Category: Ukraine

  • MIL-OSI Africa: President Ramaphosa calls for comprehensive, unconditional ceasefire

    Source: South Africa News Agency

    By Dikeledi Molobela

    President Cyril Ramaphosa has called on both Ukraine and Russia to commit to a comprehensive and unconditional ceasefire, paving the way for meaningful dialogue and negotiations between the two nations. 

    The President emphasised that South Africa stands ready to continue to support all credible and inclusive multilateral efforts aimed at achieving a just, sustainable and comprehensive peace. 

    “We call upon all parties, both Russia and Ukraine, to ensure that there is a comprehensive ceasefire, an unconditional ceasefire, so that discussions and negotiations can start between the two countries. 

    “President Zelensky, as he himself would say, told me that as Ukraine, they are ready to engage in discussions and negotiations with Russia and they are also ready to have a comprehensive, unconditional ceasefire. This we believe is the best way towards ending the war between Russia and Ukraine,” he said. 

    President Ramaphosa, together with his Ukrainian counterpart, President Volodymyr Zelenskyy, addressed a media briefing at the Union Buildings following official talks on Thursday. 

    Zelenskyy, who had to cut his visit short due to an overnight attack in his country, was in South Africa on his first official visit. 

    This engagement follows President Ramaphosa’s visit to Ukraine in June 2023 as part of the African Peace Initiative, which also saw African leaders meeting with both Zelenskyy and Russian President Vladimir Putin to table a 10-point peace proposal. 

    READ | Africa’s peace mission ‘historic’ – President Ramaphosa

    President Ramaphosa emphasised that South Africa’s own journey from apartheid to democracy has taught the nation the value of engaging all parties in a conflict to achieve peaceful, just, and lasting solutions.

    “If there is one thing that our history has taught us, it is that diplomacy and dialogue are more powerful than any weapon that anyone can use. 
     
    “It is this understanding that informed South Africa’s participation in the African Peace Initiative and South Africa’s subsequent participation in the Ukraine Peace Formula,” he said. 

    Answering a question on whether Ukraine may need to cede part of its territory to Russia, President Ramaphosa said he views this as a precondition; however, the focus should be on Ukraine’s commitment to an unconditional ceasefire, which is seen as a positive step for negotiations. 

    “I think what we should focus on is that there is a willingness and a commitment from Ukraine for an unconditional ceasefire. An unconditional ceasefire sets a very good and positive tone for negotiations to commence. It is a confidence-building measure that should be a key ingredient in a negotiation process. So, I see this as great progress,” the President said.

    During the media engagement, President Ramaphosa also said he spoke to United States of America President Donald Trump this morning to discuss the peace process in Ukraine, where they both agreed that the war should end as soon as possible.
     
    “We both agreed that the war should be brought to an end as soon as possible to prevent further death and destruction. President Trump and I also agreed to meet soon to address this, and relations between South Africa and the United States. We both spoke about the need to foster good relations between our two countries,” he said. 
     
    Earlier in the week, President Ramaphosa also had a call with President Vladimir Putin, where they both committed to working together towards a peaceful resolution of the Russia-Ukraine conflict.

    In response, President Zelenskyy extended his gratitude to South Africa, adding that the shared understanding that the war needs to end as soon as possible was a key focus during discussions with President Ramaphosa. 

    “When he had been on a visit to Ukraine, I remember him saying these very important words about the need to reach a ceasefire as soon as possible — an unconditional ceasefire. I agreed to it.

    “I said that everything depends on Russia’s intention and desire because it is in Moscow where they have to make a decision on silence, making relevant orders to the Russian army,” he said. 

    President Zelenskyy said Ukraine was ready for a ceasefire but was forced to defend itself in the face of Russian attacks.

    “Unfortunately, after that, Russia renewed its assaults on the front line, the strikes against the civilian infrastructure,” Zelenskyy said.

    Zelenskyy also expressed that his country has been fighting for its freedom in this full-scale war for more than three years now.

    “We have a very fresh Russian attack this day… Unfortunately we have got losses and destruction…I decided to shorten my visit to your beautiful country,” he said. 

    However, Zelenskyy said he leaves behind his Foreign Minister to attend all the meetings that have been planned. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Africa: South Africa and Ukraine solidify biliteral relations

    Source: South Africa News Agency

    By Dikeledi Molobela

    President Cyril Ramaphosa and his Ukrainian counterpart, President Volodymyr Zelenskyy, have used the official visit to deepen bilateral relations for the mutual benefit of the two countries.  

    President Ramaphosa hosted President Zelenskyy at the Union Buildings in Pretoria on Thursday, marking the first official visit by a Ukrainian Head of State to South Africa.

    He expressed that it was his distinct honour to receive President Zelenskyy and his delegation at the Union Buildings.
     
    “This is a historic visit. This is the first time the Head of State of Ukraine is visiting South Africa in the 33 years since we established formal diplomatic relations.
     
    “We acknowledge with great appreciation the support we received from Ukraine during our liberation struggle. We recall that a number of exiled South Africans received training and education in Ukraine,” the President said. 
     
    In June 2023, President Ramaphosa had the honour of visiting President Zelenskyy in Kyiv as part of the African Peace Initiative.
     
    Since then, he said they have maintained ongoing dialogue between the two countries and its diplomats.
     
    “We have just concluded successful talks during which we exchanged views on how to consolidate and deepen the bilateral relations between our two countries. We noted a growing interest in expanding relations in peace diplomacy, post-conflict reconstruction and development, and the empowerment of women.
     
    “We also discussed opportunities for cooperation in areas such as agriculture, trade, education, infrastructure and social exchanges,” President Ramaphosa said. 
     
    He expressed satisfaction that Ministers from both countries have held discussions on strengthening trade and investment opportunities, including opportunities in agriculture and agribusiness.
     
    “We acknowledge the significant strides that Ukraine has taken and in particular, the efforts of President Zelenskyy to expand relations with the African continent.
     
    “We note the provision of grain in areas of food stress in West and East Africa, the expansion of agricultural cooperation, and the opening of a grain hub at the Port of Mombasa in Kenya,” he said. 
     
    President Ramaphosa said these are the direct outcomes of the discussions that were held when he and other African Heads of State visited Kyiv in June 2023 as part of the African Peace Initiative. 
     
    “Our engagement today was an opportunity to discuss our shared interest in advancing peace, security, stability and sustainable development on the continent, in Ukraine and across the world.
     
    “We have reinforced our common commitment to respect the rule of law in international relations, multilateralism, the central role of the United Nations in global governance, and the maintenance of global peace and security,” he said. 

    Delivering his remarks, President Zelenskyy noted that South Africa is currently presiding over the Group of 20 (G20) and emphasised that the G20’s role in defending peace could be far more significant, a role he strongly counts on.

    He proposed the creation of a joint mineral hub between Ukraine and South Africa to facilitate the production and transport of fertilisers, supporting the broader Southern African region.

    “Our bilateral agenda is also very important. Ukraine is keenly interested in energy security matters and fertiliser production… We are ready to work with the South Africans to build more modern production facilities in your country for better resilient power sector,” he said. 

    President Zelenskyy also highlighted opportunities for cooperation in the agricultural sector, which could significantly enhance bilateral trade between the two countries.

    “Ukraine offers South Africa to have a joint mineral hub to produce and transport fertilisers to support the whole of your region. There are potential projects in the agricultural sector. This can lead to better bilateral trade results between Ukraine and South Africa,” he said. 

    He added that Ukraine is also ready to work together to develop modern security systems for national parks, urban environments, and other areas requiring advanced technological solutions. 

    President Zelenskyy expressed Ukraine’s willingness to partner with South Africa to boost power generation, ranging from atomic energy to affordable renewables. 

    “We are also ready to work together to drastically increase power generation in your country, from atomic energy to renewable. Affordable energy has always contributed to economic growth, and I’ve already tasked my professional team to look into a joint project between our countries,” he said.

    He also presented President Ramaphosa with a list of 400 Ukrainian children reportedly being held against their will in Russia.

    President Zelenskyy acknowledged South Africa’s role as co-leader of the global coalition to bring Ukrainian children home and expressed hope that President Ramaphosa would assist in securing their return. 

    “I presented President Ramaphosa with a list of 400 Ukrainian children. It’s very important for us to look after them… We need to get them back. I truly hope that President Ramaphosa will help us to bring them home indeed. 

    “I’d like to thank you for this visit, for the opportunity to meet you. We strongly believe that the President, South Africa, all other partners in Africa will help us to… to [get Russia] to engage in the full-scale ceasefire,” Zelenskyy said. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI: MidWestOne Financial Group, Inc. Reports Financial Results For the First Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    IOWA CITY, Iowa, April 24, 2025 (GLOBE NEWSWIRE) — MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“we,” “our,” or the “Company”) today reported results for the first quarter of 2025.

    First Quarter 2025 Summary1

    • Net income of $15.1 million, or $0.73 per diluted common share.
      • Net interest margin (tax equivalent) was 3.44%;2 core net interest margin expanded 10 basis points (“bps”) to 3.36%.2
      • Noninterest expenses were $36.3 million; efficiency ratio was 59.38%.2
      • Return on average assets of 1.00%.
    • Criticized loans ratio improved 54 bps to 5.47%; nonperforming assets ratio improved 7 bps to 0.33%.
    • Tangible book value per share of $23.36,2 an increase of 4.4%.
    • Common equity tier 1 (“CET1”) capital ratio improved 24 bps to 10.97%.

    CEO Commentary

    Charles (Chip) Reeves, Chief Executive Officer of the Company, commented, “We are pleased with the continued execution of our strategic plan initiatives despite a more uncertain economic environment. Our return on average assets eclipsed 1% for the second straight quarter driven by disciplined balance sheet management, core net interest margin expansion of 10 bps2 and solid expense control. Loan growth was flat in the quarter, somewhat softer than anticipated, due to pay-offs and latter quarter market volatility. The majority of our asset quality metrics improved significantly, led by reductions in nonperforming assets and criticized loans. Net charge-offs increased to 29 basis points, with the majority of the increase due to a partial charge-off on a previously reserved CRE loan as we prepare for resolution. Driven by earnings and lower accumulated other comprehensive loss, tangible book value per share increased 4.4% to $23.362 and the CET1 ratio grew to 10.97%, edging closer to our target range of 11.0%-11.50%.

    Thank you to our team members who continued to execute well and serve our customers amidst market volatility. We are pleased with the transformation of our company and our solid foundation of increased capital, earnings power, asset quality, and a premium core deposit franchise position us well for uncertain economic times and the remainder of 2025.”

    1 First Quarter Summary compares to the fourth quarter of 2024 (the “linked quarter”) unless noted.
    2 Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

        As of or for the quarter ended
    (Dollars in thousands, except per share amounts and as noted)   March 31,   December 31,   March 31,
        2025       2024       2024  
    Financial Results            
    Revenue   $ 57,575     $ 59,775     $ 44,481  
    Credit loss expense     1,687       1,291       4,689  
    Noninterest expense     36,293       37,372       35,565  
    Net income     15,138       16,330       3,269  
    Adjusted earnings(3)     15,301       16,112       4,504  
    Per Common Share            
    Diluted earnings per share   $ 0.73     $ 0.78     $ 0.21  
    Adjusted earnings per share(3)     0.73       0.77       0.29  
    Book value     27.85       26.94       33.53  
    Tangible book value(3)     23.36       22.37       27.14  
    Balance Sheet & Credit Quality            
    Loans In millions   $ 4,304.2     $ 4,315.6     $ 4,414.6  
    Investment securities In millions     1,305.5       1,328.4       1,862.2  
    Deposits In millions     5,489.1       5,478.0       5,585.2  
    Net loan charge-offs In millions     3.1       0.7       0.2  
    Allowance for credit losses ratio     1.25 %     1.28 %     1.27 %
    Selected Ratios            
    Return on average assets     1.00 %     1.03 %     0.20 %
    Net interest margin, tax equivalent(3)     3.44 %     3.43 %     2.33 %
    Return on average equity     10.74 %     11.53 %     2.49 %
    Return on average tangible equity(3)     13.75 %     14.80 %     4.18 %
    Efficiency ratio(3)     59.38 %     59.06 %     71.28 %
                             

    REVENUE REVIEW

    Revenue               Change   Change
                  1Q25 vs   1Q25 vs
    (Dollars in thousands)   1Q25   4Q24   1Q24   4Q24   1Q24
    Net interest income   $           47,439   $         48,938   $        34,731   (3)%   37 %
    Noninterest income                 10,136               10,837                9,750   (6)%   4 %
    Total revenue, net of interest expense   $           57,575   $         59,775   $        44,481   (4)%   29 %
                                 

    Total revenue for the first quarter of 2025 decreased $2.2 million from the fourth quarter of 2024 due to lower net interest income and noninterest income during the quarter. When compared to the first quarter of 2024, total revenue increased $13.1 million, due to higher net interest income and higher noninterest income.

    Net interest income of $47.4 million for the first quarter of 2025 decreased $1.5 million from the fourth quarter of 2024, due to lower earning asset volumes and yields, partially offset by lower funding volumes and costs. When compared to the first quarter of 2024, net interest income increased $12.7 million, due to higher earning asset yields and lower funding volumes and costs, partially offset by lower earning asset volumes.

    The Company’s tax equivalent net interest margin was 3.44%3 in the first quarter of 2025, compared to 3.43%3 in the fourth quarter of 2024, driven by lower funding costs, partially offset by a decline in earning asset yields. Interest bearing liability costs during the first quarter of 2025 decreased 11 bps to 2.41%, due to reductions of short-term borrowings, interest bearing deposits, and long-term debt costs of 78 bps, 10 bps, and 7 bps, to 3.75%, 2.31%, and 6.41%, respectively, from the fourth quarter of 2024.

    The Company’s tax equivalent net interest margin was 3.44%3 in the first quarter of 2025, compared to 2.33%3 in the first quarter of 2024, driven by higher earning asset yields and lower interest-bearing liability costs. Total earning assets yield increased 79 bps from the first quarter of 2024, primarily due to increases of 192 bps and 20 bps in total investment securities and loan yields, respectively. Interest bearing liability costs decreased 34 bps to 2.41%, due to short-term borrowing costs of 3.75%, long-term debt costs of 6.41%, and interest-bearing deposit costs of 2.31%, which decreased 107 bps, 45 bps, and 14 bps, respectively, from the first quarter of 2024.

    3 Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

    Noninterest Income             Change   Change
                1Q25 vs   1Q25 vs
    (In thousands) 1Q25   4Q24   1Q24   4Q24   1Q24
    Investment services and trust activities $ 3,544     $ 3,779   $ 3,503     (6)%   1 %
    Service charges and fees   2,131       2,159     2,144     (1)%   (1)%
    Card revenue   1,744       1,833     1,943     (5)%   (10)%
    Loan revenue   1,194       1,841     856     (35)%   39 %
    Bank-owned life insurance   1,057       719     660     47 %   60 %
    Investment securities gains, net   33       161     36     (80)%   (8)%
    Other   433       345     608     26 %   (29)%
    Total noninterest income $ 10,136     $ 10,837   $ 9,750     (6)%   4 %
                       
    MSR adjustment (included above in Loan revenue) $ (213 )   $ 164   $ (368 )   (230)%   (42)%
                                 

    Noninterest income for the first quarter of 2025 decreased $0.7 million from the linked quarter, primarily due to declines of $0.6 million and $0.2 million in loan revenue and investment services and trust activities revenue, respectively. The decrease in loan revenue was reflective of an unfavorable change in the fair value of our mortgage servicing rights of $0.4 million, coupled with a decrease in Small Business Administration (“SBA”) gain on sale revenue of $0.3 million. The decrease in investment services and trust activities revenue was driven by a decline in assets under administration due to market volatility. Partially offsetting these decreases was an increase of $0.3 million in bank-owned life insurance revenue, due primarily to $0.4 million of death benefit recognized in the first quarter of 2025.

    Noninterest income for the first quarter of 2025 increased $0.4 million from the first quarter of 2024 due primarily to increases of $0.4 million and $0.3 million in bank-owned life insurance and loan revenue, respectively. The bank-owned life insurance increase was due primarily to the death benefit noted above. The increase in loan revenue was due primarily to the mortgage servicing right valuation adjustment, coupled with higher SBA gain on sale revenue and other loan income. Partially offsetting these increases were decreases of $0.2 million in each of card revenue and other revenue.

    EXPENSE REVIEW

    Noninterest Expense             Change   Change
                1Q25 vs   1Q25 vs
    (In thousands) 1Q25   4Q24   1Q24   4Q24   1Q24
    Compensation and employee benefits $ 21,212   $ 20,684   $ 20,930   3 %   1 %
    Occupancy expense of premises, net   2,588     2,772     2,813   (7)%   (8)%
    Equipment   2,426     2,688     2,600   (10)%   (7)%
    Legal and professional   2,226     2,534     2,059   (12)%   8 %
    Data processing   1,698     1,719     1,360   (1)%   25 %
    Marketing   552     793     598   (30)%   (8)%
    Amortization of intangibles   1,408     1,449     1,637   (3)%   (14)%
    FDIC insurance   917     980     942   (6)%   (3)%
    Communications   159     154     196   3 %   (19)%
    Foreclosed assets, net   74     56     358   32 %   (79)%
    Other   3,033     3,543     2,072   (14)%   46 %
         Total noninterest expense $ 36,293   $ 37,372   $ 35,565   (3)%   2 %
                               
    Merger-related Expenses          
             
    (In thousands) 1Q25   4Q24   1Q24
    Compensation and employee benefits $                 —   $                 —   $               241
    Occupancy expense of premises, net                     —                       —                     152
    Equipment                     —                       21                     149
    Legal and professional                     40                       —                     573
    Data processing                     —                       10                       61
    Marketing                     —                       —                       32
    Communications                     —                       —                         1
    Other                     —                       —                     105
    Total merger-related expenses $                 40   $                 31   $            1,314
                     

    Noninterest expense for the first quarter of 2025 decreased $1.1 million from the linked quarter, primarily due to decreases in other noninterest expense, legal and professional, equipment, and occupancy expense of premises, net, of $0.5 million, $0.3 million, $0.3 million, and $0.2 million, respectively. The primary drivers of the decrease in other noninterest expense were declines in fraud loss expense of $0.3 million and customer deposit costs of $0.1 million. The $0.3 million decrease in legal and professional expense was primarily driven by lower litigation-related legal costs. The decrease in equipment of $0.3 million was primarily driven by fewer small equipment purchases, while the decrease in occupancy expense of premises, net was due primarily to lower property tax expense. Partially offsetting these decreases was an increase of $0.5 million in compensation and employee benefits which reflected an increase in equity compensation and payroll tax expenses.

    Noninterest expense for the first quarter of 2025 increased $0.7 million from the first quarter of 2024 primarily due to increases in other noninterest expense, data processing, and compensation and employee benefits of $1.0 million, $0.3 million and $0.3 million, respectively. The increase in other noninterest expense was due primarily to customer deposit costs while the increase in data processing was driven core banking system costs. The increase in compensation and employee benefits was primarily driven by medical benefits expenses, wages expense, and incentive expense due to improved performance. Partially offsetting these identified increases was a decline of $1.3 million in merger-related expenses.

    The Company’s effective tax rate was 22.7% in the first quarter of 2025 and the linked quarter. The effective income tax rate for the full year 2025 is expected to be 22-23%.

    BALANCE SHEET REVIEW

    Total assets were $6.25 billion at March 31, 2025, compared to $6.24 billion at December 31, 2024 and $6.75 billion at March 31, 2024. The increase from December 31, 2024 was primarily due to higher cash balances, partially offset by lower securities balances. Compared to March 31, 2024, the decrease was primarily driven by the sale of assets associated with our Florida banking operations in the second quarter of 2024 coupled with the pay-off of Bank Term Funding Program (“BTFP”) borrowings with proceeds received from securities sales transactions in the fourth quarter of 2024.

    Loans Held for Investment March 31, 2025   December 31, 2024   March 31, 2024  
    (Dollars in thousands) Balance   % of Total   Balance   % of Total   Balance   % of Total  
    Commercial and industrial $1,140,138   26.5 % $1,126,813   26.1 % $1,105,718   25.0 %
    Agricultural 131,409   3.1   119,051   2.8   113,029   2.6  
    Commercial real estate                        
    Construction and development 293,280   6.8   324,896   7.5   403,571   9.1  
    Farmland 180,633   4.2   182,460   4.2   184,109   4.2  
    Multifamily 421,204   9.8   423,157   9.8   409,504   9.3  
    Other 1,425,062   33.0   1,414,168   32.7   1,440,645   32.7  
    Total commercial real estate 2,320,179   53.8   2,344,681   54.2   2,437,829   55.3  
    Residential real estate                        
    One-to-four family first liens 471,688   11.0   477,150   11.1   495,408   11.2  
    One-to-four family junior liens 182,346   4.2   179,232   4.2   182,001   4.1  
    Total residential real estate 654,034   15.2   656,382   15.3   677,409   15.3  
    Consumer 58,424   1.4   68,700   1.6   80,661   1.8  
    Loans held for investment, net of unearned income $4,304,184   100.0 % $4,315,627   100.0 % $4,414,646   100.0 %
                             
    Total commitments to extend credit $1,080,300       $1,080,737       $1,230,612      

    Loans held for investment, net of unearned income, decreased $11.4 million, or 0.3%, to $4.30 billion from $4.32 billion at December 31, 2024, primarily due to the reclassification of $11.0 million of credit card receivables to loans held for sale in the first quarter of 2025. Management expects the credit card portfolio sale to close in the fourth quarter of 2025.

    Loans held for investment, net of unearned income, decreased $110.5 million, or 2.5%, to $4.30 billion from $4.41 billion at March 31, 2024. The decrease from the first quarter of 2024 was driven primarily by the sale of loans associated with our Florida banking operations in the second quarter of 2024, partially offset by organic loan growth and higher line of credit usage.

    Investment Securities March 31, 2025   December 31, 2024   March 31, 2024  
    (Dollars in thousands) Balance   % of Total   Balance   % of Total   Balance   % of Total  
    Available for sale $1,305,530   100.0 % $1,328,433   100.0 % $797,230   42.8 %
    Held to maturity   %   % 1,064,939   57.2 %
    Total investment securities $1,305,530       $1,328,433       $1,862,169      

    Investment securities at March 31, 2025 were $1.31 billion, decreasing $22.9 million from December 31, 2024 and decreasing $556.6 million from March 31, 2024. The decrease from the fourth quarter of 2024 was primarily due to principal cash flows received from scheduled payments, calls, and maturities. The decrease from the first quarter of 2024 stemmed primarily from the sale of debt securities in connection with a balance sheet repositioning, as well as principal cash flows received from scheduled payments, calls, and maturities. 

    Deposits March 31, 2025   December 31, 2024   March 31, 2024  
    (Dollars in thousands) Balance   % of Total   Balance   % of Total   Balance   % of Total  
    Noninterest bearing deposits $903,714   16.5 % $951,423   17.4 % $920,764   16.5 %
    Interest checking deposits 1,283,328   23.3   1,258,191   22.9   1,349,823   24.2  
    Money market deposits 1,002,066   18.3   1,053,988   19.2   1,122,717   20.1  
    Savings deposits 877,348   16.0   820,549   15.0   728,276   13.0  
    Time deposits of $250 and under 818,012   14.9   826,793   15.1   787,851   14.1  
    Total core deposits 4,884,468   89.0   4,910,944   89.6   4,909,431   87.9  
    Brokered time deposits 200,000   3.6   200,000   3.7   205,000   3.7  
    Time deposits over $250 404,674   7.4   367,038   6.7   470,805   8.4  
    Total deposits $5,489,142   100.0 % $5,477,982   100.0 % $5,585,236   100.0 %

    Total deposits increased $11.2 million, or 0.2%, to $5.49 billion, from $5.48 billion at December 31, 2024. Total deposits decreased $96.1 million, or 1.7%, from $5.59 billion at March 31, 2024, primarily due to the deposits transferred in the sale of our Florida banking operations, partially offset by organic deposit growth in our targeted metropolitan markets.

    Borrowed Funds March 31, 2025   December 31, 2024   March 31, 2024  
    (Dollars in thousands) Balance   % of Total   Balance   % of Total   Balance   % of Total  
    Short-term borrowings $1,482   1.3 % $3,186   2.7 % $422,988   77.6 %
    Long-term debt 111,398   98.7 % 113,376   97.3 % 122,066   22.4 %
    Total borrowed funds $112,880       $116,562       $545,054      

    Borrowed funds were $112.9 million at March 31, 2025, a decrease of $3.7 million from December 31, 2024 and a decrease of $432.2 million from March 31, 2024. The decrease compared to the linked quarter was due to lower customer repurchase agreement volumes and scheduled payments on long-term debt. The decrease compared to March 31, 2024 was primarily due to the pay-off of $405.0 million of BTFP borrowings and $13.0 million of a revolving credit facility, as well as scheduled payments on long-term debt.

    Capital March 31,   December 31,   March 31,
    (Dollars in thousands) 2025 (1)     2024       2024  
    Total shareholders’ equity $ 579,625     $ 559,696     $ 528,040  
    Accumulated other comprehensive loss   (63,098 )     (72,762 )     (60,804 )
    MidWestOneFinancial Group, Inc. Consolidated          
    Tier 1 leverage to average assets ratio   9.50 %     9.15 %     8.16 %
    Common equity tier 1 capital to risk-weighted assets ratio   10.97 %     10.73 %     8.98 %
    Tier 1 capital to risk-weighted assets ratio   11.84 %     11.59 %     9.75 %
    Total capital to risk-weighted assets ratio   14.34 %     14.07 %     11.97 %
    MidWestOneBank          
    Tier 1 leverage to average assets ratio   10.42 %     10.12 %     9.36 %
    Common equity tier 1 capital to risk-weighted assets ratio   13.02 %     12.86 %     11.20 %
    Tier 1 capital to risk-weighted assets ratio   13.02 %     12.86 %     11.20 %
    Total capital to risk-weighted assets ratio   14.21 %     14.02 %     12.25 %
    (1) Regulatory capital ratios for March 31, 2025 are preliminary          
               

    Total shareholders’ equity at March 31, 2025 increased $19.9 million from December 31, 2024, driven primarily by an increase in retained earnings and a decrease in accumulated other comprehensive loss. Total shareholders’ equity at March 31, 2025 increased $51.6 million from March 31, 2024, primarily due to increases in common stock and additional pain-in-capital stemming from the common equity capital raise in the third quarter of 2024, partially offset by a decrease in retained earnings.

    On April 22, 2025, the Board of Directors of the Company declared a cash dividend of $0.2425 per common share. The dividend is payable June 16, 2025, to shareholders of record at the close of business on June 2, 2025.

    No common shares were repurchased by the Company during the period December 31, 2024 through March 31, 2025 or for the subsequent period through April 24, 2025. The current share repurchase program allows for the repurchase of up to $15.0 million of the Company’s common shares. As of March 31, 2025, $15.0 million remained available under this program.

    CREDIT QUALITY REVIEW

    Credit Quality As of or For the Three Months Ended
    March 31,   December 31,   March 31,
    (Dollars in thousands)   2025       2024       2024  
    Credit loss expense related to loans $ 1,787     $ 1,891     $ 4,589  
    Net charge-offs   3,087       691       189  
    Allowance for credit losses   53,900       55,200       55,900  
    Pass $ 4,068,707     $ 4,056,361     $ 4,098,102  
    Special Mention   121,494       148,462       152,604  
    Classified   113,983       110,804       163,940  
    Criticized   235,477       259,266       316,544  
    Loans greater than 30 days past due and accruing $ 6,119     $ 9,378     $ 8,772  
    Nonperforming loans $ 17,470     $ 21,847     $ 29,267  
    Nonperforming assets   20,889       25,184       33,164  
    Net charge-off ratio(1)   0.29 %     0.06 %     0.02 %
    Classified loans ratio(2)   2.65 %     2.57 %     3.71 %
    Criticized loans ratio(3)   5.47 %     6.01 %     7.17 %
    Nonperforming loans ratio(4)   0.41 %     0.51 %     0.66 %
    Nonperforming assets ratio(5)   0.33 %     0.40 %     0.49 %
    Allowance for credit losses ratio(6)   1.25 %     1.28 %     1.27 %
    Allowance for credit losses to nonaccrual loans ratio(7)   309.47 %     254.32 %     197.53 %
    (1) Net charge-off ratio is calculated as annualized net charge-offs divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period.
    (2) Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period.
    (3) Criticized loans ratio is calculated as criticized loans divided by loans held for investment, net of unearned income, at the end of the period.
    (4) Nonperforming loans ratio is calculated as nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period.
    (5) Nonperforming assets ratio is calculated as nonperforming assets divided by total assets at the end of the period.
    (6) Allowance for credit losses ratio is calculated as allowance for credit losses divided by loans held for investment, net of unearned income, at the end of the period.
    (7) Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period.
     

    Nonperforming loans and nonperforming assets ratios improved 10 bps and 7 bps, to 0.41% and 0.33%, respectively, compared to the linked quarter. In addition, special mention loan balances decreased $27.0 million, or 18%, while classified loan balances remained relatively stable with an increase of $3.2 million, or 3%. When compared to the same period of the prior year, the nonperforming loans and nonperforming asset ratios improved 25 bps and 16 bps, respectively, while the classified loan ratio improved 106 bps. Special mention loan balances decreased $31.1 million, or 20%. The net charge-off ratio increased 23 bps from the linked quarter and 27 bps from the same period in the prior year.

    As of March 31, 2025, the allowance for credit losses was $53.9 million and the allowance for credit losses ratio was 1.25%, compared with $55.2 million and 1.28%, respectively, at December 31, 2024. Credit loss expense of $1.7 million in the first quarter of 2025 primarily reflected additional reserve on pooled loans, offset by a reduction of $0.1 million in the reserve for unfunded loan commitments.

    Nonperforming Loans Roll Forward Nonaccrual   90+ Days Past Due
    & Still Accruing
      Total
    (Dollars in thousands)    
    Balance at December 31, 2024 $21,705   $142   $21,847
    Loans placed on nonaccrual or 90+ days past due & still accruing 3,121   225   3,346
    Proceeds related to repayment or sale (4,158)     (4,158)
    Loans returned to accrual status or no longer past due (336)   (49)   (385)
    Charge-offs (2,774)   (259)   (3,033)
    Transfers to foreclosed assets (141)     (141)
    Transfer to nonaccrual   (6)   (6)
    Balance at March 31, 2025 $17,417   $53   $17,470


    CONFERENCE CALL DETAILS

    The Company will host a conference call for investors at 11:00 a.m. CT on Friday, April 25, 2025. To participate, you may pre-register for this call utilizing the following link: https://www.netroadshow.com/events/login?show=29396e9f&confId=80376. After pre-registering for this event you will receive your access details via email. On the day of the call, you are also able to dial 1-833-470-1428 using an access code of 527448 at least fifteen minutes before the call start time. If you are unable to participate on the call, a replay will be available until July 24, 2025 by calling 1-866-813-9403 and using the replay access code of 162684. A transcript of the call will also be available on the Company’s web site (www.midwestonefinancial.com) within three business days of the call.

    ABOUT MIDWESTONE FINANCIAL GROUP, INC.

    MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.bank. MidWestOne Financial Group, Inc. trades on the Nasdaq Global Select Market under the symbol “MOFG”.

    Cautionary Note Regarding Forward-Looking Statements

    This release contains certain “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We and our representatives may, from time to time, make written or oral statements that are “forward-looking” and provide information other than historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the factors listed below. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “should,” “could,” “would,” “plans,” “goals,” “intend,” “project,” “estimate,” “forecast,” “may” or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, these statements. Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Additionally, we undertake no obligation to update any statement in light of new information or future events, except as required under federal securities law.

    Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have an impact on our ability to achieve operating results, growth plan goals and future prospects include, but are not limited to, the following: (1) the effects of changes in interest rates, including on our net income and the value of our securities portfolio; (2) fluctuations in the value of our investment securities; (3) effects on the U.S. economy resulting from the implementation of proposed policies and executive orders, including the imposition of tariffs, changes in immigration policy, changes to regulatory or other governmental agencies, changes in foreign policy and tax regulations; (4) volatility of rate-sensitive deposits; (5) asset/liability matching risks and liquidity risks; (6) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (7) the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; (8) credit quality deterioration, pronounced and sustained reduction in real estate market values, or other uncertainties, including the impact of inflationary pressures and future monetary policies of the Federal Reserve in response thereto on economic conditions and our business, resulting in an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (9) the sufficiency of the allowance for credit losses to absorb the amount of expected losses inherent in our existing loan portfolio; (10) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (11) credit risks and risks from concentrations (by type of borrower, collateral, geographic area and by industry) within our loan portfolio; (12) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (13) governmental monetary and fiscal policies; (14) new or revised general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business, including the risk of a recession; (15) the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and value of the agricultural or other products of our borrowers; (16) war or terrorist activities, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (17) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, and including changes in interpretation or prioritization of such laws and regulations; (18) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (19) the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, financial technology companies, and other financial institutions operating in our markets or elsewhere or providing similar services; (20) changes in the business and economic conditions generally and in the financial services industry, and the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in prior bank failures; (21) the occurrence of fraudulent activity, breaches, or failures of our or our third party vendors’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (22) the ability to attract and retain key executives and employees experienced in banking and financial services; (23) our ability to adapt successfully to technological changes to compete effectively in the marketplace; (24) operational risks, including data processing system failures and fraud; (25) the costs, effects and outcomes of existing or future litigation or other legal proceedings and regulatory actions; (26) the risks of mergers or branch sales (including the sale of our Florida banking operations and the acquisition of Denver Bankshares, Inc.), including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; (27) the economic impacts on the Company and its customers of climate change, natural disasters and exceptional weather occurrences, such as: tornadoes, floods and blizzards; and (28) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.

    MIDWESTONE FINANCIAL GROUP, INC.
    FIVE QUARTER CONSOLIDATED BALANCE SHEETS

      March 31,   December 31,   September 30,   June 30,   March 31,
    (In thousands)   2025       2024       2024       2024       2024  
    ASSETS                  
    Cash and due from banks $            68,545     $            71,803     $            72,173     $            66,228     $            68,430  
    Interest earning deposits in banks              182,360                  133,092                  129,695                    35,340                    29,328  
    Federal funds sold                       —                           —                           —                           —                            4  
    Total cash and cash equivalents              250,905                  204,895                  201,868                  101,568                    97,762  
    Debt securities available for sale at fair value           1,305,530               1,328,433               1,623,104                  771,034                  797,230  
    Held to maturity securities at amortized cost                       —                           —                           —               1,053,080               1,064,939  
    Total securities           1,305,530               1,328,433               1,623,104               1,824,114               1,862,169  
    Loans held for sale                13,836                         749                      3,283                      2,850                      2,329  
    Gross loans held for investment           4,315,546               4,328,413               4,344,559               4,304,619               4,433,258  
    Unearned income, net              (11,362 )                (12,786 )                (15,803 )                (17,387 )                (18,612 )
    Loans held for investment, net of unearned income           4,304,184               4,315,627               4,328,756               4,287,232               4,414,646  
    Allowance for credit losses              (53,900 )                (55,200 )                (54,000 )                (53,900 )                (55,900 )
    Total loans held for investment, net           4,250,284               4,260,427               4,274,756               4,233,332               4,358,746  
    Premises and equipment, net                90,031                    90,851                    90,750                    91,793                    95,986  
    Goodwill                69,788                    69,788                    69,788                    69,388                    71,118  
    Other intangible assets, net                23,611                    25,019                    26,469                    27,939                    29,531  
    Foreclosed assets, net                  3,419                      3,337                      3,583                      6,053                      3,897  
    Other assets              246,990                  252,830                  258,881                  224,621                  226,477  
    Total assets $       6,254,394     $       6,236,329     $       6,552,482     $       6,581,658     $       6,748,015  
    LIABILITIES                       
    Noninterest bearing deposits $          903,714     $          951,423     $          917,715     $          882,472     $          920,764  
    Interest bearing deposits           4,585,428               4,526,559               4,451,012               4,529,947               4,664,472  
    Total deposits           5,489,142               5,477,982               5,368,727               5,412,419               5,585,236  
    Short-term borrowings                  1,482                      3,186                  410,630                  414,684                  422,988  
    Long-term debt              111,398                  113,376                  115,051                  114,839                  122,066  
    Other liabilities                72,747                    82,089                    95,836                    96,430                    89,685  
    Total liabilities           5,674,769               5,676,633               5,990,244               6,038,372               6,219,975  
    SHAREHOLDERS’ EQUITY                       
    Common stock                21,580                    21,580                    21,580                    16,581                    16,581  
    Additional paid-in capital              414,258                  414,987                  414,965                  300,831                  300,845  
    Retained earnings              227,790                  217,776                  206,490                  306,030                  294,066  
    Treasury stock              (20,905 )                (21,885 )                (21,955 )                (22,021 )                (22,648 )
    Accumulated other comprehensive loss              (63,098 )                (72,762 )                (58,842 )                (58,135 )                (60,804 )
    Total shareholders’ equity              579,625                  559,696                  562,238                  543,286                  528,040  
    Total liabilities and shareholders’ equity $       6,254,394     $       6,236,329     $       6,552,482     $       6,581,658     $       6,748,015  
                                           

    MIDWESTONE FINANCIAL GROUP, INC.
    FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME

      Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
    (In thousands, except per share data)   2025     2024     2024       2024     2024
    Interest income                  
    Loans, including fees $            59,462   $            62,458   $            62,521     $            61,643   $            57,947
    Taxable investment securities                13,327                  11,320                   8,779                     9,228                   9,460
    Tax-exempt investment securities                    703                      728                   1,611                     1,663                   1,710
    Other                 1,247                   3,761                      785                        242                      418
    Total interest income                74,739                  78,267                  73,696                    72,776                  69,535
    Interest expense                  
    Deposits                25,484                  27,324                  29,117                    28,942                  27,726
    Short-term borrowings                      25                      115                   5,043                     5,409                   4,975
    Long-term debt                 1,791                   1,890                   2,015                     2,078                   2,103
    Total interest expense                27,300                  29,329                  36,175                    36,429                  34,804
    Net interest income                47,439                  48,938                  37,521                    36,347                  34,731
    Credit loss expense                 1,687                   1,291                   1,535                     1,267                   4,689
    Net interest income after credit loss expense                45,752                  47,647                  35,986                    35,080                  30,042
    Noninterest income                  
    Investment services and trust activities                 3,544                   3,779                   3,410                     3,504                   3,503
    Service charges and fees                 2,131                   2,159                   2,170                     2,156                   2,144
    Card revenue                 1,744                   1,833                   1,935                     1,907                   1,943
    Loan revenue                 1,194                   1,841                      760                     1,525                      856
    Bank-owned life insurance                 1,057                      719                      879                        668                      660
    Investment securities gains (losses), net                      33                      161              (140,182 )                        33                        36
    Other                    433                      345                      640                    11,761                      608
    Total noninterest income (loss)                10,136                  10,837              (130,388 )                  21,554                   9,750
    Noninterest expense                  
    Compensation and employee benefits                21,212                  20,684                  19,943                    20,985                  20,930
    Occupancy expense of premises, net                 2,588                   2,772                   2,443                     2,435                   2,813
    Equipment                 2,426                   2,688                   2,486                     2,530                   2,600
    Legal and professional                 2,226                   2,534                   2,261                     2,253                   2,059
    Data processing                 1,698                   1,719                   1,580                     1,645                   1,360
    Marketing                    552                      793                      619                        636                      598
    Amortization of intangibles                 1,408                   1,449                   1,470                     1,593                   1,637
    FDIC insurance                    917                      980                      923                     1,051                      942
    Communications                    159                      154                      159                        191                      196
    Foreclosed assets, net                      74                        56                      330                        138                      358
    Other                 3,033                   3,543                   3,584                     2,304                   2,072
    Total noninterest expense                36,293                  37,372                  35,798                    35,761                  35,565
    Income (loss) before income tax expense                19,595                  21,112              (130,200 )                  20,873                   4,227
    Income tax expense (benefit)                 4,457                   4,782                (34,493 )                   5,054                      958
    Net income (loss) $            15,138   $            16,330   $          (95,707 )   $            15,819   $             3,269
                       
    Earnings (loss) per common share                  
    Basic $               0.73   $               0.79   $              (6.05 )   $               1.00   $               0.21
    Diluted $               0.73   $               0.78   $              (6.05 )   $               1.00   $               0.21
    Weighted average basic common shares outstanding                20,797                  20,776                  15,829                    15,763                  15,723
    Weighted average diluted common shares outstanding                20,849                  20,851                  15,829                    15,781                  15,774
    Dividends paid per common share $            0.2425   $            0.2425   $            0.2425     $            0.2425   $            0.2425
                                   

    MIDWESTONE FINANCIAL GROUP, INC.
    FINANCIAL STATISTICS

      As of or for the Three Months Ended
      March 31,   December 31,   March 31,
    (Dollars in thousands, except per share amounts)   2025       2024       2024  
    Earnings:          
    Net interest income $ 47,439     $ 48,938     $ 34,731  
    Noninterest income   10,136       10,837       9,750  
    Total revenue, net of interest expense   57,575       59,775       44,481  
    Credit loss expense   1,687       1,291       4,689  
    Noninterest expense   36,293       37,372       35,565  
    Income before income tax expense   19,595       21,112       4,227  
    Income tax expense   4,457       4,782       958  
    Net income $ 15,138     $ 16,330     $ 3,269  
    Adjusted earnings(1) $ 15,301     $ 16,112     $ 4,504  
    Per Share Data:          
    Diluted earnings $ 0.73     $ 0.78     $ 0.21  
    Adjusted earnings(1)   0.73       0.77       0.29  
    Book value   27.85       26.94       33.53  
    Tangible book value(1)   23.36       22.37       27.14  
    Ending Balance Sheet:          
    Total assets $ 6,254,394     $ 6,236,329     $ 6,748,015  
    Loans held for investment, net of unearned income   4,304,184       4,315,627       4,414,646  
    Total securities   1,305,530       1,328,433       1,862,169  
    Total deposits   5,489,142       5,477,982       5,585,236  
    Short-term borrowings   1,482       3,186       422,988  
    Long-term debt   111,398       113,376       122,066  
    Total shareholders’ equity   579,625       559,696       528,040  
    Average Balance Sheet:          
    Average total assets $ 6,168,546     $ 6,279,975     $ 6,635,379  
    Average total loans   4,290,710       4,307,583       4,298,216  
    Average total deposits   5,398,819       5,464,900       5,481,114  
    Financial Ratios:          
    Return on average assets   1.00 %     1.03 %     0.20 %
    Return on average equity   10.74 %     11.53 %     2.49 %
    Return on average tangible equity(1)   13.75 %     14.80 %     4.18 %
    Efficiency ratio(1)   59.38 %     59.06 %     71.28 %
    Net interest margin, tax equivalent(1)   3.44 %     3.43 %     2.33 %
    Loans to deposits ratio   78.41 %     78.78 %     79.04 %
    CET1 Ratio   10.97 %     10.73 %     8.98 %
    Common equity ratio   9.27 %     8.97 %     7.83 %
    Tangible common equity ratio(1)   7.89 %     7.57 %     6.43 %
    Credit Risk Profile:          
    Total nonperforming loans $ 17,470     $ 21,847     $ 29,267  
    Nonperforming loans ratio   0.41 %     0.51 %     0.66 %
    Total nonperforming assets $ 20,889     $ 25,184     $ 33,164  
    Nonperforming assets ratio   0.33 %     0.40 %     0.49 %
    Net charge-offs $ 3,087     $ 691     $ 189  
    Net charge-off ratio   0.29 %     0.06 %     0.02 %
    Allowance for credit losses $ 53,900     $ 55,200     $ 55,900  
    Allowance for credit losses ratio   1.25 %     1.28 %     1.27 %
    Allowance for credit losses to nonaccrual ratio   309.47 %     254.32 %     197.53 %
               
    (1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
     

    MIDWESTONE FINANCIAL GROUP, INC.
    AVERAGE BALANCE SHEET AND YIELD ANALYSIS

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    (Dollars in thousands) Average
    Balance
      Interest
    Income/
    Expense
      Average
    Yield/
    Cost
      Average
    Balance
      Interest
    Income/
    Expense
      Average
    Yield/
    Cost
      Average Balance   Interest
    Income/
    Expense
      Average
    Yield/
    Cost
    ASSETS                                  
    Loans, including fees (1)(2)(3) $4,290,710   $60,443   5.71%   $4,307,583   $63,443   5.86%   $4,298,216   $58,867   5.51%
    Taxable investment securities 1,207,844   13,327   4.47%   1,080,716   11,320   4.17%   1,557,603   9,460   2.44%
    Tax-exempt investment securities (2)(4) 105,563   865   3.32%   109,183   896   3.26%   328,736   2,097   2.57%
    Total securities held for investment(2) 1,313,407   14,192   4.38%   1,189,899   12,216   4.08%   1,886,339   11,557   2.46%
    Other 124,133   1,247   4.07%   309,904   3,761   4.83%   30,605   418   5.49%
    Total interest earning assets(2) $5,728,250   $75,882   5.37%   $5,807,386   $79,420   5.44%   $6,215,160   $70,842   4.58%
    Other assets 440,296           472,589           420,219        
    Total assets $6,168,546           $6,279,975           $6,635,379        
    LIABILITIES AND SHAREHOLDERS’ EQUITY                                  
    Interest checking deposits $1,240,586   $2,127   0.70%   $1,252,481   $2,205   0.70%   $1,301,470   $2,890   0.89%
    Money market deposits 1,002,743   6,333   2.56%   1,046,571   7,197   2.74%   1,102,543   8,065   2.94%
    Savings deposits 835,731   3,057   1.48%   799,931   3,158   1.57%   694,143   2,047   1.19%
    Time deposits 1,397,595   13,967   4.05%   1,410,542   14,764   4.16%   1,446,981   14,724   4.09%
    Total interest bearing deposits 4,476,655   25,484   2.31%   4,509,525   27,324   2.41%   4,545,137   27,726   2.45%
    Securities sold under agreements to repurchase 2,705   5   0.75%   3,640   8   0.87%   5,330   11   0.83%
    Other short-term borrowings   20   —%   6,465   107   6.58%   409,525   4,964   4.88%
    Total short-term borrowings 2,705   25   3.75%   10,105   115   4.53%   414,855   4,975   4.82%
    Long-term debt 113,364   1,791   6.41%   116,018   1,890   6.48%   123,266   2,103   6.86%
    Total borrowed funds 116,069   1,816   6.35%   126,123   2,005   6.32%   538,121   7,078   5.29%
    Total interest bearing liabilities $4,592,724   $27,300   2.41%   $4,635,648   $29,329   2.52%   $5,083,258   $34,804   2.75%
    Noninterest bearing deposits 922,164           955,375           935,977        
    Other liabilities 82,280           125,536           88,611        
    Shareholders’ equity 571,378           563,416           527,533        
    Total liabilities and shareholders’ equity $6,168,546           $6,279,975           $6,635,379        
    Net interest income(2)     $48,582           $50,091           $36,038    
    Net interest spread(2)         2.96%           2.92%           1.83%
    Net interest margin(2)         3.44%           3.43%           2.33%
                                       
    Total deposits(5) $5,398,819   $25,484   1.91%   $5,464,900   $27,324   1.99%   $5,481,114   $27,726   2.03%
    Cost of funds(6)         2.01%           2.09%           2.33%
    (1) Average balance includes nonaccrual loans.
    (2) Tax equivalent. The federal statutory tax rate utilized was 21%.
    (3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $256 thousand, $456 thousand, and $237 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. Loan purchase discount accretion was $1.2 million, $2.5 million, and $1.2 million for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. Tax equivalent adjustments were $981 thousand, $985 thousand, and $920 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The federal statutory tax rate utilized was 21%.
    (4) Interest income includes tax equivalent adjustments of $162 thousand, $168 thousand, and $387 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The federal statutory tax rate utilized was 21%.
    (5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
    (6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.
       

    Non-GAAP Measures

    This earnings release contains non-GAAP measures for tangible common equity, tangible book value per share, tangible common equity ratio, return on average tangible equity, net interest margin (tax equivalent), core net interest margin, loan yield (tax equivalent), core yield on loans, efficiency ratio, adjusted earnings and adjusted earnings per share. Management believes these measures provide investors with useful information regarding the Company’s profitability, financial condition and capital adequacy, consistent with how management evaluates the Company’s financial performance. The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP measure.

    Tangible Common Equity/Tangible Book Value                    
    per Share/Tangible Common Equity Ratio   March 31,   December 31,   September 30,   June 30,   March 31,
    (Dollars in thousands, except per share data)     2025       2024       2024       2024       2024  
    Total shareholders’ equity   $ 579,625     $ 559,696     $ 562,238     $ 543,286     $ 528,040  
    Intangible assets, net     (93,399 )     (94,807 )     (96,257 )     (97,327 )     (100,649 )
    Tangible common equity   $ 486,226     $ 464,889     $ 465,981     $ 445,959     $ 427,391  
                         
    Total assets   $ 6,254,394     $ 6,236,329     $ 6,552,482     $ 6,581,658     $ 6,748,015  
    Intangible assets, net     (93,399 )     (94,807 )     (96,257 )     (97,327 )     (100,649 )
    Tangible assets   $ 6,160,995     $ 6,141,522     $ 6,456,225     $ 6,484,331     $ 6,647,366  
                         
    Book value per share   $ 27.85     $ 26.94     $ 27.06     $ 34.44     $ 33.53  
    Tangible book value per share(1)   $ 23.36     $ 22.37     $ 22.43     $ 28.27     $ 27.14  
    Shares outstanding     20,815,715       20,777,485       20,774,919       15,773,468       15,750,471  
                         
    Common equity ratio     9.27 %     8.97 %     8.58 %     8.25 %     7.83 %
    Tangible common equity ratio(2)     7.89 %     7.57 %     7.22 %     6.88 %     6.43 %
                                             

    (1) Tangible common equity divided by shares outstanding. 
    (2) Tangible common equity divided by tangible assets.  

        Three Months Ended
    Return on Average Tangible Equity   March 31,   December 31,   March 31,
    (Dollars in thousands)     2025       2024       2024  
    Net income   $ 15,138     $ 16,330     $ 3,269  
    Intangible amortization, net of tax(1)     1,047       1,075       1,228  
    Tangible net income   $ 16,185     $ 17,405     $ 4,497  
                 
    Average shareholders’ equity   $ 571,378     $ 563,416     $ 527,533  
    Average intangible assets, net     (94,169 )     (95,498 )     (95,296 )
    Average tangible equity   $ 477,209     $ 467,918     $ 432,237  
                 
    Return on average equity     10.74 %     11.53 %     2.49 %
    Return on average tangible equity(2)     13.75 %     14.80 %     4.18 %
                             

    (1) The income tax rate utilized was the blended marginal tax rate.  
    (2) Annualized tangible net income divided by average tangible equity.

    Net Interest Margin, Tax Equivalent/
    Core Net Interest Margin
      Three Months Ended
      March 31,   December 31,   March 31,
    (Dollars in thousands)     2025       2024       2024  
    Net interest income   $ 47,439     $ 48,938     $ 34,731  
    Tax equivalent adjustments:            
    Loans(1)     981       985       920  
    Securities(1)     162       168       387  
    Net interest income, tax equivalent   $ 48,582     $ 50,091     $ 36,038  
    Loan purchase discount accretion     (1,166 )     (2,496 )     (1,152 )
    Core net interest income   $ 47,416     $ 47,595     $ 34,886  
                 
    Net interest margin     3.36 %     3.35 %     2.25 %
    Net interest margin, tax equivalent(2)     3.44 %     3.43 %     2.33 %
    Core net interest margin(3)     3.36 %     3.26 %     2.26 %
    Average interest earning assets   $ 5,728,250     $ 5,807,386     $ 6,215,160  
                             

    (1) The federal statutory tax rate utilized was 21%.  
    (2) Annualized tax equivalent net interest income divided by average interest earning assets.  
    (3) Annualized core net interest income divided by average interest earning assets.   

          Three Months Ended
    Loan Yield, Tax Equivalent / Core Yield on Loans   March 31,   December 31,   March 31,
    (Dollars in thousands)     2025       2024       2024  
    Loan interest income, including fees     $ 59,462     $ 62,458     $ 57,947  
    Tax equivalent adjustment(1)       981       985       920  
    Tax equivalent loan interest income     $ 60,443     $ 63,443     $ 58,867  
    Loan purchase discount accretion       (1,166 )     (2,496 )     (1,152 )
    Core loan interest income     $ 59,277     $ 60,947     $ 57,715  
                   
    Yield on loans       5.62 %     5.77 %     5.42 %
    Yield on loans, tax equivalent(2)       5.71 %     5.86 %     5.51 %
    Core yield on loans(3)       5.60 %     5.63 %     5.40 %
    Average loans     $ 4,290,710     $ 4,307,583     $ 4,298,216  
                               

    (1) The federal statutory tax rate utilized was 21%.  
    (2) Annualized tax equivalent loan interest income divided by average loans.  
    (3) Annualized core loan interest income divided by average loans.  

          Three Months Ended
    Efficiency Ratio   March 31,   December 31,   March 31,
    (Dollars in thousands)     2025       2024       2024  
    Total noninterest expense     $ 36,293     $ 37,372     $ 35,565  
    Amortization of intangibles       (1,408 )     (1,449 )     (1,637 )
    Merger-related expenses       (40 )     (31 )     (1,314 )
    Noninterest expense used for efficiency ratio     $ 34,845     $ 35,892     $ 32,614  
                   
    Net interest income, tax equivalent(1)     $ 48,582     $ 50,091     $ 36,038  
    Plus: Noninterest income       10,136       10,837       9,750  
    Less: Investment securities gains, net       33       161       36  
    Net revenues used for efficiency ratio     $ 58,685     $ 60,767     $ 45,752  
                   
    Efficiency ratio (2)       59.38 %     59.06 %     71.28 %
                               

    (1) The federal statutory tax rate utilized was 21%.    
    (2) Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains.  

          Three Months Ended
    Adjusted Earnings   March 31,   December 31,   March 31,
    (Dollars in thousands, except per share data)     2025       2024     2024  
    Net income     $         15,138     $         16,330   $           3,269  
    Less: Investment securities gains, net of tax(1)                        25                      119                      27  
    Less: Mortgage servicing rights (loss) gain, net of tax(1)                     (158 )                    122                   (276 )
    Plus: Merger-related expenses, net of tax(1)                        30                        23                    986  
    Adjusted earnings     $         15,301     $         16,112   $           4,504  
                   
    Weighted average diluted common shares outstanding                 20,849                 20,851               15,774  
                   
    Earnings per common share – diluted     $             0.73     $             0.78   $             0.21  
    Adjusted earnings per common share(2)     $             0.73     $             0.77   $             0.29  
                             

    (1) The income tax rate utilized was the blended marginal tax rate.      
    (2) Adjusted earnings divided by weighted average diluted common shares outstanding.  

    Category: Earnings

    This news release may be downloaded from Corporate Profile | MidWestOne Financial Group, Inc.

    Source: MidWestOne Financial Group, Inc.

    Industry: Banks

    Contact:

      Charles N. Reeves Barry S. Ray
      Chief Executive Officer Chief Financial Officer
      319.356.5800   319.356.5800
         

    The MIL Network

  • MIL-OSI: Glacier Bancorp, Inc. Announces Results For the Quarter and Period Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    1st Quarter 2025 Highlights:

    • Diluted earnings per share for the current quarter was $0.48 per share, a decrease of 11 percent from the prior quarter diluted earnings per share of $0.54 per share and an increase of 66 percent from the prior year first quarter diluted earnings per share of $0.29 per share.
    • Net income was $54.6 million for the current quarter, a decrease of $7.2 million, or 12 percent, from the prior quarter net income of $61.8 million and an increase of $21.9 million, or 67 percent, from the prior year first quarter net income of $32.6 million.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.04 percent, an increase of 7 basis points from the prior quarter net interest margin of 2.97 percent and an increase of 45 basis points from the prior year first quarter net interest margin of 2.59 percent.
    • Total deposits of $20.634 billion increased $87.1 million, or 2 percent annualized, during the current quarter.
    • The loan yield of 5.77 percent in the current quarter increased 5 basis points from the prior quarter loan yield of 5.72 percent and increased 31 basis points from the prior year first quarter loan yield of 5.46 percent.
    • The total earning asset yield of 4.61 percent in the current quarter increased 4 basis points from the prior quarter earning asset yield of 4.57 percent and increased 30 basis points from the prior year first quarter earning asset yield of 4.31 percent.
    • The total core deposit cost (including non-interest bearing deposits) of 1.25 percent in the current quarter decreased 4 basis point from the prior quarter total core deposit cost of 1.29 percent.
    • The total cost of funding (including non-interest bearing deposits) of 1.68 percent in the current quarter decreased 3 basis point from the prior quarter total cost of funding of 1.71 percent.
    • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 160 consecutive quarterly dividends and has increased the dividend 49 times.
    • The Company announced the signing of a definitive agreement to acquire Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.3 billion as of March 31, 2025. This will be the Company’s 26th bank acquisition since 2000 and its 12th announced transaction in the past 10 years.

    Financial Summary  

      At or for the Three Months ended
    (Dollars in thousands, except per share and market data) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
    Operating results          
    Net income $ 54,568     61,754     32,627  
    Basic earnings per share $ 0.48     0.54     0.29  
    Diluted earnings per share $ 0.48     0.54     0.29  
    Dividends declared per share $ 0.33     0.33     0.33  
    Market value per share          
    Closing $ 44.22     50.22     40.28  
    High $ 52.81     60.67     42.75  
    Low $ 43.18     43.70     34.74  
    Selected ratios and other data          
    Number of common stock shares outstanding   113,517,944     113,401,955     113,388,590  
    Average outstanding shares – basic   113,451,199     113,398,213     112,492,142  
    Average outstanding shares – diluted   113,546,365     113,541,026     112,554,402  
    Return on average assets (annualized)   0.80 %   0.87 %   0.47 %
    Return on average equity (annualized)   6.77 %   7.62 %   4.25 %
    Efficiency ratio   65.49 %   60.50 %   74.41 %
    Loan to deposit ratio   83.64 %   84.17 %   82.04 %
    Number of full time equivalent employees   3,457     3,441     3,438  
    Number of locations   227     227     232  
    Number of ATMs   286     284     285  
                       

    KALISPELL, Mont., April 24, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $54.6 million for the current quarter, a decrease of $7.2 million, or 12 percent from the prior quarter net income of $61.8 million and an increase of $21.9 million, or 67 percent, from the $32.6 million of net income for the prior year first quarter. Diluted earnings per share for the current quarter was $0.48 per share, a decrease of 11 percent from the prior quarter diluted earnings per share of $0.54 per share and an increase of 65 percent from the prior year first quarter diluted earnings per share of $0.29. “We are very pleased with the long-term positive trends we see in our Company. Deposit costs are decreasing, loan yields are increasing, and margin continues to grow,” said Randy Chesler, President and Chief Executive Officer. “While uncertainty about the economy persists, we remain optimistic about our customers’ ability to quickly adapt to a changing environment.”

    On January 13, 2025, the Company announced the signing of a definitive agreement to acquire BOID with 15 branches across eastern Idaho, Boise and eastern Washington. As of March 31, 2025, BOID had total assets of $1.3 billion, total loans of $1.1 billion and total deposits of $1.1 billion. Upon closing of the transaction, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The acquisition has received all required regulatory approvals and is scheduled to close on April 30, 2025, subject to satisfaction of the remaining conditions set forth in the merger agreement and the approval by the BOID shareholders.

    Asset Summary

                  $ Change from
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Dec 31,
    2024
      Mar 31,
    2024
    Cash and cash equivalents $ 981,485     848,408     788,660     133,077     192,825  
    Debt securities, available-for-sale   4,172,312     4,245,205     4,629,073     (72,893 )   (456,761 )
    Debt securities, held-to-maturity   3,261,575     3,294,847     3,451,583     (33,272 )   (190,008 )
    Total debt securities   7,433,887     7,540,052     8,080,656     (106,165 )   (646,769 )
    Loans receivable                  
    Residential real estate   1,850,079     1,858,929     1,752,514     (8,850 )   97,565  
    Commercial real estate   10,952,809     10,963,713     10,672,269     (10,904 )   280,540  
    Other commercial   3,121,477     3,119,535     3,030,608     1,942     90,869  
    Home equity   920,132     930,994     883,062     (10,862 )   37,070  
    Other consumer   374,021     388,678     394,049     (14,657 )   (20,028 )
    Loans receivable   17,218,518     17,261,849     16,732,502     (43,331 )   486,016  
    Allowance for credit losses   (210,400 )   (206,041 )   (198,779 )   (4,359 )   (11,621 )
    Loans receivable, net   17,008,118     17,055,808     16,533,723     (47,690 )   474,395  
    Other assets   2,435,389     2,458,719     2,419,131     (23,330 )   16,258  
    Total assets $ 27,858,879     27,902,987     27,822,170     (44,108 )   36,709  
                                   

    The Company continues to maintain a strong cash position of $981 million at March 31, 2025 which was an increase of $133 million over the prior quarter and an increase of $193 million over the prior year first quarter. Total debt securities of $7.434 billion at March 31, 2025 decreased $106 million, or 1 percent, during the current quarter and decreased $647 million, or 8 percent, from the prior year first quarter. Debt securities represented 27 percent of total assets at March 31, 2025 and December 31, 2024 compared to 29 percent at March 31, 2024.

    The loan portfolio of $17.219 billion at March 31, 2025 decreased $43 million, or 25 basis points, during the current quarter and increased $486 million, or 3 percent, from the prior year first quarter. Excluding the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $214 million, or 1 percent, since the prior year first quarter. Excluding the RMB acquisition, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $159 million, or 1 percent.

    Credit Quality Summary

      At or for the
    Three Months ended
      At or for the
    Year ended
      At or for the
    Three Months ended
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
    Allowance for credit losses          
    Balance at beginning of period $ 206,041     192,757     192,757  
    Acquisitions       3     3  
    Provision for credit losses   6,154     27,179     9,091  
    Charge-offs   (3,897 )   (18,626 )   (4,295 )
    Recoveries   2,102     4,728     1,223  
    Balance at end of period $ 210,400     206,041     198,779  
    Provision for credit losses          
    Loan portfolio $ 6,154     27,179     9,091  
    Unfunded loan commitments   1,660     1,127     (842 )
    Total provision for credit losses $ 7,814     28,306     8,249  
    Other real estate owned $ 1,085     1,085     432  
    Other foreclosed assets   68     79     459  
    Accruing loans 90 days or more past due   5,289     6,177     3,796  
    Non-accrual loans   32,896     20,445     20,738  
    Total non-performing assets $ 39,338     27,786     25,425  
    Non-performing assets as a percentage of subsidiary assets   0.14 %   0.10 %   0.09 %
    Allowance for credit losses as a percentage of non-performing loans   551 %   774 %   810 %
    Allowance for credit losses as a percentage of total loans   1.22 %   1.19 %   1.19 %
    Net charge-offs as a percentage of total loans   0.01 %   0.08 %   0.02 %
    Accruing loans 30-89 days past due $ 46,458     32,228     62,423  
    U.S. government guarantees included in non-performing assets $ 685     748     1,490  
                       

    Non-performing assets as a percentage of subsidiary assets at March 31, 2025 was 0.14 percent compared to 0.10 percent in the prior quarter and 0.09 percent in the prior year first quarter. Non-performing assets of $39.3 million at March 31, 2025 increased $11.6 million, or 42 percent, over the prior quarter and increased $13.9 million, or 55 percent, over the prior year first quarter. The increase in the non-performing loans in the current quarter was primarily attributable to a single credit relationship.

    Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at March 31, 2025 were 0.27 percent compared to 0.19 percent for the prior quarter end and 0.37 percent for the prior year first quarter. Early stage delinquencies of $46.5 million at March 31, 2025 increased $14.2 million from the prior quarter and decreased $16.0 million from prior year first quarter.

    The current quarter credit loss expense of $7.8 million included $6.2 million of provision for credit losses on loans and $1.7 million of provision for credit losses on unfunded commitments.

    The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding at March 31, 2025 was 1.22 percent compared to 1.19 percent at year end and the prior year first quarter. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

    Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

    (Dollars in thousands) Provision for
    Credit Losses Loans
      Net Charge-Offs   ACL
    as a Percent
    of Loans
      Accruing
    Loans 30-89
    Days Past Due
    as a Percent of
    Loans
      Non-Performing
    Assets to
    Total Subsidiary
    Assets
    First quarter 2025 $ 6,154   $ 1,795   1.22 %   0.27 %   0.14 %
    Fourth quarter 2024   6,041     5,170   1.19 %   0.19 %   0.10 %
    Third quarter 2024   6,981     2,766   1.19 %   0.33 %   0.10 %
    Second quarter 2024   5,066     2,890   1.19 %   0.29 %   0.06 %
    First quarter 2024   9,091     3,072   1.19 %   0.37 %   0.09 %
    Fourth quarter 2023   4,181     3,695   1.19 %   0.31 %   0.09 %
    Third quarter 2023   5,095     2,209   1.19 %   0.09 %   0.15 %
    Second quarter 2023   5,254     2,473   1.19 %   0.16 %   0.12 %
                                 

    Net charge-offs for the current quarter were $1.8 million compared to $5.2 million in the prior quarter and $3.1 million for the prior year first quarter. The current quarter net charge-offs included $1.9 million in deposit overdraft net charge-offs and $78 thousand of net loan recoveries.

    Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

    Liability Summary

                  $ Change from
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Dec 31,
    2024
      Mar 31,
    2024
    Deposits                  
    Non-interest bearing deposits $ 6,100,548   6,136,709   6,055,069   (36,161 )   45,479  
    NOW and DDA accounts   5,676,177   5,543,512   5,376,605   132,665     299,572  
    Savings accounts   2,896,378   2,845,124   2,949,908   51,254     (53,530 )
    Money market deposit accounts   2,816,874   2,878,213   3,002,942   (61,339 )   (186,068 )
    Certificate accounts   3,140,333   3,139,821   3,039,190   512     101,143  
    Core deposits, total   20,630,310   20,543,379   20,423,714   86,931     206,596  
    Wholesale deposits   3,740   3,615   3,809   125     (69 )
    Deposits, total   20,634,050   20,546,994   20,427,523   87,056     206,527  
    Repurchase agreements   1,849,070   1,777,475   1,540,008   71,595     309,062  
    Deposits and repurchase agreements, total   22,483,120   22,324,469   21,967,531   158,651     515,589  
    Federal Home Loan Bank advances   1,520,000   1,800,000   2,140,157   (280,000 )   (620,157 )
    Other borrowed funds   82,443   83,341   88,814   (898 )   (6,371 )
    Subordinated debentures   133,145   133,105   132,984   40     161  
    Other liabilities   352,563   338,218   381,977   14,345     (29,414 )
    Total liabilities $ 24,571,271   24,679,133   24,711,463   (107,862 )   (140,192 )
                             

    Total deposits of $20.634 billion at March 31, 2025 increased $87.1 million, or 2 percent annualized, from the prior quarter and increased $207 million, or 1 percent, from the prior year first quarter. Total repurchase agreements of $1.849 billion at March 31, 2025 increased $71.6 million, or 4 percent, from the prior quarter and increased $309 million, or 20 percent, from the prior year first quarter. Total deposits organically decreased $190 million, or 1 percent, from the prior year first quarter and total deposits and repurchase agreements organically increased $115 million, or 52 basis points, from the prior year first quarter. Non-interest bearing deposits represented 30 percent of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024. Federal Home Loan Bank (“FHLB”) advances of $1.520 billion decreased $280 million, or 16 percent, from the prior quarter and decreased $620 million, or 29 percent, from the prior year first quarter.

    Stockholders’ Equity Summary

                  $ Change from
    (Dollars in thousands, except per share data) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Dec 31,
    2024
      Mar 31,
    2024
    Common equity $ 3,550,719     3,533,150     3,483,012     17,569   67,707  
    Accumulated other comprehensive loss   (263,111 )   (309,296 )   (372,305 )   46,185   109,194  
    Total stockholders’ equity   3,287,608     3,223,854     3,110,707     63,754   176,901  
    Goodwill and intangibles, net   (1,099,229 )   (1,102,500 )   (1,069,808 )   3,271   (29,421 )
    Tangible stockholders’ equity $ 2,188,379     2,121,354     2,040,899     67,025   147,480  
    Stockholders’ equity to total assets   11.80 %   11.55 %   11.18 %          
    Tangible stockholders’ equity to total tangible assets   8.18 %   7.92 %   7.63 %          
    Book value per common share $ 28.96     28.43     27.43     0.53   1.53  
    Tangible book value per common share $ 19.28     18.71     18.00      0.57   1.28  
                                 

    Tangible stockholders’ equity of $2.188 billion at March 31, 2025 increased $67.0 million, or 3 percent, compared to the prior quarter and was primarily the result of a decrease in unrealized loss on the available-for-sale debt securities and earnings retention. Tangible stockholders’ equity at March 31, 2025 increased $147 million, or 7 percent, compared to the prior year first quarter and was primarily due to the decrease in unrealized loss on the available-for-sale debt securities and earnings retention. The increase was partially offset by the increase in goodwill and core deposits associated with the RMB acquisition. Tangible book value per common share of $19.28 at the current quarter end increased $0.57 per share, or 3 percent, from the prior quarter and increased $1.28 per share, or 7 percent, from the prior year first quarter.

    Cash Dividends
    On March 26, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable April 17, 2025 to shareholders of record on April 8, 2025. The dividend was the Company’s 160th consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

    Operating Results for Three Months Ended March 31, 2025 
    Compared to December 31, 2024, and March 31, 2024

    Income Summary

      Three Months ended   $ Change from
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Dec 31,
    2024
      Mar 31,
    2024
    Net interest income                  
    Interest income $ 289,925     297,036     279,402     (7,111 )   10,523  
    Interest expense   99,946     105,593     112,922     (5,647 )   (12,976 )
    Total net interest income   189,979     191,443     166,480     (1,464 )   23,499  
                       
    Non-interest income                  
    Service charges and other fees   18,818     20,322     18,563     (1,504 )   255  
    Miscellaneous loan fees and charges   4,664     4,541     4,362     123     302  
    Gain on sale of loans   4,311     3,926     3,362     385     949  
    Gain on sale of securities           16         (16 )
    Other income   4,849     2,760     3,686     2,089     1,163  
    Total non-interest income   32,642     31,549     29,989     1,093     2,653  
    Total income $ 222,621     222,992     196,469     (371 )   26,152  
    Net interest margin (tax-equivalent)   3.04 %   2.97 %   2.59 %        
                               

    Net Interest Income
    Net interest income of $190 million for the current quarter decreased $1.5 million, or 1 percent, from the prior quarter net interest income of $191 million and increased $23.5 million, or 14 percent, from the prior year first quarter net interest income of $166 million. The current quarter interest income of $290 million decreased $7.1 million, or 2 percent, over the prior quarter and was primarily driven by fewer days in the current quarter coupled with decreased average interest-bearing cash balances. The current quarter interest income increased $10.5 million, or 4 percent, over the prior year first quarter primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.77 percent in the current quarter increased 5 basis points from the prior quarter loan yield of 5.72 percent and increased 31 basis points from the prior year first quarter loan yield of 5.46 percent.

    The current quarter interest expense of $99.9 million decreased $5.6 million, or 5 percent, over the prior quarter and was primarily attributable to a decrease in deposit costs. The current quarter interest expense decreased $13.0 million, or 11 percent, over the prior year first quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the current quarter compared to 1.29 percent in the prior quarter and 1.34 percent for the prior year first quarter. The total cost of funding (including non-interest bearing deposits) of 1.68 percent in the current quarter decreased 3 basis points from the prior quarter and decreased 16 basis point from the prior year first quarter.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.04 percent, an increase of 7 basis points from the prior quarter net interest margin of 2.97 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 45 basis points from the prior year first quarter net interest margin of 2.59 percent and was primarily driven by the increase in loan yields and the decrease in core deposit cost. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 5 basis points from discount accretion, the core net interest margin was 2.99 percent in the current quarter compared to 2.97 percent in the prior quarter and 2.59 in the prior year first quarter. “The Company’s net interest margin increased for the fifth consecutive quarter,” said Ron Copher, Chief Financial Officer. “The continued increase in loan yields and decrease in the deposit costs contributed to the 7 basis points increase in the net interest margin as it expanded to 3.04 percent in the current quarter.”

    Non-interest Income
    Non-interest income for the current quarter totaled $32.6 million, which was an increase of $1.1 million, or 3 percent, over the prior quarter and an increase of $2.7 million, or 9 percent, over the prior year first quarter. Service charges and other fees of $18.8 million for the current quarter decreased $1.5 million, or 7 percent, compared to the prior quarter and increased $255 thousand, or 1 percent, compared to the prior year first quarter. Gain on the sale of residential loans of $4.3 million for the current quarter increased $385 thousand, or 10 percent, compared to the prior quarter and increased $949 thousand, or 28 percent, from the prior year first quarter. Other income of $4.8 million increased $2.1 million, or 75 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds coupled with an increase in income from equity investments and other one-time adjustments. Other income increased $1.2 million, or 32 percent, over the prior year first quarter primarily due to the current quarter proceeds from bank owned life insurance.

    Non-interest Expense Summary

      Three Months ended   $ Change from
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Dec 31,
    2024
      Mar 31,
    2024
    Compensation and employee benefits $ 91,443   81,600   85,789   9,843     5,654  
    Occupancy and equipment   12,294   11,589   11,883   705     411  
    Advertising and promotions   4,144   3,725   3,983   419     161  
    Data processing   9,138   9,145   9,159   (7 )   (21 )
    Other real estate owned and foreclosed assets   63   30   25   33     38  
    Regulatory assessments and insurance   5,534   5,890   7,761   (356 )   (2,227 )
    Intangibles amortization   3,270   3,613   2,760   (343 )   510  
    Other expenses   25,432   25,373   30,483   59     (5,051 )
    Total non-interest expense $ 151,318   140,965   151,843   10,353     (525 )
                             

    Total non-interest expense of $151 million for the current quarter increased $10.4 million, or 7 percent, over the prior quarter and decreased $525 thousand, or 35 basis points, over the prior year first quarter. Compensation and employee benefits of $91.4 million increased by $9.8 million, or 12 percent, over the prior quarter and was primarily attributable to increased performance-related compensation. Compensation and employee benefits increased $5.6 million, or 7 percent, from the prior year first quarter and was primarily driven by annual salary increases and increases in staffing levels from prior year acquisitions. Regulatory assessment and insurance expense of $5.5 million decreased $2.2 million from the prior year first quarter as a result of adjustments to the FDIC special assessment.

    Other expenses of $25.4 million increased $59 thousand, or 23 basis points, from the prior quarter. Other expenses decreased $5.1 million, or 17 percent, from the prior year first quarter and was primarily driven by a decrease in acquisition-related expense. Acquisition-related expense was $587 thousand in the current quarter compared to $491 thousand in the prior quarter and $5.7 million in the prior year first quarter. The current quarter other expenses included $1.2 million of gain from the sale of a former branch facility compared to a $2.1 million gain in the prior quarter and a $989 thousand gain in the prior year first quarter.

    Federal and State Income Tax Expense

    Tax expense during the first quarter of 2025 was $8.9 million, a decrease of $2.8 million, or 24 percent, compared to the prior quarter and an increase of $5.2 million, or 138 percent, from the prior year first quarter. The effective tax rate in the current quarter was 14.1 percent compared to 16.0 percent in the prior quarter. The lower tax expense and lower effective tax rate in the current quarter compared to the prior quarter was the result of a combination of higher federal income tax credits and a decrease in income before income tax expense.

    Efficiency Ratio
    The efficiency ratio was 65.49 percent in the current quarter compared to 60.50 percent in the prior quarter and 74.41 percent in the prior year first quarter. The increase from the prior quarter was principally driven by the decrease in net interest income combined with an increase in non-interest expense. The decrease from the prior year first quarter was principally due to the increase in net interest income.

    Forward-Looking Statements  
    This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

    • risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
    • changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
    • legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
    • risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures and the potential for significant changes in economic and trade policies in the new administration;
    • risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East;
    • risks associated with the Company’s ability to negotiate, complete, and successfully integrate any pending or future acquisitions;
    • costs or difficulties related to the completion and integration of pending or future acquisitions;
    • impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
    • reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
    • deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
    • changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
    • risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
    • risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
    • material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
    • risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
    • success in managing risks involved in any of the foregoing; and
    • effects of any reputational damage to the Company resulting from any of the foregoing.

    The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

    Conference Call Information
    A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, April 25, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BI3016c4b5b4bd4b0aac8f022e74f4c1d4. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/ejk9q5pb

    About Glacier Bancorp, Inc.
    Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
               
    (Dollars in thousands, except per share data) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
    Assets          
    Cash on hand and in banks $ 322,253     268,746     232,064  
    Interest bearing cash deposits   659,232     579,662     556,596  
    Cash and cash equivalents   981,485     848,408     788,660  
    Debt securities, available-for-sale   4,172,312     4,245,205     4,629,073  
    Debt securities, held-to-maturity   3,261,575     3,294,847     3,451,583  
    Total debt securities   7,433,887     7,540,052     8,080,656  
    Loans held for sale, at fair value   40,523     33,060     27,035  
    Loans receivable   17,218,518     17,261,849     16,732,502  
    Allowance for credit losses   (210,400 )   (206,041 )   (198,779 )
    Loans receivable, net   17,008,118     17,055,808     16,533,723  
    Premises and equipment, net   411,095     411,968     379,826  
    Right-of-use assets, net   54,441     56,252     63,447  
    Other real estate owned and foreclosed assets   1,153     1,164     891  
    Accrued interest receivable   103,992     99,262     106,063  
    Deferred tax asset   122,942     138,955     161,327  
    Intangibles, net   47,911     51,182     46,046  
    Goodwill   1,051,318     1,051,318     1,023,762  
    Non-marketable equity securities   88,134     99,669     111,129  
    Bank-owned life insurance   191,044     189,849     186,625  
    Other assets   322,836     326,040     312,980  
    Total assets $ 27,858,879     27,902,987     27,822,170  
    Liabilities          
    Non-interest bearing deposits $ 6,100,548     6,136,709     6,055,069  
    Interest bearing deposits   14,533,502     14,410,285     14,372,454  
    Securities sold under agreements to repurchase   1,849,070     1,777,475     1,540,008  
    FHLB advances   1,520,000     1,800,000     2,140,157  
    Other borrowed funds   82,443     83,341     88,814  
    Subordinated debentures   133,145     133,105     132,984  
    Accrued interest payable   30,231     33,626     32,584  
    Other liabilities   322,332     304,592     349,393  
    Total liabilities   24,571,271     24,679,133     24,711,463  
    Commitments and Contingent Liabilities            
    Stockholders’ Equity          
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding            
    Common stock, $0.01 par value per share, 234,000,000 shares authorized   1,135     1,134     1,134  
    Paid-in capital   2,449,311     2,448,758     2,443,584  
    Retained earnings – substantially restricted   1,100,273     1,083,258     1,038,294  
    Accumulated other comprehensive loss   (263,111 )   (309,296 )   (372,305 )
    Total stockholders’ equity   3,287,608     3,223,854     3,110,707  
    Total liabilities and stockholders’ equity $ 27,858,879     27,902,987     27,822,170  
                       
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
      Three Months ended
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
    Interest Income          
    Investment securities $ 45,646   50,381   56,218
    Residential real estate loans   24,275   23,960   20,764
    Commercial loans   197,388   199,260   181,472
    Consumer and other loans   22,616   23,435   20,948
    Total interest income   289,925   297,036   279,402
    Interest Expense          
    Deposits   62,865   67,079   67,196
    Securities sold under agreements to repurchase   13,733   14,822   12,598
    Federal Home Loan Bank advances   20,719   21,848   4,249
    FRB Bank Term Funding       27,097
    Other borrowed funds   402   348   344
    Subordinated debentures   2,227   1,496   1,438
    Total interest expense   99,946   105,593   112,922
    Net Interest Income   189,979   191,443   166,480
    Provision for credit losses   7,814   8,534   8,249
    Net interest income after provision for credit losses   182,165   182,909   158,231
    Non-Interest Income          
    Service charges and other fees   18,818   20,322   18,563
    Miscellaneous loan fees and charges   4,664   4,541   4,362
    Gain on sale of loans   4,311   3,926   3,362
    Gain on sale of securities       16
    Other income   4,849   2,760   3,686
    Total non-interest income   32,642   31,549   29,989
    Non-Interest Expense          
    Compensation and employee benefits   91,443   81,600   85,789
    Occupancy and equipment   12,294   11,589   11,883
    Advertising and promotions   4,144   3,725   3,983
    Data processing   9,138   9,145   9,159
    Other real estate owned and foreclosed assets   63   30   25
    Regulatory assessments and insurance   5,534   5,890   7,761
    Intangibles amortization   3,270   3,613   2,760
    Other expenses   25,432   25,373   30,483
    Total non-interest expense   151,318   140,965   151,843
    Income Before Income Taxes   63,489   73,493   36,377
    Federal and state income tax expense   8,921   11,739   3,750
    Net Income $ 54,568   61,754   32,627
                 
    Glacier Bancorp, Inc.
    Average Balance Sheets
       
      Three Months ended
      March 31, 2025   December 31, 2024
    (Dollars in thousands) Average
    Balance
      Interest &
    Dividends
      Average
    Yield/
    Rate
      Average
    Balance
      Interest &
    Dividends
      Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,885,497   $ 24,275   5.15 %   $ 1,885,146   $ 23,960   5.08 %
    Commercial loans 1   14,091,210     198,921   5.73 %     14,059,864     200,956   5.69 %
    Consumer and other loans   1,302,687     22,616   7.04 %     1,324,341     23,435   7.04 %
    Total loans 2   17,279,394     245,812   5.77 %     17,269,351     248,351   5.72 %
    Tax-exempt debt securities 3   1,604,851     13,936   3.47 %     1,615,474     14,501   3.59 %
    Taxable debt securities 4, 5   6,946,562     33,598   1.93 %     7,314,265     38,189   2.09 %
    Total earning assets   25,830,807     293,346   4.61 %     26,199,090     301,041   4.57 %
    Goodwill and intangibles   1,100,801             1,104,362        
    Non-earning assets   847,855             888,404        
    Total assets $ 27,779,463           $ 28,191,856        
    Liabilities                      
    Non-interest bearing deposits $ 5,989,490   $   %   $ 6,343,443   $   %
    NOW and DDA accounts   5,525,976     15,065   1.11 %     5,491,451     15,768   1.14 %
    Savings accounts   2,861,675     5,159   0.73 %     2,824,126     5,316   0.75 %
    Money market deposit accounts   2,849,470     13,526   1.93 %     2,878,415     14,232   1.97 %
    Certificate accounts   3,152,198     29,075   3.74 %     3,174,923     31,716   3.97 %
    Total core deposits   20,378,809     62,825   1.25 %     20,712,358     67,032   1.29 %
    Wholesale deposits 6   3,600     40   4.53 %     3,654     47   4.95 %
    Repurchase agreements   1,842,773     13,733   3.02 %     1,866,705     14,821   3.16 %
    FHLB advances   1,744,000     20,719   4.75 %     1,800,000     21,848   4.75 %
    Subordinated debentures and other borrowed funds   216,073     2,629   4.94 %     216,874     1,845   3.38 %
    Total funding liabilities   24,185,255     99,946   1.68 %     24,599,591     105,593   1.71 %
    Other liabilities   326,764             369,700        
    Total liabilities   24,512,019             24,969,291        
    Stockholders’ Equity                      
    Stockholders’ equity   3,267,444             3,222,565        
    Total liabilities and stockholders’ equity $ 27,779,463           $ 28,191,856        
    Net interest income (tax-equivalent)     $ 193,400           $ 195,448    
    Net interest spread (tax-equivalent)         2.93 %           2.86 %
    Net interest margin (tax-equivalent)         3.04 %           2.97 %

    ______________________________

    1 Includes tax effect of $1.5 million and $1.7 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2025 and December 31, 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $1.7 million and $2.1 million on tax-exempt debt securities income for the three months ended March 31, 2025 and December 31, 2024, respectively.
    4 Includes interest income of $6.1 million and $9.2 million on average interest-bearing cash balances of $559.5 million and $759.7 million for the three months ended March 31, 2025 and December 31, 2024, respectively.
    5 Includes tax effect of $150 thousand and $203 thousand on federal income tax credits for the three months ended March 31, 2025 and December 31, 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
       
    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
       
      Three Months ended
      March 31, 2025   March 31, 2024
    (Dollars in thousands) Average
    Balance
      Interest &
    Dividends
      Average
    Yield/
    Rate
      Average
    Balance
      Interest &
    Dividends
      Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,885,497   $ 24,275   5.15 %   $ 1,747,184   $ 20,764   4.75 %
    Commercial loans 1   14,091,210     198,921   5.73 %     13,513,426     183,045   5.45 %
    Consumer and other loans   1,302,687     22,616   7.04 %     1,283,388     20,948   6.56 %
    Total loans 2   17,279,394     245,812   5.77 %     16,543,998     224,757   5.46 %
    Tax-exempt debt securities 3   1,604,851     13,936   3.47 %     1,720,370     15,157   3.52 %
    Taxable debt securities 4, 5   6,946,562     33,598   1.93 %     8,176,974     43,477   2.13 %
    Total earning assets   25,830,807     293,346   4.61 %     26,441,342     283,391   4.31 %
    Goodwill and intangibles   1,100,801             1,051,954        
    Non-earning assets   847,855             611,550        
    Total assets $ 27,779,463           $ 28,104,846        
    Liabilities                      
    Non-interest bearing deposits $ 5,989,490   $   %   $ 5,966,546   $   %
    NOW and DDA accounts   5,525,976     15,065   1.11 %     5,275,703     15,918   1.21 %
    Savings accounts   2,861,675     5,159   0.73 %     2,900,649     5,655   0.78 %
    Money market deposit accounts   2,849,470     13,526   1.93 %     2,948,294     14,393   1.96 %
    Certificate accounts   3,152,198     29,075   3.74 %     3,000,713     31,175   4.18 %
    Total core deposits   20,378,809     62,825   1.25 %     20,091,905     67,141   1.34 %
    Wholesale deposits 6   3,600     40   4.53 %     3,965     55   5.50 %
    Repurchase agreements   1,842,773     13,733   3.02 %     1,513,397     12,598   3.35 %
    FHLB advances   1,744,000     20,719   4.75 %     350,754     4,249   4.79 %
    FRB Bank Term Funding         %     2,483,077     27,097   4.39 %
    Subordinated debentures and other borrowed funds   216,073     2,629   4.94 %     218,271     1,782   3.28 %
    Total funding liabilities   24,185,255     99,946   1.68 %     24,661,369     112,922   1.84 %
    Other liabilities   326,764             356,554        
    Total liabilities   24,512,019             25,017,923        
    Stockholders’ Equity                      
    Stockholders’ equity   3,267,444             3,086,923        
    Total liabilities and stockholders’ equity $ 27,779,463           $ 28,104,846        
    Net interest income (tax-equivalent)     $ 193,400           $ 170,469    
    Net interest spread (tax-equivalent)         2.93 %           2.47 %
    Net interest margin (tax-equivalent)         3.04 %           2.59 %

    ______________________________

    1 Includes tax effect of $1.5 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended March 31, 2025 and 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended March 31, 2025 and 2024, respectively.
    4 Includes interest income of $6.1 million and $15.3 million on average interest-bearing cash balances of $559.5 million and $1.12 billion for the three months ended March 31, 2025 and 2024, respectively.
    5 Includes tax effect of $150 thousand and $215 thousand on federal income tax credits for the three months ended March 31, 2025 and 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
       

    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification

      Loans Receivable, by Loan Type   % Change from
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Dec 31,
    2024
      Mar 31,
    2024
    Custom and owner occupied construction $ 233,584     $ 242,844     $ 273,835     (4)%   (15)%
    Pre-sold and spec construction   200,921       191,926       223,294     5 %   (10)%
    Total residential construction   434,505       434,770       497,129     %   (13)%
    Land development   177,448       197,369       215,828     (10)%   (18)%
    Consumer land or lots   197,553       187,024       188,635     6 %   5 %
    Unimproved land   115,528       113,532       103,032     2 %   12 %
    Developed lots for operative builders   64,782       61,661       47,591     5 %   36 %
    Commercial lots   95,574       99,243       92,748     (4)%   3 %
    Other construction   714,151       693,461       915,782     3 %   (22)%
    Total land, lot, and other construction   1,365,036       1,352,290       1,563,616     1 %   (13)%
    Owner occupied   3,182,589       3,197,138       3,057,348     %   4 %
    Non-owner occupied   4,054,107       4,053,996       3,920,696     %   3 %
    Total commercial real estate   7,236,696       7,251,134       6,978,044     %   4 %
    Commercial and industrial   1,392,365       1,395,997       1,371,201     %   2 %
    Agriculture   1,016,081       1,024,520       929,420     (1)%   9 %
    First lien   2,499,494       2,481,918       2,276,638     1 %   10 %
    Junior lien   85,343       76,303       51,579     12 %   65 %
    Total 1-4 family   2,584,837       2,558,221       2,328,217     1 %   11 %
    Multifamily residential   874,071       895,242       881,117     (2)%   (1)%
    Home equity lines of credit   989,043       1,005,783       947,652     (2)%   4 %
    Other consumer   188,388       209,457       223,566     (10)%   (16)%
    Total consumer   1,177,431       1,215,240       1,171,218     (3)%   1 %
    States and political subdivisions   1,001,058       983,601       848,454     2 %   18 %
    Other   176,961       183,894       191,121     (4)%   (7)%
    Total loans receivable, including loans held for sale   17,259,041       17,294,909       16,759,537     %   3 %
    Less loans held for sale 1   (40,523 )     (33,060 )     (27,035 )   23 %   50 %
    Total loans receivable $ 17,218,518     $ 17,261,849     $ 16,732,502     %   3 %

    ______________________________

    1 Loans held for sale are primarily first lien 1-4 family loans.
       
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
                   
       

    Non-performing Assets, by Loan Type

      Non-
    Accrual
    Loans
      Accruing
    Loans 90
    Days
    or More Past
    Due
      Other real estate
    owned and foreclosed assets
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Mar 31,
    2025
      Mar 31,
    2025
      Mar 31,
    2025
    Custom and owner occupied construction $ 194   198   210   194    
    Pre-sold and spec construction   2,896   2,132   1,049   2,133   763  
    Total residential construction   3,090   2,330   1,259   2,327   763  
    Land development   935   966   28   935    
    Consumer land or lots   173   78   144   173    
    Developed lots for operative builders   531   531   608     531  
    Commercial lots   47   47   2,205     47  
    Total land, lot and other construction   1,686   1,622   2,985   1,108   578  
    Owner occupied   3,601   2,979   1,501   3,073   96   432
    Non-owner occupied   2,235   2,235   8,853   1,582     653
    Total commercial real estate   5,836   5,214   10,354   4,655   96   1,085
    Commercial and Industrial   12,367   2,069   1,698   11,640   727  
    Agriculture   2,382   2,335   2,855   2,090   292  
    First lien   8,752   9,053   2,930   6,796   1,956  
    Junior lien   296   315   69   296    
    Total 1-4 family   9,048   9,368   2,999   7,092   1,956  
    Multifamily residential   400   389   395   400    
    Home equity lines of credit   3,479   3,465   1,892   2,726   753  
    Other consumer   1,003   955   927   858   77   68
    Total consumer   4,482   4,420   2,819   3,584   830   68
    Other   47   39   61     47  
    Total $ 39,338   27,786   25,425   32,896   5,289   1,153
                             

    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)

      Accruing 30-89 Days Delinquent Loans,  by Loan Type   % Change from
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Dec 31,
    2024
      Mar 31,
    2024
    Custom and owner occupied construction $ 786   $ 969   $ 4,784   (19)%   (84)%
    Pre-sold and spec construction       564     1,181   (100)%   (100)%
    Total residential construction   786     1,533     5,965   (49)%   (87)%
    Land development       1,450     59   (100)%   (100)%
    Consumer land or lots   1,026     402     332   155 %   209 %
    Unimproved land   32     36     575   (11)%   (94)%
    Developed lots for operative builders       214       (100)%   n/m
    Commercial lots   189         1,225   n/m   (85)%
    Other construction           1,248   n/m   (100)%
    Total land, lot and other construction   1,247     2,102     3,439   (41)%   (64)%
    Owner occupied   3,786     2,867     2,991   32 %   27 %
    Non-owner occupied   346     5,037     18,118   (93)%   (98)%
    Total commercial real estate   4,132     7,904     21,109   (48)%   (80)%
    Commercial and industrial   5,358     6,194     14,806   (13)%   (64)%
    Agriculture   5,731     744     3,922   670 %   46 %
    First lien   14,826     6,326     5,626   134 %   164 %
    Junior lien   1,023     214     145   378 %   606 %
    Total 1-4 family   15,849     6,540     5,771   142 %   175 %
    Home equity lines of credit   6,993     3,731     3,668   87 %   91 %
    Other consumer   1,824     1,775     1,948   3 %   (6)%
    Total consumer   8,817     5,506     5,616   60 %   57 %
    States and political subdivisions   3,220           n/m   n/m
    Other   1,318     1,705     1,795   (23)%   (27)%
    Total $ 46,458   $ 32,228   $ 62,423   44 %   (26)%

    ______________________________

    n/m – not measurable

    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
               
      Net Charge-Offs (Recoveries), Year-to-Date
    Period Ending, By Loan Type
      Charge-Offs   Recoveries
    (Dollars in thousands) Mar 31,
    2025
      Dec 31,
    2024
      Mar 31,
    2024
      Mar 31,
    2025
      Mar 31,
    2025
    Pre-sold and spec construction $     (4 )   (4 )    
    Pre-sold and spec construction $     (4 )   (4 )    
    Land development   (341 )   1,095     (1 )     341
    Consumer land or lots   (3 )   (22 )   (1 )     3
    Unimproved land       1,338          
    Commercial lots       319          
    Total land, lot and other construction   (344 )   2,730     (2 )     344
    Owner occupied   (1 )   (73 )   (3 )     1
    Non-owner occupied   (6 )   2     (1 )     6
    Total commercial real estate   (7 )   (71 )   (4 )     7
    Commercial and industrial   92     1,422     328     421   329
    Agriculture   (1 )   64     68       1
    First lien   (69 )   32     (4 )     69
    Junior lien   (5 )   (65 )   (5 )     5
    Total 1-4 family   (74 )   (33 )   (9 )     74
    Home equity lines of credit   (20 )   69     5       20
    Other consumer   276     1,078     251     331   55
    Total consumer   256     1,147     256     331   75
    Other   1,873     8,643     2,439     3,145   1,272
    Total $ 1,795     13,898     3,072     3,897   2,102
                               

    Visit our website at www.glacierbancorp.com 

    The MIL Network

  • MIL-OSI Security: Update 288 – IAEA Director General Statement on Situation in Ukraine

    Source: International Atomic Energy Agency – IAEA

    IAEA experts based at Ukraine’s Zaporizhzhya Nuclear Power Plant (ZNPP) were required to stay indoors yesterday morning after hearing loud bursts of gunfire from near the main administrative building where their office is located, Director General Rafael Mariano Grossi said.

    The ZNPP informed the IAEA staff members that a nearby “drone threat” had made it necessary to postpone the team’s planned activities at the site, the latest incident highlighting persistent risks to nuclear safety and security during the military conflict.

    The IAEA team remained in the administrative building after the plant-wide shelter order was announced.

    In addition, the IAEA team has continued to hear explosions and gunfire at varying distances from the plant almost every day during the past week.

    “What was once virtually unimaginable – evidence of military action in the vicinity of a major nuclear facility – has become a near daily occurrence and a regular part of life at Europe’s largest nuclear power plant. From a nuclear safety perspective, this is clearly not a sustainable situation. The IAEA remains committed to doing everything we can to prevent a nuclear accident during this tragic war,” Director General Grossi said.

    Despite the regular sound of military activities in the area, the IAEA experts have continued to conduct walkdowns across the plant to monitor and assess nuclear safety and security. In recent days, for example, the team visited the ZNPP’s low-level solid radioactive waste storage facility, as well as other installations at the sprawling industrial site.

    In meetings earlier this week, the experts discussed with the ZNPP the staffing situation at the plant as well as various maintenance activities, including to some of the safety systems.

    At Ukraine’s other nuclear power plants (NPPs) – Khmelnytskyy, Rivne and South Ukraine – IAEA teams have also continued to monitor nuclear safety and security. All three plants are still producing electricity, although some units are in planned outage while others occasionally have to reduce output.

    At the Khmelnytskyy NPP, for example, one reactor remained in outage for maintenance and refuelling, while the power production of the second unit was reduced at the request of the grid operator for 36 hours earlier this week. At the Rivne NPP, a second unit was placed in outage for maintenance and refuelling, while the power production of a third was reduced at the request of the grid operator for a few days this week.

    The South Ukraine NPP also experienced power variations this week. The IAEA team at the plant was informed that seven drones were detected 2 km east of the site on 17 April, also a frequent occurrence during the conflict. Likewise, the teams – particularly at the Chornobyl site and the South Ukraine NPP – have continued to hear air raid alarms most days.

    The IAEA teams at the Rivne, South Ukraine and Chornobyl sites all rotated over the past week.

    As part of the IAEA’s technical nuclear safety and security assistance to Ukraine, the Hydrometeorological Centre and the Hydrometeorological organizations of the State Emergency Services of Ukraine received radiation detection and measurement equipment, and associated reference sources procured with funding from Austria and the United States. It was the 131st delivery organized by the IAEA since the start of the conflict.

    MIL Security OSI

  • MIL-OSI Canada: Minister of Finance concludes successful G7 and G20 Finance Ministers and Central Bank Governors Meetings in Washington, D.C.

    Source: Government of Canada News (2)

    April 24, 2025 – Washington, D.C. – Department of Finance Canada

    The Minister of Finance, the Honourable François-Philippe Champagne, concluded his participation in the meetings of the G7 and G20 Finance Ministers and Central Bank Governors, this week in Washington, D.C.

    Minister Champagne and the Governor of the Bank of Canada, Tiff Macklem, co-chaired the G7 meeting, as part of Canada’s presidency of the G7 in 2025, and at a critical time when Canadian leadership at the G7 is very important. Discussions focused on the global economic outlook in the current context, which is marked by major changes in global trade policies and a high level of uncertainty, as well as the situation in Ukraine.

    Minister Champagne also joined his G20 counterparts for discussions on global macroeconomic risks and financial stability as well as issues relating to the international financial architecture and growth opportunities and challenges in Africa.

    The meetings were held on the margins of the Spring Meetings of the International Monetary Fund and the World Bank.

    MIL OSI Canada News

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Racial Discrimination Commend Ukraine’s Presence Despite the Prevailing Circumstances, Raise Questions on the Treatment of Ukraine’s Indigenous Peoples and the Roma Population

    Source: United Nations – Geneva

    The Committee on the Elimination of Racial Discrimination today concluded its consideration of the combined twenty-fourth to twenty-sixth periodic reports of Ukraine.  Committee Experts congratulated the State party for appearing before the Committee despite prevailing circumstances, while raising questions on the treatment of Ukraine’s indigenous peoples and the Roma population. 

    A Committee Expert congratulated the Ukrainian delegation for making a laudable effort to assess the implementation of the Convention in the country, despite prevailing circumstances. Ukraine should be praised for this effort. 

    Chinsung Chung, Committee Expert and Co-Rapporteur, said the Committee noted that the State party adopted the law on indigenous peoples in 2021.  However, according to information before the Committee, the law only recognised Crimean Tatars, Karaims and Krymchaks as indigenous peoples in Ukraine, while excluding other groups, such as Hutsuls, Lemkos and Gagauz peoples.  Could the delegation provide clarifications on the law on indigenous peoples and how it aligned with international standards? What measures were in place to preserve and promote the identity, language and culture of all indigenous people under the jurisdiction of the State party?

    Ms. Chung also said that according to the representative of the Office of the Ombudsman of Ukraine, around 100,000 Roma became refugees, and around the same number of Ukrainian Roma became internally displaced persons.  Were accurate statistics available?  Did the State party find durable solutions for internally displaced Roma and take measures to ensure that they benefitted from assistance?  What were the State’s plans to include Roma people in recovery and reconstruction programmes?

    The delegation said in 2021, the Ukrainian Parliament adopted the law on indigenous peoples in Ukraine, which was developed through extensive consultations with indigenous groups and civil society, and represented the aspirations of these groups.  In addition, a draft law was developed on the status of the Crimean Tartar people which would be registered in Parliament in the near future. 

    Officially, Ukraine recognised three indigenous groups of peoples, including Crimean Tartars, Karaims and Krymchaks.  The Lemkos people were not considered a national minority group, but rather a cultural group.  The public broadcaster of Ukraine produced programmes for national minorities in their national languages, across broadcast, radio and digital formats. 

    Mr. Lossovskyi said in 2021, the Ukrainian Government approved the Roma strategy, and every two years action plans were prepared for its implementation.  The Roma community was a young community, one of the youngest among the national minorities in Ukraine.  It would be beneficial to use their innovation and abilities in the process of renovating Ukraine when the war was over.  The State was working on providing the Roma with more education. There were many grants provided to Roma for studying in universities. 

     

    Introducing the report, Ihor Lossovskyi, Deputy Head of the State Service of Ukraine for Ethnic Affairs and Freedom of Conscience, said during the reporting period from 2014 to 2019, fundamental tragic changes took place in Ukraine, in particular the beginning of the Russian aggression.  At the height of the Russian invasion, in April 2022, Ukraine applied for membership in the European Union, and in June 2022, it received candidate status along with seven relevant recommendations in all spheres of human activity, including recommendation no. 7 on completion of the reform of legislation in the field of national minorities and interethnic relations. 

    To implement these recommendations, Ukraine developed and approved three laws, including the new law on national minorities (communities) of Ukraine, as well as 16 subordinate regulatory legal acts (bylaws) approved by the Government.

    In concluding remarks, Ibrahima Guisse, Committee Expert and Co-Rapporteur, thanked the delegation for the dialogue held, particularly given the context.  War was ended through negotiation and diplomacy, not capitulation. It was hoped this would happen with Ukraine.  The fact that Ukraine was here before the Committee was an example of the State’s willingness to cooperate.

    In his concluding remarks, Mr. Lossovskyi thanked the Committee for their time and interest in the situation in Ukraine.  The Committee’s recommendations were very much appreciated. 

    The delegation of Ukraine consisted of representatives of the State Service of Ukraine for Ethnic Affairs and Freedom of Conscience; the Coordination Centre for Legal Aid Provision; the State Committee for Television and Radio Broadcasting of Ukraine; and the Permanent Mission of Ukraine to the United Nations Office at Geneva.

    The Committee will issue its concluding observations on the report of Ukraine after the conclusion of its one hundred and fifteenth session on 9 May 2025.  The programme of work and other documents related to the session can be found here.  Summaries of the public meetings of the Committee can be found here, while webcasts of the public meetings can be found here.

    The Committee will next meet in public on Friday, 25 April at 3.p.m for a half day general discussion on reparations for the injustices from the transatlantic trade of enslaved Africans, their treatment as chattel, and the ongoing harms to and crimes against people of African descent.

    Report

    The Committee has before it the combined twenty-fourth to twenty-sixth periodic reports of Ukraine (CERD/C/UKR/24-26).

    Presentation of Report

    IHOR LOSSOVSKYI, Deputy Head of the State Service of Ukraine for Ethnic Affairs and Freedom of Conscience, said during the reporting period from 2014 to 2019, fundamental tragic changes took place in Ukraine, in particular the beginning of the Russian aggression, Russia’s brazen destruction of international law, the occupation of the Autonomous Republic of Crimea and the city of Sevastopol, the occupation by the Armed Forces of the Russian Federation and terrorist organizations supported by it of certain parts of the Donetsk and Luhansk regions, as well as the financing by the Russian Federation of terrorist organizations of the occupation administrations. 

    Due to these circumstances, collecting information in the temporarily occupied territories of Ukraine was difficult. As a result of the temporary occupation of the Autonomous Republic of Crimea and the city of Sevastopol by the Russian Federation, and the aggression of the Russian Federation in eastern Ukraine, ensuring the rights of minorities in these areas, especially Crimea, had sharply deteriorated.  Ukrainians and Crimean Tatars, and those who adhered to pro-Ukrainian views, were subject to discrimination in Crimea. 

    During the reporting period, important changes also took place in the religious sphere in Ukraine.  On 15 December 2018, the Unification Council was held, at which representatives of the three Orthodox Churches of Ukraine united into a single church structure, which was called the “Orthodox Church of Ukraine”, and the Metropolitan Epiphany of Kyiv and All Ukraine was elected as its primate.  As of the beginning of 2021, this church jurisdiction had 7,097 religious organizations on the territory of Ukraine, handled by 4,537 clergy. 

    The principles of preventing and combatting discrimination were defined by the 2012 law on the principles of preventing and combatting discrimination in Ukraine.  In May 2014, amendments were made to the law, which improved the legislative definition of discrimination.  In 2019, the State Service of Ukraine for Ethnic Affairs and Freedom of Conscience was established to deal with State policy in the field of national minorities and interethnic relations, freedom of conscience, and freedom of religion. 

    At the height of the Russian invasion, in April 2022, Ukraine applied for membership in the European Union, and in June 2022, it received candidate status along with seven relevant recommendations in all spheres of human activity, including recommendation no. 7 on completion of the reform of legislation in the field of national minorities and interethnic relations.  To implement these recommendations, Ukraine developed and approved three laws, including the new law on national minorities (communities) of Ukraine, as well as 16 subordinate regulatory legal acts (bylaws) approved by the Government. 

    The first stages of the negotiation process with the European Commission regarding Ukraine’s membership in the European Union took place, in particular, the screening of Ukrainian legislation for its compliance with European legislation.  The screening was provided under four subsections on judiciary and fundamental rights: freedom of conscience, freedom of religion; racism, xenophobia, hate speech; racial and ethnic discrimination, including Roma; and rights of national minorities. 

    Based on the results, the European Commission prepared a positive report on the state of Ukrainian legislation and its compliance with European legislation in October 2024.  The next stage of the negotiation process was the preparation of strategic documents, including an action plan to ensure the rights of national minorities in Ukraine, which were in the final stage of preparation. 

    Questions by Committee Experts

    IBRAHIMA GUISSE, Committee Expert and Co-Rapporteur, welcomed that Ukraine had a diverse and high-level delegation.  Ukraine’s presence before the Committee despite the difficult context in the country highlighted the country’s commitment to appear before the treaty bodies. Mr. Guisse then paid tribute to Pope Francis who had been a man of peace. 

    During the period under review, Ukraine had experienced deep upheavals, including the large-scale invasion in 2022, which had given rise to large-scale destruction, human loss and mass displacement. According to information before the Committee, the last census conducted in 2001 showed that the main minority groups included Russians, Belarusians, Moldovans, Crimean Tatars and Bulgarians. Ukraine also has smaller populations of Poles, Romanians, Armenians, Hungarians, Roma and other nationalities.  A subsequent census was supposed to be conducted in 2011, which was postponed until 2020, and had not taken place until now. 

    Other data was also not provided, and the Committee emphasised that the lack of statistics limited the ability to evaluate the enjoyment of different groups of their economic, social and cultural rights.  Were there plans to conduct the census based on the principle of self-identification? What were the measures planned to collect data on the enjoyment of economic and social rights by the different groups under the jurisdiction of the State party? 

    The Committee noted that the legal framework, particularly on principles of preventing and combatting discrimination in Ukraine, did not prohibit discrimination based on all grounds listed in the Convention, particularly national origin and descent.  Were there plans to amend and align the national legislation framework with article 1 of the Convention?  What measures were taken to ensure that the legislative framework prohibited intersecting forms of discrimination? 

    Could the delegation inform the Committee on the implementation of the national human rights strategy for 2015–2020 in 2015 and its action plan?  Was there a timeframe for developing and adopting a strategy on combatting racial discrimination?

    Could the delegation provide information on the mandate and activities of the State Service of Ukraine for Ethnic Affairs and Freedom of Conscience?  What were the measures to ensure the consultation and participation of groups vulnerable to racial discrimination in the work of the State Service?  Was the State party planning to establish a central mechanism to coordinate and monitor the implementation of measures designed to combat racial discrimination?

     

    The Committee was concerned that the legislative framework, including the Criminal Code, did not include a definition of all forms of discrimination, or a specific definition of hate speech or sanction for hate speech and crimes.  What measures were being undertaken to review and amend the legislative framework to prohibit all forms of racial discrimination, hate speech and hate crimes in accordance with the Convention? 

    Was the State party planning to amend its Criminal Code, particularly article 161, to remove the requirements and restrictive approach as recommended by the Committee in 2016?  What was the status of the draft law no. 5488 before the Parliament?  How were its provisions in line with the Convention?   

    Could information be provided on the legislative framework on combatting racial discrimination in political discourse, as well as information on complaints received, investigations initiated, and imposed sanctions in this field?  The Committee noted that the law on media included provisions on discrimination and incitement to hatred.  Could clarifications on the law and how its provisions aligned with the Convention be provided?  Could the delegation inform the Committee about measures taken to combat hate speech in the media and over the Internet?  Was there a designated entity to monitor hate speech or avenues to submit complaints by victims? 

    Responses by the Delegation 

    IHOR LOSSOVSKYI, Deputy Head of the State Service of Ukraine for Ethnic Affairs and Freedom of Conscience, said unfortunately, the last census of Ukraine had taken place in 2001, which was 24 years ago.  There were several reasons for this, including two Ukrainian political revolutions during this time and the beginning of the war with Russia in 2014. The next census had been planned for 2023, but this had been postponed due to the full-scale invasion by the Russian Federation in 2022.  It was impossible in current circumstances to hold another census. 

    Significant work in combatting racial discrimination had been undertaken in the past three to four years.  The State Service of Ukraine for Ethnic Affairs and Freedom of Conscience was established in 2019 and began its work in 2020. The institute directly dealt with issues of national minorities and ethnic policies and consisted of around 40 people. 

    Over the past couple of years, three laws had been adopted by the parliament, including the new law on national minority communities of Ukraine.  This new law was revolutionary, as it described the ethnic policy for Ukraine and prescribed tasks for the State Service of Ukraine for Ethnic Affairs and Freedom of Conscience. According to the law, all those who considered themselves to be national minorities would be recognised by the State as such.  Ukraine had 130 national minorities, and the State took responsibility for all these communities. 

    There was a lack of strict definitions in Ukrainian laws around hate speech and hate crimes.  Ukrainian institutions were working hard to integrate these into Ukrainian legislation.  There was an interagency working group dealing with issues of discrimination, hate speech and hate crime. 

    Questions by Committee Experts

    IBRAHIMA GUISSE, Committee Expert and Co-Rapporteur, appreciated the answers given, noting the circumstances within the country.

    CHINSUNG CHUNG, Committee Expert and Co-Rapporteur, asked for more details on the interagency working group to be provided?  Could more information on the national human rights institution be provided? 

    A Committee Expert said Ukraine’s non-compliance with article 4 was an ongoing issue.  It was strongly recommended that the State follow up on this. 

    Another Expert asked how effective the State Service of Ukraine for Ethnic Affairs and Freedom of Conscience had been in protecting minority rights in Ukraine?  What was the level of participation of national minorities in consultations on State decisions?  Had there been any improvements based on these discussions? 

    A Committee Expert said the situation in Ukraine was incomprehensible.  What could be done about hate speech?  Did Russian people hate Ukrainian people?  Personally, the Expert did not feel this was the case. How could this explain why not everyone opposed the war which continued to take more lives?  While there was hatred, men would continue to wage war. 

     

    FAITH DIKELEDI PANSY TLAKULA, Committee Expert and Follow-Up Rapporteur, expressed gratitude to the State party for responding to the Committee’s request in the one-year time frame, however, many questions by the Committee were not addressed, nor were they provided in the current State report.  Could the State party provide the Committee with the previously requested information in paragraph 16 of the concluding observations? 

    Responses by the Delegation 

    IHOR LOSSOVSKYI, Deputy Head of the State Service of Ukraine for Ethnic Affairs and Freedom of Conscience, said the questions about the war were philosophical.  This was an existential war for the Ukrainian nation. According to the Russian dictator, Ukrainians did not exist and needed to be re-educated.  To stop the war, the Russian dictator should provide a decree to forces to stop the fight and withdraw from the territory of Ukraine. 

    The Commissioner of Human Rights had a special department focusing on discrimination.  After the screening exercise with the European Union, Ukraine understood there were some gaps in its legislation, particularly when it came to definitions.  Many new laws and bylaws had been approved to fill these gaps, and this was a key focus of the State Service for Ethnic Affairs and Freedom of Conscience. Communication with national minorities was a key step in this regard. 

    Around seven million Ukrainians had left Ukraine as refugees or moved around Ukraine as internally displaced persons. Many people treated the Roma community differently.  The national action plan for the Roma strategy to 2030 was evaluated every two years. Every year, many different roundtables and conferences were organised by the State on the Roma community. 

    Two forums had been organised for the different minorities to discuss any issues they had and how to address them. A forum was organised in Kiev with Polish national minorities, and another one with Greek national minorities. There was a strategy on the development of the Crimea Tartare language.  This year, work had also been finished on the new spelling of the Crimean Tartare language. 

    Questions by Committee Experts

    CHINSUNG CHUNG, Committee Expert and Co-Rapporteur, asked about concrete cases of racially motivated violence and racial profiling, and the measures taken to respond to these cases?  What measures had been taken for increasing public awareness-raising campaigns and other measures to counter incitement to hatred and hate crimes?  The Committee would also like to receive information on measures to prevent discriminatory violence by the police and other law enforcement officers; measures to ensure accountability for incidents of discriminatory violence; and data on these kinds of incidents?

    The Committee was concerned about racist hate speech and discriminatory statements in the public discourse, including by public and political figures and in the media.  How did these victims address their cases, and how effectively were these cases treated?  How many complaints had been received in the last five years, and what was the number of investigations initiated, cases considered before courts, and sanctions imposed on perpetrators?  Could detailed information be provided on complaints registered with the courts, or any other national institution, including the Ukrainian Parliament Commissioner for Human Rights, concerning acts of racial discrimination, racist hate speech and racist hate crimes?

    According to information before the Committee, there were gaps in the implementation of the legal framework, including the lack of specialisation among law enforcement officials and lack of operational standards to handle, register and investigate complaints of racial discrimination and hate crimes.  What measures were being taken to address these concerns, particularly to enhance the capacity of law enforcement officials in handling and investigating complaints related to racial discrimination and hate speech? 

    Information before the Committee indicated that there was a lack of awareness on the rights of victims of racial discrimination and fear of approaching law enforcement officials on this topic.  What measures were being taken to address these issues?  Could a reason be provided for the low rate of complaints at the National Human Rights Commission?  What measures were being taken to enable victims to make complaints more effectively? 

    The Committee welcomed the adoption of amendments in 2024 on the law on free legal aid to allow victims of hate crimes on specific grounds to benefit from secondary legal aid.  However, the information before the Committee indicated that the victims were only entitled to the legal aid at the secondary stage and not to initiate a complaint.  In addition, the implementation of the amendment was postponed until one year after the martial law was abolished.  Could the delegation provide information on these two concerns? 

    Could disaggregated data be provided on complaints by ethnic origin such as by Roma, Jews, Africans and other minorities, as well as by national origin and gender?  Had the complaints changed during the armed conflict, in terms of quantity, nature and results?  What measures were being taken to promote human rights education, including on racial discrimination, in university programmes and teacher training?

    What measures were being taken to raise awareness of the public, civil servants, and law enforcement officials in order to combat societal prejudice against certain minority groups, including the Roma?

    Could accurate statistics of ethnic minorities, including Roma, be provided?  The Committee remained concerned at the persistence of discrimination, stereotypes and prejudices against Roma, including reports of physical attacks and killings. 

    Recent research also demonstrated that the level of antigypsyism in Ukraine was still very high.  According to the social cohesion study, 35 per cent of the Ukrainian population did not want Roma to be in their community at all. What measures had the Government of Ukraine taken to fight antigypsyism? 

    Could data on the education conditions of Roma be provided?  What measures had been taken for improving the situation of education for Roma children? Were they educated in their mother tongue without discrimination?

    The Committee noted the various measures taken by the State party to improve the situation of Roma, including the strategy for the protection and integration of the Roma national minority to 2020 and its action plan.  Could information on the progress and results of strategies and programmes directed at the Roma be provided, particularly the allocated resources to ensure the effective implementation of the strategy and action plan and monitoring of its implementation?  How were members of the Roma ethnic minorities involved in the implementation and monitoring of these policies?  Had the Government consulted with Roma communities when planning and implementing such integration measures, including at the local level?  How were the low levels of funding for these plans being addressed? 

    Responses by the Delegation

    The delegation said the issues affecting the Roma community were a problem, not just for Ukraine but for all European countries.  Prejudices still existed, however, during the war, many Roma men had served in the Ukrainian armed forces and in some cases sacrificed their lives, which had changed the attitude of Ukrainians towards Roma people.  A unity and diversity programme was implemented last year, which was a Ukrainian national cultural programme, with training for Ukrainian police officers. 

    The lack of documents in Roma communities was an issue but this was being addressed through regular visits to regions where the Roma community lived.  Thousands of Roma people had been provided with new documents.

    In 2023, around 60 consultations were organised with different national minority groups.  Permanent consultations and meetings were held with Roma communities. The consultations included members of all relevant ministries.  The next meeting had been planned for the end of April.  April 8 was International Roma Day and a large event had been organised in Kiev, including a roundtable and an all-day conference with the participation of ambassadors and the diplomatic corps.  On the same day, several regions also organised International Roma Day celebrations with different events. 

    Questions by Committee Experts

    A Committee Expert said the implementation of the Committee’s recommendations were lacking.  How were the stakeholders in the consultations selected? The Expert expressed hope that the war would end soon with a fair and sustainable solution.  It was important to remember that the unity towards Roma people should be sustained after the war, and that the stereotypes did not return. 

    FAITH DIKELEDI PANSY TLAKULA, Committee Expert and Follow-Up Rapporteur, said the Committee’s recommendations regarding measures taken to conduct training to raise awareness on the amendments to article 161 of the Criminal Code had not been addressed, and urged the State party to provide this information. 

    Another Expert asked what existing mechanisms were in place to receive complaints from victims of hate crimes? Were they user friendly?

    A Committee Expert asked whether the education system in the State party allowed for the type of education help to prevent hate crimes and racial intolerance for children?  Were there any significant numbers of people of African descent in the State party?  Would Ukraine support the Second Decade for People of African Descent? 

    IBRAHIMA GUISSE, Committee Expert and Co-Rapporteur, asked if Ukraine’s desire to align itself with the European Union’s legislation on hate speech was to address hate speech, or to bring its legislation into line with that of the European Union? 

    An Expert asked if the outcome of today’s dialogue would be brought to the attention of the media?

    Responses by the Delegation

    The delegation said if the Committee approved, Ukraine would provide information to the media about the meeting. Regardless of the ethnicity or culture of any citizen, they could contact the police and make a complaint. There were special school curricula on tolerance and education.  There should be more education in schools, from the youngest level possible. 

    There was an African community in Ukraine; it was not very big but its members were consulted on many issues. The African community had never informed the Government about any issues when dealing with the Ukrainian community. 

    The legal aid system of Ukraine provided several services, including primary and secondary legal aid and access to alternative dispute resolutions.  Regular targeted information campaigns were conducted on the right to legal aid, to provide empowerment for vulnerable groups and build trust in the legal aid system in Ukraine.  There had been only 91 cases of requests for legal aid during the past three years.  There were 500 legal aid centres across Ukraine, as well as an online service. 

    Six months ago, the Government adopted the list of the languages of the national minorities of Ukraine which were under threat of disappearance, and this included the Roma language. Currently, there was a special working group of experts who were familiar with these languages working on initiatives in this regard.

    In a brief comment at the end of the first meeting, MICHAL BALCERZAK, Committee Chair, said the dialogue was public and it was up to Ukraine if it wished to produce information on the discussion. 

    Questions by Committee Experts

    IBRAHIMA GUISSE, Committee Expert and Co-Rapporteur, asked if measures were planned to assess and review the law on national minorities (communities) of Ukraine that aimed to eliminate all discriminatory provisions?  What measures had been taken to consult and ensure the participation of all ethnic and national minority groups in the process of developing and drafting the law and its amendments? 

    While noting the measures taken by the State party to protect Crimean Tatars, in particular those who fled Crimea after 2014, the Committee remained concerned about reports that Crimean Tatars in regions under the authority of the State party faced difficulties in accessing employment, social services and education, and did not receive assistance. What mechanisms had been developed to ensure consultations with ethnic minority groups? 

    Did the State party have information concerning the National Council for Interethnic Harmony?  What measures had been taken by the State party to support women belonging to ethnic or national minority groups in exercising their political rights, including participation in public affairs and raising awareness on their rights and the vital impact of their participation?  What measures were being taken to mitigate the impact of the ongoing conflict on the participation of women in politics?   

     

    According to information received, legislative amendments relating to religious organizations entered into force on 23 September 2024, invoking “national security” as a ground for restricting freedom of religion or belief and freedom of religious association. However, this was not considered a permissible grounds for restriction of freedom of religion under the Convention. What were the measures restricting freedom of religion and belief and their impact on the ethno-religious communities concerned?  Information received referred to practices tending to prohibit the activities of religious organizations, specifically the activities of the Russian Orthodox Church. Could information be provided on the necessity and proportionality of such punitive measures?

    The situation of migrants, asylum seekers, refugees, and stateless persons in Ukraine had been significantly impacted by recent legal and practical developments, particularly since the introduction of martial law in February 2022.  The current legal framework and its implementation presented several challenges that were inconsistent with the Convention. 

    The refugee status determination process in Ukraine did not align with international standards, leading to inconsistent application of legal interpretations and time limits for lodging asylum applications.  This often resulted in the rejection of asylum claims.  New practices had restricted access to asylum and statelessness determination procedures, especially for individuals with ties to the Russian Federation and Belarus.  The State Migration Service often issued oral refusals for asylum applications without official decisions, citing martial law as a reason.  This practice had been recognised by courts as illegal, yet it persisted, leaving applicants in legal limbo.

    How would Ukraine address the inconsistencies in the asylum procedures to ensure alignment with international standards and the Convention?  What legal amendments were introduced under martial law and what was their impact on the rights of refugees and stateless persons?  What procedural safeguards were in place to protect individuals from forcible deportation?  What steps were being taken to improve access to the asylum and statelessness determination procedures, particularly for individuals with ties to the Russian Federation and Belarus? 

    How was the Government addressing the challenges posed by the suspension of diplomatic relations with Russia in verifying nationality in statelessness determination procedures?  What plans did the Ukrainian Government have to develop an integration strategy for refugees and improve reception conditions for asylum seekers?  What steps were being taken to address the unlawful practice of issuing verbal refusals for asylum applications and ensure that applicants received official decisions?

    The Government of Ukraine had made significant strides in addressing statelessness since 2020, including the introduction of a statelessness determination procedure. Despite these efforts, several challenges remained, particularly in the implementation of the procedure and the accessibility of necessary documentation for applicants, which was further exacerbated by the conflict. 

    On 22 January 2024, draft law no. 11469, titled “on amendments to certain laws of Ukraine on ensuring the right to acquire and preserve Ukrainian citizenship” was registered in the Ukrainian Parliament.  The draft law, if passed, could result in the loss of Ukrainian citizenship for residents in Russian-occupied Ukrainian territories, who often had to obtain Russian passports to access basic services, employment, and social benefits. How did the Ukrainian Government plan to address the potential risk of stripping Ukrainian citizenship from residents of occupied territories who acquired Russian citizenship under duress or due to essential needs, such as access to basic services and employment?

    MICHAL BALCERZAK, Committee Chair, said Kiev had been under attack the night before and there had been casualties.  This was a serious and sad situation.  The Committee understood the situation and was very concerned about these tragic events. 

    Responses by the Delegation

    IHOR LOSSOVSKYI, Deputy Head of the State Service of Ukraine for Ethnic Affairs and Freedom of Conscience, said many members of the delegation had barely slept the night before. Russia had launched missiles from the Black Sea and inside Russia and had bombed Kiev.  Up to now, there were 10 citizens who had been killed and 100 wounded, including children.  Every day, there were peaceful victims of this tragic and bloody war.  The delegation in Ukraine had lost contact with the Committee at the beginning of the session and missed some questions.

    Regarding the law on ethnic minorities, several meetings had been organised with national minorities during the development of the law, predominantly online due to the war.  In December 2022, Parliament adopted the law. At the request of some national minority organizations, the State used the term “communities” instead of minorities. The law encompassed all groups of ethnic peoples, which was around 130 according to the most recent census. 

    Ukraine did not have many new asylum seekers as the situation in the country was not sustainable for a peaceful life. 

    The Ombudsman’s Office was referred to as the Parliamentary Commission of Human Rights.  The independence of this Office was guaranteed, ensuring it could function without undue influence from any external entities.  This enabled the Office to effectively address human rights and issues of non-discrimination.  Its annual report outlined steps taken to combat discrimination. It was a large institution with around 500 employees.  There were branches located across 24 regions of Ukraine.  In 2024, there were 454 complaints received by the Office.  The Office monitored all issues of non-discrimination.  All reports of the Office were public and could be found online.   

    Questions by Committee Experts

    IBRAHIMA GUISSE, Committee Expert and Co-Rapporteur, expressed sorrow at the recent shocking events which had wracked the Ukrainian capital.  What was the impact of martial law on asylum seekers, refugees and stateless persons? 

    CHINSUNG CHUNG, Committee Expert and Co-Rapporteur, asked about the situation of lesbian, gay, bisexual, transgender and intersex persons belonging to minority groups, as well as the situation of elderly people belonging to these groups?  What was the situation of migrant workers, particularly in this situation of armed conflict?

    A Committee Expert asked how far Ukraine had gone in implementing the decision of the European Court of Human Rights on a case versus Ukraine?   

    Another Committee Expert congratulated the Ukrainian delegation for making a laudable effort to assess the implementation of the Convention in Ukraine, despite prevailing circumstances. Ukraine should be praised for this effort.  The Expert was concerned about allegations of racism at the Ukrainian Polish border. Had there been any follow-up on such reports?  How many cases had been brought to court? 

    There had been allegations of racism in sport, including with a Brazilian footballer who was banned for one game after reacting to crowds calling him monkey.  How had this case been handled?  Ukraine should be congratulated for adopting the law on stateless in 2021.  How many individuals had benefitted from the enforcement of that law?  How did the State party plan to provide Roma with national documents? 

    Another Expert said African nationals had been facing discrimination at the borders. 

    What measures were being taken by the State party to ensure the protection, safety and security of all persons living in its jurisdiction? 

    Responses by the Delegation

    IHOR LOSSOVSKYI, Deputy Head of the State Service of Ukraine for Ethnic Affairs and Freedom of Conscience, said Ukrainian legislation underscored equal rights for men and women. Half of the ministers of the Government were women.  Many women in Ukrainian society occupied high-level positions.  Women from Roma communities were among the most vulnerable. The State had organised several events, including roundtables, which assisted Roma women to find their place in society. 

    Due to the war, Ukraine no longer had many migrant workers.  It was hoped that this would change after the war.  The country would need many workers for innovation and to help rebuild Ukraine. It was hoped workers from many countries would come to Ukraine after the war and help rebuild the hundreds of cities which had been destroyed or partially destroyed. 

    Mr. Lossovskyi said he had not heard of cases of discrimination on the border between Ukraine and Poland.  The case of discrimination regarding the Brazilian football player was an awful occurrence which was not typical for Ukraine. There had been a police investigation, but he could not recall the exact outcome. 

    The delegation said the aggression by the Russian federation had led to a huge influx across Ukraine’s borders. The Government took all accounts of discriminatory treatment very seriously.  Despite difficult conditions, the Government had managed to keep all checkpoints on the borders open. 

    Mr. Lossovskyi said in 2022, a pilot project was launched to provide documents to Roma people in a more effective way.  This was organised in a region where the majority of Roma people lived.  Every year, the State continued this work and made several visits to these places. 

    The delegation said the draft law 5488 was being considered before parliament.  It was hoped the law would be adopted during the current session of Parliament.  The draft law provided for the term “intolerance” and addressed issues under this topic.  All law enforcement agencies were currently working together to introduce the necessary amendments to the Criminal Code.  Police officers had completed specialised human rights training.  Outreach activities, including in schools, were carried out to combat negative stereotypes on the Roma population. 

    Questions by Committee Experts

    CHINSUNG CHUNG, Committee Expert and Co-Rapporteur, said the Committee believed in the necessity of investigating and documenting all human rights violations and abuses committed in the context of the ongoing armed conflict and invasion initiated by the Russian Federation against the State party on 24 February 2022.  What measures had been taken to ensure prompt and impartial investigations?  Could the delegation provide information on investigations and prosecutions into allegations of human rights violations and abuses during the armed conflict with the Russian Federation?

     

    On 11 October 2018, the Holy and Sacred Synod of the Istanbul-based Ecumenical Patriarchate granted autocephaly to a new church, the “Orthodox Church of Ukraine”.  This led to tensions with the Ukrainian Orthodox Church.  The Church was formerly linked to the Russian Orthodox Church under the Patriarch in Moscow, but stated that it severed those ties in May 2022, following the full-scale invasion by the Russian Federation. 

    It was reported that on 23 September 2024 in territory controlled by the Government of Ukraine, new legal provisions regarding religious organizations entered into force, prohibiting the activities of foreign religious organizations based in a State responsible for armed aggression against Ukraine or occupation of its territory, and specifically prohibiting the activities of the Russian Orthodox Church. Could detailed explanations be provided on this and on measures to ensure the respect of the rights to freedom of thought, conscience and religion?

    According to media reports in January 2025, the State party announced the capturing in Russia of two soldiers from the Democratic People’s Republic of Korea, and indicated that they were detained and provided with medical care.  Could the delegation provide information on the situation of these two prisoners of war? What were the legal measures taken against them?  Were there more prisoners of war captured by the State party from other nationalities, including mercenaries? 

    The Committee noted that the State party adopted the law on indigenous peoples in 2021.  However, according to information before the Committee, the law only recognised Crimean Tatars, Karaims and Krymchaks as indigenous peoples in Ukraine, while excluding other groups, such as Hutsuls, Lemkos and Gagauz peoples.  Could the delegation provide clarifications on the law on indigenous peoples and how it aligned with international standards?

    Were there plans to assess and review the law?  What was the situation of the Hutsuls, Lemkos and Gagauz peoples?  What measures were in place to preserve and promote the identity, language and culture of all indigenous people under the jurisdiction of the State party?  Could information be provided on the situation of internally displaced Crimean Tatars, and measures to ensure their access to education, housing, employment, healthcare services and humanitarian assistance?  Was the State party taking measures in consultation with the Crimean Tatar community to find durable solutions for an appropriate settlement of Crimean Tatars in Ukraine?

    The Committee was concerned that during the war, persons belonging to minorities, such as Roma, had difficulties in registering as internally displaced persons and having access to social assistance.  According to the representative of the Office of the Ombudsman of Ukraine, around 100,000 Roma became refugees, and around the same number of Ukrainian Roma became internally displaced persons.  Were accurate statistics available on the Roma?  Did the State party find durable solutions for internally displaced Roma and take measures to ensure that they benefitted from assistance?  What were the State’s plans to include Roma people in recovery and reconstruction programmes?

    What efforts were being made to restore linkages between displaced children and their families?  What efforts were being made to ensure access to education and basic services for displaced children?

    Ukraine’s inadequate response to hate crimes against migrants, African and Asian students and other foreigners had previously attracted international criticism.  What was the situation of non-citizens, particularly migrants, refugees and asylum seekers, and people of African and/or Asian descent during the armed conflict?  Could the delegation provide clarification on the situation of detained undocumented migrants and non-citizens?  Could the delegation also please provide information on measures to ensure their access to education, housing, employment, healthcare services and humanitarian assistance?

    Responses by the Delegation

    IHOR LOSSOVSKYI, Deputy Head of the State Service of Ukraine for Ethnic Affairs and Freedom of Conscience, said Ukraine did not refer to what was going on in Ukraine as conflict. This was a bloody, existential, colonial war with Russia, not simply a conflict.  In 2018, the Ukrainian Church received independence from the Patriarchal Eastern Christianity Church based in Istanbul, Türkiye.  This was a revolutionary decision, as Ukraine was a big country and did not have an orthodox church.  Now there was an independent church of Ukraine, like all other Christian Orthodox countries.  No other activities of other churches were forbidden in Ukraine.  The only restrictions were for the Russian Orthodox Church, which had restricted activity on the territory of Ukraine. This was because it was an accompaniment of the Russian aggression which had destroyed the country and killed hundreds of thousands of people. 

    Ukraine provided the international standard for prisoners of war in their prison facilities, which were regularly visited by the Ukrainian Ombudsman.  In 2021, Ukraine adopted the law on indigenous peoples and consulted with many minorities on this law.  Indigenous peoples were defined as those who lived on the territory of Ukraine and did not have a mother country.  The Lemkos people were not considered a national minority group, but rather a cultural group. 

    In 2021, the Ukrainian Government approved the Roma strategy, and every two years action plans were prepared for its implementation.  The Roma community was a young community, one of the youngest among the national minorities in Ukraine.  It would be beneficial to use their innovation and abilities in the process of renovating Ukraine when the war was over.  The State was working on providing the Roma with more education.  There were many grants provided to Roma for studying in universities. 

    The delegation said in 2021, the Ukrainian Parliament adopted the law on indigenous people in Ukraine, which was developed through extensive consultations with indigenous groups and civil society, and represented the aspirations of these groups.  In addition, a draft law was developed on the status of the Crimean Tartar people which would be registered in Parliament in the near future. 

    To ensure prisoners of war were not tortured, relevant legislation and policies had been developed.  Three legislative acts had been produced to regulate these affairs. 

    Questions by Committee Experts

    CHINSUNG CHUNG, Committee Expert and Co-Rapporteur, asked if there were representative bodies of minorities inside the Cabinet of Ministers of Ukraine?  How did the State party ensure consultations with all indigenous peoples under the framework of this law? 

    Another Expert said 10 to 20 per cent of Ukrainian Roma did not have identity documents?  Was there a provision for determining statelessness in the act on statelessness?  Did the Roma community benefit from universal birth registration? 

    A Committee Expert asked how many of the ethnic and national minorities participated in the relevant bodies in the Government?  How many Roma, indigenous, or migrant women had been hired or granted responsibility positions, or were integrated in the responsibility of the work? 

    Responses by the Delegation

    IHOR LOSSOVSKYI, Deputy Head of the State Service of Ukraine for Ethnic Affairs and Freedom of Conscience, said when the law on indigenous peoples was adopted, several bylaws were prepared for the implementation of the law.  According to one of the bylaws, Crimean Tatars regularly consulted with the Government.  Only during the population census could the Government request information about the ethnic groups.  Sometimes women with high-ranking positions did not disclose their ethnicity.  It was up to people to declare this. 

    The delegation said due to the Russian full-scale invasion, there were problems preparing full statistical information on ethnic minorities.  The legal aid system in Ukraine had provided legal assistance to more than 1,000 Roma people over the past three years.  Most of these related to the processing of identity documents.  Secondary legal aid had been provided for 27,000 internally displaced people over the past three years, due to the full-scale invasion. 

    Officially, Ukraine recognised three indigenous groups of peoples, including Crimean Tartars, Karaims and Krymchaks.  Crimean Tartars were represented by an executive body; the spiritual administration of Ukraine represented the Karaim people; and there was no official information regarding a body for the Krymchaks, although they had the full rights to establish such a body under law. 

    Currently, there was no definition of hate speech under Ukrainian law.  The Government of Ukraine had prepared a draft roadmap covering this issue. In Ukraine, a working group made up of State authorities and public organizations was working on a definition of hate speech and establishing administrative and criminal liability depending on the severity of the crime. 

    The public broadcaster of Ukraine continued to create a single information space for minorities.  The broadcaster produced programmes for national minorities in their national languages, across broadcast, radio and digital formats.  The State bodies would do their best to cover all the information needs of the national minorities in Ukraine. 

    Closing Remarks

    FAITH DIKELEDI PANSY TLAKULA, Committee Expert and Follow-Up Rapporteur, said the Committee would send Ukraine concluding observations after the dialogue, with specific recommendations to be enacted within a period of one year. 

    IBRAHIMA GUISSE, Committee Expert and Co-Rapporteur, thanked the delegation for the dialogue held, particularly given the context.  War was ended through negotiation and diplomacy, not capitulation.  It was hoped this would happen with Ukraine. The fact that Ukraine was here before the Committee was an example of the State’s willingness to cooperate. Ukraine was also meeting with the Committee against Torture at the same time, which may have weakened Ukraine’s ability to provide comprehensive answers. 

    IHOR LOSSOVSKYI, Deputy Head of the State Service of Ukraine for Ethnic Affairs and Freedom of Conscience, thanked the Committee members for their time and interest in the situation in Ukraine.  The Committee’s recommendations were very much appreciated. 

    MICHAL BALCERZAK, Committee Chair, said racial discrimination was about ethnic and national origin.  The Committee was concerned when ethnic minorities were denied their identity.  This led to wars.  It was now the sixtieth anniversary of the Convention, and the first composition of the Committee had included an expert of Ukrainian origin.

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CERD25.002E

    MIL OSI United Nations News

  • MIL-OSI Video: 🇺🇸 Sec Rubio on President Trump’s Desire to Bring Peace

    Source: United States of America – The White House (video statements)

    Secretary Rubio on President Trump’s desire to bring peace: “Of all the leaders in the world today, no leader is working harder to prevent wars or end them than President Trump is right now. That’s why we’re talking to Iran. That’s why we’re engaged with Ukraine and Russia.”

    https://www.youtube.com/watch?v=-SUHbfXX01I

    MIL OSI Video

  • MIL-OSI Europe: Press release – Gas supply: MEPs advocate storage refill flexibility to bring down prices

    Source: European Parliament

    The draft law adopted on Thursday seeks to address speculation on the gas market and bring down prices, by introducing greater flexibility in rules on gas storage refilling.

    The Industry, Research and Energy Committee has backed the Commission proposal to extend the EU’s 2022 gas storage scheme until 31 December 2027; it was otherwise set to end in 2025. The provision is designed to ensure security of gas supply ahead of the winter season.

    This legislative proposal also provided MEPs with the opportunity to introduce a number of amendments to the existing regulation. These changes are aimed at easing tensions in the gas market partly generated by market anticipations stemming from the scheme’s compulsory target of a 90% fill rate by 1 November each year.

    To this end, MEPs propose reducing the filling target from 90% to 83% to help balance energy security with market-based principles and bring down gas prices. Member states would be allowed to deviate by up to four percentage points from the filling target in the event of unfavourable market conditions, such as supply disruptions or high demand. The European Commission may further increase this deviation by up to an additional four percentage points if these market conditions persist.

    Member states would however have to ensure that the cumulative effects of flexibilities and derogations do not bring down overall storage filling obligations to below 75%, MEPs agreed.

    Next steps

    The report, drafted by committee chair Borys Budka (EPP, Poland), was adopted by 64 votes in favour and 10 against, with 12 abstentions. The text will be put to a vote during Parliament’s next plenary session, from 5 to 8 May in Strasbourg.

    Background

    The European Union’s energy security has been a critical concern in recent years, not least in light of its dependence on non-EU countries for primary energy supplies. The 2022 energy crisis, exacerbated by Russia’s full-scale invasion of Ukraine and the subsequent weaponisation of gas supplies, highlighted the urgent need for additional measures to ensure stable and affordable energy supplies.

    In response, the EU introduced new gas storage rules. However, the global gas market remains tight, with increased competition for liquefied natural gas (LNG) supplies and persistent price volatility. As the current gas storage provisions are set to expire at the end of 2025, the Commission proposed extending these measures until 31 December 2027 to maintain predictability and transparency in gas storage utilisation across the EU.

    MIL OSI Europe News

  • MIL-OSI Europe: Press release – MEPs push for a more ambitious European defence industry programme

    Source: European Parliament

    On Thursday, MEPs backed a draft law designed to strengthen Europe’s defence industry, ramp up defence product manufacturing and provide more support for Ukraine.

    The Committees on Industry, Research and Energy and Security and Defence have adopted their position on the proposed creation of a European defence industry programme (EDIP). More specifically, MEPs backed measures to boost the European defence technological and industrial base (EDTIB), to strengthen EU defence and further integrate the EU defence industry. These measures include a significant increase in member states’ financial contributions to the EDIP, more aggregation of orders for the development of defence products, and enhanced use of joint procurement.

    MEPs want the new programme to focus on improving the supply of weapons, ammunition and other crisis-relevant products, boosting manufacturing capacities or ensuring their ramp-up, reducing lead times for production and delivery, and increasing stockpiling.

    Other principles agreed by MEPs to strengthen Europe’s defence capacity include the following:

    • Introducing a “buy European” principle by which the EDIP should only fund products where the cost of components originating in the EU or associated countries represents at least the 70% of the estimated end product value.
    • To be eligible for funds, European defence projects of common interest should involve at least six member states, or at least four that are facing high exposure to the risk of conventional military threats; MEPs want also Ukraine to participate.
    • A European ‘military sales mechanism’ would work as a centralised catalogue of defence products and services to bolster EU-wide demand.
    • A new, voluntary, Structure for European Armament Programme would scale up member states’ cooperation throughout the defence equipment lifecycle.
    • An EU security of supply regime should gradually guarantee continuous access to essential defence products to tackle future supply crises; the regime would be managed by a Defence Industrial Readiness Board.


    Military support for Ukraine

    As part of the new EDIP regulation, MEPs also backed a Ukraine Support Instrument (USI) to ensure the Ukrainian defence industry’s modernisation and integration within the EDTIB. This EU funding would scale up direct investment in Ukraine’s defence industry, facilitate partnerships between EU and Ukrainian defence actors and increase EU procurement of defence capacities produced in Ukraine, including for Ukraine itself.

    Quotes

    “Our position on the EDIP sends a strong message to the Council to finalise its own position in order to start interinstitutional negotiations. The European Parliament will insist on establishing a strong regulation that will incentivise EU member states to boost joint procurement in order to build common European defence capabilities – stronger, strategic, efficient and united,” said Marie‑Agnes Strack-Zimmermann (Renew Europe, Germany), Chair of the Committee on Security and Defence.

    “Today, Parliament has come together with an unprecedented sense of urgency and purpose. In record time, we’ve forged a broad and determined majority in support of strengthening Europe’s defence industrial base – because this is no longer just an option, it’s a strategic imperative. Europe stands at a historic crossroads. Faced with Russia’s threats, we must act with unity, ambition and resolve. Investing together, developing critical military capabilities jointly, and aligning our spending efforts at EU level is the only way forward. It’s time to end our dependence on external actors. A sovereign Europe is a stronger and safer Europe, and this vote on the EDIP is a clear step in that direction”, said Raphaël Glucksmann (S&D, France), co-rapporteur from the Committee on Security and Defence.

    “The adoption of the EDIP report by a large majority today marks a major step for the security of the European continent and the strengthening of our defence industry. With this vote, the European Parliament is setting the bar high for the EU to enhance the sovereignty and resilience of our countries, build an effective governance framework, and design an ambitious and realistic financing solution. Our committees’ work in accelerated procedure means Parliament is ready to tackle the upcoming trilogue stage as soon as the Council has determined its position. This outcome, both in substance and pace, seemed impossible to achieve just a few weeks ago; with this important step, we have shown that our institution is rising to the challenge on this crucial issue for the future of Europe”, said François-Xavier Bellamy (EPP, France), co-rapporteur from the Committee on Industry, Research and Energy.

    Next steps

    The report was adopted by 70 votes to 46 with 8 abstentions. MEPs also decided to open negotiations with the Council to finalise the law, with 90 votes in favour, 20 against and with 5 abstentions. Parliament as a whole will be notified of this decision during the May plenary session.

    Background

    The European Commission put forward a proposal for a European defence industry programme (EDIP) regulation on 5 March 2024. The EDIP – with a proposed budget of €1.5 billion – seeks to achieve defence industrial readiness by bridging the gap between short-term emergency measures, such as the Act in Support of Ammunition Production (ASAP) and the European Defence Industry Reinforcement through Common Procurement Act (EDIRPA), that have been implemented since 2023 and will end in 2025, and a more structural, long-term approach.

    The EDTIB comprises a number of large multinational companies, mid-caps and over 2,000 small and medium-sized enterprises, with an estimated combined annual turnover of €70 billion.

    MIL OSI Europe News

  • MIL-OSI Europe: Statement by President von der Leyen with UK Prime Minister Starmer

    Source: EuroStat – European Statistics

    European Commission Statement London, 24 Apr 2025 Thank you very much, Keir. It is good to meet a friend again and to be here with you We are friends, and we are Europeans, we are very like-minded.

    The President of the European Commission and the Prime Minister of the United Kingdom met today and agreed to strengthen the relationship between the United Kingdom and the European Union.

    They agreed on the shared challenges facing the European Union and the United Kingdom including the altered strategic context for the wider continent notably resulting from Russia’s illegal invasion of Ukraine. They reiterated their unwavering support for Ukraine’s sovereignty.

    The leaders agreed the UK and European Union would also continue to work closely to address wider global challenges including economic headwinds, geopolitical competition, irregular migration, climate change and energy prices, which pose fundamental challenges to the shared values of the United Kingdom and the European Union and provide the strategic driver for stronger cooperation.

    The leaders reflected on the events in the Middle East overnight and condemned the egregious attack by Iran on Israel. They recognised Israel’s right to self-defence in the face of this unacceptable aggression. De-escalation by all parties in the region was of the upmost importance. They reiterated the need to coordinate the diplomatic response to the situation in the Middle East and called on all sides to show restraint and end the bloodshed. An immediate ceasefire in Lebanon and Gaza was required to create the space to allow for political solutions, the leaders underlined.

    They agreed on the importance of the unique relationship between the European Union and the United Kingdom in addressing such challenges and resolved, in line with our shared values, to strengthen ambitiously their structured strategic cooperation.

    They reaffirmed that the Withdrawal Agreement, including the Windsor Framework, and the Trade and Cooperation Agreement underpin relations between them and underlined their mutual commitment to the full and faithful implementation of those agreements. They reaffirmed their mutual commitment to uphold international law and to the European Convention on Human Rights. They agreed a stable, positive and forward-looking relationship was in their mutual interests and provided the basis for long term cooperation.

    They agreed to take forward this agenda of strengthened cooperation at pace over the coming months, starting with defining together the areas in which strengthened cooperation would be mutually beneficial, such as the economy, energy, security and resilience, in full respect of their internal procedures and institutional prerogatives. They agreed to meet again this autumn.

    They agreed on the importance of holding regular EU-UK Summits at leader-level to oversee the development of the relationship. They agreed that a first Summit should take place ideally in early 2025.

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – The Commission’s strategy to end energy imports from Russia – P-000949/2025(ASW)

    Source: European Parliament

    Following the Russian military aggression against Ukraine as of 2022, the EU has acted firmly to cut its reliance on Russian energy. REPowerEU[1], adopted in May 2022, aiming to fast forward the clean transition, diversify supplies, and enhance EU energy resilience.

    The EU adopted sanctions to phase out Russian coal imports. Sanctions on Russian oil have also reduced imports from almost a third to 3% of total EU imports.

    In terms of gas, the EU reduced its Russian gas imports from over 45% in 2021, to 19% in 2024, replacing it with alternatives like liquefied natural gas or pipeline gas from Norway.

    With the end of Russian gas transit via Ukraine, beginning of 2025, the share could fall to 13% this year. However, Russian fuels, particularly gas, remain in the EU energy mix.

    To address this, the Commission is working on a Roadmap to end Russian energy imports by fully implementing REPowerEU. The Roadmap is in the Commission Work Programme 2025.

    • [1] Source: https://commission.europa.eu/publications/key-documents-repowereu_en
    Last updated: 24 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Wholesale natural gas prices and increasing costs of storage refill – E-000111/2025(ASW)

    Source: European Parliament

    The Commission is committed to bring down energy prices for households and businesses to support the energy transition and EU’s competitiveness.

    As part of the Clean Industrial Deal[1], the Commission adopted an Action Plan for affordable Energy[2] outlining key actions to lower energy costs for European consumers, including by ensuring well-functioning and transparent gas markets.

    Mandatory filling targets in the Gas Storage Regulation (EU) 2022/1032[3] have increased transparency and predictability of market participants’ behaviour, contributing to market stability, especially during the 2022-2023 energy crisis[4].

    Although the situation has improved, the gas market remains tight and competition for global liquified natural gas has increased. This is why the Commission has proposed to extend this regulation by 2 years[5].

    At the same time, understanding the need for greater flexibility, the Commission issued a recommendation[6] to support Member States on how to identify and apply flexibility existing within the existing legislative framework to better coordinate and smartly design their storage filling policies ahead of winter 2025/2026.

    The Commission on the other hand will consider actual market conditions when deciding on enforcement of the storage filling targets.

    The Commission is carefully monitoring the internal energy market and has a good overview of the situation in individual Member States, including the effects the war against Ukraine may have on their security of supply.

    Analysis shows that the impact of the end of Russian gas transit via Ukraine on gas prices has been limited. To address specific challenges, the Commission has established a High-Level Working Group with Slovakia, and is going to launch one with Hungary.

    • [1] The Clean Industrial Deal: A Joint roadmap for competitiveness and decarbonisation COM(2025) 85 final.
    • [2] Action Plan for Affordable Energy: Unlocking the true value of our Energy Union to secure affordable, efficient and clean energy for all Europeans COM(2025) 79 final.
    • [3] https://eur-lex.europa.eu/eli/reg/2022/1032/oj/eng
    • [4] Report from the Commission on solidarity and certain aspects concerning gas storage based on Regulation (EU) 2017/1938 of the European Parliament and of the Council COM(2025) 98 final.
    • [5] Proposal for Regulation of the European Parliament and the Council amending Regulation (EU) 2017/1938 as regards the role of gas storage for securing gas supplies ahead of the winter season.
    • [6] Commission Recommendation on the implementation of the gas storage filling targets in 2025 COM(2025) 1481 final.

    MIL OSI Europe News

  • MIL-OSI Video: Syria, Haiti & other topics – Daily Press Briefing (24 April 2025) | United Nations

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:

    – Syria
    – Briefings Tomorrow
    – Secretary-General
    – Deputy Secretary-General
    – Occupied Palestinian Territory
    – U.N.I.F.I.L.
    – Yemen
    – Democratic Republic of the Congo
    – Haitian Migrants
    – Haiti
    – Ukraine
    – Myanmar
    – Immunization Week
    – International Days

    SYRIA
    Tomorrow at 8 a.m., the new three-starred Syrian flag will be raised, next to the flags of the other 193 Member States and the two permanent observers. If you have any questions about media coverage, please ask the Media Accreditation and Liaison Unit (MALU). They will facilitate that. And just to stay on Syria, Geir Pedersen will be here to brief the Council tomorrow and he will be speaking to you at the stakeout afterwards.

    BRIEFINGS TOMORROW
    Tomorrow at 11:00 a.m., there will be a hybrid press briefing by Ambassador Jürg Lauber, the President of the Human Rights Council.
    And our Noon Briefing guest will be Ulrika Richardson, the Humanitarian Coordinator for Haiti, who also serves as the Deputy Special Representative and Resident Coordinator for Haiti. She will brief us virtually on Haiti.

    SECRETARY-GENERAL
    This evening, the Secretary-General will be traveling this evening to Rome, where on Saturday he will attend the funeral of Pope Francis at St. Peter’s Basilica.
    This afternoon, the Secretary-General will sign the Book of Condolences for the Pope at the Observer Mission of the Holy See.
    On Tuesday, the UN flag will fly at half-mast to honour the passing of the late Pontiff.

    DEPUTY SECRETARY-GENERAL
    Our Deputy Secretary-General, Amina Mohammed, continues her visit to Washington, D.C., for the World Bank/IMF Annual Spring Meetings.
    This morning, she took part in a Women Lead Breakfast with over 50 female leaders, which was hosted by the World Bank Managing Directors. Amina Mohammed highlighted women’s labour and economic participation as one of the most powerful forces driving inclusive and sustainable development, and she called for women’s leadership to be placed at the centre of decision-making.
    Later, she participated in the G20 Finance Ministers and Central Bank Governors Meeting, where she underscored the importance of advancing reforms to the international financial architecture to make it more inclusive and responsive.
    This afternoon, she will deliver remarks at the 111th meeting of the World Bank/IMF Development Committee and continue her engagements with senior government officials and other key stakeholders. She will be on her way back later today.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=24%20April%202025

    https://www.youtube.com/watch?v=6VIPt0O88YQ

    MIL OSI Video

  • MIL-OSI Europe: Briefing – EU-UK trade flows: Continuities, changes and trends – 24-04-2025

    Source: European Parliament

    The Trade and Cooperation Agreement (TCA) between the European Union (EU) and the United Kingdom (UK), which entered into force in May 2021, governs the EU’s relationship with the UK, following its withdrawal from the EU. In addition to the European Commission evaluating the implementation of the TCA on an annual basis, Article 776 of the TCA provides for a joint review of the deal’s implementation five years after its entry into force, in 2026. On 20 November 2024, the European Parliament’s Conference of Presidents approved a joint request from the Committees on Foreign Affairs (AFET) and on International Trade (INTA) to draw up an implementation report in response to the European Commission’s 21 March 2024 report on the implementation and application of the EU-UK TCA. This briefing seeks to inform the drafting of the joint AFET–INTA implementation report. The briefing provides an analysis of the data on trade flows between the EU and the UK in the last two years (2023 and 2024), in the context of the implementation of the TCA. It should be read in tandem with the European Implementation Assessment on the EU-UK TCA, published by the European Parliamentary Research Service (EPRS) in December 2023, which analyses EU-UK trade flows in the first two years of the TCA’s implementation. That EPRS study was requested by AFET and INTA to inform their 2023 joint implementation report on the same subject. Similar to the 2023 EPRS study, this briefing concludes that the TCA continues to have a stronger impact on the UK than on the EU in the trade relationship. Trade between the EU and the UK continues to be more complex and challenging compared to when the UK was an EU Member State, even if the implementation of the TCA in the last four years has been generally smooth, with some exceptions. The UK has managed to bounce back from COVID and Brexit less successfully than the EU and has, like the EU-27, been affected by Russia’s war in Ukraine and inflation. EU-UK trade in goods decreased slightly in 2023 and 2024, and it is still below pre-Brexit levels. EU-UK trade in services (the TCA does not cover financial services), continues to be less disrupted, and surpassed pre-COVID 19 levels as of 2023. At a time of uncertainty on the future direction of trade policy, geopolitical upheaval, and the United States administration’s (potential) new tariffs on imports from its trading partners (including the UK and the EU), the TCA offers an opportunity to deepen EU-UK trade relations.

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Future trade agreement with Ukraine – E-000792/2025(ASW)

    Source: European Parliament

    As the autonomous trade measures for imports from Ukraine will expire on 5 June 2025, the Commission is committed to pursuing the review of the current trade conditions under Article 29 of the Deep and Comprehensive Free Trade Area (DCFTA)[1] with Ukraine.

    The Commission is confident that this review will be the best way to provide stability and predictability for producers and other stakeholders in the EU as well as in Ukraine.

    The review of the DCFTA should take into account as much as possible the concerns of the EU producers and other stakeholders . It will be crucial to find the right balance between the necessity to continue facilitating the movement of Ukrainian agricultural goods, thereby supporting the Ukrainian economy in its efforts in sustaining its fight against the Russian aggressor, and at the same time address the concerns of EU stakeholders about the increased agri-food imports from Ukraine.

    Furthermore, the Commission is considering including a strong safeguard clause as well as a link to compliance with relevant EU production standards. The Commission is currently working on the details of its position.

    • [1] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:22014A0529(01)
    Last updated: 24 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Safeguarding the security interests of all Member States in the context of Türkiye’s possible inclusion in the EU defence programme SAFE – E-001528/2025

    Source: European Parliament

    Question for written answer  E-001528/2025
    to the Commission
    Rule 144
    Afroditi Latinopoulou (PfE)

    The EU is considering various forms of possible military cooperation with Türkiye, including the deployment of European multinational forces in Ukraine to secure peace or a ceasefire with the active participation of Türkiye. At the same time, it is considering launching a new dialogue on Türkiye’s accession path.

    It should be noted that the White Paper on the Future of European Defence included provisions according to which the EU would act ‘in a way that is without prejudice to the specific character of the security and defence policy of certain Member States, and takes into account the security and defence interests of all Member States’.

    Can the Commission therefore answer the following:

    • 1.How will it be ensured that the strategic cooperation between the EU and Türkiye is commensurate with Türkiye’s progress in its accession process as well as the country’s bilateral relations with Greece and Cyprus?
    • 2.On the basis of the provisions of the White Paper, what specific measures are envisaged to protect Greece’s security interests in the event that Türkiye is included in the defence programme SAFE?
    • 3.What mechanisms does it have at its disposal to deal with any deterioration in the relations between Türkiye and Greece or Cyprus or efforts by Türkiye to utilise its defence cooperation with the EU in a way that would jeopardise the security of Member States?

    Submitted: 14.4.2025

    Last updated: 24 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Injection of EU funding for Moldova – legitimate support or election meddling? – E-002252/2024(ASW)

    Source: European Parliament

    On 20 October 2024, the people of the Republic of Moldova voted in a referendum on Moldova’s EU path. Despite massive interference and hybrid campaigns by Russia, including blatant vote-buying, they expressed majority support for anchoring their future within the EU.

    The Commission took note of the results reflecting diverse opinions among Moldova’s citizens and will keep working closely with the country to build consensus on its path towards EU membership.

    Moldova has continued to make progress as recognised by the EU leaders during the European Council in March 2024. However, since the start of Russia’s war of aggression against Ukraine, Moldova has been tackling challenges related to slow economic growth, supporting a large number of Ukrainian refugees, inflation, disruption to its energy supplies and cyber-attacks.

    For this reason, in October 2024, the President of the Commission announced the Commission’s proposal for a Growth Plan for the Republic of Moldova[1]. Its aim is to support the Moldovan economy with EUR 1.8 billion between 2025 and 2027.

    It also provides Moldova with similar financial support to that offered to Western Balkan countries and to Ukraine, reflecting their aspirations to join the EU.

    The co-legislators adopted Regulation (EU) 2025/535 of the European Parliament and of the Council of 18 March 2025 establishing the Reform and Growth Facility for the Republic of Moldova[2].

    The EU condemns the unprecedented malign interference by Russia into Moldova’s elections and will continue supporting Moldova’s resilience and progress on its EU accession path.

    • [1] https://ec.europa.eu/commission/presscorner/detail/en/ip_24_5124
    • [2] https://enlargement.ec.europa.eu/regulation-eu-2025535-european-parliament-and-council-18-march-2025-establishing-reform-and-growth_en
    Last updated: 24 April 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – The development of the EU’s common foreign and security policy towards Iran – E-000836/2025(ASW)

    Source: European Parliament

    The EU policy vis-à-vis Iran is outlined in the Council conclusions of December 2022[1] and is complemented by the European Council conclusions of March 2024[2], April 2024[3] and October 2024[4].

    EU Foreign Ministers discussed Iran in the Council most recently in March 2025 under the chairmanship of the High Representative/Vice-President.

    The EU will use all tools at its disposal to react to issues of concern with Iran, including the adoption of new restrictive measures (‘sanctions’), which are decided by the Council of the European Union.

    The EU has listed more than 500 Iran-related individuals and entities under different sanctions regimes[5]. Those sanctioned are subject to a travel ban (individuals) and an asset freeze (both individuals and entities).

    Moreover, EU individuals and entities are prohibited from making funds or economic resources available to those listed. Finally, a number of sectoral restrictions apply, which prevent Iranian individuals and entities from procuring certain sensitive items[6].

    At the same time, the EU is committed to avoiding and mitigating any potential unintended impacts of EU sanctions on humanitarian action. Food, medicine and other emergency supplies do not fall under EU sanctions.

    • [1] https://www.consilium.europa.eu/en/press/press-releases/2022/12/12/iran-council-approves-conclusions/
    • [2] https://www.consilium.europa.eu/media/70880/euco-conclusions-2122032024.pdf
    • [3] https://www.consilium.europa.eu/en/press/press-releases/2024/04/18/european-council-conclusions-on-ukraine-and-turkiye/
    • [4] https://www.consilium.europa.eu/media/2pebccz2/20241017-euco-conclusions-en.pdf
    • [5] E.g. Restrictive measures in view of Iran’s military support to Russia’s war of aggression against Ukraine and to armed groups and entities in the Middle East and the Red Sea region; restrictive measures in relation to the non-proliferation of weapons of mass destruction; restrictive measures in relation to serious human rights violations in Iran; restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine.
    • [6] E.g. An embargo on equipment which may be used for internal repression and on equipment that may be used to monitor or intercept the Internet and telephone communications on mobile or fixed networks; the arms embargo, restrictive measures related to missile technology, restrictions on certain nuclear-related transfers and activities, and provisions concerning certain metals and software which are subject to an authorisation regime.
    Last updated: 24 April 2025

    MIL OSI Europe News

  • MIL-OSI Global: Ukraine’s path to peace appears to be rapidly disappearing

    Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor

    It’s getting hard to figure out who all the US-sponsored talks over ending the conflict in Ukraine are supposed to benefit. Listening to Donald Trump over recent weeks, you could be forgiven for thinking it’s all about him.

    In the past 48 hours, the US president has berated both the Ukrainian president, Volodymr Zelensky, and Russia’s Vladimir Putin for apparently dragging their heels over an agreement.

    At present it’s Putin who is on the naughty step (although as we know this can change quite rapidly). After Russia launched strikes against Kyiv overnight on Wednesday, killing eight people and injuring dozens more, Trump used his TruthSocial platform to give the Russian president a piece of his mind.


    TruthSocial

    But hours previously, the US president had been giving Zelensky both barrels after he rejected a peace proposal that included the US recognising Crimea as part of Russia. Trump wrote: “It’s inflammatory statements like Zelenskyy’s that makes it so difficult to settle this War. He has nothing to boast about! The situation for Ukraine is dire — He can have Peace or, he can fight for another three years before losing the whole Country.”

    For the past week or so, US officials, including the president and his secretary of state, Marco Rubio, have been warning that if a deal isn’t done “in a matter of days” they could just decide to walk away.


    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.


    It’s hard to see how there is a credible pathway to peace at the moment, write Stefan Wolff and Tetyana Malyarenko, international security experts at the University of Birmingham and the National University Odesa Law Academy, respectively. They point out that even if all sides can agree to a formula for a ceasefire (remembering that Russia couldn’t even hold to the agreed truce over the Easter holiday) then a lasting peace deal that is supposed to follow is even more difficult to imagine.

    And, as the abortive attempts to end the war drag on and Russia’s attritional tactics continue, at a massive cost – both economically and in human lives – there are signs that western resolve and unity is coming under pressure. Partly it’s because many of Ukraine’s allies, particularly in Europe, are already scrambling to work out how they might adjust their own security arrangements in the eventuality of a new world order developing, dominated by the US, China and Russia, in which Washington’s friends find themselves on the outside.

    Then there’s the inescapable question of whether Putin can be trusted to hold to any deal he strikes, given the likelihood of the US president’s attention wandering once he has been able to boast of brokering an “end” to the war. As Wolff and Malyarenko put it: “Given Russia’s track record of reneging on the Minsk ceasefire agreements of September 2014 and February 2015, investing everything in a ceasefire deal might turn out not just a self-fulfilling but a self-defeating prophecy for Ukraine and its supporters.”




    Read more:
    Ukraine war: path to peace looks increasingly narrow as Kyiv’s western backers scramble to focus on their own interests


    As Trump 2.0 nears the 100-day mark (more of which next week), it’s worth pausing to ask what the American public thinks about the war in Ukraine. Paul Whiteley of the University of Essex has been looking at polling on the issue over the past six months or so and concludes that the US president looks out of step with the people when it comes to what Whiteley construes as Trump’s apparently Russia-friendly approach. Whiteley quotes a recent Economist/YouGov poll which finds that far more people see Ukraine as an ally that view Russia in the same light.

    Meanwhile a much larger poll taken at the time of the US election last year, found that significant numbers of people support sending humanitarian aid to Ukraine and only a slightly smaller proportion of respondents backed providing military aid.

    American attitudes to policy alternatives for dealing with the Ukraine War:


    Cooperative Election Survey, CC BY-SA

    “A key point is that only 23% said the US should not get involved,” Whiteley concludes. “There is not much support among Americans for abandoning Ukraine.”




    Read more:
    Do Americans support Trump’s attitudes to Ukraine and Russia? Here’s what recent data shows


    India reels from terror attack

    Tensions are high between India and Pakistan after at least 26 people were killed in the bitterly contested Kashmir region. The atrocity in a the picturesque resport of Pahalgam, targeted tourists – specifically Hindu men. Victims were told to recite verses from the Qur’an before being killed if they couldn’t.

    A hitherto relatively unknown group, the Resistance Front (TRF) has claimed responsibility for the attack. But Sudhir Selvaraj, a specialist in religious nationalism at the University of Bradford, says that TRF is actually associated with, or a front for, the notorious Lashkar-e-Taiba (lET) which carried out the 2008 Mumbai massacre in which at least 176 people were murdered.

    Selvaraj says TRF has deliberately chosen a non-Islamist sounding name. “By doing so,” he writes “it supposedly aims to project a “neutral” (read as non-religious) front, rather emphasising the fight for Kashmiri nationalism.“




    Read more:
    What is the Resistance Front? An expert explains the terror group that carried out the latest Kashmir attack?


    Coming just as the tourist season is getting under way in Kashmir, the attack has undermined the strategy of the Modi government to portray the region as a major attraction for visitors. Nitasha Kaul, an expert in Hindu nationalism at the University of Westminster, says this is mainly aimed at the Indian public as a propaganda coup to show the success of the 2019 decision to split Kashmir in two and reduce it to the status of a “union territory” run from New Delhi.

    In reality, she writes Kashmiris – especially Kashmiri Muslims – have little say in their own affairs and are vulnerable to reprisals in response to any attacks by Pakistani or Pakistani-backed militants. Kashmir’s chief minister, Omar Abdullah, was actually excluded from security briefings when India’s home minister, Amit Shah, visited Kashmir after the attack.

    Meanwhile some of the noisier Hindutva (Hindu nationalist) voices in politics and the media are demanding reprisals against Pakistan. It’s a very dangerous moment, Kaul concludes.




    Read more:
    Kashmir attacks: Kashmiris trapped between tourism and terrorism as an insecure nation looks to Modi for accountability


    Remembering Pope Francis I

    We’ve had some standout stories about the life and times of Jorge Mario Bergoglio, better known to the world’s 1.4 billion Catholics as Pope Francis I. We’ve covered his burning ambition to modernise the Catholic church, as well as his achievements in promoting women to more senior church positions than any potiff before him.

    And we’ve considered his influence on the global environmental movement which, as Oxford theologian Celia Deane-Drummond writes, made her feel as if “something momentous was happening at the heart of the church”.

    But the anecdote about the late pope which moved me the most was related by Sara Silvestri of City, who recalls meeting Pope Francis back in 2019. It was as part of a symposium at the Vatican at which migration, an issue she’d been deeply engaged with in her work, was the central issue for discussion. Silvestri recalls delivering a research paper and then being invited with to meet Francis in a room next to the Sistine Chapel.

    “Francis made a speech and we greeted him one by one,” she recalled this week. “I had my 21 month-old daughter with me that day, thinking of the rare opportunity we would both enjoy. But I’d underestimated the length of the formalities involved. My daughter screamed ‘Open the doors, let me out!’ through the whole of the pope’s speech. I was distraught, but Francis responded very gently to the disruption.”

    Francis she says, stopped what he was saying and “commented how sweet and lovely it was to hear the voice of a child. I could feel it was not just a platitude – he meant it.”




    Read more:
    Pope Francis: ‘ethical helmsman’ whose feel for international relations steered church in turbulent times



    World Affairs Briefing from The Conversation UK is available as a weekly email newsletter. Click here to get updates directly in your inbox.


    ref. Ukraine’s path to peace appears to be rapidly disappearing – https://theconversation.com/ukraines-path-to-peace-appears-to-be-rapidly-disappearing-255272

    MIL OSI – Global Reports

  • MIL-OSI NGOs: The relentless and indiscriminate bombing in Ukraine must cease

    Source: Médecins Sans Frontières –

    Kyiv – Last night, Kyiv, Ukraine, faced yet another wave of massive bombardment. This follows devastating attacks in Dnipro region, and Kryvyi Rih, all of which resulted in mass casualties. The massive use of force employed by Russian forces across Ukraine is relentless. Hospitals, residential buildings, humanitarian workers, and patients are not spared; with the use of drones and long-range missiles, no-one in the country is safe.

    Last night’s strikes in Kyiv saw a missile hit a residential building. Emergency services are still searching through the rubble for survivors. Twelve people have been confirmed killed, and over 70 injured—among them, six children. Many remain in hospital, with life-threatening injuries.

    Kyiv is home to the coordination offices of Médecins Sans Frontières (MSF) in Ukraine. MSF teams live and work in the city.

    “Right now, our staff—like millions of others—face almost nightly bombing raids,” says Thomas Marchese, MSF Programme Director in Ukraine. “Last night, some of our colleagues spent the night in metro stations; others had no choice but to wake their children and shelter at home as best they could, while explosions shook the ground, and rattled windows. No-one is safe, people are exhausted and many live in fear.”

    This latest attack in Kyiv continues a pattern of bombardments in Ukraine: attacks on residential buildings, hospitals, and schools occur daily. On 5 April, MSF ambulance teams responded to a strike in Kryvyi Rih, where 20 people were killed, including nine children. One survivor referred by MSF paramedics was just seven years old; she suffered a fractured hip, haemorrhagic shock, and shrapnel wounds.

    On 23 April, a drone strike by Russian forces hit a bus in Marhanets, Dnipro region, reportedly killing nine people and wounding 50. MSF ambulance teams supported the Ministry of Health in the mass casualty plan, referring patients suffering from significant blood loss and shrapnel wounds.

    Around 2,000 medical facilities have been damaged or destroyed since the war in Ukraine escalated in 2022. In recent months, hospitals across the country have faced multiple mass casualty events, and have even become targets, particularly in areas near the frontline, where the health system is already under immense pressure.

    “The scale of attacks people endure are huge, our mobile clinics have seen a rise in cases of heart attacks and strokes—conditions directly linked to prolonged stress,” says Marchese. “In Ukraine, no part of daily life is untouched by the war.” 

    “People can be hit while commuting, buying bread, or dropping their children at kindergarten,” continues Marchese. “There’s no warning, no safe place—just seconds between normal life and extreme violence. Civilians must never be targets.”

    MSF paramedic teams are currently supporting emergency responses in Sumy, Dnipropetrovsk, Kharkiv, Kherson, and Mykolaiv regions, while surgical teams continue to provide lifesaving care in hospitals close to active conflict areas. Rehabilitation care, including physiotherapy and mental health care continue in Cherkasy and Odesa, while in Vinnytsia, the mental health team provides treatment for post traumatic stress syndrome caused by the war. Among medical facilities in Ukraine, one thing is a constant: the influx of wounded never truly stops.

    MIL OSI NGO

  • MIL-OSI Global: Do Americans support Trump’s attitudes to Ukraine and Russia? Here’s what recent data shows

    Source: The Conversation – UK – By Paul Whiteley, Professor, Department of Government, University of Essex

    Donald Trump has threatened to walk away from the Ukraine peace talks if there is no progress soon. The implicit threat here is that the US will no longer get involved, perhaps withdrawing arms shipments and even humanitarian aid to Ukraine.

    It is understood that the proposed plan the Trump team has been working on has involved Ukraine giving up territory including Crimea and giving up any possibility of joining Nato. The plan favours Russia’s recent demands and Trump has recently said he has found Russia much easier to deal with than Ukraine.

    But which country do US voters feel closer to and which do they feel is more of an ally to their nation?

    An Economist/YouGov poll conducted on March 17 asked Americans whether they thought Russia and Ukraine were allies or enemies. Some 2% thought Russia was an ally, compared with 46% who saw it as an enemy. In the case of Ukraine, the figures were 26% ally and 4% enemy. Given these figures, Trump’s Russia-friendly policy looks unpopular.

    Meanwhile, the Cooperative Election Study data in the US has just been released. This project involves a large group of researchers who conducted a survey of 60,000 Americans at the time of the presidential election last year. This very large sample provides an accurate picture of US public opinion.

    American attitudes to policy alternatives for dealing with the Ukraine war


    Coopeartive Election Survey, CC BY-SA

    The survey included the following question: “As you may know Russia invaded Ukraine in February 2022. What should the U.S. do about the situation in Ukraine?”
    Respondents were asked to choose as many of the options shown in the above chart which they favoured, with some choosing one or two and others several.

    This technique means that failing to choose an option does not mean they disagreed with it, since they may not have thought about it, were indifferent to it, or did not believe it would work.

    It is clear from the chart that Americans do not want their troops to get involved in combat in the Ukraine, since only 5% chose this option. However, 22% agreed with the idea of sending military support staff, 33% agreed with sending military aid and 51% favoured sending humanitarian aid.

    A key point is that only 23% said the US should not get involved. There is not much support among Americans for abandoning Ukraine.

    Can President Trump abandon Ukraine?

    This raises the question as to whether the US can simply walk away from the war as the president suggested. However, this could cause political problems for the Trump administration.

    The US has already provided US$66.5 billion (£49.9 billion) of aid to the Ukraine. Abandoning the country would call into question Trump’s much vaunted negotiation skills and mean that achieving a peace deal, supported by 41% in the survey, had clearly failed.

    When former president Joe Biden withdrew US forces from Afghanistan in 2021, he was heavily criticised by Republicans in the US Congress, despite the fact that the previous Trump administration had negotiated the agreement to withdraw. Rapid withdrawal now from Ukraine could attract even stronger criticisms in light of his earlier claims that he would settle conflict in 24 hours.

    The chart below, based on questions in the survey, shows that American voters are not that reluctant to send troops abroad if they agree with the reasons for doing it. They were asked to choose as many of five policy alternatives relating to military interventions abroad.

    Once again, different respondents chose different numbers of alternatives. The chart makes clear they are not enthusiastic about using military force to assist in the spread of democracy, or to ensure that the US has a regular supply of oil.

    American support for using US military forces abroad


    Cooperative Election Study, CC BY-SA

    At the same time, it shows that 38% support using troops to prevent a genocide happening and 46% support using them to protect allies being attacked, or as part of a United Nations peacekeeping force. Finally, a majority support the idea of destroying a terrorist camp, a response probably influenced by the elimination of Osama Bin Laden by US special forces when Barack Obama was president in 2011.

    There is no contradiction between a generalised willingness to use force in various circumstances and a reluctance to do this in Ukraine. Americans fighting in Ukraine would mean involvement in a war with Russia with all the risks that would entail.

    But there was a strong willingness to support Ukraine prior to Trump’s second term and these attitudes suggest that if he tried to withdraw from Nato or continues to put forward a pro-Putin deal large numbers of American voters would be unhappy with this, and it could affect his support.

    There has been global criticism of the Trump administration’s introduction of high tariffs and warnings of the consequences of these for the world economy. And what might be seen by many Americans as an abandonment for Ukraine would also alienate many international allies of the US, but so far Trump has not shown many signs of worrying about that.

    Paul Whiteley has received funding from the British Academy and the ESRC.

    ref. Do Americans support Trump’s attitudes to Ukraine and Russia? Here’s what recent data shows – https://theconversation.com/do-americans-support-trumps-attitudes-to-ukraine-and-russia-heres-what-recent-data-shows-255169

    MIL OSI – Global Reports

  • MIL-OSI Global: How racialized voters are reshaping Canadian politics through digital networks

    Source: The Conversation – Canada – By Kashif Raza, Postdoctoral Fellow, Faculty of Education, University of British Columbia

    With Canada’s federal election approaching, political parties are focused on mobilizing voters. However, they may be overlooking how ethnic communities are already shaping the country’s political life.

    Immigrants and diaspora communities make up a growing segment of Canada’s population. In 2021, a record 23 per cent of the Canadian population, more than 8.3 million people, were current or former immigrants, the highest share since 1921. People from Asia constituted 51.4 per cent of this immigrant population.

    I am a postdoctoral fellow at the University of British Columbia’s Faculty of Education. My doctoral research focused on the integration practices of South Asian immigrants from Pakistan, India and Bangladesh living or working in northeast Calgary.

    Using the Canadian Index for Measuring Integration, I explored how they engaged with Canadian society across economic, social, health and political dimensions. Much of this engagement is driven by multilingualism and ethnic networks, increasingly mediated by platforms like WhatsApp, X and Facebook.

    Researching political integration in a multilingual digital world

    Since the federal election was called in late March, I’ve been conducting a digital ethnography of social media pages run by South Asian community influencers. Digital ethnography involves observing how people use internet technologies to communicate, engage and make meaning in online spaces.

    The influencers in my study are individuals who manage digital platforms, such as Facebook groups, WhatsApp chats and other community networks, and play a key role in shaping how community members access, discuss and act on political information. The pages I examined — mostly on WhatsApp, Facebook and X — continue to show how multilingualism and ethnic networks shape political awareness and influence voter behaviour.

    Too often, political engagement is narrowly defined by voter turnout. But my research with the South Asian diaspora in Calgary shows that political integration extends far beyond the ballot box. It happens on social media, at mosques, temples and gurdwaras, through multilingual volunteering and in community spaces where language, culture and civic life intersect.

    Crucially, it also extends to transnational issues. Many community members discuss global events — such as the Israel-Hamas conflict, the Russia-Ukraine war or United States trade policies — as well as Canadian issues like immigration.

    For my research, I interviewed 19 first-generation South Asians from Bangladesh, India and Pakistan, living in Calgary. Participants in my study described the wide range of civic and democratic activities they take part in: volunteering, joining online discussions and attending cultural or religious events where political issues were discussed — mostly in both English and their heritage languages.

    Participation spans both formal volunteering, often in English-dominant spaces, and informal volunteering at religious institutions, festivals or on social media. Many preferred to volunteer where they could speak Hindi, Punjabi, Bangla or Urdu or sometimes a mixture of multiple languages, referred to as translanguaging.

    One participant, a banker and social media influencer who runs a Pakistani Facebook group, said:

    “I often volunteer on Facebook. I also join politicians in their campaigns. My entire social media work is based on Urdu. It allows me to connect with people.”

    During digital ethnography, this participant was observed combining artificial intelligence (AI) generated images with multilingual postings to campaign for a political party.

    Beyond voter turnout

    South Asians are Canada’s largest visible minority group and their civic participation offers a vital lens into how democracy functions in a multicultural, multilingual society. There’s a widespread belief that if people aren’t engaging with politics in the dominant language, then they must not be engaging at all.

    However, my research shows otherwise. Societal multilingualism — the ability to use both English and heritage languages — is protected under Canada’s Multiculturalism Act and supports more inclusive participation. A participant who works for a settlement agency explained that multilingual political activities help “in communication, explaining policies, responding to people’s questions, understanding their concerns and addressing them.”

    There’s also a common misconception that nominating a candidate from a specific ethnic background guarantees community support. While that may influence local elections, federal voting decisions are often more complex. Participants in my research emphasized party platforms, past performance and national and international issues alongside identity. Ethnic concentration alone does not determine electoral success.

    Ethnic networks — made up of extended family, faith groups, digital communities and neighbourhood ties — act as civic incubators. They are not isolated enclaves but dynamic platforms where newcomers develop political literacy and trust.

    Rethinking political participation

    Canada’s official languages are English and French, but multilingualism plays a central role in immigrant communities. In my research, language is dynamic — a social and cultural resource that fosters identity and engagement.

    Participants translated political materials, explained policies to others and used multilingual platforms to discuss topics like housing, health care and immigration. These practices are visible in this election cycle too, as South Asian community members use language, digital tools, artificial intelligence and hot-button issues to engage voters. Language in these settings is cultural capital. It enables participation through familiarity, emotional connection and social belonging.

    Faith-based spaces like gurdwaras, mosques and mandirs are civic forums. Candidates visit during campaigns and community leaders help shape political dialogue and participation. These institutions offer cultural fluency and language access that mainstream systems often lack.

    As immigration reshapes Canada’s demographics, political integration is more than a trend — it’s essential to a functioning democracy. While some parties provide translations or host cultural events, they often miss how deep civic engagement already exists within these communities.

    Immigrants are not passive recipients anymore. They are active participants, shaping conversations in their own languages and networks. Ahead of the 2025 election, it’s time to move beyond ethnic voting myth and recognize the full civic ecosystem — from WhatsApp groups to mosque courtyards.

    Political parties must go beyond hiring translators or leaning on community leaders. Multilingual civic participation is not an afterthought — it’s foundational. It’s time to engage people in the languages they speak, in the spaces they trust.

    If we want a truly inclusive democracy, we must meet people where they are linguistically, culturally and locally. Ethnic networks are not detours from political life. They are on-ramps. And multilingualism is not a barrier to participation. It’s the language of democracy.

    Kashif Raza receives funding from the Social Sciences and Humanities Research Council (SSHRC) of Canada.

    ref. How racialized voters are reshaping Canadian politics through digital networks – https://theconversation.com/how-racialized-voters-are-reshaping-canadian-politics-through-digital-networks-253895

    MIL OSI – Global Reports

  • MIL-OSI Video: President Volodymyr Zelenskyy of Ukraine arrives in South Africa on an official visit

    Source: Republic of South Africa (video statements-2)

    President Volodymyr Zelenskyy of Ukraine arrives in South Africa on an official visit

    https://www.youtube.com/watch?v=0r5UjCKYE1M

    MIL OSI Video

  • MIL-OSI USA: Kaptur Response To Vance And Rubio Statements On United States Abandoning Peace Talks Unless Ukraine Capitulates

    Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)

    Toledo, Ohio —  Today, Congresswoman Marcy Kaptur (OH-09), Co-Founder and Co-Chair of the Congressional Ukraine Caucus released the following statement in response to public statements by Secretary of State Marco Rubio and Vice President JD Vance that the United States of America should abandon being part of peace talks between Russia and Ukraine unless Ukraine agrees to surrender portions of its sovereign territory which were illegally annexed by Russia.

    “Please let me remind the US Vice President and Secretary of State — Freedom means never Surrender, and Liberty must never capitulate to Dictatorship.  America does not live alone on this Earth. Our nation lives in a Free World alliance that is tested every day.

    “Our leaders cannot turn America’s back to the murderous forces from Russia illegally bearing down on Ukraine. History is clear: Russian dictators if given an inch have always invaded further into territory that is not theirs. The facts speak for themselves — just ask Georgia, Poland, Estonia, Latvia, and Lithuania.  Russia now taunts our nation’s closest military Allies on the European continent. We honor them and our collective memory of the historic sacrifice and bloodshed that built the Free World bequeathed to us.

    “The Trump Administration proposes that the US abandon our European Allies. With them, our nation intergenerationally has painstakingly built NATO — a global fortress of democratic nations. Across Europe from the ruins of World Wars I and II lie the precious graves of 411,516 American soldiers. These heroes and heroines fought for the cause of Liberty and a world order that enshrines it, and our joint commitment to defend it above all else. This moment for Ukraine is a crucial test of our common purpose — freedom or subjugation?

    “No succor can be allowed to a murderous dictatorship. No matter how many of Russia’s rich oligarchs seek to plunder and steal from the sacred soils and minerals of Ukraine, the Free West must stand united and say ‘No!’ Freedom lovers must not ignore history and allow Putin’s illegal invasion of Crimea and other stolen territories in Ukraine.

    “No stolen territory should be ceded to Putin. Spanning 11 time zones, Russia holds enough territory. Putin has no need for Ukraine, which is among the poorest nations in Europe. His plunder seeks to reconstitute the vanquished Soviet dictatorship as he longs for more that is not his. Putin now issues an ultimatum: unless Ukraine agrees to surrender territory Russia ruthlessly and illegally invaded and seized there will be no peace deal. 

    “The United States as leader of the Free world must never ever genuflect to tyrants. Aggressor Putin wants the United States to walk away from the negotiating table according to the terms the U.S. Vice President and Secretary of State laid out today. Those terms include ceding Ukraine’s territory to Russia. 

    “Russia is losing the war it started without provocation in 2014. It is losing a war that Putin started and escalated in bloody fashion when he initiated a full-scale invasion in 2022. Sadly, at every step of the way, the Trump Administration has conceded to Putin’s demands without Ukraine‘s consent.  Russia does not recognize international agreements. It never has. 

    “During World War II, it reneged on the Ribbentrop-Molotov agreement. Following World War II, Russia broke its commitments, made at the Yalta conference with its conquest of Poland. Russia signed the Budapest Memorandum to guarantee Ukrainian security and yet it invaded Ukraine. Putin even violated the cease-fire on targeting energy and civilian infrastructure targets negotiated by the Trump administration just weeks ago. Vladimir Putin and Russia, simply cannot be trusted.

    “Why would the Vice President, Secretary of State or any world leader believe that communist dictator Vladimir Putin and the Russian regime will hold to a peace agreement?  They never have. 

    “The only way to force Russia to abide by such agreement is to include strong security guarantees for Ukraine, to ensure Russia will remain in its own borders or face, serious, global sanctions, and consequence so severe they would collapse the Russian economy. Short of that, with the Vice President’s and Secretary of State’s abdication, Ukraine has everything to lose and Russia has everything to gain.  The White House isn’t leading a legitimate peace process. It is enabling the globally aggressive reach of the most lethal Dictatorship in Europe.”

    # # #

    MIL OSI USA News

  • MIL-OSI Global: Memes and conflict: Study shows surge of imagery and fakes can precede international and political violence

    Source: The Conversation – USA – By Tim Weninger, Collegiate Proessor of Engineering, University of Notre Dame

    AI tools reveal how images have been manipulated. William Theisen et al.

    Imagine a country with deep political divisions, where different groups don’t trust each other and violence seems likely. Now, imagine a flood of political images, hateful memes and mocking videos from domestic and foreign sources taking over social media. What is likely to happen next?

    The widespread use of social media during times of political trouble and violence has made it harder to prevent conflict and build peace. Social media is changing, with new technologies and strategies available to influence what people think during political crises. These include new ways to promote beliefs and goals, gain support, dehumanize opponents, justify violence and create doubt or dismiss inconvenient facts.

    At the same time, the technologies themselves are becoming more sophisticated. More and more, social media campaigns use images such as memes, videos and photos – whether edited or not – that have a bigger impact on people than just text.

    It’s harder for AI systems to understand images compared with text. For example, it’s easier to track posts that say “Ukrainians are Nazis” than it is to find and understand fake images showing Ukrainian soldiers with Nazi symbols. But these kinds of images are becoming more common. Just as a picture is worth a thousand words, a meme is worth a thousand tweets.

    Our team of computer and social scientists has tackled the challenge of interpreting image content by combining artificial intelligence methods with human subject matter experts to study how visual social media posts change in high-risk situations. Our research shows that these changes in social media posts, especially those with images, serve as strong indicators of coming mass violence.

    Surge of memes

    Our recent analysis found that in the two weeks leading up to Russia’s 2022 invasion of Ukraine there was a nearly 9,000% increase in the number of posts and a more than 5,000% increase in manipulated images from Russian milbloggers. Milbloggers are bloggers who focus on current military conflicts.

    These huge increases show how intense Russia’s online propaganda campaign was and how it used social media to influence people’s opinions and justify the invasion.

    This also shows the need to better monitor and analyze visual content on social media. To conduct our analysis, we collected the entire history of posts and images from the accounts of 989 Russian milbloggers on the messaging app Telegram. This includes nearly 6 million posts and over 3 million images. Each post and image was time-stamped and categorized to facilitate detailed analysis.

    Media forensics

    We had previously developed a suite of AI tools capable of detecting image alterations and manipulations. For instance, one detected image shows a pro-Russian meme mocking anti-Putin journalist and former Russian soldier Arkady Babchenko, whose death was faked by Ukrainian security services to expose an assassination plot against him.

    The meme features the language “gamers don’t die, they respawn,” alluding to video game characters who return to life after dying. This makes light of Babchenko’s predicament and illustrates the use of manipulated images to convey political messages and influence public opinion.

    This is just one example out of millions of images that were strategically manipulated to promote various narratives. Our statistical analysis revealed a massive increase in both the number of images and the extent of their manipulations prior to the invasion.

    Political context is critical

    Although these AI systems are very good at finding fakes, they are incapable of understanding the images’ political contexts. It is therefore critical that AI scientists work closely with social scientists in order to properly interpret these findings.

    Our AI systems also categorized images by similarity, which then allowed subject experts to further analyze image clusters based on their narrative content and culturally and politically specific meanings. This is impossible to do at a large scale without AI support.

    For example, a fake image of French president Emmanuel Macron with Ukrainian governor Vitalii Kim may be meaningless to an AI scientist. But to political scientists the image appears to laud Ukrainians’ outsize courage in contrast to foreign leaders who have appeared to be afraid of Russian nuclear threats. The goal was to reinforce Ukrainian doubts about their European allies.

    This manipulated image combines French president Emmanuel Macron with Ukranian governor Vitalii Kim. It requires the expertise of political scientists to interpret the creator’s pro-Russian meaning.
    William Theisen et al.

    Meme warfare

    The shift to visual media in recent years brings a new type of data that researchers haven’t yet studied much in detail.

    Looking at images can help researchers understand how adversaries frame each other and how this can lead to political conflict. By studying visual content, researchers can see how stories and ideas are spread, which helps us understand the psychological and social factors involved.

    This is especially important for finding more advanced and subtle ways people are influenced. Projects like this also can contribute to improving early warning efforts and reduce the risks of violence and instability.

    Tim Weninger receives funding from the US Department of Defense and the US Agency for International Development.

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

    ref. Memes and conflict: Study shows surge of imagery and fakes can precede international and political violence – https://theconversation.com/memes-and-conflict-study-shows-surge-of-imagery-and-fakes-can-precede-international-and-political-violence-233055

    MIL OSI – Global Reports

  • MIL-OSI: Global Drone Usage and Adoption Continues to Skyrocket While Largely Benefiting the Agriculture Industry

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., April 24, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Drones are being utilized in many markets and one of the ones that is expected to continue to rise is the agriculture drones market. The need to boost agricultural productivity and the labor shortage drive the agriculture drones market growth. Traditional farming faces labor shortages, increasing the demand for advanced agriculture technologies that enhance productivity and minimize manual labor. For instance, the USDA’s 2022 Census of Agriculture revealed a loss of 141,733 farms in the US from 2017 to 2022, highlighting the urgent need for solutions to improve efficiency and promote sustainable farming practices. According to a report from MarketsAndMarkets the global agriculture drones market which grew to from USD 2.01 billion in 2024 is expected to reach a CAGR of 32.0% during the forecast period (2029). The report said: “Partnerships and the introduction of new products will present profitable prospects for industry participants in the coming five years. Favorable government policies, subsidies, and regulations coupled with increasing investments by market players drive the usage of digital agriculture tools like drones. The US FAA’s exemptions for the use of agriculture drones are anticipated to hold several opportunities for the market. Favorable government policies, subsidies, and regulations coupled with increasing investments by market players to drive the usage of digital agriculture tools like drones are acting as drivers for the agriculture drone market. Public-private partnerships create innovation in developing tailored solutions to known problems, especially in agriculture, which receives research and development funding from government initiatives. Extension education and training are also brought about, which educates the farmer concerning the capabilities of the drones thus making the farmer able to utilize the tools appropriately.” Active Companies in the drone industry today include ZenaTech, Inc. (NASDAQ: ZENA), Corteva, Inc. (NYSE: CTVA), Red Cat Holdings, Inc. (NASDAQ: RCAT), Safe Pro Group Inc. (NASDAQ: SPAI), AgEagle Aerial Systems Inc. (NYSE: UAVS).

    MarketsAndMarkets concluded: “Furthermore, governments’ propensity for sustainability in environmental matters helps the cause of drones meant to stretch resources applied in terms of water and fertilizers… Simplified regulatory frameworks facilitate easier adoption, enabling farmers to implement drone technology into their operations without extensive bureaucratic hurdles. Monetary benefits, such as subsidies and tax exemptions, greatly help reduce the input costs of drones, hence enabling more farmers to adopt the technology.”

    ZenaTech (NASDAQ:ZENA) ZenaDrone Granted FAA Part 137 Approval for Agricultural Drone Operations Addressing a $6 Billion Global Agricultural Drone Market Growing to $24 Billion by 2032 – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces its subsidiary ZenaDrone has received approval from the Federal Aviation Administration (FAA) to conduct commercial agricultural operations under the rules and regulations of 14 CFR Part 137 for crop spraying and precision agriculture. This approval allows ZenaDrone to commence final testing and deployment of the ZenaDrone 1000 drone for aerial spraying of pesticides, herbicides, fungicides, fertilizers, and seeds for agricultural, environmental and government customers. The company plans to sell these solutions through its Drone as a Service, or DaaS, business model as well as selling the drone hardware and solution directly to larger commercial farms, agribusinesses, and cooperatives.

    “FAA part 137 approval now enables our team to finish final testing and commence sales of our agriculture solutions. Drones offer a more precise, efficient, cost effective and safer alternative to traditional methods while reducing chemical use, crop damage, and manual work, as well as being able to reach hard-to-access areas. We plan, test, then deploy our solutions through our DaaS model in the US first, followed by Ireland where we have a history of pioneering development work in agricultural drones,” said CEO Shaun Passley, Ph.D.

    According to Fortune Business Insights the global agriculture drone market is projected to grow from USD 6.10 billion in 2024 to USD 23.78 billion by 2032, at a compound annual growth rate (CAGR) of 18.5%. This growth reflects a growing demand for precision agriculture, advances in drone technology, cost-effectiveness, government support and incentive programs, and growing awareness and education.

    The ZenaDrone 1000 is an autonomous drone, in a VTOL (Vertical Takeoff and Landing) quadcopter design with a total of eight rotors on its two fixed wings; it is considered a medium-sized drone measuring 12X7 feet in size. It is designed for stable flight, maneuverability, heavy lift capabilities up to 40 kilos, incorporating innovative software technology, AI, sensors, and purpose-built attachments like crop spraying, along with rugged and compact hardware featuring foldable wings enabling the drone to fit into the back of a truck.

    ZenaTech’s DaaS business will incorporate the ZenaDrone 1000 and the IQ series of multifunction autonomous drones to provide a variety of service solutions from land surveys to power line inspections or power washing, made accessible and cost effective through an Uber-like business model on a regular subscription or pay-per-use basis. Customers can conveniently access drones for eliminating manual or time-consuming tasks achieving superior results, such as for surveying, inspections, security and law enforcement, or precision farming applications, without having to buy, operate, or maintain the drones themselves. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the markets include:

    Puna Bio recently announced that it had closed a new round of founding led by Corteva, Inc., Corteva, Inc. (NYSE: CTVA) through its Corteva Catalyst platform. The investment from one of the world´s leading agricultural technology companies, and other investors, will support the further development of Puna Bio’s product portfolio based on extremophile organisms.

    Unlike traditional pesticides and fertilizers, Puna Bio’s innovative products are based on natural solutions that enhance nutrient uptake, tolerance to stress and crop quality. Their biological (non-GMO) seed treatments are based on the unique capabilities of extremophiles isolated from the highest and driest desert on Earth, La Puna of Argentina.

    “Our solution, based on ancient bacteria dating back 3.5 billion years, maximizes productivity by 10 to 15 percent in fertile soils and revitalizes degraded soils that would normally be too acidic or salinized to be productive,” explains Franco Martínez Levis, Puna Bio’s CEO and co-founder. “With so much of the world’s agricultural land on the path to degradation and weather patterns becoming more extreme worldwide, our discovery platform ensures that we can continue feeding the global population in a sustainable way.”

    Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced that the Company has entered into securities purchase agreements with certain institutional investors for the purchase and sale of 4,724,412 shares of common stock, pursuant to a registered direct offering, expected to result in gross proceeds of approximately $30 million, before deducting placement agent fees and other offering expenses. The offering is expected to close on or about April 11, 2025, subject to the satisfaction of customary closing conditions.

    The Company intends to use net proceeds from the offering for general corporate purposes, including working capital. Northland Capital Markets is acting as the exclusive placement agent for the transaction.

    The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-283242), which was declared effective by the Securities and Exchange Commission (the “SEC”) on December 11, 2024. A final prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Additionally, when available, electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, from Northland Securities, Inc., 150 South Fifth Street, Suite 3300, Minneapolis, MN.

    Safe Pro Group Inc. (NASDAQ: SPAI) recently announced that its SpotlightAITM OnSite (OnSite) real-time, edge-based, small object threat detection technology, has successfully completed operations in active minefields in Ukraine. This successful deployment highlights the Company’s patented capability to rapidly identify and instantly map live explosive threats including small anti-personnel cluster munitions and landmines scattered over large areas. Building on over two years of real-world battlefield testing, this milestone in the Company’s development roadmap demonstrates the ability to deliver edge-based small object threat detection reducing a soldier’s cognitive load and representing the next generation of force protection. To view a video of SpotlightAITM Onsite please click here.

    “Evolving threats like remote mining where everyday drones are strategically delivering small mines is a new critical threat profile that our edge-based system is uniquely designed to address. Our recent operational success confirmed that our AI models can reduce the cognitive load on soldiers who are already heavily tasked and may not have the time to recognize explosive threats in their path. This a significant step forward on the Edge where drone-based small object threat detection for force protection is responding to the rapidly changing modern battlefield. Building upon our unmatched real-world experience in detecting, identifying and locating small explosive threats in Ukraine, we believe OnSite can deliver a new level of enhanced situational awareness that will allow military, government and humanitarian personnel to safely conduct their critical missions with greatly enhanced safety,” said Dan Erdberg, Chairman and CEO of Safe Pro Group Inc. “The increasing number of countries exiting the Ottawa Convention on anti-personnel landmines will likely lead to an increased proliferation of deadly anti-personnel mines and that is why we are committed to the further development and deployment of our patented technology so that we can help protect our soldiers and our allies.”

    AgEagle Aerial Systems Inc. (NYSE: UAVS) recently announced the launch of its eBee VISION next generation application software featuring a variety of critical updates. Of particular note, is the capability for manual position updates with map referencing to provide precise navigation even in GNSS-denied areas where satellite signals are unavailable or unreliable due to various factors.

    AgEagle CEO Bill Irby commented, “Of the many new features provided in our latest software update, overcoming GNSS-denied shortfalls marks a significant leap forward in drone operations especially for defense personnel, public safety agencies and industrial teams working in high-stakes, GNSS-denied environments. Whether operating in dense urban centers, near critical installations, or in contested zones with active signal interference, our global eBee VISION customers can now maintain full navigational command of their drone using only the camera and map-based interface. This feature directly addresses a core challenge faced by tactical and industrial drone operators in today’s complex mission environments. Our technical team will continue to work relentlessly on refinements and ongoing advancements to ensure AgEagle remains at the forefront of UAV innovation.”

    About FN Media Group:

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated fifty one hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network

  • MIL-OSI Global: Pope Francis: ‘ethical helmsman’ whose feel for international relations steered church in turbulent times

    Source: The Conversation – UK – By Sara Silvestri, Senior Lecturer & UG Programme Director, Department of International Politics, City St George’s, University of London

    I met Pope Francis in 2016. It was part of a symposium of the former Pontifical Council for Migrants and Itinerant People (now recast by Francis as the Dicastery for Promoting Integral Human Development). I presented some of my work on migration – as attention to migrants and refugees was a central theme of his pontificate, more prominently than for his predecessor, whom I had also met a few years earlier.

    After the conference proceedings, we had an official audience, next to the Sistine Chapel: Francis made a speech and we greeted him one by one. I had my 21 month-old daughter with me that day, thinking of the rare opportunity we would both enjoy.

    But I’d underestimated the length of the formalities involved. My daughter screamed “Open the doors, let me out!” through the whole of the pope’s speech. I was distraught, but Francis responded very gently to the disruption. He stopped in the middle of the speech and commented how sweet and lovely it was to hear the voice of a child. I could feel it was not just a platitude – he meant it.

    In the disarray that is current global politics, with the world wracked by conflict and injustice, the papacy of Francis I has been a beacon of hope.

    In a world that appears to be rearranging itself around the principle that might is right, where the whims and the prejudices of strongmen leaders are blindly followed by millions, he represented the most important ethical helm there is. He did this not by taking on ideological positions but by sticking in a steadfast manner to his message that mercy trumps bullies and that compassion will always prevail over hatred.

    The image of Francis delivering a sermon from a pulpit designed to look like a ship’s helm when he visited the island of Lampedusa in 2013 strikes me as very symbolic of his papacy. In his first official trip as pope, Francis drew attention to the marginalised, migrants and refugees inspired by the parable of the good Samaritan. But he did so not in a way that patronised migrants as victims or reduced the church to a humanitarian agency.

    He launched into a loud condemnation of the economic and political structures that forced those people on to boats. He railed against the people and conditions that effectively enabled those deaths in the huge cemetery that the Mediterranean has become. Expressing his “closeness” to migrants and determined to “challenge our consciences” and the “globalisation of indifference”, he warned we are all complicit in Cain’s killing of his brother.

    Critics may carp that he hasn’t really effected any significant change within or outside the church. That while moves were made towards reforms of church attitudes towards women priests and LGBTQ+ issues, real progress has still to be achieved.

    That despite his appeals, death keeps swallowing human lives in the Mediterranean and in conflict zones. Despite his championing of environmental causes, forests are still burning.

    But it was not his job to run global politics. While he was, technically, a head of state of Vatican City, he did not see himself as a politician. The instructions for his funeral reiterate this: simple, “as a disciple of Christ” and not like “the powerful of the world”.

    He saw his role as a spiritual shepherd trying to serve and protect his flock. His vision of Christianity was about mercy and freedom of conscience, with the church’s place close to the “existential peripheries” of the world, not to the centres of power.

    His final message, delivered on Easter Day 2025, is particularly telling. It states: “Evil has not disappeared from history; it will remain until the end, but it no longer has the upper hand; it no longer has power over those who accept the grace of this day.”

    This in my view sums up the enormous power that Francis unstintingly asserted among Catholics: the power of unconditional love and mercy – not in an idealised form, but well aware of the presence of evil in the world and respectful of individual freedom.

    Reaching across faiths

    Because of his courage and the political-but-non-political position that enabled him to speak of ethical issues at the heart of political decisions, Francis became widely respected by religious and political leaders. He was loved by ordinary people from all walks of life and, importantly, belief systems, although some were puzzled by his informal style.

    In 2019 he made a joint declaration with the imam of Al-Azhar in Cairo, Ahmed Al-Tayeb, entitled Human Fraternity for World Peace and Living Together. This, and his 2020 encyclical Fratelli Tutti, which is subtitled “on fraternity and social friendship”, gave impetus to inter-faith dialogue. As he put it: “God has created all human beings equal in rights, duties and dignity, and has called them to live together as brothers and sisters.”

    The last push Francis gave to the Church between 2021 and 2024 was the Synod on Synodality. This was a major enterprise which aimed to revive the sense of global community of believers and witnesses. It stressed the importance of praying together and exercising discernment in important decisions by acknowledging diversity, listening to each other and to the Holy Spirit.

    Interpersonal communication and embracing mercy in order to achieve the common good were two key themes of Francis’ pontificate. He was concerned with the dangers of our individualistic “throwaway culture” and aware of the contradictions of a globalised world where loneliness prevails.

    Francis did not solve the problem of carbon emissions, he did not stop wars in Ukraine, Palestine or Yemen. He did not make women priests or deacons, and did not fully embrace the LGBTQ+ community, despite some initial inching towards this.

    But he made a space to reflect about all those issues, removing the church from a pedestal, centring it on the joyful message of the Gospel and “bringing it out” to all the people – Catholics and non Catholics alike.

    That, in itself, is an immense achievement in the long history and slow transformation of the church.

    Dr Sara Silvestri is Senior Lecturer in International Politics at City, St George’s University of London where she teaches religion and politics and runs the Europe research cluster. She is also a Bye Fellow of St Edmund’s College, Cambridge University, is affiliated with the Interfaith Research Programme in the Divinity Faculty, University of Cambridge, and is a Trustee of the Council on Christian Approaches to Defence and Disarmament. Sara Silvestri has received funding from ESRC, British Academy, Luce Foundation, the King Baudouin Foundation, the Plater Trust, Caritas Internationalis, the European Commission.

    ref. Pope Francis: ‘ethical helmsman’ whose feel for international relations steered church in turbulent times – https://theconversation.com/pope-francis-ethical-helmsman-whose-feel-for-international-relations-steered-church-in-turbulent-times-255153

    MIL OSI – Global Reports

  • MIL-OSI: West Bancorporation, Inc. Announces First Quarter 2025 Financial Results and Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, April 24, 2025 (GLOBE NEWSWIRE) — West Bancorporation, Inc. (Nasdaq: WTBA; the “Company”), parent company of West Bank, today reported first quarter 2025 net income of $7.8 million, or $0.46 per diluted common share, compared to fourth quarter 2024 net income of $7.1 million, or $0.42 per diluted common share, and first quarter 2024 net income of $5.8 million, or $0.35 per diluted common share. On April 23, 2025, the Company’s Board of Directors declared a regular quarterly dividend of $0.25 per common share. The dividend is payable on May 21, 2025, to stockholders of record on May 7, 2025.

    David Nelson, President and Chief Executive Officer of the Company, commented, “In the first quarter of 2025, we have continued to see improvements in net interest margin and efficiency ratio compared to 2024, resulting in a significant improvement in net income compared to the first quarter of 2024. We are pleased with our progress in our balance sheet repricing efforts. Loan growth was modest in the first quarter, as expected with the current economic uncertainty.”

    David Nelson added, “One thing that remains the same is our best-in-class credit quality metrics. We had no loans past due greater than 90 days at March 31, 2025, and only one loan past due greater than 30 days with an insignificant balance of $181 thousand. We continue to identify high-quality opportunities for growing our core customer base in all of our markets.”

    First Quarter 2025 Financial Highlights
               
      Quarter Ended
    March 31, 2025
      Quarter Ended
    December 31, 2024
      Quarter Ended
    March 31, 2024
    Net income (in thousands) $7,842   $7,097   $5,809  
    Return on average equity 13.84%   12.24%   10.63%  
    Return on average assets 0.81%   0.68%   0.61%  
    Efficiency ratio (a non-GAAP measure) 56.37%   60.79%   62.04%  
    Nonperforming assets to total assets 0.00%   0.00%   0.01%  

    First Quarter 2025 Compared to Fourth Quarter 2024 Overview

    • Loans increased $11.6 million in the first quarter of 2025, primarily due to an increase in commercial loans and commercial real estate loans, partially offset by a decline in construction loans.
    • No credit loss expense on loans was recorded in the first quarter of 2025, compared to credit loss expense on loans of $1.0 million recorded in the fourth quarter of 2024. The credit loss expense on loans in the fourth quarter of 2024 was due to an adjustment to qualitative factors in the commercial real estate loan segment.
    • The allowance for credit losses to total loans was 1.01 percent at both March 31, 2025 and December 31, 2024. Nonaccrual loans at March 31, 2025 consisted of one loan with a balance of $181 thousand, compared to one loan with a balance of $133 thousand at December 31, 2024.
    • Deposits decreased $33.1 million, or 1.0 percent, in the first quarter of 2025. Brokered deposits totaled $335.5 million at March 31, 2025, compared to $266.4 million at December 31, 2024, an increase of $69.1 million. Excluding brokered deposits, deposits decreased $102.2 million, or 3.3 percent, during the first quarter of 2025. The decline in deposits was due to normal cash flow fluctuations of our core depositors. As of March 31, 2025, estimated uninsured deposits, which exclude deposits in the IntraFi® reciprocal network, brokered deposits and public funds protected by state programs, accounted for approximately 28.0 percent of total deposits.
    • Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.28 percent for the first quarter of 2025, compared to 1.98 percent for the fourth quarter of 2024. Net interest income for the first quarter of 2025 was $20.9 million, compared to $19.4 million for the fourth quarter of 2024. The increase in net interest margin and net interest income was primarily due to a decrease in deposit rates, driven by the Federal Reserve’s reductions of the federal funds target rate in the fourth quarter of 2024. The cost of deposits decreased 38 basis points in the first quarter of 2025, compared to the fourth quarter of 2024.
    • The efficiency ratio (a non-GAAP measure) was 56.37 percent for the first quarter of 2025, compared to 60.79 percent for the fourth quarter of 2024. The improvement in the efficiency ratio was primarily due to the increase in net interest income and decrease in noninterest expense, partially offset by a decrease in trust services income.
    • The tangible common equity ratio was 5.97 percent as of March 31, 2025, compared to 5.68 percent as of December 31, 2024. The increase in the tangible common equity ratio was due to retained net income and the decrease in accumulated other comprehensive loss, which was the result of an increase in the market value of our available for sale securities portfolio.
    • Income tax expense increased $2.8 million in the first quarter of 2025 compared to the fourth quarter of 2024. This was primarily due to recording an income tax benefit of $1.8 million in the fourth quarter of 2024 for an energy related investment tax credit associated with the construction of the Company’s new headquarters building.

    First Quarter 2025 Compared to First Quarter 2024 Overview

    • Loans increased $36.3 million at March 31, 2025, or 1.2 percent, compared to March 31, 2024. The increase is primarily due to the increase in commercial real estate loans, partially offset by decreases in commercial loans and construction loans.
    • Deposits increased $259.5 million, or 8.5 percent, at March 31, 2025, compared to March 31, 2024. Included in deposits were brokered deposits totaling $335.5 million at March 31, 2025, compared to $396.4 million at March 31, 2024. Excluding brokered deposits, deposits increased $320.4 million, or 12.0 percent, as of March 31, 2025, compared to March 31, 2024. Deposit growth included a mix of public funds and commercial and consumer deposits and was used to reduce wholesale funding, build liquidity and fund loan growth.
    • Borrowed funds decreased to $391.4 million at March 31, 2025, compared to $639.7 million at March 31, 2024. The decrease was primarily attributable to a decrease of $198.5 million in federal funds purchased and other short-term borrowings and a decrease of $45.0 million in Federal Home Loan Bank advances. The decrease in borrowed funds balances was due to the increase in deposits since March 31, 2024. The reduction in the Federal Home Loan Bank advances was due to the maturity of two advances with a total balance of $45.0 million. One of these advances, with a balance of $25.0 million, was hedged with a long-term interest rate swap, which matured and was not renewed.
    • The efficiency ratio (a non-GAAP measure) was 56.37 percent for the first quarter of 2025, compared to 62.04 percent for the first quarter of 2024. The improvement in the efficiency ratio in the first quarter of 2025 compared to the first quarter of 2024 was primarily due to the increase in net interest income, partially offset by an increase in noninterest expense. Occupancy and equipment expense increased primarily due to the occupancy costs associated with the Company’s newly constructed headquarters.
    • Net interest margin, on a fully tax-equivalent basis (a non-GAAP measure), was 2.28 percent for the first quarter of 2025, compared to 1.88 percent for the first quarter of 2024. Net interest income for the first quarter of 2025 was $20.9 million, compared to $16.8 million for the first quarter of 2024. The increase in net interest margin and net interest income was primarily due to the decrease in deposit rates. The cost of deposits decreased by 42 basis points in the first quarter of 2025 compared to the first quarter of 2024. Also contributing to the improvement was an increase in average deposit balances of $335.2 million, in comparing the same time periods, which resulted in the reduction of higher-cost borrowed funds and an increase in interest-bearing deposits with other financial institutions.

    The Company filed its report on Form 10-Q with the Securities and Exchange Commission today. Please refer to that document for a more in-depth discussion of the Company’s financial results. The Form 10-Q is available on the Investor Relations section of West Bank’s website at www.westbankstrong.com.

    The Company will discuss its results in a conference call scheduled for 2:00 p.m. Central Time on Thursday, April 24, 2025. The telephone number for the conference call is 800-715-9871. The conference ID for the conference call is 7846129. A recording of the call will be available until May 8, 2025, by dialing 800-770-2030. The conference ID for the replay call is 7846129, followed by the # key.

    About West Bancorporation, Inc. (Nasdaq: WTBA)

    West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for small- to medium-sized businesses and consumers. West Bank has six offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud.

    Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to the Company’s business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may appear throughout this report. These forward-looking statements are generally identified by the words “believes,” “expects,” “intends,” “anticipates,” “projects,” “future,” “confident,” “may,” “should,” “will,” “strategy,” “plan,” “opportunity,” “will be,” “will likely result,” “will continue” or similar references, or references to estimates, predictions or future events. Such forward-looking statements are based upon certain underlying assumptions, risks and uncertainties. Because of the possibility that the underlying assumptions are incorrect or do not materialize as expected in the future, actual results could differ materially from these forward-looking statements.  Risks and uncertainties that may affect future results include: interest rate risk, including the effects of changes in interest rates; fluctuations in the values of the securities held in our investment portfolio, including as a result of changes in interest rates; competitive pressures, including from non-bank competitors such as credit unions, “fintech” companies and digital asset service providers; pricing pressures on loans and deposits; our ability to successfully manage liquidity risk; changes in credit and other risks posed by the Company’s loan portfolio, including declines in commercial or residential real estate values or changes in the allowance for credit losses dictated by new market conditions, accounting standards or regulatory requirements; the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and the value of products produced by our commercial borrowers; changes in local, national and international economic conditions, including the level and impact of inflation, and future monetary policies of the Federal Reserve in response thereto, and possible recession; the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in several bank failures; changes in legal and regulatory requirements, limitations and costs; changes in customers’ acceptance of the Company’s products and services; the occurrence of fraudulent activity, breaches or failures of our or our third-party partners’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools; unexpected outcomes of existing or new litigation involving the Company; the monetary, trade and other regulatory policies of the U.S. government; acts of war or terrorism, including the ongoing Israeli-Palestinian conflict and the Russian invasion of Ukraine, widespread disease or pandemics, or other adverse external events; risks related to climate change and the negative impact it may have on our customers and their businesses; changes to U.S. tax laws, regulations and guidance; potential changes in federal policy and at regulatory agencies as a result of the 2024 presidential election; new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; talent and labor shortages and employee turnover; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update such forward-looking statements to reflect current or future events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    WEST BANCORPORATION, INC. AND SUBSIDIARY
    Financial Information (unaudited)
    (in thousands)
        As of
    CONDENSED BALANCE SHEETS   March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
    Assets                    
    Cash and due from banks   $ 39,253     $ 28,750     $ 34,157     $ 27,994     $ 27,071  
    Interest-bearing deposits     171,357       214,728       123,646       121,825       120,946  
    Securities available for sale, at fair value     546,619       544,565       597,745       588,452       605,735  
    Federal Home Loan Bank stock, at cost     15,216       15,129       17,195       21,065       26,181  
    Loans     3,016,471       3,004,860       3,021,221       2,998,774       2,980,133  
    Allowance for credit losses     (30,526 )     (30,432 )     (29,419 )     (28,422 )     (28,373 )
    Loans, net     2,985,945       2,974,428       2,991,802       2,970,352       2,951,760  
    Premises and equipment, net     110,270       109,985       106,771       101,965       95,880  
    Bank-owned life insurance     45,272       44,990       44,703       44,416       44,138  
    Other assets     72,737       82,416       72,547       89,046       90,981  
    Total assets   $ 3,986,669     $ 4,014,991     $ 3,988,566     $ 3,965,115     $ 3,962,692  
                         
    Liabilities and Stockholders’ Equity                    
    Deposits   $ 3,324,518     $ 3,357,596     $ 3,278,553     $ 3,180,922     $ 3,065,030  
    Federal funds purchased and other short-term borrowings                       85,500       198,500  
    Other borrowings     391,445       392,629       438,814       439,998       441,183  
    Other liabilities     32,833       36,891       35,846       34,812       34,223  
    Stockholders’ equity     237,873       227,875       235,353       223,883       223,756  
    Total liabilities and stockholders’ equity   $ 3,986,669     $ 4,014,991     $ 3,988,566     $ 3,965,115     $ 3,962,692  
                         
        For the Quarter Ended
    AVERAGE BALANCES   March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
    Assets   $ 3,944,789     $ 4,135,049     $ 3,973,824     $ 3,964,109     $ 3,812,199  
    Loans     3,016,119       3,007,558       2,991,272       2,994,492       2,949,672  
    Deposits     3,284,394       3,434,234       3,258,669       3,123,282       2,956,635  
    Stockholders’ equity     229,874       230,720       227,513       219,771       219,835  
    WEST BANCORPORATION, INC. AND SUBSIDIARY
    Financial Information (unaudited)
    (in thousands)
        As of
    LOANS   March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
    Commercial   $ 531,267     $ 514,232     $ 512,884     $ 526,589     $ 544,293  
    Real estate:                    
    Construction, land and land development     451,230       508,147       520,516       496,864       465,247  
    1-4 family residential first mortgages     86,292       87,858       89,749       92,230       108,065  
    Home equity     21,961       19,294       17,140       15,264       14,020  
    Commercial     1,909,330       1,861,195       1,870,132       1,856,301       1,839,580  
    Consumer and other     19,323       17,287       14,261       15,234       12,844  
          3,019,403       3,008,013       3,024,682       3,002,482       2,984,049  
    Net unamortized fees and costs     (2,932 )     (3,153 )     (3,461 )     (3,708 )     (3,916 )
    Total loans   $ 3,016,471     $ 3,004,860     $ 3,021,221     $ 2,998,774     $ 2,980,133  
    Less: allowance for credit losses     (30,526 )     (30,432 )     (29,419 )     (28,422 )     (28,373 )
    Net loans   $ 2,985,945     $ 2,974,428     $ 2,991,802     $ 2,970,352     $ 2,951,760  
                         
    CREDIT QUALITY                    
    Pass   $ 3,011,231     $ 2,999,531     $ 3,016,493     $ 2,994,310     $ 2,983,618  
    Watch     7,991       8,349       7,956       7,651       142  
    Substandard     181       133       233       521       289  
    Doubtful                              
    Total loans   $ 3,019,403     $ 3,008,013     $ 3,024,682     $ 3,002,482     $ 2,984,049  
                         
    DEPOSITS                    
    Noninterest-bearing demand   $ 519,771     $ 541,053     $ 525,332     $ 530,441     $ 521,377  
    Interest-bearing demand     517,409       543,855       438,402       443,658       449,946  
    Savings and money market – non-brokered     1,490,189       1,517,510       1,481,840       1,483,264       1,315,698  
    Money market – brokered     143,423       126,381       123,780       97,259       119,840  
    Total nonmaturity deposits     2,670,792       2,728,799       2,569,354       2,554,622       2,406,861  
    Time – non-brokered     461,655       488,760       407,109       353,269       381,646  
    Time – brokered     192,071       140,037       302,090       273,031       276,523  
    Total time deposits     653,726       628,797       709,199       626,300       658,169  
    Total deposits   $ 3,324,518     $ 3,357,596     $ 3,278,553     $ 3,180,922     $ 3,065,030  
                         
    BORROWINGS                    
    Federal funds purchased and other short-term borrowings   $     $     $     $ 85,500     $ 198,500  
    Subordinated notes, net     79,959       79,893       79,828       79,762       79,697  
    Federal Home Loan Bank advances     270,000       270,000       315,000       315,000       315,000  
    Long-term debt     41,486       42,736       43,986       45,236       46,486  
    Total borrowings   $ 391,445     $ 392,629     $ 438,814     $ 525,498     $ 639,683  
                         
    STOCKHOLDERS’ EQUITY                    
    Preferred stock   $     $     $     $     $  
    Common stock     3,000       3,000       3,000       3,000       3,000  
    Additional paid-in capital     35,072       35,619       34,960       34,322       33,685  
    Retained earnings     282,247       278,613       275,724       273,981       272,997  
    Accumulated other comprehensive loss     (82,446 )     (89,357 )     (78,331 )     (87,420 )     (85,926 )
    Total stockholders’ equity   $ 237,873     $ 227,875     $ 235,353     $ 223,883     $ 223,756  
    WEST BANCORPORATION, INC. AND SUBSIDIARY
    Financial Information (unaudited)
    (in thousands)
        For the Quarter Ended
    CONSOLIDATED STATEMENTS OF INCOME   March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
    Interest income:                    
    Loans, including fees   $ 40,988     $ 41,822     $ 42,504     $ 41,700     $ 40,196  
    Securities:                    
    Taxable     2,788       2,959       3,261       3,394       3,416  
    Tax-exempt     743       795       806       808       810  
    Interest-bearing deposits     1,617       3,740       2,041       1,666       148  
    Total interest income     46,136       49,316       48,612       47,568       44,570  
    Interest expense:                    
    Deposits     21,423       25,706       26,076       23,943       21,559  
    Federal funds purchased and other short-term borrowings                 115       1,950       2,183  
    Subordinated notes     1,105       1,106       1,112       1,105       1,108  
    Federal Home Loan Bank advances     2,235       2,522       2,748       2,718       2,325  
    Long-term debt     518       560       601       622       645  
    Total interest expense     25,281       29,894       30,652       30,338       27,820  
    Net interest income     20,855       19,422       17,960       17,230       16,750  
    Credit loss expense           1,000                    
    Net interest income after credit loss expense     20,855       18,422       17,960       17,230       16,750  
    Noninterest income:                    
    Service charges on deposit accounts     471       462       459       462       460  
    Debit card usage fees     446       471       500       490       458  
    Trust services     777       1,051       828       794       776  
    Increase in cash value of bank-owned life insurance     282       287       287       278       274  
    Realized securities losses, net           (1,172 )                  
    Other income     267       331       285       322       331  
    Total noninterest income     2,243       1,430       2,359       2,346       2,299  
    Noninterest expense:                    
    Salaries and employee benefits     7,004       7,107       6,823       7,169       6,489  
    Occupancy and equipment     1,963       2,095       1,926       1,852       1,447  
    Data processing     617       752       771       754       714  
    Technology and software     786       743       722       731       700  
    FDIC insurance     587       699       711       631       519  
    Professional fees     308       301       239       244       257  
    Director fees     206       170       223       236       199  
    Other expenses     1,592       1,532       1,477       1,577       1,543  
    Total noninterest expense     13,063       13,399       12,892       13,194       11,868  
    Income before income taxes     10,035       6,453       7,427       6,382       7,181  
    Income taxes     2,193       (644 )     1,475       1,190       1,372  
    Net income   $ 7,842     $ 7,097     $ 5,952     $ 5,192     $ 5,809  
                         
    Basic earnings per common share   $ 0.47     $ 0.42     $ 0.35     $ 0.31     $ 0.35  
    Diluted earnings per common share   $ 0.46     $ 0.42     $ 0.35     $ 0.31     $ 0.35  
    WEST BANCORPORATION, INC. AND SUBSIDIARY
    Financial Information (unaudited)
                         
        As of and for the Quarter Ended
    COMMON SHARE DATA   March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
    Earnings per common share (basic)   $ 0.47     $ 0.42     $ 0.35     $ 0.31     $ 0.35  
    Earnings per common share (diluted)     0.46       0.42       0.35       0.31       0.35  
    Dividends per common share     0.25       0.25       0.25       0.25       0.25  
    Book value per common share(1)     14.06       13.54       13.98       13.30       13.31  
    Closing stock price     19.94       21.65       19.01       17.90       17.83  
    Market price/book value(2)     141.82 %     159.90 %     135.98 %     134.59 %     133.96 %
    Price earnings ratio(3)     10.46       12.96       13.65       14.36       12.77  
    Annualized dividend yield(4)     5.02 %     4.62 %     5.26 %     5.59 %     5.61 %
                         
    REGULATORY CAPITAL RATIOS                    
    Consolidated:                    
    Total risk-based capital ratio     12.18 %     12.11 %     11.95 %     11.85 %     11.78 %
    Tier 1 risk-based capital ratio     9.59       9.51       9.39       9.30       9.23  
    Tier 1 leverage capital ratio     8.36       7.93       8.15       8.08       8.36  
    Common equity tier 1 ratio     9.02       8.95       8.83       8.74       8.67  
    West Bank:                    
    Total risk-based capital ratio     12.90 %     12.86 %     12.73 %     12.66 %     12.63 %
    Tier 1 risk-based capital ratio     11.99       11.96       11.86       11.79       11.76  
    Tier 1 leverage capital ratio     10.46       9.97       10.29       10.25       10.65  
    Common equity tier 1 ratio     11.99       11.96       11.86       11.79       11.76  
                         
    KEY PERFORMANCE RATIOS AND OTHER METRICS                    
    Return on average assets(5)     0.81 %     0.68 %     0.60 %     0.53 %     0.61 %
    Return on average equity(6)     13.84       12.24       10.41       9.50       10.63  
    Net interest margin(7)(13)     2.28       1.98       1.91       1.86       1.88  
    Yield on interest-earning assets(8)(13)     5.04       5.02       5.16       5.13       4.99  
    Cost of interest-bearing liabilities     3.25       3.57       3.84       3.83       3.70  
    Efficiency ratio(9)(13)     56.37       60.79       63.28       67.14       62.04  
    Nonperforming assets to total assets(10)     0.00       0.00       0.01       0.01       0.01  
    ACL ratio(11)     1.01       1.01       0.97       0.95       0.95  
    Loans/total assets     75.66       74.84       75.75       75.63       75.20  
    Loans/total deposits     90.73       89.49       92.15       94.27       97.23  
    Tangible common equity ratio(12)     5.97       5.68       5.90       5.65       5.65  

    (1) Includes accumulated other comprehensive loss.
    (2) Closing stock price divided by book value per common share.
    (3) Closing stock price divided by annualized earnings per common share (basic).
    (4) Annualized dividend divided by period end closing stock price.
    (5) Annualized net income divided by average assets.
    (6) Annualized net income divided by average stockholders’ equity.
    (7) Annualized tax-equivalent net interest income divided by average interest-earning assets.
    (8) Annualized tax-equivalent interest income on interest-earning assets divided by average interest-earning assets.
    (9) Noninterest expense (excluding other real estate owned expense and write-down of premises) divided by noninterest income (excluding net securities gains/losses and gains/losses on disposition of premises and equipment) plus tax-equivalent net interest income.
    (10) Total nonperforming assets divided by total assets.
    (11) Allowance for credit losses on loans divided by total loans.        
    (12) Common equity less intangible assets (none held) divided by tangible assets.
    (13) A non-GAAP measure.

    NON-GAAP FINANCIAL MEASURES

    This report contains references to financial measures that are not defined in GAAP. Such non-GAAP financial measures include the Company’s presentation of net interest income and net interest margin on a fully taxable equivalent (FTE) basis and the presentation of the efficiency ratio on an adjusted and FTE basis, excluding certain income and expenses. Management believes these non-GAAP financial measures provide useful information to both management and investors to analyze and evaluate the Company’s financial performance. These measures are considered standard measures of comparison within the banking industry. Additionally, management believes providing measures on a FTE basis enhances the comparability of income arising from taxable and nontaxable sources. Limitations associated with non-GAAP financial measures include the risks that persons might disagree as to the appropriateness of items included in these measures and that different companies might calculate these measures differently. These non-GAAP disclosures should not be considered an alternative to the Company’s GAAP results. The following table reconciles the non-GAAP financial measures of net interest income and net interest margin on a fully taxable equivalent basis and efficiency ratio on an adjusted and FTE basis.

    (in thousands)   For the Quarter Ended
        March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
    Reconciliation of net interest income and net interest margin on a FTE basis to GAAP:                    
    Net interest income (GAAP)   $ 20,855     $ 19,422     $ 17,960     $ 17,230     $ 16,750  
    Tax-equivalent adjustment (1)     66       16       29       55       82  
    Net interest income on a FTE basis (non-GAAP)     20,921       19,438       17,989       17,285       16,832  
    Average interest-earning assets     3,717,441       3,910,978       3,749,688       3,731,674       3,595,954  
    Net interest margin on a FTE basis (non-GAAP)     2.28 %     1.98 %     1.91 %     1.86 %     1.88 %
                         
    Reconciliation of efficiency ratio on an adjusted and FTE basis to GAAP:                    
    Net interest income on a FTE basis (non-GAAP)   $ 20,921     $ 19,438     $ 17,989     $ 17,285     $ 16,832  
    Noninterest income     2,243       1,430       2,359       2,346       2,299  
    Adjustment for realized securities losses, net           1,172                    
    Adjustment for losses on disposal of premises and equipment, net     8             26       21        
    Adjusted income     23,172       22,040       20,374       19,652       19,131  
    Noninterest expense     13,063       13,399       12,892       13,194       11,868  
    Efficiency ratio on an adjusted and FTE basis (non-GAAP) (2)     56.37 %     60.79 %     63.28 %     67.14 %     62.04 %

    (1) Computed on a tax-equivalent basis using a federal income tax rate of 21 percent, adjusted to reflect the effect of the nondeductible interest expense associated with owning tax-exempt securities and loans. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results, as it enhances the comparability of income arising from taxable and nontaxable sources.
    (2) The efficiency ratio expresses noninterest expense as a percent of fully taxable equivalent net interest income and noninterest income, excluding specific noninterest income and expenses. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the Company’s financial performance. It is a standard measure of comparison within the banking industry. A lower ratio is more desirable.

    For more information contact:
    Jane Funk, Executive Vice President, Treasurer and Chief Financial Officer (515) 222-5766

    The MIL Network

  • MIL-OSI: Australian Oilseeds Issues Annual Shareholder Letter

    Source: GlobeNewswire (MIL-OSI)

    COOTAMUNDRA, Australia, April 24, 2025 (GLOBE NEWSWIRE) — Australian Oilseeds Holdings Limited, a manufacturer and seller of sustainable edible oils to customers globally, today issued a letter to shareholders from Gary Seaton, Chairman and Chief Executive Officer, that highlights recent performance and future milestones.

    Dear Fellow Shareholders,

    Across the globe, 2024 presented serious challenges including the ongoing war in Ukraine and serious conflicts in the Middle East and growing geopolitical discord, notably with China. Our hearts go out to those whose lives are profoundly affected by these events.

    Despite the unsettling geopolitical discord, we are pleased with our progress since launching the Company, as a Nasdaq listed company, and its unique products of Non-GMO cold-pressed and chemically-free processed oils.

    Within the last 12 months, we have sold our products through the majority of retailers in Australia, including Woolworths and Coles, the two largest supermarket chains in Australia, as well as Costco and Independent Grocers of Australia, an Australian chain of supermarkets (IGA), with sales and awareness gradually increasing. In addition to our expanding market presence in Australia, the Company has also been successful in exporting and marketing its products in Japan, China and Vietnam.

    Throughout the last year, we have demonstrated the power of our mission and guiding principles, as well as the value of being there for our customers. The result was continued healthy growth across our products and geographic expansion. Fiscal 2024 results were strong with revenues increasing by more than 16% driven by strong demand for our cold pressed canola oils. Our gross margin improved by 40 basis points and we delivered Adjusted EBITDA growth of nearly 16%. Our business momentum continues to build and we remain deeply committed to our mission as well as driving long-term value for our Shareholders.

    We believe we are well positioned for the future and anticipate several key milestones as we continue to execute our growth strategy. Within the next six months we expect that our Good Earth Oils brands of Australian Canola Oil and Olive oil will be launched in Taiwan and India. We are also expecting significant growth in China over the next 12 months as we benefit from Australia’s preferential duty for its products into China compared to Canada and USA, which have current import duties of 100% and 124% respectively. Finally, we intend to launch our products in the USA subject to clarity on the current tariff structure for Australian imports into the USA – the current tariff structure on Australian Canola Oil into the USA is 10%.

    I would like to express my deep gratitude to our Shareholders and our employees. We appreciate your continued support as we continue our exciting journey of taking chemicals out of the food supply chain and promoting healthy Canola Oil and Olive oil to consumers around the world along with the concept of regenerative farming.

    Sincerely,
    Gary Seaton
    Chairman and Chief Executive Officer

    About Australian Oilseeds Holdings Limited. Australian Oilseeds Holdings Limited, a Cayman Islands exempted company (the “Company”) (NASDAQ: COOT) through its subsidiaries, including Australian Oilseeds Investments Pty Ltd., an Australian proprietary company, tis focused on the manufacture and sale of sustainable oilseeds (e.g., seeds grown primarily for the production of edible oils) and is committed to working with all suppliers in the food supply chain to eliminate chemicals from the production and manufacturing systems to supply quality products to customers globally. The Company engages in the business of processing, manufacture and sale of non-GMO oilseeds and organic and non-organic food-grade oils, for the rapidly growing oilseeds market, through sourcing materials from suppliers focused on reducing the use of chemicals in consumables in order to supply healthier food ingredients, vegetable oils, proteins and other products to customers globally. Over the past 20 years, the Company’s cold pressing oil plant has grown to become the largest in Australia, pressing strictly GMO-free conventional and organic oilseeds.

    Contact
    Australian Oilseeds Holdings Limited
    126-142 Cowcumbla Street
    Cootamundra New South Wales 2590
    Attn: Amarjeet Singh, CFO
    Email: amarjeet.s@energreennutrition.com.au

    Investor Relations Contact
    Reed Anderson
    (646) 277-1260
    reed.anderson@icrinc.com

    The MIL Network