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  • MIL-OSI Global: From Doing Business to B-READY: World Bank’s new rankings represent a rebrand, not a revamp

    Source: The Conversation – USA – By Fernanda G Nicola, Professor of Law, American University

    The 2025 spring meetings of the World Bank Group and the International Monetary Fund takes place in Washington, D.C. Bryan Dozier/Middle East Images/AFP via Getty Images

    In 2021, the World Bank shut down one of its flagship projects: the Doing Business index, a global ranking system that measured how easy it was to start and run a business in 190 countries.

    It followed an independent investigation that found World Bank officials had manipulated the rankings to favor powerful countries, including China and Saudi Arabia. The scandal raised serious concerns about the use of global benchmarks to shape development policy.

    Now, the Bank is trying again. In October 2024, it launched its newest flagship report, Business Ready. The 2025 spring meeting of the World Bank and its sister institution, the International Monetary Fund, mark the first time the report will be formally presented to delegates as part of the institutions’ high-level agenda.

    Nicknamed B-READY, the report aims to evaluate business environments through more transparent data. This time, the annual assessment has a broader ambition: to go beyond laws and efficiency and also measure social inclusion, environmental sustainability and public service delivery.

    As experts on international organizations, law and development, we have given B-READY a closer look. While we appreciate that a global assessment of the economic health of countries through data collection and participation of private stakeholders is a worthwhile endeavor, we worry that the World Bank’s latest effort risks recreating many of the same flaws that plagued its predecessor.

    From Doing Business to doing what?

    To understand what’s at stake, it’s worth recalling what the Doing Business index measured. From 2003 to 2021, the flagship report was used by governments, investors and World Bank officials alike to assess the business environment of any given country. It ranked countries based on how easy it was to start and run a business in 190 economies.

    In prioritizing that as its marker, the index often celebrated reforms that stripped away labor protections, environmental safeguards and corporate taxes in the name of greater “efficiency” of common law versus civil law jurisdictions.

    As economist Joseph E. Stiglitz argued in 2021, from its creation, the Doing Business index reflected the values of the so-called Washington Consensus − a development model rooted in deregulation, privatization and market liberalization.

    The World Bank building in Washington, D.C.
    AP Photo/Andrew Harnik

    Critics warned for years that the Doing Business index encouraged a global “race to the bottom.” Countries competed to improve their rankings, often by adopting symbolic legal reforms with little real impact.

    In some cases, internal data manipulation at the World Bank penalized governments that did not appear sufficiently business-friendly. These structural flaws − and the political pressures behind them − ultimately led to the project’s demise in 2021.

    What is B-READY?

    B-READY is the World Bank’s attempt to regain credibility after the Doing Business scandal. In recent years, there has been both internal and external pressure to create a successor − and B-READY responds to that demand while aiming to fix the methodological flaws.

    In theory, while it retains a focus on the business environment, B-READY shifts away from a narrow deregulatory logic and instead seeks to capture how regulations interact with infrastructure, services and equity considerations.

    B-READY, which in the pilot stage covers a mix of 50 countries, does not rank countries with a single score. Rather, it provides more accurate data across 10 topics grouped into three pillars: regulatory framework, public services and operational efficiency. The report also introduces new themes such as digital access, environmental sustainability and gender equity.

    Unlike the Doing Business index, B-READY publishes its full methodology and makes its data publicly available.

    On the surface, this looks like progress. But a criticism of B-READY is that in practice, the changes offer only a more fragmented ranking system — one that is harder to interpret and still shaped by the same investor driven macroeconomic assumptions.

    In our view, the framework continues to reflect a narrow view of what constitutes a healthy legal and economic system, not just for investors but for society as a whole.

    Labor flexibility over labor rights

    A key concern is how B-READY handles labor standards. The report relies on two main data sources: expert consultations and firm-level surveys.

    For assessing labor and social security regulations, the World Bank consults lawyers with expertise in each country. But when it comes to how these laws function in practice, the report relies on surveys that ask businesses whether labor costs, dismissal protections and public services are “burdens.”

    This approach captures the employer’s perspective, but leaves out workers’ experiences and the real impact on labor rights. In some cases, the scoring system even rewards weaker protections. For example, countries are encouraged to have a minimum-wage law on the books − but are penalized if the wage is “too high” relative to gross domestic product per capita. This creates pressure to keep wages low in order to appear competitive. And while that might be good news for international companies seeking to reduce their labor costs, it isn’t necessarily good for the local workforce or a country’s economic well-being.

    According to the International Trade Union Confederation, this approach risks encouraging symbolic reforms while doing little to protect workers. Georgia, for example, ranks near the top of the B-READY labor assessment, despite not having updated its minimum wage since 1999 and setting it below the subsistence level.

    Courts that work − for whom?

    Another troubling area, to us as comparative law experts, is how B-READY evaluates legal issues. It measures how quickly commercial courts resolve disputes but ignores judicial independence or respect for the rule of law. As a result, countries such as Hungary and Georgia, which have been widely criticized for democratic backsliding and the erosion of the rule of law, score surprisingly high. Not coincidentally, both governments have already used these scores for propaganda and political gain.

    This reflects a deeper problem, we believe. B-READY treats the legal system primarily as a means to attract investment, not as a framework for public accountability. It assumes that making life easier for businesses will automatically benefit everyone. But that assumption risks ignoring the people most affected by these laws and institutions − workers, communities and civil society groups.

    Be … better?

    B-READY introduces greater transparency and public data − and that, for sure, is a step up from its predecessor. But in our opinion it still reflects a narrow view of what a “good” legal system looks like: one that might deliver efficiency for firms but not necessarily justice or equity for society.

    Whether B-Ready becomes a tool for meaningful reform − or just another scoreboard for deregulation − will depend on the World Bank’s willingness to confront its long-standing biases and listen to its critics.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. From Doing Business to B-READY: World Bank’s new rankings represent a rebrand, not a revamp – https://theconversation.com/from-doing-business-to-b-ready-world-banks-new-rankings-represent-a-rebrand-not-a-revamp-254958

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Stakeholders acknowledge progress with Zimbabwe arrears clearance dialogue, call for more effort and support

    Source: Africa Press Organisation – English (2) – Report:

    WASHINGTON D.C., United States of America, April 23, 2025/APO Group/ —

    • Challenges should not overshadow the good results achieved so far, says former president Chissano
    • “Zimbabwe has made a lot of progress, against all odds. Now, we all should rally around it to conclude this process,” Adesina
    • Former farm owners welcome compensation payment

    International organisations, creditors, and other stakeholders in the Zimbabwe arrears clearance and debt resolution unanimously acknowledged on Monday that tremendous progress has been made after two years of an extensive Structured Dialogue process but observed several challenges that need to be addressed.

    At a roundtable meeting on Zimbabwe’s Arrears Clearance and Debt Resolution Process held on the sidelines of the IMF and World Bank Group Spring Meetings in Washington, participants highlighted achievements in two of three reform areas: economic growth and stability, land reforms, and compensation of former farm owners. However, they called for more effort in the governance pillar.

    “The parameters of the dialogue have been set. Most issues have been dealt with. Commitments and targets have been agreed upon. We should all be proud of the dialogue process and what it has achieved,” said Joachim Chissano, former president of Mozambique and facilitator of Zimbabwe’s Arrears Clearance and Debt Resolution Process.

    Other speakers included Dr Akinwumi Adesina, President of the African Development Bank and champion of the dialogue process; Ndiamé Diop, the World Bank Vice President for Eastern and Southern Africa; Abebe Selassie, Director of the African Department at the International Monetary Fund (IMF), who represented the Managing Director, Kristalina Georgieva; representatives of the governments of the Netherlands, France, the United Kingdom, and Germany; and the Southern African Development Community Executive Secretary Elias M. Magosi.

    “Zimbabwe has made a lot of progress, against all odds,” said Adesina, pointing out, however, that recent ascent to the Private Voluntary Organization (PVO) bill is a significant setback and poses a risk to the arrears clearance and debt resolution process.

    Adesina laid out several concrete next steps, including the need for the IMF to approve the Staff Monitored Programme for Zimbabwe at the Spring Meetings, support from potential donors for bridge loan financing, exploration of additional resources from the African Development Fund, and prioritisation of Zimbabwe’s arrears clearance within the G20 Common Framework.

    He said the African Development Bank Group will explore the possibility of mobilising additional resources for Zimbabwe’s arrears clearance within the framework of the 17th replenishment of the African Development Fund coming up towards the end of the year. This will form part of an agreed-upon process for clearing the bridge loan.

    “Similarly, we encourage the World Bank’s International Development Association to do the same to clear arrears,” the Bank Group president said.

    “To move the arrears clearance and debt resolution forward, the African Development Bank Group is financing the Global Sovereign Advisory and legal advisors, Kepler-Karst, to support the arrears clearance and debt resolution process, with clear timelines,” Adesina said.

    Progress across three reform pillars

    Chissano outlined other reforms that the Zimbabwe government undertook within the dialogue process framework, including the Reserve Bank of Zimbabwe ceasing its quasi-fiscal operations, with all liabilities transferred to the treasury; the exchange rate system moving closer to market-determined rates; prudent fiscal policy and expenditure rationalisation being pursued; and the ongoing token payments to creditors.

    Under the land tenure reform, Chissano and other speakers welcomed the ongoing compensation for former farm owners and the Farm Title Deed programme launched in December 2024. The programme provides for a 99-year lease agreement that is bankable and transferable.

    Regarding governance reforms, the meeting heard that Zimbabwe had abolished the death penalty and that other significant reforms were underway to improve efficiency in the justice sector, enhance measures to fight corruption, and improve public sector transparency and accountability.

    However, like other speakers, Chissano noted that challenges remain in civil society engagement, democratic elections, judicial processes, freedom of assembly, and freedom of expression.

    “These challenges show that dialogue is still needed for reforms to take root. They also show that political reforms are not a linear process,” he said, urging that these challenges “should mobilise us to redouble our efforts and re-energise the dialogue process.”

    The government of Zimbabwe has proposed a plan to secure bridge financing of $2.6 billion to clear arrears to international financial institutions.

    In his presentation, Zimbabwe’s Minister of Finance, Economic Development, and Investment Promotion, Mthuli Ncube said the country’s economic outlook shows signs of recovery with expected growth of 6.0% in 2025. This is a remarkable improvement on last year’s 2.0% due to severe drought. The introduction of ZiG currency in April 2024 is helping to restore macroeconomic stability.

    The arrears clearance roadmap aims to secure and implement a Staff Monitored Programme with the IMF in 2025, develop a credible strategy to close the fiscal financing gap, clear arrears with international financial institutions by early 2026, and complete comprehensive debt restructuring under the G20 Common Framework.

    The Southern African Development Community Executive Secretary, Elias M. Magosi, said Zimbabwe should be supported to bounce back, pointing to its strategic role in regional trade, integration, and development.

    Back in Zimbabwe, the former president of the Commercial Farmers Union, Mr. Andrew J. Pascoe, confirmed receipt of payments made to former landowners, describing the development as “another momentous event.”

    “Monday, 24 March 2025, saw the first US Dollar Cash payments due under this plan being paid to the signed-up Former Farm Owners (FFOs),” he said. “After almost 20 years, we, as Zimbabweans had been able to put aside our differences and, in an atmosphere of mutual respect and trust, negotiated an agreement that laid the foundation for the payment of compensation for improvements on farms which the government of Zimbabwe had acquired under the Fast Track Land Reform Programme.”

    “I would like, as a representative of these farmers, to sincerely thank His Excellency, President Dr. E.D. Mnangagwa and his government for standing by the commitment made by His Excellency in 2018 to pay compensation for acquired farms in line with the Constitution of Zimbabwe,” he said.

    Nearly three years ago, President Emmerson Mnangagwa asked Dr Adesina to champion Zimbabwe’s arrears clearance and debt resolution process.

    “I knew the job would be difficult,” Adesina recalled and expressed confidence, saying, “We will succeed in giving Zimbabwe and its people a full arrears clearance and debt resolution so that it can receive critical concessional financing needed to boost its growth and development further.”

    “Now, we all should rally around it to conclude this process,” he added.

    MIL OSI Africa –

  • MIL-OSI Global: IMF World Economic Outlook: economic uncertainty is now higher than it ever was during COVID

    Source: The Conversation – Global Perspectives – By Sergi Basco, Profesor Agregado de Economia, Universitat de Barcelona

    Skorzewiak/Shutterstock

    The International Monetary Fund (IMF) has just published its World Economic Outlook, and it does not take an expert to deduce that, even among some of the world’s top economic minds, confident predictions are currently hard to come by.

    Every spring the IMF and World Bank hold their Spring Meetings in Washington DC: a week of seminars, briefings and press conferences focusing on the global economy, international development and world financial markets. At both the Spring Meetings and the Annual Meeting, held each autumn, the IMF publishes its global economic growth forecasts.

    For its 2025 Spring Meeting the IMF has published a baseline forecast, as well as an addendum analysing the tariff events that took place between 9 and 14 April. According to the Fund’s report, world GDP will grow by 2.8% in 2025 and 3.0% in 2026. For the euro area, growth will be 0.8% and 1.2% for 2025 and 2026 respectively.

    These forecasts represent a substantial downward revision from IMF figures published just three months ago. Globally, growth in 2025 is down by 0.5% compared to the Fund’s January update, with a reduction of 0.2% for the euro area.

    One major shift is key to understanding the most recent IMF report and its pessimistic predictions: we live in a much more uncertain world than we did three months ago.

    Trump, tariffs and uncertainty

    If one had to sum up the new US tariff policy in a word, “unpredictable” would suffice, as the so-called “Liberation Day” of 2 April 2025 represented the largest tariff increase in modern history.

    Just one week later, the US president then made two further announcements. First, a 90-day freeze on tariff hikes, apparently in search of bilateral agreements with the countries to which he had applied tariffs above 10%. Second, that China would be excluded from this exception, with tariffs on its products being raised to 145%.

    This freeze means that until July EU goods being sold to the US will have a 10% tariff instead of the 20% that was announced on 2 April. However, the 10% applied by the new US administration is still much higher than the average tariff of 1.34% that was in force before 5 April.

    But what will the tariff be after these 90 days? What about in December? What about in 2 years’ time? What goods will be exempted? How far will the trade war between China and the US go? The answer to all of these questions is: nobody knows. This uncertainty is evident in of the IMF’s spring forecast.

    Uncertainty is off the charts

    The IMF’s world trade uncertainty index is currently 7 times higher than it was in October 2024, much higher than in the pandemic.

    As far as the economy is concerned, this uncertainty is far worse than a high but definitive tariff. With a tariff, companies can at least reorganise their production chain, and consumers can look for alternative products. There is a cost, but at least businesses and consumers can plan for it.

    However, nobody can calculate these costs today because nobody knows how tariffs will evolve. An American company may decide today to buy a particular product from the EU thinking that the tariff will be 10%, but upon the product’s arrival in the US it turns out the tariff has risen to 100% because a presidential advisor said it would be good for the US economy to raise tariffs on that product.

    Unbelievable though it may sound, this appears to be how the tariffs are being decided and enacted. According to one account, the US Treasury and Commerce Secretaries were only able to persuade Trump to freeze recent tariff hikes because Peter Navarro – the president’s economic advisor and tariff ideologue – was in another room at the time.

    The end result of this unpredictability is that the best course of action, for consumers and businesses alike, is inaction.



    Leer más:
    Trump tariff chaos: radical uncertainty will likely make companies delay investments

    Fear and volatility

    It is no surprise that these constant changes of plans are causing great instability in financial markets. Although Trump may have triumphantly celebrated rising stock prices immediately after the tariff freeze was announced, financial markets are now subject to levels of uncertainty and fear similar to those seen during COVID-19.

    Five years ago, volatility was associated with increased demand for US government debt due to the “flight to safety” effect: investors selling higher risk investments and buying safer assets, such as gold and government bonds, in times of uncertainty.

    Now we are seeing the exact opposite. The price of US bonds has fallen since “Liberation Day”, and this means that investors are selling them. In other words, markets no longer believe that US government debt is a safe asset. Given the role of the dollar and US debt in international markets, this paradigm shift may generate even more financial instability down the line.

    Supply chains are breaking (again)

    COVID-19, the last major global economic crisis, has one thing in common with the current situation: disruption of global supply chains. During the pandemic it was confinement that forced production to stop. Today, it is the imposition of tariffs.

    However, there is another major difference. During COVID people knew it was a matter of time before vaccines became available and normality returned. Today, instability in financial markets comes not from any virus, but from President Trump’s own advisors selling him all manner of plans to protect US economic interests.

    Sergi Basco no recibe salario, ni ejerce labores de consultoría, ni posee acciones, ni recibe financiación de ninguna compañía u organización que pueda obtener beneficio de este artículo, y ha declarado carecer de vínculos relevantes más allá del cargo académico citado.

    – ref. IMF World Economic Outlook: economic uncertainty is now higher than it ever was during COVID – https://theconversation.com/imf-world-economic-outlook-economic-uncertainty-is-now-higher-than-it-ever-was-during-covid-255055

    MIL OSI – Global Reports –

  • MIL-OSI USA: Revitalizing Historic Landmarks in Western New York

    Source: US State of New York

    overnor Kathy Hochul today announced the completion of the Historic Post Office at One East Avenue in the City of Lockport after a comprehensive historic rehabilitation and renovation as part of the Downtown Revitalization Initiative. The $9.7 million project included a rehabilitation of the interior and exterior historic fabric of the building together with renovations to improve the facility for modern use. Before and after photos of the project are available here.

    “I’m working to revitalize historic landmarks and the communities that they define, and the revitalization of the Historic Post Office will allow Lockport’s rich history to live on through generations to come,” Governor Hochul said. “As the first Governor from Western New York in over 100 years, I’m committed to providing resources and investment so that all of our extraordinary communities can live up to their full potential.”

    The One East Avenue Historic Post Office was opened in 1902. The building was listed on the National Register of Historic Places in 1989. The three-story, red brick and terra cotta building combines Beaux Arts massing with sculptural detail inspired by classical and Renaissance design. The historic rehabilitation and renovation undertaken by Iskalo Development Corp. included meticulous restoration of the building’s historic features and modernization improvements including new electrical, plumbing, mechanical and sprinkler systems and elevator installation. Iskalo purchased the building in 2015 and served as the Architect and Construction Manager for the project.

    The 31,600-square-foot building offers “move-in ready” boutique retail and office suites for lease and is anchored by Big Ditch Brewing which recently opened a Tap Room and Innovation Brewery. The Grigg Lewis Foundation was the first tenant to occupy space in the building.

    New York State Secretary of State Walter T. Mosley said, “As a round three winner of the Downtown Revitalization Initiative, Lockport is really harnessing its Canal history and heritage as a catalyst for future growth and rejuvenation. The completion of the renovated Historic Post Office continues the City’s momentum toward becoming a world-class destination for residents to live, work and play, and for visitors from all over to enjoy.”

    Empire State Development President, CEO & Commissioner Hope Knight said, “Governor Hochul’s Downtown Revitalization Initiative projects are strengthening city centers throughout the state. Seeing new life breathed into the century-old Historic Post Office as part of Lockport’s reenergization is a testament to investing in our downtowns.”

    New York State Canal Corporation Director Brian U. Stratton said, “As we reflect on 200 years of the Erie Canal, we continue to contemplate ways to elevate the communities that have risen along its banks over these last two centuries. The completion of the Lockport post office, made possible in large measure by Governor Hochul’s Downtown Revitalization Initiative, is the perfect illustration of how this program works to bring positive change to downtown centers throughout the state. It is just one of many examples of how the DRI program is bringing positive change to communities from across the Erie Canal.”

    City of Lockport Mayor John Lombardi III said, “What an exciting time for the City of Lockport. I sincerely thank the New York Department of State for being in our great city today and for creating a much-needed initiative for the Revitalization of our Downtown Corridor. The Historic rehabilitation and renovation of the ‘Historic Post Office,’ the former Niagara County Courthouse, and the establishment of the anchor tenant ‘Big Ditch Brewing,’ has created a much-needed catalyst for our city. And has provided a destination point for many new visitors, hopefully generating some interest in the gifts Lockport has to offer. What better place for the Big Ditch than within a hundred yards of The Big Ditch? Thank you, Paul Iskalo and Matt Kahn, for creating another reason to love Lockport.”

    Founder and President of Iskalo Development Paul B. Iskalo said, “The historic rehabilitation and renovation of the Historic Post Office is a great accomplishment for Iskalo Development and downtown Lockport. And its completion would not have been possible without assistance from the State of New York, City of Lockport, Five Star Bank and Niagara County Industrial Development Agency.”

    The City of Lockport was named the Western New York Downtown Revitalization Initiative (DRI) Round 3 winner in October 2018. The Historic Post Office received $1.795 million from the DRI, as well as state and federal historic preservation tax credits. In addition to the Historic Post Office, other projects awarded DRI funding include $2.2 million to create rooftop and outdoor event space at the Spalding Mill; $1.35 million to redevelop the F&M Building to house a mix of residential and commercial uses; $955,000 to support the development of commercial space as part of the Harrison Lofts project; $865,000 to enhance connectivity on Pine Street; $800,000 for the renovation of the Tuscarora Club including a boutique hotel; $600,00 for the renovation of the Historic Palace Theatre; $275,000 for additional sculptures as part of the Lock Tenders Tribute; $230,000 for reconstruction of South Street; and $630,000 for a Small Project Grant Fund to support smaller, commercial and mixed-use projects.

    The City of Lockport has been chosen as a featured field visit during the World Canals Conference in Buffalo in September. The Department of State will be presenting a panel at the Conference on the ways that the Downtown Revitalization Initiative has helped spark a renaissance in downtown revitalization in over 20 Canal corridor communities. In advance of the conference, DOS produced a case study on the subject entitled, “Downtown Revitalization Along the Erie Canal.”

    Downtown Revitalization Initiative
    The Downtown Revitalization Initiative was created in 2016 to accelerate and expand the revitalization of downtowns and neighborhoods in all ten regions of the state to serve as centers of activity and catalysts for investment. Led by the Department of State with assistance from Empire State Development, Homes and Community Renewal and NYSERDA, the DRI represents an unprecedented and innovative “plan-then-act” strategy that couples strategic planning with immediate implementation and results in compact, walkable downtowns that are a key ingredient to helping New York State rebuild its economy from the effects of the COVID-19 pandemic, as well as to achieving the State’s bold climate goals by promoting the use of public transit and reducing dependence on private vehicles. Through eight rounds, the DRI has awarded a total of $900 million to 89 communities across every region of the State.

    MIL OSI USA News –

  • MIL-OSI Security: Serhat Gumrukcu Convicted of Murder-for-Hire

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Burlington, Vermont – The United States Attorney for the District of Vermont announced that earlier today, after a five-week trial before Chief United States District Judge Christina Reiss, a federal jury convicted Serhat Gumrukcu, 42, of Los Angeles, California, of murder-for-hire, conspiracy to commit murder-for-hire, and conspiracy to commit wire fraud. Gumrukcu remains in jail pending sentencing, which has not been scheduled. Gumrukcu has been held in custody since his arrest in May of 2022.

    According to court records and evidence presented at trial, Gumrukcu solicited the murder of Gregory Davis due to Davis’s threats of legal action related to Gumrukcu’s role in a failed oil commodities transaction.  Gumrukcu’s conviction for wire fraud stemmed from his fraudulent activities in relation to this failed oil deal.  Gumrukcu was particularly motivated to silence Davis due to his negotiations of a multi-million-dollar biotech merger involving Gumrukcu’s alleged discovery of a cure for HIV.  Gumrukcu relied on his close friend, Berk Eratay, to arrange through a second intermediary, Aaron Ethridge, the hiring of a hitman to kill Davis.  Ethridge recruited Jerry Banks for the hitman role, who on January 6, 2018, posed as a Deputy U.S. Marshal, and abducted Davis from his Danville, Vermont home.  On January 7, 2018, Davis’s deceased body was located in a snowbank a short distance from his home.  Investigators quickly discovered emails and messaging indicating the tension between Gumrukcu and Davis over the failed oil deal, resulting in Gumrukcu being interviewed twice by the Federal Bureau of Investigation.  Gumrukcu made false statements during each interview.  Cellphone location information, purchase records, banking documentation, emails, and messaging discovered during the investigation led to the identification of the four conspirators who caused the kidnapping and death of Davis.
      
    Based on the jury’s verdict, Gumrukcu faces a statutorily mandated sentence of life imprisonment.
     
    “Serhat Gumrukcu tried to hide his role in the murder of Greg Davis by paying one man to pay another man to pay the hitman, who shot and killed Greg Davis on a January night in Vermont. Uncovering Gumrukcu’s responsibility for this murder involved years of determined investigation by the men and women of Vermont’s United States Attorney’s Office, working closely with the FBI and the Vermont State Police,” stated Acting United States Attorney Michael P. Drescher. “Holding Gumrukcu responsible for this murder also required the work of an extraordinarily talented trial team, consisting of Assistant United States Attorneys Paul Van de Graaf and Zachary Stendig, with tremendous courtroom support from Erin Thompson-Moran and Karen Arena-Leene.” Drescher also thanked the numerous law enforcement entities across the country who worked to identify Banks as the hired hitman, Ethridge and Eratay as middlemen, and Gumrukcu as the financier and benefactor of the murder scheme.

    FBI Special Agent in Charge, Craig L. Tremaroli stated, “Serhat Gumrukcu is a ruthless criminal whose greed drove him to order the death of his own business partner. Today, our thoughts are with Gregory Davis’s family. We are proud to have brought them justice and are incredibly grateful to our partners at the United States Attorney’s Office, and all our law enforcement partners across the country who assisted with this complex investigation.”

    “We join our federal partners in thanking the members of the jury for their careful deliberations and verdict convicting Serhat Gumrukcu of all charges,” said Col. Matthew T. Birmingham, director of the Vermont State Police. “The jury’s determination of guilt reflects the diligent police work and the copious evidence collected during what would become one of the most sweeping, comprehensive and complex investigations in Vermont State Police history. Starting on the day more than seven years ago that Gregory Davis’s body was discovered on a snowy, remote road in Barnet, the state police, along with our investigative partners including the FBI, focused on identifying those responsible for his senseless killing and bringing them to justice. We hope that with today’s verdict, Mr. Davis’s family may be able to find a small measure of comfort knowing the person who bore ultimate responsibility has been held accountable.”

    At trial, Assistant U.S. Attorneys Paul J. Van de Graaf and Zachary Stendig represented the government, with supported from Karen Arena-Leene and Erin Thompson-Moran.  Gumrukcu was represented by Susan K. Marcus, Esq., and Ethan A. Balogh, Esq. 

    MIL Security OSI –

  • MIL-OSI Africa: Botswana Vice President Lauds African Development Bank’s 60-Year Legacy, Urges Economic Resilient Africa

    Source: Africa Press Organisation – English (2) – Report:

    GABORONE, Botswana, April 23, 2025/APO Group/ —

    Botswana’s Vice President and Finance Minister Ndaba Nkosinathi Gaolathe has urged African leaders to build an economically viable and resilient continent amid global funding challenges, geopolitical tensions, and increased tariff regimes.

    Speaking at an event marking the African Development Bank Group’s 60 years of transformative impact across Africa and 53 years of its operations in Botswana,  Gaolathe envisioned a new Africa as a “value definer” rather than a “price taker” in finance, energy, minerals, and technology.

    He highlighted the African Development Bank Group’s development impact, noting it has remained the continent’s partner of choice not merely as an institution but “a beacon of Africa’s own dream.”

    “We have seen the Bank not only as a builder of roads and dams, but also as a partner in thinking, reforming, and reimagining. Whether through technical assistance in procurement reforms, lines of credit to our development institutions, or policy advisory during our most difficult transitions, the African Development Bank has walked quietly, consistently, and strategically with us,” Gaolathe stated.

    “From the construction of the Lobatse-Kanye Road in the 1970s to the Nata-Maun Road, the Gaborone-Lobatse Water Supply, and the Morupule B Power Plant, this Bank’s footprint is woven into the story of our progress,” he said. “As we celebrate these past six decades, I am especially inspired by the bold and courageous conversations that the African Development Bank is leading today, which challenge the world to rethink Africa, not as a continent of scarcity, but as the richest cradle of life on earth.”

    Gaolathe expressed concern about the “systematic undervaluation of Africa’s natural resources.” “When African carbon credits are traded for a fraction of their true value, that is not commerce; it is quiet violence,” he stated, echoing African Development Bank President Akinwumi Adesina’s call to stop “carbon grabs” across the continent.

    Since 1972, the Bank Group has supported transformative projects in Botswana across multiple sectors, including agriculture, finance, power, transport, and industry, with investments exceeding $2.6 billion across 67 projects.

    Gaolathe praised a proposal by the Bank for a Critical Minerals-Backed African Currency, and its push to include natural capital in national balance sheets as “unapologetically African, innovative, and sovereign” leadership. “Africa holds over 30% of the world’s critical minerals. From lithium to cobalt, we power the world’s batteries, yet all too often, we are still exporting dust while importing debt. That must end,” he emphasized.

    Leila Mokaddem, the Bank’s Director General for Southern Africa, highlighted the impact of the Bank’s work in Southern Africa, including the Kazungula Bridge connecting Botswana and Zambia, which she described as “a gateway of integration across SADC.” She also cited the Pandamatenga Agriculture Infrastructure Project that transformed 40,000 hectares of farmland and increased cereal production by 46%.

    “As we mark this Diamond Jubilee, we do so to honor the past and embrace the future. Let us build the next decade of partnership with purpose, optimism, and shared commitment,” she said.

    Angola’s Ambassador to Botswana and Dean of the Diplomatic Corps, Beatriz Morais, took the audience on a memory lane to September 1964, when 25 countries converged in Khartoum with a singular vision—to create a financial institution by Africans for Africans. “Today, 61 years later, we take pride in what that vision has become.”

    Mothobi Matila, a retiree who joined the Bank from Botswana’s Ministry of Finance in 2005, delivered an emotional speech. He described the Bank as an “equal opportunity place” that became his employer and second home.

    Moono Mupotola, the Bank’s Country Manager for Botswana and Deputy Director General for Southern Africa emphasized its five-decade partnership with Botswana, which began in 1972 with the first loan extended in November 1973 to support telecommunications infrastructure.

    She outlined the Bank’s 2022-2026 strategy for Botswana, which focuses on building economic resilience through improved economic governance, private sector development, and infrastructure development to enhance competitiveness and productivity.

    MIL OSI Africa –

  • MIL-OSI Security: Russell Laffitte Pleads Guilty to Conspiracy, Wire Fraud, Bank Fraud, and Misapplying Bank Funds

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    CHARLESTON, S.C. — Former banker Russell Lucius Laffitte, 54, of Estill, has pleaded guilty in federal court to conspiracy to commit wire fraud and bank fraud; wire fraud; bank fraud; and three counts of misapplication of bank funds.

    “Russell Laffitte and Alex Murdaugh abused their positions of power to victimize people who trusted them,” said Ben Garner, Chief of the U.S. Attorney’s Office Criminal Division. “As of today, both have pleaded guilty and accepted responsibility for their crimes in federal court. We appreciate the exhaustive work of our partners at the FBI, SLED, and South Carolina Attorney General’s Office to ensure justice for Laffitte and Murdaugh’s victims.”

    Laffitte was an officer and executive at Palmetto State Bank in Hampton, South Carolina. His co-conspirator, Alex Murdaugh, was a personal injury attorney at a law firm in Hampton.

    As part of his guilty plea, Laffitte admitted that he agreed to serve as conservator and personal representative for several of Murdaugh’s clients, knowing that he would personally profit from doing so. Beginning in 2011, Laffitte began extending himself and Murdaugh loans from conservator accounts Laffitte was charged with managing. Laffitte did not disclose the loans to the conservatees, despite owing them a fiduciary duty.

    Around that time, Murdaugh devised a scheme to obtain money belonging to his clients. In furtherance of the scheme, Murdaugh directed law firm employees to make clients’ checks payable to Palmetto State Bank. The checks were drawn on the law firm’s client trust account, identified the clients on the memo lines, and corresponded to amounts set forth in the clients’ disbursement sheets.

    As to two of Murdaugh’s clients, Laffitte—their conservator—saw their disbursement sheets and knew that the bank was supposed to receive their settlement funds. Murdaugh presented the clients’ checks to Laffitte and directed that they be used for Murdaugh’s personal benefit, including to pay off loans Laffitte had extended from conservator accounts. Laffitte negotiated nine separate transactions for Murdaugh’s benefit, knowing that the funds belonged to the clients.

    Laffitte also aided and abetted the structuring of transactions from a second check belonging to one of the clients, disbursing the funds at Murdaugh’s direction and for Murdaugh’s personal benefit.

    As to a third client of Murdaugh’s, Laffitte negotiated 12 separate transactions, disbursing $1,325,000 in client settlement funds for Murdaugh’s benefit. Despite knowing they were client funds, Laffitte allowed Murdaugh to use the funds to repay Murdaugh’s personal loans, repay loans Laffitte extended from a conservator account, purchase vehicles and equipment, and receive cash back. Laffitte also deposited some of the funds into Murdaugh’s personal account.

    Laffitte received $75,000 in conservator fees and $35,000 in personal representative fees from these three clients. He intentionally failed to report this income on his tax returns, knowing that he could hide the income because the fee checks were drafted to Palmetto State Bank rather than to him personally. Laffitte also structured transactions to avoid reporting requirements and intentionally failed to file suspicious activity reports.

    In 2015, Laffitte misapplied bank funds by extending over $284,000 from a line of credit that was supposed to be for farming to repay Murdaugh’s remaining loans from the conservatorship.

    Laffitte also misapplied bank funds on two other occasions. In July 2021, he extended Murdaugh a $750,000 loan for the stated purpose of beach house renovations. But Laffitte authorized a $350,000 wire transfer to an attorney and then transferred $400,000 of “loan proceeds” to Murdaugh’s account to cover over $367,000 in overdraft, knowing that these funds had nothing to do with beach house renovations.

    In October 2021, the law firm uncovered that Murdaugh had stolen from clients. Laffitte knew he had negotiated stolen checks at Murdaugh’s direction despite knowing the funds did not belong to Murdaugh. Laffitte then paid the law firm $680,000 in bank funds without the knowledge or consent of the full bank Board of Directors or Executive Committee in an attempt to settle the matter with the law firm.

    A federal jury previously convicted Laffitte of these same six charges in 2022. His conviction was overturned by the Fourth Circuit Court of Appeals in late 2024.

    Under the terms of the plea agreement, Laffitte agrees to pay $3,555,884.80 in criminal restitution before sentencing. Laffitte also agrees that his guilty plea prohibits him from controlling or participating in the conduct of any federally insured bank or credit union, and he cannot serve as a director or officer of any such bank or credit union without permission.

    If Laffitte complies with the plea agreement’s terms, the parties agree that the appropriate sentence is five years in prison, and the Government agrees not to file any additional related charges against Laffitte.

    United States District Judge Richard M. Gergel accepted the guilty plea and will impose a sentence at a later date.

    The case was investigated by the FBI Columbia Field Office and South Carolina Law Enforcement Division. Assistant U.S. Attorneys Emily Limehouse, Kathleen Stoughton, and Winston Holliday are prosecuting this case.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Houston Man Sentenced to Federal Prison for Smith County ATM Burglaries

    Source: Federal Bureau of Investigation (FBI) State Crime News

    TYLER, Texas – A Houston man has been sentenced to prison for federal violations in the Eastern District of Texas, announced Acting U.S. Attorney Abe McGlothin, Jr.

    Julius Lawan Lockett, Jr., 30, pleaded guilty to conspiracy to commit bank theft and was sentenced to 14 months in federal prison and ordered to pay restitution of $243,540.85 and forfeiture of $79,850 by U.S. District Judge J. Campbell Barker on April 17, 2025.

    According to information presented in court, Lockett conspired with others to burglarize ATMs (automated teller machines) in the Smith County area.  On March 28, 2021, Lockett and Jermone Christopher Mayes, Jr., drove from Houston to Tyler to steal U.S. currency from ATMs in the area.  Using a Ford F-250 truck which had been stolen in Smith County, they attached chains to the truck and to an ATM at Chase Bank at South Southwest Loop 323 in Tyler.  The ATM was pulled open and approximately $159,700 was stolen.

    On January 29, 2025, Mayes was sentenced to 33 months in federal prison for his role in the conspiracy.

    This case was investigated by the FBI and the Tyler Police Department and prosecuted by Assistant U.S. Attorney Alan R. Jackson.

     

    ###

    MIL Security OSI –

  • MIL-OSI: Premium Global Income Split Corp. Announces Successful Overnight Offering of Preferred Shares and Class A Shares

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. newswire services or for dissemination in the United States.

    TORONTO, April 23, 2025 (GLOBE NEWSWIRE) — (TSX: PGIC.PR.A; PGIC) – Premium Global Income Split Corp. (the “Fund”) is pleased to announce a successful overnight treasury offering of 2,100,000 Preferred Shares and 2,100,000 Class A Shares for gross proceeds of approximately $35,175,000. The Preferred Shares and Class A Shares will continue to trade on the Toronto Stock Exchange (the “TSX”) under the existing symbols PGIC.PR.A and PGIC, respectively.

    The offering is expected to close on or about April 30, 2025, and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”). The Preferred Shares were offered at a price of $10.35 per Preferred Share and the Class A Shares were offered at a price of $6.40 per Class A Share.

    The Fund invests in a diversified portfolio of primarily large capitalization global equity securities actively selected by the Manager. To generate additional returns above the dividend income earned on the Fund’s portfolio, the Fund will selectively write covered call and put options in respect of some or all of the common shares in the Fund’s portfolio. The manager and investment manager of the Fund is Mulvihill Capital Management Inc.

    The Preferred Shares pay fixed cumulative preferential monthly cash distributions in the amount of $0.0625 per Preferred Share representing a yield of 7.50% on the original issue price of $10.00. The Class A Shares pay monthly cash distributions targeted to be 12% per annum based on the initial $8.00 net asset value per Class A Share.

    The syndicate of agents for the offering was co-led by National Bank Financial Inc., CIBC Capital Markets, RBC Capital Markets and Scotiabank.

    For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit www.mulvihill.com.

    A short form base shelf prospectus containing important detailed information about the securities being offered has been filed with securities commissions or similar authorities in each of the provinces of Canada. Copies of the short form base shelf prospectus may be obtained from a member of the syndicate. The Fund intends to file a supplement to the short form base shelf prospectus and investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces of Canada.

    You will usually pay brokerage fees to your dealer if you purchase or sell shares of the investment fund on the TSX. If shares of the Fund are purchased or sold on the TSX, investors may pay more than the current net asset value when buying shares of the investment fund and may receive less than the current net asset value when selling them.

    There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the investment fund in these documents. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.

    John Germain, Senior Vice-President & CFO                      Mulvihill Capital Management Inc.
    121 King Street West
    Suite 2600
    Toronto, Ontario, M5H 3T9
         

    The MIL Network –

  • MIL-OSI Economics: zfstiftung.de: BaFin warns about ZukunftsFinanz Stiftung

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The financial supervisory authority BaFin warns against investment recommendations and investment offers from ZukunftsFinanz Stiftung, particularly via its WhatsApp group. Neither the allegedly Frankfurt-based ZukunftsFinanz Stiftung nor its representative, Dr Max Becker, have been granted a licence to conduct banking, financial and/or investment services in Germany.

    Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI: Morris State Bancshares Announces Quarterly Earnings and Declares Second Quarter Dividend

    Source: GlobeNewswire (MIL-OSI)

    DUBLIN, Ga., April 23, 2025 (GLOBE NEWSWIRE) — Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank, today announced net income of $4.9 million for the quarter ending March 31, 2025, representing an increase of $22 thousand, or 0.45%, compared to net income of $4.9 million for the quarter ended March 31, 2024. In the linked quarter comparison, net income decreased $1.2 million, or 20.04%, compared to net income of $6.1 million for the quarter ending December 31, 2024. Net interest income before provision for credit losses increased from the linked and prior year quarters by $980 thousand and $2.5 million, respectively.   The decline in linked quarterly net earnings was primarily driven by higher income tax provisioning, increased CECL-related reserves for unfunded loan commitments, and an increase in salary and benefits costs related to the payment of first quarter bonuses for the prior year.

    “We are very pleased with our first-quarter performance, highlighted by strong growth in core net interest income. This was driven by a 12 basis-point expansion in our net interest margin compared to the fourth quarter of last year. Despite significant loan payoffs during the quarter, we achieved loan growth of over $23 million, or 2.12%, representing an annualized growth rate of 8.48%. Our asset quality remains strong, and we’ve seen a slight reduction in our adversely classified ratio from the same time last year,” said Spence Mullis, Chairman and CEO.  

    The net interest margin was 4.29% for the first quarter of 2025 compared to 4.17% for the fourth quarter of 2024 and 3.99% for the first quarter of 2024. The average yield on earning assets grew 6 basis points from 6.01%, as of December 31, 2024, to 6.07%, while the Bank’s cost of funds decreased 9 basis points from 2.06% to 1.97% during the same period.

    Provision for credit losses increased $549 thousand and provisioning for unfunded loan commitments increased $521 thousand during the quarter as a result of loan growth. The Company’s asset quality improved during the quarter, as reflected by a decline in the Bank’s adversely classified asset index from 4.96% as of December 31, 2024, to 4.66% as of March 31, 2025. The Bank’s reserve as a percentage of total loans was 1.30% for March 31, 2025, as compared to 1.30% for December 31, 2024, and 1.34% for March 31, 2024.   Noninterest expense increased $621 thousand, or 6.95%, compared to the prior quarter ended December 31, 2024, due mainly to higher salary and benefits expenses. With the expiration of solar project tax credits used by the Company each of the last three years, income tax provision increased by $1.0 million, or 217.28%, during the quarter.

    After paying a regular quarterly dividend of $0.12 per share and a one-time special dividend of $0.15 per share, the Company’s total shareholders’ equity increased 1.18% during the quarter to $198 million as of March 31, 2025, and up 8.75%, or $15.9 million, from March 31, 2024. The tangible book value of the company grew to $17.66 on March 31, 2025, from $17.45 on December 31, 2024, and was up 9.21% from $16.171 as of March 31, 2024. On April 16, 2025, the board of directors approved a second quarter dividend of $0.12 per share payable on or about June 15, 2025, to all shareholders of record as of May 15, 2025.

    Forward-looking Statements

    Certain statements contained in this release may not be based on historical facts and are forward-looking statements. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including, among others, the business and economic conditions; risks related to the integration of acquired businesses and any future acquisitions; changes in management personnel; interest rate risk; ability to execute on planned expansion and organic growth; credit risk and concentrations associated with the Company’s loan portfolio; asset quality and loan charge-offs; inaccuracy of the assumptions and estimates management of the Company makes in establishing reserves for probable loan losses and other estimates; lack of liquidity; impairment of investment securities, goodwill or other intangible assets; the Company’s risk management strategies; increased competition; system failures or failures to prevent breaches of our network security; changes in federal tax law or policy; the impact of recent and future legislative and regulatory changes; and increases in capital requirements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.

    1Common stock, tangible book valueand per share amounts for March 31, 2024 and previous quarters have been adjusted to reflect the April 22, 2024 4-for–1 stock dividend.

     
    MORRIS STATE BANCSHARES, INC.
    AND SUBSIDIARIES
                                 
    Consolidating Balance Sheet
                                 
                                 
        March 31,   December 31,           March 31,        
        2025   2024   Change   % Change   2024   Change   % Change
        (Unaudited)               (Unaudited)        
    ASSETS                            
                                 
    Cash and due from banks   $ 92,342,678     $ 53,898,138     $ 38,444,540     71.33 %   $ 67,354,916     $ 24,987,762     37.10 %
    Federal funds sold     15,606,716       42,064,131       (26,457,415 )   -62.90 %     3,746,408       11,860,308     316.58 %
    Total cash and cash equivalents     107,949,394       95,962,269       11,987,125     12.49 %     71,101,324       36,848,070     51.82 %
                                 
    Interest-bearing time deposits in other banks     100,000       100,000       —     0.00 %     100,000       —     0.00 %
    Securities available for sale, at fair value     9,414,147       9,726,716       (312,569 )   -3.21 %     7,845,095       1,569,052     0.00 %
    Securities held to maturity, at cost (net of CECL Reserve)     208,561,077       215,836,502       (7,275,425 )   -3.37 %     231,758,455       (23,197,378 )   -10.01 %
    Federal Home Loan Bank stock, restricted, at cost     1,084,200       1,032,800       51,400     4.98 %     1,029,600       54,600     5.30 %
    Loans, net of unearned income     1,139,719,828       1,116,074,659       23,645,169     2.12 %     1,060,755,992       78,963,836     7.44 %
    Less-allowance for credit losses     (14,829,709 )     (14,488,525 )     (341,184 )   2.35 %     (14,236,149 )     (593,560 )   4.17 %
    Loans, net     1,124,890,119       1,101,586,134       23,303,985     2.12 %     1,046,519,843       78,370,276     7.49 %
                                     
    Bank premises and equipment, net     14,844,597       12,780,014       2,064,583     16.15 %     13,112,437       1,732,160     13.21 %
    ROU assets for operating lease, net     692,339       776,979       (84,640 )   -10.89 %     1,035,712       (343,373 )   -33.15 %
    Goodwill     9,361,704       9,361,704       —     0.00 %     9,361,704       —     0.00 %
    Intangible assets, net     1,253,288       1,338,964       (85,676 )   -6.40 %     1,594,101       (340,813 )   -21.38 %
    Other real estate and foreclosed assets     15,503       21,898       (6,395 )   -29.20 %     38,558       (23,055 )   -59.79 %
    Accrued interest receivable     6,369,932       7,278,258       (908,326 )   -12.48 %     5,964,911       405,021     6.79 %
    Cash surrender value of life insurance     15,233,512       15,128,762       104,750     0.69 %     14,813,139       420,373     2.84 %
    Other assets     21,726,495       22,674,658       (948,163 )   -4.18 %     25,151,653       (3,425,158 )   -13.62 %
    Total Assets   $ 1,521,496,307     $ 1,493,605,658     $ 27,890,649     1.87 %   $ 1,429,426,532       92,069,775     6.44 %
                                 
                                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY                            
                                 
    Deposits:                            
    Non-interest bearing   $ 330,414,834     $ 325,534,335     $ 4,880,499     1.50 %   $ 302,810,356       27,604,478     9.12 %
    Interest bearing     963,948,287       939,354,005       24,594,282     2.62 %     904,181,606       59,766,681     6.61 %
          1,294,363,121       1,264,888,340       29,474,781     2.33 %     1,206,991,962       87,371,159     7.24 %
                                     
    Other borrowed funds     19,029,606       19,019,372       10,234     0.05 %     27,169,934       (8,140,328 )   -29.96 %
    Lease liability for operating lease     692,339       776,979       (84,640 )   -10.89 %     1,035,712       (343,373 )   -33.15 %
    Accrued interest payable     2,778,669       2,111,093       667,576     31.62 %     1,419,439       1,359,230     95.76 %
    Accrued expenses and other liabilities     6,726,119       11,206,717       (4,480,598 )   -39.98 %     10,830,616       (4,104,497 )   -37.90 %
                                     
    Total liabilities     1,323,589,854       1,298,002,501       25,587,353     1.97 %     1,247,447,663       76,142,191     6.10 %
                                 
    Shareholders’ Equity:                            
    Common stock     10,701,756       10,688,723       13,033     0.12 %     10,645,509       56,247     0.53 %
    Paid in capital surplus     35,307,009       34,936,059       370,950     1.06 %     34,349,749       957,260     2.79 %
    Retained earnings     149,055,224       130,111,050       18,944,174     14.56 %     133,038,717       16,016,507     12.04 %
    Current year earnings     4,913,056       21,804,345       (16,891,289 )   -77.47 %     4,890,818       22,238     0.45 %
    Accumulated other comprehensive income (loss)     1,289,137       1,422,709       (133,572 )   -9.39 %     1,811,160       (522,023 )   -28.82 %
    Treasury Stock, at cost 95,498     (3,359,729 )     (3,359,729 )     —     0.00 %     (2,757,084 )     (602,645 )   21.86 %
    Total shareholders’ equity     197,906,453       195,603,157       2,303,296     1.18 %     181,978,869       15,927,584     8.75 %
                                 
    Total Liabilities and Shareholders’ Equity   $ 1,521,496,307     $ 1,493,605,658       27,890,649     1.87 %   $ 1,429,426,532       92,069,775     6.44 %
                                 
     
    MORRIS STATE BANCSHARES, INC.
    AND SUBSIDIARIES
                                 
    Consolidating Statement of Income
    for the Three Months Ended
                                 
                                 
        March 31,   December 31,         March 31,        
        2025
    		   2024
    		   Change   % Change   2024
    		   Change   % Change
        (Unaudited)   (Unaudited)           (Unaudited)        
    Interest and Dividend Income:                            
    Interest and fees on loans   $ 19,338,360     $ 18,818,919     $ 519,441     2.76 %   $ 17,124,889     $ 2,213,471     12.93 %
    Interest income on securities     1,671,657       1,735,131       (63,474 )   -3.66 %     1,970,394       (298,737 )   -15.16 %
    Income on federal funds sold     534,479       363,781       170,698     46.92 %     168,129       366,350     217.90 %
    Income on time deposits held in other banks     605,454       362,174       243,280     67.17 %     408,412       197,042     48.25 %
    Other interest and dividend income     25,413       22,116       3,297     14.91 %     75,848       (50,435 )   -66.49 %
    Total interest and dividend income     22,175,363       21,302,121       873,242     4.10 %     19,747,672       2,427,691     12.29 %
                                 
    Interest Expense:                            
    Deposits     6,413,065       6,401,228       11,837     0.18 %     6,339,843       73,222     1.15 %
    Interest on other borrowed funds     286,480       404,974       (118,494 )   -29.26 %     445,278       (158,798 )   -35.66 %
    Interest on federal funds purchased     —       129       (129 )   -100.00 %     —       —     0.00 %
    Total interest expense     6,699,545       6,806,331       (106,786 )   -1.57 %     6,785,121       (85,576 )   -1.26 %
                                 
    Net interest income before provision for loan losses     15,475,818       14,495,790       980,028     6.76 %     12,962,551       2,513,267     19.39 %
    Less-provision for credit losses     577,123       27,972       549,151     1963.22 %     4,501       572,622     12722.11 %
    Net interest income after provision for credit losses     14,898,695       14,467,818       430,877     2.98 %     12,958,050       1,940,645     14.98 %
                                 
    Noninterest Income:                            
    Service charges on deposit accounts     540,600       560,822       (20,222 )   -3.61 %     491,568       49,032     9.97 %
    Other service charges, commissions and fees     380,482       393,175       (12,693 )   -3.23 %     362,692       17,790     4.90 %
    Gain on sales of foreclosed assets     —       —       —     —       700       (700 )   -100.00 %
    Gain on sale of securities available for sale     —       447       (447 )   -100.00 %     —       —     447  
    Increase in CSV of life insurance     104,750       106,388       (1,638 )   -1.54 %     101,516       3,234     3.19 %
    Other income     20,407       15,349       5,058     32.95 %     251,361       (230,954 )   -91.88 %
    Total noninterest income     1,046,239       1,076,181       (29,942 )   -2.78 %     1,207,837       (161,598 )   -13.38 %
                                 
    Noninterest Expense:                            
    Salaries and employee benefits     5,122,152       4,743,238       378,914     7.99 %     4,861,534       260,618     5.36 %
    Occupancy and equipment expenses, net     527,532       550,212       (22,680 )   -4.12 %     545,126       (17,594 )   -3.23 %
    Loss on sales of foreclosed assets     —       8,457       (8,457 )   -100.00 %     —       —     —  
    Other expenses     3,905,857       3,632,476       273,381     7.53 %     3,716,219       189,638     5.10 %
    Total noninterest expense     9,555,541       8,934,383       621,158     6.95 %     9,122,879       432,662     4.74 %
                                 
    Income Before Income Taxes     6,389,393       6,609,616       (220,223 )   -3.33 %     5,043,008       1,346,385     26.70 %
    Provision for income taxes     1,476,337       465,314       1,011,023     217.28 %     152,190       1,324,147     870.06 %
                              –      
    Net Income   $ 4,913,056     $ 6,144,302       (1,231,246 )   -20.04 %   $ 4,890,818       22,238     0.45 %
                                 
                                 
    Earnings per common share:                            
    Basic   $ 0.46     $ 0.58       (0.12 )   -20.69 %   $ 0.46       –     0.00 %
    Diluted   $ 0.46     $ 0.58       (0.12 )   -20.69 %   $ 0.46       –     0.00 %
        .                        
     
    MORRIS STATE BANCSHARES, INC.
    AND SUBSIDIARIES
         
        Quarter Ending
             
        March 31,
    		   December 31,
    		   March 31,
        2025   2024   2024
    Dollars in thousand, except per share data   (Unaudited)   (Unaudited)   (Unaudited)
             
             
    Per Share Data        
    Basic Earnings per Common Share   $ 0.46     $ 0.58     $ 0.46  
    Diluted Earnings per Common Share     0.46       0.58       0.46  
    Dividends per Common Share     0.27       0.092       0.092  
    Book Value per Common Share     18.66       18.46       17.20  
    Tangible Book Value per Common Share     17.66       17.45       16.17  
             
    Average Diluted Shared Outstanding     10,593,370       10,596,432       10,602,289  
    End of Period Common Shares Outstanding     10,606,258       10,593,225       10,624,932  
             
             
    Annualized Performance Ratios (Bank Only)        
    Return on Average Assets     1.41 %     1.79 %     1.55 %
    Return on Average Equity     11.12 %     13.69 %     11.74 %
    Equity/Assets     12.75 %     12.84 %     13.09 %
    Yield on Earning Assets     6.07 %     6.01 %     5.87 %
    Cost of Funds     1.97 %     2.06 %     2.09 %
    Net Interest Margin     4.29 %     4.17 %     3.99 %
    Efficiency Ratio     57.90 %     54.21 %     61.48 %
             
    Credit Metrics        
    Allowance for Credit Losses to Total Loans     1.30 %     1.30 %     1.34 %
    Adversely Classified Assets to Tier 1 Capital        
    plus Allowance for Credit Losses     4.66 %     4.96 %     5.22 %
             

    The MIL Network –

  • MIL-OSI: EY US Unveils Balaji Sreenivasan of Aurigo Software as an Entrepreneur Of The Year® 2025 Finalist

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, April 23, 2025 (GLOBE NEWSWIRE) — Ernst & Young LLP (EY US) announced the finalists for the prestigious Entrepreneur Of The Year® 2025 Gulf South Award. Now in its 40th year, the Entrepreneur Of The Year program celebrates the bold leaders who disrupt markets through the world’s most groundbreaking companies, revolutionizing industries and making a profound impact on communities. The program honors bold entrepreneurs whose innovations shape the future and pave the way for a thriving economy and a hopeful tomorrow.

    The Gulf South program celebrates entrepreneurs from Central and South Texas, Louisiana, and Mississippi. An independent panel of judges selected Balaji Sreenivasan for his entrepreneurial spirit, purpose, growth, and lasting impact in building long-term value.

    “Building Aurigo has been one of the greatest joys of my life. Entrepreneurship, to me, is about solving meaningful problems and creating something that lasts. We’re building AI-powered software that’s transforming how the world plans and delivers infrastructure, and I’m grateful every day to work with such a brilliant, passionate team. This recognition is really a reflection of our team and what we’ve built together.”

    — Balaji Sreenivasan, Founder and CEO, Aurigo Software Technologies Inc.

    Aurigo Software is a leading AI-powered software company that helps infrastructure and facility owners around the world plan and build better. With a vision to build a better tomorrow, Aurigo’s platform supports some of the largest capital improvement and infrastructure programs globally, transforming how critical assets are managed, delivered, and optimized.

    Entrepreneur Of The Year honors business leaders for their ingenuity, courage, and entrepreneurial spirit. The program celebrates original founders who bootstrapped their business from inception or who raised outside capital to grow their company; transformational CEOs who infused innovation into an existing organization to catapult its trajectory; and multigenerational family business leaders who reimagined a legacy business model to strengthen it for the future.

    Regional award winners will be announced on June 12 during a special celebration in Houston and will become lifetime members of an esteemed community of Entrepreneur Of The Year alumni from around the world. The winners will then be considered by the National judges for the Entrepreneur Of The Year National Awards, which will be presented in November at the annual Strategic Growth Forum®, one of the nation’s most prestigious gatherings of high-growth, market-leading companies.

    Sponsors
    Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, Cresa, LLC, Marsh McLennan Agency, and SAP. In the Gulf South, sponsors also include Platinum sponsors ADP, DFIN, DLA Piper, and VCFO and Silver sponsors Big Picture and Pierpont Communications.

    About Entrepreneur Of The Year
    Founded in 1986, Entrepreneur Of The Year has celebrated more than 11,000 ambitious visionaries who are leading successful, dynamic businesses in the US, and it has since expanded to nearly 60 countries globally.

    The US program consists of 17 regional programs whose panels of independent judges select the regional award winners every June. Those winners compete for national recognition at the Strategic Growth Forum® in November, where National finalists and award winners are announced. The overall National winner represents the US at the EY World Entrepreneur Of The Year™ competition. Visit www.ey.com/us/eoy.

    About EY
    EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets.

    Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow.

    EY teams work across a full spectrum of services in assurance, consulting, tax, strategy, and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network, and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.

    All in to shape the future with confidence.

    EY refers to the global organization, and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit www.ey.com.

    About Aurigo Software
    Aurigo builds software that helps build the world. Aurigo provides modern, cloud-based solutions for capital infrastructure and private owners to help them plan with confidence and build with quality. With more than $450 billion of capital programs under management, Aurigo’s solutions are trusted by over 300 customers in transportation, water and utilities, healthcare, higher education, and the government, with over 40,000 projects across North America. Aurigo helps capital program executives make better decisions based on proprietary artificial intelligence and machine learning technology. Aurigo is a privately held U.S. corporation headquartered in Austin, Texas, with global offices in Canada and India. Learn more at www.aurigo.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/be9703fc-711e-48cb-a5d5-8ea80e2a73de

    The MIL Network –

  • MIL-OSI: ACNB Corporation Announces Second Quarter Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    GETTYSBURG, Pa., April 23, 2025 (GLOBE NEWSWIRE) — ACNB Corporation (NASDAQ: ACNB), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced today that the Board of Directors approved and declared a regular quarterly cash dividend of $0.34 per share of ACNB Corporation common stock payable on June 13, 2025, to shareholders of record as of May 30, 2025. This per share amount reflects a 6.25% increase over the $0.32 per share paid in the first quarter of 2025.

    “The ACNB Board of Directors’ dividend declaration of $0.34 per share furthers our commitment to delivering shareholder value, and continues ACNB’s longstanding history of rewarding its shareholders with quarterly cash dividends for decades,” said James P. Helt, ACNB Corporation President & Chief Executive Officer. “The Board’s decision to increase the quarterly dividend represents our confidence in ACNB’s financial strength and long-term growth and profitability prospects. Notably, this is the fifth consecutive calendar year in which ACNB has increased the quarterly cash dividend amount. Since 2017, we have increased our quarterly cash dividend by 70%, from $0.20 to $0.34 per share.”
    ACNB Corporation, headquartered in Gettysburg, PA, is the independent $3.26 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 33 community banking offices and one loan office located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster, MD and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.acnb.com.

    FORWARD-LOOKING STATEMENTS – In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.

    ACNB #2025-9
    April 23, 2025

    Contact: Kevin J. Hayes
      SVP/General Counsel,
      Secretary & Chief
      Governance Officer
      717.339.5161
      khayes@acnb.com

     

    The MIL Network –

  • MIL-OSI Economics: Exports through warehouses in ‘Bharat Mart’ in UAE – relaxations

    Source: Reserve Bank of India

    RBI/2025-26/30
    A.P. (DIR Series) Circular No. 03

    April 23, 2025

    To,

    All Authorised Dealer Category-I banks

    Madam / Sir,

    Exports through warehouses in ‘Bharat Mart’ in UAE – relaxations

    Attention of Authorised Dealer Category – I banks (AD banks) is invited to Clause (a) of Sub regulation 1 of Regulation 9 of Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 {Notification No. FEMA 23(R)/2015-RB} and Para C.6 and C.13 of Master Direction – Export of Goods & Services.

    2. To facilitate export through warehouses in ‘Bharat Mart’, a multimodal logistics network based marketplace in United Arab Emirates (UAE) that will provide Indian traders, exporters, and manufacturers access to the markets in UAE as well as worldwide, it has been decided to provide the following relaxations:

    a) AD banks may allow exporters to realise and repatriate full export value of goods exported to ‘Bharat Mart’ within nine months from the date of sale of the goods from the warehouse.

    b) AD banks may allow the following without any pre-conditions, after verifying the reasonableness of the same:

    1. Opening/hiring of a warehouse in ‘Bharat Mart’ by an Indian exporter with a valid Importer Exporter Code.

    2. Remittances by the Indian exporter for initial as well as recurring expenses for setup and continuing business operations of its offices.

    3. The above instructions shall come into force with immediate effect. AD Category-I banks may bring the contents of this circular to the notice of their constituents concerned.

    4. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

    Yours faithfully,

    (N. Senthil Kumar)
    Chief General Manager

    MIL OSI Economics –

  • MIL-OSI: River Valley Community Bancorp Brings Local Banking to Roseville

    Source: GlobeNewswire (MIL-OSI)

    YUBA CITY, Calif., April 23, 2025 (GLOBE NEWSWIRE) — River Valley Community Bancorp (OTC Markets: RVCB) is excited to announce it has received regulatory approval to proceed with opening a new, full-service branch in Roseville, California. The Bank’s award-winning, community-focused approach has been recognized as a “5-Star Superior” bank by Bauer Financial and named “Exceptional Bank” by the Findley Report, proving that business banking can be both professional and personal.

    Set to open in mid-2025, the Roseville branch represents a carefully planned extension of the bank’s geographic focus in the South Sacramento Valley and Sierra Foothills. Since its founding in 2006, River Valley Community Bank has grown from a single Yuba City location to a network of five branches serving businesses and communities throughout the region.

    River Valley Community Bank recognizes the challenges businesses face with traditional banks. Where chatbots and AI are becoming gatekeepers of customer interaction, the bank is excited to build on its reputation as a bank that’s relentlessly focused on client success, exceptional service, and tailored business banking solutions.

    “As a long-time community banker in Placer County, who is passionate about the positive impact of community banks, I am excited about the expansion of our team and the new branch office in Roseville,” says Executive Vice President / Chief Credit and Lending Officer, Luke Parnell.

    “River Valley Community Bank remains one of the only community banks in our market, and we’re excited to bring our solution-oriented approach to Roseville,” says President and CEO John M. Jelavich. “The Roseville branch compliments and enhances our current footprint. By maintaining proximity to our existing branches and talent pool, we can deliver consistent, personalized banking that truly understands and meets the needs of the customers we serve.”

    The Roseville Branch will absorb the current loan production office in Roseville. The branch is expected to open in mid-2025. River Valley Community Bank currently serves Northern California businesses from these locations:

    • 1629 Colusa Avenue, Yuba City, CA
    • 580 Brunswick Rd, Grass Valley, CA
    • 905 Lincoln Way, Auburn, CA
    • 904 B Street, Marysville, CA
    • 2901 Douglas Blvd Suite 140 Roseville, CA (Opening mid 2025!)

    For more information, please visit our website at: www.myrvcb.com or contact John M. Jelavich at 530-821-2469.

    Forward Looking Statements: This document may contain comments and information that constitute forward‐looking statements. Forward‐looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. Forward‐looking statements speak only as to the date they are made. The Bank does not undertake to update forward‐looking statements to reflect circumstances or events that occur after the date the forward‐looking statements are made.

    The MIL Network –

  • MIL-OSI Economics: Primary (Urban) Co-operative Banks’ Outlook 2023-24

    Source: Reserve Bank of India

    The Reserve Bank of India today herewith releases the 11th volume of the annual publication titled ‘Primary (Urban) Co-operative Banks’ Outlook 2023-24’. It can be accessed at https://data.rbi.org.in/#/dbie/reports/Publication/Time-Series%20Publications/Primary%20%28Urban%29%20Co-operative%20Banks’%20Outlook. The publication has been brought out by the ‘Department of Supervision’ of the Reserve Bank of India.

    The publication covers the financial accounts of Scheduled and Non-Scheduled Primary (Urban) Co-operative Banks for the financial year 2023-24. The publication provides aggregate information on major items of balance sheet, profit and loss account, non-performing assets, financial ratios, state-wise distribution of offices and details of priority sector advances. Besides, the publication also provides bank-wise information of Scheduled Primary (Urban) Co-operative Banks on balance sheet items, select financial ratios on Capital Adequacy, Profitability, and Employee Productivity. The publication is being brought out in only electronic form on an annual basis on the Reserve Bank’s website through the link https://data.rbi.org.in/#/dbie/reports/Publication/Time-Series%20Publications/Primary%20%28Urban%29%20Co-operative%20Banks’%20Outlook of Database on Indian Economy (DBIE). There will be no hard copies of the publication available for the reference in the matter.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/168

    MIL OSI Economics –

  • MIL-OSI China: Shanghai makes steady progress in international financial center construction: official

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

    Shanghai makes steady progress in international financial center construction: official

    BEIJING, April 23 — Shanghai’s international financial center construction process is progressing soundly and features notable achievements, particularly through pioneering reforms in cross-border financial services, a central bank official said on Wednesday.

    These endeavors have generated a set of replicable “Shanghai experiences” that can be applied elsewhere, Lu Lei, deputy governor of the People’s Bank of China, told a press conference.

    In 2024, Shanghai’s cross-border RMB receipts and payments totaled 29.8 trillion yuan (about 4.1 trillion U.S. dollars), a year-on-year increase of 30 percent, accounting for 47 percent of the national total.

    Lu also said that China will implement 18 key measures to further facilitate cross-border financial services in Shanghai.

    These measures include enhancing cross-border settlement efficiency, optimizing the hedging of foreign exchange risks, and strengthening financing services, according to the latest action plan to further facilitate cross-border financial services in Shanghai by leveraging its role as an international financial center.

    The action plan will enhance the facilitation of global asset management, and support eligible Qualified Domestic Limited Partner pilot enterprises in reasonably improving the efficiency of fund utilization under regulatory compliance, allowing them to invest in short-term cash management products in China, including low-risk monetary funds, cash management products and time deposits, as well as subscribing to certain overseas cash management products.

    The plan will also encourage financial institutions to enhance their capacity to provide digital services and support them to improve services for enterprises to expand abroad by leveraging technologies such as blockchain.

    Efforts will be made to enhance the functionality and global coverage of the Cross-Border Interbank Payment System and encourage more banks to participate in the system, the action plan stated.

    MIL OSI China News –

  • MIL-OSI: First Hawaiian, Inc. Reports First Quarter 2025 Financial Results and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, April 23, 2025 (GLOBE NEWSWIRE) — First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended March 31, 2025.

    “I’m pleased to report that First Hawaiian Bank started 2025 with a solid quarter. Retail deposits continued to grow, net interest income rose from the prior quarter, expenses were well managed, and credit quality remained strong,” said Bob Harrison, Chairman, President, and CEO. “Despite the current economic uncertainty, our customers can be confident in the strength of our balance sheet, our solid capital position, and our deep roots in the community, which provide the stability and reliability that define us.”

    On April 22, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on May 30, 2025, to stockholders of record at the close of business on May 19, 2025.

    First Quarter 2025 Highlights:

    • Net income of $59.2 million, or $0.47 per diluted share
    • Total loans and leases declined $115.2 million versus prior quarter
    • Total deposits declined $106.4 million versus prior quarter
    • Net interest margin increased 5 basis points to 3.08%
    • Recorded a $10.5 million provision for credit losses
    • Board of Directors declared a quarterly dividend of $0.26 per share

    Balance Sheet

    Total assets were $23.7 billion at March 31, 2025 versus $23.8 billion at December 31, 2024.

    Gross loans and leases were $14.3 billion as of March 31, 2025, a decrease of $115.2 million, or 0.8%, from $14.4 billion as of December 31, 2024.

    Total deposits were $20.2 billion as of March 31, 2025, a decrease of $106.4 million, or 0.5%, from $20.3 billion as of December 31, 2024.

    Net Interest Income

    Net interest income for the first quarter of 2025 was $160.5 million, an increase of $1.8 million, or 1.1%, compared to $158.8 million for the prior quarter.

    The net interest margin was 3.08% in the first quarter of 2025, an increase of 5 basis points compared to 3.03% in the prior quarter.

    Provision Expense

    During the quarter ended March 31, 2025, we recorded a $10.5 million provision for credit losses. In the quarter ended December 31, 2024, we recorded a $0.8 million negative provision for credit losses.

    Noninterest Income

    Noninterest income was $50.5 million in the first quarter of 2025, an increase of $21.1 million compared to noninterest income of $29.4 million in the prior quarter. Noninterest income in the fourth quarter of 2024 included a $26.2 million loss on the sale of investment securities.

    Noninterest Expense

    Noninterest expense was $123.6 million in the first quarter of 2025, a decrease of $0.6 million compared to noninterest expense of $124.1 million in the prior quarter.

    The efficiency ratio was 58.2% and 65.5% for the quarters ended March 31, 2025 and December 31, 2024, respectively.

    Taxes

    The effective tax rate was 23.0% and 18.9% for the quarters ended March 31, 2025 and December 31, 2024, respectively.

    Asset Quality

    The allowance for credit losses was $166.6 million, or 1.17% of total loans and leases, as of March 31, 2025, compared to $160.4 million, or 1.11% of total loans and leases, as of December 31, 2024. The reserve for unfunded commitments was $33.3 million as of March 31, 2025, compared to $32.8 million as of December 31, 2024. Net charge-offs were $3.8 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended March 31, 2025, compared to net charge-offs of $3.4 million, or 0.09% of average loans and leases on an annualized basis, for the quarter ended December 31, 2024. Total non-performing assets were $20.2 million, or 0.14% of total loans and leases and other real estate owned, on March 31, 2025, compared to total non-performing assets of $20.7 million, or 0.14% of total loans and leases and other real estate owned, on December 31, 2024.

    Capital

    Total stockholders’ equity was $2.6 billion on March 31, 2025 and December 31, 2024.

    The tier 1 leverage, common equity tier 1 and total capital ratios were 9.01%, 12.93% and 14.17%, respectively, on March 31, 2025, compared with 9.14%, 12.80% and 13.99%, respectively, on December 31, 2024.

    The Company repurchased 974 thousand shares of common stock at a total cost of $25.0 million under the stock repurchase program in the first quarter. The average cost was $25.66 per share repurchased.

    First Hawaiian, Inc.

    First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

    Conference Call Information

    First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time.

    To access the call by phone, please register via the following link:
    https://register-conf.media-server.com/register/BI13d3259b1b3b46188926f83e1bbe1316, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

    A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024.

    Use of Non-GAAP Financial Measures

    Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy.

    Table 12 at the end of this document provides a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.

                         
    Financial Highlights   Table 1
        For the Three Months Ended  
        March 31,    December 31,    March 31,   
    (dollars in thousands, except per share data)   2025   2024     2024  
    Operating Results:                    
    Net interest income   $ 160,526   $ 158,753     $ 154,427  
    Provision (benefit) for credit losses     10,500     (750 )     6,300  
    Noninterest income     50,477     29,376       51,371  
    Noninterest expense     123,560     124,143       128,813  
    Net income     59,248     52,496       54,220  
    Basic earnings per share     0.47     0.41       0.42  
    Diluted earnings per share     0.47     0.41       0.42  
    Dividends declared per share     0.26     0.26       0.26  
    Dividend payout ratio     55.32 %   63.41   %   61.90 %
    Performance Ratios(1):                    
    Net interest margin     3.08 %   3.03   %   2.91 %
    Efficiency ratio     58.22 %   65.51   %   62.15 %
    Return on average total assets     1.01 %   0.88   %   0.90 %
    Return on average tangible assets (non-GAAP)(2)     1.05 %   0.92   %   0.94 %
    Return on average total stockholders’ equity     9.09 %   7.94   %   8.73 %
    Return on average tangible stockholders’ equity (non-GAAP)(2)     14.59 %   12.78   %   14.53 %
    Average Balances:                    
    Average loans and leases   $ 14,309,998   $ 14,276,107     $ 14,312,563  
    Average earning assets     21,169,194     21,079,951       21,481,890  
    Average assets     23,890,459     23,795,735       24,187,207  
    Average deposits     20,354,040     20,249,573       20,571,930  
    Average stockholders’ equity     2,641,978     2,629,600       2,496,840  
    Market Value Per Share:                    
    Closing     24.44     25.95       21.96  
    High     28.28     28.80       23.12  
    Low     23.95     22.08       20.37  
                         
        As of   As of   As of  
        March 31,    December 31,    March 31,   
    (dollars in thousands, except per share data)   2025   2024   2024  
    Balance Sheet Data:                    
    Loans and leases   $ 14,293,036   $ 14,408,258   $ 14,320,208  
    Total assets     23,744,958     23,828,186     24,279,186  
    Total deposits     20,215,816     20,322,216     20,669,481  
    Short-term borrowings     250,000     250,000     500,000  
    Total stockholders’ equity     2,648,852     2,617,486     2,513,761  
                         
    Per Share of Common Stock:                    
    Book value   $ 21.07   $ 20.70   $ 19.66  
    Tangible book value (non-GAAP)(2)     13.15     12.83     11.88  
                         
    Asset Quality Ratios:                    
    Non-accrual loans and leases / total loans and leases     0.14 %   0.14 %   0.13 %
    Allowance for credit losses for loans and leases / total loans and leases     1.17 %   1.11 %   1.12 %
                         
    Capital Ratios:                    
    Common Equity Tier 1 Capital Ratio     12.93 %   12.80 %   12.55 %
    Tier 1 Capital Ratio     12.93 %   12.80 %   12.55 %
    Total Capital Ratio     14.17 %   13.99 %   13.75 %
    Tier 1 Leverage Ratio     9.01 %   9.14 %   8.80 %
    Total stockholders’ equity to total assets     11.16 %   10.98 %   10.35 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)(2)     7.27 %   7.10 %   6.52 %
                         
    Non-Financial Data:                    
    Number of branches     48     48     50  
    Number of ATMs     273     273     275  
    Number of Full-Time Equivalent Employees     1,995     1,997     2,065  

    (1) Except for the efficiency ratio, amounts are annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

    (2) Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 12, GAAP to Non-GAAP Reconciliation.

                       
    Consolidated Statements of Income   Table 2
        For the Three Months Ended
        March 31,    December 31,    March 31, 
    (dollars in thousands, except per share amounts)   2025   2024     2024
    Interest income                  
    Loans and lease financing   $ 192,102   $ 198,347     $ 199,844
    Available-for-sale investment securities     13,150     12,767       14,546
    Held-to-maturity investment securities     16,647     17,071       17,793
    Other     13,251     11,977       12,769
    Total interest income     235,150     240,162       244,952
    Interest expense                  
    Deposits     71,709     78,465       84,143
    Short-term borrowings     2,599     2,685       5,953
    Other     316     259       429
    Total interest expense     74,624     81,409       90,525
    Net interest income     160,526     158,753       154,427
    Provision (benefit) for credit losses     10,500     (750 )     6,300
    Net interest income after provision (benefit) for credit losses     150,026     159,503       148,127
    Noninterest income                  
    Service charges on deposit accounts     7,535     7,968       7,546
    Credit and debit card fees     14,474     14,834       16,173
    Other service charges and fees     12,167     13,132       9,904
    Trust and investment services income     9,370     9,449       10,354
    Bank-owned life insurance     4,371     5,713       4,286
    Investment securities gains (losses), net     37     (26,171 )     —
    Other     2,523     4,451       3,108
    Total noninterest income     50,477     29,376       51,371
    Noninterest expense                  
    Salaries and employee benefits     60,104     59,003       59,262
    Contracted services and professional fees     14,839     14,472       15,739
    Occupancy     8,100     7,708       6,941
    Equipment     13,871     14,215       13,413
    Regulatory assessment and fees     3,823     3,745       8,120
    Advertising and marketing     2,179     1,529       2,612
    Card rewards program     7,919     7,926       8,508
    Other     12,725     15,545       14,218
    Total noninterest expense     123,560     124,143       128,813
    Income before provision for income taxes     76,943     64,736       70,685
    Provision for income taxes     17,695     12,240       16,465
    Net income   $ 59,248   $ 52,496     $ 54,220
    Basic earnings per share   $ 0.47   $ 0.41     $ 0.42
    Diluted earnings per share   $ 0.47   $ 0.41     $ 0.42
    Basic weighted-average outstanding shares     126,281,802     127,350,626       127,707,354
    Diluted weighted-average outstanding shares     127,166,932     128,167,502       128,217,689
                       
    Consolidated Balance Sheets   Table 3
    (dollars in thousands, except share amount)   March 31,
    2025
    		   December 31,
    2024
    		   March 31,
    2024
    Assets                  
    Cash and due from banks   $ 240,738     $ 258,057     $ 202,121  
    Interest-bearing deposits in other banks     1,073,841       912,133       1,072,145  
    Investment securities:                  
    Available-for-sale, at fair value (amortized cost: $2,091,034 as of March 31, 2025, $2,190,448 as of December 31, 2024 and $2,466,109 as of March 31, 2024)     1,858,428       1,926,516       2,159,338  
    Held-to-maturity, at amortized cost (fair value: $3,250,275 as of March 31, 2025, $3,262,509 as of December 31, 2024 and $3,470,710 as of March 31, 2024)     3,724,908       3,790,650       3,988,011  
    Loans held for sale     1,547       —       —  
    Loans and leases     14,293,036       14,408,258       14,320,208  
    Less: allowance for credit losses     166,612       160,393       159,836  
    Net loans and leases     14,126,424       14,247,865       14,160,372  
                       
    Premises and equipment, net     292,576       288,530       281,181  
    Accrued interest receivable     78,973       79,979       85,715  
    Bank-owned life insurance     495,567       491,890       484,193  
    Goodwill     995,492       995,492       995,492  
    Mortgage servicing rights     4,926       5,078       5,533  
    Other assets     851,538       831,996       845,085  
    Total assets   $ 23,744,958     $ 23,828,186     $ 24,279,186  
    Liabilities and Stockholders’ Equity                  
    Deposits:                  
    Interest-bearing   $ 13,330,265     $ 13,347,068     $ 13,620,928  
    Noninterest-bearing     6,885,551       6,975,148       7,048,553  
    Total deposits     20,215,816       20,322,216       20,669,481  
    Short-term borrowings     250,000       250,000       500,000  
    Retirement benefits payable     96,241       97,135       102,242  
    Other liabilities     534,049       541,349       493,702  
    Total liabilities     21,096,106       21,210,700       21,765,425  
                       
    Stockholders’ equity                  
    Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 142,139,353 / 125,692,598 shares as of March 31, 2025, issued/outstanding: 141,748,847 / 126,422,898 shares as of December 31, 2024 and issued/outstanding: 141,687,612 / 127,841,908 shares as of March 31, 2024)     1,421       1,417       1,417  
    Additional paid-in capital     2,564,408       2,560,380       2,551,488  
    Retained earnings     960,337       934,048       858,494  
    Accumulated other comprehensive loss, net     (433,769 )     (463,994 )     (523,780 )
    Treasury stock (16,446,755 shares as of March 31, 2025, 15,325,949 shares as of December 31, 2024 and 13,845,704 shares as of March 31, 2024)     (443,545 )     (414,365 )     (373,858 )
    Total stockholders’ equity     2,648,852       2,617,486       2,513,761  
    Total liabilities and stockholders’ equity   $ 23,744,958     $ 23,828,186     $ 24,279,186  
                                                       
    Average Balances and Interest Rates                                               Table 4
        Three Months Ended   Three Months Ended   Three Months Ended  
        March 31, 2025   December 31, 2024   March 31, 2024  
        Average   Income/   Yield/   Average   Income/   Yield/   Average   Income/   Yield/  
    (dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate   Balance   Expense   Rate  
    Earning Assets                                                  
    Interest-Bearing Deposits in Other Banks   $ 1,171.1   $ 12.8   4.44 % $ 948.9   $ 11.3   4.75 % $ 858.6   $ 11.6   5.45 %
    Available-for-Sale Investment Securities                                                  
    Taxable     1,891.4     13.2   2.79     1,987.7     12.7   2.56     2,210.6     14.5   2.63  
    Non-Taxable     1.4     —   5.52     1.4     —   5.30     1.8     —   5.61  
    Held-to-Maturity Investment Securities                                                  
    Taxable     3,164.0     13.6   1.72     3,224.8     13.9   1.72     3,416.4     14.6   1.71  
    Non-Taxable     599.0     3.7   2.51     601.7     3.9   2.56     603.4     4.0   2.65  
    Total Investment Securities     5,655.8     30.5   2.16     5,815.6     30.5   2.10     6,232.2     33.1   2.13  
    Loans Held for Sale     0.3     —   6.28     1.3     —   5.75     0.7     —   6.92  
    Loans and Leases(1)                                                  
    Commercial and industrial     2,196.8     33.6   6.20     2,157.8     35.2   6.50     2,164.9     37.2   6.92  
    Commercial real estate     4,420.1     66.5   6.10     4,333.1     68.9   6.33     4,323.5     70.1   6.53  
    Construction     937.0     15.4   6.67     990.7     17.4   6.99     924.7     17.4   7.55  
    Residential:                                                  
    Residential mortgage     4,150.3     40.9   3.94     4,183.5     40.8   3.90     4,264.1     42.0   3.94  
    Home equity line     1,149.8     13.1   4.61     1,157.1     13.3   4.55     1,172.1     12.0   4.13  
    Consumer     1,019.5     18.9   7.53     1,033.2     19.0   7.29     1,083.5     18.1   6.71  
    Lease financing     436.5     4.3   3.99     420.7     4.4   4.18     379.8     3.7   3.91  
    Total Loans and Leases     14,310.0     192.7   5.44     14,276.1     199.0   5.55     14,312.6     200.5   5.63  
    Other Earning Assets     32.0     0.4   5.48     38.1     0.7   6.73     77.8     1.2   5.90  
    Total Earning Assets(2)     21,169.2     236.4   4.51     21,080.0     241.5   4.56     21,481.9     246.4   4.61  
    Cash and Due from Banks     235.9               226.2               244.3            
    Other Assets     2,485.4               2,489.5               2,461.0            
    Total Assets   $ 23,890.5             $ 23,795.7             $ 24,187.2            
                                                       
    Interest-Bearing Liabilities                                                  
    Interest-Bearing Deposits                                                  
    Savings   $ 6,232.5   $ 21.3   1.38 % $ 5,940.3   $ 21.1   1.42 % $ 6,059.7   $ 23.4   1.56 %
    Money Market     3,922.2     23.0   2.38     4,053.6     26.6   2.61     3,944.9     28.8   2.94  
    Time     3,317.1     27.4   3.36     3,362.0     30.8   3.64     3,325.3     31.9   3.86  
    Total Interest-Bearing Deposits     13,471.8     71.7   2.16     13,355.9     78.5   2.34     13,329.9     84.1   2.54  
    Other Short-Term Borrowings     250.0     2.6   4.22     250.0     2.7   4.27     500.0     6.0   4.79  
    Other Interest-Bearing Liabilities     27.5     0.3   4.67     25.3     0.2   4.07     33.0     0.4   5.22  
    Total Interest-Bearing Liabilities     13,749.3     74.6   2.20     13,631.2     81.4   2.38     13,862.9     90.5   2.63  
    Net Interest Income         $ 161.8             $ 160.1             $ 155.9      
    Interest Rate Spread(3)               2.31 %             2.18 %             1.98 %
    Net Interest Margin(4)               3.08 %             3.03 %             2.91 %
    Noninterest-Bearing Demand Deposits     6,882.2               6,893.7               7,242.0            
    Other Liabilities     617.0               641.2               585.5            
    Stockholders’ Equity     2,642.0               2,629.6               2,496.8            
    Total Liabilities and Stockholders’ Equity   $ 23,890.5             $ 23,795.7             $ 24,187.2            

    (1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

    (2) Interest income includes taxable-equivalent basis adjustments of $1.2 million, $1.4 million and $1.5 million for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    (3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

    (4) Net interest margin is net interest income annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, on a fully taxable-equivalent basis, divided by average total earning assets.

                       
    Analysis of Change in Net Interest Income                 Table 5
        Three Months Ended March 31, 2025
        Compared to December 31, 2024
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 2.3     $ (0.8 )   $ 1.5  
    Available-for-Sale Investment Securities                  
    Taxable     (0.6 )     1.1       0.5  
    Held-to-Maturity Investment Securities                  
    Taxable     (0.3 )     —       (0.3 )
    Non-Taxable     —       (0.2 )     (0.2 )
    Total Investment Securities     (0.9 )     0.9       —  
    Loans and Leases                  
    Commercial and industrial     0.5       (2.1 )     (1.6 )
    Commercial real estate     0.9       (3.3 )     (2.4 )
    Construction     (1.1 )     (0.9 )     (2.0 )
    Residential:                  
    Residential mortgage     (0.3 )     0.4       0.1  
    Home equity line     (0.2 )     —       (0.2 )
    Consumer     (0.4 )     0.3       (0.1 )
    Lease financing     0.1       (0.2 )     (0.1 )
    Total Loans and Leases     (0.5 )     (5.8 )     (6.3 )
    Other Earning Assets     (0.1 )     (0.2 )     (0.3 )
    Total Change in Interest Income     0.8       (5.9 )     (5.1 )
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     0.9       (0.7 )     0.2  
    Money Market     (1.0 )     (2.6 )     (3.6 )
    Time     (0.5 )     (2.9 )     (3.4 )
    Total Interest-Bearing Deposits     (0.6 )     (6.2 )     (6.8 )
    Other Short-Term Borrowings     —       (0.1 )     (0.1 )
    Other Interest-Bearing Liabilities     —       0.1       0.1  
    Total Change in Interest Expense     (0.6 )     (6.2 )     (6.8 )
    Change in Net Interest Income   $ 1.4     $ 0.3     $ 1.7  

    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                       
    Analysis of Change in Net Interest Income                 Table 6
        Three Months Ended March 31, 2025
        Compared to March 31, 2024
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 3.7     $ (2.5 )   $ 1.2  
    Available-for-Sale Investment Securities                  
    Taxable     (2.2 )     0.9       (1.3 )
    Held-to-Maturity Investment Securities                  
    Taxable     (1.1 )     0.1       (1.0 )
    Non-Taxable     —       (0.3 )     (0.3 )
    Total Investment Securities     (3.3 )     0.7       (2.6 )
    Loans and Leases                  
    Commercial and industrial     0.5       (4.1 )     (3.6 )
    Commercial real estate     1.5       (5.1 )     (3.6 )
    Construction     0.2       (2.2 )     (2.0 )
    Residential:                  
    Residential mortgage     (1.1 )     —       (1.1 )
    Home equity line     (0.2 )     1.3       1.1  
    Consumer     (1.2 )     2.0       0.8  
    Lease financing     0.5       0.1       0.6  
    Total Loans and Leases     0.2       (8.0 )     (7.8 )
    Other Earning Assets     (0.7 )     (0.1 )     (0.8 )
    Total Change in Interest Income     (0.1 )     (9.9 )     (10.0 )
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     0.7       (2.8 )     (2.1 )
    Money Market     (0.2 )     (5.6 )     (5.8 )
    Time     (0.1 )     (4.4 )     (4.5 )
    Total Interest-Bearing Deposits     0.4       (12.8 )     (12.4 )
    Other Short-Term Borrowings     (2.7 )     (0.7 )     (3.4 )
    Other Interest-Bearing Liabilities     (0.1 )     —       (0.1 )
    Total Change in Interest Expense     (2.4 )     (13.5 )     (15.9 )
    Change in Net Interest Income   $ 2.3     $ 3.6     $ 5.9  

    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                       
    Loans and Leases                 Table 7
        March 31,    December 31,    March 31, 
    (dollars in thousands)   2025   2024   2024
    Commercial and industrial   $ 2,261,394   $ 2,247,428   $ 2,189,875
    Commercial real estate     4,367,433     4,463,992     4,301,300
    Construction     954,072     918,326     972,517
    Residential:                  
    Residential mortgage     4,129,518     4,168,154     4,242,502
    Home equity line     1,144,895     1,151,739     1,165,778
    Total residential     5,274,413     5,319,893     5,408,280
    Consumer     998,325     1,023,969     1,054,227
    Lease financing     437,399     434,650     394,009
    Total loans and leases   $ 14,293,036   $ 14,408,258   $ 14,320,208
                       
    Deposits                 Table 8
        March 31,    December 31,    March 31, 
    (dollars in thousands)   2025   2024   2024
    Demand   $ 6,885,551   $ 6,975,148   $ 7,048,553
    Savings     6,110,796     6,021,364     6,277,679
    Money Market     3,865,203     4,027,334     4,059,204
    Time     3,354,266     3,298,370     3,284,045
    Total Deposits   $ 20,215,816   $ 20,322,216   $ 20,669,481
                       
    Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More                 Table 9
        March 31,    December 31,    March 31, 
    (dollars in thousands)   2025   2024   2024
    Non-Performing Assets                  
    Non-Accrual Loans and Leases                  
    Commercial Loans:                  
    Commercial and industrial   $ —   $ 329   $ 942
    Commercial real estate     216     411     2,953
    Construction     375     —     —
    Total Commercial Loans     591     740     3,895
    Residential Loans:                  
    Residential mortgage     12,809     12,768     7,777
    Home equity line     6,788     7,171     6,345
    Total Residential Loans     19,597     19,939     14,122
    Total Non-Accrual Loans and Leases     20,188     20,679     18,017
    Total Non-Performing Assets   $ 20,188   $ 20,679   $ 18,017
                       
    Accruing Loans and Leases Past Due 90 Days or More                  
    Commercial Loans:                  
    Commercial and industrial   $ 740   $ 1,432   $ 529
    Construction     —     536     606
    Total Commercial Loans     740     1,968     1,135
    Residential mortgage     1,008     1,317     359
    Consumer     2,554     2,734     2,126
    Total Accruing Loans and Leases Past Due 90 Days or More   $ 4,302   $ 6,019   $ 3,620
                       
    Total Loans and Leases   $ 14,293,036   $ 14,408,258   $ 14,320,208
                         
    Allowance for Credit Losses and Reserve for Unfunded Commitments   Table 10
        For the Three Months Ended  
        March 31,    December 31,    March 31,   
    (dollars in thousands)   2025     2024     2024    
    Balance at Beginning of Period   $ 193,240     $ 197,397     $ 192,138    
    Loans and Leases Charged-Off                    
    Commercial and industrial     (1,459 )     (851 )     (909 )  
    Home equity line     (14 )     —       —    
    Consumer     (5,025 )     (4,774 )     (4,854 )  
    Total Loans and Leases Charged-Off     (6,498 )     (5,625 )     (5,763 )  
    Recoveries on Loans and Leases Previously Charged-Off                    
    Commercial Loans:                    
    Commercial and industrial     403       298       211    
    Commercial real estate     251       —       —    
    Total Commercial Loans     654       298       211    
    Residential Loans:                    
    Residential mortgage     20       30       30    
    Home equity line     64       32       44    
    Total Residential Loans     84       62       74    
    Consumer     1,979       1,858       1,689    
    Total Recoveries on Loans and Leases Previously Charged-Off     2,717       2,218       1,974    
    Net Loans and Leases Charged-Off     (3,781 )     (3,407 )     (3,789 )  
    Provision (Benefit) for Credit Losses     10,500       (750 )     6,300    
    Balance at End of Period   $ 199,959     $ 193,240     $ 194,649    
    Components:                    
    Allowance for Credit Losses   $ 166,612     $ 160,393     $ 159,836    
    Reserve for Unfunded Commitments     33,347       32,847       34,813    
    Total Allowance for Credit Losses and Reserve for Unfunded Commitments   $ 199,959     $ 193,240     $ 194,649    
    Average Loans and Leases Outstanding   $ 14,309,998     $ 14,276,107     $ 14,312,563    
    Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)     0.11   %   0.09   %   0.11   %
    Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding     1.17   %   1.11   %   1.12   %
    Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases     8.25x     7.76x     8.87x  

    (1) Annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

                                                           
    Loans and Leases by Year of Origination and Credit Quality Indicator     Table 11
                                                  Revolving      
                                                  Loans      
                                                  Converted      
        Term Loans   Revolving   to Term      
        Amortized Cost Basis by Origination Year   Loans   Loans      
                                            Amortized   Amortized      
    (dollars in thousands)   2025   2024   2023   2022   2021   Prior   Cost Basis   Cost Basis   Total
    Commercial Lending                                                      
    Commercial and Industrial                                                      
    Risk rating:                                                      
    Pass   $ 19,578   $ 173,435   $ 68,842   $ 172,494   $ 220,547   $ 268,053   $ 1,148,880   $ 20,009   $ 2,091,838
    Special Mention     364     916     2,250     3,353     58     1,229     41,972     —     50,142
    Substandard     —     —     —     7,948     26     1,238     24,836     —     34,048
    Other (1)     8,099     12,828     7,983     6,045     2,255     2,105     46,051     —     85,366
    Total Commercial and Industrial     28,041     187,179     79,075     189,840     222,886     272,625     1,261,739     20,009     2,261,394
    Current period gross charge-offs     —     43     95     179     356     779     7     —     1,459
                                                           
    Commercial Real Estate                                                      
    Risk rating:                                                      
    Pass     105,358     291,863     384,491     796,202     632,631     1,889,571     100,071     7,645     4,207,832
    Special Mention     —     8,979     2,235     7,483     41,397     22,702     11,747     —     94,543
    Substandard     —     —     —     54,918     1,007     9,003     —     —     64,928
    Other (1)     —     —     —     —     —     130     —     —     130
    Total Commercial Real Estate     105,358     300,842     386,726     858,603     675,035     1,921,406     111,818     7,645     4,367,433
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Construction                                                      
    Risk rating:                                                      
    Pass     4,610     122,410     198,780     353,108     162,361     52,233     22,934     —     916,436
    Special Mention     —     —     —     —     —     147     —     —     147
    Other (1)     522     14,134     8,910     8,500     1,553     3,177     693     —     37,489
    Total Construction     5,132     136,544     207,690     361,608     163,914     55,557     23,627     —     954,072
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Lease Financing                                                      
    Risk rating:                                                      
    Pass     69,731     94,965     99,259     56,228     13,304     98,262     —     —     431,749
    Special Mention     —     —     226     —     195     —     —     —     421
    Substandard     —     4,411     526     292     —     —     —     —     5,229
    Total Lease Financing     69,731     99,376     100,011     56,520     13,499     98,262     —     —     437,399
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Total Commercial Lending   $ 208,262   $ 723,941   $ 773,502   $ 1,466,571   $ 1,075,334   $ 2,347,850   $ 1,397,184   $ 27,654   $ 8,020,298
    Current period gross charge-offs   $ —   $ 43   $ 95   $ 179   $ 356   $ 779   $ 7   $ —   $ 1,459

    (continued)

                                                           
                                                  Revolving      
                                                  Loans      
                                                  Converted      
        Term Loans   Revolving   to Term      
        Amortized Cost Basis by Origination Year   Loans   Loans      
    (continued)                                       Amortized   Amortized      
    (dollars in thousands)   2025   2024   2023   2022   2021   Prior   Cost Basis   Cost Basis   Total
    Residential Lending                                                      
    Residential Mortgage                                                      
    FICO:                                                      
    740 and greater   $ 41,949   $ 161,436   $ 183,292   $ 482,310   $ 933,384   $ 1,578,605   $ —   $ —   $ 3,380,976
    680 – 739     4,088     18,218     34,761     65,347     101,230     192,602     —     —     416,246
    620 – 679     734     1,714     3,922     23,196     18,793     51,826     —     —     100,185
    550 – 619     —     —     817     6,495     7,696     17,224     —     —     32,232
    Less than 550     —     —     731     771     2,253     7,503     —     —     11,258
    No Score (3)     —     13,199     6,330     16,757     9,837     50,065     —     —     96,188
    Other (2)     759     8,020     11,914     16,416     14,182     37,781     3,361     —     92,433
    Total Residential Mortgage     47,530     202,587     241,767     611,292     1,087,375     1,935,606     3,361     —     4,129,518
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Home Equity Line                                                      
    FICO:                                                      
    740 and greater     —     —     —     —     —     —     911,857     1,404     913,261
    680 – 739     —     —     —     —     —     —     169,131     1,684     170,815
    620 – 679     —     —     —     —     —     —     39,262     592     39,854
    550 – 619     —     —     —     —     —     —     12,077     485     12,562
    Less than 550     —     —     —     —     —     —     6,645     486     7,131
    No Score (3)     —     —     —     —     —     —     1,272     —     1,272
    Total Home Equity Line     —     —     —     —     —     —     1,140,244     4,651     1,144,895
    Current period gross charge-offs     —     —     —     —     —     —     14     —     14
                                                           
    Total Residential Lending   $ 47,530   $ 202,587   $ 241,767   $ 611,292   $ 1,087,375   $ 1,935,606   $ 1,143,605   $ 4,651   $ 5,274,413
    Current period gross charge-offs   $ —   $ —   $ —   $ —   $ —   $ —   $ 14   $ —   $ 14
                                                           
    Consumer Lending                                                      
    FICO:                                                      
    740 and greater     32,634     80,861     58,623     73,919     37,183     15,253     93,415     112     392,000
    680 – 739     19,668     66,839     41,621     38,860     18,814     9,295     84,783     515     280,395
    620 – 679     6,692     31,051     16,155     17,379     8,533     6,406     50,655     793     137,664
    550 – 619     596     9,333     6,584     9,663     5,434     4,471     16,458     849     53,388
    Less than 550     280     3,004     4,421     5,131     3,263     2,741     5,399     508     24,747
    No Score (3)     750     821     95     30     —     18     35,238     194     37,146
    Other (2)     201     —     —     257     600     1,044     70,883     —     72,985
    Total Consumer Lending   $ 60,821   $ 191,909   $ 127,499   $ 145,239   $ 73,827   $ 39,228   $ 356,831   $ 2,971   $ 998,325
    Current period gross charge-offs   $ —   $ 660   $ 481   $ 585   $ 270   $ 809   $ 1,883   $ 337   $ 5,025
                                                           
    Total Loans and Leases   $ 316,613   $ 1,118,437   $ 1,142,768   $ 2,223,102   $ 2,236,536   $ 4,322,684   $ 2,897,620   $ 35,276   $ 14,293,036
    Current period gross charge-offs   $ —   $ 703   $ 576   $ 764   $ 626   $ 1,588   $ 1,904   $ 337   $ 6,498

    (1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score (680 and above). As of March 31, 2025, the majority of the loans in this population were current.

    (2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of March 31, 2025, the majority of the loans in this population were current.

    (3) No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

                         
    GAAP to Non-GAAP Reconciliation   Table 12
        For the Three Months Ended  
        March 31,    December 31,    March 31,   
    (dollars in thousands)   2025   2024   2024  
    Income Statement Data:                    
    Net income   $ 59,248   $ 52,496   $ 54,220  
                         
    Average total stockholders’ equity   $ 2,641,978   $ 2,629,600   $ 2,496,840  
    Less: average goodwill     995,492     995,492     995,492  
    Average tangible stockholders’ equity   $ 1,646,486   $ 1,634,108   $ 1,501,348  
                         
    Average total assets   $ 23,890,459   $ 23,795,735   $ 24,187,207  
    Less: average goodwill     995,492     995,492     995,492  
    Average tangible assets   $ 22,894,967   $ 22,800,243   $ 23,191,715  
                         
    Return on average total stockholders’ equity(1)     9.09 %   7.94 %   8.73 %
    Return on average tangible stockholders’ equity (non-GAAP)(1)     14.59 %   12.78 %   14.53 %
                         
    Return on average total assets(1)     1.01 %   0.88 %   0.90 %
    Return on average tangible assets (non-GAAP)(1)     1.05 %   0.92 %   0.94 %
                         
                       
        As of   As of   As of  
        March 31,    December 31,    March 31,   
    (dollars in thousands, except per share amounts)   2025   2024   2024  
    Balance Sheet Data:                    
    Total stockholders’ equity   $ 2,648,852   $ 2,617,486   $ 2,513,761  
    Less: goodwill     995,492     995,492     995,492  
    Tangible stockholders’ equity   $ 1,653,360   $ 1,621,994   $ 1,518,269  
                         
    Total assets   $ 23,744,958   $ 23,828,186   $ 24,279,186  
    Less: goodwill     995,492     995,492     995,492  
    Tangible assets   $ 22,749,466   $ 22,832,694   $ 23,283,694  
                         
    Shares outstanding     125,692,598     126,422,898     127,841,908  
                         
    Total stockholders’ equity to total assets     11.16 %   10.98 %   10.35 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)     7.27 %   7.10 %   6.52 %
                         
    Book value per share   $ 21.07   $ 20.70   $ 19.66  
    Tangible book value per share (non-GAAP)   $ 13.15   $ 12.83   $ 11.88  

    (1) Annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

    The MIL Network –

  • MIL-OSI: Hanover Bancorp, Inc. Reports First Quarter 2025 Results Highlighted by Accelerated Margin Expansion, Improved Credit Quality Metrics & Successful Core Banking System Conversion

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Performance Highlights

    • Net Income: Net income for the quarter ended March 31, 2025 totaled $1.5 million or $0.20 per diluted share (including Series A preferred shares). Adjusted (non-GAAP) net income (excluding core system conversion expenses of $2.6 million, net of tax) increased to $4.1 million or $0.55 per diluted share for the quarter ended March 31, 2025.
    • Net Interest Income: Net interest income was $14.6 million for the quarter ended March 31, 2025, an increase of $0.8 million or 5.95% from the quarter ended December 31, 2024 and $1.7 million, or 13.10% from the quarter ended March 31, 2024.
    • Net Interest Margin Expansion: The Company’s net interest margin during the quarter ended March 31, 2025 increased to 2.68% from 2.53% in the quarter ended December 31, 2024 and 2.41% in the quarter ended March 31, 2024.
    • Strong Liquidity Position: At March 31, 2025, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $679.0 million, or approximately 322% of uninsured deposit balances. Insured and collateralized deposits, which include municipal deposits, accounted for approximately 89% of total deposits at March 31, 2025.
    • Demand Deposits: Demand deposits increased $12.6 million or 6.23% from March 31, 2024 and $3.9 million or 1.85% from December 31, 2024.
    • Loan Diversification Strategy: The Company continues to actively manage its Multi-Family and Commercial Real Estate portfolios which resulted in a reduction in the commercial real estate concentration ratio to 369% of capital at March 31, 2025 from 385% at December 31, 2024 and 416% at March 31, 2024. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans. The Company will selectively explore Commercial Real Estate opportunities with an emphasis on relationship based Commercial Real Estate lending.
    • Asset Quality: At March 31, 2025, the Bank’s asset quality improved with non-performing loans decreasing 28.5% to $11.7 million, representing 0.60% of the total loan portfolio, while the allowance for credit losses increased to 1.17% of total loans.
    • Tangible Book Value Per Share: Tangible book value per share (including Series A preferred shares) was $23.62 at March 31, 2025 (inclusive of one-time core system conversion expenses of $2.6 million, net of tax, or $0.34 per share) compared to $23.86 at December 31, 2024.
    • Technology & Rebranding: The Company completed its core processing system conversion to FIS Horizon in February 2025. This conversion, coupled with our recently revealed refreshed corporate logo, exemplifies our momentum towards a more technologically advanced, modern and digitally forward-thinking bank.
    • Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on May 14, 2025 to stockholders of record on May 7, 2025.

    MINEOLA, N.Y., April 23, 2025 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter ended March 31, 2025 and the declaration of a $0.10 per share cash dividend on both common and Series A preferred shares payable on May 14, 2025 to stockholders of record on May 7, 2025.

    Earnings Summary for the Quarter Ended March 31, 2025

    The Company reported net income for the quarter ended March 31, 2025 of $1.5 million or $0.20 per diluted share (including Series A preferred shares), versus $4.1 million or $0.55 per diluted share (including Series A preferred shares) in the quarter ended March 31, 2024. The Company recorded adjusted (non-GAAP) net income (excluding core system conversion expenses of $2.6 million, net of tax) of $4.1 million or $0.55 per diluted share in the quarter ended March 31, 2025, versus net income of $4.1 million or $0.55 per diluted share in the comparable 2024 quarter (which included no adjustments). Returns on average assets, average stockholders’ equity and average tangible equity were 0.27%, 3.11% and 3.45%, respectively, for the quarter ended March 31, 2025, versus 0.74%, 8.70% and 9.71%, respectively, for the comparable quarter of 2024. Adjusted (non-GAAP) returns, exclusive of core system conversion expenses on average assets, average stockholders’ equity and average tangible equity were 0.73%, 8.36% and 9.27%, respectively, in the quarter ended March 31, 2025, versus 0.74%, 8.70% and 9.71%, respectively, in the comparable quarter of 2024.

    While net interest income and non-interest income increased during the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024, these were partially offset by increases in provision for credit losses and non-interest expenses, particularly compensation and benefits and the one-time core system conversion expenses. The increase in compensation and benefits expense in the first quarter of 2025 versus the comparable 2024 quarter was primarily related to lower deferred loan origination costs partially offset by lower incentive compensation expense resulting from reduced lending activity. The Company’s effective tax rate decreased to 13.8% in the first quarter of 2025 from 24.9% both in the linked quarter and the comparable 2024 quarter due to the tax impact of the windfall benefit from expiring stock options that were exercised and vested restricted stock. We expect a normalized run rate of 25.0% for the remainder of the year.

    Net interest income was $14.6 million for the quarter ended March 31, 2025, an increase of $1.7 million, or 13.10% from the comparable 2024 quarter due to improvement of the Company’s net interest margin to 2.68% in the 2025 quarter from 2.41% in the comparable 2024 quarter. The yield on interest earning assets decreased to 6.01% in the 2025 quarter from 6.03% in the comparable 2024 quarter, a decrease of 2 basis points that was partially offset by a 32 basis point decrease in the cost of interest-bearing liabilities to 4.01% in 2025 from 4.33% in the first quarter of 2024. Net interest income on a linked quarter basis increased $0.8 million or 5.95%, due to a 15 basis point increase in net interest margin resulting from a 23 basis point decrease in cost of interest-bearing liabilities, partially offset by a 5 basis point decrease on yield on interest earning assets. The increase in the net interest margin was a result of the late 2024 reductions in the Fed Funds effective rate and the liability sensitive nature of the Bank’s balance sheet.

    Michael P. Puorro, Chairman and Chief Executive Officer, commented on the Company’s quarterly results: “We are pleased with our first quarter performance which reflected sizable improvements in Net Interest Income and Net Interest Margin that drove stronger adjusted ROTE and ROA for the period. Specifically, NII increased from $13.8 million to $14.6 million and NIM from 2.53% to 2.68%, resulting in adjusted ROTE of 9.27% and ROA of 0.73%, confirming a trend away from the restrictive environment of the last couple of years. Building on this positive momentum were improved credit metrics and the completion of our core banking system conversion, a significant achievement that is expected to deliver tangible operational efficiencies and customer benefits while enhancing our commitment to digital banking. In addition to the core banking system conversion, we recently announced our new logo which is representative of our focus on innovation and a digital forward strategy. Moving forward, we remain committed to disciplined development of our core business verticals which include niche residential, SBA and C&I lending. Further, we look forward to a more favorable banking environment and the upcoming potential qualification for the Russell 2000, which should increase institutional ownership and enhance the liquidity of our stock.”

    Balance Sheet Highlights

    Total assets at March 31, 2025 were $2.29 billion versus $2.31 billion at December 31, 2024. Total securities available for sale at March 31, 2025 were $93.2 million, an increase of $9.4 million from December 31, 2024, primarily driven by growth in collateralized mortgage obligations, collateralized loan obligations and corporate bonds.

    Total deposits at March 31, 2025 were $1.94 billion, a decrease of $17.8 million or 0.91%, compared to $1.95 billion at December 31, 2024. Total deposits increased $19.2 million or 1.00% from March 31, 2024. Demand deposits increased $12.6 million or 6.23% from March 31, 2024. Our loan to deposit ratio improved to 101% at March 31, 2025 from 102% at December 31, 2024.

    The Company had $517.1 million in total municipal deposits at March 31, 2025, at a weighted average rate of 3.71% versus $509.3 million at a weighted average rate of 3.72% at December 31, 2024 and $576.3 million at a weighted average rate of 4.65% at March 31, 2024. The Company’s municipal deposit program is built on long-standing relationships developed in the local marketplace. This core deposit business will continue to provide a stable source of funding for the Company’s lending products at costs lower than those of consumer deposits and market-based borrowings. The Company continues to broaden its municipal deposit base and currently services 40 customer relationships.

    Total borrowings at March 31, 2025 were $107.8 million, with a weighted average rate and term of 4.11% and 20 months, respectively. At March 31, 2025 and December 31, 2024, the Company had $107.8 million of term FHLB advances outstanding. The Company had no FHLB overnight borrowings outstanding at March 31, 2025 and December 31, 2024. The Company had no borrowings outstanding under lines of credit with correspondent banks at March 31, 2025 and December 31, 2024.

    Stockholders’ equity was $196.6 million at both March 31, 2025 and December 31, 2024. Retained earnings increased by $0.8 million due primarily to net income of $1.5 million for the quarter ended March 31, 2025, which was offset by $0.7 million of dividends declared. The accumulated other comprehensive loss at March 31, 2025 was 0.71% of total equity and was comprised of a $0.9 million after tax net unrealized loss on the investment portfolio and a $0.5 million after tax net unrealized loss on derivatives. Tangible book value per share (including Series A preferred shares) was $23.62 at March 31, 2025 (inclusive of one-time core system conversion expenses of $2.6 million, net of tax, or $0.34 per share) compared to $23.86 at December 31, 2024.

    Loan Portfolio

    For the three months ended March 31, 2025, the Bank’s loan portfolio decreased $24.9 million to $1.96 billion from December 31, 2024. The decrease resulted primarily from the ongoing management of our commercial real estate and multifamily loan concentrations. At March 31, 2025, the Company’s residential loan portfolio (including home equity) amounted to $733.6 million, with an average loan balance of $486 thousand and a weighted average loan-to-value ratio of 57%. Commercial real estate (including construction) and multifamily loans totaled $1.06 billion at March 31, 2025, with an average loan balance of $1.5 million and a weighted average loan-to-value ratio of 59%. As will be discussed below, approximately 37% of the multifamily portfolio is subject to rent regulation. The Company’s commercial real estate concentration ratio continues to improve, decreasing to 369% of capital at March 31, 2025 from 385% at December 31, 2024 and 416% at March 31, 2024, with loans secured by office space accounting for 2.23% of the total loan portfolio and totaling $43.8 million at March 31, 2025. The Company’s loan pipeline with executed term sheets at March 31, 2025 is approximately $255.0 million, with approximately 92% being niche-residential, conventional C&I and SBA lending opportunities.

    The Bank remains focused on expanding its core verticals and continues to originate loans for its portfolio and for sale in the secondary market under its residential flow origination program. Of the $48.8 million in closed residential loans originated in the quarter ended March 31, 2025, $27.6 million were originated for the Bank’s portfolio and reflected a weighted average yield of 6.64% before origination and other fees, which average 50-100 bps per loan, and a weighted average LTV of 58%. The remaining $21.2 million of closed loans were originated for sale in the secondary market. During the quarter ended March 31, 2025, the Company sold $18.3 million of residential loans under its flow origination program and recorded gains on sale of loans held-for-sale of $0.4 million with a premium of 2.38%.

    During the quarters ended March 31, 2025 and 2024, the Company sold approximately $23.4 million and $26.7 million, respectively, in government guaranteed SBA loans and recorded gains on sale of loans held-for-sale of $1.9 million and $2.5 million, respectively. SBA loan originations and gains on sale were lower due to a combination of factors, including: lower than expected loan sale premiums due, we believe, to first quarter market turmoil; delays in loan closings resulting from the impact of administrative changes to SBA Standard Operating Procedures; and the inability of certain loans to close because of delays by state regulatory agencies in issuing permit approvals to certain borrowers. As we enter the second quarter of 2025, we expect to navigate these factors and to increase the volume of origination and loan sale activity throughout the year. The Bank concluded the first quarter of 2025 with C&I loan originations of approximately $16.8 million. Based on its existing pipeline, the Bank expects C&I lending and deposit activity to grow as the year progresses.

    Commercial Real Estate Statistics

    A significant portion of the Bank’s commercial real estate portfolio consists of loans secured by Multi-Family and CRE-Investor owned real estate that are predominantly subject to fixed interest rates for an initial period of 5 years. The Bank’s exposure to Land/Construction loans is minor at $8.0 million, all at floating interest rates. As shown below, 31% of the loan balances in these combined portfolios will either have a rate reset or mature in 2025 and 2026, with another 56% with rate resets or maturing in 2027.

    Multi-Family Market Rent Portfolio Fixed Rate Reset/Maturity Schedule   Multi-Family Stabilized Rent Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period   # Loans   Total O/S ($000’s omitted)   Avg O/S ($000’s omitted)   Avg Interest Rate   Calendar Period   # Loans   Total O/S ($000’s omitted)   Avg O/S ($000’s omitted)   Avg Interest Rate
                                                     
    2025   10   $ 16,321   $ 1,632   4.45 %   2025   10   $ 17,025   $ 1,703   5.03 %
    2026   36     117,886     3,275   3.66 %   2026   20     42,549     2,127   3.67 %
    2027   70     174,601     2,494   4.29 %   2027   53     123,668     2,333   4.22 %
    2028   16     21,382     1,336   6.20 %   2028   13     10,914     839   7.17 %
    2029   6     4,929     821   7.70 %   2029   4     4,328     1,082   6.38 %
    2030+   2     171     85   6.00 %   2030+   4     1,129     282   6.02 %
    Fixed Rate   140     335,290     2,395   4.61 %   Fixed Rate   104     199,613     1,919   4.39 %
    Floating Rate   2     749     375   9.50 %   Floating Rate   —     —     —   — %
    Total   142   $ 336,039   $ 2,366   4.26 %   Total   104   $ 199,613   $ 1,919   4.39 %
    CRE Investor Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period   # Loans   Total O/S ($000’s omitted)   Avg O/S ($000’s omitted)   Avg Interest Rate
                           
    2025   29   $ 23,092   $ 796   6.13 %
    2026   33     41,668     1,263   4.84 %
    2027   90     162,557     1,806   5.03 %
    2028   30     31,763     1,059   6.64 %
    2029   4     2,353     588   7.03 %
    2030+   13     7,967     613   6.49 %
    Fixed Rate   199     269,400     1,354   5.35 %
    Floating Rate   5     19,074     3,815   8.73 %
    Total CRE-Inv.   204   $ 288,474   $ 1,414   5.57 %

    Rental breakdown of Multi-Family portfolio

    The table below segments our portfolio of loans secured by Multi-Family properties based on rental terms and location. As shown below, 63% of the combined portfolio is secured by properties subject to free market rental terms, which is the dominant tenant type. Both the Market Rent and Stabilized Rent segments of our portfolio present very similar average borrower profiles. The portfolio is primarily located in the New York City boroughs of Brooklyn, the Bronx and Queens.

    Multi-Family Loan Portfolio – Loans by Rent Type
    Rent Type   # of Notes   Outstanding Loan Balance   % of Total Multi-Family   Avg Loan Size   LTV   Current DSCR   Avg # of Units  
            ($000’s omitted)         ($000’s omitted)                
                                           
    Market   142   $ 336,039   63 % $ 2,366   61.5 % 1.41   11  
    Location                                      
    Manhattan   7   $ 10,299   2 % $ 1,471   49.6 % 1.88   14  
    Other NYC   93   $ 244,552   46 % $ 2,630   61.2 % 1.40   9  
    Outside NYC   42   $ 81,188   15 % $ 1,933   64.2 % 1.36   13  
                                           
    Stabilized   104   $ 199,613   37 % $ 1,919   62.1 % 1.42   12  
    Location                                      
    Manhattan   6   $ 8,843   2 % $ 1,474   44.2 % 1.58   17  
    Other NYC   86   $ 171,852   32 % $ 1,998   62.8 % 1.41   11  
    Outside NYC   12   $ 18,918   3 % $ 1,576   64.1 % 1.49   16  


    Office Property Exposure

    The Bank’s exposure to the Office market is minor. Loans secured by office space accounted for 2.23% of the total loan portfolio with a total balance of $43.8 million, of which less than 1% is located in Manhattan. The pool has a 2.32x weighted average DSCR, a 53% weighted average LTV and less than $353,000 of exposure in Manhattan.

    Asset Quality and Allowance for Credit Losses

    At March 31, 2025, the Bank’s asset quality metrics improved with non-performing loans totaling $11.7 million compared to non-performing loans of $16.4 million at December 31, 2024, a decrease of $4.7 million. This decrease resulted primarily from the contracted sale of non-performing loans totaling $5.0 million, net of a $0.3 million charge-off, during the quarter. At March 31, 2025 non-performing loans were 0.60% of total loans outstanding versus 0.82% at December 31, 2024.

    During the first quarter of 2025, the Bank recorded a provision for credit losses expense of $0.6 million. The March 31, 2025 allowance for credit losses was $22.9 million versus $22.8 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 1.17% at March 31, 2025 and 1.15% at December 31, 2024.

    Net Interest Margin

    The Bank’s net interest margin increased to 2.68% for the quarter ended March 31, 2025 compared to 2.53% in the quarter ended December 31, 2024 and 2.41% in the quarter ended March 31, 2024 due to the recent reductions in the Fed Funds effective rate and the liability sensitive nature of the Bank’s balance sheet.

    About Hanover Community Bank and Hanover Bancorp, Inc.

    Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in mid 2025.

    Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

    Non-GAAP Disclosure

    This discussion, including the financial statements attached thereto, includes non-GAAP financial measures which include the Company’s adjusted net income, adjusted basic and diluted earnings per share, adjusted return on average assets, adjusted return on average equity, tangible common equity (“TCE”) ratio, TCE, tangible assets, tangible book value per share, return on average tangible equity and efficiency ratio. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of the Company’s operating results and trends in addition to the results measured in accordance with GAAP, and provides greater comparability across time periods. While management uses non-GAAP financial measures in its analysis of the Company’s performance, this information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by other financial institutions.

    With respect to the calculations of and reconciliations of adjusted net income, TCE, tangible assets, TCE ratio and tangible book value per share, reconciliations to the most comparable U.S. GAAP measures are provided in the tables that follow.

    Forward-Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect. They can be affected by inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties, including those discussed in our Annual Report on Form 10-K under Item 1A – Risk Factors, as updated by our subsequent filings with the Securities and Exchange Commission. Further, the adverse effect of health emergencies or natural disasters on the Company, its customers, and the communities where it operates may adversely affect the Company’s business, results of operations and financial condition for an indefinite period of time. Consequently, no forward-looking statement can be guaranteed. Hanover Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

    Investor and Press Contact:
    Lance P. Burke
    Chief Financial Officer
    (516) 548-8500

                 
    HANOVER BANCORP, INC.            
    STATEMENTS OF CONDITION (unaudited)            
    (dollars in thousands)            
                   
                   
        March 31,   December 31,   March 31,  
          2025       2024       2024    
    Assets              
    Cash and cash equivalents $ 160,234     $ 162,857     $ 136,481    
    Securities-available for sale, at fair value   93,197       83,755       92,709    
    Investments-held to maturity   3,671       3,758       3,973    
    Loans held for sale   16,306       12,404       7,641    
                   
    Loans, net of deferred loan fees and costs   1,960,674       1,985,524       2,005,515    
    Less: allowance for credit losses   (22,925 )     (22,779 )     (19,873 )  
    Loans, net   1,937,749       1,962,745       1,985,642    
                   
    Goodwill     19,168       19,168       19,168    
    Premises & fixed assets   14,511       15,337       15,648    
    Operating lease assets   8,484       8,337       9,336    
    Other assets   38,207       43,749       36,910    
      Assets $ 2,291,527     $ 2,312,110     $ 2,307,508    
                   
    Liabilities and stockholders’ equity            
    Core deposits $ 1,418,209     $ 1,456,513     $ 1,453,035    
    Time deposits   518,229       497,770       464,227    
    Total deposits   1,936,438       1,954,283       1,917,262    
                   
    Borrowings   107,805       107,805       148,953    
    Subordinated debentures   24,702       24,689       24,648    
    Operating lease liabilities   9,144       9,025       10,039    
    Other liabilities   16,795       19,670       17,063    
      Liabilities   2,094,884       2,115,472       2,117,965    
                   
    Stockholders’ equity   196,643       196,638       189,543    
      Liabilities and stockholders’ equity $ 2,291,527     $ 2,312,110     $ 2,307,508    
                   
             
    HANOVER BANCORP, INC.        
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)      
    (dollars in thousands, except per share data)        
             
      Three Months Ended  
      3/31/2025   3/31/2024  
             
    Interest income $ 32,837   $ 32,432  
    Interest expense   18,208     19,497  
    Net interest income   14,629     12,935  
    Provision for credit losses   600     300  
    Net interest income after provision for credit losses   14,029     12,635  
             
    Loan servicing and fee income   1,081     913  
    Service charges on deposit accounts   117     96  
    Gain on sale of loans held-for-sale   2,352     2,506  
    Other operating income   182     61  
    Non-interest income   3,732     3,576  
             
    Compensation and benefits   7,232     5,562  
    Conversion expenses   3,180     –  
    Occupancy and equipment   1,836     1,770  
    Data processing   593     518  
    Professional fees   787     818  
    Federal deposit insurance premiums   337     318  
    Other operating expenses   2,031     1,818  
    Non-interest expense   15,996     10,804  
             
    Income before income taxes   1,765     5,407  
    Income tax expense   244     1,346  
             
    Net income $ 1,521   $ 4,061  
             
    Earnings per share (“EPS”):(1)        
    Basic $ 0.20   $ 0.55  
    Diluted $ 0.20   $ 0.55  
             
    Average shares outstanding for basic EPS (1)(2)   7,463,537     7,376,227  
    Average shares outstanding for diluted EPS (1)(2)   7,469,489     7,420,926  
             
    (1) Calculation includes common stock and Series A preferred stock.      
    (2) Average shares outstanding before subtracting participating securities.      
             
                         
    HANOVER BANCORP, INC.                    
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)                  
    QUARTERLY TREND                    
    (dollars in thousands, except per share data)                    
                         
      Three Months Ended  
      3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024  
                         
    Interest income $ 32,837   $ 33,057   $ 34,113   $ 33,420   $ 32,432  
    Interest expense   18,208     19,249     21,011     20,173     19,497  
    Net interest income   14,629     13,808     13,102     13,247     12,935  
    Provision for credit losses   600     400     200     4,040     300  
    Net interest income after provision for credit losses   14,029     13,408     12,902     9,207     12,635  
                         
    Loan servicing and fee income   1,081     981     960     836     913  
    Service charges on deposit accounts   117     136     123     114     96  
    Gain on sale of loans held-for-sale   2,352     3,014     2,834     2,586     2,506  
    Gain on sale of investments   –     27     –     4     –  
    Other operating income   182     29     37     82     61  
    Non-interest income   3,732     4,187     3,954     3,622     3,576  
                         
    Compensation and benefits   7,232     6,699     6,840     6,499     5,562  
    Conversion expenses   3,180     –     –     –     –  
    Occupancy and equipment   1,836     1,810     1,799     1,843     1,770  
    Data processing   593     536     547     495     518  
    Professional fees   787     782     762     717     818  
    Federal deposit insurance premiums   337     375     360     365     318  
    Other operating expenses   2,031     2,198     1,930     1,751     1,818  
    Non-interest expense   15,996     12,400     12,238     11,670     10,804  
                         
    Income before income taxes   1,765     5,195     4,618     1,159     5,407  
    Income tax expense   244     1,293     1,079     315     1,346  
                         
    Net income $ 1,521   $ 3,902   $ 3,539   $ 844   $ 4,061  
                         
    Earnings per share (“EPS”):(1)                    
    Basic $ 0.20   $ 0.53   $ 0.48   $ 0.11   $ 0.55  
    Diluted $ 0.20   $ 0.52   $ 0.48   $ 0.11   $ 0.55  
                         
    Average shares outstanding for basic EPS (1)(2)   7,463,537     7,427,583     7,411,064     7,399,816     7,376,227  
    Average shares outstanding for diluted EPS (1)(2)   7,469,489     7,456,471     7,436,068     7,449,110     7,420,926  
                         
    (1) Calculation includes common stock and Series A preferred stock.
    (2) Average shares outstanding before subtracting participating securities.
                         
             
    HANOVER BANCORP, INC.        
    CONSOLIDATED NON-GAAP FINANCIAL INFORMATION (1)(unaudited)  
    (dollars in thousands, except per share data)        
             
      Three Months Ended  
      3/31/2025   3/31/2024  
             
    ADJUSTED NET INCOME:        
    Net income, as reported $ 1,521     $ 4,061    
    Adjustments:        
    Conversion expenses   3,180       –    
    Total adjustments, before income taxes   3,180       –    
    Adjustment for reported effective income tax rate   608       –    
    Total adjustments, after income taxes   2,572       –    
    Adjusted net income $ 4,093     $ 4,061    
    Basic earnings per share – adjusted $ 0.55     $ 0.55    
    Diluted earnings per share – adjusted $ 0.55     $ 0.55    
             
    ADJUSTED OPERATING EFFICIENCY RATIO:        
    Operating efficiency ratio, as reported   87.12 %     65.44 %  
    Adjustments:        
    Conversion expenses   -17.32 %     0.00 %  
    Adjusted operating efficiency ratio   69.80 %     65.44 %  
             
    ADJUSTED RETURN ON AVERAGE ASSETS   0.73 %     0.74 %  
    ADJUSTED RETURN ON AVERAGE EQUITY   8.36 %     8.70 %  
    ADJUSTED RETURN ON AVERAGE TANGIBLE EQUITY   9.27 %     9.71 %  
             
    (1) A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
             
             
    HANOVER BANCORP, INC.        
    SELECTED FINANCIAL DATA (unaudited)      
    (dollars in thousands)        
             
             
      Three Months Ended  
      3/31/2025   3/31/2024  
    Profitability:        
    Return on average assets   0.27 %     0.74 %  
    Return on average equity (1)   3.11 %     8.70 %  
    Return on average tangible equity (1)   3.45 %     9.71 %  
    Pre-provision net revenue to average assets   0.42 %     1.03 %  
    Yield on average interest-earning assets   6.01 %     6.03 %  
    Cost of average interest-bearing liabilities   4.01 %     4.33 %  
    Net interest rate spread (2)   2.00 %     1.70 %  
    Net interest margin (3)   2.68 %     2.41 %  
    Non-interest expense to average assets   2.85 %     1.96 %  
    Operating efficiency ratio (4)   87.12 %     65.44 %  
             
    Average balances:        
    Interest-earning assets $ 2,217,107     $ 2,162,835    
    Interest-bearing liabilities   1,842,073       1,810,397    
    Loans   1,989,796       1,984,075    
    Deposits   1,919,436       1,842,642    
    Borrowings   133,665       162,427    
             
             
    (1) Includes common stock and Series A preferred stock.      
    (2) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (3) Represents net interest income divided by average interest-earning assets.  
    (4) Represents non-interest expense divided by the sum of net interest income and non-interest income.
             
    HANOVER BANCORP, INC.                  
    SELECTED FINANCIAL DATA (unaudited)                  
    (dollars in thousands, except share and per share data)                
                       
      At or For the Three Months Ended    
      3/31/2025   12/31/2024   9/30/2024   6/30/2024    
    Asset quality:                  
    Provision for credit losses – loans (1) $ 600   $ 400   $ 200   $ 3,850    
    Net (charge-offs)/recoveries   (454 )    (1,027 )    (438 )    (79 )   
    Allowance for credit losses   22,925     22,779     23,406     23,644    
    Allowance for credit losses to total loans (2)   1.17 %     1.15 %     1.17 %     1.17 %    
    Non-performing loans $ 11,697   $ 16,368   $ 15,365   $ 15,828    
    Non-performing loans/total loans   0.60 %     0.82 %     0.77 %     0.79 %    
    Non-performing loans/total assets   0.51 %     0.71 %     0.66 %     0.68 %    
    Allowance for credit losses/non-performing loans   195.99 %     139.17 %     152.33 %     149.38 %    
                       
    Capital (Bank only):                  
    Tier 1 Capital $ 201,925   $ 201,744   $ 198,196   $ 195,703    
    Tier 1 leverage ratio   8.95 %     9.13 %     8.85 %     8.89 %    
    Common equity tier 1 capital ratio   13.37 %     13.32 %     12.99 %     12.78 %    
    Tier 1 risk based capital ratio   13.37 %     13.32 %     12.99 %     12.78 %    
    Total risk based capital ratio   14.62 %     14.58 %     14.24 %     14.21 %    
                       
    Equity data:                  
    Shares outstanding (3)   7,503,731     7,427,127     7,428,366     7,402,163    
    Stockholders’ equity $ 196,643   $ 196,638   $ 192,339   $ 190,072    
    Book value per share (3)   26.21     26.48     25.89     25.68    
    Tangible common equity (3)   177,239     177,220     172,906     170,625    
    Tangible book value per share (3)   23.62     23.86     23.28     23.05    
    Tangible common equity (“TCE”) ratio (3)   7.80 %     7.73 %     7.49 %     7.38 %    
                       
    (1) Excludes $0, $0, $0 and $190 thousand provision for credit losses on unfunded commitments for the quarters ended 3/31/25, 12/31/24, 9/30/24 and 6/30/24, respectively.  
    (2) Calculation excludes loans held for sale.    
    (3) Includes common stock and Series A preferred stock.    
                       
                     
    HANOVER BANCORP, INC.                
    STATISTICAL SUMMARY                
    QUARTERLY TREND                
    (unaudited, dollars in thousands, except share data)              
                       
        3/31/2025   12/31/2024   9/30/2024   6/30/2024  
                       
    Loan distribution (1):                
    Residential mortgages $ 708,649     $ 702,832     $ 719,037     $ 733,040    
    Multifamily     535,429       550,570       557,634       562,503    
    Commercial real estate   520,808       536,288       529,948       549,725    
    Commercial & industrial   170,442       168,909       171,899       139,209    
    Home equity   24,914       26,422       26,825       27,992    
    Consumer     432       503       470       485    
                       
    Total loans $ 1,960,674     $ 1,985,524     $ 2,005,813     $ 2,012,954    
                       
    Sequential quarter growth rate   -1.25 %     -1.01 %     -0.35 %     0.37 %  
                       
    CRE concentration ratio   369 %     385 %     397 %     403 %  
                       
    Loans sold during the quarter $ 46,649     $ 53,499     $ 43,537     $ 35,302    
                       
    Funding distribution:                
    Demand   $ 215,569     $ 211,656     $ 206,327     $ 199,835    
    N.O.W.     698,297       692,890       621,880       661,998    
    Savings     46,275       48,885       53,024       44,821    
    Money market   458,068       503,082       572,213       571,170    
    Total core deposits   1,418,209       1,456,513       1,453,444       1,477,824    
    Time     518,229       497,770       504,100       464,105    
    Total deposits   1,936,438       1,954,283       1,957,544       1,941,929    
    Borrowings   107,805       107,805       125,805       148,953    
    Subordinated debentures   24,702       24,689       24,675       24,662    
                       
    Total funding sources $ 2,068,945     $ 2,086,777     $ 2,108,024     $ 2,115,544    
                       
    Sequential quarter growth rate – total deposits   -0.91 %     -0.17 %     0.80 %     1.29 %  
                       
    Period-end core deposits/total deposits ratio   73.24 %     74.53 %     74.25 %     76.10 %  
                       
    Period-end demand deposits/total deposits ratio   11.13 %     10.83 %     10.54 %     10.29 %  
                       
    (1) Excluding loans held for sale                
                       
                         
    HANOVER BANCORP, INC.                    
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1)(unaudited)          
    (dollars in thousands, except share and per share amounts)              
                         
                         
      3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024  
    Tangible common equity                    
    Total equity (2) $ 196,643     $ 196,638     $ 192,339     $ 190,072     $ 189,543    
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )  
    Less: core deposit intangible   (236 )     (250 )     (265 )     (279 )     (295 )  
    Tangible common equity (2) $ 177,239     $ 177,220     $ 172,906     $ 170,625     $ 170,080    
                         
    Tangible common equity (“TCE”) ratio                  
    Tangible common equity (2) $ 177,239     $ 177,220     $ 172,906     $ 170,625     $ 170,080    
    Total assets   2,291,527       2,312,110       2,327,814       2,331,098       2,307,508    
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )  
    Less: core deposit intangible   (236 )     (250 )     (265 )     (279 )     (295 )  
    Tangible assets $ 2,272,123     $ 2,292,692     $ 2,308,381     $ 2,311,651     $ 2,288,045    
    TCE ratio (2)   7.80 %     7.73 %     7.49 %     7.38 %     7.43 %  
                         
    Tangible book value per share                    
    Tangible equity (2) $ 177,239     $ 177,220     $ 172,906     $ 170,625     $ 170,080    
    Shares outstanding (2)   7,503,731       7,427,127       7,428,366       7,402,163       7,392,412    
    Tangible book value per share (2) $ 23.62     $ 23.86     $ 23.28     $ 23.05     $ 23.01    
                         
    (1) A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.  
                         
    (2) Includes common stock and Series A preferred stock.  
       
                             
    HANOVER BANCORP, INC.      
    NET INTEREST INCOME ANALYSIS      
    For the Three Months Ended March 31, 2025 and 2024      
    (unaudited, dollars in thousands)      
                             
                             
        2025       2024    
      Average       Average   Average       Average  
      Balance   Interest   Yield/Cost Balance   Interest   Yield/Cost  
                             
    Assets:                        
    Interest-earning assets:                        
    Loans $ 1,989,796   $ 29,984   6.11 %   $ 1,984,075   $ 29,737   6.03 %  
    Investment securities   85,839     1,186   5.60 %     94,845     1,457   6.18 %  
    Interest-earning cash   133,458     1,482   4.50 %     74,672     1,014   5.46 %  
    FHLB stock and other investments   8,014     185   9.36 %     9,243     224   9.75 %  
    Total interest-earning assets   2,217,107     32,837   6.01 %     2,162,835     32,432   6.03 %  
    Non interest-earning assets:                        
    Cash and due from banks   9,504             7,945          
    Other assets   49,695             49,941          
    Total assets $ 2,276,306           $ 2,220,721          
                             
    Liabilities and stockholders’ equity:                        
    Interest-bearing liabilities:                        
    Savings, N.O.W. and money market deposits $ 1,217,429   $ 11,455   3.82 %   $ 1,161,191   $ 12,933   4.48 %  
    Time deposits   490,979     5,320   4.39 %     486,779     4,962   4.10 %  
    Total savings and time deposits   1,708,408     16,775   3.98 %     1,647,970     17,895   4.37 %  
    Borrowings   108,972     1,107   4.12 %     137,788     1,276   3.72 %  
    Subordinated debentures   24,693     326   5.35 %     24,639     326   5.32 %  
    Total interest-bearing liabilities   1,842,073     18,208   4.01 %     1,810,397     19,497   4.33 %  
    Demand deposits   211,028             194,672          
    Other liabilities   24,726             27,959          
    Total liabilities   2,077,827             2,033,028          
    Stockholders’ equity   198,479             187,693          
    Total liabilities & stockholders’ equity $ 2,276,306           $ 2,220,721          
    Net interest rate spread         2.00 %           1.70 %  
    Net interest income/margin     $ 14,629   2.68 %       $ 12,935   2.41 %  
                             

    The MIL Network –

  • MIL-OSI: Stifel Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, April 23, 2025 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.26 billion for the three months ended March 31, 2025, compared with $1.16 billion a year ago. Net income available to common shareholders was $43.7 million, or $0.39 per diluted common share, compared with $154.3 million, or $1.40 per diluted common share for the first quarter of 2024. Non-GAAP net income available to common shareholders was $54.2 million, or $0.49 per diluted common share for the first quarter of 2025.

    Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Our net revenue of $1.26 billion marks the highest first-quarter revenue in our history, with year-over-year growth across all revenue lines. The investments we’ve made in our business and our focus on delivering valued advice drove growth in both our Global Wealth Management and Institutional Group — despite the headwinds from market volatility and a significant legal charge. We remain optimistic about long-term growth, emphasizing the resilience of U.S. financial markets and the value our advice-driven model delivers during periods of uncertainty.”

    Highlights

    • The Company reported net revenues of $1.26 billion, the third best quarter in its history, driven by higher asset management revenues, investment banking revenues, transactional revenues, and net interest income.
    • Non-GAAP net income available to common shareholders of $0.49 per diluted common share was negatively impacted by elevated provisions for legal matters of $1.16 per diluted common share (after-tax).
    • Record asset management revenues, up 11% over the year-ago quarter.
    • Advisory revenues increased 15% over the year-ago quarter.
    • Capital raising revenues increased 6% over the year-ago quarter.
    • Client assets of $485.9 billion, up 4% over the year-ago quarter.
    • Recruited 52 financial advisors during the quarter, including 9 experienced employee advisors.
    • Non-GAAP pre-tax margin of 6% was negatively impacted by elevated provisions for legal matters.
    • Annualized return on tangible common equity (ROTCE) (5) of 6%.
    • Tangible book value per common share (7) of $33.31, up 9% from prior year.
     
    Financial Summary (Unaudited)
    (000s) 1Q 2025 1Q 2024
    GAAP Financial Highlights:            
    Net revenues $1,255,469   $1,163,038  
    Net income (1) $43,672   $154,255  
    Diluted EPS (1) $0.39   $1.40  
    Comp. ratio   58.3%     58.4%  
    Non-comp. ratio   36.7%     22.8%  
    Pre-tax margin   5.0%     18.8%  
    Non-GAAP Financial Highlights:            
    Net revenues $1,255,455   $1,163,038  
    Net income (1)(2) $54,236   $163,346  
    Diluted EPS (1) (2) $0.49   $1.49  
    Comp. ratio (2)   58.0%     58.0%  
    Non-comp. ratio (2)   35.9%     22.2%  
    Pre-tax margin (3)   6.1%     19.8%  
    ROCE (4)   4.4%     14.3%  
    ROTCE (5)   6.2%     20.9%  
    Global Wealth Management (assets and loans in millions)         
    Net revenues $850,559   $790,500  
    Pre-tax net income $126,405   $290,748  
    Total client assets $485,860   $467,697  
    Fee-based client assets $189,693   $177,108  
    Bank loans (6) $21,241   $19,484  
    Institutional Group            
    Net revenues $384,929   $351,376  
    Equity $236,192   $206,417  
    Fixed Income $148,737   $144,959  
    Pre-tax net income $27,431   $37,109  


    Global Wealth Management

    Global Wealth Management reported net revenues of $850.6 million for the three months ended March 31, 2025 compared with $790.5 million during the first quarter of 2024. Pre-tax net income was $126.4 million compared with $290.7 million in the first quarter of 2024.

    Highlights

    • Recruited 52 financial advisors during the quarter, including 9 experienced employee advisors, with total trailing 12 month production of $11.7 million.
    • Client assets of $485.9 billion, up 4% over the year-ago quarter.
    • Fee-based client assets of $189.7 billion, up 7% over the year-ago quarter.

    Net revenues increased 8% from a year ago:

    • Transactional revenues increased 3% over the year-ago quarter reflecting an increase in client activity.
    • Asset management revenues increased 11% over the year-ago quarter reflecting higher asset values and net new asset growth.
    • Net interest income increased 4% over the year-ago quarter driven by balance sheet growth, partially offset by lower interest rates and changes in the deposit mix.

    Total Expenses:

    • Compensation expense as a percentage of net revenues increased to 49.6% primarily as a result of higher compensable revenues.
    • Provision for credit losses was primarily impacted by an increase in reserves driven by loan growth and changes in the outlook for macroeconomic conditions.
    • Non-compensation operating expenses as a percentage of net revenues increased to 35.5% primarily as a result of higher litigation-related expenses.
                 
    Summary Results of Operations
    (000s)    1Q 2025      1Q 2024  
    Net revenues $850,559   $790,500  
    Transactional revenues   186,395     181,753  
    Asset management   409,506     367,450  
    Net interest income   245,534     236,269  
    Investment banking   5,908     4,280  
    Other income   3,216     748  
    Total expenses $724,154   $499,752  
    Compensation expense   422,293     389,536  
    Provision for credit losses   12,020     4,968  
    Non-comp. opex   289,841     105,248  
    Pre-tax net income $126,405   $290,748  
    Compensation ratio   49.6%     49.3%   
    Non-compensation ratio   35.5%     13.9%   
    Pre-tax margin   14.9%     36.8%   


    Institutional Group

    Institutional Group reported net revenues of $384.9 million for the three months ended March 31, 2025 compared with $351.4 million during the first quarter of 2024. Pre-tax net income was $27.4 million compared with $37.1 million in the first quarter of 2024.

    Highlights

    Investment banking revenues increased 11% from a year ago:

    • Advisory revenues increased 15% from the year-ago quarter driven by higher levels of completed advisory transactions.
    • Fixed income capital raising revenues decreased 9% from the year-ago quarter primarily driven by lower bond issuances.
    • Equity capital raising revenues increased 22% over the year-ago quarter driven by higher volumes.

    Fixed income transactional revenues increased 1% from a year ago:

    • Fixed income transactional revenues were impacted by increased activity in securitized products, partially offset by lower levels of activity in credit products.

    Equity transactional revenues increased 10% from a year ago:

    • Equity transactional revenues increased from the year-ago quarter primarily driven by increased client activity amid a more volatile trading environment.

    Total Expenses:

    • Compensation expense as a percentage of net revenues increased to 65.6% primarily as a result of higher fixed compensation expenses in our international operations.
    • Non-compensation operating expenses as a percentage of net revenues decreased to 27.3% from the year-ago quarter primarily as a result of higher revenues.
     
    Summary Results of Operations
    (000s)   1Q 2025     1Q 2024  
    Net revenues $384,929   $351,376  
    Investment banking   232,034     209,669  
    Advisory   137,470     119,252  
    Fixed income capital raising   45,559     50,116  
    Equity capital raising   49,005     40,301  
    Fixed income transactional   89,345     88,654  
    Equity transactional   59,590     54,083  
    Other   3,960     (1,030)  
    Total expenses $357,498   $314,267  
    Compensation expense   252,585     215,749  
    Non-comp. opex.   104,913     98,518  
    Pre-tax net income $27,431   $37,109  
    Compensation ratio   65.6%     61.4%  
    Non-compensation ratio   27.3%      28.0%  
    Pre-tax margin   7.1%     10.6%   


    Other Matters

    Highlights

    • The Company repurchased $210.9 million of its outstanding common stock during the first quarter, including $117.8 million in connection with net-share settlements under its equity compensation plan.
    • Weighted average diluted shares outstanding increased primarily as a result the increase in the Company’s share price, partially offset by an increase in share repurchases.
    • The Board of Directors declared a $0.46 quarterly dividend per share payable on March 17, 2025 to common shareholders of record on March 3, 2025.
    • The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on March 17, 2025 to shareholders of record on March 3, 2025.
     
      1Q 2025 1Q 2024
    Common stock repurchases    
    Repurchases (000s) $210,934   $159,348  
    Number of shares (000s)   2,029     2,254  
    Average price $103.95   $70.71  
    Period end shares (000s)   103,078     102,649  
    Weighted average diluted shares outstanding (000s)   110,635     109,985  
    Effective tax rate   16.4%     25.2%  
    Stifel Financial Corp. (8)    
    Tier 1 common capital ratio   14.7%     14.3%  
    Tier 1 risk based capital ratio   17.6%     17.3%  
    Tier 1 leverage capital ratio   10.8%     10.6%  
    Tier 1 capital (MM) $4,163   $3,911  
    Risk weighted assets (MM) $23,661   $22,588  
    Average assets (MM) $38,397   $37,018  
    Quarter end assets (MM) $40,384   $38,258  
    Agency Rating Outlook
    Fitch Ratings BBB+ Stable
    S&P Global Ratings BBB Stable

    Conference Call Information

    Stifel Financial Corp. will host its first quarter 2025 financial results conference call on Wednesday, April 23, 2025, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

    All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 2769458. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

    Company Information

    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit www.stifel.com/investor-relations/press-releases.

    A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.stifel.com/investor-relations.

    The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at www.stifel.com/investor-relations.

    Cautionary Note Regarding Forward-Looking Statements

    This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

     
    Summary Results of Operations (Unaudited)
     
      Three Months Ended  
    (000s, except per share amounts) 3/31/2025 3/31/2024 % Change 12/31/2024 % Change
    Revenues:          
    Commissions $193,670 $185,476 4.4   $203,786 (5.0)  
    Principal transactions   141,660   139,014 1.9     174,887 (19.0)  
    Investment banking   237,942   213,949 11.2     304,419 (21.8)  
    Asset management   409,541   367,476 11.4     405,825 0.9  
    Other income   10,581   4,950 113.8     3,294 221.2  
    Operating revenues   993,394   910,865 9.1     1,092,211 (9.0)  
    Interest revenue   475,632   506,828 (6.2)     500,661 (5.0)  
    Total revenues   1,469,026   1,417,693 3.6     1,592,872 (7.8)  
    Interest expense   213,557   254,655 (16.1)     228,190 (6.4)  
    Net revenues   1,255,469   1,163,038 7.9     1,364,682 (8.0)  
    Non-interest expenses:          
    Compensation and benefits   732,220   679,695 7.7     795,750 (8.0)  
    Non-compensation operating expenses   459,885   264,652 73.8     302,731 51.9  
    Total non-interest expenses   1,192,105   944,347 26.2     1,098,481 8.5  
    Income before income taxes   63,364   218,691 (71.0)     266,201 (76.2)  
    Provision for income taxes   10,372   55,116 (81.2)     22,196 (53.3)  
    Net income   52,992   163,575 (67.6)     244,005 (78.3)  
    Preferred dividends   9,320   9,320 0.0     9,320 0.0  
    Net income available to common shareholders $43,672 $154,255 (71.7)   $234,685 (81.4)  
    Earnings per common share:          
    Basic $0.42 $1.48 (71.6)   $2.26 (81.4)  
    Diluted $0.39 $1.40 (72.1)   $2.09 (81.3)  
    Cash dividends declared per common share $0.46 $0.42 9.5   $0.42 9.5  
    Weighted average number of common shares outstanding:                
    Basic   104,764   104,275 0.5     103,856 0.9  
    Diluted   110,635   109,985 0.6     112,089 (1.3)  
     
    Non-GAAP Financial Measures (9)
     
      Three Months Ended
    (000s, except per share amounts) 3/31/2025 3/31/2024
    GAAP net income $52,992   $163,575  
    Preferred dividend   9,320     9,320  
    Net income available to common shareholders   43,672     154,255  
         
    Non-GAAP adjustments:    
    Merger-related (10)   12,661     12,154  
    Provision for income taxes (11)   (2,097)     (3,063)  
    Total non-GAAP adjustments   10,564     9,091  
    Non-GAAP net income available to common shareholders $54,236   $163,346  
         
    Weighted average diluted shares outstanding   110,635     109,985  
         
    GAAP earnings per diluted common share $0.47   $1.48  
    Non-GAAP adjustments   0.10     0.09  
    Non-GAAP earnings per diluted common share $0.57   $1.57  
         
    GAAP earnings per diluted common share available to common shareholders $0.39   $1.40  
    Non-GAAP adjustments   0.10     0.09  
    Non-GAAP earnings per diluted common share available to common shareholders $0.49   $1.49  
    GAAP to Non-GAAP Reconciliation (9)
     
      Three Months Ended
    (000s) 3/31/2025 3/31/2024
    GAAP compensation and benefits $732,220   $679,695  
    As a percentage of net revenues   58.3%     58.4%  
    Non-GAAP adjustments:    
    Merger-related (10)   (4,056)     (5,533)  
     Non-GAAP compensation and benefits $728,164   $674,162  
    As a percentage of non-GAAP net revenues   58.0%     58.0%  
         
    GAAP non-compensation expenses $459,885   $264,652  
    As a percentage of net revenues   36.7%     22.8%  
    Non-GAAP adjustments:    
    Merger-related (10)   (8,619)     (6,621)  
     Non-GAAP non-compensation expenses $451,266   $258,031  
    As a percentage of non-GAAP net revenues   35.9%     22.2%  
    Total merger-related expenses $12,675   $12,154  
     
    Footnotes
         
    (1)   Represents available to common shareholders.
    (2)   Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
    (3)   Non-GAAP pre-tax margin is calculated by adding total merger-related expenses (non-GAAP adjustments) and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
    (4)   Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.
    (5)   Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets were $82.5 million and $73.9 million as of March 31, 2025 and 2024, respectively.
    (6)   Includes loans held for sale.
    (7)   Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.
    (8)   Capital ratios are estimates at the time of the Company’s earnings release, April 23, 2025.
    (9)   The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.
    (10)   Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.
    (11)   Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.
         

    Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271- 3610 | www.stifel.com/investor-relations

    The MIL Network –

  • MIL-OSI: Fidelity D & D Bancorp, Inc. Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    DUNMORE, Pa., April 23, 2025 (GLOBE NEWSWIRE) — Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank, announced its unaudited, consolidated financial results for the three-month period ended March 31, 2025.

    Unaudited Financial Information

    Net income for the quarter ended March 31, 2025 was $6.0 million, or $1.03 diluted earnings per share, compared to $5.1 million, or $0.88 diluted earnings per share, for the quarter ended March 31, 2024. The $0.9 million, or 18%, increase in net income resulted primarily from a $2.1 million increase in net interest income coupled with a $0.4 million increase in non-interest income. This was partially offset by a $0.9 million increase in non-interest expense, a $0.4 million increase in the provision for income tax, and a $0.3 million increase in the provision for credit losses on loans.

    “Highlights of our first quarter results include achieving total assets of $2.7 billion, along with strong net income primarily driven by accelerated loan and deposit growth and improvement in net interest margin,” said Dan Santaniello, President and CEO. “While we continue to closely monitor the external environment, our outlook for the year is positive, reflecting rigorous expense management, healthy credit metrics and ongoing successful execution of our strategic plan. I want to thank our bankers for their commitment and service. Their contributions are essential to our achievements, enabling us to serve our clients, shareholders, and community with exceptional experiences.”

    Consolidated First Quarter Operating Results Overview

    Net interest income was $17.0 million for the first quarter of 2025, a 14% increase over the $14.9 million earned for the first quarter of 2024. The $2.1 million increase in net interest income resulted from the increase of $2.7 million in interest income primarily due to a $148.0 million increase in the average balance of interest-earning assets and a 21 basis point increase in fully-taxable equivalent (“FTE”) yield. The loan portfolio had the most significant impact, producing a $2.5 million increase in FTE interest income from $116.4 million in higher quarterly average balances and an increase of 26 basis points in FTE loan yield. Slightly offsetting the higher interest income, there was a $0.6 million increase in interest expense due to a $124.3 million quarter-over-quarter increase in average interest-bearing liability balances. The increase was due to growth of $179.3 million in average interest-bearing deposit balances and a 6 basis point increase in the rates paid on interest-bearing deposits. This was partially offset by a decrease in interest expense on borrowings due to $53.9 million less in average short-term borrowings.

    The FTE yield on interest-earning assets was 4.73% for the first quarter of 2025, an increase of 21 basis points from the 4.52% for the first quarter of 2024. The overall cost of interest-bearing liabilities was 2.49% for the first quarter of 2025, a decrease of 2 basis points from the 2.51% for the first quarter of 2024. The cost of funds remained flat at 1.93% for both the first quarters of 2025 and 2024. The Company’s FTE (non-GAAP measurement) net interest spread was 2.24% for the first quarter of 2025, an increase of 23 basis points from the 2.01% recorded for the first quarter of 2024. FTE net interest margin increased to 2.89% for the three months ended March 31, 2025 from 2.69% for the same period of 2024 due to the increase in the loan and lease portfolio coupled with the continued re-investment of cash flow into more effective interest-earning assets.

    For the three months ended March 31, 2025, the provision for credit losses on loans was $455 thousand partially offset by a $85 thousand net benefit in the provision for unfunded commitments, compared to a $125 thousand provision for credit losses on loans and a $50 thousand net benefit in the provision for credit losses on unfunded loan commitments for the three months ended March 31, 2024. For the three months ended March 31, 2025, the increase in the provision for credit losses on loans compared to the prior year period was due to higher loan growth and higher net charge-offs. For the three months ended March 31, 2025, the higher net benefit for credit losses on unfunded commitments was due to a larger reduction in unfunded commitments during the quarter compared to the same period in 2024.

    Total non-interest income increased $0.4 million, or 9%, to $5.0 million for the first quarter of 2025 compared to $4.6 million for the first quarter of 2024. The increase in non-interest income was primarily attributed to $0.2 million in wealth management fees and $0.1 million in interchange fees. During the first quarter of 2025, gains of $0.5 million on the sale of a commercial loan and $0.3 million from the sale of a property were offset by $0.8 million in losses recognized on the sale of securities.

    Non-interest expenses increased $0.9 million, or 6%, for the first quarter of 2025 to $14.6 million from $13.7 million for the same quarter of 2024. Salaries and benefits expense increased $0.6 million due to an increase in bankers, group insurance costs, and banker incentives in the first quarter of 2025. Additionally, the Company saw an increase of $0.3 million in advertising and marketing expenses primarily due to an increase in Neighborhood Assistance Program donations from which the Company recognized $0.2 million in additional tax credits causing a corresponding decrease in PA shares tax expense. 

    The provision for income taxes increased $0.4 million during the three months ended March 31, 2025 compared to the same period in 2024 primarily due to a $1.3 million increase in income before taxes and $0.1 million less in tax credits. 

    Consolidated Balance Sheet & Asset Quality Overview

    The Company’s total assets had a balance of $2.7 billion as of March 31, 2025, an increase of $126.7 million from December 31, 2024. The increase resulted from $127.8 million in growth in cash and cash equivalents during the three months ended March 31, 2025. The loans and leases portfolio increased $16.3 million during the same period of 2025. Asset growth was offset by a decrease of $16.7 million in the investment portfolio primarily due to the sale of $17.5 million in available-for-sale securities and $5.2 million in paydowns partially offset by $4.6 million in purchases of securities.

    During the same time period, total liabilities increased $119.0 million, or 5%. Deposit growth of $116.6 million was utilized to fund loan growth and increase interest-bearing cash balances. For interest-bearing deposit accounts, the Company experienced increases of $54.1 million in money market deposits, $27.6 million in interest-bearing checking accounts, $7.9 million in time deposits, and $5.3 million in savings and clubs. The deposit growth is primarily driven by growth in existing account balances from the relationship strategy along with targeted direct marketing driving new client acquisitions and active management of promotional and retention rates. Additionally, the Company experienced an increase of $21.7 million in non-interest-bearing checking accounts. Also as of March 31, 2025, checking deposit balances remained at more than half of total deposits. As of March 31, 2025, the ratio of insured and collateralized deposits to total deposits was approximately 75%.

    Shareholders’ equity increased $7.7 million, or 4%, to $211.7 million at March 31, 2025 from $204.0 million at December 31, 2024. The increase was caused by $3.7 million higher retained earnings from net income of $6.0 million plus a $3.6 million, after tax, improvement in accumulated other comprehensive income from lower net unrealized losses recorded on available-for-sale securities, partially offset by $2.3 million in cash dividends paid to shareholders. An additional $0.6 million was recorded from the issuance of common stock under the Company’s stock plans and stock-based compensation expense. At March 31, 2025, there were no credit losses on available-for-sale and held-to-maturity debt securities. Accumulated other comprehensive income (loss) is excluded from regulatory capital ratios. The Company remains well capitalized with Tier 1 capital at 9.22% of total average assets as of March 31, 2025. Total risk-based capital was 14.74% of risk-weighted assets and Tier 1 risk-based capital was 13.57% of risk-weighted assets as of March 31, 2025. Tangible book value per share was $33.16 at March 31, 2025 compared to $31.98 at December 31, 2024. Tangible common equity was 7.11% of total assets at March 31, 2025 compared to 7.16% at December 31, 2024.

    Asset Quality

    Total non-performing assets were $6.1 million, or 0.23% of total assets, at March 31, 2025, compared to $7.8 million, or 0.30% of total assets, at December 31, 2024. Past due and non-accrual loans to total loans were 0.66% at March 31, 2025 compared to 0.71% at December 31, 2024. Net charge-offs to average total loans were 0.02% at March 31, 2025 compared to 0.03% at December 31, 2024.

    About Fidelity D & D Bancorp, Inc. and The Fidelity Deposit and Discount Bank

    Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisor to the clients served by The Fidelity Deposit and Discount Bank (“Fidelity Bank”). Fidelity Bank continues its mission of exceeding client expectations through a unique banking experience. It operates 21 full-service offices throughout Lackawanna, Luzerne, Lehigh and Northampton Counties and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and a full suite of personal and commercial banking products and services. Part of the Company’s vision is to serve as the best bank for the community, which was accomplished by having provided over 5,960 hours of volunteer time and over $1.3 million in donations to non-profit organizations directly within the markets served throughout 2024. Fidelity Bank’s deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.

    Non-GAAP Financial Measures

    The Company uses non-GAAP financial measures to provide information useful to the reader in understanding its operating performance and trends, and to facilitate comparisons with the performance of other financial institutions. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The Company’s non-GAAP financial measures and key performance indicators may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to measure their performance and trends. Non-GAAP financial measures should be supplemental to GAAP used to prepare the Company’s operating results and should not be read in isolation or relied upon as a substitute for GAAP measures. Reconciliations of non-GAAP financial measures to GAAP are presented in the tables below.

    Interest income was adjusted to recognize the income from tax exempt interest-earning assets as if the interest was taxable, fully-taxable equivalent (“FTE”), in order to calculate certain ratios within this document. This treatment allows a uniform comparison among yields on interest-earning assets. Interest income was FTE adjusted, using the corporate federal tax rate of 21% for 2025 and 2024.

    Forward-looking statements

    Certain of the matters discussed in this press release constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” and similar expressions are intended to identify such forward-looking statements.

    The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:

      ■ local, regional and national economic conditions and changes thereto;
      ■ the short-term and long-term effects of inflation, and rising costs to the Company, its customers and on the economy;
      ■ the risks of changes and volatility of interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks;
      ■ securities markets and monetary fluctuations and volatility;
      ■  disruption of credit and equity markets;
      ■ impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules;
      ■ governmental monetary and fiscal policies, as well as legislative and regulatory changes;
      ■ effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions;
      ■ the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
      ■ the impact of new or changes in existing laws and regulations, including laws and regulations concerning taxes, banking, securities and insurance and their application with which the Company and its subsidiaries must comply;
      ■ the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;
      ■ the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;
      ■ the effects of economic conditions of any other pandemic, epidemic or other health-related crisis such as COVID-19 and responses thereto on current customers and the operations of the Company, specifically the effect of the economy on loan customers’ ability to repay loans;
      ■ the effects of bank failures, banking system instability, deposit fluctuations, loan and securities value changes;
      ■ technological changes;
      ■ the interruption or breach in security of our information systems, continually evolving cybersecurity and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses;
      ■ acquisitions and integration of acquired businesses;
      ■ the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities;
      ■ acts of war or terrorism; and
      ■ the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

    The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release. The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

    For more information please visit our investor relations web site located through www.bankatfidelity.com.

     
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Balance Sheets
    (dollars in thousands)
     
    At Period End:   March 31, 2025     December 31, 2024  
    Assets                
    Cash and cash equivalents   $ 211,195     $ 83,353  
    Investment securities     540,960       557,221  
    Restricted investments in bank stock     4,021       3,961  
    Loans and leases     1,817,509       1,800,856  
    Allowance for credit losses on loans     (20,017 )     (19,666 )
    Premises and equipment, net     34,995       35,914  
    Life insurance cash surrender value     58,458       58,069  
    Goodwill and core deposit intangible     20,431       20,504  
    Other assets     43,758       44,404  
                     
    Total assets   $ 2,711,310     $ 2,584,616  
                     
    Liabilities                
    Non-interest-bearing deposits   $ 555,684     $ 533,935  
    Interest-bearing deposits     1,901,775       1,806,885  
    Total deposits     2,457,459       2,340,820  
    Short-term borrowings     10       –  
    Secured borrowings     6,190       6,266  
    Other liabilities     35,977       33,561  
    Total liabilities     2,499,636       2,380,647  
                     
    Shareholders’ equity     211,674       203,969  
                     
    Total liabilities and shareholders’ equity   $ 2,711,310     $ 2,584,616  
    Average Year-To-Date Balances:   March 31, 2025     December 31, 2024  
    Assets                
    Cash and cash equivalents   $ 97,384     $ 55,773  
    Investment securities     557,726       557,537  
    Restricted investments in bank stock     3,973       3,960  
    Loans and leases     1,813,040       1,741,349  
    Allowance for credit losses on loans     (20,019 )     (19,391 )
    Premises and equipment, net     35,722       35,580  
    Life insurance cash surrender value     58,307       56,455  
    Goodwill and core deposit intangible     20,459       20,641  
    Other assets     43,177       41,755  
                     
    Total assets   $ 2,609,769     $ 2,493,659  
                     
    Liabilities                
    Non-interest-bearing deposits   $ 533,286     $ 527,825  
    Interest-bearing deposits     1,826,957       1,697,529  
    Total deposits     2,360,243       2,225,354  
    Short-term borrowings     22       32,446  
    Secured borrowings     6,226       6,830  
    Other liabilities     34,937       32,471  
    Total liabilities     2,401,428       2,297,101  
                     
    Shareholders’ equity     208,341       196,558  
                     
    Total liabilities and shareholders’ equity   $ 2,609,769     $ 2,493,659  
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Statements of Income
    (dollars in thousands)
     
        Three Months Ended
        Mar. 31, 2025   Mar. 31, 2024
    Interest income                
    Loans and leases   $ 24,596     $ 22,133  
    Securities and other     3,712       3,492  
                     
    Total interest income     28,308       25,625  
                     
    Interest expense                
    Deposits     (11,187 )     (9,941 )
    Borrowings and debt     (88 )     (741 )
                     
    Total interest expense     (11,275 )     (10,682 )
                     
    Net interest income     17,033       14,943  
                     
    Provision for credit losses on loans     (455 )     (125 )
    Net benefit for credit losses on unfunded loan commitments     85       50  
    Non-interest income     4,973       4,572  
    Non-interest expense     (14,554 )     (13,689 )
                     
    Income before income taxes     7,082       5,751  
                     
    Provision for income taxes     (1,091 )     (694 )
    Net income   $ 5,991     $ 5,057  
        Three Months Ended
        Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    Interest income                                        
    Loans and leases   $ 24,596     $ 24,584     $ 24,036     $ 22,516     $ 22,133  
    Securities and other     3,712       3,475       3,263       3,523       3,492  
                                             
    Total interest income     28,308       28,059       27,299       26,039       25,625  
                                             
    Interest expense                                        
    Deposits     (11,187 )     (11,468 )     (11,297 )     (10,459 )     (9,941 )
    Borrowings and debt     (88 )     (217 )     (571 )     (463 )     (741 )
                                             
    Total interest expense     (11,275 )     (11,685 )     (11,868 )     (10,922 )     (10,682 )
                                             
    Net interest income     17,033       16,374       15,431       15,117       14,943  
                                             
    Provision for credit losses on loans     (455 )     (250 )     (675 )     (275 )     (125 )
    Net benefit (provision) for credit losses on unfunded loan commitments     85       85       (135 )     (140 )     50  
    Non-interest income     4,973       4,847       4,979       4,615       4,572  
    Non-interest expense     (14,554 )     (14,395 )     (13,840 )     (13,616 )     (13,689 )
                                             
    Income before income taxes     7,082       6,661       5,760       5,701       5,751  
                                             
    Provision for income taxes     (1,091 )     (826 )     (793 )     (766 )     (694 )
    Net income   $ 5,991     $ 5,835     $ 4,967     $ 4,935     $ 5,057  
    FIDELITY D & D BANCORP, INC.
    Unaudited Condensed Consolidated Balance Sheets
    (dollars in thousands)
     
    At Period End:   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    Assets                                        
    Cash and cash equivalents   $ 211,195     $ 83,353     $ 120,169     $ 78,085     $ 72,733  
    Investment securities     540,960       557,221       559,819       552,495       559,016  
    Restricted investments in bank stock     4,021       3,961       3,944       3,968       3,959  
    Loans and leases     1,817,509       1,800,856       1,795,548       1,728,509       1,697,299  
    Allowance for credit losses on loans     (20,017 )     (19,666 )     (19,630 )     (18,975 )     (18,886 )
    Premises and equipment, net     34,995       35,914       36,057       35,808       34,899  
    Life insurance cash surrender value     58,458       58,069       57,672       57,278       54,921  
    Goodwill and core deposit intangible     20,431       20,504       20,576       20,649       20,728  
    Other assets     43,758       44,404       41,778       42,828       44,227  
                                             
    Total assets   $ 2,711,310     $ 2,584,616     $ 2,615,933     $ 2,500,645     $ 2,468,896  
                                             
    Liabilities                                        
    Non-interest-bearing deposits   $ 555,684     $ 533,935     $ 549,710     $ 527,572     $ 537,824  
    Interest-bearing deposits     1,901,775       1,806,885       1,792,796       1,641,558       1,678,172  
    Total deposits     2,457,459       2,340,820       2,342,506       2,169,130       2,215,996  
    Short-term borrowings     10       –       25,000       98,120       25,000  
    Secured borrowings     6,190       6,266       6,323       7,237       7,299  
    Other liabilities     35,977       33,561       34,843       30,466       28,966  
    Total liabilities     2,499,636       2,380,647       2,408,672       2,304,953       2,277,261  
                                             
    Shareholders’ equity     211,674       203,969       207,261       195,692       191,635  
                                             
    Total liabilities and shareholders’ equity   $ 2,711,310     $ 2,584,616     $ 2,615,933     $ 2,500,645     $ 2,468,896  
    Average Quarterly Balances:   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    Assets                                        
    Cash and cash equivalents   $ 97,384     $ 67,882     $ 41,991     $ 58,351     $ 54,887  
    Investment securities     557,726       560,453       554,578       551,445       563,674  
    Restricted investments in bank stock     3,973       3,957       3,965       3,983       3,934  
    Loans and leases     1,813,040       1,797,023       1,763,254       1,707,598       1,696,669  
    Allowance for credit losses on loans     (20,019 )     (20,050 )     (19,323 )     (19,171 )     (19,013 )
    Premises and equipment, net     35,722       36,065       36,219       35,433       34,591  
    Life insurance cash surrender value     58,307       57,919       57,525       55,552       54,796  
    Goodwill and core deposit intangible     20,459       20,529       20,602       20,677       20,759  
    Other assets     43,177       41,454       41,734       42,960       40,871  
                                             
    Total assets   $ 2,609,769     $ 2,565,232     $ 2,500,545     $ 2,456,828     $ 2,451,168  
                                             
    Liabilities                                        
    Non-interest-bearing deposits   $ 533,286     $ 538,506     $ 522,827     $ 530,048     $ 519,856  
    Interest-bearing deposits     1,826,957       1,769,265       1,702,187       1,670,211       1,647,615  
    Total deposits     2,360,243       2,307,771       2,225,014       2,200,259       2,167,471  
    Short-term borrowings     22       10,326       37,220       28,477       53,952  
    Secured borrowings     6,226       6,297       6,429       7,269       7,335  
    Other liabilities     34,937       34,695       31,999       30,734       32,434  
    Total liabilities     2,401,428       2,359,089       2,300,662       2,266,739       2,261,192  
                                             
    Shareholders’ equity     208,341       206,143       199,883       190,089       189,976  
                                             
    Total liabilities and shareholders’ equity   $ 2,609,769     $ 2,565,232     $ 2,500,545     $ 2,456,828     $ 2,451,168  
    FIDELITY D & D BANCORP, INC.
    Selected Financial Ratios and Other Financial Data
     
        Three Months Ended
        Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    Selected returns and financial ratios                                        
    Basic earnings per share   $ 1.04     $ 1.02     $ 0.87     $ 0.86     $ 0.88  
    Diluted earnings per share   $ 1.03     $ 1.01     $ 0.86     $ 0.86     $ 0.88  
    Dividends per share   $ 0.40     $ 0.40     $ 0.38     $ 0.38     $ 0.38  
    Yield on interest-earning assets (FTE)*     4.73 %     4.68 %     4.68 %     4.58 %     4.52 %
    Cost of interest-bearing liabilities     2.49 %     2.60 %     2.70 %     2.58 %     2.51 %
    Cost of funds     1.93 %     2.00 %     2.08 %     1.96 %     1.93 %
    Net interest spread (FTE)*     2.24 %     2.08 %     1.98 %     2.00 %     2.01 %
    Net interest margin (FTE)*     2.89 %     2.78 %     2.70 %     2.71 %     2.69 %
    Return on average assets     0.93 %     0.90 %     0.79 %     0.81 %     0.83 %
    Pre-provision net revenue to average assets*     1.16 %     1.06 %     1.05 %     1.00 %     0.96 %
    Return on average equity     11.66 %     11.26 %     9.89 %     10.44 %     10.71 %
    Return on average tangible equity*     12.93 %     12.50 %     11.02 %     11.72 %     12.02 %
    Efficiency ratio (FTE)*     61.67 %     65.48 %     65.33 %     66.47 %     67.56 %
    Expense ratio     1.37 %     1.48 %     1.41 %     1.47 %     1.50 %
    Other financial data   At period end:
    (dollars in thousands except per share data)   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    Assets under management   $ 955,647     $ 921,994     $ 942,190     $ 906,861     $ 900,964  
    Book value per share   $ 36.70     $ 35.56     $ 36.13     $ 34.12     $ 33.41  
    Tangible book value per share*   $ 33.16     $ 31.98     $ 32.55     $ 30.52     $ 29.80  
    Equity to assets     7.81 %     7.89 %     7.92 %     7.83 %     7.76 %
    Tangible common equity ratio*     7.11 %     7.16 %     7.19 %     7.06 %     6.98 %
    Allowance for credit losses on loans to:                                        
    Total loans     1.10 %     1.09 %     1.09 %     1.10 %     1.11 %
    Non-accrual loans   3.36x     2.68x     2.77x     2.75x     5.31x  
    Non-accrual loans to total loans     0.33 %     0.41 %     0.39 %     0.40 %     0.21 %
    Non-performing assets to total assets     0.23 %     0.30 %     0.29 %     0.28 %     0.15 %
    Net charge-offs to average total loans     0.02 %     0.03 %     0.02 %     0.03 %     0.01 %
                                             
    Capital Adequacy Ratios                                        
    Total risk-based capital ratio     14.74 %     14.78 %     14.56 %     14.69 %     14.68 %
    Common equity tier 1 risk-based capital ratio     13.57 %     13.60 %     13.38 %     13.52 %     13.47 %
    Tier 1 risk-based capital ratio     13.57 %     13.60 %     13.38 %     13.52 %     13.47 %
    Leverage ratio     9.22 %     9.22 %     9.30 %     9.30 %     9.15 %
    * Non-GAAP Financial Measures – see reconciliations below
    FIDELITY D & D BANCORP, INC.
    Reconciliations of Non-GAAP Financial Measures to GAAP
     
    Reconciliations of Non-GAAP Measures to GAAP   Three Months Ended
    (dollars in thousands)   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    FTE net interest income (non-GAAP)                                        
    Interest income (GAAP)   $ 28,308     $ 28,059     $ 27,299     $ 26,039     $ 25,625  
    Adjustment to FTE     771       764       775       751       747  
    Interest income adjusted to FTE (non-GAAP)     29,079       28,823       28,074       26,790       26,372  
    Interest expense (GAAP)     11,275       11,685       11,868       10,922       10,682  
    Net interest income adjusted to FTE (non-GAAP)   $ 17,804       17,138       16,206     $ 15,868       15,690  
                                             
    Efficiency Ratio (non-GAAP)                                        
    Non-interest expenses (GAAP)   $ 14,554     $ 14,395     $ 13,840     $ 13,616     $ 13,689  
                                             
    Net interest income (GAAP)     17,033       16,374       15,431       15,117       14,943  
    Plus: taxable equivalent adjustment     771       764       775       751       747  
    Non-interest income (GAAP)     4,973       4,847       4,979       4,615       4,572  
    (Loss) gain on sales of securities     (822 )     –       –       –       –  
    Net interest income (FTE) plus adjusted non-interest income (non-GAAP)   $ 23,599     $ 21,985     $ 21,185     $ 20,483     $ 20,262  
    Efficiency ratio (non-GAAP) (1)     61.67 %     65.47 %     65.33 %     66.48 %     67.56 %
    (1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest income.                                        
                                             
    Tangible Book Value per Share/Tangible Common Equity Ratio (non-GAAP)                                        
    Total assets (GAAP)   $ 2,711,310     $ 2,584,616     $ 2,615,933     $ 2,500,645     $ 2,468,896  
    Less: Intangible assets, primarily goodwill     (20,431 )     (20,504 )     (20,576 )     (20,649 )     (20,728 )
    Tangible assets     2,690,879       2,564,112       2,595,357       2,479,996       2,448,168  
    Total shareholders’ equity (GAAP)     211,674       203,969       207,261       195,692       191,635  
    Less: Intangible assets, primarily goodwill     (20,431 )     (20,504 )     (20,576 )     (20,649 )     (20,728 )
    Tangible common equity     191,243       183,465       186,685       175,043       170,907  
                                             
    Common shares outstanding, end of period     5,767,500       5,736,252       5,736,025       5,735,728       5,735,732  
    Tangible Common Book Value per Share   $ 33.16     $ 31.98     $ 32.55     $ 30.52     $ 29.80  
    Tangible Common Equity Ratio     7.11 %     7.16 %     7.19 %     7.06 %     6.98 %
                                             
    Pre-Provision Net Revenue to Average Assets                                        
    Income before taxes (GAAP)   $ 7,082     $ 6,661     $ 5,760     $ 5,701     $ 5,751  
    Plus: Provision for credit losses     370       165       810       415       75  
    Total pre-provision net revenue (non-GAAP)     7,452       6,826       6,570       6,116       5,826  
    Total (annualized) (non-GAAP)   $ 30,220     $ 27,157     $ 26,423     $ 24,600     $ 23,432  
                                             
    Average assets   $ 2,609,769     $ 2,565,232     $ 2,500,545     $ 2,456,828     $ 2,451,168  
    Pre-Provision Net Revenue to Average Assets (non-GAAP)     1.16 %     1.06 %     1.05 %     1.00 %     0.96 %
    Contacts:  
       
    Daniel J. Santaniello Salvatore R. DeFrancesco, Jr.
    President and Chief Executive Officer Treasurer and Chief Financial Officer
    570-504-8035 570-504-8000

    The MIL Network –

  • MIL-OSI Economics: Danish krone now available in all TARGET Services

    Source: European Central Bank

    23 April 2025

    • Danish krone available for settlement in T2 and TIPS
    • TARGET Services provide safe and efficient financial market infrastructures for Danish financial markets
    • All TARGET Services now multi-currency

    As of 22 April 2025, Danish market participants are able to settle wholesale and retail payments in Danish krone instantly in the Eurosystem’s T2 and TARGET Instant Payment Settlement (TIPS) services. Following a successful migration, Danmarks Nationalbank has become the first non-euro area central bank to participate in all three TARGET Services with its currency. Settlement in Danish krone has already been available in TARGET2-Securities since 2018.

    By using T2 and TIPS, Danish financial markets will benefit from common standards with the euro area, optimised liquidity management and strengthened IT security, allowing efficient and secure real-time settlement of wholesale and retail payments.

    This achievement is a result of the close collaboration between Danmarks Nationalbank and the Eurosystem since the decision to join T2 and TIPS was taken in 2020. Danish market participants have been conducting testing campaigns and migration rehearsals since September 2023 to ensure full readiness for onboarding to the two systems.

    With the inclusion of Danish krone, T2 activated its multi-currency function for the first time. TIPS now supports three currencies: the euro, the Swedish krona, which was onboarded in 2024, and the Danish krone. Including other currencies in TARGET Services strengthens European integration and enhances financial market efficiency beyond the euro area. Sweden has expressed an interest in joining additional TARGET Services, while other non-euro area countries, such as Norway and Iceland, have also expressed an interest in joining TARGET Services with their respective national currencies. An added benefit of multi-currency infrastructures is the potential for safe and efficient cross-currency settlement. Danmarks Nationalbank, Sveriges Riksbank and the ECB are collaborating on the implementation of such cross-currency capabilities in TIPS.

    Danmarks Nationalbank applied to join T2 and TIPS in 2020, and the currency participation agreement was signed in 2024. TARGET Services are developed and operated by the Eurosystem and provide safe and efficient financial market infrastructure services in central bank money, which supports financial integration and the capital markets union. Including branches and subsidiaries, more than 40,000 banks worldwide and all their customers can be reached via T2, which every six days processes a value close to the entire euro area GDP. TIPS settles instant retail payments at any time of day and on any day of the year.

    For media queries, please contact Benoit Deeg tel.: +49 172 1683704.

    MIL OSI Economics –

  • MIL-OSI Economics: New data release: ECB wage tracker continues to indicate that negotiated wage pressures will ease over the course of the year

    Source: European Central Bank

    23 April 2025

    • ECB wage tracker updated with agreements signed up to first week of April 2025
    • Forward-looking information suggests negotiated wage pressures will ease overall in 2025, consistent with data published following March Governing Council meeting

    The European Central Bank wage tracker, which covers active collective bargaining agreements, indicates negotiated wage growth with smoothed one-off payments of 4.8% in 2024 (based on an average coverage of 48.8% of employees in participating countries), and 3.1% in 2025 (based on an average coverage of 46.5%). The ECB wage tracker with unsmoothed one-off payments indicates average negotiated wage growth level of 4.9% in 2024 and 2.8% in 2025. The steeply downward trend of the forward-looking wage tracker in 2025 partly reflects the mechanical impact of large one-off payments (that were paid in 2024 but drop out in 2025) and the frontloaded nature of wage increases in some sectors in 2024. The wage tracker excluding one-off payments indicates growth of 4.2% in 2024 and 3.8% in 2025. See Chart 1 and Table 1 for further details.

    The ECB wage tracker may be subject to revisions, and the forward-looking part should not be interpreted as a forecast as it only captures information in active collective bargaining agreements. For a more comprehensive assessment of wage developments in the euro area, please refer to the March 2025 ECB staff macroeconomic projections for the euro area, which indicate a yearly growth rate of compensation per employee in the euro area of 4.6% in 2024 and 3.4% in 2025, with a quarterly profile for 2025 of 3.8% in the first quarter, 3.7% in the second quarter, 3.4% in the third quarter and 2.8% in the fourth quarter.

    The ECB publishes four wage tracker indicators for the aggregate of seven participating euro area countries via the ECB Data Portal.

    Chart 1

    ECB wage tracker: forward-looking signals for negotiated wages and revisions to previous data release

    2023-25

    Revisions to previous data release

    (left-hand scale: yearly growth rates, percentages; right-hand scale: percentage share of employees)

    (percentage points)

    Sources: ECB calculations based on data on collective bargaining agreements signed up to the first week of April 2025 provided by the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, the Oesterreichische Nationalbank, the Dutch employers’ association AWVN and Eurostat. The indicator of negotiated wage growth is calculated using data from the Deutsche Bundesbank, the Ministerio de Empleo y Seguridad Social, the Centraal Bureau voor de Statistiek, Statistik Austria, the Istituto Nazionale di Statistica (ISTAT), the Banque de France and Haver Analytics.

    Notes: Dashed lines denote forward-looking information up to December 2025.

    What do the four different indicators show?

    • The headline ECB wage tracker shows negotiated wage growth that includes collectively agreed one-off payments, such as those related to inflation compensation, bonuses or back-dated pay, which are smoothed over 12 months.
    • The ECB wage tracker excluding one-off payments reflects the extent of structural (or permanent) negotiated wage increases.
    • The ECB wage tracker with unsmoothed one-off payments is constructed using a methodology that, both in terms of data sources and statistical methodology, is conceptually similar to, but not necessarily the same as, the one used for the ECB indicator of negotiated wage growth.
    • The share of employees covered is the percentage of employees across the participating countries that are directly covered by ECB wage tracker data. This indicator provides information on the representativeness of the underlying (negotiated) wage growth signals obtained from the set of wage tracker indicators for the aggregate of participating countries. Employee coverage differs across countries and within each country over time (more details are provided in Table 2).

    Table 1

    ECB wage tracker summary

    (percentages)

    ECB wage tracker

    Coverage

    Headline indicator

    Excluding one-off payments

    With unsmoothed one-off payments

    Share of employees

    2013-2023

    2.0

    1.9

    2.0

    49.1

    2024

    4.8

    4.2

    4.9

    48.8

    2025

    3.1

    3.8

    2.8

    46.5

    2024 Q1

    4.1

    3.8

    5.2

    49.0

    2024 Q2

    4.4

    3.9

    3.4

    49.0

    2024 Q3

    5.2

    4.5

    6.8

    48.7

    2024 Q4

    5.3

    4.7

    4.3

    48.3

    Jan 2025

    4.9

    4.3

    3.0

    49.4

    Feb 2025

    5.0

    4.7

    3.2

    49.5

    Mar 2025

    4.0

    4.3

    1.4

    49.5

    Apr 2025

    4.1

    4.4

    4.2

    49.3

    May 2025

    3.8

    4.1

    3.9

    49.2

    Jun 2025

    3.8

    4.0

    3.8

    46.9

    2025 Q3

    2.1

    3.4

    1.9

    45.1

    2025 Q4

    1.6

    3.0

    2.9

    42.9

    Sources: ECB calculations based on data provided by the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, the Oesterreichische Nationalbank, AWVN and Eurostat.

    Notes: See the technical details at the end of this press release. ECB wage tracker indicators reflect yearly growth in negotiated wages. Coverage is defined as the share of employees in participating countries. Rows with values in italics and bold refer to the forward-looking aspect of the respective indicators.

    Table 2

    Employee coverage by country

    (share of employees in each country, percentages)

    Germany

    Greece

    Spain

    France

    Italy

    Netherlands

    Austria

    Euro area

    2013-2023

    42.0

    10.0

    61.0

    51.7

    48.7

    64.2

    56.7

    49.1

    2024 Q1

    43.7

    16.0

    56.8

    48.3

    48.2

    62.7

    78.6

    49.0

    2024 Q2

    44.1

    15.9

    56.1

    48.2

    48.1

    62.4

    77.8

    49.0

    2024 Q3

    44.3

    15.8

    54.5

    48.1

    47.9

    62.1

    77.8

    48.7

    2024 Q4

    43.8

    15.7

    53.4

    48.2

    47.8

    61.9

    77.8

    48.3

    2025 Q1

    44.0

    19.5

    53.1

    52.9

    47.8

    61.3

    75.9

    49.4

    2025 Q2

    45.0

    16.3

    52.0

    52.4

    43.4

    60.2

    72.2

    48.5

    2025 Q3

    43.8

    8.7

    49.4

    48.3

    35.8

    57.6

    70.2

    45.1

    2025 Q4

    42.1

    8.3

    49.0

    43.4

    35.6

    53.3

    65.3

    42.9

    Sources: ECB, the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, the Oesterreichische Nationalbank, AWVN and Eurostat.
    Notes: The euro area aggregate comprises the seven participating wage tracker countries. The coverage shows the relative strength of wage signals for each country and the euro area. The historical average is calculated from January 2016 to December 2023 for Greece and from February 2020 to December 2023 for Austria. For the other countries, it is calculated from January 2013 to December 2023. Rows with values in italics and bold refer to the forward-looking aspect of the respective indicators.

    For media queries, please contact Benoit Deeg, tel.: +491721683704

    Notes:

    • The ECB wage tracker is the result of a Eurosystem partnership currently comprising the ECB and seven euro area national central banks: the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, De Nederlandsche Bank, and the Oesterreichische Nationalbank. It is based on a highly granular database of active collective bargaining agreements for Germany, Greece, Spain, France, Italy, the Netherlands and Austria. The wage tracker is one of many sources that can help assess wage pressures in the euro area.
    • The wage tracker methodology uses a double aggregation approach. First, it aggregates the highly granular information on collective bargaining agreements and constructs the wage tracker indicators at the country-level using information on the employee coverage for each country. Second, it uses this information to construct the aggregate for the euro area using time-varying weights based on the total compensation of employees among the participating countries.
    • Given that the forward-looking nature of the tracker is dependent on the underlying collective bargaining agreements database, the wage signals should always be considered conditional on the information available at any given point in time and thus subject to revisions.
    • The results in this press release do not represent the views of the ECB’s decision-making bodies.

    MIL OSI Economics –

  • MIL-OSI Russia: Financial news: Moscow Exchange Financial Services and Alfa Capital launch proprietary funds

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    Marketplace for money Financial Services of the Moscow Exchange and the management company Alfa-Capital have started selling proprietary funds — shares of open-end mutual investment funds (OPIF) created to implement investment strategies of famous financial experts. The funds are managed by popular opinion leaders with extensive investment experience who will share their solutions and market vision with investors.

    A product that is innovative for the Russian collective investment industry is available for purchase at marketplace Finuslugi and on the website of the Alfa Capital Management Company. The marketplace and the management company provide all stages of the funds’ functioning, while the authors of strategies have the opportunity to form fund portfolios based on their own expertise and assessment of the prospects of investment ideas. The rules of trust management of funds are registered by the Bank of Russia.

    The new product line includes three funds:

    “Black Line” managed by Nazar Shchetinin, the author of the “Harmful Investor” Telegram channel. The fund will focus on stocks of companies that can create value for their holders, while the expert will open positions during periods of active business development. “The Magnificent Seven” managed by Ivan Kreynin, the author of the Investment Diary Telegram channel. Based on seven key criteria, the fund’s portfolio will select stocks that can show growth in any market environment. “Matryoshka a la Rus” managed by Konstantin Kudritsky, the author of the “Ask Vasilich” Telegram channel. The portfolio, diversified by asset class, will include stocks and bonds of companies from many industries that react differently to the economic situation.

    The funds are available to non-qualified investors, the minimum investment amount is 100 rubles. The total limit on expenses and remuneration provided for by the rules of trust management of the funds is 2.5% of the average annual value of the fund’s net assets. You can leave the fund without restrictions, no commission is charged for buying and selling on the Finuslugi marketplace.

    “Funds managed by invited experts are an absolute breakthrough in the Russian financial market. We offer clients the opportunity not only to follow the authors of well-known investment channels, but also to participate in their strategy. Finuslugi creates an accessible way to invest in fund shares: marketplace clients do not need to open a brokerage account, they just need to top up their wallet and buy the asset they like,” said Igor Alutin, Senior Managing Director for Retail Business, Development of Electronic Platforms and the Finuslugi Project at Moscow Exchange.

    “Author funds are not just open-end mutual funds, they are funds with a public manager, to whose feed investors will soon have access directly within the marketplace, where fund news, webinars and the author’s thoughts on strategy and completed transactions will be published. We hope that the new product will give a powerful impetus to the popularization of collective investments, and will also attract the attention of other market participants to the practice of creating author funds,” said Boris Blokhin, Managing Director for the Stock Market at Moscow Exchange.

    “Launching funds managed by invited experts is a fairly common practice in foreign markets, a proven one. Combining the resources of the management company, expertise and audience coverage of the creators of proprietary strategies will attract additional attention to the retail mutual fund industry and will contribute to the growth of popularity of the portfolio approach to investments in general. We are confident that the joint project with Finuslugi will open a new chapter in the development of the product offer on the Russian market for a larger number of retail investors,” commented Elena Chikulaeva, Strategy Director of Alfa Capital Management Company.

    Finuslugi is a marketplace for money created by the Moscow Exchange. On Finuslugi, you can select and open bank deposits online 24/7, take out cash loans, purchase mutual fund units, OSAGO, CASCO, mortgage insurance, real estate insurance policies, as well as public bonds of companies and Russian regions. You can top up deposits and accounts on Finuslugi for free using the Fast Payment System (FPS). The service can be used regardless of the region, anywhere in Russia and the world. More details on website.

    Alfa Capital Management Company is one of the largest companies in the asset management market. Alfa Capital Management Company was established in 1996 and is a pioneer in the asset management market for private, institutional and corporate investors.

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

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

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    MIL OSI Russia News –

  • MIL-OSI USA: Governor Newsom announces appointments 4.22.25

    Source: US State of California 2

    Apr 22, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Claire Cullis, of Carmichael, has been appointed Deputy Secretary of Business and Consumer Relations at the California Business, Consumer Services, and Housing Agency. Cullis has been Chief of Staff to the First Partner in the Governor’s Office since 2021. She was Founder of Claire Cullis Consulting, LLC from 2018 to 2021. Cullis was the Executive Director of the Institute for Democracy and Justice from 2018 to 2021. She was the Director of Dignitary and Speaker Engagement at the Global Climate Action Summit for the United Nations Foundation in 2018. Cullis was a Consultant to the Special Olympics for the Austria Winter World Games in 2017. She held multiple positions at the United States Department of the Treasury from 2013 to 2017, including Director of Scheduling, Advance, and Administration, and Associate Director of Scheduling and Advance for the Treasury Secretary. Cullis was an Advance Associate at The White House from 2013 to 2017. She was Deputy Parade Director at the Presidential Inaugural Committee from 2012 to 2013. Cullis was National Advance Staff for Obama for America in 2012. She was a Senior Associate at the Dewey Square Group from 2006 to 2012. She was a Teacher at the Japanese Exchange and Teaching Program from 2005 to 2006. Cullis was National Advance Staff for the John Kerry presidential campaign in 2004. Cullis earned her Master of Business Administration degree from Virginia Tech, and her Bachelor of the Arts degree in International Studies and Studio Art from the University of Iowa. This position does not require Senate confirmation, and the compensation is $195,564. Cullis is a Democrat.

    Sophia Carrillo, of Santa Monica, has been appointed Assistant General Counsel of Enforcement at the California Environmental Protection Agency. Carrillo was an Assistant United States Attorney at the United States Attorney’s Office, Central District of California from 2023 to 2025. She was a Deputy Attorney General at the California Department of Justice from 2019 to 2023. Carrillo was a Judicial Law Clerk at the United States District Court, Eastern District of California from 2018 to 2019. She was an Associate Director of the Mayor’s Office of Talent and Appointments/D.C. Human Resources at the Executive Office of Mayor Muriel Bowser in 2015. Carrillo is a member of the Latino Community Foundation’s Los Angeles Giving Circle. She earned her Juris Doctor degree from Stanford Law School and a Bachelor of the Arts degree in Political Science and Sociology from the University of San Diego. This position does not require Senate confirmation and compensation is $174,000. Carrillo is a Democrat. 

    Iris “Marlene” De La O, of Berkeley, has been appointed Deputy Secretary of Public Policy at the California Environmental Protection Agency. De La O held several positions at Chemonics International from 2021 to 2025, including Senior Partnerships Manager and Director of Climate Change and Resiliency. She was the Director of Resiliency and Acquisitions at the Department of Housing, Preservation, and Development in 2019. De La O was Deputy Director at the California Strategic Growth Council from 2017 to 2018. She was a Consultant at Inter-American Development Bank from 2015 to 2016. De La O was a Manager and Regional Contracts Specialist at Chemonics International from 2012 to 2015. She earned a Master of Public Policy degree in City Planning from the Massachusetts Institute of Technology and a Bachelor of the Arts degree in Development Studies from the University of California, Berkeley. This position does not require Senate confirmation, and compensation is $175,512. De La O is a Democrat.

    Adam Ebrahim, of Carmichael, has been appointed Chief Deputy Director at the Commission on Teacher Credentialing. Ebrahim has been the Senior Director of Policy and Continuous Improvement at the Commission on Teacher Credentialing since 2024. He was the Principal Consultant at Azimuth Learning Partners from 2016 to 2024. Ebrahim was the Director of Education Strategy at Parsec Education in 2024. He was a Staff Consultant at the California Teachers Association from 2020 to 2024. Ebrahim was the Director of Local Control and Accountability Plan and Continuous Improvement at San Juan Unified School District from 2019 to 2020. He was a Project Director at Californians Dedicated to Education Foundation from 2016 to 2019. Ebrahim was a Staff Consultant at Fresno County Superintendent of Schools from 2015 to 2016. He was a Teacher at Fresno Unified School District from 2010 to 2015. Ebrahim was an Enlisted Soldier and Commissioned Officer at the California Army National Guard from 2007 to 2012. He received his Master of Education degree in United States Education in a Global Context from National University, a Master of Arts degree in International Affairs from Washington University in Saint Louis, and a Bachelor of Arts degree in Political Science from University of California, Berkeley. This position does not require Senate confirmation, and the compensation is $181,344. Ebrahim is a Democrat.

    Vanessa Ejike, of Cerritos, has been appointed to the State Board of Education. Ejike was a Poll Worker for the Los Angeles County Registrar-Recorder/County Clerk and an Intern for Assemblymember Sharon Quirk-Silva in the California State Assembly in 2024. She is the National Partnerships Director for the High School Democrats of America, Local Affairs Director for California High School Democrats, Communications Coordinator for the Pacific Coast Coalition of Girl Up USA, Student Representative for the Legislative and Policy Committee at the ABC Unified School District, and Founder and Chair of the Principal’s Advisory Council at Gretchen Whitney High School. This position does not require Senate confirmation, and the compensation is $100 per diem. Ejike is not registered to vote. 

    Niki Woodard, of Sacramento, has been appointed Deputy Director of Communications and External Affairs at the California Energy Commission. Woodard has been the Senior Communications Officer at Resources Legacy Fund since 2019. She was the Deputy Assistant Director at the California Department of Water Resources from 2016 to 2019. Woodard was the Communications and Marketing Director at the Center for Climate Protection from 2015 to 2016. She was Founder and Principal of Spiral-PR from 2011 to 2016. Woodard was the Communications Director at Sequoia Riverlands Trust from 2008 to 2011. She was a Research Associate at the Pew Research Center from 2006 to 2008. Woodard earned a Master of the Arts degree in Communications from Georgetown University and a Bachelor of the Arts degrees in Rhetoric and Economics from the University of California, Berkeley. This position does not require Senate confirmation, and compensation is $160,968. Woodard is a Democrat.

    Lee Herrick, of Fresno, has been reappointed California’s Poet Laureate, where he has served since 2022. Herrick has been an English Professor at Fresno City college since 1997 and an Adjunct Professor at the University of Nevada, Reno at Lake Tahoe since 2012. He was the Poet Laureate of the City of Fresno from 2015 to 2017. Herrick was an Adjunct English Professor at Modesto Junior College from 1995 to 1997. He is the Founder of LitHop and an Advisory Board Member of Terrain.org, Sixteen Rivers Press, and Anacapa review, and a Member of the Association of Writers and Writing Programs. Herrick earned a Master of Arts degree in English, Composition and Rhetoric and a Bachelor of Arts degree in English and American Literature from California State University, Stanislaus. This position requires Senate confirmation, and the California Arts Council provides an annual stipend. Herrick is a Democrat.

    Press Releases, Recent News

    Recent news

    Apr 22, 2025

    News What you need to know: The Governor and First Partner marked Earth Day at Chico State University with students from the Center for Regenerative Agriculture and Resilient Systems. CHICO –  Governor Gavin Newsom and First Partner Jennifer Siebel Newsom celebrated…

    Apr 22, 2025

    News What you need to know: Classes resumed in person at Palisades Charter High School today at a new temporary site in Santa Monica. All eight public schools that were damaged in the fires are now back to learning in person. LOS ANGELES – Today, Governor Gavin Newsom…

    Apr 22, 2025

    News What you need to know: The Cradle-to-Career Data System displays key milestones in students’ experience over time and provides insights about education and career pathways. Sacramento, California – Today, Governor Gavin Newsom unveiled a first-of-its-kind…

    MIL OSI USA News –

  • MIL-OSI Europe: Greece: The EIB Advisory supports Growthfund in strengthening climate resilience of Greek ports

    Source: European Investment Bank

    EIB

    • EIB Advisory assists Growthfund in assessing climate risks for key ports in Greece.
    • EIB provides targeted advisory services as part of its commitment to sustainable infrastructure investments.
    • Climate Risk and Vulnerability Assessments (CRVAs) will help ports protect against potential climate-change related hazards.

    The European Investment Bank (EIB) will provide advisory support to Growthfund, Greece’s National Investment Fund, to help strengthen the climate resilience of key Greek ports. This initiative will focus on conducting Climate Risk and Vulnerability Assessments (CRVAs) for the ports of Volos, Alexandroupoli, and Patras, supporting their adaptation to climate change challenges.

    Under the agreement, EIB Advisory will assist the corresponding port authorities in identifying and addressing physical climate risks which could impact port infrastructure and operations, such as coastal flooding, rising sea levels, and extreme weather events.  These assessments will help define specific adaptation measures to enhance long-term sustainability and economic resilience.

    “Ports are critical for Greece’s economy and connectivity, but they face increasing risks due to climate change,” said EIB Vice-President Ioannis Tsakiris. “By working with Growthfund, we aim to provide structured assessments and strategic solutions to protect vital port infrastructure and ensure its long-term viability.”

    Panagiotis Stampoulidis, Deputy CEO of Growthfund, referred to the cooperation between Growthfund and the EIB as the second substantial partnership between the two institutions, which further strengthens their contribution to the development of public infrastructure by making services more competitive and sustainable. “Climate change is one of the greatest challenges of our time, and ports — as critical infrastructure for the Greek economy, society, and the country’s connectivity — are at the forefront of this challenge. Our collaboration with the Advisory Services of the European Investment Bank is fully aligned with Growthfund’s strategic planning to strengthen key public infrastructure.

    Through targeted Climate Risk and Vulnerability Assessments (CRVAs), we aim to ensure that the ports of Volos, Alexandroupolis, and Patras are better protected against extreme weather events and the broader effects of the climate crisis.

    Growthfund, leveraging its international network, technical expertise, and alignment with European best practices, actively contributes to the creation of a more sustainable and resilient development model for the country.”

     A key step in climate-proofing infrastructure

    The advisory support will be structured around three key tasks:

    • Baseline assessment: analysing climate data and historical extreme weather events affecting the selected ports.
    • Climate Risk and Vulnerability Assessment (CRVA): identifying climate risks, assessing their impact, and proposing adaptation measures.
    • Financial impact assessment: estimating how climate risks could affect operational costs, revenues, and investment needs.

    The project aligns with EU climate policies and best practices, including the European Commission’s Technical Guidance on Climate Proofing Infrastructure and PIANC’s guidelines for climate adaptation in ports and waterways.

    The EIB’s commitment to sustainable development

    The agreement reinforces the EIB’s role as the EU Climate Bank, supporting investments that build resilience and promote sustainable infrastructure. Through its advisory services, the EIB helps public and private stakeholders overcome investment barriers, ensuring that climate-proofing measures are both effective and financially viable.

    Background information

    EIB  

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

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

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

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

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

    Greece: The EIB Advisory supports Growthfund in strengthening climate resilience of Greek ports
    Greece: The EIB Advisory supports Growthfund in strengthening climate resilience of Greek ports
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    Greece: The EIB Advisory supports Growthfund in strengthening climate resilience of Greek ports
    Greece: The EIB Advisory supports Growthfund in strengthening climate resilience of Greek ports
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    Greece: The EIB Advisory supports Growthfund in strengthening climate resilience of Greek ports
    Greece: The EIB Advisory supports Growthfund in strengthening climate resilience of Greek ports
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    MIL OSI Europe News –

  • MIL-OSI Banking: Lufthansa Group simplifies online bookings in cooperation with Visa

    Source: Lufthansa Group

    From October 2025, Lufthansa Group will introduce the online payment option ‘Click to Pay’ on the booking portals of its airlines Lufthansa, SWISS, Austrian Airlines and Brussels Airlines in cooperation with Visa.

    Click to Pay’ enables customers to complete online bookings by entering their e-mail address. There is no need to enter debit and credit card details. Instead, consumers can register their debit or credit card once on payment network websites such as Visa and at card-issuing banks and then use ‘Click to Pay’. Consumers are recognized via their e-mail address on the booking platforms of Lufthansa Group Airlines or in other online stores. This also works as a guest and for first-time purchases. When paying, customers select card payment and send the order. If authorization is required, this is done via the bank (e.g. confirmation in the banking app). 

    In future, ‘Click to Pay’ will be available to all Lufthansa Group Airlines guests, regardless of their individual card provider. As Europe’s leading airline group, the Lufthansa Group is thus one of the very first airlines to use “Click to Pay”.

    “We are constantly improving services for our customers and want to offer them an innovative all-round service at every stage of their journey,” says Dieter Vranckx, Chief Commercial Officer of the Lufthansa Group. “Our partnership with Visa is the next important step in fulfilling this ambition. Today, our guests can already plan and book all aspects of a flight more independently, easily and quickly than ever before. ‘Click to Pay’ is a great additional offer that further optimizes the travel experience with our airlines when purchasing a flight ticket.”

    “We are delighted to be able to support the Lufthansa Group with the introduction of ‘Click to Pay’. For customers of Europe’s leading airline group, completing a purchase will be as easy as contactless payment,” says Albrecht Kiel, Head of Central Europe at Visa. “Click to Pay makes online card payments faster and more secure than ever before.”

     

    More security with Click to Pay

    The use of ‘Click to Pay’ also increases security when paying online. No card numbers are processed, only digital placeholders. These so-called tokens reduce the risk of becoming the target of fraudulent activities. This is because tokens are worthless if they fall into the wrong hands. Fraud with ‘Click to Pay’ is up to 80 percent lower compared to manual card entry without tokens.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Project Promissa: blockchain for multilateral development

    Source: Bank for International Settlements

    • Project Promissa explored how to manage the financial commitments of member countries to multilateral development banks (MDBs) more efficiently.
    • The project developed a proof-of-concept (PoC) platform for tokenised promissory notes, which could replace the current paper-based notes and automate many manual processes.
    • The experiment demonstrated that the PoC is technically feasible and could provide substantial cost savings for MDBs, central banks, and Ministries of Finance alike.

    Project Promissa, a collaboration between the Bank for International Settlements’ Innovation Hub, the Swiss National Bank, and the World Bank, has demonstrated that paper-based promissory notes can be redesigned using distributed ledger technology (DLT) to address operational challenges that make the process time-consuming and cumbersome.

    A promissory note is a financial instrument that contains a written and signed commitment by one party to pay a specified sum of money to another over a predetermined period.

    Since their creation, MDBs like the World Bank and others have used promissory notes to track and encash multi-year financial commitments from member countries in a process that is overly complicated and requires constant reconciliation. The volume of promissory notes across MDBs is significant, representing a substantial portion of contributions pledged by member countries.

    Project Promissa developed a Proof of Concept (PoC) platform for tokenised promissory notes, enabling more efficient management of the notes throughout their lifecycle, from issuance to payment and archiving, thereby automating manual processes and reducing time and costs.

    Project Promissa is a clear example of how blockchain can be used for the public good. Paper-based promissory notes have been in place since the Bretton Woods institutions were established, helping to finance their important activities worldwide. The digital solutions tested by Promissa represent a significant step forward in modernising this process in a cost-effective manner.

    Morten Bech, Head of the BIS Innovation Hub’s Swiss Centre

    Project Promissa is a forward-looking initiative that contributes to the G20’s vision of better, and more effective multilateral development banks. The World Bank is proud to collaborate with the BIS Innovation Hub and the Swiss National Bank in shaping practical solutions that support transparency, trust, and scale in development finance. By exploring how member contributions can evolve through tokenised promissory notes, this project helps us reimagine a key part of our financial architecture and it is a powerful example of how blockchain can be harnessed for global good.

    Jorge Familiar, Vice President and Treasurer, World Bank

    As the custodian of Switzerland’s promissory notes, we value the digitisation of our operations through distributed ledger technology. Project Promissa points to a unique opportunity to modernise error-prone paper processes and establish a single source of truth, significantly reducing reconciliation needs and enhancing efficiency.

    Thomas Moser, Alternate Member of the Governing Board, Swiss National Bank

    The DLT platform ensures users have a single source of truth, enables multiparty signatures and guarantees confidentiality while maintaining each party’s ownership, control and decision-making power over its promissory notes. Participants from seven countries contributed to the testing and gave feedback to improve the PoC. The International Monetary Fund participated as an observer.

    The results published in the final report show that such a platform is technically feasible. It also demonstrated that the platform can be tailored to meet various requirements. More work would be required to make it operational.

    Note to editors:
    BIS Innovation Hub projects are typically experimental, aiming to investigate the technological and practical feasibility of new ideas.

    MIL OSI Global Banks –

  • MIL-OSI Asia-Pac: Joint Statement at the conclusion of the State Visit of Prime Minister to the Kingdom of Saudi Arabia

    Source: Government of India

    Posted On: 23 APR 2025 12:44PM by PIB Delhi

    “A Historic Friendship; A Partnership for Progress”

    At the invitation of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, Hon’ble Prime Minister of the Republic of India, Shri Narendra Modi paid a State Visit to the Kingdom of Saudi Arabia on April 22, 2025.

    This was Prime Minister Shri Narendra Modi’s third visit to the Kingdom of Saudi Arabia. It followed the historic State Visit of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia’s visit to India in September 2023 to participate in the G-20 Summit and co-chair the first meeting of the India- Saudi Arabia Strategic Partnership Council.

    His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, received Prime Minister Shri Narendra Modi at Al-Salam Palace, Jeddah.They held official talks, during which they recalled the strong bonds of historically close friendship between the Republic of India and the Kingdom of Saudi Arabia. India and Saudi Arabia enjoy a strong relationship and close people-to-people ties marked by trust and goodwill. The two sides noted that the solid foundation of the bilateral relationship between the two nations has further strengthened through the strategic partnership covering diverse areas including defense, security, energy, trade, investment, technology, agriculture, culture, health, education, and people-to-people ties. Both sides also exchanged views on current regional and international issues of mutual interest.

    Prime Minister Shri Narendra Modi congratulated HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Kingdom of Saudi Arabia for Saudi Arabia’s successful bids for World Expo 2030 and FIFA World Cup 2034.

    The two leaders held constructive discussions on ways to strengthen the strategic partnership between India and the Kingdom of Saudi Arabia. The two leaders also co-chaired the second meeting of the India-Saudi Arabia Strategic Partnership Council (SPC). The two sides reviewed the progress of the Strategic Partnership Council since their last meeting in September 2023. Both leaders expressed their satisfaction with the outcomes of the work of the two Ministerial Committees, namely: (a) the Committee on Political, Security, Social and Cultural Cooperation and their subcommittees and (b) the Committee on Economy and Investment and their Joint Working Groups, in diverse fields. In this context, the Co-Chairs of the Council welcomed the expansion of the Strategic Partnership Council to four Ministerial Committees reflecting the deepening of the Strategic Partnership, by addition of the Ministerial Committees on Defence Cooperation, and Tourism and Cultural Cooperation. The two leaders noted with appreciation the large number of high-level visits across various Ministries that have built trust and mutual understanding on both sides. At the end of the Meeting, the two leaders signed the Minutes of the Second Meeting of the India-Saudi Arabia Strategic Partnership Council.

    The Indian side expressed its appreciation to the Saudi side for the continuing welfare of around 2.7 million Indian nationals residing in the Kingdom, reflecting the strong people- to-people bonds and immense goodwill that exists between the two nations. The Indian side also congratulated Saudi Arabia for successfully holding the Haj pilgrimage in 2024 and expressed its appreciation for the excellent coordination between the two countries in facilitating Indian Haj and Umrah pilgrims.

    Both sides welcomed the growth of the economic relationship, trade and investment ties between India and Kingdom of Saudi Arabia in recent years. The Indian side congratulated the Saudi side for progress achieved on the goals under Vision 2030. Saudi side expressed appreciation for India’s sustained economic growth and the goal of Viksit Bharat or becoming a developed country by 2047. Both sides agreed to work together in areas of mutual interests to fulfill respective national goals and achieve shared prosperity.

    Both Leaders noted with satisfaction the progress made in the discussions under the High-Level Task Force (HLTF), constituted in 2024 for promoting investment flows between the two countries. Building on the endeavor of Saudi Arabia to invest in India in multiple areas including energy, petrochemicals, infrastructure, technology, fintech, digital infrastructure, telecommunications, pharmaceuticals, manufacturing and health, it was noted that the High-Level Task Force came to an understanding in multiple areas which will rapidly promote such investment flows. They noted the agreement in the High-Level Task Force to collaborate on establishing two refineries. The progress made by this Task Force in areas such as taxation was also a major breakthrough for greater cooperation in the future. The two sides affirmed their desire to complete negotiations on the Bilateral Investment Treaty at the earliest. The Indian side appreciated the launch of India Desk at the Public Investment Fund (PIF) to act as the nodal point for investment facilitation by PIF. They observed that work of the High-Level Task Force underscores the growing economic partnership between India and Saudi Arabia focusing on mutual economic growth and collaborative investments.

    The two sides affirmed their commitment to strengthening their direct and indirect investment partnership. They commended the outcomes of the Saudi-India Investment Forum, held in New Delhi in September 2023, and the active cooperation it achieved between the public and private sectors from both countries. They also commended the expansion of investment activities by Indian companies in the Kingdom, and appreciated the role of the private sector in enhancing mutual investments.The two sides valued the activation of the Framework of Cooperation on Enhancing Bilateral Investment between Invest India and Ministry of Investment of Saudi Arabia. Both sides agreed to facilitate enhanced bilateral cooperation in the startup ecosystem, contributing to mutual growth and innovation.

    In the field of Energy, the Indian side agreed to work with the Kingdom to enhance the stability of global oil markets and to balance global energy market dynamics. They emphasized the need to ensure security of supply for all energy sources in global markets. They agreed on the importance of enhancing cooperation in several areas in the energy sector, including the supply of crude oil and its derivatives including LPG, collaboration in India’s Strategic Reserve Program, joint projects across the refining and petrochemical sector, including manufacturing and specialized industries, innovative uses of hydrocarbons, electricity, and renewable energy, including completing the detailed joint study for electrical interconnection between the two countries, exchanging expertise in the fields of grid automation, grid connectivity, electrical grid security and resilience, and renewable energy projects and energy storage technologies, and enhancing the participation of companies from both sides in implementing their projects.

    The two sides emphasized the importance of cooperation in the field of green/clean hydrogen, including stimulating demand, developing hydrogen transport and storage technologies, exchanging expertise and experiences to implement best practices. The two sides also acknowledged the need to work on developing supply chains and projects linked to the energy sector, enabling cooperation between companies, enhancing cooperation in the field of energy efficiency and rationalizing energy consumption in the buildings, industry, and transportation sectors, and raising awareness of its importance.

    With regard to climate change, both sides reaffirmed the importance of adhering to the principles of the United Nations Framework Convention on Climate Change and the Paris Agreement, and the need to develop and implement climate agreements with a focus on emissions rather than sources. The Indian side commended the Kingdom’s launch of the “Saudi Green Initiative” and the “Middle East Green Initiative”and expressed its support for the Kingdom’s efforts in the field of climate change. The two sides stressed the importance of joint cooperation to develop applications of the circular carbon economy by promoting policies that use the circular carbon economy as a tool to manage emissions and achieve climate change objectives.The Kingdom of Saudi Arabia appreciated India’s contributions to global climate action by pioneering initiatives like International Solar Alliance, One Sun-One World-One Grid, Coalition of Disaster Resilient Infrastructure (CDRI) and Mission Lifestyle for Environment (LiFE) and Global Green Credit Initiative.

    Both sides expressed satisfaction at the steady growth in bilateral trade in recent years with India being the second largest trading partner for Saudi Arabia; and Saudi Arabia being India’s fifth largest trading partner in 2023-2024. Both sides agreed to further enhance co-operation to diversify their bilateral trade. In this regard, both sides agreed on the importance of increasing visits of business and trade delegations, and holding trade and investment events. Both sides reiterated their desire for commencing negotiations on the India-GCC FTA.

    The two sides appreciated the deepening of the defence ties as a key pillar of the Strategic Partnership, and welcomed the creation of a Ministerial Committee on Defence Cooperation under the Strategic Partnership Council. They noted with satisfaction the growth of their joint defence cooperation including numerous ‘firsts’ like the first ever Land Forces exercise SADA TANSEEQ, two rounds of the Naval Exercises AL MOHED AL HINDI, many high-level visits, and training exchanges, towards ensuring the security and stability of the region. They welcomed the outcomes of the 6th meeting of the Joint Committee on Defence Cooperation held in Riyadh in September 2024, noting the initiation of staff-level talks between all three services. Both sides also agreed to enhance defence industry collaboration.

    Noting the continuing cooperation achieved in security fields, both sides highlighted the importance of this cooperation for better security and stability. They also emphasized the importance of furthering cooperation between both sides in the areas of cybersecurity, maritime border security, combating transnational crime, narcotics and drug trafficking.

    Both sides strongly condemned the gruesome terror attack in Pahalgam, Jammu and Kashmir on 22 April 2025, which claimed the lives of innocent civilians. In this context, the two sides condemned terrorism and violent extremism in all its forms and manifestations, and emphasized that this remains one of the gravest threats to humanity. They agreed that there cannot be any justification for any act of terror for any reason whatsoever. They rejected any attempt to link terrorism to any particular race, religion or culture. They welcomed the excellent cooperation between the two sides in counter-terrorism and the terror financing. They condemned cross-border terrorism, and called on all States to reject the use of terrorism against other countries, dismantle terrorism infrastructure where it exists, and bring perpetrators of terrorism to justice swiftly. Both sides stressed the need to prevent access to weapons including missiles and drones to commit terrorist acts against other countries.

    The two sides noted the ongoing cooperation in field of health and efforts to combat current and future health risks and health challenges. In this context, they welcomed the signing of the MOU on Cooperation in the Field of Health between the two countries. The Indian side congratulated the Kingdom of Saudi Arabia for successfully hosting the Fourth Ministerial Conference on Antimicrobial Resistance in Jeddah in November 2024. Indian side welcomed the initiatives taken by the Saudi Food and Drug Authority to address issues related to reference pricing and fast track registration of Indian drugs in Saudi Arabia. Both sides also welcomed the extension of the MoU on Co-operation in the Field of Medical Products Regulation between Saudi Food and Drug Authority and Central Drugs Standard Control Organization (CDSCO) for a further period of five years.

    Both sides underscored the importance of co-operation in technology including in new and emerging domains such as Artificial Intelligence, cybersecurity, semi-conductors etc. Highlighting the importance of digital governance,both sides agreed to explore collaboration in this area. They also expressed satisfaction on signing of the MOU between Telecom Regulatory Authority of India and Communications, Space and Technology Commission of Kingdom of Saudi Arabia for cooperation in regulatory and digital sectors.

    Both sides noted that the MoU on space cooperation signed during this visit will pave the way for enhanced cooperation in the field of space, including utilization of launch vehicles, spacecraft, ground systems; applications of space technology; research and development; academic engagement and entrepreneurship.

    Both sides noted the growth of cultural cooperation between the Kingdom of Saudi Arabia and the Republic of India through active engagement in key sectors such as heritage, film, literature, and performing and visual arts. The creation of a Ministerial Committee on Tourism and Cultural Cooperation under the Strategic Partnership Council marks a significant step toward deepening this partnership.

    Both sides also agreed to enhance cooperation in tourism including through capacity building and sustainable tourism. They also noted the expansion of various opportunities in media, entertainment, and sports, supported by the strong people-to-people ties between the two countries.

    Both sides appreciated the long-standing cooperation between the two countries in the areas of agriculture and food security, including trade of fertilizers. They agreed to pursue long-term agreements for the security of supply, mutual investments and joint projects towards building long-term strategic cooperation in this area.

    The two sides commended the growing momentum in educational and scientific collaboration between the two countries, underscoring its strategic importance in fostering innovation, capacity building, and sustainable development. The Saudi side welcomes the opportunities for leading Indian universities to have presence in Saudi Arabia.The two sides also stressed the value of expanding cooperation in labour and human resources and identifying opportunities for collaboration.

    Both sides recalled the signing of the Memorandum of Understanding on the Principles of an India-Middle East-Europe Economic Corridor along with other countries in September 2023 during the state visit of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Kingdom of Saudi Arabia to India and expressed mutual commitment to work together to realize the vision of connectivity as envisaged in the Corridor, including the development of infrastructure that includes railways and port linkages to increase the passage of goods and services, and boost trade among stakeholders, and enhance data connectivity and electrical grid interconnectivity. In this regard, both sides welcomed the progress under the MoU on Electrical Interconnections, Clean/Green Hydrogen and Supply Chains signed in October 2023. Both sides also expressed satisfaction on the increase in shipping lines between the two countries.

    The two sides stressed the importance of enhancing cooperation and coordination between the two countries in international organizations and forums, including the G20, the International Monetary Fund, and the World Bank, to bolster efforts to address the challenges facing the global economy. They commended the existing cooperation between them within the Common Framework for Debt Treatment Beyond the Debt Service Suspension Initiative (DSSI), which was endorsed by the G20 leaders at the Riyadh Summit 2020. They stressed the importance of enhancing the implementation of the Common Framework as the main and most comprehensive platform for coordination between official creditors (developing country creditors and Paris Club creditors) and the private sector to address the debt of eligible countries.

    The two sides affirmed their full support for the international and regional efforts aimed at reaching a comprehensive political solution to the crisis in Yemen. The Indian side appreciated the Kingdom’s many initiatives aimed at encouraging dialogue between the Yemeni parties, and its role in providing and facilitating access of humanitarian aid to all regions of Yemen. The Saudi side also appreciated the Indian effort in providing humanitarian aid to Yemen.The two sides agreed on the importance of cooperation to promote ways to ensure the security and safety of waterways and freedom of navigation in line with the United Nations Convention on the Law of the Sea (UNCLOS).

    The following MoUs were signed during the visit:

    • MoU between Department of Space, India, and Saudi Space Agency in the field of space activities for peaceful purposes.

    • MoU between Ministry of Health and Family Welfare, Republic of India and Ministry of Health, Kingdom of Saudi Arabia & on Cooperation in the Field of Health.

    • Bilateral Agreement between Department of Posts, India and Saudi Post Corporation (SPL) for inward foreign surface parcel.

    • MOU between National Anti-Doping Agency of India (NADA), India, and Saudi Arabia Anti-Doping Committee (SAADC) for cooperation in the field of anti-doping and prevention.

    Both sides agreed to hold the next meeting of the Strategic Partnership Council on a date mutually agreed upon. As the two nations march ahead with economic and social developments in their respective countries, they also decided, that they will continue communication, coordination and cooperation across various sectors.

    At the end of the visit, Prime Minister Shri Narendra Modi, expressed his sincere thanks and appreciation to His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, for the warm reception and generous hospitality extended to him and his accompanying delegation. He also conveyed his best wishes for continued progress and prosperity of the friendly people of the Kingdom of Saudi Arabia. For his part, His Royal Highness extended his sincere wishes to Prime Minister Narendra Modi and the friendly people of India for further progress and prosperity.

    ***

    MJPS/VJ

    (Release ID: 2123722) Visitor Counter : 170

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: Minerals Commission of Ghana to Participate at Mining in Motion 2025

    Source: Africa Press Organisation – English (2) – Report:

    ACCRA, Ghana, April 23, 2025/APO Group/ —

    Martin Kwaku Ayisi, CEO of the Minerals Commission of Ghana, will speak at the upcoming Mining in Motion 2025 Summit. As the head of the government agency responsible for developing, coordinating and monitoring mineral sector policies, Ayisi’s participation will be instrumental in presenting Ghana’s vision for sustainable mining sector growth.

    He will join the panel discussion, Case Studies in Artisanal and Small-Scale Mining (ASGM) Formalization: Learning from Successes and Addressing Challenges, highlighting Ghana’s progress in supporting small-scale miners. Under Ayisi’s leadership, the Commission has introduced key initiatives including the Cooperative Mining Policy, the Ghana Landscape Restoration and Small-Scale Mining Project and the establishment of District Mining Committees – all aimed at improving and formalizing the ASGM sector.

    The Commission is also advancing gender inclusivity and economic empowerment through its Financial Independence, Skills Development and Women Empowerment Initiative, which promotes the active participation of women in the mining industry. These efforts have contributed to the continued expansion of the ASGM sector, which in 2024 generated $5 billion in export revenue and employed over one million people, reinforcing Ghana’s position as Africa’s leading gold producer and the sixth largest globally.

    With more than two decades of experience in Ghana’s extractive sector, Ayisi brings valuable insight to the Summit. A seasoned mining and petroleum lawyer, he has served on the Board of Directors of the Ghana Integrated Iron and Steel Development Corporation and previously held the role of Senior Legal Officer at the Minerals Commission.

    Organized by the Ashanti Green Initiative in partnership with the World Bank, the World Gold Council,and other global stakeholders, the Mining in Motion 2025 Summit will be held under the theme, Sustainable Mining & Local Growth – Leveraging Resources for Global Impact. The event will convene public and private sector leaders including H.E. John Dramani Mahama, President of Ghana, along with high-level representatives from the African Union and the United Nations.

    Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting small-scale miners and medium to large scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting www.MiningInMotionSummit.com. For sponsorship opportunities or delegate participation, contact sales@ashantigreeninitiative.org.  

    MIL OSI Africa –