Category: Banking

MIL-OSI Global: Pope Francis: why his papacy mattered for Africa – and for the world’s poor and marginalised

Source: The Conversation – Africa – By Stan Chu Ilo, Research Professor, World Christianity and African Studies, DePaul University

The death of Pope Francis in an Italian hospital on 21 April 2025 marks the end of a significant era for the Vatican and the global Catholic following of 1.3 billion faithful.

The first pope from the Americas and also the first to come from outside the west in the modern era, Pope Francis was elected leader of the Catholic church on 13 March 2013.

By the time the Argentinian Cardinal Jorge Bergoglio was elected pope in 2013 there was a general feeling that the Catholic church was reaching the end of an era. At the time, the church was beset by crises, from corruption to clerical sexual abuse.

Some of the challenges facing the church which the ageing Pope Benedict XVI could no longer handle included:

the readmission of a Holocaust denying bishop into the church
mounting evidence of corruption in the Vatican Bank
multiple cases of clerical sexual abuse in many parts of the world
the confusion created in the English-speaking world with the translation of the New Roman missal into English.

Moreover, the church was reeling from the revelation of papal secrets of his predecessor Pope Benedict by the papal butler. A book detailing these secrets portrayed the Vatican as a corrupt hotbed of jealousy, intrigue and underhanded factional fighting.

The revelations caused the church a great deal of embarrassment.

It meant therefore that Cardinal Bergoglio was elected by the Catholic cardinals with a mandate to clean up the church and reform the Vatican and its bureaucracy. He was to institute processes and procedures for transparency, accountability and renewal of the church and its structures, and address the lingering scandals of clerical abuse.

The Pope’s global legacy

Three key things defined his papal role and legacy.

First is concentrating on the core competence of the church: serving the poor and the marginalised. This is what the founder of the Christian religion, Jesus Christ, did.

Francis focused the Catholic church and the entire world on one mission: helping the poor, addressing global inequalities, speaking for the voiceless, and placing the attention of the world on those on the periphery.

He also chose to live simply, forsaking the pomp and pageantry of the papacy.

Secondly, he changed the way the Catholic church’s message is communicated. In his programmatic document, Evangelii Gaudium, he called the church to what he calls “missionary conversion”. His thinking was that everything that is done in the church must be about proclaiming the good news to a wounded and broken world.

His central message was that of mercy towards all, an end to wars, our common humanity and the closeness of God to those who suffer. The suffering in the world continues to grow because of injustice, greed, selfishness and pride. He also focused on symbols and simple style to press home his message, like celebrating mass at a wall that divides the United States and Mexico.

In 2015 he made a risky trip to Bangui, the capital of Central African Republic, during a time of war and tension between the fighting factions of the Muslim Seleka and the Christian anti-balaka. He drove on the Popemobile with both the highest ranking Muslim cleric in the country and his Christian counterpart and visited both a Christian church and a mosque to press home the message of peace.

The third strategy was restructuring the church and reforming the Vatican bank.

He created the G8 (a representative council of cardinals from every part of the world) to advise him, calling the Catholic church to a synod for dialogue on every aspect of the life of the church. This effort was unprecedented.

He also overhauled the procedures for the synod of bishops, making it more participatory, and gave women and the non-ordained voting rights. He shook up the membership of the Vatican department that picks bishops to include women. He appointed the first woman (Sr Simone Brambilla) to lead a major Vatican department and to have a cardinal as her deputy. Another woman (Sr Raffaella Petrini) was named the first woman governor of the Vatican City State.

Pope Francis and Africa

The pontiff’s legacy will be keenly felt in Africa. Three things stand out.

First, he reflected the concerns of people on the continent with his message against imperialism, colonialism, exploitation of the poor by the rich, global inequality, neo-liberal capitalism and ecological injustice. Pope Francis became a voice for Africa. When he visited Kenya in 2015, he chose to visit the slums of Nairobi to proclaim the gospel of liberation to the forsaken of society. He called on African governments to guarantee for the poor and all citizens access to land, lodging and labour.

In a sense, Pope Francis embodied the message of decolonisation and was driven in part by the liberation theology that developed in Latin America. This theology tied religious faith with liberation of the people from structures of injustice and structural violence.

Secondly, he encouraged African Catholics to develop Africa’s own unique approach to pastoral life and addressing social issues in Africa. Particularly, Pope Francis believed in decentralisation and local processes in meeting local challenges. He said many times that it is not necessary that all problems in the church be solved by the pope at the Roman centre of the church.

In this way, he encouraged the growth and development of African priorities and cultural adaptation to the Catholic faith. He also encouraged greater transparency and accountability among African bishops and gave African Catholic universities and seminaries greater autonomy to develop their own educational priorities and programmes.

Thirdly, Pope Francis had a very deep connection to Africa’s young people. He encouraged and supported initiatives and programmes to strengthen the agency of young people, to give them hope and support their personal, spiritual and professional development. For the first time in history, on 1 November 2022, Pope Francis met virtually with more than 1,000 young Africans for an hour. I helped organise this meeting. He answered their questions and encouraged them to fight for what they believe.

A reformist agenda

The reforms of Pope Francis could be termed a movement – from a church of a few where priests and bishops and the pope call the shots to a church of the people of God where everyone’s voice matters and where everyone’s concerns and needs are catered to.

He quietly changed the tone of the message and the style of the leadership at the Vatican.

Granted, he did not substantially alter the content of that message, which is often seen as conservative, Eurocentric, and resistant to cultural pluralism and social change. But he constantly chipped away at its foundations through inclusion and an openness to hearing the voices of everyone, including those who do not agree with the church’s position. In doing this, he shifted the priorities and practices of the Catholic church regarding such core issues as power and authority.

Pope Francis opened the doors to the voices of the marginalised in the church — women, the poor, the LGBTQI+ community, and those who have disaffiliated from the church. Many African Catholics would love to see more African representation at the Vatican, and many of them also worry about the widening division in the church, particularly driven by cultural and ideological battles in the west that have nothing to do with the social and ecclesial context of Africa.

Why his papacy mattered

Pope Francis was the first pope from the Americas, the first Jesuit pope, the first to choose the name Francis and the first to come from outside the west in the modern era. He chose the name Francis because he wanted to focus his papacy on the poor, emulating St Francis of Assisi.

In a sense, Pope Francis redefined what religion and spirituality mean for Catholicism. It’s not laying down and enforcing the law without mercy, it is caring for our neighbours and the Earth. This is the kind of religion the world needs today.

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

– ref. Pope Francis: why his papacy mattered for Africa – and for the world’s poor and marginalised – https://theconversation.com/pope-francis-why-his-papacy-mattered-for-africa-and-for-the-worlds-poor-and-marginalised-251059

MIL OSI – Global Reports –

MIL-OSI: CEO of Coop Pank, Margus Rink, to step down at the end of May

Source: GlobeNewswire (MIL-OSI)

After leading Coop Pank for eight years, CEO Margus Rink will step down at the end of May. Rink has served as Chairman of the Management Board since 2017.

The Supervisory Board of Coop Pank will initiate the search for a new CEO, who will then be responsible for defining the bank’s strategic direction for the next period. Until the new CEO is appointed, the current Management Board member and Chief Risk Officer, Heikko Mäe, will assume the responsibilities of the Chairman of the Management Board. Other members of the board—CFO Paavo Truu, Head of Corporate Banking Arko Kurtmann, and Head of Retail Banking Karel Parve—will continue in their current roles.

Chairman of the Supervisory Board, Rainer Rohtla, expressed gratitude to Margus Rink for his significant role in building Coop Pank and leading its rapid growth. “Margus has contributed to Coop Pank with great intensity and dedication since its founding in 2017. Under his leadership, the bank has become a key player in the Estonian banking market, increasing its market share from 1% to 6%, getting listed on the Tallinn Stock Exchange, and becoming the most recommended bank among customers in Estonia. As we approach the end of our first strategic period in 2026, it is the right time for a new leader to define and implement the next phase of the bank’s strategy,” Rohtla noted.

Margus Rink commented that building Coop Pank has been both a demanding and rewarding journey: “I am grateful to Coop Pank for the opportunity. These eight years have undoubtedly been the most intense and fulfilling period of my professional life. I have always been aware that my tenure as CEO was aligned with the bank’s first strategic phase, which we defined as a ten-year horizon. I fully support the Supervisory Board’s decision to begin the search for a new CEO, who will shape and execute the strategy for the next chapter.”

Margus Rink’s term as Chairman of the Management Board will officially end on May 30, 2025. His roles as a Supervisory Board member of Coop Pank’s subsidiaries Coop Liising AS and Coop Kindlustusmaakler AS will also conclude at the same time. Until the appointment of a new CEO, the role will be temporarily assumed by Heikko Mäe.

Coop Pank, a bank with Estonian capital, is one of the five universal banks operating in Estonia. The bank serves 211,000 everyday banking clients. Coop Pank leverages the synergy between retail and banking to bring financial services closer to where people live. The bank’s strategic owner is Coop Eesti, a domestic retail chain with a network of 320 stores across the country.

Additional information:
Katre Tatrik
Head of Communications
Tel: +372 5151 859
Email: katre.tatrik@cooppank.ee

MIL-OSI Banking: Result of the Daily Variable Rate Repo (VRR) auction held on April 21, 2025

Source: Reserve Bank of India

Tenor	1-day
Notified Amount (in ₹ crore)	1,00,000
Total amount of bids received (in ₹ crore)	6,332
Amount allotted (in ₹ crore)	6,332
Cut off Rate (%)	6.01
Weighted Average Rate (%)	6.01
Partial Allotment Percentage of bids received at cut off rate (%)	NA

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/142

MIL OSI Global Banks –

MIL-OSI Banking: Money Market Operations as on April 18, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	0.00	–	–
I. Call Money	0.00	–	–
II. Triparty Repo	0.00	–	–
III. Market Repo	0.00	–	–
IV. Repo in Corporate Bond	0.00	–	–
B. Term Segment
I. Notice Money**	0.00	–	–
II. Term Money^@@	0.00	–	–
III. Triparty Repo	0.00	–	–
IV. Market Repo	0.00	–	–
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
(iii) Long Term Operations^
(a) Repo
(b) Reverse Repo
3. MSF^#	Fri, 18/04/2025	1	Sat, 19/04/2025	3.00	6.25
	Fri, 18/04/2025	2	Sun, 20/04/2025	0.00	6.25
	Fri, 18/04/2025	3	Mon, 21/04/2025	0.00	6.25
4. SDF^Δ#	Fri, 18/04/2025	1	Sat, 19/04/2025	2,10,856.00	5.75
	Fri, 18/04/2025	2	Sun, 20/04/2025	0.00	5.75
	Fri, 18/04/2025	3	Mon, 21/04/2025	167.00	5.75
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-2,11,020.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Thu, 17/04/2025	4	Mon, 21/04/2025	6,514.00	6.01
(b) Reverse Repo
(iii) Long Term Operations^
(a) Repo	Thu, 17/04/2025	43	Fri, 30/05/2025	25,731.00	6.01
(b) Reverse Repo
3. MSF^#	Thu, 17/04/2025	2	Sat, 19/04/2025	0.00	6.25
	Thu, 17/04/2025	3	Sun, 20/04/2025	0.00	6.25
	Thu, 17/04/2025	4	Mon, 21/04/2025	2,000.00	6.25
4. SDF^Δ#	Thu, 17/04/2025	2	Sat, 19/04/2025	5,893.00	5.75
	Thu, 17/04/2025	3	Sun, 20/04/2025	0.00	5.75
	Thu, 17/04/2025	4	Mon, 21/04/2025	13,808.00	5.75
D. Standing Liquidity Facility (SLF) Availed from RBI^$				7,998.94
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				22,542.94
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-1,88,477.06
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		April 18, 2025		9,16,175.55
(ii) Average daily cash reserve requirement for the fortnight ending		April 18, 2025		9,31,571.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		April 17, 2025		6,211.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		April 04, 2025		2,36,088.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
^# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2025-2026/139

MIL OSI Global Banks –

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Source: GlobeNewswire (MIL-OSI)

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MIL-OSI Banking: Media Registration Opens for APEC Ministerial Meetings in Jeju Singapore | 21 April 2025 Issued by the APEC Secretariat Media registration is now open for the APEC ministerial meetings to be held in Jeju, Republic of Korea, from 12 to 16 May 2025.

Source: APEC – Asia Pacific Economic Cooperation

Media registration is now open for the APEC ministerial meetings to be held in Jeju, Republic of Korea, from 12 to 16 May 2025. These include the APEC Human Resources Development Ministerial Meeting, the APEC Education Ministerial Meeting and the APEC Ministers Responsible for Trade Meeting.

These back-to-back high-level meetings will bring together ministers, senior officials and stakeholders across the APEC region to advance collaboration on workforce development, inclusive education and trade and investment policy amid ongoing global transitions.

The 7^th APEC Human Resources Development Ministerial Meeting, taking place on 12 May, will mark the first such meeting in over a decade since 2014. It will focus on two key priorities: building flexible and vibrant labor markets and advancing policies that prepare workers and employers for jobs of the future. Ministers will also discuss how APEC can respond to workforce disruptions triggered by digital transformation, demographic shifts and global uncertainties.

The 7^th APEC Education Ministerial Meeting, convening on 14 May, will highlight APEC regional strategies to bridge educational gaps and foster innovation in the era of artificial intelligence and digital transformation. Ministers will explore how to drive personalized education innovation through digital technology, strengthen global learning partnerships and achieve shared prosperity in the APEC region through sustainable education.

The APEC Ministers Responsible for Trade meeting, taking place on 15 and 16 May will discuss key priorities, including: 1) promoting innovation for trade facilitation; 2) strengthening connectivity through the multilateral trading system; and 3) advancing collaboration to achieve prosperity through sustainable trade. The meeting will serve as a key moment to reinforce regional economic cooperation in the lead-up to the APEC Economic Leaders’ Meeting later this year.

Key Media Opportunities (KST, UTC+9):

Monday, 12 May at 4:00 PM – Press Conference: APEC Human Resources Development Ministerial Meeting (HRDMM)
Tuesday, 13 May at 4:00PM – Press Conference: APEC Economic Outlook: What’s Ahead for the Region?
Wednesday, 14 May at 2:00 PM – Press Conference: APEC Second Senior Officials’ Meeting (SOM2)
Wednesday, 14 May at 5:00 PM – Press Conference: APEC Education Ministerial Meeting (AEMM)
Friday, 16 May at 2:30 PM – Press Conference: APEC Ministers Responsible for Trade (MRT)

Please note the schedule is subject to change. Updates will be posted in the media lounge.

Media Accreditation:

Media representatives must be accredited in advance. To request the media registration link, please email [email protected] with the subject line: MEDIA [Economy name/organization name].

Accredited media will receive an ID badge, which will grant access to the press conferences. Badges can be collected starting 11 May 2025 at the APEC Information Desk in ICC JEJU.

Media Lounge:

A dedicated media lounge will be available on the second floor of ICC JEJU for all accredited media from 11 to 16 May 2025, operating at the following times (KST, UTC+9):

Sunday, 11 May: 14:00–18:00
Monday, 12 May to Friday, 16 May: 09:00–18:00 daily

For media inquiries, please contact:
[email protected]
[email protected]

MIL OSI Global Banks –

MIL-OSI China: Announcement on Open Market Operations No.75 [2025]

Source: Peoples Bank of China

Announcement on Open Market Operations No.75 [2025]

(Open Market Operations Office, April 21, 2025)

The People’s Bank of China conducted reverse repo operations in the amount of RMB176 billion through quantity bidding at a fixed interest rate on April 21, 2025.

Details of the Reverse Repo Operations

Maturity	Rate	Bidding Volume	Winning Bid Volume
7 days	1.50%	RMB176 billion	RMB176 billion

Date of last update Nov. 29 2018

2025年04月21日

MIL OSI China News –

MIL-OSI Economics: Money Market Operations as on April 17, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	6,331.27	5.71	5.25-6.00
I. Call Money	1,373.30	5.50	5.25-5.95
II. Triparty Repo	3,476.00	5.72	5.25-5.80
III. Market Repo	213.97	5.25	5.25-5.25
IV. Repo in Corporate Bond	1,268.00	5.98	5.95-6.00
B. Term Segment
I. Notice Money**	14,603.97	5.88	4.95-5.95
II. Term Money^@@	620.00	–	5.95-6.20
III. Triparty Repo	3,81,092.95	5.72	5.50-6.00
IV. Market Repo	2,09,083.41	5.86	3.50-6.66
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Thu, 17/04/2025	4	Mon, 21/04/2025	6,514.00	6.01
(b) Reverse Repo
(III) Long Term Operations^{^}
(a) Repo	Thu, 17/04/2025	43	Fri, 30/05/2025	25,731.00	6.01
(b) Reverse Repo
3. MSF^#	Thu, 17/04/2025	1	Fri, 18/04/2025	18.00	6.25
	Thu, 17/04/2025	2	Sat, 19/04/2025	0.00	6.25
	Thu, 17/04/2025	3	Sun, 20/04/2025	0.00	6.25
	Thu, 17/04/2025	4	Mon, 21/04/2025	2,000.00	6.25
4. SDF^Δ#	Thu, 17/04/2025	1	Fri, 18/04/2025	2,36,500.00	5.75
	Thu, 17/04/2025	2	Sat, 19/04/2025	5,893.00	5.75
	Thu, 17/04/2025	3	Sun, 20/04/2025	0.00	5.75
	Thu, 17/04/2025	4	Mon, 21/04/2025	13,808.00	5.75
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-2,21,938.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
(III) Long Term Operations^{^}
(a) Repo
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				7,998.94
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				7,998.94
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-2,13,939.06
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		April 17, 2025		9,24,106.93
(ii) Average daily cash reserve requirement for the fortnight ending		April 18, 2025		9,31,571.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		April 17, 2025		6,211.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		April 04, 2025		2,36,088.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
^# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
^{^} As per the Press Release No. 2025-2026/91 dated April 11, 2025.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2025-2026/138

MIL OSI Economics –

MIL-OSI Economics: CBB announces new Executive Management appointments

Source: Central Bank of Bahrain

Published on 20 April 2025

Manama, Bahrain – 20 April 2025: The Central Bank of Bahrain (CBB) has announced several new appointments to its executive management team as part of its new organizational structure, as follows:

Effective 20 April 2025:

Yousif Rashid Al-Fadhel – Advisor to the Governor

Effective 1 May 2025:

Hesa Abdulla Al Sada – Executive Director – Central Banking & Macro-Prudential Oversight
Abeer Shaikh Ebrahim Al Saad – Executive Director – Policy & Enforcement
Mohamed Abdulla A. Karim – Executive Director – Corporate Services
Mohamed Fayez Al Sadek – Executive Director – Market Development
Noora Hasan Abdulghani – Executive Director – Supervision

Commenting on the appointments, HE Khalid Humaidan, Governor of the Central Bank of Bahrain, said: “We congratulate our colleagues on these appointments, which support the Board of Directors’ decision to adopt the new organizational structure. This step will contribute to achieving the CBB’s objectives of developing capable leadership competencies that will play a vital role in the development and growth of the financial services sector.”

MIL-OSI Economics: CBB Hosts Webinar on New Fit and Proper Requirements for Licensees

Source: Central Bank of Bahrain

Published on 20 April 2025

Manama, Bahrain – 20 April 2025: The Central Bank of Bahrain (CBB) recently organised a webinar introducing the latest requirements to appoint board members and senior management of licensed financial institutions. This follows the issuance of the “Fit and Proper” requirements under the CBB Rulebook, which aim to strengthen corporate governance frameworks and the efficiency of leaders within the Kingdom’s financial services sector.

The session began with a welcome speech from Mrs. Noora Abdulghani, Acting Executive Director of Banking Supervision at CBB, who highlighted the main goals of the module including clearer regulations to support sector growth. She stated: “The updated requirements come as part of the CBB’s efforts to strengthen regulatory policies under the Financial Services Sector Development Strategy 2022-2026. Through extensive industry input, we were able to set the “Fit and Proper” framework in line with global benchmarks, making chief executives directly responsible for ensuring the suitability of individuals holding senior management positions.”

During the webinar, Mrs. Shireen Al Sayed, Director of Regulatory Policy at CBB, detailed the practical application mechanisms and criteria for evaluating candidates for leadership positions. She commented: “Our new framework reflects a significant shift from our previous approach, whereby licensees are now encouraged to take on a more proactive role, while also having a single, more cohesive CBB Rulebook module that is applicable across the sector.”

The webinar welcomed various CEOs and compliance officers who were introduced to the updated regulations, ensuring the smooth application of the CBB’s framework. This initiative also reflects its ongoing transparency efforts, by streamlining processes and contributing to an efficient financial ecosystem.

MIL-OSI Economics: CBB holds second Board meeting for 2025

Source: Central Bank of Bahrain

Published on 20 April 2025

Manama, Kingdom of Bahrain – 20 April 2025 – The Central Bank of Bahrain’s (CBB) Board of Directors held its second meeting for the year 2025, chaired by Mr. Hassan Khalifa Al Jalahma on Sunday, 20 April 2025.

The Board reviewed the topics on the agenda and approved the new organizational structure, which reflects the CBB’s dual mandate of maintaining the stability of the financial sector and developing strategies that ensure its development and growth. The Board acknowledged that this structure contributes to achieving the CBB’s objectives and preparing leadership competencies that will contribute to the development and advancement of this vital sector.

MIL-OSI Russia: Financial News: Corporate Portfolio Returns to Moderate Growth in March

Translartion. Region: Russians Fedetion –

Source: Central Bank of Russia –

Corporate lending accelerated to 0.9% after a subdued pace in February (0.1%). Companies took out loans, including to pay taxes.

The population’s mortgage debt increased by 0.2% after 0.1% in February. The 13% growth in loans was mainly due to state programs. The consumer loan portfolio continued to shrink in March (-0.3%), but more slowly than a month earlier (-0.9%).

Corporate funds in banks decreased by 2.8% after a weak growth in February (0.1%). The main outflow occurred in the last ten days of the month due to the transfer of taxes to the budget. The inflow of funds from citizens slowed down to 0.8%.

The sector’s profit amounted to 244 billion rubles, which is 14% more than in the previous month.

Read more in the information and analytical material “On the development of the banking sector of the Russian Federation in March 2025”.

Preview photo: Kirill Kukhmar / TASS

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.

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

HTTPS: //vv. KBR.ru/Press/Event/? ID = 23564

MIL OSI Russia News –

MIL-OSI Asia-Pac: Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to leave tonight for an official visit to USA and Peru from 20th to 30th April 2025

Source: Government of India

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to leave tonight for an official visit to USA and Peru from 20th to 30th April 2025

Union Finance Minister to attend Spring Meetings of the IMF-World Bank

FM will also take part in G20 Finance Ministers & Central Bank Governors (FMCBG) meetings besides bilateral meetings with many countries and organisations

Smt. Sitharaman will participate in multilateral dialogues on various fora to showcase India’s economic dynamism

Posted On: 19 APR 2025 5:11PM by PIB Delhi

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman will embark on an official visit to USA and Peru beginning 20^th April, 2025. During the visit to the USA, the Union Finance Minister will visit San Francisco and Washington D.C. from 20^th to 25^th April, 2025.

In the course of her two-day visit to San Francisco beginning 20^th April 2025, the Union Finance Minister will deliver a keynote address at the Hoover Institution at the Stanford University, San Francisco, on ‘Laying the foundations of Viksit Bharat 2047’ followed by a fireside chat session.

Smt. Sitharaman will also interact with top CEOs from prominent fund management firms during a Roundtable meeting with investors, besides holding bilateral meetings with CEOs from top information technology (IT) firms based in San Francisco. Smt. Sitharaman will also participate in an event featuring Indian diaspora in San Francisco and interact with the Indian community settled there.

During her visit to Washington D.C., USA, from 22^nd to 25^th April 2025, Smt. Sitharaman will participate in the Spring Meetings of the International Monetary Fund (IMF) and the World Bank, the 2^ndG20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, Development Committee Plenary, IMFC Plenary, and Global Sovereign Debt Roundtable (GSDR) meeting.

On the sidelines of the Spring Meetings in Washington D.C., Smt. Sitharaman will hold bilateral meetings with her counterparts from several countries, including Argentina, Bahrain, Germany, France, Luxembourg, Saudi Arabia, United Kingdom, and USA; besides meeting EU Commissioner for Financial Services; President, Asian Development Bank (ADB); President, Asian Infrastructure Investment Bank (AIIB); United Nations Secretary-General’s Special Advocate for Financial Health (UNSGSA); and First Deputy Managing Director of the International Monetary Fund (IMF).

During her maiden visit to Peru from 26^th to 30^th April 2025, the Union Finance Minister will lead an Indian delegation of officials from the Ministry of Finance and business leaders, highlighting the strengthening bilateral economic and trade relations between the two nations.

Beginning her visit in Lima, Union Finance Minister Smt. Sitharaman is expected to call on the President of Peru, H.E. Ms. Dina Boluarte, and Prime Minister of Peru, H.E. Mr. Gustavo Adrianzén, besides holding bilateral meetings with the Peruvian Ministers of Finance and Economy; Defence; Energy and Mines; and also holding interaction with local public representatives.

In the course of her visit to Peru, the Union Finance Minister will chair the India-Peru Business Forum meeting with prominent business representatives in attendance from both India and Peru. Smt. Sitharaman will also hold an interaction with the Indian investors & businesses currently operating in Peru, as well as the Indian Business delegation visiting Peru.

Given Peru’s importance in the global supply chain of critical minerals and precious metals, discussions during these engagements are also expected to explore avenues for greater collaboration in the mining sector, particularly to strengthen India’s resource security and facilitate value-chain linkages between the two economies.

The Union Finance Minister will also participate in a community event at Lima, where she will interact with the Indian diaspora living in Peru.

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NB/KMN

(Release ID: 2122913) Visitor Counter : 70

MIL OSI Asia Pacific News –

MIL-OSI Asia-Pac: Data Users Conference on insights of latest survey results and key initiatives in macro-economic indicators:

Source: Government of India

Data Users Conference on insights of latest survey results and key initiatives in macro-economic indicators:

Fostering Dialogue Between Data Producers and Data Users

Posted On: 19 APR 2025 11:12AM by PIB Delhi

The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), Government of India, in line with its continued efforts to strengthen engagement with data users and other stakeholders, is organizing a Data Users Conference in collaboration with the Indira Gandhi Institute of Development Research (IGIDR), Mumbai, on the 21^st April 2025 at the IGIDR campus, Goregaon (East), Mumbai.

The Ministry of Statistics and Programme Implementation (MoSPI) conducts large-scale sample surveys to generate key economic indicators in critical areas such as employment and unemployment, consumption expenditure, and industrial statistics. It also produces essential macroeconomic indicators, including National Accounts and Price Indices. These data sets form the foundation for evidence-based policy formulation and effective governance in India.

The conference is being organized to promote dialogue between data producers and data users, fostering knowledge exchange and discussions on the latest developments in the field. The conference will focus on the following key areas:

Sampling methodologies adopted in surveys
Insights to the latest results of Household Consumption Expenditure Survey (HCES 2023-24)
Recent changes in Periodic Labour Force Survey (PLFS)
GDP compilation and base revision
Key initiatives of CPI base updation

The Data Users Conference will be chaired by Dr. Saurabh Garg, IAS, Secretary, Ministry of Statistics and Programme Implementation. Distinguished dignitaries, including Dr. Neelkanth Mishra, Member, EAC to PM & Chairman, UIDAI, Prof. Basanta Kumar Pradhan, Director, IGIDR, Ms. Geeta Singh Rathore, Director General, National Sample Survey (NSS) and Shri. N.K. Santoshi, Director General, Central Statistics (CS) will grace the occasion and share their insights.

The event will host approximately 250 participants, comprising researchers, academicians, Economists, industrial associations, policymakers, representatives from international organizations, private survey agencies, as well as esteemed institutions from academia and the media. Experts and members of the National Statistical Commission (NSC) and technical committees will also be present.

The technical sessions on National Sample Surveys will provide an overview of the sampling design, computation of multipliers, and estimation of parameters in NSS household surveys. The sessions will also highlight key lessons from the conduct of the Household Consumption Expenditure Surveys (HCES) for 2022–23 and 2023–24, with insights drawn from the latest data releases. A panel discussion will follow to further explore the same. In addition, recent changes in the Periodic Labour Force Survey (PLFS) methodology will be presented to enhance users’ understanding and ensure clarity in interpretation.

In the second half, technical sessions on key Macro-economic indicators will be presented on the following topics and each presentation will be followed by a Panel Discussion:

Measurement of GDP and GDP Base Revision — Data Sources, Methodology for compilation of GDP. Sectoral Databases, Measurement Issues, Methodological Improvements proposed in base revision.
Key initiatives on the Consumer Price Index (CPI) Base updation.

The Panel Discussions organised will be chaired by distinguished experts, providing a platform for critical review and discussion of the presented topics. The panels will include a diverse group of experts from the Reserve Bank of India (RBI), National Stock Exchange, private survey agencies and academic institutions including IGIDR, IIPS, among others. Post-panel discussions, the floor will be opened for open discussions, offering participants the opportunity to directly engage with the speakers and panelists, thus facilitating dynamic exchange between data users and data producers. To streamline the interactive sessions, participants will be encouraged to submit questions via the Mentimeter platform, ensuring that discussions remain focused and engaging.

The conference aims to foster dialogue on emerging methodologies, survey practices, and the relevance of official statistics in policymaking and research, reaffirming MoSPI’s commitment to improving the statistical ecosystem of the country.

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Samrat

(Release ID: 2122834) Visitor Counter : 36

MIL OSI Asia Pacific News –

MIL-OSI USA: Rep. Thompson and Secretary Rollins Tour Central Pennsylvania

Source: United States House of Representatives – Congressman Glenn Thompson (5th District Pennsylvania)

HARRISBURGH, Pa. – Today, U.S. Representative Glenn “GT” Thompson and Secretary of the United States Department of Agriculture (USDA) Brooke Rollins toured central Pennsylvania and participated in a roundtable with local agricultural stakeholders with Senator Dave McCormick, Representatives Dan Meuser, Rob Bresnahan, and Lloyd Smucker.

This morning, at Talview Farms in Lebanon, Representative Thompson, Secretary of Agriculture Brooke Rollins, Senator Dave McCormick, and Representative Dan Meuser highlighted one of Pennsylvania’s proudest traditions: our dairy industry.

Stacey and Brent Copenhaver, the dedicated owners of Talview Farms, shared their insights on how to better support Pennsylvania producers and the vital need to pass legislation like the Whole Milk for Healthy Kids Act, a bill that provides essential nutrients to our students and supports family farms like Talview.

Next, Congressman Thompson, Secretary Rollins, Senator McCormick, Congressman Meuser, and Congressman Bresnahan toured Bell & Evans in Fredericksburg. This family-run operation, known for its organic, hormone-free, antibiotic-free chicken, has been a staple in the community for decades and employs 1,800 residents. Here, owner Scott Sechler and his family discussed the challenges facing the poultry industry, including bird flu and the measures they’re taking to mitigate these outbreaks.

While in Myerstown, Congressman Thompson, Secretary Rollins, Senator McCormick, Congressman Meuser, and Congressman Bresnahan held a roundtable where they engaged with local farmers and various stakeholders on topics including the upcoming farm bill, forestry, nutrition assistance, specialty crops, conservation efforts, and many more.

In Paradise, Congressman Thompson, Secretary Rollins, Senator McCormick, Congressman Meuser, Congressman Bresnahan, and Congressman Smucker met with Bank of Bird-in-Hand to discuss opportunities to expand credit availability to our nation’s producers.

MIL OSI USA News –

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Source: GlobeNewswire (MIL-OSI)

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MIL-OSI China: China launches ‘film consumption year’ to boost economic growth

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

BEIJING, April 19 — The “China Film Consumption Year” has been officially launched in Beijing, aiming to harness the cultural appeal of cinema to boost consumer spending and support economic growth.

The campaign, initiated by the National Film Administration in collaboration with other departments, will feature a wide range of cinema-related promotional events and discount schemes.

Major partners including the Industrial and Commercial Bank of China, China Construction Bank, China UnionPay, and leading ticketing platforms Maoyan and Taopiaopiao have committed to jointly providing no less than 1 billion yuan (about 138.8 million U.S. dollars) in subsidies.

The funds will be used to offer discounted movie tickets, particularly during peak box office periods such as the summer and holiday seasons

The move comes as China continues to position cultural consumption as a key driver of domestic demand. With 90,968 cinema screens nationwide as of 2024, China boasts the world’s largest movie market by screen count.

MIL OSI China News –

MIL-OSI China: Xi’s Southeast Asia visit deepens shared commitment to neighborhood amity, cooperation

Source: China State Council Information Office

Chinese President Xi Jinping greets the welcoming crowd during a grand welcome ceremony held by Cambodian King Norodom Sihamoni at the airport in Phnom Penh, Cambodia, April 17, 2025. (Xinhua/Ding Haitao)

Chinese President Xi Jinping’s just-concluded Southeast Asia visit, his first overseas trip this year, highlighted China’s dedication to deepening traditional ties, expanding practical cooperation and advancing its vision of building a community with a shared future with its neighbors.

The tour, which took him to Vietnam, Malaysia and Cambodia from Monday to Friday, also signaled China’s renewed push to reinforce regional stability and prosperity, and its determined support for regional economic integration as global protectionism and unilateralism continue to mount.

Closer community

Throughout his tour, Xi reaffirmed China’s commitment to fostering friendship and partnership with neighboring nations. He also underscored the importance of building a community with a shared future grounded in mutual respect, win-win cooperation and shared development.

In a signed article published ahead of his state visit to Vietnam, he stressed that China will ensure continuity and stability of its neighborhood diplomacy, which is guided by the principle of amity, sincerity, mutual benefit and inclusiveness.

Pham Phu Phuc, former deputy head of the World News Desk at the Vietnam News Agency, welcomed China’s commitment to pursuing the policy of forging friendship and partnership with its neighbors.

In light of unexpected and uncertain changes in the region and across the world in recent years, this vision emphasizes peace, sincerity, mutual benefit and shared development through cooperation, he said.

In Vietnam, Xi said that building the China-Vietnam community with a shared future carries great global significance, noting that as the two countries jointly pursue peaceful development, their combined population of over 1.5 billion is jointly advancing toward modernization, which will contribute to regional and global peace and stability while promoting common development.

In Malaysia, Xi said that China is ready to work with the Malaysian side to build a high-level strategic China-Malaysia community with a shared future, so as to usher in a new “Golden 50 Years” for bilateral ties.

Chinese President Xi Jinping arrives in Phnom Penh for a state visit to Cambodia at the invitation of Cambodian King Norodom Sihamoni on April 17, 2025. (Xinhua/Yao Qilin)

In Cambodia, Xi and Cambodian Prime Minister Hun Manet agreed to build an all-weather China-Cambodia community with a shared future in the new era, and designated 2025 the China-Cambodia Year of Tourism.

China’s development has benefited not only itself but also many other countries, including Malaysia, said Dato’ Abdul Majid Ahmad Khan, president of the Malaysia-China Friendship Association (PPMC), noting that the vision of a community with a shared future — “sharing weal and woe” — has won widespread support.

“As long as we uphold equality, mutual benefit, mutual respect and mutual trust, we will surely walk hand in hand even further on the journey ahead,” he said.

Thong Mengdavid, a lecturer at the Institute for International Studies and Public Policy of the Royal University of Phnom Penh, said that the deeply-rooted Cambodia-China ties are rock-solid and unbreakable, setting an example for South-South cooperation.

Greater connectivity

A focal point of the tour was high-quality Belt and Road cooperation with the aim of enhancing regional connectivity and creating development opportunities through projects spanning a wide range of fields, from infrastructure to digital and green economy.

In Vietnam, Xi and General Secretary of the Communist Party of Vietnam Central Committee To Lam witnessed the launching ceremony of the China-Vietnam railway cooperation mechanism, which is expected to assist Vietnam in aligning its railway gauge with China’s standardized gauge, thereby boosting economic connectivity and development.

Chinese President Xi Jinping, also general secretary of the Communist Party of China (CPC) Central Committee, General Secretary of the Communist Party of Vietnam Central Committee To Lam and Vietnamese Prime Minister Pham Minh Chinh jointly witness the launching ceremony of the China-Vietnam railway cooperation mechanism at the International Convention Center in Hanoi, capital of Vietnam, April 15, 2025. (Xinhua/Shen Hong)

“Railway connectivity and cold-chain transport between China and Vietnam have cut logistics costs, accelerated customs clearance, and ensured fresher, more affordable Vietnamese produce for Chinese consumers,” said Nguyen Ba Hai, an official at the Vietnamese Ministry of Industry and Trade.

In a joint statement on deepening bilateral ties and practical cooperation issued during Xi’s visit, China said it is ready to advance cooperation with Vietnam on three standard-gauge railways in northern Vietnam.

Upgrading cross-border railways and ports can boost bilateral trade while enhancing regional connectivity and resilience, said Do Thi Thu, a senior lecturer at the Banking Academy of Vietnam.

In Xi’s state visit to Malaysia, the two sides agreed to promote the implementation of the Belt and Road Initiative (BRI) Cooperation Plan signed in 2024 and further synergize development strategies. They also agreed to enhance cooperation on infrastructure connectivity, jointly implement key projects such as the East Coast Rail Link, promote rail-sea transportation and improve regional connectivity.

Samirul Ariff Othman, an economist at Malaysia’s Universiti Teknologi PETRONAS, said that the flourishing economic ties between Malaysia and China demonstrate “the resilience and mutual benefits of our bilateral relationship.”

Making real difference

During his visit to Cambodia, Xi said the two sides should deepen practical cooperation across various fields, advance the construction of Cambodia’s Industrial and Technological Corridor and Fish and Rice Corridor, and strengthen collaboration in energy, transportation and other key sectors, enabling Cambodia to share more in China’s development opportunities.

Over the years, key BRI projects in Cambodia have yielded tangible benefits for local people. The Sihanoukville Special Economic Zone has become a thriving industrial hub, attracting more than 200 international enterprises and institutions while creating 32,000 jobs.

The Phnom Penh-Sihanoukville Expressway, Cambodia’s first expressway, has cut travel time between the two cities from over five hours to under two, significantly enhancing connectivity. Meanwhile, the Siem Reap Angkor International Airport has given a strong boost to the tourism sector, operating 17 routes by the end of last year.

“The future of Cambodia-China relations is bright and full of potential,” said Mengdavid from the Royal University of Phnom Penh. “With the continued efforts of both countries’ leaders, we can expect an even more dynamic, mutually beneficial and resilient partnership that will contribute to peace, stability and prosperity in the region and beyond.”

In Malaysia, Xi and Malaysian Prime Minister Anwar Ibrahim witnessed the exchange of more than 30 bilateral cooperation documents, covering a wide range of projects, which are taking root in Malaysia and making a difference for local people.

Chinese President Xi Jinping and Malaysian Prime Minister Anwar Ibrahim jointly witness the exchange of bilateral cooperation documents after their talks in Putrajaya, Malaysia, April 16, 2025. (Xinhua/Ding Lin)

Such projects have not only promoted technology transfer and created numerous jobs, but also helped uplift regions that were previously less developed, which truly reflects the BRI’s vision — always putting people’s well-being first, said Majid, the PPMC president and a former Malaysian ambassador to China.

MIL OSI China News –

MIL-OSI Africa: International Monetary Fund (IMF) Staff Completes 2025 Article IV Mission to Nigeria

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

WASHINGTON D.C., United States of America, April 18, 2025/APO Group/ —

The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth. These reforms have put Nigeria in a better position to navigate the external environment.
The macroeconomic outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.
Macroeconomic policies need to further strengthen buffers and resilience, reduce inflation, and support private sector-led growth.

An International Monetary Fund team, led by Axel Schimmelpfennig, IMF mission chief for Nigeria, visited Lagos and Abuja on April 2–15 to hold discussions for the 2025 Article IV Consultations with Nigeria. The team met with Minister of Finance and Coordinating Minister of the Economy Wale Edun, Minister of Agriculture and Food Security Abubakar Kyari, Central Bank of Nigeria Governor Yemi Cardoso, senior government and central bank officials, the Ministry of the Environment, the private sector, academia, labor unions, and civil society. At the end of the visit, Mr. Axel Schimmelpfennig, issued the following statement:

“The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth. The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies were removed, and the functioning of the foreign exchange market has improved. Gains have yet to benefit all Nigerians as poverty and food insecurity remain high.

”The outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy. The reforms since 2023 have put the Nigerian economy in a better position to navigate this external environment. Looking ahead, macroeconomic policies need to further strengthen buffers and resilience, while creating enabling conditions for private sector-led growth.

“The authorities communicated to the mission that they will implement the 2025 budget in a manner that is responsive to the decline in international oil prices. A neutral fiscal stance would support monetary policy to bring down inflation. To safeguard key spending priorities, it is imperative that fiscal savings from the fuel subsidy removal are channeled to the budget. In particular, adjustments should protect critical, growth-enhancing investment, while accelerating and broadening the delivery of cash transfers under the World Bank-supported program to provide relief to those experiencing food insecurity.

“A tight monetary policy stance is required to firmly guide inflation down. The Monetary Policy Committee’s data-dependent approach has served Nigeria well and will help navigate elevated macroeconomic uncertainty. Announcing a disinflation path to serve as an intermediate target can help anchor inflation expectations.”

MIL OSI Africa –

MIL-OSI Russia: Colombia: Staff Statement

Source: IMF – News in Russian

April 18, 2025

Washington, DC: A staff team has been actively engaging with the Colombian authorities in the context of the ongoing 2025 Article IV consultation, with visits to Bogotá in mid-February and early-April. Ms. Oner and Mr. Ding issued today the following statement:

The Colombian economy continues to expand with some moderation in key imbalances. After slowing sharply in 2023, the economy expanded by 1.7 percent in 2024 supported by private consumption, reflecting a robust labor market and a gradual recovery in investment. Headline inflation resumed its downward trend in March, reaching 5.1 percent (y/y), underpinned by appropriately tight monetary policy. Meanwhile, the current account deficit narrowed further to 1.8 percent of GDP in 2024, supported by strong tourism and remittances inflows. This was financed with net foreign direct investment inflows, despite net portfolio outflows. International reserves remain adequate, rising to 130 percent of ARA by end-March, supported by the authorities’ reserve accumulation program last year. The banking system remains sound—liquid, adequately capitalized and provisioned—and subject to strong oversight.

However, public deficits and public debt have risen more than expected. The central government overall fiscal deficit rose to 6.7 percent of GDP in 2024, up from 4.2 percent of GDP in 2023 and 1.1 percentage points of GDP above the authorities’ deficit target in the medium-term fiscal framework. The higher deficit reflected lower-than-projected tax revenues as well as higher than targeted primary expenditures, despite spending adjustments in late-2024. Liquidity constraints contributed to an accumulation of large budgetary backlogs (2.8 percent of GDP) that are in the process of being cleared this year, competing with 2025 budgetary resources. The higher deficits, coupled with a somewhat weaker peso, resulted in gross public debt reaching 61.3 percent at end-2024. As a result, Colombian spreads have risen, especially relative to peers, also impacted by tighter global financial conditions.

Against the backdrop of elevated and shifting global risks, the Article IV consultation continues on the outlook and on policies to mitigate shocks, while decisively strengthening public finances.

Staff continues to engage with the authorities on the implications of rising global trade tensions on the Colombian economic outlook (given knock-on effects including through the commodity price channel as well as the financial and trade channels) and in better understanding the authorities’ policy response to this new environment.
Importantly, engagement continues as the authorities work on plans to reduce the fiscal deficit this year and going forward. While the 2025 Financing Plan published in February envisages an improvement in the central government deficit to 5.1 percent of GDP, the authorities are working on the policies underpinning the projected revenue gains as well as the necessary expenditure adjustments to meet the overall fiscal deficit target and bolster resilience in the more shock-prone context.

The Article IV consultation will continue in the period ahead. We thank the authorities for the open and constructive dialogue, and we look forward to maintaining our close engagement, including in the margins of the IMF-World Bank Spring Meetings in late-April in Washington, DC.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Jose de Haro

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

https://www.imf.org/en/News/Articles/2025/04/18/pr25116-colombia-staff-statement

MIL OSI

MIL OSI Russia News –

MIL-OSI United Kingdom: Victory inn Europe! Pubs to stay open later as part of VE 80 Celebrations

Source: United Kingdom – Executive Government & Departments

Press release

Victory inn Europe! Pubs to stay open later as part of VE 80 Celebrations

Pub goers will be able to raise a toast to veterans for an extra two hours to celebrate next month’s historic 80th anniversary of VE day.

With parties planned across the country on Thursday 8th May, Prime Minister Keir Starmer has ordered pubs and bars across the country to be able to keep serving until 1am to celebrate.

This will mean venues with a usual closing time of 11pm will be able to keep their doors open for a further two hours on the day, allowing people to continue their celebrations of the milestone.

Prime Minister Keir Starmer said:

As we mark the 80th anniversary of VE Day, the whole country should come together to remember the incredible sacrifices made by the wartime generation and to celebrate the peace and freedom they secured for us all.

Keeping our pubs open for longer will give people the opportunity to join in celebrations and raise a glass to all of the men and women who served their country, both overseas and at home.

Pub licensing hours can be relaxed to mark occasions of ‘exceptional national significance’, and the government is keen that everyone is able to raise a glass and celebrate those who served during the Second World War.

Similar extensions to pub hours have previously been used for major Royal celebrations and significant sporting events, such as the Euro 2024 final.

As well as bringing people together for longer, the extension is due to be a welcomed boost to the hospitality industry.

The VE Day commemorations will start on Bank Holiday Monday, with the Cenotaph dressed in Union flags, a military procession from Whitehall to Buckingham Palace, and an RAF flypast over London.

On Thursday 8th May, a day of celebrations across the country will culminate in a party at London’s Horse Guards Parade, televised live on BBC One, with more than 10,000 members of the public attending the event to see performances by stars from the stage and screen.

Emma McClarkin, CEO of the British Beer and Pub Association said:

This is a momentous occasion and, as the nation’s second home, the pub is the perfect place for communities to gather and raise a glass to all of those who made huge sacrifices for our freedom.

Extending licensing hours will mean people can come together for longer, nurture community spirit, and allow pubs to host even more commemorative events that honour our veterans and heroes and celebrate peace.

Kate Nicholls, Chief Executive of UKHospitality said:

The 80th anniversary of VE day will see communities across the country come together to mark the special occasion, with many gathering in their local pubs to do so.

I’m pleased the Government is extending licensing hours for the celebrations, which will see thousands raising a glass in tribute to those who served in the war.

Michael Kill, CEO, Night Time Industries Association said:

As someone with a strong family background in the armed forces, I know how vital it is to honour the legacy of those who served.

VE Day is not only a moment of remembrance but also an opportunity for communities to come together. At such a challenging time for the hospitality sector, allowing businesses to extend their trading hours during these celebrations offers a much-needed boost while paying tribute to our shared history.

Published 18 April 2025

MIL OSI United Kingdom –

MIL-OSI: Oak Valley Bancorp Reports 1st Quarter Results

Source: GlobeNewswire (MIL-OSI)

OAKDALE, Calif., April 18, 2025 (GLOBE NEWSWIRE) — Oak Valley Bancorp (NASDAQ: OVLY) (the “Company”), the bank holding company for Oak Valley Community Bank and their Eastern Sierra Community Bank division, recently reported unaudited consolidated financial results for the first quarter of 2025. For the three months ended March 31, 2025, consolidated net income was $5,297,000, or $0.64 per diluted share (EPS). This compared to consolidated net income of $6,008,000, or $0.73 EPS, for the prior quarter and $5,727,000, or $0.69 EPS, for the same period a year ago.
The net income decrease compared to prior periods was primarily due to an increase in operating expenses.

Net interest income for the three months ended March 31, 2025 was $17,807,000, compared to $17,846,000 in the prior quarter, and $17,241,000 in the same period a year ago. The decrease from the prior quarter is attributable to a Federal Open Market Committee (“FOMC”) rate cut in December-2024 that lowered the yield on certain variable rate assets, and there were 2 fewer days of interest accruals. In spite of the December-2024 FOMC rate cut, the net interest margin increased to 4.09% for the three months ended March 31, 2025 compared to 4.00% for the prior quarter and 4.09% for the same period last year, partially due to a decline in deposit interest expense. Average cost of funds decreased to 0.79% as of March 31, 2025, compared to 0.86% for the prior quarter and increased from 0.68% for the first quarter of 2024. The higher average gross loan balance, and upward repricing of loan yields also contributed to the increase in earning asset yield and net interest margin.

Non-interest income was $1,613,000 for the quarter ended March 31, 2025, compared to $1,430,000 for the prior quarter and $1,519,000 for the same period last year. The increase compared to prior periods was mainly due to positive changes in the fair value of equity securities.

Non-interest expense totaled $12,624,000 for the quarter ended March 31, 2025, compared to $11,548,000 in the previous quarter and $11,529,000 in the same quarter a year ago. The increase in non-interest expense compared to prior periods corresponds primarily to staffing expenses and general operating costs related to servicing the growing loan and deposit portfolios.

Total assets were $1.92 billion at March 31, 2025, an increase of $23.8 million and $118.6 million from December 31, 2024 and March 31, 2024, respectively. Gross loans were $1.09 billion at March 31, 2025, a decrease of $15.6 million and an increase of $51.4 million over December 31, 2024 and March 31, 2024, respectively. The Company’s total deposits were $1.71 billion at March 31, 2025, an increase of $17.9 million and $101.2 million from December 31, 2024 and March 31, 2024, respectively. Our liquidity position remains strong, as evidenced by $209.3 million in cash and cash equivalents balances at March 31, 2025, representing an increase of $40.5 million over December 31, 2024.

“Our balance sheet remains strong and although we’ve seen modest loan paydowns this quarter, it represents a very small reduction in gross loans and compares favorably to what we generally expect for the beginning of the year,” stated Chris Courtney, CEO. “We remain committed to delivering steady growth while maintaining a conservative approach to risk management.”

Non-performing assets (“NPA”) remained at zero as of March 31, 2025, as they were as of December 31, 2024, and March 31, 2024. The allowance for credit losses (“ACL”) as a percentage of gross loans was 1.05% at March 31, 2025, compared to 1.04% at December 31, 2024 and 1.05% at March 31, 2024. Given industry concerns of credit risk specific to commercial real estate, management has performed a thorough analysis of this segment as part of the CECL credit risk model’s ACL computation, concluding that the credit loss reserve relative to gross loans remains at acceptable levels, and credit quality remains stable.

Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop. The Company will open its 19^th branch location in Lodi later this year.

For more information, call 1-866-844-7500 or visit www.ovcb.com.

This press release includes forward-looking statements about the corporation for which the corporation claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the corporation’s possible or assumed future financial condition, and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. A number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, including increased energy costs in California, credit quality of borrowers, operational factors and competition in the geographic and business areas in which the company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

Contact:	Chris Courtney/Rick McCarty
Phone:	(209) 848-2265
www.ovcb.com

Oak Valley Bancorp
Financial Highlights (unaudited)

($ in thousands, except per share)	1st Quarter			4th Quarter			3rd Quarter			2nd Quarter			1st Quarter
Selected Quarterly Operating Data:		2025			2024			2024			2024			2024

Net interest income	$	17,807		$	17,846		$	17,655		$	17,292		$	17,241
(Reversal of) provision for credit losses		–			–			(1,620	)		–			–
Non-interest income		1,613			1,430			1,846			1,760			1,519
Non-interest expense		12,624			11,548			11,324			11,616			11,529
Net income before income taxes		6,796			7,728			9,797			7,436			7,231
Provision for income taxes		1,499			1,720			2,473			1,547			1,504
Net income	$	5,297		$	6,008		$	7,324		$	5,889		$	5,727

Earnings per common share – basic	$	0.64		$	0.73		$	0.89		$	0.72		$	0.70
Earnings per common share – diluted	$	0.64		$	0.73		$	0.89		$	0.71		$	0.69
Dividends paid per common share	$	0.300		$	–		$	0.225		$	–		$	0.225
Return on average common equity		11.58	%		12.86	%		16.54	%		14.19	%		13.86	%
Return on average assets		1.13	%		1.25	%		1.56	%		1.30	%		1.26	%
Net interest margin (1)		4.09	%		4.00	%		4.04	%		4.11	%		4.09	%
Efficiency ratio (2)		65.01	%		59.91	%		58.07	%		60.97	%		61.46	%

Capital – Period End
Book value per common share	$	21.89		$	21.95		$	22.18		$	20.55		$	19.97

Credit Quality – Period End
Nonperforming assets / total assets		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Credit loss reserve / gross loans		1.05	%		1.04	%		1.07	%		1.04	%		1.05	%

Period End Balance Sheet
($ in thousands)
Total assets	$	1,924,365		$	1,900,604		$	1,900,455		$	1,840,521		$	1,805,739
Gross loans		1,090,953			1,106,535			1,075,138			1,070,036			1,039,509
Nonperforming assets		–			–			–			–			–
Allowance for credit losses		11,448			11,460			11,479			11,121			10,922
Deposits		1,713,592			1,695,690			1,690,301			1,644,748			1,612,400
Common equity		183,520			183,436			185,393			171,799			166,916

Non-Financial Data
Full-time equivalent staff		225			223			222			223			219
Number of banking offices		18			18			18			18			18

Common Shares outstanding
Period end		8,382,062			8,357,211			8,358,711			8,359,556			8,359,556
Period average – basic		8,231,844			8,224,504			8,221,475			8,219,699			8,209,617
Period average – diluted		8,278,301			8,278,427			8,263,790			8,248,295			8,244,648

Market Ratios
Stock Price	$	24.96		$	29.25		$	26.57		$	24.97		$	24.78
Price/Earnings		9.56			10.09			7.52			8.69			8.86
Price/Book		1.14			1.33			1.20			1.22			1.24

(1) This is a non-GAAP measure because its computed on a fully tax equivalent basis using a marginal federal tax rate of 21%.
(2) This ratio was changed to GAAP basis as of the quarter ended December 31, 2024, and all prior periods have been restated accordingly.

MIL-OSI: RBAZ Bancorp, Inc. Announces Unaudited Financial Results For the Quarter Ending March 31, 2025

Source: GlobeNewswire (MIL-OSI)

PHOENIX, April 18, 2025 (GLOBE NEWSWIRE) — RBAZ Bancorp, Inc. (OTCIQ: RBAZ) (the “Company”), parent company of Republic Bank of Arizona (the “Bank” or “RBAZ”), announced a consolidated net income of $1,064,000, or $0.59 per share, for the quarter ended March 31, 2025 as compared to a consolidated net income of $713,000, or $0.40 per share, for the quarter ended March, 31, 2024.

President and CEO Brian Ruisinger stated “I am proud to report strong earnings in our final reporting quarter as RBAZ reflecting a 49% increase from the year ago quarter bolstered by net interest margin at 4.61% and expense control. Solid loan yields coupled with static cost of funds resulted in a 15% net interest margin improvement while expenses remained consistent reflecting a decrease of 1%.”

Mr. Ruisinger continued, “As an update to our May 16, 2024 announcement of our intent to join forces with Pima Federal Credit Union, the Company’s shareholders approved the transaction on August 22, 2024 and regulatory applications were approved during Q1. We have announced a closing date of May 2, 2025, at which time the Company intends for its common stock to no longer trade or be quoted on the OTC Pink Market. As we approach the end of our 18-year history as RBAZ, we are extremely proud of ending as the top performing bank headquartered in the state. We look forward to continuing to serve our valued customers with expanded products and resources as Pima Federal Credit Union.”

March 31, 2025 Company Highlights Include:

Total loans of $223,962,000 increased $1,231,000, or 0.6%, from December 31, 2024. This increase consisted of $8,245,000 in new loan originations and advances on construction lines of credit, offset by $6,625,000 in loan maturities. Advances and repayments on commercial lines of credit and normal payment attrition comprised the balance of the loan activity in Q1.
Total deposits of $240,864,000 decreased $9,337,000, or 3.7%, from December 31, 2024. This decrease consisted of known outflows from existing customers for capital expenditures and other business purposes, partially offset by funds from new banking relationships during the quarter totaling $8,956,000.
Total borrowings of $15,965,000 at March 31, 2025 included $10,000,000 in short-term advances from the Federal Home Loan Bank to offset known deposit outflows during the quarter.
Total interest income increased $277,000 to $4,485,000 for the quarter ended March 31, 2025 outpacing total interest income of $4,208,000 for the same period of the prior year equating to an increase of 6.6%.
Cost of deposits was 2.13% for the quarter ended March 31, 2025, which was consistent with the prior quarter as the Bank made nominal changes to its deposit rates during the period in line with the Federal Reserve’s decision to hold rates steady during the first quarter of 2025.

The Bank remains “Well Capitalized” under the Community Bank Leverage Ratio (CBLR) framework as follows:

	March 31, 2025 (%)	Ratio to be Well Capitalized (%)
CBLR ratio	11.62	9.00

About the Company
RBAZ Bancorp, Inc. was established on June 10, 2021 as a single-bank holding company for its Arizona state-chartered bank subsidiary, Republic Bank of Arizona. The Company is traded over-the-counter as RBAZ.

About the Bank
Republic Bank of Arizona is a locally owned, community bank in Phoenix, Scottsdale and Gilbert, Arizona. RBAZ is a full service, community bank providing deposit and loan products and convenient, online and mobile banking to individuals, businesses and professionals. The Bank was established in April 2007 and is headquartered at 645 E. Missouri Avenue, Suite 108, Phoenix, AZ. Additional branches are located at 7373 N. Scottsdale Road, Suite A-195, Scottsdale, AZ and 1417 W. Elliot Road, Gilbert, AZ. The Bank is the wholly-owned subsidiary of RBAZ Bancorp, Inc. For further information, please visit our web site: www.republicbankaz.com.

Forward-Looking Statements
This press release may include forward-looking statements about the Company and the Bank (collectively referred to herein as the “Company”), for which the Company claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the Company’s possible or assumed future financial condition and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. Several important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include, but are not limited to, fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, borrower capacity to repay, operational factors and competition in the geographic and business areas in which the Company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

	Summary Company Financial Information (unaudited)
	For the three months ended March 31,		For the twelve months ended December 31,
	2025	2024	2024	2023
	*(dollars in thousands, except per share data)*
Summary Income Data:
Interest income	$4,485	$4,208	$17,935	$14,208
Interest expense	1,404	1,557	5,923	4,742
Net interest income	3,081	2,651	12,012	9,466
Provision for credit losses	–	–	627	–
Non-interest income	230	220	967	820
Non-interest expense	1,921	1,943	7,907	7,142
Income before provision for income tax	1,390	928	4,445	3,144
Provision for income tax	326	215	1,066	684
Net income	$1,064	$713	$3,379	$2,460
Per Share Data:
Shares outstanding end-of-period	1,790	1,778	1,790	1,795
Earnings per common share	$0.59	$0.40	$1.90	$1.36
Diluted earnings per common share	$0.55	$0.38	$1.77	$1.33
Book value per share	$14.57	$12.12	$13.81	$11.77
Selected Balance Sheet Data:
Total assets	$284,250	$279,134	$282,511	$272,044
Securities available-for-sale, at fair value	30,848	40,079	32,731	40,998
Securities held-to-maturity	9,860	10,650	9,855	10,648
Loans	223,962	199,714	222,731	201,829
Allowance for credit losses	2,437	2,116	2,428	2,116
Deposits	240,864	249,661	250,201	228,172
Other borrowings	15,965	5,936	5,958	20,929
Shareholders’ equity	26,085	21,541	24,723	21,128
Performance Ratios:
Return on average shareholders’ equity (annualized) (%)	16.32	13.24	13.67	11.64
Net interest margin (%)	4.61	4.01	4.32	3.68
Average assets	$284,315	$280,444	$289,763	$264,488
Return on average assets (annualized) (%)	1.50	1.02	1.17	0.93
Shareholders’ equity to assets (%)	9.18	7.72	8.75	7.77
Efficiency ratio (%)	58.02	67.68	60.92	69.43
Asset Quality Data:
Nonaccrual loans	$246	$190	$418	$209
Loan modifications to borrowers experiencing financial difficulty	$-	$-	$-	$-
Other real estate owned	$-	$-	$-	$-
Nonperforming loans	$246	$190	$418	$209
Nonperforming loans to total assets (%)	0.09	0.07	0.15	0.08
Nonperforming loans to total loans (%)	0.11	0.10	0.19	0.10
Allowance for credit losses to total loans (%)	1.09	1.06	1.09	1.05
Allowance for credit losses to nonperforming loans (%)	990.65	1,113.68	580.86	1,012.44
Net charge-offs (recoveries) for period	($9)	$-	$190	($352)
Average loans	$223,665	$205,904	$208,799	$176,146
Ratio of net charge-offs (recoveries) to average loans (%)	(0.00)	n/a	0.09	(0.20)

Contact: Brian Ruisinger
President and Chief Executive Officer
Phone: 602.280.9404
Email: bruisinger@republicaz.com

MIL-OSI: Chemung Financial Corporation Reports First Quarter 2025 Net Income of $6.0 million, or $1.26 per share

Source: GlobeNewswire (MIL-OSI)

ELMIRA, N.Y., April 18, 2025 (GLOBE NEWSWIRE) — Chemung Financial Corporation (the “Corporation”) (Nasdaq: CHMG), the parent company of Chemung Canal Trust Company (the “Bank”), today reported net income of $6.0 million, or $1.26 per share, for the first quarter of 2025, compared to $5.9 million, or $1.24 per share, for the fourth quarter of 2024, and $7.1 million, or $1.48 per share, for the first quarter of 2024.

“First quarter results demonstrate steady ongoing delivery of the Corporation’s strategic plan,” said Anders M. Tomson, President and CEO of Chemung Financial Corporation. “Attentive balance sheet management has allowed us to effectively reduce funding costs while growing our asset base. Loan growth in our newer Canal Bank division during the quarter underscores its strategic importance to operations,” Tomson added.

“Our community banking model serves as a source of strength, consistency, and dependability for our communities, clients, and employees, regardless of the external environment. We are confident these stakeholders will continue to meaningfully drive our Corporation’s success,” concluded Tomson.

First Quarter Highlights:

The Corporation announced a $0.01 dividend increase, representing a 3.2% increase compared to the prior quarter. Dividends declared during the first quarter 2025 were $0.32 per share.
Net interest margin expanded four basis points compared to the prior quarter, from 2.92% in the fourth quarter 2024 to 2.96% in the first quarter 2025.¹ Interest rate spread increased 11 basis points compared to the prior quarter, from 2.06% in the fourth quarter 2024 to 2.17% in the first quarter 2025.
Annualized loan growth totaled 5.1% for the three months ended March 31, 2025, including annualized commercial loan growth of 10.5%.
Loan growth in the Western New York Canal Bank division totaled 14.9% compared to prior-year end and deposit growth totaled 82.0% compared to prior year-end.

¹ See the GAAP to Non-GAAP reconciliations.

1st Quarter 2025 vs 4th Quarter 2024

Net Interest Income:
Net interest income for the first quarter of 2025 totaled $19.8 million, in line with the prior quarter, driven by a decrease of $1.0 million in interest expense on deposits, and offset by decreases of $0.7 million in interest income on loans and $0.1 million in each of interest income on taxable securities and interest income on interest-earning deposits, and an increase of $0.1 million in interest expense on borrowed funds.

Interest expense on deposits decreased primarily due to a decrease of 19 basis points in the average cost of interest-bearing deposits, and despite an increase of $8.7 million in average balances of total interest-bearing deposits, compared to the prior quarter. The average cost of customer time deposits decreased 42 basis points compared to the prior quarter, mainly due to maturities of higher cost CDs associated with campaigns during 2023 and 2024, many of which were renewed at a lower cost. Average balances of customer time deposits decreased $25.9 million compared to the prior quarter. Customer time deposits comprised 21.1% of total average deposits in the first quarter of 2025 compared to 22.1% in the prior quarter. The average cost of brokered deposits decreased 19 basis points, while average balances of brokered deposits increased $38.0 million compared to the prior quarter. The cost of brokered deposits decreased largely due to the short term nature of the Corporation’s brokered deposits coupled with lower market interest rates in the current quarter, while average balances of brokered deposits increased primarily to offset the decrease of $39.0 million in average balances of total customer deposits, or 1.6%, compared to the prior quarter. Additionally, average balances of interest-bearing demand deposits increased $8.9 million while the average cost of interest-bearing demand deposits decreased 12 basis points, and average balances of savings and money market deposits decreased $12.3 million while the average cost of savings and money market deposits decreased 12 basis points, compared to the prior quarter.

Interest income on loans, including fees, decreased primarily due to a decrease of 16 basis points in the average yield on commercial loans, partially offset by an increase of $43.0 million in average balances of commercial loans, compared to the prior quarter. The decrease in average yield on commercial loans was partially due to the recognition of $0.3 million in interest income on the payoff of a nonaccrual construction loan in the prior quarter, as well as decreases in interest rates on existing variable rate loans, as benchmark indexes repriced lower during the current quarter. The increase in average balances of commercial loans was largely concentrated in commercial real estate. Average balances of residential mortgage loans increased $0.8 million while the average yield on residential mortgage loans decreased one basis point, compared to the prior quarter. Origination yields of residential mortgages remained strong in the first quarter of 2025 despite the overall declining rate environment. Average balances of consumer loans decreased $12.4 million and the average yield on consumer loans decreased seven basis points, compared to the prior quarter, due to net runoff of the indirect auto portfolio, decreases in interest rates on variable rate home equity products, and home equity lines of credit originated in the first quarter of 2025 at a 4.99% introductory rate.

The decrease in interest income on taxable securities was primarily due to a decrease of $10.1 million in average balances, largely due to paydowns of mortgage-backed and SBA pooled loan securities. The decrease in interest income on interest-earning deposits was mainly due to a decrease in the interest rate paid on deposit balances at the Federal Reserve during the fourth quarter of 2024. The increase in interest expense on borrowed funds was due to an increase in average balances of total FHLBNY advances in the first quarter of 2025, compared to the prior quarter.

Fully taxable equivalent net interest margin was 2.96% for the current quarter, compared to 2.92% for the prior quarter. Average interest-earning assets increased $17.7 million, while average interest-bearing liabilities increased $25.1 million during the first quarter, compared to the prior quarter. The average yield on interest-earning assets decreased seven basis points to 4.72%, while the average cost of interest-bearing liabilities decreased 18 basis points to 2.55%, compared to the prior quarter. Total cost of funds was 1.92% for the current quarter, compared to 2.04% for the prior quarter, a decrease of 12 basis points.

Provision for Credit Losses:
Provision for credit losses was $1.1 million for the first quarter of 2025, compared to $0.6 million in the prior quarter, an increase of $0.5 million, or 83.3%. The increase was primarily due to the annual loss driver update to the Bank’s CECL model, which is implemented in the first quarter of each year, as well as deterioration in FOMC forecasts for the economic variables on which the Bank’s CECL model is based. Partially offsetting these increases were lower net charge-offs in the current quarter, compared to the prior quarter.

Non-Interest Income:
Non-interest income for the first quarter of 2025 was $5.9 million, compared to $6.1 million for the prior quarter, a decrease of $0.2 million, or 3.3%, driven by decreases of $0.2 million in wealth management group fee income and $0.1 million in interchange revenue from debit card transactions, partially offset by an increase of $0.1 million in other non-interest income.

Wealth management group fee income decreased compared to the prior quarter largely due to a decrease in total assets under management, due to a broad decline in financial markets during the first quarter of 2025. Interchange revenue from debit card transactions decreased primarily due to a decline in transaction volume, partially due to the seasonality of holiday spending, compared to the prior quarter. Other non-interest income increased mainly due to recognition of debit card support incentives in the first quarter of 2025.

Non-Interest Expense:
Non-interest expense for the first quarter of 2025 was $16.9 million, compared to $17.8 million for the prior quarter, a decrease of $0.9 million, or 5.1%, driven by decreases of $0.4 million in pension and other employee benefits, $0.2 million in salaries and wages, and $0.1 million in each of data processing, loan expense, and furniture and equipment expense.

Pension and other employee benefits decreased compared to the prior quarter primarily due to a decrease in employee healthcare-related expenses. The decrease in salaries and wages was largely due to higher quarterly incentive compensation expense recognized in the prior quarter. Data processing decreased mainly due to a decrease in card-related expenses, partially attributable to procurement expenses relating to the Canal Bank division in the prior quarter. The decrease in loan expenses was primarily due to a decrease in legal fees in the current quarter, compared to the prior quarter. The decrease in furniture and equipment expense was partially due to branch equipment and non-capitalized fixtures purchased in the prior quarter.

Income Tax Expense:
Income tax expense for the first quarter of 2025 was $1.7 million, compared to $1.6 million for the prior quarter, an increase of $0.1 million. The effective tax rate for the current quarter increased to 21.6% from 21.2% in the prior quarter. The increase in income tax expense was primarily due to an increase in pretax income.

1st Quarter 2025 vs 1st Quarter 2024

Net Interest Income:
Net interest income for the first quarter of 2025 totaled $19.8 million, compared to $18.1 million for the same period in the prior year, an increase of $1.7 million, or 9.4%, driven by decreases of $1.0 million in interest expense on deposits and $0.3 million in interest expense on borrowed funds, and an increase of $0.9 million in interest income on loans, partially offset by a decrease of $0.5 million in interest income on taxable securities.

Interest expense on deposits decreased primarily due to a decrease of 27 basis points in the average cost of total interest-bearing deposits, which was comprised of decreases of 21 basis points in the average cost of customer interest-bearing deposits and 82 basis points in the average cost of brokered deposits, both largely due to decreases in benchmark interest rates and the Corporation’s balance sheet structure favoring shorter-term liabilities. Average balances of customer interest-bearing deposits increased $55.0 million and average balances of brokered deposits decreased $8.6 million, compared to the same period in the prior year. The increase in average balances of customer interest-bearing deposits was primarily due to an increase of $32.9 million in average balances of customer time deposits. The average cost of customer time deposits decreased 38 basis points compared to the same period in the prior year, due to the Corporation’s focus on shorter-term CD campaigns during 2024, and a decrease in interest rates on campaign offerings in the current period. Customer time deposits comprised 21.1% of average total deposits for the first quarter of 2025, compared to 20.1% for the same period in the prior year. Additionally, an increase of $28.3 million in average balances of interest-bearing demand deposits positively benefited the average cost of interest-bearing deposits, as the 1.57% average cost was lower than other types of interest-bearing deposits.

The decrease in interest expense on borrowed funds was partially due to a decline in borrowing rates between the first quarter of 2024 and the first quarter of 2025, as well as a shift in the composition of borrowed funds between these periods. The average cost of total borrowings decreased 69 basis points, compared to the same period in the prior year, comprised of decreases of 91 basis points and 32 basis points in the average cost of FHLBNY overnight advances and other advances and debt, which includes FHLBNY term advances, respectively. The composition of borrowings in the first quarter of 2025 was primarily comprised of FHLBNY term advances and FHLBNY overnight advances, while the composition of borrowings in the same period in the prior year was primarily comprised of a Federal Reserve Bank Term Funding Program (BTFP) advance and FHLBNY overnight advances.

Interest income on loans, including fees, increased largely due to an increase in average total loan balances of $88.6 million compared to the same period in the prior year, which was concentrated in the commercial loan portfolio. The average yield on total loans was relatively stable compared to the same period in the prior year, declining two basis points to 5.49% in the first quarter of 2025. Average balances of commercial loans increased $122.1 million compared to the same period in the prior year, primarily due to growth in commercial real estate balances, while the average yield on commercial loans declined 15 basis points, largely due to repricing of benchmark indexes and $0.3 million in interest income recognized on the payoff of a nonaccrual commercial real estate loan in the same period of the prior year. Average balances of residential mortgage loans and consumer loans each decreased compared to the same period in the prior year, decreasing $2.1 million and $31.4 million, respectively. The decrease in average balances of residential mortgage loans was partially due to relatively low levels of housing inventory across the Bank’s footprint resulting in lower origination volume, which was comparable to the prior year, as well as a continued election to sell a significant portion of conforming mortgages into the secondary market. The decrease in average balances of consumer loans was primarily due to net runoff of indirect auto loans between the first quarters of 2024 and 2025. The average yield on residential mortgage loans and consumer loans each increased in the first quarter of 2025, compared to the same period in the prior year, increasing 24 and 27 basis points, respectively, each due to strong origination yields in recent periods, and normal runoff of older and typically lower yielding originations. Interest income on interest-earning deposits increased mainly due to a $11.2 million increase in average balances of interest-earning deposits, compared to the same period in the prior year, and despite a decrease of six basis points in the average yield on interest-earning deposits, due to a decrease in the interest rate paid on deposit balances at the Federal Reserve.

The decrease in interest income on taxable securities was largely due to paydowns and maturities of available for sale securities between the first quarter of 2024 and the first quarter of 2025, totaling $55.9 million, primarily on SBA pooled loan and mortgage-backed securities, as well as a decrease in the interest rates of variable rate SBA pooled loan securities, partially offset by purchases of available for sale securities totaling $5.0 million between these periods.

Fully taxable equivalent net interest margin was 2.96% for the first quarter of 2025, compared to 2.73% for the same period in the prior year. Average interest-earning assets increased $48.6 million, while average interest-bearing liabilities increased $34.8 million, compared to the same period in the prior year. The average yield on interest-earning assets increased two basis points to 4.72%, while the average cost of interest-bearing liabilities decreased 30 basis points to 2.55%, compared to the same period in the prior year. Total cost of funds was 1.92% for the current quarter, compared to 2.13% for the same period in the prior year, a decrease of 21 basis points.

Provision for Credit Losses:
Provision for credit losses was $1.1 million for the first quarter of 2025, compared to a credit of $2.0 million for the same period in the prior year, an increase of $3.1 million, or 155.0%. The increase was largely driven by the directionality of the annual loss driver update applied to the Bank’s CECL model in the first quarter of the current year, compared to the loss driver update applied in the first quarter of the prior year. The current year update resulted in higher modeled baseline loss rates, while the update in the prior year resulted in lower baseline loss rates.

Non-Interest Income:
Non-interest income for the first quarter of 2025 was $5.9 million, compared to $5.7 million for the same period in the prior year, an increase of $0.2 million, or 3.5%, driven by increases of $0.2 million in wealth management group fee income, $0.2 million in service charges on deposit accounts, and $0.1 million in other non-interest income, partially offset by a decrease of $0.1 million in the change in fair value of equity investments. Both the increase in wealth management group fee income and service charges on deposit accounts were primarily due to fee rate increases which were implemented in the second half of 2024. The increase in other non-interest income was largely due to an increase in interest rate swap fee income in the first quarter of 2025, compared to the same period in the prior year. The decrease in the change in fair value of equity investments was primarily due to a decrease in the market value of assets held for the Corporation’s deferred compensation plan, largely due to declines in financial markets during the current quarter.

Non-Interest Expense:
Non-interest expense for the first quarter of 2025 was $16.9 million, compared to $16.7 million for the same period in the prior year, an increase of $0.2 million, or 1.2%, driven by increases of $0.2 million in salaries and wages and $0.2 million in other non-interest expense, partially offset by decreases of $0.2 million in pension and other employee benefits and $0.1 million in FDIC insurance.

Salaries and wages increased largely due to an increase in base salaries, including merit-based increases and additional staffing for the Corporation’s newly opened Western New York regional banking center. The increase in other non-interest expense was primarily due to net recoveries of multiple large altered check charge-offs during the same period in the prior year as well as higher operational losses on the sale of repossessed vehicles during the first quarter of 2025, compared to the same period in the prior year. The decrease in pension and other employee benefits expense was largely due to lower employee healthcare-related expenses compared to the same period in the prior year. The decrease in FDIC insurance was primarily due to a decrease in the Bank’s assessment rate, due to an improvement in evaluated metrics.

Income Tax Expense:
Income tax expense for the first quarter of 2025 was $1.7 million, compared to $2.0 million for the first quarter of 2024, a decrease of $0.3 million. The effective tax rate for the current quarter decreased to 21.6%, compared to 22.4% for the same period in the prior year. The decrease in income tax expense was primarily due to a decrease in pretax income.

Asset Quality
Non-performing loans totaled $9.9 million as of March 31, 2025, or 0.47% of total loans, compared to $9.0 million, or 0.43% of total loans as of December 31, 2024. The increase in non-performing loans was largely due to increases in non-performing consumer loans and residential mortgage loans of $0.7 million and $0.3 million, respectively. The increase in non-performing consumer loans was mainly driven by one well-secured home equity loan being placed into nonaccrual status during the quarter. Similarly, the increase in non-performing residential mortgage loans was driven by one loan being placed into nonaccrual status during the quarter. Non-performing commercial loans decreased $0.1 million, primarily due to the payoff of a $0.3 million previously nonaccrual commercial real estate loan, offset by the addition of $0.2 million in nonaccrual commercial and industrial loans. Non-performing assets, which are comprised of non-performing loans, other real estate owned, and repossessed vehicles, were $10.3 million, or 0.37% of total assets as of March 31, 2025, compared to $9.6 million, or 0.35% of total assets as of December 31, 2024. The increase in non-performing assets was largely due to an increase in non-performing loans. Other real estate owned was $0.2 million and repossessed vehicles was $0.2 million as of March 31, 2025.

Total loan delinquencies as of March 31, 2025 increased compared to December 31, 2024, primarily driven by an increase in commercial loan delinquencies. Annualized net charge-offs to total average loans for the first quarter of 2025 were 0.05%, compared to 0.12% for the fourth quarter of 2024, a decrease of seven basis points. Net charge-off experience in the first quarter of 2025 was concentrated almost entirely in indirect auto loans. Total annualized consumer net charge-offs were 0.40% of average consumer loan balances for the first quarter of 2025, compared to 0.45% of average consumer loan balances for the fourth quarter of 2024. Commercial loans and residential mortgage loans each had net recovery ratios in the first quarter of 2025, compared to an annualized net charge off ratio of 0.07% of average commercial loan balances and a net recovery ratio of average residential mortgage loan balances in the fourth quarter of 2024.

The allowance for credit losses on loans was $22.5 million as of March 31, 2025 compared to $21.4 million as of December 31, 2024. The allowance for credit losses on unfunded commitments, a component of other liabilities, was $0.5 million as of March 31, 2025 and $0.8 million as of December 31, 2024. The increase in the allowance for credit losses on loans was largely due to the annual review and update to loss drivers used in the Bank’s CECL model, which is implemented each year in the first quarter. The update resulted in higher baseline loss rates for most of the Bank’s loan portfolio segments, and was partially due to the introduction of new periods of data into the analysis. Additionally, the economic variables used as loss drivers for commercial and industrial loans was adjusted as part of the annual update. FOMC forecasts for both national unemployment and U.S. GDP growth deteriorated as of March 31, 2025 compared to December 31, 2024, as the FOMC incorporated elevated levels of economic uncertainty into their forecasts. Provision for credit losses as a percentage of period-end loan balances was 0.05% for the first quarter of 2025, compared to 0.03% for the fourth quarter of 2024. The allowance for credit losses on loans to total loans was 1.07% as of March 31, 2025 and 1.03% as of December 31, 2024 while the allowance for credit losses on loans was 227.93% of non-performing loans as of March 31, 2025 and 238.87% as of December 31, 2024.

Balance Sheet Activity
Total assets were $2.797 billion as of March 31, 2025, compared to $2.776 billion as of December 31, 2024, an increase of $20.6 million, or 0.7%. This increase was driven by increases of $26.2 million in loans, net of deferred origination fees and costs and $6.4 million in cash and cash equivalents, partially offset by decreases of $4.2 million in total investment securities and $6.7 million in accrued interest receivable and other assets.

Loans, net of deferred origination fees and costs increased mainly due to growth in commercial loan balances, which was concentrated in commercial real estate. Total commercial loan balances increased $39.5 million, or 2.6%, compared to the prior year-end. Commercial real estate balances grew $43.3 million while commercial and industrial balances contracted $3.8 million, both compared to the prior year-end. Over half of total growth in commercial loan balances was attributable to the Bank’s new Canal Bank division in Western New York. Residential mortgages increased $0.5 million, or 0.2%, compared to the prior year-end, as the Corporation continued to elect to sell a portion of originations into the secondary market and low levels of housing inventory persisted across the Bank’s footprint. Consumer loans decreased $13.7 million, or 4.9%, compared to the prior-year end, largely due to lower levels of indirect auto loan origination activity, and a relatively fast turnover rate in the portfolio.

The increase in cash and cash equivalents was primarily due to an increase of $36.5 million in total deposits compared to the prior year-end and $13.6 million in net paydowns and maturities of available for sale securities in the current period. Partially offsetting this increase were a decrease of $24.2 million in total advances and other debt and an increase of $26.2 million in loans, net of deferred origination fees and costs.

Total investment securities decreased primarily due to a decrease of $3.1 million in securities available for sale, compared to the prior year-end. Net paydowns and maturities of securities available for sale for the current year totaled $13.6 million, mainly due to paydowns on mortgage-backed securities and SBA pooled loan securities. The market value of securities available for sale increased $11.0 million, due to favorable changes in market interest rates during the current year. Also contributing to the decrease in total investment securities was a decrease of $1.1 million in FHLB and FRB stock, at cost, mainly due to a decrease in total borrowing through the FHLBNY as of March 31, 2025, compared to the prior year-end. The decrease in accrued interest receivable and other assets was largely due to decreases in interest rate swap assets and deferred tax assets.

Total liabilities were $2.568 billion as of March 31, 2025, compared to $2.561 billion as of December 31, 2024, an increase of $7.6 million, or 0.3%. This increase was driven by an increase of $36.5 million in total deposits, partially offset by decreases of $24.2 million in advances and other debt and $4.6 million in accrued interest payable and other liabilities.

Total deposits increased $36.5 million, or 1.5%, compared to the prior year-end, largely due to increases of $33.3 million in interest-bearing demand deposits and $30.4 million in money market deposits. Increases in these deposit types were partially attributable to seasonal inflows of municipal deposits. Total time deposits decreased $25.0 million, consisting of decreases of $13.6 million in customer time deposits and $11.4 million in brokered deposits. The Bank’s CD campaign in the current year primarily consisted of a continuation of six and 15 month offerings, as well as the introduction of a 36 month offering. Additionally, savings deposits increased $4.0 million and non interest-bearing demand deposits decreased $6.1 million. Non interest-bearing deposits comprised 25.5% and 26.1% of total deposits as of March 31, 2025 and December 31, 2024, respectively.

Advances and other debt decreased mainly due to an increase in total deposits. Advances and other debt as of March 31, 2025 largely consisted of staggered three-month term advances from the FHLBNY, whereas the composition of advances and other debt as of the prior year-end consisted primarily of FHLBNY overnight advances. The decrease in accrued interest payable and other liabilities was mainly due to a decrease in interest rate swap liabilities.

Total shareholders’ equity was $228.3 million as of March 31, 2025, compared to $215.3 million as of December 31, 2024, an increase of $13.0 million, or 6.0%, driven by a decrease of $8.1 million in accumulated other comprehensive loss and an increase of $4.5 million in retained earnings. The decrease in accumulated other comprehensive loss was largely due to an increase in the fair value of securities available for sale, due to favorable changes in market interest rates. The increase in retained earnings was mainly due to net income of $6.0 million, offset by dividends declared of $1.5 million during the three months ended March 31, 2025.

The total equity to total assets ratio was 8.16% as of March 31, 2025, compared to 7.76% as of December 31, 2024, and the tangible equity to tangible assets ratio was 7.44% as of March 31, 2025, compared to 7.02% as of December 31, 2024.¹ Book value per share and tangible book value per share increased to $47.49 and $42.95, respectively as of March 31, 2025 from $45.13 and $40.55, respectively as of December 31, 2024.¹ As of March 31, 2025, the Bank’s capital ratios were in excess of those required to be considered well-capitalized under the regulatory framework for prompt corrective action.

¹ See the GAAP to Non-GAAP reconciliations

Liquidity
The Corporation uses a variety of resources to manage its liquidity, and management believes it has the necessary liquidity to allow for flexibility in meeting its various operational and strategic needs. These include short-term investments, cash flow from lending and investing activities, core-deposit growth and non-core funding sources, such as time deposits of $250,000 or greater, brokered deposits, FHLBNY overnight and term advances, and FRB advances. Borrowings may be used on a short-term basis for liquidity purposes or on a long-term basis to fund asset growth. As of March 31, 2025, the Corporation’s cash and cash equivalents balance was $53.4 million. The Corporation also maintains an investment portfolio of securities available for sale, comprised primarily of US Government treasury securities, SBA loan pools, mortgage-backed securities, and municipal bonds. Although this portfolio generates interest income for the Corporation, it also serves as an available source of liquidity and capital if the need should arise. As of March 31, 2025, the Corporation’s investment in securities available for sale was $528.3 million, $341.2 million of which was not pledged as collateral. Additionally, as of March 31, 2025, the Bank’s total advance line capacity at the Federal Home Loan Bank of New York was $222.3 million, $85.0 million of which was utilized and $137.3 million of which was available as additional borrowing capacity.

As of March 31, 2025, uninsured deposits totaled $690.3 million, or 28.4% of total deposits, including $167.6 million of municipal deposits collateralized by pledged assets, when required. As of December 31, 2024, uninsured deposits totaled $652.3 million, or 27.2% of total deposits, including $145.6 million of municipal deposits collateralized by pledged assets. Due to their fluidity, the Corporation closely monitors uninsured deposit levels when considering liquidity management strategies.

The Corporation considers brokered deposits to be an element of its deposit strategy, and anticipates it may continue utilizing brokered deposits as a secondary source of funding in support of growth. As of March 31, 2025, all brokered deposits carried terms of three months, with staggered maturities, totaling $80.8 million. Excluding brokered deposits, total deposits increased $47.9 million compared to December 31, 2024.

Other Items
The market value of total assets under management or administration in our Wealth Management Group was $2.203 billion as of March 31, 2025, including $305.5 million of assets under management or administration for the Corporation, compared to $2.212 billion as of December 31, 2024, including $301.9 million of assets under management or administration for the Corporation, a decrease of $9.5 million, or 0.4%. Excluding assets under management or administration for the Corporation, total market value of Wealth Management Group assets decreased $13.1 million, or 0.7%, largely due to declines in financial markets during the first quarter of 2025.

As previously announced on January 8, 2021, the Corporation’s Board of Directors approved a stock repurchase program. Under the repurchase program, the Corporation may repurchase up to 250,000 shares of its common stock, or approximately 5% of its then outstanding shares. The repurchase program permits shares to be repurchased in open market or privately negotiated transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. As of March 31, 2025, a total of 49,184 shares of common stock at a total cost of $2.0 million were repurchased by the Corporation under its share repurchase program. No shares were repurchased in the first quarter of 2025. The weighted average cost was $40.42 per share repurchased. Remaining buyback authority under the share repurchase program was 200,816 shares as of March 31, 2025.

About Chemung Financial Corporation

Chemung Financial Corporation is a $2.8 billion financial services holding company headquartered in Elmira, New York and operates 30 retail offices through its principal subsidiary, Chemung Canal Trust Company, a full service community bank with trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services, and insurance.

This press release may be found at: www.chemungcanal.com under Investor Relations.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act, and the Private Securities Litigation Reform Act of 1995. The Corporation intends its forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in this press release. All statements regarding the Corporation’s expected financial position and operating results, the Corporation’s business strategy, the Corporation’s financial plans, forecasted demographic and economic trends relating to the Corporation’s industry and similar matters are forward-looking statements. These statements can sometimes be identified by the Corporation’s use of forward-looking words such as “may,” “will,” “anticipate,” “estimate,” “expect,” or “intend.” The Corporation cannot guarantee that its expectations in such forward-looking statements will turn out to be correct. The Corporation’s actual results could be materially different from expectations because of various factors, including changes in economic conditions or interest rates, credit risk, inflation, tariffs, cybersecurity risks, changes in FDIC assessments, bank failures, difficulties in managing the Corporation’s growth, competition, changes in law or the regulatory environment, and changes in general business and economic trends.

Information concerning these and other factors, including Risk Factors, can be found in the Corporation’s periodic filings with the Securities and Exchange Commission (“SEC”), including the 2024 Annual Report on Form 10-K. These filings are available publicly on the SEC’s website at http://www.sec.gov, on the Corporation’s website at http://www.chemungcanal.com or upon request from the Corporate Secretary at (607) 737-3746. Except as otherwise required by law, the Corporation undertakes no obligation to publicly update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.


Chemung Financial Corporation
Consolidated Balance Sheets (Unaudited)
	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(in thousands)	2025			2024			2024			2024			2024
ASSETS
Cash and due from financial institutions	$	32,087		$	26,224		$	36,247		$	23,184		$	22,984
Interest-earning deposits in other financial institutions		21,348			20,811			44,193			47,033			71,878
Total cash and cash equivalents		53,435			47,035			80,440			70,217			94,862

Equity investments		3,249			3,235			3,244			3,090			3,093

Securities available for sale		528,327			531,442			554,575			550,927			566,028
Securities held to maturity		808			808			657			657			785
FHLB and FRB stock, at cost		8,040			9,117			4,189			5,506			4,071
Total investment securities		537,175			541,367			559,421			557,090			570,884

Commercial		1,555,988			1,516,525			1,464,205			1,445,258			1,425,437
Residential mortgage		275,448			274,979			274,099			271,620			277,246
Consumer		266,200			279,915			290,650			294,594			300,927
Loans, net of deferred loan fees		2,097,636			2,071,419			2,028,954			2,011,472			2,003,610
Allowance for credit losses		(22,522	)		(21,388	)		(21,441	)		(21,031	)		(20,471	)
Loans, net		2,075,114			2,050,031			2,007,513			1,990,441			1,983,139

Loans held for sale		284			—			—			381			96
Premises and equipment, net		16,222			16,375			14,915			14,731			14,183
Operating lease right-of-use assets		5,332			5,446			5,637			5,827			6,018
Goodwill		21,824			21,824			21,824			21,824			21,824
Accrued interest receivable and other assets		84,090			90,834			81,221			92,212			90,791
Total assets	$	2,796,725		$	2,776,147		$	2,774,215		$	2,755,813		$	2,784,890

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non interest-bearing demand deposits	$	619,645		$	625,762		$	616,126		$	619,192		$	656,330
Interest-bearing demand deposits		339,790			306,536			349,383			328,370			315,154
Money market deposits		625,505			595,123			630,870			613,131			631,350
Savings deposits		249,541			245,550			242,911			248,528			248,578
Time deposits		598,915			623,912			611,831			606,700			629,360
Total deposits		2,433,396			2,396,883			2,451,121			2,415,921			2,480,772

Advances and other debt		88,701			112,889			53,757			83,835			52,979
Operating lease liabilities		5,516			5,629			5,820			6,009			6,197
Accrued interest payable and other liabilities		40,806			45,437			42,863			48,826			47,814
Total liabilities		2,568,419			2,560,838			2,553,561			2,554,591			2,587,762

Shareholders’ equity
Common stock		53			53			53			53			53
Additional paid-in capital		48,157			48,783			48,457			48,102			47,794
Retained earnings		252,195			247,705			243,266			239,021			235,506
Treasury stock, at cost		(15,180	)		(16,167	)		(15,987	)		(16,043	)		(16,147	)
Accumulated other comprehensive loss		(56,919	)		(65,065	)		(55,135	)		(69,911	)		(70,078	)
Total shareholders’ equity		228,306			215,309			220,654			201,222			197,128
Total liabilities and shareholders’ equity	$	2,796,725		$	2,776,147		$	2,774,215		$	2,755,813		$	2,784,890

Period-end shares outstanding		4,807			4,771			4,774			4,772			4,768


Chemung Financial Corporation
Consolidated Statements of Income (Unaudited)
	Three Months Ended March 31,						Percent Change
(in thousands, except per share data)	2025			2024			Percent Change
Interest and dividend income:
Loans, including fees	$	28,099		$	27,198		3.3
Taxable securities		3,023			3,557		(15.0	)
Tax exempt securities		251			258		(2.7	)
Interest-earning deposits		325			206		57.8
Total interest and dividend income		31,698			31,219		1.5

Interest expense:
Deposits		11,156			12,145		(8.1	)
Borrowed funds		725			985		(26.4	)
Total interest expense		11,881			13,130		(9.5	)

Net interest income		19,817			18,089		9.6
Provision (credit) for credit losses		1,092			(2,040	)	153.5
Net interest income after provision for credit losses		18,725			20,129		(7.0	)

Non-interest income:
Wealth management group fee income		2,867			2,703		6.1
Service charges on deposit accounts		1,120			949		18.0
Interchange revenue from debit card transactions		1,037			1,063		(2.4	)
Change in fair value of equity investments		(47	)		101		N/M
Net gains on sales of loans held for sale		40			32		25.0
Net gains (losses) on sales of other real estate owned		(11	)		—		N/M
Income from bank owned life insurance		8			9		(11.1	)
Other		875			800		9.4
Total non-interest income		5,889			5,657		4.1

Non-interest expense:
Salaries and wages		7,209			7,016		2.8
Pension and other employee benefits		1,922			2,082		(7.7	)
Other components of net periodic pension and postretirement benefits		(113	)		(232	)	51.3
Net occupancy		1,533			1,493		2.7
Furniture and equipment		373			398		(6.3	)
Data processing		2,534			2,573		(1.5	)
Professional services		638			559		14.1
Marketing and advertising		339			345		(1.7	)
Other real estate owned expense		11			49		N/M
FDIC insurance		439			577		(23.9	)
Loan expense		278			255		9.0
Other		1,764			1,583		11.4
Total non-interest expense		16,927			16,698		1.4

Income before income tax expense		7,687			9,088		(15.4	)
Income tax expense		1,664			2,038		(18.4	)
Net income	$	6,023		$	7,050		(14.6	)

Basic and diluted earnings per share	$	1.26		$	1.48
Cash dividends declared per share	$	0.32		$	0.31
Average basic and diluted shares outstanding		4,791			4,764


N/M – Not Meaningful


Chemung Financial Corporation	As of or for the Three Months Ended
Consolidated Financial Highlights (Unaudited)	March 31,			Dec. 31,			Sept. 30,			June 30,			March 31,
(in thousands, except per share data)	2025			2024			2024			2024			2024
RESULTS OF OPERATIONS
Interest income	$	31,698		$	32,597		$	32,362		$	31,386		$	31,219
Interest expense		11,881			12,776			13,974			13,625			13,130
Net interest income		19,817			19,821			18,388			17,761			18,089
Provision (credit) for credit losses		1,092			551			564			879			(2,040	)
Net interest income after provision for credit losses		18,725			19,270			17,824			16,882			20,129
Non-interest income		5,889			6,056			5,919			5,598			5,657
Non-interest expense		16,927			17,823			16,510			16,219			16,698
Income before income tax expense		7,687			7,503			7,233			6,261			9,088
Income tax expense		1,664			1,589			1,513			1,274			2,038
Net income	$	6,023		$	5,914		$	5,720		$	4,987		$	7,050

Basic and diluted earnings per share	$	1.26		$	1.24		$	1.19		$	1.05		$	1.48
Average basic and diluted shares outstanding		4,791			4,774			4,773			4,770			4,764
PERFORMANCE RATIOS
Return on average assets		0.88	%		0.85	%		0.83	%		0.73	%		1.04	%
Return on average equity		10.96	%		10.73	%		10.81	%		10.27	%		14.48	%
Return on average tangible equity (a)		12.15	%		11.92	%		12.07	%		11.56	%		16.29	%
Efficiency ratio (unadjusted) (e)		65.85	%		68.88	%		67.92	%		69.43	%		70.32	%
Efficiency ratio (adjusted) (a)		65.64	%		68.64	%		67.69	%		69.19	%		70.07	%
Non-interest expense to average assets		2.47	%		2.57	%		2.39	%		2.38	%		2.47	%
Loans to deposits		86.20	%		86.42	%		82.78	%		83.26	%		80.77	%
YIELDS / RATES – Fully Taxable Equivalent
Yield on loans		5.49	%		5.61	%		5.65	%		5.52	%		5.51	%
Yield on investments		2.26	%		2.29	%		2.21	%		2.27	%		2.35	%
Yield on interest-earning assets		4.72	%		4.79	%		4.78	%		4.69	%		4.70	%
Cost of interest-bearing deposits		2.48	%		2.67	%		2.88	%		2.86	%		2.75	%
Cost of borrowings		4.54	%		4.74	%		5.08	%		5.04	%		5.15	%
Cost of interest-bearing liabilities		2.55	%		2.73	%		2.97	%		2.94	%		2.85	%
Cost of funds		1.92	%		2.04	%		2.24	%		2.20	%		2.13	%
Interest rate spread		2.17	%		2.06	%		1.81	%		1.75	%		1.85	%
Net interest margin, fully taxable equivalent		2.96	%		2.92	%		2.72	%		2.66	%		2.73	%
CAPITAL
Total equity to total assets at end of period		8.16	%		7.76	%		7.95	%		7.30	%		7.08	%
Tangible equity to tangible assets at end of period (a)		7.44	%		7.02	%		7.22	%		6.56	%		6.34	%
Book value per share	$	47.49		$	45.13		$	46.22		$	42.17		$	41.34
Tangible book value per share (a)		42.95			40.55			41.65			37.59			36.77
Period-end market value per share		47.57			48.81			48.02			48.00			42.48
Dividends declared per share		0.32			0.31			0.31			0.31			0.31
AVERAGE BALANCES
Loans and loans held for sale (b)	$	2,077,739		$	2,046,270		$	2,020,280		$	2,009,823		$	1,989,185
Interest-earning assets		2,729,661			2,711,995			2,699,968			2,699,402			2,681,059
Total assets		2,784,414			2,761,875			2,751,392			2,740,967			2,724,391
Deposits		2,445,597			2,446,662			2,410,735			2,419,169			2,402,215
Total equity		222,802			219,254			210,421			195,375			195,860
Tangible equity (a)		200,978			197,430			188,597			173,551			174,036
ASSET QUALITY
Net charge-offs	$	262		$	594		$	78		$	306		$	182
Non-performing loans (c)		9,881			8,954			10,545			8,195			7,835
Non-performing assets (d)		10,282			9,606			11,134			8,872			8,394
Allowance for credit losses		22,522			21,388			21,441			21,031			20,471
Annualized net charge-offs to average loans		0.05	%		0.12	%		0.02	%		0.06	%		0.04	%
Non-performing loans to total loans		0.47	%		0.43	%		0.52	%		0.41	%		0.39	%
Non-performing assets to total assets		0.37	%		0.35	%		0.40	%		0.32	%		0.30	%
Allowance for credit losses to total loans		1.07	%		1.03	%		1.06	%		1.05	%		1.02	%
Allowance for credit losses to non-performing loans		227.93	%		238.87	%		203.33	%		256.63	%		261.28	%
(a) See the GAAP to Non-GAAP reconciliations. (b) Loans and loans held for sale do not reflect the allowance for credit losses. (c) Non-performing loans include non-accrual loans only. (d) Non-performing assets include non-performing loans plus other real estate owned and repossessed vehicles. (e) Efficiency ratio (unadjusted) is non-interest expense divided by the total of net interest income plus non-interest income.


Chemung Financial Corporation Average Consolidated Balance Sheets & Net Interest Income Analysis and Rate/Volume Analysis of Net Interest Income (Unaudited)

	Three Months Ended March 31, 2025										Three Months Ended March 31, 2024										Three Months Ended March 31, 2025 vs. 2024
(in thousands)	Average Balance			Interest				Yield/ Rate			Average Balance			Interest				Yield/ Rate			Total Change			Due to Volume			Due to Rate

Interest-earning assets:
Commercial loans	$	1,529,028		$	21,696			5.75	%		$	1,406,950		$	20,642			5.90	%		$	1,054		$	1,620		$	(566	)
Residential mortgage loans		275,524			2,701			3.98	%			277,661			2,597			3.74	%			104			(24	)		128
Consumer loans		273,187			3,751			5.57	%			304,574			4,016			5.30	%			(265	)		(449	)		184
Taxable securities		584,614			3,026			2.10	%			633,294			3,560			2.26	%			(534	)		(278	)		(256	)
Tax-exempt securities		37,758			279			3.00	%			40,266			282			2.82	%			(3	)		(19	)		16
Interest-earning deposits		29,550			325			4.46	%			18,314			206			4.52	%			119			122			(3	)
Total interest-earning assets		2,729,661			31,778			4.72	%			2,681,059			31,303			4.70	%			475			972			(497	)

Non interest-earning assets:
Cash and due from banks		26,055										25,255
Other assets		50,256										40,665
Allowance for credit losses		(21,558	)									(22,588	)
Total assets	$	2,784,414									$	2,724,391

Interest-bearing liabilities:
Interest-bearing checking	$	336,162		$	1,303		1.57			%	$	307,895		$	1,335		1.74			%	$	(32	)	$	109		$	(141	)
Savings and money market		858,937			3,866		1.83			%		865,113			4,266		1.98			%		(400	)		(34	)		(366	)
Time deposits		514,884			4,704		3.71			%		481,965			4,904		4.09			%		(200	)		298			(498	)
Brokered deposits		112,840			1,283		4.61			%		121,405			1,640		5.43			%		(357	)		(114	)		(243	)
FHLBNY overnight advances		20,781			236		4.61			%		34,875			487		5.52			%		(251	)		(178	)		(73	)
FRB advances and other debt		43,950			489		4.51			%		41,465			498		4.83			%		(9	)		27			(36	)
Total interest-bearing liabilities		1,887,554			11,881		2.55			%		1,852,718			13,130		2.85			%		(1,249	)		108			(1,357	)

Non interest-bearing liabilities:
Demand deposits		622,774										625,837
Other liabilities		51,284										49,976
Total liabilities		2,561,612										2,528,531
Shareholders’ equity		222,802										195,860
Total liabilities and shareholders’ equity	$	2,784,414									$	2,724,391

Fully taxable equivalent net interest income					19,897										18,173						$	1,724		$	864		$	860
Net interest rate spread (1)							2.17			%							1.85			%
Net interest margin, fully taxable equivalent (2)							2.96			%							2.73			%
Taxable equivalent adjustment					(80	)									(84	)
Net interest income				$	19,817									$	18,089

(1) Net interest rate spread is the difference in the average yield on interest-earning assets less the average rate on interest-bearing liabilities. (2) Net interest margin is the ratio of fully taxable equivalent net interest income divided by average interest-earning assets.

Chemung Financial Corporation

GAAP to Non-GAAP Reconciliations (Unaudited)

The Corporation prepares its Consolidated Financial Statements in accordance with GAAP. See the Corporation’s unaudited consolidated balance sheets and statements of income contained within this press release. That presentation provides the reader with an understanding of the Corporation’s results that can be tracked consistently from period-to-period and enables a comparison of the Corporation’s performance with other companies’ GAAP financial statements.

In addition to analyzing the Corporation’s results on a reported basis, management uses certain non-GAAP financial measures, because it believes these non-GAAP financial measures provide information to investors about the underlying operational performance and trends of the Corporation and, therefore, facilitate a comparison of the Corporation with the performance of other companies. Non-GAAP financial measures used by the Corporation may not be comparable to similarly named non-GAAP financial measures used by other companies.

The SEC has adopted Regulation G, which applies to all public disclosures, including earnings releases, made by registered companies that contain “non-GAAP financial measures.” Under Regulation G, companies making public disclosures containing non-GAAP financial measures must also disclose, along with each non-GAAP financial measure, certain additional information, including a reconciliation of the non-GAAP financial measure to the closest comparable GAAP financial measure and a statement of the Corporation’s reasons for utilizing the non-GAAP financial measure as part of its financial disclosures. The SEC has exempted from the definition of “non-GAAP financial measures” certain commonly used financial measures that are not based on GAAP. When these exempted measures are included in public disclosures, supplemental information is not required. The following measures used in this Report, which are commonly utilized by financial institutions, have not been specifically exempted by the SEC and may constitute “non- GAAP financial measures” within the meaning of the SEC’s rules, although we are unable to state with certainty that the SEC would so regard them.

Fully Taxable Equivalent Net Interest Income and Net Interest Margin

Net interest income is commonly presented on a tax-equivalent basis. That is, to the extent that some component of the institution’s net interest income, which is presented on a before-tax basis, is exempt from taxation (e.g., is received by the institution as a result of its holdings of state or municipal obligations), an amount equal to the tax benefit derived from that component is added to the actual before-tax net interest income total. This adjustment is considered helpful in comparing one financial institution’s net interest income to that of other institutions or in analyzing any institution’s net interest income trend line over time, to correct any analytical distortion that might otherwise arise from the fact that financial institutions vary widely in the proportions of their portfolios that are invested in tax- exempt securities, and that even a single institution may significantly alter over time the proportion of its own portfolio that is invested in tax-exempt obligations. Moreover, net interest income is itself a component of a second financial measure commonly used by financial institutions, net interest margin, which is the ratio of net interest income to average interest-earning assets. For purposes of this measure as well, fully taxable equivalent net interest income is generally used by financial institutions, as opposed to actual net interest income, again to provide a better basis of comparison from institution to institution and to better demonstrate a single institution’s performance over time. The Corporation follows these practices.


	As of or for the Three Months Ended
(in thousands, except ratio data)	March 31, 2025			Dec. 31, 2024			Sept. 30, 2024			June 30, 2024			March 31, 2024
NET INTEREST MARGIN – FULLY TAXABLE EQUIVALENT
Net interest income (GAAP)	$	19,817		$	19,821		$	18,388		$	17,761		$	18,089
Fully taxable equivalent adjustment		80			88			83			81			84
Fully taxable equivalent net interest income (non-GAAP)	$	19,897		$	19,909		$	18,471		$	17,842		$	18,173

Average interest-earning assets (GAAP)	$	2,729,661		$	2,711,995		$	2,699,968		$	2,699,402		$	2,681,059

Net interest margin – fully taxable equivalent (non-GAAP)		2.96	%		2.92	%		2.72	%		2.66	%		2.73	%

Efficiency Ratio

The unadjusted efficiency ratio is calculated as non-interest expense divided by total revenue (net interest income and non-interest income). The adjusted efficiency ratio is a non-GAAP financial measure which represents the Corporation’s ability to turn resources into revenue and is calculated as non-interest expense divided by total revenue (fully taxable equivalent net interest income and non-interest income), adjusted for one-time occurrences and amortization. This measure is meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s productivity measured by the amount of revenue generated for each dollar spent.


	As of or for the Three Months Ended
(in thousands, except ratio data)	March 31, 2025			Dec. 31, 2024			Sept. 30, 2024			June 30, 2024			March 31, 2024
EFFICIENCY RATIO
Net interest income (GAAP)	$	19,817		$	19,821		$	18,388		$	17,761		$	18,089
Fully taxable equivalent adjustment		80			88			83			81			84
Fully taxable equivalent net interest income (non-GAAP)	$	19,897		$	19,909		$	18,471		$	17,842		$	18,173

Non-interest income (GAAP)	$	5,889		$	6,056		$	5,919		$	5,598		$	5,657

Non-interest expense (GAAP)	$	16,927		$	17,823		$	16,510		$	16,219		$	16,698

Efficiency ratio (unadjusted)		65.85	%		68.88	%		67.92	%		69.43	%		70.32	%
Efficiency ratio (adjusted)		65.64	%		68.64	%		67.69	%		69.19	%		70.07	%

Tangible Equity and Tangible Assets (Period-End)

Tangible equity, tangible assets, and tangible book value per share are each non-GAAP financial measures. Tangible equity represents the Corporation’s stockholders’ equity, less goodwill and intangible assets. Tangible assets represents the Corporation’s total assets, less goodwill and other intangible assets. Tangible book value per share represents the Corporation’s tangible equity divided by common shares at period-end. These measures are meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s use of equity.


	As of or for the Three Months Ended
(in thousands, except per share and ratio data)	March 31, 2025			Dec. 31, 2024			Sept. 30, 2024			June 30, 2024			March 31, 2024
TANGIBLE EQUITY AND TANGIBLE ASSETS
(PERIOD END)
Total shareholders’ equity (GAAP)	$	228,306		$	215,309		$	220,654		$	201,222		$	197,128
Less: intangible assets		(21,824	)		(21,824	)		(21,824	)		(21,824	)		(21,824	)
Tangible equity (non-GAAP)	$	206,482		$	193,485		$	198,830		$	179,398		$	175,304

Total assets (GAAP)	$	2,796,725		$	2,776,147		$	2,774,215		$	2,755,813		$	2,784,890
Less: intangible assets		(21,824	)		(21,824	)		(21,824	)		(21,824	)		(21,824	)
Tangible assets (non-GAAP)	$	2,774,901		$	2,754,323		$	2,752,391		$	2,733,989		$	2,763,066

Total equity to total assets at end of period (GAAP)		8.16	%		7.76	%		7.95	%		7.30	%		7.08	%
Book value per share (GAAP)	$	47.49		$	45.13		$	46.22		$	42.17		$	41.34

Tangible equity to tangible assets at end of period (non-GAAP)		7.44	%		7.02	%		7.22	%		6.56	%		6.34	%
Tangible book value per share (non-GAAP)	$	42.95		$	40.55		$	41.65		$	37.59		$	36.77

Tangible Equity (Average)

Average tangible equity and return on average tangible equity are each non-GAAP financial measures. Average tangible equity represents the Corporation’s average stockholders’ equity, less average goodwill and intangible assets for the period. Return on average tangible equity measures the Corporation’s earnings as a percentage of average tangible equity. These measures are meaningful to the Corporation, as well as investors and analysts, in assessing the Corporation’s use of equity.


	As of or for the Three Months Ended
(in thousands, except ratio data)	March 31, 2025			Dec. 31, 2024			Sept. 30, 2024			June 30, 2024			March 31, 2024
TANGIBLE EQUITY (AVERAGE)
Total average shareholders’ equity (GAAP)	$	222,802		$	219,254		$	210,421		$	195,375		$	195,860
Less: average intangible assets		(21,824	)		(21,824	)		(21,824	)		(21,824	)		(21,824	)
Average tangible equity (non-GAAP)	$	200,978		$	197,430		$	188,597		$	173,551		$	174,036

Return on average equity (GAAP)		10.96	%		10.73	%		10.81	%		10.27	%		14.48	%
Return on average tangible equity (non-GAAP)		12.15	%		11.92	%		12.07	%		11.56	%		16.29	%

Adjustments for Certain Items of Income or Expense

In addition to disclosures of certain GAAP financial measures, including net income, EPS, ROA, and ROE, we may also provide comparative disclosures that adjust these GAAP financial measures for a particular period by removing from the calculation thereof the impact of certain transactions or other material items of income or expense occurring during the period, including certain nonrecurring items. The Corporation believes that the resulting non-GAAP financial measures may improve an understanding of its results of operations by separating out any such transactions or items that may have had a disproportionate positive or negative impact on the Corporation’s financial results during the particular period in question. In the Corporation’s presentation of any such non-GAAP (adjusted) financial measures not specifically discussed in the preceding paragraphs, the Corporation supplies the supplemental financial information and explanations required under Regulation G.


	As of or for the Three Months Ended
(in thousands, except per share and ratio data)	March 31, 2025			Dec. 31, 2024			Sept. 30, 2024			June 30, 2024			March 31, 2024
NON-GAAP NET INCOME
Reported net income (GAAP)	$	6,023		$	5,914		$	5,720		$	4,987		$	7,050
Net (gains) losses on security transactions (net of tax)		—			—			—			—			—
Net income (non-GAAP)	$	6,023		$	5,914		$	5,720		$	4,987		$	7,050

Average basic and diluted shares outstanding		4,791			4,774			4,773			4,770			4,764

Reported basic and diluted earnings per share (GAAP)	$	1.26		$	1.24		$	1.19		$	1.05		$	1.48
Reported return on average assets (GAAP)		0.88	%		0.85	%		0.83	%		0.73	%		1.04	%
Reported return on average equity (GAAP)		10.96	%		10.73	%		10.81	%		10.27	%		14.48	%

Basic and diluted earnings per share (non-GAAP)	$	1.26		$	1.24		$	1.19		$	1.05		$	1.48
Return on average assets (non-GAAP)		0.88	%		0.85	%		0.83	%		0.73	%		1.04	%
Return on average equity (non-GAAP)		10.96	%		10.73	%		10.81	%		10.27	%		14.48	%

Category: Financial

Source: Chemung Financial Corp

For further information contact:
Dale M. McKim, III, EVP and CFO
dmckim@chemungcanal.com
Phone: 607-737-3714

MIL-OSI: Chino Commercial Bancorp Reports 8.7% Increase in Net Earnings

Source: GlobeNewswire (MIL-OSI)

CHINO, Calif., April 18, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Chino Commercial Bancorp (OTC: CCBC), the parent company of Chino Commercial Bank, N.A., announced the results of operations for the Bank and the consolidated holding company for the first quarter ended March 31, 2025.

Net earnings for the first quarter of 2025 were $1.35 million, reflecting an increase of $108.6 thousand, or 8.7%, compared to the same period last year. Basic and diluted earnings per share were $0.41 for the first quarter of 2025, up from $0.38 for the same quarter in 2024.

Dann H. Bowman, President and Chief Executive Officer, stated, “We are very pleased with the Bank’s performance in the first quarter of 2025. At the end of first quarter, the Bank set new records for total Assets, total Deposits, total Loans, and total Capital. Loan quality also remains very strong, with the Bank having no delinquent loans at the end of the first quarter.

In 2024, the Bank acquired a building in Corona and remains on track to open its fifth branch office during the second quarter of 2025. Early business development efforts have been very successful, and we are excited about the new office and many opportunities in the Corona market.

In 2023, the Bank became a member of the Card Brand Association and launched credit card processing (Merchant Services) for its customers. This service has not only introduced a valuable source of non-interest income but also provided significant cost savings and improved transparency for our clients. Efficient and cost-effective electronic payment processing has become essential to cash flow management for businesses. Looking ahead, we see potential to expand this offering beyond our immediate market, with expectations that merchant services revenue will become an increasingly important component of our business model.”

Financial Condition

As of March 31, 2025, total assets reached $471.3 million, representing an increase of $4.6 million, or 1.0%, from $466.7 million at December 31, 2024. Total deposits rose by $18.4 million, or 5.3%, to $367.3 million, up from $348.9 million at the end of the prior quarter. Core deposits accounted for 96.85% of total deposits as of March 31, 2025.

Gross loans increased by $2.9 million, or 1.4%, totaling $208.2 million as of March 31, 2025, compared to $205.2 million as of December 31, 2024. The Bank reported no delinquent loans, five non-performing loans, all on non-accrual status, as of March 31, 2025 and December 31, 2024. Three of the five non-performing loans have been in the process of foreclosure, however there were no Other Real Estate Owned (OREO) properties reported at either date.

Earnings

The Company reported net interest income of $3.6 million for the three months ended March 31, 2025, compared to $3.3 million for the same period in 2024. Average interest-earning assets were $419.0 million, while average interest-bearing liabilities totaled $231.1 million, resulting in a net interest margin of 3.51% for the first quarter of 2025. This compares favorably to the prior year’s first-quarter margin of 2.86%, based on average interest-earning assets of $469.3 million and average interest-bearing liabilities of $276.9 million.

Non-interest income totaled $855.6 thousand in the first quarter of 2025, an increase of 10.6% compared to $773.5 thousand in the first quarter of 2024. The majority of this increase was driven by higher service charges and fees on deposit accounts, which rose to $506.4 thousand—an increase of $66.5 thousand, or 15.1%, compared to $439.8 thousand in the same period last year. Merchant services processing revenue also contributed to the growth, totaling $141.3 thousand for the quarter, up $8.0 thousand, or 6.4%, from $132.7 thousand in the first quarter of 2024.

General and administrative expenses totaled $2.6 million for the three months ended March 31, 2025, compared to $2.4 million for the same period in 2024. The largest component of these expenses was salary and benefits, which amounted to $1.6 million in the first quarter of 2025, up from $1.5 million in the prior year.

Income tax expense for the quarter was $535.9 thousand, reflecting an increase of $46.6 thousand, or 9.5%, compared to $489.3 thousand for the same period last year. The Company’s effective income tax rate was approximately 28.3% for both Q1 2025 and Q1 2024.

Forward-Looking Statements

The statements contained in this press release that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties, including but not limited to, the health of the national and California economies, the Company’s ability to attract and retain skilled employees, customers’ service expectations, the Company’s ability to successfully deploy new technology and gain efficiencies therefrom, and changes in interest rates, loan portfolio performance, and other factors.

Contact: Dann H. Bowman, President and CEO or Melinda M. Milincu, Senior Vice President and CFO, Chino Commercial Bancorp and Chino Commercial Bank, N.A., 14245 Pipeline Avenue, Chino, CA. 91710, (909) 393-8880.

Consolidated Statements of Financial Condition

	Mar-2025 Ending Balance	Dec-2024 Ending Balance
Assets
Cash and due from banks	$52,791,324	$45,256,619
Cash and cash equivalents	$52,791,324	$45,256,619

Fed Funds Sold	$6,931	$31,029

Investment securities available for sale, net of zero
allowance for credit losses	$6,347,971	$6,558,341
Investment securities held to maturity, net of zero
allowance for credit losses	$185,242,891	$190,701,756
Total Investments	$191,590,862	$197,260,097

Gross loans held for investments	$208,160,713	$205,235,497
Allowance for Loan Losses	($4,631,422)	($4,623,740)
Net Loans	$203,529,291	$200,611,757
Stock investments, restricted, at cost	$3,576,000	$3,576,000
Fixed assets, net	$7,648,905	$7,255,785
Accrued Interest Receivable	$1,547,695	$1,539,505
Bank Owned Life Insurance	$8,540,316	$8,482,043
Other Assets	$2,565,398	$3,170,159

Total Assets	$471,319,006	$466,678,432

Liabilities
Deposits
Noninterest-bearing	$171,815,265	$166,668,725
Interest-bearing	$195,489,783	$182,200,703
Total Deposits	$367,305,048	$348,869,428

Federal Home Loan Bank advances	$0	$0
Federal Reserve Bank borrowings	$45,000,000	$60,000,000
Subordinated debt	$10,000,000	$10,000,000
Subordinated notes payable to subsidiary trust	$3,093,000	$3,093,000
Accrued interest payable	$276,545	$132,812
Other Liabilities	$1,688,305	$1,877,996
Total Liabilities	$427,362,898	$423,973,236

Shareholder Equity
Common Stock **	$10,502,558	$10,502,558
Retained Earnings	$35,412,219	$34,059,943
Unrealized Gain (Loss) AFS Securities	($1,958,669)	($1,857,305)
Total Shareholders’ Equity	$43,956,108	$42,705,196

Total Liab & Shareholders’ Equity	$471,319,006	$466,678,432

** Common stock, no par value, 10,000,000 shares authorized and 3,211,970 shares issued and outstanding at 3/31/2025 and 12/31/2024

Consolidated Statements of Net Income

	Mar-2025 QTD Balance	Mar-2024 QTD Balance
Interest Income
Interest & Fees On Loans	$3,321,616	$2,727,801
Interest on Investment Securities	$1,702,790	$1,936,105
Other Interest Income	$256,326	$1,030,948
Total Interest Income	$5,280,732	$5,694,854

Interest Expense
Interest on Deposits	$1,190,301	$1,032,935
Interest on Borrowings	$469,920	$1,312,693
Total Interest Expense	$1,660,221	$2,345,628

Net Interest Income	$3,620,511	$3,349,226

Provision For Loan Losses	$10,705	($2,933)

Net Interest Income After Provision for Loan Losses	$3,609,806	$3,352,159

Noninterest Income
Service Charges and Fees on Deposit Accounts	$506,358	$439,857
Interchange Fees	$106,469	$92,271
Earnings from Bank-Owned Life Insurance	$58,273	$56,295
Merchant Services Processing	$141,296	$132,768
Other Miscellaneous Income	$43,194	$52,272

Total Noninterest Income	$855,590	$773,463

Noninterest Expense
Salaries and Employee Benefits	$1,588,471	$1,501,427
Occupancy and Equipment	$181,453	$164,070
Merchant Services Processing	$77,041	$71,209
Other Expenses	$730,263	$655,978

Total Noninterest Expense	$2,577,228	$2,392,684

Income Before Income Tax Expense	$1,888,171	$1,732,939
Provision For Income Tax	$535,895	$489,266

Net Income	$1,352,276	$1,243,673

Basic earnings per share	$0.42	$0.39

Diluted earnings per share	$0.42	$0.39

Financial Highlights

	Mar-2025 QTD	Mar-2024 QTD
Key Financial Ratios
Annualized Return on Average Equity	12.72%	13.10%
Annualized Return on Average Assets	1.24%	1.01%
Net Interest Margin	3.51%	2.86%
Core Efficiency Ratio	57.58%	58.04%
Net Chargeoffs/Recoveries to Average Loans	-0.004%	0.000%

	3 month ended Mar-2025 QTD Avg	3 month ended Mar-2024 QTD Avg
Average Balances
(thousands, unaudited)
Average assets	$444,235	$492,218
Average interest-earning assets	$418,980	$469,334
Average interest-bearing liabilities	$231,101	$276,918
Average gross loans	$207,980	$182,133
Average deposits	$357,417	$329,949
Average equity	$43,224	$38,073

	Mar-2025 QTD	Dec-2024 YTD
Credit Quality
Non-performing loans	$1,110,738	$1,228,165
Non-performing loans to total loans	0.53%	0.60%
Non-performing loans to total assets	0.24%	0.26%
Allowance for credit losses to total loans	2.22%	2.25%
Nonperforming assets as a percentage of total loans and OREO	0.53%	0.60%
Allowance for credit losses to non-performing loans	416.97%	376.48%

Other Period-end Statistics
Shareholders equity to total assets	9.33%	9.15%
Net Loans to Deposits	55.28%	57.36%
Non-interest bearing deposits to total deposits	46.78%	47.77%
Company Leverage Ratio	11.03%	10.40%
Core Deposits / Total Deposits	96.85%	97.31%

MIL-OSI Security: Serial Bank Robber Sentenced to More than 11 Years in Prison

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

TOLEDO, Ohio – Hershel Winbush, 68, of Toledo, Ohio, was sentenced to prison by U.S. District Judge Jack Zouhary after he pleaded guilty to four counts of bank robbery in Lucas County, Ohio, and for violating the conditions of his supervised release for a prior conviction. Imprisonment will be for a total term of 140 months (more than 11 years) for each count to run concurrently and pay $8,210 in restitution. Upon release from imprisonment, the defendant was also ordered to serve two years of supervised release.

According to court documents and court records, Winbush entered several financial institutions in the Toledo, Ohio, area from 2019 through 2024 and threatened bank employees with violence by presenting notes such as “I have a gun, give me all the cash available,” and “This is a hold up. I have a gun.” Federally insured banking institutions that were affected included:

Woodforest National Bank, Glendale Ave., Oct. 24, 2019
Woodforest National Bank, Glendale Ave., Nov. 5, 2019
Jeep Federal Credit Union, Manhattan Blvd., April 8, 2024
Key Bank, Secor Rd., April 22, 2024

During the investigation, authorities discovered that Winbush had a decades-long pattern of bank robberies and had multiple incarcerations and prior convictions for crimes of violence in Michigan. Winbush was classified as a Career-Offender by Judge Jack Zouhary.

This case was investigated by the FBI Toledo Field Office and the Toledo Police Department. The case was prosecuted by Assistant U.S. Attorney Matthew Simko for the Northern District of Ohio.

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MIL-OSI USA: Press Release: FDIC Announces Three Orders Against Discover Bank, Greenwood, Delaware

Source: US Federal Deposit Insurance Corporation FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today announced the issuance of three orders against Discover Bank, Greenwood, Delaware (Bank). Specifically, the FDIC issued an Amended and Restated Consent Order requiring corrective action, an Order for Restitution requiring a restitution plan to distribute at least $1.225 billion to adversely affected merchants, merchant acquirers, and other intermediaries (collectively, merchants), and an Order to Pay assessing a $150 million civil money penalty.

The FDIC determined that:

For approximately 17 years, the Bank misclassified millions of consumer credit cards as commercial, resulting in higher interchange fees for transactions processed on the Discover network.
As a result of the Bank’s misclassification, merchants were overcharged over $1 billion in interchange fees when accepting payments with the misclassified credit cards.

In a concurrent action, the Board of Governors of the Federal Reserve System issued an order requiring corrective action and assessing a civil money penalty of $100 million against the Bank’s parent holding company, Discover Financial Services, Riverwoods, Illinois, and its subsidiary, DFS Services LLC.

ATTACHMENT:

# # #

MEDIA CONTACT:
LaJuan Williams-Young
lwilliams-young@FDIC.gov

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MIL-OSI Russia: IMF Staff Completes 2025 Article IV Mission to Nigeria

Source: IMF – News in Russian

April 18, 2025

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth. These reforms have put Nigeria in a better position to navigate the external environment.
The macroeconomic outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.
Macroeconomic policies need to further strengthen buffers and resilience, reduce inflation, and support private sector-led growth.

Washington, DC: An International Monetary Fund team, led by Axel Schimmelpfennig, IMF mission chief for Nigeria, visited Lagos and Abuja on April 2–15 to hold discussions for the 2025 Article IV Consultations with Nigeria. The team met with Minister of Finance and Coordinating Minister of the Economy Wale Edun, Minister of Agriculture and Food Security Abubakar Kyari, Central Bank of Nigeria Governor Yemi Cardoso, senior government and central bank officials, the Ministry of the Environment, the private sector, academia, labor unions, and civil society. At the end of the visit, Mr. Axel Schimmelpfennig, issued the following statement:

“The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth. The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies were removed, and the functioning of the foreign exchange market has improved. Gains have yet to benefit all Nigerians as poverty and food insecurity remain high.

”The outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy. The reforms since 2023 have put the Nigerian economy in a better position to navigate this external environment. Looking ahead, macroeconomic policies need to further strengthen buffers and resilience, while creating enabling conditions for private sector-led growth.

“The authorities communicated to the mission that they will implement the 2025 budget in a manner that is responsive to the decline in international oil prices. A neutral fiscal stance would support monetary policy to bring down inflation. To safeguard key spending priorities, it is imperative that fiscal savings from the fuel subsidy removal are channeled to the budget. In particular, adjustments should protect critical, growth-enhancing investment, while accelerating and broadening the delivery of cash transfers under the World Bank-supported program to provide relief to those experiencing food insecurity.

“A tight monetary policy stance is required to firmly guide inflation down. The Monetary Policy Committee’s data-dependent approach has served Nigeria well and will help navigate elevated macroeconomic uncertainty. Announcing a disinflation path to serve as an intermediate target can help anchor inflation expectations.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Julie Ziegler

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

https://www.imf.org/en/News/Articles/2025/04/18/pr-25114-nigeria-imf-staff-completes-2025-article-iv-mission

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MIL-OSI Security: Mexican Man Charged with Bringing Aliens to the United States

Source: Office of United States Attorneys

Burlington, Vermont – The Office of the United States Attorney for the District of Vermont announced that on April 17, 2025, a federal grand jury returned an indictment charging Benjamin Gutierrez-Morales, 28, of Sonora, Mexico, with illegally bringing aliens to the United States.

Gutierrez-Morales’s arraignment will occur on April 21, 2025, at 1:00 PM in Burlington, Vermont.

According to court records, Gutierrez-Morales met two aliens north of the United States-Canada international border on April 5, 2025. He led those two aliens on foot south across the border. Law enforcement caught all three aliens near Lost Nation Road in Berkshire, Vermont. The two aliens who Gutierrez-Morales brought to the United States both pleaded guilty to illegally entering the United States on April 7, 2025.

The United States Attorney’s Office emphasizes that an indictment contains allegations only and that Gutierrez-Morales is presumed innocent until and unless proven guilty. Gutierrez-Morales faces up to 10 years of imprisonment if convicted. The actual sentence, however, would be determined by the District Court with guidance from the advisory United States Sentencing Guidelines and the statutory sentencing factors.

Acting United States Attorney Michael P. Drescher commended the investigatory efforts of the United States Border Patrol.

The prosecutor is Assistant United States Attorney Joshua L. Banker. Gutierrez-Morales is represented by Assistant Federal Public Defender Emily Kenyon.

This case is part of Operation Take Back America a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

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