NewzIntel.com

Category: Politics

  • MIL-OSI Global: Canada’s new immigration policy favours construction workers but leaves the rest behind

    Source: The Conversation – Canada – By Shiva S. Mohan, Research Fellow, Canada Excellence Research Chair in Migration & Integration program, Toronto Metropolitan University

    Migrant workers have long been recognized as essential to Canada’s economy. But that recognition rarely translates into meaningful inclusion. As Canada embarks on new immigration reforms, persistent inequalities continue to define who truly belongs, and who remains excluded.

    In March, the federal government announced a new national pathway to permanent residence for up to 6,000 out-of-status construction workers.

    Although framed as a recognition of essential labour, the new program highlights a deeper reality: Canada’s immigration reforms continue to prioritize business and industry needs. In this instance, those needs are in housing and construction.

    This selective approach reveals deeper patterns in Canada’s immigration system, often described as a hierarchy of deservingness. This framework assigns greater value to certain types of labour, while sidelining others. This sidelining is often based on race, gender and class and limits access to recognition and rights for all essential workers.

    Former Immigration Minister Marc Miller estimated that between 300,000 and 600,000 out-of-status people were living in Canada as of 2024. The new construction worker pathway, while important for some, will address only a tiny fraction of this population.



    Read more:
    A national caregiving strategy is coming — what could it mean for Canadians?

    Political and industry priorities

    With a federal election on the horizon, the construction worker pathway is as much a political move as a policy reform.

    The program expands on a pilot that granted permanent residence to approximately 1,365 people and their families in the Greater Toronto Area before closing in December 2024.

    The current national rollout of the program reflects public and industry pressure to address Canada’s housing crisis. Housing has become a top priority for governments across the country.

    Developers and industry groups, such as the Canadian Home Builders’ Association, have long lobbied for faster housing construction and more skilled trades workers. Their advocacy, combined with widespread concern over affordability, made it politically attractive to prioritize construction labour rather than implement broader regularization efforts.

    But this approach exposes who is left out. Sectors like caregiving, domestic work and agriculture, largely dominated by racialized and feminized labour continue to be excluded from clear and inclusive pathways to status.

    Canada’s low-wage economy has historically depended on the labour of racialized and immigrant women. Migrants in these sectors, often work in private or hidden spaces, making their labour less visible and politically legible.

    Caregiving and domestic work in Canada have historically been undervalued. It is often framed as natural extensions of women’s roles and systematically marginalized in immigration policy through programs like the Live-in Caregiver Program.

    Fragmented, insufficient system

    Research confirms that Canada’s approach remains fragmented and insufficient. As part of my work with MIrreM, an international project studying irregular migration and regularization policies, we found that Canadian programs are often small, sector-specific and constrained by narrow eligibility criteria.

    New federal government Home Care Worker Immigration pilots offer another highly competitive pathway to residency.

    But these programs remain narrowly targeted, restricted and quickly capped, with application limits often reached on the same day they open. They also provide little relief for the many out-of-status caregivers already living and working in Canada.

    Other countries have demonstrated that large-scale, inclusive reforms are possible, offering Canada a model to follow.

    Spain’s 2005 regularization program successfully granted legal status to 700,000 people. The Spanish assessment recognized employment records, community ties and long-term residence. This model shows that broad, fair regularization strategies can balance administrative efficiency with political feasibility.

    Meanwhile, Canada’s fragmented reforms exclude most out-of-status critical workers. And it leaves them without any sustainable pathway to status, prolonging their vulnerability and insecurity.



    Read more:
    Personal support workers are the backbone of health care but the bottom of the power structure

    A comprehensive immigration strategy needed

    Canada urgently needs a transparent, fair and scaleable immigration strategy. It must be one that values people’s contributions, not just the immediate needs of businesses.

    Cleaners, caregivers, farm labourers, food service workers and others deserve the same recognition and opportunity as those in construction.

    A comprehensive regularization strategy would not only uphold dignity and fairness. It would also strengthen Canada’s economy, improve labour protections and promote social inclusion.

    As Canadians prepare to head to the polls, the incoming government faces a critical choice.

    It can continue with piecemeal, politically convenient reforms that leave most out-of-status workers behind. Or it can commit to a broad, rights-based regularization strategy that recognizes the full social fabric of those who sustain this country.

    Shiva S. Mohan 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. Canada’s new immigration policy favours construction workers but leaves the rest behind – https://theconversation.com/canadas-new-immigration-policy-favours-construction-workers-but-leaves-the-rest-behind-253792

    MIL OSI – Global Reports –

  • MIL-OSI Global: Ambitious changes to Canadian conservation law are needed to reverse the decline in biodiversity

    Source: The Conversation – Canada – By Trevor Swerdfager, Practitioner-In-Residence, Faculty of Environment, University of Waterloo, University of Waterloo

    Canada’s biodiversity is in decline. Globally, climate change, urbanization, overexploitation of resources and habitat loss are combining to drive biodiversity loss across all ecosystems.

    The recent biodiversity assessment of the Americas, from the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services, documents these trends. Domestically, the 2024 State of Canada’s Birds Report points to falling bird populations over time, while a 2020 World Wildlife Fund report emphasized similar declines across the full range of plants, animals and other living organisms in Canada.

    Put simply, Canada’s efforts to reverse this decline are not succeeding.

    The State of Canada’s Birds Report 2024 shows that some bird populations have declined dramatically.
    (Government of Canada/Birds Canada)

    Laws protecting biodiversity

    There is a foundational reason for our subpar progress in conserving biodiversity: the poor state of biodiversity law in Canada.

    Laws matter. They codify societal values and priorities, define acceptable behaviours and establish the government programs and institutions needed to tackle complex problems. Canadian biodiversity law is neither meeting today’s challenges nor positioning us for the future.

    Federally, biodiversity laws include: the Fisheries Act (1868); Migratory Birds Convention Act (1917); Canada National Parks Act (CNPA, 1930); Canada Wildlife Act (1973); Forestry Act (1985); Wild Animal and Plant Protection and Regulation of International and Inter-provincial Trade Act (1992); Oceans Act (1997); Canada National Marine Conservation Areas Act (2002); and the Species At Risk Act (2002).

    Over the years, important additions to these acts include habitat and sustainability provisions to the Fisheries Act in 1977 and 2019 respectively, and a 2011 amendment to the CNPA, requiring that National Parks be managed to ensure their “ecological integrity.”

    Nevertheless, several of the laws are pre-date the Second World War and all pre-date the internet, climate change and current biodiversity science.

    Whooping cranes are considered endangered, and are protected under the Species at Risk Act.
    (Shutterstock)

    Disconnected approach

    Canadian biodiversity laws evolved through multiple unconnected legislative events over 150 years. They legislatively fragment the environment into separate components and fracture accountability into multiple agencies. They entrench program silos fostering conflicting departmental priorities and operational inefficiencies.

    They establish no biodiversity goals, reporting mechanisms or mandates for biodiversity science. Their structures impedes public data sharing and transparency, dissuades Indigenous engagement and consistently sparks federal-provincial tensions.

    They contain no mechanisms for translating Canada’s commitments under the Kunming-Montreal Global Biodiversity Framework into legal or programmatic action.

    Nothing on the horizon suggests that these shortcomings will be addressed through new leadership, new policy or plain old good luck. On the contrary, these laws seem destined to yield the same sub-optimal outcomes.

    The Jefferson salamander is listed as endangered by both federal and provincial legislation.
    (iNaturalist/evangrimes), CC BY

    Meeting the challenge

    If we are to meet current and future biodiversity conservation challenges, we must develop a new legislative approach. This approach should support the creation of modern biodiversity programs and institutions and drive integrated, transparent and inclusive decision-making.

    Our work suggests that we need a single unified law for biodiversity: a Canadian Biodiversity Conservation and Protection Act (CBCPA). A new act of this kind would replace the existing nine laws and could usefully include:

    1. Principles requiring — not just encouraging — nature-positive programs emphasizing biodiversity, science, ecosystems, transparency, accountability and inclusivity.

    2. Mandated biodiversity target and objective setting, including those of the Global Biodiversity Framework. This should also include reporting measures that offer actionable insights into program effectiveness and delivery improvement opportunities.

    3. Requirements for the use and public documentation of science in decision-making, including the requirement that all government biodiversity data should be made available to the public.

    4. Establishment of governance arrangements embracing Indigenous rights and interests, as well as mechanisms to bring conservation communities together around collective actions, facilitated by a new Biodiversity Conservation Fund.

    5. Creation of a Biodiversity Conservation Agency to fuse the existing four agencies into one, and establish clear ministerial accountability and a stronger voice for biodiversity in Cabinet.

    6. Operational elements governing the establishment and operation of protected areas, the management of fish and migratory birds, and the protection and recovery of species at risk in a cohesive and mutually reinforcing manner.

    A CBCPA would dramatically improve policy and regulatory certainty for industry. It would drive program cohesion and efficiency, build trust in government decision-making and facilitate intra- and inter-governmental collaboration. It would remove key obstacles to biodiversity conservation success and create the societal conditions so urgently needed to reverse biodiversity decline in Canada.

    This would obviously be an ambitious legislative project replete with substantive policy and political challenges. But the importance of biodiversity to Canada’s ecological, economic and social well-being is difficult to overstate. Maintaining the legislative status quo or adopting minimalist incrementalism is unwise.

    As we transform our economic and trade systems in Canada to grapple with climate change, a fundamental shift in how we conserve and protect biodiversity is equally vital. This is a time for ambition, not apathy.

    Derek Armitage has received funding from the Social Sciences and Humanities Research Council of Canada

    Trevor Swerdfager 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. Ambitious changes to Canadian conservation law are needed to reverse the decline in biodiversity – https://theconversation.com/ambitious-changes-to-canadian-conservation-law-are-needed-to-reverse-the-decline-in-biodiversity-252781

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Secretary of State letter in response to the Child Safeguarding Panel National Review

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Secretary of State letter in response to the Child Safeguarding Panel National Review

    A letter from the Secretary of State for Education, Bridget Phillipson, to the Chair of the Child Safeguarding Practice Review Panel.

    Applies to England

    Documents

    Secretary of State letter to Annie Hudson: 16 April 2025

    PDF, 164 KB, 3 pages

    Details

    A letter from the Secretary of State for Education, Bridget Phillipson, to the Chair of the Child Safeguarding Practice Review Panel, Annie Hudson, in response to the National review into child sexual abuse within the family environment.

    Updates to this page

    Published 16 April 2025

    Sign up for emails or print this page

    MIL OSI United Kingdom –

  • MIL-OSI USA: Hoyer Statement on Trump’s Proposed Rule to Reinstate “Schedule F” and Undermine Merit-Based Civil Service

    Source: United States House of Representatives – Congressman Steny H Hoyer (MD-05)

    WASHINGTON, DC – Congressman Steny H. Hoyer (MD-05) released the following statement today on the Trump Administration’s proposed rule to reinstate “Schedule F” and make thousands of federal employees vulnerable to removal at the President’s whim:

    “As promised in his radical Project 2025 agenda, Donald Trump is reinstating his Schedule F policy. Trump plans to strip protections away from tens of thousands of hardworking, nonpartisan federal employees by reclassifying them as Schedule F. That will make it even easier for him to continue his purge of federal workers whom he believes are disloyal to him personally and backfill with political loyalists. These federal workers are patriots who serve the country under Democratic and Republican administrations alike. They are loyal to the Constitution – not to any one person. 

    “Trump is hellbent on dismantling not only America’s merit-based civil service but also the critical services our federal workers provide to the American people. I fought Schedule F when Trump tried to force it on the country in his first term. I will fight it again now. Patriotic professionals make our government work – not political hacks.”

    MIL OSI USA News –

  • MIL-OSI: Dime Community Bancshares, Inc. Reports First Quarter 2025 EPS of $0.45; Adjusted EPS of $0.57

    Source: GlobeNewswire (MIL-OSI)

    Continued Growth in Core Deposits and Business Loans On a Year-over-Year Basis

    Net Interest Margin Expands by 16 basis points on a Linked Quarter Basis to 2.95%

    HAUPPAUGE, N.Y., April 22, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $19.6 million for the quarter ended March 31, 2025, or $0.45 per diluted common share, compared to net loss available to common stockholders of $22.2 million, or $(0.54) per diluted common share, for the quarter ended December 31, 2024 and net income available to common stockholders of $15.9 million for the quarter ended March 31, 2024, or $0.41 per diluted common share.

    First quarter 2025 results included $7.2 million of pre-tax expenses related to the final settlements associated with the termination of the legacy Bridgehampton National Bank pension plan.

    Adjusted net income available to common stockholders (non-GAAP) totaled $24.7 million for the quarter ended March 31, 2025, an increase of 42% versus the prior quarter and an increase of 67% versus the quarter ended March 31, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release). Adjusted EPS (non-GAAP) totaled $0.57 per share for the quarter ended March 31, 2025, an increase of 36% versus the prior quarter and an increase of 50% versus the quarter ended March 31, 2024.

    Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Our first quarter results were marked by strong Net Interest Margin (“NIM”) expansion and continued progress in diversifying our balance sheet. Our enhanced earnings power and robust capital ratios position us well for future growth. As outlined below we have made a strong start to the year from a recruiting standpoint, and are poised to continue to add talented individuals and gain market share in the quarters ahead.”

    Year-to-date Recruiting Update

    • Hired Tom Geisel to Senior Executive Leadership Team. Mr. Geisel was instrumental in the growth and transformation of Sterling National Bank into a highly profitable $30 billion institution;
    • Hired Robert Rowe as incoming Chief Credit Officer (experience includes Chief Credit Officer at Sterling National Bank and Chief Risk Officer at CIT); incumbent Chief Credit Officer Brian Teplitz to retire at the end of May 2025;
    • Hired Jim LoGatto as an Executive Vice President to build Dime’s presence in Manhattan; Mr. LoGatto was previously the Director of US Private Banking at Israel Discount Bank of New York;
    • Hired Toni Badolato as Group Leader to grow lending presence on Long Island; Ms. Badolato was previously with M&T;
    • Hired George Taitt as Group Director and Amy Grandy as Associate Group Director to strengthen deposit presence in Queens; the Group was previously with the former Signature Bank and its successor, Flagstar Bank.

    Highlights for the First Quarter of 2025 included:

    • Total deposits increased $717.0 million on a year-over-year basis;
    • Core deposits (excluding brokered and time deposits) increased $1.35 billion on a year-over-year basis;
    • The ratio of average non-interest-bearing deposits to average total deposits for the first quarter was 29.5%;
    • The cost of total deposits declined by 19 basis points versus the prior quarter;
    • The net interest margin increased to 2.95% for the first quarter of 2025 compared to 2.79% for the prior quarter;
    • The Company’s Common Equity Tier 1 Ratio increased to 11.12% at the end of the first quarter.

    Management’s Discussion of Quarterly Operating Results

    Net Interest Income

    Net interest income for the first quarter of 2025 was $94.2 million compared to $91.1 million for the fourth quarter of 2024 and $71.5 million for the first quarter of 2024.

    The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.

                         
    (Dollars in thousands)   Q1 2025   Q4 2024   Q1 2024  
    Net interest income   $ 94,213     $ 91,098     $ 71,530    
    Purchase accounting amortization (accretion) on loans (“PAA”)     (124 )     (1,268 )     (82 )  
    Adjusted net interest income excluding PAA on loans (non-GAAP)   $ 94,089     $ 89,830     $ 71,448    
                         
    Average interest-earning assets   $ 12,963,320     $ 12,974,958     $ 13,015,755    
                         
    NIM(1)     2.95   %   2.79   %   2.21   %
    Adjusted NIM excluding PAA on loans (non-GAAP)(2)     2.94   %   2.75   %   2.21   %

    (1)   NIM represents net interest income divided by average interest-earning assets.
    (2)   Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes PAA amortization on acquired loans divided by average interest-earning assets.

    Mr. Lubow commented, “While there has been a fair bit of volatility in the macroeconomic environment in recent weeks, Dime has multiple levers to grow our NIM over time.

    • First, we have a significant loan repricing opportunity starting in the second half of 2025 that will continue through 2027, assuming current forecasted interest rate levels remain accurate.
    • Second, and as demonstrated in the most recent rate cutting cycle, should the Federal Reserve cut short term rates in 2025 we anticipate a reduction in deposit costs, which will drive further NIM expansion.
    • Finally, core deposit growth and a continued focus on business loan growth will benefit our NIM over time as we continue to grow customers and hire productive teams.”

    Loan Portfolio

    The ending weighted average rate (“WAR”) on the total loan portfolio was 5.25% at March 31, 2025, a 1 basis point decrease compared to the ending WAR of 5.26% on the total loan portfolio at December 31, 2024.

    Outlined below are loan balances and WARs for the quarter ended as indicated.

                                     
        March 31, 2025   December 31, 2024   March 31, 2024  
    (Dollars in thousands)   Balance   WAR(1)   Balance   WAR(1)   Balance   WAR(1)  
    Loans held for investment balances at period end:                                
    Business loans(2)   $ 2,788,848   6.55 % $ 2,726,602   6.56 % $ 2,327,403   6.90 %
    One-to-four family residential, including condominium and cooperative apartment     961,562   4.77     952,195   4.72     873,671   4.48  
    Multifamily residential and residential mixed-use(3)(4)     3,780,078   4.46     3,820,492   4.49     3,996,654   4.57  
    Non-owner-occupied commercial real estate     3,191,536   5.07     3,231,398   5.13     3,386,333   5.24  
    Acquisition, development, and construction     140,309   7.96     136,172   7.95     175,352   8.40  
    Other loans     6,402   10.39     5,084   10.51     5,170   7.10  
    Loans held for investment   $ 10,868,735   5.25 % $ 10,871,943   5.26 % $ 10,764,583   5.34 %

    (1) WAR is calculated by aggregating interest based on the current loan rate from each loan in the category, adjusted for non-accrual loans, divided by the total balance of loans in the category.
    (2) Business loans include commercial and industrial loans and owner-occupied commercial real estate loans.
    (3) Includes loans underlying multifamily cooperatives.
    (4) While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

    Outlined below are the loan originations, for the quarter ended as indicated.

                       
    (Dollars in millions)   Q1 2025   Q4 2024   Q1 2024
    Loan originations   $ 71.5   $ 187.5   $ 98.3

    Deposits and Borrowed Funds

    Period end total deposits (including mortgage escrow deposits) at March 31, 2025 were $11.61 billion, compared to $11.69 billion at December 31, 2024 and $10.90 billion at March 31, 2024. The Company reduced its brokered deposit levels to $285.6 million at March 31, 2025, compared to $422.8 million at December 31, 2024 and $897.1 million at March 31, 2024.

    Total Federal Home Loan Bank advances were $508.0 million at March 31, 2025 compared to $608.0 million at December 31, 2024 and $773.0 million at March 31, 2024.

    Non-Interest Income

    Non-interest income was $9.6 million during the first quarter of 2025, compared to a loss of $33.9 million during the fourth quarter of 2024, and income of $10.5 million during the first quarter of 2024. Fourth quarter 2024 results included $42.8 million of pre-tax loss-on-sale of securities related to the re-positioning of the available-for-sale securities portfolio.

    Non-Interest Expense

    Total non-interest expense was $65.5 million during the first quarter of 2025, $60.6 million during the fourth quarter of 2024, and $52.5 million during the first quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, settlement loss related to the termination of a legacy pension plan, and the FDIC special assessment, adjusted non-interest expense was $58.0 million during the first quarter of 2025, $57.7 million during the fourth quarter of 2024, and $51.7 million during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Mr. Lubow commented, “Excluding the impact of the legacy Bridgehampton National Bank pension plan termination, first quarter expenses were well-controlled and in-line with our previous expectations.”

    The ratio of non-interest expense to average assets was 1.90% during the first quarter of 2025, compared to 1.76% during the linked quarter and 1.52% during the first quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, the FDIC special assessment and settlement loss related to the termination of a legacy pension plan, the ratio of adjusted non-interest expense to average assets was 1.68% during the first quarter of 2025, 1.68% during the fourth quarter of 2024, and 1.50% during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    The efficiency ratio was 63.1% during the first quarter of 2025, compared to 105.9% during the linked quarter and 64.0% during the first quarter of 2024. Excluding the impact of net (gain) loss on sale of securities and other assets, fair value change in equity securities and loans held for sale, severance expense, the FDIC special assessment, settlement loss related to the termination of a legacy pension plan, loss on extinguishment of debt and amortization of other intangible assets the adjusted efficiency ratio was 55.8% during the fourth quarter of 2024, compared to 58.0% during the linked quarter and 64.7% during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Income Tax Expense

    Income tax expense was $7.3 million during the first quarter of 2025, $3.3 million during the fourth quarter of 2024, and $6.6 million during the first quarter of 2024. The fourth quarter of 2024 income tax expense was inclusive of $9.1 million of income tax expense related to the taxable gain and Modified Endowment Contract Tax (“MEC”) Tax on the surrender of legacy BOLI assets. The effective tax rate for the first quarter of 2025 was 25.3%. Excluding the tax impact of the BOLI surrender, the fourth quarter 2024 effective rate was a tax benefit of 33.5%. The effective tax rate for the first quarter of 2024 was 27.1%.

    Credit Quality

    Non-performing loans were $58.0 million at March 31, 2025, compared to $49.5 million at December 31, 2024 and $34.8 million at March 31, 2024.

    A credit loss provision of $9.6 million was recorded during the first quarter of 2025, compared to a credit loss provision of $13.7 million during the fourth quarter of 2024, and a credit loss provision of $5.2 million during the first quarter of 2024.

    Capital Management

    Stockholders’ equity increased $15.5 million to $1.41 billion at March 31, 2025, compared to $1.40 billion at December 31, 2024.

    The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of December 31, 2024. All risk-based regulatory capital ratios increased in the first quarter of 2025.

    Dividends per common share were $0.25 during the first quarter of 2025 and the fourth quarter of 2024, respectively.

    Book value per common share was $29.58 at March 31, 2025 compared to $29.34 at December 31, 2024.

    Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $25.94 at March 31, 2025 compared to $25.68 at December 31, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

    Earnings Call Information

    The Company will conduct a conference call at 8:30 a.m. (ET) on Tuesday, April 22, 2025, during which CEO Lubow will discuss the Company’s first quarter 2025 financial performance, with a question-and-answer session to follow.

    Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/cbadbvnq. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BIafdc630ea47c427ea6661eb613e46913. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.

    A replay of the conference call and webcast will be available on-demand for 12 months at https://edge.media-server.com/mmc/p/cbadbvnq.

    ABOUT DIME COMMUNITY BANCSHARES, INC.
    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island (1).

    (1) Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may be identified by use of words such as “annualized,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions.

    Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may affect demand for our products and reduce interest margins and the value of our investments; changes in government monetary or fiscal policies and actions may adversely affect our customers, cost of credit and overall result of operations; changes in deposit flows, the cost of funds, loan demand or real estate values may adversely affect the business of the Company; changes in the quality and composition of the Company’s loan or investment portfolios or unanticipated or significant increases in loan losses may negatively affect the Company’s financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company’s financial condition or results of operations; general socio-economic conditions, public health emergencies, international conflict, inflation, and recessionary pressures, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates and may adversely affect our customers, our financial results and our operations; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; there may be difficulties or unanticipated expense incurred in the consummation of new business initiatives or the integration of any acquired entities; and litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and updates set forth in the Company’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Contact: Avinash Reddy  
    Senior Executive Vice President – Chief Financial Officer  
    718-782-6200 extension 5909  
    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (In thousands)
     
     
        March 31,   December 31,   March 31,
        2025     2024     2024  
    Assets:                  
    Cash and due from banks   $ 1,030,702     $ 1,283,571     $ 370,852  
    Securities available-for-sale, at fair value     710,579       690,693       859,216  
    Securities held-to-maturity     631,334       637,339       589,331  
    Loans held for sale     2,527       22,625       8,973  
    Loans held for investment, net:                  
    Business loans(1)     2,788,848       2,726,602       2,327,403  
    One-to-four family and cooperative/condominium apartment     961,562       952,195       873,671  
    Multifamily residential and residential mixed-use(2)(3)     3,780,078       3,820,492       3,996,654  
    Non-owner-occupied commercial real estate     3,191,536       3,231,398       3,386,333  
    Acquisition, development and construction     140,309       136,172       175,352  
    Other loans     6,402       5,084       5,170  
    Allowance for credit losses     (90,455 )     (88,751 )     (76,068 )
    Total loans held for investment, net     10,778,280       10,783,192       10,688,515  
    Premises and fixed assets, net     33,650       34,858       44,501  
    Restricted stock     66,987       69,106       74,346  
    BOLI     389,167       290,665       352,277  
    Goodwill     155,797       155,797       155,797  
    Other intangible assets     3,644       3,896       4,753  
    Operating lease assets     45,657       46,193       51,988  
    Derivative assets     98,740       116,496       135,162  
    Accrued interest receivable     56,044       55,970       55,369  
    Other assets     94,574       162,857       110,012  
    Total assets   $ 14,097,682     $ 14,353,258     $ 13,501,092  
    Liabilities:                  
    Non-interest-bearing checking (excluding mortgage escrow deposits)   $ 3,245,409     $ 3,355,829     $ 2,819,481  
    Interest-bearing checking     950,090       1,079,823       635,640  
    Savings (excluding mortgage escrow deposits)     1,939,852       1,927,903       2,347,114  
    Money market     4,271,363       4,198,784       3,440,083  
    Certificates of deposit     1,121,068       1,069,081       1,555,157  
    Deposits (excluding mortgage escrow deposits)     11,527,782       11,631,420       10,797,475  
    Non-interest-bearing mortgage escrow deposits     88,138       54,715       101,229  
    Interest-bearing mortgage escrow deposits     4       6       173  
    Total mortgage escrow deposits     88,142       54,721       101,402  
    FHLBNY advances     508,000       608,000       773,000  
    Other short-term borrowings     —       50,000       —  
    Subordinated debt, net     272,370       272,325       200,174  
    Derivative cash collateral     85,230       112,420       132,900  
    Operating lease liabilities     48,432       48,993       54,727  
    Derivative liabilities     92,516       108,347       122,112  
    Other liabilities     63,197       70,515       79,931  
    Total liabilities     12,685,669       12,956,741       12,261,721  
    Stockholders’ equity:                  
    Preferred stock, Series A     116,569       116,569       116,569  
    Common stock     461       461       416  
    Additional paid-in capital     623,305       624,822       492,834  
    Retained earnings     803,202       794,526       819,130  
    Accumulated other comprehensive loss (“AOCI”), net of deferred taxes     (39,045 )     (45,018 )     (85,466 )
    Unearned equity awards     (12,909 )     (7,640 )     (10,191 )
    Treasury stock, at cost     (79,570 )     (87,203 )     (93,921 )
    Total stockholders’ equity     1,412,013       1,396,517       1,239,371  
    Total liabilities and stockholders’ equity   $ 14,097,682     $ 14,353,258     $ 13,501,092  

    (1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program (“PPP”) loans.
    (2) Includes loans underlying multifamily cooperatives.
    (3) While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Dollars in thousands except share and per share amounts)
     
        Three Months Ended
        March 31,   December 31,   March 31,
        2025   2024     2024  
    Interest income:                  
    Loans   $ 142,705   $ 148,000     $ 143,565  
    Securities     11,323     10,010       7,880  
    Other short-term investments     7,837     7,473       9,564  
    Total interest income     161,865     165,483       161,009  
    Interest expense:                  
    Deposits and escrow     58,074     64,773       73,069  
    Borrowed funds     8,381     8,542       14,697  
    Derivative cash collateral     1,197     1,070       1,713  
    Total interest expense     67,652     74,385       89,479  
    Net interest income     94,213     91,098       71,530  
    Provision for credit losses     9,626     13,715       5,210  
    Net interest income after provision     84,587     77,383       66,320  
    Non-interest income:                  
    Service charges and other fees     4,643     3,942       4,544  
    Title fees     98     226       133  
    Loan level derivative income     61     491       406  
    BOLI income     3,993     2,825       2,461  
    Gain on sale of Small Business Administration (“SBA”) loans     82     22       253  
    Gain on sale of residential loans     32     83       77  
    Fair value change in equity securities and loans held for sale     18     15       (842 )
    Net loss on sale of securities     —     (42,810 )     —  
    Gain on sale of other assets     —     554       2,968  
    Other     706     791       467  
    Total non-interest income (loss)     9,633     (33,861 )     10,467  
    Non-interest expense:                  
    Salaries and employee benefits     35,651     35,761       32,037  
    Severance     76     1,254       42  
    Occupancy and equipment     8,002     7,569       7,368  
    Data processing costs     4,794     4,483       4,313  
    Marketing     1,666     1,897       1,497  
    Professional services     2,116     2,345       1,467  
    Federal deposit insurance premiums(1)     2,047     2,116       2,239  
    Loss on extinguishment of debt     —     —       453  
    Loss due to pension settlement     7,231     1,215       —  
    Amortization of other intangible assets     252     285       307  
    Other     3,676     3,688       2,788  
    Total non-interest expense     65,511     60,613       52,511  
    Income (loss) before taxes     28,709     (17,091 )     24,276  
    Income tax expense(2)     7,251     3,322       6,585  
    Net income (loss)     21,458     (20,413 )     17,691  
    Preferred stock dividends     1,822     1,821       1,821  
    Net income (loss) available to common stockholders   $ 19,636   $ (22,234 )   $ 15,870  
    Earnings (loss) per common share (“EPS”):                  
    Basic   $ 0.45   $ (0.54 )   $ 0.41  
    Diluted   $ 0.45   $ (0.54 )   $ 0.41  
                       
    Average common shares outstanding for diluted EPS     42,948,690     40,767,161       38,255,559  

    (1) Fourth quarter of 2024 included $0.1 million of pre-tax expense related to the FDIC special assessment for the recovery of losses related to the closures of Silicon Valley Bank and Signature Bank.
    (2) Fourth quarter of 2024 includes $9.1 million of income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED SELECTED FINANCIAL HIGHLIGHTS
    (Dollars in thousands except per share amounts)
     
        At or For the Three Months Ended  
        March 31,   December 31,   March 31,  
        2025   2024     2024  
    Per Share Data:                    
    Reported EPS (Diluted)   $ 0.45   $ (0.54 )   $ 0.41  
    Cash dividends paid per common share     0.25     0.25       0.25  
    Book value per common share     29.58     29.34       28.84  
    Tangible common book value per share(1)     25.94     25.68       24.72  
    Common shares outstanding     43,799     43,622       38,932  
    Dividend payout ratio     55.56 %   (46.30 ) %   60.98 %
                         
    Performance Ratios (Based upon Reported Net Income):                    
    Return on average assets     0.62 %   (0.59 ) %   0.51 %
    Return on average equity     6.04     (6.02 )     5.68  
    Return on average tangible common equity(1)     6.92     (8.16 )     6.64  
    Net interest margin     2.95     2.79       2.21  
    Non-interest expense to average assets     1.90     1.76       1.52  
    Efficiency ratio     63.1     105.9       64.0  
    Effective tax rate     25.26     (19.44 )     27.13  
                         
    Balance Sheet Data:                    
    Average assets   $ 13,777,665   $ 13,759,002     $ 13,794,924  
    Average interest-earning assets     12,963,320     12,974,958       13,015,755  
    Average tangible common equity(1)     1,145,915     1,080,177       968,719  
    Loan-to-deposit ratio at end of period(2)     93.6     93.0       98.8  
                         
    Capital Ratios and Reserves – Consolidated:(3)                    
    Tangible common equity to tangible assets(1)     8.15 %   7.89   %   7.21 %
    Tangible equity to tangible assets(1)     8.99     8.71       8.09  
    Tier 1 common equity ratio     11.12     11.06       10.00  
    Tier 1 risk-based capital ratio     12.23     12.17       11.11  
    Total risk-based capital ratio     15.71     15.65       13.78  
    Tier 1 leverage ratio     9.46     9.38       8.48  
    Consolidated CRE concentration ratio(4)     442     447       534  
    Allowance for credit losses/ Total loans     0.83     0.82       0.71  
    Allowance for credit losses/ Non-performing loans     155.85     179.37       218.42  

    (1) See “Non-GAAP Reconciliation” tables for reconciliation of tangible equity, tangible common equity, and tangible assets.
    (2) Total deposits include mortgage escrow deposits, which fluctuate seasonally.
    (3) March 31, 2025 ratios are preliminary pending completion and filing of the Company’s regulatory reports. 
    (4) The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The March 31, 2025 ratio is preliminary pending completion and filing of the Company’s regulatory reports.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME
    (Dollars in thousands)    		  
       
        Three Months Ended  
        March 31, 2025   December 31, 2024   March 31, 2024  
                    Average               Average               Average  
        Average         Yield/   Average         Yield/   Average         Yield/  
        Balance   Interest   Cost   Balance   Interest   Cost   Balance   Interest   Cost  
    Assets:                                                  
    Interest-earning assets:                                                  
    Business loans(1)   $ 2,748,142   $ 45,047   6.65 % $ 2,681,953   $ 46,791   6.94 % $ 2,308,319   $ 39,224   6.83 %
    One-to-four family residential, including condo and coop     962,046     11,069   4.67     943,319     11,061   4.66     886,588     9,770   4.43  
    Multifamily residential and residential mixed-use     3,796,754     42,329   4.52     3,848,579     44,152   4.56     4,000,510     46,019   4.63  
    Non-owner-occupied commercial real estate     3,214,758     41,326   5.21     3,265,906     42,865   5.22     3,371,438     44,776   5.34  
    Acquisition, development, and construction     138,428     2,906   8.51     139,440     3,101   8.85     169,775     3,692   8.75  
    Other loans     5,740     28   1.98     4,781     30   2.50     5,420     84   6.23  
    Securities     1,372,563     11,323   3.35     1,455,449     10,010   2.74     1,578,330     7,880   2.01  
    Other short-term investments     724,889     7,837   4.38     635,531     7,473   4.68     695,375     9,564   5.53  
    Total interest-earning assets     12,963,320     161,865   5.06 %   12,974,958     165,483   5.07 %   13,015,755     161,009   4.98 %
    Non-interest-earning assets     814,345               784,044               779,169            
    Total assets   $ 13,777,665             $ 13,759,002             $ 13,794,924            
                                                       
    Liabilities and Stockholders’ Equity:                                                  
    Interest-bearing liabilities:                                                  
    Interest-bearing checking(2)   $ 912,852   $ 4,164   1.85 % $ 912,645   $ 5,115   2.23 % $ 582,047   $ 1,223   0.85 %
    Money market     4,076,612     31,294   3.11     3,968,793     33,695   3.38     3,359,884     30,638   3.67  
    Savings(2)     1,970,338     14,185   2.92     1,905,866     14,828   3.10     2,368,946     22,810   3.87  
    Certificates of deposit     973,108     8,431   3.51     1,126,859     11,135   3.93     1,655,882     18,398   4.47  
    Total interest-bearing deposits     7,932,910     58,074   2.97     7,914,163     64,773   3.26     7,966,759     73,069   3.69  
    FHLBNY advances     509,111     4,066   3.24     509,630     4,241   3.31     1,094,209     12,143   4.46  
    Subordinated debt, net     272,341     4,302   6.41     272,311     4,301   6.28     200,188     2,553   5.13  
    Other short-term borrowings     633     13   8.33     543     —   —     77     1   5.22  
    Total borrowings     782,085     8,381   4.35     782,484     8,542   4.34     1,294,474     14,697   4.57  
    Derivative cash collateral     104,126     1,197   4.66     99,560     1,070   4.28     130,166     1,713   5.29  
    Total interest-bearing liabilities     8,819,121     67,652   3.11 %   8,796,207     74,385   3.36 %   9,391,399     89,479   3.83 %
    Non-interest-bearing checking(2)     3,322,583               3,396,457               2,909,776            
    Other non-interest-bearing liabilities     213,876               209,712               247,717            
    Total liabilities     12,355,580               12,402,376               12,548,892            
    Stockholders’ equity     1,422,085               1,356,626               1,246,032            
    Total liabilities and stockholders’ equity   $ 13,777,665             $ 13,759,002             $ 13,794,924            
    Net interest income         $ 94,213             $ 91,098             $ 71,530      
    Net interest rate spread               1.95 %             1.71 %             1.15 %
    Net interest margin               2.95 %             2.79 %             2.21 %
    Deposits (including non-interest-bearing checking accounts)(2)   $ 11,255,493   $ 58,074   2.09 % $ 11,310,620   $ 64,773   2.28 % $ 10,876,535   $ 73,069   2.70 %

    (1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
    (2) Includes mortgage escrow deposits.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS
    (Dollars in thousands)
     
        At or For the Three Months Ended
        March 31,   December 31,   March 31,
    Asset Quality Detail   2025     2024     2024  
    Non-performing loans (“NPLs”)                  
    Business loans(1)   $ 21,944     $ 22,624     $ 18,213  
    One-to-four family residential, including condominium and cooperative apartment     3,763       3,213       3,689  
    Multifamily residential and residential mixed-use     —       —       —  
    Non-owner-occupied commercial real estate     31,677       22,960       15  
    Acquisition, development, and construction     657       657       12,910  
    Other loans     —       25       —  
    Total Non-accrual loans   $ 58,041     $ 49,479     $ 34,827  
    Total Non-performing assets (“NPAs”)   $ 58,041     $ 49,479     $ 34,827  
                       
    Total loans 90 days delinquent and accruing (“90+ Delinquent”)   $ —     $ —     $ —  
                       
    NPAs and 90+ Delinquent   $ 58,041     $ 49,479     $ 34,827  
                       
    NPAs and 90+ Delinquent / Total assets     0.41 %     0.34 %     0.26 %
    Net charge-offs (“NCOs”)   $ 7,058     $ 10,611     $ 739  
    NCOs / Average loans(2)     0.26 %     0.39 %     0.03 %

    (1) Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
    (2) Calculated based on annualized NCOs to average loans, excluding loans held for sale.

    DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES
    NON-GAAP RECONCILIATION
    (Dollars in thousands except per share amounts)

    The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles (“GAAP”) (as reported) and non-GAAP measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provides investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.

    The following non-GAAP financial measures exclude pre-tax income and expenses associated with the fair value change in equity securities and loans held for sale, net loss (gain) on sale of securities and other assets, severance, the FDIC special assessment, loss on extinguishment of debt and loss due to pension settlement. The non-GAAP financial measures also include taxes related to the surrender of BOLI assets.  

                         
        Three Months Ended  
        March 31,   December 31,   March 31,     
        2025     2024     2024    
    Reconciliation of Reported and Adjusted (non-GAAP) Net Income (Loss) Available to Common Stockholders                    
    Reported net income (loss) available to common stockholders   $ 19,636     $ (22,234 )   $ 15,870    
    Adjustments to net income(1):                    
    Fair value change in equity securities and loans held for sale     (18 )     (15 )     842    
    Net loss (gain) on sale of securities and other assets     —       42,256       (2,968 )  
    Severance     76       1,254       42    
    FDIC special assessment     —       126       —    
    Loss on extinguishment of debt     —       —       453    
    Loss due to pension settlement     7,231       1,215       —    
    Income tax effect of adjustments noted above(1)     (2,237 )     (14,258 )     518    
    BOLI tax adjustment(2):     —       9,073       —    
    Adjusted net income available to common stockholders (non-GAAP)   $ 24,688     $ 17,417     $ 14,757    
                         
    Adjusted Ratios (Based upon Adjusted (non-GAAP) Net (Loss) Income as calculated above)                    
    Adjusted EPS (Diluted)   $ 0.57     $ 0.42     $ 0.38    
    Adjusted return on average assets     0.77   %   0.56   %   0.48   %
    Adjusted return on average equity     7.46       5.67       5.32    
    Adjusted return on average tangible common equity     8.68       6.52       6.18    
    Adjusted non-interest expense to average assets     1.68       1.68       1.50    
    Adjusted efficiency ratio     55.8       58.0       64.7    

    (1) Adjustments to net (loss) income are taxed at the Company’s approximate statutory tax rate.
    (2) Reflects income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets during the three months ended December 31, 2024.

    The following table presents a reconciliation of operating expense as a percentage of average assets (as reported) and adjusted operating expense as a percentage of average assets (non-GAAP):

                         
        Three Months Ended    
           March 31,      December 31,      March 31,     
        2025       2024       2024      
    Operating expense as a % of average assets – as reported   1.90   %     1.76   %     1.52   %    
    Severance   —       (0.04 )     —      
    FDIC special assessment   —       —       —      
    Loss on extinguishment of debt   —       —       (0.01 )    
    Loss due to pension settlement   (0.21 )     (0.04 )     —      
    Amortization of other intangible assets   (0.01 )     —       (0.01 )    
    Adjusted operating expense as a % of average assets (non-GAAP)   1.68   %     1.68   %     1.50   %    

    The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):

                         
        Three Months Ended  
           March 31,       December 31,       March 31,      
        2025     2024     2024    
    Efficiency ratio – as reported (non-GAAP) (1)        63.1   %     105.9   %     64.0   %  
    Non-interest expense – as reported   $ 65,511     $ 60,613     $ 52,511    
    Severance     (76 )     (1,254 )     (42 )  
    FDIC special assessment     —       (126 )     —    
    Loss on extinguishment of debt     —       —       (453 )  
    Loss due to pension settlement     (7,231 )     (1,215 )     —    
    Amortization of other intangible assets     (252 )     (285 )     (307 )  
    Adjusted non-interest expense (non-GAAP)   $ 57,952     $ 57,733     $ 51,709    
    Net interest income – as reported   $ 94,213     $ 91,098     $ 71,530    
    Non-interest income (loss) – as reported   $ 9,633     $ (33,861 )   $ 10,467    
    Fair value change in equity securities and loans held for sale     (18 )     (15 )     842    
    Net loss (gain) on sale of securities and other assets     —       42,256       (2,968 )  
    Adjusted non-interest income (non-GAAP)   $ 9,615     $ 8,380     $ 8,341    
    Adjusted total revenues for adjusted efficiency ratio (non-GAAP)   $ 103,828     $ 99,478     $ 79,871    
    Adjusted efficiency ratio (non-GAAP) (2)     55.8   %     58.0   %     64.7   %  

    (1)   The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest income.
    (2)   The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income.

    The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP):

                         
        March 31,   December 31,   March 31,  
        2025     2024     2024    
    Reconciliation of Tangible Assets:                    
    Total assets   $ 14,097,682     $ 14,353,258     $ 13,501,092    
    Goodwill     (155,797 )     (155,797 )     (155,797 )  
    Other intangible assets     (3,644 )     (3,896 )     (4,753 )  
    Tangible assets (non-GAAP)   $ 13,938,241     $ 14,193,565     $ 13,340,542    
                         
    Reconciliation of Tangible Common Equity – Consolidated:                    
    Total stockholders’ equity   $ 1,412,013     $ 1,396,517     $ 1,239,371    
    Goodwill     (155,797 )     (155,797 )     (155,797 )  
    Other intangible assets     (3,644 )     (3,896 )     (4,753 )  
    Tangible equity (non-GAAP)     1,252,572       1,236,824       1,078,821    
    Preferred stock, net     (116,569 )     (116,569 )     (116,569 )  
    Tangible common equity (non-GAAP)   $ 1,136,003     $ 1,120,255     $ 962,252    
                         
    Common shares outstanding     43,799       43,622       38,932    
                         
    Tangible common equity to tangible assets (non-GAAP)     8.15   %   7.89   %   7.21   %
    Tangible equity to tangible assets (non-GAAP)     8.99       8.71       8.09    
                         
    Book value per common share   $ 29.58     $ 29.34     $ 28.84    
    Tangible common book value per share (non-GAAP)     25.94       25.68       24.72    

    The MIL Network –

  • MIL-OSI: United Community Banks, Inc. Reports First Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    GREENVILLE, S.C., April 22, 2025 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NYSE: UCB) (United) today announced net income for the first quarter of 2025 of $71.4 million and pre-tax, pre-provision income of $106.6 million. Diluted earnings per share of $0.58 for the quarter represented an increase of $0.07 from the first quarter a year ago and a decrease of $0.03 from the fourth quarter of 2024.

    On an operating basis, United’s diluted earnings per share of $0.59 were up 13% from the year-ago quarter. The primary drivers of the increased earnings per share year-over-year were higher net interest income and lower noninterest expenses, partly offset by lower noninterest income and a higher provision for credit losses.

    United’s return on assets was 1.02%, or 1.04% on an operating basis. Return on common equity was 7.9%, and return on tangible common equity on an operating basis was 11.2%. On a pre-tax, pre-provision basis, operating return on assets was 1.55% for the quarter. At quarter-end, tangible common equity to tangible assets was 9.18%, up 21 basis points from the fourth quarter of 2024.

    Chairman and CEO Lynn Harton stated, “The first quarter was a strong start to the year. Our teams delivered solid loan and deposit growth in what has typically been a seasonally weak quarter. Loans grew by $249 million, or 5.6% annualized, and customer deposits increased $309 million, or 5.4% annualized. Our net interest margin expanded by 10 basis points, helping us to grow net interest income by $1.7 million from the fourth quarter, despite two fewer accruing days. Credit quality remained stable, with first quarter net charge-offs holding steady at 0.21% of average loans. Our provision for credit losses increased by $4.0 million from the fourth quarter, covering first quarter net charge-offs as well as loan growth, slightly increasing our allowance for credit losses to 1.21% of loans, up from 1.20% on December 31, 2024. Expenses improved on an absolute basis from both the fourth and first quarters of 2024, reflecting our ongoing efforts to control costs.”

    Harton continued, “We are particularly excited that our bankers were recognized once again by J.D. Power as #1 in Customer Satisfaction in the Southeast, along with #1 in Trust and #1 in People. This year marks our 75ᵗʰ anniversary, and we’re off to a strong start. I’m proud to make this milestone meaningful for our customers, employees, and shareholders. We’re also excited to continue growing our presence in Florida with the recent announcement of our planned acquisition of American National Bank, headquartered in Oakland Park. This expansion will strengthen our footprint in the fast-growing South Florida market. Our teams have been collaborating closely for several months, and we expect to close the transaction on May 1.”

    United’s net interest margin increased 10 basis points to 3.36% from the fourth quarter. The average yield on interest-earning assets was down four basis points to 5.29%, while the cost of interest-bearing liabilities decreased 19 basis points, leading to a 15-basis-point increase in the net interest spread. The 10-basis-point increase in net interest margin reflects progress in lowering the cost of funds through reduction in deposit rates and redemption of debt instruments, and to a lesser extent, the seasonal outflow of higher-priced public funds deposits.

    Net charge-offs were $9.6 million, or 0.21% of average loans, during the quarter, equal to the fourth quarter of 2024. Nonperforming assets were 33 basis points relative to total assets, improved from 42 basis points for the fourth quarter.

    First Quarter 2025 Financial Highlights:

    • EPS up $0.07 compared to first quarter 2024 on a GAAP basis and up $0.07, or 13%, on an operating basis; EPS down $0.03 compared to the fourth quarter on a GAAP basis and down $0.04, or 6%, on an operating basis
    • Total revenue improved $8.9 million, or 3.7%, year-over-year
    • Net interest margin of 3.36% increased by 10 basis points from the fourth quarter, reflecting a lower cost of funds
    • Loan production of $2.0 billion led to loan growth of $249 million, up 5.6% annualized, from the fourth quarter
    • Customer deposits were up $309 million from the fourth quarter, with most of the growth in money market deposits
    • Noninterest income was down $4.9 million on a linked quarter basis mostly due to the absence of unusual fourth quarter gains in the form of a mortgage servicing right write-up and other unusual gains
    • Mortgage closings of $187 million compared to $171 million a year ago; mortgage rate locks of $330 million compared to $260 million a year ago
    • Noninterest expenses improved $2.0 million compared to the fourth quarter on a GAAP basis and down $1.1 million on an operating basis
    • Efficiency ratio of 56.7%, or 56.2% on an operating basis
    • Net income of $71.4 million and pre-tax, pre-provision income of $106.6 million
    • Return on assets of 1.02%, or 1.04% on an operating basis
    • Pre-tax, pre-provision return on assets of 1.55% on an operating basis
    • Return on common equity of 7.9%
    • Return on tangible common equity of 11.2% on an operating basis
    • Provision for credit losses was $15.4 million; allowance for credit losses coverage up slightly to 1.21% of total loans
    • Net charge-offs of $9.6 million, or 21 basis points as a percent of average loans
    • Nonperforming assets improved $22 million from December 31, 2024, to 0.33% of total assets
    • Maintained robust capital ratios with preliminary Common Equity Tier 1 increasing to 13.3%
    • Quarterly common dividend of $0.24 per share declared during the quarter, up 4% year-over-year

    Conference Call
    United will hold a conference call on Tuesday, April 22 at 9:00 a.m. ET to discuss the contents of this press release and to share business highlights for the quarter. Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10198403/fed7e1f137. Those without internet access or unable to pre-register may dial in by calling 1-844-676-1337. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and can be accessed by selecting “Events and Presentations” under “News and Events” within the Investor Relations section of the company’s website, ucbi.com.


    UNITED COMMUNITY BANKS, INC.
    Selected Financial Information
    (in thousands, except per share data)

        2025       2024     First Quarter
    2025–2024
    Change
      First
    Quarter    		   Fourth
    Quarter    		   Third
    Quarter    		   Second
    Quarter    		   First
    Quarter    		  
    INCOME SUMMARY                      
    Interest revenue $ 335,357     $ 344,962     $ 349,086     $ 346,965     $ 336,728      
    Interest expense   123,336       134,629       139,900       138,265       137,579      
    Net interest revenue   212,021       210,333       209,186       208,700       199,149     6 %
    Noninterest income   35,656       40,522       8,091       36,556       39,587     (10 )
    Total revenue   247,677       250,855       217,277       245,256       238,736     4  
    Provision for credit losses   15,419       11,389       14,428       12,235       12,899      
    Noninterest expenses   141,099       143,056       143,065       147,044       145,002     (3 )
    Income before income tax expense   91,159       96,410       59,784       85,977       80,835     13  
    Income tax expense   19,746       20,606       12,437       19,362       18,204     8  
    Net income   71,413       75,804       47,347       66,615       62,631     14  
    Non-operating items   1,297       2,203       29,385       6,493       2,187      
    Income tax benefit of non-operating items   (281 )     (471 )     (6,276 )     (1,462 )     (493 )    
    Net income – operating (1) $ 72,429     $ 77,536     $ 70,456     $ 71,646     $ 64,325     13  
    Pre-tax pre-provision income (5) $ 106,578     $ 107,799     $ 74,212     $ 98,212     $ 93,734     14  
    PERFORMANCE MEASURES                      
    Per common share:                      
    Diluted net income – GAAP $ 0.58     $ 0.61     $ 0.38     $ 0.54     $ 0.51     14  
    Diluted net income – operating (1)   0.59       0.63       0.57       0.58       0.52     13  
    Cash dividends declared   0.24       0.24       0.24       0.23       0.23     4  
    Book value   28.42       27.87       27.68       27.18       26.83     6  
    Tangible book value (3)   20.58       20.00       19.66       19.13       18.71     10  
    Key performance ratios:                      
    Return on common equity – GAAP (2)(4)   7.89 %     8.40 %     5.20 %     7.53 %     7.14 %    
    Return on common equity – operating (1)(2)(4)   8.01       8.60       7.82       8.12       7.34      
    Return on tangible common equity – operating (1)(2)(3)(4)   11.21       12.12       11.17       11.68       10.68      
    Return on assets – GAAP (4)   1.02       1.06       0.67       0.97       0.90      
    Return on assets – operating (1)(4)   1.04       1.08       1.01       1.04       0.93      
    Return on assets – pre-tax pre-provision, excluding non-operating items (1)(4)(5)   1.55       1.55       1.50       1.54       1.40      
    Net interest margin (fully taxable equivalent) (4)   3.36       3.26       3.33       3.37       3.20      
    Efficiency ratio – GAAP   56.74       56.05       65.51       59.70       60.47      
    Efficiency ratio – operating (1)   56.22       55.18       57.37       57.06       59.15      
    Equity to total assets   12.56       12.38       12.45       12.35       12.06      
    Tangible common equity to tangible assets (3)   9.18       8.97       8.93       8.78       8.49      
    ASSET QUALITY                      
    Nonperforming assets (“NPAs”) $ 93,290     $ 115,635     $ 114,960     $ 116,722     $ 107,230     (13 )
    Allowance for credit losses – loans   211,974       206,998       205,290       213,022       210,934     —  
    Allowance for credit losses – total   223,201       217,389       215,517       224,740       224,119     —  
    Net charge-offs   9,607       9,517       23,651       11,614       12,908      
    Allowance for credit losses – loans to loans   1.15 %     1.14 %     1.14 %     1.17 %     1.15 %    
    Allowance for credit losses – total to loans   1.21       1.20       1.20       1.23       1.22      
    Net charge-offs to average loans (4)   0.21       0.21       0.52       0.26       0.28      
    NPAs to total assets   0.33       0.42       0.42       0.43       0.39      
    AT PERIOD END ($ in millions)                      
    Loans $ 18,425     $ 18,176     $ 17,964     $ 18,211     $ 18,375     —  
    Investment securities   6,661       6,804       6,425       6,038       5,859     14  
    Total assets   27,874       27,720       27,373       27,057       27,365     2  
    Deposits   23,762       23,461       23,253       22,982       23,332     2  
    Shareholders’ equity   3,501       3,432       3,407       3,343       3,300     6  
    Common shares outstanding (thousands)   119,514       119,364       119,283       119,175       119,137     —  
     
    (1) Excludes non-operating items as detailed on Non-GAAP Performance Measures Reconciliation on next page. (2) Net income less preferred stock dividends, divided by average realized common equity, which excludes accumulated other comprehensive income (loss). (3) Excludes effect of acquisition related intangibles and associated amortization. (4) Annualized. (5) Excludes income tax expense and provision for credit losses.

    UNITED COMMUNITY BANKS, INC.
    Non-GAAP Performance Measures Reconciliation
    (in thousands, except per share data)

          2025       2024  
        First
    Quarter    		   Fourth
    Quarter    		   Third
    Quarter    		   Second
    Quarter    		   First
    Quarter
                         
    Noninterest income reconciliation                    
    Noninterest income (GAAP)   $ 35,656     $ 40,522     $ 8,091     $ 36,556     $ 39,587  
    Loss on sale of manufactured housing loans     —       —       27,209       —       —  
    Gain on lease termination     —       —       —       —       (2,400 )
    Noninterest income – operating   $ 35,656     $ 40,522     $ 35,300     $ 36,556     $ 37,187  
                         
    Noninterest expense reconciliation                    
    Noninterest expenses (GAAP)   $ 141,099     $ 143,056     $ 143,065     $ 147,044     $ 145,002  
    Loss on FinTrust (goodwill impairment)     —       —       —       (5,100 )     —  
    FDIC special assessment     —       —       —       764       (2,500 )
    Merger-related and other charges     (1,297 )     (2,203 )     (2,176 )     (2,157 )     (2,087 )
    Noninterest expenses – operating   $ 139,802     $ 140,853     $ 140,889     $ 140,551     $ 140,415  
                         
    Net income to operating income reconciliation                    
    Net income (GAAP)   $ 71,413     $ 75,804     $ 47,347     $ 66,615     $ 62,631  
    Loss on sale of manufactured housing loans     —       —       27,209       —       —  
    Gain on lease termination     —       —       —       —       (2,400 )
    Loss on FinTrust (goodwill impairment)     —       —       —       5,100       —  
    FDIC special assessment     —       —       —       (764 )     2,500  
    Merger-related and other charges     1,297       2,203       2,176       2,157       2,087  
    Income tax benefit of non-operating items     (281 )     (471 )     (6,276 )     (1,462 )     (493 )
    Net income – operating   $ 72,429     $ 77,536     $ 70,456     $ 71,646     $ 64,325  
                         
    Net income to pre-tax pre-provision income reconciliation                    
    Net income (GAAP)   $ 71,413     $ 75,804     $ 47,347     $ 66,615     $ 62,631  
    Income tax expense     19,746       20,606       12,437       19,362       18,204  
    Provision for credit losses     15,419       11,389       14,428       12,235       12,899  
    Pre-tax pre-provision income   $ 106,578     $ 107,799     $ 74,212     $ 98,212     $ 93,734  
                         
    Diluted income per common share reconciliation                    
    Diluted income per common share (GAAP)   $ 0.58     $ 0.61     $ 0.38     $ 0.54     $ 0.51  
    Loss on sale of manufactured housing loans     —       —       0.18       —       —  
    Gain on lease termination     —       —       —       —       (0.02 )
    Loss on FinTrust (goodwill impairment)     —       —       —       0.03       —  
    FDIC special assessment     —       —       —       —       0.02  
    Merger-related and other charges     0.01       0.02       0.01       0.01       0.01  
    Diluted income per common share – operating   $ 0.59     $ 0.63     $ 0.57     $ 0.58     $ 0.52  
                         
    Book value per common share reconciliation                    
    Book value per common share (GAAP)   $ 28.42     $ 27.87     $ 27.68     $ 27.18     $ 26.83  
    Effect of goodwill and other intangibles     (7.84 )     (7.87 )     (8.02 )     (8.05 )     (8.12 )
    Tangible book value per common share   $ 20.58     $ 20.00     $ 19.66     $ 19.13     $ 18.71  
                         
    Return on tangible common equity reconciliation                    
    Return on common equity (GAAP)     7.89 %     8.40 %     5.20 %     7.53 %     7.14 %
    Loss on sale of manufactured housing loans     —       —       2.43       —       —  
    Gain on lease termination     —       —       —       —       (0.22 )
    Loss on FinTrust (goodwill impairment)     —       —       —       0.46       —  
    FDIC special assessment     —       —       —       (0.07 )     0.23  
    Merger-related and other charges     0.12       0.20       0.19       0.20       0.19  
    Return on common equity – operating     8.01       8.60       7.82       8.12       7.34  
    Effect of goodwill and other intangibles     3.20       3.52       3.35       3.56       3.34  
    Return on tangible common equity – operating     11.21 %     12.12 %     11.17 %     11.68 %     10.68 %
                         
    Return on assets reconciliation                    
    Return on assets (GAAP)     1.02 %     1.06 %     0.67 %     0.97 %     0.90 %
    Loss on sale of manufactured housing loans     —       —       0.31       —       —  
    Gain on lease termination     —       —       —       —       (0.03 )
    Loss on FinTrust (goodwill impairment)     —       —       —       0.06       —  
    FDIC special assessment     —       —       —       (0.01 )     0.03  
    Merger-related and other charges     0.02       0.02       0.03       0.02       0.03  
    Return on assets – operating     1.04 %     1.08 %     1.01 %     1.04 %     0.93 %
                         
    Return on assets to return on assets – pre-tax pre-provision reconciliation                    
    Return on assets (GAAP)     1.02 %     1.06 %     0.67 %     0.97 %     0.90 %
    Income tax expense     0.29       0.30       0.19       0.29       0.27  
    Provision for credit losses     0.23       0.16       0.21       0.18       0.19  
    Loss on sale of manufactured housing loans     —       —       0.40       —       —  
    Gain on lease termination     —       —       —       —       (0.04 )
    Loss on FinTrust (goodwill impairment)     —       —       —       0.08       —  
    FDIC special assessment     —       —       —       (0.01 )     0.04  
    Merger-related and other charges     0.01       0.03       0.03       0.03       0.04  
    Return on assets – pre-tax pre-provision – operating     1.55 %     1.55 %     1.50 %     1.54 %     1.40 %
                         
    Efficiency ratio reconciliation                    
    Efficiency ratio (GAAP)     56.74 %     56.05 %     65.51 %     59.70 %     60.47 %
    Loss on sale of manufactured housing loans     —       —       (7.15 )     —       —  
    Gain on lease termination     —       —       —       —       0.60  
    Loss on FinTrust (goodwill impairment)     —       —       —       (2.07 )     —  
    FDIC special assessment     —       —       —       0.31       (1.05 )
    Merger-related and other charges     (0.52 )     (0.87 )     (0.99 )     (0.88 )     (0.87 )
    Efficiency ratio – operating     56.22 %     55.18 %     57.37 %     57.06 %     59.15 %
                         
    Tangible common equity to tangible assets reconciliation                    
    Equity to total assets (GAAP)     12.56 %     12.38 %     12.45 %     12.35 %     12.06 %
    Effect of goodwill and other intangibles     (3.06 )     (3.09 )     (3.20 )     (3.24 )     (3.25 )
    Effect of preferred equity     (0.32 )     (0.32 )     (0.32 )     (0.33 )     (0.32 )
    Tangible common equity to tangible assets     9.18 %     8.97 %     8.93 %     8.78 %     8.49 %

    UNITED COMMUNITY BANKS, INC.
    Loan Portfolio Composition at Period-End

        2025     2024
    		   Linked
    Quarter
    Change    		   Year over
    Year
    Change
    (in millions) First
    Quarter    		   Fourth
    Quarter    		   Third
    Quarter    		   Second
    Quarter    		   First
    Quarter    		    
    LOANS BY CATEGORY                          
    Owner occupied commercial RE $ 3,419     $ 3,398     $ 3,323     $ 3,297     $ 3,310     $ 21     $ 109  
    Income producing commercial RE   4,416       4,361       4,259       4,058       4,206       55       210  
    Commercial & industrial   2,506       2,428       2,313       2,299       2,405       78       101  
    Commercial construction   1,681       1,656       1,785       2,014       1,936       25       (255 )
    Equipment financing   1,723       1,663       1,603       1,581       1,544       60       179  
    Total commercial   13,745       13,506       13,283       13,249       13,401       239       344  
    Residential mortgage   3,218       3,232       3,263       3,266       3,240       (14 )     (22 )
    Home equity   1,099       1,065       1,015       985       969       34       130  
    Residential construction   171       178       189       211       257       (7 )     (86 )
    Manufactured housing (1)   —       2       2       321       328       (2 )     (328 )
    Consumer   183       186       188       183       180       (3 )     3  
    Other   9       7       24       (4 )     —       2       9  
    Total loans $ 18,425     $ 18,176     $ 17,964     $ 18,211     $ 18,375     $ 249     $ 50  
                               
    LOANS BY MARKET                          
    Georgia $ 4,484     $ 4,447     $ 4,470     $ 4,411     $ 4,356     $ 37     $ 128  
    South Carolina   2,821       2,815       2,782       2,779       2,804       6       17  
    North Carolina   2,666       2,644       2,586       2,591       2,566       22       100  
    Tennessee   1,880       1,799       1,848       2,144       2,209       81       (329 )
    Florida   2,572       2,527       2,423       2,407       2,443       45       129  
    Alabama   1,009       996       996       1,021       1,068       13       (59 )
    Commercial Banking Solutions   2,993       2,948       2,859       2,858       2,929       45       64  
    Total loans $ 18,425     $ 18,176     $ 17,964     $ 18,211     $ 18,375     $ 249     $ 50  
     
    (1) At March 31, 2025, manufactured housing loans are included with consumer loans.

    UNITED COMMUNITY BANKS, INC.
    Credit Quality
    (in thousands)

          2025     2024
        First
    Quarter    		   Fourth
    Quarter    		   Third
    Quarter
    NONACCRUAL LOANS            
    Owner occupied RE   $ 8,949     $ 11,674     $ 7,783  
    Income producing RE     16,536       25,357       31,222  
    Commercial & industrial     22,396       29,339       28,856  
    Commercial construction     5,558       7,400       7,356  
    Equipment financing     8,818       8,925       9,123  
    Total commercial     62,257       82,695       84,340  
    Residential mortgage     22,756       24,615       21,851  
    Home equity     4,091       4,630       4,111  
    Residential construction     811       57       118  
    Manufactured housing (2)     —       1,444       1,808  
    Consumer     1,423       138       152  
    Total nonaccrual loans     91,338       113,579       112,380  
    OREO and repossessed assets     1,952       2,056       2,580  
    Total NPAs   $ 93,290     $ 115,635     $ 114,960  
        2025     2024
      First Quarter   Fourth Quarter   Third Quarter
    (in thousands) Net Charge-
    Offs    		   Net Charge-
    Offs to
    Average
    Loans     (1)    		   Net Charge-
    Offs    		   Net Charge-
    Offs to
    Average
    Loans     (1)    		   Net Charge-
    Offs    		   Net Charge-
    Offs to
    Average
    Loans     (1)
    NET CHARGE-OFFS (RECOVERIES) BY CATEGORY                        
    Owner occupied RE $ 126     0.02 %   $ (184 )   (0.02 )%   $ (184 )   (0.02 )%
    Income producing RE   718     0.07       (1,001 )   (0.09 )     1,409     0.13  
    Commercial & industrial   2,447     0.40       4,075     0.69       4,577     0.79  
    Commercial construction   (138 )   (0.03 )     2     —       36     0.01  
    Equipment financing   5,042     1.21       5,812     1.43       5,268     1.32  
    Total commercial   8,195     0.24       8,704     0.26       11,106     0.33  
    Residential mortgage   (1 )   —       145     0.02       32     —  
    Home equity   (62 )   (0.02 )     (33 )   (0.01 )     36     0.01  
    Residential construction   219     0.51       7     0.02       111     0.22  
    Manufactured housing (2)   —     —       114     23.41       11,556     28.51  
    Consumer   1,256     2.76       580     1.24       810     1.74  
    Total $ 9,607     0.21     $ 9,517     0.21     $ 23,651     0.52  
                             
    (1) Annualized.                        
    (2) At March 31, 2025, manufactured housing loans are included with consumer loans.

    UNITED COMMUNITY BANKS, INC.
    Consolidated Balance Sheets (Unaudited)

    (in thousands, except share and per share data)   March 31,
    2025    		   December 31,
    2024
    ASSETS        
    Cash and due from banks   $ 198,287     $ 296,161  
    Interest-bearing deposits in banks     438,425       223,712  
    Cash and cash equivalents     636,712       519,873  
    Debt securities available-for-sale     4,322,644       4,436,291  
    Debt securities held-to-maturity (fair value $1,952,235 and $1,944,126, respectively)     2,338,571       2,368,107  
    Loans held for sale     37,344       57,534  
    Loans and leases held for investment     18,425,365       18,175,980  
    Less allowance for credit losses – loans and leases     (211,974 )     (206,998 )
    Loans and leases, net     18,213,391       17,968,982  
    Premises and equipment, net     391,020       394,264  
    Bank owned life insurance     346,410       346,234  
    Goodwill and other intangible assets, net     953,357       956,643  
    Other assets     634,269       672,330  
    Total assets   $ 27,873,718     $ 27,720,258  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Liabilities:        
    Deposits:        
    Noninterest-bearing demand   $ 6,257,032     $ 6,211,182  
    NOW and interest-bearing demand     6,155,141       6,141,342  
    Money market     6,637,506       6,398,144  
    Savings     1,105,374       1,100,591  
    Time     3,446,567       3,441,424  
    Brokered     160,785       168,292  
    Total deposits     23,762,405       23,460,975  
    Short-term borrowings     —       195,000  
    Long-term debt     254,287       254,152  
    Accrued expenses and other liabilities     356,130       378,004  
    Total liabilities     24,372,822       24,288,131  
    Shareholders’ equity:        
    Preferred stock; $1 par value; 10,000,000 shares authorized; 3,662 shares Series I issued and outstanding; $25,000 per share liquidation preference     88,266       88,266  
    Common stock, $1 par value; 200,000,000 shares authorized, 119,514,298 and 119,364,110 shares issued and outstanding, respectively     119,514       119,364  
    Common stock issuable; 584,083 and 600,168 shares, respectively     12,983       12,999  
    Capital surplus     2,711,721       2,710,279  
    Retained earnings     754,971       714,138  
    Accumulated other comprehensive loss     (186,559 )     (212,919 )
    Total shareholders’ equity     3,500,896       3,432,127  
    Total liabilities and shareholders’ equity   $ 27,873,718     $ 27,720,258  

    UNITED COMMUNITY BANKS, INC.
    Consolidated Statements of Income (Unaudited)

        Three Months Ended
    March 31,
    (in thousands, except per share data)     2025       2024  
    Interest revenue:        
    Loans, including fees   $ 274,056     $ 283,983  
    Investment securities, including tax exempt of $1,678 and $1,721, respectively     58,850       46,436  
    Deposits in banks and short-term investments     2,451       6,309  
    Total interest revenue     335,357       336,728  
             
    Interest expense:        
    Deposits:        
    NOW and interest-bearing demand     37,390       46,211  
    Money market     49,541       50,478  
    Savings     624       706  
    Time     31,379       36,389  
    Deposits     118,934       133,784  
    Short-term borrowings     1,107       —  
    Federal Home Loan Bank advances     433       —  
    Long-term debt     2,862       3,795  
    Total interest expense     123,336       137,579  
    Net interest revenue     212,021       199,149  
             
    Noninterest income:        
    Service charges and fees     9,535       9,264  
    Mortgage loan gains and other related fees     6,122       7,511  
    Wealth management fees     4,465       6,313  
    Net gains from sales of other loans     1,396       1,537  
    Lending and loan servicing fees     4,165       4,210  
    Securities gains, net     6       —  
    Other     9,967       10,752  
    Total noninterest income     35,656       39,587  
             
    Provision for credit losses     15,419       12,899  
             
    Noninterest expenses:        
    Salaries and employee benefits     84,267       84,985  
    Communications and equipment     13,699       11,920  
    Occupancy     10,929       11,099  
    Advertising and public relations     1,881       1,901  
    Postage, printing and supplies     2,561       2,648  
    Professional fees     5,931       5,988  
    Lending and loan servicing expense     1,987       1,827  
    Outside services – electronic banking     2,763       2,918  
    FDIC assessments and other regulatory charges     4,642       7,566  
    Amortization of intangibles     3,286       3,887  
    Merger-related and other charges     1,297       2,087  
    Other     7,856       8,176  
    Total noninterest expenses     141,099       145,002  
    Income before income taxes     91,159       80,835  
    Income tax expense     19,746       18,204  
    Net income     71,413       62,631  
    Preferred stock dividends     1,573       1,573  
    Earnings allocated to participating securities     411       345  
    Net income available to common shareholders   $ 69,429     $ 60,713  
             
    Net income per common share:        
    Basic   $ 0.58     $ 0.51  
    Diluted     0.58       0.51  
    Weighted average common shares outstanding:        
    Basic     120,043       119,662  
    Diluted     120,201       119,743  


    UNITED COMMUNITY BANKS, INC.
    Average Consolidated Balance Sheets and Net Interest Analysis
    For the Three Months Ended March 31,

        2025       2024  
    (dollars in thousands, fully taxable equivalent (FTE)) Average
    Balance    		   Interest   Average
    Rate    		   Average
    Balance    		   Interest   Average
    Rate
    Assets:                      
    Interest-earning assets:                      
    Loans, net of unearned income (FTE) (1)(2) $ 18,213,501     $ 273,930     6.10 %   $ 18,299,739     $ 283,960     6.24 %
    Taxable securities (3)   6,737,658       57,172     3.39       5,828,391       44,715     3.07  
    Tax-exempt securities (FTE) (1)(3)   356,712       2,245     2.52       366,350       2,311     2.52  
    Federal funds sold and other interest-earning assets   400,592       3,001     3.04       674,594       6,805     4.06  
    Total interest-earning assets (FTE)   25,708,463       336,348     5.29       25,169,074       337,791     5.39  
                           
    Noninterest-earning assets:                      
    Allowance for credit losses   (210,169 )             (212,996 )        
    Cash and due from banks   219,540               221,203          
    Premises and equipment   396,443               386,021          
    Other assets (3)   1,610,104               1,618,315          
    Total assets $ 27,724,381             $ 27,181,617          
                           
    Liabilities and Shareholders’ Equity:                      
    Interest-bearing liabilities:                      
    Interest-bearing deposits:                      
    NOW and interest-bearing demand $ 6,134,004       37,390     2.47     $ 6,078,090       46,211     3.06  
    Money market   6,583,963       49,541     3.05       5,864,217       50,478     3.46  
    Savings   1,096,308       624     0.23       1,192,828       706     0.24  
    Time   3,446,048       30,831     3.63       3,596,486       35,944     4.02  
    Brokered time deposits   50,447       548     4.41       50,343       445     3.56  
    Total interest-bearing deposits   17,310,770       118,934     2.79       16,781,964       133,784     3.21  
    Federal funds purchased and other borrowings   80,760       1,107     5.56       13       —     —  
    Federal Home Loan Bank advances   38,900       433     4.51       4       —     —  
    Long-term debt   254,220       2,862     4.57       324,838       3,795     4.70  
    Total borrowed funds   373,880       4,402     4.77       324,855       3,795     4.70  
    Total interest-bearing liabilities   17,684,650       123,336     2.83       17,106,819       137,579     3.23  
                           
    Noninterest-bearing liabilities:                      
    Noninterest-bearing deposits   6,194,217               6,398,079          
    Other liabilities   369,939               390,451          
    Total liabilities   24,248,806               23,895,349          
    Shareholders’ equity   3,475,575               3,286,268          
    Total liabilities and shareholders’ equity $ 27,724,381             $ 27,181,617          
                           
    Net interest revenue (FTE)     $ 213,012             $ 200,212      
    Net interest-rate spread (FTE)         2.46 %           2.16 %
    Net interest margin (FTE) (4)         3.36 %           3.20 %
     
    (1) Interest revenue on tax-exempt securities and loans includes a taxable-equivalent adjustment to reflect comparable interest on taxable securities and loans. The FTE adjustment totaled $991,000 and $1.06 million, respectively, for the three months ended March 31, 2025 and 2024. The tax rate used to calculate the adjustment was 26%, reflecting the statutory federal income tax rate and the federal tax adjusted state income tax rate.
    (2) Included in the average balance of loans outstanding are loans on which the accrual of interest has been discontinued and loans that are held for sale.
    (3) Unrealized gains and losses on AFS securities, including those related to the transfer from AFS to HTM, have been reclassified to other assets. Pretax unrealized losses of $269 million in 2025 and $322 million in 2024 are included in other assets for purposes of this presentation.
    (4) Net interest margin is taxable equivalent net interest revenue divided by average interest-earning assets.


    About United Community Banks, Inc.
    United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution committed to building stronger communities and improving the financial health and well-being of its customers. United Community offers a full range of banking, mortgage and wealth management services. As of March 31, 2025, United Community Banks, Inc. had $27.9 billion in assets and operated 200 offices across Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. The company also manages a nationally recognized SBA lending franchise and a national equipment finance subsidiary, extending its reach to businesses across the country. United is an 11-time winner of J.D. Power’s award for highest customer satisfaction among consumer banks in the Southeast and was named the most trusted bank in the region in 2025. The company has also been recognized eight consecutive years by American Banker as one of the “Best Banks to Work For.” In commercial banking, United earned five 2025 Greenwich Best Brand awards, including national honors for middle market satisfaction. Forbes has consistently named United among the World’s Best and America’s Best Banks. Learn more at ucbi.com.

    Non-GAAP Financial Measures
    This press release, including the accompanying financial statement tables, contains financial information determined by methods other than in accordance with generally accepted accounting principles, or GAAP. This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations, such as “noninterest income – operating”, “noninterest expense – operating”, “operating net income,” “pre-tax, pre-provision income,” “operating net income per diluted common share,” “operating earnings per share,” “tangible book value per common share,” “operating return on common equity,” “operating return on tangible common equity,” “operating return on assets,” “return on assets – pre-tax, pre-provision – operating,” “return on assets – pre-tax, pre-provision,” “operating efficiency ratio,” and “tangible common equity to tangible assets.” These non-GAAP measures are included because United believes they may provide useful supplemental information for evaluating United’s underlying performance trends. These measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable measures as reported in accordance with GAAP are included with the accompanying financial statement tables.

    Caution About Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as “may,” “believe,” “expect,” “anticipate,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential,” or the negative of these terms or other comparable terminology, and include statements related to the expected benefits of the acquisition of ANB Holdings, Inc. (“ANB”). Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.

    Factors that could cause or contribute to such differences include, but are not limited to (1) the risk that the cost savings and any revenue synergies from the ANB acquisition may not be realized or take longer than anticipated to be realized, (2) disruption from the ANB acquisition of customer, supplier, employee or other business partner relationships, (3) the possibility that the costs, fees, expenses and charges related to the ANB acquisition may be greater than anticipated, (4) reputational risk and the reaction of each of the companies’ customers, suppliers, employees or other business partners to the ANB acquisition, (5) the failure of the ANB acquisition to close or any unexpected delay in closing the ANB acquisition, (6) the risks relating to the integration of ANB’s operations into the operations of United, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (7) the risks associated with United’s pursuit of future acquisitions, (8) the risk associated with expansion into new geographic or product markets, (9) the dilution caused by United’s issuance of additional shares of its common stock in the ANB acquisition, and (10) general competitive, economic, political and market conditions. Further information regarding additional factors which could affect the forward-looking statements contained in this press release can be found in the cautionary language included under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in United’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents subsequently filed by United with the United States Securities and Exchange Commission (“SEC”).

    Many of these factors are beyond United’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and United undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for United to predict their occurrence or how they will affect United.

    United qualifies all forward-looking statements by these cautionary statements.

    For more information:
    Jefferson Harralson
    Chief Financial Officer
    (864) 240-6208
    Jefferson_Harralson@ucbi.com

    The MIL Network –

  • MIL-OSI United Kingdom: One year until Making Tax Digital for Income Tax launches

    Source: United Kingdom – Executive Government & Departments

    Press release

    One year until Making Tax Digital for Income Tax launches

    Making Tax Digital for Income Tax starts in April 2026 for sole traders and landlords with qualifying income over £50,000.

    • Making Tax Digital for Income Tax goes live on 6 April 2026 – supporting the government’s Plan for Change to deliver economic growth
    • Eligible taxpayers encouraged to sign up to a testing programme now to get ahead of the changes
    • Digital record-keeping will deliver time-saving benefits for taxpayers

    There is less than a year to go until sole traders and landlords with an income over £50,000 will be required to use Making Tax Digital (MTD) for Income Tax.

    The launch on 6 April 2026 marks a significant and ultimately time-saving change in how these individuals will need to keep digital records and report their income to HM Revenue and Customs (HMRC).

    By keeping digital records throughout the year, sole traders and landlords can save hours previously spent gathering information at tax return time – allowing them to spend more time focusing on their business activities and in turn, driving economic growth as part of the government’s Plan for Change.

    Quarterly updates will spread the workload more evenly throughout the year, bring the tax system closer to real-time reporting and help businesses stay on top of their finances and avoid the last-minute rush.

    HMRC is urging eligible customers to sign up to a testing programme on GOV.UK and start preparing now. Agents can also register their clients via GOV.UK.

    James Murray MP, Exchequer Secretary to the Treasury, said:

    MTD for Income Tax is an essential part of our plan to transform the UK’s tax system into one that supports economic growth.

    By modernising how people manage their tax, we’re helping businesses work more efficiently and productively while ensuring everyone pays their fair share.

    This is a crucial step in this government’s decade of national renewal and our Plan for Change, as we clear away barriers that hold back growth.

    Craig Ogilvie, HMRC’s Director of Making Tax Digital, said:

    MTD for Income Tax is the most significant change to the Self Assessment regime since its introduction in 1997. It will make it easier for self-employed people and landlords to stay on top of their tax affairs and help ensure they pay the right amount of tax.

    By signing up to our testing programme now, self-employed people and landlords will be able to familiarise themselves with the new process and access dedicated support from our MTD Customer Support Team, before it becomes compulsory next year.

    From April 2026, individuals with qualifying income above £50,000 will need to keep digital records, use MTD-compatible software and submit quarterly summaries of their income and expenses to HMRC. These digital requirements will help businesses save time through more efficient record-keeping, reduce errors in tax calculations, and provide a clearer picture of their tax obligations throughout the year.

    Qualifying income includes gross income from self-employment and property before any tax allowances or expenses are deducted. Those with qualifying income above £30,000 will also be required to use MTD for Income Tax from April 2027. The threshold will then decrease to £20,000 from April 2028.

    The phased introduction of MTD for Income Tax follows the successful implementation of MTD for VAT, which now helps more than two million businesses reduce errors and save time on their tax affairs. Businesses which joined the MTD for VAT testing phase were better prepared for the move to quarterly reporting.

    An independent report published in 2021 found that 69% of mandated businesses experienced at least one benefit from MTD for VAT, while 67% reported that it reduced the potential for mistakes in their record keeping.

    Further information

    MTD was first introduced for VAT-registered businesses in April 2019, with all qualifying businesses required to join from April 2022.

    Penalties for late quarterly updates will not apply during the testing phase, providing an ideal opportunity to get used to the new process without risk.

    Around 780,000 self-employed individuals and landlords will be required to use MTD for Income Tax from April 2026, with a further 970,000 joining from April 2027.

    More information on MTD for Income Tax

    More information on finding compatible software

    Updates to this page

    Published 22 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Sergei Sobyanin approved plans to replace elevators in residential buildings

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Sergei Sobyanin approved plans for the implementation of the program for replacing elevator equipment in apartment buildings. The Deputy Mayor of Moscow for Housing and Public Utilities and Improvement made a report on this topic Petr BiryukovIn 2025, it is planned to replace 4,265 elevators in the capital’s buildings.

    There are over 117,000 elevators installed in Moscow apartment buildings. This is almost a quarter of their total number in Russia. About 22,000 residential buildings are equipped with elevators, more than 65 percent of which are higher than 10 stories.

    As of 2010, over 17 percent of elevators in Moscow apartment buildings were beyond their service life. Without appropriate measures, their number could exceed 25 percent of the total number of elevators in the next few years.

    In 2011, the Moscow Government decided to implement a large-scale program to replace elevator equipment in the housing stock. Since 2015, this work has continued as part of the regional capital repair program.

    In total, since 2011, about 49.2 thousand new elevators have been installed in residential buildings in the capital (42 percent of the total number of elevators in Moscow apartment buildings), which are used by almost four million city residents.

    Thanks to a systematic approach to solving the problem, since 2018 there are no elevators in the capital’s housing stock that exceed the 25-year service life. Replacement is carried out on a planned basis – in the year of expiration of the established service life.

    In 2025–2034, 50.9 thousand elevators will be replaced within the framework of the regional program. Thus, in total, 100.1 thousand elevators will be replaced in Moscow in 2011–2034.

    New Moscow elevators meet the most modern requirements for safety, operating comfort and appearance, including:

    — an extended doorway (up to 700–800 millimetres) for comfortable access to the cabin for passengers with a wheelchair or baby carriage — if possible, where the dimensions of the elevator shaft allow;

    — modern wear-resistant finish in elevator cabins: for example, elevator cabin panels are made of metal-plastic, and the floor covering is made of corrugated aluminum;

    – a control panel finished in polished stainless steel with a built-in electronic display, push-button elements with circular stainless steel backlighting, as well as modern full-color light panels;

    — energy-efficient LED lamps and indication systems – they provide energy savings;

    — infrared sensors that prevent the elevator doors from closing if there is a passenger or cargo in the plane of the doorway;

    — frequency converter of the main drive motor of elevators — it allows to smooth out peak loads on the power supply system of the house and increases the service life of the motor and kinematic elements of the elevator many times;

    — frequency converter of the motor in the door drive, which increases the service life of the mechanism and reduces the noise level;

    — handrails, Braille buttons in the cabin — for passengers with disabilities.

    The elevator equipment installed as part of the regional capital repair program is manufactured in Russia. At the same time, since 2015, the bulk of the replaced elevators were supplied by enterprises of the Moscow region – Karacharovsky Mechanical and Shcherbinsky Elevator-Building Plants. Their production capacities allow them to fully meet the need for elevator equipment for the implementation of the program for its replacement in all apartment buildings of the city.

    To improve the efficiency of work and support Russian production, amendments were made to federal legislation at the initiative of the Moscow Government in 2024. They allow the regional operator (the Moscow capital repairs fund) to centrally purchase equipment and materials for capital repairs, as well as to conclude long-term contracts for their supply with counter investment obligations of the supplier to localize production on the territory of the subject.

    Such contracts guarantee the supply of high-quality equipment, and allow the creation of conditions for opening new production capacities and jobs. They also ensure import substitution and localization of production.

    In 2024, the capital repair fund signed special contracts with the Karacharovsky Mechanical Plant and the Shcherbinsky Elevator-Building Plant. They provide for the delivery of over 45 thousand modern elevators over 10 years.

    At the same time, all delivered elevators must comply with a single standard, have high technical characteristics and a modern design. In particular, the new elevators are distinguished by low noise and vibration levels, smooth acceleration and braking. The cabins stop exactly flush with the floor of the floor, they have a TFT display, a mirror and a handrail on the back or side wall, and the walls are painted with special anti-vandal paint.

    As part of the implementation of special contracts, the Karacharovsky Mechanical Plant and the Shcherbinsky Elevator-Building Plant will carry out large-scale modernization, build new production buildings and localize serial production of new-generation passenger elevators.

    The implementation of special contracts will guarantee the supply of high-quality elevator equipment for the implementation of the regional capital repair program.

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

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

    https: //vv.mos.ru/mayor/tkhemes/12647050/

    MIL OSI Russia News –

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

    Source: United Kingdom – Executive Government & Departments

    News story

    UK-Ukraine TechBridge Industry Third Steering Board Communiqué

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

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

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

    The Board meeting was attended by: 

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

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

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

    • Enhancing connections between UK and Ukrainian businesses. 

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

    • Promoting technology innovations through future TechBridge events. 

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

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

    The Board will reconvene within the next six months. 

    Updates to this page

    Published 22 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Devon Energy Unveils Value Enhancing Business Optimization Plan

    Source: GlobeNewswire (MIL-OSI)

    HIGHLIGHTS

    • Targeting $1 billion in annual pre-tax free cash flow improvements
    • Business optimization plan underway to improve margins and capital efficiency
    • Plan includes improvements to base production performance, midstream commercial terms and corporate costs
    • Expected to be completed by the end of 2026, with 30 percent achieved by year-end 2025

    OKLAHOMA CITY, April 22, 2025 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today announced its business optimization plan to improve margins and capital efficiency, growing free cash flow generation and driving significant shareholder value.

    “I’m excited to announce the details of our business optimization plan, set to enhance margins and deliver $1 billion in annual pre-tax free cash flow improvements by year end 2026,” said Clay Gaspar, president and CEO. “This milestone reflects the commitment, ingenuity, and talent of our employees, whose hard work and ongoing efforts continue to drive Devon’s success. This is an opportune time for us to take on this initiative, as we leverage recent leadership changes across the organization, bringing fresh perspectives and new ideas. Given the challenging market and shifting competitive landscape, this is the right moment to focus internally and improve our profitability. Importantly, this effort will create significant shareholder value by expanding our free cash flow generation and enhancing the durability of our business.”

    “Our organization has been diligently advancing this initiative and has already secured marketing agreements to drive a material margin improvement through year-end 2026. Concurrently, we have implemented technological advancements, including advanced analytics and process automation, that are further enhancing our operating performance. These combined efforts are anticipated to achieve approximately $300 million of cash flow uplift by the end of 2025, reinforcing our financial resilience. We have clear visibility into the remaining objectives and are highly confident in our ability to execute this plan effectively,” Gaspar added.

    PLAN PATHWAY AND TIMING TO DELIVER

    Devon is committed to improving its pre-tax free cash flow generation by taking steps to deliver $1.0 billion in annual improvements. The plan includes actions to achieve more efficient field-level operations and improvements in drilling and completion costs while improving operating margins and corporate costs. Approximately 30 percent of the estimated improvements are expected to be accomplished by year-end 2025, with the remaining savings realized by year-end 2026.

    The business optimization plan includes improvements in the following categories:

    Capital Efficiency – $300 million
    Capture efficiencies through design optimization, cycle time reductions, facility standardization and vendor management.

    Production Optimization –$250 million
    Use advanced analytics to minimize maintenance events, reduce downtime, flatten production declines and optimize operating cost structure.

    Commercial Opportunities – $300 million
    Leverage scale to enhance commercial contracts to increase realizations, improve recoveries and lower GP&T cost structure.

    Corporate Cost Reductions – $150 million
    Reduce interest expense and streamline corporate cost structure.

    “We are committed to transparency and accountability and will provide stakeholders with periodic updates on our progress,” Gaspar concluded.

    The company will provide additional details around the optimization plan during its scheduled first-quarter 2025 earnings conference call on Wednesday, May 7, 2025, at 10 a.m. CDT (11 a.m. EDT). Also provided with today’s release is a supplemental presentation, which is available on the company’s website at www.devonenergy.com.

    ABOUT DEVON ENERGY

    Devon Energy is a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.

    FORWARD LOOKING STATEMENTS

    This press release includes “forward-looking statements” within the meaning of the federal securities laws. Such statements include those concerning strategic plans, our expectations and objectives for future operations, as well as other future events or conditions, and are often identified by use of the words and phrases “expects,” “believes,” “will,” “would,” “could,” “continue,” “may,” “aims,” “likely to be,” “intends,” “forecasts,” “projections,” “estimates,” “plans,” “expectations,” “targets,” “opportunities,” “potential,” “anticipates,” “outlook” and other similar terminology. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Devon expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially and adversely from our expectations due to a number of factors, including, but not limited to: the risk that we are unable to successfully implement the improvements discussed in this release on the anticipated timeline or at all, which could delay or prevent us from realizing any benefits from the business optimization plan; commodity prices, cost structures and the other assumptions underlying our forecasted value uplift from the business optimization plan could differ materially from actual results; market and geopolitical uncertainty as a result of changes in trade relations and policies, such as the imposition of tariffs by the U.S., China or other countries; and any of the other risks and uncertainties discussed in Devon’s 2024 Annual Report on Form 10-K (the “2024 Form 10-K”) or other filings with the SEC.

    The forward-looking statements included in this press release speak only as of the date of this press release, represent management’s current reasonable expectations as of the date of this press release and are subject to the risks and uncertainties identified above as well as those described elsewhere in the 2024 Form 10-K and in other documents we file from time to time with the SEC. We cannot guarantee the accuracy of our forward-looking statements, and readers are urged to carefully review and consider the various disclosures made in the 2024 Form 10-K and in other documents we file from time to time with the SEC. All subsequent written and oral forward-looking statements attributable to Devon, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements above. We do not undertake, and expressly disclaim, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    CEO COMMENTARY:

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


    FIRST     QUARTER HIGHLIGHTS2:

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

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

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

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

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

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

    LOANS
    Balanced commercial loan production, growth and pipeline.

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

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

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

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

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

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

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

    NONINTEREST EXPENSE
    Disciplined expense management.

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

    INCOME TAXES

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

    CAPITAL
    Capital ratios remain strong.

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

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

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

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

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

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

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

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

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

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

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

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

            

            

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

    The MIL Network –

  • MIL-OSI: Gilat Receives Over $15 Million in Orders from Leading Satellite Operators

    Source: GlobeNewswire (MIL-OSI)

    PETAH TIKVA, Israel, April 22, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced today that its Commercial Division received over $15million in orders from leading global satellite operators. Deliveries are scheduled for throughout 2025.  

    The orders reflect strong ongoing momentum for Gilat’s equipment and services across GEO, MEO, and LEO Very High Throughput Satellite (VHTS) constellations. The demand spans multi-service applications, with particular emphasis on In-Flight Connectivity (IFC), reinforcing Gilat’s leadership in enabling broadband mobility solutions worldwide.

    Satellite operators continue to rely on Gilat’s comprehensive solutions for their ability to support a broad range of products and solutions with the flexibility, performance, and scale needed to meet increasing connectivity demands. Our next-generation solutions are designed to deliver efficient, high-performance connectivity across diverse verticals.

    “These significant orders from some of the world’s most prominent satellite operators reaffirm our position as a trusted partner for enabling next-generation satellite services,” said Ron Levin, President of Gilat’s Commercial Division. “We’re seeing strong and consistent demand for our products and solutions and we’re proud to play a key role in supporting the expansion of global broadband connectivity across LEO, GEO and MEO constellations.”

    About Gilat

    Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

    Together with our wholly owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

    Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com

    Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the terrorist attacks by Hamas, and the hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

    Contact:

    Gilat Satellite Networks
    Hagay Katz, Chief Product and Marketing Officer
    hagayk@gilat.com

    Alliance Advisors:

    GilatIR@allianceadvisors.com
    Phone: +1 212 838 3777

    The MIL Network –

  • MIL-OSI United Kingdom: Independent review turns to tackling Britain’s biggest crime

    Source: United Kingdom – Executive Government & Departments

    News story

    Independent review turns to tackling Britain’s biggest crime

    Jonathan Fisher KC has begun work on part 2 of his Independent Review of Disclosure and Fraud Offences.

    Photo: Getty Images

    Better protections for the British public against fraud, and tougher enforcement against the perpetrators, will be the goals of the first independent review carried out in 40 years into the UK’s fraud laws.

    Jonathan Fisher KC has begun work on part 2 of his Independent Review of Disclosure and Fraud Offences which marks the first independent review of fraud legislation in the UK since 1986. During this time, the nature and scale of fraud has evolved considerably, with fraud now constituting over 40% of all offences recorded by the Crime Survey for England and Wales.

    Where Lord Roskill’s 1986 review focused mostly on the serious fraud committed by corporate entities, the huge increase in fraud offences over the last decade has come at the expense of ordinary consumers and small businesses, targeted by highly organised gangs, many of them based overseas.

    The resulting harm to society is severe, with fraud against individuals in England and Wales alone recently estimated to cost more than £6.8 billion every year.

    Fraud has also been transformed by the impact of modern technology, with the increasing use of artificial intelligence to create scambots, deepfakes, and websites impersonating established businesses and public authorities. Fraud gangs have the ability to target tens of thousands of Britons every hour through social media, email and telephone, and only need to persuade a small fraction of those individuals to fall for their scams in order to make millions of pounds.

    The Home Office will place these emerging threats at the heart of its new, expanded fraud strategy to be published later this year, but it will also be vital to have the independent analysis provided by Jonathan Fisher KC to inform the response required from government, law enforcement and industry. And with international cooperation to disrupt threats a key national security commitment within its Plan for Change, the government is also building a united global response as part of its strategy to tackle fraud.

    Part 2 of the Fisher Review will therefore examine the largest challenges faced by law enforcement in bringing criminals committing fraud offences to justice in England and Wales. Specifically, it will consider key issues in each following stage of the fraud life cycle:

    • detection and reporting
    • disruption
    • investigation
    • prosecution and offences
    • courts
    • penalties
    • rehabilitation

    This follows the publication of part 1 of Jonathan Fisher KC’s review, Disclosure in the Digital Age, which recommended a range of measures to modernise the disclosure system and free up police time, and which is now being taken forward by the Home Office, the Ministry of Justice and the Attorney General’s Office.

    Fraud Minister Lord Hanson said:

    Fraud is a crime which can devastate lives, and I am determined to do everything possible to bring these criminals to justice.

    I welcome Jonathan Fisher KC’s review which will help us expand our knowledge base about how to better detect, disrupt and deter fraudsters and deliver a swifter justice for the victims, as part of our Plan for Change.

    The government is determined to continue our fight against this appalling crime, and I look forward to the outcome of this important review.

    Attorney General Lord Hermer KC said:

    Fraud is one of the most pernicious crimes. The criminals driving these schemes are using ever more sophisticated tactics to scam their victims. It is crucial that our criminal justice system keeps pace. 

    Fraud doesn’t discriminate against age, gender or sex and it leaves victims suffering financial loss and emotional distress. I welcome this independent review of fraud and look forward to considering any findings as part of our Plan for Change.

    Independent Review Chair, Jonathan Fisher KC said:

    With the advances in digital technology, it has become much easier for fraudsters to avoid detection, and indeed prosecution, outright.

    This review aims to scrutinise the main challenges in detecting, investigating, and prosecuting fraud offences, and what can be done to better equip law enforcement to deliver swifter justice for victims.

    I am greatly appreciative of the criminal justice system-wide engagement since the launch of this independent review and for the continued encouragement as I turn my focus to examine fraud offences.

    Updates to this page

    Published 22 April 2025

    MIL OSI United Kingdom –

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

    Source: United Kingdom – Executive Government & Departments

    News story

    UK-Ukraine TechBridge Industry Second Steering Board Communiqué

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

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

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

    The Board meeting was attended by: 

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

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

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

    • Enhancing connections between UK and Ukrainian businesses. 

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

    • Promoting technology innovations through future TechBridge events. 

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

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

    The Board will reconvene within the next six months. 

    Updates to this page

    Published 22 April 2025

    MIL OSI United Kingdom –

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

    Source: Channel Islands – Jersey

    22 April 2025

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

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

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

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

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

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

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

    Programme structure and key workstreams 

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

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

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

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

    Industry engagement 

    The Government will engage regularly with stakeholders through: 

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

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

     

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

    ​

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Young managers: winners of the “If I were the head of the city” competition were awarded at the State University of Management

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    The State University held a summing up and awarding ceremony for the winners of the open competition of projects by students in grades 9-11, “If I were the head of the city (district).”

    The competition included the completion of a project on the topic “If I were the head of the city (district)” in the following areas:

    Social complex. Housing and communal services complex. Urban studies and urban development initiatives. System of interaction with civil society institutions.

    The works were assessed by an expert committee on a 10-point scale. The winners of the competition in each of the areas were the participants whose works scored the highest amount of points.

    In the nomination “Social Complex”, the best was recognized as a student of grade 11 “B” of the State Budgetary Educational Institution “Moscow International School” Stanislava Frolova, the topic of the work was “Donation of blood and its components as a way to save a life”, scientific supervisor – Elena Pluzhnik, teacher of social studies and law.

    The winners of the Housing and Utilities Complex nomination were:

    Polina Arkhipova and Polina Ignatyeva, students of class 11B of the Pre-University of the State University of Management, with the topic of their work being “Creation of a vacuum underground waste sorting system in Moscow”, supervisor – Marina Grigorieva, director of the Pre-University of the State University of Management; Darya Zotova, student of class 11B of the Pre-University of the State University of Management, with the topic of their work being “”Smart Light” in a “Smart City”: a study of the possibilities for managing street lighting in Moscow”, supervisor – Marina Grigorieva, director of the Pre-University of the State University of Management.

    The first place in the nomination “Urbanism and urban development initiatives” was awarded to students of grade 11 “A” of the Pre-University of the State University of Management, Maxim Galiguzov, Elina Gusakova, Maria Podpalko, the topic of the work was “Development of green areas and sports infrastructure in the urban district of Balashikha, Moscow region”, scientific supervisor – Marina Grigorieva, director of the Pre-University of the State University of Management.

    The winner of the nomination “System of interaction with civil society institutions” was Maria Goncharova, a student of grade 10 “B” of the State Budgetary Educational Institution “Moscow International School”, the topic of the work was “The problem of choosing a profession among modern teenagers”, scientific supervisor – Elena Pluzhnik, a teacher of social studies and law.

    We express our sincere gratitude to the participants and scientific supervisors for their high professionalism, great personal contribution to attracting the attention of students to issues of career guidance, the work of state authorities and local governments, the development of social activity of the younger generation, and the formation of project management skills.

    We wish you professional achievements, creative ideas and prosperity! We hope for further fruitful cooperation!

    Subscribe to the TG channel “Our GUU” Date of publication: 04/22/2025

    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 New Zealand: Advocacy – Zero Waste Network Aotearoa responds to proposal to update Waste Minimisation Act

    Source: Zero Waste Network Aotearoa

    22 April 2025 – The Government announced its proposals for updating the Waste Minimisation Act and the Litter Act today. The proposals would combine these two Acts into one, extend producer responsibility and permit local government to use its share of the waste disposal levy on a wider range of activities unrelated to waste.

    “The Zero Waste Network Aotearoa has been advocating for the Waste Minimisation Act to be updated for many years. Most of the proposals outlined in the consultation documents are positive steps forward for our sector. We need these basic blocks in place so we can build more effective reuse and recycling systems.” says Zero Waste Network spokesperson Sue Coutts. “However some careful thinking needs to be done to find the right balance on the range of activities councils can spend their waste levy fund allocation on.”

    “We are especially pleased to see the focus on extending producer responsibility. The proposals will put a better framework in place for developing schemes to collect up products, like e-waste and textiles, and packaging, like drink bottles, cans and cartons so they can be reused and recycled.” says Sue Coutts.

    “Making producers responsible for covering the real costs to collect, sort and transport the products and packaging they put into the market will take the burden off ratepayers and councils. A better producer responsibility framework is the first step towards setting up effective and easy to use systems like a Container Deposit Return Scheme that would collect 85%+ of our empty drink bottles, cans and cartons and radically reduce litter.”

    “The Waste Levy is a critical tool which uses a charge on each tonne of rubbish to create a pool of capital to invest in building waste prevention and reduction infrastructure. This strategy only works if the pool of capital is ring fenced for waste minimisation and closely related activities. Otherwise, it will fail to address the very problem it exists to solve. “says Sue Coutts.

    “Expanding the range of activities that councils can spend their allocation on to cover  anything that could have an environmental benefit or reduce environmental harm sets the scope too wide. Diluting this fund creates a mismatch between the very high public expectations around waste minimisation and the actual capability of councils to deliver.”

    “It does make a lot of sense to remove the waste levy exclusion for waste-to-energy. Closing this loophole means landfill and waste-to-energy disposal options would both face the same cost structure which is a fairer way to approach it.” says Sue Coutts.

    “We encourage everyone who wants to prevent waste, litter and pollution and increase reuse, repair and recycling to have their say before this consultation closes on 1 June. Then the challenge for us all will be getting the best version of the updates through the house so we can get on with the practical work of putting real solutions to our waste problems in place.”

    MIL OSI New Zealand News –

  • MIL-OSI: Former CIA Director George Tenet Joins Illumio Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., April 22, 2025 (GLOBE NEWSWIRE) — Illumio, the breach containment company, is proud to announce the appointment of George J. Tenet, former Director of Central Intelligence, to its Board of Directors. With a career spanning national security, intelligence, and investment banking, Tenet’s unparalleled expertise makes him an invaluable addition to Illumio’s leadership team. His expansive knowledge will be instrumental as the company advances its mission to contain breaches before they become cyber disasters.

    “George Tenet embodies leadership in the best and most challenging circumstances,” said Andrew Rubin, CEO and Founder of Illumio. “His deep understanding of cybersecurity, national security, business, and mission-driven teamwork will be instrumental in advancing our vision during this pivotal time for both Illumio and the industry. George has been a mentor, advisor, and supporter of Illumio since our earliest days, and we are honored to have him officially join our Board.”

    Tenet’s career includes leading the Central Intelligence Agency, where he played a fundamental role in reshaping the agency’s intelligence gathering and analysis approach, particularly in response to the rise of global terrorism and cyber threats. Tenet oversaw the expansion and modernization of the CIA’s Counterterrorist Center and coordinated critical operations that enhanced U.S. national security post 9/11. He also spearheaded efforts to modernize intelligence practices, integrating advanced technologies and fostering inter-agency collaboration to address emerging security challenges. He was instrumental in standing up In-Q-Tel, (now known as IQT) an independent, not-for-profit strategic investment firm that assists startups in adapting their products to help government partners and the companies’ commercial success.

    His strategic insights and leadership acumen have been widely recognized, earning him high-profile advisory roles in both the public and private sectors, where he has continued to influence critical decisions on cybersecurity and national defense.

    Following his career in public service, Tenet spent 17 years at Allen & Company LLC, a privately held investment bank in New York. For 12 of those years, he served as Chairman of the company.

    In commenting on his appointment, Tenet said: “Cybersecurity is no longer just a technical challenge; it’s a strategic imperative for every organization. Illumio’s approach to breach containment, powered by an AI-driven security graph, represents the kind of forward-thinking innovation needed to counter today’s sophisticated threats. I’m honored to join them in this mission.”

    Director Tenet’s appointment comes as Illumio is redefining the cybersecurity landscape through its breach containment platform, powered by its proprietary AI security graph. Illumio enables organizations to quickly identify, mitigate, and contain threats across hybrid and multi-cloud environments. With the recent launch of Illumio Insights, combined with its industry-leading Zero Trust segmentation product, Illumio is giving defenders the tools necessary to survive and thrive in today’s post-breach world.

    About Illumio   

    Illumio is the leader in ransomware and breach containment, redefining how organizations contain cyberattacks and enable operational resilience. Powered by an AI security graph, our breach containment platform identifies and contains threats across hybrid multi-cloud environments – stopping the spread of attacks before they become disasters.

    Recognized as a Leader in the Forrester Wave™ for Microsegmentation, Illumio enables Zero Trust, strengthening cyber resilience for the infrastructure, systems, and organizations that keep the world running.

    Contact : comms-team@illumio.com  

    The MIL Network –

  • MIL-OSI: Enerflex Ltd. Confirms Search for New Independent Director and Announces Timing of First Quarter Release

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 22, 2025 (GLOBE NEWSWIRE) — The Board of Directors (the “Board”) of Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today confirmed that, consistent with good corporate governance, it intends to initiate a search this year for a qualified independent director. The Board also announced that it is committed to achieve at least 30% gender diversity on the Board on or before the Company’s 2026 annual meeting.

    Q1 Earnings Release

    Enerflex plans to release its financial results and operating highlights for the three months ended March 31, 2025, prior to market open on Thursday, May 8, 2025. Results will be communicated by news release and will be available on the Company’s website at www.enerflex.com and under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    Investors, analysts, members of the media, and other interested parties, are invited to listen to or participate in a conference call and audio webcast on Thursday, May 8, 2025 at 8:00 a.m. (MDT), where members of senior management will discuss the Company’s results. A question-and-answer period will follow.

    Those wishing to listen or participate may register at https://register-conf.media-server.com/register/BIbf48293aea6d4b518127ab7e050c6058. Once registered, participants will receive the dial-in numbers and a unique PIN to enter the call. The audio webcast of the conference call will be available on the Enerflex website at www.enerflex.com under the Investors section or can be accessed directly at https://edge.media-server.com/mmc/p/oqas9bdk.

    ADVISORY REGARDING FORWARD-LOOKING INFORMATION

    This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “intend”, “may”, “plan”, “will”, and similar expressions, are intended to identify FLI. In particular, this news release includes (without limitation) FLI and statements pertaining to the intention and ability of the Company to achieve at least 30% gender diversity on the Board on or before the Company’s 2026 annual meeting and the Company’s expectation to release its financial results and operating highlights for the three months ended March 31, 2025, prior to market open on Thursday, May 8, 2025.

    FLI reflects management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends including that the Company will be successful in recruiting a qualified independent director within the stipulated timeframe. As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 26, 2025, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    Readers are cautioned that the foregoing list of assumptions and risk factors should not be construed as exhaustive. The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

    ABOUT ENERFLEX
    Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

    Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

    For investor and media enquiries, contact:

    Preet S. Dhindsa
    President and Chief Executive Officer (Interim)
    E-mail: PDhindsa@enerflex.com

    Joe Ladouceur
    Chief Financial Officer (Interim)
    E-mail: JLadouceur@enerflex.com

    Jeff Fetterly
    Vice President, Corporate Development and Capital Markets
    E-mail: JFetterly@enerflex.com

    The MIL Network –

  • MIL-OSI United Kingdom: Marstacimab approved to treat patients aged 12 years and above (weighing at least 35 kg) with haemophilia A or B

    Source: United Kingdom – Executive Government & Departments

    Press release

    Marstacimab approved to treat patients aged 12 years and above (weighing at least 35 kg) with haemophilia A or B

    As with all products, the MHRA will keep its safety under close review.

    The Medicines and Healthcare products Regulatory Agency (MHRA) has approved the medicine marstacimab (Hympavzi) to prevent or reduce bleeding in patients 12 years of age and older weighing at least 35kg with haemophilia A and B. This medicine is the first of its kind to work by targeting a protein in the blood clotting process.  

    Haemophilia A and B are inherited bleeding disorders caused by a lack of factor VIII (haemophilia A) or factor IX (haemophilia B) which are proteins required for blood to clot and to stop bleeding.  

    Some patients with haemophilia can develop factor VIII or factor IX inhibitors (antibodies in the blood that act against replacement factor VIII or factor IX medicines and prevent them from working properly). Marstacimab is used in people who have not developed inhibitors (proteins made by the body’s natural defenses) against factor VIII or factor IX. 

    Marstacimab recognises and attaches to TFPI, a protein that prevents blood from clotting too much and decreases how well it works. This promotes the formation of thrombin (a protein that plays a crucial role in blood clotting when there is an injury or damage to the body) and therefore helps to increase clotting and stop bleeding in patients with haemophilia.       

    Julian Beach, MHRA Interim Executive Director, Healthcare Quality and Access, said:

    Keeping patients safe and enabling their access to high quality, safe and effective medical products are key priorities for us.  

    This new type of treatment demonstrates our commitment to enabling access to safe, innovative and effective medicines. We’re assured that the appropriate regulatory standards for the approval of this medicine have been met. 

    As with all products, we will keep its safety under close review.

    Marstacimab is given as an injection under the skin once weekly, using a pre-filled syringe or pen. Patients or carers can inject the medicine themselves after appropriate training.  

    This approval is supported by evidence from a main study that evaluated marstacimab in 116 adults and adolescents 12 years and older with severe haemophilia A or B without inhibitors. In the study, marstacimab significantly reduced the annualized bleeding rate (ABR) for treated bleeds during the 12-month active treatment period, demonstrating non-inferiority and statistical superiority compared to routine factor-based prophylaxis.  

    The most common side effects of the medicine (which may affect more than 1 in 10 people) are headache, high blood pressure and itching (pruritus). 

    As with any medicine, the MHRA will keep the safety and effectiveness of marstacimab under close review.  Anyone who suspects they are having a side effect from this medicine are encouraged to talk to their doctor, pharmacist or nurse and report it directly to the Yellow Card scheme, either through the website (https://yellowcard.mhra.gov.uk/) or by searching the Google Play or Apple App stores for MHRA Yellow Card.  

    ENDS  

    Notes to editors   

    1. The new marketing authorisation was granted on 17 April 2025 to Pfizer Limited. 

    2. More information can be found in the Summary of Product Characteristics and Patient Information leaflets which will be published on the MHRA Products website within 7 days of approval.   

    3. For more information about haemophilia, visit: https://www.nhs.uk/conditions/haemophilia/ 

    4. The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe.  All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks.   

    5. The MHRA is an executive agency of the Department of Health and Social Care.   

    6. For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651.

    Updates to this page

    Published 22 April 2025

    MIL OSI United Kingdom –

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

    Source: United Kingdom – Executive Government & Departments

    Press release

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

    Director banned following Insolvency Service investigation into sale of investment bonds

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Further information 

    Updates to this page

    Published 22 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Unemployment rate stays at 3.2%

    Source: Hong Kong Information Services

    The seasonally adjusted unemployment rate stood at 3.2% in the January to March period, same as that in December 2024 to February 2025, the Census & Statistics Department announced today.

     

    The underemployment rate remained at 1.1%.

     

    Total employment was 3,692,700, down 16,800 from December 2024 to February 2025, while the labour force also dropped 5,800 to 3,815,500.

     

    The number of unemployed people increased from 111,700 to 122,800. Meanwhile, the number of underemployed people increased from 40,700 to 42,700.

     

    Secretary for Labour & Welfare Chris Sun said the increasingly uncertain external environment due to escalated trade conflicts may weigh on hiring sentiment in some sectors.

     

    Nonetheless, the continued growth of the Mainland economy, supported by the central government’s boosting policies, alongside the Hong Kong Special Administrative Region Government’s various policy measures to continuously promote economic growth and support enterprises, are expected to provide support to labour demand, he added.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China restores Belgium-sized grasslands annually

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

    BEIJING, April 22 — China has been steadily promoting grassland restoration in recent years, with an annual restoration of over 46 million mu (about 30,667 square kilometers) of grassland, an area comparable to the land area of Belgium.

    Li Yongjun, an official with the National Forestry and Grassland Administration, told a press conference that the central government has invested a total of 110 billion yuan (about 15.26 billion U.S. dollars) in supporting grassland protection and restoration during the 14th Five-Year Plan (2021-2025) period.

    Forestry and grassland authorities across the country have intensified efforts to combat illegal activities such as grassland reclamation and unauthorized occupation. Since 2018, local authorities have investigated nearly 50,000 cases of grassland destruction, transferring over a thousand suspected criminal cases to judicial authorities.

    Thanks to the country’s persistent efforts, the ecological quality of grasslands has experienced a historic shift from “general degradation” in the early years of this century to the current “overall improvement,” Li said.

    However, the official warned, the country still faces a challenging task in grassland restoration. Most of China’s grasslands are located in arid, semi-arid, cold and high-altitude areas with harsh natural conditions.

    “Currently, around 70 percent of the grasslands are still suffering from different degrees of degradation, and the situation of grassland protection and restoration remains serious,” he said.

    Li added that forestry and grassland departments will continue to step up efforts in grassland protection and restoration, and further enhance the modernization level of the grassland governance system and governance capacity.

    MIL OSI China News –

  • MIL-OSI China: China’s Hefei launches 10-billion-yuan fund for smart robotics industry

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

    HEFEI, April 22 — Hefei, capital of east China’s Anhui Province and a major sci-tech center in the country, is planning to establish a fund amounting to 10 billion yuan (about 1.39 billion U.S. dollars) to promote its smart robotics industry.

    It is part of the municipal government’s comprehensive plan to strengthen Hefei’s position as a leading hub for intelligent robotics, the International Advanced Technology Application Promotion Center (Hefei) under the municipal government told Xinhua on Tuesday.

    Under the program, Hefei will provide public services and technical support to 100 companies and promote the application of robotics.

    As a national innovation center, Hefei has built a solid foundation in terms of robotics R&D, manufacturing and application.

    In 2024, the output value of Hefei’s intelligent robotics industry exceeded 50 billion yuan, with the number of enterprises increasing by 83 percent.

    The city has attracted over 160 upstream and downstream enterprises in the industry chain, establishing an integrated R&D and manufacturing framework encompassing the entire value chain.

    According to Nature Index 2024 Science Cities, a supplement to the journal Nature, Hefei was ranked 15th among the top 20 science cities in the world, having achieved impressive research output in biological sciences, chemistry, health sciences and physical sciences.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to the Netherlands: Chris Rampling

    Source: United Kingdom – Government Statements

    Press release

    Change of His Majesty’s Ambassador to the Netherlands: Chris Rampling

    Mr Chris Rampling has been appointed His Majesty’s Ambassador to the Kingdom of the Netherlands in succession to Ms Joanna Roper CMG. Mr Rampling will take up his appointment during July 2025.

    Curriculum vitae           

    Full name: Christopher Maxwell Rampling

    Date Role
    2023 to 2024 FCDO, Director-General (acting) Defence & Intelligence
    2020 to 2024 FCDO, National Security Director
    2018 to 2020 Beirut, Her Majesty’s Ambassador
    2014 to 2018 Brussels, UK Permanent Representation to the EU, Foreign Policy, Defence and Development Counsellor
    2013 to 2014 FCO, Head Corporate Services Programme
    2013 Secondment to The Prince’s Trust
    2009 to 2013 Amman, Deputy Head of Mission
    2007 to 2009 FCO, Deputy Head, Counter Proliferation Department
    2005 to 2007 FCO, Team Leader, Turkey Team
    2003 Jerusalem, Political and Press Officer
    2002 to 2005 Tripoli, Political and Press Officer
    2000 to 2002 Pre-posting training (including Arabic language training, Cairo)
    1999 to 2000 FCO, Desk officer, Turkey/Malta
    1999 Joined FCO
    1996 to 1999 Private sector (Insurance)

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 22 April 2025

    MIL OSI United Kingdom –

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

    Source: United Kingdom – Executive Government & Departments

    Press release

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

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

    Defence Secretary John Healey visits military housing

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

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

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

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

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

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

    Defence Secretary, John Healey MP, said:

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

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

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

    The new Consumer Charter will include the following commitments: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Antony Cotton MBE said:

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

    Background

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

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

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

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

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

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

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

    Updates to this page

    Published 18 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Moscow Mayor Announces Opening of Sports Complex for Blind Children

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    In the north-east, a sports complex of boarding school No. 1 has opened. This was reported in on your telegram channel Sergei Sobyanin said.

    “This unique educational institution on 3rd Mytishchinskaya Street has been teaching and rehabilitating children with severe visual impairments for over 140 years. Thanks to the talent of teachers, the work of parents and their own persistence, many of the school’s graduates achieve great success in life. Now the children have even more opportunities to improve their health and play sports,” the Moscow Mayor wrote.

    Source: Sergei Sobyanin’s Telegram channel @Mos_Sobyanin

    The construction of the sports complex on 3rd Mytishchinskaya Street (building 5, building 6) was completed in December 2024. It has all the necessary conditions for sports and rehabilitation of people with special needs – blind and visually impaired students of boarding school No. 1.

    The sports complex’s exterior finish is made of blue and white aluminum panels, complemented by vertical slats and pylons. Decorative screens made of perforated aluminum protect the space from sunlight, ensuring comfortable exercise at any time of day. The stained glass windows on the first floor create a feeling of lightness and spaciousness. The façade is decorated with the name of the specialized Moscow boarding school No. 1 for the education and rehabilitation of the blind, written in Braille.

    The four-story building with an area of 4.7 thousand square meters houses:

    — a swimming pool for recreational swimming 25 by 11 meters with four lanes and stands for spectators; a stationary lift has been installed for comfortable immersion in the water for students with disabilities;

    — a universal sports hall with spectator space: with the help of special partitions it can be divided into several sections, which allows for simultaneous training and competitions in various sports, including mini-football, basketball and volleyball;

    – gym;

    — a recreational space with a salt cave and a showdown table (a game for the visually impaired that combines elements of table tennis and air hockey).

    In addition, the new complex has comfortable changing rooms, storage facilities for equipment and a medical center.

    A barrier-free environment has been created inside the sports complex. In particular, tactile tiles for the visually impaired are laid on the floor throughout the building – not on the right or left, as in standard sports complexes, but as a central path. The buttons of the information terminal at the entrance are equipped with inscriptions made in Braille.

    An elevator with a lifting capacity of up to a thousand kilograms has been installed. At the second floor level, a covered heated passage has been arranged, which will allow comfortable and safe movement between the main building of the boarding school and the sports complex without going outside.

    The area next to the sports complex was landscaped and greened. Sports and playgrounds were equipped here, and small architectural forms were installed.

    The new sports complex on 3rd Mytishchinskaya Street will host physical education classes and additional training, as well as competitions in swimming, goalball, mini-football (group B1, sports for the blind), track and field, judo and other sports.

    Individual lessons are provided for children with severe and multiple developmental disabilities outside of school hours. It is expected that up to 150 students will visit the swimming pool weekly, and up to 300 schoolchildren will visit the gym.

    In addition, from May, from Monday to Saturday in the evening (from 18:00 to 22:00), the sports complex will be open for training to all those who wish to do so by prior appointment.

    Boarding school No. 1 for the education and rehabilitation of the blind

    The history of Moscow Boarding School No. 1 for the Education and Rehabilitation of the Blind dates back more than 140 years, when in the fall of 1882, on the first floor of a three-story building in Sokolovsky (now Elektrichesky) Lane, the Moscow Educational and Upbringing Institution for Blind Children (20 people) was opened, under the patronage of Empress Maria Feodorovna. Blind children received primary education in accordance with the program of a two-year primary school for sighted children and were taught accessible crafts: weaving baskets, straw rugs, edge carpets and chair seats, making brushes, knitting stockings and scarves, and needlework.

    In October 1918, the institution was renamed Children’s Home No. 1 for the Blind, where children received free primary education and were fully supported by the state. Nine years later, it was transformed into the Moscow Institute for Blind Children, which switched to eight-year education in 1932.

    During the Great Patriotic War, the institute was evacuated to the city of Menzelinsk in the Tatar ASSR. Graduates who remained in Moscow worked at the educational and production enterprises of the All-Russian Society of the Blind and prepared products for the front: boxes for anti-tank mines, iron stoves for trenches and dugouts, various brushes. A group of graduates, led by the blind teacher of Russian language and literature Maria Ksenofontova, organized patronage over military hospitals in Moscow. They taught blind soldiers to read and write using Braille.

    In 1948, the institute was transformed into Secondary General Education Boarding School No. 1 for blind children with 11 years of education.

    In 1956, the institution moved to a new four-story building on Novoalekseevskaya Street (now 3rd Mytishchinskaya Street, Building 5), where it remains to this day. Throughout its history, Boarding School No. 1 has been an important scientific and methodological center, conducting scientific research in the field of typhlopedagogy and typhlopsychology, developing educational programs and scientific and methodological manuals, and holding thematic events to improve the qualifications of specialists working with blind and visually impaired children. In particular, the school was a pioneer in the introduction of computer technology for blind users and programmers, programs for special types of labor training, special training for admission to universities, and the integration of the blind into society.

    Over the years of its work, more than 1.6 thousand people have graduated from the school. Among them are scientists, teachers, lawyers and attorneys, musicians and composers, writers and journalists, poets, programmers, computer system operators, managers and foremen of enterprises of the All-Russian Society of the Blind, outstanding athletes (masters of sports, winners of world and European championships) and other specialists.

    Today, Boarding School No. 1 is a modern specialized educational institution, where 352 children study, 80 percent of whom are totally blind. The children undergo adapted programs of preschool, primary, basic and secondary general education.

    The boarding school has created all the conditions for the harmonious development of children with special needs, and this is largely due to the team of highly qualified typhlopedagogic teachers and educators who generously give the children their knowledge, rich experience and boundless love. The school’s workforce consists of 267 employees, including 62 teachers, 50 educators and 40 teaching staff.

    The education is based on the reading and writing system of the French typhlopedagogue Louis Braille and lasts one year longer than in regular schools – 12 years, because the primary school course takes five years.

    A nine-year course of study has been developed for children with combined diseases and severe developmental disabilities. Since 2017, there have been work rehabilitation groups for such school graduates. The children are engaged in carpentry, knitting from wool on their fingers and weaving string bags with a fishing shuttle.

    In addition to the main educational building on 3rd Mytishchinskaya Street (building 5), boarding school No. 1 includes:

    — a preschool department with 24-hour care on Raketny Boulevard (building 14);

    — a rehabilitation department on Kosmonavtov Street (building 4), where work rehabilitation groups are organized;

    — the health resort and recreational structural unit “Solnyshko” in the village of Kostino in the Moscow region, where children receive comprehensive rehabilitation services in an inpatient setting.

    In 2022, an all-Russian center for gifted visually impaired children was opened on the school’s premises, where talented children from other regions of our country can enroll based on the results of testing in mathematics, Russian and English, as well as an interview. Currently, 23 children from 14 subjects of the Russian Federation (Khabarovsk and Krasnoyarsk territories, Nizhny Novgorod, Orenburg, Ryazan and other regions) are studying here as part of this project.

    The socio-cultural rehabilitation of children is facilitated by additional education, represented by programs of various focus areas: physical education and sports, artistic and aesthetic, cultural and natural science. In particular, since 2018, a branch of the E.F. Svetlanov Children’s Art School (Equal Opportunities Department) has been operating at Boarding School No. 1, where 70 people with profound visual impairments study. 95 percent of children attend clubs and sections.

    In the 2023/2024 academic year, 17 eleventh-graders graduated from the school. Five of them were awarded federal and Moscow medals for outstanding academic achievements. Based on the results of the Unified State Exam, 44 graduates (37 percent) received more than 220 points in three subjects, of which 20 people (17 percent) received more than 250 points. Six people received 100 points in one subject.

    In addition, last academic year, 18 students received diplomas of winners and prize winners of the municipal stage of the All-Russian School Olympiad. Two students became prize winners of the regional stage, 44 students became prize winners of the city Olympiad “Museums. Parks. Estates”, and one student became the winner of the Moscow championship “Abilympics” in the “Vocal” competence. In the 2024/2025 academic year, two students became prize winners of the Moscow School Olympiad.

    Thanks to its high educational results, the school is annually a laureate of the Moscow Mayor’s grants (first and second degree).

    The capital’s education system for people with disabilities

    For children with various developmental disabilities, the Moscow city social protection system has eight rehabilitation and educational centers, where about two thousand children undergo comprehensive rehabilitation and receive a quality education.

    Highly qualified doctors, psychologists, teachers, speech therapists and other specialists work with the children, and the centers themselves are equipped with modern innovative equipment. For example, today VR helmets are used to teach children with disabilities: thanks to augmented reality, teachers simulate situations that are only available in the laboratory or in special conditions. Students try themselves in the role of chefs or interns in chemical laboratories. Visualization and immersion in a specific situation help children understand the processes taking place, and thanks to the game form, the knowledge gained during classes is absorbed much better.

    Based on the results of the 2023/2024 academic year, 15 graduates of boarding schools were awarded federal and Moscow medals for outstanding academic achievements.

    It is planned to build a new rehabilitation and educational center for 800 students in the territory of TiNAO.

    At the same time, the majority of children with special needs (over 42 thousand) study in regular city schools, where the most favorable conditions for social adaptation have been created for them.

    In the 2023/2024 academic year, inclusive practices were implemented in 478 educational organizations in Moscow.

    It is possible to choose the form of training:

    – in groups or classes together with students who do not have special educational needs;

    – in separate groups or classes with small occupancies;

    — in special correctional schools implementing adapted educational programs for various nosological groups.

    Every year the number of students with disabilities who are winners and prize winners of the All-Russian and Moscow School Olympiads is growing.

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

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

    HTTPS: //vv.mos.ru/mayor/tkhemes/12646050/

    MIL OSI Russia News –

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    Source: GlobeNewswire (MIL-OSI)

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    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bea2fdb2-713f-4dd8-8c6a-9388de5cd240

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    Source: GlobeNewswire (MIL-OSI)

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    The MIL Network –

  • MIL-Evening Report: To truly understand Pope Francis’ theology – and impact – you need to look to his life in Buenos Aires

    Source: The Conversation (Au and NZ) – By Fernanda Peñaloza, Senior Lecturer in Latin American Studies, University of Sydney

    Pope Francis’ journey from the streets of Flores, a neighbourhood in Buenos Aires, Argentina, to the Vatican, is a remarkable tale.

    Born in 1936, Jorge Bergoglio was raised in a middle-class family of Italian Catholic immigrants.

    Bergoglio defied his mother’s wish for him to become a medical doctor and chose instead to pursue priesthood, a calling he felt during confession. The young man joined the Jesuits in the 1950s, attracted to the order’s vow of poverty and its ethos of serving others and living simply.

    He became a priest in 1969, Archbishop of Buenos Aires in 1998, and took on the papacy in 2013. As Pope Francis, his dedication to social justice was deeply rooted in the Latin American context.

    The region’s history of inequality, poverty and political upheaval greatly influenced his perspective.

    The young Argentinian priest

    Bergoglio, a devoted supporter of the San Lorenzo soccer team, was also a confident tango dancer, mate drinker, and an unconditional admirer of his compatriot, Jorge Luis Borges, one of the most influential writers of the 20th century.

    In 1965, the two men collaborated on the publication of short stories written by Bergoglio’s literature students. The students had been inspired by a seminar led by Borges, organised by the young priest.

    Borges thought highly of Bergoglio, finding him charming and intelligent. For Borges, Bergoglio was a Jesuit through and through, noting the clerics of that order had been historically transgressive as well as possessors of a good sense of humour.

    While Borges never saw him transformed into Pope Francis, his observations somehow fit with the respect Bergoglio earned as a global leader.

    Theology of the people

    As Archbishop of Buenos Aires, he lived modestly, often taking public transport and dedicating himself to the poor and disenfranchised. He personally attended the needs of underprivileged neighbourhoods known as villas miseria (literally “misery towns”) in Argentine Spanish.

    He was a vocal opponent to economic inequality. During the 2001 Argentine economic crisis he advocated for the rights and dignity of impoverished citizens.

    Pope Francis hails from a region deeply influenced by the progressive movements of Catholic priests and nuns, who were significantly inspired by liberation theology during the 1960s in Latin America.

    Liberation theology developed in Latin America during the latter part of the 20th century, as a reaction to significant political and theological transformations in the area. It believed in political liberation for the oppressed, inspired by the Cuban Revolution and Second Vatican Council by Pope John XXIII, both in 1959.

    While Francis did not fully subscribe to the tenets of liberation theology, much of his dedication to social justice aligns with its ideals. Pope Francis’ social awareness was deeply shaped by the “theology of the people”.

    Distinct to Argentina, and emerging in the 1960s, the theology of the people shared liberation theology’s focus on social justice, but is devoid of Marxist ideology, and emphasises the dignity and agency of the marginalised and the impoverished.

    During Argentina’s dictatorial regime from 1976–83, Bergoglio led the Jesuits. But he did not adopt the highly dangerous stance of full opposition typical among liberation theologians elsewhere in Argentina and other parts of Latin America.

    Commenting on Latin American affairs

    In his early years as the Pope, he resonated with progressive Catholics across Latin America, because of his grounding in Argentinian theology and his focus on social justice. But in recent years, his popularity in some Latin American countries declined.

    In Argentina, this dip in enthusiasm is partly attributed to his decision not to visit, despite travelling to neighbouring nations.

    More profoundly, the decline likely stems from his fixed stance against contentious issues such as same-sex marriage and abortion. To the disappointment of many Argentines and other Latin American citizens, he refused to compromise.

    Throughout his papacy, Pope Francis received all Argentine presidents – even those who were previously critical of him, such as Cristina Fernández de Kirchner.

    He maintained a strong connection to his Buenos Aires roots and remained engaged with Argentina’s social and political landscape, often commenting on situations that provoke strong reactions from politicians.

    He was a critic of policies instituted by the current President of Argentina, Javier Milei, particularly Milei’s libertarian model of economy and the government’s brutal response to public dissent and opposition. In September 2024, the Pope famously said:

    the government put its foot down: instead of paying for social justice, it paid for pepper spray.

    An alternative model of leadership

    By reflecting on how Pope Francis’ theology is rooted in the Argentina he grew up in, we can better understand his actions as Pope.

    He made significant contributions in the Latin American region. He played a mediating role between the United States and Cuba, supported the peace process in Colombia, and highlighted the environmental devastation caused by mining companies in the Amazon.

    He publicly apologised to Indigenous peoples of Latin America for the Church’s historical complicity with colonialism, and acknowledged his inaction allowed the Chilean clergy to overlook sexual abuse cases.

    He appointed clergymen from non-European countries, enhancing representation from Asia, Africa and Latin America and increased the participation of women within the Church’s leadership structures.

    His landmark encyclical, Laudato Si’, underscored the moral imperative to address climate change, inspiring accolades from global leaders. His critique of Israel and the conflict in Gaza underscored his consistent opposition to war and advocacy for peace.

    Despite existing tensions and contradictions within his papacy – particularly regarding the Church’s stance on LGBTQIA+ issues and women’s rights – Pope Francis’s approach to global issues remained steadfast and aligned with his core values, and the Buenos Aires he came of age in.

    Francis’s leadership is a product of his upbringing and a catalyst for regional and global dialogue on social justice.

    The profound influence of the Latin American region on him is well captured by long time friend, Uruguayan lawyer and activist, Guzman Carriquiry who described the Pope as:

    Priest, and profoundly priest; Jesuit and profoundly Jesuit; Latin American, and profoundly Latin American.

    Fernanda Peñaloza 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. To truly understand Pope Francis’ theology – and impact – you need to look to his life in Buenos Aires – https://theconversation.com/to-truly-understand-pope-francis-theology-and-impact-you-need-to-look-to-his-life-in-buenos-aires-255003

    MIL OSI Analysis – EveningReport.nz –