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Category: Politics

  • MIL-OSI: Introducing Solodev Public Sector: A Cloud-First Platform Built for Government Agencies and Community Infrastructure

    Source: GlobeNewswire (MIL-OSI)

    ST. PETERSBURG, Fla., April 29, 2025 (GLOBE NEWSWIRE) — Solodev, the cloud platform for developers and digital transformation, announced today the launch of Solodev Public Sector, a powerful new service built to help government organizations accelerate their cloud journey. From counties and cities to school districts, sheriff’s offices to libraries, Solodev Public Sector delivers the scalability, reliability, and security that public agencies need to support their citizens in times of stability and crisis.

    Powered by Amazon Web Services (AWS), Solodev Public Sector provides a composable, cloud-native foundation for digital infrastructure that empowers agencies to be nimble and responsive, especially those considered essential to a community’s continuity and safety. Whether it’s keeping websites online during hurricanes in Florida or delivering real-time updates during a public emergency, Solodev ensures that digital services stay live when they matter most.

    “Public sector agencies are more than service providers – they’re lifelines,” said Shawn Moore, CTO at Solodev. “Solodev Public Sector gives governments the power to deliver resilient digital experiences that inform, protect, and support their communities, powered by the unmatched scalability of AWS.”

    A Cloud-First Approach for the New Era of Government

    Cloud technologies are transforming the Public Sector and delivering unmatched security, redundancy, and scalability to achieve mission-based outcomes. According to a report from Forrester on the State of the Cloud in 2025, government agencies are committed to the cloud and its efficiencies – and cloud adoption is extending beyond new applications to the migration of existing workloads.

    Solodev Public Sector harnesses the best of AWS cloud services to meet the uptime, security, and compliance needs of government organizations. The platform leverages essential AWS tools like:

    • EC2 for computing power
    • CloudFront CDN for rapid content delivery
    • Elastic Load Balancing and WAF for performance and security
    • RDS for managed database services
    • And more, all orchestrated to deliver high-availability cloud environments

    Solodev also integrates its enterprise-grade Solodev CMS to give agencies full control over their digital content, ensuring critical information is accessible across channels – even during outages or emergencies.

    Built for the Needs of Government Agencies

    With Solodev Public Sector, agencies can manage a wide range of services through modular features, including:

    • Event calendars
    • News feeds
    • Image galleries
    • ADA accessibility tools
    • Language translation services
    • RESTful API for integrating third-party apps

    This flexibility allows governments to streamline operations, reduce costs, and meet rising citizen expectations – all while maintaining data privacy and adhering to vital compliance benchmarks like accessibility and cybersecurity protocols.

    Supporting Essential Infrastructure – From Elections to Emergency Response

    Solodev Public Sector empowers government agencies across the U.S. to prepare for major storms and public emergencies. Whether it’s a supervisor of elections office managing real-time voter updates or a transit authority delivering urgent detour information, Solodev helps keep citizens informed and connected when they need it most.

    With built-in redundancy and 24/7/365 monitoring, backed by a U.S.-based help desk, Solodev ensures public sector clients receive world-class support around the clock.

    Solodev Public Sector is available via a subscription model and can be purchased directly through the AWS Marketplace. To explore Public Sector solutions, visit www.solodev.com/public-sector or contact Solodev.

    About Solodev

    Solodev helps developers around the globe build amazing customer experiences and collaborate on digital transformation, from code to cloud. The Solodev Platform provides the most complete ecosystem for developing apps and launching brands powered by cutting-edge technologies, including AI, cloud, metaverse, digital, blockchain, and more. Solodev also provides world-class consulting, training, managed services, and 24/7 human support. An Amazon Web Services Advanced Technology Partner, Solodev has achieved AWS competencies in Government, Education, Advertising & Marketing Technology, and Public Safety. Solodev products and services can be purchased at www.solodev.com or in the AWS Marketplace.

    For media inquiries:
    Matt Garrepy
    press@solodev.com

    For sales inquiries:
    Jonathan Morgan
    sales@solodev.com

    The MIL Network –

  • MIL-OSI: Eagle Bancorp Montana Earns $3.2 Million, or $0.41 per Diluted Share, in the First Quarter of 2025; Declares Quarterly Cash Dividend of $0.1425 Per Share and Renews Stock Repurchase Plan

    Source: GlobeNewswire (MIL-OSI)

    HELENA, Mont., April 29, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $3.2 million, or $0.41 per diluted share, in the first quarter of 2025, compared to $3.4 million, or $0.44 per diluted share, in the preceding quarter, and $1.9 million, or $0.24 per diluted share, in the first quarter of 2024.

    Eagle’s board of directors declared a quarterly cash dividend of $0.1425 per share on April 24, 2025. The dividend will be payable June 6, 2025, to shareholders of record May 16, 2025. The current dividend represents an annualized yield of 3.43% based on recent market prices.

    “We produced solid first quarter 2025 operating results, reflecting quarterly deposit growth, a reduction in operating expenses and net interest margin expansion,” said Laura F. Clark, President and CEO. “We are making progress in building our community bank franchise across the state of Montana, highlighted by a steady core deposit base and a well-balanced loan portfolio. We are one of only three publicly traded financial institutions based in Montana, and while market volatility and interest rate cycles continue to impact the overall economy, we remain well positioned in our markets to continue to grow.”

    First Quarter 2025 Highlights (at or for the three-month period ended March 31, 2025, except where noted):

    • Net income was $3.2 million, or $0.41 per diluted share, in the first quarter of 2025, compared to $3.4 million, or $0.44 per diluted share, in the preceding quarter, and increased 70.7% compared to $1.9 million, or $0.24 per diluted share, in the first quarter a year ago.
    • Net interest margin (“NIM”) was 3.74% in the first quarter of 2025, a 15-basis point increase compared to 3.59% in the preceding quarter and a 41-basis point increase compared to the first quarter a year ago.
    • Net interest income, before the provision for credit losses, increased 0.7% to $16.9 million in the first quarter of 2025, compared to $16.8 million in the fourth quarter of 2024, and increased 11.1% compared to $15.2 million in the first quarter of 2024.
    • Revenues (net interest income before the provision for credit losses, plus noninterest income) decreased 2.1% to $20.9 million in the first quarter of 2025, compared to $21.4 million in the preceding quarter and increased 9.1% compared to $19.2 million in the first quarter a year ago.
    • Total loans increased 1.7% to $1.52 billion, at March 31, 2025, compared to $1.50 billion a year earlier, and remained unchanged compared to $1.52 billion at December 31, 2024.
    • Total deposits increased $54.4 million or 3.3% to $1.69 billion at March 31, 2025, compared to a year earlier, and increased $8.7 million or 0.5%, compared to December 31, 2024.
    • The allowance for credit losses represented 1.10% of portfolio loans and 313.1% of nonperforming loans at March 31, 2025, compared to 1.10% of total portfolio loans and 227.6% of nonperforming loans at March 31, 2024.
    • The Company paid a quarterly cash dividend in the first quarter of $0.1425 per share on March 7, 2025, to shareholders of record February 14, 2025.
    • The Company’s available borrowing capacity was approximately $437.4 million at March 31, 2025, compared to $404.0 million at December 31, 2024.
      March 31, 2025 December 31, 2024
    (Dollars in thousands) Borrowings Outstanding Remaining Borrowing Capacity Borrowings Outstanding Remaining Borrowing Capacity
    Federal Home Loan Bank advances $ 124,952 $ 310,857 $ 140,930 $ 276,664
    Federal Reserve Bank discount window   –   26,509   –   27,349
    Correspondent bank lines of credit   –   100,000   –   100,000
    Total $ 124,952 $ 437,366 $ 140,930 $ 404,013
                     

    Balance Sheet Results

    Total assets were $2.09 billion at March 31, 2025, compared to $2.08 billion a year ago, and $2.10 billion three months earlier. The investment securities portfolio totaled $291.7 million at March 31, 2025, compared to $311.2 million a year ago, and $292.6 million at December 31, 2024.

    Eagle originated $43.2 million in new residential mortgages during the quarter and sold $42.8 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 3.15%. This production compares to residential mortgage originations of $68.1 million in the preceding quarter with sales of $64.0 million and an average gross margin on sale of mortgage loans of approximately 3.18%. Mortgage volumes remain low as rates have continued to be elevated relative to rates on existing mortgages.

    Total loans increased $26.1 million, or 1.7%, compared to a year ago, and increased $2.9 million, or 0.2%, from three months earlier. Commercial real estate loans increased 5.3% to $666.3 million at March 31, 2025, compared to $632.5 million a year earlier. Commercial real estate loans were comprised of 71.9% non-owner occupied and 28.1% owner occupied at March 31, 2025. Agricultural and farmland loans increased 10.7% to $284.6 million at March 31, 2025, compared to $257.0 million a year earlier. Residential mortgage loans decreased 4.9% to $149.7 million, compared to $157.4 million a year earlier. Commercial loans increased 1.5% to $139.7 million, compared to $137.6 million a year ago. Commercial construction and development loans decreased 25.5% to $110.1 million, compared to $147.7 million a year ago. Home equity loans increased 11.3% to $100.7 million, residential construction loans increased 1.1% to $45.5 million, and consumer loans decreased 9.1% to $27.0 million, compared to a year ago.

    “Our deposit mix has shifted over the last several quarters towards higher yielding deposits due to the higher interest rate environment, a trend that has affected most community banks. However, we have started to experience an ease in deposit pricing following the Fed rate cuts in the second half of 2024, and we anticipate this will continue as CDs continue to reprice,” said Miranda Spaulding, CFO.

    Total deposits increased to $1.69 billion at March 31, 2025, compared to $1.64 billion at March 31, 2024, and $1.68 billion at December 31, 2024. Noninterest-bearing checking accounts represented 24.3%, interest-bearing checking accounts represented 12.5%, savings accounts represented 12.6%, money market accounts comprised 23.5% and time certificates of deposit made up 27.1% of the total deposit portfolio at March 31, 2025. Time certificates on deposits include $6.2 million in brokered certificates at March 31, 2025, compared to $50.0 million at March 31, 2024 and no brokered certificates at December 31, 2024. The average cost of total deposits was 1.67% in the first quarter of 2025, compared to 1.71% in the preceding quarter and 1.62% in the first quarter of 2024. The estimated amount of uninsured deposits was approximately $309.0 million, or 18% of total deposits, at March 31, 2025, compared to $323.0 million, or 19% of total deposits, at December 31, 2024.

    FHLB advances and other borrowings decreased to $125.0 million at March 31, 2025, compared to $177.5 million at March 31, 2024, and $140.9 million at December 31, 2024. The average cost of FHLB advances and other borrowings was 4.75% in the first quarter of 2025, compared to 5.02% in the preceding quarter and 5.53% in the first quarter of 2024.
    Shareholders’ equity was $177.6 million at March 31, 2025, compared to $168.9 million a year earlier and $174.8 million three months earlier. Book value per share increased to $22.26 at March 31, 2025, compared to $21.07 a year earlier and $21.77 three months earlier. Tangible book value per share, a non-GAAP financial measure calculated by dividing shareholders’ equity, less goodwill and core deposit intangible, by common shares outstanding, increased to $17.38 at March 31, 2025, compared to $16.05 a year earlier and $16.88 three months earlier.

    Operating Results

    “As anticipated, the higher yields on interest earning assets combined with a lower cost of funds contributed to our 15-basis point NIM expansion during the quarter, compared to the preceding quarter,” said Spaulding. “We anticipate continued improvement in our cost of funds based on current Fed rates.”

    Eagle’s NIM was 3.74% in the first quarter of 2025, a 15-basis point increase compared to 3.59% in the preceding quarter and a 41-basis point improvement compared to the first quarter a year ago. The interest accretion on acquired loans totaled $172,000 and resulted in a four basis-point increase in the NIM during the first quarter of 2025, compared to $161,000 and a four basis-point increase in the NIM during the preceding quarter. Average yields on interest earning assets for the first quarter of 2025 increased to 5.76%, compared to 5.70% in the fourth quarter of 2025 and 5.47% in the first quarter a year ago. Funding costs for the first quarter of 2025 were 2.54%, compared to 2.69% in the fourth quarter of 2024 and 2.67% in the first quarter of 2024.

    Net interest income, before the provision for credit losses, increased 0.7% to $16.9 million in the first quarter of 2025, compared to $16.8 million in the fourth quarter of 2024, and increased 11.1% compared to $15.2 million in the first quarter of 2024.

    Total noninterest income decreased 12.2% to $4.0 million in the first quarter of 2025, compared to $4.6 million in the preceding quarter, and unchanged compared to $4.0 million in the first quarter a year ago. Net mortgage banking income, the largest component of noninterest income, totaled $2.1 million in the first quarter of 2025, compared to $2.8 million in the preceding quarter and $2.2 million in the first quarter a year ago. This decrease compared to the preceding quarter was largely driven by a decline in net gain on sale of mortgage loans, which was impacted by lower mortgage loan volumes.

    Eagle’s first quarter noninterest expense was $17.0 million, a decrease of 3.9% compared to $17.7 million in the preceding quarter and unchanged compared to $17.0 million in the first quarter a year ago. Contract changes led to lower data processing expense, which contributed to the quarter-over-quarter decrease.

    For the first quarter of 2025, the Company recorded income tax expense of $631,000. This compared to income tax expense of $269,000 in the preceding quarter and $370,000 in the first quarter of 2024. The effective tax rate for the first quarter of 2025 was 16.3%, which was unchanged compared to 16.3% for the first quarter of 2024. The preceding quarter’s effective tax rate was 7.3%. The effective tax rate has been impacted by an increase in the proportion of tax-exempt income compared to pretax earnings, as well as tax credits from investments in low-income housing tax credit projects.  

    Credit Quality

    During the first quarter of 2025, Eagle recorded a $42,000 provision for credit losses. This compared to a $36,000 recapture in the provision for credit losses in the preceding quarter and a $135,000 recapture in the provision for credit losses in the first quarter a year ago. The allowance for credit losses represented 313.1% of nonperforming loans at March 31, 2025, compared to 437.7% three months earlier and 227.6% a year earlier. Nonperforming loans were $5.3 million at March 31, 2025, $3.9 million at December 31, 2024, and $7.2 million a year earlier. Net loan charge-offs totaled $2,000 in the first quarter of 2025, compared to net loan charge-offs of $44,000 in the preceding quarter and net loan recoveries of $65,000 in the first quarter a year ago. The allowance for credit losses was $16.7 million, or 1.10% of total loans, at March 31, 2025, compared to $16.9 million, or 1.11% of total loans, at December 31, 2024, and $16.4 million, or 1.10% of total loans, a year ago.

    Capital Management

    The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was 6.77% at March 31, 2025, up from 6.32% a year ago and 6.57% three months earlier. This ratio is a non-GAAP financial measure. For the most comparable GAAP financial measure, see “Reconciliation of Non-GAAP Financial Measures” below. As of March 31, 2025, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized. The Bank’s Tier 1 capital to adjusted total average assets was 10.29% as of March 31, 2025.

    Stock Repurchase Authority

    Eagle announced that its Board of Directors has authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2025, representing approximately 5.0% of outstanding shares. Under the plan, shares may be purchased by the Company on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares and the timing of such repurchase will depend upon market conditions and other corporate considerations. The plan is expected to be in place for approximately 12 months, but may be suspended, terminated or modified by the Company’s Board of Directors at any time. The plan does not obligate the Company to purchase any particular number of shares.

    About the Company

    Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 30 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”

    Forward Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as “believe,” “will” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” These forward-looking statements include, but are not limited to statements of our goals, intentions, expectations and anticipations; statements regarding our business plans, prospects, mergers, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the impact of any new regulatory, policy or enforcement developments resulting from the change in U.S. presidential administration, including the implantation of tariffs and other protectionist trade policies; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; the effects of any U.S. federal government shutdown, or closures or significant staff reductions in agencies regulating our business; our ability to navigate differing social, environmental, and sustainability concerns among governmental administrations, our stakeholders and other activists that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.

    Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

    Use of Non-GAAP Financial Measures

    In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, in this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.

    The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.

    Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Reconciliation of the GAAP and non-GAAP financial measures are presented below.

    Balance Sheet          
    (Dollars in thousands, except per share data)     (Unaudited)  
            March 31, December 31, March 31,
            2025 2024 2024
                 
    Assets:        
      Cash and due from banks   $ 21,360   $ 29,824   $ 19,479  
      Interest bearing deposits in banks     1,445     1,735     1,438  
        Total cash and cash equivalents     22,805     31,559     20,917  
      Securities available-for-sale, at fair value     291,661     292,590     311,227  
      Federal Home Loan Bank (“FHLB”) stock     7,101     7,778     8,449  
      Federal Reserve Bank (“FRB”) stock     4,131     4,131     4,131  
      Mortgage loans held-for-sale, at fair value     6,223     13,368     9,612  
      Loans:        
      Real estate loans:        
      Residential 1-4 family     149,699     153,721     157,414  
      Residential 1-4 family construction     45,508     45,701     45,026  
      Commercial real estate     666,265     645,962     632,452  
      Commercial construction and development     110,107     124,211     147,740  
      Farmland     153,456     146,610     140,246  
      Other loans:        
      Home equity     100,665     97,543     90,418  
      Consumer     26,978     28,513     29,677  
      Commercial     139,668     144,039     137,640  
      Agricultural     131,162     134,346     116,775  
        Total loans     1,523,508     1,520,646     1,497,388  
      Allowance for credit losses     (16,720 )   (16,850 )   (16,410 )
        Net loans     1,506,788     1,503,796     1,480,978  
      Accrued interest and dividends receivable     13,271     12,890     12,038  
      Mortgage servicing rights, net     15,282     15,376     15,738  
      Assets held-for-sale, at cost     960     960     –  
      Premises and equipment, net     101,759     101,540     97,643  
      Cash surrender value of life insurance, net     53,573     53,232     48,218  
      Goodwill     34,740     34,740     34,740  
      Core deposit intangible, net     4,181     4,499     5,514  
      Other assets     25,941     26,631     26,869  
        Total assets   $ 2,088,416   $ 2,103,090   $ 2,076,074  
                 
    Liabilities:        
      Deposit accounts:        
      Noninterest bearing   $ 411,272   $ 419,211   $ 408,781  
      Interest bearing     1,278,694     1,262,017     1,226,818  
        Total deposits     1,689,966     1,681,228     1,635,599  
      Accrued expenses and other liabilities     36,739     47,018     34,950  
      FHLB advances and other borrowings     124,952     140,930     177,540  
      Other long-term debt, net     59,186     59,149     59,037  
        Total liabilities     1,910,843     1,928,325     1,907,126  
                 
    Shareholders’ Equity:        
      Preferred stock (par value $0.01 per share; 1,000,000 shares      
      authorized; no shares issued or outstanding)     –     –     –  
      Common stock (par value $0.01; 20,000,000 shares authorized;      
      8,507,429 shares issued; 7,977,177, 8,027,177 and 8,016,784      
      shares outstanding at March 31, 2025, December 31, 2024, and      
      March 31, 2024, respectively     85     85     85  
      Additional paid-in capital     108,451     108,334     108,893  
      Unallocated common stock held by Employee Stock Ownership Plan   (3,867 )   (4,011 )   (4,440 )
      Treasury stock, at cost (530,252, 480,252 and 490,645 shares at      
      March 31, 2025, December 31, 2024 and March 31, 2024, respectively)   (11,517 )   (10,761 )   (11,124 )
      Retained earnings     103,366     101,264     96,797  
      Accumulated other comprehensive loss, net of tax     (18,945 )   (20,146 )   (21,263 )
        Total shareholders’ equity     177,573     174,765     168,948  
        Total liabilities and shareholders’ equity $ 2,088,416   $ 2,103,090   $ 2,076,074  
                 
    Income Statement     (Unaudited)  
    (Dollars in thousands, except per share data)   Three Months Ended
            March 31, December 31, March 31,
            2025 2024 2024
    Interest and dividend income:        
      Interest and fees on loans   $ 23,320 $ 23,756   $ 21,942  
      Securities available-for-sale     2,451   2,475     2,724  
      FRB and FHLB dividends     260   308     247  
      Other interest income     38   148     29  
        Total interest and dividend income     26,069   26,687     24,942  
    Interest expense:        
      Interest expense on deposits     6,871   7,216     6,548  
      FHLB advances and other borrowings     1,626   2,005     2,497  
      Other long-term debt     670   676     683  
        Total interest expense     9,167   9,897     9,728  
    Net interest income     16,902   16,790     15,214  
    Provision (recapture) for credit losses     42   (36 )   (135 )
        Net interest income after provision for credit losses     16,860   16,826     15,349  
                 
    Noninterest income:        
      Service charges on deposit accounts     389   387     400  
      Mortgage banking, net     2,125   2,818     2,177  
      Interchange and ATM fees     593   675     563  
      Appreciation in cash surrender value of life insurance     350   408     288  
      Net loss on sale of available-for-sale securities     –   (141 )   –  
      Other noninterest income     559   425     524  
        Total noninterest income     4,016   4,572     3,952  
                 
    Noninterest expense:        
      Salaries and employee benefits     9,664   9,830     9,718  
      Occupancy and equipment expense     2,302   2,194     2,099  
      Data processing     1,330   1,715     1,525  
      Software subscriptions     658   576     528  
      Advertising     232   466     253  
      Amortization     320   337     369  
      Loan costs     372   372     398  
      FDIC insurance premiums     231   287     299  
      Professional and examination fees     520   596     484  
      Other noninterest expense     1,377   1,323     1,360  
        Total noninterest expense     17,006   17,696     17,033  
                 
    Income before provision for income taxes     3,870   3,702     2,268  
    Provision for income taxes     631   269     370  
    Net income   $ 3,239 $ 3,433   $ 1,898  
                 
    Basic earnings per common share   $ 0.41 $ 0.44   $ 0.24  
    Diluted earnings per common share   $ 0.41 $ 0.44   $ 0.24  
                 
    Basic weighted average shares outstanding     7,812,248   7,862,279     7,824,928  
                 
    Diluted weighted average shares outstanding     7,823,636   7,868,507     7,835,304  
                 
    ADDITIONAL FINANCIAL INFORMATION   (Unaudited)  
    (Dollars in thousands, except per share data) Three Months Ended or Years Ended
          March 31, December 31, March 31
           2025  2024  2024
               
    Mortgage Banking Activity (For the quarter):      
      Net gain on sale of mortgage loans $ 1,349   $ 2,036   $ 1,414  
      Net change in fair value of loans held-for-sale and derivatives   (115 )   (3 )   (173 )
      Mortgage servicing income, net   891     785     936  
        Mortgage banking, net $ 2,125   $ 2,818   $ 2,177  
               
    Performance Ratios (For the quarter):      
      Return on average assets   0.62 %   0.65 %   0.37 %
      Return on average equity   7.66 %   8.12 %   4.67 %
      Yield on average interest earning assets   5.76 %   5.70 %   5.47 %
      Cost of funds   2.54 %   2.69 %   2.67 %
      Net interest margin   3.74 %   3.59 %   3.33 %
      Core efficiency ratio*   79.77 %   81.26 %   86.95 %
               
    Asset Quality Ratios and Data: As of or for the Three Months Ended
          March 31, December 31, March 31,
           2025  2024  2024
               
      Nonaccrual loans $ 2,701   $ 3,227   $ 5,231  
      Loans 90 days past due and still accruing   2,638     623     1,979  
        Total nonperforming loans   5,339     3,850     7,210  
      Other real estate owned and other repossessed assets   46     45     –  
        Total nonperforming assets $ 5,385   $ 3,895   $ 7,210  
               
      Nonperforming loans / portfolio loans   0.35 %   0.25 %   0.48 %
      Nonperforming assets / assets   0.26 %   0.19 %   0.35 %
      Allowance for credit losses / portfolio loans   1.10 %   1.11 %   1.10 %
      Allowance for credit losses/ nonperforming loans   313.17 %   437.66 %   227.60 %
      Gross loan charge-offs for the quarter $ 6   $ 51   $ 1  
      Gross loan recoveries for the quarter $ 4   $ 7   $ 66  
      Net loan charge-offs (recoveries) for the quarter $ 2   $ 44   $ (65 )
               
               
          March 31, December 31, March 31,
           2025  2024  2024
    Capital Data (At quarter end):      
      Common shareholders’ equity (book value) per share $ 22.26   $ 21.77   $ 21.07  
      Tangible book value per share** $ 17.38   $ 16.88   $ 16.05  
      Shares outstanding   7,977,177     8,027,177     8,016,784  
      Tangible common equity to tangible assets***   6.77 %   6.57 %   6.32 %
               
    Other Information:      
      Average investment securities for the quarter $ 293,273   $ 300,088   $ 314,129  
      Average investment securities year-to-date $ 293,273   $ 306,538   $ 314,129  
      Average loans for the quarter **** $ 1,526,774   $ 1,533,686   $ 1,499,293  
      Average loans year-to-date **** $ 1,526,774   $ 1,523,384   $ 1,499,293  
      Average earning assets for the quarter $ 1,835,210   $ 1,858,078   $ 1,830,316  
      Average earning assets year-to-date $ 1,835,210   $ 1,850,120   $ 1,830,316  
      Average total assets for the quarter $ 2,079,142   $ 2,107,357   $ 2,066,579  
      Average total assets year-to-date $ 2,079,142   $ 2,092,051   $ 2,066,579  
      Average deposits for the quarter $ 1,671,349   $ 1,671,653   $ 1,625,770  
      Average deposits year-to-date $ 1,671,349   $ 1,636,390   $ 1,625,770  
      Average equity for the quarter $ 169,088   $ 169,054   $ 162,637  
      Average equity year-to-date $ 169,088   $ 164,591   $ 162,637  
               
    * The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition
    costs and intangible asset amortization, by the sum of net interest income and non-interest income.
    ** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders’ equity,
    less goodwill and core deposit intangible, by common shares outstanding.
    *** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders’
    equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible.
    **** Includes loans held for sale
               
    Reconciliation of Non-GAAP Financial Measures      
               
    Core Efficiency Ratio (Unaudited)
    (Dollars in thousands) Three Months Ended
          March 31, December 31, March 31,
          2025 2024 2024
    Calculation of Efficiency Ratio:      
      Noninterest expense – efficiency ratio numerator $ 17,006   $ 17,696   $ 17,033  
               
      Net interest income   16,902     16,790     15,214  
      Noninterest income   4,016     4,572     3,952  
        Efficiency ratio denominator   20,918     21,362     19,166  
               
      Efficiency ratio (GAAP)   81.30 %   82.84 %   88.87 %
               
    Calculation of Core Efficiency Ratio:      
      Noninterest expense $ 17,006   $ 17,696   $ 17,033  
      Intangible asset amortization   (320 )   (337 )   (369 )
        Core efficiency ratio numerator   16,686     17,359     16,664  
               
      Net interest income   16,902     16,790     15,214  
      Noninterest income   4,016     4,572     3,952  
        Core efficiency ratio denominator   20,918     21,362     19,166  
               
      Core efficiency ratio (non-GAAP)   79.77 %   81.26 %   86.95 %
               
    Tangible Book Value and Tangible Assets (Unaudited)
    (Dollars in thousands, except per share data) March 31, December 31, March 31,
          2025 2024 2024
    Tangible Book Value:      
      Shareholders’ equity $ 177,573   $ 174,765   $ 168,948  
      Goodwill and core deposit intangible, net   (38,921 )   (39,239 ) $ (40,254 )
        Tangible common shareholders’ equity (non-GAAP) $ 138,652   $ 135,526   $ 128,694  
               
      Common shares outstanding at end of period   7,977,177     8,027,177     8,016,784  
               
      Common shareholders’ equity (book value) per share (GAAP) $ 22.26   $ 21.77   $ 21.07  
               
      Tangible common shareholders’ equity (tangible book value)      
        per share (non-GAAP) $ 17.38   $ 16.88   $ 16.05  
               
    Tangible Assets:      
      Total assets $ 2,088,416   $ 2,103,090   $ 2,076,074  
      Goodwill and core deposit intangible, net   (38,921 )   (39,239 )   (40,254 )
        Tangible assets (non-GAAP) $ 2,049,495   $ 2,063,851   $ 2,035,820  
               
      Tangible common shareholders’ equity to tangible assets      
        (non-GAAP)   6.77 %   6.57 %   6.32 %
               
    Contacts: Laura F. Clark, President and CEO
    (406) 457-4007
    Miranda J. Spaulding, SVP and CFO
    (406) 441-5010

    The MIL Network –

  • MIL-OSI Economics: STATEMENT: CanREA congratulates the Liberal Party of Canada for their re-election  

    Source: – Press Release/Statement:

    Headline: STATEMENT: CanREA congratulates the Liberal Party of Canada for their re-election  

    CanREA eager to resume positive work with the federal government to advance wind energy, solar energy and energy storage initiatives nationwide. 

    Ottawa, Ontario, April 29, 2025—The Canadian Renewable Energy Association (CanREA) congratulates Prime Minister Mark Carney and the Liberal Party of Canada for their election today, forming a minority government. At press time, votes were still being counted with many ridings too close to call. 

    “CanREA looks forward to strengthening our collaboration with the Canadian government to advance clean-energy initiatives nationwide. Expanding investments in wind, solar, and energy storage technologies is essential for safeguarding Canada’s economic sovereignty while delivering affordable, reliable and clean energy solutions. The urgency to act has never been greater,” said Vittoria Bellissimo, CanREA’s President and CEO. 

    During the campaign, Mr. Carney and the Liberal Party committed to a suite of proposals that support the rapid deployment of clean energy. These include: 

    Finalizing the Clean Economy Investment Tax Credits (ITCs), policies that have already galvanized private sector investment in Canada’s renewable energy and energy storage industry. Getting the remaining ITCs passed into law, particularly the Clean Electricity ITC, will secure Canada’s position as a competitive and safe place for the private sector to invest. These will also help lower the cost of electricity to Canadian ratepayers. 
    Reducing the barriers that Indigenous companies and communities face when it comes to accessing capital, by expanding the kinds of projects the Canada Infrastructure Bank can support to be more in line with First Nation, Inuit and Métis priorities. The Liberals also committed to exploring options for an Indigenous Infrastructure Bank to further address this gap. 
    Offering support for Canadians entering the trades, while also helping to reduce barriers that these skilled workers face when working in another province. 
    Creating a new First and Last Mile Fund that will move more electricity and goods from where they are produced to where they are needed, creating a more integrated and accessible Canadian economy. 
    Signing new Cooperation and Substitution Agreements with all willing provinces, territories, and Indigenous Governing Bodies within six months, ensuring that projects go through only one review that upholds environmental standards and Indigenous consultation. 
    Cementing the signal for electrification by maintaining the industrial carbon price. During his leadership campaign, Mr. Carney even promised to set a pricing schedule out to 2035—this would be a strong signal upon which Canada’s renewable energy and energy storage industry could rely. 
    “We are ready to work with all 343 MPs to deliver on legislation that will accelerate the development of the new renewable energy and energy storage projects Canada needs to meet its economic and environmental goals,” said Fernando Melo, CanREA’s Federal Director.  

    “CanREA will continue to champion the speedy introduction of legislation that will enable the Clean Electricity ITC and other tools to improve Indigenous communities’ and companies’ access to capital. We are also committed to working with the new Liberal government to secure Canada’s clean-energy supply chains during this period of uncertainty,” said Melo.  

    Quotes  

    “CanREA looks forward to strengthening our collaboration with the Canadian government to advance clean-energy initiatives nationwide. Expanding investments in wind, solar, and energy storage technologies is essential for safeguarding Canada’s economic sovereignty while delivering affordable, reliable and clean energy solutions. The urgency to act has never been greater.”   

    —Vittoria Bellissimo, President and CEO, Canadian Renewable Energy Association (CanREA) 

    “We are ready to work with all 343 MPs to deliver on legislation that will accelerate the development of the new renewable energy and energy storage projects Canada needs to meet its economic and environmental goals. CanREA will continue to champion the speedy introduction of legislation that will enable the Clean Electricity ITC and other tools to improve Indigenous communities’ and companies’ access to capital. We are also committed to working with the new Liberal government to secure Canada’s clean-energy supply chains during this period of uncertainty.” 

    —Fernando Melo, Federal Director, Canadian Renewable Energy Association (CanREA) 

    For media interview opportunities, please contact:

    Bridget Wayland, Senior Director of CommunicationsCanadian Renewable Energy Associationcommunications@renewablesassociation.ca

    About CanREA

    The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on X and LinkedIn. Subscribe to our newsletter here. Become a member here. Learn more at renewablesassociation.ca.
    The post STATEMENT: CanREA congratulates the Liberal Party of Canada for their re-election   appeared first on Canadian Renewable Energy Association.

    MIL OSI Economics –

  • MIL-Evening Report: 50 years after the ‘fall’ of Saigon – from triumph to Trump

    30 April 1975. Saigon Fell, Vietnam Rose. The story of Vietnam after the US fled the country is not a fairy tale, it is not a one-dimensional parable of resurrection, of liberation from oppression, of joy for all — but there is a great deal to celebrate.

    After over a century of brutal colonial oppression by the French, the Japanese, and the Americans and their various minions, the people of Vietnam won victory in one of the great liberation struggles of history.

    It became a source of inspiration and of hope for millions of people oppressed by imperial powers in Central & South America, Asia, Africa, the Middle East and Eastern Europe.

    Civil war – a war among several
    The civil war in Vietnam, coterminous with the war against the Western powers, pitted communists and anti-communists in a long and pitiless struggle.

    Within that were various strands — North versus South, southern communists and nationalists against pro-Western forces, and so on. As various political economists have pointed out, all wars are in some way class wars too — pitting the elites against ordinary people.

    As has happened repeatedly throughout history, once one or more great power becomes involved in a civil war it is subsumed within that colonial war. The South’s President Ngô Đình Diệm, for example, was assassinated on orders of the Americans.

    By 1969, US aid accounted for 80 percent of South Vietnam’s government budget; they effectively owned the South and literally called the shots.

    Donald Trump declared April 2 “Liberation Day” and imposed some of the heaviest tariffs on Vietnam because they didn’t buy enough U.S. goods! Image: www.solidarity.co.nz

    US punishes its victims
    This month, 50 years after the Vietnamese achieved independence from their colonial overlords, US President Donald Trump declared April 2 “Liberation Day” and imposed some of the heaviest tariffs on Vietnam because they didn’t buy enough US goods!

    As economist Joseph Stiglitz pointed out, they don’t yet have enough aggregate demand for the kind of goods the US produces. That might have something to do with the decades it has taken to rebuild their lives and economy from the Armageddon inflicted on them by the US, Australia, New Zealand and other unindicted war criminals.

    Straight after they fled, the US declared themselves the victims of the Vietnamese and imposed punitive sanctions on liberated Vietnam for decades — punishing their victims.

    Under Gerald Ford (1974–1977), Jimmy Carter (1977–1981), Ronald Reagan (1981–1989), George H.W. Bush (1989–1993) right up to Bill Clinton (1993–2001), the US enforced the Trading with the Enemy Act (TWEA) of 1917.

    The US froze the assets of Vietnam at the very time it was trying to recover from the wholesale devastation of the country.

    Tens of millions of much-needed dollars were captured in US banks, enforced by the International Emergency Economic Powers Act (IEEPA). The US also took advantage of its muscle to veto IMF and World Bank loans to Vietnam.

    Countries like Australia and New Zealand, to their eternal shame, took part in both the war, the war crimes, and imposing sanctions and other punitive measures subsequently.

    The ‘Boat People’ refugee crisis
     While millions celebrated the victory in 1975, millions of others were fearful. The period of national unification and economic recovery was painful, typically repressive — when one militarised regime replaces another.

    This triggered flight: firstly among urban elites — military officers, government workers, and professionals who were most closely-linked to the US-run regime.

    You can blame the Commies for the ensuing refugee crisis but by strangling the Vietnamese economy, refusing to return Vietnamese assets held in the US, imposing an effective blockade on the economy via sanctions, the US deepened the crisis, which saw over two million flee the country between 1975 and the 1980s.

    More than 250,000 desperate people died at sea.

    Đổi Mới: the move to a socialist-market economy
     In 1986, to energise the economy, the government moved away from a command economy and launched the đổi mới reforms which created a hybrid socialist-market economy.

    They had taken a leaf out of the Chinese playbook, which under the leadership of Deng Xiaoping (1978 –1989), had moved towards a market economy through its “Reform and Opening Up” policies.  Vietnam saw the “economic miracle” of its near neighbour and its leaders sought something similar.

    Vietnam’s economy boomed and GDP grew from $18.1 billion in 1984 to $469 billion by 2024, with a per capita GDP at purchasing power parity (PPP) of $15,470 (up from about $300 per capita in the 1970s).

    After a sluggish start, literacy rates soared to 96.1 percent by 2023, and life expectancy reached 73.7 years, only a few short of the USA.  GDP growth is around 7 percent, according to the OECD.

    An unequal society
     Persistent inequality suggests the socialist vision has partially faded. A rural-urban divide and a rich-poor divide underlines ongoing injustices around quality of life and access to services but Vietnam’s Gini coefficient — a measure of income inequality — puts it only slightly more “unequal” as a society than New Zealand or Germany.

    Corruption is also an issue in the country.

    Press controls and political repression
     As in China, political power resides with the Party. Freedom of expression — highlighted by press repression — is severely limited in Vietnam and nothing to celebrate.

    Reporters Without Borders (RSF) rates Vietnam as 174th out of 180 countries for press freedom and regularly excoriates its strongmen as press “predators”.  In its country profile, RSF says of Vietnam: “Independent reporters and bloggers are often jailed, making Vietnam the world’s third largest jailer of journalists”.

    Vietnam is forging its own destiny
     What is well worth celebrating, however, is that Vietnam successfully got the imperial powers off its back and out of its country. It is well-placed to play an increasingly prosperous and positive role in the emerging multipolar world.

    It is part of the World Trade Organisation (WTO), and the ASEAN network, and borders China, giving Vietnam the opportunity to weather any storms coming from the continent of America.

    Vietnam today is united and free and millions of ordinary people have achieved security, health, education and prosperity vastly better than their parents and grandparents’ generations were able to.

    In the end the honour and glory go to the Vietnamese people.

    Ho Chi Minh, the great leader of the Vietnamese people who reached out to the United States, and sought alliance not conflict. Image: www.solidarity.co.nz

    I’ll give the last word to Ho Chi Minh, the great leader of the Vietnamese people who reached out to the United States, and sought alliance not conflict. He was rebuffed by the super-power which had a different agenda.

    On September 2, 1945, Ho Chi Minh proclaimed the independent Democratic Republic of Vietnam in Hanoi’s Ba Dinh square:

    “‘All men are created equal. They are endowed by their Creator with certain inalienable rights, among them are Life, Liberty, and the pursuit of Happiness.’

    “This immortal statement was made in the Declaration of Independence of the United States of America in 1776. In a broader sense, this means: All the peoples on the earth are equal from birth, all the peoples have a right to live, to be happy and free.

    “… A people who have courageously opposed French domination for more than eight years, a people who have fought side by side with the Allies against the Fascists during these last years, such a people must be free and independent.

    “For these reasons, we, members of the Provisional Government of the Democratic Republic of Vietnam, solemnly declare to the world that Vietnam has the right to be a free and independent country — and in fact is so already. The entire Vietnamese people are determined to mobilise all their physical and mental strength, to sacrifice their lives and property in order to safeguard their independence and liberty.”

    And, my god, they did.

    To conclude, a short poem attributed to Ho Chi Minh:

    “After the rain, good weather.

    “In the wink of an eye,

    the universe throws off its muddy clothes.”

    Eugene Doyle is a community organiser and activist in Wellington, New Zealand. He received an Absolutely Positively Wellingtonian award in 2023 for community service. His first demonstration was at the age of 12 against the Vietnam War. This article was first published at his public policy website Solidarity and is republished here with permission.

    Article by AsiaPacificReport.nz

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Rep. Erin Houchin Introduces the Abortion Funding Awareness Act

    Source: United States House of Representatives – Congresswoman Erin Houchin (Indiana 09)

    WASHINGTON, D.C. – Congresswoman Erin Houchin (IN-09) has introduced the Abortion Funding Awareness Act, companion legislation to the Senate bill led by Senator Jim Banks (R-IN). This legislation brings long-overdue transparency to how states are using Medicaid funds in connection with abortion providers like Planned Parenthood.

    This legislation ensures that American taxpayers are not unknowingly footing the bill for abortion-related services and holds state governments accountable for how federal funds are spent.

    “The Abortion Funding Awareness Act exposes how states are funneling tax dollars to abortion providers,” said Congresswoman Erin Houchin. “For too long, the left has used loopholes and a lack of transparency to prop up Planned Parenthood and others who profit from taking innocent lives. This bill says enough is enough.”

    Despite federal restrictions on direct abortion funding, states have been quietly steering taxpayer-funded Medicaid dollars to abortion providers under the radar. The Abortion Funding Awareness Act seeks to stop that by requiring states to report all Medicaid payments made to abortion providers, submit annual reports detailing those transactions, and publish this information on their official state websites for the public to see.

    “This legislation provides the transparency and accountability the American people deserve. I remain committed to defending rights of conscience and the integrity of taxpayer dollars,” said Houchin.

    MIL OSI USA News –

  • MIL-OSI USA: Magaziner to Speak on House Floor Every Day Until Funding for Malnourished Children Is Restored

    Source: US Representative Seth Magaziner (RI-02)

    WASHINGTON, DC — Today, U.S. Representative Seth Magaziner (RI-02) announced that he will speak on the House floor every day the chamber is in session until federal funding for Ready-to-Use Therapeutic Food (RUTF), used to save the lives of malnourished children around the world, is restored. Edesia Nutrition, based in North Kingstown, Rhode Island, is one of two organizations in the United States that manufactures RUTF, along with MANA Nutrition in Fitzgerald, Georgia. The Trump Administration has halted all new orders of RUTF as part of its dismantling of USAID. 

    Edesia-produced RUTF saves 5 million lives in more than 30 countries each year. Despite assurances from Elon Musk and Secretary of State Marco Rubio that funding would be restored, it still has not been. 

    Unlike Senators, Members of the U.S. House of Representatives cannot filibuster, but they are allowed to speak on the House floor for between one to five minutes each day – a right Magaziner plans to use until funding for RUTF is restored. 

    Magaziner will use every opportunity to call attention to what he calls a “moral failure” by the Trump administration, that is costing the lives of innocent children every day that the funding for RUTF, including that manufactured at Edesia, is halted. 

    He released the following statement: 

    “Starting today, I will be taking to the floor of the House of Representatives on each day we are in session to speak out against the Trump administration’s failure to restore funding to save the lives of malnourished children around the world. I was elected to be a voice for Rhode Island’s Second District – and I intend to use my voice each and every day until this life saving aid is restored.”

    BACKGROUND:

    Plumpy’Nut, a ready-to-use therapeutic food (RUTF) is a nutrient-dense, life-saving paste, is one of the most effective methods of treating children with malnutrition. In the United States, USAID’s Office of Food for Peace, primarily through Title II emergency food assistance, has funded the manufacture and distribution of Plumpy’Nut to the developing world for decades.

    Edesia is a nonprofit manufacturer in North Kingstown, Rhode Island, that produces more than 88 million pounds of Plumpy’Nut each year. Their products have treated malnutrition in infants and children across more than 65 countries, saving approximately 26 million lives since 2010.

    Since the Trump Administration took office, Edesia has received no new orders from the federal government, causing production to nearly halt, despite assurances from Elon Musk and Secretary of State Rubio that funding for emergency food aid produced by Edesia will continue.

    Magaziner vowed to keep pressing the issue on the House floor until federal funding for RUTF is reinstated.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Chancellor speech at Global Innovate Summit 2025

    Source: United Kingdom – Executive Government & Departments

    Speech

    Chancellor speech at Global Innovate Summit 2025

    The Chancellor delivered the keynote speech at the Global Innovate Summit 2025 on 29 April.

    Thank you Janine, and good afternoon everyone.

    It’s a pleasure to be here today to mark the 11th year of UK FinTech Week …

    … brought together once again by Innovate Finance…

    …who continue to champion tirelessly our FinTech sector.

    As Chancellor, I’ve always said it’s my job to back the builders…

    … back the wealth creators…

    …and the job creators.

    So my job is to back all of you in this room.

    After all, it’s thanks to your work that the UK is a world leader in FinTech.

    When I was working at the Bank of England 20 years ago…

    …FinTech was in its infancy…

    …an offshoot of financial services…

    …and there was certainly no such thing as FinTech week.

    But times have changed, the industry has changed.

    Last year, the UK’s FinTech sector attracted $3.6 billion of investment – more than any other country bar the US.

    Almost half of Europe’s FinTech unicorns are based here in Britain…

    …and roughly a third of all UK unicorns are FinTechs – a higher share than anywhere else.

    Companies like Allica Bank and Zilch, who were both recently named among the fastest growing companies in Europe by the Financial Times …

    …Or Zopa, for whom 2024 marked another year of extraordinary economic growth.

    Last week when I was in Washington for the IMF Spring Meetings…

    … I spoke to industry, legislators, and policymakers…

    …as well as US firms already operating here in the UK.

    I set out our strengths as an open trading nation with trade links around the world…

    …and as a nation that can provide political and financial stability and certainty to businesses…

    …in an uncertain world.

    The UK has a long history of breaking new ground in Financial Services.

    We were the first country to develop uniform Open Banking standards…

    …and we were one of the first countries to establish a system for near-instant digital payments with the Faster payments system in 2008.

    In my Mansion House speech last year, I published the National Payments Vision…

    … setting out the government’s ambition for seamless account-to-account payments…

    …and demonstrating our commitment to a regulatory environment that cares about managing the burden we put on businesses.

    Something that we will build in with the consolidation of the Payment Systems Regulator into the FCA.

    The UK is Europe’s leading hub for investment…

    …raising more equity capital than the next three European exchanges combined last year.

    I am committed to building on these strong foundations…

    …with an ambitious programme of reforms.

    Last September I chose to extend the UK’s generous venture capital schemes…

    … the Enterprise Investment Scheme and the Venture Capital Trust scheme…

    …which – alongside the Seed Enterprise Investment Scheme – offer generous tax reliefs…

    …in return for investing in British business.

    And we will soon publish the final Pension Investment Review, ahead of the introduction of the Pension Schemes Bill…

    …where we will legislate to unlock up to £80 billion of investment into companies like yours…

    start-up, scale-up, and fast growing businesses.

    …delivering a major consolidation of the Defined Contribution market and the Local Government Pension Scheme…

    …so that pension funds have sufficient scale to invest in growing industries like FinTech.

    I am determined to make sure that the UK remains one of the best places in the world for FinTechs to start-up, scale-up and to list…

    …benefitting from our stable and liquid markets.

    Last July, the FCA implemented a fundamental rewrite of the UK’s Listing Rules, the biggest reforms in a generation.

    These new rules now put the UK in line – or in many cases ahead – of other global markets in giving companies the flexibility to pursue their growth ambitions…

    …backing their aspiration…

    …and allowing them to raise large amounts of capital more easily.

    And for those companies who want to remain private for longer, we are developing the new Private Intermittent Securities and Capital Exchange System – or PISCES…

    …which we will legislate for next month.

    This is a brand new type of stock exchange for trading private company shares…

    …supporting private companies to scale and grow…

    …and providing a steppingstone to IPO.

    Finally, we’ve reformed the rules to allow greater investment research to be produced on UK listed companies…

    …and reducing the burdens imposed on public companies through the UK’s Corporate Governance Code.

    I want the UK to be a place where you can take risks…

    …innovate and experiment…

    …and find new ways to deliver for your customers.

    When I met with senior leaders from across the FinTech sector last month…

    …you told me about the importance of getting the balance of regulation right…

    …especially on digital assets.

    I agree.

    While the UK will always be committed to high international standards…

    …I am determined that our regulatory framework supports economic growth.

    That’s why I’m delighted that we are today publishing draft legislation for the UK’s comprehensive regulatory regime for cryptoassets…

    …engaging with all of you to ensure that the final legislation – planned for later this year – delivers for government and most importantly for the industry…

    …and makes the UK a great place for digital asset companies to invest and innovate.

    For the UK to be a world-leader in digital assets…

    …international cooperation is vital.

    Which is why I discussed continued U.S. and UK engagement with Secretary Bessent last week…

    …including further dialogue at the upcoming UK-U.S. Financial Regulatory Working Group in June…

    …to support the use and responsible growth of digital assets…

    …maintaining the deep historic relationship between the world’s two largest financial centres through this period of significant technological change.

    Regulation must support business, not hold it back.

    Our regulators were among the first to embrace and develop sandboxes…

    …including the Digital Securities Sandbox, where I’m delighted that we already have a broad range of firms all looking at different proposals for tokenising our financial markets.

    Last November, I announced that this government will issue a Digital Gilt Instrument…

    …an entirely new debt instrument…

    …using distributed ledger technology…

    this will enable us to experience first-hand the benefits of digital technologies in debt issuance.

    And I know that there is appetite to go further.

    Last week, Secretary Bessent and I also discussed how our officials could explore opportunities to support industry to innovate cross-border…

    …in line with proposals put forward by US Securities and Exchange Commissioner Hester Peirce about a transatlantic sandbox for digital securities…

    …potentially allowing greater digital collaboration between capital markets in New York and London.

    I’ve talked about what we’ve already done, and some ideas for the future.

    Financial services is one of the key growth-driving sectors in the UK’s modern industrial strategy…

    ….with FinTech as a priority growth opportunity…

    …and I look forward to publishing the Financial Services Growth and Competitiveness Strategy at my upcoming Mansion House address…

    …which I can today confirm will take place on the 15th July.

    At Mansion House last year I set out my vision on economic growth…

    …and the new approach required to build sustainable growth…

    …on a platform of stability.

    At Mansion House this year I’ll talk about how we can go further and faster in realising that growth.

    By publishing the Financial Services Growth and Competitiveness Strategy…

    …I will set out our strategy for the rest of this parliament and beyond…

    …building on our strengths in areas including capital markets, insurance and asset management…

    … supporting firms to innovate by ensuring they can access and develop the talent they need…

     …and promoting the UK as a great place to do business globally.

    Backing the builders in FinTech means improving outcomes for businesses and consumers…

    …revolutionising how we invest and trade…

    And driving growth and prosperity, here in the UK.

    It’s incredible how far Fintech has come in the past decade…

    And I’m enormously optimistic about the future.

    From the huge growth of the sector that has already taken place…

    …to the passion, drive and commitment I see from all of you to make FinTech a huge UK success story…

    …it is clear that our job in government is to back you, back the builders, back the change makers all the way.

    And I am ready to do just that.

    Thank you very much.

    Updates to this page

    Published 29 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Aberdeen City & Aberdeenshire Archives re-open to public

    Source: Scotland – City of Aberdeen

    Local history enthusiasts are being encouraged to book a visit to ‘Explore Your Archive’ as Aberdeen City & Aberdeenshire Archives re-opens today (29 April) for in-person research visits at the Town House on Broad Street.
     
    The Archives have been closed to the public for almost a year to allow the team to carry out a major collection move from Old Aberdeen House to the Town House. Preparations began in November 2023 with a huge stocktake of the collection, when staff and a group of 20 volunteers recorded details of every item in every storeroom. One of the most formidable tasks was labelling over 7,000 individual boxes. The preparations also included checking that delicate items would be suitable for transportation, and wrapping and protecting a wide variety of materials, including glass slides from Second World War Red Cross hospitals, maps, oversized volumes and ledgers, and thousands of architectural plans.

    Over 9,000 individual items, including archive boxes, bankers boxes, crates, wrapped volumes and plans, were moved over 20 days of heavy lifting, multiple trolley loads and several flights of stairs – all fuelled by 136 packs of biscuits! Volunteers logged 1,549 hours helping with the move.

    The largest tasks for volunteers was an appraisal of 120 files of Aberdeen School Board correspondence sent from teachers and Aberdeen residents in the late 19th and early 20th centuries. Volunteers reviewed and listed the bundles of letters, reducing the collection from seven storage shelves to two, using professional criteria to weed out items of little historic value. Detailed information on the collection of letters has been recorded in the Archives catalogue and the material is available to researchers.

    A new storeroom at the Town House is now home to several core collections, such as the school admission registers and logbooks, building warrants, council minutes for Aberdeenshire and the Port of Aberdeen records (Aberdeen Harbour Board). A selection of photographic images from this collection showing the technological changes that have taken place on the quayside over the past 100 years will be going on display at the Art Gallery from Saturday 7 June.  

    Councillor Martin Greig, Aberdeen City Council culture spokesman, said, “The Archives are a valuable resource for all kinds of research. It’s a tremendous source of pride for us in Aberdeen that we care for the oldest and most complete collection of burgh records in Scotland, dating back to 1398. They are recognised by UNESCO as being of outstanding historical importance to the United Kingdom. It’s very exciting that the Archives team has set up a new storeroom at the Town House where the public can access these remarkable collections, which really are a the gateway to the written history of the north-east of Scotland.”
      
    A new Access Guide to the Archives at the Town House is now available, along with a new Visual Guide containing details of what to expect on a visit to the Archives at the Town House. Both can be found on the Plan Your Visit pages of the Archives, Gallery & Museums website https://www.aberdeencity.gov.uk/AAGM/plan-your-visit/town-house-archives 

    Phil Astley, Team Leader – Aberdeen City & Aberdeenshire Archives, will be giving a free lunchtime talk on the Port of Aberdeen archives – ‘A Haven for History’ on Wednesday 7 May at 12.30pm. 
    https://www.aberdeencity.gov.uk/AAGM/whats-aberdeen-art-galleries-and-museums/lunchtime-talk-haven-history-port-aberdeen-archives 

    From the Archive: Aberdeen Harbour opens at Aberdeen Art Gallery on 7 June. The exhibition continues until 11 January, open daily, admission free https://www.aberdeencity.gov.uk/AAGM/whats-aberdeen-art-galleries-and-museums/archive-aberdeen-harbour

    The collections of Aberdeen City and Aberdeenshire Archives contain a wealth of documents and records dating from the 12th century to the present day, relating to the rich history and heritage of the City of Aberdeen and the three ancient counties of Aberdeen, Banff and Kincardine. They include burgh records, burial records, church records, business records and school records. 
     
    Visits to the Archives should be booked in advance by emailing archives@aberdeencity.gov.uk. More information can be found at: https://www.aberdeencity.gov.uk/services/libraries-and-archives/aberdeen-city-and-aberdeenshire-archives/visitor-information  
      
    Read about the Archives move at https://aberdeenarchives.blogspot.com/ 

    Follow Aberdeen City and Aberdeenshire Archives on Facebook and Instagram for all the latest news about reopening. 

    Image: Phil Astley, Team Leader – Aberdeen City & Aberdeenshire Archives, and  Councillor Martin Greig, pictured in the Charter Room at the Town House
     

    MIL OSI United Kingdom –

  • MIL-OSI USA: Welch on Trump’s 100th Day: “President Trump has made chaos the cornerstone of his second term.”

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) today released the following statement on President Trump’s 100th day in office:
    “President Trump has made chaos the cornerstone of his second term. Every American is hurt by Trump’s reckless handling of the economy, his illegal attempts to dismantle the federal government, and his cruel deportation agenda. This is far from the ‘thrilling new era in national success’ promised. One hundred days in, it is clear this White House is focused only on the success of the richest and most connected.
    “Today, working families are paying more. Small businesses and farms in Vermont and across the country worry about surviving another trade war. Seniors, children and people living with disabilities are at risk of losing the health care they rely on. America’s allies are losing faith and walking away. Our civil rights and protections granted under the Constitution are under attack, and faith in our democracy is quickly eroding.
    “This is a dark moment for America, but our unity against the Trump Administration is the light that many need right now. Together, we will stand up and stand against this White House’s attacks—we will resist, and we will persevere.”

    MIL OSI USA News –

  • MIL-OSI United Kingdom: New cryptoasset rules to drive growth and protect consumers

    Source: United Kingdom – Government Statements

    Press release

    New cryptoasset rules to drive growth and protect consumers

    Changes support innovation while cracking down on fraudsters

    • Clear new rules to give investors confidence and protect consumers
    • Chancellor also reveals discussions with US about supporting the use and responsible growth of digital assets, as Government works in national interest to drive growth through Plan for Change

    Firms offering services for cryptoassets like Bitcoin and Ethereum will be subject to new, clear rules, boosting investor confidence and driving growth through the Plan for Change.  

    At a major summit in London to mark UK Fintech Week, the Chancellor revealed that the UK has published draft legislation for regulating cryptoassets – better protecting millions of people across Britain. 

    Around 12% of UK adults now own or have owned crypto, up from just 4% in 2021. But too often, consumers have been left exposed to risky firms and scams. 

    Under the new rules, crypto exchanges, dealers and agents will be brought into the regulatory perimeter — cracking down on bad actors while supporting legitimate innovation.  Crypto firms with UK customers will also have to meet clear standards on transparency, consumer protection, and operational resilience — just like firms in traditional finance. 

    The Chancellor also revealed that the UK and US will use the upcoming UK – U.S. Financial Regulatory Working Group to continue engagement to support the use and responsible growth of digital assets.  

    This follows discussions in Washington between the Chancellor and the US Treasury Secretary, Scott Bessent, where they also discussed opportunities to support businesses to innovate on both sides of the Atlantic. This includes looking at ideas for how we could allow for greater collaboration on digital securities between the UK and US, including the proposals put forward by SEC Commissioner Hester Peirce for a transatlantic sandbox for digital securities. 

    Rachel Reeves, Chancellor of the Exchequer, said:

    Through our Plan for Change, we are making Britain the best place in the world to innovate — and the safest place for consumers. Robust rules around crypto will boost investor confidence, support the growth of Fintech and protect people across the UK.

    Today’s announcement sends a clear signal: Britain is open for business — but closed to fraud, abuse, and instability.  

    The Chancellor also announced that the government will publish the first-ever Financial Services Growth and Competitiveness Strategy on 15 July, alongside her Mansion House speech. This will support the financial services sector’s long term growth, with Fintech identified as a priority sector, and help it finance investment and growth across the UK. 

    The government will bring forward final cryptoasset legislation at the earliest opportunity, following engagement on the draft provisions with industry. 

    More information

    • The UK’s Financial Conduct Authority (FCA) consumer research found that around 12% of UK adults owned crypto in 2024, up from 4% in 2021.
    • The 2023 Treasury consultation proposed bringing a wide range of cryptoasset activities — including exchanges and custody services — within the UK’s financial services regulatory perimeter.
    • The government remains committed to making the UK a global hub for digital asset technologies, aligned with the Plan for Change to drive growth, innovation and security.
    • Read the draft legislation and accompanying policy explainer.

    Updates to this page

    Published 29 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Security: 40th iteration of exercise TRADEWINDS 25 unites 26 nations promoting security in the Western Hemisphere

    Source: United States SOUTHERN COMMAND

    More than 1,000 service members, law enforcement professionals, government officials and other participants from 26 partner and allied nations gathered at Teteron Barracks, Chaguaramas, Trinidad and Tobago, on April 26 to officially commence TRADEWINDS 25, the U.S. Southern Command-sponsored, U.S. Army South-led multinational, multi-domain exercise.

    MIL Security OSI –

  • MIL-OSI: cBrain aims to create and lead two new global solution niches

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement no. 05/2025

    cBrain aims to create and lead two new global solution niches

    Copenhagen, April 29, 2025

    The faster-than-anticipated shift in the government IT market toward COTS government software presents new strategic opportunities for cBrain. As a result, cBrain (NASDAQ: CBRAIN) has announced to adjust its growth strategy during the first half of 2025 to capitalize on these market changes.

    Consequently, the growth strategy is extended by adding a focus on two market niches with global potential. Utilizing a strong financial position, cBrain is now building two new units, dedicated to achieving global leadership in two global solution areas, referred to as Paperless Ministry and Environmental Permitting.

    Solid development in Denmark and internationally

    cBrain has entered the year as planned with continued development in Denmark and international markets.

    In January, cBrain announced an agreement to deliver the F2 Digital platform for the new Danish Ministry of Resilience and Preparedness. The F2 solution was configured for the ministerial work, ready-to-go-live, in 3 weeks.

    In March cBrain announced the successful delivery of the F2 Digital platform for the Danish Energy Agency. F2 has been configured as a grant management solution to support the heat pump subsidy program. At launch the agency said the new solution exceeded all expectations, with almost 70% of all applications being processed fully automatically, and the first 930 citizen applications approved within only minutes of launching the subsidy program.

    In Germany, cBrain continues deploying F2 with the agency that administrates public pensions. Several thousand users have gone live during the first months of the year, and cBrain has won a new tender extending the scope of work.

    In Romania, cBrain’s partner has won a public tender to deliver a new national platform for administrating citizen pensions. F2 is now being configured as the case management and processing kernel, supporting close to 100 different administrative processes and integrating with multiple other systems. cBrain sees the project as a milestone both technically and strategically, demonstrating the power of the F2 Service Builder and the early success of the F2-for-Partner strategy.

    Taking leadership within Paperless Ministry and Environmental Permitting

    The long-term cBrain growth strategy is founded on a vision and a business case to provide standard software for government. Working in close collaboration with Danish government for 15 years, cBrain has invested more than 450,000 hours in developing the F2 platform.

    Today, almost all Danish ministries, and more than 75 Danish authorities in total, use F2 as their digital platform. Internationally, cBrain has delivered F2 to government organizations across five continents. With Denmark ranked number one in the United Nations E-Government Survey for the past eight years, this offers cBrain a strong first-mover advantage and a solid reference position.

    Leveraging the F2 software platform, cBrain is executing an ambitious international growth plan with the aim of becoming a global leader in the fast emerging market for Commercial Off-The-Shelf (COTS) software built for government.

    With the 2024 Annual Report, cBrain stated that the transition from custom-built IT solutions to standardized platforms seems to emerge faster than anticipated. This assumption seems to be continuously validated throughout the spring. An increasing number of competitors are repositioning themselves as COTS suppliers, and the White House issued an executive order in April directing the administration to prioritize the procurement of commercial off-the-shelf solutions rather than procuring custom products and developing systems.

    The faster-than-anticipated shift in the government IT market toward COTS government software presents new strategic opportunities for cBrain. As a result, cBrain has announced an adjustment to its growth strategy during the first half of 2025 to capitalize on these market changes.

    The core of cBrain’s growth strategy is built on serving large government clients, securing steady, sustainable growth through long-term software subscriptions, and accelerating international growth through the F2-for-Partners concept.

    The growth strategy is now being extended by adding a focus on two market niches with global potential. Utilizing a strong financial position, cBrain is now building two new units, dedicated to achieving global leadership in two global solution areas, referred to as Paperless Ministry and Environmental Permitting.

    The F2 Paperless Ministry Solution

    cBrain has built a strong home market position in Denmark. This position has been achieved by taking leadership as the supplier of the F2 Paperless Ministry solution, which today is the digital platform for almost all Danish ministries.

    In the autumn 2024 the Danish government announced 3 new ministries, and in January cBrain announced that all 3 new ministries have now chosen F2 as their digital platform. The F2 ministry solution was installed and configured, ready to go live within only 3 weeks. The new ministerial projects demonstrate the power of Commercial Off-The-Shelf (COTS) for government solutions and consolidate cBrains unique position in the Danish market.

    Building from the paperless ministry leadership position, cBrain has successfully been able to expand outside the ministerial solution niche into the broad Danish government market. Today serving more than 75 Danish government organizations with a large catalog of citizen-facing solutions, from tax solutions and auditing to grants management, inspections, licensing, and family affairs.

    A key pillar of the expanded growth strategy is to replicate the Danish success by establishing bridgeheads in new international markets, based on a focused, vertical go-to-market approach centered around the Paperless Ministry offering. The ultimate goal is to achieve global niche leadership, thereby securing a strong foundation for future growth.

    cBrain is currently testing and validating the new strategic Paperless Ministry initiative, with market initiatives in Europe and Africa.

    In Europe, cBrain is still working to establish contacts with ministries in selected countries. In Africa, the initial market activities have led to a pilot project, where the Danish Paperless Ministry solution was configured and made ready to go live for a Kenyan ministry in just 10 weeks.

    cBrain is now developing a go-to-market plan for the African region, working closely with Danish embassies in Africa and aligning with the UNDP Digital Offer for Africa strategy. This builds on the partnership with UNDP announced in November 2024. cBrain sees the African Paperless Ministry solution, leveraging Danish government experience, as a unique tool to help African governments achieve fast digital transformation.

    Environmental Permitting

    As a second pillar of its expanded growth strategy, and in parallel with the Paperless Ministry initiative, cBrain has launched an ambitious initiative to position the F2 Environmental Permitting solution as a strategic niche offering, aiming to take a leading international market position.

    The importance of environmental assessment and permitting is growing worldwide. Government review and permitting processes are required for many infrastructure projects, including roads, bridges, mines, factories, and power plants. In April 2025, the White House issued an executive order stating that executive departments and agencies shall make maximum use of technology in environmental review and permitting processes for infrastructure projects of all kinds.

    In close collaboration with the Danish Environmental Protection Agency (EPA), cBrain has developed an F2 based Environmental Permitting solution that eliminates the use of paper-based applications and accelerates case processing time and quality.

    In July 2024, the White House Council on Environmental Quality (CEQ) issued a report to Congress that assesses and recommends technologies to improve environmental reviews and permitting processes. In this report, the cBrain F2 Platform is highlighted as a successful process and AI tool for environmental permitting.

    cBrain therefore views environmental permitting as a potential niche entry point into the U.S. market, at both the federal and state levels, supporting its decision to invest in this area as the second pillar of its expanded growth strategy.

    cBrain maintains its financial guidance for 2025

    cBrain has provided financial guidance for the year, with an expected revenue growth of 10-15% and EBT (Earnings Before Tax) of 18-23%. cBrain maintains its financial guidance for 2025.

    The allocation of leadership and delivery resources to support the new niche initiatives may temporarily slow current activities. However, the expanded growth strategy is expected to drive new business and accelerate overall growth over time. Depending on the pace of success, executing the expanded growth strategy therefore introduces uncertainty to the 2025 revenue outlook, both on the upside and downside.

    In the 2025 budget cBrain has allocated extra one-time costs to market expansion of approximately 4 million Euro to support the revised strategy. These costs are fully included in the financial outlook for 2025 but are conditional on the validation to ensure disciplined growth.

    Best regards

    Per Tejs Knudsen, CEO

    Inquiries regarding this Company Announcement may be directed to

    Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: The treasure of trusteeship

    Source: United Kingdom – Executive Government & Departments

    Speech

    The treasure of trusteeship

    David Holdsworth delivers speech at Trustee Exchange 2025.

    Good afternoon. 

    I’m delighted to join so many of you here today at the annual Trustee Exchange.  

    This is the event in the calendar dedicated to promoting and developing trustees, and I’d like to extend my thanks to Civil Society for once again bringing us all together.  

    Because, put simply, without you, there would be no charity sector.  

    What you achieve – individually and collectively – for society, is nothing short of staggering. 

    A figure used a lot is £94 billion.

    That’s the annual turnover of the charity sector in England and Wales.

    It’s a huge figure – so huge that it’s hard to really imagine what that means, on the ground, in people’s lives. 

    Well – it means game-changing medical trials – like the one recently funded by the charity Spinal Research – a paralysed woman regaining the use of her hands so that she can now brush her young daughter’s hair.

    It means that the osprey – that magnificent bird of prey – which was once driven to near extinction in the UK – is now thriving, with over 250 nesting pairs living in Britain today. 

    It means that 30 million more people across the world now have access to a safe, working toilet. 

    It means that families with seriously ill children in hospital can stay close by in free, purpose-built accommodation. 

    And it means that, on average, two lives are saved at sea every single day by RNLI volunteers.   

    These a just a few examples of what has been made possible by the charity sector, and the steadfast custodianship of its trustees.  

    So please, take a moment to reflect on your own contribution to the countless and varied achievements of charities across the years.  

    I can assure you, your work does not go unnoticed by us or the public. 

    So ensuring the Commission supports you as trustees in maximising your charities’ impact is vital – and that’s what I want to discuss today. 

    It won’t come as news to you that the entire charitable sector is scaffolded by the enthusiasm, generosity, and capability of its trustees. 

    So making trusteeship an attractive prospect – both for current trustees, and for new recruits – is absolutely vital for us. 

    I’ve been in post at the Charity Commission now for nine months, and in this time have had the pleasure of visiting a great range of charities in England and Wales.  

    I don’t need to tell anyone here today that times remain challenging for the sector as a whole. 

    Charities are on the front line, dealing with the fall out from unpredictable global politics and shifting world orders. 

    From providing aid in warzones such as Ukraine and the Middle East, to running vital services here in the UK, the sector consistently steps in to meet need – wherever it finds it. 

    All the while, charities continue to grapple with higher running costs, a challenging environment for fundraising and increasing demand for their services. 

    In the face of these challenges, many trustees are being forced to make difficult decisions about the future of their charity.  

    Against this backdrop, you might assume morale among the charities I’ve visited would be low.   

    But I’ve found the opposite to be true.  

    The trustees I’ve spoken to are realistic about the challenges they face, but overwhelmingly optimistic about the resilience of their charity to weather them.  

    They are the embodiment of public spirit.  

    Trustee research 

    Just today we have published the results our new research with ProBono Economics into the experience of trustees in England and Wales.  

    It found that the vast majority of trustees are immensely positive about their experience. Something that you and most of us who are or have been trustees of course already knew. 

    They reported multiple benefits from their role, ranging from professional benefits to a greater sense of personal connection, purpose and fulfilment.  

    Eight in ten trustees would be likely to recommend the role to others.

    Most trustees feel positive about board dynamics, and their relationships with staff. 

    Most report feeling that they are having a positive impact on the world, and that they’re more connected to their community as a result. 

    One in three said that their role expanded their social circle.  

    And the benefits don’t stop there. 

    Trustees who are still of working age found that the role supported their career development, while two thirds of trustees said they enjoyed the opportunity to use their skills in a new context. 

    More than half have served on their boards for four years or more, underlining the loyalty and dedication of many trustees.   

    The full report – which I’d encourage you to read on our website – gives us a detailed snapshot of the sector and includes useful information about the demographics of trusteeship. 

    We are seeing positive movement towards gender parity, with 43% of trustees now being female. 

    This represents a welcome shift from our last research in 2017, when just 36% were women. So more to do, but progress.  

    Over half of all trustees are retired, with the average age being 65.  

    Although there are proportionately fewer younger people involved in trusteeship, for those who do, there seem to be multiple benefits.

    Over half of trustees under 30 said that their role supported their career development.  

    White people are overrepresented on charity boards compared to their proportion of the overall population, and by that same measure, there are fewer trustees from ethnic minorities as compared with the national average.  

    This is a challenge we need to collectively address, but again, as with the gender breakdown, there are some positives to take away from the new research.  

    For example, there are proportionally more Black trustees aged under 60 than in the general under age 60 population (7% compared to 5%), indicating that we are seeing the green shoots of a move towards greater ethnic parity among trustees.  

    Which is not to say there isn’t active work the sector needs to undertake to address the challenge! 

    Reassuringly, of the trustees we spoke to, the vast majority reported feeling confident in their role. 

    More than nine in ten reported understanding their roles and responsibilities (95%) and feeling qualified to fulfil them (93%).    

    However, the findings suggest some boards could benefit from more people with certain skills or expertise.  

    A quarter of respondents reported accessing legal expertise externally, suggesting a possible lack of relevant skills at board level.   

    While most trustees report their board had significant finance skills and experience, this was also the skillset with the second greatest reliance on external sources.    

    Elsewhere, only a quarter of boards reported any significant experience in marketing, campaigning and anti-fraud skills. 

    Collectively, these findings demonstrate the importance of helping charities to recruit people with a broader range of skills, backgrounds and experience – ultimately strengthening their charity’s governance. 

    While we must always work collectively on ensuring the pipeline of trustees remains flowing, I don’t accept there is any kind of ‘crisis’ in trusteeship.  

    Of the 60 million people in England and Wales, more than 800,000 are trustees. 

    And this figure has remained broadly stable over time.   

    So, as the old saying goes, you really are never more than 6 feet away from a charity trustee.  

    And, casting the Commission as Pied Piper – in this analogy that I’m beginning to regret – we want to lead trustees on the path to good governance. 

    Because, although trustees are plentiful, our work at the Commission does indicate that there are charities on the register with a smaller number of trustees on their board – around 11% of charities have fewer than three trustees, according to our 2023 Annual Returns.  

    Although this does not necessarily mean they are inquorate, very small trustee boards can have the potential to increase risk factors relating to dominance, lack of independence and conflicts of interest.     

    This, along with the skills gaps within existing boards, demonstrates the continued need for widening the base of trustees.  

    Along with the sector, it’s vital that we respond to these findings and help inspire a pipeline of people willing to serve as volunteer trustees into the future. 

    The big question, then, is how? 

    Widening access to trusteeship 

    In this space, it would be remiss of me not to mention the sad demise of Getting on Board last year.  

    For twenty years, the organisation played a vital role in encouraging new talent into trusteeship and its contribution will be sorely missed in the sector. 

    We must all take up this mantle, and work proactively to encourage others to become trustees. 

    Because, in fact, the very best advert for trusteeship is you.  

    Most of you tend to be quite shy about the amazing work you do – after all, it’s simply not very British to shout our achievements from the rooftops is it? 

    But one of the best ways to encourage trusteeship is by being a walking, talking advert for the role.  

    By being more open – talking more – and celebrating the amazing work you do, you can publicly demonstrate the opportunities trusteeship presents. 

    Don’t underestimate the power of your own story. 

    We also know that there is work to be done on improving trustee recruitment practices, so that new wells of talent can be tapped. 

    The new data from PBE suggests that most charities rely strongly on their existing networks to recruit trustees.  

    One in three charity trustees was asked to join the board directly by the Chair, while only 6% of trustee recruitment came from advertising. 

    Of course, informal networking and personal recommendations can be invaluable, especially when charities are stretched for time. 

    But this may come at the expense of casting the net wider, to recruit trustees who could bring different skills and perspectives to the board. 

    Looking beyond existing supporter bases, with fair and open recruitment practices, will help the sector engage a broader pool of trustee talent. 

    To help charities with this endeavour, we’ll be publishing refreshed guidance on finding new trustees – CC30 – in the coming months.  

    We’ll be providing updated advice around the recruitment process and how to recruit further afield. Reach Volunteering’s digital platform being a great tool, for example, especially as its services are offered free of charge for smaller charities.  

    Please, do take five minutes to read it and think about the ways in which you can apply the guidance in your own charity. 

    The Voluntary Principle 

    I know that for some, one solution to recruitment difficulties would be to pay trustees for their service, thereby attracting a wider range of candidates to roles. 

    In fact, our director of policy and communications, Paul Latham, took part in a panel discussion on the matter here at Trustee Exchange this morning. 

    One argument for paying for trustees is that it would broaden the role’s appeal, particularly amongst currently underrepresented groups. 

    But, according to research from the volunteer recruitment charity Reach, the data shows that for age, ethnicity, gender and sexuality this does not hold true.  

    Voluntary service has proven to be no barrier to diversity when it comes to trustee recruitment. 

    At this point, I would like to be clear, however, that no one should feel as though they can’t afford to participate in trusteeship.  

    And that is one reason we’ve also published a new, separate guide on trustee expenses. 

    The Commission is clear that expenses do not constitute trustee ‘payments’ and that trustees are entitled to have their reasonable expenses reimbursed by the charity. 

    This can include childcare, travel costs and meals when acting on behalf of their charity. 

    In this way, trustees can undertake their voluntary duties without worrying that that it will put them out of pocket.    

    But while we heard some cogent arguments in favour of paying trustees at the panel today, to my mind, none can truly stand up to what’s at stake here.  

    Which is why I want to be very clear – it’s the Commission’s belief that voluntary trusteeship underpins the public’s trust in charity. 

    And public trust is particularly important when you consider the fact that charities in England and Wales rely on public donations of almost 60 billion every year.

    The research consistently backs this up.  

    Charity trust is currently at a 10-year high – and time and again we are told that what matters most to people is knowing how their donation is spent. 

    Rightly or wrongly, the public’s positive perception of charity is intrinsically linked with the concept of voluntary service, of doing good for others, not to gain financially, but in return for the personal rewards I mentioned earlier. 

    In our research into public trust in charities in 2023, most people said they were more inclined to trust a charity run by volunteers, than one run by paid professionals.  

    Put simply, voluntary trusteeship is the lynchpin of the public’s trust in charity – and we must guard it fiercely.  

    We already know that the vast majority of trustees undertake their duties voluntarily.  

    There are an incredible 800,000 trustees on our register, filling almost a million trustee positions. Of those, only a very small proportion receive any kind of payment. 

    Last year, fewer than one in ten charities declared they were paying trustees, and in most of these cases, it was for providing goods or services. 

    But some charities will be faced with decisions about whether to pay one or more trustee, whether for the role itself or as payment for goods and services. It is vital that charities get these decisions right, and boards fulfil legal duties and responsibilities carefully. 

    We’ve recently refreshed and revised our guidance on the topic – CC11 – with the aim of making it easier for trustees to know what is expected of them when making this decision. 

    Conclusion  

    But as I draw to a close, I want to return my focus to the present – and to the three quarters of a million-strong community of trustees that we currently have on our register.   

    As our research released today has shown, it’s a role like no other – one that asks a lot of its incumbent – but also one that repays this effort with interest. 

    What you all have built, in your individual organisations, and as civic society – is truly remarkable. 

    It must be nurtured, cherished and defended. 

    And with your dedication, commitment and public spirit, I can’t think of a better group to do so.  

    Thank you.

    Updates to this page

    Published 29 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Recyclability Assessment Methodology (RAM) v1.1

    Source: United Kingdom – Government Statements

    News story

    Recyclability Assessment Methodology (RAM) v1.1

    An updated version of the Extended Producer Responsibility for Packaging (pEPR) Recyclability Assessment Methodology (RAM) is available.

    An updated version of the Extended Producer Responsibility for Packaging (pEPR) Recyclability Assessment Methodology (RAM), referred to as v1.1, has been published on GOV.UK.

    RAM v1.1 has been created following feedback from industry on RAM v1, which was published on 23 December 2024.  

    Simplifications informed by the value chain  

    PackUK carried out a RAM simplification sprint in February 2025. The aim of the sprint was to reduce complexity of the RAM and increase the viability of producers being able to fully complete RAM assessments in 2025.   

    The sprint involved gathering feedback on the first iteration of the RAM and offering up simplifications, which have been incorporated into the newly released v1.1.  

    The sprint was positively received by industry. A broad range of stakeholders contributed a variety of comments and content suggestions for v1.1, including targeted feedback from retailers and brands with large and complex product portfolios.      

    The suggestions were cross-referenced against industry standards and technical feedback was sought from industry material associations to ensure accuracy and consistency.     

    On 8 April 2025, PackUK sent a final technical draft of RAM v1.1 out to packaging producers. The technical draft aimed to provide stakeholders with as much lead in time as possible, ensuring they can apply the guidance in 2025.     

    What this means

    The RAM methodology will enable large packaging producers to assess the recyclability of their household packaging and produce a red/amber/green output which will inform the level of fee modulation payable for that material from year 2 of pEPR.  

    Producers are required to apply the methodology for household packaging placed on the market from 1 January 2025, with the first reporting deadline being 1 October 2025.   

    Only large producers (also known as ‘large organisations’) must report their recyclability assessment data. Find out about small and large producers.  

    You only need to collect and report recyclability assessment data if you are responsible for household packaging.  

    Join the Circular Economy stakeholder forum   

    At the May stakeholder forum, we will deliver a presentation on RAM v1.1. There will also be an opportunity for stakeholders to ask in-depth questions and relay feedback.   

    • date: Tuesday 6 May 2025  

    • time: 2:30pm to 4pm  

    • registration: Please register for the forum on Microsoft Teams Live  

    Please direct any questions about RAM v1.1 to the EPRCustomerService@defra.gov.uk

    Updates to this page

    Published 29 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: The Academic Council discussed youth policy issues

    Translation. Region: Russian Federal

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The meeting of the Academic Council began, as per tradition, with a pleasant ceremony of honoring the Polytechnicians and the university’s partners.

    For her significant contribution to the development of the university, the rector of SPbPU Andrey Rudskoy awarded the commemorative badge “For Merit” to the federal inspector for St. Petersburg of the Office of the Plenipotentiary Representative of the President of the Russian Federation in the Northwestern Federal District Tatyana Kubrakova.

    Then Andrey Ivanovich congratulated the graduate and postgraduate student of the Polytechnic University, assistant of the Higher School of Sports Pedagogy of the Institute of Physical Culture, Sports and Tourism, Honored Master of Sports of the Russian Federation, World and European Champion in short water Kirill Prigoda with a recent victory at the Russian Swimming Championship. The Polytechnician was the best in five distances: 50, 100, 200 meters breaststroke, in the 4×100 relay medley swimming and broke the Russian record. Kirill is the pride of the Polytechnic University, and given his great contribution to strengthening the positive image of the university, the Rector of SPbPU presented him with the main award of the university – the “For Merit” badge with special feeling.

    Candidate of Pedagogical Sciences diplomas were awarded to Igor Rovnin, a graduate of the Institute of Physical Culture, Sports and Tourism, deputy director of the private general education institution Gazprom School Saint Petersburg (academic supervisor – professor of the Higher School of Sports Pedagogy of SPbPU Alexander Bolotin) and senior lecturer of the Department of Foreign Languages Galina Borshchenko (academic supervisor – doctor of pedagogical sciences, professor Anna Rubtsova).

    Milana Zhavner received an associate professor’s certificate in the scientific specialty “Mechanical Science”.

    It’s time to honor the winners and prize winners of various competitions and contests. Winner of the Gazprom Neft League of Universities Award The SPbPU team won in the “Big Prospects” nomination, presenting an additional professional development program “Reverse Engineering of Oil Industry Enterprises”: Vice-Rector for Continuing and Pre-University Education Dmitry Tikhonov, Director of the Information Technology and Business Analysis Research Center “Gazprom Neft” Irina Rudskaya, Head of the Directorate of Continuing Education and Industry Partnership, Head of the Program Ivan Kurta, and Leading Analyst of the Directorate of Continuing Education and Industry Partnership Natalia Ivanova.

    The team of the Higher School of Media Communications and Public Relations of the Humanitarian Institute, consisting of Adelina Borodina, Aya Klimacheva, Vladislava Smelova, and Taisiya Temirova (project mentor – Director of the Higher School of Media Communications and Public Relations Marina Arkannikova), won in two nominations of the All-Russian competition of student works “Archer of the Future”.

    And the volunteer project “Polytech Gives Good” by students of the Higher School of Microbiology and Social Sciences Sofia Ryabinina and Elina Avakova took 1st place in the All-Russian competition “School of Volunteers”.

    L. N. Gumilyov Eurasian National University (Kazakhstan) sent letters of gratitude to Polytechnic University teachers Natalia Chicherina, Maya Bernavskaya, Evgenia Tuchkevich and Evgenia Vorontsova for promoting fruitful educational and scientific cooperation, supporting scientific events and active participation in the international seminar “New paradigms of scientific research in the era of AI: opportunities and transformation of research practices”.

    The SPbPU Certificate of Honor for many years of conscientious work and high professionalism was awarded to the Head of the Quality Control Department, Maxim Dyuldin.

    For the first time in the history of the Polytechnic Military Training Center, for excellent academic performance, active civic position, initiative and diligence demonstrated in volunteer work and assistance to participants of the SVO, students of the communications department Grigory Aleksandrov (IMMiT) and Artem Tikhonravov (IEIT) received departmental awards of the Ministry of Defense of the Russian Federation – the medal “Marshal of the Signal Troops Peresypkin”.

    Lecturer at the Institute of Secondary Vocational Education Tatiana Tsvetkova received two awards – gratitude from the Committee on Science and Higher Education “For conscientious work, great personal contribution to the development of the professional education system of St. Petersburg” and gratitude from the rector of SPbPU A. I. Rudskoy “For the successful organization and holding of the opening Museum of the History of the Development of Public Catering in St. Petersburg as part of the St. Petersburg government project “St. Petersburg cuisine”.

    At the international robot fighting championship RoboWars, which took place in the Indian city of Surat during the largest technology festival Mindbend and brought together more than 80 teams from different countries, the CML-team of the Student Design Bureau of the Advanced Engineering School “Digital Engineering” won – engineer of the Experimental Design Bureau of the SPbPU PISh Vsevolod Bolshakov and laboratory assistant of the Experimental Design Bureau of the SPbPU PISh Daria Kuatkhina. The guys also became winners in the individual competition “Battle of Robots – KRASHILOVO”, in which more than 40 teams from different regions of Russia participated.

    As always, the athletes pleased us with their success. The Polytechnicians became the first in the St. Petersburg student cheerleading competitions (thanks to students Marat Gainutdinov, Victoria Nechaeva, Arina Rakhmatulina and Margarita Senina)

    According to the results of the student karate competitions (VKF) within the framework of the St. Petersburg Student Sports Games 2025, Polytech won 1st place in the overall team standings. This is the merit of the coach of the Student Sports Club “Black Bears-Polytech” Elizaveta Orlova, as well as students Anastasia Vasilenko, Maria Luganskaya and Valery Kazantsev.

    The SPbPU hockey team also won the All-Russian final of the Student Hockey League championship and earned special congratulations from the SPbPU Academic Council.

    After the official ceremony, the Academic Council moved on to the agenda. Vice-Rector for Youth Policy and Communication Technologies Maxim Pasholikov spoke about the implementation of youth policy at the university.

    “It is important that students from their first year begin to understand the values our university lives by, accept these values and leave the Polytechnic as spiritually mature people with the right life guidelines,” emphasized Maxim Pasholikov. “Our communities have always been the main actor in our youth policy. It is impossible to reach all 30 thousand students given the limited resources. That is why trade union organizations, the headquarters of student teams, the adapter movement, patriotic and sports clubs, creative associations that attract a large number of young people are important to us, and, accordingly, through them, through their leaders, we work with young people.”

    Maxim Aleksandrovich noted that the leaders of student associations in many cases become mentors for their younger comrades, and even after graduating from university, they return here as members of the alumni association and ambassadors of the Polytechnic University.

    The Vice-Rector noted that the SPbPU History Museum, creative semesters and last year’s innovation – musical changes on the White Staircase of the Main Academic Building – play an important role in the education and formation of students’ personalities.

    The number of visitors, projects and grants is also growing in the Polytechnic Tower. Work continues within the framework of the “We are together” campaign – for this the vice-rector separately thanked the Humanitarian Institute and the “Harmony” Center.

    Maxim Aleksandrovich drew the attention of the institute directors to the fact that the relevance of social and psychological assistance at the university has grown significantly.

    This year we managed to expand the staff of the Psychological Support Center; people are asking for help, and these are not just people who want to talk, but those who are really experiencing difficulties and problems, emphasized Maxim Pasholikov.

    Maxim Aleksandrovich spoke in detail about the events dedicated to the 80th anniversary of the Victory in the Great Patriotic War, talking about the festive decoration of the campus, exhibitions, the ongoing project “Scientific Regiment” and the new video project “Memory of Glory Lives”, the play “Engineers of Victory” and the upcoming press conference at TASS about the new book “Polytech. Fortitude. 1941-1945”. As always, the inter-university military-patriotic rally “Syandeba” and “Family Victory Day” will be held in the Polytech Park on May 17, including the traditional run named after Hero of the Soviet Union Viktor Lyagin.

    The second issue on the agenda was the presentation of academic titles. By a majority of votes, the members of the SC voted to award the academic title of “professor” to Vladimir Sergeev (PhysMekh) and Alexey Flimonov (IEIT); the title of “associate professor” to Alexey Lukin (PhysMekh), Roman Burkovsky (IEIT), Alexey Grachev and Dmitry Masailo from IMMIT, Alexander Moskvichev (IBSS) and Elena Ladik (ISI).

    On the third issue, “On monitoring the implementation of decisions of the Academic Council,” the scientific secretary of SPbPU, Dmitry Karpov, made a report.

    Also, the members of the Academic Council unanimously supported the nomination of the assistant of the Rais of the Republic of Tatarstan Albert Gilmutdinov for the award of the title of “Honorary Professor of SPbPU”.

    Photo archive

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

    MIL OSI Russia News –

  • MIL-OSI Canada: Statement: Premier Danielle Smith responds to election of Liberal government

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI USA: ‘NextGen’ Tempus AI Workers Continue to Make History with Landmark First IAM Contract

    Source: US GOIAM Union

    Inaugural IAM members at Tempus AI recently ratified their first contract with the Chicago-based precision healthcare artificial intelligence biotech lab, making history as one of the first unions in the industry.

    The group of 443 lab workers, who use use next generation DNA sequencing and artificial intelligence to help provide precision healthcare treatment options to cancer patients, and data used leading cancer research, is chartering the IAM Midwest Territory’s first healthcare unit, Local H1.

    “We spent a lot of time in preparation,” said IAM Midwest Territory International Representative Bill LePinske. “Everything was very well thought out. I applaud the committee’s work away from the bargaining table and their level of dedication to the process. On both sides of the table, it wasn’t about winning or losing, it was about solving problems.”

    In early 2024, the lab workers at Tempus AI, many of whom hold advanced degrees, voted to join the IAM. Now, just over a year after their union election was certified, their first contract goes into effect on April 24, 2025, establishing a landmark in the evolution of labor relations within the biotech industry.

    The new contract addresses the group’s core issues regarding work–life balance, competitive pay and benefits, safety, and transparency.

    Highlights of the three-year agreement include: 

    • Guaranteed wage increases ranging from 10% to 12.5% over three years with the ability to add merit.
    • Retroactive wage increases to Feb. 24.
    • Promotion increases ranging from 6% to 11% with ability to add merit
    • Wage protection language requiring the employer to increase wages if a new employee comes in 5% over the contractual minimum.
    • Increases to shift premiums.
    • Guaranteed annual company stock issues.
    • Improvements to paid time off rules and accruals.
    • Safety language, including a safety committee.
    • Grievance and arbitration process.

    “We got a first contract in only eight bargaining sessions,” said IAM Midwest Territory International Representative Chris Tucker, who helped organize the group. “I really want to tip my hat to this bargaining committee. They were incredibly dedicated to this cause. They spent a lot of their own time and made an extraordinary effort to create terms that don’t just benefit themselves, but benefit the whole group. They took everybody into account.” 

    The new local union’s formal name is “Next Generation Local H1,” a name that carries meaning with the group as pioneers in biotech research and in labor organizing.

    “The name is symbolic of their young energy coming into the space,” said LePinske. “It signifies that they’re going to do things a bit of a different way, a more modern way. It’s a reflection of the work they do, because the process they use sequencing the patients’ DNA is known as “Next Generation Sequencing” or NGS and also signifies what they were trying to accomplish with their local union.”

    “This contract will set a standard for any others to come,” said IAM Midwest Territory General Vice President Sam Cicinelli. “We are in this industry now, and these trail-blazing new members have put in some impressive work to successfully build their own local union with a strong first contract through solidarity with each other. This entire campaign, from interest in organizing with the IAM to their first, ratified collective bargaining agreement, is a win for our entire union and all workers in the industry.”

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    MIL OSI USA News –

  • MIL-OSI: Vitus Marine, Greatland Fuel Sales, and Vitus Terminals Secure Combined $37M in USDA Funding to Expand Fuel Infrastructure and Strengthen Rural Alaskan Communities

    Source: GlobeNewswire (MIL-OSI)

    LAGRANGE, Ga., April 29, 2025 (GLOBE NEWSWIRE) — Vitus Marine LLC, Greatland Fuel Sales LLC (GFS), and Vitus Terminals LLC (VT), collectively (Vitus), announced today the group secured $37M in USDA Business & Industry (B&I) Loan Program funding to enhance fuel infrastructure and drive economic growth in rural Alaska. Phoenix Lender Services (Phoenix) facilitated the loan fundings with Community Bank & Trust. Phoenix is a subsidiary of Community Bankshares Inc., which originated, underwrote, and closed the loans, while Community Bank & Trust funded the loans. This second series of loans follows a total of $25M in three B&I loans funded in June of 2024 for Vitus.

    These strategic investments support existing jobs, improve access to essential energy resources and bolster local economies in some of Alaska’s most remote regions.

    On a combined basis for the three companies, these two loan tranches secured over $62 million in total funding and made a significant positive impact to strengthen vital energy infrastructure in Alaska. The Vitus family of companies runs bulk fuel, freight lighterage and energy products to consumers in remote Alaskan communities and provides vital heat, electricity and logistics support to its customers.

    “These partnerships represent the impact we strive to achieve—empowering rural businesses to grow and continuing to serve communities with critical services,” said Chris Hurn, President/CEO of Phoenix Lender Services. “Vitus Marine, Greatland Fuel Sales, and Vitus Terminals are vital to Alaska’s energy infrastructure, and we’re proud to support them through the USDA B&I Program.”

    These loans offer favorable terms with lower interest rates and longer repayment terms, reducing financial burdens and demonstrating a commitment to the sustainability and growth of rural businesses. These investments highlight a powerful public-private partnership focused on preserving access, affordability, and economic opportunity for some of America’s most underserved regions.

    “Fuel and energy access is an essential service for all people. Energy access is not a luxury for the people we serve,” said Justin Charon, Owner and CEO of Vitus. “This collaboration ensures that our customers can continue to depend on us, no matter how remote their community or harsh the delivery season.”

    For more information on Phoenix and its lending solutions, visit https://phoenixlenderservices.com.

    About Phoenix Lender Services
    Based in Georgia and serving clients nationwide, Phoenix Lender Services offers a comprehensive suite of commercial lending solutions, including loan underwriting, closing, and servicing; participant lender matching; secondary market sales; portfolio management; risk analysis; and compliance reviews and regulatory support. Seasoned professionals at Phoenix combine extensive industry expertise in SBA, USDA, and commercial government-guaranteed lending with industry-leading technologies to deliver tailored solutions that align with each client’s unique strategic goals. Phoenix Lender Services is leading the way in SBA, USDA, and commercial lending.

    About Vitus Marine LLC [1]
    Vitus Marine LLC (VM) is one of two major fuel importers and distributors in Western Alaska with the ability to craft custom import solutions, offer hedging ideas and card-lock alternatives for its commercial and industrial buyers. Its customers have learned to depend on the team at Vitus Marine for creative approaches to solve the problems they face in the remote Arctic region the team serves.

    About Vitus Terminals LLC
    Vitus Terminals LLC (VT) is one of a few major fuel importers and distributors into the roadless regions in Western Alaska. They provide heating fuel deliveries to homes and businesses with convenience store access in Bethel and Dillingham, Alaska. All locations offer 24-hour card-lock access. They specialize in the storage, sale, hedging and distribution of fuel through their service hubs in Bethel, Kotzebue, Dillingham, St. Michael, Alaska.

    About Greatland Fuel Sales LLC
    Greatland Fuel Sales LLC continues Vitus Energy’s 15-year history of providing energy to Alaska with unique and timely solutions to create value for its customers through its growing energy supply network and clean convenience stores. Their mission is to deliver competitive energy alternatives for local road warriors and visitors to Alaska.

    About Community Bank & Trust
    Community Bank & Trust (CB&T), a subsidiary of Community Bankshares Inc., is a trusted financial institution dedicated to serving individuals, families, and businesses across its service area and nationwide. Headquartered in LaGrange, GA, CB&T is committed to leveraging its rural roots to empower both local consumers and commercial entities, as well as underserved groups and communities with a broad slate of accessible, personalized banking solutions, while also reaching a diverse and growing nationwide audience.

    MEDIA CONTACT
    Hannah Conley
    Uproar by Moburst for Community Bankshares, Inc.
    hannah.conley@moburst.com

    The MIL Network –

  • MIL-OSI: Summit State Bank Earns $2.5 Million, or $0.37 Per Diluted Share, in First Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    SANTA ROSA, Calif., April 29, 2025 (GLOBE NEWSWIRE) — Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported net income of $2,494,000, or $0.37 per diluted share for the first quarter ended March 31, 2025, compared to net income of $1,395,000, or $0.21 per diluted share for the first quarter ended March 31, 2024.

    “Our operating performance for the first quarter of 2025 was a significant improvement over the prior quarter, fueled by strong net interest income generation and net interest margin expansion,” said Brian Reed, President and CEO. “We are feeling positive about our earnings trajectory, as we have made significant progress in resolving problem loans which negatively impacted the Bank’s performance in 2024. While market volatility continues throughout the financial sector, we will remain consistent with our balance sheet management and operating procedures. Continued repricing of our deposit and loan portfolio is expected to have a positive impact on our net interest margin and financial results going forward.”

    “We continue to focus on maintaining strong capital levels by strategically managing the balance sheet and suspending cash dividends,” said Reed. “As such, the Board determined it will also suspend cash dividends in the second quarter of 2025 so that we can continue to build capital, increase liquidity, and position the Bank to create long-term value for our shareholders.”

    “Another highlight of the first quarter was the substantial decrease in problem loans and non-performing assets,” said Reed. “We have been aggressively pursuing solutions to problem loans and have reduced our non-performing loans by $10,307,000 during the first quarter of 2025 compared to the preceding quarter, and by $24,101,000 compared to a year ago. Additionally, we anticipate non-performing loans will be further reduced by $8,016,000 in the second quarter of 2025 as a result of loan payoffs from the sale of collateral that is currently under contract. These loans represent 46% of our $17,400,000 in non-performing loans. We are encouraged with our progress in resolving problem loans and will continue to make this a primary focus of the Bank.”

    First Quarter 2025 Financial Highlights (at or for the three months ended March 31, 2025)

    • Net income was $2,494,000, or $0.37 per diluted share, compared to $1,395,000, or $0.21 per diluted share, in the first quarter of 2024 and a net loss of $7,142,000, or $1.06 loss per diluted share for the quarter ended December 31, 2024.
    • Net interest margin was 3.19% in the first quarter of 2025 compared to 2.81% in the first quarter of 2024 and 2.88% in the fourth quarter of 2024.
    • Non-performing assets decreased to $21,884,000 at March 31, 2025 compared to $41,548,000 in non-performing assets at March 31, 2024 and $32,191,000 at December 31, 2024.
    • Collateral relating to three of the non-performing loans to one borrower is under contract to sell in the second quarter of 2025 and the expected proceeds represent 46% or $8,016,000 of the remaining $17,447,000 of non-performing loans.
    • The Bank’s Tier 1 Leverage ratio increased to 9.45% at March 31, 2025 compared to 9.21% at March 31, 2024. This ratio remains well above the minimum of 5% required to be considered “well-capitalized” for regulatory capital purposes.
    • The Bank’s annualized return on average assets and annualized return on average equity for the first quarter of 2025 was 0.95% and 10.80%, respectively. This compared to annualized return on average assets and annualized return on average equity for the first quarter of 2024 of 0.51% and 5.74%, respectively.
    • The allowance for credit losses to total loans was 1.53% at March 31, 2025 compared to 1.66% one year earlier and 1.49% in the preceding quarter.
    • The Bank maintained strong total liquidity of $448,039,000, or 42.1% of total assets as of March 31, 2025. This includes on balance sheet liquidity (cash and equivalents and unpledged available-for-sale securities) of $141,145,000 or 13.3% of total assets, plus available borrowing capacity of $306,894,000 or 28.9% of total assets.
    • The Bank has been strategically managing its loan and deposit portfolios to reduce risk in the balance sheet and improve capital ratios. The Bank has been successful in reducing the size of its balance sheet as noted below:
      • Net loans decreased 4% to $877,354,000 at March 31, 2025, compared to $917,685,000 one year earlier and decreased 3% compared to $905,075,000 in the fourth quarter of 2024.
      • Total deposits increased 2% to $957,065,000 at March 31, 2025, compared to $939,202,000 at March 31, 2024, and decreased 1% when compared to the fourth quarter of 2024, at $962,562,000.
    • Book value was $14.07 per share, compared to $14.43 per share a year ago and $13.53 in the fourth quarter of 2024.

    Operating Results

    For the first quarter of 2025, the annualized return on average assets was 0.95% and the annualized return on average equity was 10.80%. This compared to an annualized return on average assets of 0.51% and an annualized return on average equity of 5.74%, respectively, for the first quarter of 2024.

    “The 31 basis point improvement in our net interest margin during the first quarter of 2025, compared to the preceding quarter, was a result of lower cost of funds as well as higher loan yields as existing loans continue to reprice,” said Reed. “We anticipate additional improvement to our net interest margin over the next few quarters as time deposits and loans reprice.” The Bank’s net interest margin was 3.19% in the first quarter of 2025 compared to 2.81% in the first quarter of 2024 and 2.88% in fourth quarter of 2024.

    Interest and dividend income increased 0.4% to $14,542,000 in the first quarter of 2025 compared to $14,477,000 in the first quarter of 2024. The increase in interest income is attributable to a $146,000 increase in interest and fees on loans, an increase of $115,000 in interest on deposits with banks offset by a $197,000 decrease in interest on investment securities.

    Interest expense decreased 9% to $6,464,000 in the first quarter of 2025 compared to $7,070,000 in the first quarter of 2024. The decrease in interest expense is primarily attributable to a $498,000 decrease in interest expense on deposits resulting from lower cost of funds and a $150,000 decrease in interest expense on Federal Home Loan Bank advances due to decreased borrowing volume.

    Noninterest income decreased in the first quarter of 2025 to $646,000 compared to $948,000 in the first quarter of 2024. The decrease is primarily attributed to the Bank recognizing $514,000 in gains on sales of SBA guaranteed loan balances in the first quarter of 2024 compared to $22,000 in gains on sales of SBA guaranteed loan balances in the first quarter of 2025.

    “We have worked hard at implementing significant cost savings throughout the Bank to improve operating efficiencies,” said Reed. Operating expenses decreased in the first quarter of 2025 to $6,253,000 compared to $6,400,000 in the first quarter of 2024. The savings is primarily due to a decrease of $455,000 in salaries and employee benefits from an 8% reduction in force due to a cost savings initiative in the fourth quarter of 2024 offset by an increase in FDIC deposit insurance and stock appreciation rights expense in the first quarter of 2025.

    Balance Sheet Review

    During the first quarter of 2025, the Bank strategically managed its loan and deposit portfolios to reduce balance sheet risk and improve liquidity and capital ratios. As a result, net loans decreased 4% to $877,354,000 and total deposits increased 2% to $957,065,000 as of March 31, 2025 compared to March 31, 2024.

    Net loans were $877,354,000 at March 31, 2025 compared to $917,685,000 at March 31, 2024, and decreased 3% compared to December 31, 2024. The Bank’s largest loan types are commercial real estate loans which make up 78% of the portfolio and loans “secured by farmland” totaling 8% of the portfolio. Of the commercial real estate total, approximately 33% or $222,334,000 is owner occupied and the remaining 67% or $443,684,000 is non-owner occupied. The Bank’s entire loan portfolio is well diversified between industries and product type. The office space product type totals $154,512,000 or 17% of the total loan portfolio; of this total owner occupied is $59,563,00 or 39% and non-owner occupied is $94,949,000 or 61%.
    Total deposits were $957,065,000 at March 31, 2025 compared to $939,202,000 at March 31, 2024, and decreased 1% compared to the prior quarter end. At March 31, 2025, noninterest bearing demand deposit accounts increased 11% compared to a year ago and represented 21% of total deposits; savings, NOW and money market accounts decreased 10% compared to a year ago and represented 46% of total deposits, and CDs increased 17% compared to a year ago and comprised 33% of total deposits.

    Shareholders’ equity was $95,341,000 at March 31, 2025, compared to $97,878,000 one year earlier and $91,723,000 three months earlier. The decrease in shareholders’ equity compared to a year ago was due to a reduction in retained earnings. At March 31, 2025 book value was $14.07 per share, compared to $13.53 three months earlier, and $14.43 at March 31, 2024.

    The Bank’s Tier 1 Leverage ratio continues to exceed the minimum of 5% necessary to be categorized as “well-capitalized” for regulatory capital purposes. The Tier-1 leverage ratio for the first quarter of 2025 was 9.45%, an increase compared to 9.21% for the first quarter of 2024.

    Credit Quality

    Non-performing assets were $21,884,000, or 2.06% of total assets, at March 31, 2025. This compared to $32,191,000 in non-performing assets at December 31, 2024, and $41,548,000 in non-performing assets at March 31, 2024. Non-performing assets include $4,437,000 for one other real estate owned property at March 31, 2025 and December 31, 2024, compared to no other real estate owned property at March 31, 2024.

    “While we are encouraged with the improvements in credit quality metrics, our primary focus remains on managing asset quality and reducing portfolio risk,” said Reed. “As of March 31, 2025, six loans to two borrowers totaling $16,047,000 or 92% of our non-performing loans are “secured by farmland,” a sector that has been hit hard by the current economic environment. Outside of these loans, the Bank holds a small portion, $54,714,000 or 6%, of its total loans in this industry and actively monitors the performance of these loans. Collateral relating to three of these loans to one borrower is under contract to sell during the second quarter of 2025 and represents 46% or $8,016,000 of the total non-performing loan portfolio.”

    There was $509,000 in net recoveries during the three months ended March 31, 2025, compared to $8,343,000 in net charge-offs during the three months ended December 31, 2024 and net recoveries of $281,000 during the three months ended March 31, 2024.

    For the first quarter of 2025, consistent with factors within the allowance for credit losses model, the Bank recorded a $577,000 reversal of credit loss expense for loans due to a $509,000 recovery received on a paid off loan previously charged-off, a $38,000 reversal of credit losses for unfunded loan commitments and a $13,000 reversal of credit losses on investments. This compared to a $15,000 reversal of credit loss expense on loans, a $65,000 reversal of credit losses on unfunded loan commitments and a $5,000 reversal of credit losses on investments in the first quarter of 2024. The allowance for credit losses to total loans was 1.53% on March 31, 2025, and 1.66% on March 31, 2024.

    About Summit State Bank

    Founded in 1982 and headquartered in Sonoma County, Summit State Bank is an award-winning community bank serving the North Bay. The Bank serves small businesses, nonprofits and the community, with total assets of $1.1 billion and total equity of $95 million as of March 31, 2025. The Bank has built its reputation over the past 40 years by specializing in providing exceptional customer service and customized financial solutions to aid in the success of its customers.

    Summit State Bank is committed to embracing the diverse backgrounds, cultures and talents of its employees to create high performance and support the evolving needs of its customers and community it serves. Through the engagement of its team, Summit State Bank has received many esteemed awards including: Top Performing Community Bank by American Banker, Best Places to Work in the North Bay and Diversity in Business by North Bay Business Journal, Corporate Philanthropy Award by the San Francisco Business Times, and Hall of Fame by North Bay Biz Magazine. Summit State Bank’s stock is traded on the Nasdaq Global Market under the symbol SSBI. Further information can be found at www.summitstatebank.com. 

    Cautionary Note Regarding Preliminary Financial Results and Forward-looking Statements

    The financial results in this release are preliminary and unaudited. Final audited financial results and other disclosures will be reported in Summit State Bank’s annual report on Form 10-Q for the period ended March 31, 2025, and may differ materially from the results and disclosures in this release due to, among other things, the completion of final review procedures, the occurrence of subsequent events or the discovery of additional information.

    Except for historical information, the statements contained in this release, are forward-looking statements within the meaning of the “safe harbor” provisions of 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 are non-historical statements regarding management’s expectations and beliefs about the Bank’s future financial performance and financial condition and trends in its business and markets. Words such as “expects,” “anticipates,” “believes,” “estimates” and similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. Examples of forward-looking statements include but are not limited to statements regarding future operating results, operating improvements, loans sales and resolutions, cost savings, insurance recoveries and dividends. The forward-looking statements in this release are based on current information and on assumptions about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond the Bank’s control. As a result of those risks and uncertainties, the Bank’s actual future results and outcomes could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this release. Those risks and uncertainties include, but are not limited to, the risk of incurring credit losses; the quality and quantity of deposits; the market for deposits, adverse developments in the financial services industry and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of the Bank’s liquidity; fluctuations in interest rates; governmental regulation and supervision; the risk that the Bank will not maintain growth at historic rates or at all; general economic conditions, either nationally or locally in the areas in which the Bank conducts its business; risks associated with changes in interest rates, which could adversely affect future operating results; the risk that customers or counterparties may not performance in accordance with the terms of credit documents or other agreements due a decline in credit worthiness, business conditions or other reasons;; adverse conditions in real estate markets; and the inherent uncertainty of expectations regarding litigation, insurance claims and the performance or resolution of loans. Additional information regarding these and other risks and uncertainties to which the Bank’s business and future financial performance are subject is contained in the Bank’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other documents the Bank files with the FDIC from time to time. Readers should not place undue reliance on the forward-looking statements, which reflect management’s views only as of the date of this release. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

                       
    SUMMIT STATE BANK
    STATEMENTS OF INCOME
    (In thousands except earnings per share data)
              Three Months Ended
              March 31, 2025   December 31, 2024   March 31, 2024
              (Unaudited)   (Unaudited)   (Unaudited)
                       
    Interest and dividend income:          
      Interest and fees on loans $ 13,420     $ 13,623     $ 13,274  
      Interest on deposits with banks   477       655       362  
      Interest on investment securities   515       530       712  
      Dividends on FHLB stock   130       127       129  
          Total interest and dividend income   14,542       14,935       14,477  
    Interest expense:          
      Deposits   6,288       7,099       6,786  
      Federal Home Loan Bank advances   40       6       190  
      Junior subordinated debt   136       128       94  
          Total interest expense   6,464       7,233       7,070  
          Net interest income before provision for (reversal of) credit losses   8,078       7,702       7,407  
    (Reversal of) provision for credit losses on loans   (577 )     6,570       (15 )
    (Reversal of) provision for credit losses on unfunded loan commitments   (38 )     154       (65 )
    (Reversal of) credit losses on investments   (13 )     (2 )     (5 )
          Net interest income after provision for (reversal of) credit          
          losses on loans, unfunded loan commitments and investments   8,706       980       7,492  
    Non-interest income:          
      Service charges on deposit accounts   225       225       233  
      Rental income   57       61       60  
      Net gain on loan sales   22       857       514  
      Net gain on securities   –       6       –  
      Loss on valuation of other real estate owned   –       (693 )     –  
      Other income   342       224       141  
          Total non-interest income   646       680       948  
    Non-interest expense:          
      Salaries and employee benefits   3,727       3,429       4,182  
      Occupancy and equipment   421       413       485  
      Goodwill impairment   –       4,119       –  
      Other expenses   2,105       2,239       1,733  
          Total non-interest expense   6,253       10,200       6,400  
          Income (loss) before provision for income taxes   3,099       (8,540 )     2,040  
    Provision for income tax expense (benefit)   605       (1,398 )     645  
          Net income (loss) $ 2,494     $ (7,142 )   $ 1,395  
                       
    Basic earnings (loss) per common share $ 0.37     $ (1.06 )   $ 0.21  
    Diluted earnings (loss) per common share $ 0.37     $ (1.06 )   $ 0.21  
                       
    Basic weighted average shares of common stock outstanding   6,719       6,719       6,698  
    Diluted weighted average shares of common stock outstanding   6,719       6,719       6,698  
                     
    SUMMIT STATE BANK
    BALANCE SHEETS
    (In thousands except share data)
            March 31, 2025   December 31, 2024 March 31, 2024
            (Unaudited)   (Audited)   (Unaudited)
    ASSETS          
    Cash and due from banks $ 72,408     $ 51,403     $ 37,712  
          Total cash and cash equivalents   72,408       51,403       37,712  
                     
    Investment securities:          
      Available-for-sale, less allowance for credit losses of $23, $36 and $53          
        (at fair value; amortized cost of $79,827, $80,887 and $96,973)   68,737       68,228       83,832  
                     
    Loans, less allowance for credit losses of $13,625, $13,693 and $15,487   877,354       905,075       917,685  
    Bank premises and equipment, net   5,057       5,155       5,287  
    Investment in Federal Home Loan Bank stock (FHLB), at cost   5,889       5,889       5,541  
    Goodwill   –       –       4,119  
    Other Real Estate Owned   4,437       4,437       –  
    Affordable housing tax credit investments   7,202       7,413       8,165  
    Accrued interest receivable and other assets   22,279       19,494       17,850  
                     
          Total assets $ 1,063,363     $ 1,067,094     $ 1,080,191  
                     
    LIABILITIES AND          
    SHAREHOLDERS’ EQUITY          
    Deposits:          
      Demand – non interest-bearing $ 198,736     $ 185,756     $ 179,328  
      Demand – interest-bearing   192,764       193,355       222,313  
      Savings   39,000       47,235       48,214  
      Money market   212,900       226,879       222,153  
      Time deposits that meet or exceed the FDIC insurance limit   93,154       70,717       65,763  
      Other time deposits   220,511       238,620       201,431  
          Total deposits   957,065       962,562       939,202  
                     
    Federal Home Loan Bank advances   –       –       28,600  
    Junior subordinated debt   5,938       5,935       5,924  
    Affordable housing commitment   511       511       4,094  
    Accrued interest payable and other liabilities   4,508       6,363       4,493  
                     
          Total liabilities   968,022       975,371       982,313  
                     
    Shareholders’ equity          
      Preferred stock, no par value; 20,000,000 shares authorized;          
        no shares issued and outstanding   –       –       –  
      Common stock, no par value; shares authorized – 30,000,000 shares;          
        issued and outstanding 6,776,563, 6,776,563 and 6,784,099   37,803       37,740       37,552  
      Retained earnings   65,364       62,869       69,539  
      Accumulated other comprehensive loss, net   (7,826 )     (8,886 )     (9,213 )
                     
          Total shareholders’ equity   95,341       91,723       97,878  
                     
          Total liabilities and shareholders’ equity $ 1,063,363     $ 1,067,094     $ 1,080,191  
                     
    Financial Summary
    (Dollars in thousands except per share data)
        As of and for the
        Three Months Ended
        March 31, 2025   December 31, 2024   March 31, 2024
        (Unaudited)   (Unaudited)   (Unaudited)
    Statement of Income Data:            
    Net interest income   $ 8,078     $ 7,702     $ 7,407  
    (Reversal of) provision for credit losses on loans     (577 )     6,570       (15 )
    (Reversal of) provision for credit losses on unfunded loan commitments   (38 )     154       (65 )
    (Reversal of) credit losses on investments     (13 )     (2 )     (5 )
    Non-interest income     646       680       948  
    Non-interest expense     6,253       10,199       6,400  
    Provision for income tax expense (benefit)     605       (1,398 )     645  
    Net income (loss)   $ 2,494     $ (7,141 )   $ 1,395  
                 
    Selected per Common Share Data:            
    Basic earnings (loss) per common share   $ 0.37     $ (1.06 )   $ 0.21  
    Diluted earnings (loss) per common share   $ 0.37     $ (1.06 )   $ 0.21  
    Dividend per share   $ –     $ –     $ 0.12  
    Book value per common share (1)   $ 14.07     $ 13.53     $ 14.43  
                 
    Selected Balance Sheet Data:            
    Assets   $ 1,063,363     $ 1,067,094     $ 1,080,191  
    Loans, net     877,354       905,075       917,685  
    Deposits     957,065       962,562       939,202  
    Average assets     1,059,902       1,098,885       1,087,960  
    Average earning assets     1,028,563       1,064,872       1,057,338  
    Average shareholders’ equity     93,620       101,307       97,471  
    Nonperforming loans     17,447       27,754       41,548  
    Net loans recovered (charged-off)     509       (8,343 )     281  
    Other real estate owned     4,437       4,437       –  
    Total nonperforming assets     21,884       32,191       41,548  
                 
    Selected Ratios:            
    Return (loss) on average assets (2)     0.95 %     -2.59 %     0.51 %
    Return (loss) on average common shareholders’ equity (2)   10.80 %     -28.04 %     5.74 %
    Efficiency ratio (3)     71.68 %     121.76 %     76.60 %
    Net interest margin (2)     3.18 %     2.88 %     2.81 %
    Common equity tier 1 capital ratio     10.47 %     10.14 %     10.37 %
    Tier 1 capital ratio     10.47 %     10.14 %     10.37 %
    Total capital ratio     12.22 %     11.89 %     12.24 %
    Tier 1 leverage ratio     9.45 %     8.87 %     9.21 %
    Common dividend payout ratio (4)     0.00 %     0.00 %     58.27 %
    Average shareholders’ equity to average assets     8.83 %     9.22 %     8.96 %
    Nonperforming loans to total loans     1.96 %     3.02 %     4.45 %
    Nonperforming assets to total assets     2.06 %     3.02 %     3.85 %
    Allowance for credit losses to total loans     1.53 %     1.49 %     1.66 %
    Allowance for credit losses to nonperforming loans     78.09 %     49.34 %     37.27 %
         
    (1) Total shareholders’ equity divided by total common shares outstanding.    
    (2) Annualized.    
    (3) Non-interest expenses to net interest and non-interest income, net of securities gains.    
    (4) Common dividends divided by net income available for common shareholders.    

    Contact: Brian Reed, President and CEO, Summit State Bank (707) 568-4908

    The MIL Network –

  • MIL-OSI: SMX Elevate FM℠ Now Available on the U.S. Treasury’s FM QSMO Marketplace

    Source: GlobeNewswire (MIL-OSI)

    HERNDON, Va., April 29, 2025 (GLOBE NEWSWIRE) — SMX®, through its subsidiary Creoal Consulting®, is proud to announce that its Elevate FM℠ (Financial Management) solution has been added to the U.S. Treasury’s Financial Management Quality Service Management Office (FM QSMO) Marketplace. As a leader in federal financial management solutions, this makes SMX one of only two providers of Core Financial Management solutions on the platform. The FM QSMO Marketplace is part of the U.S. Treasury’s 10-year Vision for the Future of Federal Financial Management, which aims to modernize and streamline the operations of federal agencies.

    Elevate FM has been approved and listed in the FM QSMO Marketplace. The solution is available to be ordered by federal agencies through the U.S. General Services Administration (GSA) Multiple Award Schedule (MAS) under Special Item Number (SIN) 518210FM for FM QSMO Core Financial Management (FM) Solutions and IT Professional Services. The Marketplace, a key component of the Treasury’s initiative, offers a curated selection of systems and services designed to help agencies enhance their financial management operations. By providing access to advanced, standardized, and compliant solutions, the FM QSMO Marketplace supports federal agencies in improving operational efficiency, ensuring policy compliance, and driving automation.

    Sandeep Dorawala, President of SMX Enterprise Systems & Solutions, shared his excitement, “We are honored to have our financial management solution listed on the FM QSMO Marketplace. This is a testament to the strength of our innovative, compliant, and modern approach to federal financial management. We are excited to partner with federal agencies in their journey toward enhanced financial performance, efficiency, and automation.”

    “The addition of another core financial system to the FM Marketplace is a key milestone that supports agencies’ efforts to modernize their core financial systems and move to standard solutions that will make the exchange of data, traceability, and financial reporting more streamlines and uniform,” said Tim Gribben, Commissioner of the Bureau of the Fiscal Service.

    Elevate FM offers a comprehensive solution designed to help federal agencies adopt and transition to modernized financial management systems-streamlining outdated processes, reducing operational costs, and enhancing overall efficiency. SMX’s solution is designed to address the needs of federal agencies looking to achieve greater financial transparency, improve reporting, and integrate cutting-edge technology into their operations. Through this initiative, SMX is offering its expertise in financial technology, supporting the Treasury’s vision to streamline and enhance the performance of government agencies across the country.

    To learn more about SMX Elevate FM, click here. For additional information and resources about the FM QSMO Marketplace, click here.

    About SMX + Creoal Consulting

    Creoal Consulting was acquired by SMX, an industry leader providing digital solutions for mission-oriented clients, in 2023. Creoal Consulting is a leading provider of cutting-edge solutions, specializing in the implementation of enterprise applications to cloud-native platforms. Delivering tailored solutions that streamline business processes across various sectors, including federal, public, and commercial organizations. With a comprehensive approach encompassing design, implementation, and support, Creoal ensures clients achieve enhanced efficiency and alignment with their strategic missions.

    For inquiries about this press release, please contact us at communications@smxtech.com.

    The MIL Network –

  • MIL-OSI: Riverview Bancorp Reports Net Income of $1.1 Million in Fourth Fiscal Quarter 2025 and $4.9 Million for Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

    FISCAL Q4 2025 HIGHLIGHTS

           
    $1.1 Million $0.05 $6.33 0.01%
    Net Income Diluted Earnings per
    Common Share    		 Tangible Book Value per
    Share    		 NPAs to Total Assets
           
    Fiscal Quarter Comparison Highlights
    Net Interest Income and Net Interest Margin
    • $9.2 million net interest income for the quarter compared to $8.6 million in Fiscal Q4 2024
    • Net interest margin at 2.65% for the quarter compared to 2.32% in Fiscal Q4 2024
    		   Credit Quality
    • Non-performing assets at 0.01% of total assets and 0.01% of total loans – similar to year ago quarter
    • No provision booked for the quarter and net recoveries were minimal
             
    Non-Interest Income and Non-Interest Expense
    • Non-interest income of $3.7 million for the quarter compared to $494 thousand in Fiscal Q4 2024 (due to strategic investment restructure)
    • Non-interest expense of $11.4 million for the quarter compared to $13.1 million in Fiscal Q4 2024
    		   Shareholder Returns and Stock Activity
    • On April 25, 2025, the Company paid a cash dividend of $0.02 per share
    • $2.0 million stock repurchase plan completed during the quarter

    VANCOUVER, Wash., April 29, 2025 (GLOBE NEWSWIRE) — Riverview Bancorp, Inc. (Nasdaq GSM: RVSB) (“Riverview” or the “Company”) today reported earnings of $1.1 million, or $0.05 per diluted share, in the fourth fiscal quarter ended March 31, 2025, compared to $1.2 million, or $0.06 per diluted share, in the third fiscal quarter ended December 31, 2024. During the fourth fiscal quarter of 2024, Riverview strategically restructured a portion of its balance sheet resulting in an after-tax impact of $2.1 million and recorded $2.3 million in non-interest expense related to a litigation charge. Including the effects of the investment portfolio restructuring and litigation charge, Riverview reported a net loss of $3.0 million, or $0.14 per diluted share, in the fourth fiscal quarter ended March 31, 2024.

    For fiscal 2025, net income was $4.9 million, or $0.23 per diluted share, compared to $3.8 million, or $0.18 per diluted share, for fiscal 2024.

    “We closed out our fiscal fourth quarter and fiscal year end on solid footing despite the economic uncertainty and market volatility impacting all banks,” stated Nicole Sherman, President and Chief Executive Officer. “Riverview’s operating performance during the quarter once again reflected steady improvements, with net interest margin expansion as a result of stabilizing funding costs and higher loan yields compared to a year ago. Loan growth was strong during the quarter, and I am proud of our team’s relationship-focused approach to clients and prospects which resulted in loan production outperforming the previous four quarters. A top priority remains improving our operating performance while also being the bank of choice to our SW Washington and NW Oregon clients that we have served for over 100 years. With our strong capital levels, disciplined credit culture and stable balance sheet, we have a great foundation to build upon in fiscal 2026.

    Riverview recently completed our three-year strategic plan focusing on profitable growth, digital leadership, and data empowerment, with our employees, clients, and communities being seen, heard, and valued in everything we do. We continue to expand revenue opportunities through our C&I, business banking, and treasury management initiatives. Strategic investments in people and technology will be important, while managing operating expenses. At Riverview we are unwavering in our dedication to exceed the needs of our employees, clients, shareholders and all stakeholders,” Sherman concluded.

    Fourth Quarter Highlights (at or for the period ended March 31, 2025)

    • Net interest income was $9.2 million for the quarter, compared to $9.4 million in the preceding quarter and $8.6 million in the fourth fiscal quarter a year ago.
    • Net interest margin (“NIM”) was 2.65% for the quarter, a five basis point improvement compared to the preceding quarter and a 33 basis point improvement compared to the year ago quarter.
    • Riverview Trust Company assets under management were $877.9 million at March 31, 2025. Asset management fees continue to improve and increased to $1.5 million for the quarter ended March 31, 2025.
    • Asset quality remained strong, with non-performing assets at $155,000, or 0.01% of total assets at March 31, 2025.
    • Riverview recorded no provision for credit losses during the current quarter, the preceding quarter, or in the year ago quarter.
    • Tangible book value per share (non-GAAP) was $6.33 at March 31, 2025 compared to $6.20 at December 31, 2024.

    Fiscal 2025 Highlights (at or for the period ended March 31, 2025)

    • Total loans increased to $1.06 billion at March 31, 2025 compared to $1.02 billion at March 31, 2024.
    • Total deposits were $1.23 billion at both March 31, 2025 and March 31, 2024.
    • Tangible book value per share (non-GAAP) was $6.33 at March 31, 2025 compared to $6.07 at March 31, 2024.
    • Net income increased to $4.9 million for the fiscal year ended March 31, 2025 compared to $3.8 million for the fiscal year ended March 31, 2024.
    • Return on average assets for the fiscal year ended March 31, 2025 increased to 0.32% compared to 0.24% for the fiscal year ended March 31, 2024.

    Income Statement Review

    Riverview’s net interest income was $9.2 million in the current quarter, compared to $9.4 million in the preceding quarter, and $8.6 million in the fourth fiscal quarter a year ago. The decrease compared to the preceding quarter was primarily due to the recognition of a loan prepayment fee and related loan fees totaling $318,000 during the preceding quarter. The increase compared to the year ago quarter was driven by higher interest earning asset yields due to higher origination rates on new loan growth as well as loan repricing. In fiscal 2025, net interest income was $36.3 million, compared to $38.1 million in fiscal 2024. The decrease is attributed to the increase in interest expense over the respective periods. Investment income decreased compared to the year ago period due to the strategic investment restructuring that was executed in the fourth quarter of fiscal 2024.

    Riverview’s NIM was 2.65% for the fourth quarter of fiscal 2025, a five basis point increase compared to 2.60% in the preceding quarter and a 33 basis-point increase compared to 2.32% in the fourth quarter of fiscal 2024. “Our NIM improved during the quarter, compared to the preceding quarter, as the decrease in funding costs more than offset the modest decrease in asset yields. The preceding quarter’s loan yield included the favorable impact from the recognition of the previously mentioned loan prepayment fee and related loan fees,” said David Lam, EVP and Chief Financial Officer. “With the Federal Reserve rate reductions implemented near the end of 2024, we anticipate deposit costs to further stabilize in future quarters. Additionally, the rate cuts reduced the interest expense on borrowings, which also benefitted NIM during the fourth quarter.” In fiscal 2025, the net interest margin was 2.54% compared to 2.56% in fiscal 2024.

    Investment securities decreased $14.7 million during the quarter to $322.5 million at March 31, 2025, compared to $337.2 million at December 31, 2024, and decreased $50.2 million compared to $372.7 million at March 31, 2024. The average securities balances for the quarters ended March 31, 2025, December 31, 2024, and March 31, 2024, were $346.0 million, $364.2 million, and $444.1 million, respectively. The weighted average yields on securities balances for those same periods were 1.84%, 1.82%, and 2.02%, respectively. The duration of the investment portfolio at March 31, 2025, was approximately 5.1 years. The anticipated investment cashflows over the next twelve months is approximately $37.4 million. There were no investment purchases during the fourth fiscal quarter of 2025.

    Riverview’s yield on loans was 4.91% during the fourth fiscal quarter, compared to 4.97% in the preceding quarter, and 4.63% in the fourth fiscal quarter a year ago. “Loan yields declined during the current quarter compared to the prior quarter due to the impact on the loan yield in the prior quarter from the recognition of the loan prepayment and related loan fees. Compared to a year ago, loan yields have increased as a result of the current yield curve which has resulted in higher yields on loans when compared to the existing loan portfolio. We continue to explore opportunities to enhance our loan yield by expanding our commercial business portfolio offerings to include more variable rate loan structures,” said Mike Sventek, EVP and Chief Lending Officer. Deposit costs improved to 1.30% during the fourth fiscal quarter compared to 1.32% in the preceding quarter and increased compared to 1.00% in the fourth fiscal quarter a year ago. The increase from clients seeking higher deposit yields has moderated quarter over quarter compared to the increase from the fourth fiscal quarter a year ago given the relative change in the interest rate environment during those respective periods.

    Non-interest income increased to $3.7 million during the fourth fiscal quarter of 2025 compared to $3.3 million in the preceding quarter and $494,000 in the fourth fiscal quarter of 2024. Non-interest income during the quarter included a $261,000 BOLI death benefit. The fourth fiscal quarter of 2024 included a $2.7 million loss on the sale of investment securities from the balance sheet restructure. In fiscal 2025, non-interest income increased to $14.3 million compared to $10.2 million in fiscal 2024.

    Asset management fees were $1.5 million during the fourth fiscal quarter, compared to $1.4 million in both the third fiscal quarter and in the fourth fiscal quarter a year ago. Asset management fees from new client relationships more than offset a volatile market performance during the fourth fiscal quarter. Riverview Trust Company’s assets under management were $877.9 million at March 31, 2025, compared to $872.6 million at December 31, 2024, and $961.8 million at March 31, 2024.

    Non-interest expense was $11.4 million during the fourth fiscal quarter, compared to $11.2 million in the preceding quarter and $13.1 million in the fourth fiscal quarter a year ago. Salary and employee benefits, the largest component of non-interest expense, increased during the current quarter compared to the preceding quarter due to open positions being filled. Professional fees increased during the current quarter compared to the preceding quarter due to higher consulting fees. The efficiency ratio was 88.7% for the fourth fiscal quarter, compared to 87.6% for the preceding quarter and 144.9% in the fourth fiscal quarter a year ago. In fiscal 2025, non-interest expense was $44.3 million compared to $43.7 million in fiscal 2024.

    Riverview’s effective tax rate for the fourth fiscal quarter of 2025 was 21.5%, compared to 21.8% for the preceding quarter and (27.0)% for the year ago quarter.

    Balance Sheet Review

    Total loans increased $17.4 million during the quarter to $1.06 billion at March 31, 2025, compared to $1.05 billion three months earlier and increased $38.4 million compared to $1.02 billion a year earlier. Riverview’s loan pipeline was $41.1 million at March 31, 2025, compared to $49.1 million at the end of the preceding quarter and $18.4 million at March 31, 2024. New loan originations during the quarter increased to $49.4 million, compared to $31.1 million in the preceding quarter and $12.7 million in the fourth fiscal quarter a year ago.

    Undisbursed construction loans totaled $18.2 million at March 31, 2025, compared to $19.5 million at December 31, 2024, with the majority of the undisbursed construction loans expected to be funded over the next several quarters. Undisbursed homeowner association loans for the purpose of common area maintenance and repairs totaled $18.3 million at March 31, 2025, compared to $14.5 million at December 31, 2024. Revolving commercial business loan commitments totaled $48.9 million at March 31, 2025, compared to $46.9 million at December 31, 2024. Utilization on these loans totaled 28.90% at March 31, 2025, compared to 17.60% at December 31, 2024. The weighted average rate on loan originations during the quarter was 7.16% compared to 7.04% in the preceding quarter. Loan repricing and maturities with respective weighted average rate for fiscal year 2026 totaled $76.6 million with a weighted average rate of 4.65%. Looking ahead, loan repricing and maturities for fiscal year 2027 total $77.1 million with a weighted average rate of 4.03%, for fiscal year 2028 total $96.2 million with a weighted average rate of 5.42% and in aggregate for fiscal years after 2028 total $108.3 million with a weighted average rate of 6.09%.

    The office building loan portfolio totaled $110.9 million at March 31, 2025, compared to $113.4 million at December 31, 2024. The average loan balance of the office building loan portfolio was $1.5 million with an average loan-to-value ratio of 53.5% and an average debt service coverage ratio of 1.80x at March 31, 2025. Office building loans within the Portland core consist of two loans totaling $20.5 million which is approximately 18.5% of the total office building loan portfolio or 1.92% of total loans.

    Non-interest checking and interest checking accounts, as a percentage of total deposits, totaled 48.7% at March 31, 2025, compared to 46.8% at December 31, 2024, and 51.9% at March 31, 2024. The increase during the quarter was in part due to Riverview Bank reciprocation of $20 million of balances back from Riverview Trust. Riverview Bank had moved customer deposits to Riverview Trust as a higher yielding deposit alternative and those assets were all retained within the Company during the period of increasing interest rates. CDs decreased during the quarter as Riverview allowed higher cost CDs to run off. Total deposits increased $13.3 million during the quarter to $1.23 billion at March 31, 2025, compared to $1.22 billion at December 31, 2024, and were unchanged compared to a year ago.

    FHLB advances decreased $7.8 million during the quarter to $76.4 million at March 31, 2025, compared to $84.2 million at December 31, 2024. FHLB advances decreased during the quarter as a result of the increase in deposits.

    Shareholders’ equity increased to $160.0 million at March 31, 2025, compared to $158.3 million three months earlier and $155.6 million one year earlier. Tangible book value per share (non-GAAP) increased to $6.33 at March 31, 2025, compared to $6.20 at December 31, 2024, and $6.07 at March 31, 2024. Riverview paid a quarterly cash dividend of $0.02 per share on April 25, 2025, to shareholders of record on April 14, 2025.

    Credit Quality

    “Asset quality remains a priority during uncertain economic conditions, and we continue to closely monitor our portfolio mix, loan growth, and local and national conditions to maintain an appropriate allowance,” said Robert Benke, EVP and Chief Credit Officer. Non-performing loans, excluding SBA and USDA government guaranteed loans (“government guaranteed loans”) (non-GAAP) totaled $155,000 or 0.01% of total loans as of March 31, 2025, compared to $168,000, or 0.02% of total loans at December 31, 2024, and $173,000, or 0.02% of total loans at March 31, 2024. There were no non-performing government guaranteed loans at March 31, 2025, and one non-performing government guaranteed loan totaling $301,000 at December 31, 2024. At March 31, 2025, non-performing assets were $155,000, or 0.01% of total assets.

    Riverview recorded $22,000 in net loan recoveries for the current quarter. This compared to $114,000 in net loan charge-offs for the preceding quarter. Riverview recorded no provision for credit losses for the current quarter, or for the preceding quarter.

    Classified assets were $2.9 million at March 31, 2025, compared to $226,000 at December 31, 2024, and $723,000 at March 31, 2024. The classified assets to total capital ratio was 1.6% at March 31, 2025, compared to 0.1% at December 31, 2024, and 0.4% a year earlier. The increase in classified assets during the quarter was primarily due to one $2.0 million loan for which a plan is in place to either return to performing status or payoff. Additionally, there was a borrowing relationship with two loans totaling $725,000 that credit administration is working with the borrower to bring current or seek full payoff. Criticized assets were $48.5 million at March 31 2024, compared to $50.4 million at December 31, 2024, and $36.7 million at March 31, 2024. Criticized assets decreased during the current quarter compared to the prior quarter as a result of one loan payoff. The increase compared to a year ago was primarily due to one relationship that was moved to the criticized asset category as the loans go through probate. The Company does not anticipate any loss from this relationship.

    The allowance for credit losses was $15.4 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The allowance for credit losses represented 1.45% of total loans at March 31, 2025, compared to 1.47% at December 31, 2024, and 1.50% a year earlier. The allowance for credit losses to loans, net of government guaranteed loans (non-GAAP), was 1.51% at March 31, 2025, compared to 1.54% at December 31, 2024, and 1.58% a year earlier.

    Capital/Liquidity

    Riverview continues to maintain capital levels well in excess of the regulatory requirements to be categorized as “well capitalized” with a total risk-based capital ratio of 16.27% and a Tier 1 leverage ratio of 11.10% at March 31, 2025. Tangible common equity to average tangible assets ratio (non-GAAP) was 8.93% at March 31, 2025.

    Riverview has approximately $471.3 million in available liquidity at March 31, 2025, including $174.0 million of borrowing capacity from the FHLB and $297.3 million from the Federal Reserve Bank of San Francisco (“FRB”). At March 31, 2025, the Bank had $76.4 million in outstanding FHLB borrowings.

    The uninsured deposit ratio was 23.4% at March 31, 2025. Available liquidity under the FRB borrowing line would cover nearly 100% of the estimated uninsured deposits and available liquidity under both the FHLB and FRB borrowing lines would cover 163.7% of the estimated uninsured deposits.

    On September 25, 2024, the Company’s Board of Directors adopted a stock repurchase program. Under this repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares of common stock, in the open market, based on prevailing market prices, or in privately negotiated transactions. Once the repurchase program is effective, the repurchase program will continue until the earlier of the completion of the repurchase or 12 months after the effective date, depending upon market conditions. During the fiscal fourth quarter, the Company repurchased 158,558 shares of common stock at an average price of $5.65. As of February 2, 2025, the Company had completed the full $2.0 million stock repurchase plan, repurchasing 358,631 shares at an average price of $5.53 per share.

    Non-GAAP Financial Measures

    In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. Management has presented these non-GAAP financial measures in this earnings release because it believes that they provide useful and comparative information to assess trends in Riverview’s core operations reflected in the current quarter’s results and facilitate the comparison of our performance with the performance of our peers. However, these non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP. Where applicable, comparable earnings information using GAAP financial measures is also presented. Because not all companies use the same calculations, our presentation may not be comparable to other similarly titled measures as calculated by other companies. For a reconciliation of these non-GAAP financial measures, see the tables below.

    Tangible shareholders’ equity to tangible assets and tangible book value per share:            
                         
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024        
                         
    Shareholders’ equity (GAAP)   $ 160,014     $ 158,270     $ 155,588          
    Exclude: Goodwill     (27,076 )     (27,076 )     (27,076 )        
    Exclude: Core deposit intangible, net     (171 )     (196 )     (271 )        
    Tangible shareholders’ equity (non-GAAP)   $ 132,767     $ 130,998     $ 128,241          
                         
    Total assets (GAAP)   $ 1,513,323     $ 1,508,609     $ 1,521,529          
    Exclude: Goodwill     (27,076 )     (27,076 )     (27,076 )        
    Exclude: Core deposit intangible, net     (171 )     (196 )     (271 )        
    Tangible assets (non-GAAP)   $ 1,486,076     $ 1,481,337     $ 1,494,182          
                         
    Shareholders’ equity to total assets (GAAP)     10.57 %     10.49 %     10.23 %        
                         
    Tangible common equity to tangible assets (non-GAAP)     8.93 %     8.84 %     8.58 %        
                         
    Shares outstanding     20,976,200       21,134,758       21,111,043          
                         
    Book value per share (GAAP)     7.63       7.49       7.37          
                         
    Tangible book value per share (non-GAAP)     6.33       6.20       6.07          
                         
                         
    Pre-tax, pre-provision income                    
        Three Months Ended   Twelve Months Ended
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024   March 31, 2025   March 31, 2024
                         
    Net income (loss) (GAAP)   $ 1,148     $ 1,232     $ (2,968 )   $ 4,903   $ 3,799
    Include: Provision (credit) for income taxes     314       343       (1,095 )     1,335     802
    Include: Provision for credit losses     –       –       –       100     –
    Pre-tax, pre-provision income (loss) (non-GAAP)   $ 1,462     $ 1,575     $ (4,063 )   $ 6,338   $ 4,601
                         
                         
    Net income (loss) and earnings (loss) per share excluding securities restructure and litigation expense            
                         
        Three Months Ended   Twelve Months Ended
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024   March 31, 2025   March 31, 2024
                         
    Net income (loss) (GAAP)   $ 1,148     $ 1,232     $ (2,968 )   $ 4,903   $ 3,799
    Exclude impact of securities loss restructure, net of tax     –       –       2,074       –     2,074
    Exclude impact of litigation expense, net of tax     –       –       1,748       –     1,748
    Net income excluding securities restructure and litigation expense (non-GAAP)   $ 1,148     $ 1,232     $ 854     $ 4,903   $ 7,621
                         
    Basic earnings (loss) per share (GAAP)   $ 0.05     $ 0.06     $ (0.14 )   $ 0.23   $ 0.18
    Exclude impact of securities loss restructure, net of tax     –       –       0.10       –     0.10
    Exclude impact of litigation expense, net of tax     –       –       0.08       –     0.08
    Basic earnings per share excluding securities restructure and litigation expense (GAAP)   $ 0.05     $ 0.06     $ 0.04     $ 0.23   $ 0.36
                         
    Diluted earnings (loss) per share (GAAP)   $ 0.05     $ 0.06     $ (0.14 )   $ 0.23   $ 0.18
    Exclude impact of securities loss restructure, net of tax     –       –       0.10       –     0.10
    Exclude impact of litigation expense, net of tax     –       –       0.08       –     0.08
    Diluted earnings per share excluding securities restructure and litigation expense (GAAP)   $ 0.05     $ 0.06     $ 0.04     $ 0.23   $ 0.36
                         
                         
    Allowance for credit losses reconciliation, excluding Government Guaranteed loans            
                         
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024        
                         
    Allowance for credit losses   $ 15,374     $ 15,352     $ 15,364          
                         
    Loans receivable (GAAP)   $ 1,062,460     $ 1,045,109     $ 1,024,013          
    Exclude: Government Guaranteed loans     (47,373 )     (49,024 )     (51,013 )        
    Loans receivable excluding Government Guaranteed loans (non-GAAP)   $ 1,015,087     $ 996,085     $ 973,000          
                         
    Allowance for credit losses to loans receivable (GAAP)     1.45 %     1.47 %     1.50 %        
                         
    Allowance for credit losses to loans receivable excluding Government Guaranteed loans (non-GAAP)     1.51 %     1.54 %     1.58 %        
                         
                         
    Non-performing loans reconciliation, excluding Government Guaranteed Loans              
                         
        Three Months Ended        
    (Dollars in thousands)   March 31, 2025   December 31, 2024   March 31, 2024        
                         
    Non-performing loans (GAAP)   $ 155     $ 469     $ 178          
    Less: Non-performing Government Guaranteed loans     –       (301 )     (5 )        
    Adjusted non-performing loans excluding Government
    Guaranteed loans (non-GAAP)    		   $ 155     $ 168     $ 173          
                         
    Non-performing loans to total loans (GAAP)     0.01 %     0.04 %     0.02 %        
                         
    Non-performing loans, excluding Government Guaranteed loans to total loans (non-GAAP)     0.01 %     0.02 %     0.02 %        
                         
    Non-performing loans to total assets (GAAP)     0.01 %     0.03 %     0.01 %        
                         
    Non-performing loans, excluding Government Guaranteed loans to total assets (non-GAAP)     0.01 %     0.01 %     0.01 %        


    About Riverview

    Riverview Bancorp, Inc. (www.riverviewbank.com) is headquartered in Vancouver, Washington – just north of Portland, Oregon, on the I-5 corridor. With assets of $1.51 billion at March 31, 2025, it is the parent company of Riverview Bank, as well as Riverview Trust Company. The Bank offers true community banking services, focusing on providing the highest quality service and financial products to commercial, business and retail clients through 17 branches, including 13 in the Portland-Vancouver area, and 3 lending centers. For the past 11 years, Riverview has been named Best Bank by the readers of The Vancouver Business Journal and The Columbian.

    “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements which include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions, future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession, the failure of the U.S. Congress to increase the debt ceiling, or slowed economic growth caused by increasing political instability from acts of war including Russia’s invasion of Ukraine, as well as supply chain disruptions, recent bank failures and any governmental or societal responses thereto; the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in the Company’s allowance for credit losses and provision for credit losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, the Company’s net interest margin and funding sources; the transition away from London Interbank Offered Rate toward new interest rate benchmarks; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in the Company’s market areas; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; results of examinations of the Bank by the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions, Division of Banks, and of the Company by the Board of Governors of the Federal Reserve System, or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require the Company to increase its allowance for credit losses, write-down assets, reclassify its assets, change the Bank’s regulatory capital position or affect the Company’s ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; legislative or regulatory changes that adversely affect the Company’s business including changes in banking, securities and tax law, and in regulatory policies and principles, or the interpretation of regulatory capital or other rules; the Company’s ability to attract and retain deposits; the unexpected outflow of uninsured deposits that may require us to sell investment securities at a loss; the Company’s ability to control operating costs and expenses; the use of estimates in determining fair value of certain of the Company’s assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans on the Company’s consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect the Company’s workforce and potential associated charges; disruptions, security breaches or other adverse events, failures or interruptions in or attacks on our information technology systems or on the third-party vendors who perform several of our critical processing functions; the Company’s ability to retain key members of its senior management team; costs and effects of litigation, including settlements and judgments; the Company’s ability to implement its business strategies; the Company’s ability to successfully integrate any assets, liabilities, customers, systems, and management personnel it may acquire into its operations and the Company’s ability to realize related revenue synergies and cost savings within expected time frames; future goodwill impairment due to changes in Riverview’s business, changes in market conditions, or other factors; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; the Company’s ability to pay dividends on its common stock; the quality and composition of our securities portfolio and the impact of and adverse changes in the securities markets, including market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting standards; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services, and the other risks described from time to time in our reports filed with and furnished to the U.S. Securities and Exchange Commission.

    The Company cautions readers not to place undue reliance on any forward-looking statements. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements included in this report or the reasons why actual results could differ from those contained in such statements, whether as a result of new information or to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us and could negatively affect the Company’s consolidated financial condition and consolidated results of operations as well as its stock price performance.

    RIVERVIEW BANCORP, INC. AND SUBSIDIARY              
    Consolidated Balance Sheets              
                   
                   
    (In thousands, except share data) (Unaudited) March 31, 2025   December 31, 2024   March 31, 2024    
    ASSETS              
                   
    Cash (including interest-earning accounts of $14,375, $12,573, $ 29,414     $ 25,348     $ 23,642      
    and $12,164)              
    Investment securities:              
    Available for sale, at estimated fair value   119,436       124,874       143,196      
    Held to maturity, at amortized cost   203,079       212,295       229,510      
    Loans receivable (net of allowance for credit losses of $15,374,              
    $15,352 and $15,364)   1,047,086       1,029,757       1,008,649      
    Prepaid expenses and other assets   12,523       12,945       14,469      
    Accrued interest receivable   4,525       4,639       4,415      
    Federal Home Loan Bank stock, at cost   4,342       4,742       4,927      
    Premises and equipment, net   22,304       22,731       21,718      
    Financing lease right-of-use assets   1,125       1,144       1,202      
    Deferred income taxes, net   8,625       9,471       9,778      
    Goodwill   27,076       27,076       27,076      
    Core deposit intangible, net   171       196       271      
    Bank owned life insurance   33,617       33,391       32,676      
                   
    TOTAL ASSETS $ 1,513,323     $ 1,508,609     $ 1,521,529      
                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
                   
    LIABILITIES:              
    Deposits $ 1,232,328     $ 1,219,002     $ 1,231,679      
    Accrued expenses and other liabilities   14,777       17,634       16,205      
    Advance payments by borrowers for taxes and insurance   614       317       581      
    Junior subordinated debentures   27,091       27,069       27,004      
    Federal Home Loan Bank advances   76,400       84,200       88,304      
    Finance lease liability   2,099       2,117       2,168      
    Total liabilities   1,353,309       1,350,339       1,365,941      
                   
    SHAREHOLDERS’ EQUITY:              
    Serial preferred stock, $.01 par value; 250,000 authorized,              
    issued and outstanding, none   –       –       –      
    Common stock, $.01 par value; 50,000,000 authorized,              
    March 31, 2025 – 20,976,200 issued and outstanding;              
    December 31, 2024 – 21,134,758 issued and outstanding;   208       209       211      
    March 31, 2024 – 21,111,043 issued and outstanding;              
    Additional paid-in capital   53,392       54,227       55,005      
    Retained earnings   119,717       118,988       116,499      
    Accumulated other comprehensive loss   (13,303 )     (15,154 )     (16,127 )    
    Total shareholders’ equity   160,014       158,270       155,588      
                   
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,513,323     $ 1,508,609     $ 1,521,529      
                   
    RIVERVIEW BANCORP, INC. AND SUBSIDIARY              
    Consolidated Statements of Income              
      Three Months Ended   Twelve Months Ended  
    (In thousands, except share data) (Unaudited) March 31, 2025 Dec. 31, 2024 March 31, 2024   March 31, 2025 March 31, 2024  
    INTEREST INCOME:              
    Interest and fees on loans receivable $ 12,685 $ 13,201 $ 11,743     $ 50,621 $ 46,031    
    Interest on investment securities – taxable   1,484   1,589   2,145       6,918   8,971    
    Interest on investment securities – nontaxable   64   65   65       260   261    
    Other interest and dividends   261   272   338       1,163   1,292    
    Total interest and dividend income   14,494   15,127   14,291       58,962   56,555    
                   
    INTEREST EXPENSE:              
    Interest on deposits   3,910   4,101   3,021       15,313   8,285    
    Interest on borrowings   1,391   1,638   2,718       7,305   10,184    
    Total interest expense   5,301   5,739   5,739       22,618   18,469    
    Net interest income   9,193   9,388   8,552       36,344   38,086    
    Provision for credit losses   –   –   –       100   –    
                   
    Net interest income after provision for credit losses   9,193   9,388   8,552       36,244   38,086    
                   
    NON-INTEREST INCOME:              
    Fees and service charges   1,446   1,492   1,398       6,002   6,269    
    Asset management fees   1,472   1,443   1,408       5,906   5,328    
    Bank owned life insurance (“BOLI”)   226   225   222       941   891    
    BOLI death benefit in excess of cash surrender value   261   –   –       261   –    
    Loss on sale of investment securities   –   –   (2,729 )     –   (2,729 )  
    Other, net   302   181   195       1,146   483    
    Total non-interest income, net   3,707   3,341   494       14,256   10,242    
                   
    NON-INTEREST EXPENSE:              
    Salaries and employee benefits   6,763   6,471   6,225       26,099   24,204    
    Occupancy and depreciation   1,873   1,871   1,942       7,560   6,872    
    Data processing   746   743   686       2,948   2,782    
    Amortization of core deposit intangible   25   25   27       100   108    
    Advertising and marketing   284   317   326       1,278   1,276    
    FDIC insurance premium   170   174   178       688   708    
    State and local taxes   265   327   196       1,042   1,010    
    Telecommunications   62   54   50       215   211    
    Professional fees   577   429   414       1,800   1,375    
    Other   673   743   3,065       2,532   5,181    
    Total non-interest expense   11,438   11,154   13,109       44,262   43,727    
                   
    INCOME (LOSS) BEFORE INCOME TAXES   1,462   1,575   (4,063 )     6,238   4,601    
    PROVISION (CREDIT) FOR INCOME TAXES   314   343   (1,095 )     1,335   802    
    NET INCOME (LOSS) $ 1,148 $ 1,232 $ (2,968 )   $ 4,903 $ 3,799    
                   
    Earnings (loss) per common share:              
    Basic $ 0.05 $ 0.06 $ (0.14 )   $ 0.23 $ 0.18    
    Diluted $ 0.05 $ 0.06 $ (0.14 )   $ 0.23 $ 0.18    
    Weighted average number of common shares outstanding:              
    Basic   21,007,294   21,037,246   21,111,043       21,063,467   21,137,976    
    Diluted   21,007,294   21,037,246   21,111,043       21,063,467   21,139,322    
                   
                           
    (Dollars in thousands)   At or for the three months ended   At or for the twelve months ended  
        March 31, 2025   Dec. 31, 2024   March 31, 2024   March 31, 2025   March 31, 2024  
    AVERAGE BALANCES                      
    Average interest–earning assets   $ 1,412,406     $ 1,436,130     $ 1,484,628     $ 1,433,071   $ 1,492,002  
    Average interest-bearing liabilities     1,011,116       1,019,265       1,047,712       1,010,592     1,028,042  
    Net average earning assets     401,290       416,865       436,916       422,479     463,960  
    Average loans     1,047,718       1,053,342       1,020,457       1,044,370     1,011,420  
    Average deposits     1,219,130       1,232,450       1,210,818       1,220,120     1,229,011  
    Average equity     159,766       160,532       158,776       158,570     156,137  
    Average tangible equity (non-GAAP)     132,506       133,245       131,413       131,271     128,733  
                           
                           
    ASSET QUALITY   March 31, 2025   Dec. 31, 2024   March 31, 2024          
                           
    Non-performing loans   $ 155     $ 469     $ 178            
    Non-performing loans excluding SBA Government Guarantee (non-GAAP)     155       168       173            
    Non-performing loans to total loans     0.01 %     0.04 %     0.02 %          
    Non-performing loans to total loans excluding SBA Government Guarantee (non-GAAP)     0.01 %     0.02 %     0.02 %          
    Real estate/repossessed assets owned   $ –     $ –     $ –            
    Non-performing assets   $ 155     $ 469     $ 178            
    Non-performing assets excluding SBA Government Guarantee (non-GAAP)     155       168       173            
    Non-performing assets to total assets     0.01 %     0.03 %     0.01 %          
    Non-performing assets to total assets excluding SBA Government Guarantee (non-GAAP)     0.01 %     0.01 %     0.01 %          
    Net loan charge-offs (recoveries) in the quarter   $ (22 )   $ 114     $ (3 )          
    Net charge-offs (recoveries) in the quarter/average net loans     (0.01 )%     0.04 %     0.00 %          
                           
    Allowance for credit losses   $ 15,374     $ 15,352     $ 15,364            
    Average interest-earning assets to average                      
    interest-bearing liabilities     139.69 %     140.90 %     141.70 %          
    Allowance for credit losses to                      
    non-performing loans     9918.71 %     3273.35 %     8631.46 %          
    Allowance for credit losses to total loans     1.45 %     1.47 %     1.50 %          
    Shareholders’ equity to assets     10.57 %     10.49 %     10.23 %          
                           
                           
    CAPITAL RATIOS                      
    Total capital (to risk weighted assets)     16.27 %     16.47 %     16.32 %          
    Tier 1 capital (to risk weighted assets)     15.01 %     15.21 %     15.06 %          
    Common equity tier 1 (to risk weighted assets)     15.01 %     15.21 %     15.06 %          
    Tier 1 capital (to average tangible assets)     11.10 %     10.86 %     10.29 %          
    Tangible common equity (to average tangible assets) (non-GAAP)     8.93 %     8.84 %     8.58 %          
                           
                           
    DEPOSIT MIX   March 31, 2025   Dec. 31, 2024   March 31, 2024          
                           
    Interest checking   $ 285,035     $ 257,975     $ 289,824            
    Regular savings     168,287       169,181       192,638            
    Money market deposit accounts     236,044       236,912       209,164            
    Non-interest checking     315,503       312,839       349,081            
    Certificates of deposit     227,459       242,095       190,972            
    Total deposits   $ 1,232,328     $ 1,219,002     $ 1,231,679            
                           
                       
    COMPOSITION OF COMMERCIAL AND CONSTRUCTION LOANS          
                       
            Other       Commercial  
        Commercial   Real Estate   Real Estate   & Construction  
        Business   Mortgage   Construction   Total  
    March 31, 2025   (Dollars in thousands)  
    Commercial business   $ 232,935   $ –   $ –   $ 232,935  
    Commercial construction     –     –     18,368     18,368  
    Office buildings     –     110,949     –     110,949  
    Warehouse/industrial     –     114,925     –     114,925  
    Retail/shopping centers/strip malls     –     88,815     –     88,815  
    Assisted living facilities     –     358     –     358  
    Single purpose facilities     –     277,137     –     277,137  
    Land     –     4,610     –     4,610  
    Multi-family     –     91,452     –     91,452  
    One-to-four family construction     –     –     10,814     10,814  
    Total   $ 232,935   $ 688,246   $ 29,182   $ 950,363  
                       
    March 31, 2024   (Dollars in thousands)  
    Commercial business   $ 229,404   $ –   $ –   $ 229,404  
    Commercial construction     –     –     20,388     20,388  
    Office buildings     –     114,714     –     114,714  
    Warehouse/industrial     –     106,649     –     106,649  
    Retail/shopping centers/strip malls     –     89,448     –     89,448  
    Assisted living facilities     –     378     –     378  
    Single purpose facilities     –     272,313     –     272,313  
    Land     –     5,692     –     5,692  
    Multi-family     –     70,771     –     70,771  
    One-to-four family construction     –     –     16,150     16,150  
    Total   $ 229,404   $ 659,965   $ 36,538   $ 925,907  
                       
                       
                       
                       
    LOAN MIX   March 31, 2025   Dec. 31, 2024   March 31, 2024      
    Commercial and construction   (Dollars in thousands)    
    Commercial business   $ 232,935   $ 224,506   $ 229,404      
    Other real estate mortgage     688,246     657,380     659,965      
    Real estate construction     29,182     49,956     36,538      
    Total commercial and construction     950,363     931,842     925,907      
    Consumer                  
    Real estate one-to-four family     97,683     97,760     96,366      
    Other installment     14,414     15,507     1,740      
    Total consumer     112,097     113,267     98,106      
                       
    Total loans     1,062,460     1,045,109     1,024,013      
                       
    Less:                  
    Allowance for credit losses     15,374     15,352     15,364      
    Loans receivable, net   $ 1,047,086   $ 1,029,757   $ 1,008,649      
                       
                       
    DETAIL OF NON-PERFORMING ASSETS                
        Southwest              
        Washington   Total          
    March 31, 2025   (Dollars in thousands)          
    Commercial business   $ 37   $ 37          
    Commercial real estate     88     88          
    Consumer     30     30          
    Total non-performing assets   $ 155   $ 155          
                       
                         
      At or for the three months ended   At or for the twelve months ended  
    SELECTED OPERATING DATA March 31, 2025   Dec. 31, 2024   March 31, 2024   March 31, 2025   March 31, 2024  
                         
    Efficiency ratio (4)   88.67 %     87.63 %     144.91 %     87.47 %     90.48 %  
    Coverage ratio (6)   80.37 %     84.17 %     65.24 %     82.11 %     87.10 %  
    Return on average assets (1)   0.31 %     0.32 %     (0.76 )%     0.32 %     0.24 %  
    Return on average equity (1)   2.91 %     3.04 %     (7.52 )%     3.09 %     2.43 %  
    Return on average tangible equity (1) (non-GAAP)   3.51 %     3.67 %     (9.08 )%     3.74 %     2.95 %  
                         
    NET INTEREST SPREAD                    
    Yield on loans   4.91 %     4.97 %     4.63 %     4.85 %     4.55 %  
    Yield on investment securities   1.84 %     1.82 %     2.02 %     1.96 %     2.02 %  
    Total yield on interest-earning assets   4.17 %     4.18 %     3.88 %     4.12 %     3.80 %  
                         
    Cost of interest-bearing deposits   1.76 %     1.81 %     1.41 %     1.74 %     0.97 %  
    Cost of FHLB advances and other borrowings   5.21 %     5.43 %     5.87 %     5.70 %     5.80 %  
    Total cost of interest-bearing liabilities   2.13 %     2.23 %     2.20 %     2.24 %     1.80 %  
                         
    Spread (7)   2.04 %     1.95 %     1.68 %     1.88 %     2.00 %  
    Net interest margin   2.65 %     2.60 %     2.32 %     2.54 %     2.56 %  
                         
    PER SHARE DATA                    
    Basic earnings (loss) per share (2) $ 0.05     $ 0.06     $ (0.14 )   $ 0.23     $ 0.18    
    Diluted earnings (loss) per share (3)   0.05       0.06       (0.14 )     0.23       0.18    
    Book value per share (5)   7.63       7.49       7.37       7.63       7.37    
    Tangible book value per share (5) (non-GAAP)   6.33       6.20       6.07       6.33       6.07    
    Market price per share:                    
    High for the period $ 5.75     $ 5.88     $ 6.40     $ 5.88     $ 6.48    
    Low for the period   5.08       4.59       4.53       3.64       4.17    
    Close for period end   5.65       5.74       4.72       5.65       4.72    
    Cash dividends declared per share   0.0200       0.0200       0.0600       0.0800       0.2400    
                         
    Average number of shares outstanding:                    
    Basic (2)   21,007,294       21,037,246       21,111,043       21,063,467       21,137,976    
    Diluted (3)   21,007,294       21,037,246       21,111,043       21,063,467       21,139,322    
                         

    (1) Amounts for the periods shown are annualized.
    (2) Amounts exclude ESOP shares not committed to be released.
    (3) Amounts exclude ESOP shares not committed to be released and include common stock equivalents.
    (4) Non-interest expense divided by net interest income and non-interest income.
    (5) Amounts calculated based on shareholders’ equity and include ESOP shares not committed to be released.
    (6) Net interest income divided by non-interest expense.
    (7) Yield on interest-earning assets less cost of funds on interest-bearing liabilities.

    Contacts: Nicole Sherman
    David Lam
    Riverview Bancorp, Inc. 360-693-6650

    The MIL Network –

  • MIL-OSI: Vodafone Business and Fortinet Expand Global Partnership to Secure Hybrid Work

    Source: GlobeNewswire (MIL-OSI)

    • Vodafone Business expands its converged networking and cybersecurity services powered by the Fortinet Unified SASE solution to new global markets.
    • Vodafone Business has been also designated “Fortinet Global Partner” due to its expertise in designing, deploying, and managing secure connected enterprise solutions globally.

    LONDON and SUNNYVALE, Calif., April 29, 2025 (GLOBE NEWSWIRE) —

    News Summary

    Vodafone Business and Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced an expanded global partnership, extending the reach of their converged networking and cybersecurity services to additional countries across Europe and Asia, as well as the United States. Together, the two companies are helping businesses deliver on the connectivity needs of today’s hybrid workforce and confront the growing volume and sophistication of cyberthreats by converging networking and security into a single, seamless service.

    Large and medium-sized enterprises in Germany and in other European markets as well as multinational businesses served through Vodafone Business International can now benefit from Vodafone Business Secure Networking Services.

    These services integrate Fortinet’s industry-leading software-defined wide area network (SD-WAN) and FortiSASE cloud-based security solutions to help organizations secure their networks. They provide employees with the same secure, reliable access to their work applications regardless of their location all with a single view across network health visibility, performance dashboards, and customizable reports. With connectivity across 192 countries, Vodafone Business offers the scale and reach needed to support secure digital transformation worldwide.

    Today’s announcement, with Vodafone Business attaining the “Fortinet Global Partner” status, underscores both companies’ commitment to supporting regional and international organizations across their IT and operational technology (OT) environments. The value proposition also helps enterprises in meeting cybersecurity compliance standards and requirements.

    This milestone comes amid a surge in cybersecurity incidences, including malware, data breaches, and social engineering, which rose significantly in the European Union in the first half of 2024, according to the European Union Agency for Cybersecurity (ENISA).

    Marika Auramo, CEO of Vodafone Business, said: “Cybersecurity is an increasing concern for our customers both in-country and cross-border. The breadth and depth of our global partnership with Fortinet means we can provide customers with the benefits of new digital connectivity to more places whilst ensuring that their digital assets, employees, partners and users are protected.”

    Joe Sarno, Executive Vice President, International Sales, Fortinet added: “As organizations digitize and scale across borders, secure connectivity is no longer optional—it’s essential. Our expanded partnership with Vodafone enables us to deliver unified SASE solutions that combine advanced security with exceptional performance so enterprises can confidently connect users, devices, and apps anywhere in the world.”

    Under the Vodafone Business and Fortinet partnership, businesses can purchase integrated services tailored to their needs and supported by Vodafone Business cybersecurity and managed network service experts. Customers can choose from four management options, including 24×7, co-managed network and security, various service-level guarantees, and professional services, including service discovery, design, implementation, and training.

    By combining their global reach and deep security expertise, Vodafone Business and Fortinet empower companies to detect and respond to threats swiftly, reducing risk while protecting operations and customer trust.

    Notes to Editors
    Vodafone Business and Fortinet will work together to further enhance sovereign compliant network operations center (NOC) and secure operations center (SOC) services. Vodafone Business recently opened a cybersecurity center in Düsseldorf, Germany, which will be home to more than 100 cybersecurity experts to help protect enterprise customers of all sizes from online threats.

    Increased automation and AI networking experiences as part of Vodafone Business Network-as-a-Service (NaaS) Platform is another area of focus for Vodafone Business and Fortinet. NaaS meets customer digital transformation needs by bringing together Vodafone’s software-based connectivity products and services, including SD-WAN, SASE/SSE, and Wireless and Fixed Internet Transport Services. It gives customers, or Vodafone Business managed services teams on their behalf, greater flexibility to buy, configure, and manage services to meet their specific dynamic business and AI application demands.

    Vodafone Business Secure Networking offers organizations several future-proofed managed solutions connecting their users, devices, and machinery. They are:    

    • Vodafone Business Secure Firewall with Fortinet delivers a comprehensive managed security service to set up, operate, run, manage, and maintain customer firewalls in a highly secure manner.
    • Vodafone Business Secure SD-WAN with Fortinet, which is ideal for organizations that need to ensure that their operations meet security and compliance regulation, and who need a secure, reliable, and agile network as they embrace the advantages of moving workloads to the cloud. 
    • Vodafone Business FortiSASE is aimed at customers looking to adopt flexible, robust, and secure hybrid work.

    More information around the partnership and Vodafone Business’ offerings can be found here. 

    Contact details

    About Vodafone Group
    everyone.connected

    Vodafone is a leading European and African telecoms company. We provide mobile and fixed services to over 340 million customers in 15 countries, partner with mobile networks in over 45 more and have one of the world’s largest IoT platforms. In Africa, our financial technology businesses serve almost 83 million customers across seven countries – managing more transactions than any other provider.

    Our purpose is to connect for a better future by using technology to improve lives, businesses and help progress inclusive sustainable societies. We are committed to reducing our environmental impact to reach net zero emissions by 2040.

    For more information, please visit www.vodafone.com follow us on X at @VodafoneGroup or connect with us on LinkedIn at http://www.linkedin.com/company/vodafone.

    About Fortinet
    Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTS”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs. 

    Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAgent, FortiAI, FortiAIOps, FortiAgent, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiEndpoint FortiExplorer, FortiExtender, FortiFirewall, FortiFlex FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiStack, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR and Lacework FortiCNAPP. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments. 

    The MIL Network –

  • MIL-OSI: QuEra Selected for Phase I of DARPA’s Quantum Benchmarking Initiative

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, April 29, 2025 (GLOBE NEWSWIRE) — QuEra, the leader in neutral-atom quantum computing, is pleased to announce its selection by the Defense Advanced Research Projects Agency (DARPA) for Stage A of the Quantum Benchmarking Initiative (QBI). DARPA QBI is a multi-stage program which aims to determine whether it is possible to build a commercially useful, fault-tolerant quantum computer within a decade.

    “We are honored that QuEra has been invited to participate in the first phase of the QBI program,” said Andy Ory, CEO of QuEra. “This initiative represents an opportunity to demonstrate the true potential of our neutral-atom approach. We look forward to working with DARPA’s team and accelerate the path toward a transformative computing platform and build a neutral-atom quantum supercomputer.”

    DARPA’s Quantum Benchmarking Initiative is designed to rigorously verify and validate diverse quantum computing approaches. Participants enter a six-month Stage A, during which they detail their technical concepts and planned research paths. Companies that successfully complete this stage may then advance to a year-long Stage B, followed by a final Stage C, where an independent verification and validation (IV&V) team evaluates prototype hardware and accompanying technologies. This evaluation process is meant to assess the feasibility of achieving “utility-scale” quantum computing — systems that can deliver a true computational advantage for practical industry and government applications.

    QuEra will use its unique neutral-atom architecture to advance work on fault-tolerant quantum computing. The approach leverages the natural scalability of neutral atoms and QuEra’s unique qubit shuttling technology. QuEra’s team of world-class physicists, engineers, and collaborators from leading research institutions has been steadily refining this platform, culminating in the opportunity to share its plan in more detail during Stage A of QBI.

    By participating in QBI, QuEra will continue developing its systems and present evidence of how its unique quantum computing approach could ultimately meet the cost-benefit threshold required for industrial utility. The company’s research and development roadmap will be subject to rigorous technical scrutiny — aligning with QBI’s overarching mission of determining realistic quantum computing capabilities in the near term.

    QuEra is dedicated to advancing quantum computing using neutral-atom architectures. Drawing upon expertise in atomic physics, optical engineering, and algorithm design, QuEra is forging a path toward the development of scalable, fault-tolerant quantum processors that address complex computational challenges in industry, government, and academia.

    For additional information on the Quantum Benchmarking Initiative, please visit: https://www.darpa.mil/research/programs/quantum-benchmarking-initiative

    About QuEra

    QuEra Computing is the leader in developing and productizing quantum computers using neutral atoms, widely recognized as a highly promising quantum computing modality. Based in Boston and built on pioneering research from Harvard University and MIT, QuEra operates the world’s largest publicly accessible quantum computer, available over a major public cloud and for on-premises delivery. QuEra is developing useful, scalable and fault-tolerant quantum computers to tackle classically intractable problems, becoming the partner of choice in the quantum field. Simply put, QuEra is the best way to quantum. For more information, visit us at quera.com and follow us on X or LinkedIn.

    Media Contact

    Merrill Freund
    press@quera.com
    +1-415-577-8637

    The MIL Network –

  • MIL-OSI Global: From shrinking bladders to severe stomach pain: survey reveals the painful realities of ketamine addiction

    Source: The Conversation – UK – By Rebecca Harding, PhD Candidate, Clinical Psychopharmacology Unit, UCL

    Ketamine’s rising popularity has created a paradox. While it’s hailed by some doctors as a breakthrough psychiatric treatment, it’s also driving a surge in addiction and harming people’s health. To better understand people’s experience of ketamine and how it might be best used in medical treatment, we surveyed hundreds of people who self-identify as struggling with ketamine addiction.

    Ketamine is gaining recognition as a promising, rapid-acting intervention for mental health conditions for many. Phase three clinical trials are now underway for its use with people with alcohol problems. A ketamine-based nasal spray, Spravato, has also been approved as a standalone therapy for treatment-resistant depression,

    But for others, particularly recreational users in their 20s, ketamine use can lead to more harm than healing.

    Once seen as a fringe party drug, ketamine – also known as “K” – has now entered the mainstream, gaining popularity as a nightlife narcotic and reports of widespread use in Hollywood. But with its rise have come warnings: several high-profile deaths, including actor Matthew Perry and drag artist The Vivienne, have sparked public concern.

    Medical ketamine is a regulated drug used in hospitals and clinics under professional supervision. Illegal ketamine, often used recreationally, is unregulated, may be contaminated and carries higher risks of overdose, addiction and health complications due to unknown purity and unsafe use.

    To better understand the experience of ketamine addiction and to help inform improved treatments, our research team at the University of Exeter and University College London surveyed 274 people with self-identified ketamine addiction from Europe, North America and Australia**. We believe the results offer the most in-depth data of its kind to date.

    While ketamine is chemically distinct from opioids, some users described its emotional and social toll as equally devastating. One participant described it as “the heroin of a generation”.

    This stark characterisation underscores the growing number of people seeking treatment – not only for addiction, but also for physical health complications that can follow heavy, prolonged use.

    Sixty percent of respondents reported bladder problems – a side effect well known among long-term ketamine users, but rarely discussed outside specialist circles. Many also described intense psychological symptoms such as cravings, low mood, anxiety and irritability.

    While these experiences probably reflect heavier users than the average recreational consumer, they highlight the serious harms experienced by those who become dependent.

    Alarming statistics

    Alarmingly, over a third of our respondents had never sought treatment. Among those who had, only 36% were satisfied with the care they received. One person noted: “I think they need to research drugs or options that fight K bladder, K kidneys and K stomach cramps. Ketamine can make your lifespan much shorter.”

    A recurring theme throughout the survey responses was frustration at the lack of awareness – among peers, educators, healthcare providers and even addiction specialists – about ketamine’s risks.

    “No one even understands what ketamine is or what it does,” said one participant. They added: “It shouldn’t be our job to explain the science. It should be taught. People need to be educated. There’s so much less information out there compared to drugs like cocaine.”

    Most participants had first encountered ketamine in recreational settings. Only four participants first encountered it through prescription, primarily in the United States, where at-home ketamine therapy is becoming more common. In contrast, the UK restricts ketamine use to clinical supervision.

    Crucially, the doses reported by participants were far higher than those used in medical settings. Rapid tolerance development and escalating use were common concerns.

    New treatment strategies

    To support those struggling with ketamine addiction, our findings point to the urgent need for new treatment strategies. These include pharmacological options to address physical complications like “K cramps” (severe abdominal pain often described as excruciating) and improved understanding of how ketamine causes bladder and kidney damage.

    Equally vital is improving education – both for the public and for healthcare professionals – about the risks of ketamine use and the realities of addiction. We hope our survey offers a platform for those with experience to be heard and for their voices to shape future research, clinical care and public health messaging.



    Read more:
    Ketamine: what you need to know about the UK’s growing drug problem

    This survey comes at a crucial time in ketamine’s evolving story. In response to rising recreational use and recent fatalities, the UK government is reportedly considering reclassifying ketamine as a Class A drug. However, when ketamine was reclassified from Class C to Class B in 2014, use among 16–24-year-olds increased by 231%, suggesting that harsher penalties do little to curb demand.

    Instead of relying on punitive measures, we must focus on expanding treatment access, reducing stigma and investing in prevention. Our study shows the urgent need for more research into what makes ketamine addictive, how to prevent its physical harms and, most importantly, how to help people recover and reclaim their lives.

    Celia Morgan receives funding from National Institute of Health Research (UK), Medical Research Council (UK), Economic and Social Research Council UK; Medical Research Foundation; Wellcome Trust; Awakn Life Sciences.

    Rebecca Harding 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. From shrinking bladders to severe stomach pain: survey reveals the painful realities of ketamine addiction – https://theconversation.com/from-shrinking-bladders-to-severe-stomach-pain-survey-reveals-the-painful-realities-of-ketamine-addiction-255197

    MIL OSI – Global Reports –

  • MIL-OSI Global: The world needs climate change leadership – it’s time for China to step up

    Source: The Conversation – UK – By Yixian Sun, Associate Professor in International Development, University of Bath

    The second Trump administration has announced various anti-climate policies under its “America first” strategy. Leaving the Paris agreement, kicking off a trade war, shutting down USAid and drilling for more oil and gas will not only undermine the US’s international reputation but will undermine the global effort to combat climate change.

    With the US in retreat from climate action and Europe preoccupied by security challenges, new leadership is urgently needed. China may be poised to fill this gap.

    The country is already dominant in most clean technologies, and its top leaders say climate action can help the country fulfil its responsibilities as a major power. The Chinese president, Xi Jinping, reiterated this message at a recent closed-door meeting of heads of state, organised by the UN secretary general to discuss the climate crisis.

    After nodding to the Trump-initiated global economic shock, Xi said China “will overcome the headwinds and steadily move forward global climate governance”.

    But to take on this leadership, Beijing must first strengthen China’s domestic policies along with its support for climate action in the global south. The country has made remarkable progress on clean energy and its carbon emissions may peak this year.

    But more than 60% of the electricity generated in the country still comes from coal, and it remains unclear how fast the government plans to phase out fossil fuels. Meanwhile, some provincial governments are still issuing permits to add new coal-fired power plants.

    Coal storage in Ningbo, China.
    Alex Tao Wang / shutterstock

    There are things China can do almost immediately to show its commitment to climate action and rebuild international confidence in the Paris agreement. First, it must set very ambitious pledges to reduce its emissions for the coming decades ahead of this year’s UN climate conference (Cop30) to be held in November in Belém, Brazil.

    China was one of the many countries that missed a February deadline for submitting its targets (only 15 countries were on time). Until now, Beijing’s strategy has been to “wait and see” given the turbulence caused by the new Trump administration.

    What China ends up pledging will have a profound impact on global ambition. An ambitious target might mean reducing its emissions from their peak level by at least 30%. This is still achievable if the country can maintain its current progress in renewables.

    Despite the missed deadline, there are some positive noises coming from Beijing. In a recent high-level meeting organised by the UN secretary general, Xi announced that China’s next set of emission reduction targets, covering the period up to 2035, will cover all economic sectors and all greenhouse gases.

    This will be a major progress compared to China’s previous pledges, which only covered carbon dioxide (China is the world’s biggest emitter of the potent greenhouse gas methane, for instance) and did not integrate national targets into individual sectoral policies.

    More support for developing countries

    China has also been instrumental in bridging gaps between developed and developing countries in recent international talks. This was especially the case during negotiations at Cop29 last year in Baku, Azerbaijan, for a new global climate finance goal.

    Climate finance, in this context, refers to providing developing countries with the resources to help them reduce their emissions and adapt to climate change. China still has developing country status in the UN’s climate change convention and, as such, has no official obligation to provide international climate finance.

    Despite this, it has already provided or helped raise around US$24.5 billion (£18.32 billion) for clean energy, disaster recovery and other climate actions in developing countries. That makes it the world’s fifth-largest climate finance donor according to some estimates.

    But for this investment to have a lasting impact, Beijing needs to be more transparent about where its funding goes and how projects are financed. It should also get local people more involved in designing and implementing the projects it funds.

    Reform the system

    China should also play a major role in reforming the global financial system to make it aligned with the Paris agreement. As a strong supporter of green finance, it can influence upcoming international talks such as the Financing for Development conference in Seville, as well as the UN’s negotiations on international tax cooperation. As co-chair of the G20’s sustainable finance working group, China also has the opportunity to push for more funding to support net zero.

    China is by far the world’s biggest producer of renewables, batteries, electric vehicles and many other clean technologies, and is in a unique position to supply them affordably.

    While it has already exported lots of these products, many developing countries still don’t have the know-how or the basic infrastructure to make the most of them (solar farms are of limited use if you don’t have a battery capable of storing the electricity they generate, for instance). China can address this by partnering with other governments in the global south to share technologies and invest in manufacturing.

    With global climate leadership at risk, China has the chance to step up. As an emerging superpower with advantages in clean technologies and a leadership that recently reaffirmed their commitment to climate action, the country is well positioned. The world is watching to see if China will follow through.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.

    Yixian Sun receives funding from UKRI Future Leaders Fellowship (grant number: MR/X035956/1).

    – ref. The world needs climate change leadership – it’s time for China to step up – https://theconversation.com/the-world-needs-climate-change-leadership-its-time-for-china-to-step-up-252698

    MIL OSI – Global Reports –

  • MIL-OSI Global: My Cypriot grandfather was one of millions of foreign servicemen who fought for Britain. Now I’m telling their stories

    Source: The Conversation – UK – By Christiana Gregoriou, Professor in English Language and Stylistics, University of Leeds

    The second world war veteran community is far more ethnically diverse than many people realise, with over 3 million foreign servicemen serving with the British armed forces during the conflict.

    Second world war memoirs are vital records of how these servicemen remembered the war. They offer insights into their relationship to trauma and resilience and their search for meaning in life.

    May 8 2025 is the 80th anniversary of VE Day. As we mark it, it’s important that we celebrate this ethnic diversity and highlight how much this community’s memoirs can teach us about the joy of making sense and finding lessons, however challenging life may be.

    My research into second world war memoirs uses original archival materials including the memoir of my grandfather, Cypriot sergeant Phylactis Aristokleous (British Army). He was a prisoner of war (PoW) and one of the thousands of colonised Cypriots who volunteered to serve in the army’s Cyprus regiment at the time.

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    My colleague George Rodosthenous is currently adapting my grandfather’s memoir into a theatrical monologue. It will form the basis of a lecture-performance which will tour Yorkshire heritage sites in May as part of a week commemorating VE Day. All are welcome to attend.

    Though his story is one of deprivation and difficulty, Aristokleous’ war experience was also one he took huge pride in. He believed his time had been beneficial and felt a strong need to share his story with others.

    Memoirists are narrators of the history they bore witness to. Though their stories appear to be individual and personal, they are in constant dialogue with their readers, and with each other, informed by experience that is rich, historic and detailed.

    The stories in these memoirs are part of a web of experiences shared with and influenced by others. Read collectively, a culturally dominant story emerges of survival and determination.

    The war experience

    My grandfather believed that serving in the allied forces and writing about his experiences in his memoir shaped the rest of his life. He claimed that his war experiences determined his outlook and prepared him for the life he led after service. All the while, he was aware that his time had also split his sense of self into parts – some of which he left “behind”.

    Even though this positivity might well be more of a feature of his character rather than the war experience itself, it is nevertheless telling. Aristokleous selected many individual incidents to write about, and my analysis of his memoir focuses on them. He acknowledged that only some of them were incidents he had witnessed firsthand; the rest were stories that others had shared with him.

    The authenticity of the stories he shared tended to be driven by his belief that collectively, and in the war specifically, groups of people from the same nations behaved in the same sort of way.

    In one instance, for example, he accepted the authenticity of a story about Australians being courageous only on the basis of him witnessing a random Australian being courageous at a different point in time entirely. The story concerned two Australians who – after killing a German guard – shot each other so they would not be arrested. He believed this story because of an incident he witnessed himself – an Australian PoW who avenged the killing of an innocent British PoW by killing the German guard responsible, only to then be killed himself.

    Even though my grandfather’s stories were compellingly told and retold over the course of several decades, writing them down helped him organise and conceptualise them into a narrative life-story. In so doing, he added unlikely connections between incidents across his life and PoW journey. He made sense of incidents that happened at one point in place and time by linking them to another place and time entirely.

    In one chapter, for example, he talked about winning bread in a raffle, a moment he linked back to having previously asked God for forgiveness for having given a hungry British sergeant dry biscuits that were not his to give away. He deemed his winning a response to prayer.

    He also drew on analogies for the prisoner experience found in the natural world, which speaks to his dehumanisation during that time. There’s the story of a prisoner’s pet-crow, Jack, for example, who hid cheese the PoWs gave him in the snow for when he needed it. From this, he suggested that the PoWs needed to do the same themselves. These connections helped him to construct sense and rationale around what he went through, and even find closure and catharsis.

    Analysis of his many anecdotes also reveals a tendency to dissociate, by using “we” instead of “I”, for instance. He also distanced himself from what was happening by using direct quotes from others in mostly foreign languages. This lends his stories an air of authenticity.

    The memoir also uses proverbs specific to his Greek Cypriot culture. This enabled him to find another purpose to his stories – to turn them into life lessons for others, particularly his own children and grandchildren.

    An enduring legacy

    Most of the second world war veteran community is no longer with us. But their experience in the form of memoirs is, and so is the enduring legacy they left behind.

    The most cynical of us may argue that life is chaotic, futile and devoid of meaning, but what these memoirs, and my grandfather, may teach us is that we can craft ourselves a narrative to help make sense of it.

    Perhaps most importantly, this multicultural veteran community serves as a powerful reminder that, despite the global conflict they endured, it was through diverse nations uniting across ethnic lines, that they were able to defend their freedom, lives and livelihoods from those who sought to destroy them.

    Christiana Gregoriou 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. My Cypriot grandfather was one of millions of foreign servicemen who fought for Britain. Now I’m telling their stories – https://theconversation.com/my-cypriot-grandfather-was-one-of-millions-of-foreign-servicemen-who-fought-for-britain-now-im-telling-their-stories-252697

    MIL OSI – Global Reports –

  • MIL-OSI Global: Co-working spaces aren’t just about convenience – they bring a whole range of benefits for employees and communities

    Source: The Conversation – UK – By Mariachiara Barzotto, Senior Lecturer in Management Strategy and Organisation, University of Bath

    Master1305/Shutterstock

    When you think of co-working spaces – where workers from different industries come together to share a convenient workplace – you might picture a group of young freelancers hunched over laptops. But today’s co-working spaces have evolved into something more powerful – particularly in a world still reshuffling office work practices in the wake of the COVID pandemic.

    As workplaces adapt to new ways of operating, from hybrid to “digital nomadism”, co-working spaces can do more than simply offer flexibility. They can support workers’ wellbeing and work–life balance by enhancing a sense of community, building trust and new friendships, and encouraging continuous learning.

    Research I undertook with colleagues shows these spaces may also play a role in addressing societal challenges. They can provide support for workers with family or caring responsibilities and enhance digital connectivity in under-served areas by offering faster, stable internet access. They can also encourage knowledge-sharing around new technology – while reducing the need for long commutes, which brings environmental benefits.

    Other research shows that co-working staff tend to report higher levels of job satisfaction and wellbeing, particularly compared with those working at home. There are various reasons for this.

    The ability to choose how and where to work, to exchange knowledge with others on-site, and to avoid long commutes all contribute to better mental health, happiness and wellbeing.

    Productivity can also be boosted by, for example, the social support and interactions encouraged by open architecture and flexible workstations, as well as by a workplace that is much closer to home.

    Some co-working spaces have gone a step further, integrating childcare, wellness programmes and even care for older dependants. One example is COWORCare, a European initiative linking co-working spaces with family support such as kindergartens and elderly-care services. This helps parents (especially mothers) participate more fully in the labour market.

    Workers often need to update their skills to stay competitive. While informal learning happens in traditional offices too, co-working spaces can offer advantages by connecting professionals, entrepreneurs and freelancers across industries. This encourages knowledge-sharing between sectors.

    Many also host training sessions, workshops and networking events, making it easier to develop skills than when working from home or in more homogeneous office settings.

    Some of these spaces also create opportunities, both formal and informal, for young people to learn from more skilled and experienced workers. They can also help youngsters who are not in education, employment or training (NEET) into the workforce.

    This all matters because the shift to greener and more digital economies – known as the “twin transition” – is creating both opportunities and risks. Many workers, especially in rural and older populations, could be left behind without access to training or digital infrastructure. Co-working spaces specifically for older people are ideally placed to address this.

    Such spaces can act as “infrastructures of care” by helping workers feel like part of a community. Perhaps one of the most underrated benefits of co-working is how it can combat loneliness and boost morale for staff who might otherwise be working from home or face a long commute to their employer’s office.

    Remote working can be lonely – and people in the early stages of their career can miss out on chances to learn from more experienced workers.
    fizkes/Shutterstock

    During the pandemic, many people realised how much they missed casual chats and social interaction. Co-working can bring that back – even for remote workers. In fact, co-working spaces can create the kind of “light-touch” community that encourages inclusion without being overwhelming.

    Left-behind places

    Co-working isn’t just for buzzing city centres. Some of the most exciting developments are happening in small towns and rural areas.

    Governments across Europe are supporting this shift. Ireland’s Connected Hubs scheme has built a national network of remote-working hubs, aiming to revitalise rural communities and reduce the urban-rural divide.

    These hubs can provide better internet than workers may have at home, and keep talented young people in the region. They can also spark local entrepreneurship, especially when paired with funding and mentoring. For example, the Youth Re-Working Rural project across Norway, Italy, Spain, Greece, Latvia and Slovenia supports youth and creative industries through co-working and digital training.

    But these spaces aren’t a silver bullet. Our research also shows they are most effective when public investment simultaneously targets specific areas.

    This could be extending high-speed broadband to rural areas, improving transport connections and providing vocational and digital skills training. Policies that support back-to-work programmes – for example, mentoring for unemployed people, parents returning after career breaks, or those who have lost jobs reintegrating into the labour market – are crucial, alongside access to affordable housing.

    Co-working spaces can be part of the solution to making work better – not just more convenient and efficient, but more human. They can improve wellbeing, encourage new skills, and bring life back into places that have been left behind after traditional local industries declined.

    Rethinking the future of work in the face of multiple transitions – digital, green and demographic – means also thinking about the kind of spaces that make learning, connection and wellbeing possible.

    Mariachiara Barzotto 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. Co-working spaces aren’t just about convenience – they bring a whole range of benefits for employees and communities – https://theconversation.com/co-working-spaces-arent-just-about-convenience-they-bring-a-whole-range-of-benefits-for-employees-and-communities-255281

    MIL OSI – Global Reports –

  • MIL-OSI Global: RFK Jr. said many autistic people will never write a poem − even though there’s a rich history of neurodivergent poets and writers

    Source: The Conversation – USA – By Bradley J. Irish, Associate Professor of English, Arizona State University

    Scholars today believe Irish playwright George Bernard Shaw was probably on the autism spectrum. Bettmann/Getty Images

    U.S. Secretary of Health and Human Services Robert F. Kennedy Jr. recently declared autism a national “epidemic,” calling it a “preventable disease” that is growing at an “alarming rate.”

    He went on to cast autism as an “individual tragedy” that “destroys families,” while stating that many autistic people will “never pay taxes, they’ll never hold a job, they’ll never play baseball, they’ll never write a poem, they’ll never go out on a date.”

    The remarks drew widespread criticism from researchers, advocacy groups and autistic people. They objected to these scientifically unsound characterizations of autism, along with the broad strokes with which Kennedy described autistic people, who exist on a vast spectrum.

    As an autistic English professor who studies literature and neurodiversity, I was especially unnerved by Kennedy’s contention that many autistic people will never write poetry.

    It couldn’t be further from the truth.

    Working poets

    There’s a remarkable corpus of poetry written by autistic people, who have also written novels, plays and virtually any kind of literature imaginable. The Autism Books by Autistic Authors Project catalogs 133 collections of poetry authored by autistic individuals, which represents only a fraction of the work created by autistic poets throughout history.

    One of the most well-known contemporary autistic poets is David Miedzianik, who in 1986 also wrote one of the earliest autistic memoirs. He’s published his poetry in the books “I Hope Some Lass Will Want Me After Reading All This,” “Taking the Load Off My Mind: Autobiographical and Other Poems” and “Now All I’ve Got Left is Myself: Autobiographical Poems, 1993-1996.”

    Adam Wolfond is another celebrated autistic poet. Wolfond, who is nonspeaking, has released several books of poetry, including “In Way of Music Water Answers Toward Questions Other Than What Is Autism” in 2019, “The Wanting Way” in 2022 and “Open Book in Ways of Water” the following year. And Traci Neal is an autistic poet, advocate and spoken-word artist whose work has been featured in Newsweek and NPR’s Poetry Moment.

    Autistic poets write about many topics. But their work is particularly poignant when discussing how they fit into a world that often labels them broken, incomplete or something less than human.

    In writer and poet Tito Rajarshi Mukhopadhyay’s 2010 poem “Misfit,” the speaker of the poem notes that other people often ostracize him for his differences. But he doesn’t care: 

      My hands, as usual, were flapping
  The birds knew I was Autistic;
  They found no wrong with anything.

    Poets from the past

    Beyond living writers, readers and researchers have also explored the possibility that poets from the past may have had autistic characteristics, even before autism came to be formally theorized by clinicians in the mid-20th century.

    Of course, it’s important to exercise caution when categorizing people from the past, since they lived in worlds without those terms. At the same time, there have always been people whose minds and bodies worked in ways we’d now describe as autistic. So most literary scholars believe it is perfectly reasonable to discuss it as a possibility, as long as these historical figures aren’t given a formal, authoritative “diagnosis.”

    In 2010, for example, literary scholar Julie Brown suggested that renowned American poet Emily Dickinson had characteristics – such as sensory issues, social quirkiness and a savant’s command of language – that align with those of some individuals on the autism spectrum. More recent readers have agreed.

    In fact, many historical poets, novelists and playwrights have been tentatively associated with autism or other kinds of neurodivergence, such as William Wordsworth, Lewis Carroll, Hans Christian Andersen, George Bernard Shaw and Virginia Woolf.

    Unique voices, unique perspectives

    Of course, there are countless autistic people who write poetry who aren’t famous and haven’t published books. Neurodivergent poet and educator Chris Martin, who works with autistic people around the world, helps his students discover how to express themselves in poems.

    He describes this work in “May Tomorrow Be Awake: On Poetry, Autism, and Our Neurodiverse Future,” a book that’s part memoir of Martin’s own journey and part poetry anthology of his students’ poetry.

    Autistic poet and educator Chris Martin and autistic poet Adam Wolfond, who is nonspeaking, participate in a reading in 2023.

    Martin describes the “remarkable reciprocity poetry shares with autism or autistic minds or autistic ways of moving through the world.”

    “Time and again,” he adds, “I have watched my students … grasp the hand of poetry and begin dancing like they’ve been doing it their whole lives.”

    In fact, he argues that “poetry’s patterned structure uniquely serves neurodivergent thinking.” Because many autistic people seek patterns with a “combination of knack and urgency,” reading and writing poetry, which is anchored in patterns of words, images, sounds and forms, is particularly well suited for their way of thinking.

    In a recent interview with the magazine Mother Jones, autistic poet, educator and attorney Elizabeth R. McClellan said, “I know so many poets with various kinds of neurodivergence and that adds to the way that we see the world in our unique way, and that adds to our unique voice as poets.”

    In other words, autistic people are able to expand the possibilities of poetry itself.

    Bradley J. Irish 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. RFK Jr. said many autistic people will never write a poem − even though there’s a rich history of neurodivergent poets and writers – https://theconversation.com/rfk-jr-said-many-autistic-people-will-never-write-a-poem-even-though-theres-a-rich-history-of-neurodivergent-poets-and-writers-255367

    MIL OSI – Global Reports –

  • MIL-OSI Global: No whistleblower is an island – why networks of allies are key to exposing corruption

    Source: The Conversation – USA – By Kate Kenny, Professor of Business and Society, University of Galway

    Facebook whistleblower Frances Haugen speaks at a conference in 2022. Kimberly White/Getty Images for SumOfUs

    Whistleblowers – people who expose wrongdoing within their organizations – play a crucial role in holding governments and corporations accountable. But speaking up can come at a cost. People who report misconduct often face retaliation, job loss or legal threats, making whistleblowing risky and challenging. And when legal protections for whistleblowers are weakened, the risks only grow.

    That’s exactly the situation many workers face today.

    In the U.S., a Trump administration executive order threatens to effectively strip thousands of federal workers’ rights to whistleblower protection. The executive order is part of a larger effort to reclassify civil servants as “at-will” workers who can be sacked at any time for any reason. While federal workers have enjoyed protection against whistleblower reprisal for decades, those safeguards are now under threat. And this comes as private-sector whistleblowers have increasingly faced reprisal, too.

    Yet while the risks are real, whistleblowing isn’t impossible. Indeed, after researching whistleblowing for over 10 years, I’ve observed that insiders who successfully sound the alarm often do so with help − by partnering with allies who can amplify their message and help shield them from retaliation.

    Meet the ‘regulators of last resort’

    My new book, “Regulators of Last Resort: Whistleblowers, the Limits of the Law and the Power of Partnerships,” tells the stories of whistleblowers from Facebook, Amazon, Theranos, U.S. Immigration and Customs Enforcement detention centers and Ireland’s public electricity service. In each case, the worker suffered reprisal and was aggressively silenced. In each case, they persisted, and allies emerged to help.

    For Facebook employee Frances Haugen, finding an ally meant teaming up with Wall Street Journal reporter Jeff Horwitz, a specialist in tech who had been writing about Facebook’s misdeeds for some time. When Haugen decided to go public about the social media platform’s knowing exploitation of teenagers and its awareness of the violence incited by poorly regulated non-English versions of its site, Horwitz was pivotal in orchestrating when and how the newspaper articles would appear, helping maximize their impact and granting Haugen control over how her story was told.

    This partnership was no accident; Haugen chose the reporter and tech expert carefully. “I auditioned Jeff for a while,” she later told a reporter. “One of the reasons I went with him is that he was less sensationalistic than other choices I could have made.”

    Indeed, many whistleblowers disclose with the wrong journalist, leaving themselves open to attack.

    At Theranos – a multibillion-dollar biotech company that turned out to be a fraud – a lawyer “friend of a friend” gave whistleblower Erika Cheung critical advice about disclosing to a regulator. This was a lifeline for the recent graduate, who feared for her career and safety after being threatened by bosses and lawyers and warned to stay silent and obey her nondisclosure agreement. Meanwhile, Cheung had no money for formal legal representation. It was that call to the lawyer that made all the difference, Cheung told me. “He said, ‘You can whistleblow.’”

    Her contact explained that if she disclosed to the Centers for Medicare & Medicaid Services, she could avail of whistleblower protection and break her NDA. She would have to do it right and focus on the details: to highlight Theranos’ “regulatory noncompliance” and demonstrate the firm was violating the rules for proficiency testing. But all it would require of Cheung was a simple email to the right organization.

    Finally, my research also detailed the many colleagues at Amazon who supported whistleblowing manager Chris Smalls in disclosing risks to life and health during the early days of the COVID-19 pandemic in New York. When Smalls was fired for speaking out and subject to racist language in internal memos about the incident that were later leaked, his close colleague Derrick Palmer described his response. “I was appalled,” Palmer said. “I just knew that they wanted to – pretty much – silence the whole effort. Anyone speaking out. That was how they were going to treat them, moving forward. Including myself.”

    Labor leader Chris Smalls speaks during a conference in Chicago, Ill., in 2022.
    Jeremy Hogan/SOPA Images/LightRocket via Getty Images

    This strengthened Palmer’s determination to help Smalls. Meanwhile, the leaked memo prompted letters of support and emails “from people from all over the country – Amazon workers, non-Amazon workers, that just want to help advocate as well,” as Smalls put it. In the days and weeks after, workers held demonstrations at Amazon facilities all across the U.S., with banners declaring solidarity with the New York warehouse whistleblowers.

    No whistleblower is an island

    These allies often go overlooked when the media focuses on whistleblowers. But their support is critical, particularly in an era when protections for workers who speak up are coming under increasing threat worldwide.

    Organizing whistleblowing allies involves strategy, and some nonprofit and civil society groups have become experts in this domain. Leading the way is the U.S. Government Accountability Project and its “information matchmaking” approach. The idea is simple: Whistleblowers need a whole team of other people – from experts to members of the public – on their side. And this takes planning.

    For years, lawyer-activists like those at the Government Accountability Project have been treating whistleblower protection and support efforts as holistic campaigns that entail a media operation and networking effort, as well as a legal defense.

    Take the example of Dawn Wooten, a former nurse at the Irwin County Detention Center – a U.S. Immigration and Customs Enforcement contractor – who encountered and disclosed medical misconduct and critical failures. Dana Gold at the Government Accountability Project supported her whistleblowing with other activists, enlisted civil society groups and politicians in the cause, helped land newspaper articles in The Guardian and The New York Times, and even arranged a New Yorker podcast in which Wooten told her story.

    The information went viral, and multiple investigations ensued. Within a year, the Department of Homeland Security directed ICE to formally end its contract with the Irwin County Detention Center, citing the revelations made public by Wooten and some of the detained women.

    None of this is straightforward. In most whistleblowing disputes, the organization holds the balance of power. It has the files, the witnesses and the money to pay good lawyers. I’ve found that whistleblower allies must work with whatever limited resources they can marshal to give themselves an advantage. This means engaging influential people who might help, including pro bono lawyers, specialists who can give evidence, concerned regulators and beat journalists. In short, what is necessary is experts across all domains who are interested in the story and willing to help. And it’s the collective effort that matters.

    Even with this support, however, whistleblowers don’t have it easy. In many high-profile cases where a disclosure is made public and a whistleblower is clearly vindicated and recognized as a courageous truth-teller, they can suffer afterward. Potential employers can balk at the prospect of hiring a whistleblower, even a celebrated one. And vindictive organizations can and do continue retaliating, even years after a story has dropped off the front pages.

    Whistleblower allies and their strategies don’t offer a magic bullet. But they can help tip the balance of power, bringing public opinion to bear on an employer bent on reprisal or a government intent on coddling the powerful.

    Kate Kenny 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. No whistleblower is an island – why networks of allies are key to exposing corruption – https://theconversation.com/no-whistleblower-is-an-island-why-networks-of-allies-are-key-to-exposing-corruption-250721

    MIL OSI – Global Reports –

  • MIL-OSI Global: Florida panthers and black bears need a literal path for survival – here’s how the Florida Wildlife Corridor provides it in one of the fastest-growing US states

    Source: The Conversation – USA – By Thomas Hoctor, Research Associate Professor of Landscape Architecture, University of Florida

    Florida panthers are a federally endangered species. Carlton Ward Jr./Wildpath

    Imagine a Florida panther slinking its way 400 miles (645 kilometers) from the Big Cypress Swamp, in the southwest part of the state, to Okefenokee Swamp, on Florida’s northern border with Georgia, without ever being spotted by a human.

    No one has yet documented a panther making this journey. But evidence suggests it happens.

    Florida panthers were once distributed throughout most of the southeast U.S., but now their number is tiny – maybe 200 or so – and their known breeding range has greatly shrunk, now concentrated in southwest Florida.

    They do show up in north Florida and Georgia on occasion when young males travel north looking to escape social pressure from adult males. Biologists have found their tracks not far south of Okefenokee. One panther made it almost to Atlanta before it was shot by a hunter.

    Large mammals such as the Florida panther and black bear literally need room to roam in order to hunt, breed and thrive. Such journeys across the state of Florida are possible thanks to the Florida Wildlife Corridor, a statewide system of interconnected wildlife habitat that turns 15 this year.

    The Florida Wildlife Corridor built on conservation efforts that date back to the 1980s and 1990s, when researchers from the University of Florida, including the two of us and our mentor Larry Harris, created maps of existing and proposed conservation areas that interlinked across the state.

    A family of Florida black bears scratches on a log in the dry season.
    Carlton Ward Jr./Wildpath

    Today, the Florida Wildlife Corridor spans 18 million acres – about half of the state.

    Ten million of these acres are protected from development. They are either local, state, regional or federal public conservation lands or they are private conservation easements. These easements restrict the landowners’ uses of the land to activities compatible with wildlife conservation, such as ranching, timber production and other sustainable activities.

    The other 8 million acres are the focus of state-funded land protection efforts to close the unprotected gaps. For now, these lands could be converted to intensive residential, commercial or industrial development.

    The corridor is an ambitious conservation project. It provides sufficient habitat to sustain healthy wildlife populations while also protecting Florida’s key ecosystem services, including water quality and flood storage. Ecosystem services refers to the benefits that ecosystems provide humans.

    The corridor is also a unique example of how conservationists can combine science with public education and outreach to protect important natural habitats – even in regions like Florida that face burgeoning population growth.

    Florida’s population boom

    Until the early 20th century, Florida was the most remote and undeveloped state on the East Coast.

    After World War II and the introduction of affordable home air conditioning, Florida transformed from a sleepy winter holiday destination to the third-most-populated state in the nation.

    Currently, about 300,000 new residents move to Florida each year.

    With this population growth came a rapid loss of natural habitat and rural landscapes. Using federal land use data, we calculate that approximately 60,000 acres of Florida habitat are lost each year.

    Florida’s development was initially concentrated along the coasts, especially in areas with extensive beaches. With the opening of tourist attractions such as Disney World near Orlando in 1971, central Florida also became a hub of rapid growth.

    It became clear to concerned Floridians that virtually all land not protected by permanent conservation designations could eventually be lost to urban and suburban sprawl.

    Responding to these concerns, Florida became a leader in land protection, which has generally been popular and bipartisan in the Sunshine State.

    Since the 1970s, Florida has protected millions of acres of conservation lands through programs including the Florida Preservation 2000 Act of 1990, the Florida Forever acquisition program that replaced it in 2001, and the Rural and Family Lands Protection Program, also created in 2001.

    The authors estimate that approximately 60,000 acres of Florida habitat are lost each year to development.
    Carlton Ward Jr./Wildpath

    Scientists identify key areas to protect

    Wildlife biologists since the 1930s have observed how birds and mammals use wooded fencerows, hedgerows, streamsides and other natural corridors to travel through agricultural regions in the U.S. and Canada.

    When corridors are protected, they allow animals to travel safely across landscapes and they can save animals from extinction. They also provide people with ecosystem services such as clean water and flood protection.

    Since 1995, the Florida Ecological Greenways Network, or FEGN, has identified a statewide system of large, intact natural areas and connecting green spaces. It is now part of the state-legislated Florida Greenways and Trails System, a statewide network of recreational trails and ecological corridors.

    As conservation scientists who are deeply involved with the FEGN, we were able to make use of the state’s early investment in geographic information systems. GIS produces digital maps and other high-quality data on the locations of wildlife habitat and other conservation priorities.

    The Florida Wildlife Corridor covers nearly 18 million acres of Florida. A little over half of the acres, pictured in dark green, are conserved lands while the rest, pictured in light green, are considered opportunity areas for future conservation.
    University of Florida Center for Landscape Conservation Planning

    We continue to work with state agencies and other partners to continually update the FEGN as land use changes and as better data and tools become available to identify conservation priority areas.

    Getting the public on board

    While the FEGN proved fundamental for supporting state conservation programs, it was not widely known by Floridians or visitors to the state.

    In 2010, conservation photographer Carlton Ward and colleagues proposed a simple, unified map and a public campaign to promote protection of the top-priority lands in the Florida Ecological Greenways Network.

    Ward called it the Florida Wildlife Corridor.

    He organized a team of photographers, videographers and scientists who trekked across large swaths of the corridor to document Florida’s natural ecosystems and native species that were threatened by development.

    The expeditioners highlighted species like the Florida panther, Florida black bear and Florida grasshopper sparrow. They raised awareness about the corridor’s connection to water conservation, lands managed by ranchers and foresters, and recreational opportunities. And they produced documentary films, media and social media coverage, and public talks and events to educate the public on the importance of protecting the corridor.

    Photographer Carlton Ward Jr. paddles to set up cameras at a site in the Fakahatchee Strand in southwest Florida.
    Carlton Ward Jr./Wildpath

    Bipartisan support continues

    In June 2021, Florida Gov. Ron DeSantis signed the Florida Wildlife Corridor Act into law. The legislation, which had unanimous support from the state Legislature, officially recognized the corridor’s critical role in Florida’s economy, cultural and natural heritage, and protection of imperiled species and ecosystems.

    The law also reenergized legislative support and funding to acquire land directly for conservation and to establish conservation easements on private lands.

    Ranchers with the Seminole Tribe of Florida steer cattle through wooden sorting pens at the Big Cypress Reservation in southern Florida.
    Carlton Ward Jr./Wildpath

    The 2025-2026 Florida budget, which is still under negotiation, earmarks US$300 million to $450 million for land protection programs.

    And on April 23, 2025, the Florida Senate passed a resolution to proclaim April 22 as Florida Wildlife Corridor Day. The resolution affirmed the corridor’s importance as “a unique natural resource” that is essential for “preserving the green infrastructure that is the foundation of this state’s economy and quality of life.”

    There is a lot of land protection work left to be done in a race against a burgeoning human population. But Florida has proved ready to implement science-based strategies and work with willing landowners to protect a statewide wildlife corridor as a key element of Florida’s future.

    The Florida Wildlife Corridor is also a potential model for other states and regions that want to protect viable wildlife populations and ecosystem services.

    Uplands and wetlands east of Fort Myers, in the core of Florida panther territory, are part of the Florida Wildlife Corridor.
    Carlton Ward Jr./Wildpath

    Thomas Hoctor receives funding from state government related to working on the science and planning associated with the Florida Wildlife Corridor.

    Reed Frederick Noss 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. Florida panthers and black bears need a literal path for survival – here’s how the Florida Wildlife Corridor provides it in one of the fastest-growing US states – https://theconversation.com/florida-panthers-and-black-bears-need-a-literal-path-for-survival-heres-how-the-florida-wildlife-corridor-provides-it-in-one-of-the-fastest-growing-us-states-251790

    MIL OSI – Global Reports –