” and predicted a “fundamentally different relationship” between the two countries going forwards.

When it comes to moralistic trust, Trump was on weak ground before even becoming president. Beyond his business dealings – which have historically involved unpaid vendors and fraudulent practices – as well as serious allegations of abuse, Trump’s first term was marked by numerous reputational failings. These included a historic two impeachments, the second for his role in the January 6 insurrection that attempted to unlawfully overturn the 2020 election result.

“Liberation Day” on April 2, which was when Trump announced the details of his tariffs, delivered a singular blow. The heavy targeting of poorer countries such as Cambodia and Lesotho – while exempting Russia – strengthened reservations about Trump’s character. Equally, the blatant idiocy of many tariffs – most prominently the Heard and McDonald Islands, which are uninhabited save for penguins – further limited confidence in his administration’s competency and judgement.

Combined with Trump’s imperialistic bullying of other nations, from Greenland, to Panama to Ukraine, his remaining integrity in economic affairs has imploded. Although the full effects (and damage) of Trump’s actions on America’s reputation are not yet known, adverse consequences should be expected in both the short and longer terms.

The long and the short

In the short term, decreased economic trust will prolong market volatility. April 3-4 saw the largest-ever two-day loss, as US$6.6 trillion (£5 trillion) was erased from US stocks. Trump’s tariffs are also expected to depress growth, both at home and abroad.

JP Morgan now rates the likelihood of a recession this year at 60% – more than double when Trump took office. Consumer confidence, meanwhile, is at its second lowest since records began.

Increased prices for groceries – two-thirds of US vegetable imports come from Mexico – as well as energy bills – the US imports 61% of its oil from Canada – is also likely. Higher tariffs on goods from China will similarly impact domestic spending.

In the longer-term, diminished economic trust will continue to weaken bond markets, hampering America’s ability to service its colossal national debt. The increased cost of dollar-denominated goods could also spark a debt crisis reminiscent of the 1980s, when Latin America defaulted en masse, causing widespread economic turmoil.

Perhaps most significantly, declining global trust will accelerate processes of de-dollarisation and reduce reliance on the dollar as a reserve currency. The ending of the “exorbitant privilege” – the advantage enjoyed by the US thanks to the dollar being the global reserve currency – could spell disaster vis-à-vis borrowing costs and, ultimately, risk a balance of payments crisis. More broadly, de-dollarisation would leave the US economically marginalised in a more multipolar global economy.

Extending beyond economics, however, Trump’s trade policy will eviscerate American soft power unless corrected. With trust in the US dwindling, an increase in coercive forms of bargaining with international trade partners over more cooperative approaches becomes inevitable. Despite the demonstrable superiority of the latter approach, mutual trust is required to facilitate successful collaboration.

Without trust, negotiation itself becomes an impossibility. And if trust is consistently broken, even those predisposed towards cooperation will be deterred.

The US under Trump is fast becoming untrustworthy. American reliability must now be broadly questioned, from collective security to the rule of law. The effect of this widespread loss of trust – embodied by Trump’s indiscriminate and ill-mannered economic attacks – will be the neutering of US soft power.

The foundation of American strength for decades, its ability to attract and appeal to its allies as an alternative to coercion, is now on life support. Meanwhile, China – purportedly “the greatest threat to America today” – is actively exploiting this decline and accelerating its own soft power initiatives.

If Trump truly wishes to make America great again, then betraying allies through coercive mistreatment is not the answer. Honest engagement that builds trust is.

Steve Dunne receives funding from the Equality and Human Rights Commission.

– ref. Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally – https://theconversation.com/donald-trumps-first-100-days-have-badly-damaged-trust-in-america-both-economically-and-as-an-ally-255150

MIL OSI – Global Reports –

April 30, 2025
MIL-OSI: Fast Payout and Instant Withdrawal Casinos: 7Bit Casino Rated Top for Speedy Cashouts in 2025
Source: GlobeNewswire (MIL-OSI)

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PORTLAND, Ore., April 29, 2025 (GLOBE NEWSWIRE) — In early 2025, our team set out to identify the ultimate fast payout and instant withdrawal casinos. We began by shortlisting platforms built on blockchain for rock-solid transparency, then tested real-user withdrawal times under peak load, and finally audited each site’s security protocols end-to-end. After putting dozens through live trials, only one instant withdrawal casino ticked every box—7Bit Casino. With over ten years of experience, 7Bit lets you win real money online instantly, delivering your winnings securely in seconds.

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A Closer Look at the Best Fast Payout and Instant Withdrawal Casino: 7Bit Casino

Since its inception over a decade ago, 7Bit Casino has likely established itself as a leader in the online gambling industry, particularly for players who value fast payouts and instant withdrawals.

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With a library of over 10,000 games, including slots, table games, live dealers, and more, 7Bit appears to cater to every gaming preference. Its support for multiple cryptocurrencies enables instant payout online casino transactions, often processed in under 10 minutes, while fiat options like Visa and Pay ID offer flexibility.

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7Bit Casino – Our Favorite Fast Payout Online Casino

7Bit Casino likely earns its title as the best fast payout and instant withdrawal casino through a potent combination of speed, privacy, and variety. New players are likely greeted with a 325% match bonus up to 5.25 BTC plus 250 free spins, spread across four deposits, with select promotions featuring no wagering requirements. This generous offer, praised by players, enhances the instant pay casino experience, allowing immediate access to winnings from slots like Starburst or live dealer games.

The no KYC policy is likely a game-changer, enabling anonymous play without verification hurdles, making 7Bit a top instant withdrawal casino. Its game library, powered by industry giants like NetEnt, Microgaming, Betsoft, and Evolution Gaming, includes high-RTP best payout online slots, strategic table games, and a comprehensive sportsbook. Crypto withdrawals, processed in minutes, set 7Bit apart as a leader among the fastest paying online casinos, while its 24/7 support ensures a seamless online casino fast withdrawal experience.

Pros and Cons of 7Bit Casino – The Best Instant Withdrawal Casino
- Pros:
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  - Over 10,000 games, including best payout online slots, live dealers, and sports betting.
  - Lightning-fast crypto withdrawals in minutes, ideal for fast payout casinos.
  - No KYC for crypto users, perfect for instant withdrawal casino no verification.
  - Supports multiple cryptocurrencies and fiat methods like Visa, Pay ID.
  - 24/7 multilingual support for quick withdrawal casino queries.
  - Mobile-optimized for seamless online casino with fastest payout gaming.
- Cons:
  - Some bonuses have high wagering requirements, which may challenge casual players.
  - Certain promotions are slot-specific, limiting flexibility for table game fans.
  - Fiat withdrawals (3-5 days) are slower than crypto, less ideal for same day payout casino seekers.
Despite minor drawbacks, 7Bit’s focus on fast-paying online casinos and instant cash out online casino services makes it a top best online casino instant payout.

How to Join 7Bit Casino – The Fastest Payout Online Casino

Joining 7Bit Casino, likely the best fast payout and instant withdrawal casino, is a straightforward process designed for speed and privacy, ensuring players can start enjoying casino games that pay real money instantly without delay:
1. Visit 7Bit Casino: Click here to navigate to 7Bit Casino’s website.
2. Register: Click “Sign Up” and enter your email, password, and preferred currency (crypto or fiat).
3. Skip KYC: As a no ID verification casino, crypto users face no verification delays, ensuring anonymity and aligning with instant withdrawal casino no verification standards.
4. Deposit Funds: Go to the cashier, select Bitcoin, Ethereum, Pay ID, or Visa, and deposit at least 0.00072 BTC or $20 to unlock the welcome bonus.
5. Enter Bonus Code: Input the promo code (e.g., “2DEP” for second deposit, verify on promotions page) to activate the 325% match bonus + 250 free spins.
6. Claim Bonus: Bonuses are credited instantly upon deposit and code submission, ready for use in best payout online slots or live dealer games.
7. Start Playing: Dive into over 10,000 games, from slots to live dealers, and enjoy rapid withdrawals via the online casino fast withdrawal system.
Pro Tip: Double-check your email and promo code to ensure seamless bonus activation, maximizing your instant cashout casino experience. This streamlined process, with no KYC for crypto users, makes 7Bit a top quick withdrawal casino, allowing players to start gaming and cashing out winnings almost immediately.

How We Selected the Best Fast Payout and Instant Withdrawal Casino

Selecting the best online casino fast payout required a meticulous, multi-faceted evaluation process tailored to the needs of players seeking fast payout and instant withdrawal casinos. Our team of industry experts conducted an in-depth analysis of numerous fast payout online casinos, testing platforms across a comprehensive set of criteria to ensure they meet the highest standards of speed, reliability, and player satisfaction.

Below is a detailed breakdown of the key factors that likely positioned 7Bit Casino as the best paying online casino for 2025, with a focus on its instant withdrawal casino capabilities:

Payout Speed: The Heart of Fast Payout Casinos

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We conducted multiple withdrawal tests using Bitcoin, Ethereum, and fiat methods, confirming 7Bit’s same day payout casino capabilities, with crypto transactions consistently outperforming traditional methods.

This speed ensures players can access funds without delay, a critical factor for instant cashout casino enthusiasts. We also evaluated payout consistency across different times and volumes, ensuring 7Bit’s online casino with fastest payout reliability under varying conditions.

Security and Licensing: Building Trust

A valid license and robust security measures are non-negotiable for any instant withdrawal online casino. 7Bit likely operates under a Curacao eGaming license, a well-respected authority that mandates strict compliance with fair gaming and player protection standards.

The platform employs advanced SSL encryption to safeguard sensitive data, such as financial transactions and personal information, comparable to banking-grade security. Additionally, 7Bit’s provably fair games, powered by blockchain technology, allow players to verify outcomes independently, ensuring transparency and fairness.

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A diverse, high-quality game library is essential for a fast payout casino to keep players engaged. 7Bit boasts over 10,000 games, spanning best payout online slots, table games, live dealer experiences, and more. From high-RTP slots like Starburst (96.09% RTP) to strategic table games like blackjack (0.5% house edge with optimal strategy), the platform caters to every taste.

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Payment Options: Flexibility and Speed

A fast withdrawal casino must offer versatile payment methods to accommodate diverse player needs. 7Bit likely supports a hybrid system, including 17+ cryptocurrencies (Bitcoin, Ethereum, Litecoin, Dogecoin, Binance Coin) for instant cash out online casino transactions and fiat methods (Visa, MasterCard, Pay ID, Skrill, Neteller) for broader accessibility.

Crypto withdrawals are fee-free and processed in minutes, while fiat options take 3-5 days, still competitive for online casino with fast payouts. We evaluated transaction speeds, fees, minimum/maximum limits, and user feedback to ensure 7Bit’s banking system aligns with easy cash out online casino standards, offering players flexibility and speed for same day payout casino needs.

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Customer Support: Reliable Assistance

Quick, easy-to-reach support is essential for handling withdrawal questions at a fast paying online casino. 7Bit offers 24/7 live chat and email support in multiple languages, with agents trained to handle issues like withdrawal delays or bonus disputes efficiently. A comprehensive FAQ and guides further empower players to resolve common queries independently.

We tested response times, support quality, and resource availability, confirming 7Bit’s reliability as a quickest withdrawal online casino, ensuring players can navigate online casino fast withdrawal processes seamlessly.

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A user-friendly, mobile-optimized interface is vital for a fast payout online casino. 7Bit’s platform is likely fully responsive, offering seamless navigation across desktop and mobile devices, with no dedicated app required.

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Player Feedback and Reputation

Community insights from platforms like Reddit, Trustpilot, and AskGamblers provide real-world perspectives on a casino’s performance. 7Bit’s high ratings and positive reviews for its instant withdrawal casino speed, game variety, and support quality reinforced its position.

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Responsible Gambling Measures

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Innovation and Future-Readiness

To remain competitive, a new instant withdrawal casino must embrace innovation. 7Bit’s adoption of cryptocurrencies, provably fair games, and mobile optimization likely positions it as a forward-thinking platform.

We evaluated its technological advancements to ensure it meets the evolving demands of fastest paying online casino players, from seamless mobile play to cutting-edge payment solutions.

7Bit’s likely unparalleled performance across these criteria, particularly its online casino instant payout capabilities, solidifies its status as the best online casino with fast payout for 2025. Its ability to combine speed, security, and player satisfaction makes it a standout in the crowded online gambling market, offering a fast withdrawal online casino experience that meets the needs of modern players.

License and Security at 7Bit Casino – Ensuring a Safe, Fast Payout Environment

Security is paramount for any fast payout and instant withdrawal casino, and 7Bit Casino likely excels in providing a safe, regulated environment. Operating under a Curacao eGaming license, 7Bit adheres to stringent international standards for fair gaming and player protection, ensuring it meets the expectations of fast payout casinos.

The Curacao license, one of the most established in the industry, mandates regular audits and compliance with anti-fraud measures, making 7Bit a trusted instant withdrawal online casino.

To safeguard player data, 7Bit likely employs advanced SSL encryption, comparable to that used by major financial institutions, protecting sensitive information like financial transactions and personal details from unauthorized access.

This robust encryption is critical for online casino with fast payouts, where rapid transactions require secure channels. Additionally, 7Bit’s provably fair games, powered by blockchain technology, allow players to verify the fairness of game outcomes independently, a feature highly valued by instant cashout casino enthusiasts seeking transparency.

Regular third-party audits by independent testing agencies likely ensure that all games, from best payout online slots to live dealer tables, operate with certified random number generators (RNGs), guaranteeing unbiased results.

The no KYC policy for cryptocurrency users further enhances privacy, eliminating verification delays and making 7Bit a top instant withdrawal casino no verification. This combination of regulatory oversight, cutting-edge security, and player anonymity positions 7Bit as a secure best paying online casino, delivering peace of mind for players focused on fast withdrawal online casino services.

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Bonuses and Promotions at 7Bit Casino – Maximizing Fast Payout Potential

Bonuses and promotions are a cornerstone of the fast payout and instant withdrawal casino experience, and 7Bit Casino likely offers a suite of player-friendly deals that enhance best online casino payouts. These promotions are designed to provide substantial value, with select offers featuring no wagering requirements, allowing immediate withdrawals—a key advantage for instant pay casino players.

Welcome Bonus Package: A Game-Changing Start

New players are likely greeted with a 325% match bonus up to 5.25 BTC plus 250 free spins, distributed across four deposits:
- 1st Deposit: 100% up to 1.5 BTC + 100 free spins.
- 2nd Deposit: 75% up to 1.25 BTC + 100 free spins (code: 2DEP).
- 3rd Deposit: 50% up to 1.5 BTC.
- 4th Deposit: 100% up to 1 BTC + 50 free spins.
  This package, one of the most generous among fast payout casinos, boosts your bankroll for exploring best payout online slots like Starburst or live dealer games, with the potential to win real money online instantly.
Weekly Promotions: Ongoing Rewards

7Bit likely keeps the excitement alive with regular promotions, including:
- Monday Reload Bonus: 25% up to 6 mBTC + 50 free spins on Lucky Year 25.
- Wednesday Free Spins: Up to 100 free spins on Snoop Dogg Dollars.
- Friday Free Spins: 111 free spins for slot enthusiasts.
- Weekend Offer: 99 free spins on 7Bit CasinoMillion.
- Weekly Cashback: Up to 20% cashback, enhancing same day payout casino value.
  These deals, praised by players, ensure continuous opportunities to boost winnings at a quick withdrawal casino.
Crypto and Telegram Bonuses: Exclusive Perks

Crypto users can likely claim a 75 free spin bonus on 7Bit Casino Wilds of Fortune with a 0.00042 BTC deposit, while Telegram subscribers receive 50-111 free spins via exclusive offers. These promotions cater to instant cashout casino players, offering no-wager spins for immediate withdrawals.

Special Event Promotions: Seasonal Extras

Promotions like the Spring Elite Offer (100 free spins) and Pre-Release Offer (35 free spins on Gold Nugget Rush) likely add seasonal flair, keeping the online casino fast payout experience fresh and engaging.

Drops & Wins Tournaments: Massive Prize Pools

Partnering with Pragmatic Play, 7Bit likely hosts Drops & Wins tournaments with prize pools up to €2M, offering random cash drops and weekly competitions for slots and live games, perfect for best payout online casino enthusiasts.

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VIP Program at 7Bit Casino – Enhancing Fast Payout Benefits

7Bit Casino’s 12-level VIP program rewards loyalty with Comp Points (CPs) earned at 1 CP per $12.5 wagered (Wisergamblers). Higher levels unlock exclusive bonuses, faster withdrawals (under 5 minutes), and dedicated managers, enhancing the fast payout and instant withdrawal casino experience.
- Levels 1-3: 10-50 free spins on best online casino payouts slots.
- Levels 4-6: $10-$50 cash bonuses, 30x wagering.
- Levels 7-9: 10-15% cashback, priority online casino fast withdrawal.
- Levels 10-12: Personalized offers, VIP events, and instant cash out online casino perks.
Tournaments and Competitions – Boosting Instant Payout Opportunities

7Bit hosts Daily Drop Tournaments (0.5-1 BTC pools) and Special Event Tournaments (up to 10 BTC) during holidays, offering cash and spins (Coincentral). Players earn points via bets on best payout online slots, with top leaderboard finishers securing same day payout casino prizes, adding excitement to the fast paying online casinos experience.

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Casino Games at 7Bit Casino – Win Real Money Instantly with High Payouts

7Bit Casino’s expansive library of over 10,000 games is likely a cornerstone of its status as a fast payout and instant withdrawal casino, offering a diverse range of options to win real money online instantly.

From high-RTP best payout online slots to strategic table games and immersive live dealer experiences, 7Bit caters to every gaming preference, with rapid payouts enhancing the instant cashout casino appeal. Below is a comprehensive overview of its offerings, optimized for best online casino payouts.

Slots: High RTPs for Frequent Wins

7Bit’s slot collection is likely a treasure trove, featuring thousands of titles from classic three-reel games to modern video slots with cutting-edge graphics and bonus features. Popular picks include:
- Starburst (96.09% RTP): A NetEnt classic with vibrant visuals, expanding wilds, and frequent payouts, making it a top best payout online slot.
- Book of Dead (96.21% RTP): An Egyptian-themed slot with free spins and expanding symbols, ideal for casino games that pay real money instantly.
- Gates of Olympus (96.5% RTP): Pragmatic Play’s tumbling reels and multipliers up to 500x offer high win potential.
- Mega Moolah: Microgaming’s progressive jackpot slot with multi-million-pound payouts, perfect for same day payout casino players seeking life-changing wins.
  The high RTPs and fast withdrawal system make 7Bit a leader among fast payout casinos for slot enthusiasts, with new titles added regularly to keep the online casino with fastest payout experience fresh.
Table Games: Strategic Play with Rapid Returns

For players who prefer skill-based gaming, 7Bit likely offers a robust selection of table games, including:
- Blackjack: Variants like Classic Blackjack and Multi-Hand Blackjack, with a low house edge (0.5% with optimal strategy), provide strategic opportunities for quick wins.
- Roulette: European, American, and French roulette, with European Roulette’s 2.7% house edge offering better odds for fast withdrawal casino players.
- Baccarat: Simple yet elegant, with low house edges for high rollers.
- Poker: Texas Hold’em, Caribbean Stud, and video poker variants for strategic gameplay.
  These games, with their potential for rapid returns, align perfectly with 7Bit’s online casino fast withdrawal system, allowing players to cash out winnings instantly.
Live Dealer Games: Immersive Thrills with Instant Payouts

Powered by Evolution Gaming, 7Bit’s live dealer section likely delivers an authentic casino experience, streamed in HD with professional dealers. Key titles include:
- Lightning Roulette: Multipliers up to 500x add excitement, with instant payouts via crypto.
- Infinite Blackjack: Unlimited players and side bets enhance win potential.
- Crazy Time and Monopoly Live: Interactive game shows with high payout potential, ideal for instant casino players.
  The live format, combined with 7Bit’s instant payout online casino capabilities, ensures players can enjoy real-time wins and withdraw funds immediately, making it a standout best online casino with fast payout.
Specialty Games: Quick Wins for Casual Players

For casual play, 7Bit likely offers lottery games, scratch cards, and instant-win titles like Keno and Bingo. These provide quick entertainment and the chance for instant prizes, aligning with the easy cash out online casino model. Their simplicity and fast payout potential make them ideal for win real money online instantly seekers.

Progressive Jackpots: Life-Changing Payouts

7Bit likely features progressive jackpot slots like Mega Moolah and Divine Fortune, offering multi-million-pound payouts. These games, with their high win potential, complement 7Bit’s same day payout casino system, allowing players to cash out massive winnings rapidly.

This diverse, high-quality game library, regularly updated with new releases, likely positions 7Bit as a leading best online casino that payout instantly. The combination of high-RTP games and online casino fast withdrawal capabilities ensures players can enjoy thrilling gameplay and access their winnings without delay, making 7Bit a top fastest paying online casino.

Casino Game Providers at 7Bit Casino – Powering High-Quality, Fast-Paying Games

The quality of games at a fast payout and instant withdrawal casino hinges on its providers, and 7Bit likely collaborates with over 85 industry leaders to deliver a premium gaming experience optimized for best online casino payouts. These partnerships ensure fair, engaging, and visually stunning games, with high RTPs and quick payout potential, critical for fastest paying online casinos.

NetEnt: Iconic Slots with High RTPs

Renowned for titles like Starburst (96.09% RTP) and Gonzo’s Quest (95.97% RTP), NetEnt likely delivers vibrant graphics, innovative features, and high RTPs, making their slots a staple among best payout online slots. Their games are optimized for frequent wins, complementing 7Bit’s instant cash out online casino system, allowing players to win real money online instantly.

Evolution Gaming: Live Dealer Excellence

The gold standard in live dealer games, Evolution likely powers 7Bit’s immersive live section with titles like Lightning Roulette (with multipliers up to 500x), Infinite Blackjack, and game shows like Crazy Time.

Pragmatic Play: Diverse Slots and Promotions

Known for Gates of Olympus (96.5% RTP) and Wolf Gold (96.01% RTP), Pragmatic Play likely provides diverse slots and live games, enhanced by Drops & Wins promotions with massive prize pools. Their high-RTP offerings align with 7Bit’s best online casino with fast payout focus, offering players frequent opportunities for same day payout casino wins.

Microgaming: Progressive Jackpot Pioneers

Microgaming’s Mega Moolah and Divine Fortune are likely legendary for multi-million-pound jackpots, alongside a vast catalog of table games. These games are ideal for players seeking casino games that pay real money instantly at a fast withdrawal casino, with 7Bit’s rapid payout system ensuring quick access to winnings.

Play’n GO: Mobile-Optimized High-RTP Slots

Creators of Book of Dead (96.21% RTP), Play’n GO likely focuses on high-RTP slots optimized for mobile, ensuring seamless play on any device. Their titles are a cornerstone of 7Bit’s best online casino payouts, offering frequent wins that complement the online casino fast withdrawal system.

Betsoft: Cinematic Slots and Table Games

Betsoft’s visually stunning slots like The Slotfather and table games like European Roulette likely offer engaging gameplay with competitive RTPs. Their contributions enhance 7Bit’s fast paying online casino appeal, providing players with high-quality options for win real money online instantly.

Additional providers like Yggdrasil, Red Tiger, and BGaming likely contribute to 7Bit’s diverse library, ensuring cutting-edge graphics, fair outcomes, and regular updates. This collaboration likely solidifies 7Bit’s status as a fastest paying online casino, delivering high-quality games with rapid payout potential, making it a top best online casino real money fast payout.

Fast Payout and Instant Withdrawal Casino Banking at 7Bit Casino

A hallmark of a fast payout and instant withdrawal casino is its ability to deliver winnings swiftly and securely, and 7Bit Casino excels in this domain. Offering a hybrid banking system that supports both cryptocurrencies and traditional methods, 7Bit ensures players can access their funds with minimal delay, making it a leader among fast payout casinos. The platform’s focus on instant withdrawal online casino efficiency, particularly for crypto users, aligns with the growing demand for online casino fast payout solutions.

Cryptocurrencies: The Pinnacle of Fast Payout Casinos

7Bit Casino supports over 17 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Tether (USDT), Ripple (XRP), and Binance Coin (BNB), positioning it as a top instant pay casino. Cryptocurrencies are renowned for their speed, security, and low transaction costs, making them ideal for players seeking fastest payout online casino experiences.
- Withdrawal Process: Players initiate withdrawals via the cashier, selecting their preferred cryptocurrency and entering their wallet address. Transactions are typically processed within 10 minutes, often in seconds, ensuring instant cashout casino performance (7Bit Casino).
- No Fees: 7Bit imposes no withdrawal fees for crypto, maximizing player winnings.
- Limits: Minimum withdrawals start at 0.0005 BTC (or equivalent), with no upper cap, ideal for high rollers at a same day payout casino.
- Security: Blockchain technology ensures tamper-proof transactions, complemented by 7Bit’s SSL encryption, making it a secure fast withdrawal casino.
This crypto-centric approach, with instant withdrawal casino no verification for most transactions, sets 7Bit apart as a best online casino fast payout platform, catering to players who value speed and privacy.

Traditional Payment Methods for Flexibility

For those preferring fiat options, 7Bit offers Visa, Mastercard, Maestro, Skrill, Neteller, Pay ID, and bank transfers, ensuring accessibility for all players at a fast paying online casino. While slower than crypto, these methods are optimized for efficiency:
- Credit/Debit Cards: Deposits are instant; withdrawals take 1-3 days, competitive for online casino with fast payouts.
- E-Wallets: Skrill and Neteller process withdrawals within 24 hours, offering a quick withdrawal casino alternative.
- Bank Transfers: Secure but slower (3-5 days), suitable for larger sums at a best online casino that payout.
- Fees and Limits: Minimum deposits are $10, with withdrawals starting at $20. Fiat withdrawals may incur minor fees (1-2%), but 7Bit keeps costs low.
Streamlined Banking Experience

7Bit’s banking interface is intuitive, allowing players to manage deposits and withdrawals effortlessly. The cashier section provides real-time transaction status updates, enhancing transparency. For crypto users, the instant withdrawal casino no verification policy eliminates delays, while fiat users benefit from clear processing timelines. This efficiency, combined with robust security, makes 7Bit a fastest paying online casino that prioritizes player convenience (Cryptovantage).

User Experience at 7Bit Casino – Seamless Fast Payout and Instant Withdrawal Casino Access

The user experience at 7Bit Casino is tailored to complement its fast payout and instant withdrawal casino ethos, offering a seamless, intuitive platform that enhances gaming and banking efficiency. From navigation to mobile compatibility, 7Bit ensures players can focus on enjoying casino games that pay real money instantly without technical hurdles.

Intuitive Website Design

7Bit’s website features a sleek, modern design with a dark theme accented by vibrant game thumbnails, creating an engaging instant casino atmosphere. Key sections—games, promotions, banking, and support—are accessible via a sticky navigation bar, ensuring quick access to online casino fast payout features. The search function and filters (e.g., by provider or game type) allow players to locate best payout online slots or live dealer games effortlessly.

Mobile Compatibility for On-the-Go Payouts

Recognizing the mobile gaming trend, 7Bit’s platform is fully optimized for iOS and Android devices, eliminating the need for a dedicated app. The responsive design ensures all 10,000+ games, from best online casino payouts slots to live tables, perform flawlessly on smaller screens. Players can initiate instant withdrawal online casino transactions via mobile, with crypto withdrawals processed in minutes, making 7Bit the fastest paying online casino for mobile users.
- Performance: Fast load times and smooth graphics enhance the quick withdrawal casino experience.
- Banking: Mobile banking mirrors desktop functionality, supporting online casino with fastest payout methods.
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Legal Disclaimer

This content is for informational purposes only and does not constitute legal, financial, or gambling advice. Information is presented “as is,” without warranties. Readers must verify compliance with local gambling laws. The publisher is not liable for losses or consequences.

Affiliate Disclosure

Some links may be affiliate links, earning a commission at no cost to you. Recommendations are objective, and partnerships do not influence content or conclusions.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5c6a23fa-0a7a-4336-8025-485f0997df63

The MIL Network –
April 30, 2025

MIL-OSI: EXL Reports 2025 First Quarter Results

Source: GlobeNewswire (MIL-OSI)

2025 First Quarter Revenue of $501.0 Million, up 14.8% year-over-year
Q1 Diluted EPS (GAAP) ⁽¹⁾of $0.40, up 38.3% from $0.29 in Q1 of 2024
Q1 Adjusted Diluted EPS (Non-GAAP) ⁽¹⁾of $0.48, up 26.9% from $0.38 in Q1 of 2024

NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced its financial results for the quarter ended March 31, 2025.

Chairman and Chief Executive Officer Rohit Kapoor said, “We are pleased with our first quarter results and strong start to the year, as we delivered revenue and adjusted diluted EPS growth of 15% and 27% respectively. Our strong business momentum underscores the successful execution of our differentiated data and AI-led strategy and demonstrates the enduring resilience and adaptability of EXL’s business model.”

Chief Financial Officer Maurizio Nicolelli said, “While we remain prudent in our outlook given the increasing level of macro-economic uncertainty, we are increasing our revenue guidance for the year, based on our business momentum and more favorable currency exchange rates. We now expect revenue to be in the range of $2.035 billion to $2.065 billion, up from our prior guidance of $2.025 billion to $2.060 billion. This represents 11% to 12% year-over-year growth on a reported basis, or 11% to 13% on a constant currency basis. We continue to expect our adjusted diluted earnings per share for 2025 to be in the range of $1.83 to $1.89, representing an 11% to 14% increase over 2024, as we continue to accelerate our data and AI investments to generate future growth.”

^{______________________________________________________________}

Reconciliations of adjusted (non-GAAP) financial measures to the most directly comparable GAAP measures, where applicable, are included at the end of this release under “Reconciliation of Adjusted Financial Measures to GAAP Measures.” These non-GAAP measures, including adjusted diluted EPS and constant currency measures, are not measures of financial performance prepared in accordance with GAAP.

Financial Highlights: First Quarter 2025

Revenue for the quarter ended March 31, 2025, increased to $501.0 million compared to $436.5 million for the first quarter of 2024, an increase of 14.8% on a reported basis and 15.1% on a constant currency basis. Revenue increased by 4.1% sequentially on a reported basis and 4.3% on a constant currency basis, from the fourth quarter of 2024.

	Revenue				Gross Margin
	Three months ended				Three months ended
Reportable Segments ⁽¹⁾	March 31, 2025		March 31, 2024		March 31, 2025		March 31, 2024
	(dollars in millions)
Insurance	$	172.0	$	158.3	36.6	%	33.8	%
Healthcare and Life Sciences		125.6		100.7	43.9	%	45.3	%
Banking, Capital Markets and Diversified Industries		117.7		103.2	37.3	%	36.1	%
International Growth Markets		85.7		74.3	36.6	%	35.9	%
Total Revenue, net	$	501.0	$	436.5	38.6	%	37.4	%

⁽¹⁾ In the first quarter of 2025, the Company implemented operational and structural changes to accelerate the execution of its data and AI-led strategy. Under the new structure, the Company reports its financial performance based on new segments presented in the table above, and as described in more detail in its Quarterly Report on Form 10-Q for the three months ended March 31, 2025, that is being filed with the SEC. In conjunction with the new reporting structure, the Company has recast prior period amounts, wherever applicable, to conform to the way the Company internally manages and monitors segment performance.

Operating income margin for the quarter ended March 31, 2025 was 15.7%, compared to 14.1% for the first quarter of 2024 and 14.8% for the fourth quarter of 2024. Adjusted operating income margin for the quarter ended March 31, 2025 was 20.1%, compared to 18.9% for the first quarter of 2024 and 18.8% for the fourth quarter of 2024.
Diluted earnings per share for the quarter ended March 31, 2025 was $0.40, compared to $0.29 for the first quarter of 2024 and $0.31 for the fourth quarter of 2024. Adjusted diluted earnings per share for the quarter ended March 31, 2025 was $0.48, compared to $0.38 for the first quarter of 2024 and $0.44 for the fourth quarter of 2024.

Business Highlights: First Quarter 2025

Won 10 new clients in the first quarter of 2025.
- Named a Leader in four categories in the ISG Provider Lens™ Insurance Services 2024 report. Earning top honors in the North American Life & Retirement, Property & Casualty, Life & Retirement TPA Insurance Services, and Insurance IT Services.
- Named a Leader and a Star Performer in Everest Group’s Life and Annuities Insurance Business Process Services and Third-Party Administrator (TPA) PEAK Matrix® Assessment 2025.
- Recognized as part of Newsweek’s America’s Most Responsible Companies 2025, Forbes’ Most Trusted Companies in America 2025, USA Today’s America’s Climate Leaders 2025, and The Financial Times’ Best Employers Asia-Pacific 2025.

2025 Guidance
Based on current visibility, and a U.S. dollar to Indian rupee exchange rate of 85.5, U.K. pound sterling to U.S. dollar exchange rate of 1.30, U.S. dollar to the Philippine peso exchange rate of 57.0 and all other currencies at current exchange rates, we are providing the following guidance for the full year 2025:

Revenue of $2.035 billion to $2.065 billion, representing an increase of 11% to 12% on a reported basis, and 11% to 13% on a constant currency basis from 2024; and
Adjusted diluted earnings per share of $1.83 to $1.89, representing an increase of 11% to 14% from 2024.

Conference Call

ExlService Holdings, Inc. will host a conference call on Wednesday, April 30, 2025 at 10:00 A.M. ET to discuss the Company’s quarterly operating and financial results. The conference call will be available live via the internet by accessing the investor relations section of EXL’s website at ir.exlservice.com, where an accompanying investor-friendly spreadsheet of historical operating and financial data can also be accessed. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.

Please note that there is a new system to access the live call-in order to ask questions. To join the live call, please register here. A dial-in and unique PIN will be provided to join the call. For those who cannot access the live broadcast, a replay will be available on the EXL website ir.exlservice.com for a period of twelve months.

About ExlService Holdings, Inc.
EXL (NASDAQ: EXLS) is a global data and artificial intelligence (“AI”) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 60,000 employees spanning six continents. For more information, visit www.exlservice.com.

Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.

EXLSERVICE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share amount and share count)

	Three months ended March 31,
		2025			2024
Revenues, net	$	501,019		$	436,507
Cost of revenues ⁽¹⁾		307,705			273,424
Gross profit ⁽¹⁾		193,314			163,083
Operating expenses:
General and administrative expenses		59,417			53,243
Selling and marketing expenses		41,925			35,970
Depreciation and amortization expense		13,557			12,346
Total operating expenses		114,899			101,559
Income from operations		78,415			61,524
Foreign exchange gain, net		1,192			359
Interest expense		(4,144	)		(3,291	)
Other income, net		4,703			3,952
Income before income tax expense and earnings from equity affiliates		80,166			62,544
Income tax expense		13,496			13,753
Income before earnings from equity affiliates		66,670			48,791
Loss from equity-method investment		(109	)		(28	)
Net income	$	66,561		$	48,763
Earnings per share:
Basic	$	0.41		$	0.30
Diluted	$	0.40		$	0.29
Weighted-average number of shares used in computing earnings per share:
Basic		162,490,179			165,082,387
Diluted		164,557,333			166,726,853

⁽¹⁾ Exclusive of depreciation and amortization expense.

EXLSERVICE HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except per share amount and share count)

	As of
	March 31, 2025			December 31, 2024

Assets
Current assets:
Cash and cash equivalents	$	140,442		$	153,355
Short-term investments		190,978			187,223
Restricted cash		9,826			9,972
Accounts receivable, net		339,856			304,322
Other current assets		150,203			140,317
Total current assets		831,305			795,189
Property and equipment, net		107,148			101,837
Operating lease right-of-use assets		71,150			68,784
Restricted cash		8,210			8,071
Deferred tax assets, net		109,953			104,747
Goodwill		420,494			420,387
Other intangible assets, net		46,092			49,331
Long-term investments		20,134			13,972
Other assets		61,925			56,085
Total assets	$	1,676,411		$	1,618,403
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	5,648		$	5,884
Current portion of long-term borrowings		4,886			4,886
Deferred revenue		20,138			19,264
Accrued employee costs		63,575			129,994
Accrued expenses and other current liabilities		131,980			113,597
Current portion of operating lease liabilities		17,426			16,491
Total current liabilities		243,653			290,116
Long-term borrowings, less current portion		302,377			283,598
Operating lease liabilities, less current portion		61,408			59,851
Deferred tax liabilities, net		1,625			1,403
Other non-current liabilities		55,471			53,573
Total liabilities		664,534			688,541
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued		—			—
Common stock, $0.001 par value; 400,000,000 shares authorized, 207,758,497 shares issued and 162,683,343 shares outstanding as of March 31, 2025 and 206,510,587 shares issued and 161,801,212 shares outstanding as of December 31, 2024		207			206
Additional paid-in capital		609,592			588,583
Retained earnings		1,348,521			1,281,960
Accumulated other comprehensive loss		(142,787	)		(154,722	)
Total including shares held in treasury		1,815,533			1,716,027
Less: 45,075,154 shares as of March 31, 2025 and 44,709,375 shares as of December 31, 2024, held in treasury, at cost		(803,656	)		(786,165	)
Total Stockholders’ equity		1,011,877			929,862
Total liabilities and stockholders’ equity	$	1,676,411		$	1,618,403

EXLSERVICE HOLDINGS, INC.

Reconciliation of Adjusted Financial Measures to GAAP Measures

In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL has included in this release certain financial measures that are considered non-GAAP financial measures, including the following:

(i) Adjusted operating income and adjusted operating income margin;
(ii) Adjusted EBITDA and adjusted EBITDA margin;
(iii) Adjusted net income and adjusted diluted earnings per share; and
(iv) Revenue growth on constant currency basis.

These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, the financial results calculated in accordance with GAAP and reconciliations from those financial statements should be carefully evaluated. EXL believes that providing these non-GAAP financial measures may help investors better understand EXL’s underlying financial performance. Management also believes that these non-GAAP financial measures, when read in conjunction with EXL’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results and comparisons of the Company’s results with the results of other companies. Additionally, management considers some of these non-GAAP financial measures to determine variable compensation of its employees. The Company believes that it is unreasonably difficult to provide its earnings per share financial guidance in accordance with GAAP, or a qualitative reconciliation thereof, for a number of reasons, including, without limitation, the Company’s inability to predict its future stock-based compensation expense under ASC Topic 718, the amortization of intangibles associated with future acquisitions and the currency fluctuations and associated tax effects. As such, the Company presents guidance with respect to adjusted diluted earnings per share. The Company also incurs significant non-cash charges for depreciation that may not be indicative of the Company’s ability to generate cash flow.

EXL non-GAAP financial measures exclude, where applicable, stock-based compensation expense, amortization of acquisition-related intangible assets, provision for litigation matters, effects of termination of leases, certain defined social security contributions, allowance for certain material expected credit losses, other acquisition-related expenses or benefits and effect of any non-recurring tax adjustments. Acquisition-related expenses or benefits include, changes in the fair value of contingent consideration, external deal costs, integration expenses, direct and incremental travel costs and non-recurring benefits or losses. Our adjusted net income and adjusted diluted EPS also excludes the effects of income tax on the above pre-tax items, as applicable. The effects of income tax of each item is calculated by applying the statutory rate of the local tax regulations in the jurisdiction in which the item was incurred.

A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and exclude costs that are recurring, namely stock-based compensation and amortization of acquisition-related intangible assets. EXL compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.

EXL’s primary exchange rate exposure is with the Indian rupee, the Philippine peso, the U.K. pound sterling and the South African rand. The average exchange rate of the U.S. dollar against the Indian rupee increased from 83.12 during the quarter ended March 31, 2024 to 86.52 during the quarter ended March 31, 2025, representing a depreciation of 4.1% against the U.S. dollar. The average exchange rate of the U.S. dollar against the Philippine peso increased from 56.24 during the quarter ended March 31, 2024 to 57.86 during the quarter ended March 31, 2025, representing a depreciation of 2.9% against the U.S. dollar. The average exchange rate of the U.K. pound sterling against the U.S. dollar decreased from 1.27 during the quarter ended March 31, 2024 to 1.26 during the quarter ended March 31, 2025, representing a depreciation of 0.1% against the U.S. dollar. The average exchange rate of the U.S. dollar against the South African rand decreased from 18.96 during the quarter ended March 31, 2024 to 18.49 during the quarter ended March 31, 2025, representing an appreciation of 2.5% against the U.S. dollar.

The following table shows the reconciliation of these non-GAAP financial measures for the three months ended March 31, 2025 and March 31, 2024, and the three months ended December 31, 2024:

Reconciliation of Adjusted Operating Income and Adjusted EBITDA
(Amounts in thousands)

	Three months ended
	March 31,						December 31,
		2025			2024			2024
Net Income (GAAP)	$	66,561		$	48,763		$	50,672
add: Income tax expense		13,496			13,753			19,850
add/(subtract): Foreign exchange gain, net, interest expense, gain/(loss) from equity-method investment and other income/(loss), net		(1,642	)		(992	)		720
Income from operations (GAAP)	$	78,415		$	61,524		$	71,242
add: Stock-based compensation expense		19,187			17,852			15,479
add: Amortization of acquisition-related intangibles		3,246			3,080			4,024
Adjusted operating income (Non-GAAP)	$	100,848		$	82,456		$	90,745
Adjusted operating income margin as a % of Revenue (Non-GAAP)		20.1	%		18.9	%		18.8	%
add: Depreciation on long-lived assets		10,311			9,266			12,140
Adjusted EBITDA (Non-GAAP)	$	111,159		$	91,722		$	102,885
Adjusted EBITDA margin as a % of revenue (Non-GAAP)		22.2	%		21.0	%		21.4	%

Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings Per Share
(Amounts in thousands, except per share data)

	Three months ended
	March 31,						December 31,
		2025			2024			2024
Net income (GAAP)	$	66,561		$	48,763		$	50,672
add: Stock-based compensation expense		19,187			17,852			15,479
add: Amortization of acquisition-related intangibles		3,246			3,080			4,024
add/(subtract): Changes in fair value of contingent consideration		—			(589	)		—
add/(subtract): Other tax expense/(benefits) (a)		—			151			3,860
subtract: Tax impact on stock-based compensation expense (b)		(9,105	)		(5,358	)		(1,769	)
subtract: Tax impact on amortization of acquisition-related intangibles		(799	)		(766	)		(921	)
Adjusted net income (Non-GAAP)	$	79,090		$	63,133		$	71,345
Adjusted diluted earnings per share (Non-GAAP)	$	0.48		$	0.38		$	0.44

(a) To exclude other tax expenses/(benefits), primarily related to certain deferred tax assets and liabilities.

(b) Tax impact includes $14,526 and $7,523 during the three months ended March 31, 2025 and 2024 respectively, and $500 during the three months ended December 31, 2024, related to discrete benefit recognized in income tax expense in accordance with ASU No. 2016-09, Compensation – Stock Compensation.

Contacts:
Investor Relations
John Kristoff
Vice President, Investor Relations
+1 212 209 4613
ir@exlservice.com

Media – US
Keith Little
Assistant Vice President, Media Relations
+1 703 598 0980
media.relations@exlservice.com

This press release was published by a CLEAR® Verified individual.

The MIL Network –

April 30, 2025

MIL-OSI Asia-Pac: MNRE Minister Pralhad Joshi launches Green Hydrogen Certification scheme
Source: Government of India

MNRE Minister Pralhad Joshi launches Green Hydrogen Certification scheme

MNRE organizes Workshop on opportunities for MSMEs in Green Hydrogen Supply Chain

Posted On: 29 APR 2025 6:17PM by PIB Delhi

The Ministry of New and Renewable Energy (MNRE) organized on 29^th April 2025 one-day National Workshop on opportunities for “Micro, Small & Medium Enterprises (MSMEs) in the Green Hydrogen Supply Chain”, at New Delhi. The workshop was aimed to explore opportunities and discuss key role of MSMEs in development of green hydrogen ecosystem in India. Over 300 delegates drew participation from different stakeholder groups, including MSMEs, policymakers, technology providers, industry associations, and international partners.

Delivering the inaugural address, Shri Pralhad Venkatesh Joshi, Hon’ble Union Minister of New and Renewable Energy, highlighted the government’s commitment to fostering innovation-led growth and emphasized that MSMEs will serve as the backbone of India’s energy transition through their innovative capabilities and localized solutions. He highlighted the critical role MSMEs will play in realizing the Mission’s objectives of building a self-reliant green hydrogen ecosystem by 2030.

Hon’ble Union Minister also launched the Green Hydrogen Certification Scheme of India (GHCI). He mentioned that the scheme is a foundational step towards creating a robust framework for certifying green hydrogen production and ensuring transparency, traceability, and market credibility.

Shri Santosh Kumar Sarangi, Secretary, MNRE highlighted some key achievements in the implementation of National Green Hydrogen Mission. He stressed upon the importance of building capacities, facilitating finance, and strengthening technology linkages to empower MSMEs to meaningfully participate in this new industrial landscape. He reiterated the Ministry’s commitment to building institutional and infrastructural support for green hydrogen, with MSMEs playing a critical role.

The workshop included four focused technical sessions as follows:
1. Technology Collaboration for MSMEs
Panelists deliberated on R&D collaboration models, indigenization of components such as bipolar plates and electrolysers, and the role of knowledge institutions.
1. Business Opportunities in the Green Hydrogen Supply Chain
Discussions centered on the integration of MSMEs into large-scale projects. Experts from international agencies and corporate leaders outlined business models and market opportunities, advocating for systematic MSME engagement strategies.
1. Decentralized Hydrogen Production through Biomass
Expert speakers presented use cases on thermochemical and biochemical conversion of biomass to hydrogen, exploring their application in rural industries. The session highlighted the potential of decentralized models to meet local demand while promoting circular economy principles.
1. Catalyzing Investments in the Green Hydrogen Ecosystem
Financial institutions, including the World Bank, IREDA, KfW, and IIFCL, discussed de-risking strategies, blended finance mechanisms, and the need to design green credit lines accessible to MSMEs.

The workshop marked an important step towards mainstreaming MSMEs in India’s clean energy transition and showed MNRE’s commitment towards building an inclusive, technology-driven, and decentralized green hydrogen economy. The workshop saw active participation from MSMEs, who showed strong interest in entering the green hydrogen sector, particularly in areas such as component manufacturing, operations and maintenance services, and rural hydrogen generation. Participants emphasized the need for standardized protocols, shared platforms for joint innovation, and the formation of Green Hydrogen Clusters to help MSMEs combine capacities and benefit from economies of scale. The discussions also highlighted the importance of clear demand signals and long-term policy stability to encourage private investment. Experts noted India’s strong potential to emerge as a manufacturing hub for green hydrogen technologies, especially electrolysers and fuel cells.

The Government of India is implementing the National Green Hydrogen Mission, with an objective to make India a global hub of production, usage and export of Green Hydrogen and its derivatives.

The Mission will result in the following likely outcomes by 2030:
1. Development of Green Hydrogen production capacity of at least 5 MMT (Million Metric Tonne) per annum with an associated renewable energy capacity addition of about 125 GW in the country
2. Over Rs. Eight lakh crore in total investments
3. Creation of over Six lakh jobs
4. Cumulative reduction in fossil fuel imports over Rs. One lakh crore
5. Abatement of nearly 50 MMT of annual greenhouse gas emissions
******

TPJ/NJ

(Release ID: 2125231) Visitor Counter : 29

MIL OSI Asia Pacific News –
April 30, 2025
MIL-OSI Global: Canada’s Conservatives, with an assist from Donald Trump, are down — but they’re far from out

Source: The Conversation – Canada – By Sam Routley, PhD Candidate, Political Science, Western University

Canada’s Liberals have, once again, risen from the dead. Their re-election with Mark Carney at the helm is a remarkable development in Canadian federal politics — the party not only managed to reverse the dire predictions of its demise but also, despite voters expressing a desire for change, retained its control of government for a rare fourth consecutive term.

This is a crushing disappointment for the Conservative Party of Canada. Although they have so far held the Liberals to a minority government — votes are still being counted in some ridings — their continuing role as the lead opposition, albeit a bigger one, pales in comparison to the large majority government they’d been projected to form.

Leader Pierre Poilievre even lost his own Ottawa-area seat.

But for all this dejection, Conservatives still had a solid and promising performance. Rather than constituting a total failure, their standing is better regarded as an inability to fully close the deal.

The Trump factor

Conservatives won the greatest share of the national vote by any federal centre-right party since 1988, and the popular vote remains close to a virtual tie.

The narrow margins of many Liberal gains also suggests that a Conservative minority was within the realm of possibility. For all his success, a politically inexperienced Carney so far appears to have failed to win a majority government, and may have inherited yet another fractious and unstable minority that will probably not last long.

While it’s still too early to get a full grasp of how voters made their decisions, it appears that the nearly 25-point swing in the polls was largely due to United States President Donald Trump’s tariffs and threats against Canada.

From the moment he came to office for a second term, Trump’s constant threats transformed the election from a fairly routine matter of anti-incumbent backlash to one focused on leadership, national unity and crisis management. Overnight, Canadian sovereignty became the top issue, and the NDP vote collapsed as most voters decided that their choice was really been two leaders.

Divided electorate

Carney was able to leverage his background as governor of both the Bank of Canada and the Bank of England, and his short initial tenure as prime minister, to not only depict a steady hand, but to generate a rally-around-the-flag effect.

Poilievre, in contrast, was unable to continue with the disruptive, anti-establishment tone of much of his previous rhetoric.

Read more:
From dog whistles to blaring horns, Poilievre makes his case

But even while Carney, from the moment campaign started, performed better on the Trump issue than Poilievre, it was far from the only issue that mattered to voters.

What ultimately drove voters back to the Liberals seems to be confined to largely one aspect of the population — older and more economically established Canadians.

Many voters still prioritized domestic issues — such as the cost of living crisis, housing affordability and economic stagnation — that had once characterized the campaign. Conservatives seemed to gain support throughout the campaign from young adults, newer Canadians, blue-collar workers and some NDP defectors.

Rather than providing Carney with a clear mandate, the results suggest Canada continues to grow increasingly divided along the lines of age, class and region. The Liberals have been able to hold onto power with the support of Canadians wanting to defend what they have, but Conservatives are gaining ground among voters who feel increasingly disenchanted with and locked out of the Canadian project they’re now being told to embrace.

Poilievre’s future

Poilievre has signalled his intention to stay on as Conservative leader. In the months ahead, he’ll not only need to find a way to return to Parliament via a byelection — he’ll also need to convince his party and caucus he should remain leader.

While the party doesn’t have an automatic leadership review following elections, there are several mechanisms to challenge Poilievre’s leadership.

There are certainly several areas where Poilievre and his team can be faulted by Conservative party members. A loss is a loss, and there have been well-publicized reports of internal discord and frustration about his campaign strategy.

Ultimately, however, a sustained movement to push out Poilievre seems unlikely. For all his drawbacks, Poilievre has not only brought the party its greatest electoral performance in decades, but he’s generated a unique degree of energy and enthusiasm among supporters that no obvious successor seems capable of maintaining.

The challenge now is about determining what the Conservative party, having received just above 41 per cent of the vote, needs to do in order to gain a few more percentage points.

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

– ref. Canada’s Conservatives, with an assist from Donald Trump, are down — but they’re far from out – https://theconversation.com/canadas-conservatives-with-an-assist-from-donald-trump-are-down-but-theyre-far-from-out-255396

MIL OSI – Global Reports –

April 30, 2025
MIL-OSI Africa: Secretary-General’s remarks to the Security Council – on the Middle East [as delivered; scroll down for all-English and all-French]

Source: United Nations – English

onsieur le Président, Excellences,

Je remercie la présidence française d’organiser cette réunion au niveau ministériel sur le Moyen-Orient, y compris la question palestinienne.

La région traverse des bouleversements fondamentaux, marqués par la violence et la volatilité, mais également porteurs d’opportunités et de potentiel.

Au Liban, le cessez-le-feu et l’intégrité territoriale doivent être respectés et tous les engagements doivent être mis en œuvre.

En Syrie, nous devons poursuivre nos efforts pour accompagner le pays sur la voie d’une transition politique inclusive de toutes les composantes de la population syrienne – une transition qui garantisse la reddition de comptes, favorise la réconciliation nationale, et jette les bases du redressement à long terme de la Syrie ainsi que de son intégration future au sein de la communauté internationale.

Cela inclut la situation dans le Golan syrien occupé, qui demeure précaire en raison de violations majeures de l’Accord de désengagement des forces de 1974 – notamment la présence continue des Forces de défense israéliennes dans la zone de séparation, ainsi que leurs multiples frappes contre des sites au-delà de la ligne de cessez-le-feu.

À travers le Moyen-Orient, les populations réclament et méritent un avenir meilleur – et non des conflits et des souffrances sans fin.

Nous devons agir ensemble pour faire en sorte que cette période de turbulences et de transition réponde à ces aspirations – et qu’elle apporte justice, dignité, droits, sécurité, et une paix durable.

Cela commence par la reconnaissance de deux faits fondamentaux :

Premièrement, la région se trouve à un moment charnière de son histoire.

Et, deuxièmement, que toute paix vraiment durable au Moyen-Orient dépend d’une question centrale.

Un élément essentiel que ce Conseil de sécurité a affirmé et réaffirmé, année après année, décennie après décennie : une solution à deux États, Israël et la Palestine, vivant côte-à-côte dans la paix et la sécurité, avec Jérusalem comme capitale des deux États.

Mr. President,

Today, the promise of a two-State solution is at risk of dwindling to the point of disappearance.

The political commitment to this long-standing goal is farther than it has ever been.

As a result, the rights of both Israelis and Palestinians to live and peace and security have been undermined – and the legitimate national aspirations of the Palestinians have been denied – while they endure Israel’s continued presence that the International Court of Justice has found unlawful.

And since the horrific 7 October terror attacks by Hamas, it has gotten worse on every front.

First, the unrelenting conflict and devastation in Gaza – including the utterly inhumane conditions of life imposed on its people who are repeatedly coming under attack, confined to smaller and smaller spaces, and deprived of lifesaving relief.

In line with international law, the Security Council has rejected any attempt at demographic or territorial change in the Gaza Strip, including any actions that reduce its territory.

Gaza is — and must remain — an integral part of a future Palestinian state.

Second, in the occupied West Bank, including East Jerusalem, Israeli military operations and the use of heavy weaponry in residential areas, forcible displacement, demolitions, movement restrictions, and settlement expansion are dramatically altering demographic and geographic realities.

Palestinians are being contained and coerced. Contained in areas that are subject to increasing military operations and where the Palestinian Authority is under growing pressure – and coerced out of areas where settlements are expanding.

Third, settler violence continues at alarmingly high levels in a climate of impunity, with entire Palestinian communities facing repeated assaults and destruction, sometimes abetted by Israeli soldiers.

Palestinian attacks against Israelis in both Israel and the occupied West Bank also continue.

Mr. President,

The world cannot afford to watch the two-State solution disappear.

Political leaders face clear choices — the choice to be silent, the choice to acquiesce, or the choice to act.

Mr. President,

In Gaza, there is no end in sight to the killing and misery.

The ceasefire had brought a glimmer of hope – the long-sought release of hostages and delivery of lifesaving humanitarian relief.

But those embers of opportunity were cruelly extinguished with the shattering of the ceasefire on 18 March.

Since then, almost 2,000 Palestinians have been killed in Gaza by Israeli strikes and military operations – including women, children, journalists, and humanitarians.

Hamas also continues to fire rockets towards Israel indiscriminately – while the hostages continue to be held in appalling conditions.

The humanitarian situation throughout the Gaza Strip has gone from bad … to worse … to beyond imagination.

For nearly two full months, Israel has blocked food, fuel, medicine and commercial supplies, depriving more than two million people of lifesaving relief.

All while the world watches.

I am alarmed by statements by Israeli government officials about the use of humanitarian aid as a tool for military pressure.

Aid is non-negotiable.

Israel must protect civilians and must agree to relief schemes and facilitate them.

I salute the women and men of the United Nations and all other humanitarian workers – especially our Palestinian colleagues — who continue to work under fire and in incomprehensibly difficult conditions.

And I mourn all of the women and men of the United Nations who were killed – including some with their families.

The entry of assistance must be restored immediately — the safety of UN personnel and humanitarian partners must be guaranteed – and UN agencies must be allowed to work in full respect of humanitarian principles: humanity, impartiality, neutrality and independence.

There must be no hindrance in humanitarian aid – including through the vital work of UNRWA.

We need the immediate and unconditional release of all hostages.

And we need a permanent ceasefire.

It’s time to stop the repeated displacement of the Gaza population – along with any question of forced displacement outside of Gaza.

And the trampling of international law must end.

I call on Member States to use their leverage to ensure that international law is respected and impunity does not prevail.

This includes for the 19 March incident for which Israel has now acknowledged responsibility in firing on a UN guesthouse, killing one colleague and injuring six others … the 23 March killing of paramedics and other rescue workers in Rafah … as well as many other cases.

There must be accountability across the board.

Mr. President,

Advisory proceedings are ongoing at the International Court of Justice on the obligations of Israel, as an occupying Power and a Member of the United Nations, in relation to the presence and activities of the United Nations in and in relation to the Occupied Palestinian Territory.

In February, the United Nations Legal Counsel submitted a written statement to the Court – and yesterday, she made an oral statement before the Court – both of which on my behalf.

The statement to the Court includes points that I have made on a number of occasions.

Specifically, that all parties to conflict must comply with all their obligations under international law, including international human rights law and international humanitarian law.

That Israel, as an occupying Power, is under an obligation to ensure food and medical supplies of the population.

That Israel has an obligation to agree to and facilitate relief schemes in the Occupied Palestinian Territory.

That humanitarian, medical and United Nations personnel must be respected and protected.

And I emphasize the obligation under international law to respect the privileges and immunities of the United Nations and its personnel, including the absolute inviolability of United Nations premises, property and assets – and the immunity from legal process of the United Nations.

Such immunity applies to all UN entities in the Occupied Palestinian Territory – including UNRWA – a subsidiary organ of the General Assembly.
I call on Member States to fully support all of these efforts.

Mr. President,

In this period of turmoil and transition for the region, Member States must spell out how they will realize the commitment and promise of a two-State solution.

This is not a time for ritualistically expressing support, ticking a box, and moving on.

We are past the stage of ticking boxes – the clock is ticking.

The two-State solution is near a point of no return.

The international community has a responsibility to prevent perpetual occupation and violence.

My call to Member States is clear and urgent:

Take irreversible action towards implementing a two-State solution.

Do not let extremists on any side undermine what remains of the peace process.

The High-Level Conference in June, co-chaired by France and the Kingdom of Saudi Arabia, is an important opportunity to revitalize international support.

I encourage Member States to go beyond affirmations, and to think creatively about the concrete steps they will take to support a viable two-State solution before it is too late.

At the same time, the Palestinian Authority needs stepped-up and sustained support – politically and financially. This is crucial to ensure the continued viability of Palestinian institutions, consolidate ongoing reforms, and enable the PA to resume its full responsibilities in Gaza.

Mr. President,

At this hinge point of history for the people of the Middle East – and on this issue on which so much hinges – leaders must stand and deliver.

Show the political courage and exercise the political will to make good on this central question for peace for Palestinians, Israelis, the region and humanity.

Thank you.

***
[all-English]

Mr. President, Excellencies,

I thank the French presidency for convening this ministerial-level meeting on the Middle East, including the Palestinian question.

The region is undergoing fundamental shifts, marked by violence and volatility but also opportunity and potential.

In Lebanon, the ceasefire and territorial integrity must be respected and all commitments implemented.

In Syria, we must keep working to support the country’s path towards a political transition that is inclusive of all segments of the Syrian population – one that ensures accountability, fosters national healing, and lays the foundation for Syria’s long-term recovery and further integration into the international community.

This includes the situation in the occupied Syrian Golan — which remains precarious with significant violations of the 1974 Disengagement of Forces Agreement, with the continued presence of the Israel Defense Forces into the area of separation and their several strikes targeting locations across the ceasefire line.

Across the Middle East, people demand and deserve a better future, not endless conflict and suffering.

We must collectively work to ensure that this turbulent and transitional period meets those aspirations — and delivers justice, dignity, rights, security and lasting peace.

It starts by recognizing two fundamental facts:

First, that the region is at a hinge-point in history.

And, second, that truly sustainable Middle East peace hinges on one central question.

On a core issue that this Security Council has affirmed and re-affirmed decade after decade, year after year: a two-state solution, Israel and Palestine, living side-by-side in peace and security, with Jerusalem as the capital of both states.

Mr. President,

Today, the promise of a two-State solution is at risk of dwindling to the point of disappearance.

The political commitment to this long-standing goal is farther than it has ever been.

As a result, the rights of both Israelis and Palestinians to live and peace and security have been undermined – and the legitimate national aspirations of the Palestinians have been denied – while they endure Israel’s continued presence that the International Court of Justice has found unlawful.

And since the horrific 7 October terror attacks by Hamas, it has gotten worse on every front.

First, the unrelenting conflict and devastation in Gaza – including the utterly inhumane conditions of life imposed on its people who are repeatedly coming under attack, confined to smaller and smaller spaces, and deprived of lifesaving relief.

In line with international law, the Security Council has rejected any attempt at demographic or territorial change in the Gaza Strip, including any actions that reduce its territory.

Gaza is — and must remain — an integral part of a future Palestinian state.

Second, in the occupied West Bank, including East Jerusalem, Israeli military operations and the use of heavy weaponry in residential areas, forcible displacement, demolitions, movement restrictions, and settlement expansion are dramatically altering demographic and geographic realities.

Palestinians are being contained and coerced. Contained in areas that are subject to increasing military operations and where the Palestinian Authority is under growing pressure – and coerced out of areas where settlements are expanding.

Third, settler violence continues at alarmingly high levels in a climate of impunity, with entire Palestinian communities facing repeated assaults and destruction, sometimes abetted by Israeli soldiers.

Palestinian attacks against Israelis in both Israel and the occupied West Bank also continue.

Mr. President,

The world cannot afford to watch the two-State solution disappear.

Political leaders face clear choices — the choice to be silent, the choice to acquiesce, or the choice to act.

Mr. President,

In Gaza, there is no end in sight to the killing and misery.

The ceasefire had brought a glimmer of hope – the long-sought release of hostages and delivery of lifesaving humanitarian relief.

But those embers of opportunity were cruelly extinguished with the shattering of the ceasefire on 18 March.

Since then, almost 2,000 Palestinians have been killed in Gaza by Israeli strikes and military operations – including women, children, journalists, and humanitarians.

Hamas also continues to fire rockets towards Israel indiscriminately – while the hostages continue to be held in appalling conditions.

The humanitarian situation throughout the Gaza Strip has gone from bad … to worse … to beyond imagination.

For nearly two full months, Israel has blocked food, fuel, medicine and commercial supplies, depriving more than two million people of lifesaving relief.

All while the world watches.

I am alarmed by statements by Israeli government officials about the use of humanitarian aid as a tool for military pressure.

Aid is non-negotiable.

Israel must protect civilians and must agree to relief schemes and facilitate them.

I salute the women and men of the United Nations and all other humanitarian workers – especially our Palestinian colleagues — who continue to work under fire and in incomprehensibly difficult conditions.

And I mourn all of the women and men of the United Nations who were killed – including some with their families.

The entry of assistance must be restored immediately — the safety of UN personnel and humanitarian partners must be guaranteed – and UN agencies must be allowed to work in full respect of humanitarian principles: humanity, impartiality, neutrality and independence.

There must be no hindrance in humanitarian aid – including through the vital work of UNRWA.

We need the immediate and unconditional release of all hostages.

And we need a permanent ceasefire.

It’s time to stop the repeated displacement of the Gaza population – along with any question of forced displacement outside of Gaza.

And the trampling of international law must end.

I call on Member States to use their leverage to ensure that international law is respected and impunity does not prevail.

This includes for the 19 March incident for which Israel has now acknowledged responsibility in firing on a UN guesthouse, killing one colleague and injuring six others … the 23 March killing of paramedics and other rescue workers in Rafah … as well as many other cases.

There must be accountability across the board.

Mr. President,

Advisory proceedings are ongoing at the International Court of Justice on the obligations of Israel, as an occupying Power and a Member of the United Nations, in relation to the presence and activities of the United Nations in and in relation to the Occupied Palestinian Territory.

In February, the United Nations Legal Counsel submitted a written statement to the Court – and yesterday, she made an oral statement before the Court – both of which on my behalf.

The statement to the Court includes points that I have made on a number of occasions.

Specifically, that all parties to conflict must comply with all their obligations under international law, including international human rights law and international humanitarian law.

That Israel, as an occupying Power, is under an obligation to ensure food and medical supplies of the population.

That Israel has an obligation to agree to and facilitate relief schemes in the Occupied Palestinian Territory.

That humanitarian, medical and United Nations personnel must be respected and protected.

And I emphasize the obligation under international law to respect the privileges and immunities of the United Nations and its personnel, including the absolute inviolability of United Nations premises, property and assets – and the immunity from legal process of the United Nations.

Such immunity applies to all UN entities in the Occupied Palestinian Territory – including UNRWA – a subsidiary organ of the General Assembly.

I call on Member States to fully support all of these efforts.

Mr. President,

In this period of turmoil and transition for the region, Member States must spell out how they will realize the commitment and promise of a two-State solution.

This is not a time for ritualistically expressing support, ticking a box, and moving on.

We are past the stage of ticking boxes – the clock is ticking.

The two-State solution is near a point of no return.

The international community has a responsibility to prevent perpetual occupation and violence.

My call to Member States is clear and urgent:

Take irreversible action towards implementing a two-State solution.

Do not let extremists on any side undermine what remains of the peace process.

The High-Level Conference in June, co-chaired by France and the Kingdom of Saudi Arabia, is an important opportunity to revitalize international support.

I encourage Member States to go beyond affirmations, and to think creatively about the concrete steps they will take to support a viable two-State solution before it is too late.

At the same time, the Palestinian Authority needs stepped-up and sustained support – politically and financially. This is crucial to ensure the continued viability of Palestinian institutions, consolidate ongoing reforms, and enable the PA to resume its full responsibilities in Gaza.

Mr. President,

At this hinge point of history for the people of the Middle East – and on this issue on which so much hinges – leaders must stand and deliver.

Show the political courage and exercise the political will to make good on this central question for peace for Palestinians, Israelis, the region and humanity.

Thank you.

***
[all-French]

Monsieur le Président, Excellences,

Je remercie la présidence française d’organiser cette réunion au niveau ministériel sur le Moyen-Orient, y compris la question palestinienne.

La région traverse des bouleversements fondamentaux, marqués par la violence et la volatilité, mais également porteurs d’opportunités et de potentiel.

Au Liban, le cessez-le-feu et l’intégrité territoriale doivent être respectés et tous les engagements doivent être mis en œuvre.

En Syrie, nous devons poursuivre nos efforts pour accompagner le pays sur la voie d’une transition politique inclusive de toutes les composantes de la population syrienne – une transition qui garantisse la reddition de comptes, favorise la réconciliation nationale, et jette les bases du redressement à long terme de la Syrie ainsi que de son intégration future au sein de la communauté internationale.

Cela inclut la situation dans le Golan syrien occupé, qui demeure précaire en raison de violations majeures de l’Accord de désengagement des forces de 1974 – notamment la présence continue des Forces de défense israéliennes dans la zone de séparation, ainsi que leurs multiples frappes contre des sites au-delà de la ligne de cessez-le-feu.

À travers le Moyen-Orient, les populations réclament et méritent un avenir meilleur – et non des conflits et des souffrances sans fin.

Nous devons agir ensemble pour faire en sorte que cette période de turbulences et de transition réponde à ces aspirations – et qu’elle apporte justice, dignité, droits, sécurité, et une paix durable.

Cela commence par la reconnaissance de deux faits fondamentaux :

Premièrement, la région se trouve à un moment charnière de son histoire.
Et, deuxièmement, que toute paix vraiment durable au Moyen-Orient dépend d’une question centrale.

Un élément essentiel que ce Conseil de sécurité a affirmé et réaffirmé, année après année, décennie après décennie : une solution à deux États, Israël et la Palestine, vivant côte-à-côte dans la paix et la sécurité, avec Jérusalem comme capitale des deux États.

Monsieur le Président,

Aujourd’hui, la promesse de la solution des deux États court le risque de s’effilocher au point de disparaître.

L’engagement politique en faveur de cet objectif de longue date n’a jamais été aussi ténu.

De ce fait, les droits des Israéliens et des Palestiniens de vivre en paix et sécurité ont été mis à mal – et les aspirations nationales légitimes des Palestiniens ont été niées – alors qu’ils continuent de subir une présence israélienne que la Cour internationale de justice a jugée illicite.

Depuis les effroyables attaques terroristes perpétrées par le Hamas le 7 octobre, la situation s’est aggravée sur tous les fronts.

Premièrement, avec le conflit incessant et la dévastation que subit la bande de Gaza : les conditions de vie sont absolument inhumaines, les habitants sont la cible d’attaques à répétition et sont confinés dans des espaces de plus en plus réduits et privés d’une aide vitale.

S’appuyant sur le droit international, le Conseil de sécurité a rejeté toute tentative de changement démographique ou territorial dans la bande de Gaza, y compris tout acte visant à réduire le territoire.

Gaza fait partie intégrante d’un futur État palestinien et doit le rester.

Deuxièmement, en Cisjordanie occupée, y compris Jérusalem-Est, les opérations militaires israéliennes et l’emploi d’armes lourdes dans des zones résidentielles, les déplacements forcés, les démolitions, les restrictions de circulation et l’expansion des colonies transforment radicalement les réalités démographiques et géographiques.

Les Palestiniens sont cantonnés dans certains endroits et contraints d’en quitter d’autres. Ils sont cantonnés dans des zones où les opérations militaires se multiplient et où l’Autorité palestinienne est soumise à des pressions croissantes, et contraints de quitter les zones où les colons étendent leur emprise.

Troisièmement, la violence exercée par les colons se poursuit dans un climat d’impunité, parfois avec la complicité de soldats israéliens, et atteint des niveaux alarmants : des communautés palestiniennes tout entières sont agressées et victimes de destructions à répétition.

Les attaques menées par des Palestiniens contre des Israéliens en Israël et en Cisjordanie occupée se poursuivent également.

Monsieur le Président,

Le monde ne peut pas se permettre de voir la solution des deux États s’évanouir.

Les dirigeants politiques ont le choix : se taire, acquiescer ou agir.

Monsieur le Président,

À Gaza, rien ne laisse entrevoir la fin de la tuerie et des souffrances.

Le cessez-le-feu avait apporté une lueur d’espoir : la libération des otages, tant attendue, et l’acheminement d’une aide humanitaire vitale.
Hélas, cette lueur d’espoir s’est éteinte avec la rupture du cessez-le-feu le 18 mars.

Depuis, les frappes et les opérations militaires israéliennes ont fait près de 2000 morts parmi les Palestiniens dans la bande de Gaza, y compris des femmes, des enfants, des journalistes et du personnel humanitaire.

Le Hamas continue également de tirer des roquettes sur Israël sans discernement – tandis que les otages sont toujours détenus dans des conditions épouvantables.

Déjà mauvaise, la situation humanitaire dans la bande de Gaza n’a fait qu’empirer et dépasse aujourd’hui l’entendement.

Depuis près de deux mois, Israël bloque les livraisons de nourriture, de carburant, de médicaments et de marchandises, privant ainsi plus de deux millions de personnes d’une aide vitale.

Et ce, au vu et au su du monde entier.

Je suis alarmé par les déclarations de représentants d’Israël concernant l’utilisation de l’aide humanitaire comme moyen de pression militaire.

L’aide humanitaire n’est pas négociable.

Israël est tenu de protéger les civils ; il doit accepter les programmes d’aide et en faciliter l’exécution.

Je rends hommage au personnel des Nations Unies, femmes et hommes, ainsi qu’à tous les autres agents humanitaires, en particulier à nos collègues palestiniens, qui continuent à travailler malgré les frappes et dans des conditions inouïes.

Et je pleure toutes les femmes et tous les hommes des Nations Unies qui ont été tués – y compris certains avec leurs familles.

L’acheminement de l’aide doit être rétabli immédiatement, la sécurité du personnel des Nations Unies et des partenaires humanitaires doit être garantie et les entités des Nations Unies doivent pouvoir travailler dans le plein respect des principes humanitaires : humanité, impartialité, neutralité et indépendance.

Il ne doit y avoir aucune entrave à l’aide humanitaire, notamment au travail vital que fait l’UNRWA.

Il faut que tous les otages soient libérés immédiatement et sans conditions.

Et il faut un cessez-le-feu permanent.

Il est temps de mettre un terme aux déplacements répétés de la population de Gaza, ainsi qu’à la question des déplacements forcés en dehors de Gaza.

Et il faut cesser de bafouer le droit international.

J’engage tous les États Membres à user de leur influence pour que le droit international soit respecté et que l’impunité ne l’emporte pas.

Je veux parler notamment de la frappe du 19 mars contre une résidence des Nations Unies, qui a fait un mort et six blessés parmi nos collègues et pour laquelle Israël a désormais reconnu sa responsabilité … de l’attaque du 23 mars, dans laquelle du personnel paramédical et d’autres secouristes ont trouvé la mort à Rafah … et de bien d’autres encore.

Aucun acte ne saurait rester impuni.

Monsieur le Président,

Une procédure consultative a été engagée à la Cour internationale de Justice sur les obligations d’Israël, Puissance occupante et membre de l’ONU, en ce qui concerne la présence et les activités des entités des Nations Unies dans le Territoire palestinien occupé et en lien avec celui-ci.

En février, la Conseillère juridique de l’ONU a soumis en mon nom une déclaration écrite à la Cour, et hier, elle a fait une déclaration orale devant la Cour, également en mon nom.

Cette déclaration reprend des points que j’ai soulevés à plusieurs reprises.

En particulier, le fait que toutes les parties au conflit sont tenues de s’acquitter des obligations que leur impose le droit international, y compris le droit international humanitaire et le droit international des droits humains.

Qu’Israël, Puissance occupante, est tenu d’assurer l’approvisionnement de la population en produits alimentaires et fournitures médicales.

Qu’il est tenu d’accepter les programmes d’aide et d’en faciliter l’exécution dans le Territoire palestinien occupé.

Que le personnel humanitaire et médical, ainsi que le personnel des Nations Unies, doit être respecté et protégé.

Je tiens à insister sur l’obligation faite en droit international de respecter les privilèges et immunités des Nations Unies et de leur personnel, y compris l’inviolabilité absolue des locaux, des biens et des avoirs des Nations Unies, ainsi que l’immunité de juridiction des Nations Unies.

Cette immunité s’applique à toutes les entités des Nations Unies dans le Territoire palestinien occupé, y compris l’UNRWA, organe subsidiaire de l’Assemblée générale.

J’engage les États Membres à soutenir tous ces efforts.

Monsieur le Président,

En cette période de tourmente et de transition pour la région, les États Membres doivent énoncer clairement comment ils concrétiseront l’engagement qu’ils ont pris et la promesse qu’ils ont faite quant à la solution des deux États.

Ce n’est pas le moment d’exprimer rituellement son soutien, de cocher une case et de passer à autre chose.

Nous avons dépassé le stade des cases à cocher : le temps presse.

Pour la solution des deux États, le glas a presque sonné.

La communauté internationale a la responsabilité d’empêcher l’occupation et la violence perpétuelles.

L’appel que je leur lance est urgent et sans équivoque :

Prenez des mesures irréversibles pour concrétiser la solution des deux États.

Ne laissez pas les extrémistes de tout bord saper ce qu’il reste du processus de paix.

La Conférence de haut niveau qui se tiendra en juin, co-présidée par la France et le Royaume d’Arabie saoudite, est une véritable occasion de revitaliser le soutien international.

J’encourage les États membres à aller au-delà des affirmations et à réfléchir de manière créative aux mesures concrètes qu’ils prendront pour soutenir une solution viable à deux États avant qu’il ne soit trop tard.

J’encourage les États Membres à traduire les paroles en actes et à réfléchir de manière créative pour déterminer les mesures concrètes qu’ils prendront pour soutenir une solution viable de deux États – avant qu’il ne soit trop tard.

Parallèlement, l’Autorité palestinienne a besoin d’un soutien accru et durable, tant sur le plan politique que financièrement parlant. C’est une condition essentielle pour garantir la viabilité des institutions palestiniennes, asseoir les réformes engagées et permettre à l’Autorité palestinienne d’exercer de nouveau toutes ses responsabilités dans la bande de Gaza.

Monsieur le Président,

À ce moment charnière de l’histoire pour les peuples du Moyen-Orient – et vis-à-vis de cette question dont dépendent tant de choses – les dirigeants doivent concrétiser leur promesse.

Faites preuve de courage et de volonté politiques, tenez vos engagements vis-à-vis de cette question centrale pour la paix : pour les Palestiniens, les Israéliens, la région et l’humanité tout entière.

Je vous remercie.

MIL OSI Africa –

April 30, 2025
MIL-OSI Africa: Secretary-General’s remarks at the 2025 ECOSOC Forum on Financing for Development [Bilingual, as delivered; scroll down for All-English and All-French versions]

Source: United Nations – English

r. President of the General Assembly, Mr. President of ECOSOC,

Excellencies, ladies and gentlemen,

This year’s ECOSOC Forum comes at a pivotal time.

We are in the final stretch of preparations for the Fourth International Conference on Financing for Development in Sevilla.

And we face some harsh truths.

The harsh truth of donors pulling the plug on aid commitments and delivery at historic speed and scale.

The harsh truth of trade barriers being erected at a dizzying pace.

The harsh truth that the Sustainable Development Goals are dramatically off track, exacerbated by an annual financing gap of an estimated $4 trillion.

And the harsh truth of prohibitively high borrowing costs that are draining away public investments in everything from education and health systems, to social protection, infrastructure and the energy transition.

But there’s another, much larger — and more dangerous — truth underlying all these challenges:
The harsh truth that global collaboration is being actively questioned.

Look no further than trade wars.

Trade — fair trade — is a prime example of the benefits of international cooperation.

And trade barriers are a clear and present danger to the global economy and sustainable development – as demonstrated in recent sharply lower forecasts by the International Monetary Fund, UNCTAD, the World Trade Organization and many others.

In a trade war, everybody loses — especially the most vulnerable countries and people, who are hit the hardest.

Excellencies,

Against this turbulent background, we cannot let our financing for development ambitions get swept away.

With just five years to reach the Sustainable Development Goals, we need to shift into overdrive.

That includes making good on the commitments countries made in the Pact for the Future in September:

From an SDG stimulus to help countries invest in their people…

To vital and long-awaited reforms to the global financial architecture…

To the Pact’s clear commitments to open, fair and rules-based trade…

To its call for an analysis of the impact of military expenditures on the achievement of the SDGs, with a final report out by September…

To the Pact’s urging for an ambitious outcome to July’s Conference on Financing for Development.

As you continue negotiations on the draft outcome document for Sevilla, I push for action in three key areas.

First — on debt.

When applied smartly and fairly, debt can be an ally of development.

Instead, it has become a villain.

In many developing countries, gains are getting crushed under the weight of debt service, siphoning away investments in education, health and infrastructure.

And the problem is getting worse.

Debt service for developing economies has soared past $1.4 trillion a year.

Debt service now exceeds 10 per cent of government revenue in more than 50 developing countries — and more than 20 per cent in 17 countries — a clear warning sign of default.

The Sevilla Conference should emerge with a commitment by Member States to lower the cost of borrowing, improve debt restructuring, and prevent crises from taking hold.

This includes establishing a dedicated facility to help developing countries manage their liabilities and enhance liquidity in times of crisis.

The G20 must also continue its work to speed up the Common Framework for Debt Treatments and expand support for countries that are currently ineligible — including middle-income countries in difficulties.

And credit ratings agencies need to rethink ratings methodologies that drive up borrowing costs for developing countries.

At the same time, the IMF and World Bank should push forward on reforming debt assessments to account for sustainable development investments and climate risks.

These proposals and the many others contained in the draft outcome document provide an ambitious roadmap to help developing countries use debt in a constructive and sustainable way.

Second — we need to unlock the full potential of our international financial institutions.

If finance is the fuel of development, Multilateral Development Banks are its engine.

And this engine needs revving up.

We will keep pushing to triple the lending capacity of Multilateral Development Banks, making them bigger and bolder, as called for in the draft outcome document.

This includes recapitalization, stretching their balance sheets and substantially increasing their capacity to mobilize private finance at reasonable costs for developing countries.

We must ensure that concessional finance is deployed where it is most needed.

And we need to see that developing countries are represented fairly — and have a voice — in the governance of these institutions they depend on.

Troisièmement, nous devons prendre des mesures concrètes pour augmenter tous les flux de financement.

Oui, les temps sont durs.

Mais c’est d’autant plus dans les périodes difficiles qu’un investissement responsable et durable s’impose.

Au niveau national, les gouvernements doivent mobiliser davantage de ressources internes et les diriger vers des systèmes essentiels tels que l’éducation, la santé et les infrastructures…

Ils doivent collaborer avec des partenaires privés pour multiplier les options de financement mixte…

Et intensifier la lutte contre la corruption et les flux financiers illicites.

Au niveau mondial, nous devons poursuivre nos efforts en vue d’établir un régime fiscal mondial inclusif et efficace, et veiller à ce que les règles fiscales internationales soient effectivement et équitablement appliquées.

Les donateurs doivent tenir leurs promesses en matière d’aide publique au développement et s’assurer que ces précieuses ressources parviennent aux pays en développement.

Pour notre part, nous donnerons aux équipes de pays des Nations Unies tous les moyens pour collaborer avec les gouvernements hôtes, afin qu’un maximum de ressources soit affecté au développement durable aux niveaux national et régional.

Et nous saisirons toutes les occasions, y compris la COP30 au Brésil, pour demander aux dirigeants de trouver des sources innovantes de financement de l’action climatique dans les pays en développement – afin de mobiliser 1 300 milliards de dollars par an d’ici à 2035.

Tout cela exige des efforts particuliers en terme de sources innovantes de financement.

Excellences,

À bien des égards, l’avenir du système multilatéral dépend du financement du développement.

Il en va de notre conviction que le règlement des problèmes mondiaux – tels que la pauvreté, la faim et la crise climatique – demande des solutions mondiales.

Tirons le meilleur parti de ce moment charnière, alors que nous nous préparons pour la conférence de Séville.

Maintenons nos ambitions à la hauteur des enjeux, et agissons pour les populations et pour la planète.

Et je vous remercie.

***
[All-English]

Mr. President of the General Assembly, Mr. President of ECOSOC,

Excellencies, ladies and gentlemen,

This year’s ECOSOC Forum comes at a pivotal time.

We are in the final stretch of preparations for the Fourth International Conference on Financing for Development in Sevilla.

And we face some harsh truths.

The harsh truth of donors pulling the plug on aid commitments and delivery at historic speed and scale.

The harsh truth of trade barriers being erected at a dizzying pace.

The harsh truth that the Sustainable Development Goals are dramatically off track, exacerbated by an annual financing gap of an estimated $4 trillion.

And the harsh truth of prohibitively high borrowing costs that are draining away public investments in everything from education and health systems, to social protection, infrastructure and the energy transition.

But there’s another, much larger — and more dangerous — truth underlying all these challenges:

The harsh truth that global collaboration is being actively questioned.

Look no further than trade wars.

Trade — fair trade — is a prime example of the benefits of international cooperation.

And trade barriers are a clear and present danger to the global economy and sustainable development – as demonstrated in recent sharply lower forecasts by the International Monetary Fund, UNCTAD, the World Trade Organization and many others.

In a trade war, everybody loses — especially the most vulnerable countries and people, who are hit the hardest.

Excellencies,

Against this turbulent background, we cannot let our financing for development ambitions get swept away.

With just five years to reach the Sustainable Development Goals, we need to shift into overdrive.

That includes making good on the commitments countries made in the Pact for the Future in September:

From an SDG stimulus to help countries invest in their people…

To vital and long-awaited reforms to the global financial architecture…

To the Pact’s clear commitments to open, fair and rules-based trade…

To its call for an analysis of the impact of military expenditures on the achievement of the SDGs, with a final report out by September…

To the Pact’s urging for an ambitious outcome to July’s Conference on Financing for Development.

As you continue negotiations on the draft outcome document for Sevilla, I push for action in three key areas.

First — on debt.

When applied smartly and fairly, debt can be an ally of development.

Instead, it has become a villain.

In many developing countries, gains are getting crushed under the weight of debt service, siphoning away investments in education, health and infrastructure.

And the problem is getting worse.

Debt service for developing economies has soared past $1.4 trillion a year.

Debt service now exceeds 10 per cent of government revenue in more than 50 developing countries — and more than 20 per cent in 17 countries — a clear warning sign of default.

The Sevilla Conference should emerge with a commitment by Member States to lower the cost of borrowing, improve debt restructuring, and prevent crises from taking hold.

This includes establishing a dedicated facility to help developing countries manage their liabilities and enhance liquidity in times of crisis.

The G20 must also continue its work to speed up the Common Framework for Debt Treatments and expand support for countries that are currently ineligible — including middle-income countries in difficulties.

And credit ratings agencies need to rethink ratings methodologies that drive up borrowing costs for developing countries.

At the same time, the IMF and World Bank should push forward on reforming debt assessments to account for sustainable development investments and climate risks.

These proposals and the many others contained in the draft outcome document provide an ambitious roadmap to help developing countries use debt in a constructive and sustainable way.

Second — we need to unlock the full potential of our international financial institutions.

If finance is the fuel of development, Multilateral Development Banks are its engine.

And this engine needs revving up.

We will keep pushing to triple the lending capacity of Multilateral Development Banks, making them bigger and bolder, as called for in the draft outcome document.

This includes recapitalization, stretching their balance sheets and substantially increasing their capacity to mobilize private finance at reasonable costs for developing countries.

We must ensure that concessional finance is deployed where it is most needed.

And we need to see that developing countries are represented fairly — and have a voice — in the governance of these institutions they depend on.

And third — we need concrete action to increase all streams of finance.

Yes, these are tough times.

But it is in difficult periods that the imperative for responsible, sustainable investment is even more critical.

At the country level, governments need to strengthen the mobilization of domestic resources and channel them towards critical systems like education, health and infrastructure…

To work with private sector partners to increase blended finance options…

And to scale-up the fight against corruption and illicit financial flows.

At the global level, we must keep working to shape an inclusive and effective global tax regime, and ensure that international taxation rules are applied fairly and effectively.

Donors must keep their promises on official development assistance, and ensure those precious resources reach developing countries.

For our part, we will fully deploy our UN Country Teams to work with host governments to channel the maximum amount of resources towards sustainable development at the national and regional levels.

And we will use every opportunity — including COP30 in Brazil — to call on leaders to identify innovative sources of climate finance for developing countries leading to the mobilization of $1.3 trillion annually by 2035.

All this requires a focus on innovative sources of finance.

Excellencies,

In many ways, financing for development is integral to the future of the multilateral system.

It’s about our conviction in the power of global solutions to global problems like poverty, hunger and the climate crisis.

Let’s make the most of this critical moment as we prepare for Sevilla.

Let’s keep our ambitions high and deliver for people and planet.

And I thank you.

***
[All-French]

Monsieur le Président de l’Assemblée générale, Monsieur le Président de l’ECOSOC,

Excellences, Mesdames et Messieurs,

Le Forum du Conseil économique et social de cette année tombe à un moment charnière.

Les préparatifs de la quatrième Conférence internationale sur le financement du développement, qui se tiendra à Séville, entrent dans leur dernière ligne droite.

Parallèlement, nous nous heurtons à de dures réalités :

Des donateurs qui reviennent sur leurs engagements et renoncent à verser l’aide promise à une vitesse et à une ampleur sans précédent ;

Des barrières commerciales qui sont érigées à un rythme effréné ;

Des objectifs de développement durable qui sont encore bien loin d’être atteints et qui pâtissent d’un déficit de financement annuel estimé à 4 000 milliards de dollars ;

Ou encore des coûts d’emprunt prohibitifs qui tarissent les investissements publics dans tous les domaines, de l’éducation et des systèmes de santé à la protection sociale, en passant par les infrastructures et la transition énergétique.

Mais il y a une autre réalité – bien plus importante et bien plus dangereuse – qui est à la base de tous ces problèmes.

Cette réalité, c’est la remise en question de la collaboration internationale.

Inutile de chercher un exemple bien loin : prenons les guerres commerciales.

Le commerce – un commerce équitable – illustre parfaitement les avantages de la coopération internationale.

Les barrières commerciales constituent un danger réel et immédiat pour l’économie mondiale et le développement durable – comme le montrent les récentes prévisions en forte baisse du Fonds monétaire international, de la CNUCED, de l’Organisation mondiale du commerce et de bien d’autres organismes.

L’Organisation mondiale du commerce prévoit déjà que le commerce international de marchandises se contractera de 0,2 % cette année – un revirement brutal par rapport à la hausse de 2,9 % enregistrée l’année dernière.

Dans une guerre commerciale, tout le monde est perdant, en particulier les pays et les populations les plus vulnérables, qui sont les plus durement touchés.

Excellences,

Dans ce contexte mouvementé, nous ne pouvons laisser s’envoler nos ambitions en matière de financement du développement.

Il ne reste que cinq ans pour atteindre les objectifs de développement durable ; il nous faut donc passer à la vitesse supérieure.

Il faut notamment honorer les engagements pris par les pays dans le cadre du Pacte pour l’avenir en septembre :

Du plan de relance des objectifs de développement durable, qui vise à aider les pays à investir dans leurs populations…

Aux réformes vitales et longuement attendues de l’architecture financière mondiale…

Aux engagements clairs pris dans le Pacte en faveur d’un commerce ouvert, équitable et régi par des règles…

À l’analyse qui y est préconisée de l’impact des dépenses militaires sur la réalisation des objectifs de développement durable, qui fera l’objet d’un rapport final publié d’ici à septembre…

Et au résultat ambitieux qui y est fixé pour la Conférence internationale sur le financement du développement de juillet.

Alors que les négociations sur le projet de document final de Séville se poursuivent, j’insiste pour que des mesures soient prises dans trois domaines clés.

Premièrement, la dette.

Lorsqu’elle est exploitée de manière intelligente et équitable, la dette peut être une alliée du développement.

Or, elle est devenue une ennemie.

Dans bon nombre de pays en développement, les acquis obtenus dans le domaine du développement croulent sous le poids du service de la dette, qui ponctionne les investissements dans l’éducation, la santé et les infrastructures.

Et le problème ne fait qu’empirer.

Le service de la dette des économies en développement s’est envolé à plus de 1 400 milliards de dollars par an.

Il dépasse aujourd’hui de 10 % les recettes publiques dans plus de 50 pays en développement – et plus de 20 % dans 17 pays – un signe évident de défaillance.

À l’issue de la conférence de Séville, les États Membres devraient s’engager à réduire le coût des emprunts, à mieux restructurer la dette et à empêcher les crises de perdurer.

Pour ce faire, il faudra notamment mettre en place un dispositif pour aider les pays en développement à gérer leurs dettes et à améliorer leur situation de trésorerie en temps de crise.

Le G20 doit également poursuivre ses travaux afin d’accélérer la mise en œuvre du Cadre commun pour le traitement de la dette et d’apporter un plus grand appui aux pays qui ne remplissent pas les conditions requises pour bénéficier de l’Initiative de suspension du service de la dette, notamment les pays à revenu intermédiaire.

En outre, les agences de notation doivent revoir leurs méthodes, qui font grimper les coûts d’emprunt pour les pays en développement.

Dans le même temps, le FMI et la Banque mondiale devraient faire avancer la réforme de l’évaluation de la dette de sorte que les investissements dans le développement durable et les risques climatiques soient pris en compte.

Ces propositions, comme les nombreuses autres propositions faites dans le projet de document final, constituent un plan d’action ambitieux devant aider les pays en développement à utiliser la dette de manière constructive et durable.

Deuxièmement, nos institutions financières internationales doivent pouvoir exploiter tout leur potentiel.

Si le financement est le carburant du développement, les banques multilatérales de développement en sont le moteur.

Et ce moteur doit être rendu plus performant.

Nous continuerons à faire pression pour tripler la capacité de prêt des banques multilatérales de développement, en les agrandissant et en les rendant plus audacieuses, comme le prévoit le projet de document final.

Il s’agit notamment d’augmenter leur capital, d’étendre leurs bilans et d’accroître considérablement leur capacité à mobiliser des financements privés à des coûts raisonnables pour les pays en développement.

Il faudra également veiller à ce que des financements à des conditions favorables soient accordés là où ils sont le plus nécessaires.

Et il faudra que les pays en développement soient représentés équitablement – et aient voix au chapitre – dans la gouvernance de ces institutions, dont ils dépendent.

Troisièmement, nous devons prendre des mesures concrètes pour augmenter tous les flux de financement.

Oui, les temps sont durs.

Mais c’est d’autant plus dans les périodes difficiles qu’un investissement responsable et durable s’impose.

Au niveau national, les gouvernements doivent mobiliser davantage de ressources internes et les diriger vers des systèmes essentiels tels que l’éducation, la santé et les infrastructures…

Ils doivent collaborer avec des partenaires privés pour multiplier les options de financement mixte…

Et intensifier la lutte contre la corruption et les flux financiers illicites.

Au niveau mondial, nous devons poursuivre nos efforts en vue d’établir un régime fiscal mondial inclusif et efficace, et veiller à ce que les règles fiscales internationales soient effectivement et équitablement appliquées.
Les donateurs doivent tenir leurs promesses en matière d’aide publique au développement et s’assurer que ces précieuses ressources parviennent aux pays en développement.

Pour notre part, nous donnerons aux équipes de pays des Nations Unies tous les moyens pour collaborer avec les gouvernements hôtes, afin qu’un maximum de ressources soit affecté au développement durable aux niveaux national et régional.

Et nous saisirons toutes les occasions, y compris la COP30 au Brésil, pour demander aux dirigeants de trouver des sources innovantes de financement de l’action climatique dans les pays en développement – afin de mobiliser 1 300 milliards de dollars par an d’ici à 2035.

Tout cela exige des efforts particuliers en terme de sources innovantes de financement.

Excellences,

À bien des égards, l’avenir du système multilatéral dépend du financement du développement.

Il en va de notre conviction que le règlement des problèmes mondiaux – tels que la pauvreté, la faim et la crise climatique – demande des solutions mondiales.

Tirons le meilleur parti de ce moment charnière, alors que nous nous préparons pour la conférence de Séville.

Maintenons nos ambitions à la hauteur des enjeux, et agissons pour les populations et pour la planète.

Et je vous remercie.

MIL OSI Africa –

April 30, 2025
MIL-OSI United Nations: Secretary-General’s remarks at the 2025 ECOSOC Forum on Financing for Development [Bilingual, as delivered; scroll down for All-English and All-French versions]

Source: United Nations

Mr. President of the General Assembly, Mr. President of ECOSOC,

Excellencies, ladies and gentlemen,

This year’s ECOSOC Forum comes at a pivotal time.

We are in the final stretch of preparations for the Fourth International Conference on Financing for Development in Sevilla.

And we face some harsh truths.

The harsh truth of donors pulling the plug on aid commitments and delivery at historic speed and scale.

The harsh truth of trade barriers being erected at a dizzying pace.

The harsh truth that the Sustainable Development Goals are dramatically off track, exacerbated by an annual financing gap of an estimated $4 trillion.

And the harsh truth of prohibitively high borrowing costs that are draining away public investments in everything from education and health systems, to social protection, infrastructure and the energy transition.

But there’s another, much larger — and more dangerous — truth underlying all these challenges:
The harsh truth that global collaboration is being actively questioned.

Look no further than trade wars.

Trade — fair trade — is a prime example of the benefits of international cooperation.

And trade barriers are a clear and present danger to the global economy and sustainable development – as demonstrated in recent sharply lower forecasts by the International Monetary Fund, UNCTAD, the World Trade Organization and many others.

In a trade war, everybody loses — especially the most vulnerable countries and people, who are hit the hardest.

Excellencies,

Against this turbulent background, we cannot let our financing for development ambitions get swept away.

With just five years to reach the Sustainable Development Goals, we need to shift into overdrive.

That includes making good on the commitments countries made in the Pact for the Future in September:

From an SDG stimulus to help countries invest in their people…

To vital and long-awaited reforms to the global financial architecture…

To the Pact’s clear commitments to open, fair and rules-based trade…

To its call for an analysis of the impact of military expenditures on the achievement of the SDGs, with a final report out by September…

To the Pact’s urging for an ambitious outcome to July’s Conference on Financing for Development.

As you continue negotiations on the draft outcome document for Sevilla, I push for action in three key areas.

First — on debt.

When applied smartly and fairly, debt can be an ally of development.

Instead, it has become a villain.

In many developing countries, gains are getting crushed under the weight of debt service, siphoning away investments in education, health and infrastructure.

And the problem is getting worse.

Debt service for developing economies has soared past $1.4 trillion a year.

Debt service now exceeds 10 per cent of government revenue in more than 50 developing countries — and more than 20 per cent in 17 countries — a clear warning sign of default.

The Sevilla Conference should emerge with a commitment by Member States to lower the cost of borrowing, improve debt restructuring, and prevent crises from taking hold.

This includes establishing a dedicated facility to help developing countries manage their liabilities and enhance liquidity in times of crisis.

The G20 must also continue its work to speed up the Common Framework for Debt Treatments and expand support for countries that are currently ineligible — including middle-income countries in difficulties.

And credit ratings agencies need to rethink ratings methodologies that drive up borrowing costs for developing countries.

At the same time, the IMF and World Bank should push forward on reforming debt assessments to account for sustainable development investments and climate risks.

These proposals and the many others contained in the draft outcome document provide an ambitious roadmap to help developing countries use debt in a constructive and sustainable way.

Second — we need to unlock the full potential of our international financial institutions.

If finance is the fuel of development, Multilateral Development Banks are its engine.

And this engine needs revving up.

We will keep pushing to triple the lending capacity of Multilateral Development Banks, making them bigger and bolder, as called for in the draft outcome document.

This includes recapitalization, stretching their balance sheets and substantially increasing their capacity to mobilize private finance at reasonable costs for developing countries.

We must ensure that concessional finance is deployed where it is most needed.

And we need to see that developing countries are represented fairly — and have a voice — in the governance of these institutions they depend on.

Troisièmement, nous devons prendre des mesures concrètes pour augmenter tous les flux de financement.

Oui, les temps sont durs.

Mais c’est d’autant plus dans les périodes difficiles qu’un investissement responsable et durable s’impose.

Au niveau national, les gouvernements doivent mobiliser davantage de ressources internes et les diriger vers des systèmes essentiels tels que l’éducation, la santé et les infrastructures…

Ils doivent collaborer avec des partenaires privés pour multiplier les options de financement mixte…

Et intensifier la lutte contre la corruption et les flux financiers illicites.

Au niveau mondial, nous devons poursuivre nos efforts en vue d’établir un régime fiscal mondial inclusif et efficace, et veiller à ce que les règles fiscales internationales soient effectivement et équitablement appliquées.

Les donateurs doivent tenir leurs promesses en matière d’aide publique au développement et s’assurer que ces précieuses ressources parviennent aux pays en développement.

Pour notre part, nous donnerons aux équipes de pays des Nations Unies tous les moyens pour collaborer avec les gouvernements hôtes, afin qu’un maximum de ressources soit affecté au développement durable aux niveaux national et régional.

Et nous saisirons toutes les occasions, y compris la COP30 au Brésil, pour demander aux dirigeants de trouver des sources innovantes de financement de l’action climatique dans les pays en développement – afin de mobiliser 1 300 milliards de dollars par an d’ici à 2035.

Tout cela exige des efforts particuliers en terme de sources innovantes de financement.

Excellences,

À bien des égards, l’avenir du système multilatéral dépend du financement du développement.

Il en va de notre conviction que le règlement des problèmes mondiaux – tels que la pauvreté, la faim et la crise climatique – demande des solutions mondiales.

Tirons le meilleur parti de ce moment charnière, alors que nous nous préparons pour la conférence de Séville.

Maintenons nos ambitions à la hauteur des enjeux, et agissons pour les populations et pour la planète.

Et je vous remercie.

***
[All-English]

Mr. President of the General Assembly, Mr. President of ECOSOC,

Excellencies, ladies and gentlemen,

This year’s ECOSOC Forum comes at a pivotal time.

We are in the final stretch of preparations for the Fourth International Conference on Financing for Development in Sevilla.

And we face some harsh truths.

The harsh truth of donors pulling the plug on aid commitments and delivery at historic speed and scale.

The harsh truth of trade barriers being erected at a dizzying pace.

The harsh truth that the Sustainable Development Goals are dramatically off track, exacerbated by an annual financing gap of an estimated $4 trillion.

And the harsh truth of prohibitively high borrowing costs that are draining away public investments in everything from education and health systems, to social protection, infrastructure and the energy transition.

But there’s another, much larger — and more dangerous — truth underlying all these challenges:

The harsh truth that global collaboration is being actively questioned.

Look no further than trade wars.

Trade — fair trade — is a prime example of the benefits of international cooperation.

And trade barriers are a clear and present danger to the global economy and sustainable development – as demonstrated in recent sharply lower forecasts by the International Monetary Fund, UNCTAD, the World Trade Organization and many others.

In a trade war, everybody loses — especially the most vulnerable countries and people, who are hit the hardest.

Excellencies,

Against this turbulent background, we cannot let our financing for development ambitions get swept away.

With just five years to reach the Sustainable Development Goals, we need to shift into overdrive.

That includes making good on the commitments countries made in the Pact for the Future in September:

From an SDG stimulus to help countries invest in their people…

To vital and long-awaited reforms to the global financial architecture…

To the Pact’s clear commitments to open, fair and rules-based trade…

To its call for an analysis of the impact of military expenditures on the achievement of the SDGs, with a final report out by September…

To the Pact’s urging for an ambitious outcome to July’s Conference on Financing for Development.

As you continue negotiations on the draft outcome document for Sevilla, I push for action in three key areas.

First — on debt.

When applied smartly and fairly, debt can be an ally of development.

Instead, it has become a villain.

In many developing countries, gains are getting crushed under the weight of debt service, siphoning away investments in education, health and infrastructure.

And the problem is getting worse.

Debt service for developing economies has soared past $1.4 trillion a year.

Debt service now exceeds 10 per cent of government revenue in more than 50 developing countries — and more than 20 per cent in 17 countries — a clear warning sign of default.

The Sevilla Conference should emerge with a commitment by Member States to lower the cost of borrowing, improve debt restructuring, and prevent crises from taking hold.

This includes establishing a dedicated facility to help developing countries manage their liabilities and enhance liquidity in times of crisis.

The G20 must also continue its work to speed up the Common Framework for Debt Treatments and expand support for countries that are currently ineligible — including middle-income countries in difficulties.

And credit ratings agencies need to rethink ratings methodologies that drive up borrowing costs for developing countries.

At the same time, the IMF and World Bank should push forward on reforming debt assessments to account for sustainable development investments and climate risks.

These proposals and the many others contained in the draft outcome document provide an ambitious roadmap to help developing countries use debt in a constructive and sustainable way.

Second — we need to unlock the full potential of our international financial institutions.

If finance is the fuel of development, Multilateral Development Banks are its engine.

And this engine needs revving up.

We will keep pushing to triple the lending capacity of Multilateral Development Banks, making them bigger and bolder, as called for in the draft outcome document.

This includes recapitalization, stretching their balance sheets and substantially increasing their capacity to mobilize private finance at reasonable costs for developing countries.

We must ensure that concessional finance is deployed where it is most needed.

And we need to see that developing countries are represented fairly — and have a voice — in the governance of these institutions they depend on.

And third — we need concrete action to increase all streams of finance.

Yes, these are tough times.

But it is in difficult periods that the imperative for responsible, sustainable investment is even more critical.

At the country level, governments need to strengthen the mobilization of domestic resources and channel them towards critical systems like education, health and infrastructure…

To work with private sector partners to increase blended finance options…

And to scale-up the fight against corruption and illicit financial flows.

At the global level, we must keep working to shape an inclusive and effective global tax regime, and ensure that international taxation rules are applied fairly and effectively.

Donors must keep their promises on official development assistance, and ensure those precious resources reach developing countries.

For our part, we will fully deploy our UN Country Teams to work with host governments to channel the maximum amount of resources towards sustainable development at the national and regional levels.

And we will use every opportunity — including COP30 in Brazil — to call on leaders to identify innovative sources of climate finance for developing countries leading to the mobilization of $1.3 trillion annually by 2035.

All this requires a focus on innovative sources of finance.

Excellencies,

In many ways, financing for development is integral to the future of the multilateral system.

It’s about our conviction in the power of global solutions to global problems like poverty, hunger and the climate crisis.

Let’s make the most of this critical moment as we prepare for Sevilla.

Let’s keep our ambitions high and deliver for people and planet.

And I thank you.

***
[All-French]

Monsieur le Président de l’Assemblée générale, Monsieur le Président de l’ECOSOC,

Excellences, Mesdames et Messieurs,

Le Forum du Conseil économique et social de cette année tombe à un moment charnière.

Les préparatifs de la quatrième Conférence internationale sur le financement du développement, qui se tiendra à Séville, entrent dans leur dernière ligne droite.

Parallèlement, nous nous heurtons à de dures réalités :

Des donateurs qui reviennent sur leurs engagements et renoncent à verser l’aide promise à une vitesse et à une ampleur sans précédent ;

Des barrières commerciales qui sont érigées à un rythme effréné ;

Des objectifs de développement durable qui sont encore bien loin d’être atteints et qui pâtissent d’un déficit de financement annuel estimé à 4 000 milliards de dollars ;

Ou encore des coûts d’emprunt prohibitifs qui tarissent les investissements publics dans tous les domaines, de l’éducation et des systèmes de santé à la protection sociale, en passant par les infrastructures et la transition énergétique.

Mais il y a une autre réalité – bien plus importante et bien plus dangereuse – qui est à la base de tous ces problèmes.

Cette réalité, c’est la remise en question de la collaboration internationale.

Inutile de chercher un exemple bien loin : prenons les guerres commerciales.

Le commerce – un commerce équitable – illustre parfaitement les avantages de la coopération internationale.

Les barrières commerciales constituent un danger réel et immédiat pour l’économie mondiale et le développement durable – comme le montrent les récentes prévisions en forte baisse du Fonds monétaire international, de la CNUCED, de l’Organisation mondiale du commerce et de bien d’autres organismes.

L’Organisation mondiale du commerce prévoit déjà que le commerce international de marchandises se contractera de 0,2 % cette année – un revirement brutal par rapport à la hausse de 2,9 % enregistrée l’année dernière.

Dans une guerre commerciale, tout le monde est perdant, en particulier les pays et les populations les plus vulnérables, qui sont les plus durement touchés.

Excellences,

Dans ce contexte mouvementé, nous ne pouvons laisser s’envoler nos ambitions en matière de financement du développement.

Il ne reste que cinq ans pour atteindre les objectifs de développement durable ; il nous faut donc passer à la vitesse supérieure.

Il faut notamment honorer les engagements pris par les pays dans le cadre du Pacte pour l’avenir en septembre :

Du plan de relance des objectifs de développement durable, qui vise à aider les pays à investir dans leurs populations…

Aux réformes vitales et longuement attendues de l’architecture financière mondiale…

Aux engagements clairs pris dans le Pacte en faveur d’un commerce ouvert, équitable et régi par des règles…

À l’analyse qui y est préconisée de l’impact des dépenses militaires sur la réalisation des objectifs de développement durable, qui fera l’objet d’un rapport final publié d’ici à septembre…

Et au résultat ambitieux qui y est fixé pour la Conférence internationale sur le financement du développement de juillet.

Alors que les négociations sur le projet de document final de Séville se poursuivent, j’insiste pour que des mesures soient prises dans trois domaines clés.

Premièrement, la dette.

Lorsqu’elle est exploitée de manière intelligente et équitable, la dette peut être une alliée du développement.

Or, elle est devenue une ennemie.

Dans bon nombre de pays en développement, les acquis obtenus dans le domaine du développement croulent sous le poids du service de la dette, qui ponctionne les investissements dans l’éducation, la santé et les infrastructures.

Et le problème ne fait qu’empirer.

Le service de la dette des économies en développement s’est envolé à plus de 1 400 milliards de dollars par an.

Il dépasse aujourd’hui de 10 % les recettes publiques dans plus de 50 pays en développement – et plus de 20 % dans 17 pays – un signe évident de défaillance.

À l’issue de la conférence de Séville, les États Membres devraient s’engager à réduire le coût des emprunts, à mieux restructurer la dette et à empêcher les crises de perdurer.

Pour ce faire, il faudra notamment mettre en place un dispositif pour aider les pays en développement à gérer leurs dettes et à améliorer leur situation de trésorerie en temps de crise.

Le G20 doit également poursuivre ses travaux afin d’accélérer la mise en œuvre du Cadre commun pour le traitement de la dette et d’apporter un plus grand appui aux pays qui ne remplissent pas les conditions requises pour bénéficier de l’Initiative de suspension du service de la dette, notamment les pays à revenu intermédiaire.

En outre, les agences de notation doivent revoir leurs méthodes, qui font grimper les coûts d’emprunt pour les pays en développement.

Dans le même temps, le FMI et la Banque mondiale devraient faire avancer la réforme de l’évaluation de la dette de sorte que les investissements dans le développement durable et les risques climatiques soient pris en compte.

Ces propositions, comme les nombreuses autres propositions faites dans le projet de document final, constituent un plan d’action ambitieux devant aider les pays en développement à utiliser la dette de manière constructive et durable.

Deuxièmement, nos institutions financières internationales doivent pouvoir exploiter tout leur potentiel.

Si le financement est le carburant du développement, les banques multilatérales de développement en sont le moteur.

Et ce moteur doit être rendu plus performant.

Nous continuerons à faire pression pour tripler la capacité de prêt des banques multilatérales de développement, en les agrandissant et en les rendant plus audacieuses, comme le prévoit le projet de document final.

Il s’agit notamment d’augmenter leur capital, d’étendre leurs bilans et d’accroître considérablement leur capacité à mobiliser des financements privés à des coûts raisonnables pour les pays en développement.

Il faudra également veiller à ce que des financements à des conditions favorables soient accordés là où ils sont le plus nécessaires.

Et il faudra que les pays en développement soient représentés équitablement – et aient voix au chapitre – dans la gouvernance de ces institutions, dont ils dépendent.

Troisièmement, nous devons prendre des mesures concrètes pour augmenter tous les flux de financement.

Oui, les temps sont durs.

Mais c’est d’autant plus dans les périodes difficiles qu’un investissement responsable et durable s’impose.

Au niveau national, les gouvernements doivent mobiliser davantage de ressources internes et les diriger vers des systèmes essentiels tels que l’éducation, la santé et les infrastructures…

Ils doivent collaborer avec des partenaires privés pour multiplier les options de financement mixte…

Et intensifier la lutte contre la corruption et les flux financiers illicites.

Au niveau mondial, nous devons poursuivre nos efforts en vue d’établir un régime fiscal mondial inclusif et efficace, et veiller à ce que les règles fiscales internationales soient effectivement et équitablement appliquées.
Les donateurs doivent tenir leurs promesses en matière d’aide publique au développement et s’assurer que ces précieuses ressources parviennent aux pays en développement.

Pour notre part, nous donnerons aux équipes de pays des Nations Unies tous les moyens pour collaborer avec les gouvernements hôtes, afin qu’un maximum de ressources soit affecté au développement durable aux niveaux national et régional.

Et nous saisirons toutes les occasions, y compris la COP30 au Brésil, pour demander aux dirigeants de trouver des sources innovantes de financement de l’action climatique dans les pays en développement – afin de mobiliser 1 300 milliards de dollars par an d’ici à 2035.

Tout cela exige des efforts particuliers en terme de sources innovantes de financement.

Excellences,

À bien des égards, l’avenir du système multilatéral dépend du financement du développement.

Il en va de notre conviction que le règlement des problèmes mondiaux – tels que la pauvreté, la faim et la crise climatique – demande des solutions mondiales.

Tirons le meilleur parti de ce moment charnière, alors que nous nous préparons pour la conférence de Séville.

Maintenons nos ambitions à la hauteur des enjeux, et agissons pour les populations et pour la planète.

Et je vous remercie.

MIL OSI United Nations News –

April 30, 2025
MIL-OSI Security: Former Monmouth County Resident Sentenced to 16 Years in Prison for Role in Fraudulently Obtaining Over $3.7 Million in Cares Act Loans

Source: Office of United States Attorneys

NEWARK, N.J. – A former resident of Monmouth County was sentenced to prison for his role in a scheme to fraudulently obtain Payroll Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funds, U.S. Attorney Alina Habba announced.

Kevin Aguilar, age 54, previously of Farmingdale, New Jersey, was sentenced by U.S. District Judge Michael A. Shipp in Trenton federal court following Aguilar’s guilty plea to one count of conspiracy to commit bank fraud; seven counts of bank fraud; one count of conspiracy to commit wire fraud; three counts of wire fraud; one count of conspiracy to commit money laundering; one count of money laundering; and one count of aggravated identity theft. Aguilar was sentenced to 192 months in prison.

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

From April 2020 to April 2021, Aguilar conspired with others to submit seven fraudulent PPP loan applications and three fraudulent EIDL applications on behalf of four businesses. Based on the fraudulent applications, Aguilar received a total of approximately $3.3 million in PPP loan funds and approximately $450,000 in EIDL funds. After receiving the PPP and EIDL funds, Aguilar caused those funds to be transferred to other businesses that he created to give the false appearance that the PPP and EIDL funds were being used for legitimate purposes. Aguilar then used the PPP and EIDL funds to purchase residential properties in Sherman, Texas, a new truck for approximately $100,000, and to pay for other personal expenses.

In addition to the 192-month prison term, Judge Shipp sentenced Aguilar to 5 years of supervised release and ordered him to pay $3,772,567 in restitution, as well as a forfeiture money judgment of $3,772,567. Judge Shipp also ordered the forfeiture of approximately $1,511,221.62 that law enforcement seized from twelve bank accounts, as well as the three real properties in Sherman, Texas.

U.S. Attorney Habba credited special agents of the Federal Deposit Insurance Corporation – Office of Inspector General, under the direction of Special Agent in Charge Patricia Tarasca in New York; IRS – Criminal Investigation, under the direction of Special Agent in Charge Jenifer Piovesan; special agents of the Social Security Administration, Office of the Inspector General, under the direction of Acting Special Agent in Charge Amy Connelly; postal inspectors of the U.S. Postal Inspection Service, under the direction of Inspector in Charge Christopher A. Nielsen; special agents of the Federal Housing Finance Agency, Office of Inspector General, under the direction of Special Agent in Charge Robert Manchak; and special agents of the U.S. Attorney’s Office for the District of New Jersey, under the direction of Special Agent in Charge Thomas Mahoney.

The government is represented by Assistant U.S. Attorney David V. Simunovich of the U.S. Attorney’s Office’s Health Care Fraud Unit, Assistant U.S. Attorney Jennifer S. Kozar, of the U.S. Attorney’s Office’s Economic Crimes United in Newark, and Assistant U.S. Attorney Peter Laserna of the U.S. Attorney’s Office’s Bank Integrity, Money Laundering, and Recovery Unit.

The District of New Jersey COVID-19 Fraud Enforcement Strike Force is one of the five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

###

Defense counsel: Alyssa Cimino, Esq., Fairfield, New Jersey; Robert Brady, Esq., Newton, New Jersey

MIL Security OSI –

April 30, 2025
MIL-OSI USA: ICYMI—Hagerty Joins Mornings With Maria on Fox Business to Discuss Trump’s First 100 Days, Reconciliation, Tariff Negotiations

US Senate News:

Source: United States Senator for Tennessee Bill Hagerty
WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees and former U.S. Ambassador to Japan, joined Mornings With Maria on Fox Business to discuss President Donald Trump’s success during his first 100 days, the budget reconciliation moving through Congress, and the ongoing tariff negotiations.

*Click the photo above or here to watch*
Partial Transcript
Hagerty on Democrats protesting Trump’s successful first 100 days: “I think in reality, Maria, they’re protesting because this has been the most effective, most impactful, in a positive sense, 100 days, certainly in my lifetime. [Senator] Chuck Schumer seems to forget that in November of last year, 75 percent of the American public felt this nation was on the wrong track. As President Trump has come into office, he’s fixed our border, he’s put us on a fundamentally different plane in terms of crime in America. He’s addressing some of the longstanding issues that we’ve had with some of our partners. We’re moving in the right direction, and I think that the Democrat party is imploding as a result of it. Today is exhibit A in that point.”
Hagerty on budget reconciliation process: “I met with a group of House leaders last night. They’re working apace to get their piece of the reconciliation package done by Memorial Day. It’s our job in the Senate—I spoke with Leader [John] Thune yesterday—to move as quickly as we possibly can to get the reconciliation package done right after Memorial Day. We need to be moving apace to get certainty locked into our tax code so that companies can make the type of capital commitments that we want to see happen in 2026. That’ll be addressed with corporate tax rate reductions. That’ll be addressed with certainty again and how we amortize the investments that I hope to see. At the same time, the deregulatory thrust is very real. It’s going to be very significant. If you think about [former President] Joe Biden’s term over four years, the estimates are that each year, compliance costs for regulations that he added have gone up $1.4 trillion per annum on corporate America. As we peel those away, that’s going to have an immediate benefit and immediate impact on operating costs. That’s going to be positive for our economy as well […] The Senate’s going to come up with far more than four billion, Maria. It has to do with the rules here, the Byrd Rule in the Senate. We’ll navigate this, I hope, closer to $2 trillion worth of cuts. It is certainly possible. You go back to where we were before the pandemic, before Joe Biden unleashed massive amounts of wasteful stimulus spending. We get back to those levels; we’re not going to have a difficult time getting around $2 trillion cut out of this budget.”
Hagerty on the trade negotiations with Japan: “As you say, Maria, I’ve seen this movie before. We negotiated two trade deals when I served as ambassador. The Japanese are very tough negotiators, but it’s not just tariffs. It’s non-tariff barriers that exist in Japan. Local rules, localization requirements, we need to be harmonizing those sorts of regulations. I think Japan has a tremendous opportunity. If they step up, we have plenty of room to do more trade, and they have plenty of room to procure more from America. I want to see that happen. President Trump wants to see it happen. That will accommodate a greater partnership, greater strategic alliances, and I think all parties will be better off as a result.”
Hagerty on his optimism towards a deal with Japan: “I think we can go to zero tariffs with respect to Japan. They are certainly willing to move on tariffs, but again, it’s the non-tariff barriers that have to be addressed. We need to put in place metrics. We need to make certain that they’re addressed. And again, I see real opportunity working with Japan as companies move their supply chains out of China, de-risk those. Japan should be working with us very closely as we develop new technologies, as we work on new military posture, new technologies there, there’s much to be done that’s positive. And we start to announce those types of aggressive forward-leaning activities that we can do together, those types of investments, I think it’ll be very positive for all of us. And President Trump can focus on that.”
Hagerty on non-tariff barriers with Japan: “The localization requirements have been extraordinarily difficult. And Maria, these difficulties have gone on for decades. Japan has protected its market very heavily. They’ve made it very difficult for us, for, I say western companies, non-Japanese countries, to enter that marketplace. So, if you think about the regulations that they use, again, localizing the product, we’ve got to find ways to make this work in both countries. If you think about the inspection requirements, that type of thing, it can all be addressed. With respect to agricultural products, extremely protective of Japanese farmers, we dealt with a lot of that in the phase one agreement that we negotiated when I was ambassador. There’s a lot more room there as well.”
Hagerty on the timing of the budget reconciliation package: “I spoke with Leader Thune just yesterday, and I think the [U.S.] House of Representatives working at pace. I’m delighted to see them putting text out. I think as America sees that text, they start to get more and more certainty about where we’re headed. I spoke with Leader Thune yesterday about the fact that as soon as we get back from Memorial Day break, we need to be working at pace. We need to be working in parallel with the House to get this implemented as quickly as possible. This is going to be great news for corporate America. This is going to stimulate more investment. I want these investments committed this year so that we actually see them materialize in 2026. That’s why this needs to be happening at the beginning of the summer, rather than at the end of the summer.”
Hagerty on the Senate Republicans united to pass the budget reconciliation package: “That was also a part of my conversation with Leader Thune yesterday, and I’ll be speaking with a number of my colleagues aimed at just that. But I think there’s plenty of room to see significant cuts in terms of trimming back this wasteful stimulus spending that took place under Biden, a lot of spending that should have never happened in the first place. Again, moving in the right direction there from a fiscal responsibility standpoint. At the same time, making permanence an overarching goal for corporate tax rates, for the way depreciation is treated and for many other aspects of the tax code that will give, again, certainty to corporate America, so the types of commitments we want to see for 2026 are put in place as soon as possible […] [Pre-covid spending numbers] certainly has been a goal of a number of my colleagues, and we need to be aiming in that direction. You adjust for population growth and I think we can get there.”

MIL OSI USA News –

April 30, 2025
MIL-OSI: Credit Agricole Sa: Evolution of Crédit Agricole S.A.’s governance
Source: GlobeNewswire (MIL-OSI)

Press release

Montrouge, 29 April 2025

Evolution of Crédit Agricole S.A.’s governance

At Crédit Agricole S.A.’s Board meeting of 29 April 2025 chaired by Dominique Lefebvre, Olivier Gavalda, CEO of Crédit Agricole S.A. as of the 14^th of May 2025, presented his future organisation.

Olivier Gavalda will propose to the Board of Directors following Crédit Agricole S.A. general shareholders’ meeting which will be held the 14^th of May 2025, that Jérôme Grivet be appointed as sole Deputy Chief Executive Officer and second executive director of Crédit Agricole S.A.

As of the 1^st of June 2025, the General Management of Crédit Agricole S.A. will be organised around seven divisions, the Corporate Secretary and the control functions.

Five divisions and the General Secretary will be under the direct supervision of Olivier Gavalda:
- Universal Retail Banks, bringing together LCL under the responsibility of its CEO, Serge Magdeleine, and Crédit Agricole Italia under the responsibility of its CEO, Hugues Brasseur.
- International Banking and Services, under the responsibility of Stéphane Priami as Deputy General Manager. This new division will be composed of Crédit Agricole Personal Finance & Mobility, Crédit Agricole Leasing & Factoring, the International Banking Development department and BforBank.
- Major Clients, gathering Crédit Agricole CIB and CACEIS, under the responsibility of Jean-François Balaÿ, CEO of Crédit Agricole CIB.
- Client, Development and Innovation, under the responsibility of Gérald Grégoire as Deputy General Manager. This division gathers the Retail Markets department, the Transformation/Distribution and Development department, the Brand and Customer Communication department, the regional Banks’ relationships department, the Payments, the startup studio’s La Fabrique and Crédit Agricole Immobilier.
- Transformation, Human Resources and Transitions, under the responsibility of Grégory Erphelin as Deputy General Manager. This new division will gather the Group Human Resources, Technological Transformation, Sustainability and Impact, Agri-Agro, Guarantee and Capital Development departments, Crédit Agricole Transitions & Energies and Crédit Agricole Santé & Territoires.
  In this division, the Technological Transformation department will be under the responsibility of Olivier Biton and will gather Crédit Agricole Group Infrastructure Platform, Data/AI teams, and the Information Systems Department.
- Corporate Secretary, under the responsibility of Véronique Faujour gathers the Group Communication department, the Board of Director’s secretary, General affairs, Security/Safety, and Grameen Crédit Agricole Foundation, the Public Affairs department and Uni-Medias.
Two divisions and the control functions will be under the direct supervision of Jérôme Grivet:
- Finance and Steering, under the responsibility of Clotilde L’Angevin as Deputy General Manager. This division gathers Finance, Financial Communication & Investors relations, Subsidiaries and Investments, Strategic studies, Legal, Economic studies and Procurement departments.
- Savings and Wealth Management, this new division will gather Amundi, under the responsibility of its CEO, Valérie Baudson, Crédit Agricole Assurances, under the responsibility of its CEO, Nicolas Denis and Indosuez Wealth Management, under the responsibility of its CEO, Jacques Prost.
- Group Risks, under the responsibility of Alexandra Boleslawski.
- Group Compliance, under the responsibility of Hubert Reynier.
- Group Internal Audit, under the responsibility of Laurence Renoult.
As of 1 June 2025, Crédit Agricole S.A.’s Executive Committee will be thus composed of 18 members:
- Olivier Gavalda, CEO
- Jérôme Grivet, Deputy CEO
- Clotilde L’Angevin, Deputy General Manager, in charge of Finance and Steering division
- Grégory Erphelin, Deputy General Manager, in charge of Transformation, Human Resources and Transitions division
- Gérald Grégoire, Deputy General Manager, in charge of the Customer, Development and Innovation division
- Stéphane Priami, Deputy General Manager, in charge of International Banking and Services division
- Jean-François Balaÿ, CEO of Crédit Agricole CIB, in charge of Major Clients division
- Valérie Baudson, CEO of Amundi
- Hugues Brasseur, CEO of Crédit Agricole Italia and Senior Country Officer for the Group
- Nicolas Denis, CEO of Crédit Agricole Assurances
- Serge Magdeleine, CEO of LCL
- Olivier Biton, Director of Technological Transformation
- Eric Campos, Chief Sustainability and Impact Officer
- Bénédicte Chrétien, Group Head of Human Resources
- Véronique Faujour, Corporate Secretary
- Alexandra Boleslawski, Group Chief Risk Officer
- Laurence Renoult, Group Head of Internal Audit
- Hubert Reynier, Group Head of Compliance
Jean-Paul Mazoyer, on his own initiative, will now provide strategic advice to the Chief Executive Officer of Crédit Agricole SA.

The Board of Directors expressed its warm thanks to Philippe Brassac and Xavier Musca for their commitment and action during a decade of strong development for the Group.

Biographies

Clotilde L’Angevin started her career in 2003 at the National Institute of Statistics and Economic Studies, before joining the Treasury Department in 2005 as deputy head of the “Economic and Monetary Union” division. In 2007, she became technical adviser to the Prime Minister on macroeconomic and economic forecasts.
In 2009, she joined the Ministry of Finance as Head of the “International Diagnostics and Forecasts” division, before being appointed General Secretary of the Paris Club and Head of the “International Debt” division in the Treasury Department in 2011.
She joined the Crédit Agricole Group in 2015, as Head of Strategy for Crédit Agricole S.A. In 2019, she was appointed Head of Financial Communication at Crédit Agricole S.A. where she was responsible for relations with individual shareholders, institutional debt investors and rating agencies, as well as financial communication and relations with institutional equity investors.
Since 2023, she has been Deputy Chief Executive Officer of Crédit Agricole d’Ile-de-France.
Aged 46, Clotilde L’Angevin is a graduate of the Ecole Polytechnique (class 1998), the Ecole Nationale de la Statistique et de l’Administration Économique (2002), and obtained a master’s degree in economics from the London School of Economics (2003).

Olivier Biton started his career at Crédit Lyonnais in 2002, as IT project manager. He moved to the United States in 2005 where he was a research assistant at the University of Pennsylvania.
Upon his return to France in 2007, he joined the Crédit Agricole Group and held various project management positions at CA Payment & Services. He was appointed Head of the Flow Business Line in 2014 and then Head of Information Systems and Projects in 2016.
He joined LCL in 2017 as Head of Digital Solutions and Information Systems and joined the Executive Committee in 2020. Since 2023, Olivier Biton has been Chief Executive Officer of Crédit Agricole Group Infrastructure (CAGIP).
Aged 45, Olivier Biton is a computer engineer and a graduate of the Polytech Paris Sud school.

Grégory Erphelin started his career in 2001 at the French Ministry of Agriculture as Head of the Credit and Insurance bureau. In 2005, he joined the French Direction Générale du Trésor, in charge of the regulation of property and liability insurance. He joined the Crédit Agricole Group in 2008 as Head of Financial Management for Predica (personal insurance subsidiary of Crédit Agricole Assurances). In 2012, he was appointed Chief Financial Officer of Crédit Agricole Assurances.
In 2015, he also became Chief Financial Officer of Predica and joined the Executive Committee of the Crédit Agricole Assurances Group. In 2017, he was appointed Head of Finance, Procurement, Legal Affairs, Credit commitments and recovery, and member of the LCL Executive Committee.
Since May 2022, he has been Chief Executive Officer of the Fédération Nationale du Crédit Agricole.
Aged 49, Grégory Erphelin is a graduate of the Ecole Polytechnique (class 1996), Water and Forestry Engineer and holds an MBA from the Collège des ingénieurs.

Jean-François Balaÿ started his career in 1989 at Crédit Lyonnais in the Corporate Banking Markets and held several managerial positions in London, Paris and Asia. In 2001, he joined Crédit Lyonnais in the Loan Syndication business line, first as Head of Origination for Europe, then for Western Europe within Calyon from 2004. In 2006, he was appointed Deputy Head of Syndication for the EMEA region. In 2009, he became Global Head of Loan Syndication at Crédit Agricole CIB. In 2012, he was appointed Head of Debt Optimisation and Distribution. In 2016, he became Head of Risk and Permanent Control. He was appointed Deputy General Manager of Crédit Agricole CIB in 2018 and Deputy CEO of Crédit Agricole CIB in 2021.
Aged 59, Jean-François Balaÿ holds a master’s degree in economics and management and a master’s degree in banking and finance from Lyon II Lumière University.

Press contacts Crédit Agricole S.A.

Attachment
- EN 29 04 25 PR_Evol. Gouvernance
The MIL Network –
April 30, 2025

MIL-OSI: Pinnacle Bankshares Corporation Announces First Quarter 2025 Earnings

Source: GlobeNewswire (MIL-OSI)

ALTAVISTA, Va., April 29, 2025 (GLOBE NEWSWIRE) — Net income for Pinnacle Bankshares Corporation (OTCQX:PPBN), the one-bank holding company (“Pinnacle” or the “Company”) for First National Bank (the “Bank”), was $2,261,000, or $1.02 per basic and diluted share, for the quarter ended March 31, 2025 compared to net income of $2,084,000, or $0.95 per basic and diluted share, for the same period of 2024. Quarterly consolidated results are unaudited.

First Quarter 2025 Highlights
Income Statement comparisons are to the first quarter of 2024
Balance Sheet, Capital Ratios, and Stock Price comparisons are to December 31, 2024

Income Statement

Net Income was $2,261,000 and Return on Assets was 0.88%.
Net Interest Income increased 13% due primarily to increased loan volume and yields on earning assets. Net Interest Margin increased 36 basis points to 3.92%.
Provision for Credit Losses was only $37,000 as Asset Quality remains strong with low Nonperforming Loans and no Other Real Estate Owned (OREO).
Noninterest Income increased 7% primarily due to higher commissions on investment and insurance products sales and fees on sales of mortgage loans.
Noninterest Expense increased 13% due primarily to higher salaries and benefits, occupancy, and core processing expenses.

Balance Sheet

Total Assets decreased $5.8 million, or less than 1%, which was driven by a decrease in Deposits.
Loans increased $8.6 million, or 1%.
Securities decreased $18 million due to $38 million in maturing U.S. Treasury Securities that yielded approximately 2.13% partially offset by $20 million in purchases of U.S. Treasury Securities yielding approximately 4.13%.
Deposits decreased $10.2 million, or 1%, to $941 million.
The Liquidity Ratio was strong at 31% (13% excluding Available for Sale Securities).

Capital Ratios & Stock Price

Capital levels are stable as the Bank’s Leverage Ratio increased to 9.35% and the Total Risk-Based Capital Ratio increased to 13.65% due primarily to profitability.
Our Stock Price ended the quarter at $31.94 per share, based on the last trade, which is an increase of $0.74, or 2%.

Net Income & Profitability

Net income generated during the first quarter of 2025 represents a $177,000, or 8%, increase as compared to the same time period of the prior year, which was driven by higher net interest income and noninterest income partially offset by higher noninterest expense and slightly higher provision for credit losses.

Profitability as measured by the Company’s return on average assets (“ROA”) was 0.88% for the first quarter of 2025, which is a 4 basis points increase from the 0.84% produced in the first quarter of 2024. Return on average equity (“ROE”) decreased in the first quarter of 2025 to 11.31%, compared to 12.02% for the same time period of the prior year due to higher equity driven by retained earnings and increases in the market value of the Bank’s securities portfolio.

“We are pleased to have generated higher net income for the first quarter of 2025 as compared to the same period of last year. Pinnacle remains well positioned with continued ample liquidity and strong asset quality, which will serve us well we navigate through current economic uncertainties,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank.

Net Interest Income & Margin

The Company generated $9,480,000 in net interest income for the first quarter of 2025, which represents a $1,070,000, or 13%, increase as compared to the first quarter of 2024 as net interest margin increased 36 basis points to 3.92%. Interest income increased $1,191,000, or approximately 11%, to $12,375,000 due to an increase in average loan volume as well as increased yield on earning assets, which improved 38 basis points to 5.11%. Interest expense increased $122,000, or 4%, to $2,896,000 as the cost to fund earning assets increased only 2 basis points to 1.19%.

Reserves for Credit Losses & Asset Quality

The provision for credit losses was minimal and increased only $19,000 to $37,000 in the first quarter of 2025 as compared to the same period of the prior year due to continued strong asset quality.

The allowance for credit losses was $5,131,000 as of March 31, 2025, representing 0.71% of total loans outstanding. In comparison, the allowance for credit losses was $5,084,000 as of December 31, 2024, which was also 0.71% of total loans outstanding. Non-performing loans to total loans were 0.14% as of March 31, 2025, compared to 0.22% at year-end 2024. Allowance coverage of non-performing loans was 519% as of the end of the first quarter of 2025 compared to 321% as of year-end 2024. Management views the allowance balance as being sufficient to offset potential future losses associated with problem loans.

Noninterest Income & Expense

Noninterest income for the first quarter of 2025 was $1,745,000, representing a $122,000, or 7%, increase compared to first quarter of 2024. Higher noninterest income was mainly due to a $78,000 increase in commissions from sales of investment and insurance products and a $59,000 increase in fees on sales of mortgage loans.

Noninterest expense for the first quarter of 2025 was $8,361,000 representing a $959,000, or approximately 13%, increase compared to the first quarter of 2024. Higher operating costs were mainly due to a $625,000 increase in salaries and benefits as we have expanded into a new market and added key operational staff, a $149,000 increase in occupancy expense due to the upgrading and maintenance of our facilities, and a $93,000 increase in core operating system expense due to increased volume of transactions.

The Balance Sheet & Liquidity

Total assets as of March 31, 2025 were $1,038,147,000, down $5,847,000, or less than 1%, from $1,043,994,000 as of December 31, 2024. The principal components of the Company’s assets as of March 31, 2025 were $720,482,000 in total loans, $157,564,000 in securities, and $109,707,000 in cash and cash equivalents. During the first quarter of 2025, total loans increased $8,564,000, or approximately 1%, from $711,918,000 as of December 31, 2024, while securities decreased $18,252,000, or approximately 10%, from $175,816,000.

The majority of the Company’s securities portfolio is relatively short-term in nature with 43% invested in U.S. Treasury Securities with an average maturity of 1.2 years and $20,000,000 maturing in the second quarter of 2025. All of the Company’s securities were classified as available for sale as of March 31, 2025, which provides transparency regarding unrealized losses. Unrealized losses associated with the available for sale securities portfolio were $10,250,000 as of March 31, 2025 or 6% of book value, an improvement from $11,817,000 as of December 31, 2024.

Cash and cash equivalents increased $1,494,000, or approximately 1%, to $109,707,000 as of March 31, 2025 from $108,213,000 as of December 31, 2024. The Company had a strong liquidity ratio of 31% as of quarter end. The liquidity ratio excluding the available for sale securities portfolio was 13% providing the opportunity to sell excess funds at an attractive federal funds rate. The Company has access to multiple liquidity lines of credit through its correspondent banking relationships and the Federal Home Loan Bank. None of these contingency funding sources have been utilized over the past year.

Total liabilities as of March 31, 2025 were $956,624,000, down $8,984,000, or 1%, from $965,608,000 as of December 31, 2024 as deposits decreased $10,239,000, or 1%, to $940,680,000 during the first quarter of 2025. The number of deposit accounts grew by less than 1% during the first quarter of 2025. The Bank retains and acquires customer relationships through providing personalized service and utilization of a community bank approach while capitalizing on market disruption caused by further bank consolidation and large national bank branch closures.

Total stockholders’ equity as of March 31, 2025 was $81,523,000, an increase of $3,137,000, or 4%, compared to year-end 2024 and consisted primarily of $70,741,000 in retained earnings. The increase in equity is due to retained earnings and a decrease in unrealized losses associated with the Bank’s securities portfolio. Both the Company and Bank remain “well capitalized” per all regulatory definitions.

Annual Meeting of Shareholders

As a reminder, Pinnacle Bankshares Corporation’s Annual Meeting of Shareholders will be held at 11:00 AM Eastern Time on Tuesday, May 13, 2025, at Virginia Technical Institute located at 201 Ogden Road, Altavista VA 24517. Please plan to join us as we discuss the Company’s performance and direction moving forward.

Company Information

Pinnacle Bankshares Corporation is a locally managed community banking organization serving Central and Southern Virginia. The one-bank holding company of First National Bank serves market areas consisting primarily of all or portions of the Counties of Amherst, Bedford, Campbell, Halifax, and Pittsylvania, and the Cities of Charlottesville, Danville, and Lynchburg. The Company has a total of nineteen branches with one branch in Amherst County within the Town of Amherst, two branches in Bedford County; five branches in Campbell County, including two within the Town of Altavista, where the Bank was founded; one branch in the City of Charlottesville, three branches in the City of Danville; three branches in the City of Lynchburg; and three branches in Pittsylvania County, including one within the Town of Chatham. A Loan Production Office and a full-service branch have recently been opened in the South Boston area of Halifax County. First National Bank is in its 117^th year of operation.

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties. Any statements contained herein that are not historical facts are forward-looking and are based on current assumptions and analysis by the Company. These forward-looking statements, including statements made in Mr. Hall’s quotes may include, but are not limited to, statements regarding the credit quality of our asset portfolio in future periods, the expected losses of nonperforming loans in future periods, returns and capital accretion during future periods, our cost of funds, the maintenance of our net interest margin, future operating results and business performance and our growth initiatives. Although we believe our plans and expectations reflected in these forward-looking statements are reasonable, our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, and we can give no assurance that these plans or expectations will be achieved. Factors that could cause actual results to differ materially from management’s expectations include, but are not limited to: changes in consumer spending and saving habits that may occur, including increased inflation; changes in general business, economic and market conditions; attracting, hiring, training, motivating and retaining qualified employees; changes in fiscal and monetary policies, and laws and regulations; changes in interest rates, inflation rates, deposit flows, loan demand and real estate values; changes in the quality or composition of the Company’s loan portfolio and the value of the collateral securing loans; changes in macroeconomic trends and uncertainty, including liquidity concerns at other financial institutions, and the potential for local and/or global economic recession; changes in demand for financial services in Pinnacle’s market areas; increased competition from both banks and non-banks in Pinnacle’s market areas; a deterioration in credit quality and/or a reduced demand for, or supply of, credit; increased information security risk, including cyber security risk, which may lead to potential business disruptions or financial losses; volatility in the securities markets generally, including in the value of securities in the Company’s securities portfolio or in the market price of Pinnacle common stock specifically; and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and you should not place undue reliance on such statements, which reflect our views as of the date of this release.

Selected financial highlights are shown below.


Pinnacle Bankshares Corporation
Selected Financial Highlights
(3/31/2025 and 3/31/2024 results unaudited, 12/31/2024 results audited)
(In thousands, except ratios, share and per share data)

		3 Months Ended	3 Months Ended	3 Months Ended
Income Statement Highlights		3/31/2025	12/31/2024	3/31/2024
Interest Income	$12,375		$12,543	$11,184
Interest Expense		2,896	3,264	2,774
Net Interest Income		9,480	9,279	8,410
Provision for Credit Losses		37	356	18
Noninterest Income		1,745	2,681	1,623
Noninterest Expense		8,361	8,373	7,402
Net Income		2,261	2,800	2,084
Earnings Per Share (Basic)		1.02	1.27	0.95
Earnings Per Share (Diluted)		1.02	1.27	0.95

Balance Sheet Highlights		3/31/2025	12/31/2024	3/31/2024
Cash and Cash Equivalents	$109,707		$108,213	$88,502
Total Loans		720,482	711,918	651,593
Total Securities		157,564	175,816	180,196
Total Assets		1,038,147	1,043,994	1,000,006
Total Deposits		940,680	950,919	914,923
Total Liabilities		956,624	965,608	929,448
Stockholders’ Equity		81,523	78,386	70,558
Shares Outstanding		2,216,616	2,212,270	2,205,666

Ratios and Stock Price		3/31/2025	12/31/2024	3/31/2024
Gross Loan-to-Deposit Ratio		76.59%	74.87%	71.22%
Net Interest Margin (Year-to-date)		3.92%	3.70%	3.56%
Liquidity (Liquid assets to liabilities)		30.58%	32.60%	32.08%
Efficiency Ratio		74.45%	72.49%	73.64%
Return on Average Assets (ROA)		0.88%	0.92%	0.84%
Return on Average Equity (ROE)		11.31%	12.49%	12.02%
Leverage Ratio (Bank)		9.35%	9.21%	8.94%
Tier 1 Risk-based Capital Ratio (Bank)		12.94%	12.81%	12.93%
Total Risk-Based Capital Ratio (Bank)		13.65%	13.52%	13.61%
Stock Price	$31.94		$31.20	$28.46
Book Value	$36.78		$35.43	$31.99

Asset Quality Highlights		3/31/2025	12/31/2024	3/31/2024
Nonaccruing Loans	$988		$1,582	$1,270
Loans 90 Days or More Past Due & Accruing		0	0	0
Total Nonperforming Loans		988	1,582	1,270
Loan Modifications		109	109	350
Loans Individually Evaluated		1,097	2,010	1,981
Other Real Estate Owned (OREO) (Foreclosed Assets)		0	0	0
Total Nonperforming Assets		988	1,582	1,270
Nonperforming Loans to Total Loans		0.14%	0.22%	0.19%
Nonperforming Assets to Total Assets		0.10%	0.15%	0.13%
Allowance for Credit Losses	$5,131		$5,084	$4,484
Allowance for Credit Losses to Total Loans		0.71%	0.71%	0.69%
Allowance for Credit Losses to Nonperforming Loans		519%	321%	353%

CONTACT: Pinnacle Bankshares Corporation, Bryan M. Lemley, 434-477-5882 or bryanlemley@1stnatbk.com

The MIL Network –

April 30, 2025

MIL-OSI: MRF 2025 Resource Limited Partnership Closes IPO

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 29, 2025 (GLOBE NEWSWIRE) — Middlefield, on behalf of MRF 2025 Resource Limited Partnership (“MRF 2025” or the “Partnership”), is pleased to announce that it has completed the final closing of the initial public offering of MRF 2025 Class A and Class F units for total gross proceeds of $19.4 million.

The objectives of the Partnership are to provide investors with capital appreciation and significant tax benefits to enhance after-tax returns to limited partners, including the deductibility of 100% of their original investment. The Partnership intends to achieve these objectives by investing in an actively managed, diversified portfolio comprised primarily of equity securities of Canadian companies involved in the resource sector.

Middlefield is a leading provider of flow-through share funds in Canada and has a strong track record of delivering positive after-tax returns. Since 1983, Middlefield has sponsored 70 public and private flow-through funds and has acted as agent or manager for over $2.5 billion of resource investments.

The syndicate of agents for the offering was co-led by CIBC Capital Markets and RBC Capital Markets and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Richardson Wealth Limited, Manulife Securities Incorporated, iA Private Wealth Inc., Canaccord Genuity Corp., Raymond James Ltd. and Wellington-Altus Private Wealth Inc.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

This offering was only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from your CIRO registered financial advisor using the contact information for such advisor. Investors should read the prospectus before making an investment decision.

The MIL Network –

April 30, 2025
MIL-OSI Security: Bank General Counsel Sentenced to Four Years in Prison for $7.4 Million Embezzlement Scheme

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that JAMES BLOSE, 56, of Fairfield, was sentenced today by U.S. District Judge Robert N. Chatigny in Hartford to 48 months of imprisonment, followed by three years of supervised release, for offenses stemming from a decade-long embezzlement scheme at banks where he served as General Counsel and held other high-ranking positions.

According to court documents and statements made in court, from approximately 2013 to January 2022, Blose was an attorney and held high-ranking positions, including General Counsel, at Hudson Valley Bank and Sterling National Bank. From approximately January 2022, when Webster Bank acquired Sterling National Bank, until February 2023, Blose served as Executive Vice President and General Counsel and Corporate Secretary at Webster Bank.

From approximately 2013 until Webster Bank discovered his scheme and his employment was terminated in February 2023, Blose defrauded his employers (“The Bank”) in various ways. In certain commercial loan transactions where The Bank was the lender, Blose fraudulently retained for himself portions of closing costs, including legal fees. In certain real estate transactions in which The Bank was the seller, Blose retained portions of the sale proceeds for himself. For some of the real estate transactions, Blose created false documents in order to hide his theft from The Bank. Blose also stole from The Bank in other ways.

As part of the scheme, Blose used his attorney trust accounts to make personal expenditures, and to transfer funds to accounts in the names of business entities he created and controlled, and then used those funds for his personal benefit. Through this scheme, Blose stole approximately $7.4 million from his employers, and used the stolen funds to purchase a vacation property on Kiawah Island in South Carolina, for construction of his Connecticut home, and for luxury vehicles, jewelry, private jets charters, multiple country club memberships, and other expenses.

Judge Chatigny will determine restitution after additional court proceedings.

On December 20, 2024, Blose pleaded guilty to one count of bank fraud and one count of engaging in illegal monetary transactions.

Blose, who is released on a $250,000 bond, is required to report to prison on June 23

This investigation was conducted by the Federal Bureau of Investigation, the Internal Revenue Service – Criminal Investigation, and the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection’s Office of the Inspector General. Financial crimes investigators from Webster Bank assisted the investigation.

This case was prosecuted by Assistant U.S. Attorney Michael S. McGarry.

MIL Security OSI –

April 30, 2025
MIL-OSI Economics: BOBC Auction Results – 29 April 2025

Source: Bank of Botswana

The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 7 May 2025. For the 1-month BoBC paper maturing on 28 May 2025, the stop-out yield remained unchanged at 2.24 percent. The summarised results of the auction held on 29 April 2025, are attached below:

BOBC Auction Results – 29 April 2025.pdf

MIL OSI Economics –

April 30, 2025
MIL-OSI United Kingdom: Chancellor speech at Innovate Finance Global Summit 2025

Source: United Kingdom – Executive Government & Departments 3

Speech

Chancellor speech at Innovate Finance Global Summit 2025

The Chancellor delivered the keynote speech at the Innovate Finance Global Summit 2025 on 29 April.

Thank you Janine, and good afternoon everyone.

It’s a pleasure to be here today to mark the 11th year of UK FinTech Week …

… brought together once again by Innovate Finance…

…who continue to champion tirelessly our FinTech sector.

As Chancellor, I’ve always said it’s my job to back the builders…

… back the wealth creators…

…and the job creators.

So my job is to back all of you in this room.

After all, it’s thanks to your work that the UK is a world leader in FinTech.

When I was working at the Bank of England 20 years ago…

…FinTech was in its infancy…

…an offshoot of financial services…

…and there was certainly no such thing as FinTech week.

But times have changed, the industry has changed.

Last year, the UK’s FinTech sector attracted $3.6 billion of investment – more than any other country bar the US.

Almost half of Europe’s FinTech unicorns are based here in Britain…

…and roughly a third of all UK unicorns are FinTechs – a higher share than anywhere else.

Companies like Allica Bank and Zilch, who were both recently named among the fastest growing companies in Europe by the Financial Times …

…Or Zopa, for whom 2024 marked another year of extraordinary economic growth.

Last week when I was in Washington for the IMF Spring Meetings…

… I spoke to industry, legislators, and policymakers…

…as well as US firms already operating here in the UK.

I set out our strengths as an open trading nation with trade links around the world…

…and as a nation that can provide political and financial stability and certainty to businesses…

…in an uncertain world.

The UK has a long history of breaking new ground in Financial Services.

We were the first country to develop uniform Open Banking standards…

…and we were one of the first countries to establish a system for near-instant digital payments with the Faster payments system in 2008.

In my Mansion House speech last year, I published the National Payments Vision…

… setting out the government’s ambition for seamless account-to-account payments…

…and demonstrating our commitment to a regulatory environment that cares about managing the burden we put on businesses.

Something that we will build in with the consolidation of the Payment Systems Regulator into the FCA.

The UK is Europe’s leading hub for investment…

…raising more equity capital than the next three European exchanges combined last year.

I am committed to building on these strong foundations…

…with an ambitious programme of reforms.

Last September I chose to extend the UK’s generous venture capital schemes…

… the Enterprise Investment Scheme and the Venture Capital Trust scheme…

…which – alongside the Seed Enterprise Investment Scheme – offer generous tax reliefs…

…in return for investing in British business.

And we will soon publish the final Pension Investment Review, ahead of the introduction of the Pension Schemes Bill…

…where we will legislate to unlock up to £80 billion of investment into companies like yours…

start-up, scale-up, and fast growing businesses.

…delivering a major consolidation of the Defined Contribution market and the Local Government Pension Scheme…

…so that pension funds have sufficient scale to invest in growing industries like FinTech.

I am determined to make sure that the UK remains one of the best places in the world for FinTechs to start-up, scale-up and to list…

…benefitting from our stable and liquid markets.

Last July, the FCA implemented a fundamental rewrite of the UK’s Listing Rules, the biggest reforms in a generation.

These new rules now put the UK in line – or in many cases ahead – of other global markets in giving companies the flexibility to pursue their growth ambitions…

…backing their aspiration…

…and allowing them to raise large amounts of capital more easily.

And for those companies who want to remain private for longer, we are developing the new Private Intermittent Securities and Capital Exchange System – or PISCES…

…which we will legislate for next month.

This is a brand new type of stock exchange for trading private company shares…

…supporting private companies to scale and grow…

…and providing a steppingstone to IPO.

Finally, we’ve reformed the rules to allow greater investment research to be produced on UK listed companies…

…and reducing the burdens imposed on public companies through the UK’s Corporate Governance Code.

I want the UK to be a place where you can take risks…

…innovate and experiment…

…and find new ways to deliver for your customers.

When I met with senior leaders from across the FinTech sector last month…

…you told me about the importance of getting the balance of regulation right…

…especially on digital assets.

I agree.

While the UK will always be committed to high international standards…

…I am determined that our regulatory framework supports economic growth.

That’s why I’m delighted that we are today publishing draft legislation for the UK’s comprehensive regulatory regime for cryptoassets…

…engaging with all of you to ensure that the final legislation – planned for later this year – delivers for government and most importantly for the industry…

…and makes the UK a great place for digital asset companies to invest and innovate.

For the UK to be a world-leader in digital assets…

…international cooperation is vital.

Which is why I discussed continued U.S. and UK engagement with Secretary Bessent last week…

…including further dialogue at the upcoming UK-U.S. Financial Regulatory Working Group in June…

…to support the use and responsible growth of digital assets…

…maintaining the deep historic relationship between the world’s two largest financial centres through this period of significant technological change.

Regulation must support business, not hold it back.

Our regulators were among the first to embrace and develop sandboxes…

…including the Digital Securities Sandbox, where I’m delighted that we already have a broad range of firms all looking at different proposals for tokenising our financial markets.

Last November, I announced that this government will issue a Digital Gilt Instrument…

…an entirely new debt instrument…

…using distributed ledger technology…

this will enable us to experience first-hand the benefits of digital technologies in debt issuance.

And I know that there is appetite to go further.

Last week, Secretary Bessent and I also discussed how our officials could explore opportunities to support industry to innovate cross-border…

…in line with proposals put forward by US Securities and Exchange Commissioner Hester Peirce about a transatlantic sandbox for digital securities…

…potentially allowing greater digital collaboration between capital markets in New York and London.

I’ve talked about what we’ve already done, and some ideas for the future.

Financial services is one of the key growth-driving sectors in the UK’s modern industrial strategy…

….with FinTech as a priority growth opportunity…

…and I look forward to publishing the Financial Services Growth and Competitiveness Strategy at my upcoming Mansion House address…

…which I can today confirm will take place on the 15th July.

At Mansion House last year I set out my vision on economic growth…

…and the new approach required to build sustainable growth…

…on a platform of stability.

At Mansion House this year I’ll talk about how we can go further and faster in realising that growth.

By publishing the Financial Services Growth and Competitiveness Strategy…

…I will set out our strategy for the rest of this parliament and beyond…

…building on our strengths in areas including capital markets, insurance and asset management…

… supporting firms to innovate by ensuring they can access and develop the talent they need…

…and promoting the UK as a great place to do business globally.

Backing the builders in FinTech means improving outcomes for businesses and consumers…

…revolutionising how we invest and trade…

And driving growth and prosperity, here in the UK.

It’s incredible how far Fintech has come in the past decade…

And I’m enormously optimistic about the future.

From the huge growth of the sector that has already taken place…

…to the passion, drive and commitment I see from all of you to make FinTech a huge UK success story…

…it is clear that our job in government is to back you, back the builders, back the change makers all the way.

And I am ready to do just that.

Thank you very much.

Updates to this page

Published 29 April 2025

MIL OSI United Kingdom –

April 30, 2025
MIL-OSI: VSORA Raises $46 Million to Bring World’s Most Powerful AI Inference Chip to Market
Source: GlobeNewswire (MIL-OSI)
- Europe’s only provider of more powerful, energy-efficient and cost-effective AI Chips than other solutions from global market leaders
- Funding will enable VSORA to produce its cutting-edge AI chip in 2025
PARIS, April 29, 2025 (GLOBE NEWSWIRE) — VSORA, a French innovator and the only European provider of ultra-high-performance artificial intelligence (AI) inference chips, today announced that it has successfully raised $46 million in a new fundraising round.

The investment was led by Otium and a French family office with additional participation from Omnes Capital, Adélie Capital and co-financing from the European Innovation Council (EIC) Fund.

In citing their reasons for investing in VSORA, all recognize that VSORA is poised to establish itself as a global leader in AI chips by redefining cost-effective, high-performance AI inference deployment at scale with a purpose-built architecture that overcomes inherent GPU limitations.

“This funding marks a pivotal moment for VSORA as we accelerate our mission to revolutionize AI chips and ensure Europe’s technological sovereignty in AI computing,” says Khaled Maalej, VSORA Founder and CEO. “It will drive the finalization of our technology and the launch of our production, enabling VSORA to play a crucial role as the sole alternative to non-European chip designers. We are grateful for our investors’ trust and look forward to continuing our collaboration with industry leaders to bring our chip to market.”

The new funding will support the production stage of VSORA’s Jotunn8 (J8) chip targeted for silicon in 2025. VSORA has forged partnerships with global semiconductor industry leaders, ensuring access to cutting-edge technologies and production capabilities that meet the highest standards of quality and performance.

In parallel, VSORA continues to move forward with strategic stakeholders to prepare for the industrialization phase, paving the way for the emergence of a key global European player in AI chip innovation.

“In a market dominated by global giants like Nvidia, VSORA is a unique opportunity for France and Europe, home to world-class engineering talent,” comments Gaspard de Veyrac, Principal at Otium. “Otium is proud to provide them with the means to realize their ambitions. With this funding, VSORA has the necessary tools to reshape the future of AI computation and secure a significant position in the global AI chip market.”

VSORA and Jotunn8
Founded in France, VSORA is working to reshape the future of AI inference by revolutionizing AI processing with its unique chip engineered for superior performance and efficiency and set to redefine AI inference processing. It is designed for key applications such as generative AI—ChatGPT, for instance—in data centers, autonomous driving, robotics and edge AI.

The explosive growth of AI and generative AI applications has ignited an urgent demand for high-performance, cost-effective inference solutions. AI inference—the process of deploying trained AI models to generate real-time insights and predictions—is projected to grow at a 16% CAGR from $124 billion in 2025 to $255 billion in 2030.

The Jotunn8 (J8) chip shatters performance barriers of conventional GPUs, delivering concrete performance that surpasses today’s AI chips from global-leading industry players. Specifically, J8 delivers more than three times the performance of existing solutions while consuming less than half the power. This significant leap in efficiency addresses the critical challenges of deployment cost, cost per query and energy consumption in large-scale AI deployment.

Offering 3,200 teraflops of compute power, the J8 chip shatters the performance barriers of conventional GPUs, delivering real-world performance that surpasses today’s AI accelerators.

Unlike traditional accelerators optimized for training, VSORA’s technology focuses on inference making it ideal for latency-sensitive applications. It increases throughput and reduces the processing cost and cost per query.

About VSORA
VSORA provides high-performance silicon solutions for AI data center inference, autonomous driving, robotics and edge AI applications. Founded in 2015 by a team of DSP experts, AI scientists and engineers with a long history of successes, VSORA has offices in France and Taiwan.

Connect with VSORA:
Website: www.vsora.com
Email: info@vsora.com
Linkedin: https://www.linkedin.com/company/vsora/

About Otium
Otium is a long-term investment holding company founded in 2009 by Pierre Edouard Sterin. With €1.6 billion ($1,892 billion) in assets as of December 31, 2024, spread across more than 1,310 investments—including the Smartbox group and stakes in French unicorns PayFit and Owkin—Otium invests amounts ranging from a few hundred thousand euros to several tens of millions of euros. Companies are funded at every stage of their development, from seed funding to growth capital, and Otium takes either majority or minority stakes with no holding period constraints. Otium pursues a diversification strategy by financing projects in tech, industrials, leisure, healthcare, hospitality and real estate. Otium invested €255 million in 2024. www.otiumcapital.com

About Omnes Capital
Omnes is a leading private equity firm dedicated to energy transition. With over €6.7 billion ($7,580 billion) in assets under management, our teams support long-term partnerships with entrepreneurs through our four core businesses: renewable energy, sustainable cities, deep tech and co-investment. For over 20 years, Omnes has been applying its expertise to help businesses grow in more than 15 countries, with a particular focus on sustainable development. As part of its approach as a responsible investor, the company has created the Omnes Foundation to support non-profit organizations working for children and young people in the fields of education, health, social and economic integration. www.omnescapital.com

About EIC Fund
The European Innovation Council Fund from the European Commission is an agnostic Fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance. The European Investment Bank acts as investment adviser to the EIC Fund.

The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialisation of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding.

The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.
https://eic.ec.europa.eu/eic-fund_en

For more information, contact:
Nanette Collins
Public Relations for VSORA
nanette@nvc.com

The MIL Network –
April 30, 2025
MIL-OSI United Nations: Secretary-General’s remarks to the Security Council – on the Middle East [as delivered; scroll down for all-English and all-French]

Source: United Nations secretary general

Monsieur le Président, Excellences,

Je remercie la présidence française d’organiser cette réunion au niveau ministériel sur le Moyen-Orient, y compris la question palestinienne.

La région traverse des bouleversements fondamentaux, marqués par la violence et la volatilité, mais également porteurs d’opportunités et de potentiel.

Au Liban, le cessez-le-feu et l’intégrité territoriale doivent être respectés et tous les engagements doivent être mis en œuvre.

En Syrie, nous devons poursuivre nos efforts pour accompagner le pays sur la voie d’une transition politique inclusive de toutes les composantes de la population syrienne – une transition qui garantisse la reddition de comptes, favorise la réconciliation nationale, et jette les bases du redressement à long terme de la Syrie ainsi que de son intégration future au sein de la communauté internationale.

Cela inclut la situation dans le Golan syrien occupé, qui demeure précaire en raison de violations majeures de l’Accord de désengagement des forces de 1974 – notamment la présence continue des Forces de défense israéliennes dans la zone de séparation, ainsi que leurs multiples frappes contre des sites au-delà de la ligne de cessez-le-feu.

À travers le Moyen-Orient, les populations réclament et méritent un avenir meilleur – et non des conflits et des souffrances sans fin.

Nous devons agir ensemble pour faire en sorte que cette période de turbulences et de transition réponde à ces aspirations – et qu’elle apporte justice, dignité, droits, sécurité, et une paix durable.

Cela commence par la reconnaissance de deux faits fondamentaux :

Premièrement, la région se trouve à un moment charnière de son histoire.

Et, deuxièmement, que toute paix vraiment durable au Moyen-Orient dépend d’une question centrale.

Un élément essentiel que ce Conseil de sécurité a affirmé et réaffirmé, année après année, décennie après décennie : une solution à deux États, Israël et la Palestine, vivant côte-à-côte dans la paix et la sécurité, avec Jérusalem comme capitale des deux États.

Mr. President,

Today, the promise of a two-State solution is at risk of dwindling to the point of disappearance.

The political commitment to this long-standing goal is farther than it has ever been.

As a result, the rights of both Israelis and Palestinians to live and peace and security have been undermined – and the legitimate national aspirations of the Palestinians have been denied – while they endure Israel’s continued presence that the International Court of Justice has found unlawful.

And since the horrific 7 October terror attacks by Hamas, it has gotten worse on every front.

First, the unrelenting conflict and devastation in Gaza – including the utterly inhumane conditions of life imposed on its people who are repeatedly coming under attack, confined to smaller and smaller spaces, and deprived of lifesaving relief.

In line with international law, the Security Council has rejected any attempt at demographic or territorial change in the Gaza Strip, including any actions that reduce its territory.

Gaza is — and must remain — an integral part of a future Palestinian state.

Second, in the occupied West Bank, including East Jerusalem, Israeli military operations and the use of heavy weaponry in residential areas, forcible displacement, demolitions, movement restrictions, and settlement expansion are dramatically altering demographic and geographic realities.

Palestinians are being contained and coerced. Contained in areas that are subject to increasing military operations and where the Palestinian Authority is under growing pressure – and coerced out of areas where settlements are expanding.

Third, settler violence continues at alarmingly high levels in a climate of impunity, with entire Palestinian communities facing repeated assaults and destruction, sometimes abetted by Israeli soldiers.

Palestinian attacks against Israelis in both Israel and the occupied West Bank also continue.

Mr. President,

The world cannot afford to watch the two-State solution disappear.

Political leaders face clear choices — the choice to be silent, the choice to acquiesce, or the choice to act.

Mr. President,

In Gaza, there is no end in sight to the killing and misery.

The ceasefire had brought a glimmer of hope – the long-sought release of hostages and delivery of lifesaving humanitarian relief.

But those embers of opportunity were cruelly extinguished with the shattering of the ceasefire on 18 March.

Since then, almost 2,000 Palestinians have been killed in Gaza by Israeli strikes and military operations – including women, children, journalists, and humanitarians.

Hamas also continues to fire rockets towards Israel indiscriminately – while the hostages continue to be held in appalling conditions.

The humanitarian situation throughout the Gaza Strip has gone from bad … to worse … to beyond imagination.

For nearly two full months, Israel has blocked food, fuel, medicine and commercial supplies, depriving more than two million people of lifesaving relief.

All while the world watches.

I am alarmed by statements by Israeli government officials about the use of humanitarian aid as a tool for military pressure.

Aid is non-negotiable.

Israel must protect civilians and must agree to relief schemes and facilitate them.

I salute the women and men of the United Nations and all other humanitarian workers – especially our Palestinian colleagues — who continue to work under fire and in incomprehensibly difficult conditions.

And I mourn all of the women and men of the United Nations who were killed – including some with their families.

The entry of assistance must be restored immediately — the safety of UN personnel and humanitarian partners must be guaranteed – and UN agencies must be allowed to work in full respect of humanitarian principles: humanity, impartiality, neutrality and independence.

There must be no hindrance in humanitarian aid – including through the vital work of UNRWA.

We need the immediate and unconditional release of all hostages.

And we need a permanent ceasefire.

It’s time to stop the repeated displacement of the Gaza population – along with any question of forced displacement outside of Gaza.

And the trampling of international law must end.

I call on Member States to use their leverage to ensure that international law is respected and impunity does not prevail.

This includes for the 19 March incident for which Israel has now acknowledged responsibility in firing on a UN guesthouse, killing one colleague and injuring six others … the 23 March killing of paramedics and other rescue workers in Rafah … as well as many other cases.

There must be accountability across the board.

Mr. President,

Advisory proceedings are ongoing at the International Court of Justice on the obligations of Israel, as an occupying Power and a Member of the United Nations, in relation to the presence and activities of the United Nations in and in relation to the Occupied Palestinian Territory.

In February, the United Nations Legal Counsel submitted a written statement to the Court – and yesterday, she made an oral statement before the Court – both of which on my behalf.

The statement to the Court includes points that I have made on a number of occasions.

Specifically, that all parties to conflict must comply with all their obligations under international law, including international human rights law and international humanitarian law.

That Israel, as an occupying Power, is under an obligation to ensure food and medical supplies of the population.

That Israel has an obligation to agree to and facilitate relief schemes in the Occupied Palestinian Territory.

That humanitarian, medical and United Nations personnel must be respected and protected.

And I emphasize the obligation under international law to respect the privileges and immunities of the United Nations and its personnel, including the absolute inviolability of United Nations premises, property and assets – and the immunity from legal process of the United Nations.

Such immunity applies to all UN entities in the Occupied Palestinian Territory – including UNRWA – a subsidiary organ of the General Assembly.
I call on Member States to fully support all of these efforts.

Mr. President,

In this period of turmoil and transition for the region, Member States must spell out how they will realize the commitment and promise of a two-State solution.

This is not a time for ritualistically expressing support, ticking a box, and moving on.

We are past the stage of ticking boxes – the clock is ticking.

The two-State solution is near a point of no return.

The international community has a responsibility to prevent perpetual occupation and violence.

My call to Member States is clear and urgent:

Take irreversible action towards implementing a two-State solution.

Do not let extremists on any side undermine what remains of the peace process.

The High-Level Conference in June, co-chaired by France and the Kingdom of Saudi Arabia, is an important opportunity to revitalize international support.

I encourage Member States to go beyond affirmations, and to think creatively about the concrete steps they will take to support a viable two-State solution before it is too late.

At the same time, the Palestinian Authority needs stepped-up and sustained support – politically and financially. This is crucial to ensure the continued viability of Palestinian institutions, consolidate ongoing reforms, and enable the PA to resume its full responsibilities in Gaza.

Mr. President,

At this hinge point of history for the people of the Middle East – and on this issue on which so much hinges – leaders must stand and deliver.

Show the political courage and exercise the political will to make good on this central question for peace for Palestinians, Israelis, the region and humanity.

Thank you.

***
[all-English]

Mr. President, Excellencies,

I thank the French presidency for convening this ministerial-level meeting on the Middle East, including the Palestinian question.

The region is undergoing fundamental shifts, marked by violence and volatility but also opportunity and potential.

In Lebanon, the ceasefire and territorial integrity must be respected and all commitments implemented.

In Syria, we must keep working to support the country’s path towards a political transition that is inclusive of all segments of the Syrian population – one that ensures accountability, fosters national healing, and lays the foundation for Syria’s long-term recovery and further integration into the international community.

This includes the situation in the occupied Syrian Golan — which remains precarious with significant violations of the 1974 Disengagement of Forces Agreement, with the continued presence of the Israel Defense Forces into the area of separation and their several strikes targeting locations across the ceasefire line.

Across the Middle East, people demand and deserve a better future, not endless conflict and suffering.

We must collectively work to ensure that this turbulent and transitional period meets those aspirations — and delivers justice, dignity, rights, security and lasting peace.

It starts by recognizing two fundamental facts:

First, that the region is at a hinge-point in history.

And, second, that truly sustainable Middle East peace hinges on one central question.

On a core issue that this Security Council has affirmed and re-affirmed decade after decade, year after year: a two-state solution, Israel and Palestine, living side-by-side in peace and security, with Jerusalem as the capital of both states.

Mr. President,

Today, the promise of a two-State solution is at risk of dwindling to the point of disappearance.

The political commitment to this long-standing goal is farther than it has ever been.

As a result, the rights of both Israelis and Palestinians to live and peace and security have been undermined – and the legitimate national aspirations of the Palestinians have been denied – while they endure Israel’s continued presence that the International Court of Justice has found unlawful.

And since the horrific 7 October terror attacks by Hamas, it has gotten worse on every front.

First, the unrelenting conflict and devastation in Gaza – including the utterly inhumane conditions of life imposed on its people who are repeatedly coming under attack, confined to smaller and smaller spaces, and deprived of lifesaving relief.

In line with international law, the Security Council has rejected any attempt at demographic or territorial change in the Gaza Strip, including any actions that reduce its territory.

Gaza is — and must remain — an integral part of a future Palestinian state.

Second, in the occupied West Bank, including East Jerusalem, Israeli military operations and the use of heavy weaponry in residential areas, forcible displacement, demolitions, movement restrictions, and settlement expansion are dramatically altering demographic and geographic realities.

Palestinians are being contained and coerced. Contained in areas that are subject to increasing military operations and where the Palestinian Authority is under growing pressure – and coerced out of areas where settlements are expanding.

Third, settler violence continues at alarmingly high levels in a climate of impunity, with entire Palestinian communities facing repeated assaults and destruction, sometimes abetted by Israeli soldiers.

Palestinian attacks against Israelis in both Israel and the occupied West Bank also continue.

Mr. President,

The world cannot afford to watch the two-State solution disappear.

Political leaders face clear choices — the choice to be silent, the choice to acquiesce, or the choice to act.

Mr. President,

In Gaza, there is no end in sight to the killing and misery.

The ceasefire had brought a glimmer of hope – the long-sought release of hostages and delivery of lifesaving humanitarian relief.

But those embers of opportunity were cruelly extinguished with the shattering of the ceasefire on 18 March.

Since then, almost 2,000 Palestinians have been killed in Gaza by Israeli strikes and military operations – including women, children, journalists, and humanitarians.

Hamas also continues to fire rockets towards Israel indiscriminately – while the hostages continue to be held in appalling conditions.

The humanitarian situation throughout the Gaza Strip has gone from bad … to worse … to beyond imagination.

For nearly two full months, Israel has blocked food, fuel, medicine and commercial supplies, depriving more than two million people of lifesaving relief.

All while the world watches.

I am alarmed by statements by Israeli government officials about the use of humanitarian aid as a tool for military pressure.

Aid is non-negotiable.

Israel must protect civilians and must agree to relief schemes and facilitate them.

I salute the women and men of the United Nations and all other humanitarian workers – especially our Palestinian colleagues — who continue to work under fire and in incomprehensibly difficult conditions.

And I mourn all of the women and men of the United Nations who were killed – including some with their families.

The entry of assistance must be restored immediately — the safety of UN personnel and humanitarian partners must be guaranteed – and UN agencies must be allowed to work in full respect of humanitarian principles: humanity, impartiality, neutrality and independence.

There must be no hindrance in humanitarian aid – including through the vital work of UNRWA.

We need the immediate and unconditional release of all hostages.

And we need a permanent ceasefire.

It’s time to stop the repeated displacement of the Gaza population – along with any question of forced displacement outside of Gaza.

And the trampling of international law must end.

I call on Member States to use their leverage to ensure that international law is respected and impunity does not prevail.

This includes for the 19 March incident for which Israel has now acknowledged responsibility in firing on a UN guesthouse, killing one colleague and injuring six others … the 23 March killing of paramedics and other rescue workers in Rafah … as well as many other cases.

There must be accountability across the board.

Mr. President,

Advisory proceedings are ongoing at the International Court of Justice on the obligations of Israel, as an occupying Power and a Member of the United Nations, in relation to the presence and activities of the United Nations in and in relation to the Occupied Palestinian Territory.

In February, the United Nations Legal Counsel submitted a written statement to the Court – and yesterday, she made an oral statement before the Court – both of which on my behalf.

The statement to the Court includes points that I have made on a number of occasions.

Specifically, that all parties to conflict must comply with all their obligations under international law, including international human rights law and international humanitarian law.

That Israel, as an occupying Power, is under an obligation to ensure food and medical supplies of the population.

That Israel has an obligation to agree to and facilitate relief schemes in the Occupied Palestinian Territory.

That humanitarian, medical and United Nations personnel must be respected and protected.

And I emphasize the obligation under international law to respect the privileges and immunities of the United Nations and its personnel, including the absolute inviolability of United Nations premises, property and assets – and the immunity from legal process of the United Nations.

Such immunity applies to all UN entities in the Occupied Palestinian Territory – including UNRWA – a subsidiary organ of the General Assembly.

I call on Member States to fully support all of these efforts.

Mr. President,

In this period of turmoil and transition for the region, Member States must spell out how they will realize the commitment and promise of a two-State solution.

This is not a time for ritualistically expressing support, ticking a box, and moving on.

We are past the stage of ticking boxes – the clock is ticking.

The two-State solution is near a point of no return.

The international community has a responsibility to prevent perpetual occupation and violence.

My call to Member States is clear and urgent:

Take irreversible action towards implementing a two-State solution.

Do not let extremists on any side undermine what remains of the peace process.

The High-Level Conference in June, co-chaired by France and the Kingdom of Saudi Arabia, is an important opportunity to revitalize international support.

I encourage Member States to go beyond affirmations, and to think creatively about the concrete steps they will take to support a viable two-State solution before it is too late.

At the same time, the Palestinian Authority needs stepped-up and sustained support – politically and financially. This is crucial to ensure the continued viability of Palestinian institutions, consolidate ongoing reforms, and enable the PA to resume its full responsibilities in Gaza.

Mr. President,

At this hinge point of history for the people of the Middle East – and on this issue on which so much hinges – leaders must stand and deliver.

Show the political courage and exercise the political will to make good on this central question for peace for Palestinians, Israelis, the region and humanity.

Thank you.

***
[all-French]

Monsieur le Président, Excellences,

Je remercie la présidence française d’organiser cette réunion au niveau ministériel sur le Moyen-Orient, y compris la question palestinienne.

La région traverse des bouleversements fondamentaux, marqués par la violence et la volatilité, mais également porteurs d’opportunités et de potentiel.

Au Liban, le cessez-le-feu et l’intégrité territoriale doivent être respectés et tous les engagements doivent être mis en œuvre.

En Syrie, nous devons poursuivre nos efforts pour accompagner le pays sur la voie d’une transition politique inclusive de toutes les composantes de la population syrienne – une transition qui garantisse la reddition de comptes, favorise la réconciliation nationale, et jette les bases du redressement à long terme de la Syrie ainsi que de son intégration future au sein de la communauté internationale.

Cela inclut la situation dans le Golan syrien occupé, qui demeure précaire en raison de violations majeures de l’Accord de désengagement des forces de 1974 – notamment la présence continue des Forces de défense israéliennes dans la zone de séparation, ainsi que leurs multiples frappes contre des sites au-delà de la ligne de cessez-le-feu.

À travers le Moyen-Orient, les populations réclament et méritent un avenir meilleur – et non des conflits et des souffrances sans fin.

Nous devons agir ensemble pour faire en sorte que cette période de turbulences et de transition réponde à ces aspirations – et qu’elle apporte justice, dignité, droits, sécurité, et une paix durable.

Cela commence par la reconnaissance de deux faits fondamentaux :

Premièrement, la région se trouve à un moment charnière de son histoire.
Et, deuxièmement, que toute paix vraiment durable au Moyen-Orient dépend d’une question centrale.

Un élément essentiel que ce Conseil de sécurité a affirmé et réaffirmé, année après année, décennie après décennie : une solution à deux États, Israël et la Palestine, vivant côte-à-côte dans la paix et la sécurité, avec Jérusalem comme capitale des deux États.

Monsieur le Président,

Aujourd’hui, la promesse de la solution des deux États court le risque de s’effilocher au point de disparaître.

L’engagement politique en faveur de cet objectif de longue date n’a jamais été aussi ténu.

De ce fait, les droits des Israéliens et des Palestiniens de vivre en paix et sécurité ont été mis à mal – et les aspirations nationales légitimes des Palestiniens ont été niées – alors qu’ils continuent de subir une présence israélienne que la Cour internationale de justice a jugée illicite.

Depuis les effroyables attaques terroristes perpétrées par le Hamas le 7 octobre, la situation s’est aggravée sur tous les fronts.

Premièrement, avec le conflit incessant et la dévastation que subit la bande de Gaza : les conditions de vie sont absolument inhumaines, les habitants sont la cible d’attaques à répétition et sont confinés dans des espaces de plus en plus réduits et privés d’une aide vitale.

S’appuyant sur le droit international, le Conseil de sécurité a rejeté toute tentative de changement démographique ou territorial dans la bande de Gaza, y compris tout acte visant à réduire le territoire.

Gaza fait partie intégrante d’un futur État palestinien et doit le rester.

Deuxièmement, en Cisjordanie occupée, y compris Jérusalem-Est, les opérations militaires israéliennes et l’emploi d’armes lourdes dans des zones résidentielles, les déplacements forcés, les démolitions, les restrictions de circulation et l’expansion des colonies transforment radicalement les réalités démographiques et géographiques.

Les Palestiniens sont cantonnés dans certains endroits et contraints d’en quitter d’autres. Ils sont cantonnés dans des zones où les opérations militaires se multiplient et où l’Autorité palestinienne est soumise à des pressions croissantes, et contraints de quitter les zones où les colons étendent leur emprise.

Troisièmement, la violence exercée par les colons se poursuit dans un climat d’impunité, parfois avec la complicité de soldats israéliens, et atteint des niveaux alarmants : des communautés palestiniennes tout entières sont agressées et victimes de destructions à répétition.

Les attaques menées par des Palestiniens contre des Israéliens en Israël et en Cisjordanie occupée se poursuivent également.

Monsieur le Président,

Le monde ne peut pas se permettre de voir la solution des deux États s’évanouir.

Les dirigeants politiques ont le choix : se taire, acquiescer ou agir.

Monsieur le Président,

À Gaza, rien ne laisse entrevoir la fin de la tuerie et des souffrances.

Le cessez-le-feu avait apporté une lueur d’espoir : la libération des otages, tant attendue, et l’acheminement d’une aide humanitaire vitale.
Hélas, cette lueur d’espoir s’est éteinte avec la rupture du cessez-le-feu le 18 mars.

Depuis, les frappes et les opérations militaires israéliennes ont fait près de 2000 morts parmi les Palestiniens dans la bande de Gaza, y compris des femmes, des enfants, des journalistes et du personnel humanitaire.

Le Hamas continue également de tirer des roquettes sur Israël sans discernement – tandis que les otages sont toujours détenus dans des conditions épouvantables.

Déjà mauvaise, la situation humanitaire dans la bande de Gaza n’a fait qu’empirer et dépasse aujourd’hui l’entendement.

Depuis près de deux mois, Israël bloque les livraisons de nourriture, de carburant, de médicaments et de marchandises, privant ainsi plus de deux millions de personnes d’une aide vitale.

Et ce, au vu et au su du monde entier.

Je suis alarmé par les déclarations de représentants d’Israël concernant l’utilisation de l’aide humanitaire comme moyen de pression militaire.

L’aide humanitaire n’est pas négociable.

Israël est tenu de protéger les civils ; il doit accepter les programmes d’aide et en faciliter l’exécution.

Je rends hommage au personnel des Nations Unies, femmes et hommes, ainsi qu’à tous les autres agents humanitaires, en particulier à nos collègues palestiniens, qui continuent à travailler malgré les frappes et dans des conditions inouïes.

Et je pleure toutes les femmes et tous les hommes des Nations Unies qui ont été tués – y compris certains avec leurs familles.

L’acheminement de l’aide doit être rétabli immédiatement, la sécurité du personnel des Nations Unies et des partenaires humanitaires doit être garantie et les entités des Nations Unies doivent pouvoir travailler dans le plein respect des principes humanitaires : humanité, impartialité, neutralité et indépendance.

Il ne doit y avoir aucune entrave à l’aide humanitaire, notamment au travail vital que fait l’UNRWA.

Il faut que tous les otages soient libérés immédiatement et sans conditions.

Et il faut un cessez-le-feu permanent.

Il est temps de mettre un terme aux déplacements répétés de la population de Gaza, ainsi qu’à la question des déplacements forcés en dehors de Gaza.

Et il faut cesser de bafouer le droit international.

J’engage tous les États Membres à user de leur influence pour que le droit international soit respecté et que l’impunité ne l’emporte pas.

Je veux parler notamment de la frappe du 19 mars contre une résidence des Nations Unies, qui a fait un mort et six blessés parmi nos collègues et pour laquelle Israël a désormais reconnu sa responsabilité … de l’attaque du 23 mars, dans laquelle du personnel paramédical et d’autres secouristes ont trouvé la mort à Rafah … et de bien d’autres encore.

Aucun acte ne saurait rester impuni.

Monsieur le Président,

Une procédure consultative a été engagée à la Cour internationale de Justice sur les obligations d’Israël, Puissance occupante et membre de l’ONU, en ce qui concerne la présence et les activités des entités des Nations Unies dans le Territoire palestinien occupé et en lien avec celui-ci.

En février, la Conseillère juridique de l’ONU a soumis en mon nom une déclaration écrite à la Cour, et hier, elle a fait une déclaration orale devant la Cour, également en mon nom.

Cette déclaration reprend des points que j’ai soulevés à plusieurs reprises.

En particulier, le fait que toutes les parties au conflit sont tenues de s’acquitter des obligations que leur impose le droit international, y compris le droit international humanitaire et le droit international des droits humains.

Qu’Israël, Puissance occupante, est tenu d’assurer l’approvisionnement de la population en produits alimentaires et fournitures médicales.

Qu’il est tenu d’accepter les programmes d’aide et d’en faciliter l’exécution dans le Territoire palestinien occupé.

Que le personnel humanitaire et médical, ainsi que le personnel des Nations Unies, doit être respecté et protégé.

Je tiens à insister sur l’obligation faite en droit international de respecter les privilèges et immunités des Nations Unies et de leur personnel, y compris l’inviolabilité absolue des locaux, des biens et des avoirs des Nations Unies, ainsi que l’immunité de juridiction des Nations Unies.

Cette immunité s’applique à toutes les entités des Nations Unies dans le Territoire palestinien occupé, y compris l’UNRWA, organe subsidiaire de l’Assemblée générale.

J’engage les États Membres à soutenir tous ces efforts.

Monsieur le Président,

En cette période de tourmente et de transition pour la région, les États Membres doivent énoncer clairement comment ils concrétiseront l’engagement qu’ils ont pris et la promesse qu’ils ont faite quant à la solution des deux États.

Ce n’est pas le moment d’exprimer rituellement son soutien, de cocher une case et de passer à autre chose.

Nous avons dépassé le stade des cases à cocher : le temps presse.

Pour la solution des deux États, le glas a presque sonné.

La communauté internationale a la responsabilité d’empêcher l’occupation et la violence perpétuelles.

L’appel que je leur lance est urgent et sans équivoque :

Prenez des mesures irréversibles pour concrétiser la solution des deux États.

Ne laissez pas les extrémistes de tout bord saper ce qu’il reste du processus de paix.

La Conférence de haut niveau qui se tiendra en juin, co-présidée par la France et le Royaume d’Arabie saoudite, est une véritable occasion de revitaliser le soutien international.

J’encourage les États membres à aller au-delà des affirmations et à réfléchir de manière créative aux mesures concrètes qu’ils prendront pour soutenir une solution viable à deux États avant qu’il ne soit trop tard.

J’encourage les États Membres à traduire les paroles en actes et à réfléchir de manière créative pour déterminer les mesures concrètes qu’ils prendront pour soutenir une solution viable de deux États – avant qu’il ne soit trop tard.

Parallèlement, l’Autorité palestinienne a besoin d’un soutien accru et durable, tant sur le plan politique que financièrement parlant. C’est une condition essentielle pour garantir la viabilité des institutions palestiniennes, asseoir les réformes engagées et permettre à l’Autorité palestinienne d’exercer de nouveau toutes ses responsabilités dans la bande de Gaza.

Monsieur le Président,

À ce moment charnière de l’histoire pour les peuples du Moyen-Orient – et vis-à-vis de cette question dont dépendent tant de choses – les dirigeants doivent concrétiser leur promesse.

Faites preuve de courage et de volonté politiques, tenez vos engagements vis-à-vis de cette question centrale pour la paix : pour les Palestiniens, les Israéliens, la région et l’humanité tout entière.

Je vous remercie.

MIL OSI United Nations News –

April 30, 2025

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