ALBANY, NEW YORK – Kristin Keeble, age 54, of Pageland, South Carolina, was sentenced yesterday to 5 months in jail, to be followed by 3 years of supervised release with 6 months of home detention, for transmitting a threat to injure another in interstate commerce.
Acting United States Attorney John A. Sarcone III and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), made the announcement.
As part of her guilty plea, Keeble admitted that on October 26, 2023, she sent four threatening, profanity-laced and racially derogatory audio messages through Facebook Messenger to a man in Catskill, New York. Keeble threatened to kill the victim by hanging him, along with a woman the victim knew, and the woman’s children, from a tree. Keeble purported to be acting with members of the Ku Klux Klan. Keeble knew, from the victim’s Facebook profile photo, that the victim was Black.
U.S. Attorney John A. Sarcone III stated: “No one should ever receive despicable, hateful threats like this. Those who threaten people over the Internet are going to be prosecuted and held accountable to the fullest extent of the law.”
FBI Special Agent in Charge Craig L. Tremaroli stated: “No individual should live in fear because of someone’s intolerance and hatred. Threats of violence, especially borne from hate, will never be tolerated and the FBI remains committed to working with our law enforcement partners hold the perpetrators accountable for their disturbing actions and bring justice to the victims.”
The FBI’s Joint Terrorism Task Force (JTTF) investigated the case. Assistant U.S. Attorney Alexander Wentworth-Ping prosecuted the case.
BUFFALO, N.Y. –U.S. Attorney Michael DiGiacomo announced today that Gerald T. Przybylski, 78, of Hamburg, NY, was arrested and charged by criminal complaint with transmitting in interstate and foreign commerce, specifically using the internet, communications that contained threats to injure a member of Congress, which carries a maximum penalty of five years in prison and a $250,000 fine.
Assistant U.S. Attorney Charles M. Kruly, who is handling the case, stated that according to the complaint, on June 13, 2025, Przybylski sent a threatening email to the office email account of a member of the United States House of Representatives (Victim). Among other things, the email stated, “You are obviously unaware of the movement to execute Trump and all his Republican sycophants, not assassination but legal execution under the Constitution of the United States, which you, Donald Trump, and all your Republican colleagues have refused to honor, you have betrayed your oath of office and are a TRAITOR!!!” The email also “You should be afraid for your life!!!” When interviewed by law enforcement, Przybylski stated, “I was probably trying to scare him.”
Przybylski made an initial appearance before U.S. Magistrate Judge Michael J. Roemer and was released on conditions.
The complaint is the result of an investigation by the Erie County Sheriff’s Office, under the direction of Sheriff John Garcia, the United States Secret Service, under the direction of Acting Special Agent-in-Charge Charles Perras, the Federal Bureau of Investigation, under the direction of Acting Special Agent-in-Charge Mark Grimm, and the United States Capitol Police, under the direction of Chief Michael Sullivan.
The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.
DAYTON, Ohio – The lead defendant in a $1.5 million chop shop conspiracy pleaded guilty in U.S. District Court.
Kahrese Tracey Scott Lee, 28, of Cincinnati, pleaded guilty to conspiring to transport stolen vehicles in interstate commerce and to knowingly operating a chop shop. He faces up to 15 years in prison.
According to court documents, between at least October 2023 and October 2024, Lee, who is also known as “Reese Lee” and “Bennett Jones,” knowingly worked with others to orchestrate an interstate stolen car ring. The defendant operated a garage in Dayton and received dozens of stolen vehicles. For example, during May 2024 alone, Lee’s Dayton chop shop housed within it more than half a million dollars in stolen cars and vehicle parts.
Lee often disassembled stolen vehicles and removed their parts for resale or for placement in another vehicle. He both received and traded or sold vehicles out of state.
On occasion, Lee also stole vehicles himself or worked with others to do so. During one planned theft incident, Lee and others traveled from Ohio to Indiana, where they stole three vehicles valued at more than $200,000 total from an auto lot.
Law enforcement ultimately discovered Lee and others in possession of the stolen vehicles in Alabama, where Lee planned to establish a new garage. Officers confiscated the cars and returned them to the Indiana dealership that owned them.
Lee and his accomplices had placed a tracking device on one of the stolen cars and tracked it back to Indiana. Lee traveled back to the Indiana dealership and attempted to steal the vehicle again; however, law enforcement apprehended him as he attempted to do so.
Lee and six others were charged by a federal indictment in November 2024.
Kelly A. Norris, Acting United States Attorney for the Southern District of Ohio; Elena Iatarola, Special Agent in Charge, Federal Bureau of Investigation (FBI), Cincinnati Division; and Dayton Police Chief Kamran Afzal announced the guilty plea entered on July 11 before Senior U.S. District Judge Walter H. Rice. Deputy Criminal Chief Brent G. Tabacchi and Assistant United States Attorney Rob Painter are representing the United States in this case.
CONWAY, Ark., July 16, 2025 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.
Quarterly Highlights
Metric
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Net income
$118.4 million
$115.2 million
$100.6 million
$100.0 million
$101.5 million
Net income, as adjusted (non-GAAP)(1)
$114.6 million
$111.9 million
$99.8 million
$99.0 million
$103.9 million
Total revenue (net)
$271.0 million
$260.1 million
$258.4 million
$258.0 million
$254.6 million
Income before income taxes
$152.0 million
$147.2 million
$129.5 million
$129.1 million
$133.4 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)
$155.0 million
$147.2 million
$146.2 million
$148.0 million
$141.4 million
PPNR, as adjusted (non-GAAP)(1)
$150.4 million
$142.8 million
$145.2 million
$146.6 million
$141.9 million
Pre-tax net income to total revenue (net)
56.08%
56.58%
50.11%
50.03%
52.40%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)
54.39%
54.91%
49.74%
49.49%
52.59%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)
57.19%
56.58%
56.57%
57.35%
55.54%
P5NR, as adjusted (non-GAAP)(1)
55.49%
54.91%
56.20%
56.81%
55.73%
ROA
2.08%
2.07%
1.77%
1.74%
1.79%
ROA, as adjusted (non-GAAP)(1)
2.02%
2.01%
1.76%
1.72%
1.83%
NIM
4.44%
4.44%
4.39%
4.28%
4.27%
Purchase accounting accretion
$1.2 million
$1.4 million
$1.6 million
$1.9 million
$1.9 million
ROE
11.77%
11.75%
10.13%
10.23%
10.73%
ROE, as adjusted (non-GAAP)(1)
11.39%
11.41%
10.05%
10.12%
10.98%
ROTCE (non-GAAP)(1)
18.26%
18.39%
15.94%
16.26%
17.29%
ROTCE, as adjusted (non-GAAP)(1)
17.68%
17.87%
15.82%
16.09%
17.69%
Diluted earnings per share
$0.60
$0.58
$0.51
$0.50
$0.51
Diluted earnings per share, as adjusted (non-GAAP)(1)
$0.58
$0.56
$0.50
$0.50
$0.52
Non-performing assets to total assets
0.60%
0.56%
0.63%
0.63%
0.56%
Common equity tier 1 capital
15.6%
15.4%
15.1%
14.7%
14.4%
Leverage
13.4%
13.3%
13.0%
12.5%
12.3%
Tier 1 capital
15.6%
15.4%
15.1%
14.7%
14.4%
Total risk-based capital
19.3%
19.1%
18.7%
18.3%
18.0%
Allowance for credit losses to total loans
1.86%
1.87%
1.87%
2.11%
2.00%
Book value per share
$20.71
$20.40
$19.92
$19.91
$19.30
Tangible book value per share (non-GAAP)(1)
$13.44
$13.15
$12.68
$12.67
$12.08
Dividends per share
$0.20
$0.195
$0.195
$0.195
$0.18
Shareholder buyback yield(2)
0.49%
0.53%
0.05%
0.56%
0.67%
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release. (2) Calculation of this metric is included in the schedules accompanying this release.
“I am once again very pleased with our quarterly results. Diluted EPS of $0.60 and net income of $118.4 million are both records for HOMB. The ongoing, consistent performance from our bankers led to numerous other records being set in the second quarter, further highlighting that strength is no accident,” said John Allison, Chairman & CEO of HOMB.
Stock Repurchases and Dividends
During the three-month period ended June 30, 2025, the Company repurchased 1.0 million shares of common stock, which equated to a shareholder buyback yield of 0.49%(1). In comparison, during the three-month period ended March 31, 2025, the Company repurchased 1.0 million shares of common stock, which equated to a shareholder buyback yield of 0.53%(1). The Company defines shareholder buyback yield as the percentage of the Company’s market capitalization spent on share repurchases. It reflects how much the Company is returning to the shareholders by reducing the number of outstanding shares, and it is calculated by dividing the Company’s total share repurchase cost for the period by the Company’s total market capitalization at the beginning of the period.
In addition, during the quarter ended June 30, 2025, the Company paid a dividend of $0.20 per share. This cash dividend represented a $0.005 per share, or 2.6%, increase over the $0.195 cash dividend paid during the first quarter of 2025.
Operating Highlights
Net income for the three-month period ended June 30, 2025 was $118.4 million, or $0.60 diluted earnings per share, both of which were records for the Company. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $114.6 million(2) and $0.58 per share(2), respectively, for the three months ended June 30, 2025.
Our net interest margin was 4.44% for both of the three-month periods ended June 30, 2025 and March 31, 2025. The yield on loans was 7.36% and 7.38% for the three months ended June 30, 2025 and March 31, 2025, respectively, as average loans increased from $14.89 billion to $15.06 billion. Additionally, the rate on interest bearing deposits decreased to 2.64% as of June 30, 2025, from 2.67% as of March 31, 2025, while average interest-bearing deposits increased from $13.20 billion to $13.43 billion.
During the second quarter of 2025, there was $516,000 of event interest income compared to $1.3 million of event interest income for the first quarter of 2025. Purchase accounting accretion on acquired loans was $1.2 million and $1.4 million for the three-month periods ended June 30, 2025 and March 31, 2025, respectively, and average purchase accounting loan discounts were $16.2 million and $17.5 million for the three-month periods ended June 30, 2025 and March 31, 2025, respectively.
Net interest income on a fully taxable equivalent basis was $222.5 million for the three-month period ended June 30, 2025, and $217.2 million for the three-month period ended March 31, 2025. This increase in net interest income for the three-month period ended June 30, 2025, was the result of a $6.6 million increase in interest income, partially offset by a $1.3 million increase in interest expense. The $6.6 million increase in interest income was primarily the result of a $5.3 million increase in loan income and a $2.3 million increase in income from deposits with other banks, partially offset by a $1.0 million decrease in investment income. The $1.3 million increase in interest expense was due to a $1.7 million increase in interest expense on deposits, partially offset by a $363,000 decrease in FHLB and other borrowed funds.
The Company reported $51.1 million of non-interest income for the second quarter of 2025. The most important components of non-interest income were $13.5 million from other income, $12.6 million from other service charges and fees, $9.6 million from service charges on deposit accounts, $5.2 million from trust fees, $4.8 million in mortgage lending income, $2.7 million from dividends from FHLB, FRB, FNBB and other, $1.4 million from the increase in cash value of life insurance and $972,000 from the gain on sale of branches, equipment and other assets, net. Included within other income was $3.5 million in special income from equity investments and $885,000 in legal fee reimbursements.
Non-interest expense for the second quarter of 2025 was $116.0 million. The most important components of non-interest expense were $64.3 million from salaries and employee benefits, $29.3 million in other operating expense, $14.0 million in occupancy and equipment expenses and $8.4 million in data processing expenses. Included within other expense was $3.3 million in legal claims expense, which was partially offset by a $1.5 million FDIC assessment reduction. For the second quarter of 2025, our efficiency ratio was 41.68%, and our efficiency ratio, as adjusted (non-GAAP), was 42.01%(2).
Financial Condition
Total loans receivable were $15.18 billion at June 30, 2025, compared to $14.95 billion at March 31, 2025. Total loans receivable of $15.18 billion were a record for the Company. Total deposits were $17.49 billion at June 30, 2025, compared to $17.54 billion at March 31, 2025. Total assets were $22.91 billion at June 30, 2025, compared to $22.99 billion at March 31, 2025.
During the second quarter of 2025, the Company had a $228.5 million increase in loans. Our community banking footprint experienced $106.8 million in organic loan growth during the quarter ended June 30, 2025, and Centennial CFG experienced $121.7 million of organic loan growth and had loans of $1.83 billion at June 30, 2025.
Non-performing loans to total loans were 0.63% and 0.60% at June 30, 2025 and March 31, 2025, respectively. Non-performing assets to total assets were 0.60% and 0.56% at June 30, 2025 and March 31, 2025, respectively. Net loans charged-off were $1.1 million for the three months ended June 30, 2025, and net loans recovered were $4.1 million for the three months ended March 31, 2025. The charge-off detail by region for the quarters ended June 30, 2025 and March 31, 2025 can be seen below.
For the Three Months Ended June 30, 2025
(in thousands)
Texas
Arkansas
Centennial CFG
Shore Premier Finance
Florida
Alabama
Total
Charge-offs
$
2,588
$
462
$
181
$
582
$
245
$
13
$
4,071
Recoveries
(2,172
)
(223
)
—
(22
)
(577
)
(2
)
(2,996
)
Net charge-offs (recoveries)
$
416
$
239
$
181
$
560
$
(332
)
$
11
$
1,075
For the Three Months Ended March 31, 2025
(in thousands)
Texas
Arkansas
Centennial CFG
Shore Premier Finance
Florida
Alabama
Total
Charge-offs
$
444
$
474
$
—
$
53
$
2,479
$
8
$
3,458
Recoveries
(6,514
)
(228
)
(658
)
(3
)
(117
)
(2
)
(7,522
)
Net (recoveries) charge-offs
$
(6,070
)
$
246
$
(658
)
$
50
$
2,362
$
6
$
(4,064
)
At June 30, 2025, non-performing loans were $96.3 million, and non-performing assets were $137.8 million. At March 31, 2025, non-performing loans were $89.6 million, and non-performing assets were $129.4 million.
The table below shows the non-performing loans and non-performing assets by region as June 30, 2025:
(in thousands)
Texas
Arkansas
Centennial CFG
Shore Premier Finance
Florida
Alabama
Total
Non-accrual loans
22,487
16,276
787
11,716
37,833
162
89,261
Loans 90+ days past due
3,557
2,341
—
—
1,133
—
7,031
Total non-performing loans
26,044
18,617
787
11,716
38,966
162
96,292
Foreclosed assets held for sale
17,259
863
22,842
—
565
—
41,529
Other non-performing assets
—
—
—
—
—
—
—
Total other non-performing assets
17,259
863
22,842
—
565
—
41,529
Total non-performing assets
43,303
19,480
23,629
11,716
39,531
162
137,821
The table below shows the non-performing loans and non-performing assets by region as March 31, 2025:
(in thousands)
Texas
Arkansas
Centennial CFG
Shore Premier Finance
Florida
Alabama
Total
Non-accrual loans
23,694
15,214
2,766
5,444
39,108
157
86,383
Loans 90+ days past due
3,264
—
—
—
—
—
3,264
Total non-performing loans
26,958
15,214
2,766
5,444
39,108
157
89,647
Foreclosed assets held for sale
15,357
1,052
22,820
—
451
—
39,680
Other non-performing assets
63
—
—
—
—
—
63
Total other non-performing assets
15,420
1,052
22,820
—
451
—
39,743
Total non-performing assets
42,378
16,266
25,586
5,444
39,559
157
129,390
The Company’s allowance for credit losses on loans was $281.9 million at June 30, 2025, or 1.86% of total loans, compared to the allowance for credit losses on loans of $279.9 million, or 1.87% of total loans, at March 31, 2025. As of June 30, 2025 and March 31, 2025, the Company’s allowance for credit losses on loans was 292.72% and 312.27% of its total non-performing loans, respectively.
Stockholders’ equity was $4.09 billion at June 30, 2025, which increased approximately $42.8 million from March 31, 2025. The net increase in stockholders’ equity is primarily associated with the $78.9 million increase in retained earnings, which was partially offset by the $11.4 million increase in accumulated other comprehensive loss and the $27.5 million in stock repurchases for the quarter. Book value per common share was $20.71 at June 30, 2025, compared to $20.40 at March 31, 2025. Tangible book value per common share (non-GAAP) was $13.44(2) at June 30, 2025, compared to $13.15(2) at March 31, 2025. Book value per common share and tangible book value per common share, as of June 30, 2025, were both records for the Company.
Branches
The Company currently has 75 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.
Conference Call
Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, July 17, 2025. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/133918928. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=862a0326&confId=84106. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.
Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 171523. A replay of the call will be available by calling 1-866-813-9403, Passcode: 539251, which will be available until July 24, 2025, at 11:59 p.m. CT. Internet access to the call will be available live or in recorded version on the Company’s website at www.homebancshares.com.
About Home BancShares
Home BancShares, Inc. is a bank holding company headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures–including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets–to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.
(1) Calculation of this metric is included in the schedules accompanying this release. (2) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
General
This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including any future impacts from inflation or changes in tariffs or trade policies; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025.
FOR MORE INFORMATION CONTACT: Donna Townsell Director of Investor Relations Home BancShares, Inc. (501) 328-4625
Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)
(In thousands)
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
ASSETS
Cash and due from banks
$
291,344
$
319,747
$
281,063
$
265,408
$
229,209
Interest-bearing deposits with other banks
809,729
975,983
629,284
752,269
829,507
Cash and cash equivalents
1,101,073
1,295,730
910,347
1,017,677
1,058,716
Federal funds sold
2,600
6,275
3,725
6,425
—
Investment securities – available-for-sale, net of allowance for credit losses
2,899,968
3,003,320
3,072,639
3,270,620
3,344,539
Investment securities – held-to-maturity, net of allowance for credit losses
1,265,292
1,269,896
1,275,204
1,277,090
1,278,853
Total investment securities
4,165,260
4,273,216
4,347,843
4,547,710
4,623,392
Loans receivable
15,180,624
14,952,116
14,764,500
14,823,979
14,781,457
Allowance for credit losses
(281,869
)
(279,944
)
(275,880
)
(312,574
)
(295,856
)
Loans receivable, net
14,898,755
14,672,172
14,488,620
14,511,405
14,485,601
Bank premises and equipment, net
379,729
384,843
386,322
388,776
383,691
Foreclosed assets held for sale
41,529
39,680
43,407
43,040
41,347
Cash value of life insurance
218,113
221,621
219,786
219,353
218,198
Accrued interest receivable
107,732
115,983
120,129
118,871
120,984
Deferred tax asset, net
174,323
170,120
186,697
176,629
195,041
Goodwill
1,398,253
1,398,253
1,398,253
1,398,253
1,398,253
Core deposit intangible
36,255
38,280
40,327
42,395
44,490
Other assets
383,400
376,030
345,292
352,583
350,192
Total assets
$
22,907,022
$
22,992,203
$
22,490,748
$
22,823,117
$
22,919,905
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing
$
4,024,574
$
4,079,289
$
4,006,115
$
3,937,168
$
4,068,302
Savings and interest-bearing transaction accounts
11,571,949
11,586,106
11,347,850
10,966,426
11,150,516
Time deposits
1,891,909
1,876,096
1,792,332
1,802,116
1,736,985
Total deposits
17,488,432
17,541,491
17,146,297
16,705,710
16,955,803
Securities sold under agreements to repurchase
140,813
161,401
162,350
179,416
137,996
FHLB and other borrowed funds
550,500
600,500
600,750
1,300,750
1,301,050
Accrued interest payable and other liabilities
203,004
207,154
181,080
238,058
230,011
Subordinated debentures
438,957
439,102
439,246
439,394
439,542
Total liabilities
18,821,706
18,949,648
18,529,723
18,863,328
19,064,402
Stockholders’ equity
Common stock
1,972
1,982
1,989
1,989
1,997
Capital surplus
2,221,576
2,246,312
2,272,794
2,272,100
2,295,893
Retained earnings
2,097,712
2,018,801
1,942,350
1,880,562
1,819,412
Accumulated other comprehensive loss
(235,944
)
(224,540
)
(256,108
)
(194,862
)
(261,799
)
Total stockholders’ equity
4,085,316
4,042,555
3,961,025
3,959,789
3,855,503
Total liabilities and stockholders’ equity
$
22,907,022
$
22,992,203
$
22,490,748
$
22,823,117
$
22,919,905
Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)
Quarter Ended
Six Months Ended
(In thousands)
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest income:
Loans
$
276,041
$
270,784
$
278,409
$
281,977
$
274,324
$
546,825
$
539,618
Investment securities
Taxable
26,444
27,433
28,943
31,006
32,587
53,877
65,816
Tax-exempt
7,626
7,650
7,704
7,704
7,769
15,276
15,572
Deposits – other banks
8,951
6,620
7,585
12,096
12,564
15,571
23,092
Federal funds sold
53
55
73
62
59
108
120
Total interest income
319,115
312,542
322,714
332,845
327,303
631,657
644,218
Interest expense:
Interest on deposits
88,489
86,786
90,564
97,785
95,741
175,275
188,289
Federal funds purchased
—
—
—
1
—
—
—
FHLB and other borrowed funds
5,539
5,902
9,541
14,383
14,255
11,441
28,531
Securities sold under agreements to repurchase
1,012
1,074
1,346
1,335
1,363
2,086
2,767
Subordinated debentures
4,123
4,124
4,121
4,121
4,122
8,247
8,219
Total interest expense
99,163
97,886
105,572
117,625
115,481
197,049
227,806
Net interest income
219,952
214,656
217,142
215,220
211,822
434,608
416,412
Provision for credit losses on loans
3,000
—
16,700
18,200
8,000
3,000
13,500
Provision for (recovery of) credit losses on unfunded commitments
—
—
—
1,000
—
—
(1,000
)
Recovery of credit losses on investment securities
—
—
—
(330
)
—
—
—
Total credit loss expense
3,000
—
16,700
18,870
8,000
3,000
12,500
Net interest income after credit loss expense
216,952
214,656
200,442
196,350
203,822
431,608
403,912
Non-interest income:
Service charges on deposit accounts
9,552
9,650
9,935
9,888
9,714
19,202
19,400
Other service charges and fees
12,643
10,689
11,651
10,490
10,679
23,332
20,868
Trust fees
5,234
4,760
4,526
4,403
4,722
9,994
9,788
Mortgage lending income
4,780
3,599
3,518
4,437
4,276
8,379
7,834
Insurance commissions
589
535
483
595
565
1,124
1,073
Increase in cash value of life insurance
1,415
1,842
1,215
1,161
1,279
3,257
2,474
Dividends from FHLB, FRB, FNBB & other
2,657
2,718
2,820
2,637
2,998
5,375
6,005
Gain on SBA loans
—
288
218
145
56
288
254
Gain (loss) on branches, equipment and other assets, net
972
(163
)
26
32
2,052
809
2,044
Gain (loss) on OREO, net
13
(376
)
(2,423
)
85
49
(363
)
66
Fair value adjustment for marketable securities
(238
)
442
850
1,392
(274
)
204
729
Other income
13,462
11,442
8,403
7,514
6,658
24,904
14,038
Total non-interest income
51,079
45,426
41,222
42,779
42,774
96,505
84,573
Non-interest expense:
Salaries and employee benefits
64,318
61,855
60,824
58,861
60,427
126,173
121,337
Occupancy and equipment
14,023
14,425
14,526
14,546
14,408
28,448
28,959
Data processing expense
8,364
8,558
9,324
9,088
8,935
16,922
18,082
Other operating expenses
29,335
28,090
27,536
27,550
29,415
57,425
56,303
Total non-interest expense
116,040
112,928
112,210
110,045
113,185
228,968
224,681
Income before income taxes
151,991
147,154
129,454
129,084
133,411
299,145
263,804
Income tax expense
33,588
31,945
28,890
29,046
31,881
65,533
62,165
Net income
$
118,403
$
115,209
$
100,564
$
100,038
$
101,530
$
233,612
$
201,639
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
Quarter Ended
Six Months Ended
(Dollars and shares in thousands, except per share data)
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
PER SHARE DATA
Diluted earnings per common share
$
0.60
$
0.58
$
0.51
$
0.50
$
0.51
$
1.18
$
1.00
Diluted earnings per common share, as adjusted (non-GAAP)(1)
0.58
0.56
0.50
0.50
0.52
1.14
1.01
Basic earnings per common share
0.60
0.58
0.51
0.50
0.51
1.18
1.00
Dividends per share – common
0.20
0.195
0.195
0.195
0.18
0.395
0.36
Shareholder buyback yield(2)
0.49
%
0.53
%
0.05
%
0.56
%
0.67
%
1.02
%
1.12
%
Book value per common share
$
20.71
$
20.40
$
19.92
$
19.91
$
19.30
$
20.71
$
19.30
Tangible book value per common share (non-GAAP)(1)
13.44
13.15
12.68
12.67
12.08
13.44
12.08
STOCK INFORMATION
Average common shares outstanding
197,532
198,657
198,863
199,380
200,319
198,091
200,765
Average diluted shares outstanding
197,765
198,852
198,973
199,461
200,465
198,289
200,909
End of period common shares outstanding
197,239
198,206
198,882
198,879
199,746
197,239
199,746
ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)
2.08
%
2.07
%
1.77
%
1.74
%
1.79
%
2.08
%
1.78
%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)
2.02
%
2.01
%
1.76
%
1.72
%
1.83
%
2.02
%
1.79
%
Return on average assets excluding intangible amortization (non-GAAP)(1)
2.25
%
2.24
%
1.92
%
1.88
%
1.94
%
2.25
%
1.93
%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)
2.18
%
2.18
%
1.91
%
1.86
%
1.98
%
2.18
%
1.94
%
Return on average common equity (ROE)
11.77
%
11.75
%
10.13
%
10.23
%
10.73
%
11.76
%
10.69
%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)
11.39
%
11.41
%
10.05
%
10.12
%
10.98
%
11.40
%
10.76
%
Return on average tangible common equity (ROTCE) (non-GAAP)(1)
18.26
%
18.39
%
15.94
%
16.26
%
17.29
%
18.33
%
17.26
%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)
17.68
%
17.87
%
15.82
%
16.09
%
17.69
%
17.77
%
17.38
%
Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)
18.50
%
18.64
%
16.18
%
16.51
%
17.56
%
18.57
%
17.53
%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)
17.92
%
18.12
%
16.07
%
16.34
%
17.97
%
18.02
%
17.66
%
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
(2) Calculation of this metric is included in the schedules accompanying this release.
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
Quarter Ended
Six Months Ended
(Dollars in thousands)
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Efficiency ratio
41.68
%
42.22
%
42.24
%
41.42
%
43.17
%
41.94
%
43.69
%
Efficiency ratio, as adjusted (non-GAAP)(1)
42.01
%
42.84
%
42.00
%
41.66
%
42.59
%
42.42
%
43.50
%
Net interest margin – FTE (NIM)
4.44
%
4.44
%
4.39
%
4.28
%
4.27
%
4.44
%
4.20
%
Fully taxable equivalent adjustment
$
2,526
$
2,534
$
2,398
$
2,616
$
2,628
$
5,060
$
3,520
Total revenue (net)
271,031
260,082
258,364
257,999
254,596
531,113
500,985
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)
154,991
147,154
146,154
147,954
141,411
302,145
276,304
PPNR, as adjusted (non-GAAP)(1)
150,404
142,821
145,209
146,562
141,886
293,225
275,614
Pre-tax net income to total revenue (net)
56.08
%
56.58
%
50.11
%
50.03
%
52.40
%
56.32
%
52.66
%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)
54.39
%
54.91
%
49.74
%
49.49
%
52.59
%
54.64
%
52.52
%
P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)
57.19
%
56.58
%
56.57
%
57.35
%
55.54
%
56.89
%
55.15
%
P5NR, as adjusted (non-GAAP)(1)
55.49
%
54.91
%
56.20
%
56.81
%
55.73
%
55.21
%
55.01
%
Total purchase accounting accretion
$
1,233
$
1,378
$
1,610
$
1,878
$
1,873
$
2,611
$
4,645
Average purchase accounting loan discounts
16,219
17,493
19,090
20,832
22,788
16,873
23,813
OTHER OPERATING EXPENSES
Advertising
$
2,054
$
1,928
$
1,941
$
1,810
$
1,692
$
3,982
$
3,346
Amortization of intangibles
2,025
2,047
2,068
2,095
2,140
4,072
4,280
Electronic banking expense
3,172
3,055
3,307
3,569
3,412
6,227
6,568
Directors’ fees
431
452
356
362
423
883
921
Due from bank service charges
283
281
271
302
282
564
558
FDIC and state assessment
1,636
3,387
3,216
3,360
5,494
5,023
8,812
Insurance
1,049
999
900
926
905
2,048
1,808
Legal and accounting
2,360
3,641
2,361
1,902
2,617
6,001
4,698
Other professional fees
2,211
1,947
1,736
2,062
2,108
4,158
4,344
Operating supplies
711
711
711
673
613
1,422
1,296
Postage
488
503
518
522
497
991
1,020
Telephone
419
436
438
455
444
855
914
Other expense
12,496
8,703
9,713
9,512
8,788
21,199
17,738
Total other operating expenses
$
29,335
$
28,090
$
27,536
$
27,550
$
29,415
$
57,425
$
56,303
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
Home BancShares, Inc.
Selected Financial Information
(Unaudited)
(Dollars in thousands)
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
BALANCE SHEET RATIOS
Total loans to total deposits
86.80
%
85.24
%
86.11
%
88.74
%
87.18
%
Common equity to assets
17.83
%
17.58
%
17.61
%
17.35
%
16.82
%
Tangible common equity to tangible assets (non-GAAP)(1)
12.35
%
12.09
%
11.98
%
11.78
%
11.23
%
.
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential
$
5,553,182
$
5,588,681
$
5,426,780
$
5,496,536
$
5,599,925
Construction/land development
2,695,561
2,735,760
2,736,214
2,741,419
2,511,817
Agricultural
315,926
335,437
336,993
335,965
345,461
Residential real estate loans
Residential 1-4 family
2,138,990
1,947,872
1,956,489
1,932,352
1,910,143
Multifamily residential
620,439
576,089
496,484
482,648
509,091
Total real estate
11,324,098
11,183,839
10,952,960
10,988,920
10,876,437
Consumer
1,218,834
1,227,745
1,234,361
1,219,197
1,189,386
Commercial and industrial
2,107,326
2,045,036
2,022,775
2,084,667
2,242,072
Agricultural
323,457
314,323
367,251
352,963
314,600
Other
206,909
181,173
187,153
178,232
158,962
Loans receivable
$
15,180,624
$
14,952,116
$
14,764,500
$
14,823,979
$
14,781,457
ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period
$
279,944
$
275,880
$
312,574
$
295,856
$
290,294
Loans charged off
4,071
3,458
53,959
2,001
3,098
Recoveries of loans previously charged off
2,996
7,522
565
519
660
Net loans charged off (recovered)
1,075
(4,064
)
53,394
1,482
2,438
Provision for credit losses – loans
3,000
—
16,700
18,200
8,000
Balance, end of period
$
281,869
$
279,944
$
275,880
$
312,574
$
295,856
Net charge-offs (recoveries) to average total loans
0.03
%
(0.11
)%
1.44
%
0.04
%
0.07
%
Allowance for credit losses to total loans
1.86
%
1.87
%
1.87
%
2.11
%
2.00
%
NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans
$
89,261
$
86,383
$
93,853
$
95,747
$
78,090
Loans past due 90 days or more
7,031
3,264
5,034
5,356
8,251
Total non-performing loans
96,292
89,647
98,887
101,103
86,341
Other non-performing assets
Foreclosed assets held for sale, net
41,529
39,680
43,407
43,040
41,347
Other non-performing assets
—
63
63
63
63
Total other non-performing assets
41,529
39,743
43,470
43,103
41,410
Total non-performing assets
$
137,821
$
129,390
$
142,357
$
144,206
$
127,751
Allowance for credit losses for loans to non-performing loans
292.72
%
312.27
%
278.99
%
309.16
%
342.66
%
Non-performing loans to total loans
0.63
%
0.60
%
0.67
%
0.68
%
0.58
%
Non-performing assets to total assets
0.60
%
0.56
%
0.63
%
0.63
%
0.56
%
(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Three Months Ended
June 30, 2025
March 31, 2025
(Dollars in thousands)
Average Balance
Income/ Expense
Yield/ Rate
Average Balance
Income/ Expense
Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks
$
813,833
$
8,951
4.41
%
$
611,962
$
6,620
4.39
%
Federal funds sold
4,878
53
4.36
%
5,091
55
4.38
%
Investment securities – taxable
3,095,764
26,444
3.43
%
3,179,290
27,433
3.50
%
Investment securities – non-taxable – FTE
1,113,044
10,033
3.62
%
1,135,783
10,061
3.59
%
Loans receivable – FTE
15,055,414
276,160
7.36
%
14,893,912
270,907
7.38
%
Total interest-earning assets
20,082,933
321,641
6.42
%
19,826,038
315,076
6.45
%
Non-earning assets
2,714,805
2,722,797
Total assets
$
22,797,738
$
22,548,835
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts
$
11,541,641
$
71,042
2.47
%
$
11,402,688
$
69,672
2.48
%
Time deposits
1,886,147
17,447
3.71
%
1,801,503
17,114
3.85
%
Total interest-bearing deposits
13,427,788
88,489
2.64
%
13,204,191
86,786
2.67
%
Federal funds purchased
46
—
—
%
—
—
—
%
Securities sold under agreement to repurchase
143,752
1,012
2.82
%
155,861
1,074
2.79
%
FHLB and other borrowed funds
566,984
5,539
3.92
%
600,681
5,902
3.98
%
Subordinated debentures
439,027
4,123
3.77
%
439,173
4,124
3.81
%
Total interest-bearing liabilities
14,577,597
99,163
2.73
%
14,399,906
97,886
2.76
%
Non-interest bearing liabilities
Non-interest bearing deposits
3,981,901
3,980,944
Other liabilities
202,085
190,314
Total liabilities
18,761,583
18,571,164
Shareholders’ equity
4,036,155
3,977,671
Total liabilities and shareholders’ equity
$
22,797,738
$
22,548,835
Net interest spread
3.69
%
3.69
%
Net interest income and margin – FTE
$
222,478
4.44
%
$
217,190
4.44
%
Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)
Six Months Ended
June 30, 2025
June 30, 2024
(Dollars in thousands)
Average Balance
Income/ Expense
Yield/ Rate
Average Balance
Income/ Expense
Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks
$
713,455
$
15,571
4.40
%
$
865,686
$
23,092
5.36
%
Federal funds sold
4,984
108
4.37
%
4,718
120
5.11
%
Investment securities – taxable
3,137,296
53,877
3.46
%
3,459,639
65,816
3.83
%
Investment securities – non-taxable – FTE
1,124,351
20,094
3.60
%
1,221,431
18,896
3.11
%
Loans receivable – FTE
14,975,109
547,067
7.37
%
14,568,029
539,814
7.45
%
Total interest-earning assets
19,955,195
636,717
6.43
%
20,119,503
647,738
6.47
%
Non-earning assets
2,718,779
2,660,101
Total assets
$
22,673,974
$
22,779,604
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts
$
11,472,548
$
140,713
2.47
%
$
11,078,749
$
153,525
2.79
%
Time deposits
1,844,059
34,562
3.78
%
1,708,902
34,764
4.09
%
Total interest-bearing deposits
13,316,607
175,275
2.65
%
12,787,651
188,289
2.96
%
Federal funds purchased
23
—
—
%
17
—
—
%
Securities sold under agreement to repurchase
149,773
2,086
2.81
%
165,962
2,767
3.35
%
FHLB and other borrowed funds
583,739
11,441
3.95
%
1,301,071
28,531
4.41
%
Subordinated debentures
439,100
8,247
3.79
%
439,686
8,219
3.76
%
Total interest-bearing liabilities
14,489,242
197,049
2.74
%
14,694,387
227,806
3.12
%
Non-interest bearing liabilities
Non-interest bearing deposits
3,981,425
4,050,787
Other liabilities
196,232
239,704
Total liabilities
18,666,899
18,984,878
Shareholders’ equity
4,007,075
3,794,726
Total liabilities and shareholders’ equity
$
22,673,974
$
22,779,604
Net interest spread
3.69
%
3.35
%
Net interest income and margin – FTE
$
439,668
4.44
%
$
419,932
4.20
%
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
Quarter Ended
Six Months Ended
(Dollars and shares in thousands, except per share data)
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)
$
118,403
$
115,209
$
100,564
$
100,038
$
101,530
$
233,612
$
201,639
Pre-tax adjustments
FDIC special assessment
(1,516
)
—
—
—
2,260
(1,516
)
2,260
BOLI death benefits
(1,243
)
—
(95
)
—
—
(1,243
)
(162
)
Gain on sale of premises and equipment
(983
)
—
—
—
(2,059
)
(983
)
(2,059
)
Fair value adjustment for marketable securities
238
(442
)
(850
)
(1,392
)
274
(204
)
(729
)
Special income from equity investment
(3,498
)
(3,891
)
—
—
—
(7,389
)
—
Legal fee reimbursement
(885
)
—
—
—
—
(885
)
—
Legal claims expense
3,300
—
—
—
—
3,300
—
Total pre-tax adjustments
(4,587
)
(4,333
)
(945
)
(1,392
)
475
(8,920
)
(690
)
Tax-effect of adjustments
(817
)
(1,059
)
(208
)
(348
)
119
(1,876
)
(132
)
Deferred tax asset write-down
—
—
—
—
2,030
—
2,030
Total adjustments after-tax (B)
(3,770
)
(3,274
)
(737
)
(1,044
)
2,386
(7,044
)
1,472
Earnings, as adjusted (C)
$
114,633
$
111,935
$
99,827
$
98,994
$
103,916
$
226,568
$
203,111
Average diluted shares outstanding (D)
197,765
198,852
198,973
199,461
200,465
198,289
200,909
GAAP diluted earnings per share: (A/D)
$
0.60
$
0.58
$
0.51
$
0.50
$
0.51
$
1.18
$
1.00
Adjustments after-tax: (B/D)
(0.02
)
(0.02
)
(0.01
)
0.00
0.01
(0.04
)
0.01
Diluted earnings per common share, as adjusted: (C/D)
$
0.58
$
0.56
$
0.50
$
0.50
$
0.52
$
1.14
$
1.01
ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)
2.08
%
2.07
%
1.77
%
1.74
%
1.79
%
2.08
%
1.78
%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)
2.02
%
2.01
%
1.76
%
1.72
%
1.83
%
2.02
%
1.79
%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))
2.25
%
2.24
%
1.92
%
1.88
%
1.94
%
2.25
%
1.93
%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))
2.18
%
2.18
%
1.91
%
1.86
%
1.98
%
2.18
%
1.94
%
GAAP net income available to common shareholders (A)
$
118,403
$
115,209
$
100,564
$
100,038
$
101,530
$
233,612
$
201,639
Amortization of intangibles (B)
2,025
2,047
2,068
2,095
2,140
4,072
4,280
Amortization of intangibles after-tax (C)
1,530
1,547
1,563
1,572
1,605
3,077
3,210
Adjustments after-tax (D)
(3,770
)
(3,274
)
(737
)
(1,044
)
2,386
(7,044
)
1,472
Average assets (E)
22,797,738
22,548,835
22,565,077
22,893,784
22,875,949
22,673,974
22,779,604
Average goodwill & core deposit intangible (F)
1,435,480
1,437,515
1,439,566
1,441,654
1,443,778
1,436,492
1,444,840
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
Quarter Ended
Six Months Ended
(Dollars in thousands)
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)
11.77
%
11.75
%
10.13
%
10.23
%
10.73
%
11.76
%
10.69
%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)
11.39
%
11.41
%
10.05
%
10.12
%
10.98
%
11.40
%
10.76
%
Return on average tangible common equity: (ROTCE) (A/(D-E))
18.26
%
18.39
%
15.94
%
16.26
%
17.29
%
18.33
%
17.26
%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))
17.68
%
17.87
%
15.82
%
16.09
%
17.69
%
17.77
%
17.38
%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))
18.50
%
18.64
%
16.18
%
16.51
%
17.56
%
18.57
%
17.53
%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))
17.92
%
18.12
%
16.07
%
16.34
%
17.97
%
18.02
%
17.66
%
GAAP net income available to common shareholders (A)
$
118,403
$
115,209
$
100,564
$
100,038
$
101,530
$
233,612
$
201,639
Earnings excluding intangible amortization (B)
119,933
116,756
102,127
101,610
103,135
236,689
204,849
Adjustments after-tax (C)
(3,770
)
(3,274
)
(737
)
(1,044
)
2,386
(7,044
)
1,472
Average common equity (D)
4,036,155
3,977,671
3,950,176
3,889,712
3,805,800
4,007,075
3,794,726
Average goodwill & core deposits intangible (E)
1,435,480
1,437,515
1,439,566
1,441,654
1,443,778
1,436,492
1,444,840
EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-G)/(B+C+E))
41.68
%
42.22
%
42.24
%
41.42
%
43.17
%
41.94
%
43.69
%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))
42.01
%
42.84
%
42.00
%
41.66
%
42.59
%
42.42
%
43.50
%
Pre-tax net income to total revenue (net) (A/(B+C))
56.08
%
56.58
%
50.11
%
50.03
%
52.40
%
56.32
%
52.66
%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))
54.39
%
54.91
%
49.74
%
49.49
%
52.59
%
54.64
%
52.52
%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)
$
154,991
$
147,154
$
146,154
$
147,954
$
141,411
$
302,145
$
276,304
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)
$
150,404
$
142,821
$
145,209
$
146,562
$
141,886
$
293,225
$
275,614
P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)
57.19
%
56.58
%
56.57
%
57.35
%
55.54
%
56.89
%
55.15
%
P5NR, as adjusted (B+C-D+F)/(B+C)
55.49
%
54.91
%
56.20
%
56.81
%
55.73
%
55.21
%
55.01
%
Pre-tax net income (A)
$
151,991
$
147,154
$
129,454
$
129,084
$
133,411
$
299,145
$
263,804
Net interest income (B)
219,952
214,656
217,142
215,220
211,822
434,608
416,412
Non-interest income (C)
51,079
45,426
41,222
42,779
42,774
96,505
84,573
Non-interest expense (D)
116,040
112,928
112,210
110,045
113,185
228,968
224,681
Fully taxable equivalent adjustment (E)
2,526
2,534
2,398
2,616
2,628
5,060
3,520
Total pre-tax adjustments (F)
(4,587
)
(4,333
)
(945
)
(1,392
)
475
(8,920
)
(690
)
Amortization of intangibles (G)
2,025
2,047
2,068
2,095
2,140
4,072
4,280
Adjustments:
Non-interest income:
Fair value adjustment for marketable securities
$
(238
)
$
442
$
850
$
1,392
$
(274
)
$
204
$
729
Gain (loss) on OREO
13
(376
)
(2,423
)
85
49
(363
)
66
Gain (loss) on branches, equipment and other assets, net
972
(163
)
26
32
2,052
809
2,044
Special income from equity investment
3,498
3,891
—
—
—
7,389
—
BOLI death benefits
1,243
—
95
—
—
1,243
162
Legal expense reimbursement
885
—
—
—
—
885
—
Total non-interest income adjustments (H)
$
6,373
$
3,794
$
(1,452
)
$
1,509
$
1,827
$
10,167
$
3,001
Non-interest expense:
FDIC special assessment
(1,516
)
—
—
—
2,260
(1,516
)
2,260
Legal claims expense
3,300
—
—
—
—
3,300
—
Total non-interest expense adjustments (I)
$
1,784
$
—
$
—
$
—
$
2,260
$
1,784
$
2,260
Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)
Quarter Ended
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)
$
20.71
$
20.40
$
19.92
$
19.91
$
19.30
Tangible book value per common share: ((A-C-D)/B)
13.44
13.15
12.68
12.67
12.08
Total stockholders’ equity (A)
$
4,085,316
$
4,042,555
$
3,961,025
$
3,959,789
$
3,855,503
End of period common shares outstanding (B)
197,239
198,206
198,882
198,879
199,746
Goodwill (C)
1,398,253
1,398,253
1,398,253
1,398,253
1,398,253
Core deposit and other intangibles (D)
36,255
38,280
40,327
42,395
44,490
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)
17.83
%
17.58
%
17.61
%
17.35
%
16.82
%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))
Congressman Russell Fry (SC-07) Introduces the Kayla Hamilton Act to Protect American Communities from Dangerous UAC Placements
WASHINGTON, D.C. — Congressman Russell Fry (SC-07) introduced the Kayla Hamilton Act, critical legislation designed to close dangerous loopholes in the federal government’s handling of unaccompanied alien children (UACs) and to prevent tragedies like the murder of Kayla Hamilton, an autistic 20-year-old woman from Maryland. Congressmen Troy Nehls (TX-22) and Barry Moore (AL-01) are original cosponsors of this legislation.
Kayla was brutally murdered by Walter Javier Martinez, a UAC who was released to a sponsor—an individual responsible for housing and supervising the UAC—by the Department of Health and Human Services (HHS) before any background checks were completed. Because the Biden-Harris administration did not complete background checks prior to a UAC’s release, authorities were unaware that Martinez was in fact an El Salvadorian with a criminal history and affiliation with the MS-13 gang. Once authorities then took him into custody, Martinez also admitted to having committed four murders, two rapes, and other crimes.
To prevent such tragedies from happening again, the Kayla Hamilton Act mandates that the HHS Secretary consider whether the UAC poses a danger to themselves or the community when determining potential placements for them.
Additional reforms in the Kayla Hamilton Act include:
Requires HHS to contact the consulate or embassy of a UAC’s home country to determine any criminal history or gang affiliation for UACs aged 12 and older.
Mandates that HHS screen for gang tattoos during standard medical assessments and requires UACs with such indicators to be placed in secure facilities.
UACs with known gang ties or tattoos must be housed in secure HHS facilities, not released into communities.
Prohibits UAC placement with sponsors who are in the United States illegally.
Requires HHS to collect and share background information on all potential sponsors and their adult household members—including immigration status and results of FBI fingerprint checks—with the Department of Homeland Security.
Removes discretionary authority that previously allowed HHS to ignore risk factors such as gang activity or criminal history during placement decisions.
“The tragic murder of Kayla Hamilton was preventable,” said Congressman Fry. “The Biden Administration’s policies opened the door to criminal exploitation of our immigration system—and the Kayla Hamilton Act ensures that no future administration can make those same reckless decisions. It’s time we put public safety, accountability, and the protection of American citizens first. This bill makes clear that the integrity of our immigration system can no longer be an afterthought.”
“No one else should ever again have to suffer the way my daughter Kayla did,” said Tammy Nobles, Kayla Hamilton’s mother. “The Biden-Harris Administration’s policies prioritized the comfort of illegal aliens, like Kayla’s killer, over the safety of innocent Americans. The Kayla Hamilton Act is necessary to ensure background checks of unaccompanied alien children occur before they are released. If that had happened in the case of Kayla’s killer, authorities would have known he was an MS-13 gang member.”
“The Biden Administration’s failed policies regarding unaccompanied alien children put the American people at risk and resulted in one of the largest state-sponsored child trafficking operations in human history,” said Congressman Nehls. “The failure to conduct criminal background checks on the UACs cost the life of Kayla Hamilton, and the failure to vet UAC sponsors resulted in thousands of children likely being trafficked for labor or sex. I’m proud to cosponsor Congressman Fry’s Kayla Hamilton Act to prevent any future administration from releasing UAC gang members into our communities or failing to vet UAC sponsors, putting the safety of the American people first.”
“The tragic murder of Kayla Hamilton should have never happened,” said Congressman Moore. “This heartbreaking case is a direct result of reckless catch and release policies seen under the Biden Administration and the failure of Democrats in Congress to put the safety of American citizens first. We must ensure unaccompanied minors aren’t placed with dangerous individuals or illegal aliens without proper vetting. I am proud to be a co-sponsor of Rep. Fry’s bill, The Kayla Hamilton Act, which gives us the opportunity to close threatening loopholes, stop the flow of gang members like MS-13 into our communities, and restore common sense and accountability to our immigration system.”
Congressman Fry serves on both the House Energy and Commerce Committee and the House Judiciary Committee. To stay up to date with Congressman Fry and his work for the Seventh District, follow his official Facebook, Instagram, and X pages and visit his website at fry.house.gov.
Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – U.S. Senator Joni Ernst (R-Iowa) secured a major win for taxpayers in the Senate version of the National Defense Authorization Act (NDAA) for Fiscal Year 2026 with the inclusion of an amendment to end Pentagon bureaucrats’ game of hide and seek with tax dollars.
The amendment is based off of her bipartisan Stop Secret Spending Act and requires all spending to be on the public website USAspending.gov. This will lift the veil of secrecy on billions of dollars of secret spending arrangements known as Other Transaction Agreements (OTAs), so Americans can view who is receiving their tax dollars and for what purpose.
OTAs are flexible spending arrangements not subject to standard federal acquisition laws and requirements. While OTAs allow DoD to streamline R&D and acquisitions, hiding the deals from taxpayers reduces accountability.
“I am ending Pentagon bureaucrats’ game of hide and seek with your tax dollars,” said Ernst. “Americans have a right to know where their hard-earned dollars are going. I’ve long been working to make the Pentagon more transparent and accountable and will continue to work to review the hidden receipts.”
Background:
Earlier this year, Ernst exposed more than $18 billion in government spending was hidden from taxpayers by using OTAs and, from fiscal years 2020-2022, the Government Accountability Office (GAO) found that more than $40 billion was hidden from the public through OTAs.
Source: United States Senator for Texas Ted Cruz
WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) is urging the Federal Energy Regulatory Commission (FERC) to expeditiously reissue the appropriate authority for the Rio Grande LNG project. Sen. Cruz recently sent a letter to the agency outlining the importance of the project, which supports thousands of jobs and billions of dollars in investment to the Rio Grande Valley and pushing for prompt action.
Excerpts and highlights from the letter:
“As you are aware, the Rio Grande LNG project has experienced a protracted and challenging permitting process, complicated by litigation and remand from the D.C. Circuit Court. While the Commission’s original authorization was properly issued, the court’s decision added unnecessary delays and uncertainty to a project that clearly serves the public interest. The Commission has since worked diligently to address the court’s directives, with that in mind, I trust the Commission will act quickly to reissue its order and allow this critical infrastructure project to move forward without further delay.
“In recent months, FERC has demonstrated that it is capable of acting promptly and responsibly on other LNG projects, setting an encouraging precedent. I am confident that the Commission will apply the same level of attention and urgency to the Rio Grande LNG project.”
Click here to read the full letter.
BACKGROUND
Sen. Cruz has long been a leader in pushing for American energy dominance and protecting America’s energy workers.
In March, Sens. Cruz, Cornyn, Wicker, and Tim Scott reintroduced the Protect LNG Act, which would ensure that a court cannot vacate a previously authorized LNG permit, clarifies the venue for LNG lawsuits before federal courts, and mandates that courts grant expedited decisions in relevant cases. Cruz first introduced this bill in 2024.
Sen. Cruz led a bicameral and bipartisan amicus brief in response to the U.S. Court of Appeals for the D.C. Circuit’s decision to vacate the authorizations for the Rio Grande LNG and Texas LNG Brownsville projects. His amicus brief is available here and here. Following the court’s recent decision to reinstate approvals for both projects, Sen. Cruz issued a statement welcoming the ruling.
In 2024, Sen. Cruz sent a letter urging for an extension of time to Delfin LNG LLC’s approval to export LNG after the Biden administration’s deference to the radical climate lobby. During the nomination hearing for Sean Duffy to be Secretary of Transportation, Sen. Cruz pointed out the Biden administration’s hostility towards the oil and gas industry, citing the previous administration’s failure to approve Deepwater port licenses and asked Secretary Duffy to expedite review of Delfin’s reapplication in Texas.
Sen. Cruz issued a statement after the U.S. Court of Appeals for the D.C. Circuit reinstated approvals for LNG projects for Rio Grande LNG and Texas LNG Brownsville. The D.C. Circuit had previously vacated the permits for both projects in an August 2024 decision.
Source: United Kingdom – Executive Government & Departments
Press release
PM set to reshape how Government works with communities to tackle Britain’s biggest challenges
The Prime Minister will launch the Civil Society Covenant – a new way of working that puts people at the heart of government.
Charities, faith groups, social enterprises and impact investors recognised as essential partners in tackling the country’s biggest challenges and deliver on the Plan for Change
Ministers and community leaders gather at a national summit to show how collaboration is already delivering – and will go further.
The Prime Minister will join community leaders, campaigners, and charities from across the UK to launch the Civil Society Covenant – a new approach that listens, learns and delivers alongside those on the frontline.
In his keynote speech, the Prime Minister will reflect on a promise made 18 months ago in opposition: to work in genuine partnership with civil society in the national interest. Since taking office, that promise has become reality – resetting the relationship between government and the people working every day to make their communities stronger.
At its core, the Covenant is about delivering real change for working people – strengthening public services, creating safe communities, and providing new opportunities for communities to thrive. It gives civil society a home at the heart of government and recognises that national renewal can’t be delivered from Westminster alone.
The summit brings together leaders from charities, faith organisations, philanthropists, social investors and grassroots groups to focus on the UK’s most urgent issues – from healthcare access to tackling violence against women and girls. These are challenges that disproportionately affect working families, and the Covenant ensures their voices are heard and their needs are met.
It will show how civil society leadership, backed by government support, is already delivering results. As seen by:
Tackling domestic abuse: The Drive Project, a third-sector initiative, has seen percentages of perpetrators using physical abuse cut by 82%. The government is investing £53 million to expand the programme across England and Wales, working to tackle the behaviour of perpetrators and protect victims.
Supporting vulnerable children and families: Newly launched £500 million Better Futures Fund will support up to 200,000 children and families through early intervention. This is being matched by local and philanthropic investment.
Transparent immigration: Over 10 million people have transitioned to a digital immigration status, supported by 72 local organisations helping vulnerable communities. This system strengthens border security, reduces fraud, and ensures only those with the right to be here can access services.
Building the workforce we need: A new Labour Market Evidence Group is helping reduce reliance on overseas recruitment by boosting domestic skills and training.
This is about rebalancing power and responsibility,” the Prime Minister will say.
Not the top-down approach of the state working alone. Not the transactional approach of markets left to their own devices. But a new way forward – where government and civil society work side by side to deliver real change.
The Civil Society Covenant has been shaped by over 1,200 organisations since it was first announced in October 2024. From national charities, trade unions and local campaigners, it sets out how government and communities will work together to deliver lasting change.
Ahead of speaking at the Summit later today, Culture Secretary Lisa Nandy said:
The Civil Society Covenant is about delivering real results for working people. It marks a shift from a government that kept civil society at arm’s length to one that actively partners with it, on equal footing.
Our charities, volunteers, and social enterprises are embedded in the communities they serve and trusted by the people they support. That makes them the perfect partners for shaping the change we need.
By working together, we’ll improve public services, make them more responsive and rooted in local needs, and ensure that every community benefits as part of our Plan for Change.
The summit will spotlight how this partnership works in practice. Following the Prime Minister’s keynote, mission-led sessions will include:
Jess Phillips, Minister for Safeguarding, and Alex Davies-Jones, Minister for Victims and Violence Against Women and Girls, chairing a Safer Streets panel with campaigners.
Bridget Phillipson, Education Secretary, outlining how civil society will support the Opportunity Mission.
Darren Jones, Chief Secretary to the Treasury, talking about how a mission-driven government can work in partnership with impact investors and philanthropists
They will be joined by civil society leaders delivering change across the country, in areas such as early years support, health and violence against women and girls.
The Covenant will play a key role in delivering the government’s Plan for Change—supporting the opportunity mission by breaking down barriers for young people, helping to build an NHS fit for the future, and ensuring that no community is left behind.
As part of the Summit, the government will also announce:
A new Joint Civil Society Covenant Council to drive delivery. The Joint Council will set direction and provide strategic oversight for implementation of the Covenant. It will have cross-sector membership comprising senior leaders from civil society and senior representatives from government departments to provide a key forum for driving progress in the reset of the relationship between government and civil society.
A Local Covenant Partnerships programme to support collaboration between civil society, councils and public services in communities that need it most.
ENDS
Additional quotes:
Sarah Elliott & Jane Ide, CEO’s of National Council for Voluntary Organisations & Association of Chief Executives of Voluntary Organisations on behalf of the Civil Society Advisory Group said:
The challenges our country face can only be tackled by working together. The launch of the Civil Society Covenant is a key step forward in building a more collaborative and sustainable relationship between civil society and the UK government, while recognising our sector’s independence. Real and lasting change requires a partnership that is equal, honest and fair, with an intention to put lived experience at the heart of policy decision making.
The Civil Society Covenant sets out solid principles for how we work together. Now the test is putting them into practice, both nationally and locally. As organisations rooted in communities across the UK, we’ll hold ourselves and the government accountable, speaking up on behalf of the people and communities we represent and working together to ensure meaningful and lasting impact.
Scottish Council for Voluntary Organisations Chief Executive Anna Fowlie, said:
SCVO welcomes the publication of the UK Government’s Civil Society Covenant, which recognises the independence of, and the vital role played by, voluntary organisations in our communities, society, and democracy.
Today is a starting point. The words on the page must now be made real—and that requires sustained effort, open dialogue, and, crucially, a genuine commitment to a partnership of equals.
We welcome the Covenant’s recognition of the different contexts in which the voluntary sector operates across the UK—and, importantly, its commitment to respect and complement these.
Wales Council for Voluntary Action, Chief Executive Lindsay Cordery-Bruce said:
We welcome the Civil Society Covenant as a first step towards building a stronger, more respectful relationship between civil society and UK Government.
We’re pleased to have been part of shaping this new approach, and welcome its alignment with the strong partnership structures we already have in place in Wales. The real test will now be in its implementation.
We look forward to working together to ensure the Covenant is embedded in day-to-day practice and delivers meaningful improvements in how government and the sector work in partnership across the UK.
Chief Executive of the Northern Ireland Council for Voluntary Action, Celine McStravick said:
We warmly welcome the launch of the Civil Society Covenant as an important step in recognising the vital role civil society plays across the UK. In a devolved context like Northern Ireland, where community voices are central to local progress and peacebuilding, this commitment to partnership is especially significant.
We look forward to ensuring the Covenant is embedded alongside our own partnership structures in Northern Ireland, and supports communities here to thrive.
Notes to editors:
More information will be available at the Civil Society Covenant Hub on GOV.UK.
The summit is supported by Lloyds Bank Foundation for England and Wales and Pro Bono Economics. More information will be available at the Civil Society Covenant Hub on GOV.UK.
The Covenant is intended to complement and respect existing governance and partnership arrangements in Scotland, Wales and Northern Ireland, working alongside the distinct frameworks in each nation. The UK government will continue to work in partnership with civil society organisations in all four parts of the UK.
Source: United Kingdom – Executive Government & Departments
News story
Landmark package to pursue domestic abuse perpetrators
Victims of domestic abuse to be protected under a £53 million drive to target most dangerous offenders.
Thousands more women and children will be better protected from domestic abuse through the direct targeting of perpetrators, the Home Secretary has announced today.
Backed by a £53 million investment over the next 4 years, domestic abuse perpetrators who pose the highest risk will be forced to change their behaviour and stop their offending as more police and agencies roll out tactics shown to reduce abuse.
It will form a central part of the government’s Plan for Change and pledge to tackle the epidemic of domestic abuse, which sees the police record a domestic abuse-related crime every 30 seconds.
The Drive Project has been piloted since 2016 to address the root causes of abuse through intensive one-to-one case management for up to 12 months. This includes using protection orders to keep offenders away from victims, alongside work to address drug misuse and alcohol dependency. A dedicated independent domestic violence advisor (IDVA) supports the victim in parallel, ensuring their safety and needs are prioritised at every stage.
The results have seen percentages of perpetrators using physical abuse cut by 82%, sexual abuse by 88%, stalking behaviours by 75% and jealous and controlling behaviours by 73%.
The multi-million pound investment will see up to 15 new areas going live by March 2026, with full roll-out across England and Wales to follow.
Home Secretary Yvette Cooper said:
The roll out of these new programmes means the relentless pursuit of perpetrators who pose a risk to women and girls whether they operate at home or on the streets – and intervening early to prevent further harm.
Through our mission to make our streets safer, we will take every opportunity to challenge and change dangerous behaviours, intensively monitor and manage perpetrators who pose a risk, and give victims the support they need to take back their lives.
The Drive Partnership, a consortium of 3 organisations – Respect, SafeLives, and Social Finance – is working to end domestic abuse and protect victim-survivors. The Drive Project is their flagship intervention working with those causing harm in their relationships to prevent abusive behaviour.
Rolling out The Drive Project demonstrates that the government is committed to doing things differently, working closely with civil society and bringing experts into policy development to improve the lives of working people. Today’s announcement comes ahead of the Civil Society Summit being held on Thursday 17 July, where the Safeguarding Minister Jess Phillips will join a violence against women and girls panel with Beyond Equality, the Domestic Abuse Commissioner and Minister Davies-Jones.
Alongside tackling domestic abuse, the government is also funding 3 police forces to step up efforts to prevent predatory behaviour in public spaces and night time economy venues through Project Vigilant.
Currently being trialled by Thames Valley Police, alongside several other forces across the country, specially trained plain-clothed officers are patrolling nightlife hotspots to hunt down predatory behaviour, with uniformed officers then stepping in to keep the public safe.
A further £230,000 will enable specialist deployments in 3 police forces, support the trial of new tools – including sniffer dogs trained to detect drugs commonly used in spiking – and help to gather evidence on how the approach works in different settings.
Minister for Safeguarding and Violence Against Women and Girls, Jess Phillips said:
Through bold initiatives like the Drive Project and Project Vigilant, we’re going after perpetrators wherever they pose a threat. We are shifting the focus onto those who cause harm, challenging dangerous behaviours and making it clear that the responsibility for ending abuse lies with perpetrators, not those who suffer from it.
Through our mission to make our streets safer, every penny we invest in holding perpetrators to account is a step towards a better and safer future for every victim.
The Drive Project will be delivered in partnership with police and crime commissioners, police forces, domestic abuse services and the Drive Partnership, and supported by national training and resources.
Case managers work closely with high-risk perpetrators for up to 12 months, building their capacity to manage emotions and relationships differently, removing opportunities for abuse through close monitoring and disruption tactics and ensuring dedicated support for victims.
Interventions are tailored to each perpetrator’s risk level and pattern of abuse and can include:
disruption tactics such as police intervention and the use of protection orders
engagement with social services to safeguard families and children
alternative accommodation to prevent perpetrators from returning to victims’ homes
addressing drug and alcohol dependencies that can fuel abusive behaviour
behaviour change to address patterns of control and violence
monitoring and accountability to prevent reoffending
dedicated support for victims to help them rebuild their lives and move on
Kyla Kirkpatrick, Director, The Drive Partnership, said
We welcome this investment from the Home Office into the expansion of the Drive Project across England and Wales because victim-survivors tell us that as well as more support for themselves, they want and need better responses to the people causing harm in their lives. They need them to be seen, held to account and stopped. The Drive Project does that and with 10 years of delivery, development and evaluation behind us know that it works.
This work can only happen if the focus is absolutely on the safety and wellbeing of the victim-survivors. This investment will see the vast majority of funding flow directly to local domestic abuse perpetrator services and victim-survivor support services, and we will be working in partnership with local services to ensure that the Drive Project is tailored to meet the needs of local communities. We look forward to the forthcoming VAWG strategy to support victim-survivor services with much-needed investment and cross-departmental commitment.
Detective Superintendent Jon Capps, Head of Rape and Sexual Offences and Project Vigilant at Thames Valley Police, said:
We welcome funding which supports vital proactive initiatives to disrupt those who behave in a predatory manner and offend against women and girls.
Our Project Vigilant officers are specially trained to spot predatory behaviour, intervening and preventing it escalating into an offence.
This year we have conducted 50 Vigilant deployments across the Thames Valley, all of which highlight our commitment to keep people safe, specifically in the night time economy and increasingly with large public events.
Our aim is to take a suspect-focused approach, creating safer public spaces and building trust and confidence in our policing response.
Michael Kill, CEO, Night Time Industries Association:
We welcome today’s announcement and fully support the government’s £53 million package to target the most dangerous domestic abuse perpetrators. A perpetrator-focused approach is essential – accountability must lie with those who commit these crimes, not the women who endure them.
We understand that predatory behaviour is a pervasive issue within society and must be addressed wherever it occurs – across communities, public spaces, and institutions. Over recent years, the industry has worked hard to drive awareness and put robust mitigations in place – through staff training, use of CCTV, awareness campaigns and strengthened partnerships with key stakeholders and policing.
Today’s announcement – particularly the expansion of the Drive Project and Project Vigilant, as well as the introduction of specially-trained officers to address predatory behaviour – is a vital step toward tackling the root causes of abuse. It will provide greater protection for women and support operators in disrupting harmful behaviours early.
The NTIA is committed to supporting the government’s Plan for Change and its goal to halve violence against women within a decade. We will continue working closely with government, policing, and local authorities to embed a perpetrator-focused culture of safety and accountability throughout the night time economy.
This investment comes after the government announced a boost of nearly £20 million in support for victims of abuse, including £6 million for helplines which can offer life-saving support.
A relentless pursuit of perpetrators will form a central part of the government’s upcoming strategy on violence against women and girls, shifting the burden of safety away from victims and onto the perpetrators responsible for these devastating crimes. The strategy will also set out action to transform the system’s response to VAWG, including on prevention, early intervention, enforcement and victim support.
Source: United Kingdom – Executive Government & Departments
Press release
UK-Germany landmark agreement to help smash smuggling gangs and boost defence exports
Brits and Germans alike will benefit from a closer partnership on the issues that matter most to them, as Prime Minister Keir Starmer is set to host Chancellor Friedrich Merz for a comprehensive visit to London.
Prime Minister Keir Starmer will welcome Chancellor Merz to London today for his first official visit to the UK as Chancellor
The leaders will sign a new Treaty to strengthen their partnership and deliver benefits for UK and German citizens
PM set to welcome German commitment to criminalise facilitating illegal migration to the UK this year, as leaders agree to boost joint defence exports
Brits and Germans alike will benefit from a closer partnership on the issues that matter most to them, as Prime Minister Keir Starmer is set to host Chancellor Friedrich Merz for a comprehensive visit to London today (Thursday 17 July) to revamp the UK-Germany friendship and sign a first of its kind Bilateral Friendship and Cooperation Treaty.
Alongside the Treaty, Germany is expected to make a landmark commitment to make it illegal in Germany to facilitate illegal migration to the UK with the law change to be adopted by the end of the year.
The change will give law enforcement the tools they need to investigate and take action against warehouses and storage facilities used by migrant smugglers to conceal dangerous small boats intended for illegal crossings to the UK. This will bolster efforts to prosecute those involved in smuggling and support the dismantling of the criminal networks driving unacceptable and unlawful journeys through Europe.
This significant and long-awaited step is further evidence that the Prime Minister’s approach to working more closely with our European partners is bearing fruit, and demonstrates progress on delivering the Joint Action Plan on Irregular Migration agreed with Germany last year. Through increased cooperation between UK and German law enforcement bodies we are expanding efforts to tackle people smuggling and bring criminal networks to justice. In the last 18 months the NCA has worked with partners across Europe to seize more than 600 boats and engines, with this change expected to drive that number up further.
It will also complement bolstered UK efforts to smash the criminal gangs responsible for dangerous, illegal journeys to the UK via small boats, through the game-changing pilot returns agreement reached with France last week, and the continued work upstream of the Border Security Command to disrupt and deter criminal smuggling networks.
The new Treaty will detail closer collaboration on issues ranging from migration and security to business, commercial and infrastructure links. This joint commitment to pursue a range of ambitious projects demonstrates how closer partnerships with our trusted allies will help deliver the Prime Minister’s Plan for Change.
Prime Minister Keir Starmer said:
“The progress we are making today is further proof that by investing in our relationships with likeminded friends and partners, we can deliver real change for working people.
“The Treaty we will sign today, the first of its kind, will bring the UK and Germany closer than ever. It not only marks the progress we have already made and the history we share. It is the foundation on which we go further to tackle shared problems and invest in shared strengths.
“Chancellor Merz’s commitment to make necessary changes to German law to disrupt the supply lines of the dangerous vessels which carry illegal migrants across the Channel is hugely welcome. As the closest of allies, we will continue to work closely together to deliver on the priorities that Brits and Germans share.”
Deepening our security and defence cooperation is also high on the agenda, with the leaders set to discuss their strong shared support for Ukraine.
Building on the landmark Trinity House Agreement on Defence signed in October, the leaders will unveil a new agreement to boost world-class UK defence exports such as Boxer armoured vehicles and Typhoon jets, with the two countries set to pursue joint export campaigns for jointly produced equipment. The agreement is likely to lead to billions of pounds additional defence exports in the coming years – excellent news for the UK economy and thousands of highly skilled defence industrial workers.
The leaders are also set to make a new commitment to deliver their new Deep Precision Strike capability in the next decade. The rapid development of this capability will safeguard the British public and reinforce NATO deterrence, while boosting the UK and European defence sectors through significant industrial investment. The new capability is set to have a range of over 2,000 km, and will be among the most advanced systems ever designed by the UK.
The Treaty also includes the establishment of a new UK-Germany Business Forum in order to improve business and investment relationship between the UK and Germany, with trade between the two countries already accounting for 8.5% of all UK trade and supporting almost 500,000 jobs. This is further illustrated by a series of commercial investment announced today worth more than £200 million and creating more than 600 new jobs.
One such example is German defence tech company, STARK, which has announced a landmark investment in the UK, marking its first production expansion outside of Germany. The move will create over 100 highly skilled jobs in the UK within the first year, including through STARK’s new 40,000 square feet facility in Swindon.
Mike Armstrong, Managing Director of STARK UK, said:
“The UK and Germany are world-leaders in new technology that will define the battlefields of the future. We need rapid and scalable production to protect our people, defend our sovereignty and deter aggression. That means resilient supply chains stretching across Europe.
“That is why STARK has chosen the UK as our first production location outside of Germany – taking advantage of the vast technological, industrial and defence expertise that exists here to create AI-powered, unmanned systems to defend Europe and NATO.”
Other announcements from German companies in the UK today include:
Conversational AI firm Cognigy plans to invest £50 million in the UK, expanding its team from 13 to 150.
AI ESG platform osapiens plans to invest £30 million in the UK, creating 150 high-skilled jobs.
Siemens Energy is creating 200 new jobs as well as 100 new apprentices and graduates starting this autumn.
Venture Capital fund, HV Capital, has the ambition to deploy around £150 million in the UK as part of their next fund generation.
The following statement was issued today by the Spokesman for UN Secretary-General António Guterres:
The Secretary-General is alarmed by the continued escalation of violence in Suweida, a Druze-majority area, which has reportedly claimed the lives of hundreds of people, including civilians, and injured and displaced many more.
He unequivocally condemns all violence against civilians, including reports of arbitrary killings and acts that fan the flames of sectarian tensions and rob the people of Syria of their opportunity for peace and reconciliation after 14 years of brutal conflict.
He extends his heartfelt condolences to all Syrians and reiterates his call for an immediate de-escalation of violence and urgent measures to restore calm and facilitate humanitarian access.
The Secretary-General takes note of the statement by the Office of the Presidency condemning the violations and committing to investigating and holding to account those responsible for them. He reiterates his appeal for the transparency of the process.
The Secretary-General further condemns Israel’s escalatory air strikes on Suweida, Daraa and in the centre of Damascus, as well as reports of the Israel Defense Forces’ redeployment of forces in the Golan. He calls for an immediate cessation of all violations of Syria’s sovereignty and territorial integrity and for respect for the 1974 Disengagement of Forces Agreement.
The Secretary-General reiterates that it is imperative to support a credible, orderly and inclusive political transition in Syria in line with the key principles of Security Council resolution 2254 (2015).
July 16, 2025 – Ottawa – National Defence / Canadian Armed Forces
On July 15, for the first time as Minister of National Defence, the Honourable David McGuinty travelled to the North American Aerospace Defense Command (NORAD) headquarters in Colorado, to attend the Transfer of Appointment Ceremony of the Deputy Commander.
While in Colorado Springs, Minister McGuinty met with the Commander of NORAD, General Gregory M. Guillot, to discuss strengthening North American security. He met with Canadian Armed Forces (CAF) members who are based at NORAD, as well as attended a missile defence demonstration.
Minister McGuinty reiterated Canada’s commitment to NORAD modernization, Arctic security, and initiatives such as Arctic Over the Horizon Radar (A-OTHR) and Integrated Air and Missile Defence.
Consistent with the Prime Minister’s commitments to supporting NORAD and strengthening Canada’s air and missile defences, Minister McGuinty also confirmed that the Government has removed all restrictions on air and missile defence of Canada. This will enable Canada to strengthen its defence capabilities and better deter and defend against threats to our country’s sovereignty, population, and critical infrastructure.
Minister McGuinty also met with outgoing Deputy Commander, Lieutenant General (LGen) Blaise Frawley, and LGen Iain Huddleston, who has assumed the role of Deputy Commander of NORAD.
The Deputy Commander of NORAD is the most senior CAF officer in the command, also serving as the Commander of the Canadian Element NORAD, which includes all Canadian personnel assigned to NORAD across North America. NORAD is a bi-national United States-Canadian organization charged with the missions of aerospace warning and control, and maritime warning for North America. In this dual role, the Deputy Commander advises the Commander of NORAD on the management and employment of assigned forces, while also overseeing the command’s planning processes and operational functions.
Source: United States House of Representatives – Congresswoman Dina Titus (1st District of Nevada)
Congresswoman Dina Titus (NV-01) today led Nevada’s Congressional Democratic Delegation in urging U.S. Department of Homeland Security Secretary Kristi Noem to administer FEMA’s Urban Area Security Initiative (UASI) grants which have been delayed under the Trump Administration.
“We are writing to urge the U.S. Department of Homeland Security to immediately publish a Notice of Funding Opportunity (NOFO) for the Federal Emergency Management Agency’s (FEMA) Urban Area Security Initiative (UASI) grant program, as required under current law,” Rep. Titus and the Delegation said in a letter.
Through the UASI program, FEMA provides communities critical assistance to help them prevent, respond to, and recover from acts of terrorism and other disasters. In Southern Nevada, UASI grants were used to purchase equipment deployed by fire and EMS personnel during the Harvest Festival mass shooting in Las Vegas on October 1, 2017.
“Given the track record of these grants keeping our constituents safe, we are deeply concerned that the Department of Homeland Security has missed the statutory deadline to publish a NOFO for UASI, the first step in administering these grants,” the letter reads. “The safety and security of our communities are on the line.”
Rep. Titus added “With all the high volume of events in my district, like the F1 Race, the Super Bowl, and various concerts, UASI funds can help our first responders be ready to meet any threats to these gatherings of people.”
Background
Section 303 of Division C of Public Law 118-47 requires FEMA to make applications for Federal Assistance grants, including UASI, available to eligible applicants no later than 60 days after the enactment of the law. According to that timeline, the grants should have been made available by May 16, 2025. Nevertheless, FEMA has yet to issue a notice of funding opportunity to make these grants available to the communities who rely on them.
Source: United States House of Representatives – Representative Don Beyer (D-VA)
Senate Finance Committee Ranking Member Ron Wyden, D-Ore., Senator Michael F. Bennet, D-Colo., and U.S. Representative Don Beyer, D-Va., today reintroduced legislation to update and expand unemployment insurance so the program better meets the needs of the modern workforce and is ready to respond should the economy go into a recession in the future.
“There’s no question that our unemployment insurance system is in desperate need of an update,” Wyden said. “American workers who become unemployed by no fault of their own shouldn’t have to worry about putting food on the table and paying their bills as they get back on their feet. This bill modernizes unemployment insurance so working Americans get a 21st century economic lifeline – all while ensuring that we’re keeping up with our changing economy.”
“Too many Americans struggle to access essential unemployment benefits as they navigate a patchwork of outdated state systems,” Bennet said. “Our bicameral bill strengthens unemployment systems across the country to prepare for an economic downturn and help workers stay afloat during difficult times.”
“The last recession again showed the importance of our unemployment insurance system and the desperate need for its expansion and modernization,” Beyer said. “The inadequacy of the system forced Congress to step in and temporarily expand the program, but without permanent reform we remain woefully unprepared for a major crisis. Our bill would make long-overdue improvements to our unemployment system that will help families and the broader economy more easily weather a future economic shock.”
The Unemployment Insurance Modernization and Recession Readiness Act would:
Update the federal-state Extended Benefits program so that it will automatically add additional weeks of benefits when unemployment rises.
Establish new requirements for state unemployment programs to ensure that benefits are adequate to support workers through job loss and that more workers are covered when they lose their job. This would include requiring that all states offer 26 weeks of benefits, replace 75% of workers’ wages, cover part-time workers, and pay workers for their first week of unemployment — the “waiting week.”
Create new permanent federal programs for unemployed workers, including a $250 per week Jobseeker Allowance that would be available to any unemployed workers not covered by the traditional unemployment insurance system, such as self-employed workers and new entrants to the labor force.
The bill would also include an additional $25 weekly federal allowance for each dependent an unemployed worker has, and provide federal funding to increase unemployed workers’ wage replacement rates to 100% during major disasters or public health emergencies.
The legislation is cosponsored by U.S. Senators Michael Bennet, D-Colo., Jack Reed, D-R.I., Elizabeth Warren, D-Mass., Bernie Sanders, I-Vt., John Fetterman, D-Pa., and Cory Booker, D-N.J.
A section-by-section summary is here.
The text of the bill is here.
Statements of Support
Rebecca Dixon, President and CEO of National Employment Law Project: “The pandemic revealed how absolutely critical unemployment insurance is for supporting jobless workers, their families, and the entire economy. By updating the Extended Benefits program, modernizing regular unemployment insurance, and adding a powerful new jobseeker’s allowance to support workers who are excluded from the current system, the Unemployment Insurance Modernization and Recession Readiness Act will make the system stronger, more equitable, and better prepared for the next recession.”
Michele Evermore, Senior Fellow at National Academy of Social Insurance: “I applaud Senators Wyden and Bennet and Congressman Beyer for their consistent leadership on this issue. The time to think about improving unemployment insurance is now, before the next crisis. Many UI systems across the United States are no longer equipped to support people in an economic downturn. They often do not reach enough people or provide enough income support to keep people afloat. This legislation mainly codifies five decades of bipartisan advisory council recommendations to ensure UI supports people who lose their jobs in the way it was intended.”
Andrew Stettner, Director of Economy and Jobs at The Century Foundation: “The core unemployment insurance system currently only covers 3 in 10 jobless workers. The bill contains overdue reforms that would ensure the workers in every state have the protections they need, and that our entire economy can rely on the economic stabilization UI uniquely provides in times of recession. The time to fix UI is now, so it is there when we need it most.”
A letter of support from over 100 organizations is here.
Cyber security webinars Modified 19 June 2024 Over the last year, the Cyber Security for the Tertiary Sector initiative facilitated online webinars to help organisations in the New Zealand tertiary education sector to better understand cyber security and help them decide what steps they can take to become more secure. https://www.tec.govt.nz/teo/working-with-teos/improving-cyber-security-in-the-tertiary-sector/how-to-improve-your-cyber-security
TABER, ALBERTA, July 16, 2025 (GLOBE NEWSWIRE) — FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE-AMERICAN: FSI), is the developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry. Flexible Solutions also manufactures biodegradable and environmentally safe water and energy conservation technologies. In addition, FSI is increasing its presense in the food and nutrition supplement manufacturing markets. Today the Company announces second quarter (Q2), 2025 revenue.
Sales were up in Q2, 2025 compared to Q2, 2024. Flexible Solutions’ top line revenue increased to $11.212 million (Q2, 2025) from $10.529 million (Q2, 2024) to), up approximately 6.5% year over year.
Mr. Dan O’Brien, CEO, comments, “The $2.5 million payment for food grade product development moved our Q2 revenue from poor to good. We saw weakness from several historic customers in the quarter most likely related to general business conditions, tariff uncertainty and inventory reduction.” Mr. O’Brien continues, “Volatility in our base business reinforces our decision to emphasize food grade operations but, it does not change our opinion that the second half of 2025 will see growth unless economic conditions decay further.”
Complete financial results will be available after market close on Thursday, August 14, 2025, concurrent with the Company’s SEC second quarter filings. A conference call will be scheduled for 8:00 am Pacific Time, 11:00 am Eastern Time, the following business day, Friday, August 15, 2025. See the FSI August 14, 2025 financials news release for the dial in numbers.
About Flexible Solutions International
Flexible Solutions International, Inc. (www.flexiblesolutions.com), based in Taber, Alberta, is an environmental technology company. The Company’s NanoChem Solutions Inc. subsidiary specializes in biodegradable, water-soluble products utilizing thermal polyaspartate (TPA) biopolymers. TPA beta-proteins are manufactured from the common biological amino acid, L-aspartic and have wide usage including scale inhibitors, detergent ingredients, water treatment and crop enhancement. Along with TPA, this division started producing other crop enhancement products as well. In 2022, the Company entered the food and nutrition markets by obtaining FDA food grade approval for the Peru IL plant. The other divisions manufacture energy and water conservation products for drinking water, agriculture, industrial markets and swimming pools throughout the world.
Safe Harbor Provision
The Private Securities Litigation Reform Act of 1995 provides a “Safe Harbor” for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward looking statement with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company’s reports filed with the Securities and Exchange Commission.
Flexible Solutions International 6001 54thAve, Taber, Alberta, CANADA T1G 1X4 Company Contacts
MORRISVILLE, VT., July 16, 2025 (GLOBE NEWSWIRE) — Union Bankshares, Inc. (NASDAQ – UNB) today announced results for the three and six months ended June 30, 2025 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended June 30, 2025 was $2.4 million, or $0.53 per share, compared to $2.0 million, or $0.45 per share, for the same period in 2024, and $4.9 million, or $1.08 per share, for the six months ended June 30, 2025, compared to $4.4 million, or $0.98 per share, for the same period in 2024.
Balance Sheet
Total assets were $1.48 billion as of June 30, 2025 compared to $1.40 billion as of June 30, 2024, an increase of $81.9 million, or 5.9%. Loan growth was the primary driver of the increase in total assets with total loans increasing $99.8 million, or 9.8%, to reach $1.11 billion as of June 30, 2025 including $9.0 million in loans held for sale, compared to $1.01 billion as of June 30, 2024, with $6.2 million in loans held for sale. Despite the economic uncertainty in the future, asset quality remains strong with minimal past due loans and net recoveries of $5 thousand and $6 thousand for the three and six months ended June 30, 2025, respectively.
In addition to the balance sheet growth in loans, qualifying residential loans of $31.0 million and $56.8 million were sold to the secondary market for the three and six months ended June 30, 2025, respectively, compared to sales of $19.3 million and $41.0 million for the three and six months ended June 30, 2024, respectively.
Total deposits were $1.10 billion as of June 30, 2025 compared to deposits of $1.05 billion as of June 30, 2024, and included purchased brokered deposits of $65.3 million and $65.0 million for the respective periods. Borrowed funds consisted of Federal Home Loan Bank advances of $270.7 million as of June 30, 2025 compared to $212.1 million as of June 30, 2024. There were also $35.0 million in advances from the Federal Reserve’s Bank Term Funding Program outstanding as of June 30, 2024.
The Company had total equity capital of $71.3 million and a book value per share of $15.66 as of June 30, 2025 compared to $64.0 million and a book value of $14.16 per share as of June 30, 2024. Total equity capital is reduced by accumulated other comprehensive loss as it relates to the fair market value adjustment for investment securities. Accumulated other comprehensive loss as of June 30, 2025 was $31.2 million compared to $35.2 million as of June 30, 2024.
Income Statement
Consolidated net income was $2.4 million for the second quarter of 2025 compared to $2.0 million for the second quarter of 2024, an increase of $376 thousand, or 18.6%. Interest income increased $2.2 million, or 13.1%, to $18.7 million for the three months ended June 30, 2025 compared to $16.5 million for the three months ended June 30, 2024, due to an increase in yield on earning assets and an increase in volume for the comparison periods. Similarly, interest expense increased $1.2 million, or 17.1%, to $8.3 million for the three months ended June 30, 2025 compared to $7.1 million for the three months ended June 30, 2024 due to an increase in rates paid on customer deposits and to a lesser extent an increase in volumes. As a result of these changes during the comparison periods, net interest income increased $962 thousand, or 10.1%.
Credit loss expense of $221 thousand was recorded for the second quarter of 2025 compared to $388 thousand recorded for the second quarter of 2024. The credit loss expense was primarily related to the growth and mix of the loan portfolio at both June 30, 2025 and June 30, 2024. Management continues to assess the adequacy of the Allowance for Credit Losses quarterly.
Noninterest income was $2.8 million for the three months ended June 30, 2025 and 2024. Noninterest expenses increased $706 thousand, or 7.2%, to $10.5 million for the three months ended June 30, 2025 compared to $9.8 million for the same period in 2024. The increase during the comparison period was due to increases of $311 thousand in salaries and wages, $340 thousand in employee benefits, $2 thousand in occupancy expenses, and $83 thousand in equipment expenses, partially offset by a decrease of $31 thousand in other expenses. Income tax expense was $102 thousand for the three months ended June 30, 2025, an increase of $41 thousand compared to income tax expense of $61 thousand for the three months ended June 30, 2024.
Dividend Declared
The Board of Directors declared a cash dividend of $0.36 per share for the quarter payable August 7, 2025 to shareholders of record as of July 26, 2025.
About Union Bankshares, Inc.
Union Bankshares, Inc., headquartered in Morrisville, Vermont, is the bank holding company parent of Union Bank, which provides commercial, retail, and municipal banking services, as well as, wealth management services throughout northern Vermont and New Hampshire. Union Bank operates 18 banking offices, three loan centers, and multiple ATMs throughout its geographical footprint.
Since 1891, Union Bank has helped people achieve their dreams of owning a home, saving for retirement, starting or expanding a business and assisting municipalities to improve their communities. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in lives of low to moderate home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators and has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank’s employees contribute to the communities where they work and reside, serving on non-profit boards, raising funds for worthwhile causes, and giving countless hours in serving our fellow residents. All of these efforts have resulted in Union receiving and “Outstanding” rating for its compliance with the Community Reinvestment Act (“CRA”) in its most recent examination. Union Bank is proud to be one of the few independent community banks serving Vermont and New Hampshire and we maintain a strong commitment to our core traditional values of keeping deposits safe, giving customers convenient financial choices and making loans to help people in our local communities buy homes, grow businesses, and create jobs. These values–combined with financial expertise, quality products and the latest technology–make Union Bank the premier choice for your banking services, both personal and business. Member FDIC. Equal Housing Lender.
Forward-Looking Statements
Statements made in this press release that are not historical facts are forward-looking statements. Investors are cautioned that all forward-looking statements necessarily involve risks and uncertainties, and many factors could cause actual results and events to differ materially from those contemplated in the forward-looking statements. When we use any of the words “believes,” “expects,” “anticipates” or similar expressions, we are making forward-looking statements. The following factors, among others, could cause actual results and events to differ from those contemplated in the forward-looking statements: uncertainties associated with general economic conditions; changes in the interest rate environment; inflation; political, legislative or regulatory developments; acts of war or terrorism; the markets’ acceptance of and demand for the Company’s products and services; technological changes, including the impact of the internet on the Company’s business and on the financial services market place generally; the impact of competitive products and pricing; and dependence on third party suppliers. For further information, please refer to the Company’s reports filed with the Securities and Exchange Commission atwww.sec.govor on our investor page atwww.ublocal.com.
MORRISVILLE, VT., July 16, 2025 (GLOBE NEWSWIRE) — Union Bankshares, Inc. (NASDAQ – UNB) today announced results for the three and six months ended June 30, 2025 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended June 30, 2025 was $2.4 million, or $0.53 per share, compared to $2.0 million, or $0.45 per share, for the same period in 2024, and $4.9 million, or $1.08 per share, for the six months ended June 30, 2025, compared to $4.4 million, or $0.98 per share, for the same period in 2024.
Balance Sheet
Total assets were $1.48 billion as of June 30, 2025 compared to $1.40 billion as of June 30, 2024, an increase of $81.9 million, or 5.9%. Loan growth was the primary driver of the increase in total assets with total loans increasing $99.8 million, or 9.8%, to reach $1.11 billion as of June 30, 2025 including $9.0 million in loans held for sale, compared to $1.01 billion as of June 30, 2024, with $6.2 million in loans held for sale. Despite the economic uncertainty in the future, asset quality remains strong with minimal past due loans and net recoveries of $5 thousand and $6 thousand for the three and six months ended June 30, 2025, respectively.
In addition to the balance sheet growth in loans, qualifying residential loans of $31.0 million and $56.8 million were sold to the secondary market for the three and six months ended June 30, 2025, respectively, compared to sales of $19.3 million and $41.0 million for the three and six months ended June 30, 2024, respectively.
Total deposits were $1.10 billion as of June 30, 2025 compared to deposits of $1.05 billion as of June 30, 2024, and included purchased brokered deposits of $65.3 million and $65.0 million for the respective periods. Borrowed funds consisted of Federal Home Loan Bank advances of $270.7 million as of June 30, 2025 compared to $212.1 million as of June 30, 2024. There were also $35.0 million in advances from the Federal Reserve’s Bank Term Funding Program outstanding as of June 30, 2024.
The Company had total equity capital of $71.3 million and a book value per share of $15.66 as of June 30, 2025 compared to $64.0 million and a book value of $14.16 per share as of June 30, 2024. Total equity capital is reduced by accumulated other comprehensive loss as it relates to the fair market value adjustment for investment securities. Accumulated other comprehensive loss as of June 30, 2025 was $31.2 million compared to $35.2 million as of June 30, 2024.
Income Statement
Consolidated net income was $2.4 million for the second quarter of 2025 compared to $2.0 million for the second quarter of 2024, an increase of $376 thousand, or 18.6%. Interest income increased $2.2 million, or 13.1%, to $18.7 million for the three months ended June 30, 2025 compared to $16.5 million for the three months ended June 30, 2024, due to an increase in yield on earning assets and an increase in volume for the comparison periods. Similarly, interest expense increased $1.2 million, or 17.1%, to $8.3 million for the three months ended June 30, 2025 compared to $7.1 million for the three months ended June 30, 2024 due to an increase in rates paid on customer deposits and to a lesser extent an increase in volumes. As a result of these changes during the comparison periods, net interest income increased $962 thousand, or 10.1%.
Credit loss expense of $221 thousand was recorded for the second quarter of 2025 compared to $388 thousand recorded for the second quarter of 2024. The credit loss expense was primarily related to the growth and mix of the loan portfolio at both June 30, 2025 and June 30, 2024. Management continues to assess the adequacy of the Allowance for Credit Losses quarterly.
Noninterest income was $2.8 million for the three months ended June 30, 2025 and 2024. Noninterest expenses increased $706 thousand, or 7.2%, to $10.5 million for the three months ended June 30, 2025 compared to $9.8 million for the same period in 2024. The increase during the comparison period was due to increases of $311 thousand in salaries and wages, $340 thousand in employee benefits, $2 thousand in occupancy expenses, and $83 thousand in equipment expenses, partially offset by a decrease of $31 thousand in other expenses. Income tax expense was $102 thousand for the three months ended June 30, 2025, an increase of $41 thousand compared to income tax expense of $61 thousand for the three months ended June 30, 2024.
Dividend Declared
The Board of Directors declared a cash dividend of $0.36 per share for the quarter payable August 7, 2025 to shareholders of record as of July 26, 2025.
About Union Bankshares, Inc.
Union Bankshares, Inc., headquartered in Morrisville, Vermont, is the bank holding company parent of Union Bank, which provides commercial, retail, and municipal banking services, as well as, wealth management services throughout northern Vermont and New Hampshire. Union Bank operates 18 banking offices, three loan centers, and multiple ATMs throughout its geographical footprint.
Since 1891, Union Bank has helped people achieve their dreams of owning a home, saving for retirement, starting or expanding a business and assisting municipalities to improve their communities. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in lives of low to moderate home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators and has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank’s employees contribute to the communities where they work and reside, serving on non-profit boards, raising funds for worthwhile causes, and giving countless hours in serving our fellow residents. All of these efforts have resulted in Union receiving and “Outstanding” rating for its compliance with the Community Reinvestment Act (“CRA”) in its most recent examination. Union Bank is proud to be one of the few independent community banks serving Vermont and New Hampshire and we maintain a strong commitment to our core traditional values of keeping deposits safe, giving customers convenient financial choices and making loans to help people in our local communities buy homes, grow businesses, and create jobs. These values–combined with financial expertise, quality products and the latest technology–make Union Bank the premier choice for your banking services, both personal and business. Member FDIC. Equal Housing Lender.
Forward-Looking Statements
Statements made in this press release that are not historical facts are forward-looking statements. Investors are cautioned that all forward-looking statements necessarily involve risks and uncertainties, and many factors could cause actual results and events to differ materially from those contemplated in the forward-looking statements. When we use any of the words “believes,” “expects,” “anticipates” or similar expressions, we are making forward-looking statements. The following factors, among others, could cause actual results and events to differ from those contemplated in the forward-looking statements: uncertainties associated with general economic conditions; changes in the interest rate environment; inflation; political, legislative or regulatory developments; acts of war or terrorism; the markets’ acceptance of and demand for the Company’s products and services; technological changes, including the impact of the internet on the Company’s business and on the financial services market place generally; the impact of competitive products and pricing; and dependence on third party suppliers. For further information, please refer to the Company’s reports filed with the Securities and Exchange Commission atwww.sec.govor on our investor page atwww.ublocal.com.
New High Mobility Artillery Rocket Systems rolled off aircraft in Hawaii this week. The systems are bound for a new mission with the 25th Infantry Division, also called “Tropic Lightning,” which expects to have a total of 16 HIMARS within weeks.
Source: United Kingdom – Executive Government & Departments
Two papers published in NEJM look at the use of mitochondrial donation an preimplantation genetic testing for mitochondrial disease.
Dr David J Clancy, Lecturer in Biogerontology, Lancaster University, said:
“This comment is to discuss Mitochondrial Replacement Therapy (MRT) in terms of costs and benefits in light of what we now know.
Benefits
“Mitochondrial replacement therapy allows women with pathogenic mitochondrial DNA to have a baby which bears her own chromosomes, while reducing or replacing the pathogenic mtDNA. If the primary purpose is to avoid mitochondrial disease, then women could also have IVF by donor sperm or donor egg (or donor embryo), or they might choose adoption if IVF technologies don’t suit them for clinical or personal reasons.
“In chromosomal dominant diseases like Huntington’s disease, affected people are offered pre-implantation genetic testing (PGT) and they are also offered IVF using donor eggs or embryos if the patient is a woman. For these sorts of genetic disease there is currently no alternative. In these cases a woman cannot have a child bearing her own chromosomes.
“When having a family there are two ways to break genetic lineages – inheritance down generations: one is to adopt and another is to have IVF by donor sperm or donor egg (or donor embryo). It is difficult to value genetic lineage. It will be more valuable to some, less to others. While maternity is never in doubt, paternity often is. Perhaps we should then value maternal genetic lineage more than paternal. Mitochondrial replacement therapy allows unbroken maternal lineage.
I cannot determine whether the Mitochondrial Reproductive Advice Clinic suggests IVF by donor egg or embryo (or adoption). The paper says “Patients with heteroplasmy (part pathogenic mitochondrial DNA, part healthy) were offered PGT, and patients with homoplasmy or elevated heteroplasmy (all or mostly pathogenic mitochondrial DNA) were offered pronuclear transfer.”
Costs
“The money cost is presumably significant. The work was funded by Wellcome and NHS England and carried out by Newcastle University, UK and the Newcastle upon Tyne Hospitals NHS Foundation Trust. Presumably they could give an idea of the cost. This might be considered important, in an environment of limited resources for national healthcare.
Possible harms
“Because these babies would not exist without the MRT intervention, we want to know about possible problems; in medicine the saying is “First, do no harm”, though in current healthcare, harm is often inevitable. While the babies so far seem probably unaffected, assessing the potential for future harm as they develop by looking at the degree of heteroplasmy in the infants is a large part of the reason for the publications.
“Measurements were on white blood cells so we don’t know about tissue mosaicism, which is where you can have high heteroplasmy in some tissues and low in others, and is common in many mitochondrial diseases. In tissues demanding high energy production (e.g. neurons), lower levels of heteroplasmy can still be symptomatic. In a mouse model, a proportion of >20% energy-deficient neurons in the brain was necessary for observable symptoms.
“Three of eight newborns from MRT had heteroplasmy levels of 5%, 12%, and 16% (the other five were
“All of these things were mostly known before these publications, so apparently the Human Fertilization and Embryology Authority (HFEA), who approved it, is happy with the cost-benefit ratio. It also appears that other countries also approve, because the technique is spreading; there is a clinic in North Cyprus, and Prof Mary Herbert, the study’s lead, has moved to a pioneer institution in IVF, Monash University in Melbourne, Australia, partly to introduce a mitochondrial replacement program.”
Prof Joanna Poulton, Professor and Honorary Consultant in Mitochondrial Genetics, Nuffield Department of Women’s and Reproductive Health, said:
“From this study, it isn’t clear that MD (mitochondrial donation) has any advantage over PGT (pre-implantation genetic testing, an alternative strategy) for heteroplasmic mtDNA disorders (where patients have mixtures of normal and mutant mtDNA and severity depends on the “dose” of mutant). The “take home baby” rate and the reduction in mutant load is similar (if anything less good for MD).
“MD has a clear theoretical advantage for homoplasmic disorders (where the mother’s mtDNA is 100% mutant), because while PGT while can be used to reduce risk, it cannot be used to reduce the load of mutant mtDNA. Over half of the MD children were from Leber Hereditary Optic Neuropathy (LHON) families, where the chance of male offspring going blind in adolescence is around 20% but only 4% for females. The risk of blindness can be reduced 5 fold using PGT to select female embryos, but they risk transmitting it to their children. Happily, male identical twins were born by MD with undetectable mutant mtDNA, they will be very low risk for blindness and as males, they will not transmit the problem to their children (because LHON is a maternally transmitted disorder). Slightly worryingly, one baby from a m.4300A>G family, where the mother has a heart disorder (cardiomyopathy) for which she may ultimately need a heart transplant, has an unspecified heart defect: they conclude it is probably unrelated to m.4300A>G but this remains uncertain. Another from a m.3260A>G family had a mutant load of 16% in blood. While this probably means the risk of symptoms is low, one symptomatic m.3260A>G woman had a blood level that was lower than this (11% with 81% in muscle). Happily, male identical twins were born by MD with undetectable mutant mtDNA, they will be very low risk for blindness and as males, they will not transmit the problem to their children because LHON is a maternally transmitted disorder.
“A great deal of research funding has been channelled into the centre that has developed MD. While this has generated fascinating scientific data and this treatment option is now available on the NHS, it hasn’t yet resulted in a dramatic clinical advance. Time will tell.”
Prof Dusko Ilic, Professor of Stem Cell Science, King’s College London, said:
“A remarkable accomplishment! State-of-the-art technology. Kudos to the team!”
Prof Dagan Wells,Professor of Reproductive Genetics, University of Oxford, and Director, Juno Genetics, Oxford, said:
“This is an important study which has been eagerly anticipated ever since the first license to carry out mitochondrial replacement therapy to avoid mitochondrial disease was granted eight years ago.
“The results indicate that established methods for avoiding mitochondrial DNA diseases, such as preimplantation genetic testing, perform well and will be suitable for most women at risk of having an affected child.
“A minority of patients are unable to produce any embryos free of mitochondrial disease, and for those women the study provides hope that they may be able to have healthy children in the future.
“The treatment has succeeded in producing 8 babies, and although mitochondrial DNA mutations can be detected in the cells of most of the children, the great majority of their mitochondria are functional, and consequently they do not have mitochondrial disease.
“The published results are very valuable, but some scientists will be a little disappointed that so much time and effort has, so far, only led to the birth of 8 children.
“Larger studies will be needed to truly understand the value of mitochondrial replacement therapy, and to understand whether there are any risks associated with the treatment.
“Three of the eight children born have some evidence of ‘reversal’, a phenomenon where the therapy initially succeeds in producing an embryo with very few defective mitochondria, but by the time the child is born the proportion of abnormal mitochondria in its cells has significantly increased.
“It is not understood why reversal sometimes occurs. Taking data from the new study as well as previous research, it seems that it may affect as many as one-third of embryos produced using mitochondrial replacement therapy. Importantly, all the children in the study have low levels of abnormal mitochondria in their cells, including those where a degree of reversal has occurred. However, the fact that reversal can happen suggests there is a chance that mitochondrial replacement therapy might occasionally fail, and consequently the procedure should be seen as a way of reducing the risk of mitochondrial disease inheritance, not guaranteeing it.”
Dr Andy Greenfield, Honorary Fellow at the Nuffield Department of Women’s & Reproductive Health, University of Oxford, said:
“Mitochondria are the energy-producing organelles of the body’s cells. They contain DNA (mitochondrial DNA, mtDNA) and as such are prone to changes to that DNA (mutations) that can disrupt mitochondrial function and cause disease. The paper by Hyslop et al describes the first clinical use in the UK of a technique – mitochondrial donation (MD) – aimed at reducing the risk of transmitting a class of mitochondrial diseases (mtDNA diseases) from mother to offspring. This is an often devastating and life-limiting group of diseases for which no curative treatments exist. The specific technique described, based on IVF, is pronuclear transfer (PNT), one of the two MD techniques made lawful in the UK in 2015. The last preclinical review of the safety and effectiveness of MD, commissioned by the HFEA and published in 2016, recommended its clinical use as a risk reduction strategy – to be used only in those women for whom preimplantation genetic testing (PGT, an established procedure that is used to detect genetic abnormalities, including the amount of disease-causing (pathogenic) mtDNA, in an embryo) followed by selection of an embryo with low levels of pathogenic mtDNA for transfer was unlikely to be a successful strategy i.e. only in those women with high levels of pathogenic mtDNA (elevated heteroplasmy) in all eggs or with exclusively pathogenic mtDNA in their eggs (homoplasmy). This cautious approach is at the heart of this new report, which, along with an accompanying paper by McFarland et al, assesses MD alongside PGT in an integrated programme performed at Newcastle Fertility Centre, UK, under the regulatory framework developed by the HFEA.
“Whilst PGT for mtDNA is an established procedure that acts as a useful comparator, the attention here will be rightly focused on the MD clinical data: 22 women at high risk of transmitting mitochondrial disease to their offspring were treated using PNT, resulting in 8 live births and one ongoing pregnancy. Firstly, this headline result alone is highly significant: PNT is compatible with embryo viability in humans. Secondly, levels of pathogenic mtDNA (in blood) from the infants varied from 0% to 16%. Whilst the last figure hints at a degree of reversion to the maternal mtDNA type, it is also sufficiently low to conclude that the procedure has successfully reduced the risk of mtDNA in all children born. The amount of maternal mtDNA could, however, vary from tissue to tissue and so follow-up of these children is vitally important. McFarland et al report that none of the children has any health condition that could be straightforwardly attributed to the presence of mtDNA disease. As the authors note, there are reasons to be optimistic about the outcome of this first MD treatment in the UK.
“The data in the last paragraph, whilst summarised very briefly, are the culmination of decades of work: from the earliest investigations in mice aimed at understanding the impacts of nuclear transfer, through to targeted experiments in human embryos to provide preclinical evidence of safety and effectiveness. But this is to focus only on some of the scientific/technical challenges that have been overcome. There were parallel activities over a similar time frame concerning ethical inquiry, public and patient engagement, law-making, drafting of regulations and execution of those regulations by committees. And last but not least: the careful establishment of a clinical pathway by which the health of the mothers and infants born could be monitored and they could be cared for (detailed in McFarland et al). This all represents a vast amount of work by a large number of people over a long period.
“The Hyslop et al paper itself is a treasure trove of data, which will likely to be the starting points of new avenues of research and opportunities for refinement. What is the explanation for the somewhat elevated maternal mtDNA levels (still beneath the clinical threshold for disease) detected in two babies born following PNT? Further studies of mitochondrial DNA replication, segregation and interaction with the nuclear DNA may provide clues. The reduction in normally fertilized eggs in the PNT group also requires explanation and may indicate that some mtDNA pathogenic variants can compromise fertilisation of the egg, which is an energy-demanding process. This observation opens up a whole area of research concerning the role of played by mitochondria in fertility. Of course, numbers analysed here are still low and a larger and more diverse cohort will be required to draw firm conclusions about efficacy and safety of MD at a population level. We can look forward to future assessments of maternal spindle transfer (the other lawful MD technique in the UK) and even, possibly, the use of targeted, enzymatic degradation of pathogenic mtDNA to eliminate the risk of carry-over and reversion.
“How do we summarise what this all means? It is a triumph of scientific innovation in the IVF clinic – a world-first that shows that the UK is an excellent environment in which to push boundaries in IVF; a tour de force by the embryologists who painstakingly developed and optimised the micromanipulation methods; an example of the value of clinical expertise, developed over decades of working with children and adults suffering from these devastating diseases, being used to support a new intervention and subsequent follow-up, potentially for many years. And it is so much more, depending on whether one’s perspective is that of an historian, sociologist, ethicist or philosopher. It is tempting to suggest that this report marks the end of a process – but it is actually the beginning, of a new era in which technologies that change how we think about human reproduction are introduced into a tightly regulated environment – the only way in which they should be introduced.
“In time, there will no doubt be retrospective studies and assessments of how all this was done – some critical – and there will be much to learn. It is hoped that other papers will follow, detailing different aspects of the process by which these first UK children were born, because this whole exercise has been a steep learning curve for all involved and future progress relies on such learning being shared. Safety assessment should be at the heart of all these and future reports. Some may wonder about the time taken for these current reports to see the light of day – but that would be to underestimate what is required to transition from preclinical research activities in an academic setting to offering a bona fide clinical service on the NHS (with the spanner of COVID-19 thrown into the works for good measure). Others will wonder whether supporting the desire to have biological children merits all this time and effort, when ‘unmet clinical need’ is the focus and budgetary constraints are the norm. But this evaluation unnecessarily attempts to marginalise a human activity – ‘having children’ – that is actually central to the health and wellbeing of a significant proportion of the population. And those ordinary resemblances that parents and children often share also matter to them. Of course, the results of clinical follow-up of the children born using PNT will be a major determinant of the future prospects for mitochondrial donation in the IVF clinic, as this report acknowledges.
“There will be many responses to this work, but I see these reports, despite their matter-of-fact understatement, as an extraordinary reminder of what well intentioned science, collaborating with medicine, can do to improve the lives of human beings.”
Mr Stuart Lavery, Divisional Clinical Director Women’s Health and Consultant in Reproductive Medicine/Honorary Associate Professor, University College Hospitals NHS Foundation Trust, said:
“The concept of nuclear transfer has attracted much commentary and occasionally concern and anxiety.
“The Newcastle team have demonstrated that it can be used in a clinically effective and ethically acceptable way to prevent disease and suffering.
“The HFEA has shown that regulation need not always be restrictive, and that permissive regulation can lead to innovation at the highest level, allowing scientists to push boundaries, patients to be successfully treated and the public to be reassured.
“This truly represents the very best of British science and regulation.”
Prof Bert Smeets, Professor in Clinical Genomics with focus on Mitochondrial Diseases, said:
“These are papers, the scientific community has waited for, for a long time, as they describe the experience of the Newcastle team on pronuclear transfer to prevent the transmission of mtDNA disease, for which they got approval in 2017. The papers describe the current experience in PNT and PGT for preventing the transmission of mtDNA disease. It is good to present a reproductive care pathway, although it is not fully complete and some of the criteria might be reevaluated based on the presented data. The care pathway starts with carriers of mtDNA mutations. I would also include women who have affected children with de novo mtDNA mutations. This concerns about 25% of the mtDNA patients. The recurrence risk is low and generally prenatal diagnosis is offered for reassurance. Furthermore, women with a very low mtDNA mutation load, with skewing mtDNA mutations or large scale deletions could also opt for prenatal diagnosis. For a reproductive care pathway for mtDNA disease, these groups should be included as well. It is clear that for the remainder according to the HFEA guidelines PNT should only be offered if PGT is unsuitable. It is great that the PNT as an addition to the reproductive choices for mtDNA disease seems to deliver as 8 children without the mtDNA condition were born. However, there are still concerns, as 2 PNT children had a higher mutation load than the carry-over, which means that reversal can occur and could be a risk for having affected children in future treatments. Also, two children had rare medical complications, which according to the authors were not related to the treatment, as this would then be expected for all of them. I do not think that is true as technical variation occurs and donors will be different. It is good to carefully monitor this, as one of the aims of HFEA guided clinical application is to find-out if PNT by itself is safe, not only to prevent mtDNA disease. The discussion on this is not very strong. Finally, a key unanswered question is why it took so long to come out with these results. Eight births with no mtDNA disease in 7 years deviates largely from the expected150 yearly births, as described by the same group in NEJM in 2015, if all women would opt for this procedure. It seems that the children born are quite recent (only one >18 months), so one wonders if there is a learning curve, change in procedure or whatsoever, explaining the increasing success rate. It would be fair to discuss this in more detail as it would make it much clearer and more realistic which women of the target group will benefit from MD. And that is still a positive message.”
Comments on the broader story:
Kevin McEleny, Chair, British Fertility Society, said:
“These landmark papers provide compelling evidence that mitochondrial donation through pronuclear transfer can massively reduce the transmission of pathogenic mitochondrial DNA variants and are a terrific example of how a regulatory framework can be adapted to permit world-leading scientific discovery. Although the number of babies conceived through this novel treatment is small and their long-term follow-up will be required, the study provides hope to people affected by mitochondrial DNA disease and their loved ones.”
Sarah Norcross, Director of the Progress Educational Trust (PET), said:
“We could not be more delighted by the news that eight babies with donated mitochondria have been born in the UK, and that all of these children have made normal developmental progress.
“Our charity spent many years campaigning for UK law to be changed, to permit the use of mitochondrial donation in treatment. We salute the patients who had the courage to attempt these novel treatments, and we thank the team at Newcastle for justifying patients’ confidence in them.
“Mitochondrial donation will not necessarily be appropriate for every patient who carries disease-causing mitochondrial DNA mutations – rather, its appropriateness depends on various factors that are explored in detail in the new studies. Importantly, the studies place mitochondrial donation within the context of a broader NHS care pathway, that offers a variety of options for people carrying mitochondrial DNA mutations who wish to have children.
“Nonetheless, the studies demonstrate that mitochondrial donation is a feasible option – indeed, a positive reproductive choice – for some patients. An important consideration is that women considering mitochondrial donation are advised to start their fact-finding early, because of the decline of egg quality with age.
“The medical and scientific work at Newcastle, and the policy and legal work that preceded it, have set a high standard for introducing new reproductive technology in a careful and scrupulously regulated way. We are pleased to see that Australia is following a similarly responsible path, having recently introduced its own law that permits the use of mitochondrial donation for the purpose of avoiding mitochondrial disease.
“The work at Newcastle will no doubt inform – and in future, will perhaps also be informed by – the mitoHOPE pilot programme for mitochondrial donation in Australia.”
Nick Meade, Chief Executive Genetic Alliance,said:
“Most rare conditions do not yet have a cure or treatment, so for families affected, reproductive choice techniques are the only opportunities to take control of the impact of the condition. For serious conditions caused by nuclear DNA, these opportunities have existed for many years (through preimplantation genetic testing), with today’s news, we know more families have that opportunity now. These techniques have the potential to work for hundreds of conditions caused by mitochondrial DNA, and they are an example of how innovative research can be applied to take steps forward for multiple rare conditions in parallel. With more than 7,000 rare conditions affecting people in the UK, we need this kind of progress.”
Beth Thompson, Executive Director for Policy & Partnerships at Wellcome, said:
“This is a remarkable scientific achievement, which has been years in the making and we are overjoyed for the families of the eight children born so far.
“The pioneering work behind mitochondrial donation is a powerful example of how discovery research can change lives. The UK has led the way and has demonstrated the importance of science grounded in close and careful co-ordination between researchers, funders and regulators – and, very importantly, working closely with families affected.
“Wellcome has proudly supported this work since the earliest days, including advocating for legislation and licensing. As the science progresses, we will continue championing brave investment in science and for policy and regulation to keep pace. The success of this research should inspire us move forward on other updates, opening the way for further innovation. The groundwork for review of Human Fertilisation and Embryology Act, for example, has been done, it now needs to move forward. We must ensure the UK stays a world leader in life sciences.”
Danielle Hamm, Director of the Nuffield Council on Bioethics, said:
“Today we have seen the first evidence that for a small number of UK families the use of pronuclear transfer (PNT) to prevent the transfer of maternally inherited mitochondrial DNA disorders has resulted in what everyone hoped it would: children who are thriving and appear free of the devastating symptoms of mitochondrial disease.
“The Nuffield Council on Bioethics’ landmark ethical review of techniques for the prevention of maternally inherited mitochondrial disorders has been instrumental in creating the right regulatory environment to allow this innovative treatment to reach the clinic and change lives for the better.
“The HFEA’s licensing conditions followed our recommendation and ensured that PNT is only available through a specialist centre. The establishment of the NHS Highly Specialised Mitochondrial Reproductive Care Pathway has ensured that families referred to the service are fully supported and have access to appropriate information, and that long term follow up of participants has been secured.
“We welcome this great progress, but continued follow-up is crucially important to inform our understanding of the long-term efficacy of the treatment.”
Peter Thompson, Chief Executive of the HFEA, said:
“Ten years ago, the UK was the first country in the world to licence mitochondrial donation treatment to avoid passing the condition to children. For the first time, families with severe inherited mitochondrial illness have the possibility of a healthy child. Although it’s still early days, it is wonderful news that mitochondrial donation treatment has led to eight babies being born.
“Only people who are at a very high risk of passing a serious mitochondrial disease onto their children are eligible for this treatment in the UK, and every application for mitochondrial donation treatment is individually assessed in accordance with the law. These robust but flexible regulatory processes allow the technique to be used safely for the purposes that Parliament agreed in 2015.”
Prof Frances Flinter, Chair of the HFEA’s Statutory Approvals Committee, said:
“We are pleased to see the peer-reviewed papers published in the New England Journal of Medicine that explain what has happened to those patients who the HFEA authorised to have mitochondrial donation treatment at the Newcastle Centre at Life. These are patients for whom there was no other option to have a healthy baby who is genetically related to them, and we are delighted for those families.
“The HFEA will continue to oversee the safe use of mitochondrial donation treatment and assess each application as families come through the programme. These results are testimony to how the UK continues to be a world leader in the use of new medical techniques to change lives.”
Comment from the editor of the journal the papers are published in (so NOT third party):
Eric Rubin, MD, PhD, Editor-in-Chief, The New England Journal of Medicine, said:
“These studies unite scientific rigor, clinical innovation, and deep ethical reflection to illustrate the full research continuum from bench to bedside. At the New England Journal of Medicine, we chose to publish this work in its full context, not only to highlight the outcomes, but also to surface the critical questions it raises about translating breakthroughs into patient care. Where allowed by government regulations, this research has the potential to prevent serious inherited disease and gives parents truly meaningful new options for their children. Its publication also reminds us that preserving the infrastructure and integrity of biomedical research in the U.S. and around the world is essential if we are to continue delivering such transformative treatments to patients.”
Comments via colleagues at other international SMCs:
Prof. Dr. Marcus Deschauer, Head of the Working Group on Rare Hereditary Neurological Diseases and Senior Physician at the Clinic and Polyclinic for Neurology, Klinikum rechts der Isar, Technical University of Munich (TUM), said:
“To my knowledge, this is the first publication of a larger cohort of families/mothers with mitochondrial DNA (mtDNA) disorders who have given birth to children after pre-implantation genetic diagnosis or mitochondrial donation. The work is therefore very important for assessing the effectiveness and risks of these methods in practice.”
“Per se, the study includes well-studied families with reliable data, but it was not possible to prevent the transmission of the disease-causing mtDNA variants in all families.””A certain carry-over of mtDNA with a disease-causing variant occurs during pre-cell nucleus transfer. It cannot be ruled out that the proportion of mutated mtDNA will continue to increase over the course of a lifetime after carry-over. However, this is unlikely: for example, in patients with the m.3243A>G variant, the degree of heteroplasmy in the blood decreases over the course of life.“
”The follow-up periods are not yet sufficient to assess the risks of later disease. Manifestation of an mtDNA disease at a later stage is conceivable in children.””A pathological mtDNA variant is identified in women who can pass it on by means of molecular genetic testing if the woman has symptoms of a mitochondriopathy. There are also cases in which molecular genetic diagnostics are performed for another indication – such as the search for another genetic disease – and a pathological mtDNA is detected. However, according to the ACMG recommendations, this should not be disclosed by genetic laboratories.“
”Until now, the lack of data has made it difficult to advise women with mitochondrial diseases on their desire to have children. The DGN guideline ‘Mitochondrial Diseases’ states: ‘Human genetic counselling is particularly complex when it comes to the desire to have children. Prenatal diagnosis can be routinely performed for nuclear mutations, but is more limited for mutations of mitochondrial DNA. The data on preimplantation diagnosis as a means of preventing or reducing the risk of inheritance of pathogenic mitochondrial DNA mutations is extremely limited, and the method is subject to the Preimplantation Diagnosis Ordinance in Germany. These two studies from Newcastle are helpful for counselling.“
”Whether a woman with mtDNA disease can expect an uncomplicated pregnancy also depends on the manifestation/severity of the woman’s disease. In cases of significant muscle weakness (including respiratory muscle weakness), this may increase during pregnancy. Natural childbirth may be difficult, making a caesarean section necessary.”
“If the mitochondrial donation procedure were also permitted in Germany, this would be an option for selected women with an mtDNA disease to significantly reduce the risk of passing on a disease-causing mtDNA variant with a heteroplasmy level above a disease-causing threshold. This would increase the chances of healthy children for families.”
“However, the data from Newcastle do not suggest that the methods used can guarantee that the disease will not be passed on. In some mtDNA variants, the severity of the disease clearly depends on the degree of heteroplasmy in the blood, so that a reduction in the degree of heteroplasmy in such cases could lead to a milder form of the disease in children.”
“In the short term, there are no good therapeutic methods for treating mtDNA diseases, so preventing the transmission of mtDNA diseases is the better option. I also consider it difficult to successfully treat children who have inherited an mtDNA variant in the medium term, as gene therapy must reach the DNA in the mitochondria. There is the example of 5q-associated spinal muscular atrophy, in which infants diagnosed in newborn screening can be treated very successfully. Unfortunately, this is not expected to be the case for mtDNA diseases in the near future.””I consider it unlikely that the two children who were symptomatic have a maternally inherited mitochondriopathy. In the case of the child with epilepsy, I would even classify this as very unlikely. I consider the authors’ assessment that the reproductive technology procedure itself or pregnancy complications or metabolic disorders in the mother may be responsible for the symptoms of the two children to be plausible.”
Nuno Costa-Borges, researcher and embryologist, scientific director and CEO of Embryotools, Barcelona Science Park, says:
“As a pioneering center in mitochondrial replacement therapies (MRT), Embryotools welcomes the recent publication by Hyslop et al. in The New England Journal of Medicine, reporting outcomes from pronuclear transfer (PNT) to prevent the transmission of mitochondrial DNA (mtDNA) disease. The study reports the birth of eight babies—four girls and four boys, including one set of identical twins—born to seven women at high risk of transmitting severe mtDNA disorders. Importantly, all infants are healthy and show no signs of mitochondrial disease. However, the detection of low-level postnatal mtDNA heteroplasmy (“reversal”) in 3 of the 8 infants (5%–16%) deserves particular discussion.
“Due to UK regulations that prohibit testing for heteroplasmy in embryos, the timing of this reversal could not be pinpointed. Their analysis relied on arrested embryos and blood samples from newborns, which limits interpretation. In contrast, our recent pilot trial using maternal spindle transfer (MST)—a form of MRT where mitochondrial replacement occurs in the oocyte before fertilization—in infertile patients led to seven live births, two of which also showed reversal, a comparable frequency. However, our approach included direct assessment of heteroplasmy in blastocysts and, longitudinally, in multiple tissues including amniotic fluid. This allowed us to accurately define that reversal occurred between the blastocyst stage and mid-gestation (~15 weeks), reinforcing the importance of prenatal testing to detect reversal early and guide clinical decision-making. In our study, all infants are also healthy and have been followed up showing no adverse events.
“This phenomenon—mtDNA ‘reversal’—has previously been described in human cells in vitro but not in MRT-derived children. Minimal levels of maternal mtDNA carryover can expand substantially, potentially compromising the efficacy of MRTs to prevent mitochondrial disease. The biological mechanisms underlying this selective amplification remain unclear but appear to occur early in development, and instances may therefore be detectable using prenatal testing. It is worth noting that the impact of mtDNA reversal in infertility treatments is likely less concerning, as maternal mtDNA in these cases does not carry pathogenic mutations. Moreover, with appropriate matching of mtDNA haplotypes between the mother and donor, the biological consequences of low-level heteroplasmy could be further minimized or even rendered clinically irrelevant.
“Currently, only the UK and Australia have regulated the use of MRT to prevent transmission of mtDNA mutations. We believe that other countries should adopt similar regulatory models. In particular, MRT should also be contemplated for infertility treatment. Infertility is a disease recognized by the WHO, and MRT can offer a genetic link to the mother for patients who would otherwise rely on egg donation. This justification aligns with the ethical principles underpinning MRT for disease prevention. As a pioneer group in this technology, Spain should lead in regulating these applications to ensure patient safety and prevent reproductive tourism to countries where such techniques may be offered without appropriate oversight.
“In light of these findings, we reaffirm the urgent need to continue performing well-regulated, larger, long-term studies to fully evaluate the safety, efficacy, and clinical implications of MRTs. Ongoing research under appropriate oversight is essential to ensure the responsible development of these technologies, improve genetic counseling, and support informed decision-making by patients and clinicians alike.
“We also advocate for thoughtful regulatory evolution that upholds patient autonomy, scientific excellence, and the principle of reproductive justice.”
Dr. Dunja M. Baston-Büst, Deputy Head of the IVF Laboratory, UniCareD Cryobank, and UniKiD Research, University Hospital Düsseldorf, Germany, said:
“Since there are currently no curative therapies for mitochondrial diseases, advances in assisted reproductive technology open up new possibilities for reducing the transmission of such variants. Preimplantation genetic diagnosis, which is commonly used to detect defects in nuclear DNA, can also be used to identify embryos with a low proportion of maternal pathogenic mitochondrial DNA variants, thereby reducing the risk of disease.
“The replacement of the donor’s zygote pronuclei with the patient’s pronuclei was successful in 127 of 160 cases (79.4 per cent). Of the 127 embryos resulting from this, 122 (96.1 per cent) were still intact on the following day (day 1). The number of intact zygotes per pre-nuclear transfer performed (33 procedures in total) ranged from zero to seven.
“In 37 of the 39 patients (95 per cent) in the preimplantation diagnosis group, the embryos were assessed on the third day after intracytoplasmic sperm injection (ICSI). For preimplantation diagnosis, a blastomere was biopsied on day three of embryonic development and transfer was usually performed in the fresh cycle after analysis of the mitochondrial DNA from the blastomere.
“Implementation in Germany is not possible under the current legal requirements (Embryo Protection Act), as egg donation is prohibited.
“The earlier and more severe a mitochondrial disease occurs, the earlier patients can be identified. Patients in Germany receive comprehensive human genetic or interdisciplinary counselling in accordance with the current S1 guideline ‘Mitochondrial Diseases’. A decision regarding the options for reproductive measures and possible preimplantation diagnosis is made in consultation with the patients and depending on the degree of heteroplasmy. Pre-implantation genetic screening is not possible in Germany due to the ban on egg donation. The alternatives are egg donation abroad or adoption.
“A patient registry for mitochondrial diseases was established in Germany in 2009. It would be beneficial for reproductive medicine if reproductive outcomes were also collected there, or analysis results if preimplantation diagnosis was performed. Unfortunately, there is no cross-linking between the registries. “Furthermore, the search for biomarkers is generally supported in Germany in order to increase the diagnostic accuracy for mitochondrial diseases.
“For reproductive medicine, I currently see no application of the technology presented in the study in Germany without a comprehensive revision of the Embryo Protection Act and the legalization of egg donation.
“The new EU SOHO Regulation will come into force in the next few years. Its main purpose is to provide greater protection for the genetic background of children born from egg and sperm donation (in addition to the amendments to the sperm donation register), so that many questions will still arise in the case of three-parent constellations.
“In mitochondrial donation using pre-nucleation transfer, the nuclear genome is transferred from a fertilized egg cell of the affected woman to an enucleated, fertilized egg cell from a healthy donor. The pronuclei are removed individually from the patients’ zygotes and, after brief treatment with a fusion agent (haemagglutinating virus from the Japanese shell), are placed together under the zona pellucida (protective shell around the egg cell; editor’s note) of the enucleated donor egg cell. Based on findings from preclinical studies, it is standard practice to freeze (vitrify) the eggs of patients for whom pre-nuclear transfer is planned, as donor eggs are not always available at the same time and in sufficient quantities.
“Pathological variants of mitochondrial DNA can be either homoplasmic (present in all mitochondrial DNA copies) or heteroplasmic (present in only some of the copies). Homoplasmic variants are passed on completely to all offspring, but their expression (penetrance) can vary from individual to individual.
“Clinical pregnancies were confirmed in eight of 22 patients (36 per cent) who underwent intracytoplasmic sperm injection (ICSI) as part of preimplantation genetic testing, and in 16 of 39 patients (41 per cent) who underwent ICSI as part of preimplantation genetic diagnosis (PGD). Pronuclear transfer resulted in eight live births and one ongoing pregnancy. PGD resulted in 18 live births.
“Heteroplasmy levels in the blood of the eight infants after pronuclear transfer ranged from undetectable to 16 per cent. Compared to the enucleated zygotes, the proportion of diseased maternal mitochondrial DNA was reduced by 95 to 100 percent in six newborns and by 77 to 88 per cent in two newborns. Heteroplasmy data were also available for ten of the 18 infants after preimplantation genetic diagnosis, with values ranging from undetectable to seven percent.
“For reasons that are still unclear, the small amount of transferred maternal mitochondrial DNA can rise to homoplasmic levels in about 20 per cent of embryonic stem cell lines derived from embryos after mitochondrial donation. In addition, one in six infants born after maternal spindle transfer for the treatment of infertility had elevated heteroplasmy levels (40 to 60 per cent) of maternal mtDNA. These observations raise the question of whether mitochondrial donation can reliably prevent the transmission of diseased mitochondrial DNA in all cases, especially in homoplasmic variants.
“Approximately one in 5,000 people develop a mitochondrial disease, making it one of the most common hereditary diseases, although the symptoms can often vary greatly. The symptoms of mitochondrial diseases are very diverse and can affect various organs, for example the muscles with muscle weakness and pain, the nervous system with encephalopathy, epilepsy and neurological disorders, the heart with heart muscle disease, the eyes with blindness and visual impairment, the ears with hearing loss and the endocrine system with diabetes mellitus.
“Other examples of mitochondriopathies with named syndromes include: autosomal dominant optic atrophy (ADOA) with slowly progressive, usually bilateral, central vision loss; Kearns-Sayre syndrome with cardiac conduction disorders, degenerative changes in the retina, and external ophthalmoplegia; chronic progressive external ophthalmoplegia, which is an incomplete form of Kearns-Sayre syndrome and is characterized by external ophthalmoplegia; MERRF syndrome with cerebellar ataxia, myoclonus, generalized seizures, short stature, and dementia; MELAS syndrome with seizures, dementia, and headaches.
“In addition to the disease entities listed here, there are a number of other, sometimes very rare syndromes that can be classified as mitochondriopathies but have often been little researched or not yet described.”
Dr Holger Prokisch, Head of the Mitochondrial Genetics Research Group, Helmholtz Centre Munich – German Research Centre for Health and Environment, Munich, said:“The field of mitochondrial medicine has been eagerly awaiting the results of this study. The robust data describe a real breakthrough for women with a (nearly) homoplasmic pathogenic mitochondrial DNA (mtDNA) variant in terms of their ability to probably have healthy genetically related children. The risk of the children to develop the disease after preimplantation genetic testing is minimal. All gene variants tested require very high heteroplasmy for the disease to manifest, or are typically homoplasmic.“”There is an observation in the literature that in a few cases, the mother’s mutated DNA is revised. Interestingly, this also involves an LHON mutation (Leber’s hereditary optic neuropathy) [3][4], which is almost always homoplasmic in the population and, according to recent data, has a low penetrance of less than five percent for LHON disease [5](only five percent of gene carriers also develop the disease; editor’s note). In this respect, the selection of mutation carriers for this study with four LHON mutations is not entirely fortunate. The homoplasmy of the LHON variants suggests that they may offer a selective advantage [6]. Since mitochondrial transfer does not eliminate the mutation, there is a risk that the mutation will be passed on to the next generation. This often leads to significant shifts in heteroplasmy, sometimes to the detriment of patients. However, disease-causing variants tend to have a selection pressure [6].“Human studies show no risk of incompatibility between the donor mtDNA and the parents’ nuclear DNA.””There is no newborn screening for mitochondrial DNA mutations. Women are identified as mutation carriers when they or one of their children develop the disease. Prediction or risk assessment for the next generation is difficult for mtDNA mutations in the mother. Many centers for mitochondrial diseases work with the group in Newcastle to provide information about the options available there or to offer preimplantation genetic diagnosis.”[3] Hudson G et al. (2019): Reversion after replacement of mitochondrial DNA. Nature. DOI: 10.1038/s41586-019-1623-3. [4] Kang E et al. (2016): Mitochondrial replacement in human oocytes carrying pathogenic mitochondrial DNA mutations. Nature. DOI: 10.1038/nature20592. [5] Mackey DA et al. (2022): Is the disease risk and penetrance in Leber hereditary optic neuropathy actually low?. The American Journal of Human Genetics. DOI: 10.1016/j.ajhg.2022.11.014. [6] Kotrys AV et al. (2024): Single-cell analysis reveals context-dependent, cell-level selection of mtDNA. Nature. DOI: 10.1038/s41586-024-07332-0.
Prof. Dr. Nils-Göran Larsson, Group Leader “Maintenance and expression of mtDNA in disease and ageing”, Department of Medical Biochemistry and Biophysics, Karolinska-Institut, Stockholm, Schweden, said: “The study in NEJM is very important and represents a breakthrough in mitochondrial medicine. It should be remembered mitochondrial diseases can be devastating and cause substantial suffering in affected children, sometimes leading to an early death. Families are profoundly affected and the paper in NEJM describe how birth of affected children can be prevented by mitochondrial donation.
“This advanced procedure is not a disease-treatment but rather an intervention that minimizes the transmission of mutated mtDNA from mother to child. For affected families this is a very important reproductive option. The paper describes a relatively small series of 8 babies born after mitochondrial donation by pronuclear transfer. The paper is carefully done and of very high quality but as always in science the results need to be confirmed by independent studies. Also, long-term clinical follow-up studies of born babies will give additional information about the safety and efficacy of mitochondrial donation.”
“Before this procedure was applied to human reproduction there was a very long development and evaluation process. There has been a lot of constructive discussion in the scientific community, and the UK Parliament approved legislation allowing mitochondrial donation in 2015.”
“Mitochondrial donation by the pronuclear transfer procedure always leads to carry-over of some mitochondria from the mother and mutant mtDNA can be transferred. The data presented in the NEJM paper shows that mutant mtDNA was not detected in blood of 5 of the born children. However, in three children, low levels of mutant mtDNA were detected in blood. These low levels of mutant mtDNA are unlikely to cause mitochondrial disease but additional follow-up studies are needed. As pointed out by the authors, the mitochondrial donation by pronuclear transfer should be regarded as a risk-reduction strategy. As always, when it comes to new medical procedures there is a need for validation by independent studies. Also, additional long-term follow-up studies of children born after mitochondrial donation will be needed.”
“The authors report that the transferred mtDNA has no mutations and the donor mtDNA is therefore unlikely to cause disease or impact ageing. During normal ageing, mtDNA acquires mutations (somatic mutations), e.g., during the massive cell division when the embryo is formed and develops. These mutations are typically present at low levels but accumulate to high levels in a subset of cells in many different ageing tissues. The mitochondrial donation involves transfer of mtDNA without mutations and there is no reason to believe that the donor mtDNA will additionally impact the ageing process.”
“When it comes disease-causing mtDNA mutations that are present in all copies (i.e., homoplasmic mtDNA mutations) there is currently no alternative to mitochondrial donation to prevent transmission of mutated mtDNA from mother to child. It is possible that alternate methods will be available in the future, e.g., correction of mutant mtDNA by gene editing techniques. There are currently a few promising pharmacological therapies for mitochondrial disease, e.g., nucleoside therapy for mtDNA depletion disorders. It is likely that more treatments will be available in the near future because this field is rapidly developing.”
Prof. Dr. Heidi Mertes, Associate Professor in Medical Ethics, Department of Philosophy and Moral Sciences, Ghent University, Belgien, said:
“I am happy to see that the first results from the Newcastle University group are now finally published, after being granted a license by the HFEA in 2017, and that the eight resulting children are in good health. However, while the results show that the technique is feasible and can lead to a substantial reduction of the mutation load in the resulting children, it also shows that we need to tread very carefully.”
“In line with previous research by the group of Nuno Costa-Borges [1], this research confirms the possibility of reversal (meaning that although there is only a small fraction of the intended mother’s mitochondrial DNA (mtDNA) in the embryo, this fraction sometimes increases substantially as the foetus develops), which could still result in mitochondrial diseases in the resulting children. Fortunately, preliminary research does indicate that while the mutation loads appear to increase between the embryonic phase and birth, they appear to remain stable after birth.”
“These are very important results as there was a lot of uncertainty over the safety of MRT. Using PGT when possible and reserving MRT for those cases in which PGT cannot offer a solution was a prudent approach given the experimental nature of MRT. It will be interesting to see more data in the future on whether reversal is more frequent in MRT or PGT, so that the safest procedure can be selected.”
“Although the heteroplasmy-levels are limited in this study, it does show that reversal is a real danger for the offspring, which can have serious health implications. At least three things follow from this.”
“First, people entering into this and future clinical trials will need to be extensively counselled that this is not a risk-elimination treatment, but a risk-reduction treatment.” “Second, we need more research into the mechanisms that trigger reversal, so that it can be prevented before this technique is implemented in routine care + We need follow-up research in the children born after MRT.”
“Third, it is important to keep in mind that by framing this as a risk-reduction strategy, we are ignoring the possibility of conceiving through a traditional egg donation procedure. While genetic parenthood is evidently important to many people, the trade-off that we are making here is that between a genetically related child with a high risk of mitochondrial disease (natural conception), a genetically related child with a reduced risk of mitochondrial disease (PGT or MRT) and a non-genetically related child with the near-absence of a risk of mitochondrial disease (through donor conception). If people who would have chosen for donor conception now opt for MRT, this is actually a risk-increasing technology, rather than a risk-reducing one.”
“This strategy lowers the risk of mitochondrial disorders in the children when the point of comparison is natural reproduction by the parents, but the safest option is still donor conception, which eliminates the risk of passing on the mitochondrial condition, rather than reducing it.”
“While the donor plays an essential role in the birth of the child, attributing them a parenthood-status based on a small genetic contribution appears unwarranted. At the same time it would be correct to call them a ‘genetic progenitor’ or ‘genetic contributor’.”
“While the group of Nuno Costa-Borges ([1] [2]) received a lot of backlash for performing their MRT clinical trial in people with repeated IVF failure, rather than people with mitochondrial diseases, we must acknowledge in hindsight that given the phenomenon of reversal, their approach might have been the more prudent one. In their study they observed reversal in one infant going from
Prof David Thorburn, co-Group Leader of Brain & Mitochondrial Research at Murdoch Children’s Research Institute and the University of Melbourne, said:
“Mitochondrial donation was legalised in the UK in 2015 and in Australia in 2022. It was clearly a complex process in the UK to develop the approvals processes, the clinical and lab pathways, cope with delays from COVID and accumulate sufficient outcomes to publish them without impinging on the privacy of the families involved.So it is very exciting to see the first publications describing results for the first 8 babies born in the UK program. The initial results demonstrate that the approach is effective in reducing the risk of having a child with mitochondrial DNA disease for women who are at high risk. For about three quarters of couples participating in the pronuclear transfer method, at least one suitable embryo was generated. About 40% of these couples had a baby and all were healthy and had undetectable or low levels of the abnormal mitochondrial DNA. Three babies had short-term symptoms that resolved and did not appear to relate to mitochondrial disease. All babies are developing normally to date, with the oldest 5 years of age.The studies emphasise that longer-term followup needs to be performed, and the efficiency of the method could be further improved to achieve higher pregnancy rates. They demonstrate the value of offering the program in conjunction with other reproductive options, such as pre-implantation genetic testing, which can be effective in women with lower risk. I regard these results as very encouraging and supporting the ongoing development and use of mitochondrial donation in the UK and Australia.
Dr Santiago Restrepo Castillo, biomedical engineer and postdoctoral researcher at the University of Texas at Austin (USA), said:
“Mitochondrial diseases are a group of chronic metabolic disorders that can be fatal. These diseases are caused by mutations in the human genome, which consists of nuclear DNA and mitochondrial DNA. In particular, metabolic disorders caused by mutations in mitochondrial DNA, which affect one in five thousand people, are maternally inherited and currently incurable. In recent years, there have been major advancements in the development of strategies for the treatment or prevention of genetic disorders caused by mutations in nuclear DNA. In contrast, similar strategies for diseases caused by alterations in mitochondrial DNA have remained largely understudied. Aiming to establish a preventive strategy for metabolic diseases caused by mitochondrial DNA mutations, the authors of this pair of studies published in the New England Journal of Medicine developed an integrated program of preimplantation genetic testing and pronuclear transfer (PGT and PNT, respectively). In this program, female patients carrying mitochondrial mutations underwent PGT to identify embryos with low levels of mitochondrial DNA mutations. In cases where an embryo with these characteristics was identified, the embryo was implanted in the patient and the course of the pregnancy was monitored. In addition, in cases where it was not possible to identify embryos with low levels of genetic alterations, the patients underwent PNT, a procedure in which mitochondrial DNA without mutations is obtained from a donor. Encouragingly, through this integrated PGT and PNT program, at the time of publication, the authors have already demonstrated a significant reduction in the maternal transmission of mitochondrial mutations in eight cases. Furthermore, the children born from these cases have shown normal development. In conclusion, this study represents a major advancement in the field of medical genetics and genomics. Understanding the current limitations of mitochondrial gene editing, which would allow genetic alterations to be corrected in different contexts, the authors chose to explore a procedure that cuts the problem off at the root by preventing the transmission of the mutated genetic material. Furthermore, this pair of studies demonstrates clinical benefits in children who, without the integrated PGT and PNT program, would likely have been born with debilitating or fatal genetic mutations. It will be exciting to see if the benefits are maintained over time, and it will be critical to further develop this integrated process to increase its success rates”.
Prof Lluís Montoliu, Research Professor at the National Biotechnology Centre (CNB-CSIC) and at the CIBERER-ISCIII, Spain, says:
“In 2016, John Zhang, a specialist doctor at an assisted reproduction clinic in New York called the New Hope Fertility Center, crossed the border into Mexico to perform a procedure that was banned in the US and not yet regulated in Mexico. A couple from Jordan had come to this clinic hoping to have viable offspring. The couple had already had two children who had died from Leigh syndrome, one of several mitochondrial diseases that are often devastating and untreatable. Mitochondria (our energy factories) are usually inherited from the mother, from the egg. The mother had approximately 25% of her mitochondria affected, and these were the ones she had passed on to her two deceased children. Dr. Zhang did not use the procedure pioneered in the UK because of the couple’s Muslim faith, which opposed the destruction of human embryos. Instead, he chose to extract the nucleus from the mother’s egg (actually the metaphase plate, an incomplete nuclear division, which is the stage at which all eggs are ready for fertilization) and transferred it to the egg of another woman (with healthy mitochondria), from which he had also previously removed the nucleus. Once the nucleus from the mother had been transferred to the egg of the second woman, he used this resulting egg to perform in vitro fertilization with sperm from the father to obtain embryos. Dr. Zhang created five embryos in this way, only one of which developed normally, was implanted in the mother’s uterus, and resulted in the birth of a healthy baby. It was the first newborn obtained using the “three-parent technique”: two mothers and one father.
“In the United Kingdom, the Human Fertilisation and Embryology Authority (HFEA) had approved another procedure in 2015, technically different but also called the “three-parent technique,” to solve problems related to mitochondrial diseases. In this case, the father’s sperm is used to fertilize (through intracytoplasmic sperm injection, ICSI) two eggs, one from the mother carrying the affected mitochondria and one from another woman with healthy mitochondria. After fertilization begins, the two pronuclei (paternal and maternal) that appear temporarily are destined to fuse and form the first nucleus of the zygote. Before this happens, researchers can extract the two pronuclei from the in vitro fertilization between the mother’s egg and the father’s sperm and transfer them to the egg of the woman fertilized by the same sperm from the father, from which the pronuclei will have been previously removed. The result is that the egg with the woman’s healthy mitochondria hosts the two pronuclei of the couple, whose baby will be born without the mitochondrial genetic disease and will be genetically from both the father and the mother. The healthy mitochondria will come from the female donor. In this procedure, which is methodologically somewhat more aggressive than the previous one but less risky, one embryo is destroyed to create another, something that the Muslim couple assisted by Dr. Zhang considered unacceptable. The first baby in the United Kingdom obtained through the authorized British three-parent procedure was born in 2023.
“Ten years later [after the approval of this technique in the UK], a team of British and Australian doctors and researchers published the results of applying the British “three-parent” technique to 22 women carrying pathogenic mutations in their mitochondria (and therefore at high risk of having children born with these incurable diseases) in the prestigious New England Journal of Medicine (NEJM). Of the 22 women treated, only 8 gave birth (36%), and one more pregnancy is still in progress. The eight babies born are healthy, with no signs or very low levels of affected mitochondria, which are not sufficient to cause the disease. So far, all eight children are doing well. Only a couple of them developed minor clinical problems, initially unrelated to the procedure, which were resolved with treatment or spontaneously. In addition, the researchers applied a second technique (preimplantation genetic testing, or PGT) to women with heteroplasmy (a mixture of healthy and affected mitochondria) to assess the percentage of affected mitochondria in babies obtained through in vitro fertilization and select those with lower values of affected mitochondria. In this case, they obtained 16 pregnancies from 39 women (41%) with the result of 18 babies born with a percentage of affected mitochondria of less than 7%.
“In Spain, our Law 14/2006 of May 26 on assisted human reproduction techniques does not explicitly refer to this technique (which did not exist when this legislation was passed), so sensu stricto the procedure is neither expressly prohibited nor explicitly authorized in our country. Essentially, it is not regulated. The legal and ethical doubts that remain have so far prevented the three-parent technique from being applied in Spain.However, this new study shows that the technique has a remarkable success rate (36%) that could well be offered to couples in which the mother is a carrier of affected mitochondria to have offspring free from terrible mitochondrial diseases. Personally, I believe that we should allow this technique in our country in assisted reproduction clinics that have adequate training in this sophisticated method of embryo intervention.”
Dr Paul Wuh-Liang Hwu, Professor, College of Medicine, Pediatrics, National Taiwan University, Taipei, Taiwan / Distinguished Research Fellow, China Medical University Hospital, Taichung, Taiwan, said:
“In this week’s New England Journal of Medicine, two research articles published by groups of researchers from the UK describe the success of mitochondrial donation treatments for mitochondrial DNA (mtDNA) diseases. Each human cell contains a few hundred mitochondria. The mitochondrion is a double membrane-bound organelle, and each mitochondrion contains a few copies of double-stranded, circular DNA molecules of around 16,500 genetic units (base pairs).
“Mitochondria are responsible for energy (ATP) production, fatty acid oxidation, and some other functions for the cells. Pathological variations or deletions of mitochondrial DNA can impair mitochondrial function, and when the proportion of defective mitochondria (heteroplasmy level) is high, cause serious symptoms involving the brain, muscle, and metabolism. During reproduction, all mitochondria are inherited from the mother (the egg). However, the level of defected mitochondria in offspring can be very different from their mothers, leaving reproduction planning almost impossible.
“In the two studies, mitochondrial donation by pronuclear transfer (PNT) was conducted to reduce the reproductive risk of women with mitochondrial diseases. Both the mitochondrial donor and patient eggs were fertilized first. The nucleus of the donor’s fertilised egg was removed and discarded, leaving behind a fertilised egg without a nucleus but with healthy mitochondria. The nucleus from the patient’s fertilised egg was then transferred into this enucleated donor egg.
“The PNT zygote was then cultured and implanted to continue pregnancy. All live births were in good health and with low levels of defective mitochondria. PNT has been widely used in animal research and now proved to be safe and efficient in humans. This breakthrough gives a reproductive choice for women affected with mitochondrial diseases, which is very important for the patients and their families. However, this study also broke the ban for continuing pregnancy of genetically manipulated human embryos. One argument is that PNT does not really touch the genetic materials but only provides normal mitochondria. The excellent outcome of this study also eases the concerns of nuclear/mitochondrial genome compatibility and other safety issues. Nevertheless, one may still worry if this technology will be abused to improve human physiological quality, for example, creating a body with more efficient energy production. Then, how about adding a little bit of normal, or good, DNA to the nuclear genome, if we can do that safely?
“As doctors and researchers who take care of patients with genetic disease, we welcome inventions, including reproduction medicine, that can help patients. Certainly, before the safety of new treatments can be confirmed, they should be used in patients with no other choices, or with a favorable benefit over risk. Recently, gene therapies, including gene editing treatments, are rapidly developing, offering hope to patients who previously have no option for treatment. However, we need to ask people to restrain themselves, not to apply PNT or gene therapy to improve the health of people without a medical condition, but to let these new treatments be developed to rescue lives of patients.”
Prof Lee Chung-HisProfessor, Graduate Institute of Health and Biotechnology Law, Taipei Medical University, Taipei, Taiwan, said:
“Pronuclear Transfer Technology: Advancing with Cautious Innovation and International Consensus. While early clinical results show promise in reducing the level of pathogenic mitochondrial DNA in newborns, the application of Pronuclear transfer (PNT) raises significant ethical and regulatory questions that must be addressed through both national oversight and international dialogue. From a bioethical standpoint, germline modification—defined as altering genetic material in a way that affects future generations—has long been met with caution. This is because it involves irreversible changes to the human genome, with potential consequences not only for the individuals born from such interventions but also for society’s understanding of what it means to be human.
“Pronuclear transfer, however, occupies a unique space in this debate. It targets mitochondrial DNA, which, although essential for cellular energy production, contributes relatively little to traits traditionally associated with identity, such as physical appearance, personality, or intelligence. Because of this limited influence on key phenotypic characteristics, PNT is viewed by some as an acceptable “ethical testing ground” for germline-level intervention. Rather than resorting to high-risk gene therapy after the onset of a hereditary disease, using PNT technology to reduce the likelihood of disease is a more ethically acceptable option. It provides a possible pathway to explore the responsible use of reproductive technologies without crossing the bright-line boundaries typically drawn around nuclear DNA modification.
“Nonetheless, mitochondrial DNA modification is not without ethical complexity. Even if its direct functional role is narrower, it still involves heritable changes and the creation of embryos with genetic contributions from three individuals—the intended mother and father, and a mitochondrial donor. This raises questions about identity, kinship, and the rights of the resulting child, especially regarding disclosure and autonomy. Moreover, the long-term health effects of such interventions remain unknown. To prevent a gradual erosion of ethical boundaries, transparent ethical review processes and long-term clinical monitoring must be established as foundational requirements for any country considering the use of PNT.
“From a clinical perspective, preimplantation genetic testing (PGT) should remain the first-line option for reducing the risk of mitochondrial disease transmission. PGT is a more established and less invasive method that allows for the selection of embryos with minimal or undetectable levels of pathogenic mitochondrial DNA. In many cases, this approach has proven effective and carries fewer biological and ethical uncertainties than PNT. In contrast, PNT is a more complex and experimental procedure that combines nuclear DNA from the parents with mitochondrial DNA from a donor egg, and it may result in lower fertilization rates or higher embryonic loss. Therefore, in keeping with the precautionary principle in bioethics, PNT should be considered only when PGT is not feasible or has been shown to be ineffective.
“The United Kingdom currently leads in the clinical implementation of PNT, having established a strict licensing and regulatory regime through the Human Fertilisation and Embryology Authority (HFEA). The UK’s model reflects a commitment to enabling scientific advancement while maintaining ethical vigilance. However, reproductive technologies such as PNT are inherently transnational. If only a few countries offer access to such procedures, it may prompt “reproductive tourism”, whereby patients travel abroad to seek unregulated or less strictly governed treatments, potentially undermining safety standards and ethical norms.
“For this reason, a coordinated international approach is urgently needed. The World Health Organization (WHO) and the World Medical Association (WMA) are well-positioned to initiate global discussions and help formulate shared ethical guidelines and governance frameworks. These discussions should encompass not only scientific and medical dimensions but also social, cultural, and legal implications. Establishing minimum ethical standards and oversight mechanisms will help ensure that the benefits of PNT are pursued responsibly and that global health equity and ethical integrity are preserved.”
‘Mitochondrial Donation and Preimplantation Genetic Testing for mtDNA Disease’ by Louise A. Hyslop et al. and ‘Mitochondrial Donation in a Reproductive Care Pathway for mtDNA Disease’ by Robert McFarland et al. was published in The New England Journal of Medicine at 22:00 UK time on Wednesday 16th July.
DOI: 10.1056/NEJMoa2415539
DOI: 10.1056/NEJMoa2503658
Declared interests
Dr David J Clancy: No interests to declare
Prof Joanna Poulton: Nothing to declare
Prof Dusko Ilic: No conflicts of interest
Prof Dagan Wells: I don’t think I have any declarations relevant to this.
Dr Andy Greenfield: Andy was a member of the board of the Human Fertilisation & Embryology Authority (HFEA) from 2009 to 2018; he was a member of its Scientific & Clinical Advances Advisory Committee (SCAAC) and Chair of its Licence Committee. He chaired the 3rd and 4th preclinical scientific reviews of the safety and efficacy of mitochondrial donation, in 2014 and 2016. Andy chairs the Independent Advisory Committee of the MitoHOPE Program in Australia. He is also a member of the board of the Human Tissue Authority (HTA), the Regulatory Horizons Council (RHC), the Advisory Committee on Novel Foods and Processes (ACNFP) and Singapore’s Ministry of Health Regulatory Advisory Panel. Andy’s programme of research in developmental genetics was funded by the Medical Research Council at its Harwell Unit from 1996 to 2021. All opinions expressed are his own and not necessarily shared by any organisations with which he is associated.
Mr Stuart Lavery: No DOIs
Prof Bert Smeets: I am scientific advisor for the HFEA on PNT applications.
Sarah Norcross: PET – https://www.progress.org.uk/ – is a charity that improves choices for people affected by infertility and genetic conditions, and that campaigned for the introduction of the Human Fertilisation and Embryology (Mitochondrial Donation) Regulations 2015 into UK law.
Beth Thompson: Wellcome funded research into mitochondrial donation and co-funded the clinical trial to assess the safety and effectiveness of the treatment.
Danielle Hamm: The Nuffield Council on Bioethics conducted an ethical review of new techniques that aim to prevent the transmission of maternally-inherited mitochondrial DNA disorders in 2012. The report and key findings of the review are available here.
HFEA: As of 1 July 2025, 35 patients have been given approval for mitochondrial donation treatment by the HFEA Statutory Approvals Committee. These decisions are made on an individual case by case basis where there are no other options for the families involved and in strict accordance with the law. The published papers set out that 25 of those patients have undergone pronuclear transfer (mitochondrial donation treatment.)
Prof. Dr. Marcus Deschauer: “Apart from the fact that I spent six months as a researcher in the Mitochondrial Research Group over 20 years ago and subsequently collaborated with the group on scientific projects, and that I am of course well acquainted with some of the co-authors of the two papers, I have no conflicts of interest.”
Dr. Dunja M. Baston-Büst: “I have no conflict of interest.”
Dr Holger Prokisch: “I have no conflicts of interest.”
Prof. Dr. Nils-Göran Larsson: “I have no conflicts of interest with this work.”
Prof. Dr. Heidi Mertes: “I have no conflicts of interest.”
Prof David Thorburn: David has declared he has no financial conflicts of interest and has the following unpaid positions:
Board Member of the Mito Foundation (the major relevant mito advocacy group) and he played a prominent role in their advocacy for legalising mitochondrial donation in Australia.
He is also a Member of the MitoHOPE Executive, funded by the Medical Research Future Fund to deliver an Australian clinical trial of mitochondrial donation.
Dr Santiago Restrepo Castillo: No conflicts of interest
Prof Lluís Montoliu: He declares that he has no conflicts of interest
For all other experts, no reply to our request for DOIs was received.
Minister of State for Trade and Investment Nicola Grigg will travel to Fiji this week to attend the Pacific Island Forum’s Trade Ministers Meeting (FTMM).
“Trade plays a critical role in getting more money into your back pocket, helping you and your family to thrive. It drives employment, economic growth, and lifts the standard of living in New Zealand and across the Pacific,” Ms Grigg says.
The Pacific Island Forum’s (PIF) biennial Trade Ministers Meeting will be held in Suva on 18 July. It is a key regional event, bringing together Pacific trade ministers to discuss and shape the future of trade and economic integration.
“The Government is strongly committed to supporting Pacific Island countries to grow the positive impacts of trade. New Zealand’s attendance at the FTMM signals our continued commitment to regional cooperation, resilience, and leadership in advancing Pacific trade priorities under the 2050 Strategy for the Pacific Blue Continent,” Ms Grigg says.
“This key regional meeting provides a timely platform to discuss the critical importance of the rules-based trading system, with the World Trade Organisation at its core. This structure is particularly vital for small countries like New Zealand and PIF members. We are best served by a world in which trade flows freely governed by rules.
“I will attend a Fiji New Zealand Business Council event where the Council will launch its strategy to help reach the joint New Zealand and Fiji goal of lifting two-way trade to NZ$2 billion by 2030.
“I also look forward to engaging with my PACER Plus Ministerial counterparts. PACER Plus is the largest and most comprehensive trade agreement in our region. It is helping both large and small businesses — including women-led businesses — to grow; reduce costs through e-commerce and enhance regulatory cooperation between governments, streamline customs processes, paperless trade, and provisions on investment that protect investors; and to promote cross-border investment flows.
“While PACER Plus is a trade agreement, with currently 10 parties, that also speaks to the bonds between our nations, as neighbours, partners, and family, whose interests, prosperity, and well-being are intertwined.”
LOS ANGELES — On July 10, 2023, a Nigerian man living in the San Gabriel Valley was sentenced to 135 months in federal prison for defrauding California and Nevada of $1.3 million in COVID-19 pandemic unemployment and disability insurance benefits. He achieved this by submitting more than 100 fraudulent applications using stolen identities and used the money to build a nightclub and mall in Nigeria.
Abiola Femi Quadri, 43, of Pasadena, was sentenced by United States District Judge George H. Wu, who also ordered him to pay $1,356,229 in restitution and a $35,000 fine.
Quadri is a Nigerian citizen who acquired permanent residency in the United States through what he described — according to court documents — as a “fake wedding” in messages to a woman who was not his wife. He pleaded guilty on Jan. 2 to one count of conspiracy to commit bank fraud.
Quadri withdrew the fraudulent unemployment and disability benefits at ATMs from 2021 until his arrest in September 2024 at Los Angeles International Airport, where he was scheduled to fly to Nigeria. Quadri sent at least $500,000 abroad during the scheme. He also paid for the construction of a 120-room resort hotel in Nigeria, the Oyins International, that includes a nightclub, a mall, and additional high-end amenities. Quadri failed to disclose his ownership of the hotel as required when completing his financial disclosure to the court.
Investigators found images of 17 counterfeit checks totaling more than $3.3 million on Quadri’s phone, along with messages discussing negotiations for the checks. Some of the checks were made payable to shell businesses held in the names of Quadri’s aliases. California paid Quadri to provide daycare services to developmentally disabled children through his Altadena-based business, Rock of Peace. When agents searched Quadri’s residence, they found the children’s misappropriated food-aid debit cards.
The United States Postal Inspection Service, U.S. Immigration and Custom Enforcement Homeland Security Investigations, and the California Employment Development Department Investigation Division investigated this matter.
Assistant United States Attorney Andrew Brown of the Major Frauds Section prosecuted this case.
July 16, 2025Boston, MA, United StatesChild Exploitation
BOSTON — U.S. Immigration and Customs Enforcement Homeland Security Investigations New England administratively arrested an illegally present Guatemalan national convicted of indecent assault and battery involving a child.
ICE HSI personnel arrested Jose Alberto Rojop Cajas, a Level 1 registered sex offender, on July 9 in Middleton, Massachusetts, with assistance from the U.S. Marshals Service.
Cajas, 39, illegally entered the United States from an unknown location in approximately 2004. He was convicted in Lynn, Massachusetts, District Court on June 13, 2023, of indecent assault and battery on a child under 14.
He remains in ICE custody pending removal proceedings.
Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.
JACKSON, MS – Two individuals with ties to the Venezuelan organized crime syndicate Tren de Araqua pleaded guilty to bank theft, announced Acting U.S. Attorney Patrick A. Lemon of the Southern District of Mississippi and FBI Special Agent in Charge Robert A. Eikhoff.
According to court documents and statements made in open court, Jesus Rene Cabrera Tobias, 25 and Darwin Javier Delgado, 46, pleaded guilty after being indicted by a federal grand jury for bank theft. On August 8, 2024, Tobias and Delgado stole $21,500 from an ATM machine in Enterprise, Mississippi by hacking the ATM operating system and disabling the ATM security features by installing a foreign device that allowed them to assume control of the ATM.
Surveillance footage recovered by FBI on the night of the theft captured Tobias unlock the ATM and open the machine to access the internal system that controlled the ATM operating system and security features. The footage showed that after manipulating the ATM, Tobias returned to their vehicle and retrieved a small electronic device to install within the ATM. After a brief period of manipulating the ATM using the small electronic device, the ATM then emptied by continuously producing United States currency from the cash tray. Tobias collected the cash as it was disbursed from the ATM and transferred it to another individual in the vehicle.
Investigators identified the suspect vehicle and its owner through the surveillance footage. The registered owner of the vehicle was Delgado. Surveillance footage from a nearby store captured Tobias and Delgado traveling in the suspect vehicle and shopping within the store.
The suspect vehicle was stopped the next day in Texas by officers with the Texas Department of Public Safety. Delgado and Cabrera were found in the vehicle and arrested. Two cell phones and clothing matching the clothing worn during the bank theft operation were recovered from the suspect vehicle upon execution of a search warrant. A forensic examination of the cellular phones contained photographs and videos from the instant offense, including multiple videos of the defendants manipulating other ATMs and withdrawing cash. The forensic examination also showed that the photographs and videos taken during the theft contained metadata placing the defendants at the scene of the crime. The ATM hard drive was forensically examined by FBI and was shown to have been compromised with malware that disabled the ATM security features.
Tobias and Delgado are citizens of Venezuela. During the investigation, Investigators discovered that Tobias and Delgado committed the theft in coordination with members of the transnational criminal organization Tren de Araqua from Venezuela.
“Today’s announcement sends a clear message: Tren de Aragua transnational criminal operations will not be tolerated and the FBI will aggressively pursue TdA’s scourge of criminal activity. Tobias and Delgado brazenly tampered with ATM machines defrauding banks and the American people,” said FBI Special Agent in Charge Robert A. Eikhoff. “These guilty pleas underscore the FBI’s commitment in collaboration with our state and federal partners in identifying, pursuing, disrupting, and dismantling organized crime syndicates, ultimately eradicating TdA’s presence and influence in the U.S.”
Tobias is scheduled to be sentenced on September 10, 2025. Delgado is scheduled to be sentenced on October 7, 2025. Tobias and Delgado face a maximum sentence of ten years imprisonment followed by possible deportation. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
The FBI investigated the case with assistance from the Clarke County Sheriff’s Office, Meridian Police Department, Decatur Police Department, Enterprise Police Department, and the Texas Department of Public Safety.
Assistant U.S. Attorneys Samuel Goff and Brett Grantham are prosecuting the case.
New York, NY, July 16, 2025 (GLOBE NEWSWIRE) — As Ripple’s XRP ecosystem accelerates globally, PFMCrypto proudly launches an innovative leap in decentralized finance: XRP-based smart cloud mining contracts. Now available via web and mobile platforms, these flexible short-term contracts enable users to mine XRP remotely—no equipment, no setup, no technical expertise required. For the first time, everyday users can actively participate in the XRP economy through a seamless, fully integrated platform.
Simple, Smart, and Profitable—XRP Cloud Mining Has Arrived Long known for its speed and efficiency in cross-border payments, XRP now steps into the mining arena through PFMCrypto’s latest cloud-based innovation. Users can mine XRP directly, or let the platform’s AI engine optimize returns by switching to the most profitable assets, including BTC, ETH, DOGE, and USDC. Earnings are paid out daily in the crypto of your choice, offering stable returns no matter the market condition. Designed for both novice users and experienced investors, PFMCrypto empowers you to generate consistent crypto income from anywhere, at any time.
Key Features of PFMCrypto’s XRP Cloud Mining Contracts: 1. Complete XRP Integration – Deposit, buy, mine, and withdraw XRP—all within one ecosystem. 2. Multi-Coin Mining Support – Mine and earn BTC, ETH, DOGE, USDC, USDT, SOL, LTC, and BCH. 3. AI-Optimized Profitability – Smart algorithms automatically shift mining resources to top-performing assets. 4. Fully Remote Mining – No need for mining rigs—accessible anytime via app or browser. 5. Capital Protection – 100% principal return upon contract maturity helps safeguard your investment.
Flexible Contracts for Every Budget and Strategy: PFMCrypto offers a wide selection of XRP-supported mining contracts, ideal for both short-term testers and long-term planners. Each contract features predictable earnings, clear terms, and built-in capital protection: $10 Contract – 1 Day – Earn $0.66 (Free with signup bonus) $100 Contract – 2 Days – Earn $3.00 daily + $2 reward $500 Contract – 5 Days – Earn $6.15 daily $5,000 Contract – 30 Days – Earn $78.50 daily $20,000 Contract – 45 Days – Earn $380.00 daily Whether you’re just starting out or building a diversified portfolio, PFMCrypto offers low-risk, high-transparency contracts designed to deliver reliable daily earnings in XRP.
What Makes PFMCrypto’s XRP Mining Unique? 1. Truly Accessible – No mining rigs, no technical barriers—just sign up and start earning. 2. XRP-Native Functionality – Manage your entire XRP experience in one unified platform. 3. Stable Returns with Smart Allocation – The AI engine ensures optimal returns across supported crypto assets. 4. Multi-Asset Flexibility – Mine XRP or diversify payouts into BTC, ETH, and others—all from a single contract. 5. Instant Access, Anywhere – Securely mine from your phone or browser, wherever you are in the world.
Start in 3 Simple Steps: 1. Sign Up – Create your account and get a $10 welcome bonus 2. Choose a Contract – Pick from short or long-term options (1 to 60 days) 3. Start Earning – Monitor your daily returns and withdraw in your preferred crypto
Mining XRP for a Smarter Digital Future: Since 2018, PFMCrypto has helped millions of users generate passive crypto income through advanced, cloud-based mining systems. With the addition of XRP mining, the platform now combines institutional-grade infrastructure with user-friendly design, opening up new opportunities for retail investors to earn in XRP or diversify into major digital assets—all through one secure, remote solution. “XRP has always been fast, scalable, and efficient,” said a PFMCrypto spokesperson. “Now, it’s mineable—safely, remotely, and profitably. We’ve eliminated the barriers so anyone can participate in XRP’s future.” Markets fluctuate—but daily mining income stays consistent.
THE WOODLANDS, Texas, July 16, 2025 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today announced the timing of its second quarter 2025 earnings release and conference call.
Ring plans to issue its second quarter 2025 earnings release after the close of trading on Wednesday, August 6, 2025. The Company has scheduled a conference call on Thursday, August 7, 2025 at 11:00 a.m. ET (10:00 a.m. CT) to discuss its second quarter operational and financial results. To participate, interested parties should dial 833-953-2433 at least five minutes before the call is to begin. Please reference the “Ring Energy Earnings Conference Call”. International callers may participate by dialing 412-317-5762. The call will also be webcast and available on Ring’s website at www.ringenergy.com under “Investors” on the “News & Events” page. An audio replay will also be available on the Company’s website following the call.
About Ring Energy, Inc.
Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.
Contact Information
Al Petrie Advisors Al Petrie, Senior Partner Phone: 281-975-2146 Email: apetrie@ringenergy.com
Source: The Conversation (Au and NZ) – By Gregory Moore, Senior Research Associate, School of Agriculture, Food and Ecosystem Sciences, The University of Melbourne
Have you ever examined timber floorboards and pondered why they look the way they do? Perhaps you admired the super-fine grain, a stunning red hue or a swirling knot, and wondered how it came to be?
Or perhaps you don’t know what tree species your floorboards are made from, and how to best look after them?
Finely polished floorboards reveal detail about the timber that can be much harder to detect in unpolished boards or other sawn timbers.
“Reading” the knots, stubs and other characteristics of floorboards can reveal what type of tree produced it and how it grew. It can also reveal fascinating details about the lives of the trees they once were.
Reading floorboards can reveal what type of tree produced it, and how it grew. Greta Hoffman/Pexels, CC BY
Telling soft from hard
A variety of tree species are used to make timber floors. Hardwood species include the pale cream of Tasmanian oak, the honeyed hues of spotted gum and the deep red of jarrah.
Other times, softwood such as pine or spruce is used. Such species are often fast-growing, and prized for their availability and affordability.
Hardwoods are, by definition, flowering trees, while softwoods are from cone-bearing trees. Paradoxically, not all softwoods are soft or hardwoods hard. The balsa tree, for example, is a fast-growing hardwood tree renowned for its soft wood.
It’s not always easy to tell if a floor is hardwood or softwood, but there are discernible differences in their appearance.
Softwood such as pine or spruce is often fast-growing. Geography Photos/Universal Images Group via Getty Images
Tales in the grain
The real differences between softwood and hardwood lie in the anatomy and structure of the “xylem tissues” that make up the wood. These tissues transported water and nutrients from the roots to the rest of the plant when the tree was alive.
The arrangement of xylem tissue in the tree largely determines the “grain” in your floorboards. The grain is the appearance of wood fibres in the timber. The grain can be straight, wavy or spiralled.
In floorboards with straight grains, a tree’s growth history may be clear. As a tree trunk grows in diameter, it typically produces a layer of bark on the outside and a lighter layer of xylem tissue on the inside. When a tree is cut horizontally, the growth appears as rings. In a tree cut lengthwise (which happens when floorboards are milled) the growth appears as long lines in the timber.
If the lines in floorboards are very close together, this indicates the tree grew slowly. Wider lines suggest the tree grew rapidly.
Vessels in a tree’s xylem transport water from the roots to the rest of the plant. Hardwood tree species tend to have large vessels. This gives hardwood floorboards a coarser-grained and less uniform appearance. In contrast, softwood species such as conifers have smaller, dispersed vessels and produce more fine-grained, smoother timber.
Knots in floorboards occur when a branch dies or is cut, then tissue grows over the stub. The bigger the missing branch, the more substantial the knot.
Knots in floorboards can reveal much about the source tree. Pine, for example, often features multiple small knots originating from a common point. This reflects the growth pattern of young plantation pines, where several branches grow out from the trunk at the same height from the ground.
Often, the distance between knots tells us how quickly the tree grew. The greater the distance between the knots, the faster the tree grew in height.
The presence of a tree’s “defence chemicals”, known as polyphenols, can be seen clearly in some floorboards.
Polyphenols in floorboards sometimes appear as dark brown verging on black. Author provided
Polyphenols protect plants against stressors such as pathogens, drought and UV radiation.
The chemicals contribute to the red hue in some floorboards. Because polyphenols have a preservative effect, they can also make timber more durable.
Dark reddish or brown timbers containing a high concentration of polyphenols include mahogany, merbau, red gum, ironbark and conifers such as cedar and cypress.
In cases where a tree is burnt by fire, or attacked by insects or fungus, it produces a lot of polyphenols at the site of the damage.
In these cases, the presence of polyphenols in floorboards can be very obvious – sometimes appearing as a section that is dark brown verging on black.
Keeping your floorboards for longer
It’s widely known that living trees store carbon, and that this helps limit climate change. It’s less well known that timber floorboards also store carbon. And as long as that timber is preserved – and not destroyed by fire, decay or wood rot – that carbon will stay there.
If floorboards have to be removed, try to make sure the timber is reused or repurposed into other products.
And if you are installing a new polished timber floor, or already have one, there are steps you can take to make it last for a long time.
Softwood boards will benefit from a hard surface coating, especially in high-use areas.
Reducing the exposure of the floor to bright sunlight can preserve the colour of the floorboards and prolong the life of the coating and the timber itself.
Large knots in floorboards can twist and start to protrude from the surface. To ensure the floor remains even and safe, and to prevent the board from splitting, secure the knot to a floor joist with a nail or glue.
And take the time to understand the lessons embedded in your floorboards. They have much to teach us about biology and history, if we take the time to read them.
Gregory Moore 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.
Source: United States House of Representatives – Representative Mariannette Miller-Meeks’ (IA-02)
Washington, D.C. – President Donald Trump has officiallysignedthe HALT Fentanyl Act into law, delivering a major win in the fight to stop fentanyl from devastating American communities. Congresswoman Mariannette Miller-Meeks (IA-01), an original cosponsor of the bill in the House, praised the president’s action.
“President Trump just signed the HALT Fentanyl Act into law, and it could not come at a more critical time,”said Miller-Meeks. “This deadly drug has taken far too many lives in Iowa and across the country. Iowans have buried their sons and daughters because of fentanyl, and families are pleading for action. As an original cosponsor, I was proud to help lead the charge on this legislation. This bill gives law enforcement the power to act, shuts down the loopholes traffickers exploit, and saves lives. We are sending a clear message: we will not let fentanyl destroy another family or another community.”
Background:
The HALT Fentanyl Act permanently classifies fentanyl-related substances as Schedule I under the Controlled Substances Act, closing loopholes that previously allowed traffickers to alter chemical compounds and avoid prosecution. It also provides a streamlined path for researchers to study fentanyl analogues for potential treatment and overdose prevention options.
Fentanyl remains the leading cause of overdose death in the United States, claiming more lives than any other drug. In 2024 alone, more than 80,000 Americansdiedfrom synthetic opioid overdoses, with fentanyl and its analogues driving the epidemic.
The HALT Fentanyl Act:
Permanently designates fentanyl-related substances as Schedule I
Prevents traffickers from evading prosecution by modifying chemical structures
Supports law enforcement and prosecutors with clear, consistent enforcement authority
Enables scientific research on fentanyl compounds to support treatment and prevention
TOP AFRICA NEWS (www.TOPAFRICANEWS.com) has been recognized as the Best Environment & Natural Resources News Platform 2025 by MEA Markets, highlighting its significant contribution to environmental journalism across Africa.
This latest accolade caps a series of distinguished awards for the platform, including SME of the Year (2022), Best International Publication Service Provider (2023), and Best Marketing Service Provider (2024), demonstrating consistent excellence and leadership in the region’s media landscape.
Founder and Managing Director Mr. DUSABEMUNGU Ange de la Victoire expressed pride in the achievement, stating, “Being named the best platform in this vital field underscores our dedication to covering critical environmental issues affecting Africa. It motivates us to continue delivering impactful, accurate, and insightful journalism that can influence policy and inspire sustainable change across the continent.”
He emphasized the platform’s mission, saying, “At TOP AFRICA NEWS, our goal remains to amplify Africa’s stories on issues like natural resources, conservation, and sustainable development—topics that are pivotal for the continent’s future. This award reaffirms our role as a trusted voice for Africa’s environment and natural resources sectors.”
Available on www.TOPAFRICANEWS.com, the website provides comprehensive coverage of topics ranging from agriculture and tourism to youth engagement and peacebuilding, aiming to inform and empower communities across Africa.
As climate and environmental challenges grow more urgent, TOP AFRICA NEWS pledges to sustain its focus on delivering high-quality news that drives awareness, action, and sustainable development across Africa.
Distributed by APO Group on behalf of TOP AFRICA NEWS.
About TOP AFRICA NEWS: TOP AFRICA NEWS is a Private shareholder Digital News Website managed by AFRICA NEWS DIGEST Ltd, a Domestic Company registered in Rwanda Development Board. Available on www.TOPAFRICANEWS.com, this website publishes stories from across Africa focusing on Environment, Natural resources, Livestock and Agriculture, Tourism and conservation, Youth, Sports and Culture, Peace Building, Health, Infrastructure and ICT, Security, Education, Business and Banking. The main objective of this website is to tell the World the real Africa’s Story from the real and reliable sources. We Publish News Stories, Supplements stories, advertorials, Feature stories among many others. We are based in Kigali, Rwanda.
New financial support will enable remediation efforts and help Jasper residents return home safely and swiftly.
July 16, 2025 Jasper, Alberta Parks Canada
One year after the Jasper Wildfire forced residents from their homes, Parks Canada, the Municipality of Jasper, the Canadian Red Cross, and Prairies Economic Development Canada continue to work as partners in the recovery and rebuild of Jasper, with a shared focus on quickly returning residents to safe and permanent homes.
Today, Parks Canada and the Canadian Red Cross jointly announced up to $5 million in additional support for Jasper residents. This will be intended for Jasperites who require contaminated soil testing and removal prior to rebuilding permanent housing. This new funding will ensure a swift, safe and dignified path forward for those most impacted.
New financial assistance, administered by the Canadian Red Cross, will provide support to residents for uninsured costs related to soil remediation and testing that will ensure the long-term health of residents.
The Government of Canada, through Parks Canada and other federal partners, has invested more than $180 million in rebuilding Jasper, and the work continues.
Together, we have:
· expedited reconstruction efforts through streamlined processes to make rebuilding as efficient as possible;
· secured interim housing for 300 Jasper families to allow them to return to the community as soon as possible;
· coordinated debris removal on 100 per cent of affected lots; and
· welcomed a number of residents back to permanent housing.
With debris removal complete and development permits issued through a streamlined process, the focus has now shifted to soil remediation and ensuring the future health of residents. Parks Canada is continuing to work closely with homeowners to provide clear and timely information, practical solutions, and flexibility throughout this phase. A coordinated plan to guide expedited soil remediation efforts and support residents will be shared very soon. We remain focussed on quickly getting building permits for residents who lost their homes and businesses so that they can move forward with their lives.
Together, these efforts reflect a shared commitment to helping Jasper rebuild stronger and faster, with the well-being of residents at the heart of every decision.