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  • MIL-Evening Report: The incredible impact of Ozzy Osbourne, from Black Sabbath to Ozzfest to 30 years of retirement tours

    Source: The Conversation (Au and NZ) – By Lachlan Goold, Senior Lecturer in Contemporary Music, University of the Sunshine Coast

    Ozzy Osbourne photographed in London in 1991. Martyn Goodacre/Getty Images

    Ozzy Osbourne, the “prince of darkness” and godfather of heavy metal, has died aged 76, just weeks after he reunited with Black Sabbath bandmates for a farewell concert in his hometown of Birmingham in England.

    His family posted a brief message overnight: “It is with more sadness than mere words can convey that we have to report that our beloved Ozzy Osbourne has passed away this morning.”

    John Michael Osbourne changed the sound of rock music and leaves behind a stellar career spanning six decades, numerous Grammy awards, multiple hall of fame inductions – and a wave of controversy.

    An agent of change

    In 1969, from the ashes of various bands, Geezer Butler (bass), Tony Iommi (guitar), Bill Ward (drums) and Osbourne formed the band Earth.

    Realising the name was taken, they quickly changed their name to Black Sabbath, an homage to the 1963 Italian horror anthology film.

    With the Summer of Love a recent memory, Black Sabbath were part of a heavy music revolution, providing an antidote to the free loving hippies of the late 60s period.

    Despite making their first two albums cheaply, Black Sabbath, released in February 1970, and Paranoid, released September that same year, they were a global success.

    Their approach was laden with sarcasm and irony. American audiences mistook this for satanic worship, positioning them as outsiders (albeit popular ones).

    Black Sabbath pose for a group portrait with gold discs, London, 1973, L-R Bill Ward, Ozzy Osbourne, Tony Iommi, Geezer Butler.
    Michael Putland/Getty Images

    After Black Sabbath’s early successes, they were managed by the notorious Don Arden, whose daughter Sharon Levy was the receptionist. More than any musical bond Osbourne had in his life, Sharon would be the most influential character throughout his life.

    Osbourne recorded eight albums with Black Sabbath (some to critical acclaim) and was then kicked out (by Sharon) due to his troubles with drugs and alcohol.

    Ozzy solo

    Osbourne’s solo career has always been managed by Sharon. While recording his second solo album, Diary of a Madman, guitarist Rhodes died in a tragic light plane crash. Osbourne was close to Rhodes and fell into a deep depression, after never having lost someone so close.

    Sharon and Osbourne married only months after this incident. His struggle with drug use did not stop him from making further solo records alongside various guitar players, continuing with moderate success throughout his career.

    On the road, Osbourne put the John Farnham’s last tour trope to shame.

    He held his last ever gig more times than one can count with names like No More Tours (1992–93), Retirement Sucks (1995–96) and No More Tours 2 (2018–19).

    Osbourne ‘retired’ many times over 30 years. Here he performs in California in 2022.
    Kevork Djansezian/Getty Images

    This lament for touring led to the most successful era of Osbourne’s career. After being rejected for the 1995 Lollapaloza festival bill, Sharon (and their son Jack) started Ozzfest; initially an annual two-day multiband festival headlined by Osbourne, held in Phoenix, Arizona, and Devore, California.

    Subsequently becoming a national – and then international – tour, Ozzfest led to a successful partnership with MTV, which led to the reality TV show The Osbournes premiering in 2002. Here, his previous and ongoing battle with drugs was obvious, proudly on display – and ridiculed – to huge global audiences.

    The spectacle of a rich rockstar and his family, featuring a constant barrage of swearing, battles with lavish TV remotes, canine therapy, never-ending chaos, and Osbourne constantly yelling “Sharrrooon” like a twisted maniacal loop of A Street Car Named Desire.

    Struggles and controversies

    Osbourne suffered multiple health conditions over the years, rarely concealing the state of his physical or mental wellbeing.

    Notably he’s struggled with drug and alcohol abuse his whole career with drug recovery centres using Osbourne as an exemplar. In 2007 he disclosed he suffered from the Parkinson’s adjacent condition Parkinsonian syndrome. In 2019 he was diagnosed with Parkinson’s disease.

    Black Sabbath photographed in the 1970s. Left to right: Geezer Butler, Tony Iommi, Bill Ward and Ozzy Osbourne.
    Chris Walter/WireImage

    This resulted in him being unable to walk for his final Back to the Beginning show in Birmingham on July 5 2025.

    And Osbourne’s career had more than its fair share of controversy. He bit the head off a dove and a bat (celebrated with a commemorative toy), and urinated on the Alamo cenotaph. He was taken to court multiple times, but was never convicted.

    Ozzy and me

    As a white middle-class boy growing up in the Brisbane suburbs in the 80s, heavy metal music appealed to my testosterone and pimple filled body.

    Exploring the secondhand record shops of Brisbane, I would’ve bought my first copy of Black Sabbath around 1985. The sound of thunder and a distant church bell before the first drop-D riff enters seemed like the antithesis to sunny Queensland and 80s pop.

    As my life became obsessed with the recording studio and the vociferous music scene in Brisbane in the post-Joh era, and those drop-D riffs influenced a new style that swept the world in the early 90s.

    Osbourne’s influence was huge and through grunge, his sound was reborn. Grunge was a marriage of the Sabbath-like drop-D riffs with the energy of punk and the melody of the Beatles.

    Listening to Black Sabbath and Ozzy records, equipped me with a sonic palette ready to capture the wave of alternative music emmerging from the Brisbane scene.

    While Ozzy’s death is no surprise (except for those who never thought he’d last this long), we should take pause and remember an icon with an endless energy for entertaining, a passion for music, and changing the expectations of popular culture for more than 50 years.

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

    – ref. The incredible impact of Ozzy Osbourne, from Black Sabbath to Ozzfest to 30 years of retirement tours – https://theconversation.com/the-incredible-impact-of-ozzy-osbourne-from-black-sabbath-to-ozzfest-to-30-years-of-retirement-tours-258820

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: New operational partnership with delivery giants to combat illegal working

    Source: United Kingdom – Executive Government & Departments

    News story

    New operational partnership with delivery giants to combat illegal working

    New agreement between Home Office and top food delivery firms will help stop illegal working in the delivery sector

    More delivery riders caught sharing their accounts with migrants who have no right to work in the UK will be suspended, as part of the government’s UK-wide crackdown on illegal working under the Plan for Change.

    A new agreement between the Home Office and Deliveroo, Just Eat and Uber Eats will ensure delivery firms receive new information concerning the locations of asylum hotels to help tackle illegal working.

    Under existing security measures, any delivery riders caught sharing their accounts with migrants who have no right to work in the UK will be suspended. This new agreement goes further to ensure more people who are breaking the rules can be caught.  

    Efforts by the companies to crack down on illegal account sharing through real-time identity and Right to Work checks have been successful and have led to thousands being offboarded from platforms. Despite this, there continues to be abuse in the system. Under the new agreement, the firms will be empowered to go further in detecting patterns of misuse, identify unauthorised account sharing and quickly suspend accounts.

    The move comes after a commitment made by the firms during a roundtable last month, chaired by Ministers, to implement new security measures. This includes increased facial verification checks and fraud detection tools meaning only verified users can access their platforms. The Home Office will continue to collaborate closely with the three companies, with meetings taking place in the coming weeks to update on progress and delivery.

    Today’s announcement is part of the government’s work to step up enforcement across the UK targeting illegal working hotspots, with a focus on the gig economy and migrants working illegally as delivery riders. It forms a key part of a whole system approach to tackle illegal migration from every angle, by ending the false promise of jobs used by smuggling gangs to sell spaces on small boats.

    Home Secretary Yvette Cooper, said:

    Illegal working undermines honest business, exploits vulnerable individuals and fuels organised immigration crime.

    By enhancing our data sharing with delivery companies, we are taking decisive action to close loopholes and increase enforcement.

    The changes come alongside a 50% increase in raids and arrests for illegal working under the Plan for Change, greater security measures and tough new legislation.

    Eddy Montgomery, Director of Enforcement, Compliance and Crime at the Home Office, said:

    This next step of co-ordinated working with delivery firms will help us target those who seek to work illegally in the gig economy and exploit their status in the UK.

    My teams will continue to carry out increased enforcement activity across the UK and I welcome this additional tool to disrupt and stop the abuse of our immigration system.

    A Deliveroo spokesperson said:

    Deliveroo has led the sector in introducing security measures to prevent the abuse of our platform and tackle the sophisticated criminals seeking new ways to exploit all delivery platforms’ systems. We are fully committed to working with the government as we continue to collectively combat illegal working.

    A Just Eat spokesperson said:

    Just Eat is committed to tackling any illegal working via our platform. We continue to invest significant resources to strengthen our systems against abuse by individuals and organised criminal groups seeking to evade right to work rules. We are working closely with the Home Office and our industry partners to address any loopholes in the industry’s checks, as well as collaborating on data sharing and enforcement.

    An Uber Eats spokesperson said:

    Uber Eats is fully committed to tackling illegal work and will continue to work with the Home Office and industry. We have introduced a range of state of the art detection tools to find and remove fraudulent accounts. We are constantly reviewing our tools and finding new ways to detect and take action on people who are trying to work illegally.

    Since the government came into power one year ago, there have been more than 10,000 illegal working visits across multiple sectors, leading to 7,130 arrests, up around 50% compared to the year before. This marks the first time in a 12-month period where more than 10,000 visits have taken place.

    Almost 750 illegal working civil penalty notices were also handed to businesses caught violating immigration rules in the first quarter of the year, marking the highest level since 2016 – and an 80% increase compared to the same time last year. 

    The government is tightening the law by making it a legal requirement for all companies, including the gig economy, to check that anyone working for them has the legal right to do so. This will end the abuse of flexible working arrangements. The new measures will be introduced through the landmark Border Security, Asylum and Immigration Bill.

    The fight against illegal working forms just one part of government’s work to bolster border security across the system.

    Since coming into power one year ago, the government has returned 35,000 people with no right to be in the UK including failed asylum seekers, immigration and foreign national offenders. There are now fewer asylum hotels open than since the election, saving millions of taxpayers’ money.

    This is on top of a new groundbreaking deal with the French which will mean that, for the very first time, illegal migrants will be sent back to France. This targets the heart of the criminal smuggling gangs’ business model and sends a clear message that these life-threatening journeys are pointless and a waste of thousands of pounds. 

    The deal seeks to detain and return migrants who arrive via small boat, and an equal number of migrants will be able to come to the UK from France through a new legal route – fully documented and subject to strict security checks.

    Updates to this page

    Published 22 July 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Kneecap’s stance on Gaza extends a long history of the Irish supporting other oppressed peoples

    Source: The Conversation (Au and NZ) – By Ciara Smart, PhD Graduand in Australasian Irish History, University of Tasmania

    Love them or hate them, there’s no doubt Irish hip-hop trio Kneecap are having a moment.

    Their music – delivered in a powerful fusion of English and Irish – is known for its gritty lyrics about party drugs and working-class life in post-Troubles Ireland. More recently, the group has made headlines for its outspoken support for the Palestinian people.

    British police have charged member Liam Óg Ó hAnnaidh (known by his stage name Mo Chara) with a terrorism offence. Ó hAnnaidh was charged in May, after being accused of displaying a Hezbollah flag at a London concert in November.

    But this isn’t the first time an Irish republican group has courted controversy for backing other oppressed peoples. This has been happening for almost two centuries.

    Unsanitised and vocal support

    Ireland is composed of 32 counties. Twenty-six are in the Republic of Ireland, while six are part of the United Kingdom in Northern Ireland. When the British government withdrew from most of Ireland in 1921, the Irish Free State was largely Catholic, while Northern Ireland was more heavily Protestant. But these divisions are becoming increasingly irrelevant.

    While Ireland is still split across two nations, public support for Irish unity remains strong, particularly among citizens of the Republic.

    Kneecap’s members are from Belfast, the capital of Northern Ireland. They are also fierce republicans, which means they want to see Ireland united as one nation. One of their most popular songs, Get Your Brits Out, calls for the British state’s withdrawal from Northern Ireland.

    The group has experienced a meteoric rise in recent years, helped by a semi-autobiographical film released last year.

    They have reclaimed the term “Fenian”, often used as an anti-Irish slur. Their decision to rap in Irish is also a cultural milestone, as the language was suppressed in Northern Ireland for most of the 20th century, only achieving official language status in 2022.

    Despite being undeniable provocateurs, they claim they aren’t
    interested in reigniting Catholic-Protestant conflict. They celebrate the similarities between both groups, rather than highlight their differences.

    Ó hAnnaidh’s alleged terrorism offence came after he waved a Hezbollah flag at a London gig and chanted “Up Hamas, up Hezbollah”. Both Hamas and Hezbollah are considered terrorist groups in Britain. He will face court on August 20.

    Irish-Māori solidarity

    Kneecap is carrying on a long tradition of Irish groups who faced controversy for denouncing the oppressive acts of powerful states.

    In the 19th century, several Irish nationalist groups expressed solidarity with other colonised peoples, especially Māori in Aotearoa New Zealand. Groups such as the Irish Republican Brotherhood (whose members were called Fenians) arguably saw Māori and Irish as co-victims of a tyrannical state.

    Irish nationalist newspapers often wrote sympathetically about the colonisation of New Zealand, and tried to inspire Ireland to resist British subjugation, like Māori seemed to be doing.

    This painting by Kennett Watkins, The Death of Von Tempsky at Te Ngutu o Te Manu (circa 1893), portrays conflict in 1868 between armed constabulary and Māori forces.
    Wikimedia

    In July 1864, the Fenian newspaper The Irish People stressed British hypocrisy. It wrote, “savages we call [Māori], using the arrogant language of civilisation, but, honestly, they deserve to be characterised by a much better word”.

    It also scoffed at the “unconquerable propensity of the Anglo-Saxon to plunder the lands of other people – a propensity which manifests itself most strikingly alike in Ireland and New Zealand”.

    Similarly, in December 1868, the nationalist newspaper The Nation contrasted “valiant” Māori with “terrified” British. It sarcastically described Māori as “rebels (men fighting for their own rights on their own soil)” and mocked the British forces as “valiant men who could bully a priest”.

    The article finished on a sombre note: “Mere valour will in the end go down before the force of numbers and the cunning of diplomacy”.

    Rumours of a secret rebellion

    Other Irish leaders, such as the nationalist Michael Davitt, saw inspirational parallels between the nonviolent campaign of Charles Stewart Parnell, the 19th century leader of the Irish Home Rule movement, and Māori leader Te Whiti-o-Rongomai.

    In Ireland, Parnell encouraged poor tenant farmers to pause rent payments to their British landlords. In New Zealand, Te Whiti encouraged Māori to dismantle colonially-constructed fences and plough the land for themselves. Both were arrested in 1881 within three weeks of each other.

    The ‘No Rent Manifesto’ was issued on 18 October 1881, by Parnell and others of the Irish National Land League while in Kilmainham Jail.
    National Library of Ireland

    So strong was the sense of kinship between Irish and Māori that, in the 1860s, there were persistent rumours of a joint Irish-Māori rebellion reported in the media and even New Zealand’s parliament.

    In March, 1869, the conservative New Zealand newspaper Daily Southern Cross reported a large number of Māori “have decided on joining the Fenian Brotherhood, and have adopted the green flag as their national emblem”.

    Later that year, the paper reported the supposed Fenians told a Māori resistance group that, “like the Maori, they hate the British rule, and are prepared to make common cause […] to overthrow that rule in New Zealand”.

    However, these rumours were probably no more than a conspiracy fuelled by racist anti-Irish paranoia.

    Actions and outcomes

    Any tangible results of cross-cultural sympathy from 19th century Irish nationalists were mixed, at best. My ongoing research shows solidarity with Māori was partly motivated by humanitarian motives, but was also often used to make a point about Ireland.

    Identifying with another oppressed peoples within the context of a corrupt empire was a powerful way to argue for improved political recognition within Ireland. Irish nationalists generally didn’t do much other than declare their sympathy.

    Kneecap, on the other hand, seems willing to bear the legal and financial consequences of being vocal about human rights abuses in Gaza. Some of their shows have been cancelled, and funding providers have withdrawn.

    While curated rebellion can be lucrative in show-business, Kneecap says the controversy following them is a distraction. They insist the world should focus squarely on Gaza instead.

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

    – ref. Kneecap’s stance on Gaza extends a long history of the Irish supporting other oppressed peoples – https://theconversation.com/kneecaps-stance-on-gaza-extends-a-long-history-of-the-irish-supporting-other-oppressed-peoples-261261

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Western New England Bancorp, Inc. Reports Results for Three and Six Months Ended June 30, 2025 and Declares Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    WESTFIELD, Mass., July 22, 2025 (GLOBE NEWSWIRE) — Western New England Bancorp, Inc. (the “Company” or “WNEB”) (NasdaqGS: WNEB), the holding company for Westfield Bank (the “Bank”), announced today the unaudited results of operations for the three and six months ended June 30, 2025. For the three months ended June 30, 2025, the Company reported net income of $4.6 million, or $0.23 per diluted share, compared to net income of $3.5 million, or $0.17 per diluted share, for the three months ended June 30, 2024. On a linked quarter basis, net income was $4.6 million, or $0.23 per diluted share, as compared to net income of $2.3 million, or $0.11 per diluted share, for the three months ended March 31, 2025. For the six months ended June 30, 2025, net income was $6.9 million, or $0.34 per diluted share, compared to net income of $6.5 million, or $0.31 per diluted share, for the six months ended June 30, 2024.

    The Company also announced that its Board of Directors declared a quarterly cash dividend of $0.07 per share on the Company’s common stock. The dividend will be payable on or about August 20, 2025 to shareholders of record on August 6, 2025.

    James C. Hagan, President and Chief Executive Officer, commented, “We are pleased to report solid earnings for the second quarter of 2025, along with strong overall loan growth and core deposit growth. Core deposits increased $81.4 million, or 5.2%, since year-end, which will be beneficial as we continue to lower deposit costs and reduce our reliance on time deposits. We are also pleased to report that our commercial and industrial loan portfolio increased $22.8 million, or 10.8%, during the six months ended June 30, 2025, and our residential real estate portfolio increased $29.7 million, or 3.8%, during the same period. Growth in commercial and industrial loans is a strategic priority for the Company as we remain focused on meeting the needs of our business and commercial customers.

    We believe our balance sheet structure will continue to have a positive impact on earnings in the current interest rate environment. Net interest income increased $2.1 million, or 13.6%, from the three months ended March 31, 2025 to the three months ended June 30, 2025, while the net interest margin increased 31 basis points from 2.49% to 2.80% during the same period. Our loan growth and disciplined approach to managing funding costs have allowed us to expand our net interest margin as we continue to decrease the cost of interest-bearing liabilities and our reliance on time deposits. Our asset quality remains solid, with nonperforming assets to total assets of 0.21%, and total delinquency as a percentage of total loans of 0.18%.”

    Hagan concluded, “Our capital position continues to remain strong, and the Company is considered to be well-capitalized as defined by the regulators. We remain disciplined in our capital management strategies and during the six months ended June 30, 2025, we repurchased 497,318 shares of common stock with an average price per share of $9.31. We continue to believe that buying back shares, at current prices, represents a prudent use of the Company’s capital. On April 22, 2025, we announced a new repurchase plan (the “2025 Plan”) which commenced upon the completion of the 2024 Repurchase Plan (the “2024 Plan”). On June 3, 2025, we announced the completion of the 2024 Plan, under which the Company repurchased a total of 1.0 million shares at an average price per share of $8.79. We are pleased with our second quarter results and are committed to delivering long-term value to shareholders through capital management strategies, which include continued loan growth, share repurchases and quarterly cash dividends.”

    Key Highlights:

    Loans and Deposits

    Total gross loans increased $22.1 million, or 1.1%, from $2.1 billion, or 77.9% of total assets, at December 31, 2024 to $2.1 billion, or 77.1% of total assets, at June 30, 2025. The increase in total gross loans was primarily driven by an increase in residential real estate loans, including home equity loans, of $29.7 million, or 3.8%, and an increase in commercial and industrial loans of $22.8 million, or 10.8%. These increases were partially offset by a decrease in commercial real estate loans of $29.5 million, or 2.7%, and a decrease in consumer loans of $879,000, or 20.0%.

    At June 30, 2025, total deposits of $2.3 billion increased $67.5 million, or 3.0%, from December 31, 2024. Core deposits, which the Company defines as all deposits except time deposits, increased $81.4 million, or 5.2%, from $1.6 billion, or 68.9% of total deposits, at December 31, 2024, to $1.6 billion, or 70.4% of total deposits, at June 30, 2025. Time deposits decreased $13.9 million, or 2.0%, from $703.6 million at December 31, 2024 to $689.7 million at June 30, 2025. Brokered time deposits, which are included in time deposits, totaled $1.7 million at December 31, 2024. The Company did not have brokered time deposits at June 30, 2025. The loan-to-deposit ratio decreased from 91.5% at December 31, 2024 to 89.8% at June 30, 2025.

    Allowance for Loan Losses and Credit Quality

    At June 30, 2025, the allowance for credit losses was $19.7 million, or 0.94% of total loans, compared to $19.5 million, or 0.94% of total loans, at December 31, 2024. The allowance for loan losses, as a percentage of nonaccrual loans, was 343.1% and 362.9% at June 30, 2025 and December 31, 2024, respectively. At June 30, 2025, nonaccrual loans totaled $5.8 million, or 0.27% of total loans, compared to $5.4 million, or 0.26% of total loans, at December 31, 2024. Total delinquent loans decreased from $5.0 million, or 0.24% of total loans, at December 31, 2024 to $3.9 million, or 0.18% of total loans, at June 30, 2025. At June 30, 2025 and December 31, 2024, the Company did not have any other real estate owned.

    Net Interest Margin

    The net interest margin increased 31 basis points, from 2.49% for the three months ended March 31, 2025 to 2.80% for the three months ended June 30, 2025. The net interest margin, on a tax-equivalent basis, increased 31 basis points from 2.51% for the three months ended March 31, 2025 to 2.82%, for the three months ended June 30, 2025.

    Stock Repurchase Program

    On April 22, 2025, the Board of Directors authorized the 2025 Plan, pursuant to which the Company may repurchase up to 1.0 million shares of its common stock, or approximately 4.8%, of the Company’s then-outstanding shares of common stock, upon the completion of the 2024 Plan. On June 3, 2025, the Company announced the completion of its 2024 Plan under which the Company repurchased a total of 1.0 million shares at an average price per share of $8.79.

    During the three months ended June 30, 2025, the Company repurchased 290,609 shares of its common stock at an average price per share of $9.45. During the six months ended June 30, 2025, the Company repurchased 497,318 shares of its common stock at an average price per share of $9.31. As of June 30, 2025, there were 975,000 shares of common stock available for repurchase under the 2025 Plan.

    The repurchase of shares under our 2025 Plan is administered through an independent broker. The shares of common stock repurchased under the 2025 Plan have been and will continue to be purchased from time to time at prevailing market prices, through open market or privately negotiated transactions, or otherwise, depending upon market conditions. There is no guarantee as to the exact number, or value, of shares that will be repurchased by the Company, and the Company may discontinue repurchases at any time that the Company’s management (“Management”) determines additional repurchases are not warranted. The timing and amount of additional share repurchases under the 2025 Plan will depend on a number of factors, including the Company’s stock price performance, ongoing capital planning considerations, general market conditions, and applicable legal requirements.

    Book Value and Tangible Book Value

    The Company’s book value per share was $11.68 at June 30, 2025 compared to $11.30 at December 31, 2024, while tangible book value per share, a non-GAAP financial measure, increased $0.38, or 3.6%, from $10.63 at December 31, 2024 to $11.01 at June 30, 2025. See pages 19-21 for the related tangible book value calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Net Income for the Three Months Ended June 30, 2025 Compared to the Three Months Ended March 31, 2025

    For the three months ended June 30, 2025, the Company reported an increase in net income of $2.3 million, or 99.3%, from $2.3 million, or $0.11 per diluted share, for the three months ended March 31, 2025, to $4.6 million, or $0.23 per diluted share. Net interest income increased $2.1 million, or 13.6%, the provision for credit losses decreased $757,000, non-interest income increased $652,000, or 23.6%, and non-interest expense increased $472,000, or 3.1%. Return on average assets and return on average equity were 0.69% and 7.76%, respectively, for the three months ended June 30, 2025, compared to 0.35% and 3.94%, respectively, for the three months ended March 31, 2025.

    Net Interest Income and Net Interest Margin

    On a sequential quarter basis, net interest income, our primary driver of revenues, increased $2.1 million, or 13.6%, to $17.6 million for the three months ended June 30, 2025, from $15.5 million for the three months ended March 31, 2025. The increase in net interest income was primarily due to an increase in interest income of $1.2 million, or 4.1%, and a decrease in interest expense of $933,000, or 7.2%. During the three months ended June 30, 2025, the Company recorded $425,000 in prepayment penalties related to payoffs in the commercial portfolio. The $933,000, or 7.2%, decrease in interest expense was primarily due to a decrease in average rates paid on interest-bearing deposits during the three months ended June 30, 2025, compared to the three months ended March 31, 2025.

    The net interest margin was 2.80% for the three months ended June 30, 2025, compared to 2.49% for the three months ended March 31, 2025. The net interest margin, on a tax-equivalent basis, was 2.82% for the three months ended June 30, 2025, compared to 2.51% for the three months ended March 31, 2025. Excluding the prepayment penalties discussed above, the net interest margin increased 24 basis points from 2.49% for the three months ended March 31, 2025 to 2.73% for the three months ended June 30, 2025. The increase in the net interest margin was primarily due to an increase in the yield on average interest-earning assets and a decrease in the average cost of interest-bearing liabilities.

    The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, increased 13 basis points from 4.56%, for the three months ended March 31, 2025 to 4.69% for the three months ended June 30, 2025. The average loan yield, without the impact of tax-equivalent adjustments, increased 16 basis points from 4.89%, for the three months ended March 31, 2025, to 5.05% for the three months ended June 30, 2025. During the same period, average loans increased $7.8 million, or 0.4%, and average securities increased $9.7 million, or 2.7%, while average short-term investments decreased $17.4 million, or 22.9%.

    The average cost of total funds, including non-interest bearing accounts and borrowings, decreased 18 basis points from 2.16% for the three months ended March 31, 2025 to 1.98% for the three months ended June 30, 2025. The average cost of core deposits, which the Company defines as all deposits except time deposits, decreased seven basis points to 1.01% for the three months ended June 30, 2025, from 1.08% for the three months ended March 31, 2025. The average cost of time deposits decreased 42 basis points from 4.11% for the three months ended March 31, 2025, to 3.69% for the three months ended June 30, 2025. The average cost of borrowings, including subordinated debt, was 5.04% for the three months ended March 31, 2025 and for the three months ended June 30, 2025. Average demand deposits, an interest-free source of funds, increased $3.2 million, or 0.6%, from $569.6 million, or 24.8%, of total average deposits, for the three months ended March 31, 2025, to $572.8 million, or 24.9% of total average deposits, for the three months ended June 30, 2025.

    (Reversal of) Provision for Credit Losses

    During the three months ended June 30, 2025, the Company recorded a reversal of credit losses of $615,000, compared to a provision for credit losses of $142,000 during the three months ended March 31, 2025. The reversal of credit losses was a result of a recovery in the amount of $624,000 on a previously charged-off commercial relationship acquired on October 21, 2016 from Chicopee Bancorp, Inc. As of June 30, 2025, the relationship has been paid in full and the Company does not expect to charge-off or recover any additional funds from the borrower. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company’s loan portfolio, changes in the loan portfolio mix and Management’s consideration of existing economic conditions and the economic outlook from the Federal Reserve’s actions to control inflation. Management continues to monitor macroeconomic variables related to increasing interest rates, tariffs, inflation and concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

    During the three months ended June 30, 2025, the Company recorded net recoveries of $585,000 compared to net charge-offs of $29,000 for the three months ended March 31, 2025.

    Non-Interest Income

    On a sequential quarter basis, non-interest income increased $652,000, or 23.6%, to $3.4 million for the three months ended June 30, 2025, from $2.8 million for the three months ended March 31, 2025. During the three months ended June 30, 2025, service charges and fees on deposits increased $244,000, or 10.7%, to $2.5 million from the three months ended March 31, 2025. Income from bank-owned life insurance (“BOLI”) increased $43,000, or 9.1%, from the three months ended March 31, 2025 to $516,000 for the three months ended June 30, 2025.

    During the three months ended June 30, 2025, the Company reported a gain of $4,000 from mortgage banking activities, compared to a gain of $7,000 during the three months ended March 31, 2025. During the three months ended June 30, 2025, the Company reported unrealized gains on marketable equity securities of $25,000, compared to unrealized losses of $5,000 during the three months ended March 31, 2025. During the three months ended June 30, 2025, the Company reported gains on non-marketable equity investments of $243,000 and did not have comparable income during the three months ended March 31, 2025. During the three months ended June 30, 2025, the Company reported $95,000 in other income from loan-level swap fees on commercial loans and did not have comparable income during the three months ended March 31, 2025.

    Non-Interest Expense

    For the three months ended June 30, 2025, non-interest expense increased $472,000, or 3.1%, to $15.7 million from $15.2 million for the three months ended March 31, 2025. Salaries and related benefits increased $418,000, or 5.0%, due to an increase in deferred compensation expense to reflect updated performance award estimates and a full quarter of annual salary merit increases. Debit card processing and ATM network costs increased $97,000, or 16.8%, professional fees increased $77,000, or 14.1%, data processing expense increased $51,000, or 5.8%, advertising expense increased $14,000, or 3.3%, furniture and equipment expense increased $4,000, or 0.8%, and other non-interest expense increased $4,000, or 0.3%. These increases were partially offset by a decrease in occupancy expense of $147,000, or 10.4%, primarily due to a decrease in snow removal costs of $140,000. FDIC insurance expense decreased $32,000, or 7.4%, and software related expenses decreased $14,000, or 2.1%.

    For the three months ended June 30, 2025 and the three months ended March 31, 2025, the efficiency ratio was 74.4% and 83.0%, respectively. For the three months ended June 30, 2025, the adjusted efficiency ratio, a non-GAAP financial measure, was 75.3% compared to 83.0% for the three months ended March 31, 2025. The decreases in the efficiency ratio and the adjusted efficiency ratio were driven by higher revenues during the three months ended June 30, 2025 compared to the three months ended March 31, 2025. The Company’s detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. See pages 19-21 for the related adjusted efficiency ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Income Tax Provision

    Income tax expense for the three months ended June 30, 2025 was $1.4 million, with an effective tax rate of 23.7%, compared to $664,000, with an effective tax rate of 22.4%, for the three months ended March 31, 2025. The increase in tax expense is due to higher projected pre-tax income for the twelve months ended December 31, 2025.

    Net Income for the Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024

    The Company reported an increase in net income of $1.1 million, or 30.7%, from $3.5 million, or $0.17 per diluted share, for the three months ended June 30, 2024 to $4.6 million, or $0.23 per diluted share, for the three months ended June 30, 2025. Net interest income increased $3.2 million, or 21.9%, provision for credit losses decreased $321,000, non-interest income decreased $423,000, or 11.0%, and non-interest expense increased $1.3 million, or 9.4%, during the same period. Return on average assets and return on average equity were 0.69% and 7.76%, respectively, for the three months ended June 30, 2025, compared to 0.55% and 6.03%, respectively, for the three months ended June 30, 2024.

    Net Interest Income and Net Interest Margin

    Net interest income increased $3.2 million, or 21.9%, to $17.6 million, for the three months ended June 30, 2025, from $14.5 million for the three months ended June 30, 2024. The increase in net interest income was due to an increase in interest and dividend income of $2.8 million, or 10.5%, and a decrease in interest expense of $362,000, or 2.9%. During the three months ended June 30, 2025, the Company recorded $425,000 in prepayment penalties related to payoffs in the commercial portfolio. The increase in interest income was primarily due to a $129.4 million, or 5.4%, increase in average interest-earning assets and a 20 basis point increase in the average yield on interest-earning assets, from the three months ended June 30, 2024 to the three months ended June 30, 2025.

    The net interest margin increased 38 basis points from 2.42% for the three months ended June 30, 2024 to 2.80% for the three months ended June 30, 2025. The net interest margin, on a tax-equivalent basis, was 2.82% for the three months ended June 30, 2025, compared to 2.44% for the three months ended June 30, 2024. Excluding the prepayment penalties discussed above, the net interest margin increased 31 basis points from 2.42%, for the three months ended June 30, 2024 to 2.73%, for the three months ended June 30, 2025. The increase in the net interest margin was primarily due to an increase in the average yield on interest-earning assets and a decrease in the average cost of interest-bearing liabilities.

    The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, increased 20 basis points from 4.49% for the three months ended June 30, 2024 to 4.69%, for the three months ended June 30, 2025. The average loan yield, without the impact of tax-equivalent adjustments, increased 20 basis points from 4.85% for the three months ended June 30, 2024 to 5.05%, for the three months ended June 30, 2025. During the three months ended June 30, 2025, average interest-earning assets increased $129.4 million, or 5.4% to $2.5 billion, primarily due to an increase in average loans of $64.2 million, or 3.2%, an increase in average short-term investments, consisting of cash and cash equivalents, of $44.3 million, or 309.1%, and an increase in average securities of $20.2 million, or 5.7%.

    The average cost of total funds, including non-interest bearing accounts and borrowings, decreased 18 basis points from 2.16% for the three months ended June 30, 2024 to 1.98% for the three months ended June 30, 2025. The average cost of core deposits, which the Company defines as all deposits except time deposits, increased 14 basis points from 0.87% for the three months ended June 30, 2024 to 1.01% for the three months ended June 30, 2025. The average cost of time deposits decreased 70 basis points from 4.39% for the three months ended June 30, 2024 to 3.69% for the three months ended June 30, 2025. The average cost of borrowings, including subordinated debt, increased four basis points from 5.00% for the three months ended June 30, 2024 to 5.04%, for the three months ended June 30, 2025. Average demand deposits, an interest-free source of funds, increased $24.1 million, or 4.4%, from $548.8 million, or 25.7% of total average deposits, for the three months ended June 30, 2024, to $572.8 million, or 24.9% of total average deposits, for the three months ended June 30, 2025.

    Reversal of Credit Losses

    During the three months ended June, 30, 2025, the Company recorded a reversal of credit losses of $615,000, compared to a reversal of credit losses of $294,000 during the three months ended June 30, 2024. The reversal of credit losses recorded during the three months ended June 30, 2025 was a result of a recovery in the amount of $624,000 on a previously charged-off commercial relationship acquired on October 21, 2016 from Chicopee Bancorp, Inc. As of June 30, 2025, the relationship has been paid in full and the Company does not expect to charge-off or recover any additional funds from the borrower. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company’s loan portfolio, changes in the loan portfolio mix and Management’s consideration of existing economic conditions and the economic outlook from the Federal Reserve’s actions to control inflation. Management continues to monitor macroeconomic variables related to increasing interest rates, tariffs, inflation and concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

    The Company recorded net recoveries of $585,000 for the three months ended June 30, 2025, as compared to net charge-offs of $10,000 for the three months ended June 30, 2024.

    Non-Interest Income

    Non-interest income decreased $423,000, or 11.0%, to $3.4 million for the three months ended June 30, 2025, from $3.8 million for the three months ended June 30, 2024. During the three months ended June 30, 2025, service charges and fees on deposits increased $187,000, or 8.0%, income from BOLI increased $14,000, or 2.8%, from $502,000 for the three months ended June 30, 2024 to $516,000 for the three months ended June 30, 2025.

    During the three months ended June 30, 2025, the Company reported an unrealized gain on marketable equity securities of $25,000, compared to unrealized gain on marketable equity securities of $4,000 during the three months ended June 30, 2024. During the three months ended June 30, 2025, the Company reported a gain of $243,000 on non-marketable equity investments, compared to a gain of $987,000 on non-marketable equity investments during the three months ended June 30, 2024. During the three months ended June 30, 2025, the Company reported $95,000 in other income from loan-level swap fees on commercial loans and did not have comparable income during the three months ended June 30, 2024. During the three months ended June 30, 2025, the Company reported $4,000 in gains from mortgage banking activities and did not have comparable income during the three months ended June 30, 2024.

    Non-Interest Expense

    For the three months ended June 30, 2025, non-interest expense increased $1.3 million, or 9.4%, to $15.7 million from $14.3 million for the three months ended June 30, 2024. The increase in non-interest expense was due to an increase in salaries and benefits of $930,000, or 11.8%, an increase in advertising and marketing expense of $104,000, or 30.7%, an increase in data processing expense of $87,000, or 10.3%, an increase in software related expense of $79,000, or 14.0%, an increase in FDIC insurance expense of $76,000, or 23.5%, an increase in occupancy expense of $47,000, or 3.9%, an increase in professional fees of $42,000, or 7.2%, an increase in debit card and ATM processing fees of $31,000, or 4.8%, an increase in furniture and equipment expense of $8,000, or 1.7%, and a decrease in other non-interest expense of $62,000, or 4.4%.

    For the three months ended June 30, 2025, the efficiency ratio was 74.4%, compared to 78.2% for the three months ended June 30, 2024. For the three months ended June 30, 2025, the adjusted efficiency ratio, a non-GAAP financial measure, was 75.3% compared to 82.7% for the three months ended June 30, 2024. The decreases in the efficiency ratio and the adjusted efficiency ratio were driven by an increase in total revenues, defined as the sum of net interest income and non-interest income, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. See pages 19-21 for the related ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Income Tax Provision

    Income tax expense for the three months ended June 30, 2025 was $1.4 million, or an effective tax rate of 23.7%, compared to $771,000, or an effective tax rate of 18.0%, for the three months ended June 30, 2024. The increase is due to higher projected pre-tax income for the twelve months ended December 31, 2025.

    Net Income for the Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024

    For the six months ended June 30, 2025, the Company reported net income of $6.9 million, or $0.34 per diluted share, compared to $6.5 million, or $0.31 per diluted share, for the six months ended June 30, 2024. Return on average assets and return on average equity were 0.52% and 5.87% for the six months ended June 30, 2025, respectively, compared to 0.51% and 5.53% for the six months ended June 30, 2024, respectively.

    Net Interest Income and Net Interest Margin

    During the six months ended June 30, 2025, net interest income increased $3.4 million, or 11.3%, to $33.2 million, compared to $29.8 million for the six months ended June 30, 2024. The increase in net interest income was due to an increase in interest income of $4.6 million, or 8.7%, partially offset by an increase in interest expense of $1.3 million, or 5.4%.

    For the six months ended June 30, 2025, the net interest margin increased 14 basis points from 2.50% for the six months ended June 30, 2024 to 2.64%. The net interest margin, on a tax-equivalent basis, was 2.66% for the six months ended June 30, 2025, compared to 2.52% for the six months ended June 30, 2024. During the six months ended June 30, 2025 and the six months ended June 30, 2024, the Company recorded $425,000 and $8,000, respectively, in prepayment penalties related to payoffs in the commercial portfolio. Excluding the prepayment penalties, the net interest margin increased 11 basis points from 2.50% for the six months ended June 30, 2024 to 2.61% for the six months ended June 30, 2025.

    The average yield on interest-earning assets, without the impact of tax-equivalent adjustments, was 4.63% for the six months ended June 30, 2025, compared to 4.47% for the six months ended June 30, 2024. The average loan yield, without the impact of tax-equivalent adjustments, was 4.97% for the six months ended June 30, 2025, compared to 4.84% for the six months ended June 30, 2024. During the six months ended June 30, 2025, average interest-earning assets increased $128.0 million, or 5.3%, to $2.5 billion, from the same period in 2024. The increase was primarily due to an increase in average loans of $58.0 million, or 2.9%, an increase in average short-term investments, consisting of cash and cash equivalents, of $55.4 million, or 467.4%, and an increase in average securities of $13.1 million, or 3.7%.

    The average cost of total funds, including non-interest bearing accounts and borrowings, was 2.07% for each of the six months ended June 30, 2025 and June 30, 2024. The average cost of core deposits, which the Company defines as all deposits except time deposits, increased 23 basis points to 1.05% for the six months ended June 30, 2025, from 0.82% for the six months ended June 30, 2024. The average cost of time deposits decreased 36 basis points from 4.26% for the six months ended June 30, 2024 to 3.90% for the six months ended June 30, 2025. The average cost of borrowings, including subordinated debt, increased eight basis points from 4.96% for the six months ended June 30, 2024 to 5.04% for the six months ended June 30, 2025. Average demand deposits, an interest-free source of funds, increased $18.0 million, or 3.3%, from $553.2 million, or 25.9% of total average deposits, for the six months ended June 30, 2024 to $571.2 million, or 24.8% of total average deposits, for the six months ended June 30, 2025.

    Reversal of Credit Losses

    During the six months ended June 30, 2025, the Company recorded a reversal of credit losses of $473,000, compared to a reversal of credit losses of $844,000 during the six months ended June 30, 2024. The decrease was primarily due to changes in the loan mix as well as economic environment and related adjustments to the quantitative components of the CECL methodology. The provision for credit losses was determined by a number of factors: the continued strong credit performance of the Company’s loan portfolio, changes in the loan portfolio mix and Management’s consideration of existing economic conditions and the economic outlook from the Federal Reserve’s actions to control inflation. Management continues to monitor macroeconomic variables related to increasing interest rates, tariffs, inflation and concerns of an economic downturn, and believes it is appropriately reserved for the current economic environment.

    The Company recorded net recoveries of $556,000 for the six months ended June 30, 2025, as compared to net recoveries of $57,000 for the six months ended June 30, 2024. During the six months ended June 30, 2025, the Company recorded a recovery of $624,000 on a previously charged-off commercial relationship acquired on October 21, 2016 from Chicopee Bancorp, Inc. As of June 30, 2025, the relationship has been paid in full and the Company does not expect to charge-off or recover any additional funds from the borrower.

    Non-Interest Income

    For the six months ended June 30, 2025, non-interest income decreased $338,000, or 5.2%, from $6.5 million during the six months ended June 30, 2024 to $6.2 million. During the same period, service charges and fees on deposits increased $252,000, or 5.5%, and income from BOLI increased $34,000, or 3.6%. During the six months ended June 30, 2025, the Company reported a gain of $243,000 on non-marketable equity investments, compared to a gain of $987,000 during the six months ended June 30, 2024. During the six months ended June 30, 2025, the Company reported $95,000 in other income from loan-level swap fees on commercial loans and did not have comparable income during the six months ended June 30, 2024. During the six months ended June 30, 2025, the Company reported unrealized gains on marketable equity securities of $20,000, compared to unrealized gains on marketable equity securities of $12,000 during the six months ended June 30, 2024. Gains and losses from the investment portfolio vary from quarter to quarter based on market conditions, as well as the related yield curve and valuation changes. During the six months ended June 30, 2025, the Company reported $11,000 in gains from mortgage banking activities and did not have comparable gains or losses during the six months ended June 30, 2024. In addition, during the six months ended June 30, 2024, the Company reported a loss on the disposal of premises and equipment of $6,000 and did not have a comparable gain or loss during the six months ended June 30, 2025.

    Non-Interest Expense

    For the six months ended June 30, 2025, non-interest expense increased $1.7 million, or 6.0%, to $30.8 million, compared to $29.1 million for the six months ended June 30, 2024. The increase in non-interest expense was primarily due to an increase in salaries and employee benefits of $1.1 million, or 6.8%, due to an increase in deferred compensation expense to reflect updated performance award estimates. Advertising expense increased $184,000, or 26.7%, data processing increased $107,000, or 6.3%, FDIC insurance expense increased $97,000, or 13.2%, occupancy expense increased $96,000, or 3.7%, debit card and ATM processing fees increased $56,000, or 4.7%, software related expenses increased $39,000, or 3.1%, professional fees increased $19,000, or 1.7%, furniture and equipment expense increased $11,000, or 1.1%, and other non-interest expense increased $36,000, or 1.4%.

    For the six months ended June 30, 2025, the efficiency ratio was 78.4%, compared to 80.1% for the six months ended June 30, 2024. For the six months ended June 30, 2025, the adjusted efficiency ratio, a non-GAAP financial measure, was 78.9%, compared to 82.4% for the six months ended June 30, 2024. The decreases in the efficiency ratio and the adjusted efficiency ratio were driven by higher revenues, defined as the sum of net interest income and non-interest income, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The adjusted efficiency ratio is a non-GAAP measure. See pages 19-21 for the related efficiency ratio calculation and a reconciliation of GAAP to non-GAAP financial measures.

    Income Tax Provision

    Income tax expense for the six months ended June 30, 2025 was $2.1 million, representing an effective tax rate of 23.2%, compared to $1.6 million, representing an effective tax rate of 19.8%, for six months ended June 30, 2024. The increase is due to higher projected pre-tax income for the twelve months ended December 31, 2025.

    Balance Sheet

    At June 30, 2025, total assets were $2.7 billion, an increase of $58.1 million, or 2.2%, from December 31, 2024. The increase in total assets was primarily due to an increase in total gross loans of $22.1 million, or 1.1%, an increase in cash and cash equivalents of $26.9 million, or 40.4%, and an increase in investment securities of $10.8 million, or 2.9%.

    Investments

    At June 30, 2025, the investment securities portfolio totaled $376.9 million, or 13.9% of total assets, compared to $366.1 million, or 13.8% of total assets, at December 31, 2024. At June 30, 2025, the Company’s available-for-sale securities portfolio, recorded at fair market value, increased $18.1 million, or 11.3%, from $160.7 million at December 31, 2024 to $178.8 million. The held-to-maturity securities portfolio, recorded at amortized cost, decreased $7.4 million, or 3.6%, from $205.0 million at December 31, 2024 to $197.7 million at June 30, 2025.

    At June 30, 2025, the Company reported unrealized losses on the available-for-sale securities portfolio of $26.6 million, or 12.9% of the amortized cost basis of the available-for-sale securities portfolio, compared to unrealized losses of $31.2 million, or 16.2% of the amortized cost basis of the available-for-sale securities at December 31, 2024. At June 30, 2025, the Company reported unrealized losses on the held-to-maturity securities portfolio of $35.4 million, or 17.8% of the amortized cost basis of the held-to-maturity securities portfolio, compared to $39.4 million, or 19.2% of the amortized cost basis of the held-to-maturity securities portfolio at December 31, 2024.

    The securities in which the Company may invest are limited by regulation. Federally chartered savings banks have authority to invest in various types of assets, including U.S. Treasury obligations, securities of various government-sponsored enterprises, mortgage-backed securities, certain certificates of deposit of insured financial institutions, repurchase agreements, overnight and short-term loans to other banks, corporate debt instruments and marketable equity securities. The securities, with the exception of $8.7 million in corporate bonds, are issued by the United States government or government-sponsored enterprises and are therefore either explicitly or implicitly guaranteed as to the timely payment of contractual principal and interest. These positions are deemed to have no credit impairment, therefore, the disclosed unrealized losses with the securities portfolio relate primarily to changes in prevailing interest rates. In all cases, price improvement in future periods will be realized as the issuances approach maturity.

    Management regularly reviews the portfolio for securities in an unrealized loss position. At June 30, 2025 and December 31, 2024, the Company did not record any credit impairment charges on its securities portfolio and attributed the unrealized losses primarily due to fluctuations in general interest rates or changes in expected prepayments and not due to credit quality. The primary objective of the Company’s investment portfolio is to provide liquidity and to secure municipal deposit accounts while preserving the safety of principal. The available-for-sale and held-to-maturity portfolios are both eligible for pledging to the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) as collateral for borrowings. The portfolios are comprised of high-credit quality investments and both portfolios generated cash flows monthly from interest, principal amortization and payoffs, which support’s the Bank’s objective to provide liquidity.

    Total Loans

    Total gross loans increased $22.1 million, or 1.1%, from $2.1 billion, or 77.9% of total assets, at December 31, 2024 to $2.1 billion, or 77.1% of total assets, at June 30, 2025. The increase in total gross loans was primarily driven by an increase in residential real estate loans, including home equity loans, of $29.7 million, or 3.8%, and an increase in commercial and industrial loans of $22.8 million, or 10.8%. The increase in commercial and industrial loans was partially due to an increase in line of credit utilization, from 21.9% at December 31, 2024 to 26.1% at June 30, 2025. These increases were partially offset by a decrease in commercial real estate loans of $29.5 million, or 2.7%, and a decrease in consumer loans of $879,000, or 20.0%.

    The following table presents a summary of the loan portfolio by the major classification of loans at the periods indicated:

      June 30, 2025   December 31, 2024
      (Dollars in thousands)
       
    Commercial real estate loans:      
    Non-owner occupied $ 859,162   $ 880,828
    Owner occupied   187,043     194,904
    Total commercial real estate loans   1,046,205     1,075,732
           
    Residential real estate loans:      
    Residential   677,356     653,802
    Home equity   128,003     121,857
    Total residential real estate loans   805,359     775,659
           
    Commercial and industrial loans   234,505     211,656
           
    Consumer loans   3,512     4,391
    Total gross loans   2,089,581     2,067,438
    Unamortized premiums and net deferred loans fees and costs   3,050     2,751
    Total loans $ 2,092,631   $ 2,070,189


    Credit Quality

    Management continues to closely monitor the loan portfolio for any signs of deterioration in borrowers’ financial condition and also in light of speculation that commercial real estate values may deteriorate as the market continues to adjust to higher vacancies and interest rates. We continue to proactively take steps to mitigate risk in our loan portfolio.

    Total delinquency was $3.9 million, or 0.18% of total loans, at June 30, 2025, compared to $5.0 million, or 0.24% of total loans at December 31, 2024. At June 30, 2025, nonaccrual loans totaled $5.8 million, or 0.27% of total loans, compared to $5.4 million, or 0.26% of total loans, at December 31, 2024. At June 30, 2025 and December 31, 2024, there were no loans 90 or more days past due and still accruing interest. Total nonaccrual assets totaled $5.8 million, or 0.21% of total assets, at June 30, 2025, compared to $5.4 million, or 0.20% of total assets, at December 31, 2024. At June 30, 2025 and December 31, 2024, the Company did not have any other real estate owned.

    At June 30, 2025, the allowance for credit losses was $19.7 million, or 0.94% of total loans and 343.1% of nonaccrual loans, compared to $19.5 million, or 0.94% of total loans and 362.9% of nonaccrual loans, at December 31, 2024. Total criticized loans, defined as special mention and substandard loans, decreased $12.3 million, or 32.0%, from $38.4 million, or 1.9% of total loans, at December 31, 2024 to $26.1 million, or 1.2% of total gross loans, at June 30, 2025.

    Our commercial real estate portfolio is comprised of diversified property types and primarily within our geographic footprint. At June 30, 2025, the commercial real estate portfolio totaled $1.0 billion, and represented 50.1% of total gross loans. Of the $1.0 billion, $859.2 million, or 82.1%, was categorized as non-owner occupied commercial real estate and represented 316.9% of the Bank’s total risk-based capital. More details on the diversification of the loan portfolio are available in the supplementary earnings presentation.

    Deposits

    At June 30, 2025, total deposits were $2.3 billion and increased $67.5 million, or 3.0%, from December 31, 2024. Core deposits, which the Company defines as all deposits except time deposits, increased $81.4 million, or 5.2%, from $1.6 billion, or 68.9% of total deposits, at December 31, 2024, to $1.6 billion, or 70.4% of total deposits, at June 30, 2025. Non-interest-bearing deposits increased $29.6 million, or 5.2%, to $595.3 million, and represent 25.5% of total deposits, money market accounts increased $25.3 million, or 3.8%, to $686.8 million, interest-bearing checking accounts increased $18.3 million, or 12.2%, to $168.7 million, and savings accounts increased $8.1 million, or 4.5%, to $189.7 million.

    Time deposits decreased $13.9 million, or 2.0%, from $703.6 million at December 31, 2024 to $689.7 million at June 30, 2025. Brokered time deposits, which are included in time deposits, totaled $1.7 million at December 31, 2024. The Company did not have brokered time deposits at June 30, 2025. We continue our disciplined and focused approach to core relationship management and customer outreach to meet funding requirements and liquidity needs, with an emphasis on retaining a long-term core customer relationship base by competing for and retaining deposits in our local market. At June 30, 2025, the Bank’s uninsured deposits totaled $688.4 million, or 29.5% of total deposits, compared to $643.6 million, or 28.4% of total deposits, at December 31, 2024.

    The table below is a summary of our deposit balances for the periods noted:

                 
        June 30, 2025   December 31, 2024   June 30, 2024
        (Dollars in thousands)
    Core Deposits:            
    Demand accounts   $ 595,263   $ 565,620   $ 553,329
    Interest-bearing accounts     168,679     150,348     149,100
    Savings accounts     189,716     181,618     186,171
    Money market accounts     686,774     661,478     611,501
    Total Core Deposits   $ 1,640,432   $ 1,559,064   $ 1,500,101
    Time Deposits:     689,681     703,583     671,708
    Total Deposits:   $ 2,330,113   $ 2,262,647   $ 2,171,809


    FHLB and Subordinated Debt

    At June 30, 2025, total borrowings decreased $1.3 million, or 1.1%, from $123.1 million at December 31, 2024 to $121.8 million. At June 30, 2025, short-term borrowings decreased $1.4 million, or 25.1%, to $4.0 million, compared to $5.4 million at December 31, 2024. Long-term borrowings were $98.0 million at June 30, 2025 and December 31, 2024. At June 30, 2025 and December 31, 2024, borrowings also consisted of $19.8 million in fixed-to-floating rate subordinated notes.

    As of June 30, 2025, the Company had $452.7 million of additional borrowing capacity at the FHLB, $383.8 million of additional borrowing capacity under the FRB Discount Window and $25.0 million of other unsecured lines of credit with correspondent banks.

    Capital

    At June 30, 2025, shareholders’ equity was $239.4 million, or 8.8% of total assets, compared to $235.9 million, or 8.9% of total assets, at December 31, 2024. The change was primarily attributable to a decrease in accumulated other comprehensive loss of $3.5 million, cash dividends paid of $2.9 million, repurchase of shares at a cost of $4.7 million, partially offset by net income of $6.9 million. At June 30, 2025, total shares outstanding were 20,494,501. The Company’s regulatory capital ratios continue to be strong and in excess of regulatory minimum requirements to be considered well-capitalized as defined by regulators and internal Company targets.

      June 30, 2025   December 31, 2024
      Company   Bank   Company   Bank
    Total Capital (to Risk Weighted Assets) 14.42 %   13.69 %   14.38 %   13.65 %
    Tier 1 Capital (to Risk Weighted Assets) 12.40 %   12.67 %   12.37 %   12.64 %
    Common Equity Tier 1 Capital (to Risk Weighted Assets) 12.40 %   12.67 %   12.37 %   12.64 %
    Tier 1 Leverage Ratio (to Adjusted Average Assets) 9.10 %   9.29 %   9.14 %   9.34 %


    Dividends

    Although the Company has historically paid quarterly dividends on its common stock and currently intends to continue to pay such dividends, the Company’s ability to pay such dividends depends on a number of factors, including restrictions under federal laws and regulations on the Company’s ability to pay dividends, and as a result, there can be no assurance that dividends will continue to be paid in the future.

    About Western New England Bancorp, Inc.

    Western New England Bancorp, Inc. is a Massachusetts-chartered stock holding company and the parent company of Westfield Bank, CSB Colts, Inc., Elm Street Securities Corporation, WFD Securities, Inc. and WB Real Estate Holdings, LLC. Western New England Bancorp, Inc. and its subsidiaries are headquartered in Westfield, Massachusetts and operate 25 banking offices throughout western Massachusetts and northern Connecticut. To learn more, visit our website at www.westfieldbank.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the Company’s financial condition, liquidity, results of operations, future performance, and business. Forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” Examples of forward-looking statements include, but are not limited to, estimates with respect to our financial condition, results of operations and business that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited to:

    • unpredictable changes in general economic or political conditions, financial markets, fiscal, monetary and regulatory policies, including actual or potential stress in the banking industry;
    • unstable political and economic conditions, including changes in tariff policies, which could materially impact credit quality trends and the ability to generate loans and gather deposits;
    • inflation and governmental responses to inflation, including recent sustained increases and potential future increases in interest rates that reduce margins;
    • the effect on our operations of governmental legislation and regulation, including changes in accounting regulation or standards, the nature and timing of the adoption and effectiveness of new requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Basel guidelines, capital requirements and other applicable laws and regulations;
    • significant changes in accounting, tax or regulatory practices or requirements;
    • new legal obligations or liabilities or unfavorable resolutions of litigation;
    • disruptive technologies in payment systems and other services traditionally provided by banks;
    • the highly competitive industry and market area in which we operate;
    • operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks;
    • failure or circumvention of our internal controls or procedures;
    • changes in the securities markets which affect investment management revenues;
    • increases in Federal Deposit Insurance Corporation deposit insurance premiums and assessments;
    • the soundness of other financial services institutions which may adversely affect our credit risk;
    • certain of our intangible assets may become impaired in the future;
    • the duration and scope of potential pandemics, including the emergence of new variants and the response thereto;
    • new lines of business or new products and services, which may subject us to additional risks;
    • changes in key management personnel which may adversely impact our operations;
    • severe weather, natural disasters, acts of war or terrorism and other external events which could significantly impact our business; and
    • other risk factors detailed from time to time in our SEC filings.

    Although we believe that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from the results discussed in these forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake any obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by law.

    WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES
    Consolidated Statements of Net Income and Other Data
    (Dollars in thousands, except per share data)
    (Unaudited)
      Three Months Ended Six Months Ended
      June 30, March 31, December 31, September 30, June 30, June 30,
        2025     2025     2024     2024     2024     2025     2024  
    INTEREST AND DIVIDEND INCOME:              
    Loans $ 26,214   $ 24,984   $ 25,183   $ 25,134   $ 24,340   $ 51,198   $ 48,581  
    Securities   2,588     2,422     2,273     2,121     2,141     5,010     4,255  
    Other investments   169     191     214     189     148     360     284  
    Short-term investments   641     840     916     396     173     1,481     286  
    Total interest and dividend income   29,612     28,437     28,586     27,840     26,802     58,049     53,406  
                   
    INTEREST EXPENSE:              
    Deposits   10,437     11,376     11,443     11,165     10,335     21,813     19,628  
    Short-term borrowings   47     54     60     71     186     101     469  
    Long-term debt   1,232     1,219     1,557     1,622     1,557     2,451     2,985  
    Subordinated debt   254     254     253     254     254     508     508  
    Total interest expense   11,970     12,903     13,313     13,112     12,332     24,873     23,590  
                   
    Net interest and dividend income   17,642     15,534     15,273     14,728     14,470     33,176     29,816  
                   
    (REVERSAL OF) PROVISION FOR CREDIT LOSSES   (615 )   142     (762 )   941     (294 )   (473 )   (844 )
                   
    Net interest and dividend income after (reversal of) provision for credit losses   18,257     15,392     16,035     13,787     14,764     33,649     30,660  
                   
    NON-INTEREST INCOME:              
    Service charges and fees on deposits   2,528     2,284     2,301     2,341     2,341     4,812     4,560  
    Income from bank-owned life insurance   516     473     486     470     502     989     955  
    Unrealized gain (loss) on marketable equity securities   25     (5 )   (9 )   10     4     20     12  
    Gain (loss) on sale of mortgages   4     7     (11 )   246     –     11     –  
    Gain on non-marketable equity investments   243     –     300     –     987     243     987  
    Loss on disposal of premises and equipment   –     –     –     –     –     –     (6 )
    Other income   95     –     187     74     –     95     –  
    Total non-interest income   3,411     2,759     3,254     3,141     3,834     6,170     6,508  
                   
    NON-INTEREST EXPENSE:              
    Salaries and employees benefits   8,831     8,413     8,429     8,112     7,901     17,244     16,145  
    Occupancy   1,265     1,412     1,256     1,217     1,218     2,677     2,581  
    Furniture and equipment   491     487     505     483     483     978     967  
    Data processing   933     882     900     869     846     1,815     1,708  
    Software   645     659     642     612     566     1,304     1,265  
    Debit/ATM card processing expense   674     577     593     649     643     1,251     1,195  
    Professional fees   623     546     471     540     581     1,169     1,150  
    FDIC insurance   399     431     389     338     323     830     733  
    Advertising   443     429     310     271     339     872     688  
    Other   1,352     1,348     1,431     1,315     1,414     2,700     2,664  
    Total non-interest expense   15,656     15,184     14,926     14,406     14,314     30,840     29,096  
                   
    INCOME BEFORE INCOME TAXES   6,012     2,967     4,363     2,522     4,284     8,979     8,072  
                   
    INCOME TAX PROVISION   1,422     664     1,075     618     771     2,086     1,598  
    NET INCOME $ 4,590   $ 2,303   $ 3,288   $ 1,904   $ 3,513   $ 6,893   $ 6,474  
                   
    Basic earnings per share $ 0.23   $ 0.11   $ 0.16   $ 0.09   $ 0.17   $ 0.34   $ 0.31  
    Weighted average shares outstanding   20,210,650     20,385,481     20,561,749     20,804,162     21,056,173     20,297,582     21,118,571  
    Diluted earnings per share $ 0.23   $ 0.11   $ 0.16   $ 0.09   $ 0.17   $ 0.34   $ 0.31  
    Weighted average diluted shares outstanding   20,312,881     20,514,098     20,701,276     20,933,833     21,163,762     20,413,006     21,217,543  
                   
    Other Data:              
    Return on average assets (1)   0.69 %   0.35 %   0.49 %   0.29 %   0.55 %   0.52 %   0.51 %
    Return on average equity (1)   7.76 %   3.94 %   5.48 %   3.19 %   6.03 %   5.87 %   5.53 %
    Efficiency ratio   74.36 %   83.00 %   80.56 %   80.62 %   78.20 %   78.38 %   80.10 %
    Adjusted efficiency ratio (2)   75.32 %   82.98 %   81.85 %   80.67 %   82.68 %   78.91 %   82.35 %
    Net interest margin   2.80 %   2.49 %   2.41 %   2.40 %   2.42 %   2.64 %   2.50 %
    Net interest margin, on a fully tax-equivalent basis   2.82 %   2.51 %   2.43 %   2.42 %   2.44 %   2.66 %   2.52 %
    (1) Annualized.          
    (2) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gain on non-marketable equity investments, and loss on disposal of premises and equipment.
    WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets
    (Dollars in thousands)
    (Unaudited)
      June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
    Cash and cash equivalents $ 93,308     $ 110,579     $ 66,450     $ 72,802     $ 53,458  
    Securities available-for-sale, at fair value   178,785       167,800       160,704       155,889       135,089  
    Securities held to maturity, at amortized cost   197,671       201,557       205,036       213,266       217,632  
    Marketable equity securities, at fair value   444       414       397       252       233  
    Federal Home Loan Bank of Boston and other restricted stock – at cost   5,818       5,818       5,818       7,143       7,143  
                       
    Loans   2,092,631       2,079,561       2,070,189       2,049,002       2,026,226  
    Allowance for credit losses   (19,733 )     (19,669 )     (19,529 )     (19,955 )     (19,444 )
    Net loans   2,072,898       2,059,892       2,050,660       2,029,047       2,006,782  
                       
    Bank-owned life insurance   78,045       77,529       77,056       76,570       76,100  
    Goodwill   12,487       12,487       12,487       12,487       12,487  
    Core deposit intangible   1,250       1,344       1,438       1,531       1,625  
    Other assets   70,443       71,864       73,044       71,492       75,521  
    TOTAL ASSETS $ 2,711,149     $ 2,709,284     $ 2,653,090     $ 2,640,479     $ 2,586,070  
                       
    Total deposits $ 2,330,113     $ 2,328,593     $ 2,262,647     $ 2,224,206     $ 2,171,809  
    Short-term borrowings   4,040       4,520       5,390       4,390       6,570  
    Long-term debt   98,000       98,000       98,000       128,277       128,277  
    Subordinated debt   19,771       19,761       19,751       19,741       19,731  
    Securities pending settlement   –       2,093       8,622       2,513       102  
    Other liabilities   19,797       18,641       22,770       20,697       23,104  
    TOTAL LIABILITIES   2,471,721       2,471,608       2,417,180       2,399,824       2,349,593  
                       
    TOTAL SHAREHOLDERS’ EQUITY   239,428       237,676       235,910       240,655       236,477  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 2,711,149     $ 2,709,284     $ 2,653,090     $ 2,640,479     $ 2,586,070  
                       
    WESTERN NEW ENGLAND BANCORP, INC. AND SUBSIDIARIES
    Other Data
    (Dollars in thousands, except per share data)
    (Unaudited)
      Three Months Ended
      June 30,   March 31,   December 31,   September 30,   June 30,
      2025   2025   2024   2024   2024
    Shares outstanding at end of period 20,494,501   20,774,319   20,875,713   21,113,408   21,357,849
                       
    Operating results:                  
    Net interest income $ 17,642   $ 15,534   $ 15,273   $ 14,728   $ 14,470
    (Reversal of) provision for credit losses (615)   142   (762)   941   (294)
    Non-interest income 3,411   2,759   3,254   3,141   3,834
    Non-interest expense 15,656   15,184   14,926   14,406   14,314
    Income before income provision for income taxes 6,012   2,967   4,363   2,522   4,284
    Income tax provision 1,422   664   1,075   618   771
    Net income 4,590   2,303   3,288   1,904   3,513
                       
    Performance Ratios:                  
    Net interest margin 2.80%   2.49%   2.41%   2.40%   2.42%
    Net interest margin, on a fully tax-equivalent basis 2.82%   2.51%   2.43%   2.42%   2.44%
    Interest rate spread 2.10%   1.74%   1.63%   1.60%   1.66%
    Interest rate spread, on a fully tax-equivalent basis 2.12%   1.76%   1.65%   1.62%   1.67%
    Return on average assets 0.69%   0.35%   0.49%   0.29%   0.55%
    Return on average equity 7.76%   3.94%   5.48%   3.19%   6.03%
    Efficiency ratio (GAAP) 74.36%   83.00%   80.56%   80.62%   78.20%
    Adjusted efficiency ratio (non-GAAP) (1) 75.32%   82.98%   81.85%   80.67%   82.68%
                       
    Per Common Share Data:                  
    Basic earnings per share $ 0.23   $ 0.11   $ 0.16   $ 0.09   $ 0.17
    Earnings per diluted share 0.23   0.11   0.16   0.09   0.17
    Cash dividend declared 0.07   0.07   0.07   0.07   0.07
    Book value per share 11.68   11.44   11.30   11.40   11.07
    Tangible book value per share (non-GAAP) (2) 11.01   10.78   10.63   10.73   10.41
                       
    Asset Quality:                  
    30-89 day delinquent loans $ 2,525   $ 2,459   $ 3,694   $ 3,059   $ 3,270
    90 days or more delinquent loans 1,328   2,027   1,301   1,253   2,280
    Total delinquent loans 3,853   4,486   4,995   4,312   5,550
    Total delinquent loans as a percentage of total loans 0.18%   0.22%   0.24%   0.21%   0.27%
    Nonaccrual loans $ 5,752   $ 6,014   $ 5,381   $ 4,873   $ 5,845
    Nonaccrual loans as a percentage of total loans 0.27%   0.29%   0.26%   0.24%   0.29%
    Nonaccrual assets as a percentage of total assets 0.21%   0.22%   0.20%   0.18%   0.23%
    Allowance for credit losses as a percentage of nonaccrual loans 343.06%   327.05%   362.93%   409.50%   332.66%
    Allowance for credit losses as a percentage of total loans 0.94%   0.95%   0.94%   0.97%   0.96%
    Net loan (recoveries) charge-offs $ (585)   $ 29   $ (128)   $ 98   $ 10
    Net loan (recoveries) charge-offs as a percentage of average loans (0.03)%   0.00%   (0.01)%   0.00%   0.00%
    (1) The adjusted efficiency ratio (non-GAAP) represents the ratio of operating expenses divided by the sum of net interest and dividend income and non-interest income, excluding realized and unrealized gains and losses on securities, gains on non-marketable equity investments, and loss on disposal of premises and equipment.
    (2) Tangible book value per share (non-GAAP) represents the value of the Company’s tangible assets divided by its current outstanding shares.

    The following table sets forth the information relating to our average balances and net interest income for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024 and reflects the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.

      Three Months Ended
      June 30, 2025   March 31, 2025   June 30, 2024
      Average       Average Yield/   Average       Average Yield/   Average       Average Yield/
      Balance   Interest   Cost(8)   Balance   Interest   Cost(8)   Balance   Interest   Cost(8)
      (Dollars in thousands)
    ASSETS:                                        
    Interest-earning assets                                        
    Loans(1)(2) $ 2,081,319   $ 26,335     5.08 %   $ 2,073,486   $ 25,105     4.91 %   $ 2,017,127   $ 24,454     4.88 %
    Securities(2)   375,074     2,588     2.77       365,371     2,422     2.69       354,850     2,141     2.43  
    Other investments   15,062     169     4.50       14,819     191     5.23       14,328     148     4.15  
    Short-term investments(3)   58,622     641     4.39       76,039     840     4.48       14,328     173     4.86  
    Total interest-earning assets   2,530,077     29,733     4.71       2,529,715     28,558     4.58       2,400,633     26,916     4.51  
    Total non-interest-earning assets   156,247               156,733               156,701          
    Total assets $ 2,686,324             $ 2,686,448             $ 2,557,334          
                                             
    LIABILITIES AND EQUITY:                                        
    Interest-bearing liabilities                                        
    Interest-bearing checking accounts $ 165,329     424     1.03     $ 140,960     250     0.72     $ 131,449     253     0.77  
    Savings accounts   188,498     55     0.12       183,869     40     0.09       185,690     51     0.11  
    Money market accounts   687,621     3,600     2.10       704,215     3,968     2.29       622,062     2,930     1.89  
    Time deposit accounts   690,555     6,358     3.69       702,748     7,118     4.11       650,054     7,101     4.39  
    Total interest-bearing deposits   1,732,003     10,437     2.42       1,731,792     11,376     2.66       1,589,255     10,335     2.62  
    Borrowings   122,070     1,533     5.04       122,786     1,527     5.04       160,484     1,997     5.00  
    Interest-bearing liabilities   1,854,073     11,970     2.59       1,854,578     12,903     2.82       1,749,739     12,332     2.83  
    Non-interest-bearing deposits   572,833               569,638               548,781          
    Other non-interest-bearing liabilities   22,207               25,464               24,453          
    Total non-interest-bearing liabilities   595,040               595,102               573,234          
    Total liabilities   2,449,113               2,449,680               2,322,973          
    Total equity   237,211               236,768               234,361          
    Total liabilities and equity $ 2,686,324             $ 2,686,448             $ 2,557,334          
    Less: Tax-equivalent adjustment(2)       (121 )               (121 )               (114 )      
    Net interest and dividend income     $ 17,642               $ 15,534               $ 14,470        
    Net interest rate spread(4)         2.10 %           1.74 %           1.66 %
    Net interest rate spread, on a tax-equivalent basis(5)         2.12 %           1.76 %           1.67 %
    Net interest margin(6)         2.80 %           2.49 %           2.42 %
    Net interest margin, on a tax-equivalent basis(7)         2.82 %           2.51 %           2.44 %
    Ratio of average interest-earning assets to average interest-bearing liabilities         136.46 %           136.40 %           137.20 %

    The following tables set forth the information relating to our average balances and net interest income for the six months ended June 30, 2025 and 2024 and reflect the average yield on interest-earning assets and average cost of interest-bearing liabilities for the periods indicated.

      Six Months Ended June 30,
        2025     2024
      Average
    Balance    		   Interest   Average Yield/
    Cost(8)    		   Average
    Balance    		   Interest   Average Yield/
    Cost(8)
     
      (Dollars in thousands)
    ASSETS:                          
    Interest-earning assets                          
    Loans(1)(2) $ 2,077,424   $ 51,440     4.99 %   $ 2,019,420   $ 48,805     4.86 %
    Securities(2)   370,249     5,010     2.73       357,171     4,255     2.40  
    Other investments   14,941     360     4.86       13,411     284     4.26  
    Short-term investments(3)   67,282     1,481     4.44       11,857     286     4.85  
    Total interest-earning assets   2,529,896     58,291     4.65       2,401,859     53,630     4.49  
    Total non-interest-earning assets   156,489               155,555          
    Total assets $ 2,686,385             $ 2,557,414          
                               
    LIABILITIES AND EQUITY:                          
    Interest-bearing liabilities                          
    Interest-bearing checking accounts $ 153,212     674     0.89 %   $ 133,504     488     0.74 %
    Savings accounts   186,196     95     0.10       185,907     90     0.10  
    Money market accounts   695,872     7,569     2.19       624,164     5,517     1.78  
    Time deposit accounts   696,618     13,475     3.90       638,970     13,533     4.26  
    Total interest-bearing deposits   1,731,898     21,813     2.54       1,582,545     19,628     2.49  
    Short-term borrowings and long-term debt   122,426     3,060     5.04       160,643     3,962     4.96  
    Total interest-bearing liabilities   1,854,324     24,873     2.70       1,743,188     23,590     2.72  
    Non-interest-bearing deposits   571,245               553,246          
    Other non-interest-bearing liabilities   23,826               25,672          
    Total non-interest-bearing liabilities   595,071               578,918          
                               
    Total liabilities   2,449,395               2,322,106          
    Total equity   236,990               235,308          
    Total liabilities and equity $ 2,686,385             $ 2,557,414          
    Less: Tax-equivalent adjustment (2)       (242 )               (224 )      
    Net interest and dividend income     $ 33,176               $ 29,816        
    Net interest rate spread (4)         1.92 %           1.75 %
    Net interest rate spread, on a tax-equivalent basis (5)         1.95 %           1.77 %
    Net interest margin (6)         2.64 %           2.50 %
    Net interest margin, on a tax-equivalent basis (7)         2.66 %           2.52 %
    Ratio of average interest-earning assets to average interest-bearing liabilities       136.43 %           137.79 %
       
    (1) Loans, including nonaccrual loans, are net of deferred loan origination costs and unadvanced funds.  
    (2) Loan and securities income are presented on a tax-equivalent basis using a tax rate of 21%. The tax-equivalent adjustment is deducted from tax-equivalent net interest and dividend income to agree to the amount reported on the consolidated statements of net income.   
    (3) Short-term investments include federal funds sold.   
    (4) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.   
    (5) Net interest rate spread, on a tax-equivalent basis, represents the difference between the tax-equivalent weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.   
    (6) Net interest margin represents net interest and dividend income as a percentage of average interest-earning assets.   
    (7) Net interest margin, on a tax-equivalent basis, represents tax-equivalent net interest and dividend income as a percentage of average interest-earning assets.   
    (8) Annualized.  


    Reconciliation of Non-GAAP to GAAP Financial Measures

    The Company believes that certain non-GAAP financial measures provide information to investors that is useful in understanding its results of operations and financial condition. Because not all companies use the same calculation, this presentation may not be comparable to other similarly titled measures calculated by other companies. A reconciliation of these non-GAAP financial measures is provided below.

      For the quarter ended
      6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
      (Dollars in thousands, except per share data)
                       
    Loan interest (no tax adjustment) $ 26,214     $ 24,984     $ 25,183     $ 25,134     $ 24,340  
    Tax-equivalent adjustment   121       121       128       119       114  
    Loan interest (tax-equivalent basis) $ 26,335     $ 25,105     $ 25,311     $ 25,253     $ 24,454  
                       
    Net interest income (no tax adjustment) $ 17,642     $ 15,534     $ 15,273     $ 14,728     $ 14,470  
    Tax equivalent adjustment   121       121       128       119       114  
    Net interest income (tax-equivalent basis) $ 17,763     $ 15,655     $ 15,401     $ 14,847     $ 14,584  
                       
    Net interest income (no tax adjustment) $ 17,642     $ 15,534     $ 15,273     $ 14,728     $ 14,470  
    Less:                  
    Prepayment penalties and fees   425       –       –       –       8  
    Adjusted net interest income (non-GAAP) $ 17,217     $ 15,534     $ 15,273     $ 14,728     $ 14,462  
                       
    Average interest-earning assets $ 2,530,077     $ 2,529,715     $ 2,517,017     $ 2,441,236     $ 2,400,633  
    Net interest margin (no tax adjustment)   2.80 %     2.49 %     2.41 %     2.40 %     2.42 %
    Net interest margin, tax-equivalent   2.82 %     2.51 %     2.43 %     2.42 %     2.44 %
    Net interest margin, excluding prepayment penalties and fees (non-GAAP)   2.73 %     2.49 %     2.41 %     2.40 %     2.42 %
                       
    Book Value per Share (GAAP) $ 11.68     $ 11.44     $ 11.30     $ 11.40     $ 11.07  
    Non-GAAP adjustments:                  
    Goodwill   (0.61 )     (0.60 )     (0.60 )     (0.59 )     (0.58 )
    Core deposit intangible   (0.06 )     (0.06 )     (0.07 )     (0.08 )     (0.08 )
    Tangible Book Value per Share (non-GAAP) $ 11.01     $ 10.78     $ 10.63     $ 10.73     $ 10.41  
                       
      For the quarter ended
      6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
      (Dollars in thousands)
                       
    Efficiency Ratio:                  
    Non-interest Expense (GAAP) $ 15,656     $ 15,184     $ 14,926     $ 14,406     $ 14,314  
                       
    Net Interest Income (GAAP) $ 17,642     $ 15,534     $ 15,273     $ 14,728     $ 14,470  
                       
    Non-interest Income (GAAP) $ 3,411     $ 2,759     $ 3,254     $ 3,141     $ 3,834  
    Non-GAAP adjustments:                  
    Unrealized (gains) losses on marketable equity securities   (25 )     5       9       (10 )     (4 )
    Gain on non-marketable equity investments   (243 )     –       (300 )     –       (987 )
    Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) $ 3,143     $ 2,764     $ 2,963     $ 3,131     $ 2,843  
    Total Revenue for Adjusted Efficiency Ratio (non-GAAP) $ 20,785     $ 18,298     $ 18,236     $ 17,859     $ 17,313  
                       
    Efficiency Ratio (GAAP)   74.36 %     83.00 %     80.56 %     80.62 %     78.20 %
                       
    Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP))   75.32 %     82.98 %     81.85 %     80.67 %     82.68 %
                       
      For the six months ended
      6/30/2025   6/30/2024
      (Dollars in thousands)
           
    Loan income (no tax adjustment) $ 51,198   $ 48,581
    Tax-equivalent adjustment 242   224
    Loan income (tax-equivalent basis) $ 51,440   $ 48,805
           
    Net interest income (no tax adjustment) $ 33,176   $ 29,816
    Tax equivalent adjustment 242   224
    Net interest income (tax-equivalent basis) $ 33,418   $ 30,040
           
    Net interest income (no tax adjustment) $ 33,176   $ 29,816
    Less:      
    Prepayment penalties and fees 425   8
    Adjusted net interest income (non-GAAP) $ 32,751   $ 29,808
           
    Average interest-earning assets $ 2,529,896   $ 2,401,859
    Net interest margin (no tax adjustment) 2.64%   2.50%
    Net interest margin, tax-equivalent 2.66%   2.52%
    Net interest margin, excluding prepayment penalties and fees (non-GAAP) 2.61%   2.50%
           
    Adjusted Efficiency Ratio:      
    Non-interest Expense (GAAP) $ 30,840   $ 29,096
           
    Net Interest Income (GAAP) $ 33,176   $ 29,816
           
    Non-interest Income (GAAP) $ 6,170   $ 6,508
    Non-GAAP adjustments:      
    Unrealized gains on marketable equity securities (20)   (12)
    Loss on disposal of premises and equipment, net –   6
    Gain on non-marketable equity investments (243)   (987)
    Non-interest Income for Adjusted Efficiency Ratio (non-GAAP) $ 5,907   $ 5,515
    Total Revenue for Adjusted Efficiency Ratio (non-GAAP) $ 39,083   $ 35,331
           
    Efficiency Ratio (GAAP) 78.38%   80.10%
           
    Adjusted Efficiency Ratio (Non-interest Expense (GAAP)/Total Revenue for Adjusted Efficiency Ratio (non-GAAP)) 78.91%   82.35%


    For further information contact:
    James C. Hagan, President and CEO
    Guida R. Sajdak, Executive Vice President and CFO
    Meghan Hibner, First Vice President and Investor Relations Officer
    413-568-1911

    The MIL Network –

  • MIL-OSI United Kingdom: British Ambassador pays courtesy visit to Guatemalan Minister of Education

    Source: United Kingdom – Executive Government & Departments

    World news story

    British Ambassador pays courtesy visit to Guatemalan Minister of Education

    Ambassador Juliana Correa and Minister Anabella Giracca met to explore ways to further deepen UK-Guatemala educational ties.

    The meeting highlighted the potential of the Global Partnership for Education (GPE)—the world’s largest fund dedicated to transforming education in lower-income countries, with the UK as its leading donor. Discussions focused on leveraging this platform to support Guatemala’s education priorities. 

    Key areas of potential collaboration included enhancing early English language learning and expanding Guatemalan participation in the UK’s prestigious Chevening Scholarship programme at the postgraduate level. 

    Ambassador Correa also expressed the UK’s interest in supporting national initiatives such as the “Scholarships for Our Future” programme, recognizing its transformative impact on the lives of Guatemalan youth. 

    In closing, the Ambassador commended Minister Giracca’s efforts to expand educational access, improve learning outcomes, and promote equity and inclusion across the country’s education system.

    Updates to this page

    Published 22 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: British Ambassador pays courtesy visit to Guatemalan Minister of Education

    Source: United Kingdom – Executive Government & Departments

    World news story

    British Ambassador pays courtesy visit to Guatemalan Minister of Education

    Ambassador Juliana Correa and Minister Anabella Giracca met to explore ways to further deepen UK-Guatemala educational ties.

    The meeting highlighted the potential of the Global Partnership for Education (GPE)—the world’s largest fund dedicated to transforming education in lower-income countries, with the UK as its leading donor. Discussions focused on leveraging this platform to support Guatemala’s education priorities. 

    Key areas of potential collaboration included enhancing early English language learning and expanding Guatemalan participation in the UK’s prestigious Chevening Scholarship programme at the postgraduate level. 

    Ambassador Correa also expressed the UK’s interest in supporting national initiatives such as the “Scholarships for Our Future” programme, recognizing its transformative impact on the lives of Guatemalan youth. 

    In closing, the Ambassador commended Minister Giracca’s efforts to expand educational access, improve learning outcomes, and promote equity and inclusion across the country’s education system.

    Updates to this page

    Published 22 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UK-Egypt Strategic Partnership: 22 July 2025

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK-Egypt Strategic Partnership: 22 July 2025

    A Strategic Partnership between the UK and Egyptian governments.

    The UK and Egypt share deep, historic ties. We partner across multiple fields, from climate change to global security, trade and investment to tourism, underpinned by rich people-to-people and cultural connections. However, both countries aspire to strengthen this co-operation in pursuit of shared prosperity and greater regional and global security.

    The Governments of Egypt and the UK have therefore committed to elevating the bilateral relationship to a Strategic Partnership. This commitment marks a significant milestone and will enable both governments to strengthen and systematise existing collaboration in line with shared interests and priorities such as trade and investment, irregular migration, regional security and responding to the humanitarian crisis in Gaza.

    The UK and Egypt will launch the Strategic Partnership during a visit to Cairo by the Prime Minister in the autumn of 2025. To unlock new mutual growth opportunities and strengthen economic ties, the Prime Minister and President Sisi will jointly chair an Investment Conference convening key British and Egyptian businesses.

    The UK Government looks forward to building the Strategic Partnership with Egypt to enhance the prosperity and security of our citizens.

    Updates to this page

    Published 22 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI NGOs: Scotland: First Minister must reject Trump’s anti-rights agenda

    Source: Amnesty International –

    Amnesty says meeting with President Trump is a ‘major test’ of the Scottish Government’s commitment to global justice and equality

    Call to protect protest rights amid concerns over heavy-handed policing of Pro-Palestinian demonstrations

    ‘In a moment of global crisis for these values, the question is whether the First Minister will rise to the occasion or remain silent in the face of authoritarian practices’ – Liz Thomson

    In a critical moment for global human rights, Amnesty International has called on First Minister John Swinney to stand firm against authoritarian practices and defend the principles of universal human rights and international justice during his meeting with President Donald Trump.

    Amnesty has warned that the meeting will be a serious test of the Scottish Government’s stated commitment to human rights – both at home and internationally.

    In a letter sent to the First Minister, Amnesty wrote:

    ‘This meeting will be a major test of the Scottish Government’s commitment to global justice, one which [you must] meet with a resolve to defend universal human rights and to stand against the authoritarian practices of the Trump Administration.’

    Amnesty noted that the Trump Administration’s sweeping attacks on civic space, refugee and migrant rights, the rule of law, women’s rights, racial justice, and LGBTI protections have fuelled human rights crises and emboldened anti-rights leaders and movements and said the First Minister must be prepared to challenge those practices when the two meet. The letter continued with:

    ‘You have said in recent days that it is in Scotland’s interest for you meet with the President. It is in Scotland’s interest that political leaders reject the President’s anti-rights agenda and stand firm against authoritarian practices.’

    Amnesty also called on the Scottish Government to ensure Police Scotland and other forces involved in policing the President’s visit uphold the right to peaceful protest– amid growing concern over recent reports of heavy-handed responses to pro-Palestinian demonstrations.

    Liz Thomson, Amnesty International’s Scotland Programme Director said:

    “President Trump’s administration has fully embraced authoritarian tactics while furthering an anti-rights agenda – no UK leader should be rolling out the red carpet to welcome him.

    “If the Scottish Government wants to be seen as a principled global actor, warm words on human rights must translate into action – especially in high-stakes moments like this.

    “The First Minister’s priority during  his visit should be to directly challenge the serious human rights violations the Trump administration is responsible for, and to ensure that those who wish  o peacefully protest are fully able to without fear of heavy-handed policing.

    “This meeting will be a major test of the First Minister’s commitment to human rights and international justice. In a moment of global crisis for these values, the question is whether he will rise to the occasion or remain silent in the face of authoritarian practices.”

    MIL OSI NGO –

  • MIL-OSI Analysis: No wonder England’s water needs cleaning up – most sewage discharges aren’t even classified as pollution incidents

    Source: The Conversation – UK – By Alex Ford, Professor of Biology, University of Portsmouth

    oneSHUTTER oneMEMORY/Shutterstock

    England’s privatised water industry may one day be considered a textbook case study of failed corporate responsibility, regulation and governance. The Cunliffe review, the recent report into England’s privatised water industry, concluded that the financial regulator, OfWat, needs to be disbanded and a new water regulator will be introduced.

    For that to work effectively, better pollution monitoring and more clearly defined pollution incident criteria are essential. While politicians and water companies have claimed to be reducing pollution incidences, they might not strictly be tackling sources of pollution, so communications must be carefully scrutinised for disinformation.

    The UK’s environment minister Steve Reed MP has described the water industry as “broken”. The public have rising water bills. Water companies owe over £60 billion in debts and have left the country with uncertain water security in the face of climate change.

    The Environment Agency (EA) in England recently announced that serious pollution incidents in 2024 rose by 60% to 75 from 47 in the previous year. The EA classifies pollution incidents using a four-point scale called the common incident classification scheme. Trained EA officers consider the evidence reported via their incident hotline to assess its credibility and severity.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Category 1 is for major incidents, 2 for significant, 3 for minor incidents and 4 for no impact. Category 1 and 2 typically involve visible signs of dead fish floating. For salmon, if more than 10 adult or 100 young fish are dead, this is category 1. With fewer than ten adult and 100 young fish dead, it’s category 2.

    No dead fish, no serious problem? The EA can also record damage on protected habitats as “pollution incidents” but these are harder to substantiate without investigative research that takes time and money.

    Last year, more than 450,000 sewage discharges were recorded by event duration monitors. These are devices fitted to the end of overflow pipes that indicate when and for how long they have been discharging.

    These discharges represent 3.6 million hours of untreated sewage going into our rivers and coasts. These contain chemical contaminants including pharmaceuticals, detergents and human pathogens. Only 75 incidents were recorded as serious or significant in 2024. Another 2,726 were classed as minor.

    So lots of sewage discharges are not being classified as pollution incidents, despite containing pollutants. The EA advises its investigating officers to “record substantiated incidents that result in no environmental impact, or where the impact cannot be confirmed, as a category 4”.

    The EA has been criticised for turning up late to 74% of category 1 and 2 pollution incidents and for being pressured to ignore low-level pollution – all claims that they have denied. However, they admit they are constrained by finances. Any new regulator must be adequately resourced and independent.

    Pollution isn’t always classified as an official pollution incident.
    YueStock/Shutterstock

    In their recent report into pollution incidences, the EA states that they respond to all category 1 and 2 (serious and significant) water industry incidents and will be increasing their attendance at category 3 (minor) incidents. They highlight that more inspections will identify more issues. This shows some acceptance that the more incidents they attend, the more would be substantiated or recorded appropriately.

    Most sewage discharges would not have been reported to, or recorded by, the EA as pollution incidents because they were permitted discharges from combined stormwater overflows. Water companies are allowed to discharge untreated wastewater under exceptional rainfall or snowfall conditions to prevent sewage backing up through the pipes.

    Extra water flow in rivers from rainfall is meant to dilute chemical contaminants in wastewater. However, some discharges can last days or weeks. The EA is currently investigating whether water companies have been breaching their permits and discharging untreated wastewater when there is low or even no rainfall.

    What counts as pollution?

    The UN classifies pollution as “presence of substances and energy (for example, light and heat) in environmental media (air, water, land) whose nature, location, or quantity produces undesirable environmental effects”. This definition differs markedly from the EA’s working definition of pollution incidents.

    Many sewage discharges containing low concentrations of pollutants won’t kill fish but might still be harmful to fish larvae or small insects, for example.

    However, the broad picture from EA data is that invertebrate communities at least are in a better state than they were three decades ago before wastewater treatment plants were upgraded following the EU’s Urban Wastewater Directive.

    Some pollutants bioaccumulate through the food chain, so they become concentrated in top predators such as orcas. Some chemicals mimic reproductive hormones even in low concentrations and can feminise fish, for example. High levels of nutrients from agriculture and sewage in rivers can cause fungal diseases in seagrass meadows.

    Other families of chemicals build up in wildlife and people, such as persistent “forever chemicals”, much of which comes from wastewater discharges. Continued discharges of antibiotics into waterways might not be classified as pollution incidents but still pose a substantial risk to human and ecosystem health through bacteria developing antibiotic resistance.

    The government has just committed to cut sewage pollution by 50% by December 2029 based on 2024 data. But it’s not yet clear whether these involve cutting the frequency of discharges, the duration or both.

    This data could also be manipulated so that a large number of small discharges can be consolidated into one official discharge event. Currently, the volume of discharges from stormwater overflows isn’t known. Without this vital data we can’t ascertain the risk posed by their contaminants.

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

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

    Alex Ford receives funding from the Natural Environment Research Council (NERC), EU, charities and industry including water companies.

    – ref. No wonder England’s water needs cleaning up – most sewage discharges aren’t even classified as pollution incidents – https://theconversation.com/no-wonder-englands-water-needs-cleaning-up-most-sewage-discharges-arent-even-classified-as-pollution-incidents-261502

    MIL OSI Analysis –

  • MIL-OSI Analysis: Farewell to summer? ‘Haze’ and ‘trash’ among Earth’s new seasons as climate change and pollution play havoc

    Source: The Conversation – UK – By Felicia Liu, Lecturer (Assistant Professor) in Sustainability, University of York

    Throughout history, people have viewed seasons as relatively stable, recurrent blocks of time that neatly align farming, cultural celebrations and routines with nature’s cycles. But the seasons as we know them are changing. Human activity is rapidly transforming the Earth, and once reliable seasonal patterns are becoming unfamiliar.

    In our recent study, we argue that new seasons are surfacing. These emergent seasons are entirely novel and anthropogenic (in other words, made by humans).

    Examples include “haze seasons” in the northern and equatorial nations of south-east Asia, when the sky is filled with smoke for several weeks. This is caused by widespread burning of vegetation to clear forests and make way for agriculture during particularly dry times of year.

    Or there is the annual “trash season”, during which tidal patterns bring plastic to the shores of Bali, Indonesia, between November and March.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    At the same time, some seasons are disappearing altogether, with profound consequences for ecosystems and cultures. These extinct seasons can encompass drastically altered or terminated migratory animal behaviour, such as the decline of seabird breeding seasons in northern England.

    Climate change is also calling time on traditional winter sport seasons by making snow scarcer in alpine regions.

    Nature’s new rhythms

    Perhaps more common are “syncopated seasons”. The changes are akin to new emphases on beats or off-beats in familiar music that capture the listener’s attention.

    Syncopated seasons include hotter summers and milder winters in temperate climates, with increasingly frequent and severe extreme weather that exposes more people and ecosystems to stress.

    The timings of key seasonal events, like when leaves fall or certain migratory species arrive, are becoming more unpredictable. We coined the term “arrhythmic seasons”, a concept borrowed from cardiology, to refer to abnormal rhythms which include earlier springs or breeding seasons, longer summers or growing seasons, and shorter winters or hibernating seasons.

    Changing seasonal patterns throw the interdependent life cycles of plants and animals out of sync with each other, and disrupt the communities that are economically, socially and culturally dependent on them.

    In northern Thailand, human activity has reshaped nature’s rhythms and affected the supply of water and food in turn. Communities along the Mekong river’s tributaries have relied on the seasonal flow of rivers to fish and farm for generations.

    At first, upstream dams disrupted these cycles by blocking fish migration and preventing the accumulation of sediment that farms need for soil. More recently, climate change has shifted rainfall patterns and made dry seasons longer and rainy seasons shorter but more intense, bringing fires and further uncertainty to farmers.

    Let’s rethink time

    How we react to changing seasonal patterns can either worsen or improve environmental conditions. In south-east Asia, public awareness of the “haze season” has led to better forecasting, the installation of air filters in homes and the establishment of public health initiatives.

    These efforts help communities adapt. But if society only uses adaptive fixes like these, it can make the haze worse over time by failing to tackle its root causes. By recognising this new season, societies might normalise the recurrence of haze and isolate anyone who demands the government and businesses deal with deforestation and burning.

    Powerful institutions like these shape narratives about seasonal crises to minimise their responsibility and shift blame elsewhere. Understanding these dynamics is crucial to fostering accountability and ensuring fair responses.

    The shifting seasons require us to rethink our relationship with time and the environment. Today, most of us think about time in terms of days, hours and minutes, which is a globalised standard used everywhere from smartphones to train timetables. But this way of keeping time forgets older and more local ways of understanding time – those that are shaped by natural rhythms, such as the arrival of the rainy season, or solar and lunar cycles, rooted in the lives and cultures of different communities.

    Diverse perspectives, especially those from Indigenous knowledge systems, can enhance our ability to respond to environmental changes. Integrating alternative time-keeping methods into mainstream practices could foster fairer and more effective solutions to environmental problems.

    Seasons are more than just divisions of time – they connect us with nature. Finding synchrony with changing seasonal rhythms is essential for building a sustainable future.

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

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

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Farewell to summer? ‘Haze’ and ‘trash’ among Earth’s new seasons as climate change and pollution play havoc – https://theconversation.com/farewell-to-summer-haze-and-trash-among-earths-new-seasons-as-climate-change-and-pollution-play-havoc-260765

    MIL OSI Analysis –

  • MIL-OSI United Kingdom: Oxford landlord found guilty of failing to comply with HMO licence conditions

    Source: City of Oxford

    Tuesday, 22 July 2025

    An Oxford landlord has been fined £5,500 after being found guilty of failing to comply with HMO licence conditions at a home in Headington.

    Aslam Javid Dogar, (61), of Lime Walk in Oxford, was found guilty of nine counts of failing to comply with the conditions of the HMO licence for 182 Headington Road.  

    The failure to comply with licence conditions included: 

    • an inadequate fire alarm system  
    • fire doors that had not been maintained in good order and repair 
    • a lack of guarding on the staircase and landing between the first and second floors 
    • no mechanical ventilation fitted in either kitchen or bathroom  
    • the property being generally in a poor state of repair 

    Alongside the £5,500 fine, Dogar was ordered to pay costs of £3,678 and a victim surcharge of £2,000 at Oxford Magistrates’ Court on 8 July 2025. 

    , 

    “Some landlords are taking advantage of the city’s housing shortage to rent out badly maintained properties to multiple occupants.  

    The HMO licensing scheme was introduced to raise standards in the city’s private rental sector and make sure all rented homes are safe for tenants to live in.  

    The message to landlords is clear, if you don’t meet your legal obligations to your tenants and keep your properties up to the required standard then the city council will prosecute you.  

    I am pleased by the substantial fine charged in this particular case as it serves as a deterrent to other landlords, and serves notice that HMO standards will be upheld.” 

    – Councillor Linda Smith, Cabinet Member for Housing

    If you suspect a property may be an unlicensed HMO or know of an HMO which is unsafe, in poor repair or you have concerns about its management, you can report it anonymously for investigation on the Council’s website.  

    For more information contact: 

    Oxford City Council 

    Press Office 

    01865 252096 

    pressoffice@oxford.gov.uk 
     

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Welcome boost for four Plymouth bus routes

    Source: City of Plymouth

    Plymouth residents and visitors will soon benefit from extended routes and timings on four bus services, thanks to grant funding from the Department for Transport.

    From Monday 28 July the service 25, which runs between the city centre, Barbican and West Hoe, will run until 10pm instead of 6pm from Monday to Saturday. This will be a welcome improvement for people travelling to and from the waterfront later into the evening on these days (Sunday and bank holiday timetables will remain as they are).

    From Sunday 31August the service 1A will run to Derriford Hospital on Sundays and bank holidays, providing a valuable direct link between Sherford, Plymstock and the hospital seven days a week. (It currently only runs between Sherford and the city centre on Sundays and bank holidays.)

    The same will apply for the service 27, providing week-round access to the city centre and the hospital for residents in Lower Compton, Efford, Eggbuckland and Mainstone.

    We will also continue to support evening journeys on the service 2 between the city centre and Mount Batten to maintain this important link for residents.

    The contracts are being funded by the Department for Transport’s Bus Grant for 2025/26 and will run until March 2027.

    Councillor John Stephens, Cabinet Member for Strategic Planning and Transport, said: “Helping people get to and from key parts of the city is a priority for us and we want to do all we can to ensure these links are there during the evenings, as well as on Sundays and bank holidays. These improvements will hopefully make a big difference to local bus passengers, as well as visitors.”

    Unfortunately, due to very low passenger numbers, some journeys on the Council-subsidised service 4 between Plympton and the city centre (via Sherford and Plymstock) will be withdrawn from 31 August:

    Outbound from Royal Parade to Plympton Ridgeway

    6am departure (Monday to Friday)
    8.10pm and 9.10pm departures (Monday to Saturday)

    Inbound from Plympton Ridgeway to Royal Parade

    9.05pm and 10.05pm departures (Monday to Friday)
    9.01pm and 10.01pm departures (Saturday)

    For information about the extended hours of operation on service 25, see the Plymouth Citybus website.

    Information about services 1A, 2, 4 and 27 can be found on the Stagecoach South West website.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Review Body on Doctors’ and Dentists’ Remuneration remit letter: 2026 to 2027

    Source: United Kingdom – Executive Government & Departments 2

    Correspondence

    Review Body on Doctors’ and Dentists’ Remuneration remit letter: 2026 to 2027

    Letter about the pay round for the financial year 2026 to 2027 from the Secretary of State for Health and Social Care to the Review Body on Doctors’ and Dentists’ Remuneration (DDRB).

    Documents

    Review Body on Doctors’ and Dentists’ Remuneration remit letter: 2026 to 2027

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    Details

    This letter to the Chair of the Review Body on Doctors’ and Dentists’ Remuneration (DDRB) sets out the remit from the Department of Health and Social Care to DDRB. It concerns the pay round for the financial year 2026 to 2027.

    Updates to this page

    Published 22 July 2025

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  • MIL-OSI United Kingdom: Senior Salaries Review Body remit letter: 2026 to 2027

    Source: United Kingdom – Executive Government & Departments 2

    Correspondence

    Senior Salaries Review Body remit letter: 2026 to 2027

    Letter about the pay round for the financial year 2026 to 2027 from the Secretary of State for Health and Social Care to the Senior Salaries Review Body.

    Documents

    Senior Salaries Review Body remit letter: 2026 to 2027

    HTML

    Details

    This letter to the Senior Salaries Review Body (SSRB) sets out the remit from the Department of Health and Social Care (DHSC) to the SSRB.

    It concerns the pay round for the financial year 2025 to 2026.

    Updates to this page

    Published 22 July 2025

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  • MIL-OSI United Kingdom: NHS Pay Review Body remit letter: 2026 to 2027

    Source: United Kingdom – Executive Government & Departments 2

    Correspondence

    NHS Pay Review Body remit letter: 2026 to 2027

    Letter about the pay round for the financial year 2026 to 2027 from the Secretary of State for Health and Social Care to the NHS Pay Review Body (NHSPRB).

    Documents

    NHS Pay Review Body remit letter: 2026 to 2027

    HTML

    Details

    This letter to the Interim Chair of the NHS Pay Review Body (NHSPRB) sets out the remit from the Department of Health and Social Care to the NHSPRB.

    It concerns the pay round for the financial year 2026 to 2027.

    Updates to this page

    Published 22 July 2025

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  • MIL-OSI United Kingdom: Armed Forces’ pay round 2026 – remit letter

    Source: United Kingdom – Executive Government & Departments 3

    Correspondence

    Armed Forces’ pay round 2026 – remit letter

    Formal request to the Chair of the Armed Forces’ Pay Review Body to commence the 2026 pay round.

    Documents

    Armed Forces pay round 2026 – remit letter

    HTML

    Armed Forces pay round 2026 – remit letter

    PDF, 130 KB, 3 pages

    This file may not be suitable for users of assistive technology.

    Request an accessible format.
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    Details

    Formal request from the Secretary of State for Defence to the Chair of the Armed Forces’ Pay Review Body to commence the 2026 pay round.

    Updates to this page

    Published 22 July 2025

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  • MIL-OSI United Kingdom: Lord Chancellor letter to the Chair of the SSRB: July 2025

    Source: United Kingdom – Executive Government & Departments 3

    Correspondence

    Lord Chancellor letter to the Chair of the SSRB: July 2025

    The Lord Chancellor writes to the Chair of the Senior Salaries Review Body (SSRB) about the annual judicial pay review 2026 to 2027.

    Applies to England and Wales

    Documents

    Lord Chancellor letter to the Chair of the SSRB: July 2025

    PDF, 106 KB, 2 pages

    Details

    This letter to the Chair of the SSRB sets out the remit issued by the Lord Chancellor for the 2026 to 2027 annual pay review.

    Updates to this page

    Published 22 July 2025

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  • MIL-OSI United Kingdom: Remit letter for the PSPRB 2026 England and Wales pay round

    Source: United Kingdom – Executive Government & Departments 3

    Correspondence

    Remit letter for the PSPRB 2026 England and Wales pay round

    Remit letter from the Minister of State for Prisons and Probation to the Chair of the Prison Service Pay Review Body (PSPRB).

    Applies to England and Wales

    Documents

    PSPRB remit letter 2026 to 2027

    PDF, 137 KB, 2 pages

    This file may not be suitable for users of assistive technology.

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email web.comments@justice.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Details

    This letter sets out the remit for the 2026 to 2027 pay round for operational prison staff in the England and Wales prison service.

    The UK government determines when it will respond to and publish the PSPRB’s report.

    Updates to this page

    Published 22 July 2025

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: School Teachers’ Review Body remit letter for 2026 and 2027

    Source: United Kingdom – Government Statements

    Correspondence

    School Teachers’ Review Body remit letter for 2026 and 2027

    The Secretary of State’s letter to the School Teachers’ Review Body asking for recommendations on teachers’ pay and conditions for 2026 to 2027 and 2027 to 2028.

    Applies to England

    Documents

    Letter from Bridget Phillipson to Dr Mike Aldred

    PDF, 173 KB, 4 pages

    Details

    Secretary of State for Education Bridget Phillipson’s letter to Dr Mike Aldred, Chair of the School Teachers’ Review Body (STRB).

    Updates to this page

    Published 22 July 2025

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  • MIL-OSI United Kingdom: SSRB remit letter: 2026/27 pay round

    Source: United Kingdom – Government Statements

    Correspondence

    SSRB remit letter: 2026/27 pay round

    The Chancellor of the Duchy of Lancaster, Pat McFadden, writes to the Senior Salaries Review Body about the 2026/27 pay round.

    Documents

    The Chancellor of the Duchy of Lancaster letter to SSRB (PDF)

    PDF, 180 KB, 2 pages

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    The Chancellor of the Duchy of Lancaster letter to SSRB (HTML)

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    The Chancellor of the Duchy of Lancaster, Pat McFadden, writes to the Senior Salaries Review Body about the 2026/27 pay round.

    Updates to this page

    Published 22 July 2025

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    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Sentence tripled for former police officer

    Source: United Kingdom – Executive Government & Departments

    Press release

    Sentence tripled for former police officer

    A police officer who continued an inappropriate relationship with a vulnerable girl he met on duty over several years has had his sentence increased.

    Che Homersham (37), from Southgate in North London, had his sentence increased by 12 months after the Solicitor General Lucy Rigby KC MP referred it under the Unduly Lenient Sentence scheme.  

    The court heard that Homersham met the 16-year-old girl while on duty. He contacted the girl from his personal number under the pretext of taking a personal statement before picking her up and driving her to a remote location. Homersham then asked if he could kiss her but, the victim refused his advances.  

    This was the start of Homersham’s inappropriate relationship with the teenager over several years, which included describing sexual fantasies and making sexual advances.

    Homersham was arrested for a separate matter in August 2023, when his texts to the victim were uncovered.  

    In a victim personal statement, the girl said that Homersham’s actions has meant she doesn’t trust many people anymore and impacts how she perceives the police.  

    The Solicitor General Lucy Rigby KC MP said: 

    Homersham abused his position as a police officer – a role that rightly commands public trust – and I welcome the Court’s decision to increase his sentence.

    On 13 May 2025, Che Homersham was sentenced to six months’ imprisonment for misconduct in public office.

    On 22 July 2025, his sentence was quashed and tripled to 18 months after it was referred to the Court of Appeal under the Unduly Lenient Sentence scheme.

    Updates to this page

    Published 22 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: First report on babies born following pioneering licensed IVF technique to reduce the risk of mitochondrial diseases

    Source: United Kingdom – Executive Government & Departments

    The first published research findings from the Newcastle team on the children born following pioneering licensed IVF technique to reduce the risk of mitochondrial diseases.

    The research papers, published in New England Journal of Medicine (NEJM) by the team based at Newcastle University and the Newcastle Fertility Centre at Newcastle Hospitals NHS Foundation Trust describe the reproductive and clinical outcomes of pronuclear transfer treatments performed to date.

    In the absence of a cure for mitochondrial DNA diseases, attention has focussed on IVF-based technologies to reduce the risk of disease by limiting transmission of disease-causing mitochondrial DNA mutations from mother to child.

    The UK was the first country to approve laws to allow the use of the ground-breaking IVF-based mitochondrial donation technology, pronuclear transfer, in 2015. The technique is designed to reduce the risk of mitochondrial DNA disease in children born to women who carry high levels of disease-causing mitochondrial DNA mutations.

    Journalists came to this press briefing to hear from clinicians, scientists and embryologists caring for the mothers affected by mitochondrial disease about the first babies, the science, the methods and the data, and to ask their questions. 

    Speakers included:

    Professor Sir Doug Turnbull, Emeritus Professor of Neurology, Newcastle University

    Professor Mary Herbert, Professor of Reproductive Biology, Newcastle University and Monash University

    Professor Bobby McFarland, Director of the NHS Highly Specialised Service for Rare Mitochondrial Disorders (Newcastle Hospitals NHS Foundation Trust) and Professor of Paediatric Mitochondrial Medicine at Newcastle University

    Dr Louise Hyslop, Consultant Embryologist, Newcastle Fertility Centre, Newcastle Hospitals NHS Foundation Trust

    This Briefing was accompanied by an SMC Roundup of comments. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Genome engineering for species conservation

    Source: United Kingdom – Executive Government & Departments

    Much has been made of the potential of genome engineering to bring back extinct species.  But what about its potential for biodiversity and conservation of existing threatened species?

    Traditional conservation techniques such as captive breeding and habitat protection can be successful in boosting population numbers but this can leave species populations with low genetic diversity, leaving them more vulnerable to future threats like new diseases or climate change.

    In a new Perspectives article in Nature Reviews Biodiversity, a team of scientists examines the potential for CRISPR-based editing to complement existing conservation in the following ways:

    1. Restoring lost variation – bringing back genetic diversity that has been lost from the gene pool of the modern populations of threatened species, using DNA from samples of the species collected decades or even centuries ago, which are stored in natural history museums all over the world
    2. Facilitated adaptation – introducing genes from related, better-adapted species to confer traits like heat tolerance or pathogen resistance, equipping threatened species to adapt to rapid environmental change
    3. Reducing genetic load – populations that have previously crashed in numbers often carry harmful mutations that have become fixed by chance, so targeted gene edits could replace these mutations with the healthy variant from before the population crash – with the potential to improve fertility, survival rates, and overall health.

    Is this what the future of conservation looks like?  What potential does it have and what are the risks scientists need to avoid?

    Journalists came to this briefing to hear from three of the authors and put their questions to them.

    Speakers included:

    Prof Cock van Oosterhout, Professor of Evolutionary Genetics at the University of East Anglia 

    Dr Anna Keyte, Species Director at Colossal Biosciences

    Prof Jim Groombridge, Professor of Biodiversity Conservation, Durrell Institute of Conservation and Ecology, University of Kent

    This Briefing was accompanied by an SMC Roundup of comments. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: expert reaction to study looking at estimates of brain ageing and the Covid pandemic

    Source: United Kingdom – Executive Government & Departments

    A study published in Nature Communications looks at brain ageing during the Covid-19 pandemic. 

    Dr Eugene Duff, Advanced Research Fellow in Informatics, Department of Brain Sciences, Imperial College London, said:

    “Mohammadi-Nejad and colleagues present a unique analysis of MRI data from the UK Biobank study to identify evidence for the impact of the COVID-19 pandemic period – independent of the infection itself – on brain health and aging.  They were able to show that, even in the absence of COVID-19 infection, living through the pandemic was associated with accelerated aging of the brain, and could point to a variety of factors potentially contributing to this acceleration, such as sex and socio-demographic background.  With this approach, the authors were able to quantify more extensive brain health associations of the pandemic period than studies focusing purely on effects of the virus itself.  However, as an observational study it is not possible to fully exclude that factors unrelated to the pandemic could contribute to the observed acceleration. While the events of the pandemic were exceptional, this work demonstrates the stark effects that the conditions of an individual’s life may have on brain and cognitive health, and the value of careful dissection of the myriad of local and global factors contributing to these conditions.”

    Prof Masud Husain, Professor of Neurology & Cognitive Neuroscience, University of Oxford, said:

    “While this is a very carefully conducted analysis, we have to be cautious with interpretation.

    “The brain age difference between the two groups (as indexed by brain scanning) was on average only 5 months, and difference in cognitive performance between groups was only on the total time taken to complete one of the tests.  Is this really going to make a significant difference in everyday life?

    “Furthermore, the time between scans was much shorter in the people scanned before and after the pandemic, compared to those who had both scans before the pandemic. We therefore don’t know if brain aging would have recovered if more time elapsed.”

    Dr Maxime Taquet, Associate Professor in the Department of Psychiatry, University of Oxford, said:

    “This landmark brain imaging study suggests that the COVID-19 pandemic may have accelerated brain ageing in some people.  By comparing scans taken more than two years apart, researchers found that the average person’s brain appeared to age an extra 5.5 months for every year lived during the pandemic.  It is important to note that the majority of people showed brain ageing at the expected rate.  However, a higher-than-usual proportion showed striking increases in brain age of an extra 15 to 20 months per year.

    “Among those infected with COVID-19, the increased brain age correlated with lower scores in a test of thinking skills like attention and problem-solving.  This might help explain why some people who had COVID-19 have impaired cognition.

    “The findings raise important questions about the long-term neurological impact of the pandemic, whether due to infection itself or the broader psychological and social stress it caused.  The authors suggest that the observed brain ageing may reflect a biopsychosocial effect combining the impact of COVID-19 infection with the psychological and social stresses of the pandemic.  However, it is also possible that the observed association is primarily biological, driven largely by undetected infections.  An analysis by the Institute for Health Metrics and Evaluation estimated that over 90% of the UK population may have been infected by the end of 2022, meaning that many participants classified as ‘uninfected’ might have had asymptomatic or undocumented cases.  This raises the possibility that viral exposure played a more central role in the study findings than assumed.

    “Another possibility is that the findings do not reflect a causal relationship and are due to a form of selection bias.  For instance, if individuals whose brains were ageing more slowly happened to be scanned sooner, and therefore before the pandemic, this could have contributed to the observed association despite the study’s efforts to rule out such confounding.

    “The study was well-designed and based on unique UK Biobank data with repeated brain scans.  The researchers also acknowledge limitations.  The sample excludes people with chronic illnesses such as diabetes and depression and the UK Biobank underrepresents the most socioeconomically deprived groups, the very populations in which the association between the pandemic and brain ageing was largest. This means the association in the general population could be even more pronounced.”

    ‘Accelerated brain ageing during the COVID19 pandemic’ by Ali-Reza Mohammadi-Nejad et al. was published in Nature Communications at 16:00 UK time on Tuesday 22 July 2025. 

    DOI: 10.1038/s41467-025-61033-4

    Declared interests

    Dr Eugene Duff: “I have no conflicts of interest.”

    Prof Masud Husain: “I don’t have any conflict of interest.”

    Dr Maxime Taquet: “I do not have a conflict of interest.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Major funding agreed for Smithfield Birmingham

    Source: City of Birmingham

    An agreement has been made which brings the delivery of one of the largest and most exciting urban regeneration schemes in Europe a step closer.

    • Birmingham Smithfield will create a new city centre destination, providing a new home for the iconic Bull Ring Markets, along with spaces for start-ups, small business, and entrepreneurs.
    • The scheme will deliver a new residential neighbourhood with more than 3,000 new homes and a park, plus culture and leisure attractions.
    • The development is projected to create over 9,000 jobs during the construction phase and more than 10,000 additional roles post-construction.

    The Enterprise Zone Partnership Board and Birmingham City Council’s Cabinet have agreed the Outline Business Case and Enterprise Zone Funding for Smithfield Birmingham, which brings the delivery of one of the largest and most exciting urban regeneration schemes in Europe a step closer.

    A total of £172.8 million in grant funding has been allocated to the scheme, making the development financially viable, subject to the approval of full business cases for the different phases of the project, which will be submitted as the scheme progresses.

    The Birmingham Enterprise Zone, established in 2011, covers 39 sites with 113 hectares of new and existing development space. The zone operates by using the business rates income growth from the 39 sites to invest and drive economic growth and improve the quality of live for Birmingham residents. The total cost of the grant will be met from the business rates income the development is expected to generate over the life of the Enterprise Zone programme to 2045/46.

    The first Full Business Case that will release part of the allocated funding is expected to be submitted for approval early in 2026. In the meantime, Lendlease will continue the detailed design of the first phase including the new markets, first residential and workplace buildings and the new areas of public realm Manor Square and Market Square. Lendlease will also discharge planning pre-commencement conditions, undertake site surveys and finalise the site set up plans. The council will ensure that its Joint Venture Agreement with Lendlease for Smithfield Birmingham enables Lendlease’s new Joint Venture Partner, The Crown Estate, to formally participate in the scheme.

    Last year the council’s Planning Committee approved revised plans for the 17-hectare development site that will create a new city centre destination, providing a new home for the iconic Bull Ring Markets, spaces for start-ups, small business, and entrepreneurs, a new residential neighbourhood with more than 3,000 new homes and a park, new culture and leisure attractions.

    The development is projected to create over 9,000 jobs during the construction phase and more than 10,000 additional roles post-construction. Comprehensive training and support initiatives will be implemented to ensure that residents are equipped to access these employment opportunities.

    Deputy Leader and Cabinet Member for Economy and Skills, Cllr Sharon Thompson, said:

    “This £1.9 billion development will transform the area, creating a vibrant landmark in the heart of Birmingham—that will elevate the city’s economic growth and enhance its international reputation.

    “Smithfield is the largest single city centre development site in the UK, and is a key strand of our plans to transform the city centre.

    “Approval of this grant funding is a significant milestone that will kick start the delivery of 3,000 homes for Birmingham, create 9,000 jobs, and will make Birmingham’s city centre an even more exciting and lively place for people to live and work.”

    Colin Murphy, Portfolio Development Director & Project Lead Smithfield (Birmingham) at Lendlease, said:

    “This funding brings added momentum for the next phase of Smithfield and the long-term regeneration of Birmingham city centre.

    “It’s a vote of confidence in the city’s future and a clear signal that delivery of this once in a generation scheme is on its way.”

    Construction is expected to commence on site in early 2026 and the delivery will be completed in four phases over 10 years.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Appointment: 22 July 2025

    Source: United Kingdom – Executive Government & Departments

    Press release

    Appointment: 22 July 2025

    The King has been pleased to approve the following appointment.

    The King has been pleased to approve the following appointment:

    • Lord Lemos CMG CBE as Lord in Waiting (Government Whip).

    Lord Moraes OBE has left the Government.

    Updates to this page

    Published 22 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Animal Sentience Committee letter regarding food labelling policy

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    Animal Sentience Committee letter regarding food labelling policy

    Letter from the Animal Sentience Committee to the Environment, Food and Rural Affairs (EFRA) Committee regarding a food labelling policy.

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    Animal Sentience Committee letter regarding food labelling policy

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    Details

    The Animal Sentience Committee sent this letter to the Environment, Food and Rural Affairs Committee (EFRA) committee on 21 July 2025. It outlines the committee’s view on the consideration of impacts on animal welfare in food labelling policy.

    Updates to this page

    Published 22 July 2025

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  • MIL-OSI United Kingdom: UK Biobank’s whole body imaging project scans 100,000 volunteers

    Source: United Kingdom – Executive Government & Departments

    UK Biobank has reached its target of scanning 100,000 volunteers as part of a landmark project to provide for scientific research the most detailed look inside the human body. This is now the world’s largest whole-body imaging project – scanning the brains, hearts, abdomens, blood vessels, bones and joints of volunteers to give researchers a new layer of detail to explore what happens in people’s bodies as they age and how and why we become ill as we age.

    One billion images have now been generated from these scans, and tens of thousands of researchers around the world have been using these (as it has been released in batches since the project began) along with UK Biobank’s information on lifestyle, medical history, genetics and blood proteins from the same volunteers, to do research into ill health.

    Findings from the 1,300 peer-reviewed papers using this data so far include better brain scanning for patients with dementia symptoms in NHS memory clinics, faster analysis of heart scans in over 90 countries, and developments in understanding biological age of organs versus chronological age.

    Soon, approved researchers will have access to the full set of imaging data from all 100,000 volunteers to help develop new diagnostics, preventative medicines and treatments.

    Journalists came to this press briefing to ask your questions and to hear from those running the project discuss:

    – What’s so special about this data and why are researchers so excited by it?

    – How is this project helping the UK and the NHS right now?

    – What scientific findings have the imaging data already led to?

    – Why is the focus now switching to repeating scans of people, rather than scanning more people?

    – Who can use this data and what can they use it for?

    Speakers included:

    Prof Sir Rory Collins, Principal Investigator and Chief Executive, UK Biobank

    Prof Naomi Allen, Chief Scientist, UK Biobank

    Prof Paul Matthews, Chair of the UK Biobank Imaging Working Group; and Edmond and Lily Safra Professor of Translational Neuroscience and Therapeutics, Imperial College London; and Director, The Rosalind Franklin Institute

    Prof Louise Thomas, Professor of Metabolic Imaging, University of Westminster

    Prof Rachel McKendry, Executive Director, Discovery, Wellcome

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Community efforts lead to Green Flags for Perth park’s gardens

    Source: Scotland – City of Perth

    In the run up to the national Love Parks Week (26 July to 3 August 2025) which highlights the vital role green spaces play in boosting the health and wellbeing of residents and communities, local ‘in bloom’ charity Beautiful Perth and Perth and Kinross Council will be marking the achievement of two Green Flag Community Awards* from Keep Scotland Beautiful (KSB) for the Heather Garden and Compassionate Friends Garden, both in Bellwood Riverside Park on the banks of the River Tay in Perth.  

    The Heather Garden has been a real partnership project between Beautiful Perth and the Council, with discussions beginning in 2011 and work getting underway on site in 2012 to transform and refresh a previously overgrown and less appealing area of the park. The garden now comprises 15 beds containing 600 varieties and over 16,000 heather plants, all maintained and managed by Beautiful Perth, providing year-round colour for visitors and a haven for insect pollinators. The charity was also in 2022 awarded the National Collection of Erica carnea heathers by Plant Heritage.  This follows on from the unique achievement of Riverside Park winning Best Park in the UK in the RHS Britain in Bloom Awards in both 2018 and 2019.  

    The Compassionate Friends Garden was developed to create a picturesque, peaceful garden for reflection and contemplation following a request from the Compassionate Friends UK, a charity that supports bereaved parents, siblings and grandparents. In 2012 remedial work done by the Council and Beautiful Perth uncovered a small round turreted stone building dating back to the 1800’s on site. The building forms the focal point of the garden, with further work uncovering a waterway and wells. The space was then transformed with sustainable pollinator plants for all year colour and interest by Beautiful Perth volunteers as well as the planting of rowan and snakeskin maple trees with marker stones and a sculpture of a robin. In 2018, Compassionate Friends held their annual gathering in Perth and unveiled a new bench for visitors and at the entrance to the garden, a beautiful carved commemorative stone.  

    Vice-Convener of Climate Change and Sustainability, Councillor Liz Barrett said: “As we head towards Love Parks Week, the fantastic achievement of Green Flag Awards for these two very different but equally beautiful gardens reflects how vital parks and open spaces are for our health and wellbeing as places to relax, exercise, appreciate the outdoors and nature and much more. 

    “I’d like to thank Beautiful Perth, and volunteer groups in other parts of Perth and Kinross, for their key role in maintaining and developing green spaces that benefit us all and contribute to improving our environment and biodiversity. Everyone can help, whether by volunteering locally or simply taking a few minutes to feedback to our Community Greenspace team about biodiversity in your local park.” 

    Chair of Beautiful Perth, Gordon Lindsay commented: “Our volunteers over many years have taken a genuine pride in cultivating and maintaining the Compassionate Friends and Heather Gardens to a high standard.  

    “Both gardens exhibit a unique horticultural skill level appreciated by the many visitors and tourists to Riverside Park and importantly provide an ideal haven for bees, butterflies and other wildlife. 

    “The Green Flag Awards are the “icing on the cake” for the ‘Beautiful Perth’ volunteers acknowledging their tireless work and efforts in a special corner of Perth.  We would also like to acknowledge and thank our supporters, Perth and Kinross Council, The Gannochy Trust, the Heather Society and Kilmac.” 

    Jamie Ormiston, Training and Accreditation Coordinator at Keep Scotland Beautiful, said: “Parks across Scotland are vital spaces for people of all ages to reconnect with nature and I’m delighted we once again have Green Flag Award winners all over the country – including plenty of new areas – for people to enjoy during the summer months. 

    “The Heather Garden and Compassionate Friends Garden are two of our new Community Award winners and their awards show the dedication, care and commitment of all involved in maintaining and improving Riverside Park. 

    “Our stalwart winners have a brilliant history of commitment to environmental excellence and a desire to offer visitors a safe and enjoyable place to visit.  

    “Our new winners have shown a similar desire and their journey is only just beginning but I look forward to many more wins in the future.” 

    *The Green Flag Awards are awarded to parks and green spaces that can demonstrate excellent management and environmental standards. Further information on the Awards can be found at Keep Scotland Beautiful’s website.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government secures label-led measures to boost earnings for UK artists

    Source: United Kingdom – Executive Government & Departments

    Press release

    Government secures label-led measures to boost earnings for UK artists

    Major boost for UK music creators as government drives industry to produce new measures to support legacy artists, songwriters and session musicians

    *Changes estimated by labels to deliver tens of millions of pounds in new investment to support musicians by 2030, rewarding artists for their work and driving growth through Plan for Change *Agreement backed by UK arms of major labels Universal Music Group, Sony Music Entertainment and Warner Music Group

    UK music creators are set to benefit from a boost to their earnings thanks to the Government driving forward a new label-led agreement on streaming pay agreed today (Tuesday 22nd July).

    The Creator Remuneration Working Group (CRWG), chaired by Creative Industries Minister Sir Chris Bryant, has been meeting regularly since 2024 to explore industry-led action – driving growth in the creative industries as part of the Government’s Plan for Change.

    This process has delivered a set of measures designed to boost the earnings of legacy artists, songwriters and session musicians and marks a further step towards ensuring the music streaming market works for everyone, on top of existing industry programmes.

    The principles include a new framework for the renegotiation of contracts by artists who signed record deals before streaming became commonplace, in addition to support for the digitisation of their back catalogues so that it can be made available online. This aims to help legacy artists to increase their streaming earnings for their existing body of work. 

    Support for songwriters and composers includes a commitment to the payment of per diems and expenses for recording sessions, to ensure they are not left out of pocket.

    The British Phonographic Industry (BPI) and Musicians’ Union also agreed to an uplift in session musician fees of up to 40% for pop sessions and 15% for classical to ensure they are more fairly paid for their work. 

    The agreed principles have been adopted by the BPI and Association of Independent Music (AIM) and recommended to their UK members. The UK divisions of Universal Music Group, Sony Music Entertainment and Warner Music Group, the world’s three largest labels, have also committed to delivering them.

    Culture Secretary Lisa Nandy said:

    Streaming has totally revolutionised how audiences discover and enjoy music, and how artists connect with their fans across the globe.

    But we have heard loud and clear from creators that more needs to be done to ensure they are fairly compensated when their work is used on streaming platforms.

    That is why I am delighted that the industry has agreed these new measures, which will go a long way to making sure our talented artists and creators are properly rewarded for their hard work, while driving growth through our Plan for Change.

    Creative Industries Minister Sir Chris Bryant said:

    Everyone loves music and it’s about time we really valued the people who create it. Millions of us use music streaming platforms who provide a fantastic service to their customers, connecting users with a wealth of music from around the world. 

    But many musicians and songwriters are really struggling and artists simply don’t  think they receive their fair share of the profit generated by their work on these platforms. These new measures, which apply specifically in the UK, are an important step in ensuring creators are fairly paid for their work.

    I would like to thank the sector for coming together to drive this positive progress, which will benefit the music industry as a whole.

    Roberto Neri, CEO of Ivors Academy, said:

    We welcome and wish to thank Minister Bryant for the introduction of per diems for songwriters and his support in securing this agreement. There is no music industry without songwriters and these payments will ensure that songwriters are not out of pocket when turning up to work. We look forward to working together over the next 12 months to assess how this package benefits music makers and ensuring that all creators share in the success of streaming remuneration.

    The Government will support industry to deliver these measures in full, in order to improve conditions for UK music makers. The impact of the measures will be monitored and reviewed in a year’s time, working closely with members of the group to understand the extent to which they are improving creator earnings as intended. 

    The Government will then assess the need for further intervention, to ensure this package delivers on its objective to bring about real change for creators. 

    Labels estimate these changes will deliver tens of millions of pounds in new investment to support creators by 2030, which will help drive growth in the creative industries as part of the Government’s Plan for Change.

    The Government has also committed to continuing to look at the issue of streaming pay for session musicians and has convened a meeting in September with key organisations from the music industry to take this forward.

    Further quotes

    The Council Of Music Makers said: 

    We greatly appreciate the efforts of the Government in seeking to improve the streaming economy for music-makers. Minister Chris Bryant has dedicated a great deal of time and resources trying to agree creator-friendly terms with the BPI and major labels, in an attempt to address unfair remuneration. Over the next year, we will work in good faith to support music-makers to test these initiatives and whether they can deliver meaningful change. 

    We will work closely with the Government during the one year monitoring of these measures. In 2021 Parliament’s Culture, Media & Sport Select Committee raised several fundamental issues regarding the streaming business model, calling for ‘a complete reset’. The Council Of Music Makers remains committed to achieving this objective and reaching a fairer settlement for all music-makers and we will now collectively pursue additional legislative measures to achieve positive change for those that create the work our industry is built on.

    Sophie Jones, Chief Strategy Officer at the BPI, said: 

    After five years of detailed scrutiny and analysis, we are pleased to put in place these creator remuneration principles for UK labels in response to specific concerns identified in the UK’s streaming debate. Many more artists are succeeding in the era of streaming than before – and we are confident that these targeted measures will lead to positive and sustainable outcomes and support for legacy artists, songwriters and session musicians, ensuring that our members’ significant ongoing investment into the development of British talent and the growth of our world leading UK music industry will be to the benefit of all. This has been a collaborative process and we are grateful to our members and fellow trade organisations for their expertise and to Minister Chris Bryant and the DCMS officials for their stewardship of this process.

    Baron Brennan of Canton, former Chair of the DCMS Select Committee which launched the inquiry into the Economics of Music Streaming, said: 

    Protecting the dignity of British songwriters by putting money in their pockets for writing sessions is a real first, and greater transparency over artist renegotiation is most welcome. I commend Minister Bryant for all his efforts. Further progress is needed on streaming but I’m encouraged by the Minister’s commitment to pursue progress through further talks this autumn on session musician income from streaming.

    Updates to this page

    Published 22 July 2025

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