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  • MIL-OSI Africa: Secretary-General’s statement – on the passing of His Holiness Pope Francis

    Source: United Nations – English

    join the world in mourning the passing of His Holiness Pope Francis, a messenger of hope, humility and humanity. 

    Pope Francis was a transcendent voice for peace, human dignity and social justice. He leaves behind a legacy of faith, service and compassion for all — especially those left on the margins of life or trapped by the horrors of conflict.

    Pope Francis was a man of faith for all faiths — working with people of all beliefs and backgrounds to light a path forward. 

    Through the years, the United Nations was greatly inspired by his commitment to the goals and ideals of our organization — a message I conveyed in my meetings with him as Secretary-General. 

    In his historic 2015 visit to United Nations headquarters, he spoke of the organization’s ideal of a “united human family.”

    Pope Francis also understood that protecting our common home is, at heart, a deeply moral mission and responsibility that belongs to every person. His Papal Encyclical — Laudato Si — was a major contribution to the global mobilization that resulted in the landmark Paris Agreement on climate change. 

    Pope Francis once said: “The future of humankind isn’t exclusively in the hands of politicians, of great leaders, of big companies…[it] is, most of all, in the hands of those people who recognize the other as a ‘you’ and themselves as part of an ‘us.’”

    Our divided and discordant world will be a much better place if we follow his example of unity and mutual understanding in our own actions.  

    I offer my deepest condolences to Catholics and all those around the world inspired by the extraordinary life and example of Pope Francis. 

    MIL OSI Africa –

  • MIL-OSI Security: Executive Vice President of Insurance Brokerage Pleads Guilty in $133 Million Affordable Care Act Fraud Scheme

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

    A Florida executive pleaded guilty today for his role in a scheme to submit fraudulent applications to enroll consumers in Affordable Care Act insurance plans (ACA plans) that were fully subsidized by the government. The purpose of the scheme was to obtain millions of dollars in commission payments from the insurance company that operated the ACA plans. The federal government paid at least $133,900,000 in subsidies for fraudulently enrolled individuals.

    According to court documents, Dafud Iza, 54, an executive vice president of an insurance brokerage firm, participated in a scheme to fraudulently enroll ineligible individuals into ACA plans that offered tax credits to eligible enrollees. These tax credits, or “subsidies,” could be paid by the federal government directly to insurance plans as a payment toward the plan’s monthly premium. The scheme involved submitting false and fraudulent applications for individuals whose income did not meet the minimum requirements to be eligible for the subsidies. Iza and his accomplices deceptively marketed subsidized ACA plans to ineligible consumers and falsely inflated consumers’ incomes to obtain the federal subsidies.

    In furtherance of the scheme, Iza and his accomplices targeted vulnerable, low-income individuals experiencing homelessness, unemployment, and mental health and substance abuse disorders, and knew that “street marketers” working on their behalf offered bribes to induce those individuals to enroll in subsidized ACA plans. Marketers working for Iza’s accomplices coached consumers on how to respond to application questions to maximize the subsidy amount paid by the federal government and provided addresses and social security numbers that did not match the consumers purportedly applying. 

    Iza pleaded guilty to one count of major fraud against the United States and faces a maximum penalty of 10 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Acting Special Agent in Charge Brett Skiles of the FBI Miami Field Office; Acting Special Agent in Charge Jesus Barranco of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Miami Regional Office; and Special Agent in Charge Emmanuel Gomez of the IRS Criminal Investigation (IRS-CI) Miami Field Office made the announcement.

    The FBI, HHS-OIG, and IRS-CI are investigating the case.

    Assistant Chief Jamie de Boer and Trial Attorney D. Keith Clouser of the Criminal Division’s Fraud Section are prosecuting the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Global: Francis, a pope of many firsts: 5 essential reads

    Source: The Conversation – USA – By Molly Jackson, Religion and Ethics Editor

    A mourner holds a portrait of Pope Francis at the Basílica de San José de Flores in Buenos Aires, a church where the pope worshipped in his youth. AP Photo/Gustavo Garello

    Pope Francis, whose papacy blended tradition with pushes for inclusion and reform, died on April, 21, 2025 – Easter Monday – at the age of 88.

    Here we spotlight five stories from The Conversation’s archive about his roots, faith, leadership and legacy.

    1. A Jesuit pope

    Jorge Mario Bergoglio became a pope of many firsts: the first modern pope from outside Europe, the first whose papal name honors St. Francis of Assisi, and the first Jesuit – a Catholic religious order founded in the 16th century.

    Those Jesuit roots shed light on Pope Francis’ approach to some of the world’s most pressing problems, argues Timothy Gabrielli, a theologian at the University of Dayton.

    Gabrielli highlights the Jesuits’ “Spiritual Exercises,” which prompt Catholics to deepen their relationship with God and carefully discern how to respond to problems. He argues that this spiritual pattern of looking beyond “presenting problems” to the deeper roots comes through in Francis’ writings, shaping the pope’s response to everything from climate change and inequality to clerical sex abuse.



    Read more:
    Francis is the first Jesuit pope – here’s how that has shaped his 10-year papacy

    2. LGBTQ+ issues

    Early on in his papacy, Francis famously told an interviewer, “If someone is gay and he searches for the Lord and has good will, who am I to judge?” Over the years, he has repeatedly called on Catholics to love LGBTQ+ people and spoken against laws that target them.

    An LGBTQ couple embrace after a pastoral worker blesses them at a Catholic church in Germany, in defiance of practices approved by Rome.
    Andreas Rentz/Getty Images

    But “Francis’ inclusiveness is not actually radical,” explains Steven Millies, a scholar at the Catholic Theological Union. “His remarks generally correspond to what the church teaches and calls on Catholics to do,” without changing doctrine – such as that marriage is only between a man and a woman.

    Rather, Francis’ comments “express what the Catholic Church says about human dignity,” Millies writes. “Francis is calling on Catholics to take note that they should be concerned about justice for all people.”



    Read more:
    It shouldn’t seem so surprising when the pope says being gay ‘isn’t a crime’ – a Catholic theologian explains

    3. Asking forgiveness

    At times, Francis did something that was once unthinkable for a pope: He apologized.

    He was not the first pontiff to do so, however. Pope John Paul II declared a sweeping “Day of Pardon” in 2000, asking forgiveness for the church’s sins, and Pope Benedict XVI apologized to victims of sexual abuse. During Francis’ papacy, he acknowledged the church’s historic role in Canada’s residential school system for Indigenous children and apologized for abuses in the system.

    But what does it mean for a pope to say, “I’m sorry”?

    Members of the Assembly of First Nations perform in St. Peter’s Square at the Vatican on March 31, 2022, ahead of an Indigenous delegation’s meeting with Pope Francis.
    AP Photo/Alessandra Tarantino

    Annie Selak, a theologian at Georgetown University, unpacks the history and significance of papal apologies, which can speak for the entire church, past and present. Often, she notes, statements skirt an actual admission of wrongdoing.

    Still, apologies “do say something important,” Selak writes. A pope “apologizes both to the church and on behalf of the church to the world. These apologies are necessary starting points on the path to forgiveness and healing.”



    Read more:
    Pope Francis apologized for the harm done to First Nations peoples, but what does a pope’s apology mean?

    4. A church that listens

    Many popes convene meetings of the Synod of Bishops to advise the Vatican on church governance. But under Francis, these gatherings took on special meaning.

    The Synod on Synodality was a multiyear, worldwide conversation where Catholics could share concerns and challenges with local church leaders, informing the topics synod participants would eventually discuss in Rome. What’s more, the synod’s voting members included not only bishops but lay Catholics – a first for the church.

    Participants arrive for a vigil prayer led by Pope Francis and other religious leaders before the 2023 Synod of Bishops assembly.
    Isabella Bonotto/Anadolu Agency via Getty Images

    The process “pictures the Catholic Church not as a top-down hierarchy but rather as an open conversation,” writes University of Dayton religious studies scholar Daniel Speed Thompson – one in which everyone in the church has a voice and listens to others’ voices.



    Read more:
    The worldwide consultations for the global synod reflect Pope Francis’ efforts toward building a more inclusive Catholic Church

    5. Global dance

    In 2024, University of Notre Dame professor David Lantigua had a cup of maté tea with some “porteños,” as people from Buenos Aires are known. They shared a surprising take on the Argentine pope: “a theologian of the tango.”

    Pope Francis drinks maté, the national beverage of Argentina, in St. Peter’s Square on his birthday on Dec. 17, 2014.
    Alberto Pizzoli/AFP via Getty Images

    Francis does love the dance – in 2014, thousands of Catholics tangoed in St. Peter’s Square to honor his birthday. But there’s more to it, Lantigua explains. Francis’ vision for the church was “based on relationships of trust and solidarity,” like a pair of dance partners. And part of his task as pope was to “tango” with all the world’s Catholics, carefully navigating culture wars and an increasingly diverse church.

    Francis was “less interested in ivory tower theology than the faith of people on the streets,” where Argentina’s beloved dance was born.



    Read more:
    At 88, Pope Francis dances the tango with the global Catholic Church amid its culture wars

    This story is a roundup of articles from The Conversation’s archives.

    – ref. Francis, a pope of many firsts: 5 essential reads – https://theconversation.com/francis-a-pope-of-many-firsts-5-essential-reads-250500

    MIL OSI – Global Reports –

  • MIL-OSI Global: Lawful permanent residents like Mahmoud Khalil have a right to freedom of speech – but does that protect them from deportation?

    Source: The Conversation – USA – By Erin Corcoran, Professor of immigration, refguee and asylum law, University of Notre Dame

    The detention of noncitizen university students after their Palestinian rights activism raises questions about the limits of free speech. Rob Dobi/Moment/Getty Images

    The Trump administration has revoked the visas of more than 1,000 foreign university students since January 2025. Many of the individual cases that have made headlines center on foreign-born university students who participated in Palestinian rights protests.

    In early March, the federal government arrested, detained and began deportation proceedings against Mahmoud Khalil, a lawful permanent resident born in Syria to Palestinian parents. Khalil participated in Palestinian rights protests at Columbia University in 2024.

    U.S. Secretary of State Marco Rubio wrote in an April 9 memo that allowing Khalil to stay in the country would create a “hostile environment for Jewish students in the United States.”

    “The foreign policy of the United States champions core American interests and American citizens and condoning anti-Semitic conduct and disruptive protests in the United States would severely undermine that significant foreign policy objective,” Rubio wrote.

    Khalil is not the only noncitizen university student with legal permission to be in the U.S. who has been arrested and faces deportation after being involved in the Palestinian rights movement.

    Rümeysa Öztürk, a Turkish-born student at Tufts University, was detained by immigration authorities on March 25 near her Massachusetts home and is currently being held in Louisiana. She co-authored a 2024 op-ed in the campus newspaper calling for Tufts to recognize a genocide in the Gaza Strip.

    And Mohsen Mahdawi, a Palestinian man who is a lawful permanent resident and a Columbia University student active in the Palestinian rights protests, was detained and arrested on April 25. This happened when Mahdawi showed up at an Immigration and Customs Enforcement office for a citizenship interview in Vermont.

    “If you apply for a student visa to come to the United States and you say you’re coming not just to study, but to participate in movements that vandalize universities, harass students, take over buildings, and cause chaos, we’re not giving you that visa,” Rubio said on March 23, when asked by a journalist about revoking student visas and arresting Öztürk.

    These cases raise important questions: Do lawful permanent residents have the right to protected free speech? Or are there limitations – among them, a determination by the U.S. government that permanent residents’ speech or political activity makes them a threat to national security?

    Columbia University student Mahmoud Khalil speaks to reporters at Columbia University on June 1, 2024, during a media briefing organized by protesters who were objecting to Israel’s military operations in Gaza.
    Selcuk Acar/Anadolu via Getty Images

    Noncitizens’ First Amendment rights

    Arresting and detaining nonviolent, foreign protesters and the authors of opinion pieces is usually not legally permissible. That’s because these actions are protected by the Constitution’s First Amendment, which guarantees everyone the right to freedom of expression.

    The Supreme Court has found that there are some limits to free speech. The government may restrict speech, for example, when someone yells “Fire!” in a crowded theater when there is no actual danger.

    The Supreme Court has repeatedly ruled that the right to freedom of speech applies to everyone in the U.S., including noncitizens.

    Still, the First Amendment does not apply to noncitizens physically outside the U.S. The Supreme Court, for example, ruled in 1972 that the government may deny visas and bar entry to noncitizens who were seeking admission to the U.S. to engage in constitutionally protected speech.

    When noncitizens are living in the U.S., they have the same First Amendment protections as U.S. citizens, the Supreme Court ruled in 1945.

    As a scholar of U.S immigration and administrative law, I know that these protections enter a murkier territory when U.S. immigration law collides with the Constitution.

    A conflict with immigration law

    The Trump administration rests its argument that it can legally detain and deport noncitizens who have participated in Palestinian rights protests – but have not been charged with any crimes – on broad language in the 1952 Immigration and Nationality Act.

    This law articulates important immigration rules, like who can enter the country and how someone can become a citizen. It also includes vague language that gives the secretary of state power to deport noncitizens in certain cases.

    “An alien whose presence or activities in the United States the Secretary of State has reasonable ground to believe would have potentially serious adverse foreign policy consequences for the United States is deportable,” the law reads.

    As foreign-born students Mahdawi, Öztürk and Khalil fight in court for their right to legally stay in the U.S., Rubio and other Trump administration leaders claim that this law gives them the power to determine whether Khalil and other noncitizens are creating “serious adverse foreign policy consequences” for the U.S.

    The Department of Homeland Security also wrote on the social platform X on March 9 that “Khalil led activities aligned to Hamas, a designated terrorist organization.”

    But the Trump administration has not provided any further specific details about how the views and actions of Khalil and other detained foreign students create serious adverse foreign policy consequences for the U.S. Nor has the government alleged that Khalil and other noncitizen students committed crimes or broke the law.

    Khalil’s attorneys have challenged the government’s use of the Immigration and Nationality Act as a basis to deport him in federal court. The lawyers assert that the U.S. government is attempting to deport Khalil for protected speech.

    Legal precedent and steps forward

    The Supreme Court has ruled that the First Amendment does not protect lawful permanent residents from being deported if their political affiliation violates the laws.

    But the court has not yet decided if lawful permanent residents participating in protests or expressing political views are protected against deportation, when the only evident ground for their deportation is political speech.

    A federal judge in New Jersey, where Khalil was first briefly detained, has ordered the government not to deport him until all his different court cases are resolved.

    On April 11, a different immigration judge in Louisiana – where Khalil is currently detained – ruled that he could be deported for being a national security risk. Khalil’s attorneys are appealing this decision to the Board of Immigration Appeals, which is part of the Department of Justice.

    Regardless of the outcome at the district court level, Khalil’s case will be appealed and most likely end up before the Supreme Court.

    The Supreme Court will then have to determine the appropriate balance between the executive branch’s authority to deport noncitizens it classifies as posing a threat to the country, and the right to freedom of expression that all people residing in the U.S. have.

    If the Supreme Court holds that the federal government can say that someone’s political speech can be a threat to U.S. national security interests, I believe the core of the First Amendment is at risk, for citizens as well as noncitizens.

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

    – ref. Lawful permanent residents like Mahmoud Khalil have a right to freedom of speech – but does that protect them from deportation? – https://theconversation.com/lawful-permanent-residents-like-mahmoud-khalil-have-a-right-to-freedom-of-speech-but-does-that-protect-them-from-deportation-254042

    MIL OSI – Global Reports –

  • MIL-OSI Security: Miske Enterprise Member Sentenced to Seven Years in Federal Prison for Racketeering Conspiracy and Role in Kidnapping and Murder of Johnathan Fraser

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

    HONOLULU – Acting United States Attorney Kenneth M. Sorenson announced that Delia Fabro-Miske, 30, of Honolulu, was sentenced yesterday in federal court by U.S. District Judge Derrick K. Watson to 84 months of imprisonment, followed by 3 years of supervised release for racketeering conspiracy. Fabro-Miske pled guilty on January 12, 2024, in the middle of jury selection, to conspiring to conduct and participate in the conduct of the affairs of a racketeering enterprise, the “Miske Enterprise,” through racketeering activity that included bank fraud, obstruction of justice, and wire fraud.

    Fabro-Miske admitted that she and codefendant Michael J. Miske committed bank fraud by submitting fraudulent paperwork in order to obtain leases for two vehicles that were used for one of Miske’s businesses. Fabro-Miske also  obstructed a joint investigation into another of Miske’s businesses, Kamaaina Termite and Pest Control (“KTPC”), which was conducted by the Environmental Protection Agency and the Hawaii Department of Agriculture (“HDA”). At Miske’s direction, Fabro-Miske submitted to HDA falsified fumigation logs, which claimed that she was the certified applicator of chemicals on hundreds of jobs. In reality, most of the listed jobs were completed by unlicensed applicators. Fabro-Miske also fraudulently obtained Social Security Administration (“SSA”) survivor benefits at Miske’s direction by having her wages at KTPC decreased below the SSA benefits income threshold. At the same time, Miske paid Fabro-Miske in benefits that were not reported to the SSA or Internal Revenue Service.

    Additionally, according to information provided to the Court, in or about 2017, Miske placed Fabro-Miske in charge of his businesses in an attempt to preserve and conceal his assets in anticipation of federal prosecution. In practice, Fabro-Miske carried out Miske’s wishes and acted at his direction. Fabro-Miske assisted in a fraudulent scheme committed through Miske’s businesses, which involved submitting false filings to the Department of Commerce and Consumer Affairs that permitted the businesses to operate under fraudulently obtained and maintained licenses. Miske Enterprise members then falsely represented to customers that Miske’s businesses were properly licensed. Between 2017 and 2020, the businesses generated millions of dollars in income annually. As the head of Miske’s businesses, Fabro-Miske was also responsible for the proper and safe application of pesticides and other chemicals at customers’ homes. Information provided to the Court, however, showed that fumigations were regularly conducted without proper supervision or chemicals. Chief Judge Watson stated that Fabro-Miske’s work at Miske’s businesses “funded any number of crimes that we heard months and months of testimony” about in Miske’s trial, and her assistance “allowed Mr. Miske to run rampant in this community.”

    Finally, the Court determined that Fabro-Miske was also responsible for participating in a conspiracy with other Miske Enterprise members to kidnap and murder 21-year-old Johnathan Fraser. According to information provided to the Court, Caleb Miske – Miske’s son and Fabro-Miske’s husband – and Fraser were driving together when the two were involved in a car crash in November 2015.  Caleb Miske ultimately passed away from his injuries, and Miske blamed Fraser for his son’s death and enlisted several Miske Enterprise members to assist in his plan to murder Fraser. As part of that plan, Miske directed Fabro-Miske to rekindle her friendship with Fraser and his girlfriend and to lure them into living with her at an apartment paid for by Miske. On July 30, 2016, Fabro-Miske took Fraser’s girlfriend on a “spa day” paid for by Miske, ensuring that Fraser would be isolated when he was kidnapped. Fraser was never seen again after that day. Due to Miske’s death in December 2024, Chief Judge Watson explained that “the person most involved in Mr. Fraser’s demise will not ever be sentenced by this Court.” While Chief Judge Watson found that Fabro-Miske did not “directly and personally kill” Fraser and determined her to be a minimal participant in the kidnapping and murder conspiracy, he noted that there was “no doubt” that her actions led to Fraser’s murder and that the circumstances painted a “strong and clear picture” of a conspiracy to commit kidnapping murder in aid of racketeering.

    Fabro-Miske was charged alongside twelve other defendants, all of whom pled guilty except for Miske, who proceeded to trial and was found guilty of racketeering conspiracy, murder, and 11 other felony charges on July 18, 2024. Seven other members and associates of the Miske Enterprise pled guilty to various offenses in related cases. 

    “Delia Fabro-Miske was an integral member of the Miske Enterprise, which terrorized, exploited, and defrauded our community for decades. She participated in Miske’s bank frauds, social security fraud, falsification of fumigation records, and the concealment of Miske’s illegally obtained assets, and was a vital cog in the plot to murder of Johnathan Fraser. Fabro-Miske’s sentence yesterday demonstrates that those who occupy even the lower rungs of Hawaii’s criminal enterprises will pay a steep price when they face justice in federal court,” said Acting U.S. Attorney Ken Sorenson. “The dismantling of the Miske Enterprise represents one of the most significant law enforcement efforts in the history of Hawaii law enforcement, and it would not have been possible without the tremendous and dedicated work of our partners at the Honolulu Division of the Federal Bureau of Investigation, Internal Revenue Service, Homeland Security Investigations, and Environmental Protection Agency, among many others.”

    “Ms. Fabro-Miske was a key member in the Miske Enterprise fraud schemes, actively participating in defrauding the government and taxpayers,” said FBI Honolulu Special Agent in Charge David Porter. “This sentencing reflects years of collaboration between FBI Honolulu and our law enforcement partners. The FBI remains steadfast in its commitment to dismantle violent criminal enterprises, hold their members accountable, and pursue justice for victims.”

    “Our investigators follow the money because criminal organizations profit at the expense of public safety,” said Adam Jobes, Special Agent in Charge of IRS Criminal Investigation’s Seattle Field Office. “Ms. Fabro-Miske’s racketeering conviction is a reminder that, in the end, crime really doesn’t pay.”

    “The sentencing of Ms. Fabro-Miske underscores HSI’s commitment to disrupting and dismantling criminal organizations in Hawaii,” said HSI Special Agent in Charge Lucy Cabral-DeArmas. “HSI will continue to hold accountable those who significantly harm our communities by breaking federal laws. By bringing justice to the Miske Enterprise, HSI sends the message that we will not tolerate any violent activity on our islands.”

    “By falsifying documents, defendant obstructed EPA and the state’s criminal investigation of a pesticide applicator that illegally applied restricted use pesticides,” said Benjamin Carr, Special Agent in Charge for the Environmental Protection Agency’s Criminal Investigation Division in Hawaii. “Yesterday’s sentencing reflects the seriousness of defendant’s fraudulent conduct and the importance of complying with pesticide reporting requirements so EPA and Hawaii Department of Agriculture can keep our communities safe.”

    This prosecution was part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligencedriven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    This case was investigated by the Federal Bureau of Investigation, the Internal Revenue Service Criminal Investigation, Homeland Security Investigations, the Criminal Investigation Division of the Environmental Protection Agency, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives, with assistance from the Honolulu Police Department, the Drug Enforcement Administration, the Coast Guard Investigative Service, the United States Marshals Service Fugitive Task Force, the Cybercrime Lab of the Department of Justice Criminal Division Computer Crime and Intellectual Property Section, the Hawaii Criminal Justice Data Center, the Honolulu Fire Department, the Hawaii National Guard, 93rd Civil Support Team, the Office of Investigations–Office of the Inspector General for the Social Security Administration, and the Department of Justice Office of the Inspector General.

    Assistant U.S. Attorneys Mark Inciong, Michael Nammar, KeAupuni Akina, and Aislinn Affinito prosecuted the case.

    MIL Security OSI –

  • MIL-OSI USA: From Urban Operations to Demolitions: 41st IBCT Trains for Horn of Africa Mission

    Source: United States Army

    1 / 11 Show Caption + Hide Caption – Soldiers from the 41st Infantry Brigade Combat Team fire M4 carbines during weapons qualification at Range 73, Yakima Training Center, Wash., March 30, 2025. Individual weapons qualification was a critical component of Operation Djibouti Dawn Annual Training, ensuring combat readiness for the upcoming Horn of Africa deployment. (U.S. Army National Guard photo by Maj. W. Chris Clyne, Oregon National Guard Public Affairs) (Photo Credit: Maj. Wayne Clyne) VIEW ORIGINAL
    2 / 11 Show Caption + Hide Caption – Spc. Peter May, Bravo Company, 1st Battalion, 186th Infantry Regiment, fires an M500 shotgun during a weapons familiarization range at Yakima Training Center, Wash., April 1, 2025. Soldiers qualified with multiple weapon systems during Operation Djibouti Dawn Annual Training in preparation for their Horn of Africa deployment. (U.S. Army National Guard photo by Maj. W. Chris Clyne, Oregon National Guard Public Affairs) (Photo Credit: Maj. Wayne Clyne) VIEW ORIGINAL
    3 / 11 Show Caption + Hide Caption – Staff Sgt. Camron Hall, Hotel Company, 141st Support Battalion, monitors a Soldier engaging targets in the hallway of the live fire shoothouse at Range 24, Yakima Training Center, Wash., April 6, 2025. Range safety personnel maintained close supervision throughout all phases of the urban operations training to ensure safe execution of live fire exercises during Operation Djibouti Dawn Annual Training. (U.S. Army National Guard photo by Maj. W. Chris Clyne, Oregon National Guard Public Affairs) (Photo Credit: Maj. Wayne Clyne) VIEW ORIGINAL
    4 / 11 Show Caption + Hide Caption – Soldiers from 2nd Battalion, 162nd Infantry Regiment, 41st Infantry Brigade Combat Team, Oregon Army National Guard, practice room-clearing procedures in a glass house training aid at Range 24, Yakima Training Center, Wash., April 6, 2025. The glass house, constructed with handrails instead of the traditional engineer tape, provided a full-scale mock-up of the live fire shoothouse layout for squads to rehearse their movements before conducting live fire training. (U.S. Army National Guard photo by Maj. W. Chris Clyne, Oregon National Guard Public Affairs) (Photo Credit: Maj. Wayne Clyne) VIEW ORIGINAL
    5 / 11 Show Caption + Hide Caption – Soldiers from 2nd Battalion, 162nd Infantry Regiment enter the live fire shoothouse at Range 24, Yakima Training Center, Wash., April 6, 2025. The urban operations training is part of Operation Djibouti Dawn Annual Training in preparation for the unit’s upcoming deployment to the Horn of Africa. (U.S. Army National Guard photo by Maj. W. Chris Clyne, Oregon National Guard Public Affairs) (Photo Credit: Maj. Wayne Clyne) VIEW ORIGINAL
    6 / 11 Show Caption + Hide Caption – A combat engineer from 741st Brigade Engineer Battalion sprints toward a designated breach point carrying a live Bangalore torpedo during a live-fire urban assault exercise at Yakima Training Center, Wash., April 3, 2025. Engineers were integrated with infantry platoons throughout Operation Djibouti Dawn to practice combined-arms tactics in preparation for their Horn of Africa deployment. (U.S. Army National Guard photo by Maj. W. Chris Clyne, Oregon National Guard Public Affairs) (Photo Credit: Maj. Wayne Clyne)
    7 / 11 Show Caption + Hide Caption – 240406-Z-ZJ128-1002

    Staff Sgt. Steven Olson, 1st Battalion, 186th Infantry Regiment, in the foreground, and Sgt. Andrew Kline, 2nd Battalion, 162nd Infantry Regiment, conduct an after-action review from the catwalk overlooking the live fire shoothouse at Range 24, Yakima Training Center, Wash., April 6, 2025. Instructors provided immediate feedback to squads after each iteration of the urban operations training to reinforce proper tactics and techniques during Operation Djibouti Dawn Annual Training. (U.S. Army National Guard photo by Maj. W. Chris Clyne, Oregon National Guard Public Affairs) (Photo Credit: Maj. Wayne Clyne)

    8 / 11 Show Caption + Hide Caption – 250403-Z-ZJ128-1002 Staff Sgt. Charles Owen, squad leader with 2nd Battalion, 162nd Infantry Regiment, delivers a situation report on buildings cleared during Military Operations in Urban Terrain (MOUT) training at Range 25, Yakima Training Center, Wash., April 3, 2025. Urban terrain training provides soldiers with critical skills needed during Operation Djibouti Dawn Annual Training in preparation for their Horn of Africa deployment. (U.S. Army National Guard photo by Maj. W. Chris Clyne, Oregon National Guard Public Affairs) (Photo Credit: Maj. Wayne Clyne)
    9 / 11 Show Caption + Hide Caption – An infantryman and an engineer range safety detonate a claymore mine from a crater position during demolitions training at Yakima Training Center, Wash., March 31, 2025. Soldiers from the 741st Brigade Engineer Battalion conducted the demolitions range for infantry units, providing hands-on experience with explosive devices that may be encountered during the upcoming Horn of Africa deployment. (U.S. Army National Guard photo by Maj. W. Chris Clyne, Oregon National Guard Public Affairs) (Photo Credit: Maj. Wayne Clyne)
    10 / 11 Show Caption + Hide Caption – Staff Sgt. Alex Begla, spotter, and Sgt. Jeffrey Machado, sniper, from the 2nd Battalion, 162nd Infantry Regiment sniper section, establish a firing point and analyze the engagement area prior to an assault at Range 25, Yakima Training Center, Wash., April 3, 2025. The sniper team provided overwatch and intelligence gathering as part of the battalion’s integrated combat operations training during Operation Djibouti Dawn Annual Training in preparation for their Horn of Africa deployment. (U.S. Army National Guard photo by Maj. W. Chris Clyne, Oregon National Guard Public Affairs) (Photo Credit: Maj. Wayne Clyne)
    11 / 11 Show Caption + Hide Caption – A weapons squad from 2nd Battalion, 162nd Infantry Regiment fires an M240 machine gun from a support-by-fire position during a blank-fire iteration at Yakima Training Center, Wash., April 5, 2025. The training exercise prepared the crew for live-fire operations scheduled for the following day as part of Operation Djibouti Dawn Annual Training in preparation for their Horn of Africa deployment. (U.S. Army National Guard photo by Maj. W. Chris Clyne, Oregon National Guard Public Affairs) (Photo Credit: Maj. Wayne Clyne) VIEW ORIGINAL

    YAKIMA TRAINING CENTER, Wash. – “Claymore, Claymore, Claymore!” The warning echoes across the demolition range seconds before a deafening “whoomp” sends a cloud of smoke and debris skyward. Soldiers rise from behind cover, faces breaking into exhilarated grins as they witness the raw power of battlefield demolitions firsthand.

    This explosive training represents just one facet of Operation Djibouti Dawn, which brought more than 400 Oregon National Guard soldiers to Yakima Training Center from March 28 to April 7, 2025, to prepare for an upcoming Horn of Africa deployment.

    The operation assembled soldiers from 2nd Battalion, 162nd Infantry Regiment (2-162 IN); 1st Battalion, 186th Infantry Regiment (1-186 IN); 741st Brigade Engineer Battalion (741 BEB); and support elements to focus on fundamental infantry and combat engineer tasks.

    “The end state was to master the basics, be able to fire and maneuver, and have the engineers integrated to support operations,” said Lt. Col. Ryon Skiles, rear detachment commander of 2-162 IN.

    Training included weapons qualification, demolitions, live fire training at Range 24 squad level room clearing in a 369-degree shoothouse, and urban area platoon assault at Range 25. Following field training, units returned to home stations for administrative tasks and recovery operations.

    “We qualified with every weapon system in the infantry battalion, from the .50 caliber machine gun to AT-4s and claymores,” Skiles said. “The goal was hands-on experience to allow soldiers deploying to HOA to be competent and confident.”

    Approximately 150 Oregon soldiers will join Task Force Baton, a 1,150-member joint force from four states. The task force will support Special Operations Command and Africa Command missions across three countries.

    Lt. Col. Sergio Hands, incoming Task Force Baton commander, described their mission: “Our main task is to support operations against local violent extremists, protecting critical assets in the area.”

    The deployment begins at Fort Bliss, Texas, in May 2025, with an expected return in April 2026.

    What made this Annual Training unique was its collaborative approach across units. With multiple battalions operating at reduced strength due to concurrent deployments to Kosovo and Egypt, units pooled resources and personnel. Cooks from multiple units formed a single section to serve approximately 800 meals daily for approximately 400 soldiers, while medical support included 18 combat medics who received specialized training with the U.S. Army Air Ambulance Detachment stationed at Yakima.

    Training progressed deliberately from classroom to application. “We went through a step-by-step three-day exercise, from crawling with dry fire to walking using blanks to the actual live fire,” Skiles explained.

    For many soldiers, this marked a return to fundamentals. “The soldiers were happy getting back to what they joined the Army to do,” Skiles said. “It was about using your MOS to be successful.”

    Senior leaders consistently reported high morale among participants—especially significant for National Guard soldiers who balance military service with civilian careers.

    For the deployment, Bravo Company, 2-162 IN, will form the core infantry element, supplemented by soldiers from other units. “We took on volunteers for this mobilization. This Annual Training was about getting everybody in the squads prepared,” Skiles said.

    “Annual training experiences like Operation Djibouti Dawn exemplify why the Oregon National Guard continues to be the military service of choice,” said Brig. Gen. Alan Gronewold, The Adjutant General, Oregon National Guard. “Our soldiers receive world-class training that prepares them for both federal missions abroad and emergencies here at home, all while maintaining deep connections to the communities they serve.”

    -30-

    MIL OSI USA News –

  • MIL-OSI: TMD Energy Limited Announces Pricing of US$10.08 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    KUALA LUMPUR, MALAYSIA, April 21, 2025 (GLOBE NEWSWIRE) — TMD Energy Limited (the “Company”) (NYSE American: TMDE), together with its subsidiaries is a Malaysia and Singapore based services provider engaged in integrated bunkering services which involves ship-to-ship transfer of marine fuels, ship management services and vessel chartering services, today announced the pricing of its initial public offering (the “Offering”) of 3,100,000 ordinary shares (“Shares”) at a price to public of US$3.25 per Share for the total gross proceeds of approximately US$10.08 million, before deducting underwriting discounts and other related expenses, assuming the underwriters do not exercise their over-allotment option to purchase additional Shares. The Shares will begin trading on April 21, 2025, U.S. Eastern time, on the NYSE American under the symbol “TMDE”. The Offering is expected to close on April 22, 2025, subject to customary closing conditions.

    The Company has granted the underwriter a 45-day option to purchase up to an aggregate of 465,000 additional Shares to cover over-allotments at the initial public offering price, If the underwriter exercises their option to purchase the additional Shares in full, the total gross proceeds before deducting underwriting discounts and other related expenses from the offering are expected to be approximately US$11.59 million.

    The Company intends to use the net proceeds from the Offering for (i) the purchase of cargo oil; (ii) defraying listing expenses; and (iii) working capital and other general corporate purposes.

    Maxim Group LLC (“Maxim”) is acting as sole book-running manager of the Offering. Loeb & Loeb LLP, is acting as U.S. legal counsel to the Company, and Pryor Cashman LLP is acting as U.S. legal counsel to Maxim for the Offering.

    A registration statement on Form F-1, as amended (File No. 333-283704) related to the Offering was initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 10, 2024 and was declared effective by the SEC on March 31, 2025. The Offering is being made only by means of a prospectus forming a part of the effective registration statement. Copies of the prospectus relating to the Offering may be obtained from Maxim Group, LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, United States of America or by email at syndicate@maximgrp.com. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

    This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About TMD Energy Limited

    TMD Energy Limited and its subsidiaries (“TMDEL Group”) are principally involved in marine fuel bunkering services specializing in the supply and marketing of marine gas oil and marine fuel oil which includes high sulfur fuel oil, low sulfur fuel oil and very low sulfur fuel oil, to ships and vessels at sea. TMDEL Group is also involved in the provision of ship management services for in-house and external vessels, as well as vessel chartering. As of today, TMDEL Group operates in 19 ports across Malaysia with a fleet of 15 bunkering vessels. For more information, please visit the Company’s website at: www.tmdel.com.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements, including but not limited to, the Company’s Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may”, “could”, “will”, “should”, “would”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For investor and media inquiries, please contact:

    TMD Energy Limited
    Email: corporate@tmdel.com

    WFS Investor Relations
    Email : services@wealthfsllc.com

    The MIL Network –

  • MIL-OSI: ATI Nursing Education’s 2025 National Nurse Educator Summit Kicks Off April 22 in Orlando and Virtually

    Source: GlobeNewswire (MIL-OSI)

    ORLANDO, Fla., April 21, 2025 (GLOBE NEWSWIRE) — ATI Nursing Education, an Ascend Learning brand and a leading provider of education technology solutions and support to more than 60% of the nation’s undergraduate nursing programs, is hosting the 2025 National Nurse Educator Summit, a vital industry event dedicated to advancing the future of nursing education. Taking place April 22-25 in Orlando, Florida, and virtually, this year’s Summit will bring together hundreds of nurse educators, academic leaders, and healthcare experts to tackle critical issues facing healthcare and nursing education today, including establishing a stable pipeline of nurses for years to come.

    Since 2010, the National Nurse Educator Summit has been a catalyst for movement and a forum for exchanging ideas that drive real-world impact in healthcare, becoming a cornerstone of the academic nursing calendar. Over 700 nursing administrators and faculty across all 50 states are registered to gather for three and a half info-packed days of inspiring sessions, interactive workshops, and incredible networking opportunities.

    “Nurse educators are often overlooked members of the nursing community. Many have left positions as practicing nurses to ensure the next generation has the tools they need to succeed,” said Dr. Lissy Hu, CEO of Ascend Learning. “The Summit allows them to connect with each other, share best practices, and work together to help the nurses of tomorrow succeed.”

    This year’s Summit features an agenda packed with distinguished nurse educators from leading institutions, including the University of Pennsylvania School of Nursing, Duke IPEC Center, and others. Sessions will cover a wide variety of topics including innovative learning tools and teaching strategies, student and faculty retention, academic and practice readiness, and leadership.

    “The nursing profession is at an inflection point, where shortages and new technologies are putting pressure on institutions to adapt so they can retain students and maintain the nursing pipeline,” said Patty Knect, Chief Nursing Officer at Ascend Learning. “The Summit is a space for collaboration, support, and action. We’re equipping faculty with the tools, strategies, and community they need to prepare the next generation of nurses—confidently and compassionately.”

    With in-person registration currently at capacity, virtual attendance remains open for sessions beginning April 23. Register for the virtual Summit here.

    About ATI Nursing Education
    ATI helps create competent, practice-ready nurses who are dedicated to maintaining public safety and ensuring the future of healthcare. As a leading provider of online learning programs for nursing, ATI supports and helps educate future nurses from admissions, throughout undergraduate and graduate nursing school, and via continuing education over the course of their careers. ATI began in 1998 with the aid of a nurse, and ATI’s team of doctorally- and master’s-prepared nurse educators continue to lead the development of ATI’s psychometrically designed and data-driven solutions. These solutions improve faculty effectiveness, fuel student progress, and advance program outcomes in three distinct areas: assessing performance, remediating problem areas, and predicting future student and program success. For nursing school administrators and nurse educators, ATI is the trusted advisor that consistently drives nursing success. To learn more about ATI, visit www.atitesting.com.

    About Ascend Learning: 
    Ascend Learning is a leading healthcare and learning technology company. With products that span the learning continuum, Ascend Learning focuses on high-growth careers in a range of industries, with a special focus on healthcare and other licensure-driven occupations. Ascend Learning products, from testing to certification, are used by physicians, emergency medical professionals, nurses, allied health professionals, certified personal trainers, financial advisors, skilled trades professionals and insurance brokers. Learn more at www.ascendlearning.com.

    Media Contact
    V2 Communications for Ascend Learning
    ascend@v2comms.com

    The MIL Network –

  • MIL-OSI Global: ‘I am sorry’ — A reflection on Pope Francis’s apology on residential schools

    Source: The Conversation – Canada – By Jonathan Hamilton-Diabo, Assistant Professor, Teaching Stream; June Callwood Professor of Social Justice; Special Advisor on Indigenous Initiatives, Victoria University, University of Toronto

    Pope Francis reads his statement of apology during a visit with Indigenous peoples at Maskwaci, the former Ermineskin Residential School, July 25, 2022, in Maskwacis, Alberta. (AP Photo/Eric Gay)

    With the death of Pope Francis, his apology for residential schools in Canada and its impacts needs to be explored nearly three years after it was delivered.

    On July 25, 2022, in Maskwacîs, Alta., Pope Francis apologized on behalf of the Roman Catholic Church for its role in the residential school system:

    “I am sorry. I ask forgiveness, in particular, for the ways in which many members of the church and of religious communities co-operated, not least through their indifference, in projects of cultural destruction and forced assimilation promoted by the governments of that time, which culminated in the system of residential schools.”

    This formal apology, and other statements the Pope made in Canada, came seven years after the Truth and Reconciliation Commission’s 2015 Final Report. The TRC called for the Pope “to issue an apology to Survivors, their families, and communities for the Roman Catholic Church’s role in the spiritual, cultural, emotional, physical, and sexual abuse of First Nations, Inuit, and Métis children in Catholic-run residential schools.” This was to occur, in Canada, within one year.

    It is important to understand circumstances leading to the Pope’s Maskwacîs apology, the reaction at the time and its significance for the relationship between Indigenous Peoples and the Catholic Church.

    I previous explored these themes as the Pope arrived in Canada. I questioned whether the apology would contribute to healing or deepen the distrust in the church. As a Mohawk faculty member raised in Catholicism, who teaches in the fields of theology and education, and has family members who attended these schools, I seek to revisit this question nearly three year later.

    Seven years after TRC final report

    The Pope’s Maskwacîs apology wasn’t the first time a statement was issued by a member of the Catholic Church. The Missionary Oblates of Mary Immaculate (the Oblates) apologized in 1991 “for the part we played in the cultural, ethnic, linguistic and religious imperialism” which “continually threatened the cultural, linguistic, and religious traditions of the Native peoples.”

    This was followed by apologies offered by numerous bishops; however, they were inadequate, considering other leaders, such as the Moderator (United Church of Canada) and the Primate (Anglican Church of Canada), delivered the statements on behalf of their denominations respectively in 1986 and 1993, followed by other Protestant denominations.

    The importance of who offers an apology cannot be overstated. In 1998, Jane Stewart, the minister of Indian Affairs of Canada, read a Statement of Reconciliation acknowledging the tragedies experienced by students that attended residential school. Indigenous leaders criticized the statement, sensing a lack of ownership or not taking responsibility. It came across as an expression of regret rather than an apology, and was further rejected, as Prime Minister Jean Chrétien didn’t offer it.

    In 2008, Prime Minister Stephen Harper issued an apology on behalf of the country. Although met with mixed reviews, the importance of the prime minister providing it cannot be ignored. The same holds true for the Catholic Church.

    Length of time to materialize

    In July 2022, Pope Francis apologized before thousands of people: survivors, their families, community members and leaders. This was significant, considering the length of time for this to materialize.

    Other denominations begin this process much earlier. The pressure on the Catholic Church mounted, particularly given that it was the last mainline church to have its leader apologize and it operated about 60 per cent of the residential schools. To consider how the apology finally arrived, several events need to be understood.

    In 2021, reports on potential unmarked burial sites on former residential school grounds in Kamloops, B.C., began to surface. News of these discoveries not only circulated nationally, but globally. Shortly after this, other residential school sites were being investigated for unmarked burial sites.



    Read more:
    We fact-checked residential school denialists and debunked their ‘mass grave hoax’ theory

    Reopened wounds, anger

    Extensive work had already been done around unmarked burial sites: The TRC’s Final Report dedicated a volume on this issue; in 2007, The Working Group on Missing Children and Unmarked Burials was established, whose members comprised national Indigenous organizations, former students, archivists and the federal government; work at the Mohawk Institute was already in progress. Yet, the nation was stunned. Wounds were reopened for many Indigenous people.

    From this pain, a great amount of anger was directed towards the Catholic Church.

    Church buildings were vandalized or set on fire. As many were in First Nations territories, this created tensions, since there were still community members that were part of the Christian tradition.

    This outcry reignited attention towards residential schools and the Church. The Vatican invited a delegation of survivors to meet the Pope in March 2022. This visit provided an opportunity for delegation members to share their stories, however its location is important to consider. The meeting took place at the Vatican, potentially escalating the power imbalance between the Church and First Nation, Inuit and Métis delegates.

    Survivors speak about meaning

    Members of the delegation invited the Pope to visit Canada. Martha Grigg, an Inuit Elder and a residential school survivor, spoke about how his visit would be meaningful to former residential school students and their families. Pope Francis offered an apology to the delegates,, committing to travelling to Canada.

    Months after the Vatican trip, the Pope came to Canada to deliver a formal apology. Reactions varied from acceptance to outright rejection, while a “wait-and-see” approach was also adopted.

    Some expressed how the apology “has helped to open the door for survivors and their families to walk together with the church for a present and future of forgiveness and healing.” Discontent was voiced about certain issues, such as the Doctrine of Discovery, or omitting a commitment to allow access to records.

    Without apology, other measures stalled

    Some of the impacts of the apology may not be felt instantaneously. It represents hope for a better relationship and a starting point for healing. Without any apology, any measures that the church offered would not gain traction. The lack of a papal apology over many years kept this as the focal point, further damaging the relationship between the Church and many Indigenous people and continuing to erode trust.

    Since then, the Catholic Church has undertaken steps to address the harms of the residential schools and contribute to healing process. In 2023, the Vatican released a statement on the Doctrine of Discovery, indicating the Catholic Church was distancing itself from this concept and repudiating it, as it was not part of Church teachings.

    The Canadian Conference of Catholic Bishops (CCCB) and the Oblates committed to developing a process for the transparent access to records. Barriers to church records prevented access to documents that could help locate family members who never came home.

    The bishops pledged to raise $30 million for the Indigenous Reconciliation Fund to support activities dedicated to healing and reconciliation in 2021. The apology energized the campaign, raising half of the funds ahead of the five-year timeline.

    In a July 2024 statement, the CCCB said it has “established structures … to support dialogues and foster greater understanding of Indigenous cultural, linguistic and spiritual traditions and values,” and wishes to deepen academic collaborations to understand of the Doctrine of Discovery.



    Read more:
    Hot-button topics may get public attention at the Vatican synod, but a more fundamental issue for the Catholic Church is at the heart of debate

    Healing journey is long, apology was necessary

    While small advancements in reconciliation activities stemming from Pope Francis’ apology have occurred, the healing journey is long. Distrust is evident as the Church’s sincerity in this process is questioned; however, the apology presents an opportunity to renew relationships and forge new paths together.

    The criticisms of how and when it transpired and even what was said will always remain, however the apology was necessary.

    It was necessary for many survivors, who felt recognized. It was necessary for the Church to formally acknowledge its responsibility. It was necessary for Pope Francis to offer the apology directly to Indigenous people.

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

    – ref. ‘I am sorry’ — A reflection on Pope Francis’s apology on residential schools – https://theconversation.com/i-am-sorry-a-reflection-on-pope-franciss-apology-on-residential-schools-250607

    MIL OSI – Global Reports –

  • MIL-OSI Global: Pope Francis showed in deeds and words he wanted to face the truth in Canada

    Source: The Conversation – Canada – By Christine Jamieson, Associate Professor, Theological Studies, Concordia University

    Pope Francis has died. In reflecting on his legacy in regard to reconciliation with Indigenous Peoples in Canada, I am struck by three key moments.

    First, his encounter with Indigenous delegates in Rome in April 2022. Second, his pilgrimage of penance to meet Indigenous survivors in Canada in July 2022. Third, his role in the Catholic Church formally repudiating the Doctrine of Discovery in March 2023.

    In my view, each moment represented a move toward reconciliation for Indigenous Peoples in Canada. My focus, for the most part, considers the healing dimension of his visit. At the same time, I understand and acknowledge the limitations of his apology and the deep pain caused because of what was not said.

    For example, the late Murray Sinclair, chair of the Truth and Reconciliation Commission, spoke of the apology’s failure to acknowledge the “full role of the church in the residential school system.”

    Dene interpreter and survivor, Jessie Sylvestre, asked to translate Pope Francis’s apology during his visit, was critical and hurt that the Pope read his apology rather than speak it from the heart. She also named feeling “almost sick” and angry after seeing the “very patriarchal” sight of many priests and the Pope. The absence of women in visible leadership roles was noted as disturbing by other Indigenous women also.

    Still, for many Indigenous survivors, Pope Francis’s apology was deeply meaningful and I wish to explore that phenomenon here.

    My academic research often delves into Indigenous spiritualities and Christian ethics. I am a co-investigator for a research project examining the life and work of Canadian Catholic (Jesuit) theologian, Bernard Lonergan (1904-1984), through the lens of his connection to the Indian Residential School System.

    I am particularly interested in why some survivors of Residential Schools in Canada are (and remain) Christian in the face of the horrendous treatment they endured at the hands of Christian churches’ representatives.

    ‘Unforgetting’ and healing

    When Pope Francis visited in late July of 2022, he consciously and intentionally began a journey into the complex and disturbing relationship between the Catholic Church and Indigenous Peoples.

    In commenting on the work of the Truth and Reconciliation Commission of Canada (TRC), many people are critical of a tendency to jump too quickly over truth.

    For perpetrators or those navigating moral responsibility for historic injustices and wrongs, it is much easier to avoid understanding what truly happened and rush to be reconciled. The long delay in the Pope coming to Canada and apologizing to Indigenous survivors after the TRC’s clear call for this in Call to Action No. 58 speaks to feet dragging with regard to the Catholic Church as an institution.

    Yet, it is possible to say that by Pope Francis’s deeds and words he consciously and intentionally demonstrated he wanted to face the truth.

    His naming of genocide to describe what took place during residential schools, in response to a question from Brittnay Hobson, a journalist who is a member of Long Plain First Nation, revealed his desire to speak truth.

    During his visit, he listened to what he named in his Maskwacis apology as traumas and bitter memories. He named the importance of “mak[ing] space for memory,” and of “recall[ing] the past.”

    He acknowledged that his presence and his apology could trigger survivors but he understood why it was vitally important for many survivors to witness his apology. Many dared to share their burden with him despite the pain that was evoked.

    Anishinaabe and Ukrainian writer Patty Krawec, from Lac Seul First Nation, uses the term “unforgetting” by which she means “excavating truth and bringing it to the surface.”

    Such “unforgetting” was stirred up by Pope Francis’s presence and his words. For some, it was either consciously or intuitively an important step toward healing and reconciliation.

    ‘Incarnate’ meaning

    Pope Francis, both because he represented the Catholic Church and because of who he is as a person, played a role in excavating deep memories and consoling the pain of “heavy burdens.”

    He acknowledged the horrors of what Ojibwe author Richard Wagamese described as “an institution that tried to scrape the Indian off of their insides.” In Maskwacis, Pope Francis thanked Indigenous survivors for telling him “about the heavy burdens that you still bear, for sharing with me these bitter memories,” noting that even though costly, “it is right to remember, because forgetfulness leads to indifference.”

    In his book, Method in Theology, Lonergan speaks about different “carriers of meaning.” One such carrier was what he termed “incarnate meaning,” the “meaning of a person, of their way of life, of their words or of their deeds.”

    I believe that Pope Francis’ “incarnate meaning” was his most significant legacy in terms of what his visit meant for reconciliation. Certainly, he understood and acknowledged that words are not enough, “firm action and irreversible commitment” are required.

    Continued spiritual violence

    In the article “The Papal Apology and Seeds of an Action Plan,” Don Bolen, Archbishop of Regina, spells out four areas that witness to where action is taking place: truth telling (in the form of research and archival work), solidarity with Indigenous Peoples, supporting recovery of “Indigenous language and culture” and recognizing the intrinsic value of Indigenous Peoples’ “relationship with the land and environment.”

    Yet, in a soon-to-be published paper (titled Spiritual Violence against Indigenous Peoples in Canada: Ethical Guidelines and Calls to Healing), with colleagues, I describe the ongoing “spiritual violence” against Indigenous traditions by Christian churches.

    As I wrote in 2021, the TRC’s Call to Action No. 60 clearly identifies the spiritual violence that continues to be committed by non-Indigenous Christians.

    This violence is done when there is an absence of respect for Indigenous spirituality in its own right. It is also done when there is ignorance about the legitimacy and richness of Indigenous Christianity, of the gospel expressed through the lens of Indigenous cultures. This lack of recognition was also displayed during the celebration of the masses during Pope Francis’s visit.



    Read more:
    One year ago, Pope Francis disavowed the ‘Doctrine of Discovery’ – but Indigenous Catholics’ work for respect and recognition goes back decades

    Beauty of Indigenous Peoples’ traditions

    Pope Francis understood the privilege of encounter with the beauty of Indigenous Peoples’ traditions as he so clearly stated in his encyclical letter, Laudato Si’: On Care for our Common Home.

    In that letter, he recognizes the deeply rooted values of Indigenous Peoples in relationship with land (which includes water, vegetation, animals — all that lives on and because of the land).

    Several times during his visit to Canada, Pope Francis spoke of that special relationship, a relationship that is so foreign to a western perspective which tends to view land merely as a commodity and not as a living being with which one is in relationship.

    Bolen recollects how Ted Quewezance of Keeseekoose First Nation in Saskatchewan, a survivor he has the privilege of working with, frequently said “that each survivor will need to make their own decision whether to accept or not to accept the papal apology, and that every survivor is on their own healing journey.” This was clear throughout Pope Francis’s visit and the several times he spoke an apology and sought forgiveness.

    As was witnessed in many encounters — Maskwacis, Edmonton, Québec and Iqaluit — perhaps Pope Francis’s most important legacy for truth and reconciliation in Canada is his willingness and humility to acknowledge the suffering, to be present to those who suffer, and in face of that suffering to have the audacity to say, “What are you going through?”

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

    – ref. Pope Francis showed in deeds and words he wanted to face the truth in Canada – https://theconversation.com/pope-francis-showed-in-deeds-and-words-he-wanted-to-face-the-truth-in-canada-250746

    MIL OSI – Global Reports –

  • MIL-OSI Global: Endowments aren’t blank checks – but universities can rely on them more heavily in turbulent times

    Source: The Conversation – USA – By Ellen P. Aprill, Senior Scholar in Residence at the UCLA Law School’s Lowell Milken Center For Philanthropy And Nonprofit Law, University of California, Los Angeles

    The Trump administration is demanding that at least 60 U.S. colleges and universities change their policies or lose out on billions of dollars in federal funding.

    In Harvard University’s case, the government has accused the Ivy league school – so far without providing any specific evidence – of violating some students’ civil rights by allowing other students to engage in what the authorities characterize as antisemitic speech. The government has demanded broad oversight of Harvard’s admissions policies, along with changes in its hiring processes and campus culture.

    Harvard stands to lose out on more than US$2.2 billion. It may seem to be better insulated from this pressure than many other schools because it has the nation’s largest educational endowment – a reservoir of stocks, bonds and other financial assets that helps fund its operations, research and scholarships. Harvard’s endowment totaled more than $53 billion in 2024.

    As a nonprofit law scholar, who served in the Treasury Department’s Office of Tax Policy in the 1980s, I study and write about both state and federal law as it applies to nonprofit organizations. I believe that the law permits most colleges and universities to increase spending from their endowments in light of the financial pressures so many of them are facing.

    Precedents for boosting endowment spending

    Not all endowments are alike.

    They tend to be composed of an array of smaller funds, some of which are subject to legal restrictions that make it impossible for the schools they support to freely use those assets.

    Universities must respect the limits donors put on their gifts, such as tying them to specific scholarships, funding jobs held by certain kinds of professors or supporting the construction or maintenance of a particular building.

    It’s up to a university’s governing board to decide how much of the school’s endowment will be spent in a given year.

    As Harvard’s financial report for its 2024 fiscal year puts it: “There is a common misconception that endowments, including Harvard’s, can easily be accessed like checking accounts.” That is definitely not the case.

    Nonetheless, some college and university boards did allow increased endowment spending at the height of the COVID-19 pandemic and the Great Recession, which lasted from late 2007 until mid-2009.

    During that downturn and the financial crisis that precipitated it, the value of endowments, along with most financial assets, plummeted.

    About 80% of Harvard’s 14,000 separate endowment funds are reserved for “specific programs, departments or purposes.” But others are less restricted, Harvard has stated in the financial reports it makes available to the public.

    While it’s always important to proceed with care when spending money reserved for use on a rainy day or to ensure the long-term existence of a revered institution, most colleges and universities are freer to dip into their endowments than they may realize when conditions get stormy.

    Leeway in an important law

    In all states except Pennsylvania, U.S. endowments are subject to a 2006 model law known as the Uniform Prudent Management of Institutional Funds Act.

    Under this law, managing and investing an endowment requires the university to consider its charitable purposes and financial needs, while respecting the intentions of the donors who provided its assets. These are state laws, not federal statutes. In most states, a university may spend as much of an endowment fund as it deems “prudent.”

    Exercising that prudence requires the consideration of several factors.

    They include the purposes of the institution as a whole and the particular endowment fund, prevailing economic conditions, and what other financial resources the institution can tap. However, in almost one-third of states, including California and New York, annually spending more than 7% of an endowment’s fair market value, measured by a three-year average, is presumed to be imprudent.

    But that isn’t a legal maximum because the model law’s drafters noted that “circumstances in a particular year” could easily void that presumption. Based on my study of nonprofit law, including the laws that apply to higher education, I’m confident that this caveat could easily apply to the Trump administration’s education-related spending cuts in 2025, just as it did during the pandemic and the Great Recession.

    What’s more, endowment spending rate by universities in 2024 was 4.8%. As a result, many universities, including those in states with a 7% cap on prudent spending, will likely be able to increase their use of endowment funds to maintain their budgets at prior levels.

    In addition, living donors can release any restriction they placed on the funds they gave universities that are still held in their endowments. Even when those funds are from donors who have died, a university can ask a court to release restrictions that have become impractical or wasteful.

    The Uniform Prudent Management of Institutional Funds Act also permits institutions to lift restrictions on all endowment funds that are more than 20 years old and relatively small. This amount varies from state to state and typically ranges between $25,000 and $100,000

    Archon Fung, a John F. Kennedy School of Government professor, addresses students, faculty and other members of the Harvard University community on April 17, 2025.
    AP Photo/Charles Krupa

    A bias toward accumulating

    In addition to Harvard, other examples of the largest higher education endowments include Yale with $41 billion, Princeton with $34 billion and Columbia, which has some $15 billion. All three are among the 60 schools the Education Department is investigating for allegedly failing to “protect Jewish students on campus.”

    Why do the boards of even these universities tend to hesitate to dip deeply into their endowments when their revenue declines?

    One explanation is that because endowments can enhance a university’s prestige, its leaders and endowment donors have a bias toward accumulating rather than spending. Another is that board members have an obligation to protect their institutions’ long-term viability. Boards also bear a responsibility to preserve funds for a future rainy day, no matter how severe the current turbulence may be, how large the endowment has become or how successful the school’s current fundraising efforts are.

    That may explain why Harvard is reportedly in talks with investment banks about issuing $750 million in bonds that will allow the school to meet its spending needs without dipping so deeply into its endowment.

    More attacks could be on the way

    At the same time, the Trump administration’s trade, fiscal and other policies may continue to roil financial markets, reducing the value of university endowments, for months or years to come.

    The federal government is reportedly looking into whether it can revoke Harvard’s tax-exempt status, a drastic move that would have no comparable precedents.

    In mid-April 2025, Harvard began to push back on the Trump administration’s demands, saying that they violate the free speech rights protected by the Constitution’s First Amendment and “invade university freedoms long recognized by the Supreme Court.” Harvard’s donors have responded to the resistance of the school’s leaders with a flurry of new gifts.

    In my view, it’s reasonable for colleges and universities to consider stepping up their endowment spending due to the Trump administration’s actions that could interfere with higher education revenue. Increasing endowment payouts now could ease, although not fully solve, the mounting crises that colleges and universities of all kinds now face.

    The John F. Kennedy School of Government, commonly referred to as Harvard Kennedy School, is a member of The Conversation U.S.

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

    – ref. Endowments aren’t blank checks – but universities can rely on them more heavily in turbulent times – https://theconversation.com/endowments-arent-blank-checks-but-universities-can-rely-on-them-more-heavily-in-turbulent-times-254909

    MIL OSI – Global Reports –

  • MIL-OSI Global: Federal laws don’t ban rollbacks of environmental protection, but they don’t make it easy

    Source: The Conversation – USA – By Stan Meiburg, Executive Director, Sabin Center for Environment and Sustainability, Wake Forest University

    EPA Administrator Lee Zeldin has announced plans to review or reverse dozens of environmental protection regulations. Kayla Bartkowski/Getty Images

    President Donald Trump and Environmental Protection Agency Administrator Lee Zeldin have announced their intent to reconsider dozens of current regulations in an effort to loosen standards originally imposed to protect the environment and public health. But it’s not as simple as Trump and Zeldin just saying so.

    A few of the changes, such as reconstituting the membership of EPA’s Science Advisory Board and Clean Air Act Scientific Advisory Committee or using enforcement discretion to avoid targeting favored industries, are administrative measures that can be changed with the stroke of a pen.

    But many, including carbon emissions standards for power plants and motor vehicles, wastewater limits for refineries and chemical plants, or air pollution standards, can only be revised in accordance with the Administrative Procedure Act, a federal law first passed in 1946.

    That process includes public notice of the proposed changes, an opportunity for the public to comment on those proposals, and a review of those comments by the responsible federal agency.

    There’s a big book that contains rules about how to change the rules.
    designer491/iStock / Getty Images Plus

    There are some explicit restrictions that prevent loosening of existing environmental standards for clean air and water. In general, though, if the administration has evidence to support its claims that the protections should be reduced and the administration follows the process required by law, it is possible to loosen the restrictions. But as a former longtime senior leader at EPA and student of environmental policy, I know that process is not easy – and it’s not meant to be.

    As examples of how the process of changing the rules and standards works, let’s look at the provisions of the Clean Air Act and the Clean Water Act. Similar provisions exist in the nation’s wide range of environmental protection laws, including the Safe Drinking Water Act; the Toxic Substances Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Resource Conservation and Recovery Act, and others.

    EPA Administrator Lee Zeldin announces plans to review several environmental regulations on March 12, 2025.

    Keeping the air clean

    The Clean Air Act sets uniform national standards for air quality, and it created the rules by which states create plans to meet those standards.

    One section of the law, Part C of Title I of the act, is titled “Prevention of Significant Deterioration of Air Quality.” Its provisions are meant to prevent states that meet the national standards from allowing air quality to get worse in the future.

    Its basic effect is to require that new sources of pollution, or existing ones that make significant equipment changes, use the best available technology that meets or exceeds the minimum federal standards for pollution control. Additional protections apply to sensitive areas like national parks.

    For areas that did not yet meet the standards, a set of amendments passed in 1990 included one that prevented air quality from getting worse. That provision, known as the “anti-backsliding rule,” says that no state whose air did not meet the standards before Nov. 15, 1990, can change its plan “unless the modification insures equivalent or greater emission reductions.” And once a state’s air quality improves to meet the standards, the state must follow maintenance plans to make sure the air quality doesn’t get worse.

    Protecting the water

    Under the Clean Water Act, states set water quality standards to protect drinking water and water for recreation, as well as to protect wildlife.

    The Environmental Protection Agency has interpreted key sections of the law to require that states ensure that whatever companies discharge into the water from factories or other operations don’t degrade downstream water quality – even if the existing conditions are better than the minimum standards. Known as “anti-degradation provisions,” these rules mean water that is currently far cleaner than the standards require can’t legally be made more dirty, even if only a little bit.

    The Clean Water Act also contains anti-backsliding provisions that prevent new discharge permits from allowing more pollution than previous permits did.

    Air pollution is regulated by the federal government.
    AP Photo/J. David Ake

    Rollbacks are possible

    Many federal standards can be weakened, so long as the EPA follows the Administrative Procedure Act’s process.

    Since the 1970 passage of the Clean Air Act, the national air quality standards have not been weakened. Technology standards for air and water pollution controls have tightened over time because of advances that improved performance while reducing costs.

    To change the rules under the Clean Air Act, the EPA must first provide evidence that the existing rules are no longer appropriate. Without that evidence, any changes may be overturned by the courts as not founded in facts – in legal terms, “arbitrary and capricious.” The first Trump administration’s efforts to change the rules failed in many court cases on this basis.

    This review process is also required of the EPA’s intended effort to revoke the so-called “endangerment finding,” which establishes the agency’s authority to regulate greenhouse gases under the Clean Air Act. If successful, that revocation would undo the legal grounds for carbon dioxide and methane pollution standards for motor vehicles, electric utilities, oil and gas production, and large industrial sources.

    Such an effort will certainly end up in court. The endangerment finding began with a 2007 Supreme Court ruling that required the EPA to assess whether greenhouse gas emissions endanger human health and welfare. In 2009, the agency found that they did. In 2012, the D.C. Circuit Court of Appeals upheld that finding, and the Supreme Court declined to reconsider the case.

    Algae floats on Lake Erie. Algae blooms can be caused by water pollution.
    AP Photo/Paul Sancya

    Other ways to reduce environmental protections

    The Trump administration’s stated plans for amending water pollution rules illustrate that rolling back protections can also mean undoing efforts to strengthen restrictions, if those efforts did not get finalized before 2025.

    For instance, in June 2024, the Biden administration’s EPA notified the public that it intended to tighten restrictions on manufacturing plants’ discharges of per- and polyfluoroalkyl substances, also known as PFAS, into surface water or public sewage-treatment systems. Those are a large category of human-made chemicals, used to make products resistant to water, stains and heat, which can be harmful to human health at some levels. These chemicals don’t break down easily and therefore are often called “forever chemicals.”

    But the changes were never finalized, and on the second day of Trump’s second term, the new administration announced that the proposal had been withdrawn.

    Rollbacks can also mean extending compliance deadlines for current standards. For example, the EPA has announced that it will review discharge rules for power plants. Even if the rules themselves don’t change, giving power plants more time to comply with the rules can increase pollution.

    Public protests across the nation have objected to the Trump administration’s efforts to weaken environmental protections.
    Brett Phelps/The Boston Globe via Getty Images

    No change until new versions are finalized

    In general, U.S. environmental laws do not prevent the EPA from weakening protection standards. But merely announcing the agency’s intention to do something doesn’t make it so.

    In a recent executive order, Trump claimed he could take an action without public notice and comment “because I am ordering the repeal.” But federal law specifies that the process of change requires explicit descriptions of scientific and technical reasons and evidence that justify any proposed actions, and a notice-and-comment process that involves the public.

    In the meantime, the existing standards remain in place, enforceable by citizen lawsuits even if the federal government decides not to enforce them. Agencies require technical and legal expertise to craft rules that can survive inevitable challenges in the courts. Many of those experts have been fired or laid off by the Trump administration, making the job of changing regulations more difficult.

    Stan Meiburg is a volunteer with the Environmental Protection Network, a non-partisan 501(c)(3) nonprofit organization. He is also a 39 year alumnus of the U.S. Environmental Protection Agency. He is a professional colleague with Sid Shapiro, whose Conversation article is cited in this piece.

    – ref. Federal laws don’t ban rollbacks of environmental protection, but they don’t make it easy – https://theconversation.com/federal-laws-dont-ban-rollbacks-of-environmental-protection-but-they-dont-make-it-easy-253515

    MIL OSI – Global Reports –

  • MIL-OSI United Nations: Secretary-General’s statement – on the passing of His Holiness Pope Francis

    Source: United Nations secretary general

    I join the world in mourning the passing of His Holiness Pope Francis, a messenger of hope, humility and humanity. 

    Pope Francis was a transcendent voice for peace, human dignity and social justice. He leaves behind a legacy of faith, service and compassion for all — especially those left on the margins of life or trapped by the horrors of conflict.

    Pope Francis was a man of faith for all faiths — working with people of all beliefs and backgrounds to light a path forward. 

    Through the years, the United Nations was greatly inspired by his commitment to the goals and ideals of our organization — a message I conveyed in my meetings with him as Secretary-General. 

    In his historic 2015 visit to United Nations headquarters, he spoke of the organization’s ideal of a “united human family.”

    Pope Francis also understood that protecting our common home is, at heart, a deeply moral mission and responsibility that belongs to every person. His Papal Encyclical — Laudato Si — was a major contribution to the global mobilization that resulted in the landmark Paris Agreement on climate change. 

    Pope Francis once said: “The future of humankind isn’t exclusively in the hands of politicians, of great leaders, of big companies…[it] is, most of all, in the hands of those people who recognize the other as a ‘you’ and themselves as part of an ‘us.’”

    Our divided and discordant world will be a much better place if we follow his example of unity and mutual understanding in our own actions.  

    I offer my deepest condolences to Catholics and all those around the world inspired by the extraordinary life and example of Pope Francis. 

    MIL OSI United Nations News –

  • MIL-OSI China: Pope Francis dies at 88

    Source: China State Council Information Office

    This file photo taken on May 26, 2024 shows Pope Francis waving to the crowd as he attends an event at St. Peter’s Square in Vatican. [Photo/Xinhua]

    Pope Francis, the 266th pontiff of the Roman Catholic Church, died Monday at the age of 88, said the Vatican in a statement.

    Born Jorge Mario Bergoglio on Dec. 17, 1936, in Buenos Aires, Francis was head of the Roman Catholic Church since 2013.

    His death came weeks after returning home from a 38-day stay in intensive care, and followed an intense Holy Week schedule that included public appearances.

    After a period of mourning, the Vatican will turn toward preparations for a gathering of the College of Cardinals to select Francis’ successor.

    MIL OSI China News –

  • MIL-OSI USA News: Week 13 Wins: President Trump’s Relentless Pursuit of Prosperity, Opportunity

    Source: The White House

    Another week of successes for the American people is in the books as President Donald J. Trump continues to deliver on his promises.

    Here is a non-comprehensive list of wins in week 13:

    • Americans continued to see early results of President Trump’s commitment to American manufacturing and job growth.
      • Abbott Laboratories announced it will spend $500 million on its Illinois and Texas facilities.
      • NVIDIA announced it will manufacture its AI supercomputers entirely in the U.S. as part of its pledge to produce $500 billion of AI infrastructure in the U.S. over the next four years.
      • Honda Motor Co. announced plans to shift production of the Civic from Japan to the U.S. amid plans to boost its U.S. production by up to 30% in the next several years.
      • Ellwood Group – a small manufacturer of forged steel, nickel and aluminum products – announced a sales increase of 35% quarter-over-quarter following President Trump’s steel tariffs.
    • President Trump continued to secure our border and rid our communities of illegal immigrant criminals.
      • U.S. Border Patrol recorded the fewest illegal crossings at the southwest border on record in March – down 94% lower over last March.Violent terrorist gang members and criminal illegal immigrants continued to be deported to El Salvador.
      • In just the past several days, ICE arrested a host of depraved criminal illegal immigrants, including a convicted rapist in Brooklyn, a convicted murder in Los Angeles, and a convicted arsonist in Virginia.
    • President Trump continued to pursue peace through strength around the world.
      • The Trump administration secured the release of an America missionary held in Tunisia for 13 months.
      • The Trump Administration directed additional successful airstrikes against Houthi terrorists.
    • President Trump signed an order aimed at stopping illegal immigrants and other ineligible individuals from obtaining benefits under the Social Security Act and enhancing investigations into fraud.
    • President Trump took executive action to expand on the historic efforts of his first term to lower prescription drug prices — delivering lower prices for Medicare, providing massive discounts on lifesaving medications, like insulin, for low-income and uninsured Americans, and helping states save millions on prescription drug costs.
    • President Trump opened the Pacific Remote Islands Marine National Monument to commercial fishing, undoing a nonsensical Biden-era ban and boosting the economy of American Samoa and other Pacific islands.
    • President Trump signed an executive order to restore American seafood competitiveness by reducing regulatory burdens, combating unfair foreign trade practices, and enhancing domestic seafood production and exports.
    • President Trump took additional action to ensure government remains accountable to the taxpayers who fund it.
      • President Trump signed a memorandum to ensure government is leveraging modern technology to effectively and efficiently conduct environmental reviews and evaluate permits.
      • President Trump signed an executive order to enforce existing law requiring the federal government to utilize the competitive marketplace and the innovations of private enterprise to provide better, more-cost-effective services to taxpayers.
      • President Trump rescinded two longstanding presidential actions that unnecessarily restricted where federal agencies could site their facilities.
      • President Trump signed an executive order to dramatically simplify and streamline the federal procurement process.
    • President Trump signed an executive order launching an investigation into the national security risks posed by U.S. reliance on imported processed critical minerals and their derivative products.
    • The Department of Justice announced a civil lawsuit against the Maine Department of Education over their consistent and willful refusal to protect women and girls in sports and other private spaces.
    • The Department of the Treasury continued its crackdown on Chinese facilitation of Iranian oil exports, sanctioning various Chinese companies purchasing from, and providing vessels for, Iran’s shadow fleet.
    • The Department of the Interior announced the emergency withdrawal and transfer of jurisdiction of nearly 110,000 acres of federal land along the southern border to support operations in border security.
    • The Trump Administration’s joint task force on Title IX launched an investigation into the University of Maryland over allowing a male athlete to compete in women’s fencing and use women’s-only intimate facilities, and launched an investigation into the University of Maryland and Wagner college for penalizing a female athlete for refusing to compete against a male.
    • Director of National Intelligence Tulsi Gabbard released records on the government’s investigation into the assassination of Senator Robert F. Kennedy.
    • The Department of State canceled 139 grants worth $214 million, including wasteful programs like “Building the Migrant Domestic Worker-Led Movement” in Lebanon or “Get the Trolls Out!” in the United Kingdom.
    • The Department of State scrapped its Global Engagement Center, which was at the center of U.S. government-sponsored censorship and media manipulation.
    • The Department of Health and Human Services launched new studies on the link between environmental toxins and autism.
    • Institutions across the country continued to dissolve their divisive “diversity, equity, and inclusion” programming in response to President Trump’s executive order.
      • James Madison University ended its DEI programming.
      • Ball State University announced it will end its DEI programming.
      • Rochester Community School District in Michigan eliminated its DEI director position.

    MIL OSI USA News –

  • MIL-OSI: Kaltura Recognized in the 2025 Gartner® Market Guide for Video Platform Services

    Source: GlobeNewswire (MIL-OSI)

    New York, April 21, 2025 (GLOBE NEWSWIRE) — Kaltura (Nasdaq: KLTR), the AI Video Experience Cloud, today announced that it has been recognized as a Representative Vendor in the Gartner Market Guide for Video Platform Services.

    Enterprise video platforms are becoming increasingly mission-critical and are utilized in more innovative ways than ever before, with the assistance of disruptive agentic AI-powered capabilities.

    Kaltura remains committed to delivering the world’s leading Video Platform. Kaltura’s AI Video Experience Cloud includes leading live, real-time, and on-demand video solutions for enterprises, including a Video Content Management System (VCMS), a Video Portal, LMS and CMS video extensions, a Virtual Classroom, Virtual events & webinars, a TV Content Management System (TVCMS), and TV streaming Apps. All products offer robust engaging features and top-notch reliability, scalability, security, compliance, privacy, and accessibility that address the most demanding needs and requirements of top organizations worldwide.

    With support for cloud, on-prem, and hybrid models, Kaltura video cloud is uniquely built atop a unified platform that powers all products and a wide range of enterprise use cases, spanning across marketing, sales, customer enablement & success; teaching, learning, training and certification; communication & collaboration; and entertainment & monetization.

    Kaltura’s unified platform enables customers across industries to reduce silos, cut costs, streamline operations, and benefit from holistic business insights. Many leading organizations are consolidating their various video needs on Kaltura’s unified platform instead of utilizing numerous point solutions from different vendors. Kaltura’s platform and products are also uniquely designed and built with an API-first modular architecture that enables seamless integration into other systems, extensive customizations, and that can be deeply embedded into business workflows.

    Kaltura is now also at the forefront of implementing AI and automation into enterprise video experiences, enabling organizations to maximize the value of their media assets.

    The recently launched Kaltura Work Genie and Kaltura Class Genie AI-powered agents deliver hyper-personalized, immersive digital experiences for customers, employees, and students. Combining real-time immersive content creation with personalization at scale enables anyone in the organization to instantly discover customized materials, based on their specific needs, drawn exclusively from secure and verified organizational knowledge bases. This ensures accuracy, relevance, and improved outcomes. In addition, the recently launched Kaltura TV Genie enables media and telecommunication companies to offer hyper-personalized lean-forward viewing experiences for audiences, as well as to streamline their operations through enhancement and automation of content enrichment and curation. Kaltura AI Content Lab enables content creators to quickly transform their content into engaging, bite-sized experiences. With a single click, Content Lab generates clips, video quizzes, summaries, and chapters from videos and audio, saving time, reducing costs, and maximizing content value.

    “We believe the Gartner recognition of Kaltura echoes our commitment to continue advancing video platforms through disruptive innovation,” said Ron Yekutiel, Co-founder, Chairman, President and CEO at Kaltura. “Our agentic AI offerings empower enterprises to streamline, automate, and personalize every aspect of the video lifecycle, from creation to engagement. We convert routine manual tasks and generic insights and experiences, into automatic workflows and hyper-personalized insights and experiences, that boost efficiency, productivity, engagement, and business results.”

    To learn more about Kaltura’s interactive, AI-infused video solutions that increase engagement and boost business outcomes, visit here. To view a complimentary copy of the Gartner Market Guide for Video Platform Services, click here.

    Gartner Disclaimer

    Gartner, Inc. Market Guide for Video Platform Services. Amol Nerlekar, Peter Kjeldsen, Forest Conner. 19 March 2025

    GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

    Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

    About Kaltura

    Kaltura’s mission is to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Kaltura’s AI Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications. Kaltura engages millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success; teaching, learning, training and certification; communication and collaboration; and entertainment, and monetization. For more information, visit www.corp.kaltura.com.

    The MIL Network –

  • MIL-OSI: Aemetis India Plant Receives $31 million of Biodiesel Orders from OMCs for Delivery in Next Three Months

    Source: GlobeNewswire (MIL-OSI)

    CUPERTINO, Calif., April 21, 2025 (GLOBE NEWSWIRE) — Aemetis, Inc. (NASDAQ: AMTX), a diversified global renewable natural gas and biofuels company, announced the Company’s subsidiary in India, Universal Biofuels, received multiple orders for an aggregate of $31 million for the delivery during May, June and July of more than 33,000 kiloliters of biodiesel to the three government-owned Oil Marketing Companies (OMCs).  

    Additional OMC orders are expected throughout the year in order to continue shipments to fuel blending terminals on an ongoing basis to support the India government goal of increasing from a 1% to 5% biodiesel blend.

    ”Universal Biofuels and other biodiesel producers look forward to continuous support from the government of India to ensure that climate issues are addressed, while ensuring a healthy biodiesel industry,” stated Sanjeev Duggal, CEO of Universal Biofuels.

    “We are pleased with the progress being made in India in support of the 5% biodiesel blending target of more than 1.2 billion gallons per year,” stated Eric McAfee, Chairman and CEO of Aemetis.  “The OMCs did not take deliveries during this past winter and instead decided to issue new orders for biodiesel with deliveries from May to July. Our Universal Biofuels subsidiary has successfully completed deliveries under contracts with the OMCs for the past several years, highlighting our track record for producing and timely delivering high quality renewable fuels at our India plant.”

    Recently, India achieved a 20% ethanol blend into gasoline and the government stated a new 30% blend target for ethanol, enabling further growth in ethanol production and expanding revenues for farmers while reducing the importation of petroleum gasoline into India.

    Universal Biofuels significantly expanded the production capacity of the Kakinada biodiesel plant to 80 million gallons per year during a recent plant upgrade and maintenance cycle, including expansion of its proprietary process that produces biodiesel from waste and byproducts that Universal utilizes to produce biofuels that are lower carbon intensity at a significantly reduced cost. 

    Aemetis’ Universal Biofuels subsidiary is one of the largest biodiesel producers in India, having been in operation for more than 17 years. Universal Biofuels increased annual biodiesel capacity from 50 million gallons to 80 million gallons last year, with further biodiesel expansion to other locations and diversification into biogas production planned for 2025. To support further growth, Universal Biofuels is preparing for an IPO in India which is expected to be completed in late 2025, subject to continued favorable stock market conditions.

    Universal Biofuels completed $112 million of biodiesel and glycerine shipments in the twelve months ended September 2024, including deliveries to the three government-owned oil marketing companies under a cost-plus contract. Shipments of biodiesel to OMC’s are expected to begin in early May under the next round of biodiesel contracts. 

    About Aemetis

    Headquartered in Cupertino, California, Aemetis is a renewable natural gas and renewable fuel company focused on the operation, acquisition, development, and commercialization of innovative technologies that replace petroleum products and reduce greenhouse gas emissions. Founded in 2006, Aemetis is operating and actively expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin. Aemetis is developing a sustainable aviation fuel plant and a CO2 sequestration project in California. For additional information about Aemetis, please visit www.aemetis.com. 

    Safe Harbor Statement

    This news release contains forward-looking statements, including statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements include, without limitation, projections of financial results; statements related to the development, engineering, financing, construction and operation of the Aemetis biodiesel and other biofuel facilities; our ability to promote, develop, finance, and construct facilities to produce biodiesel, renewable fuels, and biochemicals; and statements about future market prices and results of government actions. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “view,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Reports on Form 10-K, and in our other filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.

    Company Investor Relations
    Media Contact:
    Todd Waltz
    (408) 213-0940
    investors@aemetis.com

    External Investor Relations
    Contact:
    Kirin Smith
    PCG Advisory Group
    (646) 863-6519
    ksmith@pcgadvisory.com

    The MIL Network –

  • MIL-OSI: Snail Games Subsidiary Interactive Films LLC Signs MOU with Mega Matrix Inc. (NYSE American: MPU) for Joint Short-Drama Development

    Source: GlobeNewswire (MIL-OSI)

    CULVER CITY, Calif., April 21, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, announced that its wholly owned subsidiary, Interactive Films LLC (“Interactive Films”), has signed a Memorandum of Understanding (MOU) with Mega Matrix Inc. (NYSE American: MPU). Under this MOU, both parties will leverage their respective strengths to establish a comprehensive collaboration framework for the joint development, production, and global distribution of short dramas, further enhancing their presence in the entertainment industry.

    Mr. Hai Shi, Chairman and Co-CEO of Snail Games, commented, “Today’s announcement represents a strategic step forward in advancing Interactive Films’ short-drama business line and expanding our growing portfolio of original short dramas alongside MPU. According to WiseGuyReports1, the global mini program short drama market is expected to grow at a strong 20.81% CAGR to $25.68 billion by 2032. North America particularly is a key market for short-form content driven by the rapid adoption of streaming services and the growing presence of major industry players. This accelerated momentum and rising global appetite for short dramas presents a compelling opportunity for us to further diversify our content portfolio, deepen production capabilities, and capitalize on our unique strengths in artificial intelligence and immersive storytelling. With a shared vision, both parties look forward to leveraging its respective platforms and proprietary apps to deliver a slate of innovative short films to audiences worldwide.”

    Mr. Yucheng Hu, CEO of MPU, also commented, “This partnership marks an important step for MPU as we expand our content portfolio and strengthen our presence in the global short-drama industry. Short dramas are seeing increasing popularity, with audience demand for binge-worthy, serialized content on the rise. With Snail Games’ expertise in artificial intelligence (AI) and immersive storytelling, combined with MPU’s established production and distribution capabilities, we believe this collaboration has the potential to deliver compelling content that resonates with global audiences.”

    Under the MOU, Interactive Films and MPU will collaborate on the creative direction and script development of short dramas, jointly overseeing production progress and budgeting. The content will be distributed globally through both companies’ platforms. Leveraging its experienced in-house team and extensive expertise in short-drama production, MPU will oversee outsourced production and post-production of the short drama to ensure high-quality content. Additionally, Snail Games’ expertise in AI and interactive technologies, honed through game development, may be integrated into personalized recommendations and interactive storytelling, delivering a next-generation immersive viewing experience for audiences.

    Over the next 12 months (unless the MOU is earlier terminated upon 60 days’ written notice to the other party), Interactive Films and MPU have committed to co-developing at least 10 short dramas. By utilizing their well-established international distribution channels in gaming and micro-drama markets, the Company believes these productions will quickly reach audiences across North America, Southeast Asia, and other global regions, further amplifying both companies’ influence in the global entertainment sector.

    This strategic partnership marks a further expansion of Snail Games’ short drama business and represents a significant milestone in MPU’s expansion within the entertainment industry. Through this collaboration, both companies can combine their strengths in content creation and technology, while leveraging MPU’s global distribution network to accelerate the global rollout of the short dramas. This collaboration is expected to accelerate Interactive Films’ business and short film portfolios while providing audiences with a diverse selection of high-quality short dramas.

    1https://www.wiseguyreports.com/reports/mini-program-short-drama-market

    About Mega Matrix Inc. 
    Mega Matrix Inc. (NYSE American: MPU) is a holding company and operates FlexTV, a short-video streaming platform and producer of short dramas, through its subsidiary, Yuder Pte, Ltd. Mega Matrix Inc. is a Cayman Island corporation headquartered in Singapore. For more information, please contact info@megamatrix.io or visit: http://www.megamatrix.io.

    About Snail Games
    Snail Games (Nasdaq: SNAL), is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices. For more information, please visit: https://snail.com/

    Forward-Looking Statements
    This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding the respective strengths of Snail and MPU to establish a comprehensive collaboration framework for the joint development, production, and global distribution of short dramas; however, the MOU is not fully binding on either party and may be terminated upon 60 days’ written notice to the other party. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 26, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

    Contacts:

    Investors:
    John Yi and Steven Shinmachi
    Gateway Group, Inc.
    949-574-3860
    SNAL@gateway-grp.com

    Press:
    press@snailgamesusa.com

    The MIL Network –

  • MIL-OSI Economics: MSCI and Moody’s to Launch Independent Risk Assessments for Private Credit Investments

    Source: Moody’s

    Headline: MSCI and Moody’s to Launch Independent Risk Assessments for Private Credit Investments

    Solution to Promote Transparency and Strengthen Investors’ Private Credit Asset Allocation Strategies

    NEW YORK–(BUSINESS WIRE)– MSCI Inc. (NYSE:MSCI) and Moody’s Corporation (NYSE:MCO) will jointly create a first-of-its-kind solution to provide independent risk assessments for private credit investments at scale.

    As the private credit market continues to evolve and grow, the need for consistent standards and better tools has become essential for investors to assess, compare and communicate the risk of their investments.

    MSCI offers a unique and comprehensive universe of high-quality private capital data, sourced from original documents provided by managers, including data on more than 2,800 private credit funds and 14,000+ individual underlying companies. As part of this joint offering, Moody’s will extend its flagship EDF-X models into MSCI’s private credit solutions. EDF-X delivers risk insights using best-in-class credit models and early warning signals to help investors assess the financial strength of public and private companies globally.

    The combination of Moody’s flagship EDF-X credit risk modeling solutions with MSCI’s universe of private credit investment data will produce proprietary third-party risk assessments for private credit investments available at the underlying company and facility level using transparent metrics.

    “As the private credit market evolves, investors are looking for trusted independent assessments to help benchmark credit risk and inform investments and monitor portfolios,” said Rob Fauber, President and CEO of Moody’s. “Our partnership with MSCI will play a critical role in providing these insights, helping market participants make informed decisions.”

    “The rapid growth of private credit continues to transform the global investment landscape while highlighting the need for increased transparency, consistent standards and independent risk assessment,” said Henry A. Fernandez, Chairman and CEO of MSCI. “We are proud to partner with Moody’s to deliver innovative solutions that can help drive greater clarity and confidence.”

    The solution will be distinct from the services provided by Moody’s Ratings, the credit rating agency, to the issuers in the private credit market.

    About Moody’s Corporation

    In a world shaped by increasingly interconnected risks, Moody’s (NYSE: MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive. Learn more at moodys.com.

    About MSCI

    MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data, and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.

    “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995

    Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody’s business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements. Stockholders and investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and other information in this document are made as of the date hereof, and Moody’s undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Moody’s is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. These factors, risks and uncertainties include, but are not limited to: the impact of general economic conditions (including significant government debt and deficit levels, and inflation and related monetary policy actions by governments in response to inflation) on worldwide credit markets and on economic activity, including on the volume of mergers and acquisitions, and their effects on the volume of debt and other securities issued in domestic and/or global capital markets; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government initiatives and monetary policy to respond to the current economic climate, including instability of financial institutions, credit quality concerns, and other potential impacts of volatility in financial and credit markets; the global impacts of the Russia – Ukraine military conflict and the military conflict in Israel and the surrounding areas on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide, on global relations and on the Company’s own operations and personnel; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, increased utilization of technologies that have the potential to intensify competition and accelerate disruption and disintermediation in the financial services industry, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting credit markets, international trade and economic policy, including those related to tariffs, tax agreements and trade barriers; the impact of MIS’s withdrawal of its credit ratings on countries or entities within countries and of Moody’s no longer conducting commercial operations in countries where political instability warrants such actions; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction or development of competing and/or emerging technologies and products; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the jurisdictions in which we operate, including the EU; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody’s may be subject from time to time; provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; uncertainty regarding the future relationship between the U.S. and China; the possible loss of key employees and the impact of the global labor environment; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the timing and effectiveness of our restructuring programs, such as the 2022 – 2023 Geolocation Restructuring Program; currency and foreign exchange volatility; the outcome of any review by tax authorities of Moody’s global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody’s fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody’s operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions, such as our acquisition of RMS, or other business combinations and the ability of Moody’s to successfully integrate acquired businesses; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of Moody’s annual report on Form 10-K for the year ended December 31, 2024, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company’s filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties and other factors that may cause MSCI’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond MSCI’s control and that could materially affect actual results, levels of activity, performance or achievements.

    Other factors that could materially affect MSCI’s actual results, levels of activity, performance or achievements can be found in MSCI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 9, 2025 and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. If any of these risks or uncertainties materialize, or if MSCI’s underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement in this press release reflects MSCI’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI’s operations, results of operations, growth strategy and liquidity. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law.

    For Moody’s Investor Relations:
    Shivani Kak
    Moody’s Corporation
    +1 212-553-0298
    Shivani.Kak@moodys.com

    For Moody’s Communications:
    Joe Mielenhausen
    Moody’s Corporation
    +1 212-553-1461
    Joe.Mielenhausen@moodys.com

    For MSCI Investor Relations:
    Jeremy Ulan
    MSCI
    +1 646 778 4184
    jeremy.ulan@msci.com

    Jisoo Suh
    MSCI
    +1 212 804 1598
    jisoo.suh@msci.com

    For MSCI Communications:
    pr@msci.com
    Melanie Blanco
    MSCI
    +1 646-220-4157
    melanie.blanco@msci.com

    Source: MSCI Inc.

    MIL OSI Economics –

  • MIL-OSI USA: U.S. Reps. Garcia, Frost, Ansari, and Dexter Arrive in El Salvador to Pressure Trump Administration To Abide By Supreme Court Order And Facilitate Return of Wrongly Deported Maryland Man, Kilmar Abrego Garcia

    Source: United States House of Representatives – Congressman Robert Garcia California (42nd District)

    San Salvador, El Salvador – Today, U.S. Representatives Robert Garcia, Maxwell Frost, Yassamin Ansari, and Maxine Dexter arrived in El Salvador to pressure the Trump Administration to abide by a Supreme Court order to facilitate the return of Kilmar Abrego Garcia, a Maryland man with protected legal status who was unlawfully deported by the Trump Administration. Mr. Abrego Garcia is currently detained in El Salvador despite having no criminal conviction in the United States, a direct violation of due process protected by the Constitution.  

    The Congressional members are in El Salvador to bring attention to President Trump’s illegal defiance of the binding and unanimous Supreme Court decision in Noem v. Abrego Garcia that demands the Administration facilitate Abrego Garcia’s return and due process in the United States. This visit comes after the Trump Administration admitted that Mr. Abrego Garcia’s detention was an “error” but refused to abide by a federal judge and the Supreme Court’s orders to facilitate Mr. Abrego Garcia’s return home. Members will also advocate for other detainees who are being held without due process. 

    This trip is not being financed by taxpayer dollars and comes after Chairman James Comer refused to approve Garcia and Frost’s request for an official CODEL.

    “While Donald Trump continues to defy the Supreme Court, Kilmar Abrego Garcia is being held illegally in El Salvador after being wrongfully deported,” said Congressman Robert Garcia. “That is why we’re here– to remind the American people that kidnapping immigrants and deporting them without due process is not how we do things in America. We are demanding the Trump Administration abide by the Supreme Court decision and give Kilmar and the other migrants mistakenly sent to El Salvador due process in the United States.”

     “Donald Trump and his Administration are running a government-funded kidnapping program– illegally arresting, jailing, and deporting innocent people with zero due process. Kilmar Abrego Garcia is Trump’s latest victim,” said Congressman Maxwell Frost. “As Members of Congress it is our responsibility to hold the President and Administration accountable for defying the constitution of the United States. Donald Trump and ICE are not above the law. Today it’s Kilmar, but tomorrow it could be anyone else. We cannot and will not let Donald Trump get away with this.” 

    “My parents fled an authoritarian regime in Iran where people were ‘disappeared’ – I refuse to sit back and watch it happen here, too. Kilmar Abrego Garcia’s illegal abduction and President Trump’s complete disregard of due process and a unanimous Supreme Court ruling are deeply disturbing. We should all be appalled by this treatment by the United States government,” said Congresswoman Yassamin Ansari. “I’m in El Salvador to advocate for the Trump Administration to facilitate his safe return home, and make sure Trump’s attack on our Constitution and due process stops now. Trump has already threatened to illegally deport ‘home-growns’ and American citizens. If this can happen to Mr. Abrego Garcia, it can happen to any of us. This is a constitutional crisis. ”

    “What happened to Kilmar Abrego Garcia is not just one family’s nightmare—it is a constitutional crisis that should outrage every single one of us,” said Congresswoman Maxine Dexter. “We will not rest while due process is discarded, and our constitutional rights are ignored. We will be loud in demanding that the Trump Administration abide by the Supreme Court’s decision and uphold the rule of law. Because if this can happen to Mr. Abrego Garcia, it can happen to anyone.”

     ###

    MIL OSI USA News –

  • MIL-OSI Australia: Call for information – Ram Raid – Darwin

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force is calling for information in relation to a ram raid in Moil overnight.

    Around 8pm, police received reports that a taxi had been stolen by 3 males on Quandong street, Nightcliff, after the driver allegedly exited his vehicle to enter a nearby house.

    A short time later, the vehicle was used in an attempted ram-raid of a business on Moil Place. The offenders, unable to steal any items, fled the scene on foot.

    A crime scene was established and investigations were commenced by detectives from Strike Force Trident.

    Police urge anyone with information about the incident to contact 131 444 and quote reference number P25109081 .

    MIL OSI News –

  • MIL-OSI USA: ‘Don’t Mess with Mansfield’ Encourages Students and Community Members to Clean Up their Town

    Source: US State of Connecticut

    The University of Connecticut and Town of Mansfield are partnering again for the second “Don’t Mess with Mansfield” community litter cleanup on April 27, after a successful pilot event in November drew 140 volunteers and collected 116 bags of trash.  

    “Participating in ‘Don’t Mess with Mansfield’ and being able to physically see the litter that you’ve removed from the environment – litter that’s not going to make its way down through waterways to the ocean, litter that’s not going to trap little creatures – is like a concrete action that you can take to do something good for the environment, but also to take care of your home for yourself and for other people who share the community,” says Betsy Mortensen, communication outreach and education coordinator at the Office of Sustainability.  

    The inaugural “Don’t Mess with Mansfield” in November was the first major collaboration between the town and Office of Sustainability. Its success moved organizers to continue their efforts.  

    “We really want to have an established relationship with the Town of Mansfield and the Office of Sustainability, and then UConn in general,” says Amanda Stowe’ 26 (CAHNR), an intern at the Office of Sustainability. “A lot of times I feel like people look at UConn and think students are polluting and students are throwing their litter on the side of the road, but we want to wipe that perception and show that students want to give back to their community and clean up.” 

    The Town/University Relations Committee of Mansfield and the Office of Sustainability came up with the idea of a cleanup after citizens brought up the issue of litter in neighborhoods surrounding UConn.  

    “It was out of a desire to do something good for the town together and to enhance relationships between students and community members,” says Mortensen.  

    This event is a way to work together for environmental improvements while cultivating relationships between town residents and University students. From the Mansfield side, communications specialist Margaret Chatey and recycling coordinator Virginia “Ginny” Walton have worked closest on this project. 

     “Everyone can go out for a few hours, roll up their sleeves, have some fun, enjoy the outdoors together and benefit the community,” says Chatey. 

    “We want to host it twice a year,” adds Mortensen. “Once after the leaves are gone and another time before they start falling again.” 

    After assessing the success of the first cleanup, the Office of Sustainability has been expanding its goals.  

    “This semester we are focusing on targeting the areas that have the biggest buildup of litter and getting more volunteers to come out,” says Claire Lawrence ’26 (CLAS), an intern at the Office of Sustainability.  

    Chatey says she wants students who take great pride in their university to have the opportunity to put forth that same attitude for their university’s locale.  

    “I hope that the university students, even if they only live here from August to May, that when they’re living here in Mansfield, they really consider this as their new hometown,” says Chatey. “It’s such a bonus to the Town of Mansfield to have all residents, no matter what age or what their longtime relationship is to Mansfield, recognize that litter is a detriment and want to clean it up.” 

    Mansfield has several other townwide litter cleanup initiatives, including “Adopt a Road,” a program in which residents or organizations make a commitment to clean up a portion of a road throughout the year.  

    This year, Greek organizations have been working on keeping Hunting Lodge Road and Separatist Road clean, says Walton.  

    “We’re excited to have UConn and these organizations helping us, especially among those well-traveled roads,” says Walton.  

    This semester, UConn’s Center for Fraternity and Sorority Development is a partner sponsor of the event, bringing in a large number of volunteers for the day’s work.  

    On the day of the cleanup, volunteers will have the opportunity to address areas of campus such as its core near the Student Union, Hunting Lodge Road, Separatist Road, North Eagleville Road, Eastwood Road, or Westwood Road. 

    “It’s very meaningful because it’s an engagement with the University on roads that are outside of the campus orbit,” says Walton. “So, there’s this connection between the town and the University, and I’m really happy that these organizations have been stepping up and participating.”  

    “I think it is important to acknowledge that how we treat our campus and surrounding areas impacts not only students, but wildlife and neighboring towns,” says Lawrence. “If everyone would do their part and take the afternoon to look after our common spaces, we could keep the environment happy and healthy.” 

    The success of these cleanup events is only anticipated to grow.  

    “I hope that it can be a fun event with hundreds of students and community members participating and building connections while also cleaning up our town,” says Mortensen. 

    “Don’t Mess with Mansfield” falls on the same weekend as the town’s Earth Day initiatives. 

    In addition to volunteering at “Don’t Mess with Mansfield” on April 27, residents have the chance to participate in events on April 26, including a townwide tag sale and activities and exhibitions at the Mansfield Community Center.  

    “It benefits everyone to have an active role in their community and sometimes that is the simple action of going out and picking up litter for a few hours with people you’ve never met before,” says Walton. “That’s what is an authentic experience. It’s hands-on making a difference.”

    MIL OSI USA News –

  • MIL-OSI USA: Veteran and Mom Adding New Title to Her Résumé: UConn Graduate

    Source: US State of Connecticut

    Every day, Briana Brady ’25 (CAHNR) gets up at 5:30 a.m.

    She packs school lunches and snacks for her two children, gets their backpacks ready, and gives them breakfast.

    She squeezes in a shower for herself, puts the kids on the bus to school, and then drives an hour and a half to Storrs.

    “I live all the way in Plymouth, over by Waterbury, so it’s three hours of driving a day,” Brady says. “And sometimes I’m only here for one class, so I drive more than I’m actually in class.”

    In the afternoons, she races back home to get her kids off the bus.

    Then there’s softball. Basketball. Wrestling. Dance. Clubs and carpooling. Dinner.

    When everyone is fed and relaxing before bedtime, Brady tries to do some homework before she crashes out for the night herself – getting ready to do it all over again the next day.

    It’s been her routine for the last two years, and it hasn’t always been easy for the Natural Resources & the Environment major and New Jersey native, who has spent the last 18 years living a nomadic life.

    A U.S. Coast Guard veteran, Brady spent six years in service that took her all over the country. She’s been stationed in San Francisco, Virginia, South Carolina, and Maine. She spent months in and out of Alaska, patrolling the Bering Sea and stopping in some of its ports.

    Alaska is where she met her husband, who is still in active duty with the Coast Guard. They came to Connecticut when her husband was transferred five years ago.

    While serving in the Coast Guard, Brady was a Boatswains mate third class – expected to be capable of serving in nearly any job on a vessel, an expert in seamanship and navigation, a leader responsible for the safety of their crew.

    “I did a lot of navigation,” she explains. “A lot of chart work. A lot of driving of the boat.”

    In some ways, she hasn’t stopped serving in that role even though her time in the military has ended.

    ‘I don’t want to just get a job to have a job’ 

    She’s still navigating things, still driving the boat. And still living on the water.

    After earning an associate’s degree from Three Rivers in Norwich, Brady applied to UConn’s College of Agriculture, Health and Natural Resources. She knew she wanted to do environmental work, but found her calling when she took courses on water resource management and geospatial technologies.

    “I think water is insanely important,” she says. “Water resources are everywhere, so anywhere I have to move, there’s water. And I just want to feel good about what I’m doing – I don’t want to just get a job to have a job. I want to feel good about it.”

    She continues, “I think that we don’t consider how we contaminate our resources. The things we add to water are hard to filter out and sometimes go undetected for a long time. And then we drink this, and we give this to our kids, and we don’t think twice. We assume it’s clear. Even if we live in U.S., there’s still poor water quality in places, and I think people take it for granted.”

    She found willing mentors in several UConn professors and, in addition to her classes and at-home responsibilities, has been working in the campus’s Water Quality Lab after taking a course on green stormwater management, where she helps to build sample kits that are used in the lab’s well testing outreach program.

    “I go to events, collect samples, and talk to people about why it’s so important to test your well water,” Brady says, “because sometimes you don’t even know what’s in it.”

    Brady’s been a welcome addition to the lab, says Michael Dietz, a water resources extension educator and director of the Connecticut Institute of Water Resources who oversees the lab and the well testing program.

    “Although she is a nontraditional student with family responsibilities at home, Briana puts in outstanding effort in her courses,” says Dietz. “She does this work with humility and without complaint. It has also been wonderful to watch her confidence grow through her career as a student. I will truly miss her presence and her warm wit when she graduates!”

    And graduation is imminent for Brady – she’s set to wear the cap and gown and walk in her commencement ceremony this May, earning her bachelor’s degree from UConn.

    Taking care of a family as a full-time student

    It’s something that still doesn’t feel real, she says.

    “I can’t even wrap my head around it, because I have papers and finals and projects to do,” she says. “I just look at it day-by-day. I can’t think about what I have to do too far in the future, because it’s overwhelming.

    “So, I just keep trucking away. And then sometimes I look back, and I’m like, whoa, how did I do that?”

    She did it by getting plenty of sleep. By trying to exercise. By drinking a ton of that precious water, she says, and paying a lot of attention to what she eats.

    Taking care of a family as full-time student taking five-to-six course a semester? It’s been extremely challenging.

    “I try to balance it as best as I can, but sometimes it’s like, ‘Mom, can you get off the computer?’ she says. “And I’m like, ‘I have a lab due. I’m so sorry, but it’ll be worth it.’ And I think they know it.”

    Her efforts haven’t been lost on those around her, including her professors.

    “Bri is a highly dedicated individual, not only as student, but also to her family. She definitely gives a 100% to both,” says Morty Ortega, an associate professor in the Department of Natural Resources & the Environment. “Bri has a real passion for the environment – the more she learns about it, she then passes that to her children.”

    ‘If you think you can’t do it, just do it’ 

    This summer, Brady and her family will be making what she hopes will be their last move, to Pennsylvania, which is closer to their extended families. Her husband has about five years of service left in the Coast Guard.

    While her life as a nomad might be ending, her life as a student likely isn’t over. She hopes to pursue a master’s degree once her family is settled while also entering the workforce.

    Her advice for other students – those who have taken a traditional path to college, or those, like her, who’ve had a different journey?

    Just do it.

    “If you think you can’t do it, just do it, because chances are that if you are determined and motivated and disciplined, you will get it done and you’ll get it done well,” Brady says. “It’s mental, and you just have to take that chance and go for it and apply. Don’t be scared.

    “It’s very intimidating, especially for someone who has a ton of responsibilities. But I don’t regret going forward. At all.”

    MIL OSI USA News –

  • MIL-OSI Africa: Zimbabwe’s house of stone: the gallery that showcases a famous sculpture tradition

    Source: The Conversation – Africa – By Tinashe Mushakavanhu, Research Associate, University of Oxford

    Zimbabwe is the house of stone, both literally and figuratively, with its very name derived from the ancient stone city of Great Zimbabwe. Stone is more than just a material here – it’s the totem pole of the country’s identity, shaping both its history and artistic legacy. And there’s no better place to witness this than Chapungu Sculpture Park.

    On the outskirts of Harare’s industrial zone, the sprawling estate is both a gallery for stone artistry and a living landscape, home to over 90 varieties of indigenous trees, with a tributary of the Mukuvisi river running through it. Art and nature intertwine, offering a unique glimpse into Zimbabwe’s famous sculptural tradition.

    Nature and art meet at the site. Costa Jute/PictureHubZim

    The last time I visited, in 2021, founder Roy Guthrie was still around, but he has since passed away. His enduring legacy remains visible throughout the park.

    The former refrigerator salesman turned stone broker was arguably one of the most influential figures in bringing Zimbabwean sculpture to the global stage. He organised international exhibitions and artist residencies. At one point he had more than 200 artists in his books.

    View of the work on sale by resident artists. Costa Jute/PictureHubZim

    But his vision extended beyond exporting artwork. His true ambition was to create the largest and most representative permanent collection of Zimbabwean stone sculpture. Here, in the open air, different generations of artists’ works stand side by side, demonstrating the evolution of the art form.

    Today I am here to meet Marcey Mushore, Guthrie’s widow. She tells me the park is now managed by a trust and shares the many plans in place to honour and expand his work. One is establishing a dedicated museum.

    As we walk from the entrance, beneath a canopy of trees nicknamed “the cathedral”, sculptures line the pathways, creating a quiet dialogue. Leading the way is our guide, artist-turned-administrator Nicholas Kadzungura. He arrived at Chapungu as an apprentice and has never left. Today he is a walking institutional memory.

    A stone archive

    My book in progress, The Stone Philosophers, foregrounds the lives of the black Zimbabwean artists who made stone sculpture famous. I am grappling with this vexing question: What does a stone archive look like? One possible answer could be that it takes the form of a well-tended garden park with sculptures from Zimbabwe’s master sculptors.

    As we stand facing the water, Mushore points towards a cluster of trees to indicate where the museum would be built. Perhaps, in a few years, the brush will be cleared, and in its place will rise a building dedicated to housing the history of Zimbabwean stone sculpture.

    The site of an intended stone sculpture museum at Chapungu. Costa Jute/PictureHubZim

    Despite the international recognition it has garnered since the 1960s, there is still no local museum solely dedicated to this art form. British curator Frank McEwen, founding director of the National Gallery of Zimbabwe, is often regarded as the architect of the movement. And Guthrie considered McEwen an influence.

    Zimbabwean sculpture

    With Zimbabwean sculpture, each piece tells a story, simple and elaborate, ranging from spirit-filled folk tales to depictions of the everyday moments that shape life. You’re confronted by human-size shapes of torsos, heads, animals and sometimes abstract figurations.

    While often categorised under the contentious label of “Shona sculpture”, the stone sculptors of Zimbabwe were not exclusively Shona, the country’s largest ethnic group. The term was popularised by McEwen.

    In fact, some of these artists came from other parts of Zimbabwe and from neighbouring countries like Zambia, Malawi or Angola, broadening the scope of the tradition. The sculptors primarily work with serpentine stone – especially springstone, fruit serpentine and leopard rock – alongside opal stone, verdite and dolomite, sourced mainly from the Great Dyke, a 300km geological formation in central Zimbabwe.

    Tinashe Makaza’s The Scroll (1996). Costa Jute/PictureHubZim

    Beyond the architectural metaphor of Zimbabwean writer Novuyo Rosa Tshuma’s novel, House of Stone, who were the builders and stone workers behind the legend of Zimbabwe?

    The country’s name is thanks to the Shona people’s long artisanal tradition of stone working. It’s not just a metaphor. Cities were built with blood, sweat and tears. Stone sculpture was not a peculiarity that was ignited by colonial encounter. It was always there, through generations and traditions. It was just not yet classified in anthropological terms, or exhibited in the colonial museum.

    The modern stone sculpture movement in Zimbabwe emerged organically. It was a phenomenon shaped by groups of friends, siblings, and spouses whose work made a significant contribution to the African modernism of the 1960s and 1970s.

    The artists who brought stone sculpture to prominence formed networks that stretched from village to village, collaborating informally. Their work was eventually co-opted into the white-dominated art world of Rhodesia, as the country was known in colonial times. From there, it was exported to Europe and the US.

    The park represents stone artists across the generations. Costa Jute/PictureHubZim

    Although these artists rose to prominence during a period of decolonisation in the 1950s and 1960s, they remained marginal figures in their own country. When Rhodesia declared unilateral independence in 1965, becoming an isolated stronghold of white supremacy, the history of stone sculpture became inseparable from the broader struggles faced by black Zimbabweans. It reflected the racist exclusions and hardships endured by its creators, who persisted against the odds.

    Keeping tradition alive

    Today, Zimbabwe is better known for its young visual artists, who primarily work in painting, mixed media and collage. While stone sculpture was once the country’s dominant art form, its visibility has diminished – not in production, but in critical conversations about art. A simple internet search yields little on its history or artistic significance; instead, results are dominated by commercial gallery websites showcasing polished sculptures for sale, with little attention given to the artists or their creative processes.

    Nhamo Chamutsa, resident artist. Costa Jute/PictureHubZim

    This emphasis on the final product over the maker is not new. It traces back to the very origins of the stone sculpture movement. What we see here is a repressed archive, where gaps in documentation are not accidental but the result of historical omissions. These absences, in turn, expose deeper questions of power, access and visibility in the art world.

    Read more: John Hlatywayo: remembering a great Zimbabwean artist who was woefully neglected by history

    As we conclude our tour of Chapungu, a group of artists, seated on planks of wood and large stones, wave at us. They represent a new generation, carrying forward the tradition of stone sculpture in Zimbabwe, ensuring that this art form continues to evolve and endure.

    – Zimbabwe’s house of stone: the gallery that showcases a famous sculpture tradition
    – https://theconversation.com/zimbabwes-house-of-stone-the-gallery-that-showcases-a-famous-sculpture-tradition-253072

    MIL OSI Africa –

  • MIL-OSI Global: Zimbabwe’s house of stone: the gallery that showcases a famous sculpture tradition

    Source: The Conversation – Africa – By Tinashe Mushakavanhu, Research Associate, University of Oxford

    Zimbabwe is the house of stone, both literally and figuratively, with its very name derived from the ancient stone city of Great Zimbabwe. Stone is more than just a material here – it’s the totem pole of the country’s identity, shaping both its history and artistic legacy. And there’s no better place to witness this than Chapungu Sculpture Park.

    On the outskirts of Harare’s industrial zone, the sprawling estate is both a gallery for stone artistry and a living landscape, home to over 90 varieties of indigenous trees, with a tributary of the Mukuvisi river running through it. Art and nature intertwine, offering a unique glimpse into Zimbabwe’s famous sculptural tradition.

    The last time I visited, in 2021, founder Roy Guthrie was still around, but he has since passed away. His enduring legacy remains visible throughout the park.

    The former refrigerator salesman turned stone broker was arguably one of the most influential figures in bringing Zimbabwean sculpture to the global stage. He organised international exhibitions and artist residencies. At one point he had more than 200 artists in his books.

    But his vision extended beyond exporting artwork. His true ambition was to create the largest and most representative permanent collection of Zimbabwean stone sculpture. Here, in the open air, different generations of artists’ works stand side by side, demonstrating the evolution of the art form.

    Today I am here to meet Marcey Mushore, Guthrie’s widow. She tells me the park is now managed by a trust and shares the many plans in place to honour and expand his work. One is establishing a dedicated museum.

    As we walk from the entrance, beneath a canopy of trees nicknamed “the cathedral”, sculptures line the pathways, creating a quiet dialogue. Leading the way is our guide, artist-turned-administrator Nicholas Kadzungura. He arrived at Chapungu as an apprentice and has never left. Today he is a walking institutional memory.

    A stone archive

    My book in progress, The Stone Philosophers, foregrounds the lives of the black Zimbabwean artists who made stone sculpture famous. I am grappling with this vexing question: What does a stone archive look like? One possible answer could be that it takes the form of a well-tended garden park with sculptures from Zimbabwe’s master sculptors.

    As we stand facing the water, Mushore points towards a cluster of trees to indicate where the museum would be built. Perhaps, in a few years, the brush will be cleared, and in its place will rise a building dedicated to housing the history of Zimbabwean stone sculpture.

    Despite the international recognition it has garnered since the 1960s, there is still no local museum solely dedicated to this art form. British curator Frank McEwen, founding director of the National Gallery of Zimbabwe, is often regarded as the architect of the movement. And Guthrie considered McEwen an influence.

    Zimbabwean sculpture

    With Zimbabwean sculpture, each piece tells a story, simple and elaborate, ranging from spirit-filled folk tales to depictions of the everyday moments that shape life. You’re confronted by human-size shapes of torsos, heads, animals and sometimes abstract figurations.

    While often categorised under the contentious label of “Shona sculpture”, the stone sculptors of Zimbabwe were not exclusively Shona, the country’s largest ethnic group. The term was popularised by McEwen.

    In fact, some of these artists came from other parts of Zimbabwe and from neighbouring countries like Zambia, Malawi or Angola, broadening the scope of the tradition. The sculptors primarily work with serpentine stone – especially springstone, fruit serpentine and leopard rock – alongside opal stone, verdite and dolomite, sourced mainly from the Great Dyke, a 300km geological formation in central Zimbabwe.

    Beyond the architectural metaphor of Zimbabwean writer Novuyo Rosa Tshuma’s novel, House of Stone, who were the builders and stone workers behind the legend of Zimbabwe?

    The country’s name is thanks to the Shona people’s long artisanal tradition of stone working. It’s not just a metaphor. Cities were built with blood, sweat and tears. Stone sculpture was not a peculiarity that was ignited by colonial encounter. It was always there, through generations and traditions. It was just not yet classified in anthropological terms, or exhibited in the colonial museum.

    The modern stone sculpture movement in Zimbabwe emerged organically. It was a phenomenon shaped by groups of friends, siblings, and spouses whose work made a significant contribution to the African modernism of the 1960s and 1970s.

    The artists who brought stone sculpture to prominence formed networks that stretched from village to village, collaborating informally. Their work was eventually co-opted into the white-dominated art world of Rhodesia, as the country was known in colonial times. From there, it was exported to Europe and the US.

    Although these artists rose to prominence during a period of decolonisation in the 1950s and 1960s, they remained marginal figures in their own country. When Rhodesia declared unilateral independence in 1965, becoming an isolated stronghold of white supremacy, the history of stone sculpture became inseparable from the broader struggles faced by black Zimbabweans. It reflected the racist exclusions and hardships endured by its creators, who persisted against the odds.

    Keeping tradition alive

    Today, Zimbabwe is better known for its young visual artists, who primarily work in painting, mixed media and collage. While stone sculpture was once the country’s dominant art form, its visibility has diminished – not in production, but in critical conversations about art. A simple internet search yields little on its history or artistic significance; instead, results are dominated by commercial gallery websites showcasing polished sculptures for sale, with little attention given to the artists or their creative processes.

    This emphasis on the final product over the maker is not new. It traces back to the very origins of the stone sculpture movement. What we see here is a repressed archive, where gaps in documentation are not accidental but the result of historical omissions. These absences, in turn, expose deeper questions of power, access and visibility in the art world.



    Read more:
    John Hlatywayo: remembering a great Zimbabwean artist who was woefully neglected by history

    As we conclude our tour of Chapungu, a group of artists, seated on planks of wood and large stones, wave at us. They represent a new generation, carrying forward the tradition of stone sculpture in Zimbabwe, ensuring that this art form continues to evolve and endure.

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

    – ref. Zimbabwe’s house of stone: the gallery that showcases a famous sculpture tradition – https://theconversation.com/zimbabwes-house-of-stone-the-gallery-that-showcases-a-famous-sculpture-tradition-253072

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: BharatNet

    Source: Government of India

    BharatNet

    Extending Internet Access, Expanding Rural Progress

    Posted On: 21 APR 2025 2:48PM by PIB Delhi

    • Q: What is the BharatNet project?

    A: BharatNet is an ambitious project of the Government of India aimed at providing broadband connectivity to all Gram Panchayats (GPs) in the country. It is one of the biggest rural telecom projects in the world.

    • Q: What is the objective of the BharatNet project?

    A: The primary objective is to provide unrestricted access to broadband connectivity to all the telecom service providers. This enables access providers like mobile operators, Internet Service Providers (ISPs), Cable TV operators, and content providers to launch various services such as e-health, e-education, and e-governance in rural and remote India. It aims to empower rural India, foster inclusive growth, and bridge the gap between urban and rural communities.

    • Q: How many Gram Panchayats (GPs) are targeted under BharatNet?

    A: The project initially aimed to connect approximately 2.5 lakh Gram Panchayats across the country.

    • Q: What are the different phases of the BharatNet project?

     A: The Telecom Commission approved the implementation of the project in three phases on 30.04.2016:

      • Phase I: Focused on laying optical fibre cables to connect 1 lakh Gram Panchayats by utilising existing infrastructure. This phase was completed in December 2017
      • Phase II(ongoing): Expanded coverage to an additional 1.5 lakh Gram Panchayats using optical fibre, radio, and satellite technologies. This phase incorporated collaborative efforts with state governments and private entities.
      • Phase III(ongoing): Aims at future-proofing the network by integrating 5G technologies, increasing bandwidth capacity, and ensuring robust last-mile connectivity. This phase is ongoing. The Amended BharatNet Program (ABP) approved in August 2023 can be considered part of this evolution.
    • Q: What is the Amended BharatNet Program (ABP)?

     A: Approved in August 2023, the ABP is a design improvement aiming for Optical Fibre (OF) connectivity to 2.64 lakh GPs in ring topology (a network design where connected devices form a circular data channel) and OF connectivity to the remaining non-GP villages on demand. It includes features like IP-MPLS (Internet Protocol Multi-Protocol Label Switching) network with routers at Blocks and GPs, operation and maintenance for 10 years, power backup, and Remote Fibre Monitoring System (RFMS). The cost allocated is Rs. 1,39,579 crores.

    • Q: What other initiatives support digital empowerment in rural India?

     A: Several other initiatives complement BharatNet, including:

      • Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDISHA): To ensure digital literacy in rural households, with over 6.39 crore individuals trained by March 31, 2024.
      • National Broadband Mission (NBM): Launched to fast-track the expansion of digital communications infrastructure. National Broadband Mission 2.0 was launched on January 17, 2025. Key initiatives under NBM include the Centralized Right of Way (RoW) Portal GatiShakti Sanchar.
    • Q: How is BharatNet being funded?

    A: BharatNet is primarily funded through the Digital Bharat Nidhi (DBN), which is a fund that replaced the Universal Service Obligation Fund (USOF). The total funding for BharatNet (Phase-I and Phase-II) approved by the Cabinet is Rs 42,068 crores (exclusive of GST, Octroi, and local taxes). As of 31.12.2023, a total of Rs. 39,825 crores have been disbursed under the BharatNet Project since its inception.

    • Q: Who is executing the BharatNet project?

    A: The project is being executed by a Special Purpose Vehicle (SPV) namely Bharat Broadband Network Limited (BBNL), which was incorporated on 25.02.2012 under the Indian Companies Act 1956. Under the Amended BharatNet Program, BSNL is appointed as the single Project Management Agency (PMA) for Operation & Maintenance of the entire network.

    • Q: What is the current status of BharatNet implementation?

    A:

      • As of 19th March 2025, 2,18,347GPs have been made service ready under the BharatNet project in the country.
      • As of March 25, 2025, the Optical Fiber Cable (OFC) length has increased to 42.13 lakh route km.
      • As of 13.01.2025, 6,92,676 Km of OFC (Optical Fiber Cable) has been laid.
      • 12,21,014 Fibre-To-The-Home (FTTH) connections are commissioned
      • 1,04,574 Wi-Fi hotspots are installed.
    • Q: How is the BharatNet network utilised?

    A: The network is utilised through leasing bandwidth and dark fibre, Wi-Fi to access broadband or internet services in public places, and Fibre to the Home (FTTH). Last Mile Connectivity (LMC) is provided through Wi-Fi in public places or other suitable broadband technologies, including FTTH at Government institutions such as schools, hospitals, post offices, etc.

    • Q: What are the benefits and impact of the BharatNet project?

    A: BharatNet has had a transformative impact on rural India, contributing to socioeconomic development in multiple ways:

      • Digital Inclusion: Connecting remote villages to high-speed internet, enabling access to e-governance, online education, and telemedicine.
      • Economic Opportunities: Enabling participation in digital commerce, access to financial services, and entrepreneurial opportunities.
      • Education and Healthcare: Facilitating digital classrooms and telehealth services.
      • Empowering Local Governance: Enabling Gram Panchayats to implement e-governance projects.
    • Q: What is the role of CSC e-Governance Services India Limited in BharatNet?

    A: CSC (Common Services Centre) e-Governance Services India Limited (CSC-SPV) was assigned to provide the last mile connectivity in GPs through Wi-Fi Access Points and FTTH connections.  As of September 2024, 1,04,574 Wi-Fi Access Points and 11,41 ,825 FTTH connections have been installed in the GPs. CSC-SPV also undertook a pilot project for laying overhead optical fiber from GPs.

    • Q: What is the collaboration between DBN and NABARD?

    A: Digital Bharat Nidhi (DBN) and the National Bank for Agriculture and Rural Development (NABARD) have signed an MoU to drive rural development by providing access to digital services, digital governance, and promoting a digital economy through high-speed broadband connectivity under the BharatNet program. Key areas of collaboration include reference data sharing, digital content sharing, digital services integration, awareness and capacity building, promoting a digital economy, and inclusion of ICT infrastructure.

    • Q: How does BharatNet relate to mobile connectivity in rural areas?

     A: Alongside BharatNet, the government is also focusing on expanding mobile connectivity in rural areas. As of December 2024, around 6,25,853 villages are covered with mobile connectivity, including 6,18,968 villages having 4G mobile coverage. The median mobile broadband speed has increased significantly. These efforts are complementary to BharatNet in bridging the digital divide.

    REFERENCES

    https://pib.gov.in/PressReleasePage.aspx?PRID=2086701#:~:text=the%20government%20of,truly%20digital%20nation

    https://x.com/PIB_India/status/1905232713227067857

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2115831

    https://usof.gov.in/en/ongoing-schemes

    https://bbnl.nic.in/

    https://it.tn.gov.in/en/TACTV/BharatNet

    https://www.data.gov.in/keywords/BharatNet

    https://usof.gov.in/en/bharatnet-project

    https://www.pib.gov.in/PressReleasePage.aspx?PRID=2086701

    https://sansad.in/getFile/loksabhaquestions/annex/1714/AU2874.pdf?source=pqals

    https://pib.gov.in/PressReleasePage.aspx?PRID=2117923#:~:text=Government%20of%20India%20Takes%20Measures,and%20Meaningful%20Connectivity%20for%20all.

    https://pib.gov.in/PressReleseDetailm.aspx?PRID=2077908&reg=3&lang=1

    https://sansad.in/getFile/annex/267/AU2155_28gbez.pdf?source=pqars

    KIndly find the pdf file 

    *****

    Santosh Kumar | Sarla Meena | Chaitanya Mishra

    (Release ID: 2123137) Visitor Counter : 193

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Cruise Tourism in India: A Voyage of New Possibilities

    Source: Government of India

    Cruise Tourism in India: A Voyage of New Possibilities

    Sailing the waters and rediscovering Bharat

    Posted On: 21 APR 2025 4:26PM by PIB Delhi

    Introduction

    Cruise tourism is a nature-driven travel experience that unlocks a country’s rivers, seas, and canals for themed journeys across all budgets. It offers safe and comfortable access to even remote destinations, promoting inclusivity and ease of travel. By tapping into natural waterways, it boosts both national and international connectivity while driving local economies through job creation in hospitality, entertainment, culture, and beyond.

    India has significant capabilities in cruise tourism for coastal & river sector. This is due to the presence of:

    1. 12 Major and 200 Minor Ports along the 7500 km long coastline across the west and east
    2. Network of more than 20000 kilometres long navigable 110 waterways connecting around 400 rivers.
    3. There are multiple states, union territories and 1300 islands in India which are along the coastline or along the banks of states and interstate rivers or national waterways.

     

    Steps Taken By The Indian Government to Boost Cruise Tourism

    1. Cruise Bharat Mission

    The ‘Cruise Bharat Mission’ was launched on September 30, 2024, from the Mumbai port. Aimed at the boosting the tremendous potential of cruise tourism in the country, the programme aims to propel country’s cruise tourism industry by doubling cruise passenger traffic within five years; i.e. by 2029.

    In FY 2023- 24, the number of cruise passengers was 4.71 lakhs.

     

    CBM provides for a framework for inter-ministerial approach for crafting interventions along policy, regulatory, and other aspects governing cruise sector and enable responsible involvement of all regulatory agencies, such as Customs, Immigration, CISF, State Tourism Departments, State Maritime Agencies, District Administrations, and local police.

     

    Cruise Bharat Mission will also result in over 1.5 million river cruise passengers over more than 5,000 Kms of Operational Waterways in India.

    The initiative aims to excel India’s vision to become a global hub for cruise tourism and promote the country as the leading global cruise destination. The Cruise India Mission will be implemented in three phases, beginning from 1 October 2024 up to 31 March 2029.

     

     

    1. Maritime India Vision 2030: The Government of India’s vision is to make India a significant player in the global cruise market, both for ocean and river cruises. Indian cruise market has the potential to grow by 8X over the next decade, driven by rising demand and disposable incomes.

    In order to promote India as the global destination for cruise tourism under MIV 2030, interventions have been identified across three key areas:

    • Oceanic and Coastal Cruise
    • Island and Infrastructure Development
    • River and Inland Cruise
    1. Additional steps taken to boost cruise tourism:
    1. Cruise vessels receive berthing priority over cargo ships.
    2. A rationalized tariff structure with standard port charges and nominal passenger tax has been introduced, offering 10–30% volume-based discounts.
    3. Ousting charges have been removed to attract more cruise traffic.
    4. Cabotage (the right to operate sea, air, or other transport services within a particular territory) laws waived for foreign cruise ships, allowing them to carry Indian nationals between domestic ports.
    5. E-visa and visa-on-arrival facilities have been extended.
    6. Conditional IGST exemption granted to foreign vessels converting to coastal routes, with reconversion required within six months.
    7. A uniform SOP has been implemented for all stakeholders involved in cruise operations.
    8. A single e-Landing Card is now valid across all ports on a cruise itinerary.

    River Cruise Tourism:

    River Cruise Tourism is an emerging segment in the leisure industry with a scope for high growth. Several National Waterways constituting major rivers flow through various states and districts, rich in flora & fauna and cultural heritage. Suitable locations at various National Waterways have been identified and are being explored for development of river cruise tourism in India.

    Initiatives taken by IWAI towards developing river tourism are:

    • Developing the navigational channel on waterways along with navigational aids and carrying out dredging (process of removing sediments), if necessary, in some NWs.
    • Construction of vessel berthing, facilities at multiple points along the waterways for ease of movement of tourists.
    • Developing an ecosystem for river cruise tourism along with promotion of heritage sites and tourist attractions along the waterways.

    The development of river cruise would augment existing revenue generation, employment generation, etc from tourism industry. There are few suitable terminals along rivers which promote cruise tourism. These include cruises plying along a broad stretch of the river Ganga, Brahmaputra and houseboats floating in the backwaters of Alappuzha in Kerala.

    Besides National Waterways, IWAI has jointly cooperated with the Government of Bangladesh to develop river tourism on the IBP route. This will allow Indian cruise vessels to travel through Bangladesh while exploring heritage sites. It is expected that river cruise tourism industry in India would witness exponential growth once required infrastructure is in place.

    In January 2023, Hon’ble Prime Minister launched the MV Ganga Vilas, the world’s longest river cruise, highlighting the country’s thriving river cruise tourism. This luxurious 3,200-kilometer journey from Varanasi to Dibrugarh traversed 27 river systems across five Indian states and Bangladesh. The remarkable expedition garnered global attention and secured a spot in the prestigious ‘Limca Book of Records.’

     

    Recent Developments

    • IWAI, Delhi Govt MoU to boost Cruise Tourism on River Yamuna: In March 2025, the Inland Waterways Authority of India (IWAI) and the Ministry of Ports, Shipping and Waterways (MoPSW) signed an MoU with various Delhi government agencies to develop a four-kilometre stretch of the Yamuna (NW-110) between Sonia Vihar and Jagatpur into a hub for eco-friendly cruise tourism. The project will deploy electric-solar hybrid boats equipped with bio-toilets and safety features, and install two HDPE jetties to support smooth operations—promoting sustainable, short-distance navigation and recreational tourism in Delhi.
    • IWAI’s MoU with J&K to boost river cruise tourism: In March 2025, The Inland Waterways Authority of India (IWAI) signed a Memorandum of Understanding (MoU) with the Government of Jammu and Kashmir to promote river cruise tourism across three designated National Waterways in the region. Among India’s 111 national waterways, Jammu and Kashmir is home to three- River Chenab (NW-26), River Jhelum (NW-49), and River Ravi (NW-84). Marking a major push for inland tourism, IWAI has committed approximately ₹100 crore to develop cruise tourism infrastructure and experiences across these routes.
    • IWAI with Govt. of Gujarat and Madhya Pradesh : IWAI entered into a tripartite agreement with the Governments of Gujarat and Madhya Pradesh to start cruise operations from Kukshi to Sardar Sarovar Dam on 19th April 2024.
    • Conferences: Stakeholder conference was organized in Kolkata and Kochi in March-April 2024 and in Delhi on 3rd May 2024 for promoting river cruise tourism
    • Significant investment in River Cruise Tourism: The First Inland Waterways Development Council meeting held on the vessel “Ganges Queen” in Kolkata. The meet, with an objective to enable inland waterways as channels of economic growth and commerce in the country committed an investment Rs. 45,000 crore for development of river cruise tourism. Of this, an estimated Rs. 35,000 crore have been earmarked for cruise vessels and another Rs. 10,000 crore for development of cruise terminal infrastructure at the end of Amrit Kaal- by 2047.
    • The ‘River Cruise Tourism Roadmap, 2047’ was launched at the inaugural session of IWDC (Inland Waterways Development Council (IWDC) meeting. This Roadmap focuses on four vital pillars, including Infrastructure, Integration, Accessibility, and Policy for promoting river cruise tourism. As a part of the roadmap, over 30 possible routes and tourist circuits along inland waterways have been identified for further development.

    Conclusion

    India’s cruise tourism is charting a promising course, tapping into its vast and diverse network of rivers, coastlines and ports to offer unique travel experiences that blend leisure with cultural discovery. With major initiatives like the Cruise Bharat Mission and Maritime India Vision 2030, the government is laying a robust foundation to position India as a global cruise destination. From the tranquil backwaters of Kerala to the majestic Ganga and the pristine stretches of the Yamuna and Brahmaputra, cruise tourism is not only unlocking new economic potential but also enabling inclusive growth by creating jobs and boosting local economies. As infrastructure develops and awareness grows, cruise tourism is set to become a defining pillar of India’s travel and tourism landscape, inviting the world to rediscover India.

    References:

    Click here to download PDF

    ******

    Santosh Kumar/ Sarla Meena/ Kritika Rane

    (Release ID: 2123171) Visitor Counter : 52

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Soldiers must excel in combat skills while being proficient in mental stability & spirituality to tackle complex challenges: Raksha Mantri

    Source: Government of India

    Soldiers must excel in combat skills while being proficient in mental stability & spirituality to tackle complex challenges: Raksha Mantri

    MoD inks MoU for better mental health of ECHS beneficiaries

    Posted On: 21 APR 2025 3:16PM by PIB Delhi

    “To deal with challenges emanating from today’s constantly-evolving nature of warfare, our soldiers must excel in the skills of combat while being equally proficient in mental stability and spiritual empowerment,” said Raksha Mantri Shri Rajnath Singh while addressing an event organised at the Brahma Kumaris Headquarters in Mount Abu, Rajasthan on April 21, 2025. He emphasised that, now-a-days, wars are being fought on cyber, space, information & psychological fronts and there is a need for the soldiers to become mentally strong as the nation can be protected with not just weapons, but also with strong personality, enlightened consciousness and awareness.

    Shri Rajnath Singh pointed out that while physical strength is fundamental for a soldier, mental strength is equally vital. He stated that soldiers protect the nation while serving in difficult conditions, and these challenges are overcome through an energy born out of a strong inner-self. He added that prolonged stress, uncertainty and working in difficult conditions could affect the mental health, which calls for strengthening the inner self. The Brahma Kumaris’ campaign to bolster the mental health of soldiers is a commendable step in that direction, he said.

    Raksha Mantri added that this initiative will further strengthen the minds of the soldiers in view of the present global geopolitical scenario. “The theme of the campaign ‘Self-Empowerment – Through Inner Awakening’ is extremely interesting and relevant in today’s times. Self transformation through meditation, yoga, positive thinking and self-dialogue will provide mental, emotional & spiritual strength to our brave soldiers. Self transformation is the seed, national transformation is its fruit. In an atmosphere of global uncertainty, India can spread the message that protection of inner-self and borders is possible together,” he said.

    Shri Rajnath Singh described spirituality and yoga, which are ingrained in India’s culture, as the biggest means to enhance mental well-being and deal with stress, anxiety and emotional turmoil. He said, an alert and strong security personnel becomes a lighthouse for the nation, which can face any storm with determination. He acknowledged the Security Service Wing of the Brahma Kumaris organisation for bolstering the security forces through residential, field & online programmes, special campaigns and force specific projects.

    As part of the event, an MoU was signed between the Department of Ex-Servicemen Welfare, Ministry of Defence and Headquarters SSW, Rajyoga Education and Research Foundation of Brahma Kumaris in the presence of Shri Rajnath Singh. The aim is to guide Ex-Servicemen Contributory Health Scheme (ECHS) beneficiaries towards achieving better mental health and reducing dependency of medicines.

    ****

    VK/SR/Savvy

    (Release ID: 2123145) Visitor Counter : 52

    MIL OSI Asia Pacific News –

  • MIL-OSI: Capital City Bank Group, Inc. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., April 21, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $16.9 million, or $0.99 per diluted share, for the first quarter of 2025 compared to $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024, and $12.6 million, or $0.74 per diluted share, for the first quarter of 2024.

    QUARTER HIGHLIGHTS (1stQuarter 2025 versus 4thQuarter 2024)

    Income Statement

    • Tax-equivalent net interest income totaled $41.6 million compared to $41.2 million for the prior quarter
      • Net interest margin increased five basis points to 4.22% (earning asset yield up one basis point and total deposit cost down four basis points to 82 basis points)
    • Improved credit quality metrics – net loan charge-offs were nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.12% at March 31, 2025
    • Noninterest income increased $1.1 million, or 6.1%, and reflected a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management fees
    • Noninterest expense decreased $3.1 million, or 7.4%, primarily due to a $3.1 million decrease in other expense which included a higher level of gains from the sale of banking facilities, namely the sale of our operations center building in the first quarter

    Balance Sheet

    • Loan balances decreased $11.5 million, or 0.4% (average), and increased $9.2 million, or 0.4% (end of period)
    • Deposit balances increased by $65.1 million, or 1.8% (average), and increased $111.9 million, or 3.0% (end of period), largely due to the seasonal increase in our public fund balances
    • Tangible book value per diluted share (non-GAAP financial measure) increased $0.94, or 4.0%

    “I am pleased with our first quarter performance, which reflects strong core fundamentals and strategic execution driven by a 2.6% increase in revenues, solid growth in deposit balances, and improvement in credit quality metrics,” said William G. Smith, Jr., Capital City Bank Group Chairman, President, and CEO. “First quarter earnings also included a $0.17 per diluted share gain from the sale of our operations center building. Our strong balance sheet and revenue diversification provides us with the flexibility to navigate ongoing uncertainty in market and economic conditions.”

    Discussion of Operating Results

    Net Interest Income/Net Interest Margin

    Tax-equivalent net interest income for the first quarter of 2025 totaled $41.6 million, compared to $41.2 million for the fourth quarter of 2024, and $38.4 million for the first quarter of 2024. Compared to both prior periods, the increase was driven by higher investment securities interest due to new investment purchases at higher yields, in addition to lower deposit interest expense, partially offset by lower loan interest due to lower average loan balances and interest rates. Two less calendar days also contributed to the decline in loan interest compared to the fourth quarter of 2024. Higher overnight funds interest also contributed to the increase over the first quarter of 2024 reflective of a higher level of average earning assets.

    Our net interest margin for the first quarter of 2025 was 4.22%, an increase of five basis points over the fourth quarter of 2024 and an increase of 21 basis points over the first quarter of 2024. For the month of March 2025, our net interest margin was 4.22%. The increase in net interest margin over the fourth quarter of 2024 reflected a higher yield in the investment portfolio driven by new purchases during the quarter and a lower cost of deposits, partially offset by a lower overnight funds rate. The increase over the first quarter of 2024 reflected favorable investment repricing, a lower cost of deposits, and a higher overnight funds rate, partially offset by lower average loan balances for both prior periods.   For the first quarter of 2025, our cost of funds was 84 basis points, a decrease of four basis points from the fourth quarter of 2024 and the first quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 82 basis points, 86 basis points, and 85 basis points, respectively, for the same periods.

    Provision for Credit Losses

    We recorded a provision expense for credit losses of $0.8 million for the first quarter of 2025 compared to $0.7 million for the fourth quarter of 2024 and $0.9 million for the first quarter of 2024. For the first quarter of 2025, we recorded a provision expense of $1.1 million for loans held for investment (“HFI”) and a provision benefit of $0.3 million for unfunded loan commitments, which was comparable to the fourth quarter of 2024. We discuss the various factors that impacted our provision expense in detail below under the heading Allowance for Credit Losses.  

    Noninterest Income and Noninterest Expense

    Noninterest income for the first quarter of 2025 totaled $19.9 million compared to $18.8 million for the fourth quarter of 2024 and $18.1 million for the first quarter of 2024. The $1.1 million, or 6.1%, increase over the fourth quarter of 2024 was primarily due to a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management fees, partially offset by a $0.1 million decrease in deposits fees.   The increase in mortgage revenues was driven by an increase in rate locks and a higher gain on sale margin. The increase in wealth management fees was attributable to a $0.5 million increase in insurance commission revenue.   Compared to the first quarter of 2024, the $1.8 million, or 10.0%, increase was driven by a $1.1 million increase in wealth management fees and a $0.9 million increase in mortgage banking revenues, partially offset by a $0.2 million decrease in deposit fees.   The increase in wealth management fees reflected higher retail brokerage fees of $0.6 million, insurance commission revenue of $0.3 million, and trust fees of $0.2 million. The increase in mortgage revenues was driven by an increase in loan fundings and a higher gain on sale margin.     

    Noninterest expense for the first quarter of 2025 totaled $38.7 million compared to $41.8 million for the fourth quarter of 2024 and $40.2 million for the first quarter of 2024.   The $3.1 million, or 7.4%, decrease from the fourth quarter of 2024, reflected a $3.1 million decrease in other expense, a $0.1 million decrease in occupancy expense, and a $0.1 million increase in compensation expense. The decrease in other expense was driven by a $3.5 million decrease in other real estate expense which reflected higher gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million increase in charitable contribution expense. The slight decrease in occupancy expense was due to lower maintenance/repairs for buildings and furniture/fixtures. The slight net decrease in compensation expense reflected a $0.2 million increase in salary expense offset by a $0.1 million decrease in associate benefit expense.

    Income Taxes

    We realized income tax expense of $5.1 million (effective rate of 23.3%) for the first quarter of 2025 compared to $4.2 million (effective rate of 24.3%) for the fourth quarter of 2024 and $3.5 million (effective rate of 23.0%) for the first quarter of 2024. Compared to the fourth quarter of 2024, the decrease in our effective tax rate was primarily due to a discrete item in the first quarter of 2025 related to an excess tax benefit for stock compensation.   Absent discrete items, we expect our annual effective tax rate to approximate 24% for 2025.

    Discussion of Financial Condition

    Earning Assets

    Average earning assets totaled $3.994 billion for the first quarter of 2025, an increase of $72.0 million, or 1.8%, over the fourth quarter of 2024, and an increase of $144.3 million, or 3.7%, over the first quarter of 2024. The increase over both prior periods was driven by higher deposit balances (see below – Deposits).   Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $67.1 million increase in investment securities and a $22.7 million increase in overnight funds sold partially offset by a $11.5 million decrease in loans HFI and a $6.3 million decrease in loans held for sale (“HFS”).   Compared to the first quarter of 2024, the change in the earning asset mix reflected a $180.5 million increase in overnight funds and a $29.1 million increase in investment securities that was partially offset by a $62.7 million decrease in loans HFI and a $2.6 million decrease in HFS.

    Average loans HFI decreased $11.5 million, or 0.4%, from the fourth quarter of 2024 and decreased $62.7 million, or 2.3%, from the first quarter of 2024. Compared to the fourth quarter of 2024, the decrease was primarily attributable to declines in construction loans of $8.6 million, commercial loans of $5.7 million, and consumer loans of $2.1 million, partially offset by a $6.6 million increase in home equity loans.   Compared to the first quarter of 2024, the decline was driven by decreases in consumer loans (primarily indirect auto) of $58.8 million, commercial loans of $32.9 million, and commercial real estate mortgage loans of $23.1 million, partially offset by increases in residential real estate loans of $28.9 million, construction loans of $11.5 million, and home equity loans of $10.4 million.

    Loans HFI at March 31, 2025 increased $9.2 million, or 0.3%, over December 31, 2024 and decreased $70.4 million, or 2.6%, from March 31, 2024. Compared to December 31, 2024, the increase was primarily attributable to increases in commercial real estate mortgage loans of $27.8 million and residential real estate loans of $12.1 million, consumer loans (primarily indirect auto) of $6.7 million, and home equity loans of $5.9 million, partially offset by decreases in construction loans of $27.7 million, commercial loans of $4.8 million, and other loans of $10.8 million.   Compared to the first quarter of 2024, the decline was driven by decreases in consumer loans (primarily indirect auto) of $48.0 million, commercial loans of $33.9 million, commercial real estate mortgage loans of $16.7 million, and construction loans of $10.4 million, partially offset by increases in residential real estate loans of $27.8 million and home equity loans of $11.4 million.

    Allowance for Credit Losses

    At March 31, 2025, the allowance for credit losses for loans HFI totaled $29.7 million compared to $29.3 million at December 31, 2024 and $29.3 million at March 31, 2024. Activity within the allowance is provided on Page 9. The increase in the allowance over December 31, 2024 reflected higher loan balances and higher loan loss rates, partially offset by a lower level of net loan charge-offs.   The increase in the allowance over March 31, 2024 was primarily due to higher loss rates. Net loan charge-offs were nine basis points of average loans for the first quarter of 2025 versus 25 basis points for the fourth quarter of 2024 and 22 basis points for the first quarter of 2024. At March 31, 2025, the allowance represented 1.12% of loans HFI compared to 1.10% at December 31, 2024, and 1.07% at March 31, 2024.

    Credit Quality

    Nonperforming assets (nonaccrual loans and other real estate) totaled $4.4 million at March 31, 2025 compared to $6.7 million at December 31, 2024 and $6.8 million at March 31, 2024. At March 31, 2025, nonperforming assets as a percent of total assets was 0.10%, compared to 0.15% at December 31, 2024 and 0.16% at March 31, 2024. Nonaccrual loans totaled $4.3 million at March 31, 2025, a $2.0 million decrease from December 31, 2024 and a $2.5 million decrease from March 31, 2024. Further, classified loans totaled $19.2 million at March 31, 2025, a $0.7 million decrease from December 31, 2024 and a $3.1 million decrease from March 31, 2024.

    Deposits

    Average total deposits were $3.665 billion for the first quarter of 2025, an increase of $65.1 million, or 1.8%, over the fourth quarter of 2024 and an increase of $89.0 million, or 2.5%, over the first quarter of 2024.   Compared to the fourth quarter of 2024, the increase was primarily attributable to higher NOW account balances largely due to the seasonal increase in our public fund balances.   The increase over the first quarter of 2024 reflected growth in NOW, money market and certificate of deposit account balances which was mainly due to a combination of balances migrating from savings and noninterest bearing accounts, in addition to receiving new deposits from existing and new clients via various deposit strategies.     

    At March 31, 2025, total deposits were $3.784 billion, an increase of $111.9 million, or 3.0%, over December 31, 2024, and an increase of $129.1 million, or 3.5%, over March 31, 2024.   The increase over December 31, 2024 was due to higher balances in all deposit categories. The increase over March 31, 2024 was primarily due to higher NOW account balances, largely due to the seasonal increase in public funds and increases in money market and certificates of deposit, partially offset by lower savings account balances. Total public funds balances were $648.0 million at March 31, 2025, $660.9 million at December 31, 2024, and $615.0 million at March 31, 2024.

    Liquidity

    The Bank maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $320.9 million in the first quarter of 2025 compared to $298.3 million in the fourth quarter of 2024 and $140.5 million in the first quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits (primarily seasonal public funds) and lower average loans.
        
    At March 31, 2025, we had the ability to generate approximately $1.540 billion (excludes overnight funds position of $446 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.  

    We also view our investment portfolio as a liquidity source as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities in our portfolio.  Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities.  At March 31, 2025, the weighted-average maturity and duration of our portfolio were 2.64 years and 2.10 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $15.4 million.    

    Capital

    Shareowners’ equity was $512.6 million at March 31, 2025 compared to $495.3 million at December 31, 2024 and $448.3 million at March 31, 2024. For the first three months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $16.9 million, a net $3.6 million decrease in the accumulated other comprehensive loss, the issuance of stock of $2.4 million, and stock compensation accretion of $0.4 million. The net favorable change in accumulated other comprehensive loss reflected a $4.1 million decrease in the investment securities loss that was partially offset by a $0.5 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by a common stock dividend of $4.1 million ($0.24 per share) and net adjustments totaling $1.9 million related to transactions under our stock compensation plans.

    At March 31, 2025, our total risk-based capital ratio was 19.20% compared to 18.64% at December 31, 2024 and 16.84% at March 31, 2024. Our common equity tier 1 capital ratio was 16.08%, 15.54%, and 13.82%, respectively, on these dates. Our leverage ratio was 11.17%, 11.05%, and 10.45%, respectively, on these dates. At March 31, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 9.61% at March 31, 2025 compared to 9.51% and 8.53% at December 31, 2024 and March 31, 2024, respectively. If our unrealized held-to-maturity securities losses of $12.1 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.33%.

    About Capital City Bank Group, Inc.

    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.5 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 105 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

    FORWARD-LOOKING STATEMENTS

    Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

    For Information Contact:

    Jep Larkin
    Executive Vice President and Chief Financial Officer
    850.402. 8450

    USE OF NON-GAAP FINANCIAL MEASURES
    Unaudited

    We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry.

    The GAAP to non-GAAP reconciliations are provided below.

    (Dollars in Thousands, except per share data) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024
    Shareowners’ Equity (GAAP)   $ 512,575   $ 495,317   $ 476,499   $ 460,999   $ 448,314  
    Less: Goodwill and Other Intangibles (GAAP)     92,733     92,773     92,813     92,853     92,893  
    Tangible Shareowners’ Equity (non-GAAP) A   419,842     402,544     383,686     368,146     355,421  
    Total Assets (GAAP)     4,461,233     4,324,932     4,225,316     4,225,695     4,259,922  
    Less: Goodwill and Other Intangibles (GAAP)     92,733     92,773     92,813     92,853     92,893  
    Tangible Assets (non-GAAP) B $ 4,368,500   $ 4,232,159   $ 4,132,503   $ 4,132,842   $ 4,167,029  
    Tangible Common Equity Ratio (non-GAAP) A/B   9.61%     9.51%     9.28%     8.91%     8.53%  
    Actual Diluted Shares Outstanding (GAAP) C   17,072,330     17,018,122     16,980,686     16,970,228     16,947,204  
    Tangible Book Value per Diluted Share (non-GAAP) A/C $ 24.59   $ 23.65   $ 22.60   $ 21.69   $ 20.97  
     
    CAPITAL CITY BANK GROUP, INC.
    EARNINGS HIGHLIGHTS
    Unaudited
                   
        Three Months Ended  
    (Dollars in thousands, except per share data)   Mar 31, 2025   Dec 31, 2024   Mar 31, 2024  
    EARNINGS              
    Net Income Attributable to Common Shareowners $ 16,858 $ 13,090 $ 12,557 $
    Diluted Net Income Per Share $ 0.99 $ 0.77 $ 0.74 $
    PERFORMANCE              
    Return on Average Assets (annualized)   1.58 % 1.22 % 1.21 %
    Return on Average Equity (annualized)   13.32   10.60   11.07  
    Net Interest Margin   4.22   4.17   4.01  
    Noninterest Income as % of Operating Revenue   32.39   31.34   32.06  
    Efficiency Ratio   62.93 % 69.74 % 71.06 %
    CAPITAL ADEQUACY              
    Tier 1 Capital   18.01 % 17.46 % 15.67 %
    Total Capital   19.20   18.64   16.84  
    Leverage   11.17   11.05   10.45  
    Common Equity Tier 1   16.08   15.54   13.82  
    Tangible Common Equity (1)   9.61   9.51   8.53  
    Equity to Assets   11.49 % 11.45 % 10.52 %
    ASSET QUALITY              
    Allowance as % of Non-Performing Loans   692.10 % 464.14 % 431.46 %
    Allowance as a % of Loans HFI   1.12   1.10   1.07  
    Net Charge-Offs as % of Average Loans HFI   0.09   0.25   0.22  
    Nonperforming Assets as % of Loans HFI and OREO   0.17   0.25   0.25  
    Nonperforming Assets as % of Total Assets   0.10 % 0.15 % 0.16 %
    STOCK PERFORMANCE              
    High $ 38.27 $ 40.86 $ 31.34 $
    Low   33.00   33.00   26.59  
    Close $ 35.96 $ 36.65 $ 27.70 $
    Average Daily Trading Volume   24,486   27,484   31,023  
                   
    (1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5.
                   
    CAPITAL CITY BANK GROUP, INC.
    CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
    Unaudited
                         
      2025     2024  
    (Dollars in thousands) First Quarter   Fourth Quarter   Third Quarter   Second Quarter   First Quarter
    ASSETS                    
    Cash and Due From Banks $ 78,521   $ 70,543   $ 83,431   $ 75,304   $ 73,642  
    Funds Sold and Interest Bearing Deposits   446,042     321,311     261,779     272,675     231,047  
    Total Cash and Cash Equivalents   524,563     391,854     345,210     347,979     304,689  
                         
    Investment Securities Available for Sale   461,224     403,345     336,187     310,941     327,338  
    Investment Securities Held to Maturity   517,176     567,155     561,480     582,984     603,386  
    Other Equity Securities   2,315     2,399     6,976     2,537     3,445  
    Total Investment Securities   980,715     972,899     904,643     896,462     934,169  
                         
    Loans Held for Sale (“HFS”):   21,441     28,672     31,251     24,022     24,705  
                         
    Loans Held for Investment (“HFI”):                    
    Commercial, Financial, & Agricultural   184,393     189,208     194,625     204,990     218,298  
    Real Estate – Construction   192,282     219,994     218,899     200,754     202,692  
    Real Estate – Commercial   806,942     779,095     819,955     823,122     823,690  
    Real Estate – Residential   1,040,594     1,028,498     1,023,485     1,012,541     1,012,791  
    Real Estate – Home Equity   225,987     220,064     210,988     211,126     214,617  
    Consumer   206,191     199,479     213,305     234,212     254,168  
    Other Loans   3,227     14,006     461     2,286     3,789  
    Overdrafts   1,154     1,206     1,378     1,192     1,127  
    Total Loans Held for Investment   2,660,770     2,651,550     2,683,096     2,690,223     2,731,172  
    Allowance for Credit Losses   (29,734 )   (29,251 )   (29,836 )   (29,219 )   (29,329 )
    Loans Held for Investment, Net   2,631,036     2,622,299     2,653,260     2,661,004     2,701,843  
                         
    Premises and Equipment, Net   80,043     81,952     81,876     81,414     81,452  
    Goodwill and Other Intangibles   92,733     92,773     92,813     92,853     92,893  
    Other Real Estate Owned   132     367     650     650     1  
    Other Assets   130,570     134,116     115,613     121,311     120,170  
    Total Other Assets   303,478     309,208     290,952     296,228     294,516  
    Total Assets $ 4,461,233   $ 4,324,932   $ 4,225,316   $ 4,225,695   $ 4,259,922  
    LIABILITIES                    
    Deposits:                    
    Noninterest Bearing Deposits $ 1,363,739   $ 1,306,254   $ 1,330,715   $ 1,343,606   $ 1,361,939  
    NOW Accounts   1,292,654     1,285,281     1,174,585     1,177,180     1,212,452  
    Money Market Accounts   445,999     404,396     401,272     413,594     398,308  
    Savings Accounts   511,265     506,766     507,604     514,560     530,782  
    Certificates of Deposit   170,233     169,280     164,901     159,624     151,320  
    Total Deposits   3,783,890     3,671,977     3,579,077     3,608,564     3,654,801  
                         
    Repurchase Agreements   22,799     26,240     29,339     22,463     23,477  
    Other Short-Term Borrowings   14,401     2,064     7,929     3,307     8,409  
    Subordinated Notes Payable   52,887     52,887     52,887     52,887     52,887  
    Other Long-Term Borrowings   794     794     794     1,009     265  
    Other Liabilities   73,887     75,653     71,974     69,987     65,181  
    Total Liabilities   3,948,658     3,829,615     3,742,000     3,758,217     3,805,020  
                         
    Temporary Equity   –     –     6,817     6,479     6,588  
    SHAREOWNERS’ EQUITY                    
    Common Stock   171     170     169     169     169  
    Additional Paid-In Capital   38,576     37,684     36,070     35,547     34,861  
    Retained Earnings   476,715     463,949     454,342     445,959     435,364  
    Accumulated Other Comprehensive Loss, Net of Tax   (2,887 )   (6,486 )   (14,082 )   (20,676 )   (22,080 )
    Total Shareowners’ Equity   512,575     495,317     476,499     460,999     448,314  
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,461,233   $ 4,324,932   $ 4,225,316   $ 4,225,695   $ 4,259,922  
    OTHER BALANCE SHEET DATA                    
    Earning Assets $ 4,108,969   $ 3,974,431   $ 3,880,769   $ 3,883,382   $ 3,921,093  
    Interest Bearing Liabilities   2,511,032     2,447,708     2,339,311     2,344,624     2,377,900  
    Book Value Per Diluted Share $ 30.02   $ 29.11   $ 28.06   $ 27.17   $ 26.45  
    Tangible Book Value Per Diluted Share(1)   24.59     23.65     22.60     21.69     20.97  
    Actual Basic Shares Outstanding   17,055     16,975     16,944     16,942     16,929  
    Actual Diluted Shares Outstanding   17,072     17,018     16,981     16,970     16,947  
     
    (1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5.
     
    CAPITAL CITY BANK GROUP, INC.
    CONSOLIDATED STATEMENT OF OPERATIONS
    Unaudited                    
                         
        2025   2024
    (Dollars in thousands, except per share data)   First Quarter   Fourth Quarter   Third Quarter   Second Quarter   First Quarter
    INTEREST INCOME                    
    Loans, including Fees $ 40,478 $ 41,453   $ 41,659 $ 41,138 $ 40,683
    Investment Securities   5,808   4,694     4,155   4,004   4,244
    Federal Funds Sold and Interest Bearing Deposits   3,496   3,596     3,514   3,624   1,893
    Total Interest Income   49,782   49,743     49,328   48,766   46,820
    INTEREST EXPENSE                    
    Deposits   7,383   7,766     8,223   8,579   7,594
    Repurchase Agreements   164   199     221   217   201
    Other Short-Term Borrowings   117   83     52   68   39
    Subordinated Notes Payable   560   581     610   630   628
    Other Long-Term Borrowings   11   11     11   3   3
    Total Interest Expense   8,235   8,640     9,117   9,497   8,465
    Net Interest Income   41,547   41,103     40,211   39,269   38,355
    Provision for Credit Losses   768   701     1,206   1,204   920
    Net Interest Income after Provision for Credit Losses   40,779   40,402     39,005   38,065   37,435
    NONINTEREST INCOME                    
    Deposit Fees   5,061   5,207     5,512   5,377   5,250
    Bank Card Fees   3,514   3,697     3,624   3,766   3,620
    Wealth Management Fees   5,763   5,222     4,770   4,439   4,682
    Mortgage Banking Revenues   3,820   3,118     3,966   4,381   2,878
    Other   1,749   1,516     1,641   1,643   1,667
    Total Noninterest Income   19,907   18,760     19,513   19,606   18,097
    NONINTEREST EXPENSE                    
    Compensation   26,248   26,108     25,800   24,406   24,407
    Occupancy, Net   6,793   6,893     7,098   6,997   6,994
    Other   5,660   8,781     10,023   9,038   8,770
    Total Noninterest Expense   38,701   41,782     42,921   40,441   40,171
    OPERATING PROFIT   21,985   17,380     15,597   17,230   15,361
    Income Tax Expense   5,127   4,219     2,980   3,189   3,536
    Net Income   16,858   13,161     12,617   14,041   11,825
    Pre-Tax (Income) Loss Attributable to Noncontrolling Interest   –   (71 )   501   109   732
    NET INCOME ATTRIBUTABLE TO
    COMMON SHAREOWNERS    		 $ 16,858 $ 13,090   $ 13,118 $ 14,150 $ 12,557
    PER COMMON SHARE                    
    Basic Net Income $ 0.99 $ 0.77   $ 0.77 $ 0.84 $ 0.74
    Diluted Net Income   0.99   0.77     0.77   0.83   0.74
    Cash Dividend $ 0.24 $ 0.23   $ 0.23 $ 0.21 $ 0.21
    AVERAGE SHARES                    
    Basic   17,027   16,946     16,943   16,931   16,951
    Diluted   17,044   16,990     16,979   16,960   16,969
     
    CAPITAL CITY BANK GROUP, INC.
    ALLOWANCE FOR CREDIT LOSSES (“ACL”)
    AND CREDIT QUALITY
    Unaudited                    
                         
        2025     2024  
    (Dollars in thousands, except per share data)   First Quarter   Fourth Quarter   Third Quarter   Second Quarter   First Quarter
    ACL – HELD FOR INVESTMENT LOANS                    
    Balance at Beginning of Period $ 29,251   $ 29,836   $ 29,219   $ 29,329   $ 29,941  
    Transfer from Other (Assets) Liabilities   –     –     –     –     (50 )
    Provision for Credit Losses   1,083     1,085     1,879     1,129     932  
    Net Charge-Offs (Recoveries)   600     1,670     1,262     1,239     1,494  
    Balance at End of Period $ 29,734   $ 29,251   $ 29,836   $ 29,219   $ 29,329  
    As a % of Loans HFI   1.12 %   1.10 %   1.11 %   1.09 %   1.07 %
    As a % of Nonperforming Loans   692.10 %   464.14 %   452.64 %   529.79 %   431.46 %
    ACL – UNFUNDED COMMITMENTS                    
    Balance at Beginning of Period   2,155   $ 2,522   $ 3,139   $ 3,121   $ 3,191  
    Provision for Credit Losses   (323 )   (367 )   (617 )   18     (70 )
    Balance at End of Period(1)   1,832     2,155     2,522     3,139     3,121  
    ACL – DEBT SECURITIES                    
    Provision for Credit Losses $ 8   $ (17 ) $ (56 ) $ 57   $ 58  
    CHARGE-OFFS                    
    Commercial, Financial and Agricultural $ 168   $ 499   $ 331   $ 400   $ 282  
    Real Estate – Construction   –     47     –     –     –  
    Real Estate – Commercial   –     –     3     –     –  
    Real Estate – Residential   8     44     –     –     17  
    Real Estate – Home Equity   –     33     23     –     76  
    Consumer   865     1,307     1,315     1,061     1,550  
    Overdrafts   570     574     611     571     638  
    Total Charge-Offs $ 1,611   $ 2,504   $ 2,283   $ 2,032   $ 2,563  
    RECOVERIES                    
    Commercial, Financial and Agricultural $ 75   $ 103   $ 176   $ 59   $ 41  
    Real Estate – Construction   –     3     –     –     –  
    Real Estate – Commercial   3     33     5     19     204  
    Real Estate – Residential   119     28     88     23     37  
    Real Estate – Home Equity   9     17     59     37     24  
    Consumer   481     352     405     313     410  
    Overdrafts   324     298     288     342     353  
    Total Recoveries $ 1,011   $ 834   $ 1,021   $ 793   $ 1,069  
    NET CHARGE-OFFS (RECOVERIES) $ 600   $ 1,670   $ 1,262   $ 1,239   $ 1,494  
    Net Charge-Offs as a % of Average Loans HFI(2)   0.09 %   0.25 %   0.19 %   0.18 %   0.22 %
    CREDIT QUALITY                    
    Nonaccruing Loans $ 4,296   $ 6,302   $ 6,592   $ 5,515   $ 6,798  
    Other Real Estate Owned   132     367     650     650     1  
    Total Nonperforming Assets (“NPAs”) $ 4,428   $ 6,669   $ 7,242   $ 6,165   $ 6,799  
                         
    Past Due Loans 30-89 Days $ 3,735   $ 4,311   $ 9,388   $ 5,672   $ 5,392  
    Classified Loans   19,194     19,896     25,501     25,566     22,305  
                         
    Nonperforming Loans as a % of Loans HFI   0.16 %   0.24 %   0.25 %   0.21 %   0.25 %
    NPAs as a % of Loans HFI and Other Real Estate   0.17 %   0.25 %   0.27 %   0.23 %   0.25 %
    NPAs as a % of Total Assets   0.10 %   0.15 %   0.17 %   0.15 %   0.16 %
                         
    (1)Recorded in other liabilities
    (2)Annualized
                         
    CAPITAL CITY BANK GROUP, INC.
    AVERAGE BALANCE AND INTEREST RATES
    Unaudited
                                                                           
        First Quarter 2025     Fourth Quarter 2024     Third Quarter 2024     Second Quarter 2024     First Quarter 2024  
    (Dollars in thousands)   Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		  
    ASSETS:                                                                      
    Loans Held for Sale $ 24,726   $ 490   8.04 % $ 31,047   $ 976   7.89 % $ 24,570   $ 720   7.49 % $ 26,281     517   5.26 % $ 27,314   $ 563   5.99 %
    Loans Held for Investment(1)   2,665,910     40,029   6.09     2,677,396     40,521   6.07     2,693,533     40,985   6.09     2,726,748     40,683   6.03     2,728,629     40,196   5.95  
                                                                           
    Investment Securities                                                                      
    Taxable Investment Securities   981,485     5,802   2.38     914,353     4,688   2.04     907,610     4,148   1.82     918,989     3,998   1.74     952,328     4,238   1.78  
    Tax-Exempt Investment Securities(1)   845     9   4.32     849     9   4.31     846     10   4.33     843     9   4.36     856     10   4.34  
                                                                           
    Total Investment Securities   982,330     5,811   2.38     915,202     4,697   2.04     908,456     4,158   1.82     919,832     4,007   1.74     953,184     4,248   1.78  
                                                                           
    Federal Funds Sold and Interest Bearing Deposits   320,948     3,496   4.42     298,255     3,596   4.80     256,855     3,514   5.44     262,419     3,624   5.56     140,488     1,893   5.42  
                                                                           
    Total Earning Assets   3,993,914   $ 49,826   5.06 %   3,921,900   $ 49,790   5.05 %   3,883,414   $ 49,377   5.06 %   3,935,280   $ 48,831   4.99 %   3,849,615   $ 46,900   4.90 %
                                                                           
    Cash and Due From Banks   73,467               73,992               70,994               74,803               75,763            
    Allowance for Credit Losses   (30,008 )             (30,107 )             (29,905 )             (29,564 )             (30,030 )          
    Other Assets   297,660               293,884               291,359               291,669               295,275            
                                                                           
    Total Assets $ 4,335,033             $ 4,259,669             $ 4,215,862             $ 4,272,188             $ 4,190,623            
                                                                           
    LIABILITIES:                                                                      
    Noninterest Bearing Deposits $ 1,317,425             $ 1,323,556             $ 1,332,305             $ 1,346,546             $ 1,344,188            
    NOW Accounts   1,249,955   $ 3,854   1.25 %   1,182,073   $ 3,826   1.29 %   1,145,544   $ 4,087   1.42 %   1,207,643   $ 4,425   1.47 %   1,201,032   $ 4,497   1.51 %
    Money Market Accounts   420,059     2,187   2.11     422,615     2,526   2.38     418,625     2,694   2.56     407,387     2,752   2.72     353,591     1,985   2.26  
    Savings Accounts   507,676     176   0.14     504,859     179   0.14     512,098     180   0.14     519,374     176   0.14     539,374     188   0.14  
    Time Deposits   170,367     1,166   2.78     167,321     1,235   2.94     163,462     1,262   3.07     160,078     1,226   3.08     138,328     924   2.69  
    Total Interest Bearing Deposits   2,348,057     7,383   1.28     2,276,868     7,766   1.36     2,239,729     8,223   1.46     2,294,482     8,579   1.50     2,232,325     7,594   1.37  
    Total Deposits   3,665,482     7,383   0.82     3,600,424     7,766   0.86     3,572,034     8,223   0.92     3,641,028     8,579   0.95     3,576,513     7,594   0.85  
    Repurchase Agreements   29,821     164   2.23     28,018     199   2.82     27,126     221   3.24     26,999     217   3.24     25,725     201   3.14  
    Other Short-Term Borrowings   7,437     117   6.39     6,510     83   5.06     2,673     52   7.63     6,592     68   4.16     3,758     39   4.16  
    Subordinated Notes Payable   52,887     560   4.23     52,887     581   4.30     52,887     610   4.52     52,887     630   4.71     52,887     628   4.70  
    Other Long-Term Borrowings   794     11   5.68     794     11   5.57     795     11   5.55     258     3   4.31     281     3   4.80  
    Total Interest Bearing Liabilities   2,438,996   $ 8,235   1.37 %   2,365,077   $ 8,640   1.45 %   2,323,210   $ 9,117   1.56 %   2,381,218   $ 9,497   1.60 %   2,314,976   $ 8,465   1.47 %
                                                                           
    Other Liabilities   65,211               73,130               73,767               72,634               68,295            
                                                                           
    Total Liabilities   3,821,632               3,761,763               3,729,282               3,800,398               3,727,459            
    Temporary Equity   –               6,763               6,443               6,493               7,150            
                                                                           
    SHAREOWNERS’ EQUITY:   513,401               491,143               480,137               465,297               456,014            
                                                                           
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,335,033             $ 4,259,669             $ 4,215,862             $ 4,272,188             $ 4,190,623            
                                                                           
    Interest Rate Spread     $ 41,591   3.69 %     $ 41,150   3.59 %     $ 40,260   3.49 %     $ 39,334   3.38 %     $ 38,435   3.43 %
                                                                           
    Interest Income and Rate Earned(1)       49,826   5.06         49,790   5.05         49,377   5.06         48,831   4.99         46,900   4.90  
    Interest Expense and Rate Paid(2)       8,235   0.84         8,640   0.88         9,117   0.93         9,497   0.97         8,465   0.88  
                                                                           
    Net Interest Margin     $ 41,591   4.22 %     $ 41,150   4.17 %     $ 40,260   4.12 %     $ 39,334   4.02 %     $ 38,435   4.01 %
                                                                           
    (1)Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.
    (2)Rate calculated based on average earning assets.

    The MIL Network –

  • MIL-OSI: HBT Financial, Inc. Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Highlights

    • Net income of $19.1 million, or $0.60 per diluted share; return on average assets (“ROAA”) of 1.54%; return on average stockholders’ equity (“ROAE”) of 13.95%; and return on average tangible common equity (“ROATCE”)(1) of 16.20%
    • Adjusted net income(1) of $19.3 million; or $0.61 per diluted share; adjusted ROAA(1) of 1.55%; adjusted ROAE(1) of 14.08%; and adjusted ROATCE(1) of 16.36%
    • Asset quality remained exceptional with nonperforming assets to total assets of 0.11% and net charge-offs to average loans of 0.05%, on an annualized basis
    • Net interest margin increased 16 basis points to 4.12% and net interest margin (tax-equivalent basis)(1)increased 15 basis point to 4.16%

    BLOOMINGTON, Ill., April 21, 2025 (GLOBE NEWSWIRE) — HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $19.1 million, or $0.60 diluted earnings per share, for the first quarter of 2025. This compares to net income of $20.3 million, or $0.64 diluted earnings per share, for the fourth quarter of 2024, and net income of $15.3 million, or $0.48 diluted earnings per share, for the first quarter of 2024.

    J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “We are off to a great start in 2025 with strong first quarter results. Despite the economic outlook recently becoming more uncertain, leading to interest rate volatility and stock market declines, we still believe that 2025 will be a solid year for HBT. Our credit discipline, strong profitability and solid balance sheet give us confidence that we are prepared for a variety of economic environments.

    We continued to report solid profitability with adjusted net income(1) of $19.3 million, or $0.61 per diluted share, an adjusted ROAA(1) of 1.55% and an adjusted ROATCE(1) of 16.36%. Our net interest margin on a tax-equivalent basis(1) increased by 15 basis points, with 5 basis points of that increase related to higher nonaccrual interest recoveries and loan fees, as average loan balances were higher, loans and securities continued to reprice higher, and deposits repriced lower. Our strong profitability coupled with an improvement in our accumulated other comprehensive income due to lower interest rates, resulted in a $0.63 increase in our tangible book value per share(1) to $15.43. Tangible book value per share increased by 4.3% for the quarter and 17.0% over the last year.

    Our balance sheet remains strong with all capital ratios increasing during the quarter and asset quality improving with nonperforming assets to total assets declining to only 0.11%. Loans at quarter-end were down only slightly while average loans for the quarter were up 2.2%. Deposits were up 1.5% at quarter-end and average deposits for the quarter were up 1.1%. Deposit growth was aided by moving most of our repurchase agreements into interest-bearing demand deposits. Our capital levels and operational structure support attractive acquisition opportunities should the right opportunity arise and markets stabilize.”
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    Adjusted Net Income

    In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on closed branch premises, realized gains (losses) on sales of securities, mortgage servicing rights fair value adjustments, and the tax effect of these pre-tax adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.3 million, or $0.61 adjusted diluted earnings per share, for the first quarter of 2025. This compares to adjusted net income of $19.5 million, or $0.62 adjusted diluted earnings per share, for the fourth quarter of 2024, and adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the first quarter of 2024 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).

    Net Interest Income and Net Interest Margin

    Net interest income for the first quarter of 2025 was $48.7 million, an increase of 2.8% from $47.4 million for the fourth quarter of 2024. The increase was primarily attributable to higher average loan balances, a decrease in deposit costs, and higher yields on loans and debt securities. Additionally, a $0.6 million increase in nonaccrual interest recoveries and loan fees contributed to the increase in net interest income.

    Relative to the first quarter of 2024, net interest income increased 4.3% from $46.7 million. The increase was primarily attributable to higher average loan balances, a decrease in deposit costs, and higher yields on debt securities. Also contributing was a $0.7 million increase in nonaccrual interest recoveries and loan fees.

    Net interest margin for the first quarter of 2025 was 4.12%, compared to 3.96% for the fourth quarter of 2024, and net interest margin (tax-equivalent basis)(1) for the first quarter of 2025 was 4.16%, compared to 4.01% for the fourth quarter of 2024. The increase was primarily attributable to higher yields on interest-earning assets, which increased 9 basis points to 5.34%, and lower funding costs, which decreased 7 basis points to 1.32%. Additionally, an increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 5 basis points of the increase in net interest margin.

    Relative to the first quarter of 2024, net interest margin increased 18 basis points from 3.94% and net interest margin (tax-equivalent basis)(1) increased 17 basis points from 3.99%. These increases were primarily attributable to higher yields on interest-earning assets, a decrease in funding costs, and an increase in nonaccrual interest recoveries and loan fees. Additionally, an increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 6 basis points of the increase in net interest margin.
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    Noninterest Income

    Noninterest income for the first quarter of 2025 was $9.3 million, a 20.0% decrease from $11.6 million for the fourth quarter of 2024. The decrease was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $0.3 million negative MSR fair value adjustment included in the first quarter 2025 results compared to a $1.3 million positive MSR fair value adjustment included in the fourth quarter 2024 results. Further contributing to the decrease was a $0.3 million decrease in wealth management fees, primarily driven by a seasonal decrease in farm management income, a $0.3 million decrease in income on bank owned life insurance, primarily due to the absence of a $0.2 million gain on life insurance proceeds included in the fourth quarter 2024 results, and a $0.2 million decrease in card income. Partially offsetting these decreases was the absence of a $0.3 million realized loss on sale of debt securities included in the fourth quarter 2024 results.

    Relative to the first quarter of 2024, noninterest income increased 65.4% from $5.6 million. The increase was primarily attributable to the absence of $3.4 million in realized losses on the sale of debt securities included in the first quarter 2024 results.

    Noninterest Expense

    Noninterest expense for the first quarter of 2025 was $31.9 million, a 3.3% increase from $30.9 million for the fourth quarter of 2024. The increase was primarily attributable to a $1.3 million increase in salaries expense, primarily driven by seasonal variations in vacation accruals and annual merit increases which took effect in early March, and a $0.6 million increase in employee benefits expense, primarily attributable to higher medical benefit costs. Partially offsetting these increases were a $0.3 million decrease in other noninterest expense and a $0.3 million decrease in data processing expense.

    Relative to the first quarter of 2024, noninterest expense increased 2.1% from $31.3 million. The increase was primarily attributable to a $0.5 million increase in employee benefits expense, primarily driven by increased medical benefit costs, and a $0.4 million increase in salaries expense. Partially offsetting these increases was a $0.2 million decrease in data processing expense.

    Income Taxes

    During the first quarter of 2025 our effective tax rate decreased to 25.2% when compared to 26.0% during the fourth quarter of 2024. This decrease was primarily related to a $0.2 million tax benefit from stock-based compensation that vested during the quarter. Additionally, during the second quarter of 2025, we expect to recognize an additional $0.3 million of tax expense related to the reversal of a stranded tax effect included in accumulated other comprehensive income in connection with the maturity of a derivative designated as a cash flow hedge.

    Loan Portfolio

    Total loans outstanding, before allowance for credit losses, were $3.46 billion at March 31, 2025, compared with $3.47 billion at December 31, 2024, and $3.35 billion at March 31, 2024. Total loans as of March 31, 2025 were nearly unchanged when compared to December 31, 2024 with a $23.2 million increase in grain elevator lines of credit in the commercial and industrial segment, due to seasonally higher line utilization, partially offset by a $12.0 million reduction on two lines of credit that funded shortly before and paid off after December 31, 2024, as noted in the previous quarter’s earnings release. Larger payoffs in the one-to-four family residential, multi-family, and commercial real estate – non-owner occupied segments were partially offset by draws on existing loans in the construction and development segment and new originations in the municipal, consumer, and other segment. Additionally, average loan balances increased $73.4 million, or 2.2%, from the fourth quarter of 2024 to the first quarter of 2025.

    Deposits

    Total deposits were $4.38 billion at March 31, 2025, compared with $4.32 billion at December 31, 2024, and $4.36 billion at March 31, 2024. The $66.3 million increase from December 31, 2024 was primarily attributable to higher balances maintained in existing retail accounts. Additionally, the vast majority of repurchase agreement account balances at December 31, 2024 were transitioned to reciprocal interest-bearing demand deposit accounts during the first quarter of 2025.

    Asset Quality

    Nonperforming assets totaled $5.6 million, or 0.11% of total assets, at March 31, 2025, compared with $8.0 million, or 0.16% of total assets, at December 31, 2024, and $9.9 million, or 0.20% of total assets, at March 31, 2024. Additionally, of the $5.1 million of nonperforming loans held as of March 31, 2025, $1.4 million is either wholly or partially guaranteed by the U.S. government. The $2.5 million decrease in nonperforming assets from December 31, 2024 was primarily attributable to the pay-off of a $1.6 million nonaccrual commercial real estate – non-owner occupied credit.

    The Company recorded a provision for credit losses of $0.6 million for the first quarter of 2025. The provision for credit losses primarily reflects a $0.8 million increase in required reserves resulting from changes in qualitative factors; a $0.1 million increase in required reserves driven by changes within the portfolio; and a $0.3 million decrease in specific reserves.

    The Company had net charge-offs of $0.4 million, or 0.05% of average loans on an annualized basis, for the first quarter of 2025, compared to net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the fourth quarter of 2024, and net recoveries of $0.2 million, or 0.02% of average loans on an annualized basis, for the first quarter of 2024.

    The Company’s allowance for credit losses was 1.22% of total loans and 825% of nonperforming loans at March 31, 2025, compared with 1.21% of total loans and 549% of nonperforming loans at December 31, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $3.2 million as of March 31, 2025, compared with $3.1 million as of December 31, 2024.

    Capital

    As of March 31, 2025, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

        March 31, 2025   For Capital
    Adequacy Purposes
    With Capital
    Conservation Buffer
             
    Total capital to risk-weighted assets   16.85 %   10.50 %
    Tier 1 capital to risk-weighted assets   14.77     8.50  
    Common equity tier 1 capital ratio   13.48     7.00  
    Tier 1 leverage ratio   11.64     4.00  
                 

    The ratio of tangible common equity to tangible assets(1) increased to 9.73% as of March 31, 2025, from 9.42% as of December 31, 2024, and tangible book value per share(1) increased by $0.63 to $15.43 as of March 31, 2025, when compared to December 31, 2024.

    During the first quarter of 2025, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15.0 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2026. As of March 31, 2025, the Company had $15.0 million remaining under the stock repurchase program.
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    About HBT Financial, Inc.

    HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of March 31, 2025, HBT Financial had total assets of $5.1 billion, total loans of $3.5 billion, and total deposits of $4.4 billion.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include adjusted net income, adjusted earnings per share, adjusted ROAA, pre-provision net revenue, pre-provision net revenue less charge-offs (recoveries), adjusted pre-provision net revenue, adjusted pre-provision net revenue less charge-offs (recoveries), net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), adjusted efficiency ratio (tax-equivalent basis), the ratio of tangible common equity to tangible assets, tangible book value per share, adjusted ROAE, ROATCE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders including tariffs, immigration policy, regulatory or other governmental agencies, foreign policy and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new and revised accounting policies and practices, as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) changes in interest rates and prepayment rates of the Company’s assets; (viii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (ix) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (x) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (xi) the loss of key executives and employees, talent shortages and employee turnover; (xii) changes in consumer spending; (xiii) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiv) the economic impact on the Company and its customers of climate change, natural disasters and of exceptional weather occurrences such as tornadoes, floods and blizzards; (xv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xvi) credit risks and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio (including commercial real estate loans) and large loans to certain borrowers; (xvii) the overall health of the local and national real estate market; (xviii) the ability to maintain an adequate level of allowance for credit losses on loans; (xix) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xx) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xxi) the level of nonperforming assets on our balance sheet; (xxii) interruptions involving our information technology and communications systems or third-party servicers; (xxiii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

    CONTACT:
    Peter Chapman
    HBTIR@hbtbank.com
    (309) 664-4556

         
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
         
        As of or for the Three Months Ended
    (dollars in thousands, except per share data)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Interest and dividend income   $ 63,138     $ 62,798     $ 61,961  
    Interest expense     14,430       15,397       15,273  
    Net interest income     48,708       47,401       46,688  
    Provision for credit losses     576       725       527  
    Net interest income after provision for credit losses     48,132       46,676       46,161  
    Noninterest income     9,306       11,630       5,626  
    Noninterest expense     31,935       30,908       31,268  
    Income before income tax expense     25,503       27,398       20,519  
    Income tax expense     6,428       7,126       5,261  
    Net income   $ 19,075     $ 20,272     $ 15,258  
                 
    Earnings per share – diluted   $ 0.60     $ 0.64     $ 0.48  
                 
    Adjusted net income (1)   $ 19,253     $ 19,546     $ 18,073  
    Adjusted earnings per share – diluted (1)     0.61       0.62       0.57  
                 
    Book value per share   $ 17.86     $ 17.26     $ 15.71  
    Tangible book value per share (1)     15.43       14.80       13.19  
                 
    Shares of common stock outstanding     31,631,431       31,559,366       31,612,888  
    Weighted average shares of common stock outstanding, including all dilutive potential shares     31,711,671       31,702,864       31,803,187  
                 
    SUMMARY RATIOS            
    Net interest margin *     4.12 %     3.96 %     3.94 %
    Net interest margin (tax-equivalent basis) * (1)(2)     4.16       4.01       3.99  
                 
    Efficiency ratio     53.85 %     51.16 %     58.41 %
    Efficiency ratio (tax-equivalent basis) (1)(2)     53.35       50.68       57.78  
                 
    Loan to deposit ratio     78.95 %     80.27 %     76.73 %
                 
    Return on average assets *     1.54 %     1.61 %     1.23 %
    Return on average stockholders’ equity *     13.95       14.89       12.42  
    Return on average tangible common equity * (1)     16.20       17.40       14.83  
                 
    Adjusted return on average assets * (1)     1.55 %     1.56 %     1.45 %
    Adjusted return on average stockholders’ equity * (1)     14.08       14.36       14.72  
    Adjusted return on average tangible common equity * (1)     16.36       16.77       17.57  
                 
    CAPITAL            
    Total capital to risk-weighted assets     16.85 %     16.51 %     15.79 %
    Tier 1 capital to risk-weighted assets     14.77       14.50       13.77  
    Common equity tier 1 capital ratio     13.48       13.21       12.44  
    Tier 1 leverage ratio     11.64       11.51       10.65  
    Total stockholders’ equity to total assets     11.10       10.82       9.85  
    Tangible common equity to tangible assets (1)     9.73       9.42       8.40  
                 
    ASSET QUALITY            
    Net charge-offs (recoveries) to average loans *     0.05 %     0.08 %     (0.02) %
    Allowance for credit losses to loans, before allowance for credit losses     1.22       1.21       1.22  
    Nonperforming loans to loans, before allowance for credit losses     0.15       0.22       0.29  
    Nonperforming assets to total assets     0.11       0.16       0.20  

    ____________________________________

    *   Annualized measure.

    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.  

       
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
    Consolidated Statements of Income
       
      Three Months Ended
    (dollars in thousands, except per share data) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    INTEREST AND DIVIDEND INCOME          
    Loans, including fees:          
    Taxable $ 53,369     $ 52,587     $ 51,926  
    Federally tax exempt   1,168       1,199       1,094  
    Debt securities:          
    Taxable   6,936       6,829       6,204  
    Federally tax exempt   469       482       597  
    Interest-bearing deposits in bank   1,065       1,520       1,952  
    Other interest and dividend income   131       181       188  
    Total interest and dividend income   63,138       62,798       61,961  
    INTEREST EXPENSE          
    Deposits   12,939       13,672       13,593  
    Securities sold under agreements to repurchase   22       179       152  
    Borrowings   109       115       125  
    Subordinated notes   470       470       470  
    Junior subordinated debentures issued to capital trusts   890       961       933  
    Total interest expense   14,430       15,397       15,273  
    Net interest income   48,708       47,401       46,688  
    PROVISION FOR CREDIT LOSSES   576       725       527  
    Net interest income after provision for credit losses   48,132       46,676       46,161  
    NONINTEREST INCOME          
    Card income   2,548       2,797       2,616  
    Wealth management fees   2,841       3,138       2,547  
    Service charges on deposit accounts   1,944       2,080       1,869  
    Mortgage servicing   990       1,158       1,055  
    Mortgage servicing rights fair value adjustment   (308 )     1,331       80  
    Gains on sale of mortgage loans   252       409       298  
    Realized gains (losses) on sales of securities   —       (315 )     (3,382 )
    Unrealized gains (losses) on equity securities   8       (83 )     (16 )
    Gains (losses) on foreclosed assets   13       7       87  
    Gains (losses) on other assets   54       2       (635 )
    Income on bank owned life insurance   164       415       164  
    Other noninterest income   800       691       943  
    Total noninterest income   9,306       11,630       5,626  
    NONINTEREST EXPENSE          
    Salaries   17,053       15,784       16,657  
    Employee benefits   3,285       2,649       2,805  
    Occupancy of bank premises   2,625       2,773       2,582  
    Furniture and equipment   445       460       550  
    Data processing   2,717       2,998       2,925  
    Marketing and customer relations   1,144       948       996  
    Amortization of intangible assets   695       709       710  
    FDIC insurance   562       557       560  
    Loan collection and servicing   383       653       452  
    Foreclosed assets   5       31       49  
    Other noninterest expense   3,021       3,346       2,982  
    Total noninterest expense   31,935       30,908       31,268  
    INCOME BEFORE INCOME TAX EXPENSE   25,503       27,398       20,519  
    INCOME TAX EXPENSE   6,428       7,126       5,261  
    NET INCOME $ 19,075     $ 20,272     $ 15,258  
               
    EARNINGS PER SHARE – BASIC $ 0.60     $ 0.64     $ 0.48  
    EARNINGS PER SHARE – DILUTED $ 0.60     $ 0.64     $ 0.48  
    WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING   31,584,989       31,559,366       31,662,954  
                           
               
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
    Consolidated Balance Sheets
               
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    ASSETS          
    Cash and due from banks $ 25,005     $ 29,552     $ 19,989  
    Interest-bearing deposits with banks   186,586       108,140       240,223  
    Cash and cash equivalents   211,591       137,692       260,212  
               
    Interest-bearing time deposits with banks   —       —       515  
    Debt securities available-for-sale, at fair value   706,135       698,049       669,020  
    Debt securities held-to-maturity   490,398       499,858       517,472  
    Equity securities with readily determinable fair value   3,323       3,315       3,324  
    Equity securities with no readily determinable fair value   2,629       2,629       2,622  
    Restricted stock, at cost   5,086       5,086       5,155  
    Loans held for sale   2,721       1,586       3,479  
               
    Loans, before allowance for credit losses   3,461,778       3,466,146       3,345,962  
    Allowance for credit losses   (42,111 )     (42,044 )     (40,815 )
    Loans, net of allowance for credit losses   3,419,667       3,424,102       3,305,147  
               
    Bank owned life insurance   24,153       23,989       24,069  
    Bank premises and equipment, net   67,272       66,758       64,755  
    Bank premises held for sale   190       317       317  
    Foreclosed assets   460       367       277  
    Goodwill   59,820       59,820       59,820  
    Intangible assets, net   17,148       17,843       19,972  
    Mortgage servicing rights, at fair value   18,519       18,827       19,081  
    Investments in unconsolidated subsidiaries   1,614       1,614       1,614  
    Accrued interest receivable   22,735       24,770       23,117  
    Other assets   38,731       46,280       60,542  
    Total assets $ 5,092,192     $ 5,032,902     $ 5,040,510  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Liabilities          
    Deposits:          
    Noninterest-bearing $ 1,065,874     $ 1,046,405     $ 1,047,074  
    Interest-bearing   3,318,716       3,271,849       3,313,500  
    Total deposits   4,384,590       4,318,254       4,360,574  
               
    Securities sold under agreements to repurchase   2,698       28,969       31,864  
    Federal Home Loan Bank advances   7,209       13,231       12,725  
    Subordinated notes   39,573       39,553       39,494  
    Junior subordinated debentures issued to capital trusts   52,864       52,849       52,804  
    Other liabilities   40,201       35,441       46,368  
    Total liabilities   4,527,135       4,488,297       4,543,829  
               
    Stockholders’ Equity          
    Common stock   329       328       328  
    Surplus   297,024       297,297       296,054  
    Retained earnings   329,169       316,764       278,353  
    Accumulated other comprehensive income (loss)   (38,446 )     (46,765 )     (56,048 )
    Treasury stock at cost   (23,019 )     (23,019 )     (22,006 )
    Total stockholders’ equity   565,057       544,605       496,681  
    Total liabilities and stockholders’ equity $ 5,092,192     $ 5,032,902     $ 5,040,510  
    SHARES OF COMMON STOCK OUTSTANDING   31,631,431       31,559,366       31,612,888  
                           
               
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
               
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    LOANS          
    Commercial and industrial $ 441,261   $ 428,389   $ 402,206
    Commercial real estate – owner occupied   321,990     322,316     294,967
    Commercial real estate – non-owner occupied   891,022     899,565     890,251
    Construction and land development   376,046     374,657     345,991
    Multi-family   424,096     431,524     421,573
    One-to-four family residential   455,376     463,968     485,948
    Agricultural and farmland   292,240     293,375     287,205
    Municipal, consumer, and other   259,747     252,352     217,821
    Total loans $ 3,461,778   $ 3,466,146   $ 3,345,962
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    DEPOSITS          
    Noninterest-bearing deposits $ 1,065,874   $ 1,046,405   $ 1,047,074
    Interest-bearing deposits:          
    Interest-bearing demand   1,143,677     1,099,061     1,139,172
    Money market   812,146     820,825     802,685
    Savings   575,558     566,533     602,739
    Time   787,335     785,430     713,142
    Brokered   —     —     55,762
    Total interest-bearing deposits   3,318,716     3,271,849     3,313,500
    Total deposits $ 4,384,590   $ 4,318,254   $ 4,360,574
                     
       
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
       
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands) Average
    Balance    		   Interest   Yield/Cost *   Average
    Balance    		   Interest   Yield/Cost *   Average
    Balance    		   Interest   Yield/Cost *
                                       
    ASSETS                                  
    Loans $ 3,460,906     $ 54,537   6.39 %   $ 3,387,541     $ 53,786   6.32 %   $ 3,371,219     $ 53,020   6.33 %
    Debt securities   1,204,424       7,405   2.49       1,208,404       7,311   2.41       1,213,947       6,801   2.25  
    Deposits with banks   120,014       1,065   3.60       149,691       1,520   4.04       167,297       1,952   4.69  
    Other   12,677       131   4.19       12,698       181   5.68       12,986       188   5.82  
    Total interest-earning assets   4,798,021     $ 63,138   5.34 %     4,758,334     $ 62,798   5.25 %     4,765,449     $ 61,961   5.23 %
    Allowance for credit losses   (42,061 )             (40,942 )             (40,238 )        
    Noninterest-earning assets   276,853               277,074               278,253          
    Total assets $ 5,032,813             $ 4,994,466             $ 5,003,464          
                                       
    LIABILITIES AND STOCKHOLDERS’ EQUITY                                  
    Liabilities                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand $ 1,120,608     $ 1,453   0.53 %   $ 1,088,082     $ 1,351   0.49 %   $ 1,127,684     $ 1,311   0.47 %
    Money market   807,728       4,397   2.21       787,768       4,444   2.24       812,684       4,797   2.37  
    Savings   569,494       370   0.26       562,833       389   0.27       611,224       443   0.29  
    Time   784,099       6,719   3.48       796,494       7,439   3.72       664,498       5,925   3.59  
    Brokered   —       —   —       3,261       49   5.96       82,150       1,117   5.47  
    Total interest-bearing deposits   3,281,929       12,939   1.60       3,238,438       13,672   1.68       3,298,240       13,593   1.66  
    Securities sold under agreements to repurchase   8,754       22   1.02       31,624       179   2.26       32,456       152   1.89  
    Borrowings   12,890       109   3.41       13,370       115   3.42       13,003       125   3.87  
    Subordinated notes   39,563       470   4.82       39,543       470   4.73       39,484       470   4.78  
    Junior subordinated debentures issued to capital trusts   52,856       890   6.83       52,841       961   7.23       52,796       933   7.11  
    Total interest-bearing liabilities   3,395,992     $ 14,430   1.72 %     3,375,816     $ 15,397   1.81 %     3,435,979     $ 15,273   1.79 %
    Noninterest-bearing deposits   1,045,733               1,041,471               1,036,402          
    Noninterest-bearing liabilities   36,373               35,644               37,107          
    Total liabilities   4,478,098               4,452,931               4,509,488          
    Stockholders’ Equity   554,715               541,535               493,976          
    Total liabilities and stockholders’ equity $ 5,032,813             $ 4,994,466             $ 5,003,464          
                                       
    Net interest income/Net interest margin (1)     $ 48,708   4.12 %       $ 47,401   3.96 %       $ 46,688   3.94 %
    Tax-equivalent adjustment (2)       545   0.04           562   0.05           575   0.05  
    Net interest income (tax-equivalent basis)/
    Net interest margin (tax-equivalent basis) (2) (3)    		     $ 49,253   4.16 %       $ 47,963   4.01 %       $ 47,263   3.99 %
    Net interest rate spread (4)         3.62 %           3.44 %           3.44 %
    Net interest-earning assets (5) $ 1,402,029             $ 1,382,518             $ 1,329,470          
    Ratio of interest-earning assets to interest-bearing liabilities   1.41               1.41               1.39          
    Cost of total deposits         1.21 %           1.27 %           1.26 %
    Cost of funds         1.32             1.39             1.37  

    ____________________________________

    *   Annualized measure.

    (1)   Net interest margin represents net interest income divided by average total interest-earning assets.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
    (3)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (4)   Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (5)   Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

               
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
               
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    NONPERFORMING ASSETS          
    Nonaccrual $ 5,102     $ 7,652     $ 9,657  
    Past due 90 days or more, still accruing   4       4       —  
    Total nonperforming loans   5,106       7,656       9,657  
    Foreclosed assets   460       367       277  
    Total nonperforming assets $ 5,566     $ 8,023     $ 9,934  
               
    Nonperforming loans that are wholly or partially guaranteed by the U.S. Government $ 1,350     $ 1,573     $ 2,676  
               
    Allowance for credit losses $ 42,111     $ 42,044     $ 40,815  
    Loans, before allowance for credit losses   3,461,778       3,466,146       3,345,962  
               
    CREDIT QUALITY RATIOS          
    Allowance for credit losses to loans, before allowance for credit losses   1.22 %     1.21 %     1.22 %
    Allowance for credit losses to nonaccrual loans   825.38       549.45       422.65  
    Allowance for credit losses to nonperforming loans   824.74       549.16       422.65  
    Nonaccrual loans to loans, before allowance for credit losses   0.15       0.22       0.29  
    Nonperforming loans to loans, before allowance for credit losses   0.15       0.22       0.29  
    Nonperforming assets to total assets   0.11       0.16       0.20  
    Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets   0.16       0.23       0.30  
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    ALLOWANCE FOR CREDIT LOSSES          
    Beginning balance $ 42,044     $ 40,966     $ 40,048  
    Provision for credit losses   496       1,771       560  
    Charge-offs   (665 )     (1,086 )     (227 )
    Recoveries   236       393       434  
    Ending balance $ 42,111     $ 42,044     $ 40,815  
               
    Net charge-offs (recoveries) $ 429     $ 693     $ (207 )
    Average loans   3,460,906       3,387,541       3,371,219  
               
    Net charge-offs (recoveries) to average loans *   0.05 %     0.08 %     (0.02) %

    ____________________________________

    *   Annualized measure.

      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    PROVISION FOR CREDIT LOSSES          
    Loans $ 496   $ 1,771     $ 560  
    Unfunded lending-related commitments   80     (1,046 )     (33 )
    Total provision for credit losses $ 576   $ 725     $ 527  
                         
    Reconciliation of Non-GAAP Financial Measures –
    Adjusted Net Income and Adjusted Return on Average Assets
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Net income $ 19,075     $ 20,272     $ 15,258  
    Less: adjustments          
    Gains (losses) on closed branch premises   59       —       (635 )
    Realized gains (losses) on sales of securities   —       (315 )     (3,382 )
    Mortgage servicing rights fair value adjustment   (308 )     1,331       80  
    Total adjustments   (249 )     1,016       (3,937 )
    Tax effect of adjustments (1)   71       (290 )     1,122  
    Total adjustments after tax effect   (178 )     726       (2,815 )
    Adjusted net income $ 19,253     $ 19,546     $ 18,073  
               
    Average assets $ 5,032,813     $ 4,994,466     $ 5,003,464  
               
    Return on average assets *   1.54 %     1.61 %     1.23 %
    Adjusted return on average assets *   1.55       1.56       1.45  

    ____________________________________

    *   Annualized measure.

    (1)   Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.  

    Reconciliation of Non-GAAP Financial Measures –
    Adjusted Earnings Per Share — Basic and Diluted
      Three Months Ended
    (dollars in thousands, except per share amounts) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Numerator:          
    Net income $ 19,075   $ 20,272   $ 15,258
               
    Adjusted net income $ 19,253   $ 19,546   $ 18,073
               
    Denominator:          
    Weighted average common shares outstanding   31,584,989     31,559,366     31,662,954
    Dilutive effect of outstanding restricted stock units   126,682     143,498     140,233
    Weighted average common shares outstanding, including all dilutive potential shares   31,711,671     31,702,864     31,803,187
               
    Earnings per share – basic $ 0.60   $ 0.64   $ 0.48
    Earnings per share – diluted $ 0.60   $ 0.64   $ 0.48
               
    Adjusted earnings per share – basic $ 0.61   $ 0.62   $ 0.57
    Adjusted earnings per share – diluted $ 0.61   $ 0.62   $ 0.57
                     
    Reconciliation of Non-GAAP Financial Measures –
    Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Net Charge-offs (Recoveries),
    Adjusted Pre-Provision Net Revenue, and Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries)
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Net interest income $ 48,708     $ 47,401     $ 46,688  
    Noninterest income   9,306       11,630       5,626  
    Noninterest expense   (31,935 )     (30,908 )     (31,268 )
    Pre-provision net revenue   26,079       28,123       21,046  
    Less: adjustments          
    Gains (losses) on closed branch premises   59       —       (635 )
    Realized gains (losses) on sales of securities   —       (315 )     (3,382 )
    Mortgage servicing rights fair value adjustment   (308 )     1,331       80  
    Total adjustments   (249 )     1,016       (3,937 )
    Adjusted pre-provision net revenue $ 26,328     $ 27,107     $ 24,983  
               
    Pre-provision net revenue $ 26,079     $ 28,123     $ 21,046  
    Less: net charge-offs (recoveries)   429       693       (207 )
    Pre-provision net revenue less net charge-offs $ 25,650     $ 27,430     $ 21,253  
               
    Adjusted pre-provision net revenue $ 26,328     $ 27,107     $ 24,983  
    Less: net charge-offs (recoveries)   429       693       (207 )
    Adjusted pre-provision net revenue less net charge-offs $ 25,899     $ 26,414     $ 25,190  
                           
    Reconciliation of Non-GAAP Financial Measures –
    Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Net interest income (tax-equivalent basis)          
    Net interest income $ 48,708     $ 47,401     $ 46,688  
    Tax-equivalent adjustment (1)   545       562       575  
    Net interest income (tax-equivalent basis) (1) $ 49,253     $ 47,963     $ 47,263  
               
    Net interest margin (tax-equivalent basis)          
    Net interest margin *   4.12 %     3.96 %     3.94 %
    Tax-equivalent adjustment * (1)   0.04       0.05       0.05  
    Net interest margin (tax-equivalent basis) * (1)   4.16 %     4.01 %     3.99 %
               
    Average interest-earning assets $ 4,798,021     $ 4,758,334     $ 4,765,449  

    ____________________________________

    *   Annualized measure.

    (1)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

    Reconciliation of Non-GAAP Financial Measures –
    Efficiency Ratio (Tax-equivalent Basis) and Adjusted Efficiency Ratio (Tax-equivalent Basis)
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Total noninterest expense $ 31,935     $ 30,908     $ 31,268  
    Less: amortization of intangible assets   695       709       710  
    Noninterest expense excluding amortization of intangible assets $ 31,240     $ 30,199     $ 30,558  
               
    Net interest income $ 48,708     $ 47,401     $ 46,688  
    Total noninterest income   9,306       11,630       5,626  
    Operating revenue   58,014       59,031       52,314  
    Tax-equivalent adjustment (1)   545       562       575  
    Operating revenue (tax-equivalent basis) (1)   58,559       59,593       52,889  
    Less: adjustments to noninterest income          
    Gains (losses) on closed branch premises   59       —       (635 )
    Realized gains (losses) on sales of securities   —       (315 )     (3,382 )
    Mortgage servicing rights fair value adjustment   (308 )     1,331       80  
    Total adjustments to noninterest income   (249 )     1,016       (3,937 )
    Adjusted operating revenue (tax-equivalent basis) (1) $ 58,808     $ 58,577     $ 56,826  
               
    Efficiency ratio   53.85 %     51.16 %     58.41 %
    Efficiency ratio (tax-equivalent basis) (1)   53.35       50.68       57.78  
    Adjusted efficiency ratio (tax-equivalent basis) (1)   53.12       51.55       53.77  

    ____________________________________
    (1)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

    Reconciliation of Non-GAAP Financial Measures –
    Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
    (dollars in thousands, except per share data) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Tangible Common Equity          
    Total stockholders’ equity $ 565,057     $ 544,605     $ 496,681  
    Less: Goodwill   59,820       59,820       59,820  
    Less: Intangible assets, net   17,148       17,843       19,972  
    Tangible common equity $ 488,089     $ 466,942     $ 416,889  
               
    Tangible Assets          
    Total assets $ 5,092,192     $ 5,032,902     $ 5,040,510  
    Less: Goodwill   59,820       59,820       59,820  
    Less: Intangible assets, net   17,148       17,843       19,972  
    Tangible assets $ 5,015,224     $ 4,955,239     $ 4,960,718  
               
    Total stockholders’ equity to total assets   11.10 %     10.82 %     9.85 %
    Tangible common equity to tangible assets   9.73       9.42       8.40  
               
    Shares of common stock outstanding   31,631,431       31,559,366       31,612,888  
               
    Book value per share $ 17.86     $ 17.26     $ 15.71  
    Tangible book value per share   15.43       14.80       13.19  
                           
    Reconciliation of Non-GAAP Financial Measures –
    Return on Average Tangible Common Equity,
    Adjusted Return on Average Stockholders’ Equity and Adjusted Return on Average Tangible Common Equity
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Average Tangible Common Equity          
    Total stockholders’ equity $ 554,715     $ 541,535     $ 493,976  
    Less: Goodwill   59,820       59,820       59,820  
    Less: Intangible assets, net   17,480       18,170       20,334  
    Average tangible common equity $ 477,415     $ 463,545     $ 413,822  
               
    Net income $ 19,075     $ 20,272     $ 15,258  
    Adjusted net income   19,253       19,546       18,073  
               
    Return on average stockholders’ equity *   13.95 %     14.89 %     12.42 %
    Return on average tangible common equity *   16.20       17.40       14.83  
               
    Adjusted return on average stockholders’ equity *   14.08 %     14.36 %     14.72 %
    Adjusted return on average tangible common equity *   16.36       16.77       17.57  

    ____________________________________

    *   Annualized measure.

    The MIL Network –