Category: Agriculture

MIL-OSI: Eagle Bancorp Montana Earns $3.2 Million, or $0.41 per Diluted Share, in the First Quarter of 2025; Declares Quarterly Cash Dividend of $0.1425 Per Share and Renews Stock Repurchase Plan

Source: GlobeNewswire (MIL-OSI)

HELENA, Mont., April 29, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $3.2 million, or $0.41 per diluted share, in the first quarter of 2025, compared to $3.4 million, or $0.44 per diluted share, in the preceding quarter, and $1.9 million, or $0.24 per diluted share, in the first quarter of 2024.

Eagle’s board of directors declared a quarterly cash dividend of $0.1425 per share on April 24, 2025. The dividend will be payable June 6, 2025, to shareholders of record May 16, 2025. The current dividend represents an annualized yield of 3.43% based on recent market prices.

“We produced solid first quarter 2025 operating results, reflecting quarterly deposit growth, a reduction in operating expenses and net interest margin expansion,” said Laura F. Clark, President and CEO. “We are making progress in building our community bank franchise across the state of Montana, highlighted by a steady core deposit base and a well-balanced loan portfolio. We are one of only three publicly traded financial institutions based in Montana, and while market volatility and interest rate cycles continue to impact the overall economy, we remain well positioned in our markets to continue to grow.”

First Quarter 2025 Highlights (at or for the three-month period ended March 31, 2025, except where noted):

Net income was $3.2 million, or $0.41 per diluted share, in the first quarter of 2025, compared to $3.4 million, or $0.44 per diluted share, in the preceding quarter, and increased 70.7% compared to $1.9 million, or $0.24 per diluted share, in the first quarter a year ago.
Net interest margin (“NIM”) was 3.74% in the first quarter of 2025, a 15-basis point increase compared to 3.59% in the preceding quarter and a 41-basis point increase compared to the first quarter a year ago.
Net interest income, before the provision for credit losses, increased 0.7% to $16.9 million in the first quarter of 2025, compared to $16.8 million in the fourth quarter of 2024, and increased 11.1% compared to $15.2 million in the first quarter of 2024.
Revenues (net interest income before the provision for credit losses, plus noninterest income) decreased 2.1% to $20.9 million in the first quarter of 2025, compared to $21.4 million in the preceding quarter and increased 9.1% compared to $19.2 million in the first quarter a year ago.
Total loans increased 1.7% to $1.52 billion, at March 31, 2025, compared to $1.50 billion a year earlier, and remained unchanged compared to $1.52 billion at December 31, 2024.
Total deposits increased $54.4 million or 3.3% to $1.69 billion at March 31, 2025, compared to a year earlier, and increased $8.7 million or 0.5%, compared to December 31, 2024.
The allowance for credit losses represented 1.10% of portfolio loans and 313.1% of nonperforming loans at March 31, 2025, compared to 1.10% of total portfolio loans and 227.6% of nonperforming loans at March 31, 2024.
The Company paid a quarterly cash dividend in the first quarter of $0.1425 per share on March 7, 2025, to shareholders of record February 14, 2025.

The Company’s available borrowing capacity was approximately $437.4 million at March 31, 2025, compared to $404.0 million at December 31, 2024.

	March 31, 2025				December 31, 2024
(Dollars in thousands)	Borrowings Outstanding		Remaining Borrowing Capacity		Borrowings Outstanding		Remaining Borrowing Capacity
Federal Home Loan Bank advances	$	124,952	$	310,857	$	140,930	$	276,664
Federal Reserve Bank discount window		–		26,509		–		27,349
Correspondent bank lines of credit		–		100,000		–		100,000
Total	$	124,952	$	437,366	$	140,930	$	404,013

Balance Sheet Results

Total assets were $2.09 billion at March 31, 2025, compared to $2.08 billion a year ago, and $2.10 billion three months earlier. The investment securities portfolio totaled $291.7 million at March 31, 2025, compared to $311.2 million a year ago, and $292.6 million at December 31, 2024.

Eagle originated $43.2 million in new residential mortgages during the quarter and sold $42.8 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 3.15%. This production compares to residential mortgage originations of $68.1 million in the preceding quarter with sales of $64.0 million and an average gross margin on sale of mortgage loans of approximately 3.18%. Mortgage volumes remain low as rates have continued to be elevated relative to rates on existing mortgages.

Total loans increased $26.1 million, or 1.7%, compared to a year ago, and increased $2.9 million, or 0.2%, from three months earlier. Commercial real estate loans increased 5.3% to $666.3 million at March 31, 2025, compared to $632.5 million a year earlier. Commercial real estate loans were comprised of 71.9% non-owner occupied and 28.1% owner occupied at March 31, 2025. Agricultural and farmland loans increased 10.7% to $284.6 million at March 31, 2025, compared to $257.0 million a year earlier. Residential mortgage loans decreased 4.9% to $149.7 million, compared to $157.4 million a year earlier. Commercial loans increased 1.5% to $139.7 million, compared to $137.6 million a year ago. Commercial construction and development loans decreased 25.5% to $110.1 million, compared to $147.7 million a year ago. Home equity loans increased 11.3% to $100.7 million, residential construction loans increased 1.1% to $45.5 million, and consumer loans decreased 9.1% to $27.0 million, compared to a year ago.

“Our deposit mix has shifted over the last several quarters towards higher yielding deposits due to the higher interest rate environment, a trend that has affected most community banks. However, we have started to experience an ease in deposit pricing following the Fed rate cuts in the second half of 2024, and we anticipate this will continue as CDs continue to reprice,” said Miranda Spaulding, CFO.

Total deposits increased to $1.69 billion at March 31, 2025, compared to $1.64 billion at March 31, 2024, and $1.68 billion at December 31, 2024. Noninterest-bearing checking accounts represented 24.3%, interest-bearing checking accounts represented 12.5%, savings accounts represented 12.6%, money market accounts comprised 23.5% and time certificates of deposit made up 27.1% of the total deposit portfolio at March 31, 2025. Time certificates on deposits include $6.2 million in brokered certificates at March 31, 2025, compared to $50.0 million at March 31, 2024 and no brokered certificates at December 31, 2024. The average cost of total deposits was 1.67% in the first quarter of 2025, compared to 1.71% in the preceding quarter and 1.62% in the first quarter of 2024. The estimated amount of uninsured deposits was approximately $309.0 million, or 18% of total deposits, at March 31, 2025, compared to $323.0 million, or 19% of total deposits, at December 31, 2024.

FHLB advances and other borrowings decreased to $125.0 million at March 31, 2025, compared to $177.5 million at March 31, 2024, and $140.9 million at December 31, 2024. The average cost of FHLB advances and other borrowings was 4.75% in the first quarter of 2025, compared to 5.02% in the preceding quarter and 5.53% in the first quarter of 2024.
Shareholders’ equity was $177.6 million at March 31, 2025, compared to $168.9 million a year earlier and $174.8 million three months earlier. Book value per share increased to $22.26 at March 31, 2025, compared to $21.07 a year earlier and $21.77 three months earlier. Tangible book value per share, a non-GAAP financial measure calculated by dividing shareholders’ equity, less goodwill and core deposit intangible, by common shares outstanding, increased to $17.38 at March 31, 2025, compared to $16.05 a year earlier and $16.88 three months earlier.

Operating Results

“As anticipated, the higher yields on interest earning assets combined with a lower cost of funds contributed to our 15-basis point NIM expansion during the quarter, compared to the preceding quarter,” said Spaulding. “We anticipate continued improvement in our cost of funds based on current Fed rates.”

Eagle’s NIM was 3.74% in the first quarter of 2025, a 15-basis point increase compared to 3.59% in the preceding quarter and a 41-basis point improvement compared to the first quarter a year ago. The interest accretion on acquired loans totaled $172,000 and resulted in a four basis-point increase in the NIM during the first quarter of 2025, compared to $161,000 and a four basis-point increase in the NIM during the preceding quarter. Average yields on interest earning assets for the first quarter of 2025 increased to 5.76%, compared to 5.70% in the fourth quarter of 2025 and 5.47% in the first quarter a year ago. Funding costs for the first quarter of 2025 were 2.54%, compared to 2.69% in the fourth quarter of 2024 and 2.67% in the first quarter of 2024.

Net interest income, before the provision for credit losses, increased 0.7% to $16.9 million in the first quarter of 2025, compared to $16.8 million in the fourth quarter of 2024, and increased 11.1% compared to $15.2 million in the first quarter of 2024.

Total noninterest income decreased 12.2% to $4.0 million in the first quarter of 2025, compared to $4.6 million in the preceding quarter, and unchanged compared to $4.0 million in the first quarter a year ago. Net mortgage banking income, the largest component of noninterest income, totaled $2.1 million in the first quarter of 2025, compared to $2.8 million in the preceding quarter and $2.2 million in the first quarter a year ago. This decrease compared to the preceding quarter was largely driven by a decline in net gain on sale of mortgage loans, which was impacted by lower mortgage loan volumes.

Eagle’s first quarter noninterest expense was $17.0 million, a decrease of 3.9% compared to $17.7 million in the preceding quarter and unchanged compared to $17.0 million in the first quarter a year ago. Contract changes led to lower data processing expense, which contributed to the quarter-over-quarter decrease.

For the first quarter of 2025, the Company recorded income tax expense of $631,000. This compared to income tax expense of $269,000 in the preceding quarter and $370,000 in the first quarter of 2024. The effective tax rate for the first quarter of 2025 was 16.3%, which was unchanged compared to 16.3% for the first quarter of 2024. The preceding quarter’s effective tax rate was 7.3%. The effective tax rate has been impacted by an increase in the proportion of tax-exempt income compared to pretax earnings, as well as tax credits from investments in low-income housing tax credit projects.

Credit Quality

During the first quarter of 2025, Eagle recorded a $42,000 provision for credit losses. This compared to a $36,000 recapture in the provision for credit losses in the preceding quarter and a $135,000 recapture in the provision for credit losses in the first quarter a year ago. The allowance for credit losses represented 313.1% of nonperforming loans at March 31, 2025, compared to 437.7% three months earlier and 227.6% a year earlier. Nonperforming loans were $5.3 million at March 31, 2025, $3.9 million at December 31, 2024, and $7.2 million a year earlier. Net loan charge-offs totaled $2,000 in the first quarter of 2025, compared to net loan charge-offs of $44,000 in the preceding quarter and net loan recoveries of $65,000 in the first quarter a year ago. The allowance for credit losses was $16.7 million, or 1.10% of total loans, at March 31, 2025, compared to $16.9 million, or 1.11% of total loans, at December 31, 2024, and $16.4 million, or 1.10% of total loans, a year ago.

Capital Management

The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was 6.77% at March 31, 2025, up from 6.32% a year ago and 6.57% three months earlier. This ratio is a non-GAAP financial measure. For the most comparable GAAP financial measure, see “Reconciliation of Non-GAAP Financial Measures” below. As of March 31, 2025, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized. The Bank’s Tier 1 capital to adjusted total average assets was 10.29% as of March 31, 2025.

Stock Repurchase Authority

Eagle announced that its Board of Directors has authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2025, representing approximately 5.0% of outstanding shares. Under the plan, shares may be purchased by the Company on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares and the timing of such repurchase will depend upon market conditions and other corporate considerations. The plan is expected to be in place for approximately 12 months, but may be suspended, terminated or modified by the Company’s Board of Directors at any time. The plan does not obligate the Company to purchase any particular number of shares.

About the Company

Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 30 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”

Forward Looking Statements

This release may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as “believe,” “will” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” These forward-looking statements include, but are not limited to statements of our goals, intentions, expectations and anticipations; statements regarding our business plans, prospects, mergers, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the impact of any new regulatory, policy or enforcement developments resulting from the change in U.S. presidential administration, including the implantation of tariffs and other protectionist trade policies; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; the effects of any U.S. federal government shutdown, or closures or significant staff reductions in agencies regulating our business; our ability to navigate differing social, environmental, and sustainability concerns among governmental administrations, our stakeholders and other activists that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

Use of Non-GAAP Financial Measures

In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, in this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.

The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Reconciliation of the GAAP and non-GAAP financial measures are presented below.

Balance Sheet
(Dollars in thousands, except per share data)						(Unaudited)
			March 31,			December 31,			March 31,
			2025			2024			2024

Assets:
	Cash and due from banks		$	21,360		$	29,824		$	19,479
	Interest bearing deposits in banks			1,445			1,735			1,438
		Total cash and cash equivalents		22,805			31,559			20,917
	Securities available-for-sale, at fair value			291,661			292,590			311,227
	Federal Home Loan Bank (“FHLB”) stock			7,101			7,778			8,449
	Federal Reserve Bank (“FRB”) stock			4,131			4,131			4,131
	Mortgage loans held-for-sale, at fair value			6,223			13,368			9,612
	Loans:
	Real estate loans:
	Residential 1-4 family			149,699			153,721			157,414
	Residential 1-4 family construction			45,508			45,701			45,026
	Commercial real estate			666,265			645,962			632,452
	Commercial construction and development			110,107			124,211			147,740
	Farmland			153,456			146,610			140,246
	Other loans:
	Home equity			100,665			97,543			90,418
	Consumer			26,978			28,513			29,677
	Commercial			139,668			144,039			137,640
	Agricultural			131,162			134,346			116,775
		Total loans		1,523,508			1,520,646			1,497,388
	Allowance for credit losses			(16,720	)		(16,850	)		(16,410	)
		Net loans		1,506,788			1,503,796			1,480,978
	Accrued interest and dividends receivable			13,271			12,890			12,038
	Mortgage servicing rights, net			15,282			15,376			15,738
	Assets held-for-sale, at cost			960			960			–
	Premises and equipment, net			101,759			101,540			97,643
	Cash surrender value of life insurance, net			53,573			53,232			48,218
	Goodwill			34,740			34,740			34,740
	Core deposit intangible, net			4,181			4,499			5,514
	Other assets			25,941			26,631			26,869
		Total assets	$	2,088,416		$	2,103,090		$	2,076,074

Liabilities:
	Deposit accounts:
	Noninterest bearing		$	411,272		$	419,211		$	408,781
	Interest bearing			1,278,694			1,262,017			1,226,818
		Total deposits		1,689,966			1,681,228			1,635,599
	Accrued expenses and other liabilities			36,739			47,018			34,950
	FHLB advances and other borrowings			124,952			140,930			177,540
	Other long-term debt, net			59,186			59,149			59,037
		Total liabilities		1,910,843			1,928,325			1,907,126

Shareholders’ Equity:
	Preferred stock (par value $0.01 per share; 1,000,000 shares
	authorized; no shares issued or outstanding)			–			–			–
	Common stock (par value $0.01; 20,000,000 shares authorized;
	8,507,429 shares issued; 7,977,177, 8,027,177 and 8,016,784
	shares outstanding at March 31, 2025, December 31, 2024, and
	March 31, 2024, respectively			85			85			85
	Additional paid-in capital			108,451			108,334			108,893
	Unallocated common stock held by Employee Stock Ownership Plan			(3,867	)		(4,011	)		(4,440	)
	Treasury stock, at cost (530,252, 480,252 and 490,645 shares at
	March 31, 2025, December 31, 2024 and March 31, 2024, respectively)			(11,517	)		(10,761	)		(11,124	)
	Retained earnings			103,366			101,264			96,797
	Accumulated other comprehensive loss, net of tax			(18,945	)		(20,146	)		(21,263	)
		Total shareholders’ equity		177,573			174,765			168,948
		Total liabilities and shareholders’ equity	$	2,088,416		$	2,103,090		$	2,076,074

Income Statement					(Unaudited)
(Dollars in thousands, except per share data)			Three Months Ended
			March 31,		December 31,			March 31,
			2025		2024			2024
Interest and dividend income:
	Interest and fees on loans		$	23,320	$	23,756		$	21,942
	Securities available-for-sale			2,451		2,475			2,724
	FRB and FHLB dividends			260		308			247
	Other interest income			38		148			29
		Total interest and dividend income		26,069		26,687			24,942
Interest expense:
	Interest expense on deposits			6,871		7,216			6,548
	FHLB advances and other borrowings			1,626		2,005			2,497
	Other long-term debt			670		676			683
		Total interest expense		9,167		9,897			9,728
Net interest income				16,902		16,790			15,214
Provision (recapture) for credit losses				42		(36	)		(135	)
		Net interest income after provision for credit losses		16,860		16,826			15,349

Noninterest income:
	Service charges on deposit accounts			389		387			400
	Mortgage banking, net			2,125		2,818			2,177
	Interchange and ATM fees			593		675			563
	Appreciation in cash surrender value of life insurance			350		408			288
	Net loss on sale of available-for-sale securities			–		(141	)		–
	Other noninterest income			559		425			524
		Total noninterest income		4,016		4,572			3,952

Noninterest expense:
	Salaries and employee benefits			9,664		9,830			9,718
	Occupancy and equipment expense			2,302		2,194			2,099
	Data processing			1,330		1,715			1,525
	Software subscriptions			658		576			528
	Advertising			232		466			253
	Amortization			320		337			369
	Loan costs			372		372			398
	FDIC insurance premiums			231		287			299
	Professional and examination fees			520		596			484
	Other noninterest expense			1,377		1,323			1,360
		Total noninterest expense		17,006		17,696			17,033

Income before provision for income taxes				3,870		3,702			2,268
Provision for income taxes				631		269			370
Net income			$	3,239	$	3,433		$	1,898

Basic earnings per common share			$	0.41	$	0.44		$	0.24
Diluted earnings per common share			$	0.41	$	0.44		$	0.24

Basic weighted average shares outstanding				7,812,248		7,862,279			7,824,928

Diluted weighted average shares outstanding				7,823,636		7,868,507			7,835,304

ADDITIONAL FINANCIAL INFORMATION						(Unaudited)
(Dollars in thousands, except per share data)			Three Months Ended or Years Ended
			March 31,			December 31,			March 31
			2025			2024			2024

Mortgage Banking Activity (For the quarter):
	Net gain on sale of mortgage loans		$	1,349		$	2,036		$	1,414
	Net change in fair value of loans held-for-sale and derivatives			(115	)		(3	)		(173	)
	Mortgage servicing income, net			891			785			936
		Mortgage banking, net	$	2,125		$	2,818		$	2,177

Performance Ratios (For the quarter):
	Return on average assets			0.62	%		0.65	%		0.37	%
	Return on average equity			7.66	%		8.12	%		4.67	%
	Yield on average interest earning assets			5.76	%		5.70	%		5.47	%
	Cost of funds			2.54	%		2.69	%		2.67	%
	Net interest margin			3.74	%		3.59	%		3.33	%
	Core efficiency ratio*			79.77	%		81.26	%		86.95	%

Asset Quality Ratios and Data:			As of or for the Three Months Ended
			March 31,			December 31,			March 31,
			2025			2024			2024

	Nonaccrual loans		$	2,701		$	3,227		$	5,231
	Loans 90 days past due and still accruing			2,638			623			1,979
		Total nonperforming loans		5,339			3,850			7,210
	Other real estate owned and other repossessed assets			46			45			–
		Total nonperforming assets	$	5,385		$	3,895		$	7,210

	Nonperforming loans / portfolio loans			0.35	%		0.25	%		0.48	%
	Nonperforming assets / assets			0.26	%		0.19	%		0.35	%
	Allowance for credit losses / portfolio loans			1.10	%		1.11	%		1.10	%
	Allowance for credit losses/ nonperforming loans			313.17	%		437.66	%		227.60	%
	Gross loan charge-offs for the quarter		$	6		$	51		$	1
	Gross loan recoveries for the quarter		$	4		$	7		$	66
	Net loan charge-offs (recoveries) for the quarter		$	2		$	44		$	(65	)


			March 31,			December 31,			March 31,
			2025			2024			2024
Capital Data (At quarter end):
	Common shareholders’ equity (book value) per share		$	22.26		$	21.77		$	21.07
	Tangible book value per share**		$	17.38		$	16.88		$	16.05
	Shares outstanding			7,977,177			8,027,177			8,016,784
	Tangible common equity to tangible assets***			6.77	%		6.57	%		6.32	%

Other Information:
	Average investment securities for the quarter		$	293,273		$	300,088		$	314,129
	Average investment securities year-to-date		$	293,273		$	306,538		$	314,129
	Average loans for the quarter ****		$	1,526,774		$	1,533,686		$	1,499,293
	Average loans year-to-date ****		$	1,526,774		$	1,523,384		$	1,499,293
	Average earning assets for the quarter		$	1,835,210		$	1,858,078		$	1,830,316
	Average earning assets year-to-date		$	1,835,210		$	1,850,120		$	1,830,316
	Average total assets for the quarter		$	2,079,142		$	2,107,357		$	2,066,579
	Average total assets year-to-date		$	2,079,142		$	2,092,051		$	2,066,579
	Average deposits for the quarter		$	1,671,349		$	1,671,653		$	1,625,770
	Average deposits year-to-date		$	1,671,349		$	1,636,390		$	1,625,770
	Average equity for the quarter		$	169,088		$	169,054		$	162,637
	Average equity year-to-date		$	169,088		$	164,591		$	162,637

* The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition
costs and intangible asset amortization, by the sum of net interest income and non-interest income.
** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders’ equity,
less goodwill and core deposit intangible, by common shares outstanding.
*** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders’
equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible.
**** Includes loans held for sale

Reconciliation of Non-GAAP Financial Measures

Core Efficiency Ratio			(Unaudited)
(Dollars in thousands)			Three Months Ended
			March 31,			December 31,			March 31,
			2025			2024			2024
Calculation of Efficiency Ratio:
	Noninterest expense – efficiency ratio numerator		$	17,006		$	17,696		$	17,033

	Net interest income			16,902			16,790			15,214
	Noninterest income			4,016			4,572			3,952
		Efficiency ratio denominator		20,918			21,362			19,166

	Efficiency ratio (GAAP)			81.30	%		82.84	%		88.87	%

Calculation of Core Efficiency Ratio:
	Noninterest expense		$	17,006		$	17,696		$	17,033
	Intangible asset amortization			(320	)		(337	)		(369	)
		Core efficiency ratio numerator		16,686			17,359			16,664

	Net interest income			16,902			16,790			15,214
	Noninterest income			4,016			4,572			3,952
		Core efficiency ratio denominator		20,918			21,362			19,166

	Core efficiency ratio (non-GAAP)			79.77	%		81.26	%		86.95	%

Tangible Book Value and Tangible Assets			(Unaudited)
(Dollars in thousands, except per share data)			March 31,			December 31,			March 31,
			2025			2024			2024
Tangible Book Value:
	Shareholders’ equity		$	177,573		$	174,765		$	168,948
	Goodwill and core deposit intangible, net			(38,921	)		(39,239	)	$	(40,254	)
		Tangible common shareholders’ equity (non-GAAP)	$	138,652		$	135,526		$	128,694

	Common shares outstanding at end of period			7,977,177			8,027,177			8,016,784

	Common shareholders’ equity (book value) per share (GAAP)		$	22.26		$	21.77		$	21.07

	Tangible common shareholders’ equity (tangible book value)
		per share (non-GAAP)	$	17.38		$	16.88		$	16.05

Tangible Assets:
	Total assets		$	2,088,416		$	2,103,090		$	2,076,074
	Goodwill and core deposit intangible, net			(38,921	)		(39,239	)		(40,254	)
		Tangible assets (non-GAAP)	$	2,049,495		$	2,063,851		$	2,035,820

	Tangible common shareholders’ equity to tangible assets
		(non-GAAP)		6.77	%		6.57	%		6.32	%

Contacts:

Laura F. Clark, President and CEO
(406) 457-4007
Miranda J. Spaulding, SVP and CFO
(406) 441-5010

The MIL Network –

April 30, 2025

MIL-OSI: Growers Edge Raises $25M to Build First Full-Service Fintech Platform for Agriculture

Source: GlobeNewswire (MIL-OSI)

JOHNSTON, Iowa, April 29, 2025 (GLOBE NEWSWIRE) — Growers Edge, which provides modern financial products and data-driven tools for agricultural retailers, manufacturers, and lenders, today announced a first close of a new financing round. The round was co-led by S2G Investments, Cibus Capital, and Lowercarbon Capital, with additional participation by Otter Creek, iSelect, and Jeff Ubben, founder of ValueAct Capital.

The new funding will enable Growers Edge to scale its financial solutions and expand its reach with more ag retailers and lenders, while driving greater adoption of climate-smart agricultural products and practices across the U.S.

“This milestone is a testament to the creativity and tenacity of our incredible team,” said Matt Hansen, CEO of Growers Edge. “They’re the true innovators who continue to transform complex challenges into real-world solutions for growers, retailers, and lenders.”

Growers Edge offers a suite of financial products that reduce risk and promote ag innovation, including its Crop Plan Warranty Program, land and climate intelligence solutions, digital mortgage lending products, and input lending tools. As a full-service fintech platform, Growers Edge delivers data-backed products that help agricultural businesses reduce risk and drive growth.

“Growers Edge is tackling one of the most critical barriers to agricultural innovation – financial risk,” said Ubben. “Their solutions provide ag retailers, lenders, and growers with the critical tools they need to embrace sustainability at scale, creating a clear path to profitability and innovation.”

The company partners directly with manufacturers, retailers, and industry groups to help growers adopt innovative practices with confidence, and has worked with five of the top ten largest ag retailers and leading organizations, including Nutrien, PepsiCo, Mondelez, Helena Agri-Enterprises, and The Nature Conservancy.

“Cibus is excited to invest in Growers Edge, who are leading the financial digital disruption of US agriculture with a focus on enabling sustainable farming practices,” said Alastair Cooper, Partner and Head of Venture at Cibus Capital.

“Farmers want what’s best for their land. But too often, the risk of trying something new means sticking with business as usual,” said Eric Helfgott, Principal at Lowercarbon Capital, known for investing in “better, faster, and cheaper” technologies that also significantly reduce carbon emissions. “By enabling new, sustainable ag practices without the financial risk, Growers Edge is helping climate-smart farming take root.”

The investment follows several recent milestones for Growers Edge, including acquiring AQUAOSO Technologies, expanding its farmland valuation tool to over 144 million acres, and surpassing one million acres protected through its Crop Plan Warranty program.

For more information, visit www.growersedge.com.

About Growers Edge

Growers Edge provides modern financial products and data-driven tools that help forward-thinking agriculture retailers, manufacturers, and lenders reduce their growers’ risks and costs when adopting newer innovative solutions and practices. The company’s crop plan warranty and input financing solutions are trusted by dozens of retailers and manufacturers to assist hundreds of growers affordably purchase their products and guarantee yields on over one million acres of cropland. For more information, visit growersedge.com.

John Strackhouse, Vice Chairman of Caldwell, led the recruitment for the CEO of Growers Edge.

About S2G Investments

S2G is a multi-stage investment firm focused on venture and growth-stage businesses across food & agriculture, oceans, and energy. The firm provides capital and value-added resources to companies and leadership teams pursuing market-based solutions designed to deliver greater value, improved outcomes, and enhanced performance over traditional alternatives. With a commitment to creating long-term, measurable outcomes, S2G structures flexible capital solutions that can range from venture funding through growth equity to debt and infrastructure financing. For more information about S2G, visit s2ginvestments.com.

About Cibus Capital LLP

Cibus Capital LLP is the London-based investment advisor to the Cibus funds. The Cibus funds partner with food and agriculture companies that provide investors with a risk-adjusted return on capital and a sustainable competitive advantage. Cibus has raised over USD 1bn to invest in two strategies: mid-market growth/buyout investments in food production and processing businesses and late-stage agrifood technology companies. For more information, visit cibusfund.com.

About Lowercarbon Capital

Lowercarbon Capital is a multibillion-dollar venture capital firm founded by Chris and Crystal Sacca that backs kickass companies making real money slashing CO2 emissions, sucking carbon out of the sky, and buying us time to unf**k the planet. For more information, visit www.lowercarboncapital.com.

The MIL Network –

April 30, 2025
MIL-OSI: TAB Bank Kicks Off 2025 with $67 Million Loans for More Than 230 Companies in Q1
Source: GlobeNewswire (MIL-OSI)

OGDEN, Utah, April 29, 2025 (GLOBE NEWSWIRE) — TAB Bank kicked off 2025 building value for over 230 companies by closing more than $67 million in financing in Q1. Businesses in the transportation, beauty, specialty finance and real estate industries, along with 70 small businesses, chose TAB Bank to help fund their growth. Types of financing included factoring, asset-based and equipment loans, small business lines of credit and real estate loans.

Highlights of the largest Q1 2025 deals include:
- $13 million—Capital Foundry, a Pittsburgh-based specialty finance lender providing various debt and credit products to small and middle-market companies.
- $12 million—Commercial real estate loan for a Kentucky-based behavioral health hospital.
- $6.5 million— HydroEdge Solutions of Pennsylvania, a leading water transfer and fluid management services provider for the energy industry.
- $5 million—An agriculture finance company in Nevada specializing in factoring financing for farmers, agricultural businesses and fresh produce exporters in Mexico.
- $4 million—A California company involved in the formulation, product development and manufacturing of beauty products.
In addition, TAB Bank provided 17 companies, primarily in the transportation industry, term loans and lines of credit ranging from $40,000 to $500,000. In 1998, TAB Bank started its business financing over-the-road truckers and the broader transportation industry to help create consistent operational cash flow.

“Companies from various industries trust TAB Bank to build value for their business,” said Justin Hatch, Chief Lending Officer at TAB Bank. “From straightforward lending to unique financing structures, we learn about each individual business to ensure their experience with TAB Bank is excellent and helps them grow their business.”

The bank’s services include working capital, equipment financing, term loans, lines of credit and commercial real estate loans. TAB Bank’s specialists ensure each client is matched with the right financial product for their industry and growth stage. The bank supports businesses with stellar credit and those without, requiring alternative assessments. To determine creditworthiness, the bank considers various factors, such as income and operational history.

For more information on TAB Bank’s capital financing and credit solutions, visit TABBank.com.

About TAB Bank
At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to making financial success accessible to everyone through our innovative banking products. Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience.

For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.

Contact Information:
Trevor Morris
Director of Marketing
801-710-6318
trevor.morris@tabbank.com

The MIL Network –
April 30, 2025
MIL-OSI Global: From cats and dogs to penguins and llamas, treating animals with acupuncture has become mainstream in veterinary medicine

Source: The Conversation – USA – By Joe Smith, Assistant Professor of Veterinary Medicine, University of Tennessee

Kevin, a King Charles spaniel, receives acupuncture treatment at a Washington, D.C. animal hospital. Alastair Pike/AFP via Getty Images

A perentie lizard in Dallas, an African penguin in Boston and an Oberhasli goat in Chicago are just a few recent examples of animals at zoos and aquariums benefiting recently from acupuncture therapy. As acupuncture has gained wide use in human medicine in the U.S., it also has become increasingly common in veterinary practice, especially for pain management.

The Conversation U.S. interviewed University of Tennessee Assistant Professor of Veterinary Medicine Joe Smith, a specialist in farm animal medicine and veterinary clinical pharmacology, about this trend. He describes acupuncture’s current uses for treating many species, from household dogs and cats to large animals like horses, cows and llamas:

Is veterinary acupuncture modeled on the traditional Chinese version?

There are two schools of thought about veterinary acupuncture. The original form of acupuncture, which has been practiced for thousands of years, follows principles of traditional Chinese medicine. It views the patient through a lens of five elements: wood, fire, earth, metal and water.

Each element is associated with a different type of energy. Practitioners work to maintain balance between those energies, which they believe is essential for a healthy body to function.

Another approach focuses on anatomical effects on the body. Practitioners place needles to achieve specific effects by stimulating muscles or nerves.

Both versions of acupuncture can help veterinary patients. They use very small, flexible needles, about two-tenths of a millimeter wide – less than one-hundredth of an inch. The needles are placed at various parts of the body to elicit specific responses from connective tissues, muscles and nerves.

The needles can be used by themselves, or with low levels of electrical current – a process called electroacupuncture. Both approaches are effective, but research suggests that benefits from electroacupunture last longer.

Veterinary acupuncturists can treat nearly any animal, from a bear to a porcupine, a dog or a sea turtle.

What does research show about using acupuncture on animals?

Acupuncture and electroacupuncture both increase the body’s levels of compounds called endogenous opioids. These are pain-relieving substances that the body produces naturally. They work similarly to pharmaceutical opioids, such as fentanyl and morphine.

Acupuncture increases these compounds so dramatically that the effect can be reversed with opioid antidotes, such as Narcan.

Studies in small animal medicine show that using acupuncture can speed up healing from nerve injuries, such as spinal cord damage from herniated disks. This is a condition in which material from the disks in between the vertebra of the spinal cord is damaged, and puts pressure on the spinal cord and other parts of the nervous system.

Herniated disks can be very painful for animals. A 2023 study found that when dogs with this condition were treated with acupuncture, nearly 80% recovered, compared with 60% of animals whose cases were managed conservatively without acupuncture. Acupuncture can also make other techniques, such as epidural nerve blocks, more effective when both methods are used together.

Many vets are using acupuncture creatively for other purposes, such as increasing sick animals’ appetites, improving their digestion and accelerating healing from injuries.

How does your veterinary medicine group use acupuncture?

Our practice at the University of Tennessee has used acupuncture most extensively to help rehabilitate animals recovering from conditions like radial nerve paralysis and femoral nerve injury. We can use acupuncture to stimulate muscles or to provide pain relief, either by itself or combined with other therapies.

In our Farm Animal Hospital, we regularly use acupuncture for recumbent or “down” animals. That’s a veterinary term for animals that have been unable to stand for extended periods of time.

With acupuncture, and occasionally electroacupuncture, we can stimulate muscles and nerves that aren’t functioning normally. This help to prevent atrophy, or wasting and thinning of muscle mass.

For every day that a large animal is down, its muscles atrophy and fluid builds up around injured limbs or joints. These effects can prolong their recovery, or even make it less likely that they will recover.

By using acupuncture to stimulate atrophied muscles, veterinarians can start to reverse this process. We have used acupuncture extensively on large animals, including cattle, horses, llamas, alpacas, sheep, goats, pigs and even camels.

One example is goats that have spinal cord injuries caused by parasite migration – a condition called cerebrospinal nematodiasis, or “meningeal worm.” Worm larvae that normally are parasites of white tail deer infect goats through the animals’ digestive tracts, then migrate to the spinal cord and nervous system. They get lost and die there, causing inflammation that can do significant damage.

We use acupuncture and electroacupuncture to stimulate the goats’ large and accessory spinal nerves and the muscles in the animals’ legs and backs. This gives the goats more muscle function when the inflammation clears, and we believe it helps reduce their pain.

We’ve also had good results with acupuncture treatment for llamas and alpacas, which are widely used in Tennessee’s Smokey Mountains to carry tourists’ gear up- and downhill. As large animals like these age, they can develop osteoarthritis, a degenerative joint disease that’s incredibly painful and debilitating for them. Acupuncture and electroacupuncture can help keep them moving.

Our equine services mainly use acupuncture for rehabilitation, helping horses recover from injuries.

One advantage of acupuncture and electroacupuncture in large animals is that they don’t have many adverse effects. Drugs can have side effects such as nausea and diarrhea, and may cause potentially serious complications. An acupuncture needle placed by a trained veterinarian has few to no adverse effects when it’s done correctly.

A crow and an opossum at the Nashville Zoo receive acupuncture treatment for mobility issues.

Can pet owners be confident if their vet recommends acupuncture?

If there is a nerve or muscle involved, there is probably a veterinary treatment option using acupuncture or electroacupuncture. New studies regularly add to our understanding of the neurology and biochemistry that underlie these therapies.

Although we’re still learning, if your vet recommends acupuncture for an aging dog or cat – especially for chronic pain – you can be confident that it’s not a fringe treatment. As long as the person treating your pet is a licensed veterinarian, and is certified by a professional organization like Curacore, Chi University or the American Academy of Veterinary Acupuncture, acupuncture should make your pet more comfortable and improve its quality of life.

Joe Smith has attended attended Curacore Inc’s Medical Acupuncture for Veterinarians course.

– ref. From cats and dogs to penguins and llamas, treating animals with acupuncture has become mainstream in veterinary medicine – https://theconversation.com/from-cats-and-dogs-to-penguins-and-llamas-treating-animals-with-acupuncture-has-become-mainstream-in-veterinary-medicine-226451

MIL OSI – Global Reports –

April 30, 2025

MIL-OSI: Farmers and Merchants Bancshares, Inc. Reports Earnings of $1.2 Million, or $0.37 per Share, for the Three Months Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

HAMPSTEAD, Md., April 29, 2025 (GLOBE NEWSWIRE) — Farmers and Merchants Bancshares, Inc. (the “Company”), the parent company of Farmers and Merchants Bank (the “Bank” and, together with the Company, “we”, “us” and “our”), announced that net income for the quarter ended March 31, 2025 was $1.2 million, or $0.37 per common share (basic and diluted), compared to $1.2 million, or $0.39 per common share (basic and diluted), for the same period in 2024. The Company’s return on average equity during the quarter ended March 31, 2025 was 8.22% compared to 9.40% for the same period in 2024. The Company’s return on average assets during the quarter ended March 31, 2025 was 0.57% compared to 0.61% for the same period in 2024.

Net interest income was $5.5 million for the quarter ended March 31, 2025, an increase of $321 thousand over the $5.2 million reported for the same period in 2024. The increase was due to a 35 basis point increase in the yield on earning assets to 5.03% for the three months ended March 31, 2025 compared to 4.68% for the same period in 2024. Average earning assets increased $10.6 million to $790.6 million as of March 31, 2025. Average loans increased to $593.7 million for the quarter ended March 31, 2025, an increase of $59.1 million over the $534.6 million for the quarter ended March 31, 2024. The combination of higher yields on earning assets plus higher average earning asset balances was the primary reason for the increase. Offsetting the increase in interest income was the higher cost of funds in 2025. The average interest rate paid on interest bearing liabilities was 2.70% for the three months ended March 31, 2025, compared to 2.48% for the same period in 2024. Average interest bearing liabilities increased to $650.0 million, an increase of $23.0 million when compared to the $627.0 million reported as of March 31, 2024.

A provision for credit losses of $30 thousand was recorded for the quarter ended March 31, 2025 compared to no provision for credit loss for the quarter ended March 31, 2024. The Company’s loan portfolio continues to perform at a high level with just four non-accrual loans totaling $2.6 million and two loans more than 30 days delinquent totaling $577 thousand at March 31, 2025.

Noninterest income increased slightly to $514 thousand for the quarter ended March 31, 2025 compared to $504 thousand for the same period in 2024. Mortgage banking income increased $24 thousand, income on bank owned life insurance increased $15 thousand, gains on the sale of investment securities increased $94 thousand, and other fees and commissions increased $37 thousand. The increases were offset by a decrease in service charges of $30 thousand and a decrease in insurance proceeds of $143 thousand due to the non-recurring receipt of insurance proceeds during the first quarter of 2024 in connection with storm damage to the Bank’s office building in Upperco, Maryland.

Noninterest expense was $386 thousand higher for the quarter ended March 31, 2025 when compared to the same period in 2024. This increase was due primarily to a $175 thousand increase in occupancy and furniture and equipment costs, a $101 thousand increase in FDIC premiums, a $33 thousand increase in ATM related costs, and a $96 thousand increase in other expenses. The increase in other expenses was due primarily to legal fees incurred for stockholder matters and additional costs related to the Company’s captive insurance company subsidiary. The Bank’s FDIC assessment expense increased due to higher asset size and higher FDIC assessment rates. The increase in occupancy and furniture and equipment was due primarily to depreciation on the renovations and new equipment for the Bank’s Upperco, Maryland location which was placed in service at the end of the first quarter of 2024 and the Bank’s new Towson, Maryland location that was placed in service during the second quarter of 2024. The increase in ATM related expenses was due to vendor price increases.

Income taxes decreased by $30 thousand during the quarter ended March 31, 2025 when compared to the same period in 2024 due to lower earnings before taxes. The effective tax rate decreased to 21.3% for the quarter ended March 31, 2025 from 22.1% for the same period last year due to an increase in the amount of nontaxable income included in pretax income year over year.

Total assets were $817.6 million at March 31, 2025 compared to $844.6 million at December 31, 2024. Compared to December 31, 2024, total loans, net of the allowance for credit losses, increased $17.1 million to $600.0 million at March 31, 2025. Offsetting the increase in loans was a decrease in cash and cash equivalents of $42.0 million. The decrease was primarily due to the funding of new loans of $17.1 million, a decrease in deposits of $23.2 million, and the repayment of $5.0 million of Federal Home Loan Bank borrowings. Deposits decreased to $735.6 million at March 31, 2025 from $758.8 million at December 31, 2024. The Company’s tangible equity was $51.5 million at March 31, 2025 compared to $49.2 million at December 31, 2024.

The book value of the Company’s common stock increased to $18.44 per share at March 31, 2025 from $17.77 per share at December 31, 2024. Book value per share at March 31, 2025 was inclusive of the $15.6 million unrealized loss, net of income taxes, on the Bank’s available for sale (“AFS”) investment portfolio as a result of higher interest rates. Changes in the market value of the AFS investment portfolio, net of income taxes, are reflected in the Company’s equity, but are not included in the income statement. The AFS investment portfolio is comprised of 72% government agency mortgage backed securities which are fully guaranteed, 22% investment grade non agency mortgage backed securities, less than 1% investment grade corporate and municipal bonds, and 5% subordinated debt of other community banks. There is no indication of credit deterioration in any of the bonds and we intend to hold these investments to maturity, so no actual losses are anticipated. The unrealized loss in the AFS investment portfolio did not impact regulatory capital because the Bank elected many years ago to not include changes in the market value of the AFS investment portfolio in the calculation of regulatory capital regardless of whether they are positive or negative.

Our Federal Home Loan Bank facility, other borrowing lines available, unpledged securities, brokered deposit access, and cash and cash equivalents provided us with access to approximately $337.8 million of liquidity as of March 31, 2025.

Gary A. Harris, President and CEO, commented “Our loan growth remains strong with a $17.1 million increase in net loans over the past quarter. We previously announced the opening of the new Towson Commercial Banking Office. Since its inception in June 2024, the office has produced over $29 million in new commercial loans and $8 million in new relationship deposits through March 31, 2025. We believe that this new office will be instrumental in both loan and deposit growth in 2025. Our asset growth along with the Federal Reserve’s three interest rate decreases over the past seven months have led to positive gains in our net interest margin. Asset quality remains high and our liquidity position remains strong. We continue to believe that Farmers and Merchants is well positioned to grow earnings in 2025.”

About the Company

The Company is a financial holding company and the parent company of the Bank. The Bank was chartered in Maryland in 1919 and has over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140, Route 26, and Route 45 corridors. The main office is located in Upperco, Maryland, with seven additional Maryland branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Westminster, Eldersburg, and Towson. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group’s Pink Market under the symbol “FMFG”.

Forward-Looking Statements

The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “will,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Farmers and Merchants Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.


Farmers and Merchants Bancshares, Inc. and Subsidiaries Consolidated Balance Sheets (Unaudited)

Dollars in thousands except per share and share data

	March 31,			December 31,
		2025			2024

Assets

Cash and due from banks	$	21,779		$	63,962
Federal funds sold and other interest-bearing deposits		918			697
Cash and cash equivalents		22,697			64,659
Certificates of deposit in other banks		100			100
Securities available for sale, at fair value		123,780			125,713
Securities held to maturity, at amortized cost less allowance for credit
losses of $62.5 thousand and $35.6 thousand		21,135			20,499
Equity security, at fair value		530			518
Restricted stock, at cost		715			921
Mortgage loans held for sale		240			157
Loans, less allowance for credit losses of $4.3 million and $4.3 million		600,048			582,993
Premises and equipment, net		7,316			7,349
Accrued interest receivable		2,376			2,439
Deferred income taxes, net		7,246			7,606
Other real estate owned, net		1,176			1,176
Bank owned life insurance		15,429			15,324
Goodwill and other intangibles, net		7,024			7,026
Other assets		7,746			8,163
Total assets	$	817,558		$	844,643

Liabilities and Stockholders’ Equity

Deposits
Noninterest-bearing	$	104,379		$	107,197
Interest-bearing		631,219			651,609
Total deposits		735,598			758,806
Securities sold under repurchase agreements		5,482			5,564
Federal Home Loan Bank of Atlanta advances		–			5,000
Long-term debt, net of issuance costs		10,858			11,329
Accrued interest payable		766			1,003
Other liabilities		6,306			6,669
Total liabilities		759,010			788,371
Stockholders’ equity
Common stock, par value $.01 per share,
authorized 5,000,000 shares; issued and outstanding
3,175,347 shares in 2025 and 3,166,653 shares in 2024		32			32
Additional paid-in capital		31,294			31,136
Retained earnings		42,777			41,613
Accumulated other comprehensive loss		(15,555	)		(16,509	)
Total stockholders’ equity		58,548			56,272
Total liabilities and stockholders’ equity	$	817,558		$	844,643


Farmers and Merchants Bancshares, Inc. and Subsidiaries Consolidated Statements of Income (Unaudited)

Dollars in thousands except per share data
	Three Months Ended March 31,
		2025		2024

Interest income
Loans, including fees	$	8,366	$	6,882
Investment securities – taxable		1,051		1,579
Investment securities – tax exempt		156		137
Federal funds sold and other interest earning assets		313		468
Total interest income		9,886		9,066

Interest expense
Deposits		4,249		3,101
Securities sold under repurchase agreements		17		23
Federal Home Loan Bank advances		12		13
Federal Reserve Bank advances		–		622
Long-term debt		113		134
Total interest expense		4,391		3,893
Net interest income		5,495		5,174

Provision for credit losses		30		–

Net interest income after provision for credit losses		5,465		5,174

Noninterest income
Service charges on deposit accounts		165		195
Mortgage banking income		29		5
Bank owned life insurance income		105		90
Fair value adjustment of equity security		9		(4	)
Gain on sale of investment securities		94		–
Gain on insurance proceeds, net		–		143
Other fees and commissions		112		75
Total noninterest income		514		504

Noninterest expense
Salaries		2,207		1,976
Employee benefits		382		606
Occupancy		328		246
Furniture and equipment		335		242
Professional services		173		205
Automated teller machine and debit card expenses		168		135
Federal Deposit Insurance Corporation premiums		199		98
Postage, delivery, and armored carrier		78		82
Advertising		56		48
Other real estate owned expense		5		3
Other		567		471
Total noninterest expense		4,498		4,112

Income before income taxes		1,481		1,566
Income taxes		316		346
Net income	$	1,165	$	1,220

Earnings per common share – basic	$	0.37	$	0.39
Earnings per common share – diluted	$	0.37	$	0.39

Farmers and Merchants Bancshares, Inc.
Selected Consolidated Financial Data
(Unaudited)
Dollars in thousands except per share data

	As of or For the Three Months Ended March 31,
		2025			2024			2023

OPERATING DATA

Interest income	$	9,886		$	9,066		$	7,051.53
Interest expense		4,391			3,892			1,395
Net interest income		5,495			5,174			5,657
Provision for credit losses		30			–			(270	)
Net interest income after provision for credit losses		5,465			5,174			5,927
Noninterest income		514			504			382
Noninterest expense		4,498			4,112			3,757
Income before income taxes		1,481			1,566			2,552
Income taxes		316			346			651
Net income	$	1,165		$	1,220		$	1,901

PER SHARE DATA

Net income (Basic and diluted)	$	0.37		$	0.39		$	0.62
Dividends	$	0.00		$	0.00		$	0.00
Book value	$	18.44		$	17.03		$	16.53

KEY RATIOS

Return on average assets		0.57	%		0.61	%		1.05	%
Return on average equity		8.22	%		9.40	%		15.49	%
Efficiency ratio		75.23	%		72.42	%		59.55	%
Dividend payout ratio		0.00	%		0.00	%		0.00	%
Net yield on interest-earning assets		2.81	%		2.69	%		3.24	%
Tier 1 capital leverage ratio		9.48	%		9.39	%		9.97	%


Farmers and Merchants Bancshares, Inc.
Selected Consolidated Financial Data
(Unaudited)
Dollars in thousands except per share data

	As of or For the Three Months Ended March 31,
		2025			2024			2023

AT PERIOD END

Total assets	$	817,558		$	794,593		$	722,679
Gross loans		604,352			541,398			525,485
Cash and cash equivalents		22,697			25,633			9,566
Securities		145,569			182,325			146,300
Deposits		735,598			655,978			637,309
Borrowings		10,858			71,742			24,625
Stockholders’ equity		58,548			53,077			50,757

SELECTED AVERAGE BALANCES

Total assets	$	816,760		$	799,841		$	723,106
Gross loans		593,653			534,566			525,516
Cash and cash equivalents		26,648			37,224			8,719
Securities		169,215			208,134			169,873
Deposits		634,274			550,010			501,185
Borrowings		4,946			69,551			36,124
Stockholders’ equity		54,127			51,928			49,071

ASSET QUALITY

Nonperforming assets	$	3,789		$	1,898		$	1,898

Nonperforming assets/total assets		0.46	%		0.24	%		0.26	%

Allowance for credit losses/total loans		0.71	%		0.80	%		0.87	%

Contact:	Mr. Gary A. Harris President and Chief Executive Officer (410) 374-1510, ext. 1104

The MIL Network –

April 30, 2025

MIL-OSI United Nations: Cambodia, KOICA and WFP launch initiative to boost national homegrown school feeding programme

Source: World Food Programme

PHNOM PENH, CAMBODIA – The Royal Government of Cambodia, through the Ministry of Education, Youth and Sport (MoEYS), in partnership with the Korea International Cooperation Agency (KOICA) and the United Nations World Food Programme (WFP), has launched a US$ 10 million initiative from 2025 to 2029 to accelerate the expansion of Cambodia’s national homegrown school feeding programme.

The programme currently reaches 190,000 children across 686 schools. The renewed support from South Korea builds on the achievements of Phase I (2020—2024) and will enable MoEYS and WFP to provide hot, nutritious meals to 133,300 schoolchildren across 428 schools. These schools will be progressively integrated into the national programme with full government ownership and management expected by 2028.

“The Ministry is deeply grateful for the continued support from the Government of the Republic of Korea, KOICA, and WFP,” said H.E. Hang Chuon Naron, Deputy Prime Minister and Minister of Education, Youth and Sport. “Through this programme, we are not only improving access to nutritious food but also investing in Cambodia’s future by building a stronger, more resilient education system that supports our national development goals.”

The Royal Government of Cambodia has shown strong leadership and commitment to school meals. In August 2024, it approved the School Feeding Policy, a landmark step that formalized the programme’s role in contributing to education, nutrition, agriculture and social protection. This approach aligns closely with Cambodia’s broader human capital development agenda and the priorities of the Pentagonal Strategy—building a healthier, more educated, and resilient generation.

“We are honoured to continue this important collaboration with the Royal Government of Cambodia and WFP,” said Moon Jung Choi, Country Director of KOICA Cambodia Office. “This second phase of support reaffirms the Government of Republic Korea’s commitment to inclusive and sustainable development for the Cambodian people by supporting national systems that deliver lasting improvements in education, nutrition and rural livelihoods.”

The national school feeding programme adopts a home-grown approach, linking education and nutrition with local agriculture by sourcing food from smallholder farmers. In a country where over half of the population relies on agriculture, this approach stimulates local economies, strengthens food systems and serves as a safety net for vulnerable families affected by recurrent shocks.

“WFP is proud to continue supporting Cambodia’s journey towards a nationally owned, sustainable school feeding programme,” said Claire Conan, WFP Representative in Cambodia. “The renewed partnership with KOICA and MoEYS is a powerful example of how partnership can improve children’s well-being, enhance learning, and build more resilient communities.”

In addition to meal provision, the programme focuses on capacity strengthening, infrastructure upgrades and institutional development at national, sub-national, and school levels. These efforts are designed to enable MoEYS to take ownership, while ensuring the quality, efficiency, and sustainability of the programme.

# # #

The United Nations World Food Programme is the world’s largest humanitarian organization, saving lives in emergencies, building prosperity and supporting a sustainable future for people recovering from conflict, disasters and the impact of climate change.

MIL OSI United Nations News –

April 30, 2025
MIL-OSI: Best No KYC Casinos: JACKBIT Is Ranked Top No Verification Casino With Exclusive Bonuses
Source: GlobeNewswire (MIL-OSI)

LARNACA, Cyprus, April 29, 2025 (GLOBE NEWSWIRE) — No KYC casinos are ruling the gambling landscape recently. With numerous available options, it might be overwhelming for players to choose the best No KYC casino for better and safer iGaming. After reviewing multiple No KYC casino platforms, our experts found that JACKBIT is one of the best No KYC casinos of 2025.

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JACKBIT Casino: The Best No KYC Casino In 2025

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A reputable no KYC casino, JACKBIT, values the safety of its players. So, the best no KYC casino offers multiple options that allow players to play safely and responsibly. Some of the self-exclusion methods offered by JACKBIT are:
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FAQ’s About Best No KYC Casino 7Bit

Does JACKBIT require KYC verification?

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Email: support@jackbit.com

Legal Disclaimer

This content is for informational purposes only and not legal, financial, or gambling advice. Ensure compliance with local gambling laws. No warranties are made regarding accuracy. Readers are responsible for verifying information and ensuring legal compliance. Gambling may be restricted in some regions.

Affiliate Disclosure

Some links may be affiliate links, earning a commission at no cost to you. Recommendations are based on objective evaluation, and partnerships do not influence conclusions.

Disclaimer: This press release is provided by the Jackbit. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/39a4bb9e-6ef6-487b-93b8-2fedae326e5e

The MIL Network –
April 30, 2025
MIL-OSI: Synchronoss Technologies Announces the Successful Completion of Debt Refinancing

Source: GlobeNewswire (MIL-OSI)

BRIDGEWATER, N.J., April 29, 2025 (GLOBE NEWSWIRE) — Synchronoss Technologies Inc. (“Synchronoss” or the “Company”) (Nasdaq: SNCR), a global leader and innovator in Personal Cloud platforms, announced that it has entered into an agreement with TP Birch Grove to refinance its existing senior notes and term loan facilities with a new $200 million, four-year term loan, extending the maturity of its debt and further enhancing the Company’s financial flexibility.

Proceeds from the Term Loan will be used to repay the remaining $73.6 million principal of the original $75 million term loan facility and the $121 million remainder of the senior notes. The company will use approximately $8 million in funds off its balance sheet to complete the transaction, including fees, call protection payments, and accrued interest.

The Term Loan carries a maturity date of April 24, 2029, and is priced at SOFR plus 700 basis points, with one 50bps leverage-based stepdown. TD Cowen served as Exclusive Financial Advisor for the term loan refinancing.

“We’re pleased to announce the successful completion of our new term loan facility, which allows us to retire our senior notes and extend the maturity of our debt obligation until 2029. This eliminates the near-term overhang associated with the now-retired senior notes and adds to the financial stability of the Company,” said Lou Ferraro, Chief Financial Officer of Synchronoss. “This refinancing significantly improves our capital structure, which in turn provides Synchronoss with the ability to further invest in our Personal Cloud solution as well as provide greater operational flexibility moving forward. Considering the volatility surrounding the financial markets at this time, we’re pleased to provide shareholders with an additional level of certainty in our operations. We’re also once again grateful to TP Birch Grove, who also led our $75 million term loan refinancing in 2024, and TD Cowen for their outstanding partnership and support throughout the process.”

TD Cowen acted as Exclusive Financial Advisor to Synchronoss. Kirkland & Ellis, LLP served as legal counsel to Synchronoss. Cahill Gordon & Reindel LLP served as legal counsel to TP Birch Grove.

About Synchronoss
Synchronoss Technologies (Nasdaq: SNCR), a global leader in personal Cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Our SaaS Cloud platform simplifies onboarding processes and fosters subscriber engagement, resulting in enhanced revenue streams, reduced expenses, and faster time-to-market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content. Explore how our Cloud-focused solutions redefine the way you connect with your digital world at www.synchronoss.com.

Media Relations Contact:
Domenick Cilea
Springboard
dcilea@springboardpr.com

Investor Relations Contact:
Ryan Gardella
ICR for Synchronoss
SNCRIR@icrinc.com

The MIL Network –

April 30, 2025
MIL-OSI USA: 2025 Commencement Speakers and Honorary Degree Recipients

Source: US State of Connecticut

From business success to the National Science Foundation, from policymaking in Hartford to the world’s most popular YouTube sneaker channel, from the Chairman of the Mashantucket Pequot Tribal Nation to the President of the Rwanda Academy of Sciences, the honored guests of UConn’s commencement ceremonies bring a wealth of experience, insight, and wisdom to share with this year’s graduates. Speakers at the ceremonies, which begin on Saturday, May 10, include:

College of Engineering (Saturday, May 10, 9 a.m. at Gampel Pavilion): Mark P. Sarkisian ’83

Mark Sarkisian is a partner in the San Francisco office of Skidmore, Owings & Merrill LLP. He is a licensed professional engineer and structural engineer in 31 states. In 2021, Sarkisian was elected to the National Academy of Engineering, and is a member of the University of Connecticut Academy of Distinguished Engineers. He received his bachelor’s degree in civil engineering from UConn in 1983, and his master’s degree in structural engineering from Lehigh University. Sarkisian’s career focuses on developing innovative structural engineering solutions for over 100 major building projects around the world, including the Jin Mao Tower in China and the Al Hamra Fidrous Tower in Kuwait, both over 1,300 feet[1]tall. Sarkisian holds 10 U.S. patents and five international patents. Sarkisian has authored over 150 technical papers related to the design of building structures, and in 2012 completed his first book, “Designing Tall Buildings – Structure as Architecture.” He teaches integrated studio design courses focused on collaborative design opportunities at the University of California, Berkeley; California College of the Arts; Stanford University; California Polytechnic State University; Northeastern University; North Carolina State University; and the Pratt Institute.

School of Nursing (Saturday, May 10, 9 a.m. at Jorgensen Center for the Performing Arts): Joan Y. Reede

Dr. Joan Y. Reede was appointed as Harvard Medical School’s (HMS) first Dean for Diversity and Community Partnership in January of 2002, and has been responsible for the development and management of a comprehensive program that has provided leadership, guidance, and support to promote the increased recruitment, retention, and advancement of diverse faculty, particularly individuals from groups underrepresented in medicine. This charge includes oversight of all diversity activities at HMS as they relate to faculty, trainees, students, and staff. Reede is a graduate of Brown University and Mount Sinai School of Medicine. She completed a pediatric residency at Johns Hopkins Hospital in Baltimore, Maryland, and a fellowship in child psychiatry at Boston Children’s Hospital. She holds an MPH and an MS in Health Policy Management from Harvard T. H. Chan School of Public Health, and an MBA from Boston University. Reede created and developed more than 20 programs at HMS that aim to address pathway and leadership issues for minorities and women who are interested in careers in medicine, academic and scientific research, and the health care professions. At a national level, Reede’s advice and expertise is highly sought after among several committees and councils, such as being appointed to the Health and Human Services Advisory Committee on Minority Health and serving on the Board of Governors for the Warren Grant Magnuson Clinical Center. She also has many affiliations, including the Task Force for the Annual Biomedical Research Conference for Minority Students, CTSA Women in CTR Interest Group of the NIH, and the American Association for the Advancement of Science STEM Education Review Committee.

School of Business (Saturday, May 10, 1:30 p.m. at Gampel Pavilion): Richard Eldh ‘81

Rich Eldh was born in the village of Ardsley, New York, and moved homes five times between the ages of 5 and 15. He attended Staples High School in Westport, graduating as a three-sport athlete and an all-state football player. After high school, he enrolled at the University of Connecticut. In what would have been his junior year, 1978–1979, he took a leave of absence to travel abroad, living in Kempten, Germany, in Bavaria. There, he worked at Dixie Union, a manufacturing company, as a computer programmer, where he developed new automation software for the finance department. This experience in Germany highlighted the significant impact computing technology would have on business. Motivated by this realization, he decided to pursue a career in the computer industry. Upon returning to the University of Connecticut for his final two years, he majored in finance at the School of Business and graduated in 1981 with a degree in Finance. He first joined a manufacturing firm implementing automation software, then moved to Four Phase Systems, a Motorola company, selling data entry systems. Later, he joined Hewlett-Packard, specializing in manufacturing systems and automation. It was at HP that he met his wife; they married and started a family. After working for two very large corporations, Rich joined a startup called Gartner Group in Stamford. He was the 100th employee, and in ten years, the company grew from $9 million in revenue to just under $1 billion with 4,500 employees. Today, Gartner boasts a market cap of $38 billion with 21,000 employees. These early career highlights led Rich to co-found Sirius Decisions, which became a leader in high-performance go-to[1]market research and benchmarking. Headquartered in Wilton, Sirius Decisions grew to 400 employees with private equity backing and offices worldwide. The company was eventually monetized for approximately $300 million through a sale to a public company in Boston. Throughout his career, he has had the honor of working with associates and clients across more than 50 countries. Alongside his career, Rich and his wife Joyce raised two daughters and a son. They have each found success in the medical field, the fashion world, and the blockchain and crypto industry, respectively.

School of Social Work (Saturday, May 10, 1:30 p.m. at Jorgensen Center for the Performing Arts): Maggie Mitchell Salem

Maggie Mitchell Salem joined IRIS as Executive Director in January 2024. Throughout her nearly 30-year career, Maggie has managed diverse teams focused on civic education, intercultural dialogue, social and political rights, and forced displacement. She arrived in Connecticut following three years leading the National Democratic Institute’s democratic governance program in Tunisia. Given the exponential increase in the number of refugees, humanitarian parolees, and other immigrants that IRIS assists, Maggie has focused on organizational structure, systems, and policies that create a strong foundation for the organization’s continued growth. Her previous experience at Global Refuge (formerly Lutheran Immigration & Refugee Services) and Fugees Academy have underscored the importance of collaborative, communicative leadership and management. For more than a decade, she was the founding executive director of Qatar Foundation International and expanded Arabic language and culture education to public K-12 schools across the U.S., UK, and Germany. As the Regional Director for the Middle East and North Africa at the International Foundation for Electoral Systems (IFES), she expanded or created new programs in Jordan, Iran, and Iraq. Maggie started up and led the Middle East Institute’s Communications Department from 2001-2004. She also served as a U.S. Foreign Service Officer in Mumbai and Tel Aviv, and as staff on the Executive Secretariat of Secretary of State Madeleine Albright. Maggie was a Fulbright Scholar in Syria while studying for her Masters in Contemporary Arab Studies at Georgetown University. She received a bachelor’s degree in political science and psychology from Johns Hopkins University. She has two sons and two daughters. She lives with her six dogs and two cats in East Haddam.

Bachelor of General Studies (Saturday, May 10, 2 p.m. at Student Union Theater): Daniel Mercier ‘95

Daniel Mercier graduated from the Bachelor of General Studies program in 1995 with a focus in Visual Communications. After serving as a Graphics Specialist for a few years, Mercier returned to UConn in 1998 as a Media Producer. In 2001, he transitioned to the role of Instructional Developer in the Instructional Design and Development Department. After completing a Master of Arts in Educational Technology in 2003, Mercier became Manager of Instructional Design and Development and ultimately served as Assistant Director and Director of the Institute of Teaching and Learning. In 2015, he took on the role of Director, Instructional Design, in the Center for Pedagogical Innovation at Wesleyan University. In 2017, Mercier returned to UConn as the Director of Academic Affairs at the Avery Point Campus of the University of Connecticut. Throughout his 30-plus-year career, Mercier has demonstrated an unwavering commitment to the development of instructional tools, to help faculty utilize technologies to reach our students. In his work, he has supported faculty, staff and students across the higher education landscape. His commitment to the University of Connecticut spans nearly 25 years. In his current position, he recruits faculty, oversees academic advising and other academic support programs, and develops partnerships between the Avery Point campus and other academic entities within and outside UConn. These partnerships include the support of students in the Bachelor of General Studies Program.

College of Agriculture, Health and Natural Resources (Saturday, May 10, 6 p.m. at Gampel Pavilion): Rodney Butler ’99 (BUS)

Rodney A. Butler is the Chairman of the Mashantucket Pequot Tribal Nation (MPTN) since January 2010. Butler’s service on Tribal Council began in 2004, and after one year, he was appointed Tribal Council Treasurer; a position he held through 2009. During his tenure, Butler chaired the Tribe’s Finance, Housing, and Judicial Committees, the MPTN Utility Authority, and served as an Interim CEO for Foxwoods Resort Casino. Butler earned his Bachelor’s Degree in Finance from the University of Connecticut where he played Defensive Back for the UConn Huskies football team. Prior to Tribal Council, Butler worked in the finance department at Foxwoods Resort Casino. He later became Chairman of the Tribal Business Advisory Board; an executive body responsible for overseeing the Tribe’s non-gaming businesses and commercial properties. Butler was actively involved in multiple resort expansions at Foxwoods, as well as community development initiatives on the Reservation, the establishment of the Mashantucket (Western) Pequot Tribe Endowment Trust, and the legalization of Sports Betting and iGaming in the state of Connecticut. He was also a participant in Harvard Business School’s program “Leading People and Investing to Build Sustainable Communities.” He is a regular speaker on national panels related to Native American issues. Butler presently serves on the Board of Directors for Mashantucket Pequot Interactive and is on the board of Foxwoods El San Juan Casino. He also serves as the President of Native American Finance Officers Association (NAFOA), as Alternate Vice President for the National Congress of American Indians, and on the boards for the United South and Eastern Tribes, Indian Gaming Association, American Gaming Association, the Mystic Aquarium, and the United Way of Southeastern Connecticut. He is the 2019 recipient of the Citizen of the Year award from the Eastern Connecticut Chamber of Commerce, and the National Indian Gaming Association’s John Kieffer Sovereignty Award. In 2018, he received the St. Edmund’s Medal of Honor Award from the Enders Island Retreat Center. In 2017, Butler was appointed “Tribal Leader of the Year” by the NAFOA. As Chairman, Butler’s primary focus is to ensure long-term stability for the Tribe’s citizens, government, and business enterprises.

School of Fine Arts (Saturday, May 10, 6 p.m. at Jorgensen Center for the Performing Arts): Jacob G. Padrón

Jacob G. Padrón is the Artistic Director of Long Wharf Theatre in New Haven. He is also the Founder and Artistic Director of The Sol Project, a national theater initiative that works in partnership with leading theater companies to amplify the voices of Latino playwrights in New York City and beyond. Padrón has held senior-level artistic positions at theater companies across the country. He was the Senior Line Producer at The Public Theater where he worked on new plays, new musicals, Shakespeare in the Park, and Public Works. He was formerly the Producer at Steppenwolf Theatre Company in Chicago where he supported the artistic programming in the Garage – Steppenwolf’s dedicated space for new work, new artists, and new audiences. From 2008 to 2011, he was an Associate Producer at the Oregon Shakespeare Festival where he was instrumental in producing all shows in the 11-play repertory. Under the guidance of his late mentor Diane Rodriguez, he served as the producer of Suzan-Lori Parks’ “365 Days/365 Plays” for Center Theatre Group, a collaboration that included over 50 theater companies to launch Festival 365 in Los Angeles. He is a co-founder of the Artist Anti-Racism Coalition, a grassroots movement committed to dismantling structural racism within the Off-Broadway community. Jacob is a graduate of Loyola Marymount University (B.A.) and David Geffen School of Drama (M.F.A.). His first artistic home was El Teatro Campesino located in San Juan Bautista, California.

College of Liberal Arts and Sciences, Ceremony I (Sunday, May 11, 9 a.m. at Gampel Pavilion): Maureen Ahern ‘85

Maureen Ahern is an Executive Leadership Coach on her third career whose journey began in the same classrooms as today’s graduates. A proud Husky who earned both a Bachelors and a Masters, Maureen’s connection to UConn runs deep. For over 10 years, she returned to UConn Stamford each week as an Adjunct Professor, teaching Interpersonal Communications and Public Speaking after her corporate day job in New York, driven by her belief that becoming a great communicator gives you the power and confidence to take meaningful action to shape your future. Maureen started as a Sales Executive at The Associated Press and quickly rose to lead the Satellite Networks division before transitioning to Standard and Poor’s Comstock. At S&P she led many different departments as Director of Operations, VP of US Sales and Managing Director for Asian and South American markets, building successful international relationships while traveling the world. She was part of the management team that sold Comstock to IDC and then pivoted from corporate into the digital world, as Partner and COO of momAgenda, where she helped build a thriving e-commerce company. Drawing on her teaching background, leadership experience and desire to coach and mentor others, Maureen completed her leadership coaching certification at Georgetown University’s Transformational Leadership Institute. Today as Founder of Ahern Leadership Coaching and Consulting, Maureen partners with C-suite executives and emerging leaders across industries, facilitating leadership development through one-on-one coaching, team coaching, and specialized training and leadership development workshops. Her coaching philosophy – described by clients as “tough but loving”-centers on her belief that leaders aren’t born, they are made and that everyone has leadership capacity waiting to be unlocked through awareness, action and courage. Maureen was a mentor with the Freshman Founders Program at the Werth Institute at UConn Stamford, in addition to her volunteer work with CT NEXT and Startup Westport as a business mentor. She is also an angel investor with Tidal River Fund whose goal is to fund underrepresented founders. When not working with her clients whom she loves and adores, Maureen enjoys yoga, beach walks, and time with her three adult children (Patrick, Brendan and Caeleigh). She shares life in Cos Cob with her husband Mike Santini (fellow UConn grad) and their black lab, Nino.

Neag School of Education (Sunday, May 11, 9 a.m. at Jorgensen Center for the Performing Arts): Suzanne M. Wilson

Suzanne M. Wilson is the Neag Endowed Professor of Teacher Education at the University of Connecticut’s Neag School of Education, where she also serves as a professor in the Department of Curriculum and Instruction. Her undergraduate degree is in history and American studies from Brown University; she also has an M.S. in statistics and a Ph.D. in psychological studies in education from Stanford University. She was a University Distinguished Professor in the Department of Teacher Education at Michigan State University, where she served on the faculty for 26 years. Wilson also served as the first director of the Teacher Assessment Project, which developed prototype assessments for the National Board for Professional Teaching Standards. Wilson is a committed teacher, having taught undergraduate, master’s, and doctoral classes in educational policy, teacher learning, and research methods. She has directed 36 dissertations and served as a committee member for another 45. Wilson serves on multiple editorial and advisory boards. She was elected to the National Academy of Education in 2013 and to the American Academy of Arts and Sciences in 2022. Wilson has written on teacher knowledge, qualitative methods, curriculum reform, educational policy, and teacher preparation and professional development. She has published in Science, American Educator, American Educational Research Journal, Educational Researcher, Review of Educational Research, Elementary School Journal, Teaching and Teacher Education, Journal of Teacher Education, Phi Delta Kappa, and Teaching Education. She is the author of “California Dreaming: Reforming Mathematics Education” (Yale, 2003) and editor of Lee Shulman’s collection of essays, “Wisdom of Practice: Essays on Teaching, Learning, and Learning to Teach” (Jossey-Bass, 2004). She is currently working on a collection of essays entitled, “Why Teach?”

College of Liberal Arts and Sciences Ceremony II (Sunday, May 11, 1:30 p.m. at Gampel Pavilion): Joe La Puma ‘05

Joe La Puma serves as SVP of Content Strategy at Complex NTWRK and hosts Complex’s Sneaker Shopping, the world’s No. 1 sneaker show, which has garnered over 1 billion views on YouTube. He has been at the forefront of sneaker and street culture at Complex for the past 15 years. La Puma started his journalism career writing for The Daily Campus and was voted “Rookie of the Year” by fellow staffers. After graduating from UConn in 2005 with a degree in Journalism, he returned to Bay Shore to manage The Finish Line—where he previously worked in high school—while contributing articles to both local and global publications like Newsday and Hypebeast.com. In 2006, La Puma landed an internship at Complex magazine, a pop culture publication specializing in convergence culture through hip-hop, sneakers, and fashion. La Puma has written more cover stories (21) than any other writer in Complex history, including profiles on Justin Bieber, Katy Perry, and Kid Cudi. La Puma is also a published author of the book “Complex Presents: Sneaker of the Year: The Best Since ’85.” In his current SVP role, La Puma has led Complex to over 200% growth in audience and engagement. In 2014, Complex debuted the YouTube show Sneaker Shopping, a series that La Puma created and hosts to this day. Over the past decade of Sneaker Shopping, La Puma has interviewed icons like Eminem, Whoopi Goldberg, Kevin Hart, Mark Wahlberg, Billie Eilish, Cristiano Ronaldo, David Beckham, and conducted one of the only lifestyle interviews with former Vice President Kamala Harris during the 2020 election cycle. The show has filmed episodes across the U.S., as well as abroad in China, England, Spain, and Japan. With his extensive editorial work on footwear and over 300 episodes of Sneaker Shopping, La Puma is regarded as one of the foremost sneaker experts in the world. La Puma is a three-time Webby Award winner and has been featured on Good Morning America, and The Tonight Show With Jimmy Fallon. In 2024, La Puma was inducted into the Bay Shore High School Hall of Fame, a group that includes only 79 members since the school opened in 1893. La Puma currently lives in Brooklyn, and takes half-days at work when he can during UConn Basketball March Madness runs.

School of Pharmacy – Doctor of Pharmacy (Sunday, May 11, 1:30 p.m. at Jorgensen Center for the Performing Arts): JoAnn Trejo

JoAnn Trejo, Ph.D., MBA is professor of pharmacology and senior assistant Vice Chancellor for Health Sciences Faculty Affairs at the University of California (UC) San Diego. She completed her undergraduate degree at UC Davis, earned her Ph.D. and MBA at UC San Diego and completed postdoctoral training at UC San Francisco. Trejo is a basic science researcher with expertise in cell signaling in the context of vascular inflammation and cancer. Her research has been published in more than 100 peer-reviewed articles and she is a recipient of a NIH R35 Maximizing Investigators’ Research Award (MIRA) and the American Heart Association Established Investigator Award. Trejo is an outstanding educator, mentor and a leader actively engaged in initiatives aimed at enhancing excellence in science and pharmacology. She is the director of five NIH-supported training programs including the UC San Diego IRACDA Postdoctoral Scholars Program, FIRST Program and three early career faculty development programs. Trejo served as an elected member of the leadership Council for the ASCB and the American Society for Biochemistry and Molecular Biology and is a current member of the scientific advisory boards for Septerna and Versiti. She has also served on multiple NIH Study Sections, the NCI Board of Scientific Counselors for Basic Sciences, and Blavatnik, HHMI and Chan Zuckerberg foundation review panels. Trejo is a current member of the NIGMS Advisory Council. She is the Associate Editor for Molecular Biology of the Cell and is an editorial board member for Proceedings National Academy of Sciences Nexus, Journal of Biological Chemistry and Molecular Pharmacology. Trejo is an elected member of the National Academy of Medicine, American Society for Cell Biology (ASCB) Fellow and 100 Inspiring Hispanic / Latinx Scientists and was recently elected honorary fellow of the British Pharmacological Society.

College of Liberal Arts and Sciences Ceremony III (Sunday, May 11, 5:30 p.m., Gampel Pavilion): Joe La Puma ‘05

School of Pharmacy – Bachelor of Science (Sunday, May 11, 6 p.m., Jorgensen Center for the Performing Arts): Joe Honcz ‘98

Joe Honcz is a distinguished expert in managed care and market access, boasting a robust 25-year career that spans significant sectors of the health care industry. Early in his career, he played a pivotal role in leading teams for the launch of Medicare Part D, followed by instrumental involvement in the implementation of the Affordable Care Act while at Anthem BCBS and Aetna. Since 2020, Joe has leveraged his profound understanding of managed care to deliver strategic market access insights, empowering over 20 biotech and pharmaceutical clients to effectively navigate complex market dynamics. His contributions have been crucial in the successful launch of innovative products in both traditional and rare/orphan disease categories. As a “pharmacy futurist,” he continues to drive innovation and shape market access strategies at Petauri Health, supporting the emerging pharmaceutical and health tech industries. His exceptional ability to anticipate industry trends has consistently provided clients with strategic advantages, enabling them to stay ahead of competitors with foresight and precision. Beyond his professional endeavors, Joe is actively involved at Yale Ventures as an Entrepreneur-in-Residence and at the University of Connecticut Technology Commercialization Services in the same capacity. He has also served as an Adjunct Professor at the University of St. Joseph School of Pharmacy and is on the Board of Directors for the Academy of Managed Care Pharmacy (AMCP) and Avery’s Little Army, whose mission is to honor the legacy of Avery Marie Lafferty, an exceptionally brave cancer rebel, and all patients like her. Joe’s extensive background is complemented by diverse roles at Pfizer, Walgreens, Humana, PrecisionAQ, and CVS. He holds a Bachelor of Science in Pharmacy and a Master of Business Administration with a concentration in Marketing from the University of Connecticut, underscoring his deep roots and commitment to the field. In addition to being a Board member, he is also an AMCP diplomat to the UConn School of Pharmacy, where he fulfills his passion for mentoring and coaching.

The Graduate School – Masters Ceremony (Monday, May 12, 9 a.m. at Gampel Pavilion): Manasse Mbonye ’95 Ph.D.

Manasse Mbonye is a Founding Fellow of the Rwanda Academy of Sciences (RAS) and its current President. He is also the Group Leader and Professor, Rwanda Astrophysics Space and Climate Sciences Research Group (RASCSRG) at the University of Rwanda and a member of the national Science Advisory Group (SAG). By Training, Mbonye is a theoretical Astrophysicist and Cosmologist. He completed his Ph.D. from the University of Connecticut in 1995. Mbonye has taught Physics at various institutions including UConn, the University of Michigan, and RIT. He has also worked at NASA (Goddard Space Flight Center). In 2012, Mbonye returned to Africa. Since then, his appointments have included, Provost (later) Ag Rector (National University of Rwanda), the first Principal (University of Rwanda, College of Science and Technology), and Executive Secretary (Rwanda’s National Council for Science and Technology, (NCST)). During Mbonye’s tenure, NCST instituted a major review of Rwanda’s Science, Technology, Research and Innovation (STRI) policy. Further, the National Research and Innovation Agenda (NRIA) was constructed, along with its implementation enabler, the National Research and Innovation Fund (NRIF) framework. Rwanda launched the NRIF in June 2018. Mbonye has served on the East African Science and Technology Commission (EASTCO) Board of Directors as its Rapporteur (2017-2018). He has also been Chairman of the Rwanda Energy Group (REG) (2015-2018), Rwanda’s sole electric energy production source and utility company. Prof. Mbonye continues to do research and supervise students, at the University of Rwanda.

UConn Health (Monday, May 12, 1 p.m. at Jorgensen Center for the Performing Arts): Manisha Juthani

Dr. Manisha Juthani, is the Commissioner of the Connecticut Department of Public Health (DPH). Juthani is the first Indian American to serve as a commissioner in the State of Connecticut. She served as professor of medicine at Yale School of Medicine through September 2024 and currently serves as an adjunct professor of medicine. She served as Director of the Infectious Diseases Fellowship Program from 2012 to 2021. Juthani received her B.A. from the University of Pennsylvania and M.D. from Cornell University Medical College, completed Internal Medicine residency training at New York-Presbyterian Hospital/Weill Cornell campus, and served as chief resident at Memorial-Sloan Kettering Cancer Center. She came to Connecticut in 2002 as an Infectious Diseases fellow at Yale School of Medicine. During the COVID-19 pandemic, Juthani was a leader in the COVID response at Yale which led to her appointment as Commissioner of CT DPH in 2021. In the early days of the pandemic, she was a voice to help educate the public in both local and national media outlets, a role she was able to expand in her role as Commissioner. Upon joining CT DPH, she helped guide Connecticut out of the pandemic and worked to revitalize areas of public health, such as gun violence, maternal health, opioid use, and sexually transmitted diseases, that were exacerbated during the pandemic. As she continues in her role as DPH Commissioner, Juthani has shifted her core vision to “Preserve and Protect Core Public Health Principles and Services.” As Connecticut is presented with new public health challenges, she remains committed to preserving public health achievements made over the years, including improvements in regulatory oversight in health care, drinking water, and environmental health which includes food safety. It is more important than ever to highlight the importance of vaccines, control of infectious diseases, road safety, and healthier mothers and babies. Clear, accurate communication about public health risks is vital to her mission. She continues to advocate for health as a human right which is the core vision of CT DPH. Juthani is on the Board of Directors of UConn Health.

The Graduate School – Doctoral Ceremony (Monday, May 12, 6 p.m. at Jorgensen Center for the Performing Arts): Sethuraman Panchanathan

Sethuraman “Panch” Panchanathan is a computer scientist and engineer who served as the 15th director of the United States National Science Foundation (NSF) from 2020 until 2025. Panchanathan was nominated to by the president in 2019 and unanimously confirmed by the Senate on June 18, 2020. NSF is a $9.06 billion independent federal agency, and the only government agency charged with advancing all fields of scientific discovery, technological innovation and science, technology, engineering and mathematics education.

Panchanathan previously served as the executive vice president of the Arizona State University (ASU) Knowledge Enterprise, where he was also chief research and innovation officer. He was also the founder and director of the Center for Cognitive Ubiquitous Computing at ASU. Under his leadership, the university increased research performance fivefold, earning recognition as the fastest growing and most innovative research university in the U.S.

Prior to joining NSF, Panchanathan was appointed by the president to serve on the National Science Board, where he was a chair of the Committee on Strategy and a member of the External Engagement and National Science and Engineering Policy committees. Additionally, he was chair of the Council on Research of the Association of Public and Land-grant Universities and co-chair of the Extreme Innovation Taskforce of the Global Federation of Competitiveness Councils. Arizona’s governor appointed Panchanathan as senior advisor for science and technology in 2018. He was the editor-in-chief of the Institute of Electrical and Electronics Engineers (IEEE) MultiMedia magazine and editor and associate editor of several international journals.

For his scientific contributions, Panchanathan has received numerous awards, including honorary doctorates from prestigious universities, distinguished alumni awards, the Governor’s Innovator of the Year for Academia Award, the Washington Academy of Sciences Distinguished Career Award and the IEEE-USA Public Service Award.

Panchanathan is a member of the National Academy of Engineering and a fellow of the National Academy of Inventors, where he also served as vice president for strategic initiatives. He is also a fellow of the American Association for the Advancement of Science, the Canadian Academy of Engineering, the Association for Computing Machinery, IEEE and the Society of Optical Engineering.

School of Law (Sunday, May 18, 10:30 a.m. at UConn School of Law): Mayor Arunan Arulampalam

The son of Sri Lankan refugees, Arunan Arulampalam was born in Zimbabwe and made a home and a family in Hartford after graduate school. Prior to being elected mayor of Hartford in November 2023, he served as CEO of the Hartford Land Bank, where he developed a first-in-the-nation program to train Hartford residents to become local developers and tackle blight in their city. Arulampalam served in Governor Ned Lamont’s administration as Deputy Commissioner of the Connecticut Department of Consumer Protection. Before that, he was a lawyer at the downtown firm Updike, Kelly & Spellacy, P.C. Arulampalam also served on the Board of the Hartford Public Library, the House of Bread, and on the Hartford Redevelopment Authority. He earned his BA in International Studies from Emory University and his JD from Quinnipiac University School of Law.

MIL OSI USA News –

April 30, 2025
MIL-OSI: XRP News: XenDex Soft Cap Almost Filled as Demand Explodes $XDX Tokens Selling Out Ahead of Exchange Listing
Source: GlobeNewswire (MIL-OSI)

SYDNEY, Australia, April 29, 2025 (GLOBE NEWSWIRE) — The window is closing fast. XenDex, the revolutionary all-in-one decentralized exchange built on the XRP Ledger, is on the brink of selling out its presale and early buyers may never see these current prices again, keep reading.

In a week dominated by XRP market milestones, including Brazil’s first XRP Spot ETF approval, the SEC’s lawsuit withdrawal, and the greenlight for ProShares’ XRP Futures ETF — XenDex has emerged as the go-to DeFi platform for XRP holders. Now, with its soft cap almost completely filled, the urgency to secure $XDX tokens has reached new heights.

Buy $XDX Now!

XDX Price Set to Increase After Today

Currently, 1 XRP = 10 XDX, But once the soft cap is filled, 1.25 XRP will be required to purchase 10 XDX.

That’s a 25% increase after the soft cap is raised, and with demand surging, this is the final opportunity to buy $XDX at its lowest possible rate.

Join the Presale Now: https://xendex.net/presale

High-Profile Listings Confirmed

Once the presale concludes, $XDX is already lined up for listing on major exchanges, including:
- Binance
- Gate.io
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- MEXC
- FirstLedger
- MagneticX
These listings will open the doors to global liquidity, institutional access, and high-volume trading, making today’s entry price even more critical.

Purchase XDX At Lowest Presale Price

What Makes XenDex Different

Unlike anything currently on XRPL, XenDex delivers:
- AI-Powered Copy Trading – Mirror elite trader strategies in real-time
- Non-Custodial Lending & Borrowing – Borrow and lend XRP and XDX tokens to earn rewards
- Cross-Chain Trading – Swap XRP tokens across major blockchains like Solana and BNB
- Staking and Yield Farming – Earn rewards by supplying liquidity to the platform
- DAO Governance – $XDX holders vote on upgrades and future developments
Thousands are already in and holding $XDX, what are you waiting for?

The XenDex community is exploding across Telegram and Twitter, with whales and retail investors alike locking in their $XDX allocations before the price jump. Presale supply is shrinking by the hour and when it’s gone, it’s gone.

Join XenDex Presale

Final chance to buy at launch price is now! Do not miss it.

This is your last chance to get in before $XDX becomes more expensive.

Don’t wait until tomorrow to regret what you could have done today.

Visit Official XenDex Links

Website: https://xendex.net
Presale: https://xendex.net/presale
Telegram: https://t.me/xendexcommunity
Twitter/X: https://x.com/xendex_xrp
Docs: https://xdxdocs.gitbook.io

Contact:
Frank Richards
Frank@xendex.net

Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5fc1748f-4060-4d9b-a620-c57ff79a5e61

The MIL Network –
April 29, 2025
MIL-OSI United Nations: The Government of France contributes EUR 1 million to WFP resilience projects in Afghanistan

Source: World Food Programme

KABUL – The United Nations World Food Programme (WFP) in Afghanistan welcomes a contribution of EUR 1 million from the Government of France in flexible funding which has been programmed towards WFP’s resilience projects.

For a period of six months, this funding will allow WFP to reach over 1,100 families with vocational trainings, support farmers in remote regions and create assets that help communities become more resilient to the impacts of the climate crisis. Additionally, when a family member participates in asset creation or vocational skills training, they receive food or a monthly allowance of AFN 6,400 (approximately US$90) for six months to help cover basic food needs.

“The climate crisis is destroying Afghanistan’s farms, homes, and hopes. With flash floods on top of years of drought, millions are left with no way to grow food or earn a living,” said H.E. Ms Céline Jurgensen, Ambassador, Permanent Representative of France to the United Nations in Rome. “Afghan communities need long-term solutions to be able to achieve economic independence and sustainable livelihoods.”

WFP’s vocational training programmes empower Afghan women by teaching them marketable skills. The programmes focus on tailoring, carpet weaving and food value chains such as jam making and food preservation. They serve as a vital source of livelihood and offer some of the few remaining safe spaces for Afghan women outside their homes.

“To help Afghan communities stand on their own feet, WFP supports them – especially women – with vocational trainings and the creation of climate-resilient infrastructure including building irrigation canals, dams and flood protection walls, which mitigate the impacts of extreme weather and boost farming productivity,” said Mutinta Chimuka, WFP Country Director a.i. in Afghanistan, “WFP thanks the Government of France for their support to the vulnerable communities of Afghanistan.”

Last year, via resilience projects in Afghanistan, WFP reached over half a million people – nearly half of them being women and girls – by distributing 5,400 metric tons of food and nearly US$ 24 million in cash for food. This year, WFP plans to reach 50,000 families (350,000 people) through resilience projects, covering 61 districts across 30 provinces of Afghanistan.

The Government of France has proven to be a steadfast partner in supporting WFP operations in Afghanistan, contributing approximately EUR 50 million from 2021 to 2024.

# # #

The United Nations World Food Programme is the world’s largest humanitarian organization, saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters, and the impact of climate change.

Follow us on Twitter: @wfp_media @WFP_Afghanistan

MIL OSI United Nations News –

April 29, 2025
MIL-OSI Europe: Eucharistic Celebration on the third day of the Novendiali

Source: The Holy See

At 17.00 this afternoon, in the Vatican Basilica, the Eucharistic Celebration was held in memory of the Roman Pontiff Francis, on the third day of the Novendiali.
The Church of Rome was specially invited to the Celebration.
The Concelebration was presided over by His Eminence Cardinal Baldassare Reina, vicar general of His Holiness for the diocese of Rome.
The following is the homily delivered by Cardinal Baldassare Reina during the Holy Mass:

Homily of His Eminence Cardinal Baldassare Reina
My meagre voice is here today to express the prayer and suffering of a part of the Church, that of Rome, encumbered with the responsibility that history has assigned to it.
In these days, Rome is a people that mourns its bishop, a people together with other peoples who have waited in line, finding a space among the places of the city in order to weep and pray, like sheep without a shepherd.
Sheep without a shepherd: a metaphor that allows us to recompose the sentiments of these days, and to enter in depth into the image we have received from the Gospel of John, the ear of grain that must die in order to bear fruit. A parable that tells of a shepherd’s love for his flock.
In this time, as the world burns, and few have the courage to proclaim the Gospel translating it into a vision of a possible and real future, humankind appears like sheep without a shepherd. This image comes from the lips of Jesus, resting His eyes on the crowd who followed Him.
Around Him there are the apostles who tell Him about everything they have done and taught. The words, the gestures, the actions learned from the Master, the proclamation of the kingdom of the coming God, the need for a change of life, joined with signs capable of giving flesh to the words: a touch, an outstretched hand, disarmed conversation, without judgment, liberating, without fear of contact with impurity. In carrying out this service, necessary to reawaken faith, to rekindle the hope that the evil present in the world would not have the last word, that life is stronger than death, they have not even had the time to eat.
Jesus felt the burden, and this comforts us now.
Jesus, the true shepherd of the history that needs His salvation, knows the burden that weighs upon each one of us in continuing His mission, especially when we will have to choose the first of His shepherds on earth.
As in the time of the first disciples, there are achievements and also failures, weariness and fear. The significance is immense, and temptations creep in that obscure the only thing that counts: to wish, to seek, to work in the expectation of “a new heaven and a new earth”.
And this cannot be the time for manoeuvres, tactics, caution, the time that follows the instinct to turn back, or worse, retaliation and alliances of power; what is needed is a radical willingness to enter into God’s dream, entrusted to our poor hands.
I am struck at this time by what we are told in Revelation: “I, John, saw the holy city, a new Jerusalem, coming down out of heaven from God, prepared as a bride adorned for her husband”.
A new heaven, a new earth, a new Jerusalem.
Faced with the proclamation of this newness, we cannot give in to that mental and spiritual indolence that binds us to the forms of experience of God and ecclesial practices known in the past, and which we would wish to be repeated ad infinitum, subjugated by the fear of the losses attached to the necessary changes.
I think of the many processes for the reform of the life of the Church undertaken by Pope Francis, and which transcend religious affiliations. People recognized that he was a universal pastor, and the barque of Peter needs this wide navigation that transcends and surprises.
These people carry disquiet in their hearts, and I seem to see a question in them: what will become of the processes that have been initiated?
Our duty should be to discern and order what has been started, in the light of what our mission requires, in the direction of a new heaven and a new earth, adorning the Bride for her husband. Whereas we might seek to clothe the Bride according to worldly conveniences, guided by ideological pretensions that tear apart the unity of Christ’s garments.
To seek a shepherd today means above all to seek a guide who knows how to manage the fear of losses faced with the needs of the Gospel.
To seek a shepherd who has the gaze of Jesus, epiphany of God’s humanity in a world that has inhuman traits.
To seek a shepherd who confirms that we must walk together, forming ministries and charisms; we are a people of God constituted to proclaim the Gospel.
Jesus, looking at the people who follow Him, feels the stirring of compassion within Him: He sees women, men, children, old and young, poor and sick, and no-one who takes care of them, who can quell their hunger from the jaws of a life that has become hard, and hunger for the Word. Faced with those people, He feels He is their bread that does not disappoint, their water that quenches their endless thirst, the balsam that heals their wounds.
He feels the same compassion that Moses felt at the end of his days when, from the summit of the mountain of Abarim, facing the land he will not be able to cross, looking at the multitude he has led, he prays to the Lord that the people will not be reduced to being a flock without a shepherd, a people he cannot keep with him, a people who must keep moving forward.
That prayer is now our prayer, that of the entire Church and of all the women and men who ask to be guided and supported in the toil of life, amid doubts and contradictions, orphans of a word that guides amidst siren songs that flatter the instincts of self-redemption; that breaks solitude, gathers together the discarded, does not give in to arrogance, and has the courage not to bend the Gospel to the tragic compromises of fear, complicity with worldly mindsets, and alliances that are blind and deaf to the signs of the Holy Spirit.
The compassion of Jesus is that of the prophets who manifest the suffering of God in seeing the people lost and abused by bad shepherds, by mercenaries who take advantage of the flock, and flee when the wolf comes. Bad shepherds care nothing for their sheep; they abandon them to their peril, and this is why they are captured and scattered.
Whereas the good shepherd offers his life for his sheep.
The page from the Gospel of John, proclaimed in this liturgy, speaks of this radical shepherd’s disposition, and presents us with the testimony of how Jesus is able to see beyond death, when the hour would come that would glorify His mission. The hour of death on the cross that manifested His unconditional love for all.
“Unless a grain of wheat falls to the ground and dies, it remains just a grain of wheat”. The grain of wheat that has sought the ground with the incarnation of the Word, has fallen to raise those who fall, has come to seek those who are lost.
His death is a planted seed that leaves us suspended at that time in which the seed can no longer be seen, enveloped by the earth that hides it, making us fear that it has been wasted. A pause that might distress us, but that can become a threshold of hope, a crack in the doubt, a light in the night, the garden of Easter.
The promised fruitfulness belongs to the willingness to death; it becomes bitten wheat, hostage to the infidelity and ingratitude to which Jesus, the good shepherd who offers His life for His sheep, responds with the forgiveness requested from the Father, while He dies abandoned by His friends.
The good shepherd sows with his own death, forgiving his enemies, preferring their salvation, the salvation of all, to his own.
If we want to be faithful to the Lord, to the grain of wheat that has fallen on the ground, we must do so by sowing with our life.
And how can we fail to recall the Psalm: “Those who sow in tears will reap with cries of joy”!
There are times such as our own in which, like the farmer to whom the psalmist refers, sowing becomes an extreme act, moved by the radicality of an act of faith.
It is a time of famine, the seed sown on the earth is taken from the last supply without which one dies. The farmer weeps because he knows that this last act is asking him to put his life at risk.
But God does not abandon His people: He does not leave his shepherds alone, He will not allow, as with His Son, that He is abandoned in the tomb, in the grave of the earth.
Our faith holds the promise of a joyful harvest, but one that must pass through the death of the seed that is our life.
That extreme, total, gruelling gesture of the sower made me think back to Pope Francis’ Easter Day, to that unsparing pouring out of himself in blessing and embracing his people, the day before he died. The last act of his unsparing sowing of the proclamation of God’s mercies.
Thank you, Pope Francis.
May Mary, the holy Virgin whom we, in Rome, venerate as the Salus populi romani, who now accompanies and watches over his mortal remains, receive his soul and protect us in the continuation of his mission. Amen.

MIL OSI Europe News –

April 29, 2025
MIL-OSI Economics: Secretary-General of ASEAN welcomes Minister of Agriculture, Forestry and Fisheries of Japan

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, this afternoon welcomed H.E. Taku Eto, Minister of the Ministry of Agriculture, Forestry and Fisheries (MAFF) of Japan, at the ASEAN Headquarters/ASEAN Secretariat. They discussed key issues in the agriculture, forestry, and fisheries sectors, as well as the implementation of the ASEAN-Japan MIDORI Cooperation Plan to advance the sustainability agenda, focusing on decarbonization, reduction of harmful agrochemicals, and digitalization in these sectors.

The post Secretary-General of ASEAN welcomes Minister of Agriculture, Forestry and Fisheries of Japan appeared first on ASEAN Main Portal.

MIL OSI Economics –

April 29, 2025
MIL-OSI United Kingdom: Treat for car lovers as Supercar Saturday roars into town

Source: Northern Ireland – City of Derry

Treat for car lovers as Supercar Saturday roars into town

29 April 2025

Car enthusiasts across the city and district are in for a treat as the Mayor’s popular Supercar Saturday roars into Guildhall Square and Harbour Square on Saturday 24^th May from 12-5pm.

Local car enthusiasts Gary and Stephen McCaul will showcase approximately 35 luxury vehicles including Lamborghini, Ferrari, Porsche, McLaren and Maserati for public viewing.

Popular local entertainer Micky Doherty will lead this family-friendly event which offers children and big kids the chance to get up close with one of Ireland’s finest collections of supercars. Adding to the festive atmosphere, DJ Lui and DJ Richie Rich will keep the music flowing throughout the day. A mobile gaming truck will provide additional entertainment for younger attendees, while local food vendors will be on site serving delicious refreshments.

The Mayor of Derry City and Strabane District Council, Cllr Lilian Seenoi Barr, said she was delighted to see this well-supported event return to the city. Supercar Saturday will help to raise funds for The Bud Club, the Mayor’s chosen charity for her year in office.

“I’m really looking forward to hosting Supercar Saturday. This event has become a highlight in our community calendar, and for good reason. The collection of Lamborghinis, Ferraris, and other luxury vehicles that Gary and Stephen have arranged is truly world-class. I’ve had the privilege of previewing some of these fantastic vehicles, and they are simply breathtaking.

“What makes this day so special is that it allows car enthusiasts to explore the spectacular vehicles they have previously only dreamt about. I’m particularly proud that this event will raise funds for The Bud Club, allowing our community’s passion for incredible cars to directly benefit a life-changing organisation for young people with additional needs.”

Supercar Saturday is part of the Mayor’s One Big Weekend, One Big Cause – Revved Up and Ready to Rock for Bud Club’ extravaganza which will take place on the Bank Holiday weekend of May 24th and 25^th and features three incredible events designed to appeal to all ages and interests.

The fun will begin with Supercar Saturday, followed by a night of music and entertainment with ‘Derry Rocks for Bud Club’ in the Guildhall. This event will feature The Mindbenders with the Ultimate Yacht Rock Show, along with funnyman Black Paddy and musician Ritchie Remo. The weekend will be brought to an epic conclusion with ‘Feel the Beat’ a night of high-energy and infectious Afrobeats at St Columb’s Hall. All three events will raise funds for the Mayor’s chosen charity, The Bud Club, a life-changing organisation for young people with additional needs.

For more information and to purchase tickets to the ‘Derry Rocks for Bud Club’ and Afrobeats night go to www.derrystrabane.com/OneWeekend. You can also keep up to date with everything that is happening on What’s On Derry Strabane and Council’s social channels.

MIL OSI United Kingdom –

April 29, 2025
MIL-OSI New Zealand: VANUATU: Families find climate-smart ways to grow crops

Source: Save The Children

Tropical Cyclone Lola was one of the most powerful off-season storms to strike the Pacific when it made landfall in October 2023 with wind speeds of up to 215 km/h, destroying homes, schools and plantations, claiming the lives of at least four people [2] and affecting about 91,000 people [1].

Recovery efforts were made significantly more challenging when Vanuatu’s capital Port Vila was then hit by a 7.3 magnitude earthquake in December last year, claiming 14 lives and destroying critical infrastructure.

Madleen, 11, said when the cyclone hit, her family’s crops were destroyed, leaving them short of food.

“It destroyed the food crops. When we came outside, we saw the crops were destroyed. The banana tree was just bearing fruit and it was destroyed. And we didn’t have enough food. We were eating rice, but we were almost running short. We were not eating well, we ate just enough. I felt bad.”

After the cyclone, a shortage of nutritious food put children at risk of hunger as well as diseases like diarrhea, with typically an increase in the number of children hospitalised for diarrhea following cyclones, Save the Children said.

Vanuatu is already one of the most climate disaster-prone countries in the world, and scientists say tropical cyclones will become more extreme as the climate crisis worsens. This will disproportionately impact children due to food shortages, disruption to education and psychosocial trauma associated with experiencing disasters.

Save the Children, alongside Vanuatu’s Ministry of Agriculture, Livestock, Forestry, Fisheries, and Biosecurity (MALFFB) and local partners, is supporting Madleen and her family through the Tropical Cyclone Lola Recovery Programme, which is helping improve food security and resilience in communities impacted by the cyclone.

As a part of the Recovery Programme, over 1,100 households have received climate-resistant [3] seeds from a seedbank. These seeds, for growing watermelon, papaya, Chinese cabbage, tomato, capsicum and cucumber, are proven to perform in Vanuatu’s changing climate, with tolerance to high rainfall, drought, pests and disease. Farmers are encouraged to preserve the seeds from crops and sell them back to the seed bank.

The programme is also training communities in other climate-smart agricultural techniques such as growing smaller fruit trees that are robust enough to withstand strong cyclone winds.

Save the Children has also built a collapsible nursery for plants in Madleen’s community that can be taken down when a cyclone is predicted, so saplings and trees can be stored, protected and replanted after it passes.

Save the Children Vanuatu Country Director, Polly Banks, said:

“In just 18 months, people in Vanuatu have been deeply shaken by a devastating cyclone and a powerful earthquake.

“Children have borne the brunt of this, with food taken off their plates, crops destroyed, homes and schools damaged and diseases on the rise. As the climate crisis accelerates, we must work with communities to strengthen their resilience, so children and their families are better equipped to face whatever comes next.

“We’re working in partnership with the Government of Vanuatu and local partners to help communities build the skills and resources they need to support themselves when future cyclones and disasters strike.”

Save the Children has been working in in Vanuatu for more than 40 years to make sure children are learning, protected from harm, and grow up healthy and strong.

MIL OSI New Zealand News –

April 29, 2025
MIL-OSI: Forbion leads €18M Series A Financing in Textile Recycling Technology company EEDEN

Source: GlobeNewswire (MIL-OSI)

NAARDEN, The Netherlands, April 29, 2025 (GLOBE NEWSWIRE) — Forbion, a leading venture capital firm with deep biotech expertise in Europe announces it has led the €18 million Series A financing round through its BioEconomy fund of German tech startup EEDEN GmbH, a company which has developed a groundbreaking textile recycling technology. Also joining as new investors are Henkel Ventures, and NRW.Venture, the Venture Fund of NRW.BANK, North Rhine-Westphalia´s development bank. All existing investors reinvested in the round, including the venture capital investors TechVision Fund (TVF), High-Tech Gründerfonds (HTGF) and D11Z.Ventures. The funding will enable EEDEN to build its demonstration plant in Münster, optimize large-scale processing, and establish commercial projects with key players in the textile industry.

Ongoing challenges including rising costs, scarcity of resources, material volatility, and growing regulatory hurdles continue to strain the textile industry. To remain competitive, brands and manufacturers are increasingly looking for textile materials that combine high performance, scalability, and circularity at price parity. EEDEN addresses this need with its breakthrough in chemical recycling technology that recovers pure cellulose and PET building blocks (monomers) from cotton-polyester blends. Their products can be used to produce virgin-quality lyocell, viscose, and polyester fibers thereby offering a resource-efficient alternative to conventional fibers and unlocking new circular value chains.

Alex Hoffmann, General Partner at Forbion noted, “EEDEN has developed a pioneering solution that can make large-scale textile recycling not only technologically feasible, but also commercially viable in the near future. We see tremendous potential in their approach and are excited to support the team as they bring this breakthrough technology to industrial scale.”

Steffen Gerlach, CEO & Co-Founder of EEDEN explained, “Over the past few years, we have developed a proven solution that has the potential to meet the industry’s long-term need for cost-efficient and high-performing circular materials. We are proud that our new and existing investors believe in our approach and share our vision. With their support, we are ready to scale our technology and turn textile waste into materials the industry truly needs.”

With increasing textile waste comes increased regulation. As of January 2025, EU member states are required to implement separate collection systems for used textiles. EEDEN’s technology provides a pragmatic solution that is capable of processing complex blended materials.

The new EEDEN demonstration facility in Münster, Germany follows the successful technology validation of its pilot plant with industrial partners. This €18 million Series A financing will enable the company to optimize large-scale processing and establish commercial projects with key players in the textile industry.

About EEDEN
EEDEN is a tech company based in Münster, Germany, pioneering the chemical recycling of cotton-polyester textiles. Founded in 2019, EEDEN has developed a breakthrough technology that efficiently separates and recovers cellulose and PET monomers, which fiber producers transform into virgin-quality lyocell, viscose, and polyester fibers – enabling the transition toward a fully circular textile industry. Find out more at eeden.world

About Forbion BioEconomy Fund I
BioEconomy Fund I’s focus on using biotechnology and green chemistry to deliver sustainable B2B solutions in Food, Agriculture, Materials, and Environmental Technologies is best exemplified by its initial investments in Solasta Bio and Novameat. These portfolio companies illustrate Forbion’s commitment to scalable, biotech-enabled innovation. Solasta Bio develops sustainable insect control solutions as alternatives to chemical insecticides, while Novameat advances plant-based meat production with proprietary technology designed for scalability and high-quality texture. By building on Forbion’s expertise in biotechnology, the fund aligns its investments with UN Sustainable Development Goals, including SDG 9 (industry, innovation, and infrastructure), SDG 12 (responsible consumption and production), and SDG 13 (climate action). Forbion BioEconomy Fund I aims to deliver strong financial returns while driving impactful solutions to pressing planetary challenges. Forbion BioEconomy Fund I surpasses €150 million target, raising €164.5 million with strong institutional LP support.

About Forbion
Forbion is a leading global venture capital firm with deep expertise in Europe and offices in Naarden, The Netherlands, Munich, Germany and Boston, USA. Forbion invests in innovative biotech companies, managing approximately €5 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. In addition, Forbion leverages its biotech expertise beyond human health to address ‘planetary health’ challenges through its BioEconomy fund strategy, which invests in companies developing sustainable solutions in food, agriculture, materials, and environmental technologies. Forbion’s team consists of over 30 investment professionals that have built an impressive performance track record since the late nineties with 128 investments across 11 funds. Forbion’s record of sourcing, building and guiding life sciences companies has resulted in many approved breakthrough therapies and valuable exits. Forbion typically selects impactful investments that will positively affect the health and well-being of people and the planet, as well as meet its financial return objectives. The firm is a signatory to the United Nations Principles for Responsible Investment. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.

The MIL Network –

April 29, 2025
MIL-OSI New Zealand: Police breach policy during fatal fleeing driver incident at Manukau

Source: Independent Police Conduct Authority

10 April 2025

The Independent Police Conduct Authority has found that officers at Manukau breached policy when involved in a fleeing driver incident that resulted in a crash and death of a man (Mr Z).

At about 11.42pm on 17 June 2024, a Police unit in the Manukau CBD stopped and briefly spoke to Mr Z due to his car having stolen number plates. Mr Z drove away at speed. Within a minute, another Police unit signalled Mr Z to stop but he failed to do so. Officers in that second unit failed to comply with policy when they did not abandon a pursuit by way of stopping and turning off their emergency lights.

Two other officers were a short distance away on Lambie Drive and heard events on the Police radio. They decided to set up road spikes to try to stop the car. The Authority found that these officers breached policy by not informing Comms of their plan, although we acknowledge the event was fast moving.

When an officer stepped out from behind a signboard to throw the spikes onto the road, Mr Z swerved and lost control of the car, which struck a tree and caught fire. Officers summoned assistance and used fire extinguishers to put out the fire, before assisting Mr Z and his female passenger. Their actions in this respect were commendable.

Mr Z died at the scene and his passenger was seriously injured.

It transpired that the car was stolen (separately from the stolen number plates), Mr Z had methamphetamine in his system, he was breaching a court-imposed curfew, and he was driving dangerously. However, we found that if officers had complied with existing Police policy, this crash might have been avoided.

This case highlights the need for officers to understand the ‘Fleeing Driver’ and ‘Tyre Deflation Devices’ policy requirements and the reasons behind them, which are for their own safety as well as the safety of others. We did not recommend that Police consider charging any of the officers involved with a criminal offence.

The Authority acknowledges this matter involves the death of a man and injury to a woman and we extend our sympathy to those involved.

Public Report

Police breach policy during fatal fleeing driver incident at Manukau (PDF 562 KB)

MIL OSI New Zealand News –

April 29, 2025
MIL-OSI New Zealand: Business – Fonterra plans to close Canpac site

Source: Fonterra

Fonterra has today announced that it plans to close its canning and packaging facility in Hamilton at the end of July.

The closure of the Canpac site, which blends and packages milk powders, follows the Co-operative’s decision to focus on higher value ingredients such as advanced proteins and medical nutrition.

Fonterra’s Chief Operating Officer, Anna Palairet, says low product volumes and increasing complexities in production has created challenging economic conditions for the facility.

“It’s been a tough day for all the team at the site. Making decisions like this is never easy.

“Our strategy is about creating end-to-end value and growing total returns for our farmer shareholders. We believe the best way to achieve this is to focus on our strengths and scale in ingredients and foodservice, and we are prioritising our investment on the parts of our operations that are better suited to this.”

“We are committed to supporting our employees as we work through the next steps,” says Ms Palairet.

Around 120 people currently work at the site. The Co-op will now work through a consultation process including exploring potential redeployment opportunities before operations are planned to come to an end on 31 July 2025.

The site currently packs up to 4000 metric ton of powders per year, less than one per cent of the Co-op’s total product volume.

MIL OSI New Zealand News –

April 29, 2025
MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for April 29, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on April 29, 2025.

Why are political parties allowed to send spam texts? And how can we make them stop?
Source: The Conversation (Au and NZ) – By Tegan Cohen, Postdoctoral Research Fellow, Digital Media Research Centre, Queensland University of Technology Ti Wi / Unsplash Another election, another wave of unsolicited political texts. Over this campaign, our digital mailboxes have been stuffed with a slew of political appeals and promises, many from the new party

The Oscars have rolled out the red carpet for generative AI. And surprisingly, viewers don’t seem to mind
Source: The Conversation (Au and NZ) – By Paul Crosby, Senior Lecturer, Department of Economics, Macquarie University The Oscars have entered the age of artificial intelligence (AI). Last week the Academy of Motion Picture Arts and Sciences explicitly said, for the first time, films using generative AI tools will not be disqualified from the awards.

Echidna ancestors lived watery lifestyles like platypuses 100 million years ago – new study
Source: The Conversation (Au and NZ) – By Sue Hand, Professor Emeritus, Palaeontology, UNSW Sydney Mary_May/Shutterstock As the world’s only surviving egg-laying mammals, Australasia’s platypus and four echidna species are among the most extraordinary animals on Earth. They are also very different from each other. The platypus is well adapted for a semi-aquatic lifestyle, spending

‘Do something about it before it gets worse’: young people want government action on gambling reform
Source: The Conversation (Au and NZ) – By Hannah Pitt, Senior Research Fellow – Institute for Health Transformation, Deakin University David P. Smith/Shutterstock Do something about it before it gets worse. This was a response from a 16-year-old boy in one of our recent studies when asked what he would say to the prime minister

‘I’m always afraid for the future of my family’: why it’s too hard for some refugees to reunite with loved ones
Source: The Conversation (Au and NZ) – By Mary Anne Kenny, Associate Professor, School of Law, Murdoch University When refugees flee their home country due to war, violence, conflict or persecution, they are often forced to leave behind their families. For more than 30,000 people who have sought asylum in Australia since arriving more than

Major survey finds most people use AI regularly at work – but almost half admit to doing so inappropriately
Source: The Conversation (Au and NZ) – By Nicole Gillespie, Professor of Management; Chair in Trust, Melbourne Business School Matheus Bertelli/Pexels Have you ever used ChatGPT to draft a work email? Perhaps to summarise a report, research a topic or analyse data in a spreadsheet? If so, you certainly aren’t alone. Artificial intelligence (AI) tools

1 billion years ago, a meteorite struck Scotland and influenced life on Earth
Source: The Conversation (Au and NZ) – By Chris Kirkland, Professor of Geochronology, Curtin University Stoer Head lighthouse, Scotland. William Gale/Shutterstock We’ve discovered that a meteorite struck northwest Scotland 1 billion years ago, 200 million years later than previously thought. Our results are published today in the journal Geology. This impact now aligns with some

Arsenic is everywhere – but new detection methods could help save lives
Source: The Conversation (Au and NZ) – By Magdalena Wajrak, Senior Lecturer in Chemistry, Edith Cowan University Arsenic is a nasty poison that once reigned as the ultimate weapon of deception. In the 18th century, it was the poison of choice for those wanting to kill their enemies and spouses, favoured for its undetectable nature

Forming new habits can take longer than you think. Here are 8 tips to help you stick with them
Source: The Conversation (Au and NZ) – By Ben Singh, Research Fellow, Allied Health & Human Performance, University of South Australia SarahMcEwan/Shutterstock If you’ve ever tried to build a new habit – whether that’s exercising more, eating healthier, or going to bed earlier – you may have heard the popular claim that it only takes

‘Complaining is career suicide’: the hidden mental health crisis turning our screen industry upside down
Source: The Conversation (Au and NZ) – By Peter Hegedus, Associate Professor, Griffith Film School, Griffith University Shutterstock The Australian screen industry is often associated with fun, creativity and perhaps even glamour. But our new Pressure Point Report reveals a more troubling reality: a pervasive mental health crisis, which could see the screen industry lose

New survey shows business outlook is weakening and uncertainty rising as the trade war bites
Source: The Conversation (Au and NZ) – By John Simon, Adjunct Fellow in Economics, Macquarie University Vivid Brands/Shutterstock Uncertainty is everywhere these days. There is even uncertainty about the uncertainty. The Reserve Bank of Australia, for example, noted in the minutes from its April 1 meeting: The most significant development in the period leading up

How ICE is becoming a secret police force under the Trump administration
Source: The Conversation (Au and NZ) – By Lee Morgenbesser, Associate Professor, School of Government and International Relations, Griffith University Secret police are a quintessential feature of authoritarian regimes. From Azerbaijan’s State Security Service to Zimbabwe’s Central Intelligence Organisation, these agencies typically target political opponents and dissidents through covert surveillance, imprisonment and physical violence. In

Democracy on display or a public eyesore? The case for cracking down on election corflutes
Source: The Conversation (Au and NZ) – By Andrew Hughes, Lecturer in Marketing, Research School of Management, Australian National University In my time researching political advertising, one common communication method that often generates complaints is the proliferation of campaign corflutes. Politicians love them. Not so, many members of the general public. People are so fed

Here’s how to make your backyard safer and cooler next summer
Source: The Conversation (Au and NZ) – By Pui Kwan Cheung, Research Fellow in Urban Microclimates, The University of Melbourne Varavin88, Shutterstock Our backyards should be safe and inviting spaces all year round, including during the summer months. But the choices we make about garden design and maintenance, such as whether to have artificial turf

Five ways to make cities more resilient to climate change
Source: The Conversation (Au and NZ) – By Paul O’Hare, Lecturer in Human Geography and Urban Development, Manchester Metropolitan University John_T/Shutterstock Climate breakdown poses immense threats to global economies, societies and ecosystems. Adapting to these impacts is urgent. But many cities and countries remain chronically unprepared in what the UN calls an “adaptation gap”. Building

Politics with Michelle Grattan: pollster Kos Samaras on how voters are leaving the major parties behind
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra As we enter the final days of campaigning, Labor leads with its nose in front on most polls, but the devil is in the detail of particular seats. To help get a read on what the voters are feeling at

Vanuatu communities growing climate resilience in wake of Cyclone Lola
Communities in Vanuatu are learning to grow climate resilient crops, 18 months after Cyclone Lola devastated the country. The category 5 storm struck in October 2023, generating wind speeds of up to 215 kmph, which destroyed homes, schools, plantations, and left at least four people dead. It was all the worse for following twin cyclones

Election Diary: Labor to slash more consultant costs and increase visa charges to pay for fresh election commitments
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra The government has dug out last-minute savings of more than A$7 billion, to ensure its election commitments are more than offset in every year of the forward estimates. Its costings, released Monday, include savings of $6.4 billion from further reducing

Big and small spending included in Labor costings, but off-budget items yet to be revealed
Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra The federal budget will be stronger than suggested in last month’s budget, according to Treasurer Jim Chalmers who released Labor’s costings on Monday. Many of the policies included in the costings were already detailed in either the 2025 Budget

How much do election promises cost? And why have we had to wait so long to see the costings?
Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra With the May 3 federal election less than a week away, voters have only just received Labor’s costings and are yet to hear from the Coalition. At the 2022 election, the costings were not released for nearly two months

MIL OSI Analysis – EveningReport.nz –

April 29, 2025
MIL-OSI USA: 04.28.2025 Following Pressure from Sen. Cruz and Trump Administration, Mexico Begins Honoring 1944 Water Treaty

US Senate News:

Source: United States Senator for Texas Ted Cruz
WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) issued a statement following the Trump administration’s announcement of a deal with Mexico to secure shipments of water Mexico owes to the United States under the 1944 Water Treaty.
Sen. Cruz said, “Mexico’s failures to uphold its water obligations have been devastating to Texas farmers and cities. I have been fighting for years to secure those deliveries, including by advancing sanctions legislation in the United States Senate and by emphasizing to both American and Mexican officials that the U.S.-Mexico relationship cannot proceed productively unless Mexico meets its obligations. Recently, I worked with Secretary Rollins to secure a $280 million grant to provide critical economic relief in the Rio Grande Valley, but that was only, and explicitly, a stopgap measure.
“Today’s announcement demonstrates that under the Trump administration and the Republican Congress, the United States will insist that other nations meet their obligations to Americans. It will provide critical relief to Texans and establish a basis for the further necessary work that must be done to assure Texas farmers of reliable and predictable water supplies.
“Today’s achievement could not have been accomplished without President Trump’s public stance on holding Mexico accountable, or without the tireless work of Deputy Secretary Landau, Secretary Rollins, Senator Cornyn, Congresswoman De La Cruz, and former IBWC Commissioner Giner.”
BACKGROUND
Under the 1944 Water Treaty, Mexico is obligated to deliver 350,000 acre-feet of water per years averaged over a five-year cycle. But, Mexico has not made reliable annual deliveries, leading to a devastating shortfall including in Texas and across the Southwest.
Sen. Cruz has led the push to ensure that Mexico delivers water to Texas that it is obligated to provide under the 1944 Water Treaty:
Sen. Cruz led the effort in the U.S. Senate to secure a $280 million block grant, with the help of USDA Secretary Brooke Rollins. This block grant is critical in supporting the Texas producers in the Rio Grande Valley suffering from Mexico’s failure to meeting its obligations.
Sen. Cruz championed a provision providing support for South Texas agricultural producers suffering from Mexico’s failure to meet its obligations under the 1944 Treaty on Utilization of Waters of the Colorado, Tijuana, and Rio Grande Rivers.
Sens. Cruz and John Cornyn filed an amendment creating new framework to ensure Mexican complains with Water Treaty obligations.

MIL OSI USA News –

April 29, 2025

MIL-OSI New Zealand: Supporting fintechs to boost competition

Source: New Zealand Government

A pilot programme that will help financial technology (fintech) firms shake up competition in the financial and banking sectors is now underway, says Commerce and Consumer Affairs Minister Scott Simpson.

“Our Government is focused on improving competition in the areas that matter most to Kiwis. The financial and banking sectors are among the most crucial to our everyday lives and our economic growth – however, they are often criticised as being among the most regulated and, some say, least competitive,” says Mr Simpson.

“We have heard these concerns from the industry and have taken them seriously. I am pleased that the Financial Markets Authority has now announced the six firms that will take part in its pilot ‘regulatory sandbox’ programme, which was announced late last year.

“The sandbox is a testing ground where fintechs can experiment with new products and services in a controlled environment, ensuring they comply with regulations, before doing a full commercial launch.

“The benefits of this programme reach all corners of our economy. For consumers, it opens the door wide for new and innovative solutions that will challenge traditional banks and boost competition, providing more choices about how people manage their money, investments, and day-to-day transactions.

“For fintechs, it means having the freedom and guidance to develop new products and services that will not only benefit customers but also help them supercharge New Zealand’s economic growth. I expect the sandbox will enable firms to save time, reduce costs, and bring innovative products to market sooner.

“Fintechs are exactly the kind of high-value companies that we want to see thrive in New Zealand, but regulatory barriers have prevented them from competing on a level playing field. That’s why our Government is identifying and removing these barriers to support a thriving, scalable fintech industry in New Zealand.

“Our Government also recognises the potential of fintechs to disrupt New Zealand’s financial services sector, increasing competition and choice for Kiwis. With open banking now on track to be operational in New Zealand by the end of the year, this is another action we are taking to help further unlock that potential.

“I look forward to seeing how the firms make use of the sandbox. I encourage them to be bold and push the boundaries as they develop innovative solutions that will bring more choice and better services to consumers.”

Notes to editors:

The firms taking part in the pilot are:

Fintech firm	Details
ECDD Holdings Limited	ECDD Holdings Limited (part of the exchange service Easy Crypto) intends to launch a yield bearing NZD-backed stablecoin and to generate revenue from interest earned on money held on trust in interest-bearing accounts.
Emerge Group Limited	Emerge is a digital banking alternative offering products like debit cards, current accounts, and in-app expense tracking. Customer funds are currently held in trust with a partner bank but Emerge aims to transition to higher yielding options such as government bonds.
Homeshare	Homeshare offers investors the chance to own a fractionalised share of a property. This offering would be tokenised and made available via an online platform.
IndigiShare	IndigiShare aims to improve access to capital for Māori entrepreneurs and small businesses. It seeks to offer Te Whare Manaaki (a koha loan platform), as a way to lower barriers to entry for indigenous businesses and enable community entrepreneurship.
Invest in Farming Co-op	IIF (Invest in Farming) is an Australian-based cooperative that connects investors to farming by digitising ownership of livestock, aquaculture, horticulture, and agriculture. It allows investors to own a share of agricultural assets, where investment returns are unlocked on the sale of the stock or crop.
Tandym Limited	A group investment platform enabling people to form groups and build wealth together in a social and engaging way – while removing administrative burden.

For further details on the regulatory sandbox and the firms participating in the pilot, please visit: https://www.fma.govt.nz/business/focus-areas/innovation/.

It is anticipated the firms will operate within the terms of the sandbox for a period of between 12 and 24 months. Following the pilot, the Financial Markets Authority will make a decision on whether to make the programme permanent.

MIL OSI New Zealand News –

April 29, 2025

MIL-OSI New Zealand: Northland Regional Council News 29/04/25

Source: Northland Regional Council

Climate Resilient Communities Fund open for applications

Northland Regional Council is inviting applications to the Climate Resilient Communities Fund.

The fund aims to build community resilience to the effects of climate change by focusing on local needs and community-led solutions. Council has $600,000 to invest in projects that meet the funding criteria, and eligible groups can apply for between $5,000 and $40,000 plus GST.

Applications must be for projects in Te Taitokerau and from a legal community entity, such as hapū or iwi groups, community or neighbourhood groups, education providers, social enterprises and not-for-profit businesses.

The fund will support projects focusing on: Food resilience (Te Kai); Water resilience (Te Wai); Energy resilience (Te Ngao); Nature-based resilience (Te Taiao); Planning for resilience (Ngā mahi Whakamahere).

Applications close 3 June 2025.

For more information and to apply, visit www.nrc.govt.nz/climateresiliencefunding

Free open day event at award-winning, sustainable Northland farm

Anyone interested in sustainable farming is invited to attend the Rob and Mandy Pye – Mangere Falls Farm, Ballance Farm Northland Regional Supreme Winner Open Day in Kōkopu (Whangarei) on May 7.

The special free event hosted by New Zealand Farm Environmental Trust will include an overview from Rob and Mandy Pye about striking a balance between profitability, environmental stewardship and farm efficiency, a farm tour, presentations from Alison Whiteford (B+LNZ), Northland Regional Council, Kaipara Moana Remediation and Silver Fern Farms, followed by lunch.

Anyone wishing to attend must ensure all vehicles and footwear are clean (to comply with biosecurity requirements), with 4WDs required to take part in the farm tour (carpooling is recommended where possible).

For catering purposes, please send your RSVP to Ellie Ball at: northland@bfea.org.nz

The event will be held from 10am and finish with a lunch at 1pm at Mangere Falls Farm, 638 Knight Road, Kōkopu, Whangarei.

MIL OSI New Zealand News –

April 29, 2025
MIL-OSI USA: ICYMI: Tuberville Visits Redstone Arsenal, Alabama Truckers over Easter Recess

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)

WASHINGTON – Last week, U.S. Senator Tommy Tuberville (R-AL) made several stops while in Alabama over Easter recess.

FBI AT REDSTONE ARSENAL:

On Wednesday, Senator Tuberville joined U.S. Senator Katie Britt (R-AL) and FBI Director Kash Patel for a tour of the FBI facilities at Redstone Arsenal in Huntsville. Following the tour, the Senators joined Director Patel for a press conference.

“This is a big part of [Director Patel’s] puzzle here at Redstone Arsenal, and that is the reason we’re here today for him to see what he has inherited and will inherit in the future, because it’s going to continue to grow,” Tuberville said at the press conference.

ALABAMA TRUCKING ASSOCIATION:

On Friday, Senator Tuberville spoke at the Alabama Trucking Association Annual Convention. During his conversation with AL Trucking Association Board Chairman Joe Black, Senator Tuberville emphasized the critical role that the truckers play in supporting Alabama’s supply chain and economy.

MORE:

Yellowhammer: FBI Director commits to major expansion in Huntsville alongside Tuberville, Britt – Redstone Arsenal ‘one of the gems in the FBI crown jewel’

1819 News: FBI Director Patel says Redstone Arsenal to play key role in Bureau’s future with ‘more and more’ agents moving to Huntsville

WAFF: FBI Director Kash Patel, Alabama Senators speaking from Redstone Arsenal

AL Daily News: FBI director tours Redstone Arsenal with Britt, Tuberville as agency plans to bring more jobs

AL.com: ‘More and more’ FBI agents will come to Alabama, Kash Patel says on Redstone Arsenal tour

WHNT: ‘We’re going to put more people here’: FBI Director Kash Patel visits Redstone Arsenal

WAAY: FBI Director Kash Patel visits Redstone Arsenal

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

MIL OSI USA News –

April 29, 2025
MIL-OSI USA: Cornyn Statement on New Agreement with Mexico to Secure Water for South Texas

US Senate News:

Source: United States Senator for Texas John Cornyn
WASHINGTON – U.S. Senator John Cornyn (R-TX) released the following statement after Agriculture Secretary Brooke Rollins and Deputy Secretary of State Christopher Landau announced they have brokered a new agreement on the Treaty Relating to the Utilization of Waters of the Colorado and Tijuana Rivers and of the Rio Grande that secures water for farmers and ranchers in Texas:
“South Texas has been devastated by Mexico’s repeated refusal to deliver the water it has owed the United States for far too long, and I commend the Trump administration for securing this critical deal for Mexico to finally send water to the region.”
“This new agreement will bring substantial amounts of acre-feet of water to the U.S., and I thank President Trump, Secretary Rubio, Secretary Rollins, and Deputy Secretary Landau for their leadership after years of the Biden administration sitting on its hands and letting Texans suffer.”
“I will continue working alongside President Trump and his administration to push Mexico for consistent, annual deliveries to live up to its obligations under the 1944 Water Treaty and ensure our South Texas agriculture community has the resources needed to thrive.”
Background:
Sen. Cornyn has led the charge in Congress to boost Texas’ water supply and ensure Mexico fulfills its treaty obligations to provide annual deliveries of water to South Texas farmers and ranchers. He partnered with U.S. Secretary of Agriculture Brooke Rollins to successfully secure more than $280 million in emergency assistance for Rio Grande Valley farmers and producers affected by the water shortage and led a request earlier this year to U.S. Secretary of State Marco Rubio asking for renewed efforts to push Mexico to comply with the 1944 Water Treaty while also securing Secretary Rubio’s commitment to hold Mexico accountable for delays.
Last year, Sens. Cornyn and Cruz raised alarms after a Rio Grande sugarcane mill closed due to acute water shortages, cosponsored a resolution supporting diplomacy, and sent a letter to then-U.S. Secretary of State Blinken urging the Department to engage on Mexico’s violation of the intent of the treaty. Senator Cornyn also led a letter to the Chairmen and Ranking Members of the House and Senate Appropriations Subcommittees on State and Foreign Operations urging them to withhold designated funds from Mexico until they enter into an agreement with the U.S. to balance the deficit of the water deliveries, which the House Appropriations Committee included in their funding bill.
Under the Treaty Relating to the Utilization of Waters of the Colorado and Tijuana Rivers and of the Rio Grande, Mexico is obligated to deliver an average of 350,000-acre feet of water annually over a five-year cycle as its contribution to the Rio Grande’s water supply. However, Mexico has consistently delayed fulfilling its water obligation until the end of the five-year cycle, which hinders South Texas farmers’ ability to plan for and grow crops as well as ranchers’ ability to provide water to livestock. The current cycle ends in October and so far, Mexico has paid less than 500,000 acre-feet of water—about a quarter of what it owes, according to IBWC data.

MIL OSI USA News –

April 29, 2025
MIL-OSI China: China, Kenya join hands on path to modernization

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

NAIROBI, April 28 — For centuries, China and Kenya have shared a history of exchanges and cooperation. Last week, their relationship entered a new stage as Chinese President Xi Jinping held talks with Kenyan President William Ruto in Beijing, agreeing to elevate bilateral ties to a China-Kenya community with a shared future in the new era.

Xi called on the two sides to enhance regular policy communication, build connectivity at a higher level, promote sustainable trade, explore diversified financial integration, carry forward the friendship forged through generations, and be leaders in advancing high-quality Belt and Road cooperation.

SKILLS TRAINING

Linet Wambui Kihoro, a 27-year-old railway safety engineer, works among tracks and equipment at the Mombasa-Nairobi Standard Gauge Railway, a flagship project under the Belt and Road Initiative. A graduate of Beijing Jiaotong University, Kihoro now applies her expertise to maintain the daily operation of Kenya’s railways.

In January 2024, Xi replied to a letter from Kenyan students and alumni of Beijing Jiaotong University, including Kihoro.

President Xi encouraged the Kenyan students to learn professional knowledge well, continue the traditional friendship and devote themselves to bilateral cooperation, she said.

“The China-Kenya community with a shared future in the new era is not only a cooperation intention at the governmental level, but is also reflected in various aspects such as people-to-people connectivity, youth exchanges and cultural mutual learning,” she said.

According to a joint statement released on Thursday, China and Kenya pledged to strengthen cooperation in such areas as industry, agriculture, higher education, vocational education and human resource training.

An increasing number of young people, like Kihoro, are benefiting from China-Africa cooperation in education and capacity building. From the Mombasa-Nairobi Railway to the Swak Dam, the Nairobi Expressway and the Garissa Solar Power Plant, high-quality Belt and Road projects have not only improved the daily lives of Kenyans but also provided opportunities to learn new skills and knowledge.

James Karimi Njuguna, a Kenyan engineer, participated in the upgrading of the Olkaria I power plant, Africa’s first geothermal plant, which had been struggling with corroded pipelines and outdated technology. “Chinese companies revitalized the geothermal fields by optimizing turbine structures and well layouts,” Njuguna said. “It was a technological revolution. They modernized the equipment, hired local employees and provided professional training, cultivating a new generation of technical experts in Kenya.”

A report by the Kenya-China Economic and Trade Association showed that between 2022 and 2023, Chinese enterprises employed more than 60,000 local workers in Kenya, with a localization rate exceeding 90 percent. This not only increased local employment but also contributed to transforming the technological landscape.

AGRICULTURAL COOPERATION

In Matangi Tisa Village in Kenya’s Nakuru County, home to Kenya’s first demonstration village for China-Africa agricultural development and poverty reduction, people are busy planting tomatoes with the help of Chinese experts.

For years, local tomato farming had been plagued by bacterial wilt, but villagers are hopeful of a bountiful harvest this season.

When the Chinese and Kenyan presidents met during the Summit of the Forum on China-Africa Cooperation (FOCAC) held in Beijing last year, Xi said “the two sides should closely synergize the high-quality Belt and Road cooperation with Kenya Vision 2030, build an East African connectivity hub and industrial belt, and strengthen cooperation in such areas as digital economy, new energy, economy, trade, poverty reduction and agriculture development.”

Among the 10 partnership actions announced by Xi at the 2024 FOCAC Summit is the partnership action for agriculture and livelihoods. Under this initiative, China has committed to building 100,000 mu (about 6,670 hectares) of standardized agricultural demonstration areas, sending 500 agricultural experts, and establishing a China-Africa agricultural science and technology innovation alliance.

These commitments are injecting fresh momentum into Africa’s efforts toward agricultural modernization and poverty alleviation.

In a recent interview with Xinhua, President Ruto praised China’s success in lifting hundreds of millions of people out of poverty, calling China’s experience highly relevant for African countries still grappling with poverty. He expressed hope to leverage Chinese expertise to advance Kenya’s agricultural modernization and industrialization.

In Kenya’s Siaya County, 69-year-old farmer Peter Onyango was watching the clear waters flow through newly dug irrigation channels, eagerly anticipating a good harvest. Built by a Chinese company along the lower reaches of the Nzoia River, this irrigation project, the largest of its kind in Kenya, has significantly boosted local irrigation capacity.

Officially operational in April, the canal is expected to enhance food security. When visiting the project in January, Ruto said that the new infrastructure would play a major role in advancing Kenya’s economic transformation by boosting agricultural productivity.

STRENGTHENING ECONOMIC TIES

Rains in April have breathed new life into the rolling tea plantations of western Kenya. Near the C22 highway built by a Chinese company, several tea processing factories are working at full speed.

A few years ago, the road was little more than a muddy dirt track, often becoming impassable during the rainy season. “Truck wheels would get stuck, and sometimes water would seep into the tea boxes, ruining the harvest,” recalled driver John Murambi.

Since the road was upgraded to a paved highway, Murambi can now make multiple deliveries a day, which has greatly increased his income. “We no longer have to worry about tea spoiling on the road,” he said.

At the nearby Kipkebe Tea Factory, General Manager Silas Njibwakale said that since the completion of the road upgrading, transportation losses have dropped from about a quarter of total production to nearly zero. A once-impassable route has now become a major artery supporting local communities.

Across Kenya, Chinese-built roads, railways and ports are helping break transportation bottlenecks for key exports like tea, coffee, flowers and avocados, allowing these goods to reach global markets more quickly and reliably.

Thousands of miles away in Changsha, central China, the permanent exhibition hall of the China-Africa Economic and Trade Expo at Gaoqiao Grand Market is bustling with visitors. Launched by President Xi during the 2018 FOCAC Beijing Summit, the expo has become a vital platform showcasing African goods.

Huang Zinan, who specializes in China-Africa trade, said her company has recently imported a batch of Kenyan avocados and is now negotiating with a local tea brand to feature the fruit as a premium ingredient. Initially focused on Kenyan flowers, she now plans to expand her business to more “African treasures.”

“Products from Africa are gaining increasing recognition and popularity in China,” Huang said. “I hope to build not just a trade bridge, but also a bridge of culture and friendship across the seas.” Through something as simple as an avocado or a fresh flower, she hopes to tell the story of win-win cooperation between China, Kenya and the wider African continent.

MIL OSI China News –

April 29, 2025
MIL-OSI New Zealand: The Real Culture War

Source: ACT Party

The Haps

Quiet? MPs are having a break from Parliament and the country is having a break from MPs thanks to a three-week Parliament recess. The Government announced $68.5 million of repayable loans to people building electric vehicle chargers. Free Press readers will be outraged by that, but under ACT’s coalition agreement it has come down from National’s version: $257 million of grants. Such are the victories under MMP. Meanwhile the Ministry for Regulation started a clean out of red tape from the $6 billion Early Childhood sector, following Brooke van Velden’s Health and Safety overhaul. Beside the resource management reforms at the start of the month, it’s been a good April for ACT and freedom.

The Real Culture War

We are taken with David Seymour’s speech over the Parliamentary recess. In it, Seymour says the real culture war is not about identity or bathrooms, but pioneers vs tall poppy choppers.

Of course, you should be free to point out the very basic fact of a person’s biological sex at birth. The law should be able to use sex at birth as an identifier, when it matters, such as which prison someone goes to. All of that is correct, but only a fraction of a per cent of people claim anything different. The overwhelming majority people are never close to being harmed in real life by them doing so.

The real culture war affects all of us, every day. It’s the war between our pioneering spirit and tall poppy syndrome. We, or our ancestors, all made brave voyages to these isolated islands. These were people with real courage who wanted better through their own efforts.

Then, somewhere along the way, we ended up with one out of every six working-aged people on welfare. Some days half the children don’t show up to their school. We have one of the largest diasporas of people who left a country.

No good deed goes unpunished. Landlords, small business owners, licensed firearm owners, farmers. Under Labour/NZ First/Green they were always just a patronising lecture and one more expensive regulation away from salvation. Now there is some relief for those long-suffering groups, but the culture carries on. Look out if you spent your life building up an owner-operated supermarket, or work at a bank.

It’s easy to blame politicians, but in a democracy they ultimately reflect the culture. The treatment of Zuru lately is a classic.

The toy and home supply company founded by three Kiwis just won Walmart supplier of the year. Walmart is the thirteenth largest company in the world, and by far the largest retailer. It’s difficult to overstate how big this business achievement is. The company put out a press release, which got zero coverage from the New Zealand media. One of the founders building a helipad in Herne Bay gets enough clicks to keep the Herald in business month after month.

The end result is written in our founding story. People with get-up-and-go can get up and leave again, which they are doing in huge numbers right now. Easy come here, easy go away.

How do you change a culture? Government should look at its policies by asking a simple question at every decision: Is this a meritocracy policy? It should favour policies that increase the difference people can make in their own lives. It should reject policies that pull down success or reward hectoring, bludging, nuisance behaviour.

What should happen with taxes? They should be low and flat. If a person earning $20,000 pays $2,400 income tax, how much should a person earning $100,000 pay? If five times the income meant five times the taxes, they’d pay $12,000. Try $22,900, nearly ten times the taxes. Progressive tax rates send the wrong message: if you study, work, save, and invest hard, the IRD will whack you extra hard.

What should happen with welfare? It’s a policy designed to help someone down on their luck. How long can bad luck last? Surely not 44 years, the tenure of our longest-serving (not really the right word) career beneficiary. There should be lifetime limits, and if you keep having children on the benefit you should get a plastic card with controlled spending. Otherwise, people have to ask themselves: why am I working to make a difference when I can make the same on a benefit?

What should happen with red tape and regulation? The Government’s starting attitude should be, don’t regulate. Red tape doesn’t just add cost to things that do happen, it stops things that would happen without the extra cost. It doesn’t just stop things that would happen, though, it deprives children of heroes and gives them bad examples. It’s nice if your dad’s an engineer who’s building New Zealand, but he’s probably actually in traffic management.

What should happen with race and identity? Is your life determined by what you do or what happened long before you were born? The argument against the Treaty being a partnership between races is really an argument for individual self determination. The argument against discrimination by sex, race, sexuality, or anything else you cannot change is really an argument for each person to have a fair chance at living their best life.

There is a culture war in New Zealand, it’s the children of pioneers vs the blob of mediocrity. If you’re a Free Press reader, we can guess which one you are. Please support ACT since we all need to stick together.

MIL OSI New Zealand News –

April 29, 2025
MIL-OSI New Zealand: Mark Cameron drafts bill to stop banking wokery and protect rural borrowers

Source: ACT Party

ACT Rural Communities spokesperson Mark Cameron has drafted a bill to scrap the red tape forcing banks and financial institutions to make climate-related disclosures, by repealing Part 7A of the Financial Markets Conduct Act 2013.

“Rural and regional New Zealanders are being hammered by banking wokery that judges businesses on political fashion rather than commercial sense,” says Mr Cameron.

“Farmers are already seeing discrimination creeping into interest rates based on perceived emissions. They fear they’ll be the next to be ‘debanked’, not because of financial risk, but because they don’t fit the agenda of the suit-and-tie bigwigs. We’ve already seen it happening to essential industries like mining and service stations.

“These rules are the ultimate virtue signal that only ACT opposed back in 2021. They reduce banking competition and force significant costs on lenders – and therefore borrowers – for absolutely no environmental gain.

“This week I wrote to the Minister for Commerce and Consumer Affairs, raising concerns about the harmful impact these regulations have on borrowers, banking competition, and economic growth, and encouraging him to adopt my proposal as a Government Bill.

“The Bill I’ve drafted sends two clear messages to the banks. First, they will no longer win political favour by making ideological lending decisions, and they can be confident that they won’t be punished for sticking to their core role of serving customers. Second, for those banks that have fallen under ideological capture, it’s a signal to get back to basics – or risk losing customers to competitors who understand what banking is really about.

“For government and the regulators of banks, it’s about getting back to basics too. The role of financial regulation is to ensure the sound functioning of financial markets in a way that promotes trust, efficiency, and stability. The climate-disclosure requirements are a departure from this limited function into social engineering.

“It’s also unnecessary. We already have an Emissions Trading Scheme that makes these woke rules completely redundant – emissions are capped and the cost of carbon is already factored into investment and production decisions.

“So while the disclosure requirements haven’t reduced a single gram of global emissions, they do put pressure on the banks by waving a stick at the banks, tacitly saying ‘if we don’t like who you’re lending to we’ll hit you’. That is part of what’s driving this madness and why ACT believes markets, not ministers should decide where investment is directed.

“The answer to woke lending practices is not more red tape, it’s getting rid of the existing stuff that’s causing it in the first place.

“We’ll win the war on banking wokery by letting better ideas and businesses compete against out-of-touch lenders. Piling on additional heavy-handed regulations risks scaring off new entrants to the market, further entrenching the power of the big players. If we want to force their hand, the market is best placed to do it.”

Mark Cameron’s letter to the Minister can be read here.

A copy of the Financial Markets Conduct (Repeal of Climate-related Disclosure Requirements) Amendment Bill can be read here.

The climate-related disclosure requirements were introduced by Labour in 2021 through the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021.

MIL OSI New Zealand News –

April 29, 2025
MIL-OSI New Zealand: Statement by Minister Todd McClay following the March 2025 Pastoral Sector Group meeting

Source: New Zealand Government

The Pastoral Sector Group (PSG) has held its first meeting, discussing farm emissions.
The group consists of Agriculture, Trade and Investment Minister Todd McClay, Climate Change Minister Simon Watts, and Chairs and CEOs from: Beef + Lamb New Zealand, Dairy Companies Association of New Zealand, Dairy NZ, Deer Industry New Zealand, Federated Farmers, and the Meat Industry Association.
Pasture Sector
Sector representatives contributed perspectives on the current state of the industry and a desire to work constructively toward a positive outcome for the rural sector.
They underlined the significant eﬀort made by farmers to date.
They stressed the need for any consideration of emissions reduction to be based upon science and to be solutions driven.
They stressed the need to revise the domestic methane target based on the principle of no additional warming.
They stressed the need for any solutions to be aﬀordable for farmers; and for the need to avoid imposing costs upon industry and government.
They voiced concerns about the eﬀects afforestation was having on the pastoral sector and welcomed the Government’s recent announcement to restrict farm to forest conversions.
They raised concerns about the negative impact that a price on agricultural emissions would have on production.
They stressed the need for certainty and time for the primary sector.
Government
Ministers reiterated that this group was to allow the sector to provide their views to government directly and to engage in a respectful dialogue.
Ministers thanked the primary sector for their significant contribution to New Zealand, and in particular, the importance of a strong primary sector to the New Zealand economy.
They stressed that the PSG was an opportunity to talk openly and that it was not a decision-making body.
The members of the group agreed that New Zealand farmers are among the world’s most carbon-eﬃcient food producers and were willing to do their part for New Zealand’s overall commitment to reduce emissions.
Ministers confirmed the following:

That the Government has removed agriculture from the Emissions Trading Scheme.
That the Government has disbanded He Waka Eka Noa.
That the Government is committed to a split gas approach.
That the Government commissioned an independent scientific review on the role of biogenic methane against additional warming.
That the Government will pass legislation this year to implement its decision of 4 December 2024 to restrict full farm to forest conversions.
That the Government is committed to meeting New Zealand’s climate obligations without closing down farms or sending jobs and production overseas.
That all decisions in respect to farm emissions will be informed by accepted science.
That the Government is mindful of the impact of costs related to emissions reduction on farmers; and the implications that cost could have for production.
That a revised 2050 biogenic methane target will be set this year.
That the Government is committed to the use of science and innovation to reduce emissions, not reducing on farm production.
That it is for New Zealand to decide how to reduce emissions.
That New Zealand has climate change obligations under some trade agreements and that the Government will be guided by domestic considerations and interests including those of New Zealand producers and the economy.
The Government currently has a plan that shows New Zealand can meet its obligations while growing the economy and without closing down farms or sending production or jobs overseas.
That the Government will continue to build confidence in the primary sector.

The PSG will meet again next month.

MIL OSI New Zealand News –

April 29, 2025

MIL-OSI: Five Star Bancorp Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

RANCHO CORDOVA, Calif., April 28, 2025 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), today reported net income of $13.1 million for the three months ended March 31, 2025, as compared to $13.3 million for the three months ended December 31, 2024 and $10.6 million for the three months ended March 31, 2024.

First Quarter Highlights

Performance and operating highlights for the Company for the periods noted below included the following:

	Three months ended
(in thousands, except per share and share data)	March 31, 2025			December 31, 2024			March 31, 2024
Return on average assets (“ROAA”)		1.30	%		1.31	%		1.22	%
Return on average equity (“ROAE”)		13.28	%		13.48	%		14.84	%
Pre-tax income	$	18,391		$	19,367		$	14,961
Pre-tax, pre-provision income⁽¹⁾	$	20,291		$	20,667		$	15,861
Net income	$	13,111		$	13,317		$	10,631
Basic earnings per common share	$	0.62		$	0.63		$	0.62
Diluted earnings per common share	$	0.62		$	0.63		$	0.62
Weighted average basic common shares outstanding		21,209,881			21,182,143			17,190,867
Weighted average diluted common shares outstanding		21,253,588			21,235,318			17,272,994
Shares outstanding at end of period		21,329,235			21,319,083			17,353,251

⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

James E. Beckwith, President and Chief Executive Officer, commented:

“The strength of Five Star Bank’s first quarter 2025 financial results is emblematic of a reputation built on an unwavering commitment to customers and community partners who rely on our speed to serve and certainty of execution for their own successes. This differentiated customer experience has created great demand for our services and seized market opportunities in San Francisco. As we continue to grow our presence, we now have 31 San Francisco Bay Area employees. As of March 31, 2025 our San Francisco Bay Area operations had $379.8 million in total deposits.

At the Company level, total loans held for investment increased by $89.1 million, or 2.52% (10.09% when annualized). Total deposits increased by $178.4 million, or 5.01% (20.05% when annualized), with wholesale deposits increasing by $130.0 million, or 23.21%, and non-wholesale deposits increasing by $48.4 million, or 1.61%. Short-term borrowings remained at zero as of March 31, 2025 and December 31, 2024. Net interest margin increased by nine basis points to 3.45% and our efficiency ratio increased to 42.58%, as compared to 41.21% for the fourth quarter of 2024, while cost of funds decreased nine basis points to 2.56%.

In the first quarter of 2025, we were pleased to declare another cash dividend of $0.20 per share. We were also pleased to have been ranked third among best-performing banks in the nation by S&P Global Market Intelligence (among banks with assets between $3 billion and $10 billion).

As we execute on the expansion of industry verticals and our presence in new geographies to meet customer demand, we expect the ongoing acceleration of our growth to benefit our customers, employees, and shareholders. We also expect our demonstrated ability to adapt to changing economic conditions to serve us well into the future as we remain vigilant and focused on disciplined business practices. We thank our employees for their outstanding commitment to ensuring Five Star Bank remains a safe, trusted, and steadfast banking partner.”

Financial highlights during the quarter included the following:

The San Francisco Bay Area team increased from 27 to 31 employees who generated deposit balances totaling $379.8 million at March 31, 2025, an increase of $87.4 million from December 31, 2024.
Cash and cash equivalents were $452.6 million, representing 12.11% of total deposits at March 31, 2025, as compared to 9.90% at December 31, 2024.
Total deposits increased by $178.4 million, or 5.01%, during the three months ended March 31, 2025, due to increases in both non-wholesale and wholesale deposits, which the Company defines as brokered deposits and California Time Deposit Program deposits. During the three months ended March 31, 2025, non-wholesale deposits increased by $48.4 million, or 1.61%, and wholesale deposits increased by $130.0 million, or 23.21%.
The Company had no short-term borrowings at March 31, 2025 or December 31, 2024.
Consistent, disciplined management of expenses contributed to our efficiency ratio of 42.58% for the three months ended March 31, 2025, as compared to 41.21% for the three months ended December 31, 2024.
For the three months ended March 31, 2025, net interest margin was 3.45%, as compared to 3.36% for the three months ended December 31, 2024 and 3.14% for the three months ended March 31, 2024. The effective Federal Funds rate was 4.33% as of March 31, 2025, remaining constant from December 31, 2024 and decreasing from 5.33% at March 31, 2024.
Other comprehensive income was $0.7 million during the three months ended March 31, 2025. Unrealized losses, net of tax effect, on available-for-sale securities were $11.6 million as of March 31, 2025. Total carrying value of held-to-maturity and available-for-sale securities represented 0.06% and 2.35% of total interest-earning assets, respectively, as of March 31, 2025.
The Company’s common equity Tier 1 capital ratio was 11.00% and 11.02% as of March 31, 2025 and December 31, 2024, respectively. The Bank continues to meet all requirements to be considered “well-capitalized” under applicable regulatory guidelines.
Loan and deposit growth in the three and twelve months ended March 31, 2025 was as follows:

(in thousands)	March 31, 2025		December 31, 2024		$ Change		% Change
Loans held for investment	$	3,621,819	$	3,532,686	$	89,133	2.52	%
Non-interest-bearing deposits		933,652		922,629		11,023	1.19	%
Interest-bearing deposits		2,802,702		2,635,365		167,337	6.35	%

(in thousands)	March 31, 2025		March 31, 2024		$ Change		% Change
Loans held for investment	$	3,621,819	$	3,104,130	$	517,689	16.68	%
Non-interest-bearing deposits		933,652		817,388		116,264	14.22	%
Interest-bearing deposits		2,802,702		2,138,384		664,318	31.07	%

The ratio of nonperforming loans to loans held for investment at period end remained at 0.05% from December 31, 2024 to March 31, 2025.
The Company’s Board of Directors declared on January 16, 2025, and the Company subsequently paid, a cash dividend of $0.20 per share during the three months ended March 31, 2025. The Company’s Board of Directors subsequently declared another cash dividend of $0.20 per share on April 17, 2025, which the Company expects to pay on May 12, 2025 to shareholders of record as of May 5, 2025.

Summary Results

Three months ended March 31, 2025, as compared to three months ended December 31, 2024

The Company’s net income was $13.1 million for the three months ended March 31, 2025, as compared to $13.3 million for the three months ended December 31, 2024. Net interest income increased by $0.5 million, primarily due to a decrease in interest expense due to lower average rates on deposits, partially offset by a decrease in interest income driven by lower balances and yields on interest-earning deposits in banks, as compared to the three months ended December 31, 2024. The provision for credit losses increased by $0.6 million, reflecting adjustments to expectations for credit losses based on economic trends and forecasts in the three months ended March 31, 2025 compared to the three months ended December 31, 2024. Non-interest income decreased by $0.3 million, primarily due to a reduction in income received on equity investments in venture-backed funds during the three months ended March 31, 2025, as compared to the three months ended December 31, 2024. Non-interest expense increased by $0.6 million, primarily related to an increase in salaries and employee benefits, partially offset by decreases in advertising, promotional, and other operating expenses during the three months ended March 31, 2025, as compared to the three months ended December 31, 2024.

Three months ended March 31, 2025, as compared to three months ended March 31, 2024

The Company’s net income was $13.1 million for the three months ended March 31, 2025, as compared to $10.6 million for the three months ended March 31, 2024. Net interest income increased by $7.2 million, primarily due to an increase in interest income driven by a higher balance of loans with higher yields, partially offset by an increase in interest expense due to larger average deposit balances, as compared to the three months ended March 31, 2024. The provision for credit losses increased by $1.0 million, relating to loan growth and adjustments to expectations for credit losses based on economic trends and forecasts during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. Non-interest income decreased by $0.5 million, primarily due to a reduction in income received on equity investments in venture-backed funds during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. Non-interest expense increased by $2.3 million during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, with an increase in salaries and employee benefits related to increased headcount as the leading driver.

The following is a summary of the components of the Company’s operating results and performance ratios for the periods indicated:

	Three months ended
(in thousands, except per share data)	March 31, 2025			December 31, 2024			$ Change			% Change
Selected operating data:
Net interest income	$	33,977		$	33,489		$	488		1.46	%
Provision for credit losses		1,900			1,300			600		46.15	%
Non-interest income		1,359			1,666			(307	)	(18.43	)%
Non-interest expense		15,045			14,488			557		3.84	%
Pre-tax income		18,391			19,367			(976	)	(5.04	)%
Provision for income taxes		5,280			6,050			(770	)	(12.73	)%
Net income	$	13,111		$	13,317		$	(206	)	(1.55	)%
Earnings per common share:
Basic	$	0.62		$	0.63		$	(0.01	)	(1.59	)%
Diluted	$	0.62		$	0.63		$	(0.01	)	(1.59	)%
Performance and other financial ratios:
ROAA		1.30	%		1.31	%
ROAE		13.28	%		13.48	%
Net interest margin		3.45	%		3.36	%
Cost of funds		2.56	%		2.65	%
Efficiency ratio		42.58	%		41.21	%

	Three months ended
(in thousands, except per share data)	March 31, 2025			March 31, 2024			$ Change			% Change
Selected operating data:
Net interest income	$	33,977		$	26,744		$	7,233		27.05	%
Provision for credit losses		1,900			900			1,000		111.11	%
Non-interest income		1,359			1,833			(474	)	(25.86	)%
Non-interest expense		15,045			12,716			2,329		18.32	%
Pre-tax income		18,391			14,961			3,430		22.93	%
Provision for income taxes		5,280			4,330			950		21.94	%
Net income	$	13,111		$	10,631		$	2,480		23.33	%
Earnings per common share:
Basic	$	0.62		$	0.62		$	—		—	%
Diluted	$	0.62		$	0.62		$	—		—	%
Performance and other financial ratios:
ROAA		1.30	%		1.22	%
ROAE		13.28	%		14.84	%
Net interest margin		3.45	%		3.14	%
Cost of funds		2.56	%		2.62	%
Efficiency ratio		42.58	%		44.50	%

Balance Sheet Summary

(in thousands)	March 31, 2025		December 31, 2024		$ Change			% Change
Selected financial condition data:
Total assets	$	4,245,057	$	4,053,278	$	191,779		4.73	%
Cash and cash equivalents		452,571		352,343		100,228		28.45	%
Total loans held for investment		3,621,819		3,532,686		89,133		2.52	%
Total investments		99,696		100,914		(1,218	)	(1.21	)%
Total liabilities		3,838,606		3,656,654		181,952		4.98	%
Total deposits		3,736,354		3,557,994		178,360		5.01	%
Subordinated notes, net		73,932		73,895		37		0.05	%
Total shareholders’ equity		406,451		396,624		9,827		2.48	%

Insured and collateralized deposits were approximately $2.5 billion, representing 67.55% of total deposits as of March 31, 2025, as compared to 66.92% as of December 31, 2024. Net uninsured and uncollateralized deposits were approximately $1.2 billion as of March 31, 2025, remaining constant from December 31, 2024.
Non-wholesale deposit accounts constituted 81.53% of total deposits as of March 31, 2025, as compared to 84.26% at December 31, 2024. Deposit relationships of greater than $5 million represented 60.87% of total deposits, as compared to 61.13% as of December 31, 2024, and had an average age of approximately 8.80 years as of March 31, 2025, as compared to 9.28 years as of December 31, 2024.
Cash and cash equivalents as of March 31, 2025 were $452.6 million, representing 12.11% of total deposits at March 31, 2025, as compared to 9.90% as of December 31, 2024.
Total liquidity (consisting of cash and cash equivalents and unused and immediately available borrowing capacity as set forth below) was approximately $2.0 billion as of March 31, 2025, as compared to $1.9 billion at December 31, 2024.

	March 31, 2025
(in thousands)	Line of Credit		Letters of Credit Issued		Borrowings		Available
Federal Home Loan Bank of San Francisco (“FHLB”) advances	$	1,276,072	$	731,500	$	—	$	544,572
Federal Reserve Discount Window		856,366		—		—		856,366
Correspondent bank lines of credit		175,000		—		—		175,000
Cash and cash equivalents		—		—		—		452,571
Total	$	2,307,438	$	731,500	$	—	$	2,028,509

The increase in total assets from December 31, 2024 to March 31, 2025 was primarily due to a $100.2 million increase in cash and cash equivalents and an $89.1 million increase in total loans held for investment. The $100.2 million increase in cash and cash equivalents primarily resulted from net cash inflows related to financing and operating activities of $174.1 million and $15.5 million, respectively, partially offset by net cash outflows related to investing activities of $89.3 million. The $89.1 million increase in total loans held for investment between December 31, 2024 and March 31, 2025 was a result of $259.3 million in loan originations and advances, partially offset by $65.6 million and $104.6 million in loan payoffs and paydowns, respectively. The $89.1 million increase in total loans held for investment included $19.8 million in purchases of loans within the consumer concentration of the loan portfolio.

The increase in total liabilities from December 31, 2024 to March 31, 2025 was primarily due to an increase in interest-bearing deposits of $167.3 million. The increase in interest-bearing deposits was largely due to increases in time and money market deposits of $131.2 million and $52.2 million, respectively.

The increase in total shareholders’ equity from December 31, 2024 to March 31, 2025 was primarily a result of net income recognized of $13.1 million and a $0.7 million increase in accumulated other comprehensive income, partially offset by $4.3 million in cash dividends paid during the period.

Net Interest Income and Net Interest Margin

The following is a summary of the components of net interest income for the periods indicated:

	Three months ended
(in thousands)	March 31, 2025			December 31, 2024			$ Change			% Change
Interest and fee income	$	57,087		$	57,745		$	(658	)	(1.14	)%
Interest expense		23,110			24,256			(1,146	)	(4.72	)%
Net interest income	$	33,977		$	33,489		$	488		1.46	%
Net interest margin		3.45	%		3.36	%

	Three months ended
(in thousands)	March 31, 2025			March 31, 2024			$ Change			% Change
Interest and fee income	$	57,087		$	47,541		$	9,546		20.08	%
Interest expense		23,110			20,797			2,313		11.12	%
Net interest income	$	33,977		$	26,744		$	7,233		27.05	%
Net interest margin		3.45	%		3.14	%

The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:

	Three months ended
	March 31, 2025						December 31, 2024						March 31, 2024
(in thousands)	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Assets
Interest-earning deposits in banks	$	328,571	$	3,575	4.41	%	$	363,828	$	4,335	4.74	%	$	233,002	$	3,102	5.35	%
Investment securities		100,474		581	2.34	%		103,930		607	2.33	%		109,177		653	2.41	%
Loans held for investment and sale		3,567,992		52,931	6.02	%		3,498,109		52,803	6.01	%		3,082,290		43,786	5.71	%
Total interest-earning assets		3,997,037		57,087	5.79	%		3,965,867		57,745	5.79	%		3,424,469		47,541	5.58	%
Interest receivable and other assets, net		93,543						91,736						93,983
Total assets	$	4,090,580					$	4,057,603					$	3,518,452

Liabilities and shareholders’ equity
Interest-bearing transaction accounts	$	303,822	$	1,112	1.48	%	$	298,518	$	1,249	1.66	%	$	300,325	$	1,126	1.51	%
Savings accounts		123,599		772	2.53	%		127,298		887	2.77	%		124,561		861	2.78	%
Money market accounts		1,540,879		12,435	3.27	%		1,596,116		13,520	3.37	%		1,410,264		12,155	3.47	%
Time accounts		706,528		7,629	4.38	%		617,596		7,438	4.79	%		429,586		5,369	5.03	%
Subordinated notes and other borrowings		73,908		1,162	6.37	%		73,872		1,162	6.25	%		82,775		1,286	6.25	%
Total interest-bearing liabilities		2,748,736		23,110	3.41	%		2,713,400		24,256	3.56	%		2,347,511		20,797	3.56	%
Demand accounts		910,954						921,881						842,105
Interest payable and other liabilities		30,389						29,234						40,730
Shareholders’ equity		400,501						393,088						288,106
Total liabilities & shareholders’ equity	$	4,090,580					$	4,057,603					$	3,518,452

Net interest spread					2.38	%					2.23	%					2.02	%
Net interest income/margin			$	33,977	3.45	%			$	33,489	3.36	%			$	26,744	3.14	%

Net interest income during the three months ended March 31, 2025 increased $0.5 million, or 1.46%, to $34.0 million compared to $33.5 million during the three months ended December 31, 2024. Net interest margin totaled 3.45% for the three months ended March 31, 2025, an increase of nine basis points compared to the prior quarter. The increase in net interest income is primarily attributable to a $1.1 million decrease in interest expense, driven by a 15 basis point decrease in the average rate on interest-bearing deposits compared to the prior quarter. The decrease in interest expense was partially offset by a $0.7 million decrease in interest income, primarily due to a $35.3 million, or 9.69%, decrease in the average balance of interest-earning deposits in banks, combined with a 33 basis point decrease in the average yield on interest-earning deposits in banks.

As compared to the three months ended March 31, 2024, net interest income increased $7.2 million, or 27.05%, to $34.0 million from $26.7 million. Net interest margin totaled 3.45% for the three months ended March 31, 2025, an increase of 31 basis points compared to the same quarter of the prior year. The increase in net interest income is primarily attributable to an additional $9.1 million in loan interest income due to a $485.7 million, or 15.76%, increase in the average balance of loans and a 31 basis point improvement in the average yield on loans during the three months ended March 31, 2025 compared to the same quarter of the prior year. The increase in interest income was partially offset by a $2.4 million increase in deposit interest expense compared to the same quarter of the prior year. The increase in deposit interest expense is primarily attributable to a $478.9 million, or 15.42%, increase in the average balance of deposits and a five basis point increase in the average cost of deposits during the three months ended March 31, 2025 compared to the same quarter of the prior year.

Loans by Type

The following table provides loan balances, excluding deferred loan fees, by type as of March 31, 2025:

(in thousands)
Real estate:
Commercial	$	2,941,201
Commercial land and development		3,556
Commercial construction		113,002
Residential construction		5,747
Residential		34,053
Farmland		43,643
Commercial:
Secured		170,525
Unsecured		34,970
Consumer and other		277,093
Net deferred loan fees		(1,971	)
Total loans held for investment	$	3,621,819

Interest-bearing Deposits

The following table provides interest-bearing deposit balances by type as of March 31, 2025:

(in thousands)
Interest-bearing transaction accounts	$	295,633
Money market accounts		1,577,473
Savings accounts		128,210
Time accounts		801,386
Total interest-bearing deposits	$	2,802,702

Asset Quality

Allowance for Credit Losses

At March 31, 2025, the Company’s allowance for credit losses was $39.2 million, as compared to $37.8 million at December 31, 2024. The $1.4 million increase in the allowance is due to a $2.2 million provision for credit losses recorded during the three months ended March 31, 2025, partially offset by net charge-offs mainly attributable to commercial and industrial loans of $0.7 million, during the same period.

The Company’s ratio of nonperforming loans to loans held for investment remained at 0.05% from December 31, 2024 to March 31, 2025. Loans designated as watch decreased from $123.4 million to $112.0 million between December 31, 2024 and March 31, 2025. Loans designated as substandard increased from $2.6 million to $3.7 million between December 31, 2024 and March 31, 2025. There were no loans with doubtful risk grades at March 31, 2025 or December 31, 2024.

A summary of the allowance for credit losses by loan class is as follows:

	March 31, 2025				December 31, 2024
(in thousands)	Amount		% of Total		Amount		% of Total
Real estate:
Commercial	$	27,027	68.91	%	$	25,864	68.44	%
Commercial land and development		70	0.18	%		78	0.21	%
Commercial construction		2,227	5.68	%		2,268	6.00	%
Residential construction		78	0.20	%		64	0.17	%
Residential		279	0.71	%		270	0.71	%
Farmland		598	1.52	%		607	1.61	%
		30,279	77.20	%		29,151	77.14	%
Commercial:
Secured		5,905	15.05	%		5,866	15.52	%
Unsecured		403	1.03	%		278	0.74	%
		6,308	16.08	%		6,144	16.26	%
Consumer and other		2,637	6.72	%		2,496	6.60	%
Total allowance for credit losses	$	39,224	100.00	%	$	37,791	100.00	%

The ratio of allowance for credit losses to loans held for investment was 1.08% at March 31, 2025, as compared to 1.07% at December 31, 2024.

Non-interest Income

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	March 31, 2025		December 31, 2024		$ Change			% Change
Service charges on deposit accounts	$	215	$	179	$	36		20.11	%
Gain on sale of loans		125		150		(25	)	(16.67	)%
Loan-related fees		448		400		48		12.00	%
FHLB stock dividends		331		332		(1	)	(0.30	)%
Earnings on bank-owned life insurance		161		182		(21	)	(11.54	)%
Other income		79		423		(344	)	(81.32	)%
Total non-interest income	$	1,359	$	1,666	$	(307	)	(18.43	)%

Service charges on deposit accounts. The increase resulted primarily from individually immaterial increases in fees earned for services and products to support deposit accounts including, but not limited to, service charges, check order fees, and debit card income.

Gain on sale of loans. The decrease resulted from a decline in the volume and effective yield of loans sold. During the three months ended March 31, 2025, approximately $1.7 million of loans were sold with an effective yield of 7.24%, as compared to approximately $2.0 million of loans sold with an effective yield of 7.60% during the three months ended December 31, 2024.

Other income. The decrease resulted primarily from $0.3 million of income received on equity investments in venture-backed funds during the three months ended December 31, 2024 which did not reoccur during the three months ended March 31, 2025.

The following table presents the key components of non-interest income for the periods indicated:

	Three months ended
(in thousands)	March 31, 2025		March 31, 2024		$ Change			% Change
Service charges on deposit accounts	$	215	$	188	$	27		14.36	%
Gain on sale of loans		125		369		(244	)	(66.12	)%
Loan-related fees		448		429		19		4.43	%
FHLB stock dividends		331		332		(1	)	(0.30	)%
Earnings on bank-owned life insurance		161		142		19		13.38	%
Other income		79		373		(294	)	(78.82	)%
Total non-interest income	$	1,359	$	1,833	$	(474	)	(25.86	)%

Gain on sale of loans. The decrease related primarily to an overall decline in the volume of loans sold, partially offset by an improvement in the effective yield of loans sold. During the three months ended March 31, 2025, approximately $1.7 million of loans were sold with an effective yield of 7.24%, as compared to approximately $5.2 million of loans sold with an effective yield of 7.08% during the three months ended March 31, 2024.

Other income. The decrease related primarily to $0.3 million of income received on equity investments in venture-backed funds during the three months ended March 31, 2024, which did not reoccur during the three months ended March 31, 2025.

Non-interest Expense

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	March 31, 2025		December 31, 2024		$ Change			% Change
Salaries and employee benefits	$	9,134	$	8,360	$	774		9.26	%
Occupancy and equipment		637		649		(12	)	(1.85	)%
Data processing and software		1,457		1,369		88		6.43	%
Federal Deposit Insurance Corporation (“FDIC”) insurance		455		440		15		3.41	%
Professional services		913		774		139		17.96	%
Advertising and promotional		522		752		(230	)	(30.59	)%
Loan-related expenses		319		321		(2	)	(0.62	)%
Other operating expenses		1,608		1,823		(215	)	(11.79	)%
Total non-interest expense	$	15,045	$	14,488	$	557		3.84	%

Salaries and employee benefits. The increase related primarily to: (i) a $0.9 million increase in salaries, benefits, and bonus expense; and (ii) a $0.3 million decrease in loan origination costs due to fewer loan originations, net of purchased consumer loans. The increase was partially offset by a $0.5 million decrease in commissions expense due to fewer loan originations, net of purchased consumer loans, period-over-period.

Professional services. The increase was primarily due to $0.1 million in fees paid for compensation consulting services, which did not occur in the three months ended December 31, 2024.

Advertising and promotional. The decrease related primarily to a $0.1 million decrease in expenses related to sponsored events and partnerships and $0.1 million decrease related to business development expenses.

Other operating expenses. The decrease was primarily due to a $0.1 million decrease in director expenses, such as conferences and meetings, combined with individually immaterial decreases in expenses related to operations, including administrative and operational expenses.

The following table presents the key components of non-interest expense for the periods indicated:

	Three months ended
(in thousands)	March 31, 2025		March 31, 2024		$ Change		% Change
Salaries and employee benefits	$	9,134	$	7,577	$	1,557	20.55	%
Occupancy and equipment		637		626		11	1.76	%
Data processing and software		1,457		1,157		300	25.93	%
FDIC insurance		455		400		55	13.75	%
Professional services		913		707		206	29.14	%
Advertising and promotional		522		460		62	13.48	%
Loan-related expenses		319		297		22	7.41	%
Other operating expenses		1,608		1,492		116	7.77	%
Total non-interest expense	$	15,045	$	12,716	$	2,329	18.32	%

Salaries and employee benefits. The increase related primarily to: (i) a $1.6 million increase in salaries, benefits, and bonus expense, mainly related to a 13.19% increase in headcount between March 31, 2024 and March 31, 2025; and (ii) a $0.1 million increase in commissions paid. This increase was partially offset by a $0.2 million increase in loan origination costs due to a greater number of loan originations, net of purchased consumer loans, period-over-period.

Data processing and software. The increase was primarily due to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

Professional services. The increase was primarily due to $0.1 million in fees paid for compensation consulting services and $0.1 million in consulting services relating to operations in San Francisco, neither of which occurred in the three months ended March 31, 2024.

Other operating expenses. The increase was primarily due to individually immaterial increases in expenses related to operations, including administrative and operational expenses such as travel, subscriptions, and professional association memberships.

Provision for Income Taxes

Three months ended March 31, 2025, as compared to three months ended December 31, 2024

Provision for income taxes decreased to $5.3 million for the three months ended March 31, 2025 from $6.1 million for the three months ended December 31, 2024, which was primarily due to: (i) a slight decline in taxable income recognized during the three months ended March 31, 2025; and (ii) a $0.6 million provision to return true-up recorded during the three months ended December 31, 2024 related primarily to the timing of recognition of low income housing tax credits, which did not reoccur during the three months ended March 31, 2025. The effective tax rates were 28.71% and 31.24% for the three months ended March 31, 2025 and December 31, 2024, respectively.

Three months ended March 31, 2025, as compared to three months ended March 31, 2024

Provision for income taxes increased by $1.0 million, or 21.94%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This increase was primarily driven by an increase in taxable income. The effective tax rates were 28.71% and 28.94% for the three months ended March 31, 2025 and March 31, 2024, respectively.

Webcast Details

Five Star Bancorp will host a live webcast for analysts and investors on Tuesday, April 29, 2025 at 1:00 PM ET (10:00 AM PT) to discuss its first quarter financial results. To view the live webcast, visit the “News & Events” section of the Company’s website under “Events” at https://investors.fivestarbank.com/news-events/events. The webcast will be archived on the Company’s website for a period of 90 days.

About Five Star Bancorp

Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has eight branches in Northern California.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

Condensed Financial Data (Unaudited)

	Three months ended
(in thousands, except per share and share data)	March 31, 2025			December 31, 2024			March 31, 2024
Revenue and Expense Data
Interest and fee income	$	57,087		$	57,745		$	47,541
Interest expense		23,110			24,256			20,797
Net interest income		33,977			33,489			26,744
Provision for credit losses		1,900			1,300			900
Net interest income after provision		32,077			32,189			25,844
Non-interest income:
Service charges on deposit accounts		215			179			188
Gain on sale of loans		125			150			369
Loan-related fees		448			400			429
FHLB stock dividends		331			332			332
Earnings on bank-owned life insurance		161			182			142
Other income		79			423			373
Total non-interest income		1,359			1,666			1,833
Non-interest expense:
Salaries and employee benefits		9,134			8,360			7,577
Occupancy and equipment		637			649			626
Data processing and software		1,457			1,369			1,157
FDIC insurance		455			440			400
Professional services		913			774			707
Advertising and promotional		522			752			460
Loan-related expenses		319			321			297
Other operating expenses		1,608			1,823			1,492
Total non-interest expense		15,045			14,488			12,716
Income before provision for income taxes		18,391			19,367			14,961
Provision for income taxes		5,280			6,050			4,330
Net income	$	13,111		$	13,317		$	10,631

Comprehensive Income
Net income	$	13,111		$	13,317		$	10,631
Net unrealized holding gain (loss) on securities available-for-sale during the period		1,030			(3,747	)		(955	)
Less: Income tax expense (benefit) related to other comprehensive income (loss)		305			(1,108	)		(282	)
Other comprehensive income (loss)		725			(2,639	)		(673	)
Total comprehensive income	$	13,836		$	10,678		$	9,958

Share and Per Share Data
Earnings per common share:
Basic	$	0.62		$	0.63		$	0.62
Diluted		0.62			0.63			0.62
Book value per share		19.06			18.60			16.86
Tangible book value per share⁽¹⁾		19.06			18.60			16.86
Weighted average basic common shares outstanding		21,209,881			21,182,143			17,190,867
Weighted average diluted common shares outstanding		21,253,588			21,235,318			17,272,994
Shares outstanding at end of period		21,329,235			21,319,083			17,353,251

Selected Financial Ratios
ROAA		1.30	%		1.31	%		1.22	%
ROAE		13.28	%		13.48	%		14.84	%
Net interest margin		3.45	%		3.36	%		3.14	%
Loan to deposit⁽²⁾		97.01	%		99.38	%		105.37	%

_{⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.
⁽²⁾ Loan balance in loan to deposit ratio is total loans held for investment and sale at period end. Deposit balance in loan to deposit ratio is total deposits at period end.}

(in thousands)	March 31, 2025			December 31, 2024			March 31, 2024
Balance Sheet Data
Cash and due from financial institutions	$	42,473		$	33,882		$	29,750
Interest-bearing deposits in banks		410,098			318,461			155,575
Time deposits in banks		4,024			4,121			5,878
Securities – available-for-sale, at fair value		97,111			98,194			105,006
Securities – held-to-maturity, at amortized cost		2,585			2,720			3,000
Loans held for sale		2,669			3,247			10,243
Loans held for investment		3,621,819			3,532,686			3,104,130
Allowance for credit losses		(39,224	)		(37,791	)		(34,653	)
Loans held for investment, net of allowance for credit losses		3,582,595			3,494,895			3,069,477
FHLB stock		15,000			15,000			15,000
Operating leases, right-of-use asset		5,944			6,245			6,932
Premises and equipment, net		1,524			1,584			1,569
Bank-owned life insurance		23,246			19,375			18,872
Interest receivable and other assets		57,788			55,554			55,058
Total assets	$	4,245,057		$	4,053,278		$	3,476,360

Non-interest-bearing deposits	$	933,652		$	922,629		$	817,388
Interest-bearing deposits		2,802,702			2,635,365			2,138,384
Total deposits		3,736,354			3,557,994			2,955,772
Subordinated notes, net		73,932			73,895			73,786
Other borrowings		—			—			120,000
Operating lease liability		6,591			6,857			7,320
Interest payable and other liabilities		21,729			17,908			26,902
Total liabilities		3,838,606			3,656,654			3,183,780

Common stock		302,788			302,531			220,804
Retained earnings		115,309			106,464			84,216
Accumulated other comprehensive loss, net of taxes		(11,646	)		(12,371	)		(12,440	)
Total shareholders’ equity		406,451			396,624			292,580
Total liabilities and shareholders’ equity	$	4,245,057		$	4,053,278		$	3,476,360

Quarterly Average Balance Data
Average loans held for investment and sale	$	3,567,992		$	3,498,109		$	3,082,290
Average interest-earning assets		3,997,037			3,965,867			3,424,469
Average total assets		4,090,580			4,057,603			3,518,452
Average deposits		3,585,782			3,561,409			3,106,841
Average total equity		400,501			393,088			288,106

Credit Quality
Allowance for credit losses to nonperforming loans		2,222.32	%		2,101.78	%		1,806.73	%
Nonperforming loans to loans held for investment		0.05	%		0.05	%		0.06	%
Nonperforming assets to total assets		0.04	%		0.05	%		0.06	%
Nonperforming loans plus performing loan modifications to loans held for investment		0.05	%		0.05	%		0.06	%

Capital Ratios
Total shareholders’ equity to total assets		9.57	%		9.79	%		8.42	%
Tangible shareholders’ equity to tangible assets⁽¹⁾		9.57	%		9.79	%		8.42	%
Total capital (to risk-weighted assets)		13.97	%		13.99	%		12.34	%
Tier 1 capital (to risk-weighted assets)		11.00	%		11.02	%		9.13	%
Common equity Tier 1 capital (to risk-weighted assets)		11.00	%		11.02	%		9.13	%
Tier 1 leverage ratio		10.17	%		10.05	%		8.63	%

_{⁽¹⁾ See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.}

Non-GAAP Reconciliation (Unaudited)

The Company uses financial information in its analysis of the Company’s performance that is not in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations, and cash flows computed in accordance with GAAP. However, the Company acknowledges that its non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with GAAP. Additionally, these non-GAAP measures are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons.

Tangible shareholders’ equity to tangible assets is defined as total equity less goodwill and other intangible assets, divided by total assets less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholders’ equity to total assets. Management believes that tangible shareholders’ equity to tangible assets is a useful financial measure because it enables management, investors, and others to assess the Company’s financial health based on tangible capital. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible shareholders’ equity to tangible assets is the same as total shareholders’ equity to total assets at the end of each of the periods indicated.

Tangible book value per share is defined as total shareholders’ equity less goodwill and other intangible assets, divided by the outstanding number of common shares at the end of the period. The most directly comparable GAAP financial measure is book value per share. Management believes that tangible book value per share is a useful financial measure because it enables management, investors, and others to assess the Company’s value and use of equity. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible book value per share is the same as book value per share at the end of each of the periods indicated.

Pre-tax, pre-provision income is defined as pre-tax income plus provision for credit losses. The most directly comparable GAAP financial measure is pre-tax income. Management believes that pre-tax, pre-provision income is a useful financial measure because it enables management, investors, and others to assess the Company’s ability to generate operating profit and capital.

The following reconciliation table provides a more detailed analysis of this non-GAAP financial measure:

	Three months ended
(in thousands)	March 31, 2025		December 31, 2024		March 31, 2024
Pre-tax, pre-provision income
Pre-tax income	$	18,391	$	19,367	$	14,961
Add: provision for credit losses		1,900		1,300		900
Pre-tax, pre-provision income	$	20,291	$	20,667	$	15,861

Investor Contact:
Heather C. Luck, Chief Financial Officer
Five Star Bancorp
(916) 626-5008
hluck@fivestarbank.com

Media Contact:
Shelley R. Wetton, Chief Marketing Officer
Five Star Bancorp
(916) 284-7827
swetton@fivestarbank.com

The MIL Network –

April 29, 2025

MIL-OSI USA: De La Cruz Secures Water for South Texans
Source: United States House of Representatives – Monica De La Cruz (TX-15)

De La Cruz Secures Water for South Texans

WASHINGTON, April 28, 2025
Today, Congresswoman Monica De La Cruz (TX-15) released the following statement on the Trump Administration’s announcement that the Government of Mexico will make immediate deliveries on the water South Texans are owed under the 1944 Water Treaty.

“Today’s announcement is a win for South Texas communities. Since coming to Congress, I have worked tirelessly to deliver the water Texans are owed under the 1944 Water Treaty. After two years of being told nothing could be done, we finally have a President and an Administration that has shown strength and delivered. Thank you President Trump, Secretary Brooke Rollins, and Secretary Marco Rubio for your leadership on this issue. This is a positive step in the right direction and I look forward to continuing to deliver wins for South Texas agriculture.” – Congresswoman Monica De La Cruz

Background:

Since entering Congress, Rep. De La Cruz has been a tireless leader in securing the water Texans are owed and prioritized holding the Government of Mexico accountable for the over one million acre-feet of water they owe the U.S. under the 1944 Water Treaty.

Highlights of her work include:
- May 4, 2023: Rep. De La Cruz led a bipartisan and bicameral letter to the Secretary of State, Anthony Blinken, requesting for the Department to immediately engage with the International Boundary and Water Commission (IWBC) to ensure Mexico provides for immediate releases of water.
- October 24, 2023: Rep. De La Cruz sent a letter to the Mexican Secretary of Foreign Affairs and the Mexican Ambassador to the United States, imploring Mexico to honor its 1944 water treaty with the United States.
- November 28, 2023: Rep. De La Cruz’s bipartisan resolution, H.Res. 683, expressing support for the diplomatic relations required to encourage the Government of Mexico to fulfill its water deliveries under the 1944 Water Treaty.
- December 1, 2023: Rep. De La Cruz sent a letter to Ambassador Moctezuma requesting that Mexico take immediate action on making water deliveries from their reserves to the United States.
- January 31, 2024: Rep. De La Cruz sent a letter to Ambassador Moctezuma calling for the immediate release of water from Chihuahua.
- February 23, 2024: Rep De La Cruz sent a letter to Secretary Blinken and Secretary of Agriculture Vilsack urging them to engage Mexico on this issue in order to achieve compliance with the terms of the treaty to secure water.
- February 28, 2024: Rep. De La Cruz introduced H.R. 7468 to ensure that United States diplomats and officials of the U.S. Section of the International Boundary and Water Commission are able to advance efforts seeking compliance by the United Mexican States with the 1944 Treaty on Utilization of Waters of the Colorado and Tijuana Rivers and of the Rio Grande.
- May 8, 2024: Rep. De La Cruz sent a letter to Secretary Blinken requesting information and an update on discussions regarding the status of water deliveries from Mexico.
- May 10, 2024: Rep De La Cruz introduced H.R. 8344, the Texas Agricultural Producers Assistance Act to address the significant economic losses suffered by Texas agricultural producers due to Mexico’s failure to comply with water delivery obligations under the 1944 Water Treaty between the United States and Mexico. This critical legislation was included in the Farm Bill which passed out of the House Agriculture Committee with bipartisan support.
- July 8th, 2024: Rep. De La Cruz sent a letter to Mexican President-Elect Claudia Sheinbaum requesting a meeting to address water deliveries owed to the United States.
- August 6th, 2024: Rep. De La Cruz announced the formation of the South Texas Water Working Group, a collaborative effort aimed at addressing and resolving the water challenges faced by South Texas communities.
- October 11th, 2024: Rep. De La Cruz introduced H.R. 9960, the Water Delivery Transparency Act to mandate the U.S. International Boundary and Water Commission (IBWC) to host public forums, create an online portal for stakeholder input, and issue public reports detailing how this input will influence future treaty updates.
- December 19, 2024: Rep. De La Cruz led a letter to President Trump requesting that he hold Mexico accountable for its water deliveries under the 1944 Water Treaty. Every Republican member of the Texas Congressional Delegation co-signed this letter.
- December 20, 2024: Rep. De La Cruz secured language in the end-of-year Continuing Resolution granting the Secretary of Agriculture authority to provide block grants for economic relief to agricultural producers in South Texas.
- January 28, 2025: Rep. De La Cruz introduced H.Res. 71 to condemn the Government of Mexico for failing to fulfill its water deliveries on an annual basis to the United States under the treaty between the United States and Mexico regarding the utilization of the Colorado and Tijuana Rivers and of the Rio Grande.
- February 5, 2025: Rep. De La Cruz sent a letter to Secretary Rubio requesting that he hold Mexico accountable for the water they owe the United States as part of their trade negotiations.
- February 27, 2025: Rep. De La Cruz met with President Trump to advocate for holding Mexico accountable for owed water deliveries under the 1944 Water Treaty.
- March 19, 2025: De La Cruz announced alongside U.S. Department of Agriculture (USDA) Secretary Brooke Rollins and Senator Ted Cruz (R-TX) that $280 million of aid funds will be deployed by the USDA to South Texas farmers.
MIL OSI USA News –
April 29, 2025

Category: Agriculture

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10 April 2025

Public Report

Source: Northland Regional Council

The Haps

The Real Culture War

De La Cruz Secures Water for South Texans