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Category: Commerce

  • MIL-OSI: Best Retargeting Ads Platform (2025): Meta Pixel Recognized As Top Ad Retargeting Solution by Software Experts

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK CITY, April 22, 2025 (GLOBE NEWSWIRE) — Software Experts has recognized Meta Pixel as a top solution for ad retargeting, emphasizing its role in helping businesses optimize ad performance and improve conversion rates. 

    Top Ad Retargeting Platform

    • Meta Pixel – a tracking and analytics tool that helps businesses measure ad performance, optimize targeting, and retarget website visitors across Meta’s technologies

    This article is sponsored by Meta. Links in content may be eligible for commission.

    As part of the broader Meta for Business ecosystem, Meta Pixel provides marketers with unparalleled tools for tracking user interactions, refining audience targeting, and driving more effective advertising campaigns.

    Meta for Business: A Holistic Approach to Digital Marketing

    Meta for Business offers a comprehensive suite of tools designed to help companies of all sizes scale their marketing efforts across Facebook, Messenger, Instagram, and WhatsApp. Businesses can leverage advanced ad solutions from Meta, AI-enabled automation, and data-driven insights to enhance audience reach, personalize ad delivery, and optimize marketing spend.

    At the core of this ecosystem is Meta Pixel, an analytics tool that enables advertisers to measure, refine, and enhance their digital campaigns. By integrating Meta Pixel with the Meta advertising system, businesses gain access to highly accurate data that informs marketing strategies, ensuring they reach the right audiences with the right messages at the right time.

    Meta Pixel: Transforming Ad Retargeting

    Meta Pixel is a JavaScript code snippet that businesses can embed on their websites to track visitor interactions and link them back to the Meta advertising network. This capability allows businesses to analyze customer behavior, measure campaign effectiveness, and implement sophisticated retargeting strategies that keep their brand top-of-mind for potential customers.

    With online advertising becoming increasingly competitive, the ability to track user actions—such as page views, product clicks, and purchases—is crucial for refining ad strategies and improving return on investment (ROI). Meta Pixel provides businesses with the data-driven insights necessary to create highly targeted custom audiences, optimize ad delivery, and measure cross-device conversions, making it one of the most effective tools for digital advertisers.

    Key Features of Meta Pixel

    Meta Pixel is designed with advanced features that empower businesses to track, analyze, and refine their advertising campaigns. Some of its standout features include:

    • Ad Delivery Optimization – Meta Pixel helps advertisers optimize ad placement by ensuring their content reaches users most likely to take action.
    • Custom Audiences – Businesses can build audiences based on specific behaviors, such as users who visited a particular page or added products to their cart but did not complete the purchase.
    • Cross-Device Tracking – Meta Pixel monitors customer activity across multiple devices, helping businesses understand how users interact with ads on mobile, desktop, and tablet.
    • Advanced Matching – This feature allows advertisers to securely match customer data (such as email addresses and phone numbers) with the Meta user base to improve audience targeting and attribution accuracy.
    • Event Tracking – Meta Pixel enables businesses to track key conversion events, including purchases, sign-ups, form submissions, and video views, helping them refine ad performance over time.
    • Dynamic Ads Integration – By connecting Meta Pixel with dynamic Ads, businesses can automatically show relevant products to users who have expressed interest, increasing the likelihood of conversions.

    The Benefits of Using Meta Pixel

    Software Experts highlights several major benefits of Meta Pixel that contribute to its recognition as a top ad retargeting tool:

    1. Improved Ad Performance & ROI

    By tracking user interactions and identifying high-intent audiences, Meta Pixel helps businesses reduce wasted ad spend and improve overall conversion rates. Advertisers can refine their targeting strategies to ensure their budget is spent on users who are most likely to convert.

    2. Smarter Audience Targeting

    With custom audiences and lookalike audiences, businesses can create more personalized ad experiences that resonate with potential customers. This leads to higher engagement, lower cost per acquisition, and increased brand loyalty.

    3. Enhanced Attribution & Measurement

    Meta Pixel provides comprehensive data insights, allowing advertisers to track the customer journey and determine which ads drive conversions. With these insights, businesses can optimize their campaigns in real time, reallocating budgets to the most effective strategies.

    4. Seamless Integration with the Meta Advertising Ecosystem

    Meta Pixel is fully integrated with Meta Ads Manager, providing businesses with a seamless way to track performance, refine strategies, and automate retargeting campaigns—all within a single solution.

    Click here to explore what Meta for Business and Meta Pixel have to offer. For a more comprehensive analysis of Meta Pixel, please visit the Software Experts website.

    About Meta

    Meta is a global technology company committed to evolving social technology by moving beyond traditional 2D screens to immersive digital experiences. Founded on the transformative impact of Facebook in 2004, Meta has expanded its reach through technologies like Messenger, Instagram, and WhatsApp, helping people connect and communicate worldwide.

    Guided by core principles that emphasize enhancing human relationships, Meta is at the forefront of developing augmented, virtual, and mixed reality technologies. Its diverse workforce brings together a broad range of perspectives to drive innovation and explore new ways for people to interact in the digital age.

    Meta’s leadership team is dedicated to advancing the metaverse, a next-generation digital environment that redefines how individuals and businesses engage. By pioneering new technological frontiers, Meta continues to build the future of digital connection.

    About Software Experts: Software Experts provides news and reviews of consumer products and services. Software Experts is a participant in the Meta Affiliate Marketing Program, an affiliate advertising and marketing program that pays commissions to affiliates that advertise and link to Meta if readers buy products from Meta through the links provided. 

    The MIL Network –

  • MIL-OSI: FundThrough Acquires Ampla, Strengthening its Digital-First Invoice Funding Solution

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON and TORONTO, April 22, 2025 (GLOBE NEWSWIRE) — FundThrough, the leading fintech invoice factoring platform for small and medium-sized businesses (SMBs), today announced its acquisition of Ampla, the leading provider of financial technology solutions for consumer brands offering working capital, business banking, corporate cards, and analytics. Ampla surpassed +$2B of loan originations and handled +$5T of transaction volume through its platform. This strategic acquisition strengthens FundThrough’s digital-first ecosystem, creating an unrivaled platform explicitly designed for small businesses that sell to larger companies and wait to get paid after invoicing.

    Building on its successful acquisition of Bluevine’s factoring business in 2021, FundThrough again demonstrates its ability to identify and seamlessly integrate game-changing SMB technologies. Today, FundThrough’s expanding footprint now delivers crucial invoice factoring solutions across diverse B2B sectors, including retail, manufacturing, oil and gas, technology, professional services, and food supply and agriculture, with 85 percent of its funding helping American clients.

    “Business owners have increasingly been forced to act like banks for their much larger customers who extend invoice payment terms beyond reasonable lengths. They need a seamless way to bridge the cash flow gap, and FundThrough provides a tech-enabled financial solution,” said Steven Uster, FundThrough’s CEO. “Now, Ampla’s technology significantly enhances FundThrough’s AI-powered model, enabling us to level the playing field further. With Ampla, we can scale faster, enhance our credit underwriting and monitoring processes, and help even more businesses solve their number one pain point, cash flow. I’m excited to work with Anthony, a proven entrepreneur with vast knowledge in this space.”

    Ampla’s CEO, Anthony Santomo, will remain a strategic advisor to FundThrough and will be joined by his core team. “I’m excited about Ampla’s acquisition by FundThrough and the potential of the combined platform to support small businesses. This strategic move enhances commerce capabilities and provides operators with greater resources to succeed,” said Santomo.

    In addition to the acquisition, FundThrough also raised $25 million in its Series B round, led by existing investor Klister Credit Corp., an early and large investor in both Shopify and FundThrough. This strategic investment fuels aggressive expansion into key growth areas, including further acquisitions, investments in technology and AI, enhanced UX, and accelerated product innovation.

    “Steven’s leadership has firmly established FundThrough as a bellwether in the fintech and specialty finance industry. FundThrough’s track record over the past years of uncertainty is impressive. FundThrough has stayed tightly focused on robustly serving the needs of small businesses forced to hold receivables from their much larger, better-capitalized customers,” said John Phillips, President of Klister. “The outlook for small business growth continues to be positive, and my increased investment reflects my confidence in the FundThrough team’s continuing focus on serving this important market through the best service and continual product innovation.”

    “As small businesses navigate the evolving global tariffs, the best thing they can do is preserve their cash flow. FundThrough helps bridge the gap by providing peace of mind for business owners during these uncertain times,” concluded Uster.

    FundThrough continues to earn recognition for its growth and technology, landing spots on the Deloitte Fast 500 and Globe & Mail’s Report on Business Top Growing Companies List.

    About FundThrough
    FundThrough is the leading fintech invoice factoring platform for small and medium-sized businesses (SMBs). Based in Houston and Toronto, FundThrough’s digital-first ecosystem leverages real-time financial data and predictive analytics, offering flexible, tailored financing solutions for growing businesses. Since its founding, the award-winning organization has funded over $2.7 billion of invoices. For more information, visit fundthrough.com.

    FundThrough Media Contact
    Nadia Milani
    VP, Marketing
    nmilani@fundthrough.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9db241c8-59f7-4131-97fd-ac2b75586f4a

    The MIL Network –

  • MIL-OSI: Old National Bancorp Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., April 22, 2025 (GLOBE NEWSWIRE) —

    Old National Bancorp (NASDAQ: ONB) reports 1Q25 net income applicable to common shares of $140.6 million, diluted EPS of $0.44; $145.5 million and $0.45 on an adjusted1basis, respectively.

    CEO COMMENTARY:

    “Old National reported better-than-expected first-quarter results driven by our peer-leading deposit franchise, solid loan growth and disciplined expense management,” said Chairman and CEO Jim Ryan. “These results demonstrate our ability to navigate a challenging and uncertain economic environment, setting us up favorably as we move into the second quarter and, importantly, as we prepare for our partnership with Bremer Bank which we anticipate closing on May 1, 2025.”


    FIRST     QUARTER HIGHLIGHTS2:

    Net Income
    • Net income applicable to common shares of $140.6 million; adjusted net income applicable to common shares1 of $145.5 million
    • Earnings per diluted common share (“EPS”) of $0.44; adjusted EPS1 of $0.45
       
    Net Interest
    Income/NIM
    • Net interest income on a fully taxable equivalent basis1 of $393.0 million
    • Net interest margin on a fully taxable equivalent basis1 (“NIM”) of 3.27%, down 3 basis points (“bps”)
       
    Operating
    Performance
    • Pre-provision net revenue1 (“PPNR”) of $218.3 million; adjusted PPNR1 of $224.3 million
    • Noninterest expense of $268.5 million; adjusted noninterest expense1 of $262.6 million
    • Efficiency ratio1 of 53.7%; adjusted efficiency ratio1 of 51.8%
       
    Deposits and
    Funding
    • Period-end total deposits of $41.0 billion, up 2.1% annualized; core deposits up 1.7% annualized
    • Granular low-cost deposit franchise; total deposit costs of 191 bps, down 17 bps
       
    Loans and
    Credit
    Quality
    • End-of-period total loans3 of $36.5 billion, up 1.5% annualized
    • Provision for credit losses4 (“provision”) of $31.4 million
    • Net charge-offs of $21.6 million, or 24 bps of average loans; 21 bps excluding purchased credit deteriorated (“PCD”) loans that had an allowance at acquisition
    • 30+ day delinquencies of 0.22% and nonaccrual loans of 1.29% of total loans
     
    Return
    Profile &
    Capital
    • Return on average tangible common equity1 (“ROATCE”) of 15.0%; adjusted ROATCE1 of 15.5%
    • Preliminary regulatory Tier 1 common equity to risk-weighted assets of 11.62%, up 24 bps
       
    Notable
    Items
    • $5.9 million of pre-tax merger-related charges
       

    1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments

    RESULTS OF OPERATIONS2
    Old National Bancorp (“Old National”) reported first quarter 2025 net income applicable to common shares of $140.6 million, or $0.44 per diluted common share.

    Included in first quarter results were pre-tax charges of $5.9 million for merger-related expenses. Excluding these charges and realized debt securities losses from the current quarter, adjusted net income1 was $145.5 million, or $0.45 per diluted common share.

    DEPOSITS AND FUNDING
    Growth in core deposits driven by normal seasonal patterns in business checking and public funds, along with growth in community deposits.

    • Period-end total deposits were $41.0 billion, up 2.1% annualized; core deposits up 1.7% annualized.
    • On average, total deposits for the first quarter were $40.5 billion, down 6.2% annualized.
    • Granular low-cost deposit franchise; total deposit costs of 191 bps, down 17 bps.
    • A loan to deposit ratio of 89%, combined with existing funding sources, provides strong liquidity.

    LOANS
    Balanced commercial loan production, growth and pipeline.

    • Period-end total loans3 were $36.5 billion, up 1.5% annualized; up 2.3% annualized excluding $71 million of commercial real estate loan sales.
    • Total commercial loan production in the first quarter was $1.5 billion; period-end commercial pipeline totaled $3.4 billion.
    • Average total loans in the first quarter were $36.3 billion, a decrease of $128.2 million, or down 1.4% annualized.

    CREDIT QUALITY
    Resilient credit quality continues to be a hallmark of Old National.

    • Provision4 expense was $31.4 million compared to $27.0 million.
    • Net charge-offs were $21.6 million, or 24 bps of average loans compared to 21 bps.
      • Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 21 bps compared to 17 bps.
    • 30+ day delinquencies as a percentage of loans were 0.22% compared to 0.27%.
    • Nonaccrual loans as a percentage of total loans were 1.29% compared to 1.23%.
    • Loans acquired from previous acquisitions were recorded at fair value at the acquisition date. The remaining discount on these acquired loans was $119.2 million.
    • The allowance for credit losses, including the allowance for credit losses on unfunded commitments, stood at $424.0 million, or 1.16% of total loans, compared to $414.2 million, or 1.14% of total loans.

    NET INTEREST INCOME AND MARGIN
    Lower reflective of lower accretion and number of days.

    • Net interest income on a fully taxable equivalent basis1 decreased to $393.0 million compared to $400.0 million, driven by lower accretion, fewer days in the quarter and earning asset mix, partly offset by lower funding costs.
    • Net interest margin on a fully taxable equivalent basis1 decreased 3 bps to 3.27%.
    • Accretion income on loans and borrowings was $12.3 million, or 10 bps of net interest margin1, compared to $18.5 million, or 15 bps of net interest margin1.
    • Cost of total deposits was 1.91%, decreasing 17 bps and the cost of total interest-bearing deposits decreased 25 bps to 2.46%.

    NONINTEREST INCOME
    Impacted by seasonally lower bank fees and lower company-owned life insurance.

    • Total noninterest income was $93.8 million compared to $95.8 million.
    • Noninterest income decreased 2.1% driven by seasonally lower bank fees and lower company-owned life insurance.
      • Other income was impacted by $4.8 million of gains on the sale of $71 million of commercial real estate loans in the first quarter of 2025 and $8 million of equity investments recoveries in the fourth quarter of 2024.

    NONINTEREST EXPENSE
    Disciplined expense management.

    • Noninterest expense was $268.5 million and included $5.9 million of merger-related charges.
      • Excluding merger-related charges, adjusted noninterest expense1 was $262.6 million, compared to $268.7 million; decrease driven by lower FDIC assessment expense and tax credit amortization.
    • The efficiency ratio1 was 53.7%, while the adjusted efficiency ratio1 was 51.8% compared to 54.4% and 51.8%, respectively.

    INCOME TAXES

    • Income tax expense was $36.9 million, resulting in an effective tax rate of 20.3% compared to 17.3%. On an adjusted fully taxable equivalent (“FTE”) basis, the effective tax rate was 22.6% compared to 19.8%.
      • The effective tax rate for the first quarter of 2025 was impacted by $1.2 million for the vesting of employee stock compensation and the fourth quarter of 2024 was impacted by $5.9 million for the resolution of tax matters.
    • Income tax expense included $5.3 million of tax credit benefit compared to $5.2 million.

    CAPITAL
    Capital ratios remain strong.

    • Preliminary total risk-based capital up 31 bps to 13.68% and preliminary regulatory Tier 1 capital up 25 bps to 12.23%, as strong retained earnings drive capital.
    • Tangible common equity to tangible assets was 7.76%, up 4.7%.

    CONFERENCE CALL AND WEBCAST
    Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, April 22, 2025, to review first quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 5176690. A replay of the call will also be available from approximately noon Central Time on April 22, 2025 through May 6, 2025. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 5176690.

    ABOUT OLD NATIONAL
    Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $54 billion of assets and $29 billion of assets under management, Old National ranks among the top 30 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

    USE OF NON-GAAP FINANCIAL MEASURES
    The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company’s operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

    The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include merger-related charges associated with completed and pending acquisitions, debt securities gains/losses, separation expense, CECL Day 1 non-PCD provision expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company’s underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

    Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company’s underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

    The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

    The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

    In management’s view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution’s capital strength since they eliminate intangible assets from stockholders’ equity and retain the effect of accumulated other comprehensive loss in stockholders’ equity.

    Although intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the “Non-GAAP Reconciliations” section for details on the calculation of these measures to the extent presented herein.

    FORWARD-LOOKING STATEMENTS
    This communication contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “should,” “would,” and “will,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the possibility that the merger (the “Merger”) between Old National and Bremer Financial Corporation (“Bremer”) does not close when expected; the expected cost savings, synergies and other financial benefits from the Merger not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; risks relating to the potential dilutive effect of shares of Old National’s common stock to be issued in the Merger; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this communication; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. These forward-looking statements are made only as of the date of this communication and are not guarantees of future results, performance or outcomes, and Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this communication.

    CONTACTS:    
    Media: Rick Vach   Investors: Lynell Durchholz
    (904) 535-9489   (812) 464-1366
    Rick.Vach@oldnational.com   Lynell.Durchholz@oldnational.com
             
    Financial Highlights (unaudited)
    ($ and shares in thousands, except per share data)
               
      Three Months Ended
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    Income Statement          
    Net interest income $ 387,643   $ 394,180   $ 391,724   $ 388,421   $ 356,458  
    FTE adjustment1,3   5,360     5,777     6,144     6,340     6,253  
    Net interest income – tax equivalent basis3   393,003     399,957     397,868     394,761     362,711  
    Provision for credit losses   31,403     27,017     28,497     36,214     18,891  
    Noninterest income   93,794     95,766     94,138     87,271     77,522  
    Noninterest expense   268,471     276,824     272,283     282,999     262,317  
    Net income available to common shareholders $ 140,625   $ 149,839   $ 139,768   $ 117,196   $ 116,250  
    Per Common Share Data          
    Weighted average diluted shares   321,016     318,803     317,331     316,461     292,207  
    EPS, diluted $ 0.44   $ 0.47   $ 0.44   $ 0.37   $ 0.40  
    Cash dividends   0.14     0.14     0.14     0.14     0.14  
    Dividend payout ratio2   32 %   30 %   32 %   38 %   35 %
    Book value $ 19.71   $ 19.11   $ 19.20   $ 18.28   $ 18.24  
    Stock price   21.19     21.71     18.66     17.19     17.41  
    Tangible book value3   12.54     11.91     11.97     11.05     11.10  
    Performance Ratios          
    ROAA   1.08 %   1.14 %   1.08 %   0.92 %   0.98 %
    ROAE   9.1 %   9.8 %   9.4 %   8.2 %   8.7 %
    ROATCE3   15.0 %   16.4 %   16.0 %   14.1 %   14.9 %
    NIM (FTE)3   3.27 %   3.30 %   3.32 %   3.33 %   3.28 %
    Efficiency ratio3   53.7 %   54.4 %   53.8 %   57.2 %   58.3 %
    NCOs to average loans   0.24 %   0.21 %   0.19 %   0.16 %   0.14 %
    ACL on loans to EOP loans   1.10 %   1.08 %   1.05 %   1.01 %   0.95 %
    ACL4 to EOP loans   1.16 %   1.14 %   1.12 %   1.08 %   1.03 %
    NPLs to EOP loans   1.29 %   1.23 %   1.22 %   0.94 %   0.98 %
    Balance Sheet (EOP)          
    Total loans $ 36,413,944   $ 36,285,887   $ 36,400,643   $ 36,150,513   $ 33,623,319  
    Total assets   53,877,944     53,552,272     53,602,293     53,119,645     49,534,918  
    Total deposits   41,034,572     40,823,560     40,845,746     39,999,228     37,699,418  
    Total borrowed funds   5,447,054     5,411,537     5,449,096     6,085,204     5,331,161  
    Total shareholders’ equity   6,534,654     6,340,350     6,367,298     6,075,072     5,595,408  
    Capital Ratios3          
    Risk-based capital ratios (EOP):          
    Tier 1 common equity   11.62 %   11.38 %   11.00 %   10.73 %   10.76 %
    Tier 1 capital   12.23 %   11.98 %   11.60 %   11.33 %   11.40 %
    Total capital   13.68 %   13.37 %   12.94 %   12.71 %   12.74 %
    Leverage ratio (average assets)   9.44 %   9.21 %   9.05 %   8.90 %   8.96 %
    Equity to assets (averages)   12.01 %   11.78 %   11.60 %   11.31 %   11.32 %
    TCE to TA   7.76 %   7.41 %   7.44 %   6.94 %   6.86 %
    Nonfinancial Data          
    Full-time equivalent employees   4,028     4,066     4,105     4,267     3,955  
    Banking centers   280     280     280     280     258  
    1 Calculated using the federal statutory tax rate in effect of 21% for all periods.    
    2 Cash dividends per common share divided by net income per common share (basic).    
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.
        March 31, 2025 capital ratios are preliminary.
    4 Includes the allowance for credit losses on loans and unfunded loan commitments.    
               
    FTE – Fully taxable equivalent basis ROAA – Return on average assets ROAE – Return on average equity ROATCE – Return on average tangible common equity NCOs – Net Charge-offs ACL – Allowance for Credit Losses EOP – End of period actual balances NPLs – Non-performing Loans TCE – Tangible common equity TA – Tangible assets
               
    Income Statement (unaudited)
    ($ and shares in thousands, except per share data)
      Three Months Ended
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    Interest income $ 630,399   $ 662,082   $ 679,925   $ 663,663   $ 595,981  
    Less: interest expense   242,756     267,902     288,201     275,242     239,523  
    Net interest income   387,643     394,180     391,724     388,421     356,458  
    Provision for credit losses   31,403     27,017     28,497     36,214     18,891  
    Net interest income
    after provision for credit losses    		   356,240     367,163     363,227     352,207     337,567  
    Wealth and investment services fees   29,648     30,012     29,117     29,358     28,304  
    Service charges on deposit accounts   21,156     20,577     20,350     19,350     17,898  
    Debit card and ATM fees   9,991     10,991     11,362     10,993     10,054  
    Mortgage banking revenue   6,879     7,026     7,669     7,064     4,478  
    Capital markets income   4,506     5,244     7,426     4,729     2,900  
    Company-owned life insurance   5,381     6,499     5,315     5,739     3,434  
    Other income   16,309     15,539     12,975     10,036     10,470  
    Debt securities gains (losses), net   (76 )   (122 )   (76 )   2     (16 )
    Total noninterest income   93,794     95,766     94,138     87,271     77,522  
    Salaries and employee benefits   148,305     146,605     147,494     159,193     149,803  
    Occupancy   29,053     29,733     27,130     26,547     27,019  
    Equipment   8,901     9,325     9,888     8,704     8,671  
    Marketing   11,940     12,653     11,036     11,284     10,634  
    Technology   22,020     21,429     23,343     24,002     20,023  
    Communication   4,134     4,176     4,681     4,480     4,000  
    Professional fees   7,919     11,055     7,278     10,552     6,406  
    FDIC assessment   9,700     11,970     11,722     9,676     11,313  
    Amortization of intangibles   6,830     7,237     7,411     7,425     5,455  
    Amortization of tax credit investments   3,424     4,556     3,277     2,747     2,749  
    Other expense   16,245     18,085     19,023     18,389     16,244  
    Total noninterest expense   268,471     276,824     272,283     282,999     262,317  
    Income before income taxes   181,563     186,105     185,082     156,479     152,772  
    Income tax expense   36,904     32,232     41,280     35,250     32,488  
    Net income $ 144,659   $ 153,873   $ 143,802   $ 121,229   $ 120,284  
    Preferred dividends   (4,034 )   (4,034 )   (4,034 )   (4,033 )   (4,034 )
    Net income applicable to common shares $ 140,625   $ 149,839   $ 139,768   $ 117,196   $ 116,250  
               
    EPS, diluted $ 0.44   $ 0.47   $ 0.44   $ 0.37   $ 0.40  
    Weighted Average Common Shares Outstanding          
    Basic   315,925     315,673     315,622     315,585     290,980  
    Diluted   321,016     318,803     317,331     316,461     292,207  
    Common shares outstanding (EOP)   319,236     318,980     318,955     318,969     293,330  
               
               
     
    End of Period Balance Sheet (unaudited)
    ($ in thousands)
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    Assets          
    Cash and due from banks $ 486,061   $ 394,450   $ 498,120   $ 428,665   $ 350,990  
    Money market and other interest-earning investments   753,719     833,518     693,450     804,381     588,509  
    Investments:          
    Treasury and government-sponsored agencies   2,364,170     2,289,903     2,335,716     2,207,004     2,243,754  
    Mortgage-backed securities   6,458,023     6,175,103     6,085,826     5,890,371     5,566,881  
    States and political subdivisions   1,589,555     1,637,379     1,665,128     1,678,597     1,672,061  
    Other securities   755,348     781,656     783,079     775,623     760,847  
    Total investments   11,167,096     10,884,041     10,869,749     10,551,595     10,243,543  
    Loans held-for-sale, at fair value   40,424     34,483     62,376     66,126     19,418  
    Loans:          
    Commercial   10,650,615     10,288,560     10,408,095     10,332,631     9,648,269  
    Commercial and agriculture real estate   16,135,327     16,307,486     16,356,216     16,016,958     14,653,958  
    Residential real estate   6,771,694     6,797,586     6,757,896     6,894,957     6,661,379  
    Consumer   2,856,308     2,892,255     2,878,436     2,905,967     2,659,713  
    Total loans   36,413,944     36,285,887     36,400,643     36,150,513     33,623,319  
    Allowance for credit losses on loans   (401,932 )   (392,522 )   (380,840 )   (366,335 )   (319,713 )
    Premises and equipment, net   584,664     588,970     599,528     601,945     564,007  
    Goodwill and other intangible assets   2,289,268     2,296,098     2,305,084     2,306,204     2,095,511  
    Company-owned life insurance   859,211     859,851     863,723     862,032     767,423  
    Accrued interest receivable and other assets   1,685,489     1,767,496     1,690,460     1,714,519     1,601,911  
    Total assets $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645   $ 49,534,918  
               
    Liabilities and Equity          
    Noninterest-bearing demand deposits $ 9,186,314   $ 9,399,019   $ 9,429,285   $ 9,336,042   $ 9,257,709  
    Interest-bearing:          
    Checking and NOW accounts   7,736,014     7,538,987     7,314,245     7,680,865     7,236,667  
    Savings accounts   4,715,329     4,753,279     4,781,447     4,983,811     5,020,095  
    Money market accounts   11,638,653     11,807,228     11,601,461     10,485,491     10,234,113  
    Other time deposits   6,212,898     5,819,970     6,010,070     5,688,432     4,760,659  
    Total core deposits   39,489,208     39,318,483     39,136,508     38,174,641     36,509,243  
    Brokered deposits   1,545,364     1,505,077     1,709,238     1,824,587     1,190,175  
    Total deposits   41,034,572     40,823,560     40,845,746     39,999,228     37,699,418  
               
    Federal funds purchased and interbank borrowings   170     385     135,263     250,154     50,416  
    Securities sold under agreements to repurchase   290,256     268,975     244,626     240,713     274,493  
    Federal Home Loan Bank advances   4,514,354     4,452,559     4,471,153     4,744,560     4,193,039  
    Other borrowings   642,274     689,618     598,054     849,777     813,213  
    Total borrowed funds   5,447,054     5,411,537     5,449,096     6,085,204     5,331,161  
    Accrued expenses and other liabilities   861,664     976,825     940,153     960,141     908,931  
    Total liabilities   47,343,290     47,211,922     47,234,995     47,044,573     43,939,510  
    Preferred stock, common stock, surplus, and retained earnings   7,183,163     7,086,393     6,971,054     6,866,480     6,375,036  
    Accumulated other comprehensive income (loss), net of tax   (648,509 )   (746,043 )   (603,756 )   (791,408 )   (779,628 )
    Total shareholders’ equity   6,534,654     6,340,350     6,367,298     6,075,072     5,595,408  
    Total liabilities and shareholders’ equity $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645   $ 49,534,918  
     
                             
    Average Balance Sheet and Interest Rates (unaudited)
    ($ in thousands)
                             
                             
        Three Months Ended   Three Months Ended   Three Months Ended
        March 31, 2025   December 31, 2024   March 31, 2024
        Average Income1/ Yield/   Average Income1/ Yield/   Average Income1/ Yield/
    Earning Assets:   Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    Money market and other interest-earning investments   $ 791,067   $ 8,815 4.52 %   $ 1,072,509   $ 12,843 4.76 %   $ 757,244   $ 9,985 5.30 %
    Investments:                        
    Treasury and government-sponsored agencies     2,318,869     20,019 3.45 %     2,325,120     20,841 3.59 %     2,362,477     23,266 3.94 %
    Mortgage-backed securities     6,287,825     54,523 3.47 %     6,149,775     50,416 3.28 %     5,357,085     38,888 2.90 %
    States and political subdivisions     1,610,819     13,242 3.29 %     1,654,591     13,698 3.31 %     1,680,175     13,976 3.33 %
    Other securities     770,839     10,512 5.45 %     783,708     10,518 5.37 %     770,438     12,173 6.32 %
    Total investments     10,988,352     98,296 3.58 %     10,913,194     95,473 3.50 %     10,170,175     88,303 3.47 %
    Loans:2                        
    Commercial     10,397,991     165,595 6.37 %     10,401,056     176,996 6.81 %     9,540,385     167,263 7.01 %
    Commercial and agriculture real estate     16,213,606     245,935 6.07 %     16,326,802     263,062 6.44 %     14,368,370     230,086 6.41 %
    Residential real estate loans     6,815,091     67,648 3.97 %     6,814,829     68,346 4.01 %     6,693,814     63,003 3.76 %
    Consumer     2,871,213     49,470 6.99 %     2,883,413     51,139 7.06 %     2,645,091     43,594 6.63 %
    Total loans     36,297,901     528,648 5.83 %     36,426,100     559,543 6.14 %     33,247,660     503,946 6.07 %
                             
    Total earning assets   $ 48,077,320   $ 635,759 5.30 %   $ 48,411,803   $ 667,859 5.52 %   $ 44,175,079   $ 602,234 5.46 %
                             
    Less: Allowance for credit losses on loans     (398,765 )         (382,799 )         (313,470 )    
                             
    Non-earning Assets:                        
    Cash and due from banks   $ 372,428         $ 370,932         $ 362,676      
    Other assets     5,394,600           5,402,359           4,961,595      
                             
    Total assets   $ 53,445,583         $ 53,802,295         $ 49,185,880      
                             
    Interest-Bearing Liabilities:                        
    Checking and NOW accounts   $ 7,526,294   $ 23,850 1.29 %   $ 7,338,532   $ 23,747 1.29 %   $ 7,141,201   $ 25,252 1.42 %
    Savings accounts     4,692,239     3,608 0.31 %     4,750,387     4,467 0.37 %     5,025,400     5,017 0.40 %
    Money market accounts     11,664,650     88,381 3.07 %     11,900,305     103,818 3.47 %     9,917,572     94,213 3.82 %
    Other time deposits     5,996,108     56,485 3.82 %     5,985,911     61,679 4.10 %     4,689,136     47,432 4.07 %
    Total interest-bearing core deposits     29,879,291     172,324 2.34 %     29,975,135     193,711 2.57 %     26,773,309     171,914 2.58 %
    Brokered deposits     1,546,756     18,171 4.76 %     1,662,698     21,579 5.16 %     1,047,140     13,525 5.19 %
    Total interest-bearing deposits     31,426,047     190,495 2.46 %     31,637,833     215,290 2.71 %     27,820,449     185,439 2.68 %
                             
    Federal funds purchased and interbank borrowings     148,130     1,625 4.45 %     433     23 21.13 %     69,090     961 5.59 %
    Securities sold under agreements to repurchase     272,961     551 0.82 %     249,133     584 0.93 %     296,236     917 1.25 %
    Federal Home Loan Bank advances     4,464,590     41,896 3.81 %     4,461,733     43,788 3.90 %     4,386,492     41,167 3.77 %
    Other borrowings     675,759     8,189 4.91 %     669,580     8,217 4.88 %     825,846     11,039 5.38 %
    Total borrowed funds     5,561,440     52,261 3.81 %     5,380,879     52,612 3.89 %     5,577,664     54,084 3.90 %
                             
    Total interest-bearing liabilities   $ 36,987,487   $ 242,756 2.66 %   $ 37,018,712   $ 267,902 2.88 %   $ 33,398,113   $ 239,523 2.88 %
                             
    Noninterest-Bearing Liabilities and Shareholders’ Equity                      
    Demand deposits   $ 9,096,676         $ 9,509,446         $ 9,258,136      
    Other liabilities     944,935           935,184           964,089      
    Shareholders’ equity     6,416,485           6,338,953           5,565,542      
                             
    Total liabilities and shareholders’ equity   $ 53,445,583         $ 53,802,295         $ 49,185,880      
                             
    Net interest rate spread       2.64 %       2.64 %       2.58 %
                             
    Net interest margin (GAAP)       3.23 %       3.26 %       3.23 %
                             
    Net interest margin (FTE)3       3.27 %       3.30 %       3.28 %
                             
    FTE adjustment     $ 5,360       $ 5,777       $ 6,253  
                             
    1 Interest income is reflected on a FTE basis.  
    2 Includes loans held-for-sale.  
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.  
     
               
    Asset Quality (EOP) (unaudited)
    ($ in thousands)
               
      Three Months Ended
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    Allowance for credit losses:          
    Beginning allowance for credit losses on loans $ 392,522   $ 380,840   $ 366,335   $ 319,713   $ 307,610  
    Allowance established for acquired PCD loans   —     —     2,803     23,922     —  
    Provision for credit losses on loans   31,026     30,417     29,176     36,745     23,853  
    Gross charge-offs   (24,540 )   (21,278 )   (18,965 )   (17,041 )   (14,020 )
    Gross recoveries   2,924     2,543     1,491     2,996     2,270  
    NCOs   (21,616 )   (18,735 )   (17,474 )   (14,045 )   (11,750 )
    Ending allowance for credit losses on loans $ 401,932   $ 392,522   $ 380,840   $ 366,335   $ 319,713  
    Beginning allowance for credit losses on unfunded commitments $ 21,654   $ 25,054   $ 25,733   $ 26,264   $ 31,226  
    Provision (release) for credit losses on unfunded commitments   377     (3,400 )   (679 )   (531 )   (4,962 )
    Ending allowance for credit losses on unfunded commitments $ 22,031   $ 21,654   $ 25,054   $ 25,733   $ 26,264  
    Allowance for credit losses $ 423,963   $ 414,176   $ 405,894   $ 392,068   $ 345,977  
    Provision for credit losses on loans $ 31,026   $ 30,417   $ 29,176   $ 36,745   $ 23,853  
    Provision (release) for credit losses on unfunded commitments   377     (3,400 )   (679 )   (531 )   (4,962 )
    Provision for credit losses $ 31,403   $ 27,017   $ 28,497   $ 36,214   $ 18,891  
    NCOs / average loans1   0.24 %   0.21 %   0.19 %   0.16 %   0.14 %
    Average loans1 $ 36,284,059   $ 36,410,414   $ 36,299,544   $ 36,053,845   $ 33,242,739  
    EOP loans1   36,413,944     36,285,887     36,400,643     36,150,513     33,623,319  
    ACL on loans / EOP loans1   1.10 %   1.08 %   1.05 %   1.01 %   0.95 %
    ACL / EOP loans1   1.16 %   1.14 %   1.12 %   1.08 %   1.03 %
    Underperforming Assets:          
    Loans 90 days and over (still accruing) $ 6,757   $ 4,060   $ 1,177   $ 5,251   $ 2,172  
    Nonaccrual loans   469,211     447,979     443,597     340,181     328,645  
    Foreclosed assets   6,301     4,294     4,077     8,290     9,344  
    Total underperforming assets $ 482,269   $ 456,333   $ 448,851   $ 353,722   $ 340,161  
    Classified and Criticized Assets:          
    Nonaccrual loans $ 469,211   $ 447,979   $ 443,597   $ 340,181   $ 328,645  
    Substandard loans (still accruing)   1,479,630     1,073,413     1,074,243     841,087     626,157  
    Loans 90 days and over (still accruing)   6,757     4,060     1,177     5,251     2,172  
    Total classified loans – “problem loans”   1,955,598     1,525,452     1,519,017     1,186,519     956,974  
    Other classified assets   53,239     58,954     59,485     60,772     54,392  
    Special Mention   828,314     908,630     837,543     967,655     827,419  
    Total classified and criticized assets $ 2,837,151   $ 2,493,036   $ 2,416,045   $ 2,214,946   $ 1,838,785  
    Loans 30-89 days past due (still accruing) $ 72,517   $ 93,141   $ 91,750   $ 51,712   $ 53,112  
    Nonaccrual loans / EOP loans1   1.29 %   1.23 %   1.22 %   0.94 %   0.98 %
    ACL / nonaccrual loans   90 %   92 %   92 %   115 %   105 %
    Under-performing assets/EOP loans1   1.32 %   1.26 %   1.23 %   0.98 %   1.01 %
    Under-performing assets/EOP assets   0.90 %   0.85 %   0.84 %   0.67 %   0.69 %
    30+ day delinquencies/EOP loans1   0.22 %   0.27 %   0.26 %   0.16 %   0.16 %
               
    1 Excludes loans held-for-sale.      
               

            

            

               
    Non-GAAP Measures (unaudited)
    ($ and shares in thousands, except per share data)
               
      Three Months Ended
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    Earnings Per Share:          
    Net income applicable to common shares $ 140,625   $ 149,839   $ 139,768   $ 117,196   $ 116,250  
    Adjustments:          
    Merger-related charges   5,856     8,117     6,860     19,440     2,908  
    Tax effect1   (1,089 )   (2,058 )   (1,528 )   (4,413 )   (710 )
    Merger-related charges, net   4,767     6,059     5,332     15,027     2,198  
    Debt securities (gains) losses   76     122     76     (2 )   16  
    Tax effect1   (14 )   (31 )   (17 )   1     (4 )
    Debt securities (gains) losses, net   62     91     59     (1 )   12  
    Separation expense   —     —     2,646     —     —  
    Tax effect1   —     —     (589 )   —     —  
    Separation expense, net   —     —     2,057     —     —  
    CECL Day 1 non-PCD provision expense   —     —     —     15,312     —  
    Tax effect1   —     —     —     (3,476 )   —  
    CECL Day 1 non-PCD provision expense, net   —     —     —     11,836     —  
    Distribution of excess pension assets   —     —     —     —     13,318  
    Tax effect1   —     —     —     —     (3,250 )
    Distribution excess pension assets, net   —     —     —     —     10,068  
    FDIC special assessment   —     —     —     —     2,994  
    Tax effect1   —     —     —     —     (731 )
    FDIC special assessment, net   —     —     —     —     2,263  
    Total adjustments, net   4,829     6,150     7,448     26,862     14,541  
    Net income applicable to common shares, adjusted $ 145,454   $ 155,989   $ 147,216   $ 144,058   $ 130,791  
    Weighted average diluted common shares outstanding   321,016     318,803     317,331     316,461     292,207  
    EPS, diluted $ 0.44   $ 0.47   $ 0.44   $ 0.37   $ 0.40  
    Adjusted EPS, diluted $ 0.45   $ 0.49   $ 0.46   $ 0.46   $ 0.45  
    NIM:          
    Net interest income $ 387,643   $ 394,180   $ 391,724   $ 388,421   $ 356,458  
    Add: FTE adjustment2   5,360     5,777     6,144     6,340     6,253  
    Net interest income (FTE) $ 393,003   $ 399,957   $ 397,868   $ 394,761   $ 362,711  
    Average earning assets $ 48,077,320   $ 48,411,803   $ 47,905,463   $ 47,406,849   $ 44,175,079  
    NIM (GAAP)   3.23 %   3.26 %   3.27 %   3.28 %   3.23 %
    NIM (FTE)   3.27 %   3.30 %   3.32 %   3.33 %   3.28 %
               
    Refer to last page of Non-GAAP reconciliations for footnotes.      
               
    Non-GAAP Measures (unaudited)
    ($ in thousands)
               
      Three Months Ended
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    PPNR:          
    Net interest income (FTE)2 $ 393,003   $ 399,957   $ 397,868   $ 394,761   $ 362,711  
    Add: Noninterest income   93,794     95,766     94,138     87,271     77,522  
    Total revenue (FTE)   486,797     495,723     492,006     482,032     440,233  
    Less: Noninterest expense   (268,471 )   (276,824 )   (272,283 )   (282,999 )   (262,317 )
    PPNR $ 218,326   $ 218,899   $ 219,723   $ 199,033   $ 177,916  
    Adjustments:          
    Debt securities (gains) losses $ 76   $ 122   $ 76   $ (2 ) $ 16  
    Noninterest income adjustments   76     122     76     (2 )   16  
    Adjusted noninterest income   93,870     95,888     94,214     87,269     77,538  
    Adjusted revenue $ 486,873   $ 495,845   $ 492,082   $ 482,030   $ 440,249  
    Adjustments:          
    Merger-related charges $ 5,856   $ 8,117   $ 6,860   $ 19,440   $ 2,908  
    Separation expense   —     —     2,646     —     —  
    Distribution of excess pension assets   —     —     —     —     13,318  
    FDIC Special Assessment   —     —     —     —     2,994  
    Noninterest expense adjustments   5,856     8,117     9,506     19,440     19,220  
    Adjusted total noninterest expense   (262,615 )   (268,707 )   (262,777 )   (263,559 )   (243,097 )
    Adjusted PPNR $ 224,258   $ 227,138   $ 229,305   $ 218,471   $ 197,152  
    Efficiency Ratio:          
    Noninterest expense $ 268,471   $ 276,824   $ 272,283   $ 282,999   $ 262,317  
    Less: Amortization of intangibles   (6,830 )   (7,237 )   (7,411 )   (7,425 )   (5,455 )
    Noninterest expense, excl. amortization of intangibles   261,641     269,587     264,872     275,574     256,862  
    Less: Amortization of tax credit investments   (3,424 )   (4,556 )   (3,277 )   (2,747 )   (2,749 )
    Less: Noninterest expense adjustments   (5,856 )   (8,117 )   (9,506 )   (19,440 )   (19,220 )
    Adjusted noninterest expense, excluding amortization $ 252,361   $ 256,914   $ 252,089   $ 253,387   $ 234,893  
    Total revenue (FTE)2 $ 486,797   $ 495,723   $ 492,006   $ 482,032   $ 440,233  
    Less: Debt securities (gains) losses   76     122     76     (2 )   16  
    Total adjusted revenue $ 486,873   $ 495,845   $ 492,082   $ 482,030   $ 440,249  
    Efficiency Ratio   53.7 %   54.4 %   53.8 %   57.2 %   58.3 %
    Adjusted Efficiency Ratio   51.8 %   51.8 %   51.2 %   52.6 %   53.4 %
               
    Refer to last page of Non-GAAP reconciliations for footnotes.      
               
    Non-GAAP Measures (unaudited)
    ($ in thousands)
               
      Three Months Ended
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    ROAE and ROATCE:          
    Net income applicable to common shares $ 140,625   $ 149,839   $ 139,768   $ 117,196   $ 116,250  
    Amortization of intangibles   6,830     7,237     7,411     7,425     5,455  
    Tax effect1   (1,708 )   (1,809 )   (1,853 )   (1,856 )   (1,364 )
    Amortization of intangibles, net   5,122     5,428     5,558     5,569     4,091  
    Net income applicable to common shares, excluding intangibles amortization   145,747     155,267     145,326     122,765     120,341  
    Total adjustments, net (see pg.12)   4,829     6,150     7,448     26,862     14,541  
    Adjusted net income applicable to common shares, excluding intangibles amortization $ 150,576   $ 161,417   $ 152,774   $ 149,627   $ 134,882  
    Average shareholders’ equity $ 6,416,485   $ 6,338,953   $ 6,190,071   $ 5,978,976   $ 5,565,542  
    Less: Average preferred equity   (243,719 )   (243,719 )   (243,719 )   (243,719 )   (243,719 )
    Average shareholders’ common equity $ 6,172,766   $ 6,095,234   $ 5,946,352   $ 5,735,257   $ 5,321,823  
    Average goodwill and other intangible assets   (2,292,526 )   (2,301,177 )   (2,304,597 )   (2,245,405 )   (2,098,338 )
    Average tangible shareholder’s common equity $ 3,880,240   $ 3,794,057   $ 3,641,755   $ 3,489,852   $ 3,223,485  
    ROAE   9.1 %   9.8 %   9.4 %   8.2 %   8.7 %
    ROAE, adjusted   9.4 %   10.2 %   9.9 %   10.0 %   9.8 %
    ROATCE   15.0 %   16.4 %   16.0 %   14.1 %   14.9 %
    ROATCE, adjusted   15.5 %   17.0 %   16.8 %   17.1 %   16.7 %
               
    Refer to last page of Non-GAAP reconciliations for footnotes.      
               
    Non-GAAP Measures (unaudited)
    ($ in thousands)
               
      As of
      March 31, December 31, September 30, June 30, March 31,
        2025     2024     2024     2024     2024  
    Tangible Common Equity:          
    Shareholders’ equity $ 6,534,654   $ 6,340,350   $ 6,367,298   $ 6,075,072   $ 5,595,408  
    Less: Preferred equity   (243,719 )   (243,719 )   (243,719 )   (243,719 )   (243,719 )
    Shareholders’ common equity $ 6,290,935   $ 6,096,631   $ 6,123,579   $ 5,831,353   $ 5,351,689  
    Less: Goodwill and other intangible assets   (2,289,268 )   (2,296,098 )   (2,305,084 )   (2,306,204 )   (2,095,511 )
    Tangible shareholders’ common equity $ 4,001,667   $ 3,800,533   $ 3,818,495   $ 3,525,149   $ 3,256,178  
               
    Total assets $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645   $ 49,534,918  
    Less: Goodwill and other intangible assets   (2,289,268 )   (2,296,098 )   (2,305,084 )   (2,306,204 )   (2,095,511 )
    Tangible assets $ 51,588,676   $ 51,256,174   $ 51,297,209   $ 50,813,441   $ 47,439,407  
               
    Risk-weighted assets3 $ 40,266,670   $ 40,314,805   $ 40,584,608   $ 40,627,117   $ 37,845,139  
               
    Tangible common equity to tangible assets   7.76 %   7.41 %   7.44 %   6.94 %   6.86 %
    Tangible common equity to risk-weighted assets3   9.94 %   9.43 %   9.41 %   8.68 %   8.60 %
    Tangible Common Book Value:          
    Common shares outstanding   319,236     318,980     318,955     318,969     293,330  
    Tangible common book value $ 12.54   $ 11.91   $ 11.97   $ 11.05   $ 11.10  
               
    1 Tax-effect calculations use management’s estimate of the full year FTE tax rates (federal + state).
    2 Calculated using the federal statutory tax rate in effect of 21% for all periods.
    3 March 31, 2025 figures are preliminary.

    The MIL Network –

  • MIL-OSI United Kingdom: UK-Ukraine TechBridge Industry Second Steering Board Communiqué

    Source: United Kingdom – Executive Government & Departments

    News story

    UK-Ukraine TechBridge Industry Second Steering Board Communiqué

    The Industry Steering Board for UK-Ukraine TechBridge met on 20 March 2025.

    The Industry Steering Board for the UK-Ukraine TechBridge met on 20th March 2025. The meeting was hybrid with UK board members attending from techUK’s office, 10 St Bride Street, London, EC4A 4AD and Ukrainian board members from British Embassy Kyiv. 

    The meeting was co-chaired by Ukrainian Deputy Minister for Digital Transformation Oleksandr Bornyakov and UK Parliamentary Under-Secretary of State for Services, Small Business and Exports Gareth Thomas MP. 

    The Board meeting was attended by: 

    Vladimir Mnogoletniy CEO Genesis
    Valery Krasovsky CEO Sigma Software
    Marta Romaniak VP Avenga
    Andrew Pavliv CEO N-iX
    Liam Maxwell Director, Government Transformation Amazon Web Services
    Matt Evans Director of Markets techUK
    Eric van der Kleij Co-founder EdenBase
    Simon Godfrey Senior Director of External Engagement & Business Growth BT

     The Board reviewed progress under the UK-Ukraine TechBridge initiative over the last six months, noting key achievements such as the significant investment generated by Ukrainian SMEs who developed their knowledge of UK markets during participation in the UK-Ukraine TechBridge Investment Accelerator.  

    The discussions focused on fostering deeper UK-Ukraine collaboration in technology while exploring opportunities for strengthening public-private partnerships. Core themes addressed included: 

    • Enhancing connections between UK and Ukrainian businesses. 

    • Driving investment and trade through platforms like Code.UA. 

    • Promoting technology innovations through future TechBridge events. 

    Deputy Minister Bornyakov shared plans for Ukrainian representation at London Tech Week, including a Ukraine Pavilion.  

    Follow-up actions were identified, including preparations for London Tech Week and Lviv IT Arena, promotion of Code.UA as a platform for connecting UK businesses with Ukrainian IT companies, and facilitating sponsorships for upcoming events. The Board remains committed to leveraging the UK-Ukraine TechBridge to drive innovation, trade, and investment. 

    The Board will reconvene within the next six months. 

    Updates to this page

    Published 22 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government launches Financial Services Competitiveness Programme22 April 2025 The Government of Jersey has launched its Financial Services Competitiveness Programme, a major strategic initiative aimed at strengthening Jersey’s position as a globally attractive and forward-looking… Read more

    Source: Channel Islands – Jersey

    22 April 2025

    The Government of Jersey has launched its Financial Services Competitiveness Programme, a major strategic initiative aimed at strengthening Jersey’s position as a globally attractive and forward-looking International Finance Centre (IFC). 

    This comprehensive programme is designed to support and enhance Jersey’s financial and related professional services (FRPS) sector – the Island’s largest employer and the most significant contributor to tax revenues that fund public services. It brings together several government departments, the Jersey Financial Services Commission (JFSC), Jersey Finance, Digital Jersey, and representatives from across the financial and professional services industry.  

    The Financial Services Competitiveness Programme will deliver clear, actionable recommendations focused on improving Jersey’s regulatory and business environment, enhancing its global positioning, and preparing the sector for future opportunities and challenges.  

    The programme is governed by a Ministerial Working Group, chaired by the Minister for External Relations with responsibility for Financial Services, Depuy Ian Gorst, with the Chief Executive Officer, Dr Andrew McLaughlin, acting as the Senior Responsible Officer. They will be supported by a cross-government team of officials. 

    Deputy Ian Gorst said: “Jersey’s financial services industry is a key growth engine of our economy. It is central to Jersey’s prosperity and our ability to reinvest in and regenerate the Island. Through the Financial Services Competitiveness Programme, we are setting out a bold, coordinated plan to ensure Jersey remains an attractive, agile, and forward-looking International Finance Centre. 

    “This initiative shows that we are not content to stand still – we are proactively investing in the Island’s future, and working in partnership across government, industry, and the regulator to deliver sustainable, long-term success. 

    “Jersey has a proud 60-year history as a trusted, stable, and innovative IFC. However, global economic shifts, regulatory changes, tax policy evolution, Brexit, post-pandemic recovery, and rapid technological advancement mean that IFCs around the world – including Jersey – must continuously adapt to stay competitive. The Financial Services Competitiveness Programme is Jersey’s response: a future-focused, evidence-led strategy to sustain and expand the Island’s most vital economic sector.” 

    Programme structure and key workstreams 

    The programme is built around four core workstreams, which will be managed in a phased approach.  

    • International Tax Strategy – Led by Revenue Jersey, this will focus on maintaining Jersey’s strong position through a forward-looking tax policy. 
    • Business & Regulatory Environment – Led jointly by the Government and the JFSC, this aims to improve the ease of doing business, delivering quick-win reforms as well as medium- and long-term changes to enhance the Island’s appeal to global investors. 
    • External Growth Strategy – A global market analysis to inform Jersey’s external engagement strategy, identifying future value pools and Jersey’s competitive ​positioning, led by the Government with expert support from Jersey Finance Ltd. 
    • Future Competitiveness & Regulation – Bringing together insights from all workstreams, this phase will culminate in a report by an independent panel of global experts. 

    The first phase, which is underway already, will focus on improvements to Jersey’s business and regulatory environment. This will involve making positive changes to improve the ease of doing business and to help maintain and grow the Island’s FRPS sector as it competes in the market today. As recent global economic volatility has demonstrated, it is more important than ever that Jersey invests in optimising its business and regulatory environment to increase its competitive edge. 

    The Government will publish a report on progress in delivering the programme together with an action plan on next steps in spring 2026. 

    Industry engagement 

    The Government will engage regularly with stakeholders through: 

    • Industry events and “roundtable” discussions 
    • Updates at Financial Services Advisory Board meetings 
    • Briefings for States Members and Scrutiny Panels 
    • Ongoing consultation and feedback channels 

    Stakeholders are encouraged to engage with the programme team via growthfs@gov.je. 

     

    More information is available on the Government of Jersey website: Financial services competitiveness programme 

    ​

    MIL OSI United Kingdom –

  • MIL-OSI: Equinor ASA: Notice of annual general meeting 14 May 2025

    Source: GlobeNewswire (MIL-OSI)

    The annual general meeting of Equinor ASA (OSE: EQNR, NYSE: EQNR) will be held Wednesday 14 May 2025 at 15:00 CEST. The annual general meeting will be held in Equinor Business Center, Forusbeen 50, 4035 Stavanger for those attending in person and via Lumi AGM for those attending digitally.

    Voting will be carried out electronically via Lumi AGM for all shareholders. It is also possible to vote in advance or give proxy.

    Please see detailed information in the attached notice of the annual general meeting.

    Further information is also to be found on www.equinor.com/agm
    (http://www.equinor.com/agm)

    • Investor contact: Erik Gonder
      +47 995 62 611
      ergon@equinor.com

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

    Attachment

    The MIL Network –

  • MIL-OSI: BEN Launches “iSKYE” AI Platform

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Del., April 22, 2025 (GLOBE NEWSWIRE) — Brand Engagement Network Inc. (BEN) (Nasdaq: BNAI), a global innovator in AI-driven customer engagement solutions, announces the Generally Available (GA) release of its iSKYE platform to enable businesses to quickly deploy and scale customized AI solutions with enterprise grade security, flexibility and control.

    Why iSKYE? Transforming AI Integration and Scalability for Businesses

    iSKYE is a new approach to AI Agent development by combining industry-specific training, robust full-stack platform, and scalable deployment. It enables businesses to regain control of their AI projects, build secure, relevant engagement solutions, and accelerate time to value. Whether it’s sharing healthcare information or receiving relevant offers from favorite brands, BEN’s new iSKYE platform individualizes each engagement vs. LLMs delivering generic responses.

    “Businesses are quickly learning that sole reliance on large language models (LLMs) is not sufficient to ensure appropriate engagement with the users,” said Paul Chang, CEO of Brand Engagement Network. “LLMs are important components of GenAI but they are prone to hallucinations and inappropriate responses. iSKYE is the result of BEN’s multi-year effort to evolve a set of orchestrated AI modules from its original SKYE AI Agents(1)into a robust turnkey GenAI platform. iSKYE provides businesses with the ability for its users to have personalized and natural dialogue with the AI Agents while injecting process control and management to the interactions.”

    Key platform features include:

    • Proprietary, Industry-Specific Design – iSKYE leverages several AI modules, industry-specific datasets to fine-tune its model, optimized Retrieval-Augmented Generation (RAG) architecture, and most importantly, to mitigate hallucinations. This novel architecture facilitates injection of business rules in the response generation process to ensure proper procedures, protocols, and adherence to business processes.
    • Small Footprint for Cost-Effective Deployment – iSKYE’s small footprint architecture allows for more efficient deployment with lower infrastructure and operational costs. It can run on CPUs, reducing energy consumption while maintaining performance and scalability, making AI more accessible without compromising user experience.
    • Scalable, Adaptable Architecture for Seamless Integration – iSKYE integrates with existing workflows and legacy enterprise systems, supporting high-precision, industry-specific applications across sectors like healthcare, finance, and automotive. Its scalable design allows AI solutions to evolve alongside business needs, automating routine tasks to support teams and improve operational efficiency.
    • Fully Customizable AI Agent – With iSKYE’s built-in graphics studio, businesses can design lifelike 3D AI avatars tailored to their exact needs. From appearance, to gestures, to speech tone, every agent feature is configurable to align with brand goals and deliver a personalized customer experience.
    • Enterprise-Grade Security and Compliance – iSKYE’s closed-loop system ensures HIPAA and SOC2 compliance on U.S.-based cloud servers. The platform supports on-premise deployment and even offline usage, providing businesses assurance on data security and regulatory compliance.

    Looking ahead, BEN plans to expand the iSKYE platform with additional industry-specific solutions, white-label offerings, OEM partnerships, and plug-in modules to further enhance its flexibility and functionality. We believe these innovations will help businesses unlock ever greater potential and drive more impactful AI-driven engagement across various sectors.

    (1)SKYE AI Agents were developed by Deep Machine Lab (DMLAB), which was acquired by BEN in 2023.

    About Brand Engagement Network (BEN)
    Brand Engagement Network Inc. (NASDAQ: BNAI) innovates in AI-powered customer engagement by delivering safe, intelligent, and scalable solutions. Its proprietary Engagement Language Model (ELM™) and Retrieval-Augmented Generation (RAG) architecture enable highly personalized interactions supported by customers’ curated data in closed-loop environments. BEN develops AI-driven engagement solutions for the life sciences, automotive, and retail industries, featuring AI-powered avatars for outbound campaigns, inbound customer service, and real-time recommendations. With a global AI research and development team, BEN provides secure cloud-based and on-premises deployments, granting complete control of the technology stack and ensuring compliance with GDPR, CCPA, HIPAA, and SOC 2 Type 1 standards. The company holds 21 patents, with 28 pending, demonstrating its commitment to advancing AI-driven consumer engagement. For more information, visit www.beninc.ai.

    Forward-Looking Statements
    Certain statements in this communication are “forward-looking statements” within the meaning of federal securities laws. They are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect, among other things, BEN’s current expectations, assumptions, plans, strategies, and anticipated results. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.

    There are a number of risks, uncertainties and conditions that may cause BEN’s actual results to differ materially from those expressed or implied by these forward-looking statements, including but not limited to the risk factors described in Part I, Item 1A of Risk Factors in BEN’s Annual Report on Form 10-K for the year ended December 31, 2023 and the other risk factors identified from time to time in the BEN’s other filings with the Securities and Exchange Commission (the “SEC”). Filings with the SEC are available on the SEC’s website at http://www.sec.gov.

    Many of these circumstances are beyond BEN’s ability to control or predict. These forward-looking statements necessarily involve assumptions on BEN’s part. These forward-looking statements may include words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “project,” “should,” “may,” “will,” “might,” “could,” “would,” or similar expressions. All forward-looking statements attributable to the Company or persons acting on BEN’s behalf are expressly qualified in their entirety by the cautionary statements that appear throughout this communication. Furthermore, undue reliance should not be placed on forward-looking statements, which are based on the information currently available to the Company and speak only as of the date they are made. BEN disclaims any intention or obligation to update or revise publicly any forward-looking statements.

    Media Contact 
    Amy Rouyer
    P: 503-367-7596
    E: amy@beninc.ai

    Investor Relations
    Susan Xu
    P: 778-323-0959
    E: sxu@allianceadvisors.com

    The MIL Network –

  • MIL-OSI United Kingdom: Brazilian teak plantation investments boss banned after customers lost more than £8.5 million

    Source: United Kingdom – Executive Government & Departments

    Press release

    Brazilian teak plantation investments boss banned after customers lost more than £8.5 million

    Director banned following Insolvency Service investigation into sale of investment bonds

    • Guy Conroy was a director of Green IS Group Limited and GIS Forestry Limited, which offered customers the opportunity to invest in teak trees on plantations in Brazil 

    • Conroy allowed Green IS Group and GIS Forestry to mislead their customers, breaching contractual obligations in the process 

    • At least £8.525 million was owed to investors when the companies went into liquidation in March 2022 

    The director of two companies which claimed to run teak plantations in Brazil has been banned after investors lost more than £8.5 million. 

    Guy Conroy, 57, was the director of Green IS Group Limited and GIS Forestry Limited which offered customers the opportunity to invest in teak trees on its plantations. 

    Conroy allowed the companies to provide misleading information to customers telling them their investments were secured and there were safeguards to protect their money. 

    However, at least 250 investors were owed millions of pounds when the companies went into liquidation in 2022. 

    Conroy, of Upper Richmond Road, London, has been disqualified as a company director for 11 years. 

    Ann Oliver, Chief Investigator at the Insolvency Service, said: 

    Green IS Group and GIS Forestry traded in a manner which was completely unacceptable and not in the public interest. 

    Guy Conroy was a director of both these companies. He allowed them to mislead investors who lost out on millions of pounds as a result of his actions. 

    Conroy’s conduct is not what we would expect of company directors which is why we have taken steps to remove him from the corporate arena until March 2036.

    Both Green IS Group and GIS Forestry generally sold bonds for £5,000 each with a fixed term between two and 10 years and interest rates of between 8% and 11%.  

    At the end of each bond’s term, they were to be redeemed by the companies, repaying the initial investment amount to the customer. 

    Customers thought they were buying rights to teak trees or saplings on plantations in Brazil, but the companies selling the bonds did not have the correct ownership rights. 

    No debenture over Green IS Group’s assets was ever registered at Companies House and security over GIS Forestry’s assets was only registered in October 2020 despite the company issuing bonds from December 2014. 

    Investors lost out on at least £8.525 million as a result of these investments.  

    The majority of investors were based in the UK and the largest claim from a creditor in the liquidation process was £636,000. 

    Both Green IS Group and GIS Forestry were placed into compulsory liquidation on the same day in March 2022 following winding-up petitions from creditors. 

    The Secretary of State for Business and Trade accepted a disqualification undertaking from Conroy, and his ban started on Thursday 27 March 2025. 

    It prevents him from being involved in the promotion, formation or management of a company, without the permission of the court. 

    The liquidator has also obtained records and met with Conroy and the other directors in an attempt to identify and recover company assets. 

    Further information 

    Updates to this page

    Published 22 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Homes fit for heroes: Raft of new measures to improve military family housing

    Source: United Kingdom – Executive Government & Departments

    Press release

    Homes fit for heroes: Raft of new measures to improve military family housing

    Living conditions for families in military housing will be transformed under a new Consumer Charter, as Defence Secretary John Healey promised to “stop the rot” in military housing.

    Defence Secretary John Healey visits military housing

    • New Consumer Charter for families in military homes, delivering on the government’s Plan for Change.
    • Measures will include higher move-in standards, more reliable repairs, renovation of the worst homes, and a named housing officer for every family – all in place before the one-year anniversary of 36,000 military homes being brought back into public ownership.
    • Pledge comes alongside the announcement of an independent, expert team appointed to help deliver a rapid Defence Housing Strategy – with work already underway.

    The Charter will be part of a new Defence Housing Strategy, to be published later this year, which will set out further plans to improve the standard of service family homes across the country.

    Under the Charter, basic consumer rights, from essential property information and predictable property standards, to access to a robust complaints system, will be rapidly introduced. These will be underpinned by new, published satisfaction figures, putting forces families front and centre.

    The wider Defence Housing Strategy – overseen by the Defence Secretary and the Minister for Veterans and People, Al Carns – will also turbocharge the development of surplus military land, creating opportunities for Armed Forces homeownership. It will further support the delivery of affordable homes for families across Britain as part of the government’s Plan for Change.

    It follows the Government’s landmark deal, completed in January, to bring back 36,000 military homes into public ownership, reversing a 1996 sale described by the Public Accounts Committee as “disastrous”, and saving the taxpayer £600,000 per day by eliminating rental payments to a private company.

    The announcement follows the Prime Minister Sir Keir Starmer’s pledge to deliver “homes for heroes” and means that under this government, support will be there for veterans at risk of homelessness. This included removing local connection tests for veterans seeking social housing, meaning as of November, veterans will have access to the housing support they need.

    Defence Secretary, John Healey MP, said:

    Our Armed Forces serve with extraordinary dedication and courage to keep us safe. It is only right that they and their families live in the homes they deserve.

    For too long, military families have endured substandard housing without the basic consumer rights that any of us should expect in our homes. That must end and our new Consumer Charter will begin to stop the rot and put families at the heart of that transformation.

    We cannot turn around years of failure on forces housing overnight, but by bringing 36,000 military homes back into public ownership, we’ve already taken greater control and are working at pace to drive up standards. This is about providing homes fit for the heroes who serve our nation, and I’m determined to deliver the decent, affordable housing that our forces families have every right to expect.

    The new Consumer Charter will include the following commitments: 

    • A strengthened move-in standard so families can have confidence that the home they are moving into will be ready on time and will be clean and functional.

    • Improved, clearer information for families ahead of a move, including photographs and floor plans of all homes when a family applies for housing.

    • More reliable repairs, including an undertaking to complete urgent repairs within a set timeline consistent with Awaab’s Law, and a new online portal for service personnel to manage repairs.

    • Raising the minimum standard of forces family housing with a new programme of works targeted at the worst homes, with up to 1,000 refurbished as a downpayment on the broader programme of renewal to be set out in the Defence Housing Strategy.

    • Better and clearer communication for families, including a named housing officer for every service family who they can contact for specific housing related queries.

    • A new, simpler complaints process that will shorten the process to two stages in line with industry best practice, so that service personnel and families have a quicker resolution, backed up by the new Armed Forces Commissioner.

    • Modernising policies to allow more freedom for families to make improvements, giving them a greater sense of pride in their homes.

    These improvements will be in place by the one-year anniversary of the announcement to buy back military homes last December, with final detail to be set out in the Defence Housing Strategy following consultation with military personnel and their families.

    Many of the commitments in the Charter will be achieved by driving better performance – and better value for the taxpayer – from existing suppliers of maintenance and support for service family housing.

    The new standards will be underpinned by new published customer satisfaction measures and enhanced accountability so families can have confidence in the improvements being made. This will sit alongside an independently conducted stock survey, as recommended by the Kerslake review of military housing which was published last year.

    The Defence Housing Strategy will be driven by an independent review team whose members have been announced today, and which will be chaired by former Member of Parliament and housing expert Natalie Elphicke Ross OBE, drawing on expertise from industry and forces families.

    In the meantime, the Defence Secretary and the Minister for Veterans and People have instructed the MOD to immediately plan improvements for the new Consumer Charter, as part of a short-term action plan to enhance the family homes after years of neglect.

    Natalie Elphicke Ross, Chair of the Defence Housing Strategy Review said:

    Our pride in our armed forces must include pride in our military homes. Delivering better housing, boosting home ownership opportunities for service personnel and improving the experiences of service families will be at the heart of our work.

    David Brewer, Chief Operating Officer of the Defence Infrastructure Organisation, said:

    We are dedicated to making changes that will bring real improvements to the lives of families living in military homes and the plans set out in the new charter are an important step towards doing this.

    The advisory team, announced today, brings together an exceptional group of individuals, who through their expertise and experience will help ensure our housing strategy maximises benefits, not just to families living in military homes, but to communities and industry more widely.

    Antony Cotton MBE said:

    Our Armed Forces community are the backbone of our society, so improving the standard of service family housing is essential if we are to continue to retain and recruit the soldiers, sailors and aviators that protect us selflessly, every day. I welcome this consumer charter as a starting point to give our military families an improved service, and homes they deserve.

    Background

    The members appointed to the Defence Housing Strategy review team are: 

    • Chair, Natalie Elphicke Ross OBE, Director and Head of Housing at The Housing & Finance Institute. Previously Natalie chaired the New Homes Quality Board on standards and redress for customers of new build homes, co-chaired the Elphicke-House Report 2015 on the role of local authorities in housing supply and served as an expert adviser on the development of the national strategy for estate regeneration. A former law firm partner specialising in housing finance, Natalie’s experience includes advising central and local governments, lenders, developers and housing associations on financing, structuring and delivering homes across all tenures.

    • Bill Yardley, Chair of McCarthy Stone Shared Ownership Limited. Bill serves as Chair of a regulated residential development company and is a Non- Executive Director at the Defence Infrastructure Organisation, in the Houses of Parliament and at the Surrey Property Group Limited. He has previously worked at board level in the public and private sectors in residential development, regulated housing, property investment, education and the NHS and has been a public member of Network Rail and chaired a charity. Bill has also served as a Crown Representative and on the Government Construction Board.

    • Cat Calder, Housing Specialist, Army Families Federation. Cat is a housing professional with over 13 years of experience advocating for improved living conditions for families in military accommodation. She has held key positions within the Army Families Federation and has direct experience of military housing, having previously lived in service family accommodation for a number of years.

    • Nigel Holland, former Divisional Chair, Taylor Wimpey and Non-Executive Director of The Riverside Group. Formerly a Divisional Chair of Taylor Wimpey, one of the UK’s largest residential developers. Nigel is also a Non-Executive Director of The Riverside Group, a major provider of affordable housing, care and support services in England and Scotland, with more than 75,000 homes in management. He has a wealth of experience in the homebuilding industry, leading large-scale developments in the UK and overseas. 

    • Alex Notay, Chair and Commissioner, Radix Big Tent Housing Commission. Alexandra is an internationally recognised expert on housing, placemaking and ESG. She has 20 years’ strategic advisory and investment experience across four continents and in August 2024 took over as Chair of the Radix Big Tent Housing Commission. Until July 2024 she was Placemaking and Investment Director at Thriving Investments, the fund and asset management arm of Places for People Group, overseeing a UK-wide residential strategy.

    • James Hall, Housing and Land, Greater London Authority. James has over a decade’s experience in housing and development, working with the public, private and not-for-profit sectors. He worked extensively on strategy, policy and communications in Westminster and Whitehall, and most recently worked at the Greater London Authority on housing policy and delivery.

    Updates to this page

    Published 18 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Private car drivers urged to choose suitable Child Restraining Device under mandatory requirements (with photo)

    Source: Hong Kong Government special administrative region

         The Transport Department (TD) today (April 22) reminded parents, guardians or private car drivers to choose and use a suitable Child Restraining Device (CRD), such as a child safety seat, that is appropriate for children’s body size and complies with relevant standards to reduce the risks of being killed or seriously injured in traffic accidents, thereby enhancing protection for children and passenger safety.

         Starting from November 1, 2025, unless child passengers aged below 8 reach a body height of 1.35 metres, they must use a CRD in private cars, regardless of whether they are sitting in the front or rear seats. Passengers aged 8 or above, or those with a body height of at least 1.35m, must either use a CRD or wear an adult seat belt. Otherwise, the driver must not drive the car on any road.

         A spokesman for the TD said, “When choosing a CRD, parents, guardians or private car drivers carrying a child passenger should accord top priority to the height and/or weight range for which the product is suitable. They should also look for any markings indicating compliance with national or international standards recognised. For enquiries, they should consult the manufacturer or retailer on the product standards to meet legal requirements.”

         Of note, after a collision such as a traffic accident, CRDs may show no visible signs of damage on the surface, but their internal structure may have been damaged, reducing their protective effectiveness, and they should not be used again. In addition, when purchasing second-hand CRDs, it is difficult to guarantee that the product has not been hit. For those used by relatives or friends, one should ascertain whether they have been dropped or bumped.

         Apart from conventional types of child safety seats, there are various types of portable CRDs, such as seat belt adjusters, wearable safety restraint vests and foldable boosters, available in the market for selection. Yet, as portable CRDs do not have protective pads and seat backs on both sides, their protection capabilities in side-impact collisions are in general not as good as those of child safety seats.

         The TD has launched a designated page on CRDs (www.td.gov.hk/en/road_safety/crd) coupled with infographics on the Agent T Facebook page (www.facebook.com/AgentT.hk) to set out details of the legal requirements and standards concerned. The TD will continue to work with the Police, the Road Safety Council and the Consumer Council to step up relevant publicity and public education. Members of the public may call the TD’s hotline (2804 2600) for details.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: The 6th edition of India Steel, a premier biennial International Exhibition-cum Conference on the steel sector, to be held from April 24 to 26, in Mumbai

    Source: Government of India

    Posted On: 21 APR 2025 8:19PM by PIB Bengaluru

    The 6th edition of India Steel, a premier biennial International Exhibition-cumConference on the steel sector, will be held from April 24 to 26, 2025, at the Bombay Exhibition Centre in Mumbai.

    Hon’ble Prime Minister Shri Narendra Modi will address the event on April 24 via video conferencing, in the presence of several dignitaries, including Union Ministers and Chief Ministers of three States. Organized by the Ministry of Steel, India Steel 2025 will bring together global stakeholders to discuss key issues such as growth strategies, sustainability in steel production, resilience in a changing global economy, and the role of innovation and digital technologies in enhancing competitiveness.

    The event will witness high-level participation from the Centre, underscoring the strategic role of steel in realizing the vision of Atmanirbhar Bharat. Among the dignitaries expected to attend are Shri Piyush Goyal, Union Minister of Commerce & Industry, Shri Ashwini Vaishnaw, Union Minister of Railways, Shri Pralhad Joshi, Union Minister of New and Renewable Energy, Shri G. Kishan Reddy, Union Minister of Coal, and Shri Bhupathi Raju Srinivasa Varma, Minister of State for Steel and Heavy Industries. The event will also witness participation of dignitaries from States Shri Devendra Fadnavis, Chief Minister of Maharashtra, Shri Vishnu Deo Sai, Chief Minister of Chhattisgarh, and Shri Mohan Charan Majhi, Chief Minister of Odisha.

    These leaders will preside over key sessions, reflecting steel’s significance to India’s economic and industrial strategy and emphasizing steel’s cross-sectoral importance. Senior officials from the Government of India, including Secretaries from the Ministries of Steel, Coal, and Electronics & IT (MeitY), will lead important discussions, further driving the sector’s growth and strategic direction. Global industry leaders and foreign dignitaries, including the Deputy Minister of Industry and Trade of Russia and Ambassadors of Australia, Mozambique, and Mongolia, will participate, enhancing international collaboration in the steel sector.

    Since its inception in 2013, India Steel Expo has grown into a leading platform for showcasing cutting-edge technologies and equipment, fostering strategic industry dialogues, and enabling global networking. This year’s edition is expected to draw professionals from across the world, including those from construction, oil and gas, and engineering sectors, who are keen to promote their services, forge business partnerships, and align with evolving market trends. Hon’ble Union Steel Minister Shri H.D. Kumaraswamy has warmly invited stakeholders from across the steel and allied sectors to participate in India Steel 2025 and urged the entire fraternity to join the event in large numbers and contribute to making it a resounding success.

     

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    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hong Kong ICT Awards 2025 opens for enrolment

    Source: Hong Kong Government special administrative region

         The Hong Kong ICT Awards (HKICTA) 2025 opens for enrolment today (April 22). Entries of locally developed information and communications technology (ICT) products and solutions are invited to compete for the Grand Awards in the eight award categories and the top accolade of the competition – the Award of the Year. Enrolment is free of charge and the deadline is July 14, 2025.

         The HKICTA 2025 is organised by the Digital Policy Office (DPO) with each award category to be led by a local industry association or professional body. The award categories and respective leading organisers are listed below:
     

    Award categories Leading organisers
    Digital Entertainment Award Hong Kong Digital Entertainment Association
    FinTech Award Institute of Financial Technologists of Asia
    ICT Startup Award Hong Kong Wireless Technology Industry Association
    Smart Business Award Hong Kong Computer Society
    Smart Living Award Hong Kong Information Technology Federation
    Smart Mobility Award GS1 Hong Kong
    Smart People Award The Hong Kong Council of Social Service
    Student Innovation Award Hong Kong Education City

     
         A Grand Award will be granted in each category, and the Award of the Year will be selected by a Grand Judging Panel from the eight Grand Awardees.
     
         In a bid to foster the innovative use of AI, the Best Use of AI award winner will be selected in each of the eight categories to magnify and honour outstanding achievements in harnessing the power of AI in respective areas.

         Established in 2006, the HKICTA is an annual signature event of the local ICT industry which aims to recognise and promote outstanding ICT inventions and applications, thereby encouraging the pursuit of innovation and excellence among Hong Kong’s ICT professionals and enterprises to develop innovative applications meeting business and social needs, use innovation and technology (I&T) to bring benefits to the community, and foster Hong Kong’s I&T and smart city development. Through concerted efforts of the ICT sector, academia and the Government, the HKICTA has always been highly regarded by the information technology industry, and the winners may also be nominated to compete in other regional and international competitions on behalf of Hong Kong and be sponsored to participate in overseas I&T exhibitions. The award acts as an encouragement and recognition to the winners, and enables their access to both Mainland and overseas markets.
     
         Details of the HKICTA are available on the thematic website (www.hkictawards.hk). Enquiries can be made to the DPO at 3974 5224 or by emailing hkictawards@digitalpolicy.gov.hk.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Public Service Commission Announces Final Results of Civil Services Exam 2024

    Source: Government of India

    Posted On: 22 APR 2025 2:25PM by PIB Delhi

    Based on the result of the written part of Civil Services Examination, 2024 held by the Union Public Service Commission in September, 2024 and the interviews for Personality Test held in January-April, 2025, following is the list, in order of merit, of candidates who have been recommended for appointment to:

    (i) Indian Administrative Service;

    (ii) Indian Foreign Service;

    (iii) Indian Police Service; and

    (iv) Central Services, Group ‘A’ and Group ‘B’.

    2. A total number of 1009 candidates have been recommended for appointment as per following break-up:

    GENERAL

    EWS

    OBC

    SC

    ST

    TOTAL

    335

    (incl.

    10 PwBD-1,

    05 PwBD-2,

    11 PwBD-3 & 05 PwBD-5)

    109

    (incl.

    Nil PwBD-1,

    01 PwBD-2,

    Nil PwBD-3 &

    Nil PwBD-5)

    318

    (incl.

    02 PwBD-1,

    02 PwBD-2,

    03 PwBD-3 &

    03 PwBD-5)

    160

    (incl.

    Nil PwBD-1,

    Nil PwBD-2,

    Nil PwBD-3 & 01 PwBD-5)

    87

    (incl.

    Nil PwBD-1,

    Nil PwBD-2, 02 PwBD-3 & Nil

    PwBD-5)

    1009

    (incl.

    12 PwBD-1,

    08 PwBD-2,

    16 PwBD-3 & 09 PwBD-5)

     

    3. In accordance with Rule 20 (4) & (5) of the Civil Services Examination Rules 2024, the Commission is maintaining a consolidated Reserve List of candidates as under:

    GENERAL EWS OBC SC ST PwBD-1 TOTAL 115 35 59 14 06 01 230

    4. Appointment to the various Services will be made according to the number of vacancies available with due consideration to the provisions contained in the Rules for the Examination. The number of vacancies reported by the Government to be filled is as under:

    SERVICES GEN EWS OBC SC ST Total

    I.A.S. 73 18 52 24 13 180

    I.F.S. 23 05 13 09 05 55

    I.P.S. 60 14 41 22 10 147

    Central Services Group ‘A’ 244 57 168 90 46 605

    Group ‘B’ Services 55 15 44 15 13 142

    Total 455 109 318 160 87 1129*

     

    * includes 50 PwBD vacancies (12 PwBD-1, 08 PwBD-2, 16 PwBD-3 & 14 PwBD-5)

    5. The candidature of 241 recommended candidates has been kept provisional.

    6. Result of 01 candidate has been kept withheld.

    7. UPSC has a “Facilitation Counter” near Examination Hall in its campus. Candidates can obtain any information / clarification regarding their examinations / recruitments on the working days between 10:00 hours to 17:00 hours in person or over telephone Nos. 23385271 / 23381125 / 23098543. Result will also be available on the U.P.S.C. website i.e. http//www.upsc.gov.in. Marks will be available on the website within 15 days from the date of declaration of result.

    Highlights

    The final result of Civil Services Examination (CSE), 2024 has been declared today, the 22 nd April, 2025.

    Highlights of the result are following:

    The Civil Services (Preliminary) Examination, 2024 was conducted on 16th June, 2024. A total of 9,92,599 candidates applied for this examination, out of which 5,83,213 candidates actually appeared in the examination.

    A total of 14,627 candidates qualified for appearance in the Written (Main) Examination which was held in September, 2024. Out of these, 2,845 candidates qualified for the Personality Test of the examination.

    Eventually, a total of 1009 candidates (725 men and 284 women) have been recommended by the Commission for appointment to various Services.

    Among the finally qualified candidates, the top five comprise three women and two men. Ms. Shakti Dubey (Roll No. 0240782) has secured the first position in the Civil Services Examination, 2024. She qualified the examination with Political Science & International Relations as her optional subject. She has done her graduation (B.Sc.) in Biochemistry from the University of Allahabad.

    Ms. Harshita Goyal (Roll No. 0101571), a graduate (B.Com.) from MS University of Baroda, secured second rank with Political Science & International Relations as her optional subject.

    Sh. Dongre Archit Parag (Roll No. 0867282), a graduate (B.Tech.) in Electrical & Electronics Engineering from VIT, Vellore stood third in the rank with Philosophy as his optional subject.

    Ms. Shah Margi Chirag (Roll No. 0108110), B.E. in Computer Engineering from Gujarat Technological University, Ahmedabad, secured fourth rank with Sociology as her optional subject.

    Sh. Aakash Garg (Roll No. 0833621), B.Tech. in Computer Science and Engineering from Guru Gobind Singh Indraprastha University, Delhi, secured fifth rank with Sociology as his optional subject.

    The top 25 candidates comprise 11 women and 14 men. Their educational qualifications range from graduation in Engineering, Humanities, Science, Commerce, Medical Science, and Architecture from premier institutions of the country such as IIT, NIT, VIT, JNU, University of Delhi, and University of Allahabad.

    The top 25 successful candidates have opted for a wide range of optional subjects in the Written (Main) Examination, including Anthropology, Commerce & Accountancy, Geography, Mathematics, Philosophy, Physics, Political Science & International Relations, Public Administration, Sociology, and Literature of Tamil Language.

    The recommended candidates also include 45 Persons with Benchmark Disability, comprising 12 Orthopedically Handicapped, 08 Visually Challenged, 16 Hearing Impaired, and 09 with Multiple Disabilities.

    Click here to see Result in English

    Click here to see Result 

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Results of the ECB Survey of Professional Forecasters for the second quarter of 2025

    Source: European Central Bank

    22 April 2025

    • Headline inflation expectations revised up slightly for 2025-26 but unchanged for 2027 and the long term
    • Expectations for HICP inflation excluding energy and food revised up slightly across all horizons
    • Impacts of tariffs and defence spending main factors behind revisions to inflation and growth expectations
    • Real GDP growth expectations revised down by 0.1 percentage points for 2025 and 2026 but up by 0.1 percentage points for 2027; longer-term expectations unchanged
    • Unemployment rate expectations revised down slightly for 2025, 2026 and the longer term

    Respondents’ expectations for headline inflation, as measured by the Harmonised Index of Consumer Prices (HICP), were 2.2% for 2025 and 2.0% for 2026 and 2027. Expectations were revised up by 0.1 percentage points for 2025 and 2026 compared with the previous survey (conducted in the first quarter of 2025) but were unchanged for 2027. Expectations for core HICP inflation, which excludes energy and food, were revised up slightly across all horizons. Longer-term expectations for headline inflation were unchanged at 2.0%, while those for core HICP inflation were revised up slightly to 2.0%.

    Respondents expected real GDP growth of 0.9% in 2025, 1.2% in 2026 and 1.4% in 2027. Compared with the previous survey, expectations were revised down by 0.1 percentage points for 2025-26 but up by 0.1 percentage points for 2027. Longer-term growth expectations remained unchanged at 1.3%.

    The expected trajectory of the unemployment rate was revised slightly downwards. The unemployment rate is expected to average 6.3% from 2025 to 2027, and then to fall to 6.2% in the longer term.

    MIL OSI Economics –

  • MIL-OSI Russia: NGOs, entrepreneurs and volunteers from the capital will present their projects as part of the award

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Volunteers from the capital, entrepreneurs, representatives of government agencies and non-profit organizations (NPOs) will present their socially significant projects at the regional stage of the International Prize official portal. In previous seasons, Muscovites submitted almost 10 thousand applications, reported Natalia Sergunina, Deputy Mayor of Moscow.

    “This year, there are 11 nominations. Among them are “Country of Opportunities”, “Responsible Business” and “Territory for Life”. For the first time, the questionnaires will be assessed not only by experts, but also by artificial intelligence,” said Natalia Sergunina.

    Another difference of the fifth, anniversary season is four new nominations. The first one — “Heroes of Our Time” — is dedicated to the Year of the Defender of the Fatherland and is intended for NGOs supporting veterans of the Great Patriotic War and participants of the special military operation.

    The second one, “Generation of Good,” is aimed at teenagers aged 14 to 18 who have already implemented socially significant projects and plan to develop them further.

    The third direction — “Sustainable Development” — is intended for initiatives of non-profit organizations related to environmental protection. In addition, in the special nomination “Stronger Together” joint programs of government bodies, NGOs, businesses and the media will be noted.

    The authors of the best projects will represent Moscow at the national level. Last year, 28 participants from the capital entered the all-Russian round, and 16 Muscovites’ initiatives received awards.

    In addition to the competition program, participants will have consultations, webinars, presentations and meetings with specialists in various fields. Leading experts will share their experience and help in solving organizational issues.

    “This is a unique opportunity to improve our knowledge and meet interesting people who are passionate about volunteering. Reaching the national final was a great incentive for us,” shared one of the winners of the 2024 regional stage, Gleb Kulchitsky.

    Together with like-minded people, he is collecting materials for a book of remembrance about writers, poets and journalists who died during the Great Patriotic War.

    It is important for participants to receive expert assessment from professionals, it helps to find new directions for development, said Sergey Dudin, winner of the 2024 Moscow stage. The goal of his project is to increase the interest of children and young people in an active lifestyle, including yard games.

    The organizer of the regional stage of the award Resource center “Mosvolonter” with the support of the City Committee for Public Relations and Youth Policy.

    Get the latest news quickly official telegram channelthe city of Moscow.

    Winners and prize winners of the award

    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.mos.ru/nevs/ite/152918073/

    MIL OSI Russia News –

  • MIL-OSI Russia: The number of individual entrepreneurs in Moscow has grown by seven percent

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The number of individual entrepreneurs (IE) in Moscow, according to the Unified Register of Small and Medium-Sized Businesses, amounted to almost 461 thousand in the first quarter of 2025 – seven percent more than a year earlier. This was reported in Department of Economic Policy and Development of the City of Moscow with reference to data from the unified register of small and medium-sized businesses.

    Today, every tenth individual entrepreneur in the country works in the capital. They create jobs, support competition and contribute to the growth of consumer activity in the city. A wide consumer market allows capital entrepreneurs to choose attractive areas and formats of work.

    Moscow is actively developing various digital services that make it easier to register a business, submit reports, make payments, keep accounting records and find clients, and interact with consumers. The growth in the number of entrepreneurs is also facilitated by support measures from the city: grants and subsidies, deferral of rent payments, and consulting support.

    About a third of the capital’s individual entrepreneurs – 142.8 thousand – are engaged in trade, with almost 80 percent of them in retail. 61.1 thousand (more than 13 percent) entrepreneurs are registered in professional, scientific and technical activities. 52.5 thousand businessmen (11.4 percent) work in the sphere of real estate transactions. Information and communication are also popular types of activity: 35.7 thousand individual entrepreneurs (7.8 percent) carry it out. 34.2 thousand entrepreneurs (7.4 percent) are engaged in transportation and storage.

    The leaders among the industries in terms of growth of individual entrepreneurs were the sphere of culture, sports, organization of leisure and entertainment: over the year their number grew by almost 12 percent. The top 3 included real estate transactions, where the growth amounted to more than 11 percent, as well as construction and administrative activities: in both industries the number of businessmen grew by almost 10.7 percent.

    Individual entrepreneurs are also employers. According to the results of the first quarter of 2025, the average number of employees was almost 160 thousand people, which is 4.5 percent more than a year earlier.

    Get the latest news quickly in the official telegram channelthe city of Moscow.

    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.mos.ru/nevs/ite/152917073/

    MIL OSI Russia News –

  • MIL-OSI Europe: Results of the ECB Survey of Professional Forecasters for the second quarter of 2025

    Source: European Central Bank

    22 April 2025

    • Headline inflation expectations revised up slightly for 2025-26 but unchanged for 2027 and the long term
    • Expectations for HICP inflation excluding energy and food revised up slightly across all horizons
    • Impacts of tariffs and defence spending main factors behind revisions to inflation and growth expectations
    • Real GDP growth expectations revised down by 0.1 percentage points for 2025 and 2026 but up by 0.1 percentage points for 2027; longer-term expectations unchanged
    • Unemployment rate expectations revised down slightly for 2025, 2026 and the longer term

    Respondents’ expectations for headline inflation, as measured by the Harmonised Index of Consumer Prices (HICP), were 2.2% for 2025 and 2.0% for 2026 and 2027. Expectations were revised up by 0.1 percentage points for 2025 and 2026 compared with the previous survey (conducted in the first quarter of 2025) but were unchanged for 2027. Expectations for core HICP inflation, which excludes energy and food, were revised up slightly across all horizons. Longer-term expectations for headline inflation were unchanged at 2.0%, while those for core HICP inflation were revised up slightly to 2.0%.

    Respondents expected real GDP growth of 0.9% in 2025, 1.2% in 2026 and 1.4% in 2027. Compared with the previous survey, expectations were revised down by 0.1 percentage points for 2025-26 but up by 0.1 percentage points for 2027. Longer-term growth expectations remained unchanged at 1.3%.

    The expected trajectory of the unemployment rate was revised slightly downwards. The unemployment rate is expected to average 6.3% from 2025 to 2027, and then to fall to 6.2% in the longer term.

    MIL OSI Europe News –

  • MIL-Evening Report: Australia had a national reckoning over domestic violence, but where’s the focus this election?

    Source: The Conversation (Au and NZ) – By Kate Fitz-Gibbon, Professor (Practice), Faculty of Business and Economics, Monash University

    For most of this federal election campaign, politicians have said very little about violence against women and children.

    Now in the fourth week of the five-week campaign, Labor has released its “commitment to women” announcement. The Coalition has also flagged it will have something to say on the topic before polling day.

    Much of Labor’s announcement is about what the party has already done to address women’s safety, including funding already committed under the National Plan To End Violence Against Women and Children. The announcement concedes “there is much more to do” and highlights extra spending on financial abuse and perpetrator interventions specifically.

    But the fact domestic, family and sexual violence hasn’t been more central to the election campaign is surprising. Less than 12 months ago, following rising community outrage after the killing of a number of women, Prime Minister Anthony Albanese declared violence against women and children a national crisis.

    Over the past week, the killing of several women in different circumstances, allegedly by men’s violence, has been a reminder of the persistence of this national crisis.

    In an election that’s largely focused on cost of living, this epidemic of violence should also be front and centre.
    The scale and impact of this violence is profound – cutting across culture, age, geography and class. It causes immediate and long-term harm and costs the country an estimated $26 billion annually.

    Why haven’t we heard much?

    An obvious explanation might be that violence against women has already been addressed by successive governments – that enough has been done. Others may argue that it’s been overshadowed by more politically “pressing” issues.

    Some may even suggest it’s because of a broader political shift away from gender equality commitments, influenced by anti-DEI (diversity, equity, and inclusion) sentiment that has gained traction internationally.

    Perhaps a more generous explanation is that the lack of political attention stems from fear of getting the response wrong. The domestic and family violence sector can be fraught with complexity, with different ideas about what should be prioritised.

    The national prevention agenda has faced critique in recent months. Scrutiny of whether we are on the right path should always be welcomed, but division is unhelpful.

    Complexity should never be an excuse for inaction. Instead, this moment requires political courage and clarity. A declaration of a national crisis is merely rhetoric if it’s not followed by meaningful actions and measurable commitments.

    Beyond election cycles

    It’s crucial the next federal government delivers a response to domestic violence that’s commensurate with the scale of the problem. This requires a significant increase in investment across the entire ecosystem to boost service availability and accessibility.

    This means moving beyond one-off or short-term funding to ensure sustainability across the system, including for crisis response and early intervention initiatives. Consistency of services is needed to disrupt the cycle of intergenerational harm, to understand what works in engaging people who use violence, and to promote long-term recovery.



    Read more:
    What works to prevent violence against women? Here’s what the evidence says

    There should also be improved collaboration between levels of government. For too long, the siloed approach has impeded progress. The National Partnership Agreement provides a solid foundation for this.

    Evidence shows strengthening coordination across agencies and jurisdictions will help identify more women and families at risk of violence. Information-sharing arrangements will also help keep them safer across state and territory boundaries. System failures and blindspots can cost lives.

    What else would help?

    If elected, Labor has committed to focusing on ending financial abuse and expanding interventions for people who use violence. This means increased funding for perpetrator interventions, including electronic monitoring of high-risk offenders and earlier interventions for young people who use violence.

    These intiatives are welcome, but the list of actions needed extends well beyond these commitments.

    Fully funding frontline services is a crucial start. This must include services for children and young people experiencing and escaping violence in their own right, and services across rural and remote communities. There’s limited support available in these areas.

    Ensuring access to culturally appropriate and trauma-informed services for communities disproportionately affected by violence is also key.

    First Nations leaders, practitioners, academics and victim-survivor advocates should be resourced to deliver the dedicated First Nations National Plan and to fully implement the First Nations National Action Plan. This is especially important for First Nations communities, including in the Northern Territory, where calls for increased funding have long been made.

    The support service workforce, which has a high turnover and burn-out rate, must be better supported, including through ongoing professional development and capability training.

    In recent weeks, others have called for a national strategy for people who use violence.

    Measuring progress is key

    Regardless of specific policy commitments, we should be transparently monitoring and evaluating progress on addressing violence. This is the backbone of any effective policy response – without data, we are blind to what works, what doesn’t, and where to focus efforts.

    The first national plan was criticised for failing to do this comprehensively. We are at risk of repeating the same mistake.

    While this responsibility sits within the functions of the inaugural Commissioner for Domestic, Family and Sexual Violence, it has yet to eventuate beyond the information included in the commission’s yearly reports to parliament.

    Regardless of who forms government – whether majority or minority – it’s imperative domestic, family and sexual violence remains front and centre in national policymaking. This is not an issue that can wait for the “right time” or for conditions to be more favourable. Women’s and children’s lives depend on it.

    The National Sexual Assault, Family and Domestic Violence Counselling Line – 1800 RESPECT (1800 737 732) – is available 24 hours a day, seven days a week for any Australian who has experienced, or is at risk of, family and domestic violence and/or sexual assault.

    Kate has received funding for research on violence against women and children from a range of federal and state government and non-government sources. Currently, Kate receives funding from Australia’s National Research Organisation for Women’s Safety (ANROWS), the South Australian government, Safe Steps, Australian Childhood Foundation, and 54 Reasons. This piece is written by Kate Fitz-Gibbon in her role at Monash University and Sequre Consulting, and is wholly independent of Kate Fitz-Gibbon’s role as chair of Respect Victoria and membership on the Victorian Children’s Council.

    Hayley has received funding for research on violence against women and children and criminal justice-related issues from a range of federal and state government and non-government sources. Currently, Hayley receives funding from ANROWS, and the ACT Justice Reform Branch.

    – ref. Australia had a national reckoning over domestic violence, but where’s the focus this election? – https://theconversation.com/australia-had-a-national-reckoning-over-domestic-violence-but-wheres-the-focus-this-election-253718

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Tauriko West Road of National Significance gets green light to move forward

    Source: New Zealand Government

    The New Zealand Transport Agency (NZTA) Board’s endorsement of the Tauriko West Road of National Significance investment case is great news for jobs and growth in the western Bay of Plenty, Transport Minister Chris Bishop says.

    “Western Bay of Plenty is growing strongly and the government is committed to unlocking its potential. The new Tauriko West Road of National Significance will support economic growth, increase productivity and connectivity to Bay of Plenty, and boost housing and commercial development,” Mr Bishop says.

    “State Highway 29 (SH29) and State Highway 29A (SH29A) are the primary inter-regional and freight connections between Auckland, Waikato and Bay of Plenty. These state highways are essential for growth and prosperity in the upper North Island.”

    The NZTA Board has endorsed the investment case for the new Tauriko West Road of National Significance, consisting of:

    • A 4-lane offline SH29 from Redwood Interchange to Takitimu North Link Interchange, designed to accommodate speeds of 110km/h
    • Widening existing SH29A from Takitimu Drive Toll Road to Barkes Corner
    • 7 intersection upgrades, including 3 new interchanges and 2 overbridges
    • Current SH29 to become a local road
    • Board support for consideration of tolling subject to Ministerial confirmation.

    The NZTA Board has also approved $97.2 million in funding for route protection.

    “As part of the SH29 Tauriko West RONS, a new SH29 will be built and SH29A widened to support economic growth, productivity, commercial and residential development, protect the strategic freight route, and improve resilience and reliability, and safety for all users,” Mr Bishop says.

    “These upgrades will support the Tauriko Business Estate extension and enable the potential development of 30,000 new houses in the Western Corridor by 2063. Other benefits of the project include a 40 per cent improvement in travel time reliability, 13 min reduction on SH29 and 6 min reduction on SH29A, and a projected 50 per cent reduction in deaths and serious injuries.”

    The Tauriko West project will be delivered in four phases:

    Phase 1: Ōmanawa Bridge replacement (SH29) – The replacement of the Ōmanawa Bridge, realignment of the connections on SH29 around the bridge and minor improvements to the Ōmanawa Road Intersection. Construction is expected to start later this year.

    Phase 2: Route protection for SH29 and SH29A – Designating, consenting and progressing property acquisition so NZTA is ready to proceed with the detailed design and construction when funding is made available. This also protects the route from being built out in the upcoming development of the area. 

    Phase 3: SH29 offline – Constructing a new 4-lane SH29 from north of Ōmanawa Bridge to connect to Takitimu North Link Interchange including Takitimu Drive Toll Road, and revocation of the existing SH29 (indicative design and construction timeframe, subject to funding). 

    Phase 4: Widening existing SH29A – From Takitimu Drive Toll Road to Barkes Corner and a new interchange at Barkes Corner.

    “With the NZTA Board’s endorsement of the investment case, the SH29 Tauriko West RoNS can now progress to designate and consent a new route between Ōmanawa Bridge and Takitimu North Link in the western Bay of Plenty, for future construction.

    “Protecting the Tauriko West route provides certainty for this significant growth area and ensures NZTA is best placed to move forward when funding for design and construction becomes available. It also protects the route from being built out in the upcoming development of the area.

    “The investment case endorsed by the NZTA Board sets a budget envelope of between $2.8 billion to $3.3 billion for the overall project, with decisions to unlock funding made by the NZTA Board as each phase of the project progresses. 

    “Phase 1 and 2 of the project to replace the Ōmanawa Bridge and start route protection for the SH29/SH29A corridor are underway, with phase 3 and 4 covering the construction of a new four lane SH29 and widening of the existing SH29A. 

    “The Government Policy Statement on Land Transport (GPS 24) requires NZTA to consider tolling for all new RoNS. The investment case supported tolling to help fund the construction and maintenance of the road, and the NZTA Board will consider further information before making a final recommendation to the Government. If tolled, Tauriko West has a Benefit Cost Ratio of 1.7.

    “The SH29 Tauriko West RoNS project is a critical part of the Government’s plan to boost economic growth and productivity, increase the availability of much needed housing and industrial development, and improve safety on our roads.”

    SH29 Tauriko West Project scope

    A new, offline 4-lane SH29 corridor between Redwood Lane and TNL, designed to accommodate speeds of 110km/h (tolled or untolled). Includes widening Takitimu Drive Toll Road to 4 lanes.

    Upgrading SH29A with a design speed to allow for 100km/hr and 4–lanes for general traffic.

    Seven intersection improvements, including three grade separated interchanges at Redwood Lane, Takitimu Drive and Barkes Corner.

    Intersection upgrades at Tauriko Village, Cambridge Road, and SH29A/SH36 Takitimu roundabout to be at-grade signalised intersections.

    Replacement grade-separated walking and cycling crossing at Barkes Corner to provide safe access across SH29A.

    Walking and cycling connections at Redwood Road, Cambridge Road and Barkes Corner to provide safe access across SH29.

    SH29 Revocation – agreed future Urban Connector function on day of handover reflects a higher place function and a reduced movement function.

    Route protection on SH29A and SH36 to accommodate future growth

    Project outcomes

    Economic growth and productivity (travel time): 40% improvement in travel time reliability (13min reduction on SH29, and 6min reduction on SH29A) at all times of the day from 2035 to 2063 on SH29 and SH29A to key destinations, such as the Port of Tauranga.

    Economic growth and productivity (housing): The transport system support the completion of Tauriko West (3600-4000 new houses), the remainder of the Tauriko Business Estate extension, and potential development of 30,000 houses in the Western Corridor by 2063.

        Safety: 50% reduction in DSIs, and improved network resilience on SH29 and      SH29A with increased lane capacity, safety interventions, and alternative routes

    MIL OSI New Zealand News –

  • MIL-OSI China: China injects more certainty into world

    Source: China State Council Information Office 3

    The State Council Information Office holds a press conference on the Work Plan for Accelerating the Comprehensive Pilot Program for Expanding Opening-up of the Service Sector in Beijing, capital of China, April 21, 2025. [Photo/Xinhua]

    China is accelerating the opening-up of its services sector through measures such as fast-tracking the implementation of pilot projects, expanding related coverage, and enhancing stress testing and the replication of successful practices, according to the Ministry of Commerce on Monday.

    Against the backdrop of rising unilateralism and protectionism globally, China’s push to expand voluntary opening-up in an orderly manner represents its concrete efforts to inject more certainty and stability into the world, Ling Ji, vice minister of commerce and deputy China international trade representative, said at a press conference.

    China’s State Council has recently approved a plan that aims to expand comprehensive pilot programs to accelerate the services industry’s opening-up, which includes 155 pilot tasks across key areas such as the opening of key services sectors and the promotion of industrial innovation and development, Ling said.

    Specifically, pilot tasks include removing foreign ownership caps in services areas such as app stores and internet access within the telecommunication sector.

    In the health care sector, pilot tasks include supporting foreign doctors in opening clinics in China, allowing overseas medical professionals to practice in the country on a short-term basis, encouraging the establishment of foreign-funded nursing schools, and permitting the creation of non-profit medical and elderly care institutions through donations.

    In the financial sector, pilot tasks include supporting the development of international factoring services and attracting overseas insurance companies, sovereign funds, pension funds, certification and verification agencies, and environmental, social and governance (ESG) funds to provide financing, investment and technical services for green projects.

    In the commerce, trade and cultural tourism sectors, foreign-invested travel agencies will be allowed to offer outbound tourism services, while the transportation sector will explore new multimodal transport models to support the export of new energy vehicles and power batteries, Ling said.

    Since 2015, China has approved 11 provinces and cities, including Beijing and Hainan, to carry out pilot programs, continuously expanding institutional opening-up with regard to rules, regulations, management and standards. This is fostering a world-class business environment that is market-oriented, law-based and internationalized, and is providing foreign-invested enterprises in China with diverse application scenarios and a stable, open policy environment for investment and operations.

    The newly released plan says that nine additional cities, including Ningbo and Xiamen, will be permitted to carry out comprehensive pilot programs.

    Bai Ming, a researcher at the Chinese Academy of International Trade and Economic Cooperation, noted that the nine cities boast relatively high levels of openness in the services sector, as well as unique industrial characteristics, with some specializing in lifestyle services and others focusing on productive services, which will facilitate differentiated exploration.

    The services sector is a key area for foreign investment in China. In the first quarter of the year, the actual use of foreign direct investment (FDI) in the services sector totaled 193.33 billion yuan (about 26.83 billion U.S. dollars), accounting for more than 70 percent of the country’s total FDI, according to the latest data from the Ministry of Commerce.

    In 2024, the 11 provinces and cities participating in the pilot programs attracted 293.2 billion yuan in FDI in the services sector, accounting for roughly half of the national total in that category. 

    MIL OSI China News –

  • MIL-OSI New Zealand: Minister condemns mining protest

    Source: New Zealand Government

    Protesters camping at a West Coast mining site should be condemned for their selfish and dangerous actions that put themselves and others at risk, Resources Minister Shane Jones says.
    “I cannot fathom the mentality of these blow-ins from other parts of the country to think that they have a right to speak for the hundreds of people who derive their living from mining.
    “They turn up, reportedly with an eight-month-old child in tow, to protest what is a legitimate industry going about its lawful business. In the process they are putting themselves in danger and sapping the resources of Police and other agencies.
    “I’m not sure if they have realised New Zealand is probably the only country transitioning from renewables to coal as Kiwis face down an economic downturn and rising power prices at the onset of winter.
    “This lack of awareness and consideration for others is mind-boggling. New Zealand is relying on a stockpile of 1.2 million tonnes of coal to keep the lights on this winter. Where do these activists think it comes from if not from mines?”
    “Mining brings in millions of dollars in royalties, and in wages and spending on infrastructure, plant and supplies. It is an industry with a proud history on the West Coast. It is incredibly insulting to the people of the West Cost who rely on this industry for a few protesters from outside the region to fossil-fuel their way, presumably, to the West Coast to vilify those people.
    “And to the stragglers who plan on protesting outside the office of Bathurst Resources in Wellington today, shame on you. Don’t think for a minute you are striking at the heart of the company. All you are doing is intimidating the people who work in the building and preventing them from going to work to put food on the tables of their families.
    “Businesses have a legal right, under a law passed by the New Zealand Parliament, to apply for fast-track approval. I’m confident in its robustness to ensure guard rails are in place for projects to ensure they comply with our environmental and conservation laws. These protesters should too,” Mr Jones says.

    MIL OSI New Zealand News –

  • MIL-OSI China: China’s e-commerce sector reports steady growth in Q1

    Source: China State Council Information Office

    China’s e-commerce sector has reported steady growth in the first quarter of the year, boosted by the country’s pro-consumption policies such as its large-scale consumer goods trade-in program, the Ministry of Commerce said on Monday.

    Official data shows that China’s online retail sales totaled 3.6 trillion yuan (about 499.6 billion U.S. dollars) in the first quarter, with online retail sales of physical goods increasing 5.7 percent.

    There was also a 7.4-percent increase in online sales of digital products in this period, the ministry said.

    It noted that boosted by the release of quality films, China’s online entertainment sales volume grew 40 percent in the first three months.

    In the first quarter, the government and enterprises have worked together to accelerate the integration of domestic and foreign trade to cope with external risks, the ministry said, noting that more than 10 e-commerce platforms have taken swift measures to deliver quality foreign trade products to domestic households through e-commerce channels. 

    MIL OSI China News –

  • MIL-OSI China: China accelerates services opening-up, injects more certainty into world

    Source: China State Council Information Office

    The State Council Information Office holds a press conference on the Work Plan for Accelerating the Comprehensive Pilot Program for Expanding Opening-up of the Service Sector in Beijing, capital of China, April 21, 2025. [Photo/Xinhua]

    China is accelerating the opening-up of its services sector through measures such as fast-tracking the implementation of pilot projects, expanding related coverage, and enhancing stress testing and the replication of successful practices, according to the Ministry of Commerce on Monday.

    Against the backdrop of rising unilateralism and protectionism globally, China’s push to expand voluntary opening-up in an orderly manner represents its concrete efforts to inject more certainty and stability into the world, Ling Ji, vice minister of commerce and deputy China international trade representative, said at a press conference.

    China’s State Council has recently approved a plan that aims to expand comprehensive pilot programs to accelerate the services industry’s opening-up, which includes 155 pilot tasks across key areas such as the opening of key services sectors and the promotion of industrial innovation and development, Ling said.

    Specifically, pilot tasks include removing foreign ownership caps in services areas such as app stores and internet access within the telecommunication sector.

    In the health care sector, pilot tasks include supporting foreign doctors in opening clinics in China, allowing overseas medical professionals to practice in the country on a short-term basis, encouraging the establishment of foreign-funded nursing schools, and permitting the creation of non-profit medical and elderly care institutions through donations.

    In the financial sector, pilot tasks include supporting the development of international factoring services and attracting overseas insurance companies, sovereign funds, pension funds, certification and verification agencies, and environmental, social and governance (ESG) funds to provide financing, investment and technical services for green projects.

    In the commerce, trade and cultural tourism sectors, foreign-invested travel agencies will be allowed to offer outbound tourism services, while the transportation sector will explore new multimodal transport models to support the export of new energy vehicles and power batteries, Ling said.

    Since 2015, China has approved 11 provinces and cities, including Beijing and Hainan, to carry out pilot programs, continuously expanding institutional opening-up with regard to rules, regulations, management and standards. This is fostering a world-class business environment that is market-oriented, law-based and internationalized, and is providing foreign-invested enterprises in China with diverse application scenarios and a stable, open policy environment for investment and operations.

    The newly released plan says that nine additional cities, including Ningbo and Xiamen, will be permitted to carry out comprehensive pilot programs.

    Bai Ming, a researcher at the Chinese Academy of International Trade and Economic Cooperation, noted that the nine cities boast relatively high levels of openness in the services sector, as well as unique industrial characteristics, with some specializing in lifestyle services and others focusing on productive services, which will facilitate differentiated exploration.

    The services sector is a key area for foreign investment in China. In the first quarter of the year, the actual use of foreign direct investment (FDI) in the services sector totaled 193.33 billion yuan (about 26.83 billion U.S. dollars), accounting for more than 70 percent of the country’s total FDI, according to the latest data from the Ministry of Commerce.

    In 2024, the 11 provinces and cities participating in the pilot programs attracted 293.2 billion yuan in FDI in the services sector, accounting for roughly half of the national total in that category. 

    MIL OSI China News –

  • MIL-OSI USA: Rep. Scholten Launches Health Care Advisory Board Amid Alarming Attacks on Health Care

    Source: United States House of Representatives – Congresswoman Hillary Scholten – Michigan

    GRAND RAPIDS, MI – Today, U.S. Congresswoman Hillary Scholten (MI03) announced the formation of her new Health Care Advisory Board, bringing together a group of health leaders from across West Michigan for a roundtable conversation focused on protecting access to care, advancing medical innovation, and confronting looming federal health care cuts to Medicaid, health care research, and more.

    “The Health Care Advisory Board is the next step in my ongoing partnership with health care providers throughout West Michigan—one that brings together some of the most innovative and compassionate health care minds in the country who serve right here in West Michigan,” said Rep. Scholten. “At a time when leaders in Washington are pushing dangerous cuts that would kneecap our ability to prevent illness, fight disease, make progress on cancer research and save lives, I am fighting back–with my vote in Washington, and my voice back home here in West Michigan. I will keep engaging to ensure our region remains a leader in health care innovation and access.”

    The roundtable today convened a broad coalition of regional medical leaders who represent institutions ranging from major medical centers to community clinics, federally qualified health centers, and individual family practices across urban and rural settings. The Advisory Board will serve as a long-term partner to Rep. Scholten, helping shape her health policy work in Washington and ensuring that the voices of health care professionals and patients across West Michigan are front and center in the fight for equitable, accessible care. 

    The launch comes at a critical moment. Proposed cuts to health care will slash nearly a third of the federal health budget, including a 40% cut to the Centers for Disease Control and Prevention (CDC) as well as a 40% cut to the National Institutes of Health (NIH), reducing its 27 research centers to just eight. The Department of Health and Human Services also plans to cut 10,000 employees from the workforce. Additionally, an upcoming May 7 mark-up in the House will look to cut $880 billion from the Energy and Commerce budget, which covers Medicaid. 

    Rep. Scholten emphasized her interest in supporting safe and accessible innovation and reiterated her commitment to bringing local insights back to Congress.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Ernst Names Small Business of the Week, The Candy Kitchen

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    Published: April 21, 2025

    Throughout this Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.

    RED OAK, Iowa – U.S. Senator Joni Ernst (R-Iowa), Chair of the Senate Small Business Committee, today announced her Small Business of the Week: The Candy Kitchen of Muscatine County. Throughout the 119th Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.
    “For over 100 years, The Candy Kitchen has cured sweet tooths across Iowa, serving up everything from classic cherry sodas to candy and ice cream,” said Chair Ernst. “Founded by Gus Nopoulos, who came to Wilton knowing only two English words, The Candy Kitchen now speaks the universal language of dessert—delighting eight generations of Iowans and visitors alike.”
    In 1910, Gus Nopoulos launched The Candy Kitchen in downtown Wilton, Iowa and grew the business even through the Great Depression and World War II. In 1946, after returning from military service, Gus’ son, George, purchased the business along with his wife, Thelma. The couple ran the family establishment for over 66 years. In 2015, Lynn and Brenda Ochiltree assumed ownership and have continued to serve all things sweet in the original booths and the 1951 marble soda fountain. In June, The Candy Kitchen will celebrate its 115th anniversary.
    Stay tuned as Chair Ernst recognizes more Iowa small businesses across the state with her Small Business of the Week award.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: UK Indo-Pacific Minister visits Cambodia to strengthen ties

    Source: United Kingdom – Government Statements

    World news story

    UK Indo-Pacific Minister visits Cambodia to strengthen ties

    UK Minister for the Indo-Pacific Catherine West MP visits Cambodia to advance shared interests and boost cooperation.

    The UK and Cambodia are collaborating to advance climate initiatives and promote sustainable development.

    This includes at Techo International Airport in Kandal Province, Cambodia, where British architecture has gained international recognition for its innovative approach to green airport design.

    The airport, designed by British firm Foster + Partners, will be visited today (22 April 2025) by UK Minister for the Indo-Pacific, Catherine West MP, who is in Cambodia this week to strengthen ties between the two nations and promote economic growth, climate resilience, and security cooperation.

    The Minister will meet with H.E. Prak Sokhonn, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, and senior officials from Cambodia’s Ministry of Economy and Finance and the Council for the Development of Cambodia. Their discussions will cover expanding trade opportunities, advancing climate initiatives, promoting sustainable development, and enhancing regional security.

    UK Minister for the Indo-Pacific, Catherine West MP, said: 

    My visit to Techo International Airport today is testament to the modern UK-Cambodia partnership. Innovative and green infrastructure fit for Cambodia’s future, designed by British business – an achievement that would have been unimaginable thirty years ago. 

    Our relationship goes far beyond just this one building – but we bring the same partnership approach to everything we do, whether increasing trade to create jobs, protect our climate and nature, or increase access to education.

    Foster and Partners Associate Partner, Krzysztof Szymanski, said:

    We are incredibly proud and deeply honoured to lead the design of Techo International Airport, a project that aspires to be one of the greenest airports in the world. This airport offers a transformative vision for Phnom Penh, drawing deeply from Cambodia’s rich heritage and responding thoughtfully to its tropical climate. By integrating the latest technology with local craftsmanship, we are committed to creating sustainable and efficient infrastructure.

    This project not only creates a new gateway to the city and the country, enhancing Cambodia’s reputation on the global stage, but also sets a new benchmark for sustainable airport design. It is a privilege to contribute to such a significant endeavour that will shape the future of Cambodia’s capital.

    Minister West is going to sign a Memorandum of Understanding with the Ministry of Economy and Finance on Strategic Infrastructure Development, demonstrating our commitment to partner to boost mutual economic growth, including support for the development of a Green Special Economic Zone.  Initiatives such as the Trade Partnerships programme and the Developing Countries Trading Scheme are also key to deepening ties and growth opportunities.

    The Minister will meet the British Chamber of Commerce in Cambodia to discuss how UK businesses are taking advantage of these policies to expand cooperation with Cambodian partners in key sectors including education, infrastructure, and financial services.

    Minister West will visit De Montfort University in Cambodia, the first UK university campus in the country, to discuss the UK’s role in addressing global environmental challenges, and highlighting how UK programmes, such as the Biodiverse Landscape Fund, are empowering local communities, including marginalised groups, to regenerate and conserve local environments and improve livelihoods.

    The visit also addresses shared security concerns, including combating serious organised crime and human trafficking, addressing online fraud and scam centres, and future defence cooperation initiatives.

    For more information, please contact: UKInCambodia@fcdo.gov.uk

    Updates to this page

    Published 22 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Padilla, Luján Lead Colleagues Warning Against Trump’s Plan to Privatize Postal Service That Would Undermine Vote by Mail

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Luján Lead Colleagues Warning Against Trump’s Plan to Privatize Postal Service That Would Undermine Vote by Mail

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla (D-Calif.), Ranking Member of the Senate Committee on Rules and Administration and California’s former Secretary of State, and Ben Ray Luján (D-N.M.), a senior member of the Senate Commerce Committee, led six Senators in expressing serious concerns about the harmful impacts to American voters of the Trump Administration’s plans to privatize the United States Postal Service (USPS) and move it under the control of the Department of Commerce. In their letter to Secretary of Commerce Howard Lutnick, the Senators emphasized that the move risks politicizing and imperiling vote by mail efforts across the nation, while violating the Postal Reauthorization Act.
    “We write to express our grave concern over your statements and ongoing reports that the Trump Administration may soon attempt to bring the United States Postal Service (USPS) under the control of the Department of Commerce and potentially privatize services that are relied upon by millions of Americans,” wrote the Senators. “Not only would such a move violate the Postal Reauthorization Act and harm Americans in many ways, but it would also have a very negative impact on our democracy by disrupting and undermining public confidence in the handling of election mail. We strongly urge you to stop your deeply misguided pursuit of this effort immediately.”
    Millions of Americans rely on vote by mail as a safe and trustworthy method to vote in federal and state elections, the Senators noted. In the 2024 general election cycle, USPS securely and efficiently delivered more than 99 million ballots to and from voters, including free mail delivery to rural and remote communities. President Trump’s own U.S. postal system task force found that a “comprehensive delivery network that covers every address in the country is a critical part of the nation’s infrastructure that cannot be replicated by private actors[.]”
    “Privatizing the Postal Service would put our democracy in the hands of corporations that are more focused on efficiency and profit than the public good,” continued the Senators. “Bringing the Postal Service under the control of political appointees at the Department of Commerce and potentially private companies raises serious concerns that partisan and private actors would deprive eligible voters of the confidence that USPS will properly handle their ballot by disrupting the robust delivery routes that connect our country or by imposing a cost on ballot returns.”
    In addition to Senators Padilla and Luján, the letter was also signed by Senators Jon Ossoff (D-Ga.), Jacky Rosen (D-Nev.), Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Michael Bennet (D-Colo.), and Mark Warner (D-Va.).
    Senator Padilla has led the charge opposing President Trump and Republicans’ reckless attempts to restrict the right to vote. Earlier this month, Padilla issued a statement condemning the House passage of Republicans’ Safeguard American Voter Eligibility (SAVE) Act, which threatens to disenfranchise millions of eligible American citizens. Padilla also warned Secretaries of State, Lieutenant Governors, and Chief Election Officials across the country of the devastating potential impacts of Republicans’ SAVE Act, concerns that have been echoed by top election officials across the country. Padilla also led 11 Senators in introducing the Defending America’s Future Elections Act to repeal Trump’s illegal anti-voter executive order and prevent the Department of Government Efficiency (DOGE) from accessing sensitive voter registration data and state records. Additionally, Padilla led 14 Democratic Senators in calling on Trump to revoke his illegal anti-voter executive order and issued a statement slamming the order when it was announced.
    Full text of the letter is available here and below:
    Dear Secretary Lutnick:
    We write to express our grave concern over your statements and ongoing reports that the Trump Administration may soon attempt to bring the United States Postal Service (USPS) under the control of the Department of Commerce and potentially privatize services that are relied upon by millions of Americans. Not only would such a move violate the Postal Reauthorization Act and harm Americans in many ways, but it would also have a very negative impact on our democracy by disrupting and undermining public confidence in the handling of election mail. We strongly urge you to stop your deeply misguided pursuit of this effort immediately.
    Vote by mail is a safe and trustworthy method that millions of Americans use to cast their ballots in federal and state elections. During the 2024 general election cycle alone, the Postal Service delivered over 99 million ballots to and from voters, according to the USPS’s December 2024 post-election report. Data from the most recent 2024 general election cycle makes clear that the Postal Service provides reliable mail delivery without any partisan influence, as Democrats, Republicans and Independents all continued to embrace vote by mail as a secure and convenient way to participate in our elections.
    Privatizing the Postal Service would put our democracy in the hands of corporations that are more focused on efficiency and profit than the public good. The Postal Service provides free mail delivery to every address in the country, including rural and small communities that are hard to reach. President Trump’s Task Force on the United States Postal System concluded in its December 2018 report that the Postal Service’s “comprehensive delivery network that covers every address in the country is a critical part of the nation’s infrastructure that cannot be replicated by private actors[.]” Bringing the Postal Service under the control of political appointees at the Department of Commerce and potentially private companies raises serious concerns that partisan and private actors would deprive eligible voters of the confidence that USPS will properly handle their ballot by disrupting the robust delivery routes that connect our country or by imposing a cost on ballot returns.
    Generations of Americans have grown up trusting and relying upon the Postal Service, which for decades has operated as an independent agency.
    In addition to the myriad other harmful aspects of moving the USPS under the Department of Commerce and potentially privatizing it, we urge you to be especially mindful of this proposal’s effect on our democracy and cease all efforts to take political control over the Postal Service and the handling of Americans’ mail-in ballots.

    MIL OSI USA News –

  • MIL-OSI Security: Columbia Man Sentenced in $1.2 Million Insurance Fraud and $30,000.00 COVID-19 Relief Fraud Cases

    Source: Office of United States Attorneys

    JEFFERSON CITY, Mo. – A Columbia, Mo., man who ran a scheme to defraud insurance companies through staged accidents and who fraudulently applied for COVID-19 relief funds was sentenced in federal court today for conspiracy to commit wire and mail fraud and aggravated identity theft.

    Lawrence Courtney Lawhorn, 37, was sentenced by U.S. District Judge Rosanne Ketchmark to a total of 21 years in federal prison without parole. The court also ordered Lawhorn to pay $187,109.75 in restitution to be divided among insurance companies, medical providers, and the Small Business Administration.

    Beginning in 2017, Lawhorn staged automobile accidents in the mid-Missouri area.  Lawhorn participated in three staged accidents and recruited other people, including family members to participate in the staged accidents.  Lawhorn and the participants would go to various hospitals complaining of fake injuries thereby increasing the medical billing. As a result, the cost of a potential settlement with the insurance companies would increase. During one staged accident, Lawhorn spoke to the insurance company while pretending to be a person with settlement authority.

    Lawhorn’s operation spread to the Kansas City, Missouri and St. Louis, Missouri areas. In total, Lawhorn either participated in or managed 10 total staged automobile accidents between 2017 until his arrest in 2020.  The total loss for all staged accidents was approximately $1.2 million.  In court, it was determined Lawhorn pocketed approximately $105,721.17 either through his direct participation or by requiring the other participants to pay him money.

    In 2020, during the COVID-19 pandemic, Lawhorn, along with another person, Tina Battie, submitted applications for Economic Disaster Relief Loans that were available to small businesses during the pandemic. Lawhorn and Battie submitted applications to the Small Business Administration for the loans using fake businesses.  Lawhorn obtained $10,000.00 from his personal application and another $20,000.00 was obtained through two other fraudulent applications.  The loans were later forgiven.  Tina Battie was sentenced last year for her actions in the case.

    This case was prosecuted by Assistant United States Attorney Aaron M. Maness.  It was investigated by the Federal Bureau of Investigation, the Bureau of Alcohol, Tobacco, Firearms, and Explosives, the Columbia, Missouri Police Department, and the National Insurance Crime Bureau. 

    MIL Security OSI –

  • MIL-OSI: SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR THIRD QUARTER OF FISCAL 2025; DECLARES QUARTERLY DIVIDEND OF $0.23 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, APRIL 22, AT 8:30 AM CENTRAL TIME

    Source: GlobeNewswire (MIL-OSI)

    Poplar Bluff, Missouri, April 21, 2025 (GLOBE NEWSWIRE) — Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the third quarter of fiscal 2025 of $15.7 million, an increase of $4.4 million or 38.7%, as compared to the same period of the prior fiscal year. The increase was attributable to increases in net interest income and noninterest income, partially offset by increases in noninterest expense, income taxes, and provision for credit losses. Preliminary net income was $1.39 per fully diluted common share for the third quarter of fiscal 2025, an increase of $0.40 as compared to the $0.99 per fully diluted common share reported for the same period of the prior fiscal year.

    Highlights for the third quarter of fiscal 2025:

    • Earnings per common share (diluted) were $1.39, up $0.40, or 40.4%, as compared to the same quarter a year ago, and up $0.09, or 6.9%, from the second quarter of fiscal 2025, the linked quarter.
    • Annualized return on average assets (ROA) was 1.27%, while annualized return on average common equity (ROE) was 12.1%, as compared to 0.99% and 9.5%, respectively, in the same quarter a year ago, and 1.26% and 11.5%, respectively, in the second quarter of fiscal 2025, the linked quarter.
    • Net interest margin for the quarter was 3.39%, as compared to 3.15% reported for the same quarter a year ago, and up from 3.36% reported for the second quarter of fiscal 2025, the linked quarter. Net interest income increased $5.0 million, or 14.4%, compared to the same quarter a year ago, and increased $1.3 million, or 3.5% compared to the second quarter of fiscal 2025, the linked quarter.
    • Noninterest income was up 19.4% for the quarter, as compared to the same quarter a year ago, primarily as a result of losses realized on sale of available-for-sale (AFS) securities in the year ago quarter, and down 2.9% from the second quarter of fiscal 2025, the linked quarter.
    • Gross loan balances as of March 31, 2025, decreased by $3.5 million, or 0.1%, as compared to December 31, 2024, and increased by $252.3 million, or 6.7%, as compared to March 31, 2024.
    • Deposit balances as of March 31, 2025, increased by $50.8 million, or 1.2%, as compared to December 31, 2024, and by $275.3, million, or 6.9%, as compared to March 31, 2024.
    • Cash equivalent balances and time deposits as of March 31, 2025, increased by $81.1 million, or 55.5%, as compared to December 31, 2024, and increased by $58.4 million, or 34.6% as compared to March 31, 2024.
    • Tangible book value per share was $40.37, having increased by $4.86, or 13.7%, as compared to March 31, 2024.

    Dividend Declared:

    The Board of Directors, on April 15, 2025, declared a quarterly cash dividend on common stock of $0.23, payable May 30, 2025, to stockholders of record at the close of business on May 15, 2025, marking the 124th consecutive quarterly dividend since the inception of the Company. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects.

    Conference Call:

    The Company will host a conference call to review the information provided in this press release on Tuesday, April 22, 2025, at 8:30 a.m., central time. The call will be available live to interested parties by calling 1-833-470-1428 in the United States and from all other locations. Participants should use participant access code 154288. Telephone playback will be available beginning one hour following the conclusion of the call through April 27, 2025. The playback may be accessed by dialing 1-866-813-9403, and using the conference passcode 580314.

    Balance Sheet Summary:

    The Company experienced balance sheet growth in the first nine months of fiscal 2025, with total assets of $5.0 billion at March 31, 2025, reflecting an increase of $372.2 million, or 8.1%, as compared to June 30, 2024. Growth primarily reflected increases in net loans receivable, cash equivalents, and available for sale (AFS) securities.

    Cash equivalents and time deposits were a combined $227.1 million at March 31, 2025, an increase of $165.7 million, or 270.0%, as compared to June 30, 2024. The increase was primarily the result of strong deposit generation that outpaced loan growth during the period. AFS securities were $462.9 million at March 31, 2025, up $35.0 million, or 8.2%, as compared to June 30, 2024.

    Loans, net of the allowance for credit losses (ACL), were $4.0 billion at March 31, 2025, an increase of $171.3 million, or 4.5%, as compared to June 30, 2024. Gross loans increased by $173.7 million, while the ACL attributable to outstanding loan balances increased $2.4 million, or 4.6%, as compared to June 30, 2024. The increase in loan balances was attributable to growth in 1-4 family residential, commercial and industrial, construction and land development, multi-family real estate, agriculture real estate, owner occupied commercial real estate, and agricultural production loan balances. This increase was somewhat offset by decreases in consumer loans, loans secured by non-owner occupied commercial real estate, and other loan balances. The table below illustrates changes in loan balances by type over recent periods:

                                   
    Summary Loan Data as of:      Mar. 31,      Dec. 31,      Sep. 30,      June 30,      Mar. 31,
    (dollars in thousands)   2025     2024     2024     2024     2024  
                                   
    1-4 residential real estate   $ 978,908     $ 967,196     $ 942,916     $ 925,397     $ 903,371  
    Non-owner occupied commercial real estate     897,125       882,484       903,678       899,770       898,911  
    Owner occupied commercial real estate     440,282       435,392       438,030       427,476       412,958  
    Multi-family real estate     405,445       376,081       371,177       384,564       417,106  
    Construction and land development     323,499       393,388       351,481       290,541       268,315  
    Agriculture real estate     247,027       239,912       239,787       232,520       233,853  
    Total loans secured by real estate     3,292,286       3,294,453       3,247,069       3,160,268       3,134,514  
                                   
    Commercial and industrial     488,116       484,799       457,018       450,147       436,093  
    Agriculture production     186,058       188,284       200,215       175,968       139,533  
    Consumer     54,022       56,017       58,735       59,671       56,506  
    All other loans     3,216       3,628       3,699       3,981       4,799  
    Total loans     4,023,698       4,027,181       3,966,736       3,850,035       3,771,445  
                                   
    Deferred loan fees, net     (189 )     (202 )     (218 )     (232 )     (251 )
    Gross loans     4,023,509       4,026,979       3,966,518       3,849,803       3,771,194  
    Allowance for credit losses     (54,940 )     (54,740 )     (54,437 )     (52,516 )     (51,336 )
    Net loans   $ 3,968,569     $ 3,972,239     $ 3,912,081     $ 3,797,287     $ 3,719,858  

    Loans anticipated to fund in the next 90 days totaled $163.3 million at March 31, 2025, as compared to $172.5 million at December 31, 2024, and $117.2 million at March 31, 2024.

    The Bank’s concentration in non-owner occupied commercial real estate loans is estimated at 304.0% of Tier 1 capital and ACL on March 31, 2025, as compared to 317.5% as of June 30, 2024, with these loans representing 40.4% of total loans at March 31, 2025. Multi-family residential real estate, hospitality (hotels/restaurants), care facilities, retail stand-alone, and strip centers are the most common collateral types within the non-owner occupied commercial real estate loan portfolio. The multi-family residential real estate loan portfolio commonly includes loans collateralized by properties currently in the low-income housing tax credit (LIHTC) program or that have exited the program. The hospitality and retail stand-alone segments include primarily franchised businesses; care facilities consisting mainly of skilled nursing and assisted living centers; and strip centers, which can be defined as non-mall shopping centers with a variety of tenants. Non-owner-occupied office property types included 31 loans totaling $23.9 million, or 0.59% of gross loans at March 31, 2025, none of which were adversely classified, and are generally comprised of smaller spaces with diverse tenants. The Company continues to monitor its commercial real estate concentration and the individual segments closely.

    Nonperforming loans (NPL) were $22.0 million, or 0.55% of gross loans, at March 31, 2025, as compared to $6.7 million, or 0.17% of gross loans at June 30, 2024. Nonperforming assets (NPA) were $23.8 million, or 0.48% of total assets, at March 31, 2025, as compared to $10.6 million, or 0.23% of total assets, at June 30, 2024. The rise in NPAs reflects an increase in NPLs. The increase in NPLs was primarily attributable to several commercial relationships added in the third quarter of 2025 and the addition of three unrelated loans collateralized by single-family residential property in the linked quarter. The increase during the third quarter was mostly attributable to loans totaling $10 million primarily secured by two specific-purpose non-owner occupied commercial properties in different states. The loans have some guarantors in common. The properties, now vacant, were originally leased to a single tenant that became insolvent.

    Our ACL at March 31, 2025, totaled $54.9 million, representing 1.37% of gross loans and 250% of nonperforming loans, as compared to an ACL of $52.5 million, representing 1.36% of gross loans and 786% of nonperforming loans at June 30, 2024. The Company has estimated its expected credit losses as of March 31, 2025, under ASC 326-20, and management believes the ACL as of that date was adequate based on that estimate. There remains, however, significant uncertainty as borrowers adjust to relatively high market interest rates, although the Federal Reserve has reduced short-term rates somewhat during this fiscal year. Qualitative adjustments in the Company’s ACL model were increased compared to June 30, 2024, due to various factors that are relevant to determining expected collectability of credit. Additionally, a provision for credit loss was required due to loan net charge offs and to provide reserves for overdrafts in the third quarter of fiscal year 2025. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.11% (annualized) during the current period, as compared to 0.01% for the same period of the prior fiscal year. In the three-month period ended March 31, 2025, $1.1 million of net charge offs were realized, with the increase from prior periods primarily due to a single agricultural relationship with suspected fraudulent activity.

    Total liabilities were $4.4 billion at March 31, 2025, an increase of $332.1 million, or 8.1%, as compared to June 30, 2024. Growth primarily reflected an increase in total deposits, other liabilities from the increase of accrued interest payable and income taxes payable, securities sold under agreements to repurchase, and FHLB advances.

    Deposits were $4.3 billion at March 31, 2025, an increase of $318.3 million, or 8.1%, as compared to June 30, 2024. The deposit portfolio saw year-to-date increases in certificates of deposit and savings accounts, as customers remained willing to move balances into high yield savings accounts and special rate time deposits in the higher rate environment. Public unit balances totaled $575.8 million at March 31, 2025, a decrease of $18.8 million compared to June 30, 2024, and increased $9.8 million from December 31, 2024, the linked quarter, reflecting seasonal trends. Brokered deposits totaled $235.6 million at March 31, 2025, an increase of $61.8 million as compared to June 30, 2024, but a decrease of $18.5 million compared to December 31, 2024, the linked quarter. The average loan-to-deposit ratio for the third quarter of fiscal 2025 was 94.2%, as compared to 96.3% for the quarter ended June 30, 2024, and 92.7% for the same period of the prior fiscal year. The table below illustrates changes in deposit balances by type over recent periods:

                                   
    Summary Deposit Data as of:      Mar. 31,      Dec. 31,      Sep. 30,      June 30,      Mar. 31,
    (dollars in thousands)   2025   2024   2024   2024   2024
                                   
    Non-interest bearing deposits   $ 513,418   $ 514,199   $ 503,209   $ 514,107   $ 525,959
    NOW accounts     1,167,296     1,211,402     1,128,917     1,239,663     1,300,358
    MMDAs – non-brokered     345,810     347,271     320,252     334,774     359,569
    Brokered MMDAs     2,013     3,018     12,058     2,025     10,084
    Savings accounts     626,175     573,291     556,030     517,084     455,212
    Total nonmaturity deposits     2,654,712     2,649,181     2,520,466     2,607,653     2,651,182
                                   
    Certificates of deposit – non-brokered     1,373,109     1,310,421     1,258,583     1,163,650     1,158,063
    Brokered certificates of deposit     233,561     251,025     261,093     171,756     176,867
    Total certificates of deposit     1,606,670     1,561,446     1,519,676     1,335,406     1,334,930
                                   
    Total deposits   $ 4,261,382   $ 4,210,627   $ 4,040,142   $ 3,943,059   $ 3,986,112
                                   
    Public unit nonmaturity accounts   $ 472,010   $ 482,406   $ 447,638   $ 541,445   $ 572,631
    Public unit certificates of deposit     103,741     83,506     62,882     53,144     51,834
    Total public unit deposits   $ 575,751   $ 565,912   $ 510,520   $ 594,589   $ 624,465

    FHLB advances were $104.1 million at March 31, 2025, an increase of $2.0 million, or 2.0%, as compared to June 30, 2024.

    The Company’s stockholders’ equity was $528.8 million at March 31, 2025, an increase of $40.0 million, or 8.2%, as compared to June 30, 2024. The increase was attributable primarily to earnings retained after cash dividends paid, in combination with a $3.5 million reduction in accumulated other comprehensive losses (AOCL) as the market value of the Company’s investments appreciated due to the decrease in market interest rates. The AOCL totaled $14.0 million at March 31, 2025, compared $17.5 million at June 30, 2024. The Company does not hold any securities classified as held-to-maturity.    

    Quarterly Income Statement Summary:

    The Company’s net interest income for the three-month period ended March 31, 2025, was $39.5 million, an increase of $5.0 million, or 14.4%, as compared to the same period of the prior fiscal year. The increase was attributable to a 6.2% increase in the average balance of interest-earning assets in the current three-month period compared to the same period a year ago, and an increase of 24 basis points in the net interest margin, from 3.15% to 3.39%. The primary driver of the net interest margin expansion, compared to the year ago period, was the yield on interest earning assets increasing 16 basis points, while the cost of interest bearing liabilities decreased 11 basis points.

    Loan discount accretion and deposit premium amortization related to the Company’s November 2018 acquisition of First Commercial Bank, the May 2020 acquisition of Central Federal Savings & Loan Association, the February 2022 merger of FortuneBank, and the January 2023 acquisition of Citizens Bank & Trust resulted in $1.5 million in net interest income for the three-month period ended March 31, 2025, as compared to $1.2 million in net interest income for the same period a year ago. Combined, this component of net interest income contributed 13 basis points to net interest margin in the three-month period ended March 31, 2025, as compared to an 11-basis point contribution for the same period of the prior fiscal year, and as compared to a nine-basis point contribution in the linked quarter, ended December 31, 2024, when net interest margin was 3.36%.

    The Company recorded a PCL of $932,000 in the three-month period ended March 31, 2025, as compared to a PCL of $900,000 in the same period of the prior fiscal year. The current period PCL was the result of a $1.3 million provision attributable to the ACL for loan balances outstanding and a $368,000 negative provision attributable to the allowance for off-balance sheet credit exposures.

    The Company’s noninterest income for the three-month period ended March 31, 2025, was $6.7 million, an increase of $1.1 million, or 19.4%, as compared to the same period of the prior fiscal year. The increase was primarily attributable to recognized losses on the sale of AFS securities, which totaled $807,000 in the comparable quarter, as compared to a small gain recognized in the current quarter. Additionally, deposit account charges and related fees increased, partially offset by decreases in loan late charges and loan servicing fees.

    Noninterest expense for the three-month period ended March 31, 2025, was $25.4 million, an increase of $342,000, or 1.4%, as compared to the same period of the prior fiscal year. The increase as compared to the year-ago period was primarily attributable to increases in other noninterest expense, occupancy and equipment, and legal and professional fees. The increase in other noninterest expense was primarily due to card fraud losses and deposit product expenses. Occupancy and equipment expenses increased due to depreciation on recent capitalized expenditures, including buildings, equipment, and signage. In addition, higher maintenance costs and service agreements were experienced. Lastly, legal and professional fees were elevated due primarily to an increase in accruals for audit expenses and the remaining expenses associated with the performance improvement project. Partially offsetting these increases from the prior year period were decreases in in telecommunication expenses; intangible amortization, as the core deposit intangible recognized in an older merger was fully amortized in the second quarter of fiscal 2025; and advertising expenses.

    The efficiency ratio for the three-month period ended March 31, 2025, was 55.1%, as compared to 61.2% in the same period of the prior fiscal year. The improvement was attributable to net interest income and noninterest income growing faster than operating expenses.

    The income tax provision for the three-month period ended March 31, 2025, was $4.1 million, an increase of 45.9% as compared to the same period of the prior fiscal year, primarily due to the increase in net income before income taxes. The effective tax rate was 20.9% as compared to 20.1% in the same quarter of the prior fiscal year.  

    Forward-Looking Information:

    Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent expected, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; the strength of the United States economy in general and the strength of local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; potential imposition of new or increased tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for credit losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

    Southern Missouri Bancorp, Inc.
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION

                                     
    Summary Balance Sheet Data as of:      Mar. 31,      Dec. 31,      Sep. 30,      June 30,      Mar. 31,  
    (dollars in thousands, except per share data)   2025   2024   2024   2024   2024  
                                     
    Cash equivalents and time deposits   $ 227,136   $ 146,078   $ 75,591   $ 61,395   $ 168,763  
    Available for sale (AFS) securities     462,930     468,060     420,209     427,903     433,689  
    FHLB/FRB membership stock     18,269     18,099     18,064     17,802     17,734  
    Loans receivable, gross     4,023,509     4,026,979     3,966,518     3,849,803     3,771,194  
    Allowance for credit losses     54,940     54,740     54,437     52,516     51,336  
    Loans receivable, net     3,968,569     3,972,239     3,912,081     3,797,287     3,719,858  
    Bank-owned life insurance     75,156     74,643     74,119     73,601     73,101  
    Intangible assets     74,677     75,399     76,340     77,232     78,049  
    Premises and equipment     95,987     96,418     96,087     95,952     95,801  
    Other assets     53,772     56,738     56,709     53,144     59,997  
    Total assets   $ 4,976,496   $ 4,907,674   $ 4,729,200   $ 4,604,316   $ 4,646,992  
                                     
    Interest-bearing deposits   $ 3,747,964   $ 3,696,428   $ 3,536,933   $ 3,428,952   $ 3,437,420  
    Noninterest-bearing deposits     513,418     514,199     503,209     514,107     548,692  
    Securities sold under agreements to repurchase     15,000     15,000     15,000     9,398     9,398  
    FHLB advances     104,072     107,070     107,069     102,050     102,043  
    Other liabilities     44,057     39,424     38,191     37,905     46,712  
    Subordinated debt     23,195     23,182     23,169     23,156     23,143  
    Total liabilities     4,447,706     4,395,303     4,223,571     4,115,568     4,167,408  
                                     
    Total stockholders’ equity     528,790     512,371     505,629     488,748     479,584  
                                     
    Total liabilities and stockholders’ equity   $ 4,976,496   $ 4,907,674   $ 4,729,200   $ 4,604,316   $ 4,646,992  
                                     
    Equity to assets ratio     10.63 %     10.44 %     10.69 %     10.61 %     10.32 %
                                     
    Common shares outstanding     11,299,962     11,277,167     11,277,167     11,277,737     11,366,094  
    Less: Restricted common shares not vested     50,658     46,653     56,553     57,956     57,956  
    Common shares for book value determination     11,249,304     11,230,514     11,220,614     11,219,781     11,308,138  
                                     
    Book value per common share   $ 47.01   $ 45.62   $ 45.06   $ 43.56   $ 42.41  
    Less: Intangible assets per common share     6.64     6.71     6.80     6.88     6.90  
    Tangible book value per common share (1)     40.37     38.91     38.26     36.68     35.51  
    Closing market price     52.02     57.37     56.49     45.01     43.71  

    (1)   Non-GAAP financial measure.

                                     
    Nonperforming asset data as of:      Mar. 31,      Dec. 31,      Sep. 30,      June 30,      Mar. 31,  
    (dollars in thousands)   2025   2024   2024   2024   2024  
                                     
    Nonaccrual loans   $ 21,970   $ 8,309   $ 8,206   $ 6,680   $ 7,329  
    Accruing loans 90 days or more past due     —     —     —     —     81  
    Total nonperforming loans     21,970     8,309     8,206     6,680     7,410  
    Other real estate owned (OREO)     1,775     2,423     3,842     3,865     3,791  
    Personal property repossessed     56     37     21     23     60  
    Total nonperforming assets   $ 23,801   $ 10,769   $ 12,069   $ 10,568   $ 11,261  
                                     
    Total nonperforming assets to total assets     0.48 %     0.22 %     0.26 %     0.23 %     0.24 %  
    Total nonperforming loans to gross loans     0.55 %     0.21 %     0.21 %     0.17 %     0.20 %  
    Allowance for credit losses to nonperforming loans     250.07 %     658.80 %     663.38 %     786.17 %     692.79 %  
    Allowance for credit losses to gross loans     1.37 %     1.36 %     1.37 %     1.36 %     1.36 %  
                                     
    Performing modifications to borrowers experiencing financial difficulty   $ 23,304   $ 24,083   $ 24,340   $ 24,602   $ 24,848  
                                   
        For the three-month period ended
    Quarterly Summary Income Statement Data:   Mar. 31,      Dec. 31,      Sep. 30,      June 30,      Mar. 31,
    (dollars in thousands, except per share data)      2025   2024   2024   2024   2024  
                                   
    Interest income:                                   
    Cash equivalents   $ 1,585   $ 784   $ 78   $ 541   $ 2,587  
    AFS securities and membership stock     5,684     5,558     5,547     5,677     5,486  
    Loans receivable     62,656     63,082     61,753     58,449     55,952  
    Total interest income     69,925     69,424     67,378     64,667     64,025  
    Interest expense:                              
    Deposits     28,795     29,538     28,796     27,999     27,893  
    Securities sold under agreements to repurchase     189     226     160     125     128  
    FHLB advances     1,076     1,099     1,326     1,015     1,060  
    Subordinated debt     386     418     435     433     435  
    Total interest expense     30,446     31,281     30,717     29,572     29,516  
    Net interest income     39,479     38,143     36,661     35,095     34,509  
    Provision for credit losses     932     932     2,159     900     900  
    Noninterest income:                              
    Deposit account charges and related fees     2,048     2,237     2,184     1,978     1,847  
    Bank card interchange income     1,341     1,301     1,499     1,770     1,301  
    Loan late charges     —     —     —     170     150  
    Loan servicing fees     224     232     286     494     267  
    Other loan fees     843     944     1,063     617     757  
    Net realized gains on sale of loans     114     133     361     97     99  
    Net realized gains (losses) on sale of AFS securities     48     —     —     —     (807 )
    Earnings on bank owned life insurance     512     522     517     498     483  
    Insurance brokerage commissions     340     300     287     331     312  
    Wealth management fees     902     843     730     838     866  
    Other noninterest income     294     353     247     974     309  
    Total noninterest income     6,666     6,865     7,174     7,767     5,584  
    Noninterest expense:                              
    Compensation and benefits     13,771     13,737     14,397     13,894     13,750  
    Occupancy and equipment, net     3,869     3,585     3,689     3,790     3,623  
    Data processing expense     2,359     2,224     2,171     1,929     2,349  
    Telecommunications expense     330     354     428     468     464  
    Deposit insurance premiums     674     588     472     638     677  
    Legal and professional fees     603     619     1,208     516     412  
    Advertising     530     442     546     640     622  
    Postage and office supplies     350     283     306     308     344  
    Intangible amortization     889     897     897     1,018     1,018  
    Foreclosed property expenses     37     73     12     52     60  
    Other noninterest expense     1,979     2,074     1,715     1,749     1,730  
    Total noninterest expense     25,391     24,876     25,841     25,002     25,049  
    Net income before income taxes     19,822     19,200     15,835     16,960     14,144  
    Income taxes     4,139     4,547     3,377     3,430     2,837  
    Net income     15,683     14,653     12,458     13,530     11,307  
    Less: Distributed and undistributed earnings allocated                              
    to participating securities     71     61     62     69     58  
    Net income available to common shareholders   $ 15,612   $ 14,592   $ 12,396   $ 13,461   $ 11,249  
                                   
    Basic earnings per common share   $ 1.39   $ 1.30   $ 1.10   $ 1.19   $ 1.00  
    Diluted earnings per common share     1.39     1.30     1.10     1.19     0.99  
    Dividends per common share     0.23     0.23     0.23     0.21     0.21  
    Average common shares outstanding:                              
    Basic     11,238,000     11,231,000     11,221,000     11,276,000     11,302,000  
    Diluted     11,262,000     11,260,000     11,240,000     11,283,000     11,313,000  
                                     
        For the three-month period ended  
    Quarterly Average Balance Sheet Data:   Mar. 31,      Dec. 31,      Sep. 30,      June 30,      Mar. 31,  
    (dollars in thousands)      2025   2024   2024   2024   2024  
                                     
    Interest-bearing cash equivalents   $ 143,206   $ 64,976   $ 5,547   $ 39,432   $ 182,427  
    AFS securities and membership stock     508,642     479,633     460,187     476,198     472,904  
    Loans receivable, gross     4,003,552     3,989,643     3,889,740     3,809,209     3,726,631  
    Total interest-earning assets     4,655,400     4,534,252     4,355,474     4,324,839     4,381,962  
    Other assets     290,739     291,217     283,056     285,956     291,591  
    Total assets   $ 4,946,139   $ 4,825,469   $ 4,638,530   $ 4,610,795   $ 4,673,553  
                                     
    Interest-bearing deposits   $ 3,737,849   $ 3,615,767   $ 3,416,752   $ 3,417,360   $ 3,488,104  
    Securities sold under agreements to repurchase     15,000     15,000     12,321     9,398     9,398  
    FHLB advances     106,187     107,054     123,723     102,757     111,830  
    Subordinated debt     23,189     23,175     23,162     23,149     23,137  
    Total interest-bearing liabilities     3,882,225     3,760,996     3,575,958     3,552,664     3,632,469  
    Noninterest-bearing deposits     513,157     524,878     531,946     539,637     532,075  
    Other noninterest-bearing liabilities     31,282     31,442     33,737     35,198     33,902  
    Total liabilities     4,426,664     4,317,316     4,141,641     4,127,499     4,198,446  
                                     
    Total stockholders’ equity     519,475     508,153     496,889     483,296     475,107  
                                     
    Total liabilities and stockholders’ equity   $ 4,946,139   $ 4,825,469   $ 4,638,530   $ 4,610,795   $ 4,673,553  
                                     
    Return on average assets     1.27 %     1.21 %     1.07 %     1.17 %     0.97 %
    Return on average common stockholders’ equity     12.1 %     11.5 %     10.0 %     11.2 %     9.5 %
                                     
    Net interest margin     3.39 %     3.36 %     3.37 %     3.25 %     3.15 %
    Net interest spread     2.87 %     2.79 %     2.75 %     2.65 %     2.59 %
                                     
    Efficiency ratio     55.1 %     55.3 %     59.0 %     58.3 %     61.2 %

    The MIL Network –

  • MIL-OSI USA: Secretary Chavez-DeRemer meets with Teamsters, manufacturers, construction workers as America at Work tour continues

    Source: US Department of Labor

    BEAVERTON, OR – U.S. Department of Labor Secretary Lori Chavez-DeRemer delivered a keynote address at the Teamsters Unity Conference last week in Nevada, where she also visited a training facility for aviation mechanics and held a roundtable with local small business owners. Continuing her promise to tell the story of America at Work, the Secretary then traveled to Oregon, where she toured a high school construction project and met with Daimler Truck North America’s Chief Executive Officer John O’Leary.

    In her speech to Teamsters last Tuesday, Secretary Chavez-DeRemer highlighted that her father’s experience as a Teamster “meant a paycheck we could count on, a roof over our heads, and a promise that hard work would be respected.” The Secretary concluded her remarks by promising to “push for jobs that pay what you’re worth, for workplaces that keep you safe, and for retirements that let you rest easy after a lifetime of labor.”

    NEVADA

    Secretary Chavez-DeRemer joins General President Sean O’Brien at the 2025 Teamsters Unity Conference.

    The Secretary also visited with faculty, staff, and students at the Aviation Maintenance Institute while witnessing their specialized training program in action. Throughout the tour, she learned more about AIM’s effort to educate the next generation of aviation mechanics and to meet growing demand for airplane technicians. 

    Secretary Chavez-DeRemer then held a roundtable discussion with the Nevada Hispanic Business Group, an organization focused on empowering local small businesses. She heard from over a dozen employers about challenges they are facing, including overregulation and other economic barriers to success.

    OREGON

    Secretary Chavez-DeRemer wrapped up the week in Oregon, where she visited the headquarters for truck manufacturing company Daimler Truck North America. With seven U.S. manufacturing sites and 17,000 employees, they discussed the importance of putting American manufacturers first and quickly training the workers needed to fill these good-paying jobs. 

    Finally, the Secretary stopped by the construction site for Beaverton’s new high school to receive a progress update from Skanska construction workers and local ironworkers assigned to the project. So far, Ironworkers Local 29 has put in more than 21,000 journeymen hours and 6,900 registered apprentice hours for the project, which began nearly a year ago. 

    Learn more about the Secretary’s listening tour, including her recent stops in Florida and Pennsylvania.

    MIL OSI USA News –