Agriculture – Page 138 – NewzIntel.com

MIL-OSI USA: SBA Offers Relief to Idaho Small Businesses and Private Nonprofits Affected by the Highway 95 Landslide and Closure

Source: United States Small Business Administration

SACRAMENTO, Calif. – TheU.S. Small Business Administration (SBA) announced low interest federal disaster loans are now available to small businesses and private nonprofit (PNP) organizations in Idaho who sustained economic losses caused by the Highway 95 landslide and closure beginning on March 16. The SBA issued a disaster declaration in response to a request received from Gov. Brad Little on April 18.

The disaster declaration covers the Idaho counties of Ada, Adams, Boise, Canyon, Custer, Gem, Idaho, Lemhi, Payette, Valley and Washington as well as the Oregon counties of Baker and Wallowa.

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

EIDLs are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.625% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

Beginning Wednesday, April 23, SBA customer service representatives will be on hand at a Virtual Business Recovery Center to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application.

Virtual Business Recovery Center
Mondays – Fridays
8 a.m. – 4:30 p.m. Pacific Time
FOCWAssistance@sba.gov
(916) 735-1531
Opens at 8 a.m., Wednesday, April 23

The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659‑2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadline to return economic injury applications to the SBA is Jan. 21, 2026.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: April 22nd, 2025 Heinrich, Daines, Neguse, Leger Fernández Introduce Bipartisan Legislation to Complete the Continental Divide National Scenic Trail

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich

WASHINGTON – U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Senate Energy and Natural Resources Committee, U.S. Senator Steve Daines (R-Mont.), and U.S. Representatives Joe Neguse (D-Colo.) and Teresa Leger Fernández (D-N.M.) introduced their bipartisan Continental Divide National Scenic Trail Completion Act, legislation that directs the Secretaries of the U.S. Department of Agriculture (USDA) and U.S. Department of Interior to prioritize the completion of the Continental Divide National Scenic Trail (CDT).

Designated by Congress as part of the National Trail System in 1978, the Continental Divide National Scenic Trail stretches more than 3,000 miles and passes through New Mexico, Colorado, Wyoming, Montana, and Idaho. The trail follows the Continental Divide and transverses some of the nation’s most treasured natural, historic, and cultural resources.

Since the Continental Divide National Scenic Trail’s creation, stakeholders have worked tirelessly to complete the trail. Today, more than 160 miles of the trail require diversions onto roadways and highways, and 600 miles of the trail require relocation.Closing these gaps and relocating these segments will help better maintain the trail’s purpose while ensuring a safer and more enjoyable journey for hikers.

“The existing Continental Divide National Scenic Trail serves as a major economic driver for communities along the trail like Grants and Silver City, New Mexico. The trail also provides recreational access to some of our most incredible natural, historic, and cultural landscapes,” said Heinrich, Ranking Member of the Senate Energy and Natural Resources Committee. “Our Continental Divide National Scenic Trail Completion Act will finally finish incomplete portions of the trail and make it easier and safer for locals and through-hikers to access. As a National Scenic Trail, the Continental Divide Trail deserves no less.”

“The Continental Divide Trail provides an unmatched outdoor experience for Montanans and visitors alike,” said Daines. “My bipartisan bill ensures the trail will continue to provide public access and a continuous route will finally be completed.”

“It’s been nearly half a century since Congress formally established the Continental Divide Trail, a scenic route that spans the Rocky Mountains and crosses five states. Since then, the trail has provided the American people with world-class recreational opportunities and has served as an economic driver for the rural towns and cities along its route. In championing the Continental Divide National Scenic Trail Completion Act, we are calling on the federal government to fulfill its promise to complete the trail’s full 3,100-mile length, enhancing the benefits this iconic trail brings to both our people and our public lands,” said Neguse, Ranking Member of the House Subcommittee on Federal Lands.

“A divided and incomplete Continental Divide Trail is calling out for congressional action to finish the job. A completed trail highlights and honors the unique cultures and environments along its route in New Mexico.” said Rep. Leger Fernández. “This bill will help grow our outdoor recreation economy and support the rural communities along the CDT. Importantly, it also makes sure we respect local landowners, Tribes, Land Grants-Mercedes, Acequias, and other land users. I look forward to co-leading the bill again this Congress with Congressman Neguse and my colleagues.”

Specifically, the Continental Divide National Scenic Trail Completion Act:

Directs the USDA Secretary and Interior Secretary to establish a Trail Completion Team comprised of the U.S. Forest Service (USFS), the Bureau of Land Management (BLM) and the Continental Divide National Scenic Trail Administrator. This team will be responsible for conducting optimal location reviews and to assist in developing a comprehensive development plan for the Trail.
Recognizes the value of cooperation between federal land managers, states, Tribes, towns, Native communities, and others. The Continental Divide Trail Completion Act directs USFS and BLM to maintain close partnerships with stakeholders in developing, maintaining, and managing the trail.
Requires the completion of a comprehensive development plan for the Trail, to include areas of Trail where there are gaps, opportunities for acquiring land to complete the trail, and site-specific Trail development plans.
Ensures that land purchased to complete the trail may only be acquired from willing sellers.

Last year, the Continental Divide National Scenic Trail Completion Act passed through the Senate Energy and Natural Resources Committee with unanimous consent. The legislation has the backing of the Continental Divide Trail Coalition and a number of organizations and businesses.

“Completing the CDT is not just about closing the gaps — it’s about all the benefits that result from ensuring connections to one of the country’s most important landscapes exist for future generations,” said Teresa Martinez, Executive Director of the Continental Divide Trail Coalition.

Text of the Continental Divide National Scenic Trail Completion Act can be found here.

Timeline of Actions on Continental Divide National Scenic Trail in 118^th Congress:

MIL OSI USA News –

April 23, 2025

MIL-OSI Security: L.A. Pawn Shop Owner Indicted for Allegedly Conspiring to Sell Stolen Andy Warhol Trial Proof and Lying to the FBI About Its Sale

Source: Office of United States Attorneys

LOS ANGELES – The owner of a pawn shop in the Mid-City area of Los Angeles was indicted today for allegedly conspiring to sell a stolen Andy Warhol print trial proof, which was shipped from the Beverly Hills office of an auction house to Dallas, then lying about it to federal agents.

Glenn Steven Bednarsh, 58, of Farmington, Michigan and formerly of Beverly Hills, is charged in a two-count federal grand jury indictment with conspiracy and interstate transportation of stolen goods.

He is expected to be arraigned in the coming weeks in United States District Court in downtown Los Angeles.

According to the indictment, in February 2021, Bednarsh knowingly purchased for $6,000 a stolen Warhol trial proof depicting Russian revolutionary and Soviet Union leader Vladimir Lenin, which is worth an estimated $175,000. Bednarsh allegedly asked a co-conspirator, Brian Alec Light, 58, of Hudson, Ohio, and formerly a resident of downtown Los Angeles, to help him sell the stolen Warhol Lenin trial proof. Light then contacted the Beverly Hills of an auction house based in Dallas about selling the Warhol trial proof.

In March 2021, Bednarsh transported the trial proof to the Beverly Hills office of the auction house, which then shipped it to Dallas. Light e-signed an auction house consignment agreement and called the auction house to state he had dropped off the trial proof and to ask about receiving a cash advance for it.

An employee of the auction house in Dallas reached out to the gallery in West Hollywood for its opinion of the piece, according to court documents. The gallery immediately recognized the piece as stolen, then notified the auction house and the FBI.

Later in March 2021, when FBI agents began inquiring about the stolen Warhol trial proof, Light lied to them by saying he bought it at a Culver City garage sale for $18,000 and provided a fake receipt.

In August and September of 2021, Bednarsh lied to FBI agents by telling them Light asked him to store the Warhol Lenin trial proof for him and that he agreed to do so out of friendship and not for financial gain.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

Light pleaded guilty in November 2024 to one count of interstate transportation of stolen goods. His sentencing is currently set for May 27, and he faces up to 10 years in federal prison.

The FBI’s Art Crime Team is investigating this matter.

Assistant United States Attorneys Erik M. Silber of the Cyber and Intellectual Property Crimes Section and Matthew W. O’Brien of the Environmental Crime and Consumer Protection Section are prosecuting this case.

MIL Security OSI –

April 23, 2025

MIL-OSI USA: SEC Charges PGI Global Founder with $198 Million Crypto Asset and Foreign Exchange Fraud Scheme

Source: Securities and Exchange Commission

The Securities and Exchange Commission today charged Ramil Palafox for orchestrating a fraudulent scheme that raised approximately $198 million from investors worldwide and for misappropriating more than $57 million of investor funds.

According to the SEC’s complaint, Palafox’s company, known as PGI Global, claimed to be a crypto asset and foreign exchange trading company. From January 2020 through October 2021, Palafox offered and sold PGI Global “membership” packages, which he claimed guaranteed investors high returns from PGI Global’s supposed crypto asset and foreign exchange trading and offered members multi-level-marketing-like referral incentives to encourage them to recruit new investors. However, as the complaint alleges, Palafox misappropriated more than $57 million in investor funds to buy Lamborghinis, items from luxury retailers, and for other personal expenses. He also used the majority of the remaining investor funds to pay other investors their purported returns and referral rewards in a Ponzi-like scheme until its collapse in late 2021.

“As alleged in our complaint, Palafox attracted investors with the allure of guaranteed profits from sophisticated crypto asset and foreign exchange trading, but instead of trading, Palafox bought himself and his family cars, watches, and homes using millions of dollars of investor funds,” said Scott Thompson, Associate Director of the SEC’s Philadelphia Regional Office. “We will continue to investigate and take action against bad actors who take advantage of investors with promises of guaranteed passive income and other lies and deceit.”

“Palafox used the guise of innovation to lure investors into lining his pockets with millions of dollars while leaving many victims empty-handed,” said Laura D’Allaird, Chief of the Commission’s new Cyber and Emerging Technologies Unit. “In reality, his false claims of crypto industry expertise and a supposed AI-powered auto-trading platform were just masking an international securities fraud.”

The SEC’s complaint, filed in the U.S. District Court for the Eastern District of Virginia, charges Palafox with violating the anti-fraud and registration provisions of the federal securities laws. The complaint seeks permanent injunctive relief, conduct-based injunctions preventing Palafox from participating in multi-level-marketing programs involving the offer or sale of securities and offerings of crypto assets bought or sold as a security, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties. The complaint also names BBMR Threshold LLC, Darvie Mendoza, Marissa Mendoza Palafox, and Linda Ventura as relief defendants and seeks disgorgement of their ill-gotten gains and prejudgment interest.

In a parallel action, Palafox was arraigned in U.S. District Court on criminal charges brought by the U.S. Attorney’s Office for the Eastern District of Virginia.

The SEC’s ongoing investigation is being conducted by Michael Cuff and Polly Hayes of the Philadelphia Regional Office and Assunta Vivolo of the SEC’s Market Abuse Unit. It is being supervised by Ms. D’Allaird and Mr. Thompson. The litigation will be conducted by Spencer Willig and Gregory Bockin of the Philadelphia Regional Office and Eugene Hansen of SEC Headquarters. The Commission appreciates the assistance of the U.S. Attorney’s Office, the FBI, and the IRS.

The SEC’s Office of Investor Education and Advocacy directs investors to resources on detecting and avoiding pyramid schemes posing as multi-level marketing programs. Investors can find additional information at Investor.gov.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: SCHUMER CELEBRATES CHOBANI INVESTING WHOPPING $1 BILLION IN MOHAWK VALLEY FOR NEW YOGURT FACTORY, CREATING 1,000 NEW GOOD-PAYING JOBS – LARGEST INVESTMENT IN NATURAL FOOD MAKING IN AMERICAN HISTORY

US Senate News:

Source: United States Senator for New York Charles E Schumer

Schumer Pushed Chobani To Consider NY For Major Expansion & Has Worked With Company Since Day 1 Helping Chobani First Set Up Shop In Upstate NY And Grow By Helping Get Greek Yogurt Into National School Lunch Program

Chobani Is America’s #1 Selling Greek Yogurt Brand And Purchases Most Of Its Dairy For NY Plants From New York Dairy Farms, Supporting Thousands Across Upstate NY

Schumer: New Chobani Facility Is A Win-Win-Win For Chobani, NY Dairy Farmers, And Mohawk Valley Jobs & The Economy

A longtime advocate for Chobani’s growth in Upstate NY, U.S. Senator Chuck Schumer today celebrated Chobani’s announcement it will invest $1 billion to build a new Greek yogurt manufacturing facility at the Griffiss Triangle Site in the City of Rome, the largest investment in natural food making in American history, creating 1,000 new good paying jobs. Schumer, who has long helped Chobani grow including by helping to get their Greek yogurt in the national school lunch program, said this massive new investment will help boost Upstate NY’s dairy farmers and will establish the region as a leader in yogurt production for the entire country

“Today, Chobani makes Upstate New York the #1 Greek yogurt producer in America. Chobani’s $1 billion investment – the largest investment in natural food making in American history – is a win-win-win for Chobani, NY dairy farmers, and the Mohawk Valley economy and jobs. I’ve fought to help Chobani grow since the very beginning to lay the foundation for a day like today. When Chobani wanted to expand the reach of their delicious and nutritious Greek yogurt, I helped get them included in the national school lunch program to be enjoyed by children across the country. With this new factory, more people will be able to enjoy their ‘Made In NY’ Greek yogurt than ever before,” said Senator Schumer. “Dairy farmers are the beating heart of Upstate NY and this massive new facility and 1,000 new jobs will help support so many family farms across the state. I sincerely thank Chobani’s amazing CEO, and my very good friend, Hamdi Ulukaya for continuing his commitment to our state. I also thank Governor Hochul: without her leadership, today would not be possible. New York is proud that Chobani calls it home and more people will be enjoying their yogurt that comes from NY dairy farms made here in the Mohawk Valley than ever before.”

Chobani, which is America’s No. 1-selling Greek yogurt brand and the second largest overall yogurt manufacturer, calls New York State home. Currently, Chobani employs over 1300 people at its Chenango County and New York City offices, and purchases 95% of its dairy from New York farmers for its products made in New York State.

Schumer has long supported the Greek yogurt industry in Upstate New York, previously ensuring that it was included in the USDA’s school lunch program with Chobani and the broader Greek yogurt industry in mind. Schumer explained that Greek yogurt is a highly nutritious product that has become a popular and healthy food staple for millions of Americans, including students across the country who take part in the USDA Child Nutrition programs. Schumer said that starting in the fall of 2015, after his push, the USDA added Greek yogurt to its list of items available in the National School Lunch Program. Schumer has additionally called on the USDA to update its protein crediting system to ensure that Greek yogurt is given credit for the protein it contributes and is continuing his advocacy to ensure that the crediting system will ultimately reflect the nutritional quality of Greek yogurt, making it a cost-competitive option for schools to purchase.

MIL OSI USA News –

April 23, 2025

MIL-OSI: Veritex Holdings, Inc. Reports First Quarter 2025 Operating Results

Source: GlobeNewswire (MIL-OSI)

DALLAS, April 22, 2025 (GLOBE NEWSWIRE) — Veritex Holdings, Inc. (“Veritex”, the “Company”, “we” or “our”) (Nasdaq: VBTX), the holding company for Veritex Community Bank, today announced the results for the quarter ended March 31, 2025.

“We continue to strengthen our balance sheet in support of our clients during a time of change and uncertainty,” said C. Malcolm Holland, III, the Company’s Chairman and Chief Executive Officer. “Key operating financial and credit performance metrics continue to improve and we remain focused on producing previously communicated 2025 goals, including a ROAA that exceeds 1%. Our focus also remains on disciplined loan growth, which is an industry wide challenge in the current environment.”

	Quarter to Date
*Financial Highlights*	Q1 2025			Q4 2024			Q1 2024
	(Dollars in thousands, except per share data) (unaudited)
GAAP
Net income	$	29,070		$	24,882		$	24,156
Diluted EPS		0.53			0.45			0.44
Book value per common share		30.08			29.37			28.23
Return on average assets¹		0.94	%		0.78	%		0.79	%
Return on average equity¹		7.27			6.17			6.33
Net interest margin		3.31			3.20			3.24
Efficiency ratio		60.91			67.04			62.45
Non-GAAP²
Operating earnings	$	29,707		$	29,769		$	29,137
Diluted operating EPS		0.54			0.54			0.53
Tangible book value per common share		22.33			21.61			20.33
Pre-tax, pre-provision operating earnings		43,413			40,945			43,656
Pre-tax, pre-provision operating return on average assets¹		1.41	%		1.28	%		1.42	%
Pre-tax, pre-provision operating return on average loans¹		1.89			1.72			1.84
Operating return on average assets¹		0.96			0.93			0.95
Return on average tangible common equity¹		10.49			9.04			9.52
Operating return on average tangible common equity¹		10.70			10.69			11.34
Operating efficiency ratio		60.62			62.98			58.73

¹ Annualized ratio.
² Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-generally accepted accounting principles (“GAAP”) financial measures to their most directly comparable GAAP measures.

Other First Quarter Financial, Credit and Company Highlights

Net interest margin (“NIM”) increased by 11 bps to 3.31%;
Criticized assets decreased approximately $17.7 million during the quarter;
Redeemed $75.0 million in subordinated notes on February 18, 2025, the associated rate of which switched from fixed to floating, SOFR + 347 bps, on November 15, 2024;
Total loan to deposit ratio declined to 88.9% as of March 31, 2025, compared to 89.3% as of December 31, 2024 and 91.7% as of March 31, 2024;
Repurchased 377,346 shares of our common stock, for approximately $9.5 million, during the quarter, which amounts to 555,016 total shares repurchased, for approximately $13.1 million, under the current Stock Buyback Program;
Announced the extension of the Stock Buyback Program through March 31, 2026;
Book value per share increased $0.71 to $30.08 and tangible book value (non-GAAP) per share increased $0.72 to $22.33;
Allowance for credit losses (“ACL”) to total loans held for investment (“LHI”) increased to 1.19%, compared to 1.18% as of December 31, 2024 and 1.15% as of March 31, 2024; and
Declared and increased our quarterly cash dividend to $0.22 per share of outstanding common stock payable on May 22, 2025.

Results of Operations for the Three Months Ended March 31, 2025

Net Interest Income

For the three months ended March 31, 2025, net interest income before provision for credit losses was $95.4 million and NIM was 3.31% compared to $96.1 million and 3.20%, respectively, for the three months ended December 31, 2024. The approximately $700 thousand decrease, or 0.7%, in net interest income before provision for credit losses was primarily due to a $8.5 million decrease in interest income on loans and a $2.6 million decrease in interest income on deposits in financial institutions and fed funds sold partially offset by a $10.0 million decrease in interest expense on certificates and other time deposits during the three months ended March 31, 2025, compared to the three months ended December 31, 2024. NIM increased 11 bps compared to the three months ended December 31, 2024, primarily due to a decrease in funding costs on deposits and the redemption of $75.0 million of subordinated notes during the three months ended March 31, 2025, partially offset by a decrease in loan yields and average balances.

Compared to the three months ended March 31, 2024, net interest income before provision for credit losses for the three months ended March 31, 2025 increased by $2.6 million, or 2.8%. The increase was primarily due to decreases in interest expense including $10.2 million on certificates and other time deposits, $1.6 million on transaction and savings deposits and $1.4 million on advances from the Federal Home Loan Bank (“FHLB”), as well as increases in interest income of $1.2 million on deposits in financial institutions and fed funds sold and $3.4 million on debt securities. The increase was partially offset by a $15.4 million decrease in interest income on loans. NIM increased 7 bps from 3.24% for the three months ended March 31, 2024 to 3.31% for the three months ended March 31, 2025. The increase was primarily due to decreased funding costs on deposits and advances resulting from interest rate cuts for the year over year period, partially offset by the related declines in rates earned on interest-earnings assets, primarily loans and interest-bearing deposits in other banks.

Noninterest Income

Noninterest income for the three months ended March 31, 2025 was $14.3 million, an increase of $4.2 million, or 42.1%, compared to the three months ended December 31, 2024. The change was primarily due to the $4.4 million loss on sales of debt securities recognized in the three months ended December 31, 2024 with no corresponding loss recorded in the three months ended March 31, 2025. In addition, there was a $1.5 million increase in other noninterest income, driven by a $1.2 million increase in loan servicing income and a $492 thousand increase in equity securities income recognized during the three months ended March 31, 2025 compared to the three months ended December 31, 2024. The increase was partially offset by a $2.1 million decrease in government guaranteed loan income, net, as well as lower BOLI income during the period due to $517 thousand in charges on BOLI policies exchanged under a 1035 exchange which is tax-free under the Internal Revenue Code.

Compared to the three months ended March 31, 2024, noninterest income for the three months ended March 31, 2025 increased by $7.6 million, or 114.5%. The increase was primarily due to a $6.3 million loss on sales of debt securities recognized in the three months ended March 31, 2024 with no corresponding loss recorded in the three months ended March 31, 2025. In addition, there was a $715 thousand increase in service charge and fee income and a $687 thousand increase in government guaranteed loan income for the year over year period.

Noninterest Expense

Noninterest expense was $66.8 million for the three months ended March 31, 2025, compared to $71.2 million for the three months ended December 31, 2024, a decrease of $4.4 million, or 6.1%. The decrease was primarily due to an $822 thousand decrease in salaries and employee benefits primarily due to lower severance costs, offset by an increase in payroll taxes, which are historically higher in the first quarter, a $1.7 million decrease in other noninterest expense primarily driven by lower earnings credit rebates, a $864 thousand decrease in marketing expenses, a $633 thousand decrease in professional and regulatory fees and a $338 thousand decrease in data processing and software costs compared to the three months ended December 31, 2024.

Compared to the three months ended March 31, 2024, noninterest expense for the three months ended March 31, 2025 increased by $4.7 million, or 7.6%. The increase was primarily due to a $3.3 million increase in salaries and employee benefits primarily due a $4.1 million increase in salaries expense and incentives accruals, offset by $1.4 million in higher deferred loan origination costs, which reduce salaries and employee benefit expenses. In addition, there was a $1.5 million increase in other noninterest expense, driven primarily by higher OREO expenses, a $547 thousand increase in data processing and software expense and a $486 thousand increase in marketing expenses. The increase was partially offset by a $1.1 million decrease in professional and regulatory fees compared to the three months ended March 31, 2024.

Income Tax

Income tax expense for the three months ended March 31, 2025 totaled $8.5 million, an increase of $304 thousand, or 3.7%, compared to the three months ended December 31, 2024. The Company’s effective tax rate was approximately 22.7% for the three months ended March 31, 2025 and was due to the recognition of an excess tax expense realized on share-based payment awards.

Financial Condition

Total LHI was $8.83 billion at March 31, 2025, a decrease of $70.5 million compared to December 31, 2024.

Total deposits were $10.67 billion at March 31, 2025, a decrease of $87.5 million, or 3.3% linked quarter annualized. The decrease was primarily the result of decreases of $279.6 million in certificates and other time deposits and $54.4 million in correspondent money market accounts, partially offset by increases of $127.2 million in noninterest bearing deposits and $119.3 million in interest-bearing transaction and savings deposits.

Credit Quality

Nonperforming assets (“NPAs”) totaled $96.9 million, or 0.77% of total assets, of which $72.6 million represents LHI and $24.3 million represents OREO at March 31, 2025, compared to $79.2 million, or 0.62% of total assets, at December 31, 2024. The Company had net charge-offs of $4.0 million for the three months ended March 31, 2025. Annualized net charge-offs to average loans outstanding were 17 bps for the three months ended March 31, 2025, compared to 32 bps and 22 bps for the three months ended December 31, 2024 and March 31, 2024, respectively.

ACL as a percentage of LHI was 1.19%, 1.18% and 1.15% at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The Company recorded a provision for credit losses on loans of $4.0 million, $2.3 million and $7.5 million for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The recorded provision for credit losses for the three months ended March 31, 2025, compared to the three months ended December 31, 2024, was primarily attributable to an increase in general reserves as a result of changes in economic factors which now represents 95% of the total ACL. The balance for unfunded commitments increased to $7.4 million as of March 31, 2025, compared to $6.1 million at December 31, 2024 and we recorded a $1.3 million provision for unfunded commitments for the three months ended March 31, 2025, compared to a $401 thousand benefit for unfunded commitments for the three months ended December 31, 2024 and a $1.5 million benefit for unfunded commitments for the three months ended March 31, 2024.

Dividend Information

After the close of the market on Tuesday, April 22, 2025, Veritex’s Board of Directors declared a quarterly cash dividend of $0.22 per share on its outstanding shares of common stock. The dividend will be paid on or after May 22, 2025 to stockholders of record as of the close of business on May 8, 2025.

Non-GAAP Financial Measures

Veritex’s management uses certain non-GAAP (U.S. generally accepted accounting principles) financial measures to evaluate its operating performance and provide information that is important to investors. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Veritex’s reported results prepared in accordance with GAAP. Specifically, Veritex reviews and reports tangible book value per common share of the Company; operating earnings; tangible common equity to tangible assets; return on average tangible common equity; pre-tax, pre-provision operating earnings; pre-tax, pre-provision operating return on average assets; pre-tax, pre-provision operating return on average loans; diluted operating earnings per share; operating return on average assets; operating return on average tangible common equity; and operating efficiency ratio. Veritex has included in this earnings release information related to these non-GAAP financial measures for the applicable periods presented. Please refer to “Reconciliation of Non-GAAP Financial Measures” after the financial highlights at the end of this earnings release for a reconciliation of these non-GAAP financial measures.

Conference Call

The Company will host an investor conference call and webcast to review the results on Wednesday, April 23, 2025, at 8:30 a.m. Central Time. Participants may pre-register for the call by visiting https://edge.media-server.com/mmc/p/7qpcarsr/ and will receive a unique PIN, which can be used when dialing in for the call.

Participants may also register via teleconference: https://register-conf.media-server.com/register/BIcb9226ec9df94b1bbbc063029950af5d. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are instructed to dial-in 15 minutes prior to the start time.

A replay will be available within approximately two hours after the completion of the call, and made accessible for one week thereafter. You may access the replay via webcast through the investor relations section of Veritex’s website.

About Veritex Holdings, Inc.

Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.

Forward-Looking Statements

This earnings release includes “forward-looking statements”, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on various facts and derived utilizing assumptions, current expectations, estimates and projections and are subject to known and unknown risks, uncertainties and other factors, which change over time and are beyond our control, that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include, without limitation, statements relating to the expected payment of Veritex Holdings, Inc.’s (“Veritex”) quarterly cash dividend; the impact of certain changes in Veritex’s accounting policies, standards and interpretations; turmoil in the banking industry, responsive measures to mitigate and manage such turmoil and related supervisory and regulatory actions and costs; and Veritex’s future financial performance, business and growth strategy, projected plans and objectives, as well as other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such variations may be material. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “seeks,” “targets,” “outlooks,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Veritex’s Annual Report on Form 10-K for the year ended December 31, 2024, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. If one or more events related to these or other risks or uncertainties materialize, or if Veritex’s underlying assumptions prove to be incorrect, actual results may differ materially from what Veritex anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. Veritex does not undertake any obligation, and specifically declines any obligation, to supplement, update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, expressed or implied, included in this earnings release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Veritex or persons acting on Veritex’s behalf may issue.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars and shares in thousands, except per share data)
Per Share Data (Common Stock):
Basic EPS	$	0.53		$	0.46		$	0.57		$	0.50		$	0.44
Diluted EPS		0.53			0.45			0.56			0.50			0.44
Book value per common share		30.08			29.37			29.53			28.49			28.23
Tangible book value per common share¹		22.33			21.61			21.72			20.62			20.33
Dividends paid per common share outstanding²		0.22			0.20			0.20			0.20			0.20

Common Stock Data:
Shares outstanding at period end		54,297			54,517			54,446			54,350			54,496
Weighted average basic shares outstanding for the period		54,486			54,489			54,409			54,457			54,444
Weighted average diluted shares outstanding for the period		55,123			55,237			54,932			54,823			54,842

Summary of Credit Ratios:
ACL to total LHI		1.19	%		1.18	%		1.21	%		1.16	%		1.15	%
NPAs to total assets		0.77			0.62			0.52			0.65			0.82
NPAs to total loans and OREO		1.03			0.83			0.70			0.85			1.06
Net charge-offs to average loans outstanding³		0.17			0.32			0.01			0.28			0.22

Summary Performance Ratios:
Return on average assets³		0.94	%		0.78	%		0.96	%		0.87	%		0.79	%
Return on average equity³		7.27			6.17			7.79			7.10			6.33
Return on average tangible common equity^{1, 3}		10.49			9.04			11.33			10.54			9.52
Efficiency ratio		60.91			67.04			61.94			59.11			62.45
Net interest margin		3.31			3.20			3.30			3.29			3.24

Selected Performance Metrics – Operating:
Diluted operating EPS¹	$	0.54		$	0.54		$	0.59		$	0.52		$	0.53
Pre-tax, pre-provision operating return on average assets^{1, 3}		1.41	%		1.28	%		1.38	%		1.42	%		1.42	%
Pre-tax, pre-provision operating return on average loans^{1, 3}		1.89			1.72			1.83			1.83			1.84
Operating return on average assets^1,3		0.96			0.93			1.00			0.91			0.95
Operating return on average tangible common equity^1,3		10.70			10.69			11.74			10.94			11.34
Operating efficiency ratio¹		60.62			62.98			60.63			58.41			58.73

Veritex Holdings, Inc. Capital Ratios:
Average stockholders’ equity to average total assets		12.96	%		12.58	%		12.31	%		12.26	%		12.43	%
Tangible common equity to tangible assets¹		9.95			9.54			9.37			9.14			9.02
Tier 1 capital to average assets (leverage)		10.55			10.32			10.06			10.06			10.12
Common equity tier 1 capital		11.04			11.09			10.86			10.49			10.37
Tier 1 capital to risk-weighted assets		11.31			11.36			11.13			10.75			10.63
Total capital to risk-weighted assets		13.46			13.96			13.91			13.45			13.33
Risk weighted assets	$	11,318,220		$	11,247,813		$	11,290,800		$	11,450,997		$	11,407,446

¹ Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” after the financial highlights for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.
² Dividend amount represents dividend paid per common share subsequent to each respective quarter end.
³ Annualized ratio for quarterly metrics.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands)

	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(unaudited)						(unaudited)			(unaudited)			(unaudited)
ASSETS
Cash and due from banks	$	81,088		$	52,486		$	54,165		$	53,462		$	41,884
Interest bearing deposits in other banks		768,702			802,714			1,046,625			598,375			698,885
Cash and cash equivalents		849,790			855,200			1,100,790			651,837			740,769
Debt securities, net		1,463,157			1,478,538			1,423,610			1,349,354			1,344,930
Other investments		69,452			69,638			71,257			75,885			76,788
Loans held for sale (“LHFS”)		69,236			89,309			48,496			57,046			64,762
LHI, mortgage warehouse (“MW”)		571,775			605,411			630,650			568,047			449,531
LHI, excluding MW		8,828,672			8,899,133			9,028,575			9,209,094			9,249,551
Total loans		9,469,683			9,593,853			9,707,721			9,834,187			9,763,844
ACL		(111,773	)		(111,745	)		(117,162	)		(113,431	)		(112,032	)
Bank-owned life insurance		85,424			85,324			84,776			84,233			85,359
Bank premises, furniture and equipment, net		112,801			113,480			114,202			105,222			105,299
Other real estate owned (“OREO”)		24,268			24,737			9,034			24,256			18,445
Intangible assets, net of accumulated amortization		27,974			28,664			32,825			35,817			38,679
Goodwill		404,452			404,452			404,452			404,452			404,452
Other assets		210,863			226,200			211,471			232,518			241,863
Total assets	$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330		$	12,708,396
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest-bearing deposits	$	2,318,645		$	2,191,457		$	2,643,894		$	2,416,727		$	2,349,211
Interest-bearing transaction and savings deposits		5,180,495			5,061,157			4,204,708			3,979,454			4,220,114
Certificates and other time deposits		2,679,221			2,958,861			3,625,920			3,744,596			3,486,805
Correspondent money market deposits		486,762			541,117			561,489			584,067			597,690
Total deposits		10,665,123			10,752,592			11,036,011			10,724,844			10,653,820
Accounts payable and other liabilities		151,579			183,944			168,415			180,585			186,027
Advances from FHLB		—			—			—			—			100,000
Subordinated debentures and subordinated notes		155,909			230,736			230,536			230,285			230,034
Total liabilities		10,972,611			11,167,272			11,434,962			11,135,714			11,169,881
Stockholders’ equity:
Common stock		615			613			613			612			611
Additional paid-in capital		1,329,626			1,328,748			1,324,929			1,321,995			1,319,144
Retained earnings		526,044			507,903			493,921			473,801			457,499
Accumulated other comprehensive loss		(42,170	)		(65,076	)		(40,330	)		(76,713	)		(71,157	)
Treasury stock		(180,635	)		(171,119	)		(171,119	)		(171,079	)		(167,582	)
Total stockholders’ equity		1,633,480			1,601,069			1,608,014			1,548,616			1,538,515
Total liabilities and stockholders’ equity	$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330		$	12,708,396

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands, except per share data)

	For the Quarter Ended
	Mar 31, 2025		Dec 31, 2024			Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
	(unaudited)		(unaudited)			(unaudited)		(unaudited)		(unaudited)
Interest income:
Loans, including fees	$	146,505	$	154,998		$	167,261	$	166,979	$	161,942
Debt securities		17,106		16,893			15,830		15,408		13,695
Deposits in financial institutions and Fed Funds sold		9,244		11,888			12,571		7,722		8,050
Equity securities and other investments		870		940			1,001		1,138		900
Total interest income		173,725		184,719			196,663		191,247		184,587
Interest expense:
Transaction and savings deposits		45,165		44,841			47,208		45,619		46,784
Certificates and other time deposits		30,268		40,279			46,230		44,811		40,492
Advances from FHLB		27		130			47		1,468		1,391
Subordinated debentures and subordinated notes		2,824		3,328			3,116		3,113		3,114
Total interest expense		78,284		88,578			96,601		95,011		91,781
Net interest income		95,441		96,141			100,062		96,236		92,806
Provision for credit losses		4,000		2,300			4,000		8,250		7,500
Provision (benefit) for unfunded commitments		1,300		(401	)		—		—		(1,541	)
Net interest income after provisions		90,141		94,242			96,062		87,986		86,847
Noninterest income:
Service charges and fees on deposit accounts		5,611		5,612			5,442		4,974		4,896
Loan fees		2,495		2,265			3,278		2,207		2,510
Loss on sales of debt securities		—		(4,397	)		—		—		(6,304	)
Government guaranteed loan income, net		3,301		5,368			780		1,320		2,614
Customer swap income		700		509			271		326		449
Other income		2,182		699			3,335		1,751		2,497
Total noninterest income		14,289		10,056			13,106		10,578		6,662
Noninterest expense:
Salaries and employee benefits		36,624		37,446			37,370		32,790		33,365
Occupancy and equipment		4,650		4,633			4,789		4,585		4,677
Professional and regulatory fees		4,931		5,564			4,903		5,617		6,053
Data processing and software expense		5,403		5,741			5,268		5,097		4,856
Marketing		2,032		2,896			2,781		1,976		1,546
Amortization of intangibles		2,438		2,437			2,438		2,438		2,438
Telephone and communications		330		323			335		365		261
Other		10,426		12,154			12,216		10,273		8,920
Total noninterest expense		66,834		71,194			70,100		63,141		62,116
Income before income tax expense		37,596		33,104			39,068		35,423		31,393
Income tax expense		8,526		8,222			8,067		8,221		7,237
Net income	$	29,070	$	24,882		$	31,001	$	27,202	$	24,156

Basic EPS	$	0.53	$	0.46		$	0.57	$	0.50	$	0.44
Diluted EPS	$	0.53	$	0.45		$	0.56	$	0.50	$	0.44
Weighted average basic shares outstanding		54,486		54,489			54,409		54,457		54,444
Weighted average diluted shares outstanding		55,123		55,237			54,932		54,823		54,842

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)

	For the Quarter Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate
	(Dollars in thousands)
Assets
Interest-earning assets:
Loans¹	$	8,886,905		$	140,329	6.40	%	$	8,957,193		$	147,782	6.56	%	$	9,283,815		$	157,585		6.83	%
LHI, MW		426,724			6,176	5.87			492,372			7,216	5.83			279,557			4,357		6.27
Debt securities		1,467,220			17,106	4.73			1,458,057			16,893	4.61			1,294,994			13,695		4.25
Interest-bearing deposits in other banks		827,751			9,244	4.53			971,451			11,888	4.87			584,593			8,050		5.54
Equity securities and other investments		70,696			870	4.99			72,223			940	5.18			76,269			900		4.75
Total interest-earning assets		11,679,296			173,725	6.03			11,951,296			184,719	6.15			11,519,228			184,587		6.44
ACL		(111,563	)						(117,293	)						(112,229	)
Noninterest-earning assets		938,401							916,969							929,043
Total assets	$	12,506,134						$	12,750,972						$	12,336,042

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	5,449,091		$	45,165	3.36	%	$	5,001,159		$	44,841	3.57	%	$	4,639,445		$	46,784		4.06	%
Certificates and other time deposits		2,726,309			30,268	4.50			3,319,628			40,279	4.83			3,283,735			40,492		4.96
Advances from FHLB and Other		2,333			27	4.69			10,598			130	4.88			100,989			1,391		5.54
Subordinated debentures and subordinated notes		191,638			2,824	5.98			230,633			3,328	5.74			229,881			3,114		5.45
Total interest-bearing liabilities		8,369,371			78,284	3.79			8,562,018			88,578	4.12			8,254,050			91,781		4.47

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,345,586							2,400,809							2,355,315
Other liabilities		170,389							183,810							192,809
Total liabilities		10,885,346							11,146,637							10,802,174
Stockholders’ equity		1,620,788							1,604,335							1,533,868
Total liabilities and stockholders’ equity	$	12,506,134						$	12,750,972						$	12,336,042

Net interest rate spread²						2.24	%						2.03	%							1.97	%
Net interest income and margin³				$	95,441	3.31	%				$	96,141	3.20	%				$	92,806		3.24	%

¹ Includes average outstanding balances of LHFS of $66.3 million, $46.4 million and $53.9 million for the quarters ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively, and average balances of LHI, excluding MW.
² Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
³ Net interest margin is equal to net interest income divided by average interest-earning assets.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited) Yield Trend

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Average yield on interest-earning assets:
Loans¹		6.40	%		6.56	%		6.89	%		6.90	%		6.83	%
LHI, MW		5.87			5.83			6.75			6.36			6.27
Total Loans		6.38			6.53			6.89			6.88			6.81
Debt securities		4.73			4.61			4.55			4.58			4.25
Interest-bearing deposits in other banks		4.53			4.87			5.41			5.54			5.54
Equity securities and other investments		4.99			5.18			5.25			5.80			4.75
Total interest-earning assets		6.03	%		6.15	%		6.49	%		6.54	%		6.44	%

Average rate on interest-bearing liabilities:
Interest-bearing demand and savings deposits		3.36	%		3.57	%		4.00	%		4.01	%		4.06	%
Certificates and other time deposits		4.50			4.83			5.00			5.02			4.96
Advances from FHLB and other		4.69			4.88			5.73			5.54			5.54
Subordinated debentures and subordinated notes		5.98			5.74			5.38			5.44			5.45
Total interest-bearing liabilities		3.79	%		4.12	%		4.46	%		4.50	%		4.47	%

Net interest rate spread²		2.24	%		2.03	%		2.03	%		2.04	%		1.97	%
Net interest margin³		3.31	%		3.20	%		3.30	%		3.29	%		3.24	%

¹Includes average outstanding balances of LHFS of $66.3 million, $46.4 million, $54.3 million, $58.5 million and $53.9 million for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, respectively, and average balances of LHI, excluding MW.
² Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
³ Net interest margin is equal to net interest income divided by average interest-earning assets.

Supplemental Yield Trend

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Average cost of interest-bearing deposits		3.74	%		4.07	%		4.44	%		4.46	%		4.43	%
Average costs of total deposits, including noninterest-bearing		2.91			3.16			3.42			3.46			3.42

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)

LHI and Deposit Portfolio Composition

	Mar 31, 2025					Dec 31, 2024					Sep 30, 2024					Jun 30, 2024					Mar 31, 2024
	(Dollars in thousands)
LHI¹
Commercial and Industrial (“C&I”)	$	2,717,037		30.7	%	$	2,693,538		30.2	%	$	2,728,544		30.2	%	$	2,798,260		30.4	%	$	2,785,987		30.1	%
Real Estate:
Owner occupied commercial (“OOCRE”)		795,808		9.0			780,003		8.8			807,223		8.9			806,285		8.7			788,376		8.5
Non-owner occupied commercial (“NOOCRE”)		2,266,526		25.6			2,382,499		26.7			2,338,094		25.9			2,369,848		25.7			2,352,993		25.5
Construction and land		1,214,260		13.7			1,303,711		14.7			1,436,540		15.8			1,536,580		16.7			1,568,257		16.9
Farmland		31,339		0.4			31,690		0.4			32,254		0.4			30,512		0.3			30,979		0.3
1-4 family residential		1,021,293		11.6			957,341		10.7			944,755		10.5			917,402		10.0			969,401		10.5
Multi-family residential		782,412		8.9			750,218		8.4			738,090		8.2			748,740		8.1			751,607		8.1
Consumer		8,597		0.1			9,115		0.1			11,292		0.1			9,245		0.1			8,882		0.1
Total LHI¹	$	8,837,272		100	%	$	8,908,115		100	%	$	9,036,792		100	%	$	9,216,872		100	%	$	9,256,482		100	%

MW		571,775					605,411					630,650					568,047					449,531

Total LHI¹	$	9,409,047				$	9,513,526				$	9,667,442				$	9,784,919				$	9,706,013

Total LHFS		69,236					89,309					48,496					57,046					64,762

Total loans	$	9,478,283				$	9,602,835				$	9,715,938				$	9,841,965				$	9,770,775

Deposits
Noninterest-bearing	$	2,318,645		21.7	%	$	2,191,457		20.4	%	$	2,643,894		24.0	%	$	2,416,727		22.5	%	$	2,349,211		22.1	%
Interest-bearing transaction		863,462		8.1			839,005		7.8			421,059		3.8			523,272		4.9			724,171		6.8
Money market		3,730,446		35.0			3,772,964		35.1			3,462,709		31.4			3,268,286		30.5			3,326,742		31.2
Savings		586,587		5.5			449,188		4.2			320,940		2.9			187,896		1.8			169,201		1.6
Certificates and other time deposits		2,679,221		25.1			2,958,861		27.5			3,625,920		32.8			3,744,596		34.9			3,486,805		32.7
Correspondent money market accounts		486,762		4.6			541,117		5.0			561,489		5.1			584,067		5.4			597,690		5.6
Total deposits	$	10,665,123		100	%	$	10,752,592		100	%	$	11,036,011		100	%	$	10,724,844		100	%	$	10,653,820		100	%

Total loans to deposits ratio		88.9	%				89.3	%				88.0	%				91.8	%				91.7	%

Total loans to deposit ratio, excluding MW loans and LHFS		82.9	%				82.8	%				81.9	%				85.9	%				86.9	%

¹ Total LHI does not include deferred fees of $8.6 million, $9.0 million, $8.2 million, $7.8 million and $6.9 million at March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited) Asset Quality

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands)
NPAs:
Nonaccrual loans	$	69,188		$	52,521		$	55,335		$	58,537		$	75,721
Nonaccrual PCD loans¹		196			—			70			73			9,419
Accruing loans 90 or more days past due²		3,249			1,914			2,860			143			220
Total nonperforming loans held for investment (“NPLs”)		72,633			54,435			58,265			58,753			85,360
Other real estate owned (“OREO”)		24,268			24,737			9,034			24,256			18,445
Total NPAs	$	96,901		$	79,172		$	67,299		$	83,009		$	103,805

Charge-offs:
1-4 family residential	$	—		$	—		$	—		$	(31	)	$	—
Multifamily		—			—			—			(198	)		—
OOCRE		—			—			—			—			(120	)
NOOCRE		(3,090	)		(5,113	)		—			(1,969	)		(4,293	)
C&I		(918	)		(4,586	)		(2,259	)		(5,601	)		(946	)
Consumer		(212	)		(420	)		(54	)		(30	)		(71	)
Total charge-offs	$	(4,220	)	$	(10,119	)	$	(2,313	)	$	(7,829	)	$	(5,430	)

Recoveries:
1-4 family residential	$	21		$	2		$	3		$	—		$	1
OOCRE		—			—			—			120			—
NOOCRE		—			1,323			—			—			—
C&I		32			1,047			1,962			361			96
MW		—			—			46			—			—
Consumer		195			30			33			497			49
Total recoveries	$	248		$	2,402		$	2,044		$	978		$	146

Net charge-offs	$	(3,972	)	$	(7,717	)	$	(269	)	$	(6,851	)	$	(5,284	)

Provision for credit losses	$	4,000		$	2,300		$	4,000		$	8,250		$	7,500

ACL	$	111,773		$	111,745		$	117,162		$	113,431		$	112,032

Asset Quality Ratios:
NPAs to total assets		0.77	%		0.62	%		0.52	%		0.65	%		0.82	%
NPAs, excluding nonaccrual PCD loans, to total assets		0.77			0.62			0.52			0.65			0.74
NPAs to total LHI and OREO		1.03			0.83			0.70			0.85			1.06
NPLs to total LHI		0.77			0.57			0.60			0.60			0.88
NPLs, excluding nonaccrual PCD loans, to total LHI		0.77			0.57			0.60			0.60			0.78
ACL to total LHI		1.19			1.18			1.21			1.16			1.15
ACL to total loans, excluding MW and LHFS		1.27			1.25			1.30			1.23			1.21
Net charge-offs to average loans outstanding³		0.17			0.32			0.01			0.28			0.22

¹ Nonaccrual PCD loans consist of PCD loans that transitioned upon adoption of ASC 326 Financial Instruments – Credit Losses and were accounted for on a pooled basis that have subsequently been placed on nonaccrual status.
² Accruing loans greater than 90 days past due exclude purchase credit deteriorated loans greater than 90 days past due that are accounted for on a pooled basis.
³ Annualized ratio for quarterly metrics.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

We identify certain financial measures discussed in this earnings release as being “non-GAAP financial measures.” In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP, in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios calculated using exclusively either one or both of (i) financial measures calculated in accordance with GAAP and (ii) operating measures or other measures that are not non-GAAP financial measures.

The non-GAAP financial measures that we present in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we present in this earnings release may differ from that of other companies reporting measures with similar names. You should understand how such other financial institutions calculate their financial measures that appear to be similar or have similar names to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.

Tangible Book Value Per Common Share. Tangible book value is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity less goodwill and core deposit intangibles, net of accumulated amortization; and (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by number of common shares outstanding. For tangible book value per common share, the most directly comparable financial measure calculated in accordance with GAAP is book value per common share.

We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and presents our tangible book value per common share compared with our book value per common share:

	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands, except per share data)
Tangible Common Equity
Total stockholders’ equity	$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616		$	1,538,515
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(16,306	)		(18,744	)		(21,182	)		(23,619	)		(26,057	)
Tangible common equity	$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545		$	1,108,006
Common shares outstanding		54,297			54,517			54,446			54,350			54,496

Book value per common share	$	30.08		$	29.37		$	29.53		$	28.49		$	28.23
Tangible book value per common share	$	22.33		$	21.61		$	21.72		$	20.62		$	20.33

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity, less goodwill and core deposit intangibles, net of accumulated amortization; (b) tangible assets as total assets less goodwill and core deposit intangibles, net of accumulated amortization; and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For tangible common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total stockholders’ equity to total assets.

We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, in each case, exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible common equity to tangible assets:

	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands)
Tangible Common Equity
Total stockholders’ equity	$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616		$	1,538,515
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(16,306	)		(18,744	)		(21,182	)		(23,619	)		(26,057	)
Tangible common equity	$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545		$	1,108,006
Tangible Assets
Total assets	$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330		$	12,708,396
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(16,306	)		(18,744	)		(21,182	)		(23,619	)		(26,057	)
Tangible Assets	$	12,185,333		$	12,345,145		$	12,617,342		$	12,256,259		$	12,277,887
Tangible Common Equity to Tangible Assets		9.95	%		9.54	%		9.37	%		9.14	%		9.02	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Return on Average Tangible Common Equity. Return on average tangible common equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) net income available for common stockholders adjusted for amortization of core deposit intangibles (which we refer to as “return”) as net income, plus amortization of core deposit intangibles, less tax benefit at the statutory rate; (b) average tangible common equity as total average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization; and (c) return (as described in clause (a)) divided by average tangible common equity (as described in clause (b)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

We believe that this measure is important to many investors in the marketplace who are interested in the return on common equity, exclusive of the impact of core deposit intangibles. Goodwill and core deposit intangibles have the effect of increasing total stockholders’ equity while not increasing our tangible common equity. This measure is particularly relevant to acquisitive institutions that may have higher balances in goodwill and core deposit intangibles than non-acquisitive institutions.

The following table reconciles, as of the dates set forth below, average tangible common equity to average common equity and net income available for common stockholders adjusted for amortization of core deposit intangibles, net of taxes to net income and presents our return on average tangible common equity:

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands)
Net income available for common stockholders adjusted for amortization of core deposit intangibles
Net income	$	29,070		$	24,882		$	31,001		$	27,202		$	24,156
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,437			2,438			2,438			2,438
Less: Tax benefit at the statutory rate		512			512			512			512			512
Net income available for common stockholders adjusted for amortization of core deposit intangibles	$	30,996		$	26,807		$	32,927		$	29,128		$	26,082

Average Tangible Common Equity
Total average stockholders’ equity	$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,533,868
Adjustments:
Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Average core deposit intangibles		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(27,656	)
Average tangible common equity	$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,101,760
Return on Average Tangible Common Equity (Annualized)		10.49	%		9.04	%		11.33	%		10.54	%		9.52	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Operating Earnings, Pre-tax, Pre-provision Operating Earnings and performance metrics calculated using Operating Earnings and Pre-tax, Pre-provision Operating Earnings, including Diluted Operating Earnings per Share, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Loans, Operating Return on Average Tangible Common Equity and Operating Efficiency Ratio. Operating earnings, pre-tax, pre-provision operating earnings and the performance metrics calculated using these metrics, listed below, are non-GAAP measures used by management to evaluate the Company’s financial performance. We calculate (a) operating earnings as net income plus BOLI 1035 exchange charges, plus severance payments, plus loss on sales of debt securities available for sale (“AFS”), net, plus FDIC special assessment, less tax impact of adjustments, plus nonrecurring tax adjustments. We calculate (b) diluted operating earnings per share as operating earnings as described in clause (a) divided by weighted average diluted shares outstanding. We calculate (c) pre-tax, pre-provision operating earnings as operating earnings as described in clause (a) plus provision for income taxes, plus provision (benefit) for credit losses and unfunded commitments. We calculate (d) pre-tax, pre-provision operating return on average assets as pre-tax, pre-provision operating earnings as described in clause (a) divided by total average assets. We calculate (e) operating return on average assets as operating earnings as described in clause (a) divided by total average assets. We calculate (f) operating return on average tangible common equity as operating earnings as described in clause (a), adjusted for the amortization of intangibles and tax benefit at the statutory rate, divided by total average tangible common equity (average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization). We calculate (g) operating efficiency ratio as noninterest expense plus adjustments to operating noninterest expense divided by noninterest income plus adjustments to operating noninterest income, plus net interest income.

We believe that these measures and the operating metrics calculated utilizing these measures are important to management and many investors in the marketplace who are interested in understanding the ongoing operating performance of the Company and provide meaningful comparisons to its peers.

The following tables reconcile, as of the dates set forth below, operating net income and pre-tax, pre-provision operating earnings and related metrics:

	For the Quarter Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
	(Dollars in thousands, except per share data)
Operating Earnings
Net income	$	29,070	$	24,882	$	31,001	$	27,202	$	24,156
Plus: BOLI 1035 exchange charges¹		517		—		—		—		—
Plus: Severance payments²		—		1,545		1,487		613		—
Plus: Loss on sales of AFS securities, net		—		4,397		—		—		6,304
Plus: FDIC special assessment		—		—		—		134		—
Operating pre-tax income		29,587		30,824		32,488		27,949		30,460
Less: Tax impact of adjustments		109		1,248		307		166		1,323
Plus: Nonrecurring tax adjustments		229		193		—		527		—
Operating earnings	$	29,707	$	29,769	$	32,181	$	28,310	$	29,137

Weighted average diluted shares outstanding		55,123		55,237		54,932		54,823		54,842
Diluted EPS	$	0.53	$	0.45	$	0.56	$	0.50	$	0.44
Diluted operating EPS	$	0.54	$	0.54	$	0.59	$	0.52	$	0.53

¹Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.
²Severance payments relate to certain restructurings made during the periods disclosed.

	For the Quarter Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
	(Dollars in thousands)
Pre-Tax, Pre-Provision Operating Earnings
Net income	$	29,070		$	24,882		$	31,001		$	27,202		$	24,156
Plus: Provision for income taxes		8,526			8,222			8,067			8,221			7,237
Plus: Provision for credit losses and unfunded commitments		5,300			1,899			4,000			8,250			5,959
Plus: Severance payments		—			1,545			1,487			613			—
Plus: Loss on sale of AFS securities, net		—			4,397			—			—			6,304
Plus: BOLI 1035 exchange charges		517			—			—			—			—
Plus: FDIC special assessment		—			—			—			134			—
Pre-tax, pre-provision operating earnings	$	43,413		$	40,945		$	44,555		$	44,420		$	43,656

Average total assets	$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,336,042
Pre-tax, pre-provision operating return on average assets¹		1.41	%		1.28	%		1.38	%		1.42	%		1.42	%

Average loans	$	9,313,629		$	9,449,565		$	9,661,774		$	9,765,428		$	9,563,372
Pre-tax, pre-provision operating return on average loans¹		1.89	%		1.72	%		1.83	%		1.83	%		1.84	%

Average total assets	$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,336,042
Return on average assets¹		0.94	%		0.78	%		0.96	%		0.87	%		0.79	%
Operating return on average assets¹		0.96			0.93			1.00			0.91			0.95

Operating earnings adjusted for amortization of core deposit intangibles
Operating earnings	$	29,707		$	29,769		$	32,181		$	28,310		$	29,137
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,437			2,438			2,438			2,438
Less: Tax benefit at the statutory rate		512			512			512			512			512
Operating earnings adjusted for amortization of core deposit intangibles	$	31,633		$	31,694		$	34,107		$	30,236		$	31,063

Average Tangible Common Equity
Total average stockholders’ equity	$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,533,868
Adjustments:
Less: Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Less: Average core deposit intangibles		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(27,656	)
Average tangible common equity	$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,101,760
Operating return on average tangible common equity¹		10.70	%		10.69	%		11.74	%		10.94	%		11.34	%

Efficiency ratio		60.91	%		67.04	%		61.94	%		59.11	%		62.45	%
Operating efficiency ratio
Net interest income	$	95,441		$	96,141		$	100,062		$	96,236		$	92,806
Noninterest income		14,289			10,056			13,106			10,578			6,662
Plus: BOLI 1035 exchange charges		517			—			—			—			—
Plus: Loss on sale of AFS securities, net		—			4,397			—			—			6,304
Operating noninterest income		14,806			14,453			13,106			10,578			12,966
Noninterest expense		66,834			71,194			70,100			63,141			62,116
Less: FDIC special assessment		—			—			—			134			—
Less: Severance payments		—			1,545			1,487			613			—
Operating noninterest expense	$	66,834		$	69,649		$	68,613		$	62,394		$	62,116
Operating efficiency ratio		60.62	%		62.98	%		60.63	%		58.41	%		58.73	%

¹ Annualized ratio for quarterly metrics.

The MIL Network –

April 23, 2025

MIL-OSI: FS Bancorp, Inc. Reports First Quarter Net Income of $8.0 Million or $1.01 Per Diluted Share and the Forty-Ninth Consecutive Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

MOUNTLAKE TERRACE, Wash., April 22, 2025 (GLOBE NEWSWIRE) — FS Bancorp, Inc. (NASDAQ: FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank”) today reported 2025 first quarter net income of $8.0 million, or $1.01 per diluted share, compared to $8.4 million, or $1.06 per diluted share, for the comparable quarter one year ago.

“Deposit growth exceeded expectations in the first quarter of 2025, enabling the Bank to be well positioned for our loan pipeline going into the second quarter,” stated Matthew Mullet, President/CFO.

“We are also pleased that our Board of Directors approved our forty-ninth consecutive quarterly cash dividend of $0.28 per common share, demonstrating our continued commitment to returning value to shareholders. The cash dividend will be paid on May 22, 2025, to shareholders of record as of May 8, 2025,” noted Joe Adams, CEO.

2025 First Quarter Highlights

Net income was $8.0 million for the first quarter of 2025, compared to $7.4 million for the previous quarter, and $8.4 million for the comparable quarter one year ago;
Total deposits increased $275.7 million, or 11.8%, to $2.62 billion at March 31, 2025, primarily due to an increase of $226.9 million in brokered deposits, compared to $2.34 billion at December 31, 2024, and increased $149.9 million, or 6.1%, from $2.47 billion at March 31, 2024. Noninterest-bearing deposits were $676.7 million at March 31, 2025, $638.2 million at December 31, 2024, and $646.9 million at March 31, 2024, reflecting growth in core deposits;
Borrowings decreased $239.0 million, or 77.6% to $68.8 million at March 31, 2025, compared to $307.8 million at December 31, 2024, and decreased $61.1 million, or 47.0%, from $129.9 million at March 31, 2024, and were primarily repositioned into wholesale brokered CDs noted above;
Loans receivable, net was virtually unchanged at $2.50 billion at both March 31, 2025, and December 31, 2024, and increased $85.7 million, or 3.5%, from $2.42 billion at March 31, 2024;
Consumer loans, of which 87.4% are home improvement loans, decreased $11.3 million, or 1.8%, to $608.9 million at March 31, 2025, compared to $620.2 million in the previous quarter, and decreased $37.2 million, or 5.8%, from $646.1 million in the comparable quarter one year ago. During the three months ended March 31, 2025, consumer loan originations included 79.9% of home improvement loans originated with a Fair Isaac Corporation (“FICO”) score above 720;
Repurchased 98,317 shares of the Company’s common stock in the first quarter of 2025 at an average price of $39.06 per share with $873,000 remaining for future purchases under the existing share repurchase plan. On April 4, 2025, the Board authorized an additional share repurchase program of up to $5.0 million of the Company’s common stock;
Book value per share increased $0.86 to $39.12 at March 31, 2025, compared to $38.26 at December 31, 2024, and increased $3.06 from $36.06 at March 31, 2024. Tangible book value per share (non-GAAP financial measure) increased $0.94 to $36.96 at March 31, 2025, compared to $36.02 at December 31, 2024, and increased $3.49 from $33.47 at March 31, 2024. See, “Non-GAAP Financial Measures.”
Segment reporting in the first quarter of 2025 reflected net income of $7.8 million for the Commercial and Consumer Banking segment and $241,000 for the Home Lending segment, compared to net income of $7.4 million and net loss of $39,000 in the prior quarter, and net income of $8.2 million and $246,000 in the first quarter of 2024, respectively; and
Regulatory capital ratios at the Bank were 14.4% for total risk-based capital and 11.3% for Tier 1 leverage capital at March 31, 2025, compared to 14.2% for total risk-based capital and 11.2% for Tier 1 leverage capital at December 31, 2024.

Segment Reporting

The Company reports on two segments: Commercial and Consumer Banking and Home Lending. The Commercial and Consumer Banking segment provides diversified financial products and services to our commercial and consumer customers. These products and services include deposit products; residential, consumer, business and commercial real estate lending and cash management services. This segment is also responsible for managing the Bank’s investment portfolio and other assets. The Home Lending segment originates one-to-four-family residential mortgage loans primarily for sale in the secondary markets as well as loans held for investment.

The tables below provide a summary of segment reporting at or for the three months ended March 31, 2025 and 2024 (dollars in thousands):

	At or For the Three Months Ended March 31, 2025
Condensed income statement:	Commercial and Consumer Banking			Home Lending			Total
Net interest income ⁽¹⁾	$	28,407		$	2,575		$	30,982
Provision for credit losses		(1,321	)		(271	)		(1,592	)
Noninterest income ⁽²⁾		2,246			2,880			5,126
Noninterest expense ⁽³⁾		(20,176	)		(4,879	)		(25,055	)
Income before provision for income taxes		9,156			305			9,461
Provision for income taxes		(1,376	)		(64	)		(1,440	)
Net income	$	7,780		$	241		$	8,021
Total average assets for period ended	$	2,414,100		$	618,412		$	3,032,512
Full-time employees (“FTEs”)		454			113			567

	At or For the Three Months Ended March 31, 2024
Condensed income statement:	Commercial and Consumer Banking			Home Lending			Total
Net interest income ⁽¹⁾	$	28,086		$	2,260		$	30,346
Provision for credit losses		(1,251	)		(148	)		(1,399	)
Noninterest income ⁽²⁾		2,393			2,718			5,111
Noninterest expense ⁽³⁾		(19,008	)		(4,521	)		(23,529	)
Income before provision for income taxes		10,220			309			10,529
Provision for income taxes		(2,069	)		(63	)		(2,132	)
Net income	$	8,151		$	246		$	8,397
Total average assets for period ended	$	2,401,864		$	556,683		$	2,958,547
FTEs		440			130			570

__________________________________

(1	)	Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of assigned liabilities to fund segment assets.
(2	)	Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the three months ended March 31, 2025, the Company recorded a net increase in fair value of $263,000, compared to a net increase in fair value of $2,000 for the three months ended March 31, 2024. As of March 31, 2025 and 2024, there were $14.5 million and $15.0 million, respectively, in residential mortgage loans recorded at fair value as they were previously transferred from loans held for sale to loans held for investment.
(3	)	Noninterest expense includes allocated overhead expense from general corporate activities. Allocation is determined based on a combination of segment assets and FTEs. For the three months ended March 31, 2025 and 2024, the Home Lending segment included allocated overhead expenses of $1.8 million and $1.5 million, respectively.

Asset Summary

Total assets increased $36.9 million, or 1.2%, to $3.07 billion at March 31, 2025, compared to $3.03 billion at December 31, 2024, and increased $96.4 million, or 3.2%, from $2.97 billion at March 31, 2024. The increase in total assets at March 31, 2025, compared to December 31, 2024, included increases of $31.1 million in total cash and cash equivalents, $10.0 million in securities available-for-sale, $3.4 million in other assets, $3.2 million in loans held for sale (“HFS”) and $2.0 million in securities held-to-maturity, partially offset by decreases in FHLB stock of $10.4 million, loans receivable, net of $834,000 and core deposit intangible (“CDI”), net of $831,000. The increase compared to March 31, 2024, was primarily due to increases in loans receivable, net of $85.7 million, other assets of $21.1 million, total cash and cash equivalents of $17.3 million, and securities available-for-sale of $11.5 million. These increases were partially offset by decreases in certificates of deposit at other financial institutions of $22.0 million, loans HFS of $18.9 million, and CDI, net of $3.5 million.

LOAN PORTFOLIO
(Dollars in thousands)	March 31, 2025					December 31, 2024					March 31, 2024
COMMERCIAL REAL ESTATE (“CRE”) LOANS	Amount				%	Amount				%	Amount				%	Linked Quarter $ Change			Prior Year Quarter $ Change
CRE owner occupied	$	164,911		6.5	%	$	170,396		6.7	%	$	174,946		7.2	%	$	(5,485	)	$	(10,035	)
CRE non-owner occupied		174,188		6.9			174,921		6.9			184,109		7.5			(733	)		(9,921	)
Commercial and speculative construction and development		288,978		11.4			280,798		11.1			244,217		10.0			8,180			44,761
Multi-family		244,940		9.7			245,222		9.7			222,410		9.1			(282	)		22,530
Total CRE loans		873,017		34.5			871,337		34.4			825,682		33.8			1,680			47,335

RESIDENTIAL REAL ESTATE LOANS
One-to-four-family (excludes HFS)		637,299		25.2			617,322		24.4			580,050		23.7			19,977			57,249
Home equity		73,846		2.9			75,147		3.0			73,323		3.0			(1,301	)		523
Residential custom construction		48,810		1.9			49,902		2.0			57,129		2.3			(1,092	)		(8,319	)
Total residential real estate loans		759,955		30.0			742,371		29.4			710,502		29.0			17,584			49,453

CONSUMER LOANS
Indirect home improvement		532,038		21.0			541,946		21.4			568,802		23.2			(9,908	)		(36,764	)
Marine		73,737		2.9			74,931		3.0			73,921		3.0			(1,194	)		(184	)
Other consumer		3,118		0.1			3,304		0.1			3,409		0.1			(186	)		(291	)
Total consumer loans		608,893		24.0			620,181		24.5			646,132		26.3			(11,288	)		(37,239	)

COMMERCIAL BUSINESS LOANS
Commercial and industrial (“C&I”)		274,956		10.9			287,014		11.3			256,429		10.6			(12,058	)		18,527
Warehouse lending		15,949		0.6			12,918		0.4			8,113		0.3			3,031			7,836
Total commercial business loans		290,905		11.5			299,932		11.7			264,542		10.9			(9,027	)		26,363
Total loans receivable, gross		2,532,770		100.0	%		2,533,821		100.0	%		2,446,858		100.0	%		(1,051	)		85,912

Allowance for credit losses on loans		(31,653	)				(31,870	)				(31,479	)				217			(174	)
Total loans receivable, net	$	2,501,117				$	2,501,951				$	2,415,379				$	(834	)	$	85,738

The composition of CRE loans at the dates indicated were as follows:

(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
CRE by Type:	Amount		Amount		Amount
CRE non-owner occupied:
Office	$	39,406	$	39,697	$	41,625
Retail		35,520		36,568		38,712
Hospitality/restaurant		27,377		27,562		24,751
Self-storage		19,092		19,111		21,383
Mixed use		18,868		17,721		19,186
Industrial		15,033		15,125		17,475
Senior housing/assisted living		7,506		7,565		8,446
Other ⁽¹⁾		6,579		6,631		6,785
Land		2,314		2,421		3,151
Education/worship		2,493		2,520		2,595
Total CRE non-owner occupied		174,188		174,921		184,109
CRE owner occupied:
Agriculture		3,990		3,834		3,744
Industrial		66,618		67,064		63,683
Office		40,447		42,223		41,652
Retail		20,535		20,718		21,836
Hospitality/restaurant		7,306		10,396		10,933
Other ⁽²⁾		8,529		8,612		8,438
Car wash		—		—		7,713
Automobile related		7,266		7,325		7,479
Education/worship		4,641		4,608		4,604
Mixed use		5,579		5,616		4,864
Total CRE owner occupied		164,911		170,396		174,946
Total		339,099		345,317		359,055

__________________________________

(1	)	Primarily includes loans secured by mobile home parks totaling $758,000, $766,000, and $789,000, RV parks totaling $681,000, $685,000, and $696,000, automobile-related collateral totaling $584,000, $589,000, and $604,000, and other collateral totaling $4.6 million, $4.6 million, and $4.7 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
(2	)	Primarily includes loans secured by gas stations totaling $1.5 million, $1.5 million and $1.7 million, non-profit organization totaling $1.4 million, $1.5 million and $915,000, and other collateral totaling $5.6 million, $5.6 million and $5.8 million at March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

The following table includes CRE loans repricing or maturing within the next two years, excluding loans that reprice simultaneously with changes to the prime rate:

(Dollars in thousands)		For the Quarter Ended
CRE by type:	Jun 30, 2025		Sep 30, 2025		Dec 31, 2025		Mar 31, 2026		Jun 30, 2026		Sep 30, 2026		Dec 31, 2026		Mar 31, 2027		Total		Current Weighted Average Rate
Agriculture	$	723	$	—	$	312	$	175	$	—	$	292	$	—	$	—	$	1,502	6.14	%
Apartment		4,510		1,701		18,573		1,268		13,868		9,763		8,241		27,900		85,824	5.65
Auto related		790		—		—		—		—		—		—		—		790	4.15
Hotel / hospitality		1,760		1,315		—		115		1,265		—		—		—		4,455	4.75
Industrial		—		161		10,122		981		590		1,594		—		13,481		26,929	5.13
Mixed use		3,469		244		313		2,119		—		—		382		—		6,527	5.74
Office		11,077		4,127		966		519		1,641		559		7,749		2,878		29,516	4.96
Other		1,309		1,147		241		890		—		2,493		1,497		283		7,860	5.05
Retail		1,738		63		—		436		3,474		—		3,423		3,059		12,193	4.11
Senior housing and assisted living		—		—		—		2,157		—		—		—		—		2,157	4.75	%
Total	$	25,376	$	8,758	$	30,527	$	8,660	$	20,838	$	14,701	$	21,292	$	47,601	$	177,753

A breakdown of construction loans at the dates indicated were as follows:

(Dollars in thousands)	March 31, 2025					December 31, 2024
Construction Types:	Amount		Percent			Amount		Percent
Commercial construction – retail	$	8,157		2.4	%	$	8,079		2.4	%
Commercial construction – office		6,487		1.9			4,979		1.5
Commercial construction – self storage		16,012		4.7			13,480		4.1
Commercial construction – hotel		402		0.1			—		—
Multi-family		31,275		9.3			30,945		9.4
Custom construction – single family residential and single family manufactured residential		41,143		12.2			42,040		12.7
Custom construction – land, lot and acquisition and development		7,667		2.3			7,862		2.4
Speculative residential construction – vertical		186,042		55.1			180,381		54.5
Speculative residential construction – land, lot and acquisition and development		40,603		12.0			42,934		13.0
Total	$	337,788		100.0	%	$	330,700		100.0	%

(Dollars in thousands)	March 31, 2025					March 31, 2024
Construction Types:	Amount		Percent			Amount		Percent
Commercial construction – retail	$	8,157		2.4	%	$	8,290		2.8	%
Commercial construction – office		6,487		1.9			4,737		1.6
Commercial construction – self storage		16,012		4.7			10,000		3.3
Commercial construction – hotel		402		0.1			7,807		2.6
Multi-family		31,275		9.3			53,288		17.7
Custom construction – single family residential and single family manufactured residential		41,143		12.2			50,674		16.8
Custom construction – land, lot and acquisition and development		7,667		2.3			6,455		2.1
Speculative residential construction – vertical		186,042		55.1			134,047		44.5
Speculative residential construction – land, lot and acquisition and development		40,603		12.0			26,048		8.6
Total	$	337,788		100.0	%	$	301,346		100.0	%

Originations of one-to-four-family loans to purchase and refinance a home for the periods indicated were as follows:

(Dollars in thousands)	For the Three Months Ended
	March 31, 2025					December 31, 2024
	Amount		Percent			Amount		Percent			$ Change			% Change
Purchase	$	120,719		83.0	%	$	129,232		83.2	%	$	(8,513	)		(6.6	)%
Refinance		24,677		17.0			26,116		16.8			(1,439	)		(5.5	)%
Total	$	145,396		100.0	%	$	155,348		100.0	%	$	(9,952	)		(6.4	)%

(Dollars in thousands)	For the Three Months Ended March 31,
	2025					2024
	Amount		Percent			Amount		Percent			$ Change			% Change
Purchase	$	120,719		83.0	%	$	135,577		88.1	%	$	(14,858	)		(11.0	)%
Refinance		24,677		17.0			18,371		11.9			6,306			34.3	%
Total	$	145,396		100.0	%	$	153,948		100.0	%	$	(8,552	)		(5.6	)%

During the quarter ended March 31, 2025, the Company sold $91.9 million of one-to-four-family loans compared to $138.9 million during the previous quarter and $93.9 million during the same quarter one year ago. The decrease in the volume of loans sold during the current quarter compared to the prior quarter was primarily due to seasonal factors combined with economic volatility. Gross margins on home loan sales increased to 3.26% for the quarter ended March 31, 2025, compared to 3.14% in the previous quarter and decreased from 3.43% in the same quarter one year ago. Gross margins are defined as the margin on loans sold (cash sales) without the impact of deferred costs.

Liabilities and Equity Summary

Changes in deposits at the dates indicated were as follows:

(Dollars in thousands)
	March 31, 2025					December 31, 2024
Transactional deposits:	Amount		Percent			Amount		Percent			$ Change			% Change
Noninterest-bearing checking	$	659,417		25.2	%	$	627,679		26.8	%	$	31,738			5.1	%
Interest-bearing checking ⁽¹⁾		201,469		7.7			176,561		7.5			24,908			14.1
Escrow accounts related to mortgages serviced ⁽²⁾		17,289		0.7			10,479		0.5			6,810			65.0
Subtotal		878,175		33.6			814,719		34.8			63,456			7.8
Savings		160,332		6.1			154,188		6.6			6,144			4.0
Money market ⁽³⁾		343,349		13.1			341,615		14.6			1,734			0.5
Subtotal		503,681		19.2			495,803		21.2			7,878			1.6
Certificates of deposit less than $100,000 ⁽⁴⁾		639,947		24.5			440,257		18.8			199,690			45.4
Certificates of deposit of $100,000 through $250,000		450,836		17.2			455,594		19.5			(4,758	)		(1.0	)
Certificates of deposit greater than $250,000		142,512		5.5			133,045		5.7			9,467			7.1
Subtotal		1,233,295		47.2			1,028,896		44.0			204,399			19.9
Total	$	2,615,151		100.0	%	$	2,339,418		100.0	%	$	275,733			11.8	%

(Dollars in thousands)
	March 31, 2025					March 31, 2024
Transactional deposits:	Amount		Percent			Amount		Percent			$ Change			% Change
Noninterest-bearing checking	$	659,417		25.2	%	$	618,526		25.1	%	$	40,891			6.6	%
Interest-bearing checking ⁽¹⁾		201,469		7.7			188,050		7.6			13,419			7.1
Escrow accounts related to mortgages serviced ⁽²⁾		17,289		0.7			28,373		1.2			(11,084	)		(39.1	)
Subtotal		878,175		33.6			834,949		33.9			43,226			5.2
Savings		160,332		6.1			153,025		6.2			7,307			4.8
Money market ⁽³⁾		343,349		13.1			364,944		14.8			(21,595	)		(5.9	)
Subtotal		503,681		19.2			517,969		21.0			(14,288	)		(2.8	)
Certificates of deposit less than $100,000 ⁽⁴⁾		639,947		24.5			579,153		23.5			60,794			10.5
Certificates of deposit of $100,000 through $250,000		450,836		17.2			424,463		17.2			26,373			6.2
Certificates of deposit greater than $250,000		142,512		5.5			108,763		4.4			33,749			31.0
Subtotal		1,233,295		47.2			1,112,379		45.1			120,916			10.9
Total	$	2,615,151		100.0	%	$	2,465,297		100.0	%	$	149,854			6.1	%

__________________________________

(1	)	Includes $30.1 million of brokered deposits at March 31, 2025, and no brokered deposits at December 31, 2024, and at March 31, 2024.
(2	)	Primarily noninterest-bearing accounts based on applicable state law.
(3	)	Includes $251,000, $279,000 and $8.0 million of brokered deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.
(4	)	Includes $339.9 million, $143.1 million, and $331.3 million of brokered deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

At March 31, 2025, CDs, which include retail and non-retail CDs, totaled $1.23 billion, compared to $1.03 billion at December 31, 2024 and $1.11 billion at March 31, 2024, with non-retail CDs representing 28.5%, 15.0% and 31.0% of total CDs at such dates, respectively. At March 31, 2025, non-retail CDs, which include brokered CDs, online CDs and public funds CDs, increased $196.9 million to $351.7 million, compared to $154.8 million at December 31, 2024, primarily due to an increase of $196.8 million in brokered CDs. The increase in brokered CDs provided funds to pay down higher cost borrowings. Non-retail CDs totaled $351.7 million at March 31, 2025, compared to $344.5 million at March 31, 2024.

At March 31, 2025, the Bank had uninsured deposits of approximately $679.4 million, compared to approximately $652.7 million at December 31, 2024, and $614.1 million at March 31, 2024. The uninsured amounts are estimates based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements.

At March 31, 2025, borrowings decreased $239.0 million to $68.8 million at March 31, 2025, from $307.8 million at December 31, 2024, and decreased $61.1 million from $129.9 million at March 31, 2024. These borrowings were comprised solely of FHLB advances.

Total stockholders’ equity increased $3.1 million to $298.8 million at March 31, 2025, from $295.8 million at December 31, 2024, and increased $20.9 million, from $277.9 million at March 31, 2024. The increase in stockholders’ equity at March 31, 2025, compared to December 31, 2024, was primarily due to net income of $8.0 million and $513,000 in equity award compensation, partially offset by share repurchases of $3.8 million and cash dividends paid of $2.2 million. Stockholders’ equity was also impacted by decreases in unrealized net losses on securities available for sale of $2.7 million, net of tax, and decreases in unrealized net gains on fair value and cash flow hedges of $2.6 million, net of tax, reflecting changes in market interest rates during the quarter, resulting in a $151,000 decrease in accumulated other comprehensive loss, net of tax. Book value per common share was $39.12 at March 31, 2025, compared to $38.26 at December 31, 2024, and $36.06 at March 31, 2024.

The Bank is considered “well capitalized” under the capital requirements established by the Federal Deposit Insurance Corporation (“FDIC”) with a total risk-based capital ratio of 14.4%, a Tier 1 leverage capital ratio of 11.3%, and a common equity Tier 1 (“CET1”) capital ratio of 13.2% at March 31, 2025.

The Company exceeded all regulatory capital requirements with a total risk-based capital ratio of 14.7%, a Tier 1 leverage capital ratio of 9.9%, and a CET1 ratio of 11.5% at March 31, 2025.

Credit Quality

The allowance for credit losses on loans (“ACLL”) was $31.7 million, or 1.25% of gross loans receivable (excluding loans HFS) at March 31, 2025, compared to $31.9 million, or 1.26% of gross loans receivable (excluding loans HFS), at December 31, 2024, and $31.5 million, or 1.29% of gross loans receivable (excluding loans HFS), at March 31, 2024. The slight decrease in the ACLL at March 31, 2025, compared to the prior quarter was primarily due to a decrease in the balance of higher risk consumer loans. The increase of $174,000 in the ACLL from the same quarter the prior year was primarily due to increases in CRE loans. The allowance for credit losses on unfunded loan commitments increased $66,000 to $1.5 million at March 31, 2025, compared to $1.4 million at December 31, 2024, and decreased $35,000 from $1.5 million at March 31, 2024, primarily due to an increase in the volume of unfunded commitments on construction loans

Nonperforming loans increased $870,000 to $14.5 million at March 31, 2025, compared to $13.6 million at December 31, 2024, and increased $2.4 million from $12.1 million at March 31, 2024. The increase in nonperforming loans compared to the prior quarter was primarily due to increases in nonperforming CRE construction and development loans of $1.5 million, nonperforming indirect home improvement loans of $1.1 million, and nonperforming one-to-four-family loans of $970,000, partially offset by decreases in nonperforming CRE loans of $1.6 million and nonperforming commercial business loans of $1.5 million. The increase in nonperforming loans compared to the same quarter the prior year was primarily due to increases in nonperforming construction and development loans of $1.8 million, nonperforming one-to-four-family loans of $961,000, and nonperforming indirect home improvement loans of $626,000, partially offset by a decrease in nonperforming commercial business loans of $1.4 million.

Loans classified as substandard increased $602,000 to $23.5 million at March 31, 2025, compared to $22.9 million at December 31, 2024, and decreased $1.4 million from $24.9 million at March 31, 2024. The increase in substandard loans compared to the prior quarter was primarily due to an increase of $1.5 million in CRE construction and development loans, $1.1 million in indirect home improvement loans, and $953,000 in one-to-four-family loans, partially offset by decreases in commercial business loans of $1.8 million and CRE of $1.6 million. The decrease in substandard loans compared to the prior year was primarily due to decreases of $3.1 million in C&I loans and $1.9 million in CRE loans, partially offset by increases of $1.8 million in CRE construction and development loans, $794,000 in one-to-four-family loans, and $626,000 in indirect home improvement loans.

Operating Results

Net interest income increased $636,000 to $31.0 million for the three months ended March 31, 2025, from $30.3 million for the three months ended March 31, 2024, primarily due to an increase in total interest income of $1.9 million, partially offset by an increase in interest expense of $1.3 million. The $1.9 million increase in total interest income was primarily due to an increase of $2.3 million in interest income on loans receivable, including fees, primarily as a result of net loan growth and variable rate loans repricing higher. The $1.3 million increase in total interest expense was primarily the result of higher market interest rates and a net increase in interest bearing liabilities.

NIM (annualized) increased six basis points to 4.32% for the three months ended March 31, 2025, from 4.26% for the same period in the prior year. The increase in NIM for the three months ended March 31, 2025, compared to the same period in 2024, reflects the increased yields on interest-earning assets.

The average total cost of funds, including noninterest-bearing checking, increased 17 basis points to 2.38% for the three months ended March 31, 2025, from 2.21% for the three months ended March 31, 2024. This increase was predominantly due to higher market rates for borrowings.

For the three months ended March 31, 2025, the provision for credit losses on loans was $1.5 million, compared to $1.4 million for the three months ended March 31, 2024. The provision for credit losses on loans reflects an increase in charge-off activity. During the three months ended March 31, 2025, net charge-offs increased $247,000 to $1.7 million, compared to $1.5 million for the same period last year. This increase was the result of increased net charge-offs of $487,000 in indirect home improvement loans and $25,000 in commercial business loans, partially offset by a net reduction of net charge-offs of $213,000 in marine loans and $46,000 in other consumer loans. Management attributes the increase in net charge-offs over the year primarily to volatile economic conditions.

Total noninterest income was unchanged at $5.1 million for the three months ended March 31, 2025 and 2024. Total noninterest expense was $25.0 million for the three months ended March 31, 2025, compared to $23.5 million for the three months ended March 31, 2024. The $1.5 million increase was primarily due to a $976,000 increase in salaries and benefits and a $437,000 increase in operations expense.

About FS Bancorp

FS Bancorp, Inc., a Washington corporation, is the holding company for 1st Security Bank of Washington. The Bank offers a range of loan and deposit services primarily to small- and middle-market businesses and individuals in Washington and Oregon. It operates through 27 bank branches, one headquarters office that provides loans and deposit services, and loan production offices in various suburban communities in the greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan area of Washington, also known as the Tri-Cities, and in Vancouver, Washington. Additionally, the Bank services home mortgage customers across the Northwest, focusing on markets in Washington State including the Puget Sound, Tri-Cities, and Vancouver.

Forward-Looking Statements

When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management’s current expectations and forecasts regarding future events, many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels; labor shortages, the effects of inflation, a recession or slowed economic growth; changes in the interest rate environment, including the increases and decrease in the Federal Reserve benchmark rate and duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; increased competitive pressures, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan, and deposit products; adverse changes in the securities markets, the Company’s ability to execute its plans to grow its residential construction lending, mortgage banking, and warehouse lending operations, and the geographic expansion of its indirect home improvement lending; challenges arising from expanding into new geographic markets, products, or services; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; volatility in the mortgage industry; fluctuations in deposits; liquidity issues, including our ability to borrow funds or raise additional capital, if necessary; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; legislative and regulatory changes, including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; the potential for new or increased tariffs, trade restrictions or geopolitical tensions that could affect economic activity or specific industry sectors; environmental, social and governance goals; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other reports filed with or furnished to the SEC which are available on its website at www.fsbwa.com and on the SEC’s website at www.sec.gov.

Any of the forward-looking statements that the Company makes in this press release and in the other public statements are based upon management’s beliefs and assumptions at the time they are made and may turn out to be incorrect because of the inaccurate assumptions the Company might make, because of the factors illustrated above or because of other factors that cannot be foreseen by the Company. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

FS BANCORP, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Dollars in thousands) (Unaudited)

										Linked			Prior Year
	March 31,			December 31,			March 31,			Quarter			Quarter
	2025			2024			2024			% Change			% Change
ASSETS
Cash and due from banks	$	18,657		$	19,280		$	17,149			(3	)		9
Interest-bearing deposits at other financial institutions		44,084			12,355			28,257			257			56
Total cash and cash equivalents		62,741			31,635			45,406			98			38
Certificates of deposit at other financial institutions		1,234			1,727			23,222			(29	)		(95	)
Securities available-for-sale, at fair value		291,133			281,175			279,643			4			4
Securities held-to-maturity, net		10,434			8,455			8,455			23			23
Loans held for sale, at fair value		31,038			27,835			49,957			12			(38	)
Loans receivable, net		2,501,117			2,501,951			2,415,379			—			4
Accrued interest receivable		14,406			13,881			14,455			4			—
Premises and equipment, net		29,451			29,756			30,326			(1	)		(3	)
Operating lease right-of-use		4,979			5,378			6,202			(7	)		(20	)
Federal Home Loan Bank stock, at cost		5,256			15,621			2,909			(66	)		81
Deferred tax asset, net		7,009			7,059			4,832			(1	)		45
Bank owned life insurance (“BOLI”), net		38,778			38,528			37,958			1			2
MSRs, held at the lower of cost or fair value		8,926			9,204			9,009			(3	)		(1	)
Goodwill		3,592			3,592			3,592			—			—
Core deposit intangible, net		12,879			13,710			16,402			(6	)		(21	)
Other assets		43,105			39,670			21,958			9			96
TOTAL ASSETS	$	3,066,078		$	3,029,177		$	2,969,705			1			3
LIABILITIES
Deposits:
Noninterest-bearing accounts	$	676,706		$	638,158		$	646,899			6			5
Interest-bearing accounts		1,938,445			1,701,260			1,818,398			14			7
Total deposits		2,615,151			2,339,418			2,465,297			12			6
Borrowings		68,805			307,806			129,940			(78	)		(47	)
Subordinated notes:
Principal amount		50,000			50,000			50,000			—			—
Unamortized debt issuance costs		(389	)		(406	)		(456	)		(4	)		(15	)
Total subordinated notes less unamortized debt issuance costs		49,611			49,594			49,544			—			—
Operating lease liability		5,149			5,556			6,410			(7	)		(20	)
Other liabilities		28,522			31,036			40,582			(8	)		(30	)
Total liabilities		2,767,238			2,733,410			2,691,773			1			3
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued or outstanding		—			—			—			—			—
Common stock, $.01 par value; 45,000,000 shares authorized; 7,742,907 shares issued and outstanding at March 31, 2025, 7,833,014 at December 31, 2024, and 7,805,795 at March 31, 2024		77			78			78			(1	)		(1	)
Additional paid-in capital		52,806			55,716			57,552			(5	)		(8	)
Retained earnings		262,945			257,113			236,720			2			11
Accumulated other comprehensive loss, net of tax		(16,988	)		(17,140	)		(16,418	)		(1	)		3
Total stockholders’ equity		298,840			295,767			277,932			1			8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,066,078		$	3,029,177		$	2,969,705			1			3

FS BANCORP, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share amounts) (Unaudited)

	Three Months Ended									Linked			Prior Year
	Mar 31,			Dec 31,			Mar 31,			Quarter			Quarter
	2025			2024			2024			% Change			% Change
INTEREST INCOME
Loans receivable, including fees	$	43,303		$	43,654		$	40,997			(1	)		6
Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions		3,485			3,320			3,883			5			(10	)
Total interest and dividend income		46,788			46,974			44,880			—			4
INTEREST EXPENSE
Deposits		13,058			13,543			12,882			(4	)		1
Borrowings		2,263			1,831			1,167			24			94
Subordinated notes		485			486			485			—			—
Total interest expense		15,806			15,860			14,534			—			9
NET INTEREST INCOME		30,982			31,114			30,346			—			2
PROVISION FOR CREDIT LOSSES		1,592			1,522			1,399			5			14
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		29,390			29,592			28,947			(1	)		2
NONINTEREST INCOME
Service charges and fee income		2,244			2,513			2,552			(11	)		(12	)
Gain on sale of loans		1,700			1,733			1,838			(2	)		(8	)
Gain on sale of MSRs		—			—			8,215			—			NM
Loss on sale of investment securities, net		—			—			(7,998	)		—			NM
Earnings on cash surrender value of BOLI		250			256			240			(2	)		4
Other noninterest income		932			108			264			763			253
Total noninterest income		5,126			4,610			5,111			11			—
NONINTEREST EXPENSE
Salaries and benefits		14,533			14,172			13,557			3			7
Operations		3,445			3,175			3,008			9			15
Occupancy		1,717			1,821			1,705			(6	)		1
Data processing		2,045			2,252			1,958			(9	)		4
Loan costs		548			781			585			(30	)		(6	)
Professional and board fees		1,186			1,038			923			14			28
FDIC insurance		538			490			532			10			1
Marketing and advertising		221			329			227			(33	)		(3	)
Amortization of core deposit intangible		831			876			941			(5	)		(12	)
(Recovery) impairment of servicing rights		(9	)		(583	)		93			(98	)		(110	)
Total noninterest expense		25,055			24,351			23,529			3			6
INCOME BEFORE PROVISION FOR INCOME TAXES		9,461			9,851			10,529			(4	)		(10	)
PROVISION FOR INCOME TAXES		1,440			2,469			2,132			(42	)		(32	)
NET INCOME	$	8,021		$	7,382		$	8,397			9			(4	)
Basic earnings per share	$	1.02		$	0.94		$	1.07			9			(5	)
Diluted earnings per share	$	1.01		$	0.92		$	1.06			10			(5	)

KEY FINANCIAL RATIOS AND DATA (Unaudited)

	At or For the Three Months Ended
	March 31,			December 31,			March 31,
PERFORMANCE RATIOS:	2025			2024			2024
Return on assets (ratio of net income to average total assets) ⁽¹⁾		1.07	%		0.98	%		1.14	%
Return on equity (ratio of net income to average total stockholders’ equity) ⁽¹⁾		10.80			9.88			12.29
Yield on average interest-earning assets ⁽¹⁾		6.53			6.51			6.30
Average total cost of funds ⁽¹⁾		2.38			2.38			2.21
Interest rate spread information – average during period		4.15			4.13			4.09
Net interest margin ⁽¹⁾		4.32			4.31			4.26
Operating expense to average total assets ⁽¹⁾		3.35			3.24			3.20
Average interest-earning assets to average interest-bearing liabilities ⁽¹⁾		142.94			143.27			144.51
Efficiency ratio ⁽²⁾		69.39			68.16			66.36
Common equity ratio (ratio of stockholders’ equity to total assets)		9.75			9.76			9.36
Tangible common equity ratio ⁽³⁾		9.26			9.25			8.74

	March 31,			December 31,			March 31,
ASSET QUALITY RATIOS AND DATA:	2025			2024			2024
Nonperforming assets to total assets at end of period ⁽⁴⁾		0.47	%		0.45	%		0.41	%
Nonperforming loans to total gross loans (excluding loans HFS) ⁽⁵⁾		0.57			0.54			0.49
Allowance for credit losses – loans to nonperforming loans ⁽⁵⁾		219.08			234.55			260.24
Allowance for credit losses – loans to total gross loans (excluding loans HFS)		1.25			1.26			1.29

	At or For the Three Months Ended
	March 31,			December 31,			March 31,
PER COMMON SHARE DATA:	2025			2024			2024
Basic earnings per share	$	1.02		$	0.94		$	1.07
Diluted earnings per share	$	1.01		$	0.92		$	1.06
Weighted average basic shares outstanding		7,695,320			7,723,250			7,703,789
Weighted average diluted shares outstanding		7,805,728			7,897,099			7,824,460
Common shares outstanding at end of period		7,639,844	⁽⁶⁾		7,729,951	⁽⁷⁾		7,707,651	⁽⁸⁾
Book value per share using common shares outstanding	$	39.12		$	38.26		$	36.06
Tangible book value per share using common shares outstanding ⁽⁹⁾	$	36.96		$	36.02		$	33.47

__________________________________

(1	)	Annualized.
(2	)	Total noninterest expense as a percentage of net interest income and total noninterest income.
(3	)	Represents a non-GAAP financial measure. For a reconciliation to the most comparable GAAP financial measure, see “Non-GAAP Financial Measures” below.
(4	)	Nonperforming assets consist of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), foreclosed real estate and other repossessed assets.
(5	)	Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due.
(6	)	Common shares were calculated using shares outstanding of 7,742,907 at March 31, 2025, less 103,063 unvested restricted stock shares.
(7	)	Common shares were calculated using shares outstanding of 7,833,014 at December 31, 2024, less 103,063 unvested restricted stock shares.
(8	)	Common shares were calculated using shares outstanding of 7,805,795 at March 31, 2024, less 98,144 unvested restricted stock shares.
(9	)	Tangible book value per share using outstanding common shares excludes intangible assets. This ratio represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” below.

(Dollars in thousands)	For the Three Months Ended Mar 31,				Qtr. Over Qtr.
Average Balances	2025		2024		$ Change
Assets
Loans receivable, net ⁽¹⁾	$	2,559,944	$	2,464,602	$	95,342
Securities available-for-sale, at amortized cost		310,417		331,413		(20,996	)
Securities held-to-maturity		8,656		8,500		156
Interest-bearing deposits and certificates of deposit at other financial institutions		16,161		59,514		(43,353	)
FHLB stock, at cost		11,948		2,174		9,774
Total interest-earning assets		2,907,126		2,866,203		40,923
Noninterest-earning assets		125,386		92,344		33,042
Total assets	$	3,032,512	$	2,958,547	$	73,965
Liabilities
Interest-bearing deposit accounts	$	1,765,605	$	1,832,767	$	(67,162	)
Borrowings		218,639		101,150		117,489
Subordinated notes		49,600		49,533		67
Total interest-bearing liabilities		2,033,844		1,983,450		50,394
Noninterest-bearing deposit accounts		663,824		657,083		6,741
Other noninterest-bearing liabilities		33,739		43,246		(9,507	)
Total liabilities	$	2,731,407	$	2,683,779	$	47,628

__________________________________

(1	)	Includes loans HFS.

Non-GAAP Financial Measures:

In addition to financial results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release presents non-GAAP financial measures that include tangible book value per share, and tangible common equity ratio. Management believes that providing the Company’s tangible book value per share and tangible common equity ratio is consistent with the capital treatment utilized by the investment community, which excludes intangible assets from the calculation of risk-based capital ratios and facilitates comparison of the quality and composition of the Company’s capital over time and to its competitors. Where applicable, the Company has also presented comparable GAAP information.

These non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. They should not be considered in isolation or as a substitute for total stockholders’ equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Reconciliation of the GAAP book value per share and common equity ratio and the non-GAAP tangible book value per share and tangible common equity ratio is presented below.

(Dollars in thousands, except share and per share amounts)	March 31,				December 31,				March 31,
Tangible Book Value Per Share:	2025				2024				2024
Stockholders’ equity (GAAP)	$	298,840			$	295,767			$	277,932
Less: goodwill and core deposit intangible, net		(16,471	)			(17,302	)			(19,994	)
Tangible common stockholders’ equity (non-GAAP)	$	282,369			$	278,465			$	257,938

Common shares outstanding at end of period		7,639,844		⁽¹⁾		7,729,951		⁽²⁾		7,707,651		⁽³⁾

Book value per share (GAAP)	$	39.12			$	38.26			$	36.06
Tangible book value per share (non-GAAP)	$	36.96			$	36.02			$	33.47

Tangible Common Equity Ratio:
Total assets (GAAP)	$	3,066,078			$	3,029,177			$	2,969,705
Less: goodwill and core deposit intangible assets		(16,471	)			(17,302	)			(19,994	)
Tangible assets (non-GAAP)	$	3,049,607			$	3,011,875			$	2,949,711

Common equity ratio (GAAP)		9.75	%			9.76	%			9.36	%
Tangible common equity ratio (non-GAAP)		9.26				9.25				8.74

__________________________________

(1	)	Common shares were calculated using shares outstanding of 7,742,907 at March 31, 2025, less 103,063 unvested restricted stock shares.
(2	)	Common shares were calculated using shares outstanding of 7,833,014 at December 31, 2024, less 103,063 unvested restricted stock shares.
(3	)	Common shares were calculated using shares outstanding of 7,805,795 at March 31, 2024, less 98,144 unvested restricted stock shares.

Contacts:
Joseph C. Adams,
Chief Executive Officer

Matthew D. Mullet,
President/Chief Financial Officer

(425) 771-5299
www.FSBWA.com

The MIL Network –

April 23, 2025

MIL-OSI USA: Senator Murray Tours NOAA Western Regional Office in Seattle, Meets with Meteorologists & Staff—Visit Comes as NOAA Faces Unprecedented Threats from Trump & Elon

US Senate News:

Source: United States Senator for Washington State Patty Murray

ICYMI: Senator Murray, Former NOAA Administrator and WA State NOAA Employees Fired for No Reason Slam Trump & Elon’s Destructive Mass Layoffs at NOAA

***PHOTOS and B-ROLL HERE***

Seattle, WA— Today, on Earth Day, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, toured the National Oceanic and Atmospheric Administration (NOAA) Western Regional Center, which is NOAA’s largest campus by square footage in the U.S. NOAA has a large footprint in Washington state—where it employs approximately 1,000 people at the Western Regional Center, including non-NOAA contractors. Communities across Washington state rely on the work NOAA does—from providing storm warnings and weather forecasts to protecting and restoring marine resources that are essential to our state’s economy and culture.

On the tour, Senator Murray visited the National Weather Service, met with meteorologists, and saw the cutting-edge equipment they use to forecast the weather and issue severe weather warnings to protect life and property. Senator Murray also met with scientists and researchers at the Alaska Fisheries Science Center and the Pacific Marine Environmental Laboratory who work together to steward our ocean resources and habitat.

“It was a pleasure visiting NOAA’s Western Regional Center today and hearing from scientists about the vital research they do and services they provide that help all of us. Whether they know it or not, every American relies on the work NOAA does—from creating accurate weather forecasts and storm warnings to managing our fisheries. Here in Washington state, our marine resources are essential to our state’s economy and culture—and the experts at NOAA play a critical role in protecting our waterways and habitats,” said Senator Murray.

“But Trump and Elon are mass firing experts at NOAA, terminating research programs, and closing facilities—taking a wrecking ball to NOAA and the work it does that helps our country in so many ways, and Washington state in particular,” continued Senator Murray. “NOAA staffing cuts are threatening years of salmon harvest—a multibillion dollar industry in Washington state. Our seafood industry benefits tremendously from NOAA’s work protecting the Puget Sound, NOAA’s storm warnings save lives and property, and shipping routes are dependent on the weather forecasts NOAA provides, to name just a few examples. This administration’s massive, thoughtless cuts at NOAA are putting all of this at risk—I will continue doing everything I can to raise the alarm, speak out, and drive home how essential NOAA’s work is for communities across America.”

Senator Murray has been outspoken in calling attention to how Trump and Elon’s indiscriminate mass layoffs—including at NOAA—are hurting people across the country and will undermine services Americans everywhere rely on. In March, Senator Murray held a press conference with former NOAA Administrator Rick Spinrad and NOAA employees in Washington state who were fired through no fault of their own. More than 650 NOAA employees have already been fired for no reason by Trump and Elon, with another round of job cuts targeting more than 1,000 additional employees still expected. In addition to employees who accepted the “Fork in the Road” offer, NOAA could potentially see a combined loss of 20 percent of its staff with this next round of cuts. Before January 2025, NOAA’s workforce exceeded 12,000 people worldwide, with more than 50 percent being scientists and engineers. Probationary employees at NOAA who were fired in February were temporarily reinstated in mid-March after a federal court ruling—but the Supreme Court reversed the reinstatements on April 8^th, and probationary workers at NOAA and other federal agencies were re-fired.

Senator Murray has been a leading voice raising the alarm about how Trump and Elon’s mass firings across the federal workforce will undermine services all Americans rely on and hurt families, veterans, small businesses, farmers, and so many others in Washington state and across the country. Senator Murray has spoken out on the Senate floor repeatedly against this administration’s attacks on federal workers, held multiple press conferences with federal workers—including at NOAA—who are being fired for no reason and through no fault of their own, released information about the mass firings, and repeatedly outlined her concerns with the administration’s so-called “Fork in the Road” offer to her constituents in Washington state.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: In Seattle, Senator Murray Hears from U District Small Businesses About How Trump’s Trade War is Affecting Them

US Senate News:

Source: United States Senator for Washington State Patty Murray

***AUDIO HERE; PHOTOS and B-ROLL HERE***

Seattle, WA— Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, met with small business owners in Seattle’s University District to hear how Trump’s chaotic trade war is impacting them. Trump is currently taxing goods from every country—including close allies like Canada—at a minimum 10 percent tariff rate across-the-board. He has also significantly escalated his trade war with China, with 145 percent tariffs on Chinese goods—meaning higher prices and serious pain for families and small businesses across Washington state and the country. Even with his 90-day “pause” on reciprocal tariffs, Trump’s new tariffs are still the highest tariff rates in decades, and are estimated to cost American families more than $4,000 each year—the largest tax increase since 1968.

During the visit, Senator Murray heard from small business owners about how the Trump administration’s reckless trade war is leading to serious uncertainty for businesses and consumers in Seattle. Businesses are worried that tariffs will push them to raise prices—potentially driving customers away—and lay off workers to cut costs. Participating in the discussion with Senator Murray, held at Café Allegro, were: Yasuaki Saito, Owner of Saint Bread; Miles Richardson, General Manager of University Volkswagen/Audi Seattle; Trevor Peterson, CEO of the University Book Store; Efrem Fesaha, CEO of Boon Boona coffee; Jennifer Antos, Executive Director of Seattle Neighborhood Farmers’ Markets; Chris Peterson, Owner of Cafe Allegro since 1985; Lois Ko, Owner of Sweet Alchemy ice cream shops in the U District, Ballard, and Capitol Hill, and Anson Lin, Owner of Astora Construction.

“These small businesses are at the heart of the U District community, and it was important to hear from them about how Trump’s tariffs and his pointless trade war are affecting their bottom lines—it’s something I’m hearing about everywhere I go across Washington state,” said Senator Murray. “Trump’s ham-fisted trade war is threatening livelihoods here in Washington state—small businesses are worrying about whether they can keep their doors open without laying people off, families that are already scrambling to pay the bills are worried about rising costs at the grocery store, and our farmers are deeply concerned about retaliatory tariffs from other nations in response to Trump’s tariffs. Trump’s tariffs are an enormous new tax on hardworking Americans and businesses. I will continue to share the stories and raise the voices of the people in Washington state who are being affected by Trump’s thoughtless trade war. There is no good reason for us to be picking fights with our trading partners and close allies like Canada—it’s time for Republicans in Congress to stand up and vote with us to end this chaos.”

Washington state has one of the most trade-dependent economies of any state in the country, with 40 percent of jobs tied to international commerce. Washington state is the top U.S. producer of apples, blueberries, hops, pears, spearmint oil, and sweet cherries—all of which risk losing vital export markets due to retaliatory tariffs from key trading partners including Canada. Additionally, more than 12,000 small and medium-sized companies in Washington state export goods and will struggle to absorb the impact of retaliatory tariffs. Canada is Washington’s largest trading partner, accounting for nearly $20 billion in imports and $10 billion in exports. China is the world’s second-largest economy and Washington state exported over $12 billion in goods to China last year—making China Washington state’s top export partner—and imported $11.2 billion in goods, the most in imports from any country aside from Canada. Trump’s tariffs during his first term were extremely costly for Washington state—for example, India imposed a 20 percent retaliatory tariff on U.S. apples, causing Washington apple shipments to India to fall by 99 percent and growers to lose hundreds of millions of dollars in exports.

Senator Murray has been a vocal opponent of Trump’s chaotic trade war and has been lifting up the voices of people in Washington state harmed by this administration’s approach to trade and calling on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier this month, Senator Murray brought together leaders across Washington state who highlighted how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector. Senator Murray also took to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else. Last week, Senator Murray joined her colleagues in pressing U.S. Trade Representative Ambassador Jamieson Greer on how the Trump administration’s tariffs are affecting farmers across the country. Last week, Senator Murray also held a roundtable discussion in Tacoma with local businesses and ports, toured local businesses in downtown Vancouver, and held a roundtable discussion in Vancouver with local businesses and ports, to highlight how Trump’s chaotic trade war and senseless tariffs are harming the overall economy in Washington state.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Victory for Press Freedom and Workers: Court Grants Preliminary Injunction to Protect the U.S. Agency for Global Media

Source: American Federation of State, County and Municipal Employees Union

WASHINGTON—Today, the U.S. District Court for the District of Columbia granted a preliminary injunction in Widakuswara v. Lake, affirming the U.S. Agency for Global Media (USAGM) was unlawfully shuttered by the administration, Acting Director Victor Morales and Special Adviser Kari Lake. The decision enshrines that USAGM must fulfill its legally required functions and protects the editorial independence of Voice of America (VOA) journalists and other federal media professionals within the agency and newsrooms that receive grants from the agency, such as Radio Free Asia and others.

Journalists, federal workers, and unions celebrate this important step in defending this critical agency, First Amendment rights, resisting unlawful political interference in public broadcasting, and ensuring USAGM workers can continue to fulfill their congressionally mandated function.

“Today’s ruling is a victory for the rule of law, for press freedom and journalistic integrity, and for democracy worldwide,” said AFGE National President Everett Kelley. “The Trump administration’s illegal attempt to shutter Voice of America and other outlets under the U.S. Agency for Global Media was a transparent effort to silence the voices of patriotic journalists and professionals who have dedicated their careers to spreading the truth and fighting propaganda from lawless authoritarian regimes. This preliminary injunction will allow these employees to get back to work as we continue the fight to preserve their jobs and critical mission.”

“Today’s ruling is a major win for AFSCME members and Voice of America workers who have dedicated their careers to reporting the truth and spreading freedom to millions across the world. The judge’s message is clear – this administration has no right to unilaterally dismantle essential agencies simply because they do not agree with their purpose,” said AFSCME President Lee Saunders. “We celebrate this decision and will continue to work with our partners to ensure that the Voice of America is restored.”

“Journalists hold power to account and that includes the Trump administration,” said NewsGuild-CWA President Jon Schleuss. “This injunction orders the administration to reverse course and restore the Congressionally-mandated news broadcasts of Radio Free Asia, Voice of America and other newsrooms broadcasting to people who hope for freedom in countries where that is denied.”

“We are gratified by today’s ruling. This is another step in the process to restore VOA to full operation.” said Government Accountability Project Senior Counsel David Seide.

“Today’s ruling marks a significant victory for press freedom and for the dedicated women and men who bring it to life—our clients, the journalists, executives, and staff of Voice of America,” said Andrew G. Celli, Jr., Founding Partner at Emery Celli Brinckerhoff Abady Ward & Maazel LLP and counsel for the plaintiffs. “VOA is more than just an iconic brand with deep roots in American and global history; it is a vital, living force that provides truth and hope to those living under oppressive regimes. We are thrilled that its voice—a voice for the voiceless—will once again be heard loud and clear around the world.”

“This decision is a powerful affirmation of the rule of law and the vital role that independent journalism plays in our democracy. The court’s action protects independent journalism and federal media professionals at Voice of America as we continue this case, and reaffirms that no administration can silence the truth without accountability,” said Skye Perryman, President and CEO of Democracy Forward, co-counsel for the plaintiffs. “We are proud to be with workers, unions and journalists in resisting political interference against independent journalism and will continue to fight for transparency and our democratic values.”

“Today’s decision is another necessary step in restoring the rule of law and correcting the injustices faced by the workers, reporters, and listeners of Voice of America and US Agency for Global Media,” said Amb. Norm Eisen (ret.), co-founder and executive chair of the State Democracy Defenders Fund. “By granting this preliminary injunction, the court has reaffirmed the legal protections afforded to these civil servants and halted an attempt to undermine a free and independent press. We are proud to represent this resilient coalition and support the cause of a free and fair press.”

“This decision is a powerful affirmation of the role that independent journalism plays in advancing democracy and countering disinformation. From Voice of America to Radio Free Asia and across the U.S. Agency for Global Media, these networks are essential tools of American soft power—trusted sources of truth in places where it is often scarce,” said Tom Yazdgerdi, president of the American Foreign Service Association. “By upholding editorial independence, the court has protected the credibility of USAGM journalists and the global mission they serve.”

“We’re very pleased that Judge Lamberth has recognized that the Trump administration acted improperly in shuttering Voice of America,” said Clayton Weimers, Executive Director of RSF USA. “The USAGM must act immediately to implement this ruling and put over 1,300 VOA employees back to work to deliver reliable information to their audience of millions around the world.”

While only the beginning of what may be a long, hard-fought battle, the court’s decision to grant a preliminary injunction marks a critical victory—not just for VOA journalists, but also for federal workers and the unions that represent them. It affirms that the rule of law still protects those who speak truth to power.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: 2025-55 HAWAIʻI’S FIRST EVER “DO THE WRITE THING” STUDENT AMBASSADOR CHOSEN TO REPRESENT HAWAIʻI AT NATIONAL SUMMIT IN WASHINGTON D.C.

Source: US State of Hawaii

2025-55 HAWAIʻI’S FIRST EVER “DO THE WRITE THING” STUDENT AMBASSADOR CHOSEN TO REPRESENT HAWAIʻI AT NATIONAL SUMMIT IN WASHINGTON D.C.

Posted on Apr 21, 2025 in Latest Department News, Newsroom

STATE OF HAWAIʻI

KA MOKU ʻĀINA O HAWAIʻI

DEPARTMENT OF THE ATTORNEY GENERAL

KA ʻOIHANA O KA LOIO KUHINA

JOSH GREEN, M.D.
GOVERNOR

KE KIAʻĀINA

ANNE LOPEZ

ATTORNEY GENERAL

LOIO KUHINA

HAWAIʻI’S FIRST EVER “DO THE WRITE THING” STUDENT AMBASSADOR CHOSEN TO REPRESENT HAWAIʻI AT NATIONAL SUMMIT IN WASHINGTON D.C.

News Release 2025-55

FOR IMMEDIATE RELEASE

April 21, 2025

HONOLULU — In a powerful reflection on the realities of youth violence, Waiʻanae Intermediate School eighth grader Keziah Chloe Bacor was selected to represent Hawaiʻi at the National Do the Write Thing (DtWT) Summit for her personal essay titled, “Why Violence?” The piece was written as part of a classroom assignment challenging students to examine how violence has impacted their lives and what they can do to create change. Keziah becomes Hawaiʻi’s first DtWT student ambassador and will travel to Washington, D.C., this July to share her story on a national stage.

DtWT is a national writing program that empowers middle school students to become changemakers by exploring the root causes and impacts of youth violence. Through classroom discussions and personal reflection, students write essays responding to three key questions: What are the causes of youth violence? How has violence affected your life? What can you do to reduce youth violence?

“I am thrilled by the overwhelming success of this program as it engages our youth and inspires future generations to speak out against violence and bullying in their homes, schools and communities,” said Governor Josh Green, M.D.. “Their dedication to promoting peace and addressing youth violence also designates them as Hawaiʻi’s Ambassadors for Peace.”

“Do the Write Thing is an inclusive and equitable program for all middle school students. The writings submitted aren’t judged by grammar or academic skill, but by the power of the ideas and lived experiences they share. This isn’t a writing contest—it’s a platform for young voices, and a powerful movement for change,” said Amber Moyer, DtWT Program Director, Washington, D.C.

Keziah’s essay will be published with the writings of her peers from across the country. The anthology is archived at the Library of Congress. The students will also meet with members of Congress to share their perspectives and advocate for a future free from violence during a four-day summit.

“In the beginning of my eight-grade year, many violent acts occurred in our community. Four shootings happened in a span of four weeks. After that, I’ve never been more careful of my surroundings or my family’s,” said Keziah. “Along with this writing challenge, my classmates and I were able to talk to Congresswoman Jill Tokuda and AG Anne Lopez about what was happening in our community, as well as doing sign waving to promote awareness in front of our school. Doing this allowed me to express my feelings about the violence that I have been bottling up inside me. I never thought I would win this competition but I’m forever grateful that I did. I would tell other students let your emotions out. You don’t have to be scared.”

The Department of the Attorney General and the Hawaiʻi State Department of Education (HIDOE) launched DtWT at the start of the 2024–25 school year, with Waiʻanae Intermediate serving as the pilot site.

“This year has presented significant challenges for our community. However, this writing initiative has given our students a voice, empowering our students to become active agents of change,” Wai‘anae Intermediate School Principal John Wataoka said. “Through their reflective work, our students showed a deep consideration of the unseen impacts of violence and were afforded a positive outlet for expressing their feelings, one that often sparks a discourse of ideas toward potential solutions.”

“Each year, millions of young lives are shaped by violence, leaving behind deep physical and emotional scars,” Attorney General Anne Lopez said. “I am thankful to the Department of Education and my staff for their hard work implementing DtWT this school year. Together, we are already looking at expanding the program to other schools across the state. We want it to become a tool and platform for our youth to express their thoughts and ideas in writing about addressing youth violence.”

From the start of the school year, Waiʻanae Intermediate educator Nicole Kurata guided 27 students through meaningful conversations that encouraged empathy, self-reflection, and a commitment to positive change. Students were invited to submit essays or poems of up to three pages for consideration.

Essays were reviewed by a selection panel that included Attorney General Lopez; Department of Law Enforcement Director Mike Lambert; HIDOE Deputy Superintendent Heidi Armstrong; Nānākuli-Wai‘anae Complex Area Superintendent Disa Hauge; and Ashley Atisanoe of the Waiʻanae Coast Community Mental Health Center.

For more information on the national Do the Write Thing Program, visit www.dtwt.org/program. Photos, video and soundbites from today’s ceremony at Washington Place can be found here: https://www.dropbox.com/scl/fo/0dmqmrxecpd9524ptej23/AJBQUafFXUVJxq19w1ZoAXc?rlkey=mj44116a1arukenuolxbluqez&st=rxl6jhtf&dl=0

# # #

Media contacts:

Nanea Ching

Communications Director

Hawai‘i State Department of Education

Office: 808-784-6200

Cell: 808-260-5032

Email: [email protected]

Dave Day

Special Assistant to the Attorney General

Office: 808-586-1284

Email: [email protected]

Web: http://ag.hawaii.gov

Toni Schwartz
Public Information Officer
Hawai‘i Department of the Attorney General
Office: 808-586-1252
Cell: 808-379-9249
Email: [email protected]

MIL OSI USA News –

April 23, 2025

MIL-OSI Security: Florence Tax Preparer Indicted for Tax Fraud

Source: Office of United States Attorneys

FLORENCE, S.C. — A federal grand jury in Florence returned a 43-count indictment against Talisha Cooper, 44, of Coward, for preparing false tax returns.

The indictment alleges that Cooper was a tax return preparer and manager of Tax Fusions, located in Florence. Beginning in 2019 and through 2023, Cooper knowingly filed numerous returns that were fraudulent. The returns reported false fuel tax credits, family and sick leave credits, employee business expenses and Schedule C business profits or losses. The investigation revealed at least 43 instances of false returns with a total loss of $374,349.

Cooper was arrested today and arraigned in federal court this afternoon. Cooper faces a maximum penalty of three years in federal prison and a fine.

The case was investigated by IRS Criminal Investigation. Assistant U.S. Attorney Lauren Hummel is prosecuting the case.

All charges in the indictment are merely accusations and defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

###

MIL Security OSI –

April 23, 2025

MIL-OSI Russia: Dmytro Patrushev and Kherson Region Governor Volodymyr Saldo Discussed Development of Regional Agriculture

Translartion. Region: Russians Fedetion –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Deputy Prime Minister Dmytro Patrushev held a working meeting with the Governor of the Kherson region Volodymyr Saldo. The topics of the meeting were the development of the region’s agro-industrial and fisheries complexes and environmental issues.

The Vice Prime Minister and the Governor discussed the situation in agriculture. The topic of restoring orchards in the region, in particular fruit and berry orchards, was touched upon. The issue of restoring the irrigation system was also raised. This year, six projects were submitted for the competitive selection in the field of melioration from the Kherson region.

Dmytro Patrushev drew attention to the importance of high-quality spring field work in the Kherson region. The region should monitor the implementation of the structure of sowing areas, as well as the provision of farmers with financial resources and means of production – seeds, mineral fertilizers, fuels and lubricants, agricultural machinery.

The development of the regional fisheries complex was also discussed at the meeting. The need was noted not only to increase the volume of catch of aquatic bioresources in the region, but also to expand the range, increase the production of products with high added value. This will allow the creation of highly efficient production and new jobs.

In addition, Dmitry Patrushev and Volodymyr Saldo discussed the results of the implementation of the national project “Ecology” and the readiness of the Kherson region for the events of the new national project “Ecological Well-being”. The region takes part in four federal projects: “Closed-loop Economy”, “Water of Russia”, “Forest Preservation” and “General Cleaning”. By 2030, the region is planned to be allocated more than 2 billion rubles under these projects.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

April 23, 2025

MIL-OSI USA: Chobani to Make $1.2 Billion Facility in Upstate New York

Source: US State of New York

[embedded content]

Chobani’s latest facility will be built at the Triangle parcel located at Griffiss Business and Technology Park, which was awarded more than $23 million from FAST NY last year to complete infrastructure and transportation improvements. When at full capacity, Chobani will process over 12 million pounds of milk per day, representing a large economic opportunity for the state’s dairy farms.

Chobani has selected Rome, New York for this project based on:

A skilled local workforce, including a high concentration of military veterans living in the area, as well as graduates from nearby colleges
Easy access to the major population of the East Coast
Availability of affordable housing in the area as well as Governor Hochul’s ongoing commitment to building affordable homes in New York State
Additional resources coming from the state to support the creation of new jobs

Empire State Development President, CEO and Commissioner Hope Knight said, “Today’s announcement represents how New York is building a stronger, more sustainable economy that creates jobs, promotes tradable industries and supports additional economic sectors in the state. This public-private partnership with Chobani will grow the market for New York’s dairy farmers, create jobs that provide a path to the middle class, and develop even more world-class food products that are widely recognized across North America. Under Governor Hochul’s leadership, the State continues to invest in the companies and jobs that bolster New York’s economic vitality of today and tomorrow.”

New York State Agriculture Commissioner Richard A. Ball said, “Twenty years ago, Chobani opened its first U.S. facility right here in New York, so we’re thrilled with their decision to expand their roots here with a brand-new manufacturing facility in the Mohawk Valley. This is tremendous news for our state and for our dairy farmers, who will be supplying milk to this state-of-the-art processing facility. Chobani has long been a part of New York’s world-class dairy industry, and this feels like a real full-circle moment to welcome them to another region in our state. I thank Governor Hochul and all of the partners involved and look forward to the positive long-term impact this will have on our dairy community statewide.”

New York State Department of Labor Commissioner Roberta Reardon said, “New York’s dairy industry is essential to the success of our state’s economy, putting food on the table for families statewide and providing countless pathways to good-paying careers. Governor Hochul has made strengthening New York’s agricultural workforce a top priority and the results speak for themselves. Chobani’s massive investment in the Mohawk Valley will continue to expand our state’s impressive, and delicious, dairy offerings and bring career opportunities to so many New Yorkers, including those in underserved populations.”

To help facilitate the company’s investment and expansion in the Mohawk Valley, Empire State Development (ESD) has agreed to provide Chobani up to $73 million in performance-based Excelsior Jobs Program tax credits to support the creation of more than 1,000 jobs at the Rome location. Additionally, the company has pledged to collaborate with ESD to develop workforce training that aims to train and provide job opportunities at Chobani to underserved populations.

The dairy industry is the largest single segment of New York’s $8 billion agricultural industry. The state has nearly 3,000 dairy farms that produce 16.1 billion pounds of milk annually, making New York the fifth largest dairy state in the United States. New York is the largest producer of yogurt, sour cream, cream cheese and cottage cheese and the fifth largest producer of milk. The dairy community in New York includes both large dairy operations and small, family run farms. It also boasts approximately 200 dairy processing facilities of various types and sizes, from major global processing companies to small artisanal dairy product makers.

Chobani has been a major employer in the Mohawk Valley for decades, and this massive new $1.2 billion investment will bring more than 1,000 good-paying jobs to Oneida County.”

Governor Kathy Hochul

U.S. Senator Charles Schumer said, “Today, Chobani makes Upstate New York the No. 1 Greek yogurt producer in America. Chobani’s $1 billion investment — the largest investment in natural food making in American history — is a win-win-win for Chobani, NY dairy farmers, and the Mohawk Valley economy and jobs. I’ve fought to help Chobani grow since the very beginning to lay the foundation for a day like today. When Chobani wanted to expand the reach of their delicious and nutritious Greek yogurt, I helped get them included in the national school lunch program to be enjoyed by children across the country. With this new factory, more people will be able to enjoy their ‘Made In NY’ Greek yogurt than ever before. Dairy farmers are the beating heart of Upstate NY and this massive new facility and 1,000 new jobs will help support so many family farms across the state. I sincerely thank Chobani’s amazing CEO, and my very good friend, Hamdi Ulukaya for continuing his commitment to our state. I also thank Governor Hochul: without her leadership, today would not be possible. New York is proud that Chobani calls it home and more people will be enjoying their yogurt that comes from NY dairy farms made here in the Mohawk Valley than ever before.”

Representative John Mannion said, “This transformational investment by Chobani is a major win for New York State, and its success is a top priority for the Mohawk Valley. Residents of NY-22 will help fill the 1,000 new jobs and increased demand will benefit local dairy farmers and strengthen their bottom lines. I was proud to support FAST NY in the State Senate, working with Governor Hochul to drive economic growth and create good paying jobs for New Yorkers. I’m grateful for the Governor’s leadership and for Chobani’s continued commitment to New York agriculture, our workers, and our communities.”

State Senator Joseph Griffo said, “I thank Chobani for their willingness to continue to invest in Upstate New York and appreciate the efforts of all those who have helped make today’s announcement a reality, especially Oneida County Executive Anthony Picente Jr. and the Governor and Empire State Development. This major expansion will generate new employment opportunities, boost the local and regional economies, strengthen the state’s dairy industry and enhance the City of Rome, Oneida County and Upstate New York. I am looking forward to watching as this project progresses and am excited about the significant, positive, transformational impact it will potentially have on the community, region and state.”

Assemblymember Marianne Buttenchon said, “I welcome Chobani to my district and look forward to a great partnership. Chobani is an amazing employer that provides healthy, delicious products for our families. They also always support our local communities by helping those in need. I sincerely thank Chobani for choosing Oneida County and for all they do for New York State.”

Oneida County Executive Anthony Picente said, “This is a generational win for Oneida County and the entire Mohawk Valley. We believed in the potential of the Griffiss Triangle site and invested over $6 million to make it shovel-ready because we knew it could attract a world-class partner like Chobani. I’m proud of the role Oneida County played in bringing this transformative project to fruition. This $1 billion investment will create over 1,000 good-paying jobs, boost our local economy, and reaffirm our region as a hub for innovation and opportunity. We couldn’t be happier to welcome Chobani to Rome and begin this new chapter together.”

Rome Mayor Jeffrey Lanigan said, “We are incredibly grateful to Governor Hochul and the State of New York for their continued support of Chobani’s tremendous project here in the City of Rome. This transformative investment marks a major step forward for our community, bringing new jobs, opportunities, innovation, and growth. The redevelopment of the Triangle Site was a visionary effort — one that required forward-thinking investments, long-term commitment and dedication. We are very proud to be a part of this exciting new chapter for Rome.”

Embedded Flickr Album

Governor Hochul’s Ongoing Support for the Agricultural Industry
Today’s expansion of Chobani in Rome complements Governor Hochul’s commitment to the agriculture industry in New York State. Governor Hochul has made record investments to support the state’s farmers. Initiatives such as Nourish NY and the 30 percent Initiative have connected locally grown food with underserved communities while boosting the agricultural economy. Governor Hochul has invested $55 million to help dairy farms adopt sustainable practices and modernize operations and protected and enhanced the state’s farming industry through an $82 million investment in agricultural stewardship programs.

In her most recent State of the State, Governor Hochul has continued to build on these efforts and has proposed additional investment in agricultural stewardship programs and will provide additional funding to research and implement climate-resilient practices on dairy farms. Additionally, the Governor has proposed the expansion of agriculture education in New York’s schools. More information on the Governor’s 2025 State of the State proposals for New York’s agriculture industry.

About Chobani
Chobani is a food maker with a mission of making high-quality and nutritious food accessible to more people, while elevating our communities and making the world a healthier place. In short: making good food for all. In support of this mission, Chobani is a purpose-driven, people-first, food-and-wellness-focused company, and has been since its founding in 2005 by Hamdi Ulukaya, an immigrant to the U.S. The Company manufactures yogurt, oat milk and creamers — Chobani yogurt is America’s No.1 yogurt brand, made with natural ingredients without artificial preservatives. Following the 2023 acquisition of La Colombe, a leading coffee roaster with a shared commitment to quality, craftmanship and impact, the Company began selling cold-pressed espresso and lattes on tap at cafés nationwide, as well as Ready to Drink (RTD) coffee beverages at retail.

Chobani uses food as a force for good in the world — putting humanity first in everything it does. The company’s philanthropic efforts prioritize giving back to its communities and beyond: working to eradicate child hunger, supporting immigrants, refugees and underrepresented people, honoring veterans, and protecting the planet. Chobani manufactures its products in New York, Idaho, Michigan and Australia, and its products are available throughout North America and distributed in Australia and other select markets.

For more information, please visit www.chobani.com and www.lacolombe.com, or follow us on Facebook, Twitter, Instagram and LinkedIn.

MIL OSI USA News –

April 23, 2025

MIL-OSI Europe: Answer to a written question – Unreasonably high pay and non-transparent procedure for selection of special adviser to the Commission President – E-001889/2024(ASW)

Source: European Parliament

The Rules on Special Advisers[1] to the Commission determine whether a special adviser should be paid or not and in the former case also provide the relevant aspects of their remuneration.

The higher grade is chosen in duly substantiated exceptional cases, where the political importance is so high that a higher remuneration is justified to get the best services for the Commission.

The skills of the chair of the strategic dialogue, his professional experience and knowledge of the subject were determinant for being engaged as a Special Adviser to the President of the Commission. The budgetary authority is always informed by the Commission of the budget foreseen for intended paid appointments.

Special advisers are engaged to assist Members of the College based on the level of their professional experience and expertise. The choice of the chair of the strategic dialogue was based on his knowledge of the subject and professional experience, especially when it comes to his ability to navigate as a trusted arbitrator in complex negotiation processes with high level stakeholders and to the proven capacity for consensus-building around complex issues.

As chairperson of the ‘Future Commission Agriculture’ of the German Federal Ministry of Food and Agriculture (2021-2024), the chair of the strategic dialogue led the ‘agricultural summit’ discussion with 40 associations and organisations, proving his strong negotiation skills, and established a report on the future of agriculture. This expertise was not available within the Commission.

The procedure applied for the designation and appointment of a special adviser is laid down in the Rules on Special Advisers , including rules on prevention of conflict of interests, prior information of the budgetary authority, and specific appointment procedure.

[1] Commission Decision C(2007) 6655 of 19 December 2007, as amended by Commission Decision C(2014) 541 of 6 February 2014.

Last updated: 22 April 2025

MIL OSI Europe News –

April 23, 2025

MIL-OSI Europe: Answer to a written question – EUR 149 000 paid to professor of medieval history for writing a farming report – E-002351/2024(ASW)

Source: European Parliament

In the State of the Union address to the European Parliament on 13 September 2023, the President announced the launch of a strategic dialogue on the future of agriculture in the EU. Considering the complexity of the task, the Commission decided to entrust it to an external independent person.

Special Advisers are engaged to assist Members of the College based on the level of their professional experience and expertise. The choice of the chair of the strategic dialogue was based on his knowledge of the subject and professional experience, especially when it comes to his ability to navigate as a trusted arbitrator in complex negotiation processes with high-level stakeholders and to the proven capacity for consensus-building around complex issues.

As chairperson of the ‘Future Commission Agriculture’ (ZKL) of the German Federal Ministry of Food and Agriculture (2021-2024), the professor delivered a report on the future of agriculture.

He led the ‘agricultural summit’ discussion with 40 associations and organisations.

He was also the president of the German Research Foundation from 2013 to 2019, i.e. with an interdisciplinary and academic management profile, and not a profile limited to medieval history.

Paid special advisers receive a fee for every day worked that is consistent with the level and the quality of the services expected from the special adviser and that is in accordance with the Rules on Special Advisers to the Commission.

Thanks to the chair’s engagement, the s trategic d ialogue brought together a highly diverse range of stakeholders specialized in farming issues, creating trust and presenting consensual solutions .

Last updated: 22 April 2025

MIL OSI Europe News –

April 23, 2025

MIL-OSI Europe: Written question – Delays and problems in payments of agricultural subsidies by OPEKEPE – E-001489/2025

Source: European Parliament

Question for written answer E-001489/2025
to the Commission
Rule 144
Galato Alexandraki (ECR)

Greek farmers are facing problems due to persistent delays in the payment of subsidies by OPEKEPE. In particular, thousands of producers have still not received all the aid they are entitled to for 2023. Around 9 000 farmers have not been paid at all, while 19 000 were underpaid due to errors by the agency.

At the same time, there have been instances of mismanagement and fraud in relation to the agricultural subsidies. As a result, European funds often end up lining the pockets of individuals or companies that have nothing to do with the agricultural sector, thereby depriving the rightful beneficiaries of resources. For this reason, the European Public Prosecutor’s Office (EPPO) is already investigating dozens of unlawful disbursements of EU agricultural subsidies.

Bearing in mind that, in 2024, the Commission imposed a penalty on Greece for OPEKEPE’s management and warned that if no corrective measures were taken, Greece would risk losing EU funding for agricultural subsidies, can the Commission say:

1.Is there any way to ensure that the delayed subsidies are paid immediately and in full to Greek farmers?
2.Is there a system for monitoring the award of agricultural subsidies from the beginning, in order to prevent fraud and enhance transparency?
3.How does it check that the Greek authorities are respecting the criteria for the proper allocation of European funds?

Submitted: 10.4.2025

Last updated: 22 April 2025

MIL OSI Europe News –

April 23, 2025

MIL-OSI Europe: Answer to a written question – Delay in the absorption of CAP funds by Greece – E-000954/2025(ASW)

Source: European Parliament

On 27 February 2025[1] Greece submitted the Annual Performance Report[2] covering the expenditure for claim year 2023. The Commission has reviewed the data provided and has communicated its assessment to the Greek authorities on 8 April 2025.

Overall, the absorption of second pillar funds under the Common Agricultural Policy (CAP) in all member states is just picking up the speed, after the reformed CAP was launched in 2023. For Direct Payment though, the absorption of funds for claim year 2023, paid in 2024, is of 95%.

Funds for technical assistance are available within the CAP Strategic Plan (CSP) and may be used to finance a broad range of activities.

Since the start of 2024, the Commission, together with the Member State experts and sector stakeholders, has been analysing the possibilities to further simplify and streamline implementation of the reformed CAP.

The first round of simplifications was done in early 2024 and the second one is expected in the second quarter of 2025. However, it is also a responsibility of a Member State to remove bureaucratic obstacles when it comes to interaction with the final beneficiaries.

The CAP is implemented under shared management. Member States have an obligation to protect Union funds from irregularities and fraud.

The Commission conducts risk-based audits to check if the CAP governance systems put in place by the Member State function properly to ensure the legality and regularity of the CAP expenditure.

If deficiencies are established, the Commission imposes net financial corrections (recovered to the EU budget)[3]. Moreover, in the case of Greece, the Minister for rural development and food placed the paying agency under probation on 12 September 2024 upon request from the Commission.

[1] https://www.agrotikianaptixi.gr/9i-grapti-diadikasia-epitropis-parakolouthisis-ss-kap/
[2] As required by Article 134 of Regulation (EU) 2021/2115 of the European Parliament and of the Council (OJ L 435, 6.12.2021, pp. 1-186).
[3] https://commission.europa.eu/system/files/2020-10/agri_sp_2020_2024_en.pdf — Strategic Plan 2020-2024 Directorate-General for Agriculture and Rural Development, page 30-32.

MIL OSI Europe News –

April 23, 2025

MIL-OSI Europe: Answer to a written question – Greek farmers’ economic collapse and upcoming protests – E-000784/2025(ASW)

Source: European Parliament

The Common Agricultural Policy (CAP) supports interventions that help farmers to implement actions to prevent crisis situations and build on medium and long-term resilience.

For mitigating short-term impacts, the available tools include direct payments, aiming to stabilise farmers’ incomes, risk management tools, and compensation aid to farmers affected by adverse events.

When needed, the Commission can adopt exceptional support measures, as it was the case in 2022 when input costs increased strongly. In addition, the Commission presented the action plan for Affordable Energy[1] to help reducing energy costs for industry and households and building a genuine Energy Union.

The CAP is implemented in shared management with the national authorities. Member States have an obligation to protect Union funds from irregularities and fraud, and the Commission is committed to ensuring that these funds are spent appropriately and reach the rightful beneficiaries.

Furthermore, Member States are also bound by the obligation of disbursing the payments in full and for the measures under the Integrated administration and control system at the latest by June 30 of the year following the claim.

The Commission conducts risk-based audits to check whether the CAP governance systems put in place by the Member State function properly to ensure the legality and regularity of the CAP expenditure. Such audits were conducted in Greece in 2024, and the Member State was notified of the results.

[1] https://energy.ec.europa.eu/strategy/affordable-energy_en

Last updated: 22 April 2025

MIL OSI Europe News –

April 23, 2025

MIL-OSI Asia-Pac: Relief to Tobacco Farmers: Government Notifies 3-Year Validity for Grower Registrations and Barn Licenses

Source: Government of India

Posted On: 22 APR 2025 6:06PM by PIB Delhi

Government of India has decided to renew the Certificate of Registration as Virginia tobacco grower and License for operation of a barn to 3 years instead of 1 year as a part of ease of doing business, in order to reduce the burden of mandatory yearly renewal of Certificate of Registration as Virginia tobacco grower and license for operation of a barn. This means, the registrations / licenses will be valid for 3 years instead of the existing practice of renewing every year.

To facilitate the growers to renew this registration / licenses once in 3 years, the Government of India has amended the sub-rule(5), (6) and (7) of rule 33 and sub-rule (2) and (3) of rule 34N, of Tobacco Board Rules, 1976. The amendment to the aforementioned Tobacco Board Rules, 1976 was published in the Gazette of India by the Ministry of Commerce and Industry, Department of Commerce, Government of India.The same will be effective from 2025-26 crop season in Andhra Pradesh.

This amendment of increasing the periodicity from one to three years will be greatly helpful to around 83,500 farmers covering around 91,000 barns in renewing their registrations/licenses across Andhra Pradesh, Karnataka, Telangana and Odisha states.

Virginia tobacco is being regulated in India by an Act of Parliament i.e., Tobacco Board Act, 1975 and the rules notified there under. As per the Tobacco Board Act, 1975 and Rules notified thereunder, every grower intending to take up cultivation of Virginia tobacco has to obtain certificate of registration as a grower and a license for operation of a barn. Accordingly, the Tobacco Board is facilitating the registration / licensing on an annual basis.

India is 2^nd largest producer and 4^th largest exporter of unmanufactured tobacco in the World (in value terms during 2023) and generating to the Indian exchequer. During 2024-25 Financial Year, Tobacco exports contributed 1979 US million dollars (Rs.16,728 Crores) to the Indian exchequer.

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Abhishek Dayal/Abhijith Narayanan

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MIL OSI Asia Pacific News –

April 23, 2025

MIL-OSI Asia-Pac: Dr Jitendra Singh calls for greater synergy between innovation and industry for a sustainable StartUp ecosystem;

Source: Government of India

Dr Jitendra Singh calls for greater synergy between innovation and industry for a sustainable StartUp ecosystem;

Startup Ecosystem must link all stakeholders together to become globally competitive: Dr. Jitendra Singh

‘Time to Open the Gates’: Union Minister Calls for Science-Industry Synergy at Hyderabad Conclave

Agriculture is India’s exclusive and relatively under-explored domain, says Minister

Hyderabad Startup Meet Marks Shift Toward Inclusive Innovation, Says Dr. Jitendra Singh

Posted On: 22 APR 2025 5:22PM by PIB Delhi

In a spirited call for greater synergy between innovation and industry for a sustainable StartUp ecosystem, Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh said that the time has come for Indian science to break silos and integrate with stakeholders including industry, investors, and the public.

Speaking at the Startup Conclave jointly organized by CSIR-IICT, CSIR-CCMB, and CSIR-NGRI in Hyderabad, Dr. Jitendra Singh highlighted that India’s moment in science and innovation has arrived.

Addressing a gathering of scientists, entrepreneurs, students, and policymakers, Dr. Jitendra Singh lauded the rare joint initiative by the three Hyderabad-based CSIR labs, noting that “such an integrated scene of science and governance under one roof” reflects Prime Minister Narendra Modi’s vision of collaborative and inclusive innovation.

The Minister made a strong pitch for dismantling the outdated image of government labs as “ghost-haunted places where frogs are dissected,” narrating how villagers once misunderstood the work of CSIR labs due to lack of public outreach. “Science should not be confined behind gates. If your domain is agriculture, invite the farmers in. Let them see what you’re doing,” he asserted.

Dr Jitendra Singh underlined the need for early and deep industry involvement in research and innovation, pointing to the success of CSIR’s Aroma Mission, where over 3,000 youth, many of them non-graduates, became successful agri-entrepreneurs with minimum annual earnings of ₹60 lakh. “That’s the real transformation—a blend of technology, livelihood, and dignity,” he said.

Referring to India’s rapidly growing biotechnology sector, Dr. Jitendra Singh recalled that in 2014, there were only 50 biotech startups. Today, the number exceeds 10,000. “It’s not just numbers. We’ve moved from $10 billion to nearly $170 billion in biotech valuation. This is not just growth, it’s a revolution,” he said, citing the government’s dedicated policies like Bio-E3 and the National Quantum Mission.

Dr. Jitendra Singh expressed concern over internal compartmentalization within CSIR and even within his own Ministry. He revealed that he now holds monthly joint meetings of all science departments including Atomic Energy, Space, and Biotechnology, to ensure overlapping initiatives are integrated rather than duplicated. “How can we compete globally if we don’t even know what our neighbouring lab is doing?” he questioned.

The Minister also announced plans to open up the nuclear sector, noting that a new realism has replaced the secrecy that once shrouded scientific endeavours. “When Google can peek into our lives, what’s the point of denying access to potential collaborators in the name of confidentiality?” he asked.

The Minister made a compelling case for realistic, demand-driven innovation. “Let the industry do the mapping. Let them invest from day one. If they put in ₹20, they’ll make sure your startup doesn’t fail,” he said, encouraging researchers to see industry not just as a customer but as a co-investor.

In a candid remark, Dr. Jitendra Singh acknowledged that while the government has significantly increased support—CSIR and DSIR budgets have risen over 230% since 2014—true sustainability lies in self-sufficiency and public-private collaboration. “You can start a startup, but sustaining it is the challenge. Social and economic security must match the aspiration,” he said.

Concluding his address, Dr. Jitendra Singh emphasized that Hyderabad, with its unique blend of scientific legacy and tech-savvy spirit, is best positioned to lead India’s science-led development agenda. “This is not just about Hyderabad or about CSIR. This is about India stepping out of the shadows and leading the global innovation narrative,” he said.

The event, held at a time when India’s Global Innovation Index has jumped from 81 to 39 in less than a decade, marked a decisive moment in the Centre’s mission to democratize science, empower youth, and position India as a global innovation powerhouse.

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NKR/PSM

(Release ID: 2123497) Visitor Counter : 65

MIL OSI Asia Pacific News –

April 23, 2025

MIL-OSI Asia-Pac: NISE’s New PV Lab to Set Global Benchmarks in Solar Testing Capabilities: Union Minister Shri Pralhad Joshi

Source: Government of India

NISE’s New PV Lab to Set Global Benchmarks in Solar Testing Capabilities: Union Minister Shri Pralhad Joshi

India on Track to Meet 500 GW Non-Fossil Fuel Target by 2030, Including 292 GW Solar: Union Minister Joshi

Union Minister Pralhad Joshi Inaugurates Solar PV Testing Facility at NISE, Gwal Pahari

Posted On: 22 APR 2025 5:13PM by PIB Delhi

Marking a major advancement in India’s renewable energy capabilities, Union Minister for New and Renewable Energy Shri Pralhad Joshi, inaugurated the PV Module Testing and Calibration Lab at the National Institute of Solar Energy (NISE), Gwal Pahari, Bandhwari, Haryana. Speaking at the occasion, the Minister stated that the new lab will set global benchmarks in solar R&D, testing, training, and policy support while marking a bold step towards self-reliance, innovation, and global excellence.

Shri Joshi also said that NISE is now equipped to offer comprehensive testing, calibration, and certification services, particularly for photovoltaic modules and technologies where no established standards currently exist. He termed the lab a pioneering facility for India and further highlighted that as Indian companies scale up the production of large modules, this lab will ensure that products meet the highest quality standards. Shri Joshi noted that the lab also aligns with BIS standards and will provide a major boost to the Production Linked Incentive (PLI) scheme and support India’s aspiration to become a global manufacturing hub.

The Minister also underlined the importance of NISE as a training ground for government officials, industry professionals, and international delegates. He appreciated NISE’s efforts in training over 55,000 Suryamitra technicians and for installing more than 300 solar air dryer-cum-space heating systems in Leh, which are being used by farmers to dry apricots. He said such initiatives strengthen technical capacity and foster collaboration among government, industry, and academia. Shri Joshi also stated that with the new facility, NISE will significantly improve its efficiency, quality, and research in accordance with global benchmarks.

Tremendous Growth in RE Sector

Highlighting the exponential growth under the leadership of Prime Minister Shri Narendra Modi, the Minister said that India’s installed solar capacity increased from 2.82 GW in 2014 to crossed 106 GW now, marking a growth of over 3700%. In terms of manufacturing, solar module production has increased from 2 GW in 2014 to 80 GW today, with a target of reaching 150 GW by 2030. Alongside solar progress, the Minister also underscored the achievement of 50 GW in wind energy capacity.

Emphasising the government’s ambitious targets, Union Minister Shri Pralhad Joshi said that India is firmly on track to achieve the 500 GW non-fossil fuel energy target by 2030, including 292 GW of solar energy, as envisioned by Prime Minister Shri Narendra Modi.

The Minister said that NISE should reflect the transformation India’s renewable energy sector has seen in the last 11 years under Prime Minister Modi’s leadership. He also urged the institute to step up efforts in global research impact and patent generation.

Emerging Technologies and Scalable Innovations

Union Minister Joshi highlighted the need for deep research, innovation, and global collaboration. He advised NISE to build partnerships, develop talent, and push boundaries so that its work resonates across laboratories, manufacturing units, and solar farms worldwide.

He also acknowledged that NISE is already working on advanced technologies like Perovskite Solar Cells and Bifacial Panels. Going forward, he said, NISE should undertake initiatives for mass adoption of innovations such as AI for Solar Power Forecasting, Building-Integrated Photovoltaics (BIPV), and Solar-Driven EV Charging Stations. He added that enabling sustainable EV charging through solar is a part of Prime Minister Modi’s vision and should be explored by NISE at scale.

Strengthening Global Solar Cooperation

The Minister also chaired a meeting to review the progress of the International Solar Alliance (ISA), along with MNRE Secretary Shri Santosh Kumar Sarangi, ISA Director General Shri Ashish Khanna and other senior officials. He emphasized the need for collaborative global efforts in solar energy adoption.

Commemorating Earth Day with Green Commitments

Shri Joshi also planted a tree as part of the ‘Ek Ped Maa Ke Naam’ plantation drive at NISE, calling it a heartfelt initiative by Prime Minister Shri Narendra Modi. He stated that each sapling is a tribute to our mothers and a promise for a greener tomorrow. On World Earth Day, he called upon all to renew their commitment to building a cleaner, greener, and more sustainable planet.

Inaugurated the PV Module Testing & Calibration Lab at @Nise_Gurgaon, Haryana.

This pioneering facility empowers NISE to provide comprehensive testing, calibration, and certification services for photovoltaic modules and technologies. pic.twitter.com/RYl2HqZ6or

— Pralhad Joshi (@JoshiPralhad) April 22, 2025

Chaired a meeting to review the International Solar Alliance’s progress, along with @MNREIndia Secretary, @isolaralliance Director General, and other senior officials. Emphasised the importance of collaborative efforts to drive global solar energy adoption. pic.twitter.com/P4S4f4RF8S

— Pralhad Joshi (@JoshiPralhad) April 22, 2025

Planted a tree as part of the ‘Ek Ped Maa Ke Naam’ plantation drive at @Nise_Gurgaon — a heartfelt initiative by Hon’ble PM Shri @narendramodi ji. Each sapling is a tribute to our mothers and a promise of a greener future.

As today is also World Earth Day, let’s strengthen our… pic.twitter.com/Jhg9xfMBaW

— Pralhad Joshi (@JoshiPralhad) April 22, 2025

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Navin Sreejith

(Release ID: 2123490) Visitor Counter : 84

MIL OSI Asia Pacific News –

April 23, 2025

MIL-OSI USA: ICE arrests Guatemalan alien charged with girlfriend’s murder; uncle, an illegal alien, charged with accessory

Source: US Immigration and Customs Enforcement

BALTIMORE — U.S. Immigration and Customs Enforcement arrested illegal 23-year-old Guatemalan national Keycy Robinson Alexis Barrera-Rosa, April 5, in La Plata, Maryland. Berrera-Rosa is pending charges for the murder of his girlfriend, Lesbia Mileth Ramirez-Guerra, 23. Ramirez was also a Guatemalan alien.

Barrera-Rosa’s uncle, Rolvin Eduardo Barrera-Barrera, 37, has also been charged by local authorities with accessory after fact of murder.

“The arrest of these two individuals marks a significant step towards justice,” said ICE Baltimore acting Field Office Director Vernon Liggins. “This heinous crime not only devastated a community but also reinforced the urgent need to prioritize public safety by identifying, arresting, and removing egregious illegal aliens who threaten our neighborhoods. ICE will continue to work tirelessly, side by side with our law enforcement partners, to safeguard our communities and uphold the rule of law.”

The United States Border Patrol apprehended Barrera-Rosa April 10, 2019, near El Paso, Texas, and served him a notice to appear before a Department of Justice immigration judge. Barrera-Rosa reported Ramirez missing to the Charles County Sheriff’s Office, March 31. ICE arrested Barrera at the CCSO, April 5, and served him a notice to appear. The CCSO charged Barrera-Rosa with first-degree murder April 18.

The United States Border Patrol apprehended Barrera-Barrera April 10, 2019, along with his nephew Barrera-Rosa, near El Paso, Texas, and served him a notice to appear before a Department of Justice immigration judge. The CCSO arrested and charged Barrera-Barrera April 18, with accessory after fact of murder. On the same date ICE placed an immigration detainer on Barrera-Barrera with the Charles County Detention Center.

Barrera-Barrera is being held without bond at the CCDC. Barrera-Rosa is currently in ICE custody at the Farmville Detention Center in Farmville, Virginia, as he awaits extradition to the CCSO.

Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

Learn more about ICE’s mission to increase public safety in our communities on X, formerly known as Twitter, at @EROBaltimore.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Augmedics Completes 10,000th Augmented Reality Spine Surgery – Performed at UConn Health

Source: US State of Connecticut

Augmedics, a pioneer in augmented reality (AR) surgical navigation, today announced it has treated 10,000 patients with the xvision Spine System®. The landmark achievement marks a new record for the use of augmented reality navigation for spine surgery.

Dr. Isaac Moss, Chair of Orthopaedic Surgery at UConn Health, completes Augmedics’ 10,000th case in Hartford, CT.

“Since inception, Augmedics has been a company of firsts – the first FDA-approved AR navigation system for surgery, the first augmented reality spine surgeries in US, the first clinical accuracy studies,” said Augmedics President & CEO Paul Ziegler. “With that, there has always been a high degree of interest in AR and its potential to improve the safety and efficacy of spine surgery. The milestone of 10,000 surgeries is not only a celebration of 10,000 patient lives impacted, but definitive proof that we are fundamentally changing the surgical status quo. AR is here to stay.”

The 10,000 patient milestone comes as Augmedics’ initiates US commercial launch of its CT-Fluoro registration method, a move that greatly expands navigation access for spine surgeons and further builds on the flexibility of xvision’s open platform system.

“Our mission to break down barriers to adoption and bring the benefits of navigation to surgeons and their patients remains steadfast,” said Ziegler. “The milestone of 10,000 patients and all it represents – the lessons learned, our growing body of clinical evidence, our surgeon advisors – is significant. Add to that the launch of CT-Fluoro, which significantly impacts the ease and access of surgical navigation, and it feels like we’re on the cusp of something really special.”

X-ray vision beyond the “cool factor”
The record-setting 10,000th case was performed by Dr. Isaac L. Moss, Chair of Orthopedic Surgery at UConn Health in Farmington, Connecticut. Moss and the UConn team began using Augmedics in May 2022, becoming the first in central Connecticut to offer AR navigated spine surgery. Today, with six spine surgeons across the orthopedic and neurosurgery departments regularly utilizing xvision, it’s one of the largest AR programs in the country.

A childhood fan of Superman, Moss was originally drawn to the cool factor of a technology that gave him “x-ray vision.” Three years on, he views the clinical value through a different lens.

“Augmented reality navigation makes instrumentation of the spine, even complex revision or deformity, a low cognitive load task,” explained Moss. “Meaning, you can achieve high levels of accuracy in complex situations with very little mental fatigue. This in turn allows surgeons to have greater focus during the potentially more complex parts of the procedure. While this can be achieved with traditional navigation, the ease of use and the intuitive nature of the augmented reality system gives it a significant advantage over other platforms. As a result, we can do more complex cases with less invasive techniques on a regular basis and achieve optimal results for patients with likely less surgeon fatigue and burnout in the short and long run.”

Moss noted the UConn spine faculty has also demonstrated significant operative efficiency and reduction in radiation exposure using xvision. The team has also seen the positive impact of their AR program beyond clinical value.

“This has been great for us, the growth of our reputation and program,” said Chris Hyers, UConn Health Vice President of Marketing and Clinical Strategy Advancement. “In a crowded and very competitive landscape, it’s hard to differentiate. By being an early adopter of AR, we could pair the tremendous talents and reputations of our faculty with something easy for the consumer to understand – an innovative leadership position consistent with an academic medical center and consistent with our brand.”

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Walnut Consumption Curbs Inflammation and Colon Cancer Risk

Source: US State of Connecticut

There are new findings out about the benefits of eating walnuts. Results from a UConn School of Medicine clinical trial on the cover of the April edition of the journal Cancer Prevention Research show walnuts improve systemic inflammation while also reducing colon cancer risk.

Why walnuts?

Walnuts (Photo by California Walnut Commission).

Ellagitannins, plant-derived polyphenol compounds found in walnuts, are shown to be metabolized exclusively by the gut microbiome into a wide range of anti-inflammatory molecules called urolithins. These urolithins are associated with very potent anti-inflammatory properties and may even inhibit cancer.

“Ellagitannins in the walnut are importantly providing the anti-inflammatory and anti-cancer properties that we’re seeing in patients in our clinical trial research, particularly the gut’s conversion of ellagitannins to a potent anti-inflammatory agent, urolithin A,” reports Daniel W. Rosenberg, Ph.D. and his multidisciplinary team of researchers at the UConn School of Medicine.

Rosenberg serves as the HealthNet Chair in Cancer Biology and is an Investigator in the Center for Molecular Oncology. He has studied walnut properties for more than a decade and has researched the connection between walnut consumption and its anti-inflammatory properties.

The UConn research team’s clinical trial findings show that high levels of urolithin A formation by the gut microbiome from walnut consumption has a positive impact on reducing inflammatory markers across blood, urine, and fecal samples, and may even positively affect the immune cells within colon polyps.

For the clinical trial, patients between the ages of 40 to 65 years and at an elevated risk for colon cancer, were referred for the study from the Division of Gastroenterology at UConn Health, the University of Connecticut’s academic medical center. Each of the 39 enrolled study participants were screened by the clinical research team at UConn John Dempsey Hospital and asked to complete an NIH Food Frequency Questionnaire for analysis by Ock Chun Ph.D., a nutritional epidemiologist in the College of Agriculture, Health and Natural Resources at UConn Storrs. Patients were asked to avoid all ellagitannin-containing foods and beverages for a week to set their urolithin levels at or close to zero before they began consuming ellagitannin-rich walnuts as part of their closely monitored diet. At the end of the three-week study, all participants received a high-definition colonoscopy performed by Drs. John Birk and Haleh Vaziri.

Among the key findings, the researchers found that elevated urolithin A levels in the urine of patients correlated with the serum levels of peptide YY, an interesting protein that has been associated with inhibition of colorectal cancer. Reduced levels of several inflammation markers present in the blood were also found, especially in obese patients that had the greatest capacity to form urolithins by their gut microbiome.

UConn School of Medicine’s walnut clinical trial study findings are highlighted on the cover of Cancer Prevention Research this April 2025.

Rosenberg also used high-dimensional spatial imaging technology that allowed UConn researchers to develop a detailed view of the direct cellular interactions present inside colon polyps that were removed during colonoscopy at the end of the walnut study. This cutting-edge advanced imaging technology revealed that patients with high levels of urolithin A formation following walnut consumption was directly associated with reduced levels of several important proteins that are often present in polyps, showing for the first time how walnut ingestion may directly enhance colon health.

The research team also discovered that the protein vimentin, often associated with more advanced forms of colon cancer, was greatly reduced inside polyp tissues obtained from patients who had also formed the highest levels of urolithin A by their gut microbiome.

These important new research findings build upon the earlier work of Dr. Masako Nakanishi, an assistant professor in the Rosenberg Lab, who showed in several earlier publications that walnuts had beneficial and anti-cancer effects in the colons of cancer-prone mice, key findings that prompted the current clinical trial.

“Urolithin A has a very positive influence on inflammation and maybe even cancer prevention,” says Rosenberg. “Our study proves that dietary supplementation with walnuts can boost the general population’s urolithin levels in those people with the right microbiome, while significantly reducing several inflammatory markers, especially in obese patients.”

Rosenberg concludes, “Our study provides strong rationale for dietary inclusion of walnut ellagitannins for cancer prevention. Nutrients from walnuts can contribute to reduced cancer risk. There are many potential benefits one can get from eating walnuts, with so little downside risk, that just grabbing a handful every day is really something that you can easily do for your long-term health benefit.”

This research is supported by generous awards from the American Institute for Cancer Research, the California Walnut Commission, and the National Cancer Institute.

MIL OSI USA News –

April 23, 2025

MIL-OSI Africa: CORRECTION: African Development Bank approves $19.85 million grant for crisis response to the most vulnerable in Sudan’s conflict areas

Source: Africa Press Organisation – English (2) – Report:

ABIDJAN, Ivory Coast, April 22, 2025/APO Group/ —

The Board of Directors of the African Development Bank Group (www.AfDB.org) has recently approved a $19.85 million grant over two years to support a humanitarian and resilience operation in Sudan, with a strong focus on improving livelihoods of vulnerable populations and easing the impact of the ongoing conflict on communities and infrastructure.

In the short term, the Crisis Response for Women and Affected Communities in Sudan project, co-financed by the International Committee of the Red Cross (ICRC) will train and mobilize frontline workers such as health professionals, water and sanitation specialists, and market facilitators. The project will also restore up to five health facilities and four emergency centers in conflict zones, as well as rehabilitate water and energy systems in urban and rural settings.

The financing also facilitates delivery of emergency food aid, such as lentils and sorghum and other staples, like tea leaves and sugar. Some 60,000 people will receive farming inputs like fertilizers and seeds this year alone. Cash grants to support livelihoods, with a focus on women and their dependents, as well as survivors of gender-based violence will also be provided.

Overall, the project will benefit 1.5 million Sudanese, or 265,000 households, of which a majority are led by women. The project will also benefit internally displaced (IDPs) and hosting communities. The Bank categorizes the Crisis Response for Women and Affected Communities in Sudan project as “Category 1” on its Gender Marker System, indicating the principal objective of the project directly addresses gender equality and women’s empowerment.

“Peace, security and stability are urgently needed for Sudanese communities to reach their full potential,” Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human and Social Development, said about the project.

“The Crisis Response for Women and Affected Communities in Sudan project will help restore social services and economic opportunities to some of the country’s most vulnerable communities. The Bank financing will also strategically promote inclusive and resilient economic activities, intentionally contributing to peacebuilding” she added.

The Bank’s Transition Support Facility (TSF) is financing the bank’s share of the project. The Facility, introduced in 2008, provides additional concessional resources to countries facing situations of fragility and conflict.

This Bank crisis response operation, implemented in collaboration with the ICRC, goes beyond short-term humanitarian interventions to invest in long-term resilience and sustainable development with a focus on women and affected communities. It adopts a humanitarian-development-peace nexus approach which blends urgent humanitarian relief with efforts to lay the foundation for long-term development and peace. While addressing the conflict with a rapid response focused on food security and other livelihood support, the project’s focus remains on early recovery for affected communities and displaced populations.

The International Committee of the Red Cross will draw on its deep operational experience and long-standing presence in Sudan and work through existing staffing and infrastructure. The project focuses on scaling up sustainable solutions, including through strengthening capacities of the Sudanese Red Crescent Society. As part of its mandate, the ICRC will also advance respect for International Humanitarian Law, which remains a cornerstone of humanitarian response in conflict-affected areas, thereby also protecting civilian infrastructure and assets.

To date, an estimated eleven million Sudanese have been displaced internally, and another 3.8 million — mostly women and children — have been forced to flee to neighboring countries. Supporting Sudan’s stabilization requires coordinated and joint efforts of combined immediate relief laying the foundation for inclusive long-term development and lasting stability. Policy dialogue will be key to ensuring women’s participation in conflict prevention and crisis management.

MIL OSI Africa –

April 23, 2025

MIL-OSI Security: Operators of New Jersey Company Sentenced to Prison and Enter Into Related Civil Settlement Agreement for Roles in $127 Million Health Care Fraud and Kickback Scheme

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

NEWARK, N.J. – Two operators of a New Jersey marketing company were sentenced to prison for their roles in conspiracies to commit health care fraud and to pay and receive illegal kickbacks, United States Attorney Alina Habba announced.

Eric Karlewicz a/k/a “Anthony Mazza,” 46, of Rockland County, New York, and Nicco Romanowski, 33, of Roswell, Georgia, were sentenced by U.S. District Judge Esther Salas in Newark federal court following their guilty pleas to Informations charging conspiracy to violate the Federal Anti-Kickback statute and conspiracy to commit health care fraud. Karlewicz was sentenced to 51 months in prison and Romanowski was sentenced to 80 months in prison.

According to documents filed in this case and statements made in court:

From in or around June 2017 through in or around May 2019, Karlewicz and Romanowski participated in a scheme with durable medical equipment (“DME”) companies, telemedicine companies, and doctors to submit false claims to health care benefit programs, including Medicare and TRICARE, based on a circular scheme of kickbacks and bribes. Karlewicz and Romanowski controlled a New Jersey-based marketing company, Empire Pain Center Holdings LLC (“Empire”), though which they and their co-conspirators identified Medicare and TRICARE beneficiaries to target. Employees of Empire called the beneficiaries to pressure them to agree to accept DME, frequently consisting of back, shoulder, and knee braces. Karlewicz and Romanowski paid Empire’s employees commissions, bonuses, and incentives to encourage them to convince as many beneficiaries as possible to accept DME, regardless of medical necessity.

Karlewicz and Romanowski, through Empire, then paid kickbacks to telemedicine companies, which in turn paid kickbacks to doctors in exchange for prescriptions for the DME. As agreed upon, the doctors signed the prescription orders regardless of medical necessity, often without ever speaking to the patient. Karlewicz and Romanowski distributed the prescriptions to DME suppliers around the country, with which Empire had additional kickback arrangements. These DME suppliers submitted claims for reimbursement to health care benefit programs including Medicare and TRICARE, and thereafter sent a portion of the proceeds to Empire as payment for the doctor’s orders generated through the conspiracy. Empire received more than $63 million from DME suppliers in exchange for the referrals.

In total, Karlewicz and Romanowski caused the submission of false and fraudulent claims to health care benefit programs totaling in excess of $127 million for DME. Using proceeds from the scheme, Karlewicz and Romanowski purchased luxury vehicles, including a Ferrari, and Lamborghini, a Bentley, and a BMW.

In addition to the prison terms, Judge Salas sentenced each defendant to three years of supervised release and ordered them to pay $127,600,000 in restitution. Karlewicz was ordered to forfeit over $63 million, and Romanowski was ordered to forfeit over $5.5 million.

United States Attorney Habba also announced that Karlewicz and Empire entered into a civil settlement agreement. As part of that civil settlement agreement, Karlewicz and Empire admitted to violating the False Claims Act and agreed to the entry of a consent judgment against them in the amount of $63.8 million.

The civil settlement agreement resolves a lawsuit filed under the whistleblower provision of the False Claims Act, which permits private parties, called relators, to file suit on behalf of the United States for false claims and share in a portion of the government’s recovery. The relator, Robert Jackson Tyler, Jr., will receive a share of the funds recovered by the United States pursuant to the False Claims Act.

United States Attorney Habba credited special agents of the FBI, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark, U.S. Department of Health and Human Services Office of Inspector General, under the direction of Special Agent in Charge Naomi Gruchacz, and U.S. Department of Defense, Office of Inspector General, Defense Criminal Investigative Service, Northeast Field Office, under the direction of Acting Special Agent in Charge Christopher Silvestro, with the investigation.

The government is represented in the criminal case by Assistant U.S. Attorney Katherine M. Romano of the Health Care Fraud Unit and Senior Trial Counsel Barbara Ward of the Bank Integrity, Recovery, and Money Laundering Unit in Newark.

The government is represented in the civil case by Assistant U.S. Attorney David V. Simunovich of the Health Care Fraud Unit and Trial Attorney Martha Glover of U.S. Department of Justice, Civil Fraud Section.

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Defense counsel: Darren Gelber, Esq. (for Eric Karlewicz)

Alyssa Cimino, Esq. (for Nicco Romanowski)

MIL Security OSI –

April 23, 2025

MIL-OSI USA: Ciscomani Stands Up For Ranchers, Provides an Update on his work in Congress in Graham County

Source: United States House of Representatives – Congressman Juan Ciscomani (Arizona)

Safford, AZ – U.S. Congressman Juan Ciscomani told Graham County ranchers that they should receive full compensation for cattle killed by Mexican gray wolves.

“Ranchers in Arizona and other western states face an intolerable situation,” said Ciscomani. “Their livelihood is directly threatened by an animal that the federal government has reintroduced into our communities. Yet when a wolf kills their cattle, they can’t get full compensation. This just isn’t right.”

Ciscomani told ranchers he’s a co-sponsor of the Wolf and Livestock Fairness (WOLF) Act (H.R. 2227) to fully reimburse ranchers for any livestock killed or harmed by endangered Mexican gray wolves. Currently, ranchers are compensated for 75 percent of the value of livestock killed by gray wolves. This bill increases compensation for ranchers to 100 percent of the value of cattle loss and compensates them for decreased herd sizes.

“Government bureaucracy cannot stand between ranchers and their way of life,” said Ciscomani.

The Congressman’s meeting with ranchers in Safford was part of a day spent in Graham County. He also provided a congressional update to elected officials, students, business leaders, educators, and community members at Eastern Arizona College. Here is some of the legislation he has introduced and cosponsored to support students, veterans, and workers across Arizona’s 6th District:

The Secure our Rural Schools Act (H.R. 1383) which provides funding to rural counties and schools that are impacted by federal land management, particularly those with large areas of federally owned, tax-exempt forests.
The Veterans Education and Technical Skills (VETS) Opportunity Act (H.R. 1458), would expand veterans’ access to educational opportunities in high-demand skill and vocation programs, whether in-person or partially online.
The Creating Opportunities for New Skills Training at Rural and Underserved Colleges and Trade Schools (CONSTRUCTS) Act (H.R. 1055) would create a grant program to fund and develop residential construction education and certification programs at community colleges, junior colleges, and trade schools

“I am committed to making sure that rural communities, which are often overlooked by the federal government, have a seat at the table,” said Ciscomani. “I spent the day in Graham County, where I met with ranchers to talk about my efforts to strengthen water security, the problem posed by Mexican gray wolves, and my support of a bipartisan bill to provide full reimbursement to ranchers when livestock are killed or harmed by these wolves. Afterwards, I had an engaging meeting with local leaders and community members where I provided an update on my work in Congress and reiterated my ironclad support of Pell Grants, protecting Medicaid, and next steps in reconciliation process. As I always say, you never have to wonder what people in rural Arizona think, and today’s dialogue equips me to better deliver for all of my constituents.”

Read coverage from the Gila Valley Central here.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Trahan Delivers Keynote Speech at Concord 250 Celebration

Source: United States House of Representatives – Congresswoman Lori Trahan (D-MA-03)

Today, Congresswoman Lori Trahan (MA-03) delivered a keynote speech at the Concord 250 celebrations marking the semiquincentennial of the start of the Revolutionary War in Concord, Massachusetts.
“What began here in Concord became ‘the shot heard round the world.’ It was more than the start of a war – it was the beginning of an idea. That liberty is worth defending. That government derives its just powers from the consent of the governed. That even the smallest towns in the smallest colonies could stir the conscience of a world,” said Congresswoman Trahan.
CLICK HERE to view the full speech. A transcript is embedded below.

The Concord 250 ceremony was hosted at the Old North Bridge in Minute Man National Historical Park, home to the first serious battle of the Revolutionary War. The shots fired in the Battle of Concord were later described by American author Ralph Waldo Emerson as the “shot heard round the world.”
“In every generation, there have been bridges like this one in Concord and like the Edmund Pettus Bridge in Selma, where brave Americans marched for civil rights and faced down brutality in the name of justice. Moments that demand to know who we are and what we stand for,” Congresswoman Trahan continued. “So let us meet our moment today. Let us be citizens worthy of this history, and ancestors worthy of remembrance. And let us ensure that two hundred and fifty years from now, when future generations gather at this bridge, they won’t just hear the echo of that first shot – they’ll hear the echo of our voices, rising to say: we carried the promise of a stronger America forward.”
————————————
Congresswoman Lori Trahan
Remarks as Delivered
Concord 250 Ceremony
April 19, 2025

Good morning.
Two hundred and fifty years ago, right here at the Old North Bridge, ordinary people faced an extraordinary choice: monarchy or democracy. They could remain subjects of a distant crown, or risk everything for the idea of self-government.
They chose freedom.
Farmers and blacksmiths, shopkeepers and ministers, teachers and mothers, everyday citizens who had no guarantee of success stood their ground. And when the smoke cleared on that April morning, the first shots of a revolution had been fired.
What began here in Concord became “the shot heard round the world.” It was more than the start of a war – it was the beginning of an idea. That liberty is worth defending. That government derives its just powers from the consent of the governed. That even the smallest towns in the smallest colonies could stir the conscience of a world.
But it was never inevitable. The men and women who gathered here were not professional soldiers or political elites. They were neighbors and parents. Workers and worshippers. People with families to protect, farms to tend, and lives to live. And yet, when the moment came, they answered history’s call.
Today, as we mark the 250th anniversary of that defining moment, we gather not just to honor their courage, but to reckon with the responsibility they left us. Because we are the stewards now. Every generation inherits the promise made here in Concord. And every generation must choose what echoes we will send forward.
Will we echo courage or complacency? Unity or division? Will we, like those early patriots, rise together to meet the challenges of our time?
Even our founders knew that the greatest threat to this fragile experiment wouldn’t come from abroad – it would come from within. In fact, when George Washington agreed to attend the Constitutional Convention in 1787, he explained why in a letter to a friend. He warned of “some aspiring demagogue who will not consult the interest of his country so much as his own ambitious views.”
Washington wasn’t worried about the jeweled crowns of foreign kings – he was worried about the domestic ones, those who drape themselves in flags while declaring themselves above the Constitution. That remains our charge today. To ensure that in America, no one, no matter how loud, how wealthy, or how powerful, stands above the law. Because in a democracy, the law, not a single man, is sovereign.
Our union is still imperfect. Our freedoms still tested. But the story of America has always been one of progress – not because the path was easy, but because courage found its way into common hands.
In every generation, there have been bridges like this one in Concord, like the Edmund Pettus Bridge in Selma where brave Americans marched for civil rights and faced down brutality in the name of justice. Moments that demand to know who we are and what we stand for.
So let us meet our moment today. Let us be citizens worthy of this history, and ancestors worthy of remembrance. And let us ensure that two hundred and fifty years from now, when future generations gather at this bridge, they won’t just hear the echo of that first shot – they’ll hear the echo of our voices rising to say: we carried the promise of a stronger America forward.
Thank you.
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MIL OSI USA News –

April 23, 2025

MIL-OSI: Canadian Colleges for a Resilient Recovery and Wawanesa Award $150,000 to Five Youth-Led Climate Projects

Source: GlobeNewswire (MIL-OSI)

HAMILTON, Ontario, April 22, 2025 (GLOBE NEWSWIRE) — Innovative climate solutions require bold ideas, and young leaders are stepping up to the challenge. Wawanesa Insurance and Canadian Colleges for a Resilient Recovery (C2R2) are thrilled to announce the latest recipients of the Wawanesa Climate Champions: Youth Innovation Grants. The $150,000 in available funding will support youth-led projects focused on tackling climate change and building more resilient communities across Canada.

Through a competitive selection process, five outstanding projects have been chosen to each receive a $30,000 grant to develop and implement their climate-focused initiative with support from C2R2 partner institutions. These projects represent the creativity and commitment of young Canadians striving for meaningful environmental impact.

“The level of innovation and dedication from young leaders across Canada is truly inspiring,” said Has Malik, Saskatchewan Polytechnic Provost & Vice President Academic and C2R2 Co-Chair. “By investing in these projects, we are not only supporting youth-led ideas, but also empowering the next generation to take an active role in shaping a more sustainable future.”

Recognizing the critical role youth play in driving climate adaptation and mitigation solutions, Wawanesa first awarded the grant last year in partnership with C2R2. The initiative is part of the Wawanesa Climate Champions program, which reinforces the insurer’s annual $2 million commitment to building stronger, more resilient communities.

“Canada’s youth are instrumental in building more climate-resilient communities,” said Jackie De Pape Hornick, Director, Communications & Community Impact at Wawanesa. “These grants are designed to empower young climate champions to transform their innovative ideas into action. We’re proud to once again partner with C2R2 to support another group of changemakers as they create a meaningful, lasting impact in our communities.”

The Wawanesa Climate Champions: Youth Innovation Grants received over 10 outstanding submissions from youth across seven of C2R2’s institution partners. Of the projects, the following have been selected to receive funding:

Anamika Gupta at Saskatchewan Polytechnic for her project; Prairie EcoWatt: Energy Champions of Saskatchewan.
Clarissa Getigan at New Brunswick Community College for her project; Sustainable Greenhouse Farming: Securing Food with Resource Efficiency.
Dexter Guino at the Southern Alberta Institute of Technology for his project; Enhancing the Durability Performance of Low-Carbon Concrete using Carbon-Sequestered SCM.
Jeshuah Gilroy at Holland College for his project; Novel bioremediation approach to neutralize nitrous oxide precursors from water.
Maninder Kailay and Nga Phan at the British Columbia Institute of Technology for their project; Supercritical CO₂ Techniques for Lithium-Ion Battery Metal Recovery.

These projects will be implemented over the next year, with recipients working alongside industry experts, academic mentors, and community partners to maximize their impact.

About Canadian Colleges for a Resilient Recovery (C2R2)

Canadian Colleges for a Resilient Recovery (C2R2) is a coalition of 15 highly aligned colleges, cégeps, institutes, and polytechnics across Canada with an established commitment to sustainability. The coalition members have come together as a driving force, providing the skills required to transition to a clean economy in Canada. C2R2’s administration and secretariat are located at Mohawk College in Hamilton.

For more information, visit www.resilientcolleges.ca.

About The Wawanesa Mutual Insurance Company

The Wawanesa Mutual Insurance Company, founded in 1896, is one of Canada’s largest mutual insurers, with over $3.5 billion in annual revenue and assets of $10 billion. Wawanesa Mutual, with its National Headquarters in Winnipeg, is the parent company of Wawanesa Life, which provides life insurance products and services throughout Canada, and Western Financial Group, which distributes personal and business insurance across Canada. Wawanesa proudly serves more than 1.7 million members in Canada. The company actively gives back to organizations that strengthen communities, donating more than $3.5 million annually to charitable organizations, including over $2 million annually in support of people on the front lines of climate change. Learn more at wawanesa.com.

For more information:

Sean Coffey
Director, Communications
Mohawk College
905-575-2127
sean.coffey@mohawkcollege.ca

Michel Rosset
Manager, Corporate Communications & Media Relations
The Wawanesa Mutual Insurance Company
media@wawanesa.com

The MIL Network –

April 23, 2025

Category: Agriculture

2025-55 HAWAIʻI’S FIRST EVER “DO THE WRITE THING” STUDENT AMBASSADOR CHOSEN TO REPRESENT HAWAIʻI AT NATIONAL SUMMIT IN WASHINGTON D.C.

Dr Jitendra Singh calls for greater synergy between innovation and industry for a sustainable StartUp ecosystem;Startup Ecosystem must link all stakeholders together to become globally competitive: Dr. Jitendra Singh

NISE’s New PV Lab to Set Global Benchmarks in Solar Testing Capabilities: Union Minister Shri Pralhad JoshiIndia on Track to Meet 500 GW Non-Fossil Fuel Target by 2030, Including 292 GW Solar: Union Minister Joshi

Dr Jitendra Singh calls for greater synergy between innovation and industry for a sustainable StartUp ecosystem;

Startup Ecosystem must link all stakeholders together to become globally competitive: Dr. Jitendra Singh

NISE’s New PV Lab to Set Global Benchmarks in Solar Testing Capabilities: Union Minister Shri Pralhad Joshi

India on Track to Meet 500 GW Non-Fossil Fuel Target by 2030, Including 292 GW Solar: Union Minister Joshi