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Category: Statistics

  • MIL-OSI USA: Casten, 22 House Democrats Highlight Economic Turmoil Caused by Trump’s Immigration Policies

    Source: United States House of Representatives – Representative Sean Casten (IL-06)

    April 30, 2025

    Washington, D.C. — U.S. Representative Sean Casten (IL-06) led 22 House Democrats in a letter to President Donald Trump highlighting how his immigration policies have increased the cost of living for Americans. The letter demands that the president reverse course or risk further economic turmoil.

    “As President, you are tasked with improving the economy and growing the middle class,” the lawmakers wrote. “However, you have exacerbated Americans’ economic distress during your first 100 days in office.” 

    Unpredictable enforcement of immigration laws has threatened immigrants with legal status, including TPS recipients, who rely on the United States for safe harbor and work, and pursue higher education at high rates. The Trump Administration has refused to focus on reducing food and housing costs, instead choosing to displace workers in essential sectors such as construction, maintenance, material moving, and transportation, causing economic hardship and instability throughout the country. 

    Although the United States has long been a beacon for the world’s best and brightest, President Trump’s immigration policies have destabilized legal immigration and pushed those seeking to innovate, conduct research, and grow our economy away from the United States.

    “We support protecting our borders and vetting individuals who wish to come to our country,” the lawmakers continued. “However, your immigration proposals are impractical and will increase costs for millions of Americans.”

    In addition to Rep. Casten, the letter was signed by Reps. Beatty, Carbajal, Cisneros, Clarke, Connolly, Correa, Costa, Escobar, Espaillat, Fields, Sylvia Garcia, Goldman, Jonathan Jackson, McCollum, McGovern, Meeks, Norton, Quigley, Titus, Tonko, and Vargas.

    A copy of the letter can be found here. Text of the letter can be found below.

    Dear President Trump,

    We write to you with concern about the negative humanitarian and economic impacts your immigration-related executive orders and policies will have nationwide.

    Your immigration policies will increase costs for Americans, disrupt the job market, and slow economic growth. As President, you are tasked with improving the economy and growing the middle class. However, you have exacerbated Americans’ economic distress during your first 100 days in office.

    Since your inauguration, the U.S. stock market is off to its worst start in a century. The Dow Jones Industrial Average is down by more than seven percent, the S&P 500 index is off by more than eight percent, the Nasdaq composite is down more than eleven percent and small-cap Russell 2000 have slumped by more than fourteen percent.

    During your campaign, you repeatedly promised to lower food prices “immediately” if elected president. Yet, the latest monthly consumer price index showed that the average cost of a dozen eggs reached a record high of $6.23 in March. These prices will only increase due to your recent immigration policies. 

    Thus far, you have issued Executive Orders prioritizing strict enforcement of immigration laws, both at the borders and within the United States. For example, on your first day in office, you signed the Executive Order “Securing Our Borders,” which deploys the military within our own country and ends the CBP One process, which allows migrants to enter the country and be appropriately screened for internationally protected refugee status.

    Additionally, you are recklessly attempting to terminate Temporary Protected Status (TPS) for as many as seven hundred thousand vulnerable individuals legally in the United States. This not only raises significant civil rights concerns but also risks serious economic consequences. Judge Edward Chen, who is presiding over a case brought on behalf of Venezuelan TPS recipients facing deportation, has noted that a reversal of TPS status would likely have an “adverse impact” on the economy, given that Venezuelan TPS holders pay taxes, hold jobs and pursue higher education at higher rates than the general public.

    You also issued the Executive Order “Protecting the American People Against Invasion,” which directs a strict enforcement-first version of immigration policy, enlisting all departments to prioritize it above their own work, aiding the Department of Homeland Security in enforcing deportation and criminalization of immigrants. Your focus on deportation, rather than appropriate adjudication with regard to each immigrant’s unique circumstances, counters established international norms and damages our economy.

    Data consistently shows that immigrants are primarily of working age, between 18 and 64 years of age, accounting for nearly 19% of the U.S. labor force in 2023, despite representing only 14% of the total U.S. population that year. According to the Federal Reserve’s 2025 Monetary Policy Report, job growth has consistently outpaced the growth of the labor force over the last few years. Last year, Federal Reserve Chair Jerome Powell confirmed that immigration is a “big part of the story of the labor market coming back into better balance.” It is reasonable to conclude that removing working-age individuals from the economy will harm every business that seeks to build and grow in America.

    We support protecting our borders and vetting individuals who wish to come to our country. However, your immigration proposals are impractical and will increase costs for millions of Americans. For example, the Bureau of Labor Statistics data shows that foreign-born workers are often employed in critical sectors such as construction, maintenance, material moving, and transportation. These sectors significantly influence housing costs. As housing inflation is expected to keep core inflation high, this effect will undoubtedly extend beyond the already overheated housing market, impacting the prices of other essential goods and services on which Americans rely.

    According to a December 2024 Report from the Joint Economic Committee, it is projected that an aggressive deportation plan, similar to that outlined through the Executive Order “Protecting the American People Against Invasion,” would reduce the real Gross Domestic Product of the United States by 7.4% and increase prices for American consumers by 9.1% by 2028. These are significant costs to the American people. 

    Your immigration policies will also severely undermine the American workforce and significantly affect vital sectors such as agriculture, hospitality, and construction. Your proposals could displace 1.5 million construction workers, 250,000 laborers from the agricultural industry, 1 million workers in hospitality, over 800,000 in manufacturing, and more than 400,000 in transportation and warehousing. This would harm essential American industries that drive our economy.

    America’s success has always depended on being the destination of choice for the best and brightest from around the world. As you are aware, there is bipartisan support for strong border security to keep the “bad guys” out. However, it is important to recognize that the overwhelming majority of people coming to America today are not different from our own ancestors; they are coming here to build a better life for themselves, to work, worship and love without fear, and to pursue their entrepreneurial ideas in a country where the rule of law allows them to benefit from their efforts. There are many humanitarian reasons to protect our immigrant communities, but there are also self-interested reasons. A country that attracts talent is a country that out-competes the rest of the world and retains wealth that would otherwise develop elsewhere.

    In that spirit, we urge you to reverse your current immigration policies that are financially harming small business owners and the middle class while providing no actual solutions to fix our broken immigration system. We are ready to work with you to enact comprehensive immigration reform legislation that includes support for border patrol and enforcement, increases work visas to facilitate the flow of skilled labor, includes a pathway to citizenship for Dreamers, TPS holders and farm workers, grows our economy and maintains the promise of America as a place that has always been great – but who’s greatest days are still yet to come.

    Sincerely,

    ###

    MIL OSI USA News –

    May 1, 2025

  • MIL-OSI United Kingdom: Major resurfacing works

    Source: City of Sunderland

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    The information we collect includes:

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    MIL OSI United Kingdom –

    May 1, 2025

  • MIL-OSI USA: Personal Income and Outlays, March 2025

    Source: United States Bureau of Economic Analysis

    Personal income increased $116.8 billion (0.5 percent at a monthly rate) in March, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI)—personal income less personal current taxes—increased $102.0 billion (0.5 percent) and personal consumption expenditures (PCE) increased $134.5 billion (0.7 percent).

    Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $136.6 billion in March. Personal saving was $872.3 billion in March and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.9 percent.

    The increase in current-dollar personal income in March primarily reflected increases in compensation and proprietors’ income.

    The $134.5 billion increase in current-dollar PCE in March reflected increases of $54.5 billion in spending for goods and $79.9 billion in spending for services.

    From the preceding month, the PCE price index for March decreased less than 0.1 percent. Excluding food and energy, the PCE price index increased less than 0.1 percent.

    From the same month one year ago, the PCE price index for March increased 2.3 percent. Excluding food and energy, the PCE price index increased 2.6 percent from one year ago.

    Personal Income and Related Measures
    [Percent change from Feb. to Mar.]
    Current-dollar personal income 0.5
    Current-dollar disposable personal income 0.5
    Real disposable personal income 0.5
    Current-dollar personal consumption expenditures (PCE) 0.7
    Real PCE 0.7
    PCE price index 0.0
    PCE price index, excluding food and energy 0.0
    For definitions, statistical conventions, updates to PIO, and more, visit “Additional Information.”

    Next release: May 30, 2025, at 8:30 a.m. EDT
    Personal Income and Outlays, April 2025

    Technical Notes

    Changes in Personal Income and Outlays for March

    The increase in personal income in March reflected an increase in compensation and proprietors’ income.

    • The increase in compensation was led by private wages and salaries, based on data from the Bureau of Labor Statistics (BLS) Current Employment Statistics (CES). Wages and salaries in services-producing industries increased $46.4 billion. Wages and salaries in goods-producing industries increased $11.8 billion.
    • The increase in proprietors’ income was led by farm proprietors’ income, primarily reflecting payments from the Emergency Commodity Assistance Program as part of the American Relief Act.
    • In March, some federal government employees opted to accept a deferred resignation program offer. Federal workers who accepted the deferred resignation offer are counted as employed in the BLS source data. Because these employees will continue to receive compensation until they officially separate from the federal government, BEA made no adjustment as a result of this program.

    Revisions to Personal Income

    Estimates have been updated for January and February, reflecting updated BLS CES data. Wages and salaries increased 0.2 percent in January and 0.4 percent in February, both the same as previously estimated.

    MIL OSI USA News –

    May 1, 2025

  • MIL-OSI: Pushpay’s 2025 State of Church Tech Report Reveals Digital Tools are Strengthening Faith, Fueling Connection, and Shaping the Future of Ministry

    Source: GlobeNewswire (MIL-OSI)

    REDMOND, Wash., April 30, 2025 (GLOBE NEWSWIRE) — Pushpay, the leading payments and engagement solutions provider for mission-driven organizations, today released findings from its 2025 State of Church Technology report. The study, which this year is presented in partnership with Engiven and Checkr, reveals that a majority of U.S. church leaders believe technology is playing a vital role in enhancing connection within their communities (86%).

    As church leaders look for ways to foster authentic relationships and spiritual growth, many are recognizing the power of digital tools to connect with their communities in lasting, transformative ways. Amid the loneliness epidemic, Pushpay’s report reveals that churches are four times more likely to say technology reduces loneliness than increases it, underscoring the vital role digital tools play in fostering community. Live streaming in particular has emerged as a key driver of engagement, with 86% of surveyed leaders agreeing that this service enhances both participation and discipleship.

    Conducted in February 2025, the fourth annual benchmark study offers a comprehensive look at the current usage, considerations, and barriers leaders face when embracing new technology, and forecasts what will remain strategically important as churches plan for the future of ministry. These insights are derived from the responses of more than 1,700 church leaders across the country, all of whom are actively leveraging technology to cultivate meaningful connections.

    “This year’s State of Church Tech report offers more than just statistics and data—it’s a window into the evolving mindset of church leaders,” said Kenny Wyatt, Pushpay CEO. “We see overwhelming consensus that technology plays a critical role in ministry, and I’m encouraged by the way churches are approaching it. More and more leaders view these tools as an avenue to enhance, not replace, the human relationships that are so central to the Church.”

    AI Adoption Surges Across Ministries

    According to the report, 45% of church leaders currently use AI, up 80% compared to last year’s findings, reflecting that the use of AI in church operations has moved from early-adopter to mainstream status. 45% of leaders also believe that generative AI tools will be strategically important to their ministry over the next two to three years.

    While use cases vary, the majority of churches are using AI to improve operational efficiency, and over 40% of respondents cite applications like generating and editing emails, social media content, and imagery. However, hesitancy remains when it comes to using AI to create theological content, with fewer than 25% leveraging the tool to create sermons or devotionals. As AI becomes more integrated, churches remain rooted in spiritual guidance.

    Live Streaming Momentum Remains, Placing Value in High-End Viewer Experiences

    Eighty seven percent of churches have continued to stream their worship services. While the pandemic made streaming a necessity for churches worldwide, this powerful solution for connecting with online viewers hasn’t waned in popularity for the majority, only seeing a slight dip from 2022 which was the peak of livestream adoption (91%). This year’s findings also signal that churches are placing more value in high-end streaming and hosting solutions. Churches are also expanding video delivery through in-app players, a 6% increase over the previous year.

    Additional Findings from the 2025 Report:

    • 70% of church leaders say technology has increased generosity within their congregation.
    • Communication remains the top challenge ministry leaders hope technology can better address, cited by 51% of respondents.
    • Only 10% of churches indicated they are leveraging cryptocurrency today—however, 39% of church leaders believe cryptocurrency will be strategically important to their church in the next two to three years, which is a 44% increase from last year.
    • Church management software (ChMS) adoption rose 4% year over year, with 86% of churches now using ChMS. Mobile app adoption also increased, with 67% of churches using an app, up 2% from last year.
    • Concerns about the financial cost of adopting new technology fell 9%—the first reported decline since the report’s inception.
    • More than half (52%) of church leaders reported an increase in their technology budgets, while just 10% reported a decrease.

    Younger Generations Drive Engagement Growth

    Church engagement has shown signs of stabilization for the first time in over a decade, driven largely by Millennials and Gen Z. Millennials are twice as likely to join a church that prioritizes technology as part of its mission, highlighting the need to meet younger generations in the digital spaces where they already live and connect. According to Pew Research’s latest Religious Landscape Study (RLS), after years of a steady decline, Christianity in the U.S. has flattened, with 62% of Americans identifying as Christian. Pushpay’s report further supports this trend, with 46% of churches reporting increased engagement among Millennials, followed by Gen Z (39%) and Gen X (32%).

    “For the next generation, faith isn’t just preached—it’s played, practiced, and posted. When churches embrace technology like gamification and immersive learning, we’re not just reaching Gen Z—we’re discipling them in their native language,” said Justin Lester, Senior Pastor at Friendship Missionary Baptist Church, and a panelist on Pushpay’s upcoming State of Church Tech webinar.

    Pushpay will host a 2025 State of Church Tech webinar live on Wednesday, May 21, at 10 a.m. PT, featuring industry experts Justin Lester, Senior Pastor at Friendship Missionary Baptist Church, Joel Stepanek of the National Eucharistic Congress, and Church communications consultant Katie Allred. They will share insights on the report findings and discuss what they mean for the future of the Church. To join, register online, or to access the full report, visit www.pushpay.com.

    About Pushpay
    Pushpay empowers mission-based organizations to engage their communities. We exist to bring people together and help people be known. Through our innovative suite of products, we cultivate generosity by streamlining donation processes, enhancing communication, and strengthening connection. Whether managing donations, organizing events, or connecting with community members, Pushpay’s integrated tools enable ministry leaders to focus on what matters most – growing their ministry and deepening engagement. For more information visit www.pushpay.com.

    About Engiven
    Engiven is a leading provider of non-cash giving solutions to public charities, faith-based organizations, universities, financial institutions, and donation platforms. The Engiven platform and developer tools enable highly secure and automated cryptocurrency and stock-giving methodologies which help organizations maximize their giving opportunities. For more information visit https://engiven.com.

    About Checkr
    Checkr is the data platform that powers safe and fair decisions. We’re a technology company that helps our customers assess risk, modernize hiring, and cultivate trusted relationships in their workplaces and communities. For more information, visit https://checkr.com.

    US Media / PR Contact: Chelsea Looney PR@pushpay.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/738b9119-4423-45d3-8b94-60d103d4d8cf

    The MIL Network –

    May 1, 2025

  • MIL-OSI Economics: Samsung TV Plus Scores Big as It Becomes a Top Destination for Sports Fans

    Source: Samsung

    Samsung TV Plus has expanded its industry-leading sports offering and now gives fans live access to select local and national games from top sports leagues and governing bodies, delivering extensive sports coverage. During the 2024-25 season, fans in Southern California were the first to experience Victory+ Anaheim, an exclusive FAST channel featuring live, local Anaheim Ducks games, and fans will soon be able to tune into the upcoming 2025-26 and 2026-27 seasons. As Samsung TV Plus expands its regional lineup to bring subscription-free hometown action front and center, Dallas Stars fans will be able to enjoy live games for the 2025-26 season on a new Victory+ Dallas channel that will premiere on the service later this year.
    On a national level, Samsung TV Plus has also added NASCAR, featuring original programming and continuous race coverage, as well as The Roku Sports Channel, which will broadcast live MLB games, Formula E races, X games, among others.
    With the launch of these new channels, and more exciting additions on the horizon this year, Samsung TV Plus further cements its position as the leading destination for sports fans to watch live games, extensive archives, and legendary replays with coverage across major sports leagues such as NFL, NHL, and MLB, as well as UFC, PGA TOUR, Formula 1, and FIFA.
    “We’re tearing down the paywalls that have kept fans from the sports they love,” said Salek Brodsky, Senior Vice President and Global Head of Samsung TV Plus. “By teaming up with top leagues and bringing live games and iconic moments to our platform, we’re giving every fan a front-row seat.”
    New sports channels include:
    Victory+ Anaheim: Local viewers can stream live Anaheim Ducks games, along with additional sports entertainment including highlights, recaps, and epic match-ups that bring fans closer to the action.
    Victory+ Dallas: Local viewers can stream live Dallas Stars games, along with additional sports entertainment including highlights, recaps, and epic match-ups that bring fans closer to the action.
    Roku Sports Channel: Catch everything from live MLB games to Formula E races to X Games, among others. Plus, stream daily sports talk from Rich Eisen and Good Morning Football: Overtime.
    NASCAR: Watch the latest news from around the sport, original programming, and race replays.
    PBR RidePass: Live and on-demand action from the PBR (Professional Bull Riders) Unleash The Beast Tour, PBR Team Series, Ultimate Bull Fighting, rodeo and other western sports events, plus original series and news.
    These five new channels join the over 50 that are already streaming on Samsung TV Plus today. Highlights below:
    Sports Leagues:
    NFL Channel: 24/7, always-on access to NFL content featuring Game Center on live game days, with real-time scoring updates, stats, highlights and more, as well as NFL Game Replays, Original Shows, Emmy-Award winning series and more.
    MLB: Brings the best of baseball coverage, allowing viewers to enjoy the MLB FAST channel with daily programming and features covering the latest baseball highlights, MLB and MiLB game replays, original shows, documentaries, and more!
    FIFA+: Brings fans into the heart of football with the iconic World Cup Archive, Live football from around the globe and documentaries bring the stories behind the beautiful game. Go behind the scenes with spotlights on global stars, fans and influencers and relive iconic football moments with full match replays from past FIFA World Cup and FIFA Women’s World Cup tournaments.
    Formula 1 Channel: The ultimate destination for fans to catch up on all the action from F1, F2, F3 and F1 Academy races throughout the season, including analysis, replays and documentaries.
    PGA TOUR: Delivers total coverage on all things PGA TOUR, with behind-the-scenes programming, documentaries, tournament recaps, highlights, competitions, and more.
    UFC: Delivers nonstop combat sports action—from historic title clashes to highlight-reel knockouts—featuring iconic athletes, rivalries, and moments from the world’s premier MMA organization.
    Live Sports:
    ION: Returning in May, the State Farm® WNBA Friday Night Spotlight showcases marquee games from across the league throughout the regular season. ION also features National Women’s Soccer League (NWSL) action, and this fall, debuts the biennial SI Women’s Games all-star competition and the Elevance Health Women’s Fort Myers Tip-Off women’s college basketball tournament.
    Tennis Channel 2: Tennis Channel’s second network, airing select live tournament coverage from both the women’s and men’s professional tours. The network also features original series and unique storylines & interviews from shows like Second Serve.
    Women’s Sports Network: The new home for women’s sports featuring exclusive live volleyball matches, breaking news, and inspiring stories across all sports. The best leagues. The best athletes. The best of Women’s Sports all in one place. Featuring our studio show GAME ON, live game action, signature originals, countdowns, highlights and more.
    PickleballTV: A 24-hour streaming network covering 1,000+ hours of live tournament matches features the game’s top professionals & biggest stars.  PBTV also includes first-class instruction, lifestyle shows and pickleball news.
    Sports Talk & Highlights:
    CBS Sports HQ: A 24/7 sports network delivering everything that matters most to sports fans. With nonstop breaking news, highlights, instant reactions, picks and more, CBS Sports HQ is your ultimate sports destination.
    FOX Sports: Stream the best moments from FS1weekday studio shows, gripping documentaries and captivating podcasts, featuring well-known FOX Sports talent and media personalities.
    NBC Sports NOW: Offers daily sports talk, live events and highlights. Watch Dan Patrick, Mike Florio, Dan Le Batard, Matthew Berry and Chris Simms cover the biggest stories on and off the field. And this month, NBC Sports NOW went big with 113 hours of original NFL Draft content.
    DraftKings Network: “The Action Spot”. Built for passionate fans and bettors, DraftKings Network is the one spot to get all-in on NBA, NFL, MLB, NHL & more sports content and celebrate the thrill of action.
    FanDuel TV Extra: Your new home for live sports and professional poker action. Watch live horse racing, international basketball, soccer, darts, and much more. Make every moment more with FanDuel!
    For a full list of the Sports lineup, visit samsungtvplus.com.
    How to Watch
    Samsung TV Plus offers the best of TV – and is available exclusively across the Samsung TV, Galaxy, Smart Monitor, and Family Hub lineups. This includes the Samsung Neo QLED 8K, Neo QLED 4K, OLED, and The Frame, which are designed with advanced AI that can upscale your favorite shows and movies on Samsung TV Plus into stunning 4K and 8K quality.
    About Samsung TV Plus
    Samsung TV Plus is a premium global entertainment service and is the most used streaming app on Samsung Smart TVs. As a leader in FAST, Samsung TV Plus offers hundreds of channels and thousands of shows and movies on-demand in the U.S. Globally, the streaming service carries over 3,500 ad-supported linear channels in 30 countries and is accessible on over 630M active devices. Samsung TV Plus is the exclusive home of Conan O’Brien TV, Letterman TV, and hundreds of additional exclusive channels available worldwide. Samsung TV Plus is available on Samsung TVs, Galaxy devices, Samsung Smart Monitor, and Family Hub. To learn more, visit samsungtvplus.com. Follow us on LinkedIn.

    MIL OSI Economics –

    May 1, 2025

  • MIL-OSI USA: U.S. energy flow and energy consumption by source and sector charts for 2024

    Source: US Energy Information Administration

    A publication of recent and historical U.S. energy statistics. This publication includes total energy production, consumption, stocks, and trade; energy prices; overviews of petroleum, natural gas, coal, electricity, nuclear energy, renewable energy, and carbon dioxide emissions; and data unit conversions values.

    Each month, most MER tables and figures present data for a new month. These data are usually preliminary (and sometimes estimated or forecasted) and likely to be revised the following month. The first dissemination of most annual data is also preliminary. It is often based on monthly estimates and is likely to be revised later that year after final data are published from sources, according to source data revision policies and publication schedules. In addition, EIA may revise historical data when a major revision in a source publication is needed, when new data sources become available, or when estimation methodologies are improved. A record of current and historical changes to MER data is available on the What’s New in the Monthly Energy Review—Content Changes webpage.

    Data categories

    Expand all Collapse all

    Energy overview

    • 1.9Light-duty vehicle average miles travel by technology type
    • Available formats: PDF XLS CSV|Interactive
    • 1.10Electric and fuel cell electric light-duty vehicles overview
    • Available formats: PDF XLS CSV|Interactive
    • 1.13aNon-combustion use of fossil fuels in physical units
    • Available formats: PDF XLS CSV|Interactive
    • Section notes
    • Available formats: PDF

    Energy consumption by sector

    • 2.7U.S. government energy consumption by agency, fiscal years
    • Available formats: PDF XLS CSV|Interactive
    • 2.8U.S. government energy consumption by source, fiscal years
    • Available formats: PDF XLS CSV|Interactive
    • Section notes
    • Available formats: PDF

    Petroleum

    • 3.7Petroleum consumption by sector:
    • 3.8Heat content of petroleum consumption by sector:
    • Section notes
    • Available formats: PDF

    Natural gas

    • Section notes
    • Available formats: PDF

    Crude oil and natural gas resource development

    • Section notes
    • Available formats: PDF

    Coal

    • Section notes
    • Available formats: PDF

    Electricity

    • 7.2Electricity net generation:
    • 7.3Consumption of combustible fuels for electricity generation:
    • 7.4Consumption of combustible fuels for electricity generation and useful thermal output:
    • 7.7Electric net summer capacity:
    • 7.8Capacity factors and usage factors at electric generators:
    • Section notes
    • Available formats: PDF
    • Other notes:
    • Notes on estimated monthly data (1989–2000)
    • Available formats: PDF
    • Estimating power sector fuel use
    • Available formats: PDF
    • Allocating municipal solid waste to biogenic and nonbiogenic energy
    • Available formats: PDF

    Nuclear energy

    • Section notes
    • Available formats: PDF

    Energy prices

    • 9.2F.O.B. costs of crude oil imports from selected countries
    • Available formats: PDF XLS CSV|Interactive
    • 9.3Landed costs of crude oil imports from selected countries
    • Available formats: PDF XLS CSV|Interactive
    • 9.4Retail motor gasoline and on-highway diesel fuel prices
    • Available formats: PDF XLS CSV|Interactive
    • Section notes
    • Available formats: PDF

    Renewable energy

    • Section notes
    • Available formats: PDF
    • Allocating municipal solid waste to biogenic and non-biogenic energy
    • Available formats: PDF

    Environment

    • Carbon dioxide emissions from energy consumption:
    • Section notes
    • Available formats: PDF

    Appendices (heat rates, conversion factors, and more)

    • Appendix A
    • Available formats: PDF
    • Approximate heat content of:
    • A1Petroleum and biofuels
    • Available formats: PDF
    • A6Approximate heat rates for electricity, and heat content of electricity
    • Available formats: PDF XLS CSV|Interactive
    • Appendix A documentation
    • Available formats: PDF
    • Appendix B
    • Available formats: PDF
    • B1Metric conversion factors
    • Available formats: PDF
    • B2Metric prefixes
    • Available formats: PDF
    • B3Other physical conversion factors
    • Available formats: PDF
    • Appendix C
    • Available formats: PDF
    • C1Population, U.S. gross domestic product, and U.S. gross output
    • Available formats: PDF XLS CSV|Interactive
    • Appendix D
    • Available formats: PDF
    • D1Estimated primary energy consumption in the United States, selected years, 1635–1945
    • Available formats: PDF XLS
    • Appendix D section notes
    • Available formats: PDF
    • Appendix E
    • Available formats: PDF
    • E1Primary Energy Overview, Fossil Fuel Equivalency Approach
    • Available formats: PDF XLS CSV|Interactive
    • E2Primary Energy Production by Source, Fossil Fuel Equivalency Approach
    • Available formats: PDF XLS CSV|Interactive
    • E3Primary Energy Consumption by Source, Fossil Fuel Equivalency Approach
    • Available formats: PDF XLS Glossary
      • Glossary
      • Available formats: PDF

    MIL OSI USA News –

    May 1, 2025

  • MIL-OSI Economics: Monthly Data on India’s International Trade in Services for the Month of March 2025

    Source: Reserve Bank of India

    The value of exports and imports of services during March 2025 is given in the following table.

    International Trade in Services
    (US$ million)
    Month Receipts (Exports) Payments (Imports)
    January – 2025 34,726
    (12.0)    		 16,706
    (12.6)
    February – 2025 31,625
    (11.6)    		 14,506
    (-4.8)
    March – 2025 35,600
    (18.6)    		 17,475
    (5.3)
    Notes: (i) Data for January-March are provisional; and
    (ii) Figures in parentheses are growth rates over the corresponding month of the previous year which have been revised on the basis of balance of payments statistics.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/222

    MIL OSI Economics –

    May 1, 2025

  • MIL-OSI China: China’s National Health Commission answers questions on white paper from press

    Source: People’s Republic of China Ministry of Health

    BEIJING — China’s State Council Information Office on Wednesday released a white paper titled “Covid-19 Prevention, Control and Origins Tracing: China’s Actions and Stance.”

    The National Health Commission has responded to questions raised by the press regarding the white paper.

    Q1: What’s the background of issuing the white paper, Covid-19 Prevention, Control and Origins-Tracing: China’s Actions and Stance, and what information does it contain?

    A: Since the outbreak of Covid-19, China has been open and transparent in sharing information, and generous and selfless in providing aid. Its efforts in response and commitment to transparency have been highly acclaimed by the international community. However, the US District Court for the Eastern District of Missouri accused China of “hoarding medical supplies” and ruled that China must pay Missouri 24.49 billion USD in compensation for COVID-related losses; and recently, an article published on the official website of the White House blamed the origin of the virus on China, where some US politicians made spurious allegations, accusing China of concealing pandemic information from the world and hoarding medical supplies.

    In such context, China released this white paper to present a systematic overview of China’s key achievement in tracing the origins of Covid-19, to attest to its contribution to international cooperation in the response to the global pandemic, and to advance scientific endeavors and foster global collaboration as a responsible major country in this critical domain. Despite being the world’s largest economy and most developed country, the US failed to make contributions commensurate with its capabilities; even worse, it blamed its own problems on others and sabotaged collaborative global efforts to address the crisis. China firmly opposes and strongly condemns such practice.

    The white paper contains a preface, the main body, and a conclusion, in total 14,000 Chinese characters. The main body has three chapters: “Contributing Chinese Wisdom to the Study of the Origins of SARS-CoV-2”, “China’s Contribution to the Global Fight against Covid-19”, and “The Mismanaged Response of the US to the Covid-19 Pandemic”.

    Q2: How is the origins study of SARS-CoV-2 going in China? Where should the next step be taken?

    A: Since the outbreak of Covid-19, China has consistently dedicated substantial resources to collaborative research into the origins of the virus participated by Chinese and international scientists. Upholding its commitment to international responsibilities and scientific soundness with openness and transparency, the country spearheaded research initiatives in critical fields such as clinical epidemiology, molecular epidemiology, environmental epidemiology, and the identification of intermediate animal hosts. China closely cooperated with the World Health Organization (WHO) on the study of the virus origins with a strong sense of global responsibility and transparency, and in 2020 and 2021 invited WHO expert teams to China to carry out joint investigations. On March 30, 2021, the WHO organized a member state information session and press conference to present the findings about the origins of the SARS-CoV-2 virus and published the “WHO-convened Global Study of Origins of SARS-CoV-2: China Part-Joint WHO-China Study” on its official website. To date, no findings have contradicted the conclusions of the “Joint WHO-China Study”.

    The next phase of the origins study should be conducted mainly in the US. A large number of studies have pinned the origin of the virus outside of China. A US CDC study reveals that out of 7,389 serological survey samples collected from nine states from December 13, 2019 to January 17, 2020, 106 were Covid-19 antibody positive. This suggests that the virus existed in the US before the first official case was identified. Similarly, the NIH “All of Us” Research Program tested 24,079 blood samples collected from participants across 50 states from January 2 to March 18, 2020, identifying nine containing Covid-19 antibodies. The earliest two were collected on January 7 and 8, respectively. These findings show that the virus was circulating in the US at a low level as early as December 2019, well before the first official cases were recorded. An expert associated with The Lancet suggested that SARS-CoV-2 might not have come from nature; instead, it probably came from an incident at a US bio-technology lab. Between 2006 and 2013, the US reported at least 1,500 serious laboratory incidents involving coronaviruses and other highly dangerous pathogens linked to diseases such as SARS, MERS, Ebola, anthrax, smallpox, and avian influenza.

    These questionable events all suggest that Covid-19 may have emerged earlier than the US official timeline, and earlier than the outbreak in China. A thorough and in-depth investigation into the origins of the virus should be conducted in the US The US must not continue to turn a deaf ear to this call; rather, it should respond to the reasonable concern of the international community, share the data of earlier suspected cases with the WHO, and give a responsible answer to the world.

    Q3: How does China comment on the performance of the US in its response to Covid-19?

    A: The delayed and ineffective response to Covid-19 in the US made it the worst performing country in handling of the pandemic.

    In January 2020, the federal government of the US, choosing to downplay the severity of the transmission, labelled the novel coronavirus pneumonia as a case of “bad flu” which would “disappear” automatically one day, touted hydroxychloroquine and azithromycin as “wonder drugs” without solid scientific evidence, and even advocated the use of detergents to control infections and transmissions, becoming a laughing stock in the scientific community. The US government also deprived its citizens of the right to be informed of updated pandemic information. From March 3, 2020, the US CDC stopped releasing key data on Covid-19, including tallying the people tested for the virus, on the grounds that its information might not be “accurate”. Over the next three years or so, people in the US could only find information about the pandemic from estimated data collected and reported by non-governmental institutions such as the Johns Hopkins University. By mid-April 2020, the number of confirmed Covid-19 cases in the US had exceeded 660,000. However, with an eye on the upcoming presidential elections, the Administration announced that the pandemic had “passed the peak,” and rushed to roll out plans to reopen the economy. Insisting that citizens should be “free to choose,” the government of Florida demanded schools across the state to reopen, leading to widespread infection among teachers and students.

    Covid-19 overwhelmed the costly and profit-driven US medical system, and vulnerable groups such as the impoverished, ethnic minorities, and senior citizens were the first to be abandoned in treatment. According to a report from the Associated Press in June 2020, of every 10 deaths in the US, eight were people over 65 years old. With a strained medical system, infected people could not receive timely care and death toll surged. The American people’s rights to life and health were in no way being guaranteed on an equal basis.

    Data from the US National Center for Health Statistics shows that the life expectancy in the country fell from 78.8 years in 2019 to 77 in 2020, and further declined to 76.1 in 2021, a decrease of 2.7 years from 2019. For comparison, life expectancy in China rose from 77.3 years in 2019, to 77.93 in 2020, 78.2 in 2021, 78.3 in 2022, and 78.6 in 2023, signaling a steady improvement in population health.

    US CDC data released in May 2023 revealed that deaths due to Covid-19 in the US totaled 1.13 million, accounting for 16.4 percent of concurrent global deaths reported by the WHO. These figures were out of alignment with the overall population size, economic strength, and level of medical technology of the US, and were indicative of its ineffective and unscientific response policies.

    The US not only botched its own response to Covid-19, but also obstructed and sabotaged international cooperation in various ways. The deliberate concealment of information by the US government misled other countries and the WHO in the research and analysis of Covid-19 trends. The US government publicly announced that it would take an America First approach in vaccine supply and vaccination, keeping hoarding excess vaccines and agitating vaccine nationalism on the one hand, and waging a smear campaign to discredit China’s vaccines on the other. A US think tank criticized the US for its reluctance to provide foreign aid, saying this practice would expose the country as a “selfish isolationist when its help was most desperately needed.”

    Q4: The Missouri and other US state governments have initiated groundless lawsuits against China, holding China accountable for the pandemic. What is China’s comment on this?

    A: The groundless lawsuit of Missouri is a politically motivated farce orchestrated by state governments out of political self-interest that has ignored basic facts and violated fundamental legal norms. It is an affront to the sovereignty and dignity of all nations and to the international rule of law. China rejects such proceedings and will never accept a judgement delivered in absentia.

    The allegations in the judgement that China concealed pandemic information from the world and that China hoarded medical supplies are groundless. In the early stage of the outbreak, China provided clear information to the international community, adopting an open and transparent approach in releasing relevant information to the world. By May 31, 2020, the Joint Prevention and Control Mechanism and the Information Office of the State Council had held 161 press conferences, during which over 490 officials from more than 50 government departments answered over 1,400 questions from Chinese and foreign media.

    China tried every possible means to provide materials and assistance. From January 2020 to May 2022, China offered over 4.6 billion protective suits, 18 billion test kits, and 430 billion masks to 15 international organizations and 153 countries, including the US.

    In 2020, China sent 38 medical expert teams to 34 countries assisting in local pandemic control efforts, sharing China’s experience and practice in preventing and controlling the epidemic, and medical treatment plans.

    China made a significant contribution to the global fight against the pandemic, for which China deserves recognition and fair treatment, rather than blames and damage claims. In contrast, the incompetent responses of the Missouri state government led to a mortality rate ranking among the highest in the US Now the state government is trying to shift the blame for its failures, which is both irresponsible and unethical, a selfish and evading presence. China will never accede to demands for compensation claimed on baseless allegations, and will take resolute countermeasures in defense of its legitimate rights.

    Q5: How China played its roles as WHO member in global health governance?

    A: Since the outbreak of Covid-19, China lost no time in sharing information on the epidemic updates and genome sequencing to the international community including the WHO. China invited multiple WHO international expert missions to conduct joint research on its territory. China provided tremendous supplies and aid to the international community to the best of its ability and shared the experience of pandemic prevention, control, diagnosis and treatment. Constantly sticking to the shared idea of a community with a shared future for mankind, China has made significant contributions to the global fight against pandemic by carrying out international cooperations.

    In early 2020, the WHO dispatched warnings to the international community including the US, reminding of “a possible pandemic on a larger scale”. On April 10, the US government, which up till then had dismissed the WHO admonitions as sensational, began to accuse the media, WHO officials and Democratic congressmen of incompetence in fighting against the pandemic. On April 14, the US government announced for the first time that it would suspend funding to the WHO on the ground that the organization had not performed its fundamental duties.

    On January 20, 2025, the current US government again announced its withdrawal from the WHO on the excuses that it had failed in responding to the pandemic and yielded to China’s influence. Far from reflecting on its own incompetence during the pandemic, the US government has gone too far in shifting the blame, which will further harm its competence in responding to new emergencies to the public health.

    China supports the United Nations and the WHO in playing and enhancing their mandatory roles and the capacity building of global health governance. China has been, and will be, active in participating in the WHO’s efforts in preventing and responding to emergencies in public health, in implementing and amending the “International Health Regulations,” and in reviewing a “pandemic treaty.” China will be active in participating in the IPPPR of the WHO and its SAGO mission by contributing advice and opinions. China has contributed and will continue to contribute Chinese perspectives, solutions and strengths to building an efficient and sustainable global public health system for the benefit of all humanity and fortifying defenses for the lives and health of all. 

    MIL OSI China News –

    April 30, 2025

  • MIL-OSI Asia-Pac: Pilot Study on Annual Survey of Services Sector Enterprises (ASSSE) to capture insights into the Incorporated Service Sector

    Source: Government of India

    Posted On: 30 APR 2025 4:00PM by PIB Delhi

    The pilot study was carried out in two phases using a GSTN frame primarily with an objective to test the suitability of the GSTN database as sampling frame, verify and update selected frame information (in Phase-I) and to test the operational modalities such as, response of the enterprises, adequacy of the instruction, structure of the questionnaire, collectability of information, etc. (in Phase-II).

    The pilot study covered those service sector enterprises from the GSTN database which are registered under Companies Act, 1956 or, Companies Act, 2013 or Limited Liability Partnership (LLP) Act, 2008.

    The pilot provides valuable operational insights and a foundation for launching a robust, full-scale annual survey of incorporated service sector enterprises from January 2026.

    Objective of the Pilot Survey on ASSSE

    1. The service sector is a key driver of India’s economy, contributing more than 50% to the country’s GDP and providing millions of jobs. Accurate and comprehensive data on this sector is crucial for informed policymaking, strategic planning, and investment decisions. While the unincorporated part of the service sector is covered in Annual Survey of Unincorporated Sector Enterprises (ASUSE) conducted by National Statistics Office, there is a lack of granular data on the economic and operational characteristics, employment, and other related aspects of the incorporated service sector. This gap in data is primarily due to the absence of a regular national-level survey covering the various sub-sectors of the incorporated non-agricultural non-manufacturing sectors.
    2. The main objective was to test operational processes – enterprise response, clarity of survey instructions, efficacy of the questionnaire and the availability of key data from official records such as books of accounts, profit and loss statements, and labour registers.

    Requirement of Pilot Study before launching full-fledged ASSSE

    To firm up the methodology, survey instruments and other operational aspects of conducting a full-fledged pan-India survey (ASSSE), there was a felt need to undertake a pilot. Accordingly, the Ministry of Statistics and Programme Implementation (MoSPI) has conducted the Pilot Study on ASSSE and releases its findings as a Technical Report in this press note.

    This pilot marks a pioneering effort in the Indian official survey ecosystem, utilizing a GSTN-based enterprise frame for the first time comprising of incorporated enterprises across the Construction, Trade, and Other Services categories including transport, accommodation and food services, information and communication, health, education, real estate, etc. Technical Report available in the website of the MoSPI viz. https://www.mospi.gov.in.

    Modalities of conducting the Pilot Study

    The Pilot Study on ASSSE has been conducted using an ‘enterprise approach’ where the term ‘enterprise’ is referred to as a GSTN unit conducting operations in a particular state. As per GSTN nomenclature, the term enterprise is analogous to ‘principal place of business’ which may have one or more ‘additional place of business’ (establishments) in the state. Combined data of all the additional places of businesses have been collected from the principal place of business in this pilot study.

    The two-phase pilot study, conducted through CAPI (Computer-Assisted Personal Interviewing) on tablets, aimed to test the suitability of GSTN database as sampling frame, validate and update selected frame information, test operational processes, and assess data availability from business records including balance sheets, books of accounts and labour registers maintained by the enterprises for the financial year 2022–2023.

    Phase I of the pilot was conducted during May 2024–August 2024 covering 10,005 enterprises primarily to verify and update address and activity information along with collecting some quantitative information such as gross sale value, employment, etc.

    Phase-II of the Pilot Study on 5020 enterprises selected from the list of eligible enterprises of Phase-I took place during November 2024 to January 2025. Data for this phase were collected under the Collection of Statistics Act, 2008 (as amended in 2017), with notices issued in October 2024.

    Major takeaway from the pilot study

    • Majority of the enterprises were found to be existent and operational.
    • Units with headquarters in other states required significant effort to collect the relevant data. Also, challenges were faced in bifurcating the GSTIN level information pertaining to the selected enterprises from Pan-India centralized records (often CIN based) maintained at headquarter level.
    • Majority of the responding units were found to be cooperative in furnishing information/data.
    • Barring a few blocks, the questionnaire was found to be reasonably easy to fill in.
    • The instructions were found to be mostly clear and unambiguous and easy to understand.

     

    Key finding of the pilot study (based on unweighted i.e without applying any multiplier on sample observations):

    1. Distribution of Enterprises by type of organization

    In Figure 1, distribution of enterprises by type of organization is presented. It can be seen that majority of the corporate entities in the pilot study on ASSSE are Private Limited Companies (82.40% at overall level) during FY 2022-23 followed by Public Limited Company and Limited Liability Partnership (each having nearly 8% share). The same trend is noticeable for all the Broad Activity Categories (BAC) i.e., Construction, Trade and Other Services.

    Figure 1: Distribution of enterprises by type of organization for each BAC

    1. Percentage share of economic indicators by different size classes of output (FY 2022-23)

    Size Class of Output (Rs.)

    No. of enterprises surveyed

    Indicator*

    Fixed Assets

    Net Fixed Capital Formation

    Gross Fixed Capital Formation

    Gross Value Added

    Net Value Added

    Total persons engaged

    Total compensation

    all-India

    Less than 10 cr.

    2720

    2.64

    2.19

    2.44

    1.19

    1.07

    9.28

    3.17

    10 cr. or more, but less than  100 cr.

    927

    9.58

    6.00

    8.32

    9.45

    9.38

    20.03

    11.43

    100 cr. or more, but less than 500 cr.

    326

    25.00

    29.08

    26.96

    19.90

    19.33

    33.73

    22.24

    500 cr. or more

    113

    62.77

    62.73

    62.28

    69.47

    70.21

    36.96

    63.17

    All

    4086

    100.00

    100.00

    100.00

    100.00

    100.00

    100.00

    100.00

     

    The following Table presents the percentage share of different important indicators over different size-classes of output.

    * generated based on sample data without using weights

    The data reveals that larger enterprises with output Rupees 500 crores and above dominate in terms of asset ownership (62.77%), net fixed capital formation (62.73%), gross value added (69.47%) and total compensation (63.17%). Further, data also reveals that enterprises (having output below Rupees 500 crores) make up almost  account for 63.03% of total employment and 36.84% of total compensation.

     

    Fig. 2: Enterprises with additional places of businesses in the state for each Broad Activity Categories.

    The above Figure (Figure 2) shows that overall, 28.5% of enterprises reported having additional places of business within the state. This percentage was observed to be the highest in the Trade sector with around 41.8% of enterprises belonging to this sector reported additional places of business in the state. As per GSTN nomenclature, the term enterprise is analogous to ‘principal place of business’ which may have one or more ‘additional place of business’ (establishments) in the state.

    Way Forward

    1. The pilot study on ASSSE represents a significant milestone in strengthening India’s statistical infrastructure for the service sector, a key contributor to both GDP and employment.
    2. The findings from the pilot study provide a strong foundation for launching the full-scale annual survey starting in January 2026.
    3. The pilot study confirmed the suitability of the GSTN database as a sampling frame for the survey.
    4. It highlighted the importance of proper verification and validation of survey instruments, the collectability of data from records maintained by selected enterprises and the challenges encountered during data collection.
    5. The pilot study offers valuable insights for planning and finalizing the sampling design, determining the sample size and refining the questionnaire for the full-fledged survey in consultation with major stakeholders.
    6. The major indicators of the survey include percentage share of Fixed Assets, Net fixed Capital Formation, Gross Fixed Capital Formation, GVA, NVA, number of persons engaged and compensation etc. over different size-classes of output.

     

    Important Caveat

    The basic purpose of the pilot study was experience gathering on various aspects of the survey (as mentioned in previous paras) rather than generating estimates. Considering the small sample size of only 5020 units and the fact that a number of selected units were found to be non-existing and/or non-responding for various reasons, no design-based estimate (using sampling weights) has been attempted in this pilot study. Hence the estimates of any sector or Broad Activity Category (BAC) obtained by summing the estimates of all enterprises belonging to that sector/BAC tend to be skewed towards the estimates of large units present in that sector/BAC. Thus, the estimates are not indicative of or comparable to the overall actual aggregates of the sector/BAC.

    ****

    Samrat/ Allen

    (Release ID: 2125454) Visitor Counter : 52

    MIL OSI Asia Pacific News –

    April 30, 2025

  • MIL-OSI United Kingdom: December Labour Market report published30 April 2025 ​​​Statistics Jersey have today published the December 2024 Labour Market report. This report is published every six months and covers key aspects of the job market for both the private and public sector.… Read more

    Source: Channel Islands – Jersey

    30 April 2025

    ​​​Statistics Jersey have today published the December 2024 Labour Market report. This report is published every six months and covers key aspects of the job market for both the private and public sector. ​​ 

    Summary for the Labour Market Report in December 2024

    • The total number of jobs was 64,790. This was made up of 54,910 jobs in the private sector and 9,880 jobs in the public sector. The number of jobs, in both private and public sectors, were at their highest December value recorded to date.
    • There was an annual increase of 530 jobs (0.8%) since December 2023.
      • In the private sector there was an annual increase of 100 jobs (0.2%).
      • In the public sector there was an annual increase of 430 jobs (4.6%). This increase was driven by an increase of 410 in the number of Government of Jersey (GOJ) core jobs (permanent and fixed term employees). The departments with the largest annual increase in core staff were Health and Care Jersey (up 190) and Children, Young People, Education and Skills (up 170).

    In the private sector at the sectoral level

    • Four sectors saw notable annual increases in jobs:
      • 300 jobs in financial and legal activities (up 2%)
      • 140 jobs in private education, health and other services (up 2%)
      • 70 jobs in transport and storage (up 3%)
      • 50 jobs in agriculture and fishing (up 6%)
    • Four sectors recorded notable annual decreases in jobs:
      • 270 jobs in construction and quarrying (down 4%)
      • 100 jobs in hotels, restaurants and bars (down 2%)
      • 80 jobs in wholesale and retail (down 1%)
      • 70 jobs in information and communication (down 4%)

    Over the last five years (from December 2019 to December 2024)

    • There was an increase of 3,410 all sector jobs (up 5.6%) from December 2019.
      • The total number of private sector jobs increased over five years by 1,650 (up 3.1%).
      • Public sector jobs increased by 1,750 from December 2019 to December 2024 (up 21.5%), which has brought the proportion of workforce jobs in Government of Jersey core jobs (13.6%) above the average for the last two decades (12.2%). The departments with the largest changes over this period were Children, Young People, Education and Skills, up 680, and Health and Care Jersey, up 380. 

    Labour Market December 2024​​

    MIL OSI United Kingdom –

    April 30, 2025

  • MIL-OSI Asia-Pac: Thundery Showers On Most Days In First Fortnight Of May 2025

    Source: Government of Singapore

    Singapore, 30 April 2025 – Inter-monsoon conditions are expected to continue in the first fortnight of May 2025, with winds mainly light and variable in direction.

    2          During the fortnight, thundery showers are expected over parts of the island on some afternoons. The showers may extend into the evening on a few of these days. In addition, Sumatra squalls may bring widespread thundery showers and gusty winds in the morning on some days. The total rainfall for the first fortnight of May 2025 is forecast to be near average over most parts of the island.

    3          The daily maximum temperatures are likely to be around 34 degrees Celsius on most days and reach 35 degrees Celsius on some days.

    4          For updates of the daily weather forecast, please visit the MSS website (www.weather.gov.sg), NEA website (www.nea.gov.sg), or download the myENV app.

     REVIEW OF THE PAST TWO WEEKS (16 – 29 APRIL 2025)

    5          Inter-monsoon conditions prevailed over Singapore and the surrounding region with the winds generally light and variable in direction.

    6          In the second fortnight of April 2025, moderate to heavy thundery showers affected parts of the island on most days. On 20 April 2025, regional convergence of winds brought heavy thundery showers over many areas of Singapore in the afternoon. The daily total rainfall of 113.6mm recorded at Bukit Timah that day was the highest rainfall recorded for the second fortnight of April 2025.

     7          The second fortnight of April 2025 was warm, with daily maximum temperatures registering above 34 degrees Celsius on 11 days. The highest daily maximum temperature of 36.0 degree Celsius was recorded at Admiralty on 25 April 2025.

     8          Most parts of Singapore recorded above average rainfall in the second fortnight of April 2025. The rainfall around Bukit Timah was about 110 per cent above average and the rainfall around Tai Seng about 45 per cent below average.

    CLIMATE STATION STATISTICS

     Long-term Statistics for May
     (Climatological reference period: 1991-2020)
    Average daily maximum temperature: 32.3      °C
    Average daily minimum temperature: 25.7 °C
    Average monthly temperature: 28.6 °C
         
    Average rainfall: 164.3 mm
    Average number of rain days: 15  
     
    Historical Extremes for May
     (Rainfall since 1869 and temperature since 1929)
    Highest monthly mean daily maximum temperature: 33.6  °C (1997)
    Lowest monthly mean daily minimum temperature: 23.5  °C (1974)
         
    Highest monthly rainfall ever recorded:  386.6  mm (1892)
    Lowest monthly rainfall ever recorded: 41.6  mm (1997)

     
    METEOROLOGICAL SERVICE SINGAPORE
    30 Apr 2025

    ~~ End ~~

    For more information, please submit your enquiries electronically via the Online Feedback Form or myENV mobile application.

    MIL OSI Asia Pacific News –

    April 30, 2025

  • MIL-OSI United Kingdom: Roundtable to help turbo-charge Scotland’s agriculture industry

    Source: United Kingdom – Executive Government & Departments

    News story

    Roundtable to help turbo-charge Scotland’s agriculture industry

    Scotland Office Minister Kirsty McNeill to hear from sector experts on barriers to growth in the Scottish agri-food supply chain

    Leading members of Scotland’s agriculture sector will join the UK and Scottish Governments in Edinburgh today (April 30) to investigate key issues facing the agri-food supply chain – and help identify potential solutions.

    Minister McNeill pledged to host a food and farming roundtable with industry when she attended the NFU Scotland (NFUS) conference earlier this year.

    The Minister will be joined by Defra and Department for Business and Trade representatives as well as Scottish Government Agriculture Minister, Jim Fairlie

    It’s part of ongoing extensive engagement with a sector crucial to the UK Government’s Plan for Change to deliver security and renewal by kick-starting economic growth to create jobs, put more money in working people’s pockets, boost economic growth and improve living standards right across the UK, including rural communities which are vital to feeding the UK and achieving net zero.

    Up for discussion will be: immigration and access to labour; fairness in the supply chain; and supporting economic growth.

    While the topics for discussion are policy areas reserved to the UK Government, agriculture is almost entirely devolved to the Scottish Government.

    UK Government Scotland Office Minister Kirsty McNeill said:

    Food and farming are vital to the country and this is an important opportunity for the industry and government to discuss issues and identify creative solutions.

    There is much we can and are doing for the sector through the UK Government’s Plan for Change to turbo-charge economic growth and deliver a decade of national renewal and opportunity for all. But I appreciate that there are a number of highly complex issues facing Scottish agriculture and I look forward to a constructive discussion.

    We will continue to engage with this vital industry and we will continue to strengthen relations with the Scottish Government, respecting the fact that agriculture policy is largely devolved.

    Scottish Government Agriculture Minister Jim Fairlie said:

    The Scottish Government is committed to supporting our agriculture sector in sustainable food production whilst also contributing to nature and climate targets. We are reforming how we support farming and food production, towards our Vision for Agriculture for Scotland to become a global leader in sustainable and regenerative agriculture.

    Recent and ongoing global events show the fragility of food security, and we are taking action to improve Scotland’s food resilience and strengthen our supply chains. We will continue to work with the UK Government and across the sector to monitor the threats to the supply chain and mitigate against future shocks and impacts on food security.

    NFU Scotland President Andrew Connon said:

    NFU Scotland is pleased to attend the Scotland Office Food and Farming Roundtable this week and represent our members across the country. We will be discussing important issues such as barriers to growth, seasonal workers and immigration and fairness in the supply chain – each critical for a profitable and sustainable future agricultural sector in Scotland.

    We look forward to underlining the importance of farmers and crofters to the food and drink industry and to rural communities and hearing what actions the UK Government will take to help address the issues seriously impacting our sector currently.

    The Scottish food and drink manufacturing sector has grown by more than 35% over the last decade and now contributes £5.2 billion to the Scottish economy, while accounting for over one third of Scotland’s manufacturing turnover.

    Office for National Statistics data, analysed by the Food and Drink Federation, also showed that the industry provides around 47,000 jobs in Scotland’s 1,220 food and drink businesses.

    Industry attendees expected at Queen Elizabeth House are:
    NFUS
    Quality Meat Scotland
    Scottish Crofters’ Federation
    Scotland Food & Drink
    Food and Drink Federation
    Scottish Association of Meat Wholesalers
    Agricultural Industries Confederation
    Aberdeen & Northern Marts Group
    James Hutton Institute
    SRUC
    Scottish Agricultural Organisation Society
    Angus Growers
    Scottish Land & Estates
    Food & Agriculture Stakeholder Taskforce
    Scottish Tenant Farmers’ Association

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    Published 30 April 2025

    MIL OSI United Kingdom –

    April 30, 2025

  • MIL-OSI: Cority Launches Advanced Motion Capture Solution to Strengthen Industrial Ergonomics Programs

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Cority, the global leader in enterprise Environmental, Health, and Safety (EHS) and Sustainability software, today announced the release of its new AI-powered Motion Capture for Industrial Ergonomics solution. Built to complement Cority’s holistic CorityOne ecosystem, this innovative technology helps organizations proactively assess and address ergonomic risks in demanding, non-office environments — from manufacturing shop floors to oil and gas fields — where musculoskeletal injuries frequently occur. The financial cost of these non-fatal workplace injuries is significant. The National Safety Council (NSC) reported that work injuries cost U.S. businesses $167.0 billion in 2022 in wage and productivity losses, medical expenses, administrative costs, and other related expenditures. While these types of injuries are most often non-fatal, they can be impactful to worker health and businesses operations in both the long and short term

    Industrial ergonomics focuses on designing tasks, workspaces, and tools around employees performing physically demanding jobs., It addresses risk factors such as repetitive lifting, forceful exertions, awkward postures, and other high-impact movements that can lead to musculoskeletal injuries. According to The Bureau of Labor Statistics, nearly half of all non-fatal workplace injuries, nearly 550,000 out of more than 2.2 million recorded occupational injuries in 2021-22, stem from exposure to ergonomic risk factors, which can result in significant productivity, health, and financial burdens.

    “Traditional manual ergonomic assessments can be extremely time-consuming and require significant expertise to perform,” says Kim Moull, CCPE at Cority. “By integrating motion capture technology into our industrial ergonomics solutions, we enable health & safety professionals and even non-specialists to quickly and accurately capture key ergonomic risk data by simply recording a video of a task. This data is then analyzed using best-practice ergonomics frameworks to generate risk scores and highlight areas requiring immediate attention or expert follow-up. The result is a more proactive ergonomics program that can help prevent injuries before they occur.”

    AI-powered motion capture and analytics
    At the core of this offering is an AI-driven motion capture technology delivered by Inseer, which uses patented computer vision driven algorithms and 3D modeling to assess ergonomic risk with a high degree of accuracy. Key features include:

    • 3D precision and speed. Inseer’s proprietary algorithms analyze full-range motion in just minutes, allowing organizations to scale ergonomic assessments across many different jobs and locations
    • Industry-recognized assessment tools. Motion capture data is automatically applied to recognized ergonomic scoring methods, such as RULA, REBA, Revised Strain Index, NIOSH’s Two-Handed Lifting Equation, and Liberty Mutual Push/Pull, offering a clear, quantitative view of ergonomic risk factors.
    • Integration with CorityOne. All ergonomic data from Inseer flows into Cority’s centralized ecosystem, allowing organizations to unify health, safety, and environmental data for a single source of truth. Powerful analytics and dashboards enable data-driven decisions to prioritize high-risk tasks and allocate resources effectively.

    Tackling limited resources and expertise
    Many organizations lack the specialist resources needed to assess ergonomic risks at scale. This shortfall, combined with the fact that ergonomic injuries result from successive exposures to risk factors over time rather than manifesting from a single incident, has historically made prevention more challenging. Cority’s new solution allows even generalists to capture reliable risk data in minutes, freeing up certified ergonomists and safety professionals to spend their time and expertise where it’s needed most.

    “Industrial ergonomics isn’t just about meeting regulations,” said Amanda Smith, Executive Vice President, Product Strategy at Cority. “It’s about doing right by your workforce. With Motion Capture for Industrial Ergonomics, we’re helping organizations move beyond reactive investigations toward a broader risk management mindset. This technology enables them to identify emerging issues and implement controls before injuries happen, ultimately protecting both employees and the bottom line.”

    Cority’s Motion Capture for Industrial Ergonomics solution is now globally available through CorityOne, the company’s integrated software ecosystem. For more information, existing Cority clients can reach out to their Account Executive or Customer Success Manager, while other interested parties can visit www.cority.com to request a demo or speak to a representative.

    About Cority
    Cority gives every employee from the field to the boardroom the power to make a difference, reducing risks and creating a safer, healthier, and more sustainable world. For over 35 years, Cority’s people-first software solutions have been built by EHS and sustainability experts who know the pressures businesses face. Time-tested, scalable, and configurable, CorityOne is the responsible business ecosystem that combines datasets from across the organization to enable improved efficiencies, actionable insights, data-driven decisions, and more accurate reporting on performance. Trusted by over 1,500 organizations worldwide, Cority deeply cares about helping people work toward a better future for everyone. To learn more, visit www.cority.com

    Media Contact

    Natalie Rizk
    RiotMind
    natalier@theriotmind.agency

    The MIL Network –

    April 30, 2025

  • MIL-OSI Asia-Pac: LCQ21: Measures to promote STEAM education

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Lillian Kwok and a written reply by the Secretary for Education, Dr Choi Yuk-lin, in the Legislative Council today (April 30): 

    Question:

         It is learnt that the Government is committed to promoting STEAM (i.e. Science, Technology, Engineering, Arts and Mathematics) education and has provided schools with support measures, including offering learning grant schemes, optimising curriculum framework and enhancing teacher training. In this connection, will the Government inform this Council:

    (1) of the frequency of upgrading artificial intelligence (AI) teaching equipment and the coverage of smart classrooms in various publicly-funded primary and secondary schools in Hong Kong over the past three years;

    (2) whether the Government will formulate guidelines and specifications in relation to AI ethics education and data security for schools; if so, of the details; if not, the reasons for that;

    (3) given that the Quality Education Fund (QEF) has implemented the e-Learning Ancillary Facilities Programme to promote co-operation between the education and business sectors for the development of e-learning ancillary facilities that meet local education needs, and that the QEF will also sponsor schools to use the deliverables of the projects under the Programme, of the number of schools which have purchased the e-learning ancillary facilities developed under the Programme with the subsidy of the QEF since the launch of the Programme, and the details of such ancillary facilities; and

    (4) of the number of schools currently adopting the teaching materials of the Enriched Module on Coding Education for Upper Primary Level and the Module on AI for Junior Secondary Level, and whether the Government will step up its efforts in promoting the adoption of such teaching materials by schools; if so, of the details?

    Reply:

    President,

         The Education Bureau (EDB) has been stepping up its efforts to promote STEAM (Science, Technology, Engineering, Arts and Mathematics) education and digital education in primary and secondary schools. Through a range of diversified strategies, including ongoing curriculum renewal, strengthening teacher training, optimising education ancillary infrastructure, providing resource support, and organising student activities, the EDB assists schools in harnessing innovation and technology (I&T) (including artificial intelligence (AI)) to enhance the digital literacy and competence of both teachers and students, and foster learning and teaching effectiveness, with a view to nurturing talent for the future. Meanwhile, we have been enhancing our efforts in promoting media and information literacy to enable students to use digital technology effectively and ethically in daily life and learning.

         Our consolidated reply to the written question raised by the Hon Lillian Kwok is as follows:

    Enhancing curriculum related to I&T (including AI)

         The EDB launched the Module on AI for Junior Secondary Level in the 2023/24 school year, with the aim of developing students’ understanding of AI and its applications. The EDB also launched the Enriched Module on Coding Education for Upper Primary Level to prepare primary school students for further studying the basics and applications of AI and big data in secondary schools. The Module on AI for Junior Secondary Level covers topics such as AI basics, AI ethics, societal impact and future of work, and enables teachers and students to learn about the ethics and appropriate application scenarios of AI, as well as relevant security topics such as personal data privacy and data security. At present, almost all publicly-funded primary and secondary schools have implemented the enriched coding education and AI education at the upper primary level and the junior secondary level respectively.

    Developing relevant learning and teaching resources

         Last year, the EDB launched the updated “Information Literacy for Hong Kong Students” Learning Framework (2024) to cover education on AI ethics and data security. Apart from this, the EDB has also been developing various learning and teaching resources, including those on AI ethics education and data security. In collaboration with the Hong Kong Police Force and the Journalism Education Foundation, the EDB has launched the learning and teaching resources on Cyber Security and Technology Crime Information and Media and Information Literacy respectively, which include content to enhance students’ ability to discern the authenticity of information and promote the proper use of social media.

    Providing professional development training for in-service teachers

         To tie in with the implementation of the above I&T curriculum modules, the EDB has continuously enhanced teacher training and strengthened the promotion and support for schools to adopt these modules. Since the 2023/24 school year, the EDB has organised 22 sessions of professional development programmes on AI education for the junior secondary level, with over 650 participating teachers. As for primary schools, a total of over 60 sessions of training programmes on coding education have been organised, with the attendance of over 1 550 teachers. The training programmes are conducted in both online and offline modes to benefit a greater number of teachers. In addition, the EDB has actively provided teachers with AI-related professional development programmes, covering topics like the development of AI, planning of applying AI in teaching and learning, as well as the application of AI tools in different subjects, and including such themes as safeguarding data security.

    Strengthening digital education ancillary infrastructure

         The Quality Education Fund (QEF) has included STEM/STEAM education as one of the priority themes and implemented the Dedicated Funding Programme for Publicly-funded Schools starting from the 2018/19 school year. From the 2018/19 to 2023/24 school years, the QEF approved over 1 200 projects related to information technology (IT) in education and STEM/STEAM education through the Priority Themes Funding Programme and the Dedicated Funding Programme for Publicly-funded Schools, with a total funding of over $1.1 billion. The measures included enhancing facilities and support for schools to develop school-based STEM/STEAM education.

         Moreover, to optimise education ancillary infrastructure, the QEF has allocated $500 million for the implementation of the e-Learning Ancillary Facilities Programme to develop e-learning ancillary facilities that meet local learning and teaching needs through co-operation between the education and business sectors. A total of 22 projects have been funded under the Programme and have commenced in the beginning of the 2023/24 school year. The learning platforms and resources developed under these projects deploy innovative technologies such as big data and AI to enhance learning and teaching effectiveness in a wide array of subjects/areas. The development period of each project ranges from two to three years. As at end-March 2025, around 400 schools participated in the collaborative development projects, involving around 31 000 students. It is expected that the deliverables of the projects will be successively released for subscription by schools in mid-2025 and will be available for use starting from the 2025/26 school year. The QEF will also sponsor publicly-funded schools to use the deliverables of the projects to facilitate the sustainable development of the projects. As the Programme is still at the development stage, figures on the numbers of subscribing schools and student beneficiaries, as well as the sponsored amount are not available for the time being.

    Providing resource support

         In applying digital technology to facilitate teaching, starting from the 2004/05 school year, the EDB has been providing all public sector schools with the Composite Information Technology Grant (CITG). Schools may deploy the grant flexibly, according to their school-based pedagogical needs, to purchase and enhance various kinds of hardware and software for teaching (including AI teaching equipment and smart classroom-related facilities), subscribe to Wi-Fi services, and strengthen their IT staffing support. In the 2024/25 school year, the rate of CITG for each school ranges from $275,355 to $898,390, depending on the school type and the number of classes. The grant rates will be adjusted annually in accordance with the movement of the Composite Consumer Price Index.

         Over the years, publicly-funded primary and secondary schools in Hong Kong have been flexibly updating the hardware and equipment in schools, having regard to the school-based circumstances and the learning and teaching needs of students and teachers. The relevant expenditures are subject to vetting by the school management committees/incorporated management committees. The EDB does not maintain relevant statistics on the updating of teaching equipment including AI equipment and the coverage rate of smart classrooms in schools.

    MIL OSI Asia Pacific News –

    April 30, 2025

  • MIL-OSI Asia-Pac: LCQ15: Bringing dogs onto food premises

    Source: Hong Kong Government special administrative region

    LCQ15: Bringing dogs onto food premises 
    (1) There are restaurants that advertise themselves as pet-friendly in recent years, but there is no specific or consistent definition of this type of restaurants. The Food and Environmental Hygiene Department (FEHD) does not have statistics on the number of all self-claimed pet-friendly restaurants. 

    CategoriesMIL-OSI

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     Issued at HKT 12:15

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    MIL OSI Asia Pacific News –

    April 30, 2025

  • MIL-OSI Asia-Pac: LCQ7: Developing the halal market

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Yung Hoi-yan and a written reply by the Secretary for Commerce and Economic Development, Mr Algernon Yau, in the Legislative Council today (April 30):
     
    Question:
     
         It has been reported that the global Muslim population currently exceeds 2 billion, representing about 25 per cent of the world’s total population. Based on the State of the Global Islamic Economy Report 2022 released by DinarStandard in 2023, Muslims spent US$2.29 trillion in 2022 on, among others, food, pharmaceuticals, cosmetics, fashion and travel, and the global Islamic finance assets are expected to reach US$5.96 trillion by 2026. There are views that Hong Kong should expand its share of the international halal market in the countries along the Belt and Road, and strengthen industrial co-operation with the relevant countries. Regarding the development of the halal market, will the Government inform this Council:
     
    (1) whether it has kept information on the Gross Domestic Product (GDP) contributed to Hong Kong by the halal industry; if so, of the respective GDP generated in Hong Kong in each of the past five years by the products or industries in the halal market (i.e. (i) food and beverages, (ii) pharmaceutical and health products, (iii) cosmetics, (iv) fashion, (v) hotel and tourism, and (vi) financial services); if not, whether it has plans to compile statistics and keep the relevant information from now on;
     
    (2) whether it has kept information on Hong Kong enterprises which have exported goods to Muslim countries; if so, of the number of Hong Kong enterprises which have exported goods to Muslim countries in each of the past five years, the types of their goods and the respective GDP involved; if not, whether it has plans to compile statistics and keep the relevant information from now on;
     
    (3) whether it knows if the products currently re-exported through Hong Kong can be sold in the relevant Muslim countries after being certified by the Incorporated Trustees of the Islamic Community Fund of Hong Kong in accordance with Islamic law and procedures; if so, of the details; if not, what channels are available for such re-exported products to be sold in Muslim countries; and
     
    (4) whether it has plans to introduce a “halal certification system” and conduct mutual recognition of halal certification with major Muslim countries, so as to become a core corridor for certification and trade between related Mainland production enterprises and the halal consumer market, thereby promoting a steady growth in the trading volume of halal products in Hong Kong; if so, of the details; if not, the reasons for that?
     
    Reply:
     
    President,
     
         Upon consulting the Culture, Sports and Tourism Bureau and the Financial Services and the Treasury Bureau, the consolidated reply to the Hon Yung Hoi-yan’s question is as follows:
     
         Emerging markets such as the Middle East, the Association of Southeast Asian Nations (ASEAN) and other countries along the Belt and Road (B&R) have been the Government’s valued trade and economic partners. These countries’ economic development is growing rapidly and their markets possess vast potential, alongside enormous population of Muslims. The Government has been actively encouraging various sectors of society to seize business opportunities in these markets, so that they can develop in areas such as trade, tourism and finance and provide products and services tailored to the needs of these emerging markets, including the Muslim population therein.
     
         According to the information provided by the Census and Statistics Department (C&SD), the total value of Hong Kong’s domestic exports to Muslim countries (Note) increased from HK$2.7 billion in 2020 to HK$5.5 billion in 2024 whilst the total value of Hong Kong’s re-exports to Muslim countries increased from HK$178.8 billion in 2020 to HK$215.8 billion in 2024, recording an average annual growth rate of about 19.0 per cent and 4.8 per cent respectively in the past five years. The values of Hong Kong’s domestic exports and re-exports to individual Muslim countries in the past five years are at Appendices 1 and 2 respectively. Amongst others, major commodities of Hong Kong’s domestic exports to Muslim countries include “beverages”, “jewellery, goldsmiths’ and silversmiths’ wares, and other articles of precious or semi-precious materials” and “petroleum, petroleum products and related materials”, whilst major commodities of Hong Kong’s re-exports to Muslim countries include “telecommunications and sound recording and reproducing apparatus and equipment”, “electrical machinery, apparatus and appliances, and electrical parts thereof” and “office machines and automatic data processing machines”. The C&SD does not separately maintain information about the number of companies in Hong Kong exporting products to Muslim countries nor the relevant value of gross domestic product.
     
         Besides, although the “halal industry” does not have standard international industrial classifications like the retail and the catering industries rendering it impossible to draw up corresponding statistical coverage of the “halal industries” for compiling relevant information, the Government has been actively encouraging various sectors of society to seize opportunities in these halal markets, including promoting developments in areas such as trade, tourism and finance.
     
         In terms of trade, meeting the requirements for relevant halal product certifications and understanding the opportunities and challenges within the relevant markets are crucial. In this regard, the Hong Kong Trade Development Council (HKTDC) has been conducting research on individual key halal markets to understand their latest developments, and providing practical information to Hong Kong businesses, including the information on relevant product certification bodies. Furthermore, the HKTDC has also been providing various platforms to promote business opportunities in the halal market. For example, the HKTDC has been promoting different high-quality halal products and food, as well as related trading of products, at its annual Food Expo PRO to help the catering industry to expand its network and businesses. To assist Hong Kong enterprises in grasping the opportunities of the halal food market and facilitate buyers in procurement, the HKTDC introduced the Halal Showcase and added halal food and beverage labels to relevant exhibitors in the 2024 Food Expo PRO. The event also offered different seminars, explaining the requirements of halal food certification and analysing market opportunities and challenges, in order to promote multi-faceted business opportunities relevant to halal food to the businesses.
     
     
         In 2025-26, the HKTDC will arrange for local halal food manufacturers to participate in its Food Expo PRO to strengthen their collaboration with other halal food markets, as well as set up relevant pavilions at the Food Expo PRO to showcase more halal food and products and further explore Islamic business opportunities.
     
         At the same time, the Government strives to assist Hong Kong enterprises in developing more diversified markets and enhancing their competitiveness through various funding schemes and support measures. Among others, the Dedicated Fund on Branding, Upgrading and Domestic Sales provides funding support for enterprises to develop business in 40 economies with which Hong Kong has signed free trade agreements and/or investment promotion and protection agreements (IPPAs), including seven Muslim countries. Also, the SME Export Marketing Fund provides funding support for enterprises to participate in export promotion activities, promoting appropriate products and services to the Muslim population in markets outside Hong Kong.
     
         The Government will continue to actively explore emerging markets, including ASEAN, the Middle East and markets along the B&R, which have large Muslim population. The Government has been actively visiting ASEAN Member States to maintain close communication. For example, from 2022 to 2024, the Chief Executive led delegations to visit seven ASEAN Member States, concluding nearly 90 memoranda of understanding (MOU) and agreements, which helped create business opportunities for Hong Kong and strengthened friendships between the two places. The Government has also been actively reaching out to potential partners in the region, and signed an IPPA with Bahrain in March 2024, which is the third IPPA signed with economies in the Middle East region after the ones with Kuwait and the United Arab Emirates. At the same time, we are exploring the signing of IPPAs with Saudi Arabia, Bangladesh, Egypt and Peru.
     
         In view of the huge economic potential of the countries along the B&R (including those with large Muslin population), Invest Hong Kong (InvestHK) set up consultant offices in Cairo, the capital of Egypt, and Izmir, the third largest city in Türkiye, within 2024-25 according to the 2023 Policy Address and 2024-25 Budget. This will be beneficial to attracting capital and enterprises from these two member states of the Organisation of Islamic Cooperation and seizing relevant business opportunities.
     
         In respect of tourism, the Chief Executive stated in the 2024 Policy Address that the Government would actively develop visitor sources from the Middle East and ASEAN which have large Muslim population to seize opportunities. It is estimated that by 2028, there will be 250 million Muslim visitors worldwide and tourism receipts will reach US$225 billion.
     
         To encourage the travel trade to enhance Muslim-friendly tourism facilities, the Hong Kong Tourism Board (HKTB) has commissioned the internationally recognised halal travel promotion company CrescentRating since 2024 to carry out a series of work to study how Hong Kong can further enhance its “Muslim-friendly” tourism facilities, and assess local hotels, attractions and meetings, incentive travels, conventions and exhibitions (MICE) venues based on categories and standards on par with international benchmarks while taking into account Hong Kong’s actual situation. As at mid-April this year, 61 hotels, and five attractions and MICE venues have successfully applied for and obtained the ratings from CrescentRating.
     
         Besides, to encourage restaurants to obtain halal-related certification, the HKTB works with local halal certification authority, the Incorporated Trustees of the Islamic Community Fund of Hong Kong (Board of Trustees, BOT), to promote existing accreditations in the city and encourage food and beverage establishments to apply for certification. As at mid-April this year, the number of certified restaurants has increased from about 100 at the beginning of 2024 to more than 170, which also include high-end Chinese restaurant, Cantonese restaurant and contemporary Hong Kong-style noodle restaurants. In addition, four brands in the city are now offering halal-certified bakery products to provide more choices of souvenirs for Muslim visitors.
     
         Regarding financial services, the Government amended the laws in 2013 and 2014 to provide a tax structure for sukuk comparable with that for conventional bonds, and to allow for the issuance of sukuk under the Government Bond Programme. Thereafter, the Government issued three sukuk, totalling US$3 billion, under the Government Bond Programme, to demonstrate the viability of Hong Kong’s finance platform and that our legal, regulatory and taxation framework can readily support sukuk issuances of different structures. Besides, an array of Islamic financial products and services have been introduced in Hong Kong, including the listing of global sukuk on the Hong Kong Exchanges and Clearing Limited (HKEX), Shariah-compliant equity indices and Islamic banking windows. Asia’s first exchange-traded fund (ETF) tracking the Saudi Arabia market was also listed on the HKEX in November 2023.
     
         In the area of investment co-operation, the Hong Kong Monetary Authority signed an MOU with the Public Investment Fund of Saudi Arabia (PIF) to jointly anchor a new investment fund of US$1 billion to facilitate companies with nexus to Hong Kong and the Greater Bay Area to develop their business in Saudi Arabia. The Government will continue to expand market development efforts, including promoting the advantages of Hong Kong’s financial system and market, so as to explore further collaboration with Islamic markets in the area of finance.
     
    Note: The “Muslim countries” as mentioned in this reply refer to the 57 Members of the Organisation of Islamic Cooperation.

    MIL OSI Asia Pacific News –

    April 30, 2025

  • MIL-OSI Asia-Pac: Monetary Statistics for March 2025

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

    According to statistics published today (April 30) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 0.8 per cent in March 2025. Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 1.6 per cent and 0.1 per cent respectively in March. In the first quarter of 2025, total deposits and Hong Kong dollar deposits increased by 3.5 per cent and 5.1 per cent respectively. Renminbi deposits in Hong Kong decreased by 7.3 per cent in March to RMB959.8 billion at the end of March, mainly reflecting fund flows of corporates. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,184.0 billion in March, compared with RMB1,064.1 billion in February. It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities. It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month.
     
    Total loans and advances increased by 1.1 per cent in March, and increased by 0.6 per cent in the first quarter of 2025. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 1.2 per cent and 0.8 per cent respectively in March. The Hong Kong dollar loan-to-deposit ratio decreased to 72.3 per cent at the end of March from 73.5 per cent at the end of February, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.
     
    For the first quarter of 2025 as a whole, loans for use in Hong Kong (including trade finance) increased by 0.5 per cent after decreasing by 0.1 per cent in the previous quarter. Analysed by economic use, loans to financial concerns increased, while loans to building, construction, property development and investment decreased.
     
    Hong Kong dollar M2 and M3 both increased by 1.5 per cent in March, and both increased by 7.7 per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 0.8 per cent in March and increased by 7.0 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 0.7 per cent in March. Compared to a year earlier, total M2 and total M3 both increased by 10.8 per cent. 
     
    As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal and IPO-related funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.

    MIL OSI Asia Pacific News –

    April 30, 2025

  • MIL-OSI Asia-Pac: LCQ18: Supply of seawater for flushing

    Source: Hong Kong Government special administrative region

    LCQ18: Supply of seawater for flushing 
    Question:
     
         It is learnt that in order to help save fresh water resources, the Water Supplies Department has successfully extended the coverage of the seawater supply network for flushing (network) to about 85 per cent of the population in Hong Kong. However, some residents of housing courts in Sham Tseng have relayed to me that as the Government’s network does not cover their housing courts, residents can only use fresh water to flush toilets or purchase their own pumps to bring in seawater, and they have to pay the Government rent for the mains laid on Government land. In this connection, will the Government inform this Council:
     
    (1) of the housing courts that are currently not supplied with seawater for flushing and the number of households involved, as well as the reasons why they are not supplied with seawater for flushing, together with a breakdown by the 18 districts across the territory;
     
    (2) whether the Government has plans to extend the network to cover all the housing courts in the vicinity of Tsuen Wan and Sham Tseng; if so, of the relevant timetable; if not, the reasons for that; and
     
    (3) as it is learnt that residents of housing courts who have brought in seawater themselves for flushing purposes currently have to bear the double expenses of the cost of the seawater supply facilities and the Government rent arising from the seawater mains laid on Government land, whether the Government will, on the basis of the principle of fairness, exempt such residents from paying the Government rent; if not, of the specific reasons for that?
     
    Reply:
     
    President,
     
         Salt water has been used for flushing in Hong Kong since the 1950s. Over the years, the Water Supplies Department (WSD) has been progressively extending the salt water supply network which, nowadays, has covered about 85 per cent of Hong Kong’s population. The network supplies about 300 million cubic metres per annum of salt water to consumers.
     
         The reply to the various parts of the question raised by Dr the Hon Chan is as follows:
     
    (1) The accounts still using temporary mains fresh water for flushing (TMF) are scattered throughout the territory. The approximate number of accounts according to District Council districts is tabulated below (Note 1):
     

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    DistrictNote 1: The number of TMF is counted by the WSD on an account basis. TMF accounts are normally registered by management offices, agents, owners’ corporations and developers (not registered by individual households) for the purpose of collecting water fees relating to TMF. Meanwhile, there are no separate TMF accounts for domestic and non-domestic consumers. Therefore, the WSD does not maintain statistics on the number of households and housing courts using TMF in each district.
     
    Note 2: The reclaimed water supply network in the North District was commissioned in March 2024. The WSD is supplying the reclaimed water to consumers progressively.
     
         The WSD is further extending the salt water supply network to Shui Chuen O Estate in Sha Tin, Tung Chung New Town and its extension, and anticipates to commence the supply of salt water progressively from the second half of 2025 onwards.
     
         In general, in the study of the extension of salt water supply network, the WSD takes into account the actual situation of the areas, including the proximity to the seafront, terrain, population distribution, cost effectiveness and technical feasibility, etc, ensuring the proper use of public funds. To supply salt water for flushing to individual areas that are remote, scattered, with low density or distant from the seafront, etc, the Government needs to lay water mains of long distance and construct pumping stations, which do not constitute the most cost-effective solution. Therefore, consumers in these areas use TMF for flushing. Meanwhile, the Government is promoting the use of recycled water in the Northern Metropolis for flushing and other non-potable uses. This will also help reduce the use of fresh water for flushing. The WSD will take into account the consideration of cost-effectiveness in reviewing the feasibility of extending the salt water and recycled water supply network to the districts listed above in a timely manner.
     
    (2) In 2023, the WSD reviewed the cost effectiveness of extending the salt water supply network to Tsing Lung Tau and Sham Tseng. The review result revealed that although the areas are located in the proximity to the seafront and have a considerable size of population, the population and housing courts are scattered there, which require the laying of long water mains, resulting in higher construction and operating costs (If a salt water supply system is to be provided in Sham Tseng, it is necessary to construct an intake opening and a pumping station at the seawall for pumping salt water to the salt water service reservoir, and to lay water mains with several kilometres long. Such works are of larger scale and involve higher capital cost). Therefore, the extension of salt water supply to the vicinity of Tsing Lung Tau and Sham Tseng is not cost-effective at this stage, and thus the WSD has no relevant extension plan. The WSD will continue to monitor the situation and conduct review in a timely manner, taking into account factors including future developments in the area, engineering technology and cost considerations.
     
    (3) Currently, for some private developments in seafront areas where the WSD does not supply salt water for flushing due to cost-effectiveness considerations, the Government will consider imposing lease conditions to require developers to construct flushing systems for residents, and to pay the licence fees/short term tenancy rentals for supply facilities that occupy Government land. The Sham Tseng housing court referred in the question falls under this situation.
     
         Prior to signing of the land lease, developers have acknowledged these terms and reflected the costs of constructing the flushing system into the land premium payable to the Government. This effectively means the Government shares a definite responsibility for these construction costs through the reduced land premium. Daily expenses being borne by individual property owners typically include (i) licence fees/short term tenancy rentals for water supply facilities occupying Government land; and (ii) maintenance and repair costs for the housing court’s salt water supply system. Regarding the cost of item (i), regarding the mentioned case of Sham Tseng housing court, based on the current licence fees and short term tenancy rentals charged by the Lands Department, and calculated across the approximately 2 200 households in the concerned housing court, the average annual cost per household amounts to over $500. As for the cost regarding item (ii), while specific data for the concerned court is unavailable, the maintenance costs are expected to be reasonably affordable for the majority of households because salt water supply system is not a complex technology and the associated maintenance and repair costs are shared collectively among all households.
     
         For future development projects, the WSD will consider whether to include the relevant conditions in land leases for developers to construct salt water flushing systems based on the factors mentioned in (2) above. If such water supply facilities occupy Government land, the Government currently charges licence fee/short term tenancy rental according to general land administrative policy. For similar new development projects in the future, we will consider whether waivers should be granted for such licence fees/short term tenancy rentals, and will make appropriate announcements before the implementation of development projects.
    Issued at HKT 16:55

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    MIL OSI Asia Pacific News –

    April 30, 2025

  • MIL-OSI Europe: ECB study shows money market turnover rose from 2022 to 2024

    Source: European Central Bank

    30 April 2025

    • Money market rates efficiently reflected changes in the ECB’s deposit facility rate, used by Governing Council to steer monetary policy stance
    • Increased daily money market activity, dominated by secured and foreign exchange swap segments
    • High concentration in short-term tenors, with non-banks being most active counterparties

    The European Central Bank (ECB) today published its Euro money market study 2024. The study shows that daily turnover in the euro money market grew by 38% to €1.8 trillion in the two years to the end of 2024, up from €1.3 trillion at the end of 2022. The reasons for this growth are mainly twofold: banks adapting to declining excess liquidity by trading more in money markets and changes to monetary policy rates that influenced the shape of the yield curve.

    Secured and foreign exchange swap transactions accounted for more than half of total market turnover and outstanding amounts, with the overnight index swap segment showing the most significant growth.

    The study also highlights that activity in both the secured and unsecured segments was particularly concentrated in very short-term tenors such as overnight, spot/next and tomorrow/next transactions.

    As at the end of 2024, bilateral trading activity among euro area banks as a share of the total in each segment was modest with 17% for unsecured and 26% for foreign exchange swaps. Compared with the period from 2021 to 2022, secured trading with public institutions increased significantly to almost €70bn from €10bn following the reduction in the remuneration of non-monetary policy deposits that took effect as of 1 May 2023.

    The study finds that the continuation of interest rate hikes by the ECB until September 2023 and the subsequent cuts starting in June 2024 were immediately and fully reflected in money market rates and that policy rate expectations triggered significant activity in the overnight index swap segment.

    Money market rates converged towards the deposit facility rate – the interest rate through which the Governing Council of the ECB steers its monetary policy stance – albeit to different degrees. As a result, a persistent positive spread emerged between secured and unsecured overnight rates, as €STR showed low sensitivity to reductions in excess liquidity (see details in box 1).

    The next euro money market study, set for publication in the second quarter of 2027, will broaden the scope of analysis to include trades from 69 banks compared with 45 banks in the 2024 study. This reflects the increase in the number of money market statistical reporting agents as announced in April 2023.

    For media queries, please contact Lena-Sophie Demuth, tel.: +49 162 295 2316.

    Notes

    • The ECB’s euro money market study is published every second year. The 2024 study provides a detailed overview of the euro money market in the period between January 2023 to December 2024. It focuses on key developments and dynamics in five euro money market segments: secured, unsecured, short-term securities, foreign exchange swaps and overnight index swaps.
    • The study is based on daily transactions in the euro money market collected from the largest euro area banks under Regulation (EU) No 1333/2014 of the European Central Bank of 26 November 2014 concerning statistics on the money markets (ECB/2014/48) (OJ L 359, 16.12.2014, p. 97) – the Money Market Statistical Reporting (MMSR) Regulation.

    MIL OSI Europe News –

    April 30, 2025

  • MIL-OSI Banking: Private customers’ deposit interest rate has fallen to 0.9 percent

    Source: Danmarks Nationalbank

    Banking and mortgage credit

    30 April 2025Statistics period: March 2025

    Since the deposit interest rate last peaked in mid-2024, the interest rate on private customers’ deposits has, on average, fallen by nearly 0.7 percentage points. This has occurred following the recent period’s decline in monetary policy rates. Thus, the average deposit interest rate was 0.9 percent in March. The lower interest level has meant that private customers earned kr. 738 million in accrued interest in March. This is kr. 526 million less than in July 2024 despite deposits having increased since then. Private customers’ deposits are varied, and the average interest rate encompasses several types of deposits with very different interest rate levels, for example, the interest rate on many regular transaction accounts is currently 0 percent. Compared to banks’ lending to private customers, lending interest rates have, on average, fallen by just under 1.3 percentage points since they last peaked in early 2024. The current average lending interest rate is approximately 4.9 percent.

    The deposit interest rate for private customers has fallen by almost 0.7 percentage points

    Note:

    The figure shows the average interest rate on Danish private customers’ (employees, pensioners etc.) interest-bearing deposits (i.e., excluding deposits invested via pooling schemes). Find chart data in the Statbank.

    MIL OSI Global Banks –

    April 30, 2025

  • MIL-Evening Report: Older Australians are also hurting from the housing crisis. Where are the election policies to help them?

    Source: The Conversation (Au and NZ) – By Victoria Cornell, Research Fellow, Flinders University

    shutterstock beeboys/Shutterstock

    It would be impossible at this stage in the election campaign to be unaware that housing is a critical, potentially vote-changing, issue. But the suite of policies being proposed by the major parties largely focus on young, first home buyers.

    What is glaringly noticeable is the lack of measures to improve availability and affordability for older people.

    Modern older lives are diverse, yet older people have become too easily pigeonholed. No more so than in respect to property, where a perception has flourished that older people own more than their fair share of housing wealth.

    While the value of housing has no doubt increased, home ownership rates among people reaching retirement age has actually declined since the mid-1990s.

    Older people can also face rental stress and homelessness – with almost 20,000 homeless people in Australia aged over 55. Severe housing stress is a key contributing to those homelessness figures.

    It’s easy to blame older Australians for causing, or exacerbating, the housing crisis. But doing so ignores the fact that right now, our housing system is badly failing many older people too.

    No age limits

    Owning a home has traditionally provided financial security for retirees, especially ones relying on the age pension. This is so much so, that home ownership is sometimes described as the “fourth pillar” of Australia’s retirement system.

    But housing has become more expensive – to rent or buy – for everyone.

    Falling rates of home ownership
    combined with carriage of mortgage debt into retirement, restricted access to shrinking stocks of social housing, and lack of housing affordability in the private rental market have a particular impact on older people.

    Housing rethink

    Housing policy for older Australians has mostly focused on age-specific options, such as retirement villages and aged care. Taking such a limited view excludes other potential solutions from across the broader housing system that should be considered.

    Furthermore, not all older people want to live in a retirement village, and fewer than 5% of older people live in residential aged care.

    More than 20,000 older Australians are homeless, blamed in part on severe housing stress.
    Michael Heim/Shutterstock

    During my Churchill Fellowship study exploring alternative, affordable models of housing for older people, I discovered three cultural themes that are stopping us from having a productive conversation about housing for older people.

    • Australia’s tradition of home ownership undervalues renting and treats housing as a commodity, not a basic need. This disadvantages older renters and those on low income.

    • There’s a stigma regarding welfare in Australia, which influences who is seen as “deserving” and shapes the policy responses.

    • While widely encouraged, “ageing-in-place” means different things to different people. It can include formal facilities or the family home that needs modifications to make it habitable as someone ages.

    These themes are firmly entrenched, often driven by policy narratives such as the primacy of home ownership over renting. In the past 50 years or so, many have come to view welfare, such as social housing, as a last resort, and have aimed to age in their family home or move into a “desirable” retirement village.

    Variety is key

    A more flexible approach could deliver housing for older Australians that is more varied in design, cost and investment models.

    The promises made so far by political parties to help younger home buyers are welcome. However, the housing system is a complex beast and there is no single quick fix solution.

    First and foremost, a national housing and homelessness plan is required, which also involves the states and territories. The plan must include explicit consideration of housing options for older people.

    Funding for housing developments needs to be more flexible in terms of public-private sector investment and direct government assistance that goes beyond first home buyer incentives.

    International models

    For inspiration, we could look to Denmark, which has developed numerous co-housing communities.

    Co-housing models generally involve self-managing communities where residents have their own private, self-contained home, supported by communal facilities and spaces. They can be developed and designed by the owner or by a social housing provider. They can be age-specific or multi-generational.

    Australian policy makers could look to the success of social housing developments in Copenhagen, Denmark.
    ToniSo/Shutterstock

    Funding flexibility, planning and design are key to their success. Institutional investors include

    • so-called impact investors, who seek social returns and often accept lower financial returns

    • community housing providers

    • member-based organisations, such as mutuals and co-operatives.

    Government also plays a part by expediting the development process and providing new pathways to more affordable ownership and rental options.

    Europe is also leading the way on social housing, where cultural attitudes are different from here.

    In Vienna, Austria, more than 60% of residents live in 440,000 socially provided homes. These homes are available for a person’s entire life, with appropriate age-related modifications permitted if required.

    At over 20% of the total housing stock, social housing is also a large sector in Denmark, where the state and municipalities support the construction of non-profit housing.

    Overcoming stereotyes

    Our population is ageing rapidly, and more older people are now renting or facing housing insecurity.

    If policymakers continue to ignore their housing needs, even more older people will be at risk of living on the street, and as a result will suffer poor health and social isolation.

    Overcoming stereotypes – such as the idea that all older people are wealthy homeowners – is key to building fairer, more inclusive solutions.

    This isn’t just about older Australians. It’s about creating a housing system that works for everyone, at every stage of life.

    Victoria Cornell is employed by Flinders University, and received The AV Jennings Churchill Fellowship to investigate alternative, affordable models of housing that could help older Australians to age-in-place

    – ref. Older Australians are also hurting from the housing crisis. Where are the election policies to help them? – https://theconversation.com/older-australians-are-also-hurting-from-the-housing-crisis-where-are-the-election-policies-to-help-them-255391

    MIL OSI Analysis – EveningReport.nz –

    April 30, 2025

  • MIL-Evening Report: Inflation is easing, boosting the case for another interest rate cut in May

    Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

    Daria Nipot/Shutterstock

    Australia’s headline inflation rate held steady at a four-year low of 2.4% in the March quarter, according to official data, adding to the case for a cut in interest rates at the next Reserve Bank board meeting in May.

    A key measure of underlying inflation closely watched by the RBA fell to 2.9%, returning to within the 2-3% inflation target band for the first time since 2021.

    Food and beverages, tobacco, education and housing were the main contributors to the rise in the headline Consumer Price Index.

    Financial markets are pricing in a quarter-percentage point cut in the cash rate to 3.85% in May.

    The inflation report was the last piece of major economic data before Saturday’s federal election.

    Prices are still rising, just at a slower rate

    A fall in inflation does not mean prices are falling. Overall, prices are continuing to rise, but at a slower pace.

    Moreover, prices continue to rise at a higher rate for some things people notice most, such as meat, fruit and vegetables. Concerns about the high cost of living will not go away. But it is good news for households that prices are now rising less than wages, which are growing by 3.2%.

    Some of the CPI components rising fastest are services such as health, which rose 4.1% in the year to March, and education, up 5.7%.

    Rents increased by 5.5% over the year, still rapid but less than in 2023 and 2024. The movements differed across the country. Rents were up almost 9% in Perth but fell in Hobart.

    New home prices only rose by 1.4% over the year as project-home builders made promotional offers to attract buyers in a more subdued market.

    Some of the recent fall in inflation represents the effect of government measures such as temporary electricity rebates and lower public transport fares. These represent some relief for households from cost-of-living pressures. But they may obscure trends in underlying inflationary pressures.

    The Reserve Bank’s preferred measure of underlying inflation, the trimmed mean measure, removes such impacts by excluding items with the largest price movements up or down. This measure of inflation has fallen to 2.9%, back within the central bank’s target, from 3.3%.

    Green light for an interest rate cut

    Headline inflation is around the middle of the Reserve Bank’s 2-3% medium-term target band. The large 1% quarterly increase in the June quarter of 2024 will drop out of the next annual calculation. So inflation may soon be below the bottom of the band. This has been forecast by Westpac’s economics team (headed by former RBA assistant governor Luci Ellis), for example.

    In its most recent published forecast the Reserve Bank expected inflation to be 2.4% in June. So it may be pleased to see it already there for two quarters. It would also be relieved to see the underlying rate back within the target band.

    In February, Reserve Bank Governor Michele Bullock conceded the bank had arguably been “late raising interest rates on the way up”. It did not want to be late on the way down.

    At its April 1 meeting, the Reserve Bank board called the May 19-20 meeting “an opportune time to revisit the monetary policy setting with the benefit of additional data about inflation” and other factors.



    Read more:
    Reserve Bank holds rates steady, cautious about the economic outlook

    Global economic outlook darkens

    The outlook for global economic activity has weakened as the US’s trade war with China has escalated. The International Monetary Fund cut its forecast for global economic growth in 2025 from 3.3% to 2.8%.

    The negative outlook for the global economy and rising business uncertainty certainly adds weight to the case for an official interest rate cut. It would help Australian businesses weather a possible downturn.

    Tariff rises will push up inflation in the US. But there is a bipartisan commitment in Australia not to engage in retaliatory tariff increases. This means there will not be any such inflationary impetus here.

    Indeed, as Bullock pointed out in her April press conference, if China diverts exports that are effectively blocked from entering the US to Australia, then the US tariffs may lower inflationary pressures here.

    Concerns about the inflationary impact of a weaker Australian dollar have eased in recent days. The currency has rebounded to 64 US cents from its early April low of 59.5 US cents.

    The Reserve Bank will, as always, consider a wide range of information in deciding whether to cut interest rates in May. But the single most important piece of information is now giving it the green light.

    Market economists expect another couple of rate cuts in 2025 after May, depending on the impact of the erratic US economic policies on the global economy.

    What does it mean for the election?

    After the CPI release, Treasurer Jim Chalmers noted core inflation was at a three-year low. “This is a powerful demonstration of the progress that Australians have made together in the economy,” he said.

    Chalmers will be hoping the Reserve Bank and the electorate share his view. Labor is more likely to be re-elected if voters regard the cost-of-living pressures as abating.

    John Hawkins was previously a senior economist in the Reserve Bank.

    Stephen Bartos 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. Inflation is easing, boosting the case for another interest rate cut in May – https://theconversation.com/inflation-is-easing-boosting-the-case-for-another-interest-rate-cut-in-may-255116

    MIL OSI Analysis – EveningReport.nz –

    April 30, 2025

  • MIL-OSI Russia: The NSU History Museum exhibition “The Great Patriotic War in Faces. Novosibirsk State University” opened at NSU

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University –

    The exhibition presents the stories of people who directly participated in military actions or were engaged in scientific activities and made a tangible contribution to the victory of the people of the Soviet Union over fascist Germany. In total, the exhibition contains 126 portraits. Until May 23, the exhibition can be seen in the second-floor passage between the first and third blocks of the NSU Academic Building (1 Pirogova St.).

    — Of course, there are academicians here. For example, Mikhail Alekseevich Lavrentyev, Hero of Socialist Labor, laureate of the Lenin and State (Stalin) Prizes. He received some of these awards for his scientific contribution to the people’s victory. He was awarded the Order of the Patriotic War, Second Class, and five Orders of Lenin. His research and the cumulative shells he developed played a major role and influenced the outcome of the Battle of Kursk in 1943. Among the veterans, those people who made a significant contribution, there are many researchers. For example, Aleksey Andreyevich Lyapunov, Corresponding Member of the USSR Academy of Sciences. He was a very young lieutenant when, during offensive battles in the area of the Kursk Magnetic Anomaly, he made an adjustment for magnetic deviation in the artillery calculation, which ensured the success of the artillery preparation, — said Lidiya Vorobtsova, Director of the NSU History Museum.

    Another participant in the war was Samson Semenovich Kutateladze, an academician, founder of one of the leading scientific schools in thermal physics and hydrodynamics. He was at the front from August 1941 to May 1945. The legendary rector of NSU Spartak Timofeevich Belyaev, an academician, professor, has many awards, he went through the entire war and was demobilized with the rank of junior lieutenant.

    The exhibition presents stories not only of outstanding scientists and academicians, but also of those people who worked and taught at NSU. For example, Angelina Ivanovna Kuzmina is a linguist and participant in the Great Patriotic War.

    — I personally remember her very well. When I was studying at the Humanities Department, in the late 1970s — early 1980s, Angelina Ivanovna taught us German. She went through almost the entire war from the spring of 1942 until its end. She was a telegraph operator, a radio operator, and a communications platoon commander, and also worked as a translator during this period. She was a unique person, a candidate of philological sciences, an associate professor at our university. A very charming and positive-minded woman, — recalls Lidiya Vorobtsova.

    Luiza Stefanovna Bocharova is a candidate of economic sciences, a senior lecturer, and later an associate professor of the political economy department of our university. She worked in counterintelligence at the headquarters of the 2nd Air Army of the Southwestern Front, and later the 1st Ukrainian Front.

    The exhibition also features a portrait and history of Lev Yakovlevich Savelyev, a professor at the NSU Department of Higher Mathematics and a participant in the Great Patriotic War. Lev Yakovlevich was born in 1929 in Odessa. At the age of 14, he volunteered for the Red Army, and in a short period of time, he received the qualification of “3rd class radio operator-telegraphist” and the military rank of “corporal” at radio operator courses. After demobilization in August 1945, Lev Yakovlevich continued his studies at school, and two years later he became a student at the Mathematics Department of Moscow State University. After graduating from Moscow State University, he came to Novosibirsk, where NSU had just opened. He taught courses in mathematical and functional analysis, probability theory and mathematical statistics, random processes, and many others.

    We can literally talk for a very long time about each “hero” of the exhibition, because each one made their own contribution to the Victory.

    — I think that students, teachers, and staff will be very pleased to see and read about the people who are presented at the exhibition. In addition, we have two special pages on the website of the NSU History Museum. One is also dedicated to the participants of the Great Patriotic War, and the second page is called “War Participants Remember,” that is, these are memories of the war years. You can always go to the website of our museum and get to know them. The heroes of these stories describe their time and how they, still very young guys, many just after finishing school, went to war. Some left universities, some just graduated from university and went to the front at that time. Recently, we had an exhibition dedicated to the 100th anniversary of the birth of one of the oldest professors of the Humanities Institute, then the Humanities Faculty, Varlen Lvovich Soskin. In the exposition, we presented more extensive information about the period when he was at war. Overall, we have war photographs of about half of the war participants, so there is something to look at and appreciate, to be proud of those people who taught and worked at our university, and those thanks to whom we are now celebrating this wonderful holiday, Victory Day, – summed up Lidiya Vorobtsova.

    The exhibition materials were collected from several sources. These include materials from the NSU History Museum, personal files from the NSU archive, written memoirs of combatants, and photographs of the “Victory Relay” that took place in 2010. At one time, for the 30th anniversary of the Victory in 1975, a large stand was displayed on the wall near the Maltsevskaya Auditorium, which is located in the main, historical building of NSU, where about 70 war veterans were presented. The NSU History Museum supplemented this information over time. In addition to the materials from the 1970-80s exhibitions, the Museum staff analyzed reference publications for the 75th anniversary of the Great Victory, which also mention the stories of Siberian front-line soldiers. The NSU Social Management Department, which works directly with WWII veterans, helped to fill in some personal stories and also display them along with the portraits at the exhibition.

    Today’s exhibition presents the most complete information on the majority of those people who are associated with Novosibirsk State University and the Siberian Branch of Sciences of the Russian Academy of Sciences and who are direct participants in the Great Patriotic War or contributed to the Victory through their scientific work.

    In addition to portraits and stories of NSU employees, teachers and scientists, the exhibition features a digital panel with documents from the Novosibirsk Regional Archives, which are dedicated to the heroism of Siberians during the Great Patriotic War. The demonstration was organized by Andrey Vladimirovich Dmitriev, head of the Department of Russian History at the NSU Humanities Institute. The exhibition includes three expositions:

    “Breakthrough Division”

    The exhibition is dedicated to the combat path of the 133rd Rifle Division, later the 18th Guards Division, formed before 1941 in Novosibirsk and taking part in many battles of the Great Patriotic War. This division fought on the Kalinin Front in the autumn of 1941 and in the winter of 1941-1942 during the Battle of Moscow, participated in battles near Rzhev, in Belarus and the Baltics, and ended its journey on the territory of East Prussia.

    “Novosibirsk residents to the front”

    The exhibition presents materials related to the history of the 150th Rifle, then 22nd Guards Siberian Volunteer Division, created in Novosibirsk in the summer of 1942. Those people whose names are given to the streets of our city fought and died in its ranks: Mikhail Perevozchikov, Boris Bogatkov, Olga Zhilina.

    “Novosibirsk – a city of labor valor”

    The exhibition contains systematized data on the contribution of our fellow countrymen who remained in the rear to achieving Victory. Among them, one can highlight the collection of funds and voluntary donations, the production of weapons, the procurement of food and much more. All this data was collected and prepared by Novosibirsk historians and archivists to justify assigning Novosibirsk the title of “City of Labor Valor” in 2020.

    The exhibit files contain electronic copies of original archival documents, a number of unique photographs, text explanations and illustrative materials. The Novosibirsk Regional Archives exhibition will continue to work until May 12.

    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 –

    April 30, 2025

  • MIL-OSI Economics: Development Asia: Rethinking Personal Income Taxation in Asia and the Pacific: Future Directions

    Source: Asia Development Bank

    Personal income taxes remain weak in the developing countries of the region. Several factors have contributed to this weakness, including a rapidly changing economic environment. Traditional approaches to taxation, focused mainly on corporate tax incentives to attract foreign direct investment and layers of sometimes overlapping and poorly structured sales and international trade taxes, have failed to capture growing sources of personal income or address the gaps in the distribution of income and wealth.

    The weaknesses in tax policy are compounded by shortcomings in tax and customs administration. Labor forces characterized by widespread informality, a lack of a culture of tax compliance, and weak governance structures undermine the collection of revenues, especially of the personal income tax. Even when they can identify required reforms, tax and customs administrations often lack the political independence to implement them.

    Reform of the region’s personal income taxes presents an opportunity to bolster revenues and help address income and wealth inequality. A well-structured personal income tax system with broad bases and moderate and internationally competitive rates can facilitate higher growth and much-needed revenue to fund government spending. A progressive personal income tax (i.e., where the average tax rate rises with higher income) can contribute to the reduction of income and wealth inequality, especially when supported by adequate spending on human capacity development.

    The region has made significant, though widely varying efforts, to improve tax and customs administrations in recent years, including through institutional reorganization of tax administrations on a functional basis, better coordination between tax and customs administrations, and the creation of large taxpayer units. Countries in the region have focused on automating their systems, strengthening training and staff quality, and improving legal systems that underpin tax enforcement.

    In the region, improvements in the structure and administration of the personal income tax have facilitated sensible reforms of corporate income and broad-based sales taxes while allowing continued reduction of reliance on international trade taxes. In recent decades in the Asia and Pacific region, there has been some increase in reliance on personal income taxes, but the growth has been uneven and insufficient (Figure 1). In the region as a whole but excluding certain key countries, fiscal policies have contributed to some narrowing of income and wealth gaps (Figure 2).

    Figure 1: Tax Revenue by Source Comparison 2017-2021 to 2002-2006

    Notes: Appendix 1 in the original paper provides the economies by region. Data for the People’s Republic of China and India are missing. Data for East Asia include only Mongolia in 2006; thus, the comparison is limited. Table A1.2 in the original paper lists the economies by region. The percentage change in tax revenue by source compares each tax type’s average share of total tax revenue over two periods: 2002–2006 and 2017–2022.
    Source: OECD. Global Revenue Statistics Database (accessed 31 August 2024).

    Figure 2: Change in Market Gini Coefficients over Time in the Asia and Pacific Subregions

    Source: Standardized World Income Inequality Database Version 9.7 (accessed December 2023).

    MIL OSI Economics –

    April 30, 2025

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for April 30, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on April 30, 2025.

    Locked up for life? Unpacking South Australia’s new child sex crime laws
    Source: The Conversation (Au and NZ) – By Xanthe Mallett, Criminologist, CQUniversity Australia Melnikov Dmitriy/Shutterstock It’s election time, which means the age old “tough on crime” rhetoric is being heralded by many politicians aiming to score votes. Opposition leader Peter Dutton is pushing for a national public sex offender register. Currently only Western Australia has

    Why do dogs eat poo? A canine scientist explains
    Source: The Conversation (Au and NZ) – By Mia Cobb, Research Fellow, Animal Welfare Science Centre, The University of Melbourne nygi/Unsplash When miniature dachshund Valerie was captured after 529 days alone in the wilds of Australia’s Kangaroo Island, experts speculated she survived partly by eating other animals’ poo. While this survival tactic may have saved

    On ‘moral panic’ and the courage to speak – the West’s silence on Gaza
    Palestinians do not have the luxury to allow Western moral panic to have its say or impact. Not caving in to this panic is one small, but important, step in building a global Palestine network that is urgently needed, writes Dr Ilan Pappé ANALYSIS: By Ilan Pappé Responses in the Western world to the genocide

    Sick of eating the same things? 5 ways to boost your nutrition and keep meals interesting and healthy
    Source: The Conversation (Au and NZ) – By Clare Collins, Laureate Professor in Nutrition and Dietetics, University of Newcastle Loquellano/Pexels Did you start 2025 with a promise to eat better but didn’t quite get there? Or maybe you want to branch out from making the same meal every week or the same lunch for work

    Peace in our time? Why NZ should resist Trump’s one-sided plan for Ukraine
    Source: The Conversation (Au and NZ) – By Robert G. Patman, Professor of International Relations, University of Otago GettyImages Getty Images Is it possible to reconcile increased international support for Ukraine with Donald Trump’s plan to end the war? At their recent meeting in London, Christopher Luxon and his British counterpart Keir Starmer seemed to

    ‘A living collective’: study shows trees synchronise electrical signals during a solar eclipse
    Source: The Conversation (Au and NZ) – By Monica Gagliano, Research Associate Professor in Evolutionary Biology, Southern Cross University Zenit Arti Audiovisive Earth’s cycles of light and dark profoundly affect billions of organisms. Events such as solar eclipses are known to bring about marked shifts in animals, but do they have the same effect on

    Greenpeace slams deep sea mining bid as ‘rogue’ disregard for global law
    By Reza Azam Greenpeace has condemned an announcement by The Metals Company to submit the first application to commercially mine the seabed. “The first application to commercially mine the seabed will be remembered as an act of total disregard for international law and scientific consensus,” said Greenpeace International senior campaigner Louisa Casson. “This unilateral US

    State of the states: the campaign is almost over, so how has it played out across Australia?
    Source: The Conversation (Au and NZ) – By David Clune, Honorary Associate, Government and International Relations, University of Sydney While many Australians have already voted at pre-poll stations and by post, the politicking continues right up until May 3. So what’s happened across the country over the past five weeks? Here, six experts analyse how

    ‘No compassion… just blame’: how weight stigma in maternity care harms larger-bodied women and their babies
    Source: The Conversation (Au and NZ) – By Briony Hill, Deputy Head, Health and Social Care Unit and Senior Research Fellow, Monash University Kate Cashin Photography According to a study from the United States, women experience weight stigma in maternity care at almost every visit. We expect this experience to be similar in Australia, where

    Renewables, coal or nuclear? This election, your generation’s energy preference may play a surprising role
    Source: The Conversation (Au and NZ) – By Magnus Söderberg, Professor & Director, Centre for Applied Energy Economics and Policy Research, Griffith University Christie Cooper/Shutterstock In an otherwise unremarkable election campaign, the major parties are promising sharply different energy blueprints for Australia. Labor is pitching a high-renewables future powered largely by wind, solar, hydroelectricity and

    Trump says diversity initiatives undermine merit. Decades of research show this is flawed
    Source: The Conversation (Au and NZ) – By Paula McDonald, Professor of Work and Organisation, Queensland University of Technology Pixel-Shot/Shutterstock US President Donald Trump declared earlier this year he would forge a “colour blind and merit-based society”. His executive order was part of a broader policy directing the US military, federal agencies and other public

    Housing affordability is at the centre of this election, yet two major reforms seem all but off-limits
    Source: The Conversation (Au and NZ) – By Matt Garrow, Editorial Web Developer This federal election, both major parties have offered a “grab bag” of policy fixes for Australia’s stubborn housing affordability crisis. But there are still two big policy elephants in the room, which neither side wants to touch. The first is negative gearing.

    The Vietnam War ended 50 years ago today, yet films about the conflict still struggle to capture its complexities
    Source: The Conversation (Au and NZ) – By Scarlette Nhi Do, Sessional Academic, The University of Melbourne Scene from Apocalypse Now (1979) Prime Video The Vietnam War (1955–1975) was more than just a chapter in the Cold War. For some, it was supposed to achieve Vietnam’s right to self-determination. For others, it was an attempt

    Willis warns of a ‘tight’ budget to come, but NZ should be going for productivity, not austerity
    Source: The Conversation (Au and NZ) – By Dennis Wesselbaum, Associate Professor, Department of Economics, University of Otago Hagen Hopkins/Getty Images Finance Minister Nicola Willis has warned her 2025 “Growth Budget” will be “one of the tightest budgets in a decade”, with plans to reduce spending by billions. It’s clear New Zealand is following a

    50 years after the ‘fall’ of Saigon – from triumph to Trump
    30 April 1975. Saigon Fell, Vietnam Rose. The story of Vietnam after the US fled the country is not a fairy tale, it is not a one-dimensional parable of resurrection, of liberation from oppression, of joy for all — but there is a great deal to celebrate. After over a century of brutal colonial oppression

    Labor maintains clear lead in all polls and is likely to win election
    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne Labor leads by between 52–48 and 53–47 in four new national polls from Resolve, Essential, Morgan and DemosAU. While Labor’s vote slumped from a high 55.5–44.5 in

    Election Diary: Albanese will be encouraged by ‘Trump’ effect in helping Canadian Liberals to victory
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Labor will be encouraged by the Liberals’ victory in Canada’s election, undoubtedly much helped by US President Donald Trump. Trump’s extraordinary attack on the United States’ northern ally, with his repeated suggestion Canada should be the 51st American state, galvanised

    French Minister Valls warns New Caledonia is ‘on a tightrope’, pleads for ‘innovative’ solutions
    By Patrick Decloitre, RNZ Pacific correspondent French Pacific desk French Minister for Overseas Manuel Valls, who is visiting New Caledonia this week for the third time in two months, has once again called on all parties to live up to their responsibilities in order to make a new political agreement possible. Failing that, he said

    Did ‘induced atmospheric vibration’ cause blackouts in Europe? An electrical engineer explains the phenomenon
    Source: The Conversation (Au and NZ) – By Mehdi Seyedmahmoudian, Professor of Electrical Engineering, School of Engineering, Swinburne University of Technology The lights are mostly back on in Spain, Portugal and southern France after a widespread blackout on Monday. The blackout caused chaos for tens of millions of people. It shut down traffic lights and

    Tarakinikini appointed as Fiji’s ambassador-designate to Israel
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    MIL OSI Analysis – EveningReport.nz –

    April 30, 2025

  • MIL-OSI New Zealand: Community support for Auckland’s Annual Plan

    Source: Auckland Council

    Aucklanders have had their say on the 2025/2026 Annual Plan, with more than 13,000 pieces of feedback received during the recent consultation, and council hearing from individual Aucklanders, groups and organisations.

    This continues a trend of increased engagement with Auckland Council plans in recent years, with the latest feedback coming from a wide range of Aucklanders by age, ethnic group and parts of the region.

    The consultation, held in March, invited all Aucklanders to share their views on Auckland Council’s proposed Annual Plan 2025/2026.

    The draft plan focuses on delivering the second year of the Long-term Plan 2024-2034 and included an opportunity to consider the funding of events and destination marketing, and the priorities of local boards.

    The feedback shows support for the overall plan, including the bed night visitor levy concept and extending the refuse targeted rate to Franklin and Rodney areas. Feedback on each local board’s priorities will also be shared with those boards.

    Mayor Wayne Brown said submissions showed a majority support for the overall direction of the council’s annual plan.

    “This tells me that we’re on track with delivering what we said we would in the LTP. We are investing in every area we said we would while keeping rates as low as possible. In fact, the lowest for any metropolitan city in New Zealand.”

    Overall, the Annual Plan 2025-2026 consultation showed – of those individuals who addressed the plan overall – that 27 per cent support all of the proposed plan; 45 per cent support most of the plan; 15 per cent did not support most of it; 7 per cent do not support any of the plan and 6 per cent don’t know.

    A possible bed night visitor levy to help fund destination marketing and events was supported by 60 per cent of individuals who responded on the issue; 27 per cent did not support it; and 13 per cent submitted ‘other’ or ‘don’t know’.

    The majority of organisations and Māori which responded on the bed night visitor levy also supported it.

    Budget Committee chair Greg Sayers says it is great to see such a wide range of Aucklanders getting involved in giving feedback.

    “It’s positive to see Aucklanders taking the time to read our plans and give feedback on the aspects that are important to them. That can now be included in the decision-making process,” said Mr Sayers.

    “The feedback is a good representation of our communities – participation was spread across our local board areas and demographics, such as age and ethnicity.

    “While the Annual Plan 2025/2026 is all about delivering on the second year of our long-term plan, with no significant changes to investment or services, we wanted to check in with all Aucklanders to ensure the plan and priorities are on the right track.

    “We had 13,000 pieces of feedback, which is our second highest for an annual plan and the highest ever for the first year after a long-term plan. It’s the equivalent population of Oamaru or Te Awamutu having their say.”

    General feedback provided

    Many Aucklanders also took the opportunity to provide general feedback on other issues on their minds.

    Extending the refuse targeted rate to Franklin and Rodney saw 57 per cent of individuals who responded on this issue supporting it, 21 per cent not in support and 22 per cent submitting ‘other’ or don’t know.  The rate funds waste collection in most local boards.

    Many individual submitters in support of the overall plan offered additional feedback. Of those, 24 per cent of those individuals who submitted in favour of the overall plan and provided a comment cited the need for improved public transport and its funding; 19 per cent shared concerns on rates increases; and another 19 per cent highlighted the need to invest in core infrastructure.

    Organisations emphasised fairer community funding (including support for the fairer funding model for local boards and concerns about its redistributive effects), investment in infrastructure, and suggested greater community involvement in planning for the annual plan.

    So what’s in the proposed annual plan?

    The plan sets out the council’s proposed services and investments for the 2025/2026 year and how Auckland Council intends to pay for these, including a 5.8 per cent rates increase for the average value residential property, which is in line with the long-term plan.

    Feedback was also sought on major events and destination marketing for the region. To help cover a shortfall in funding that was outlined in the long-term plan, the council has been seeking a bed night visitor levy.  The levy would meet the shortfall and fund even more destination management, marketing and major events activities in Auckland.

    A fairer funding approach will begin to be phased in for the Annual Plan 2025/2026 to enable local boards to better respond to their communities, by addressing funding imbalances between the 21 local boards. Each local board’s priorities for the year were included in the Consultation Document.

    Proposed changes to targeted rates, fees and charges were set out in the consultation. This included extending the targeted rate for refuse to Franklin and Rodney. There are also some changes for fees relating to additional council services, such as dog adoption, cemetery and cremation, and bach fees.

    Information on the Annual Plan 2025/2026 is available at akhaveyoursay.nz/ourplan.

    The council’s Budget Committee and Governing Body will consider the Annual Plan in May and June, with the plan to be implemented for the financial year beginning July 1.

    Consultation feedback

    Summary of statistics:

    • 13,016 pieces of feedback:
      • 3001 at in-person events
      • 222 organisations
      • 13 mana whenua
      • 9 other Maori entities.
    • 9006 individual responses on the overall plan:
      • 27% support all of the proposed plan
      • 45% support most of the plan
      • 15% do not support most of the plan
      • 7% don’t support any of the plan
      • 6% don’t know.
    • 131 organisation responses on the overall plan:
      • 15% support all of the proposed plan
      • 66% support most of the plan
      • 12% do not support most of the plan
      • 2% don’t support any of the plan
      • 5% don’t know.
    • 13 mana whenua responses on the overall plan:
      • 2 support all of the proposed plan
      • 3 support most of the plan
      • 2 did not support most of the plan
      • 6 did not provide a clear stance on the plan overall.
    • 9 Maori organisations’ responses on the overall plan:
    • 6 support all of the proposed plan
    • 3 support most of the plan
    • 3 did not provide a clear stance on the plan overall.

    MIL OSI New Zealand News –

    April 30, 2025

  • MIL-OSI: Sound Financial Bancorp, Inc. Q1 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, April 29, 2025 (GLOBE NEWSWIRE) — Sound Financial Bancorp, Inc. (the “Company”) (Nasdaq: SFBC), the holding company for Sound Community Bank (the “Bank”), today reported net income of $1.2 million for the quarter ended March 31, 2025, or $0.45 diluted earnings per share, as compared to net income of $1.9 million, or $0.74 diluted earnings per share, for the quarter ended December 31, 2024, and $770 thousand, or $0.30 diluted earnings per share, for the quarter ended March 31, 2024. The Company also announced today that its Board of Directors declared a cash dividend on the Company’s common stock of $0.19 per share, payable on May 23, 2025 to stockholders of record as of the close of business on May 9, 2025.

    Comments from the President / Chief Executive Officer and Chief Financial Officer

    “Despite ongoing economic uncertainty, we remained focused on lowering our cost of deposits and originating new loans at higher rates, which contributed to a 12-basis point improvement in our net interest margin compared to the prior quarter. This reflects the team’s strong efforts to build full banking relationships by addressing both the lending and deposit needs of our consumer and business clients,” remarked Laurie Stewart, President and Chief Executive Officer.

    “We continue to prioritize expense management, even though expenses increased compared to the previous quarter. The quarter-over-quarter increase was largely due to typical year-end accrual adjustments and annual expenses that are recognized in the first quarter. However, when compared to the first quarter of 2024, we have seen reductions in combined salaries and benefits, and operational expenses, thanks to our investments in technology. We also expect the year-over-year growth in data processing costs to moderate as the year progresses,” explained Wes Ochs, Executive Vice President and Chief Financial Officer.

    Mr. Ochs continued, “While we did see an increase in nonperforming loans this quarter mainly due to two specific credits, one of which has since been repaid, we have not observed broader signs of stress in the loan portfolio. Importantly, we also successfully exited a $17 million loan that had been rated as special mention, which contributed to the decline in overall loan balances. Notably, 83% of our nonperforming loans are tied to just four loans, each with its own unique circumstances. These loans are well-secured, and we are actively working toward resolutions in the near-term.”

     

    Q1 2025 Financial Performance
    Total assets increased $75.6 million or 7.6% to $1.07 billion at March 31, 2025, from $993.6 million at December 31, 2024, and decreased $17.5 million or 1.6% from $1.09 billion at March 31, 2024.     Net interest income decreased $149 thousand or 1.8% to $8.1 million for the quarter ended March 31, 2025, from $8.2 million for the quarter ended December 31, 2024, and increased $611 thousand or 8.2% from $7.5 million for the quarter ended March 31, 2024.
           
    Loans held-for-portfolio decreased $13.9 million or 1.5% to $886.2 million at March 31, 2025, compared to $900.2 million at December 31, 2024, and decreased $11.7 million or 1.3% from $897.9 million at March 31, 2024.      Net interest margin (“NIM”), annualized, was 3.25% for the quarter ended March 31, 2025, compared to 3.13% for the quarter ended December 31, 2024 and 2.95% for the quarter ended March 31, 2024.
           
    Total deposits increased $72.5 million or 8.7% to $910.3 million at March 31, 2025, from $837.8 million at December 31, 2024, and decreased $6.5 million or 0.7% from $916.9 million at March 31, 2024. Noninterest-bearing deposits decreased $5.8 million or 4.4% to $126.7 million at March 31, 2025 compared to $132.5 million at December 31, 2024, and decreased $2.0 million or 1.5% compared to $128.7 million at March 31, 2024.      A $203 thousand release of provision for credit losses was recorded for the quarter ended March 31, 2025, compared to a $14 thousand provision and a $33 thousand release of provision for credit losses for the quarters ended December 31, 2024 and March 31, 2024, respectively. At March 31, 2025, the allowance for credit losses on loans to total loans outstanding was 0.95%, compared to 0.94% at December 31, 2024 and 0.96% at March 31, 2024.
           
    The loans-to-deposits ratio was 98% at March 31, 2025, compared to 108% at December 31, 2024 and 98% at March 31, 2024.      Total noninterest income decreased $62 thousand or 5.3% to $1.1 million for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024, and was virtually unchanged compared to the quarter ended March 31, 2024.
           
    Total nonperforming loans increased $2.2 million or 28.9% to $9.7 million at March 31, 2025, from $7.5 million at December 31, 2024, and increased $600 thousand or 6.6% from $9.1 million at March 31, 2024. Nonperforming loans to total loans was 1.09% and the allowance for credit losses on loans to total nonperforming loans was 86.95% at March 31, 2025.      Total noninterest expense increased $856 thousand or 12.1% to $7.9 million for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024, and increased $258 thousand or 3.4% compared to the quarter ended March 31, 2024.
           
           The Bank continued to maintain capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at March 31, 2025.

    Operating Results

    Net Interest Income after (Release of) Provision for Credit Losses

        For the Quarter Ended   Q1 2025 vs. Q4 2024   Q1 2025 vs. Q1 2024
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		   Amount
    ($)    		   Percentage (%)   Amount
    ($)    		   Percentage (%)
        (Dollars in thousands, unaudited)
    Interest income   $ 13,706     $ 14,736   $ 13,760     $ (1,030 )   (7.0) %   $ (54 )   (0.4) %
    Interest expense     5,635       6,516     6,300       (881 )   (13.5) %     (665 )   (10.6) %
    Net interest income     8,071       8,220     7,460       (149 )   (1.8) %     611     8.2 %
    (Release of) provision for credit losses     (203 )     14     (33 )     (217 )   (1550.0) %     (170 )   515.2 %
    Net interest income after (release of) provision for credit losses     8,274       8,206     7,493       68     0.8 %     781     10.4 %
                                                       

    Q1 2025 vs Q4 2024

    The decrease in interest income from the prior quarter was primarily due to a lower average balance of loans, investments and interest-earning cash, an eight basis point decline in the average yield on loans, a 41 basis point decline in the average yield on interest-bearing cash, and a 57 basis point decline in the average yield on investments.

    Interest income on loans decreased $482 thousand, or 3.7%, to $12.6 million for the quarter ended March 31, 2025, compared to $13.1 million for the quarter ended December 31, 2024. The average balance of total loans was $896.8 million for the quarter ended March 31, 2025, down from $900.8 million for the quarter ended December 31, 2024. The decrease in the average balance of total loans was primarily due to declines in construction and land loans and one-to-four family loans, offset by growth in commercial and multifamily loans and home equity loans. The average balances for manufactured home loans, floating home loans, commercial business loans, and other consumer loans remained relatively flat from the fourth quarter of 2024. The average yield on total loans was 5.69% for the quarter ended March 31, 2025, down from 5.77% for the quarter ended December 31, 2024. The decline was primarily due to interest that was reversed on nonaccrual loans during the first quarter, as well as interest that had been recognized on those loans in the fourth quarter. This was partly offset by new loans being made at higher interest rates and some variable-rate loans adjusting upward. Interest income on investments was $108 thousand for the quarter ended March 31, 2025, compared to $132 thousand for the quarter ended December 31, 2024. Interest income on interest-bearing cash decreased $524 thousand to $1.0 million for the quarter ended March 31, 2025, compared to $1.5 million for the quarter ended December 31, 2024. This decrease was a result of both lower average yields and average balances during the quarter.

    The decrease in interest expense during the current quarter from the prior quarter was primarily the result of lower average balances and rates paid on all categories of interest-bearing deposits. The average cost of deposits was 2.37% for the quarter ended March 31, 2025, down from 2.58% for the quarter ended December 31, 2024 as higher costing deposits repriced lower due to market interest rate cuts beginning in September 2024. The average cost of FHLB advances was 4.25% for the quarter ended March 31, 2025, down from 4.31% for the quarter ended December 31, 2024.

    A release of provision for credit losses of $203 thousand was recorded for the quarter ended March 31, 2025, consisting of a release of provision for credit losses on loans of $85 thousand and a release of provision for credit losses on unfunded loan commitments of $118 thousand. This compared to a provision for credit losses of $14 thousand for the quarter ended December 31, 2024, consisting of a release of provision for credit losses on loans of $73 thousand and a provision for credit losses on unfunded loan commitments of $87 thousand. The decrease in the provision for credit losses for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 resulted primarily from a smaller loan portfolio and a reduced balance of unfunded commitments, partially offset by an additional qualitative adjustment applied to certain loan segments, specifically consumer and construction loans, reflecting increased uncertainty in market conditions tied to the impact of tariffs and other external factors affecting our clients. Expected credit loss estimates consider various factors, including market conditions, borrower-specific information, projected delinquencies, and anticipated effects of economic trends on borrowers’ ability to repay.

    Q1 2025 vs Q1 2024

    Interest income on loans increased $355 thousand, or 2.9%, to $12.6 million for the quarter ended March 31, 2025, compared to $12.2 million for the quarter ended March 31, 2024. The average balance of total loans was $896.8 million for the quarter ended March 31, 2025, up from $895.4 million for the quarter ended March 31, 2024. The average yield on total loans was 5.69% for the quarter ended March 31, 2025, up from 5.49% for the quarter ended March 31, 2024. The increase in the average loan yield during the current quarter, compared to the same quarter in 2024, was primarily due to the origination of new loans at higher interest rates. Additionally, variable-rate loans resetting to higher rates contributed to the increase in average yield compared to the first quarter of 2024. Interest income on investments was $108 thousand for the quarter ended March 31, 2025, compared to $111 thousand for the quarter ended March 31, 2024. Interest income on interest-bearing cash decreased $406 thousand to $1.0 million for the quarter ended March 31, 2025, compared to $1.4 million for the quarter ended March 31, 2024. The decrease was a result of both a lower average yield and average balance.

    The decrease in interest expense during the current quarter from the same quarter a year ago was primarily the result of a $18.9 million decrease in the average balance of interest-bearing demand and NOW accounts, a $25.5 million decrease in the average balance of certificate accounts, and a $15.0 million decrease in the average balance of FHLB advances, as well as lower average rates paid on all categories of interest-bearing deposits; resulting from lower market interest rates generally. These average-balance decreases were partially offset by a $51.0 million increase in the average balance of savings and money market accounts. The average cost of deposits was 2.37% for the quarter ended March 31, 2025, down from 2.57% for the quarter ended March 31, 2024. The average cost of FHLB advances was 4.25% for the quarter ended March 31, 2025, down from 4.31% for the quarter ended March 31, 2024.

    A release of provision for credit losses of $203 thousand was recorded for the quarter ended March 31, 2025, consisting of a release of provision for credit losses on loans of $85 thousand and a release of provision for credit losses on unfunded loan commitments of $118 thousand. This compared to a release of provision for credit losses of $33 thousand for the quarter ended March 31, 2024, consisting of a release of provision for credit losses on loans of $106 thousand and a provision for credit losses on unfunded loan commitments of $73 thousand. The larger release recorded in the current quarter primarily reflected the factors discussed above.

    Noninterest Income

        For the Quarter Ended   Q1 2025 vs. Q4 2024   Q1 2025 vs. Q1 2024
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		   Amount
    ($)    		   Percentage (%)   Amount
    ($)    		   Percentage (%)
        (Dollars in thousands, unaudited)
    Service charges and fee income   $ 684     $ 619   $ 612     $ 65     10.5 %   $ 72     11.8 %
    Earnings on bank-owned life insurance (“BOLI”)     195       127     177       68     53.5 %     18     10.2 %
    Mortgage servicing income     269       277     282       (8 )   (2.9) %     (13 )   (4.6) %
    Fair value adjustment on mortgage servicing rights     (99 )     77     (65 )     (176 )   (228.6) %     (34 )   52.3 %
    Net gain on sale of loans     49       53     90       (4 )   (7.5) %     (41 )   (45.6) %
    Other income     —       7     —       (7 )   (100.0) %     —     100.0 %
    Total noninterest income   $ 1,098     $ 1,160   $ 1,096     $ (62 )   (5.3) %   $ 2     0.2 %
     

    Q1 2025 vs Q4 2024

    The decrease in noninterest income during the current quarter compared to the quarter ended December 31, 2024 was primarily related to

    • a $176 thousand downward adjustment in fair value of mortgage servicing rights due to a smaller servicing portfolio, partially offset by :
    • an increase of $68 thousand in earnings from BOLI primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter, offset by fluctuations in financial markets which decreased the values of policies; and
    • a $65 thousand increase in service charges and fee income due to a volume incentive paid by Mastercard in the first quarter of 2025 and higher interchange income.

    Loans sold during the quarter ended March 31, 2025, totaled $2.0 million, compared to $3.5 million and $4.2 million of loans sold during the quarters ended December 31, 2024 and March 31, 2024, respectively.

    Q1 2025 vs Q1 2024

    The increase in noninterest income during the current quarter compared to the quarter ended March 31, 2024 was primarily due to

    • a $72 thousand increase in service charges and fee income primarily due to the reasons noted above, and
    • an $18 thousand increase in earnings from BOLI primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter, offset by fluctuations in financial markets, which reduced the values of policies. The increases in service charges and fee income and in earnings from BOLI were partially offset by
    • a $13 thousand decrease in mortgage servicing income as a result of the portfolio paying down at a faster rate than originations replace repayments;
    • a $34 thousand decrease in the fair value adjustment on mortgage servicing rights due to a smaller servicing portfolio; and
    • a $41 thousand decrease in net gain on sale of loans due to fewer loans sold.

    Noninterest Expense

        For the Quarter Ended   Q1 2025 vs. Q4 2024   Q1 2025 vs. Q1 2024
        March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		   Amount
    ($)    		   Percentage (%)   Amount
    ($)    		   Percentage (%)
        (Dollars in thousands, unaudited)
    Salaries and benefits   $ 4,595   $ 3,920     $ 4,543   $ 675   17.2 %   $ 52     1.1 %
    Operations     1,365     1,329       1,457     36   2.7 %     (92 )   (6.3) %
    Regulatory assessments     221     189       189     32   16.9 %     32     16.9 %
    Occupancy     437     409       444     28   6.8 %     (7 )   (1.6) %
    Data processing     1,293     1,232       1,017     61   5.0 %     276     27.1 %
    Net loss (gain) on OREO and repossessed assets     3     (21 )     6     24   (114.3) %     (3 )   (50.0) %
    Total noninterest expense   $ 7,914   $ 7,058     $ 7,656   $ 856   12.1 %   $ 258     3.4 %
     

    Q1 2025 vs Q4 2024

    The increase in noninterest expense during the current quarter from the quarter ended December 31, 2024 was primarily a result of:

    • a $675 thousand increase in salaries and benefits related to higher salaries expense, partially due to accrual reversals in the fourth quarter 2024, along with an annual deferred compensation contribution for key executives made in the first quarter of each year, higher 401(k) contributions, and higher payroll taxes related to annual bonus payments;
    • a $32 thousand increase in regulatory assessments due to a higher estimated accrual for exam costs;
    • a $28 thousand increase in occupancy due to higher annual property charges and maintenance fees recognized in the first quarter;
    • a $61 thousand increase in data processing due to higher vendor fees associated with annual subscription renewals; and
    • a $24 thousand increase in OREO and repossessed assets due to the addition of a new property in the first quarter of 2025 and the absence of property sales in the prior quarter.

    Q1 2025 vs Q1 2024

    The increase in noninterest expense during the current quarter from the quarter ended March 31, 2024 was primarily a result of:

    • a $276 thousand increase in data processing expenses due to various project implementations that began amortizing in the third quarter of 2024 and the reimbursement of expenses by a software vendor in the first quarter of 2024;
    • a $32 thousand increase in regulatory assessment expenses due to a higher estimated accrual for exam costs.

    These increases were partially offset by a $92 thousand decrease in operations expense, primarily due to the recognition of annual fee reimbursements from Mastercard beginning in the first quarter of 2025 and lower expenses across various accounts resulting from ongoing cost saving initiatives and process improvements.

    Balance Sheet Review, Capital Management and Credit Quality

    Assets at March 31, 2025 totaled $1.07 billion, up from $993.6 million at December 31, 2024 and down from $1.09 billion at March 31, 2024. The increase in total assets from December 31, 2024 was primarily due to an increase in cash and cash equivalents, partially offset by a lower balance of loans held-for-portfolio. The decrease from one year ago was primarily a result of lower balances of cash and cash equivalents and loans held-for-portfolio.

    Cash and cash equivalents increased $87.9 million, or 201.3%, to $131.5 million at March 31, 2025, compared to $43.6 million at December 31, 2024, and decreased $6.5 million, or 4.7%, from $138.0 million at March 31, 2024. The increased cash and cash equivalents from the prior quarter-end was primarily due to the strategic decision to sell reciprocal deposits at the end of 2024, which reduced our cash balances. These reciprocal deposits returned to our balance sheet in the first quarter of 2025.

    Investment securities decreased $110 thousand, or 1.1%, to $9.8 million at March 31, 2025, compared to $9.9 million at December 31, 2024, and decreased $462 thousand, or 4.5%, from $10.3 million at March 31, 2024, as pay-offs and paydowns of investments exceeded new purchases. Held-to-maturity securities totaled $2.1 million at both March 31, 2025 and December 31, 2024, and totaled $2.2 million at March 31, 2024. Available-for-sale securities totaled $7.7 million at March 31, 2025, compared to $7.8 million at December 31, 2024 and $8.1 million at March 31, 2024.

    Loans held-for-portfolio were $886.2 million at March 31, 2025, compared to $900.2 million at December 31, 2024 and $897.9 million at March 31, 2024. The decrease from both prior dates was primarily due to the payoff during the first quarter of 2025 of one $17.0 million loan that was risk rated special mention.

    Nonperforming assets (“NPAs”), which are comprised of nonaccrual loans (including nonperforming modified loans), other real estate owned (“OREO”) and other repossessed assets, increased $2.2 million, or 29.4%, to $9.7 million at March 31, 2025, from $7.5 million at December 31, 2024 and decreased $49 thousand, or 0.5%, from $9.7 million at March 31, 2024. The increase in NPAs from December 31, 2024 was primarily due to the addition of six loans totaling $2.4 million to nonaccrual status, including two commercial real estate loans of $1.1 million and $988 thousand. The increase also included $41 thousand of other real estate owned properties. These additions were partially offset by $207 thousand in regular loan payments. Subsequent to quarter-end, the $988 thousand commercial real estate loan added during the quarter was paid-off. The decrease in NPAs from one year ago was primarily due to payoffs totaling $2.1 million, the return of $522 thousand of loans to accrual status, the sale of two other real estate owned properties for $690 thousand, and regular loan payments. These decreases were partially offset by the placement of an additional $3.6 million of loans on nonaccrual status, which included the two commercial real estate loans noted above.

    NPAs to total assets were 0.91%, 0.75% and 0.90% at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The allowance for credit losses on loans to total loans outstanding was 0.95% at March 31, 2025, compared to 0.94% at December 31, 2024 and 0.96% at March 31, 2024. Net loan charge-offs for the first quarter of 2025 totaled $21 thousand, compared to $13 thousand for the fourth quarter of 2024, and $56 thousand for the first quarter of 2024.

    The following table summarizes our NPAs at the dates indicated (dollars in thousands):

      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Nonperforming Loans:                  
    One-to-four family $ 762     $ 537     $ 745     $ 822     $ 835  
    Home equity loans   368       298       338       342       83  
    Commercial and multifamily   5,627       3,734       4,719       5,161       4,747  
    Construction and land   22       24       25       28       29  
    Manufactured homes   501       521       230       136       166  
    Floating homes   2,363       2,363       2,377       2,417       3,192  
    Commercial business   —       11       23       —       —  
    Other consumer   10       3       32       3       1  
    Total nonperforming loans   9,653       7,491       8,489       8,909       9,053  
    OREO and Other Repossessed Assets:                  
    Commercial and multifamily   —       —       —       —       575  
    Manufactured homes   41       —       115       115       115  
    Total OREO and repossessed assets   41       —       115       115       690  
    Total NPAs $ 9,694     $ 7,491     $ 8,604     $ 9,024     $ 9,743  
                       
    Percentage of Nonperforming Loans:                  
    One-to-four family   7.9 %     7.3 %     8.7 %     9.1 %     8.5 %
    Home equity loans   3.8       4.0       3.9       3.8       0.9  
    Commercial and multifamily   58.0       49.8       54.8       57.2       48.7  
    Construction and land   0.2       0.3       0.3       0.3       0.3  
    Manufactured homes   5.2       7.0       2.7       1.5       1.7  
    Floating homes   24.4       31.5       27.6       26.8       32.8  
    Commercial business   —       0.1       0.3       —       —  
    Other consumer   0.1       —       0.4       —       —  
    Total nonperforming loans   99.6       100.0       98.7       98.7       92.9  
    Percentage of OREO and Other Repossessed Assets:                  
    Commercial and multifamily   —       —       —       —       5.9  
    Manufactured homes   0.4       —       1.3       1.3       1.2  
    Total OREO and repossessed assets   0.4       —       1.3       1.3       7.1  
    Total NPAs   100.0 %     100.0 %     100.0 %     100.0 %     100.0 %
     

    The following table summarizes the allowance for credit losses at the dates and for the periods indicated (dollars in thousands, unaudited):

      At or For the Quarter Ended:
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Allowance for Credit Losses on Loans                  
    Balance at beginning of period $ 8,499     $ 8,585     $ 8,493     $ 8,598     $ 8,760  
    (Release of) provision for credit losses during the period   (85 )     (73 )     106       (88 )     (106 )
    Net charge-offs during the period   (21 )     (13 )     (14 )     (17 )     (56 )
    Balance at end of period $ 8,393     $ 8,499     $ 8,585     $ 8,493     $ 8,598  
    Allowance for Credit Losses on Unfunded Loan Commitments                  
    Balance at beginning of period $ 234     $ 147     $ 245     $ 266     $ 193  
    Provision for (release of) provision for credit losses during the period   (118 )     87       (98 )     (21 )     73  
    Balance at end of period   116       234       147       245       266  
    Allowance for Credit Losses $ 8,509     $ 8,733     $ 8,732     $ 8,738     $ 8,864  
    Allowance for credit losses on loans to total loans   0.95 %     0.94 %     0.95 %     0.96 %     0.96 %
    Allowance for credit losses to total loans   0.96 %     0.97 %     0.97 %     0.98 %     0.99 %
    Allowance for credit losses on loans to total nonperforming loans   86.95 %     113.46 %     101.13 %     95.33 %     94.97 %
    Allowance for credit losses to total nonperforming loans   88.15 %     116.58 %     102.86 %     98.08 %     97.91 %
                                           

    Total deposits increased $72.5 million, or 8.7%, to $910.3 million at March 31, 2025, from $837.8 million at December 31, 2024 and decreased $6.5 million, or 0.7%, from $916.9 million at March 31, 2024. The increase in total deposits compared to the prior quarter-end was primarily a result of the movement of reciprocal deposits off balance sheet for strategic objectives at year-end, followed by the return of those deposits to our balance sheet in the first quarter of 2025, and a decrease in one high cost money market deposit relationship as part of our strategic decision to decrease our overall cost of funds. Noninterest-bearing deposits decreased $5.8 million, or 4.4%, to $126.7 million at March 31, 2025, compared to $132.5 million at December 31, 2024 and decreased $2.0 million, or 1.5%, from $128.7 million at March 31, 2024. Noninterest-bearing deposits represented 13.9%, 15.8% and 14.0% of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    FHLB advances totaled $25.0 million at March 31, 2025, compared to $25.0 million at both December 31, 2024, and March 31, 2024. FHLB advances are primarily used to support organic loan growth and to maintain liquidity ratios in line with our asset/liability objectives. FHLB advances outstanding at March 31, 2025 had maturities ranging from early 2026 through early 2028. Subordinated notes, net totaled $11.8 million at both March 31, 2025 and December 31, 2024, and $11.7 million at March 31, 2024.

    Stockholders’ equity totaled $104.4 million at March 31, 2025, an increase of $765 thousand, or 0.7%, from $103.7 million at December 31, 2024, and an increase of $3.4 million, or 3.4%, from $101.0 million at March 31, 2024. The increase in stockholders’ equity from December 31, 2024 was primarily the result of $1.2 million of net income earned during the current quarter, $81 thousand in share-based compensation, and $21 thousand in common stock options exercised, partially offset by a $17 thousand increase in accumulated other comprehensive loss, net of tax and the payment of $487 thousand in cash dividends to the Company’s stockholders.

    Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, which is headquartered in Seattle, Washington and has full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one loan production office located in the Madison Park neighborhood of Seattle. For more information, please visit www.soundcb.com.

    Forward-Looking Statements Disclaimer

    When used in this press release and in documents filed or furnished by Sound Financial Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events and may turn out to be wrong because of inaccurate assumptions we might make, because of the factors listed below or because of other factors that we cannot foresee that could cause our actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

    Factors which could cause actual results to differ materially, include, but are not limited to: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation or deflation, a recession or slowed economic growth, as well as supply chain disruptions; changes in the interest rate environment, including increases and decreases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and the duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; changes in consumer spending, borrowing and savings habits; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; secondary market conditions for loans;expectations regarding key growth initiatives and strategic priorities; environmental, social and governance goals and targets; results of examinations of the Company or the Bank by their regulators; increased competition; changes in management’s business strategies; legislative changes; changes in the regulatory and tax environments in which the Company operates; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on our third-party vendors; the potential for new or increased tariffs, trade restrictions, or geopolitical tensions that could affect economic activity or specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with or furnished to the SEC, which are available at www.soundcb.com and on the SEC’s website at www.sec.gov. The risks inherent in these factors could cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company and could negatively affect the Company’s operating and stock performance.

    The Company does not undertake—and specifically disclaims any obligation—to revise any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.

    CONSOLIDATED INCOME STATEMENTS
    (Dollars in thousands, unaudited)

        For the Quarter Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Interest income   $ 13,706     $ 14,736     $ 14,838   $ 14,039     $ 13,760  
    Interest expense     5,635       6,516       6,965     6,591       6,300  
    Net interest income     8,071       8,220       7,873     7,448       7,460  
    (Release of) provision for credit losses     (203 )     14       8     (109 )     (33 )
    Net interest income after (release of) provision for credit losses     8,274       8,206       7,865     7,557       7,493  
    Noninterest income:                    
    Service charges and fee income     684       619       628     761       612  
    Earnings on bank-owned life insurance     195       127       186     134       177  
    Mortgage servicing income     269       277       280     279       282  
    Fair value adjustment on mortgage servicing rights     (99 )     77       101     (116 )     (65 )
    Net gain on sale of loans     49       53       40     74       90  
    Other income     —       7       —     30       —  
    Total noninterest income     1,098       1,160       1,235     1,162       1,096  
    Noninterest expense:                    
    Salaries and benefits     4,595       3,920       4,469     4,658       4,543  
    Operations     1,365       1,329       1,540     1,569       1,457  
    Regulatory assessments     221       189       189     220       189  
    Occupancy     437       409       414     397       444  
    Data processing     1,293       1,232       1,067     910       1,017  
    Net (gain) loss on OREO and repossessed assets     3       (21 )     —     (17 )     6  
    Total noninterest expense     7,914       7,058       7,679     7,737       7,656  
    Income before provision for income taxes     1,458       2,308       1,421     982       933  
    Provision for income taxes     291       389       267     187       163  
    Net income   $ 1,167     $ 1,919     $ 1,154   $ 795     $ 770  
     

    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, unaudited)

        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    ASSETS                    
    Cash and cash equivalents   $ 131,494     $ 43,641     $ 148,930     $ 135,111     $ 137,977  
    Available-for-sale securities, at fair value     7,689       7,790       8,032       7,996       8,115  
    Held-to-maturity securities, at amortized cost     2,121       2,130       2,139       2,147       2,157  
    Loans held-for-sale     2,267       487       65       257       351  
    Loans held-for-portfolio     886,226       900,171       901,733       889,274       897,877  
    Allowance for credit losses – loans     (8,393 )     (8,499 )     (8,585 )     (8,493 )     (8,598 )
    Total loans held-for-portfolio, net     877,833       891,672       893,148       880,781       889,279  
    Accrued interest receivable     3,540       3,471       3,705       3,413       3,617  
    Bank-owned life insurance, net     22,685       22,490       22,363       22,172       22,037  
    Other real estate owned (“OREO”) and other repossessed assets, net     41       —       115       115       690  
    Mortgage servicing rights, at fair value     4,688       4,769       4,665       4,540       4,612  
    Federal Home Loan Bank (“FHLB”) stock, at cost     1,734       1,730       2,405       2,406       2,406  
    Premises and equipment, net     4,591       4,697       4,807       4,906       6,685  
    Right-of-use assets     3,546       3,725       3,779       4,020       4,259  
    Other assets     6,957       7,031       6,777       6,995       4,500  
    TOTAL ASSETS   $ 1,069,186     $ 993,633     $ 1,100,930     $ 1,074,859     $ 1,086,685  
    LIABILITIES                    
    Interest-bearing deposits   $ 783,660     $ 705,267     $ 800,480     $ 781,854     $ 788,217  
    Noninterest-bearing deposits     126,687       132,532       129,717       124,915       128,666  
    Total deposits     910,347       837,799       930,197       906,769       916,883  
    Borrowings     25,000       25,000       40,000       40,000       40,000  
    Accrued interest payable     586       765       908       760       719  
    Lease liabilities     3,828       4,013       4,079       4,328       4,576  
    Other liabilities     10,774       9,371       9,711       9,105       9,578  
    Advance payments from borrowers for taxes and insurance     2,450       1,260       2,047       812       2,209  
    Subordinated notes, net     11,770       11,759       11,749       11,738       11,728  
    TOTAL LIABILITIES     964,755       889,967       998,691       973,512       985,693  
    STOCKHOLDERS’ EQUITY:                    
    Common stock     25       25       25       25       25  
    Additional paid-in capital     28,515       28,413       28,296       28,198       28,110  
    Retained earnings     76,952       76,272       74,840       74,173       73,907  
    Accumulated other comprehensive loss, net of tax     (1,061 )     (1,044 )     (922 )     (1,049 )     (1,050 )
    TOTAL STOCKHOLDERS’ EQUITY     104,431       103,666       102,239       101,347       100,992  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,069,186     $ 993,633     $ 1,100,930     $ 1,074,859     $ 1,086,685  
     

    KEY FINANCIAL RATIOS
    (unaudited)

        For the Quarter Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Annualized return on average assets   0.45 %   0.70 %   0.42 %   0.30 %   0.29 %
    Annualized return on average equity   4.53 %   7.40 %   4.50 %   3.17 %   3.06 %
    Annualized net interest margin(1)   3.25 %   3.13 %   2.98 %   2.92 %   2.95 %
    Annualized efficiency ratio(2)   86.31 %   75.25 %   84.31 %   89.86 %   89.48 %
    (1) Net interest income divided by average interest earning assets.
    (2) Noninterest expense divided by total revenue (net interest income and noninterest income).
       

    PER COMMON SHARE DATA
    (unaudited)

        At or For the Quarter Ended
        March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Basic earnings per share   $ 0.45   $ 0.75   $ 0.45   $ 0.31   $ 0.30
    Diluted earnings per share   $ 0.45   $ 0.74   $ 0.45   $ 0.31   $ 0.30
    Weighted-average basic shares outstanding     2,554,265     2,547,210     2,544,233     2,540,538     2,539,213
    Weighted-average diluted shares outstanding     2,578,609     2,578,771     2,569,368     2,559,015     2,556,958
    Common shares outstanding at period-end     2,566,069     2,564,907     2,564,095     2,557,284     2,558,546
    Book value per share   $ 40.70   $ 40.42   $ 39.87   $ 39.63   $ 39.47
                                   

    AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE RATE PAID
    (Dollars in thousands, unaudited)

    The following table presents, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Income and yields on tax-exempt obligations have not been computed on a tax equivalent basis. All average balances are daily average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield for the period they have been on nonaccrual (dollars in thousands).

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      Average Outstanding Balance   Interest Earned/Paid   Yield/Rate   Average Outstanding Balance   Interest Earned/Paid   Yield/Rate   Average Outstanding Balance   Interest Earned/Paid   Yield/Rate
    Interest-Earning Assets:                                  
    Loans receivable $ 896,822     $ 12,588   5.69 %   $ 900,832     $ 13,070   5.77 %   $ 895,430     $ 12,233   5.49 %
    Interest-earning cash   95,999       1,010   4.27 %     130,412       1,534   4.68 %     107,361       1,416   5.30 %
    Investments   12,924       108   3.39 %     13,263       132   3.96 %     14,038       111   3.18 %
    Total interest-earning assets $ 1,005,745       13,706   5.53 %     1,044,507     $ 14,736   5.61 %   $ 1,016,829       13,760   5.44 %
    Interest-Bearing Liabilities:                                  
    Savings and money market accounts $ 335,419       2,058   2.49 %   $ 350,495       2,476   2.81 %   $ 284,455       1,866   2.64 %
    Demand and NOW accounts   140,905       108   0.31 %     144,470       128   0.35 %     159,762       141   0.35 %
    Certificate accounts   289,960       3,039   4.25 %     301,293       3,413   4.51 %     315,495       3,696   4.71 %
    Subordinated notes   11,766       168   5.79 %     11,756       168   5.69 %     11,724       168   5.76 %
    Borrowings   25,000       262   4.25 %     30,546       331   4.31 %     40,000       429   4.31 %
    Total interest-bearing liabilities $ 803,050       5,635   2.85 %   $ 838,560       6,516   3.09 %   $ 811,436       6,300   3.12 %
    Net interest income/spread     $ 8,071   2.68 %       $ 8,220   2.52 %       $ 7,460   2.32 %
    Net interest margin         3.25 %           3.13 %           2.95 %
                                       
    Ratio of interest-earning assets to interest-bearing liabilities   125 %             125 %             125 %        
    Noninterest-bearing deposits $ 126,215             $ 130,476             $ 132,438          
    Total deposits   892,499     $ 5,205   2.37 %     926,734     $ 6,017   2.58 %     892,150     $ 5,703   2.57 %
    Total funding (1)   929,265       5,635   2.46 %     969,036       6,516   2.68 %     943,874       6,300   2.68 %
    (1) Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.
       

    LOANS
    (Dollars in thousands, unaudited)

        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Real estate loans:                    
    One-to-four family   $ 262,457     $ 269,684     $ 271,702     $ 268,488     $ 279,213  
    Home equity     28,112       26,686       25,199       26,185       24,380  
    Commercial and multifamily     392,798       371,516       358,587       342,632       324,483  
    Construction and land     42,492       73,077       85,724       96,962       111,726  
    Total real estate loans     725,859       740,963       741,212       734,267       739,802  
    Consumer Loans:                    
    Manufactured homes     42,448       41,128       40,371       38,953       37,583  
    Floating homes     86,626       86,411       86,155       81,622       84,237  
    Other consumer     18,224       17,720       18,266       18,422       18,847  
    Total consumer loans     147,298       145,259       144,792       138,997       140,667  
    Commercial business loans     14,690       15,605       17,481       17,860       19,075  
    Total loans     887,847       901,827       903,485       891,124       899,544  
    Less:                    
    Premiums     688       718       736       754       808  
    Deferred fees, net     (2,309 )     (2,374 )     (2,488 )     (2,604 )     (2,475 )
    Allowance for credit losses – loans     (8,393 )     (8,499 )     (8,585 )     (8,493 )     (8,598 )
    Total loans held-for-portfolio, net   $ 877,833     $ 891,672     $ 893,148     $ 880,781     $ 889,279  
     

    DEPOSITS
    (Dollars in thousands, unaudited)

        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Noninterest-bearing demand   $ 126,687   $ 132,532   $ 129,717   $ 124,915   $ 128,666
    Interest-bearing demand     143,595     142,126     148,740     152,829     159,178
    Savings     63,533     61,252     61,455     63,368     65,723
    Money market     287,058     206,067     285,655     253,873     241,976
    Certificates     289,474     295,822     304,630     311,784     321,340
    Total deposits   $ 910,347   $ 837,799   $ 930,197   $ 906,769   $ 916,883
     

    CREDIT QUALITY DATA
    (Dollars in thousands, unaudited)

        At or For the Quarter Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Total nonperforming loans   $ 9,653     $ 7,491     $ 8,489     $ 8,909     $ 9,053  
    OREO and other repossessed assets     41       —       115       115       690  
    Total nonperforming assets   $ 9,694     $ 7,491     $ 8,604     $ 9,024     $ 9,743  
    Net charge-offs during the quarter   $ (21 )   $ (13 )   $ (14 )   $ (17 )   $ (56 )
    Provision for (release of) credit losses during the quarter     (203 )     14       8       (109 )     (33 )
    Allowance for credit losses – loans     8,393       8,499       8,585       8,493       8,598  
    Allowance for credit losses – loans to total loans     0.95 %     0.94 %     0.95 %     0.96 %     0.96 %
    Allowance for credit losses – loans to total nonperforming loans     86.95 %     113.46 %     101.13 %     95.33 %     94.97 %
    Nonperforming loans to total loans     1.09 %     0.83 %     0.94 %     1.00 %     1.01 %
    Nonperforming assets to total assets     0.91 %     0.75 %     0.78 %     0.84 %     0.90 %
                                             

    OTHER STATISTICS
    (Dollars in thousands, unaudited)

        At or For the Quarter Ended
        March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
                         
    Total loans to total deposits     97.53 %     107.64 %     97.13 %     98.27 %     98.11 %
    Noninterest-bearing deposits to total deposits     13.92 %     15.82 %     13.95 %     13.78 %     14.03 %
                         
    Average total assets for the quarter   $ 1,051,135     $ 1,089,067     $ 1,095,404     $ 1,070,579     $ 1,062,036  
    Average total equity for the quarter   $ 104,543     $ 103,181     $ 102,059     $ 100,961     $ 101,292  
                                             

    Contact

    Financial:
    Wes Ochs  
    Executive Vice President/CFO
    (206) 436-8587  
       
    Media:
    Laurie Stewart  
    President/CEO
    (206) 436-1495  
       

    The MIL Network –

    April 30, 2025

  • MIL-OSI Security: Summary of Fiscal Year 2024 Annual FOIA Reports Published

    Source: United States Attorneys General 7

    The Office of Information Policy (OIP) has released its Summary of Annual FOIA Reports for Fiscal Year (FY) 2024. This summary provides an overview of FOIA activities across the government during the previous fiscal year, looks at key statistics in FOIA administration, and identifies trends in FOIA processing.  Each summary serves as a resource for both agencies and the public to gain an understanding of overall FOIA administration.

    As highlighted in this year’s summary, the government received yet another record-setting 1,501,432 requests during FY 2024 – a 25.15% increase in requests received over last fiscal year.  Agencies largely kept pace with this demand by processing1,499,265 requests.  Agencies received 20,115 administrative appeals and processed 18,575 appeals, with more than two-thirds of federal agencies ending FY 2024 with no pending appeals.  In addition to responding to requests and administrative appeals, agencies continued to make vast amounts of information available proactively.  Agencies’ FOIA offices and program offices continued to proactively disclose millions of records, with FOIA Offices in particular posting significantly more records in FY 2024 as compared to FY 2023.

    OIP’s latest summary is available on its Reports page, where it can be compared with previous summaries dating back to FY 2006.  All agencies subject to the FOIA finalized their FY 2024 Annual FOIA Report data.  This information can be easily viewed, compared, and analyzed on FOIA.gov’s Data page. 

    Subscribe to FOIA Post email updates to receive additional FOIA updates from OIP.

    MIL Security OSI –

    April 30, 2025

  • MIL-Evening Report: ‘No compassion… just blame’: how weight stigma in maternity care harms larger-bodied women and their babies

    Source: The Conversation (Au and NZ) – By Briony Hill, Deputy Head, Health and Social Care Unit and Senior Research Fellow, Monash University

    Kate Cashin Photography

    According to a study from the United States, women experience weight stigma in maternity care at almost every visit. We expect this experience to be similar in Australia, where more than 50% of women of reproductive age live in larger bodies.

    Weight stigma can present as stereotyping, negative attitudes and discriminatory actions towards larger-bodied people.

    It occurs in other areas of health care and in society at large. But our research is focused on weight stigma in maternity care, which can cause significant harm for larger-bodied women and their babies.

    What does weight stigma look like in maternity care?

    Sometimes weight stigma is explicit, or on purpose. Explicit weight stigma includes health-care professionals having negative attitudes towards caring for larger-bodied pregnant women. This might present, for instance, when health professionals make negative comments about weight or accuse women of dishonesty when they discuss their dietary intake.

    Sometimes weight stigma is implicit, or unintentional. Implicit weight stigma includes maternity care providers avoiding physical touch or eye contact during consultations with larger-bodied women.

    Policies, guidelines and environments also contribute to weight stigma. Women in larger bodies frequently report feeling stigmatised and unable to access the type of maternity care they would prefer. Lack of availability of adequately fitting hospital clothing or delivery beds are other notable examples.

    In a review published last year, we looked at weight stigma from preconception to after birth. Our results showed larger-bodied women are sometimes automatically treated as high-risk and undergo extra monitoring of their pregnancy even when they have no other risk factors that require monitoring.

    This approach is problematic because it focuses on body size rather than health, placing responsibility on the woman and disregarding other complex determinants of health.

    Weight stigma is common in maternity care.

    How does this make women feel?

    Qualitative evidence shows women who experience weight stigma during their maternity care feel judged, devalued, shamed and less worthy. They may feel guilty about getting pregnant and experience self-doubt.

    As one research participant explained:

    One doctor told me I was terrible for getting pregnant at my weight, that I was setting up my baby to fail […] I was in tears, and he told me I was being too sensitive.

    A 2023 Australian paper written by women who had experienced weight stigma in maternity care recounted their care as hyper-focused on weight and dehumanising, robbing them of the joy of pregnancy.

    According to one woman, “there was no compassion or conversation, just blame”.

    Beyond making women feel humiliated and disrespected, weight stigma in maternity care can affect mental health. For example, weight stigma is linked to increased risk of depressive symptoms and stress, disordered eating behaviours and emotional eating.

    One of the key reasons why weight stigma is so damaging to pregnant women’s health is because it’s closely linked to body image concerns.

    Society unfairly holds larger-bodied women up to unrealistic ideals around their body shape and size, their suitability to be a mother, and the control they have over their weight gain.

    Self stigma occurs when women apply society’s stigmatising narrative – from people in the community, the media, peers, family members and health-care providers – to themselves.

    Larger-bodied pregnant women can face stigma from health-care professionals and society at large.
    antoniodiaz/Shutterstock

    Impacts on mum and baby

    Several adverse pregnancy and birth outcomes have been linked to weight stigma in maternity care. These include gestational diabetes, caesarean birth and lower uptake of breastfeeding.

    While we know these things can also be linked to higher body weight, emerging evidence shows weight stigma may have a stronger link with some outcomes than body mass index.

    There are a variety of possible reasons for these links. For example, weight stigma may result in delayed access to and engagement with health-care services, and, as shown above, poorer mental health and reduced confidence. This may mean a woman is less likely to initiate and seek help with breastfeeding, for example.

    Experiencing weight stigma also leads to a stress response in the body, which could affect a woman’s health during pregnancy.

    In turn, the adverse effects of weight stigma can also affect the baby’s health. For example, gestational diabetes has a range of potential negative outcomes including a higher likelihood of premature birth, difficulties during birth, and an increased risk of the child developing type 2 diabetes.

    But the burden and blame should not fall on women. Pregnant and postpartum women should not have to accept experiences of weight stigma in health care.

    Weight stigma in maternity care has been linked to a higher likelihood of caesarean birth.
    photosoria/Shutterstock

    What can we do about it?

    While it’s essential to address weight stigma as a societal issue, health services can play a key role in undoing the narrative of blame and shame and making maternity care more equitable for larger-bodied women.

    Addressing weight stigma in maternity care can start with teaching midwives and obstetricians about weight stigma – what it is, where it happens, and how it can be minimised in practice.

    We worked with women who had experienced weight stigma in maternity care and midwives to co-design resources to meet this need. Both women and midwives wanted resources that could be easily integrated into practice, acted as consistent reminders to be size-friendly, and met midwives’ knowledge gaps.

    The resources included a short podcast about weight stigma in maternity care and images of healthy, larger-bodied pregnant women to demonstrate the most likely outcome is a healthy pregnancy. Midwives evaluated the resources positively and they are ready to be implemented into practice.

    There is a long road to ending weight stigma in maternity care, but working towards this goal will benefit countless mothers and their babies.

    Briony Hill receives funding from the Australian Research Council. Some research reported in this article was funded by the Australian Prevention Partnership Centre. The Australian Prevention Partnership Centre was supported through the NHMRC partnership centre grant scheme with the Australian Government Department of Health, ACT Health, Cancer Council Australia, NSW Ministry of Health, Wellbeing SA, Tasmanian Department of Health, and VicHealth. It is administered by the Sax Institute.

    Haimanot Hailu 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. ‘No compassion… just blame’: how weight stigma in maternity care harms larger-bodied women and their babies – https://theconversation.com/no-compassion-just-blame-how-weight-stigma-in-maternity-care-harms-larger-bodied-women-and-their-babies-252725

    MIL OSI Analysis – EveningReport.nz –

    April 30, 2025

  • MIL-OSI: NMI Holdings, Inc. Reports Record First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    EMERYVILLE, Calif., April 29, 2025 (GLOBE NEWSWIRE) — NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $102.6 million, or $1.28 per diluted share, for the first quarter ended March 31, 2025, compared to $86.2 million, or $1.07 per diluted share, for the fourth quarter ended December 31, 2024 and $89.0 million, or $1.08 per diluted share, for the first quarter ended March 31, 2024. Adjusted net income for the quarter was $102.5 million, or $1.28 per diluted share, compared to $86.1 million, or $1.07 per diluted share, for the fourth quarter ended December 31, 2024 and $89.0 million, or $1.08 per diluted share, for the first quarter ended March 31, 2024.

    Adam Pollitzer, President and Chief Executive Officer of National MI, said, “In the first quarter, we again delivered standout operating performance, continued growth in our high-quality insured portfolio and record financial results. We have a strong customer franchise, a talented team driving us forward every day, an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions, and a robust balance sheet supported by the significant earnings power of our platform. We continue to manage our business with discipline and a focus on through-the-cycle performance, and looking forward, we’re well positioned to continue to serve our customers and their borrowers, support our talented team, and deliver sustained performance and long-term value for our shareholders.”

    Selected first quarter 2025 highlights include:

    • Primary insurance-in-force at quarter end was $211.3 billion, compared to $210.2 billion at the end of the fourth quarter and $199.4 billion at the end of the first quarter of 2024.
    • Net premiums earned were $149.4 million, compared to $143.5 million in the fourth quarter and $136.7 million in the first quarter of 2024.
    • Total revenue was $173.2 million, compared to $166.5 million in the fourth quarter and $156.3 million in the first quarter of 2024.
    • Insurance claims and claim expenses were $4.5 million, compared to $17.3 million in the fourth quarter and $3.7 million in the first quarter of 2024. Loss ratio was 3.0%, compared to 12.0% in the fourth quarter and 2.7% in the first quarter of 2024.
    • Underwriting and operating expenses were $30.2 million, compared to $31.1 million in the fourth quarter and $29.8 million in the first quarter of 2024. Expense ratio was 20.2%, compared to 21.7% in the fourth quarter and 21.8% in the first quarter of 2024.
    • Net income was $102.6 million, compared to $86.2 million in the fourth quarter and $89.0 million in the first quarter of 2024. Diluted EPS was $1.28, compared to $1.07 in the fourth quarter and $1.08 in the first quarter of 2024.
    • Shareholders’ equity was $2.3 billion at quarter end and book value per share was $29.65. Book value per share excluding the impact of net unrealized gains and losses in the investment portfolio was $30.85, up 4% compared to $29.80 in the fourth quarter and 17% compared to $26.42 in the first quarter of 2024.
    • Annualized return on equity for the quarter was 18.1%, compared to 15.6% in the fourth quarter and 18.2% in the first quarter of 2024.
    • At quarter-end, total PMIERs available assets were $3.2 billion and net risk-based required assets were $1.9 billion.
      Quarter Ended Quarter Ended Quarter Ended Change(1) Change(1)
      3/31/2025 12/31/2024 3/31/2024 Q/Q Y/Y
    INSURANCE METRICS ($billions)
    Primary Insurance-in-Force $ 211.3   $ 210.2   $ 199.4   1 % 6 %
    New Insurance Written – NIW   9.2     11.9     9.4   (23) % (2)%
               
    FINANCIAL HIGHLIGHTS (Unaudited, $millions, except per share amounts)
    Net Premiums Earned $ 149.4   $ 143.5   $ 136.7   4 % 9 %
    Net Investment Income   23.7     22.7     19.4   4 % 22 %
    Insurance Claims and Claim Expenses   4.5     17.3     3.7   (74) % 21 %
    Underwriting and Operating Expenses   30.2     31.1     29.8   (3) %  1 %
    Net Income   102.6     86.2     89.0   19 % 15 %
    Diluted EPS $ 1.28   $ 1.07   $ 1.08   20 % 18 %
    Book Value per Share (excluding net unrealized gains and losses)(2) $ 30.85   $ 29.80   $ 26.42   4 % 17 %
    Loss Ratio   3.0 %   12.0 %   2.7 %    
    Expense Ratio   20.2 %   21.7 %   21.8 %    
                           
    (1) Percentages may not be replicated based on the rounded figures presented in the table.
    (2) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.
     

    Conference Call and Webcast Details

    The company will hold a conference call, which will be webcast live today, April 29, 2025, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The webcast will be available on the company’s website, www.nationalmi.com, in the “Investor Relations” section. The conference call can also be accessed by dialing (844) 481-2708 in the U.S., or (412) 317-0664 internationally, by referencing NMI Holdings, Inc.

    About NMI Holdings, Inc.

    NMI Holdings, Inc. (NASDAQ: NMIH), is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower’s default. To learn more, please visit www.nationalmi.com.

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements contained in this press release or any other written or oral statements made by or on behalf of the Company in connection therewith may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995 (the “PSLRA”). The PSLRA provides a “safe harbor” for any forward-looking statements. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements, including any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “could,” “may,” “predict,” “assume,” “potential,” “should,” “will,” “estimate,” “perceive,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” and similar words or phrases. All forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that may turn out to be inaccurate and could cause actual results to differ materially from those expressed in them. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. Important factors that could cause actual events or results to differ materially from those indicated in such statements include, but are not limited to: changes in general economic, market and political conditions and policies (including changes in interest rates and inflation) and investment results or other conditions that affect the U.S. housing market or the U.S. markets for home mortgages, mortgage insurance, reinsurance and credit risk transfer markets, including the risk related to geopolitical instability, inflation, an economic downturn (including any decline in home prices) or recession, and their impacts on our business, operations and personnel; changes in the charters, business practices, policies, pricing or priorities of Fannie Mae and Freddie Mac (collectively, the GSEs), which may include decisions that have the impact of decreasing or discontinuing the use of mortgage insurance as credit enhancement generally, or with first time homebuyers or on very high loan-to-value mortgages; or changes in the direction of housing policy objectives of the Federal Housing Finance Agency (“FHFA”), such as the FHFA’s priority to increase the accessibility to and affordability of homeownership for low-and-moderate income borrowers and underrepresented communities; our ability to remain an eligible mortgage insurer under the private mortgage insurer eligibility requirements (“PMIERs”) and other requirements imposed by the GSEs, which they may change at any time; retention of our existing certificates of authority in each state and the District of Columbia (“D.C.”) and our ability to remain a mortgage insurer in good standing in each state and D.C.; our future profitability, liquidity and capital resources; actions of existing competitors, including other private mortgage insurers and government mortgage insurers such as the Federal Housing Administration, the U.S. Department of Agriculture’s Rural Housing Service and the U.S. Department of Veterans Affairs, and potential market entry by new competitors or consolidation of existing competitors; adoption of new or changes to existing laws, rules and regulations that impact our business or financial condition directly or the mortgage insurance industry generally or their enforcement and implementation by regulators, including the implementation of the final rules defining and/or concerning “Qualified Mortgage” and “Qualified Residential Mortgage”; U.S. federal tax reform and other potential changes in tax law and their impact on us and our operations; legislative or regulatory changes to the GSEs’ role in the secondary mortgage market or other changes that could affect the residential mortgage industry generally or mortgage insurance industry in particular; potential legal and regulatory claims, investigations, actions, audits or inquiries that could result in adverse judgements, settlements, fines or other reliefs that could require significant expenditures or have other negative effects on our business; our ability to successfully execute and implement our capital plans, including our ability to access the equity, credit and reinsurance markets and to enter into, and receive approval of, reinsurance arrangements on terms and conditions that are acceptable to us, the GSEs and our regulators; lenders, the GSEs, or other market participants seeking alternatives to private mortgage insurance; our ability to implement our business strategy, including our ability to write mortgage insurance on high quality low down payment residential mortgage loans, implement successfully and on a timely basis, complex infrastructure, systems, procedures, and internal controls to support our business and regulatory and reporting requirements of the insurance industry; our ability to attract and retain a diverse customer base, including the largest mortgage originators; failure of risk management or pricing or investment strategies; decrease in the length of time our insurance policies are in force; emergence of unexpected claim and coverage issues, including claims exceeding our reserves or amounts we had expected to experience; potential adverse impacts arising from natural disasters including, with respect to affected areas, a decline in new business, adverse effects on home prices, and an increase in notices of default on insured mortgages; climate risk and efforts to manage or regulate climate risk by government agencies could affect our business and operations; potential adverse impacts arising from the occurrence of any man-made disasters or public health emergencies, including pandemics; the inability of our counter-parties, including third party reinsurers, to meet their obligations to us; failure to maintain, improve and continue to develop necessary information technology systems or the failure of technology providers to perform; effectiveness and security of our information technology systems and digital products and services, including the risks these systems, products or services may fail to operate as expected or planned, or expose us to cybersecurity or third-party risks (including the exposure of our confidential customer and other information); and ability to recruit, train and retain key personnel. These risks and uncertainties also include, but are not limited to, those set forth under the heading “Risk Factors” detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2024, as subsequently updated through other reports we file with the SEC. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We caution you not to place undue reliance on any forward-looking statement, which speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information, future events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.

    Use of Non-GAAP Financial Measures

    We believe the use of the non-GAAP measures of adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) enhances the comparability of our fundamental financial performance between periods, and provides relevant information to investors. These non-GAAP financial measures align with the way the company’s business performance is evaluated by management. These measures are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. These measures have been presented to increase transparency and enhance the comparability of our fundamental operating trends across periods. Other companies may calculate these measures differently; their measures may not be comparable to those we calculate and present.

    Adjusted income before tax is defined as GAAP income before tax, excluding the pre-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred.

    Adjusted net income is defined as GAAP net income, excluding the after-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred. Adjustments to components of pre-tax income are tax effected using the applicable federal statutory tax rate for the respective periods.

    Adjusted diluted EPS is defined as adjusted net income divided by adjusted weighted average diluted shares outstanding. Adjusted weighted average diluted shares outstanding is defined as weighted average diluted shares outstanding, adjusted for changes in the dilutive effect of non-vested shares that would otherwise have occurred had GAAP net income been calculated in accordance with adjusted net income. There will be no adjustment to weighted average diluted shares outstanding in the periods that non-vested shares are anti-dilutive under GAAP.

    Adjusted return on equity is calculated by dividing adjusted net income on an annualized basis by the average shareholders’ equity for the period.

    Adjusted expense ratio is defined as GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions, divided by net premiums earned.

    Adjusted combined ratio is defined as the total of GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions and insurance claims and claims expenses, divided by net premiums earned.

    Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on investments, divided by shares outstanding.

    Although adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items: (1) are not viewed as part of the operating performance of our primary activities; or (2) are impacted by market, economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, and the reasons for their treatment, are described below.

    (1) Net realized investment gains and losses. The recognition of net realized investment gains or losses can vary significantly across periods as the timing is highly discretionary and is influenced by factors such as market opportunities, tax and capital profile, and overall market cycles that do not reflect our current period operating results.

    (2) Capital markets transaction costs. Capital markets transaction costs result from activities that are undertaken to improve our debt profile or enhance our capital position through activities such as debt refinancing and capital markets reinsurance transactions that may vary in their size and timing due to factors such as market opportunities, tax and capital profile, and overall market cycles.

    (3) Other infrequent, unusual or non-operating items. Items that are the result of unforeseen or uncommon events, and are not expected to recur with frequency in the future. Identification and exclusion of these items provides clarity about the impact special or rare occurrences may have on our current financial performance. Past adjustments under this category include infrequent, unusual or non-operating adjustments related to severance, restricted stock modification and other expenses incurred in connection with the CEO transition announced in September 2021 and the effects of the release of the valuation allowance recorded against our net federal and certain state net deferred tax assets in 2016 and the re-measurement of our net deferred tax assets in connection with tax reform in 2017. We believe such items are infrequent or non-recurring in nature, and are not indicative of the performance of, or ongoing trends in, our primary operating activities or business.

    (4) Net unrealized gains and losses on investments. The recognition of net unrealized gains or losses on investment can vary significantly across periods and is influenced by factors such as interest rate movement, overall market and economic conditions, and tax and capital profiles. These valuation adjustments may not necessarily result in economic gains or losses and not reflective of ongoing operations.

    Investor Contact
    Gregory Epps
    Senior Manager, Investor Relations and Treasury
    Investor.relations@nationalmi.com

    Consolidated statements of operations and comprehensive income (unaudited) For the three months ended March 31,
        2025       2024  
      (In Thousands, except for per share data)
    Revenues      
    Net premiums earned $ 149,366     $ 136,657  
    Net investment income   23,686       19,436  
    Net realized investment gains   24       —  
    Other revenues   170       160  
    Total revenues   173,246       156,253  
    Expenses      
    Insurance claims and claim expenses   4,478       3,694  
    Underwriting and operating expenses   30,175       29,815  
    Service expenses   116       137  
    Interest expense   7,106       8,040  
    Total expenses   41,875       41,686  
           
    Income before income taxes   131,371       114,567  
    Income tax expense   28,812       25,517  
    Net income $ 102,559     $ 89,050  
           
    Earnings per share      
    Basic $ 1.31     $ 1.10  
    Diluted $ 1.28     $ 1.08  
           
    Weighted average common shares outstanding      
    Basic   78,407       80,726  
    Diluted   79,858       82,099  
           
    Loss ratio(1)   3.0 %     2.7 %
    Expense ratio(2)   20.2 %     21.8 %
    Combined ratio   23.2 %     24.5 %
           
    Net income $ 102,559     $ 89,050  
    Other comprehensive income (loss), net of tax:      
    Unrealized gains (losses) in accumulated other comprehensive loss, net of tax expense (benefit) of $8,186 and $(2,729) for the quarters ended March 31, 2025 and 2024, respectively   30,795       (9,905 )
    Reclassification adjustment for realized gains included in net income, net of tax expense of $5 for the quarter ended March 31, 2025   (19 )     —  
    Other comprehensive income (loss), net of tax   30,776       (9,905 )
    Comprehensive income $ 133,335     $ 79,145  
                   
    (1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
                   
    Consolidated balance sheets (unaudited) March 31, 2025   December 31, 2024
    Assets (In Thousands, except for share data)
    Fixed maturities, available-for-sale, at fair value (amortized cost of $2,923,088 and $2,876,343 as of March 31, 2025 and December 31, 2024, respectively) $ 2,809,247     $ 2,723,541  
    Cash and cash equivalents (including restricted cash of $90 as of December 31, 2024)   74,209       54,308  
    Premiums receivable, net   84,153       82,804  
    Accrued investment income   23,641       22,386  
    Deferred policy acquisition costs, net   64,013       64,327  
    Software and equipment, net   24,960       25,681  
    Intangible assets and goodwill   3,634       3,634  
    Reinsurance recoverable   31,379       32,260  
    Prepaid federal income taxes   322,175       322,175  
    Other assets   18,785       18,857  
    Total assets $ 3,456,196     $ 3,349,973  
           
    Liabilities      
    Debt $ 415,606     $ 415,146  
    Unearned premiums   59,176       65,217  
    Accounts payable and accrued expenses   78,937       103,164  
    Reserve for insurance claims and claim expenses   151,847       152,071  
    Deferred tax liability, net   418,916       386,192  
    Other liabilities   10,143       10,751  
    Total liabilities   1,134,625       1,132,541  
           
    Shareholders’ equity      
    Common stock – $0.01 par value; 88,321,226 shares issued and 78,301,469 shares outstanding as of March 31, 2025 and 87,902,626 shares issued and 78,600,726 shares outstanding as of December 31, 2024 (250,000,000 shares authorized)   883       879  
    Additional paid-in capital   1,001,545       1,004,692  
    Treasury Stock, at cost: 10,019,757 and 9,301,900 common shares as of March 31, 2025 and December 31, 2024, respectively   (272,647 )     (246,594 )
    Accumulated other comprehensive loss, net of tax   (94,028 )     (124,804 )
    Retained earnings   1,685,818       1,583,259  
    Total shareholders’ equity   2,321,571       2,217,432  
    Total liabilities and shareholders’ equity $ 3,456,196     $ 3,349,973  
                   
    Non-GAAP Financial Measure Reconciliations (unaudited)
      As of and for the three months ended
      3/31/2025   12/31/2024   3/31/2024
    As Reported (In Thousands, except for per share data)
    Revenues          
    Net premiums earned $ 149,366     $ 143,520     $ 136,657  
    Net investment income   23,686       22,718       19,436  
    Net realized investment gains   24       33       —  
    Other revenues   170       233       160  
    Total revenues   173,246       166,504       156,253  
    Expenses          
    Insurance claims and claim expenses   4,478       17,253       3,694  
    Underwriting and operating expenses   30,175       31,092       29,815  
    Service expenses   116       184       137  
    Interest expense   7,106       7,102       8,040  
    Total expenses   41,875       55,631       41,686  
               
    Income before income taxes   131,371       110,873       114,567  
    Income tax expense   28,812       24,706       25,517  
    Net income $ 102,559     $ 86,167     $ 89,050  
               
    Adjustments:          
    Net realized investment gains   (24 )     (33 )     —  
    Adjusted income before taxes   131,347       110,840       114,567  
               
    Income tax benefit on adjustments(1)   5       7       —  
    Adjusted net income $ 102,540     $ 86,141     $ 89,050  
               
    Weighted average diluted shares outstanding   79,858       80,623       82,099  
               
    Diluted EPS $ 1.28     $ 1.07     $ 1.08  
    Adjusted diluted EPS $ 1.28     $ 1.07     $ 1.08  
               
    Return on equity   18.1 %     15.6 %     18.2 %
    Adjusted return on equity   18.1 %     15.6 %     18.2 %
               
    Expense ratio(2)   20.2 %     21.7 %     21.8 %
    Adjusted expense ratio(3)   20.2 %     21.7 %     21.8 %
               
    Combined ratio(4)   23.2 %     33.7 %     24.5 %
    Adjusted combined ratio(5)   23.2 %     33.7 %     24.5 %
               
    Book value per share(6) $ 29.65     $ 28.21     $ 24.56  
    Book value per share (excluding net unrealized gains and losses)(7) $ 30.85     $ 29.80     $ 26.42  
                           
    (1) Marginal tax impact of non-GAAP adjustments is calculated based on our statutory U.S. federal corporate income tax rate of 21%, except for those items that are not eligible for an income tax deduction.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
    (3) Adjusted expense ratio is calculated by dividing adjusted underwriting and operating expense (underwriting and operating expenses excluding costs related to capital markets reinsurance transactions) by net premiums earned.
    (4) Combined ratio is calculated by dividing the total of underwriting and operating expenses and insurance claims and claim expenses by net premiums earned.
    (5) Adjusted combined ratio is calculated by dividing the total of adjusted underwriting and operating expenses (underwriting and operating expenses excluding costs related to capital market reinsurance transaction) and insurance claims and claim expenses by net premiums earned.
    (6) Book value per share is calculated by dividing total shareholders’ equity by shares outstanding.
    (7) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.
                           
    Historical Quarterly Data   2025       2024  
      March 31   December 31   September 30   June 30   March 31
      (In Thousands, except for per share data)
    Revenues                  
    Net premiums earned $ 149,366     $ 143,520     $ 143,343     $ 141,168     $ 136,657  
    Net investment income   23,686       22,718       22,474       20,688       19,436  
    Net realized investment gains (losses)   24       33       (10 )     —       —  
    Other revenues   170       233       285       266       160  
    Total revenues   173,246       166,504       166,092       162,122       156,253  
    Expenses                  
    Insurance claims and claim expenses   4,478       17,253       10,321       276       3,694  
    Underwriting and operating expenses   30,175       31,092       29,160       28,330       29,815  
    Service expenses   116       184       208       194       137  
    Interest expense   7,106       7,102       7,076       14,678       8,040  
    Total expenses   41,875       55,631       46,765       43,478       41,686  
                       
    Income before income taxes   131,371       110,873       119,327       118,644       114,567  
    Income tax expense   28,812       24,706       26,517       26,565       25,517  
    Net income $ 102,559     $ 86,167     $ 92,810     $ 92,079     $ 89,050  
                       
    Earnings per share                  
    Basic $ 1.31     $ 1.09     $ 1.17     $ 1.15     $ 1.10  
    Diluted $ 1.28     $ 1.07     $ 1.15     $ 1.13     $ 1.08  
                       
    Weighted average common shares outstanding                  
    Basic   78,407       78,997       79,549       80,117       80,726  
    Diluted   79,858       80,623       81,045       81,300       82,099  
                       
    Other data                  
    Loss ratio(1)   3.0 %     12.0 %     7.2 %     0.2 %     2.7 %
    Expense ratio(2)   20.2 %     21.7 %     20.3 %     20.1 %     21.8 %
    Combined ratio   23.2 %     33.7 %     27.5 %     20.3 %     24.5 %
                                           
    (1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
                                           

    Portfolio Statistics

    The table below highlights trends in our primary portfolio as of the date and for the periods indicated.

    Primary portfolio trends As of and for the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      ($ Values In Millions, except as noted below)
    New insurance written (NIW) $ 9,221     $ 11,925     $ 12,218     $ 12,503     $ 9,398  
    New risk written   2,428       3,134       3,245       3,335       2,486  
    Insurance-in-force (IIF)(1)   211,308       210,183       207,538       203,501       199,373  
    Risk-in-force (RIF)(1)   56,515       56,113       55,253       53,956       52,610  
    Policies in force (count)(1)   661,490       659,567       654,374       645,276       635,662  
    Average loan size($ value in thousands)(1) $ 319     $ 319     $ 317     $ 315     $ 314  
    Coverage percentage(2)   26.7 %     26.7 %     26.6 %     26.5 %     26.4 %
    Loans in default (count)(1)   6,859       6,642       5,712       4,904       5,109  
    Default rate(1)   1.04 %     1.01 %     0.87 %     0.76 %     0.80 %
    Risk-in-force on defaulted loans(1) $ 567     $ 545     $ 468     $ 401     $ 414  
    Average net premium yield(3)   0.28 %     0.27 %     0.28 %     0.28 %     0.28 %
    Earnings from cancellations $ 0.6     $ 0.8     $ 0.8     $ 1.0     $ 0.6  
    Annual persistency(4)   84.3 %     84.6 %     85.5 %     85.4 %     85.8 %
    Quarterly run-off(5)   3.9 %     4.5 %     4.0 %     4.2 %     3.6 %
                                           
    (1) Reported as of the end of the period.
    (2) Calculated as end of period RIF divided by end of period IIF.
    (3) Calculated as net premiums earned, divided by average primary IIF for the period, annualized.
    (4) Defined as the percentage of IIF that remains on our books after a given twelve-month period.
    (5) Defined as the percentage of IIF that is no longer on our books after a given three-month period.
                                           

    NIW, IIF and Premiums

    The tables below present NIW and primary IIF, as of the dates and for the periods indicated.

    NIW For the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Millions)
    Monthly $ 9,049   $ 11,688   $ 11,978   $ 12,288   $ 9,175
    Single   172     237     240     215     223
    Total $ 9,221   $ 11,925   $ 12,218   $ 12,503   $ 9,398
                                 
    Primary IIF As of
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Millions)
    Monthly $ 193,856   $ 192,228   $ 189,241   $ 184,862   $ 180,343
    Single   17,452     17,955     18,297     18,639     19,030
    Total $ 211,308   $ 210,183   $ 207,538   $ 203,501   $ 199,373
                                 

            The following table presents the amounts related to the company’s quota-share reinsurance transactions (the 2016 QSR Transaction, 2018 QSR Transaction, 2020 QSR Transaction, 2021 QSR Transaction, 2022 QSR Transaction, 2022 Seasoned QSR Transaction, 2023 QSR Transaction, 2024 QSR Transaction, and 2025 QSR Transaction and collectively, the QSR Transactions), insurance-linked note transactions (the 2021-1 ILN Transaction, and 2021-2 ILN Transaction and collectively, the ILN Transactions), and traditional reinsurance transactions (the 2022-1 XOL Transaction, 2022-2 XOL Transaction, 2022-3 XOL Transaction, 2023-1 XOL Transaction, 2023-2 XOL Transaction, 2024 XOL Transaction, and 2025 XOL Transaction and collectively, the XOL Transactions) for the periods indicated.

      For the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Thousands)
    The QSR Transactions                  
    Ceded risk-in-force $ 12,888,870     $ 13,024,200     $ 12,968,039     $ 12,815,434     $ 12,669,207  
    Ceded premiums earned   (41,011 )     (41,596 )     (41,761 )     (41,555 )     (41,269 )
    Ceded claims and claim expenses (benefits)   523       4,075       2,449       (138 )     659  
    Ceding commission earned   9,768       9,997       10,152       10,222       10,292  
    Profit commission   23,398       20,149       21,883       24,351       23,407  
    The ILN Transactions(1)                  
    Ceded premiums $ (3,311 )   $ (4,217 )   $ (4,302 )   $ (5,858 )   $ (5,976 )
    The XOL Transactions                  
    Ceded Premiums $ (10,168 )   $ (9,969 )   $ (9,760 )   $ (9,403 )   $ (9,223 )
                                           
    (1) Effective July 25, 2024 and December 27, 2024, NMIC exercised its optional termination rights to terminate and commute its previously outstanding excess-of-loss reinsurance agreements with Oaktown Re III Ltd. and Oaktown Re V Ltd., respectively. In connection with the terminations and commutations, the insurance-linked notes issued by Oaktown Re III Ltd. and Oaktown Re V Ltd. were redeemed in full with a distribution of remaining collateral assets.
                                           

    The tables below present our total NIW by FICO, loan-to-value (LTV) ratio, and purchase/refinance mix for the periods indicated.

    NIW by FICO For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 4,971   $ 6,508   $ 4,888
    740-759   1,753     2,090     1,797
    720-739   1,177     1,621     1,220
    700-719   665     890     780
    680-699   413     575     530
    <=679   242     241     183
    Total $ 9,221   $ 11,925   $ 9,398
    Weighted average FICO   758     758     757
                     
    NIW by LTV For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 1,147     $ 1,510     $ 1,062  
    90.01% to 95.00%   4,274       5,370       4,414  
    85.01% to 90.00%   2,751       3,740       2,931  
    85.00% and below   1,049       1,305       991  
    Total $ 9,221     $ 11,925     $ 9,398  
    Weighted average LTV   92.2 %     92.1 %     92.3 %
                           
    NIW by purchase/refinance mix For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    Purchase $ 8,822   $ 10,799   $ 9,157
    Refinance   399     1,126     241
    Total $ 9,221   $ 11,925   $ 9,398
                     

    The table below presents a summary of our primary IIF and RIF by book year as of March 31, 2025.

    Primary IIF and RIF As of March 31, 2025
      IIF   RIF
    Book Year (In Millions)
    2025 $ 9,152   $ 2,409
    2024   42,379     11,242
    2023   33,286     8,789
    2022   46,203     12,356
    2021   48,162     13,049
    2020 and before   32,126     8,670
    Total $ 211,308   $ 56,515
               

            The tables below present our total primary IIF and RIF by FICO and LTV, and total primary RIF by loan type as of the dates indicated.

    Primary IIF by FICO As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 106,004   $ 105,315   $ 99,195
    740-759   37,716     37,321     35,416
    720-739   29,430     29,343     28,033
    700-719   19,737     19,766     18,904
    680-699   13,324     13,374     13,002
    <=679   5,097     5,064     4,823
    Total $ 211,308   $ 210,183   $ 199,373
                     
    Primary RIF by FICO As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 28,117   $ 27,883   $ 25,935
    740-759   10,132     10,006     9,392
    720-739   7,966     7,926     7,484
    700-719   5,384     5,383     5,089
    680-699   3,610     3,615     3,479
    <=679   1,306     1,300     1,231
    Total $ 56,515   $ 56,113   $ 52,610
                     
    Primary IIF by LTV As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 24,167   $ 23,555   $ 20,277
    90.01% to 95.00%   104,312     103,472     97,028
    85.01% to 90.00%   64,298     64,290     61,169
    85.00% and below   18,531     18,866     20,899
    Total $ 211,308   $ 210,183   $ 199,373
                     
    Primary RIF by LTV As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 7,546   $ 7,345   $ 6,275
    90.01% to 95.00%   30,804     30,563     28,663
    85.01% to 90.00%   15,957     15,956     15,174
    85.00% and below   2,208     2,249     2,498
    Total $ 56,515   $ 56,113   $ 52,610
                     
    Primary RIF by Loan Type As of
      March 31, 2025   December 31, 2024   March 31, 2024
    Fixed 98 %   98 %   98 %
    Adjustable rate mortgages:          
    Less than five years —     —     —  
    Five years and longer 2     2     2  
    Total 100 %   100 %   100 %
                     

    The table below presents a summary of the change in total primary IIF for the dates and periods indicated.

    Primary IIF As of and for the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    IIF, beginning of period $ 210,183     $ 207,538     $ 197,029  
    NIW   9,221       11,925       9,398  
    Cancellations, principal repayments and other reductions   (8,096 )     (9,280 )     (7,054 )
    IIF, end of period $ 211,308     $ 210,183     $ 199,373  
                           

    Geographic Dispersion

    The following table shows the distribution by state of our primary RIF as of the periods indicated.

    Top 10 primary RIF by state As of
      March 31, 2025   December 31, 2024   March 31, 2024
    California 10.1 %   10.1 %   10.2 %
    Texas 8.5     8.6     8.8  
    Florida 7.3     7.3     7.5  
    Georgia 4.1     4.1     4.2  
    Washington 3.9     3.9     3.9  
    Illinois 3.8     3.8     3.9  
    Virginia 3.7     3.7     3.9  
    Pennsylvania 3.4     3.4     3.4  
    Ohio 3.3     3.3     3.0  
    North Carolina 3.2     3.2     3.1  
    Total 51.3 %   51.4 %   51.9 %
                     

    The table below presents selected primary portfolio statistics, by book year, as of March 31, 2025.

      As of March 31, 2025    
    Book Year Original Insurance Written   Remaining Insurance in Force   % Remaining of Original Insurance   Policies Ever in Force   Number of Policies in Force   Number of Loans in Default   # of Claims Paid   Incurred Loss Ratio (Inception to Date)(1)   Cumulative Default Rate(2)   Current default rate(3)
      ($ Values In Millions)    
    2016 and prior $ 37,222   $ 2,133   6 %   151,615   11,572   237   398   2.1 %   0.4 %   2.0 %
    2017   21,582     1,753   8 %   85,897   10,007   263   189   1.8 %   0.5 %   2.6 %
    2018   27,295     2,306   8 %   104,043   12,534   403   191   2.6 %   0.6 %   3.2 %
    2019   45,141     5,923   13 %   148,423   26,358   509   99   2.1 %   0.4 %   1.9 %
    2020   62,702     20,011   32 %   186,174   70,620   575   57   1.3 %   0.3 %   0.8 %
    2021   85,574     48,162   56 %   257,972   160,946   1,704   95   3.3 %   0.7 %   1.1 %
    2022   58,734     46,203   79 %   163,281   135,610   2,014   112   16.2 %   1.3 %   1.5 %
    2023   40,473     33,286   82 %   111,994   96,394   836   17   14.0 %   0.8 %   0.9 %
    2024   46,044     42,379   92 %   120,747   113,636   318   —   7.9 %   0.3 %   0.3 %
    2025   9,221     9,152   99 %   23,956   23,813   —   —   — %   — %   — %
    Total $ 433,988   $ 211,308       1,354,102   661,490   6,859   1,158            
                                               
    (1) Calculated as total claims incurred (paid and reserved) divided by cumulative premiums earned, net of reinsurance.
    (2) Calculated as the sum of the number of claims paid ever to date and number of loans in default divided by policies ever in force.
    (3) Calculated as the number of loans in default divided by number of policies in force.
                                               

    The following table provides a reconciliation of the beginning and ending reserve balances for insurance claims and claim expenses:

      For the three months ended March 31,
        2025       2024  
      (In Thousands)
    Beginning balance $ 152,071     $ 123,974  
    Less reinsurance recoverables(1)   (32,260 )     (27,514 )
    Beginning balance, net of reinsurance recoverables   119,811       96,460  
           
    Add claims incurred:      
    Claims and claim expenses incurred:      
    Current year(2)   34,559       32,976  
    Prior years(3)   (30,081 )     (29,282 )
    Total claims and claim expenses incurred   4,478       3,694  
           
    Less claims paid:      
    Claims and claim expenses paid:      
    Current year(2)   —       —  
    Prior years(3)   4,076       852  
    Reinsurance terminations(4)   (255 )     —  
    Total claims and claim expenses paid   3,821       852  
           
    Reserve at end of period, net of reinsurance recoverables   120,468       99,302  
    Add reinsurance recoverables(1)   31,379       27,880  
    Ending balance $ 151,847     $ 127,182  
                   
    (1) Related to ceded losses recoverable under the QSR Transactions.
    (2) Related to insured loans with their most recent defaults occurring in the current year. For example, if a loan defaulted in a prior year and subsequently cured and later re-defaulted in the current year, the default would be included in the current year. Amounts are presented net of reinsurance and included $25.9 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025 and $25.9 million attributed to net case reserves and $6.6 million attributed to net IBNR reserves for the three months ended March 31, 2024.
    (3) Related to insured loans with defaults occurring in prior years, which have been continuously in default before the start of the current year. Amounts are presented net of reinsurance and included $21.8 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025 and $22.4 million attributed to net case reserves and $6.3 million attributed to net IBNR reserves for the three months ended March 31, 2024.
    (4) Represents the settlement of reinsurance recoverables in conjunction with the termination of one reinsurer under the 2016, 2018 and 2021 QSR Transactions by mutual agreement on a cut-off basis with no termination fee.
     

    The following table provides a reconciliation of the beginning and ending count of loans in default:

      For the three months ended March 31,
      2025     2024  
    Beginning default inventory 6,642     5,099  
    Plus: new defaults 2,421     1,876  
    Less: cures (2,094 )   (1,817 )
    Less: claims paid (95 )   (42 )
    Less: rescission and claims denied (15 )   (7 )
    Ending default inventory 6,859     5,109  
               

    The following table provides details of our claims paid, before giving effect to claims ceded under the QSR Transactions, for the periods indicated:

      For the three months ended March 31,
        2025       2024  
      ($ Values In Thousands)
    Number of claims paid(1)   95       42  
    Total amount paid for claims $ 5,225     $ 1,145  
    Average amount paid per claim $ 55     $ 27  
    Severity(2)   69 %     54 %
                   
    (1) Count includes 20 and 16 claims settled without payment during the three months ended March 31, 2025 and 2024, respectively.
    (2) Severity represents the total amount of claims paid including claim expenses divided by the related RIF on the loan at the time the claim is perfected, and is calculated including claims settled without payment.
                   

    The following table shows our average reserve per default, before giving effect to reserves ceded under the QSR Transactions, as of the dates indicated:

      As of March 31,
    Average reserve per default:   2025     2024
      (In Thousands)
    Case(1) $ 20.3   $ 22.9
    IBNR(1)(2)   1.8     2.0
    Total $ 22.1   $ 24.9
               
    (1) Defined as the gross reserve per insured loan in default.
    (2) Amount includes claims adjustment expenses.
               

     The following table provides a comparison of the PMIERs available assets and net risk-based required asset amount as reported by NMIC as of the dates indicated:

      As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Thousands)
    Available assets $ 3,230,653   $ 3,108,211   $ 2,821,803
    Net risk-based required assets   1,867,414     1,828,807     1,561,655
                     

    The MIL Network –

    April 30, 2025
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