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Category: Americas

  • MIL-OSI USA: House Republicans Introduce Resolution Establishing New Select Subcommittee to Continue Investigation of the Events Surrounding January 6

    Source: United States House of Representatives – Representative Mike Johnson (LA-04)

    WASHINGTON — Chairman Barry Loudermilk (GA-11) today introduced a resolution establishing the new select subcommittee for the 119th Congress to continue Congress’ investigation into the events surrounding January 6, 2021.

    Once the resolution is approved by the House, the work will be chaired by Rep. Loudermilk and exist as a Select Subcommittee of the House Judiciary Committee chaired by Rep. Jim Jordan (OH-4).

    Speaker Johnson released the following statement:

    “House Republicans are proud of our work so far in exposing the false narratives peddled by the politically motivated January 6 Select Committee during the 117th Congress, but there is clearly more work to be done. The resolution introduced today will establish this Select Subcommittee so we can continue our efforts to uncover the full truth that is owed to the American people. House Republicans remain intent on delivering the answers that House Democrats skipped over.”

    Subcommittee Chairman Loudermilk released the following statement:

    “I am honored to continue the investigation into the events surrounding January 6, 2021, and the failures that led to the breach of the U.S. Capitol. From my subcommittee investigation in the 118th Congress, we uncovered that what happened at the Capitol that day was the result of a series of intelligence, security, and leadership failures at multiple levels within numerous entities. While my subcommittee did an incredible job last Congress, there is still much work to be done.  I appreciate Speaker Johnson entrusting me to continue this important investigation, and I look forward to working with Chairman Jordan and his team. It is vital that we continue to uncover the facts and begin the task of making needed reforms to ensure this level of security failure may never happen again.”

    Chairman Jordan released the following statement:

    “The partisan January 6 Committee failed to uncover crucial pieces of information for the American people, and Rep. Loudermilk has been the leader in getting to the bottom of the Democrat-run Committee’s failures. Rep. Loudermilk will continue to work tirelessly to get everyone the truth.”

    The House will consider the resolution after Members return to Congress from the August District Work Period.

    ###

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI USA: Chairman Smith Op-Ed: The One Big Beautiful Bill Act and Trump’s Trade Policy Will Do What ‘Bidenomics’ Never Could

    Source: United States House of Representatives – Representative Mike Johnson (LA-04)

    WASHINGTON — Today, Ways and Means Chairman Jason Smith published an op-ed in the Washington Examiner highlighting how the One Big Beautiful Bill and President Trump’s trade policy will do what ‘Bidenomics’ NEVER could.

    “Democrats in Washington like to push a narrative that you cannot cut taxes and decrease the deficit. But economic growth fueled by The One Big Beautiful Bill Act, combined with common-sense government spending cuts and President Donald Trump’s successful America First trade policy, will prove them wrong once again,” Chairman Smith wrote.

    Read Chairman Smith’s full op-ed in Washington Examiner here or below:

    For four years, Democrats in Washington pushed a reckless tax-and-spend agenda known as “Bidenomics” that blew a hole in the U.S.’s national debt. More than $10 trillion later, and along with 20% inflation that federal spending created, our nation is at a fiscal crossroads. The status quo is not acceptable or sustainable.

    Democrats in Washington like to push a narrative that you cannot cut taxes and decrease the deficit. But economic growth fueled by The One Big Beautiful Bill Act, combined with common-sense government spending cuts and President Donald Trump’s successful America First trade policy, will prove them wrong once again.

    In fact, it is already happening. June saw the first federal budget surplus in more than nine years, with revenues exceeding spending by $26 billion, thanks to a windfall of $18 billion in new tariff revenue. While deficits are likely to continue in the near term, this is a start in the right direction.

    The myth that you cannot cut taxes and restore fiscal sanity depends on dismissing the tax incentives in the One Big Beautiful Bill Act that will drive investment, create jobs, and grow our economy. The simple truth: They will, and they have before.

    Even though the 50-year historic average GDP growth is over 2.7%, the “nonpartisan” Congressional Budget Office forecasts economic growth will be just 1.8% in the coming years, and the projected deficit impact of the “big, beautiful bill” based on that growth would be $3.3 trillion over ten years. However, if our nation’s economic growth rises just 0.1% above the historic average and clocks in at 2.8%, federal deficits will actually be reduced by over half a trillion dollars.

    Is this possible? We know it is because in the years following the passage of Trump’s 2017 tax cuts, the United States’s economy grew by 2.8%. It can and will happen again.

    Increased federal revenues driven by economic growth are just one piece of the equation. Trump’s successful America First trade policy is not only forcing our trading partners to the table to deliver better deals for American manufacturers and farmers, but it is also providing tens of billions of dollars for deficit reduction each month.

    Even the CBO predicts that the new tariff policies will generate $2.5 trillion in new revenue for the federal government over the next 10 years. That is no small sum.

    Putting direct tariff revenue aside, as countries come to the table and more markets open for American producers, our economic growth will accelerate further. The One Big Beautiful Bill Act and America First trade policies will turbocharge our entrepreneurs to produce more, hire more, and invest more here at home. This will only boost revenues flowing into the federal government further.

    While economic growth and tariffs are part of the solution, Congress must be forced to address the elephant in the room: federal spending. The One Big Beautiful Bill Act took a massive turn down the correct path by cutting over $1.5 trillion in mandatory spending — the most in American history.

    Complacency and lax oversight for years have allowed spending to explode, mostly in our nation’s social safety net programs. Fraud and abuse were allowed to run rampant, putting these programs at risk for the people who truly rely on them.

    Through common-sense reforms such as work requirements, which more than 80% of the public supports, the One Big Beautiful Bill Act has eliminated wasteful spending and protected these programs for future generations. But more must be done.

    Economic growth and tariff revenue alone will not save us, but they are certainly a start. Congress must make responsible decisions in the years to come to prevent saddling the next generation with even more crippling debt and economic decline.

    Addressing our nation’s debt crisis will require a multifaceted, holistic approach, but Republicans are already taking America down the right track.

    ###

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI USA: Wasserman Schultz, Carter, Norcross Reintroduce Bipartisan Pool Safety Legislation to Save Young Lives

    Source: United States House of Representatives – Representative Debbie Wasserman Schultz (FL-23)

    “No work we do in Congress is more important than keeping our children healthy and safe. And the Virginia Graeme Baker Pool and Spa Safety Act does that by saving countless lives over the years. So, it is critical that we continue this bipartisan, common-sense law, which this reauthorization does by expanding its life-saving impact,” said Wasserman Schultz. “Just this year in my home state we’ve seen over 60 drownings, which is more incidents than at this same time last year. But with education and added layers of protection we can keep more innocent children safe. This law does that by helping decrease drowning in pools and spas, a concern on every parent’s mind as the summer season and water activities pick up. Let’s keep our kids safe with sensible outreach, education, and precautions.”

    Washington, D.C. – Today, U.S. Reps. Debbie Wasserman Schultz (FL-25), John Carter (TX-31), and Donald Norcross (NJ-01) re-introduced the bipartisan Virginia Graeme Baker Pool and Spa Safety (VGB) Reauthorization Act to help decrease preventable drownings.

    Drownings and near-drownings in pools and spas pose a significant public health risk to our nation’s children. These water-safety fatalities remain the leading cause of unintentional death for children ages one to four, with higher incidents of drowning deaths for American Indian and Black individuals. However, we are not powerless to prevent these tragedies. Strong education, awareness, and enforcement efforts help make children safer around the water and save lives.

    “No work we do in Congress is more important than keeping our children healthy and safe. And the Virginia Graeme Baker Pool and Spa Safety Act does that by saving countless lives over the years. So, it is critical that we continue this bipartisan, common-sense law, which this reauthorization does by expanding its life-saving impact,” said Wasserman Schultz. “Just this year in my home state we’ve seen over 60 drownings, which is more incidents than at this same time last year. But with education and added layers of protection we can keep more innocent children safe. This law does that by helping decrease drowning in pools and spas, a concern on every parent’s mind as the summer season and water activities pick up. Let’s keep our kids safe with sensible outreach, education, and precautions.” 

    “The Virginia Graeme Baker Pool and Spa Safety Act has saved many lives since 2008 by helping to prevent drownings through stronger safety standards and public education,” said Carter. “Now, with summer in full swing and families spending more time at the pool, reauthorizing this law is more important than ever. We should all want our children to be safe around the pool, and this bill is a smart, bipartisan way to protect them. I thank my colleague Rep. Wasserman Schultz for her advocacy on this issue, and I hope my colleagues will support.”

    “The Virginia Graeme Baker Pool and Spa Safety Act is a common-sense bill that has already saved countless lives. It’s a great example of when a policy works the way it was intended. The results speak for themselves since there haven’t been any entrapment deaths in public pools since the legislation was enacted,” said Norcross. “That’s why I’m honored to cosponsor this bill’s reauthorization to continue ensuring our pools install safe drain covers and, most importantly, save lives.”

    The Virginia Graeme Baker Pool and Spa Safety Act (VGB), first authorized in 2008, is aimed at improving the safety of all pools and spas by increasing the layers of protection and promoting uninterrupted supervision to prevent child drowning and entrapment. The law has three principal elements, carried out by the Consumer Product Safety Commission (CPSC):

    1. First, it requires every public pool in the US to install safe drain covers that prevent suction entrapment.

    2.     Second, it initiates a grant program that incentivizes states, municipalities, and Indian Tribes to adopt their own pool and spa safety laws and support education efforts.  These grants provide critical support for local officials to enforce their safety requirements and educate communities about drowning and entrapment dangers.

    1. Third, it launches “Pool Safely,” a national public education campaign to raise awareness about drowning prevention.

    The VGB Reauthorization Act will continue to carry out these primary functions as it builds on over a decade’s worth of expertise in proper execution of the programs through the CPSC.

    Click here for full bill text.

    “The Virginia Graeme Baker Pool & Spa Safety Act is a perfect example of how sensible and sound policy can save lives. Since the passage of the legislation, entrapment deaths in public pools have ceased and have been substantially reduced in private pool settings. This shows how well-designed legislation can have direct impacts on child safety and engineer our pool environments to be safer for all. The reauthorization not only ensures communities continue to be safe from this preventable tragedy, but also that water safety efforts will continue across the country to address the more than 4,000 fatal drownings the US experiences each year,” said Alissa Magrum, Executive Director of the National Drowning Prevention Alliance (NDPA).

    “The passage of the VGB Act, in a significant way, has helped to make some sense of the tragic death of my daughter, Graeme, and so many children whose lives have been lost in preventable drownings. The reauthorization of the legislation also makes sense, as we have learned over the past 15 years what works well and what might be done even better to ensure water safety.  I am fully support of the bill,” said Nancy Baker, mother of Virginia Graeme Baker and water safety advocate.

    “The Virginia Graeme Baker Pool and Spa Safety Act has saved lives. Reauthorization of this Act allows for its proven safety standards to continue to do its good work, making pools and spas across the United States safer for those who use them. This legislative intervention creates actions and outcomes that those working in public health so often hope to see. It works! The associated Pool Safely funding mechanism is also an essential piece and has been effective in keeping the message of water safety top of mind. The American Red Cross fully supports this reauthorization and all efforts to reduce drownings across the country,” said William Ramos, Ph.D., American Red Cross Scientific Advisory Council Aquatics Chair.

    “On behalf of the nation’s YMCAs, which operate more than 2,100 pools across the country, YMCA of the USA strongly supports the Virginia Graeme Baker Pool and Spa Safety Reauthorization Act. As the largest provider of swim instruction in the country, the Y greatly appreciates the inclusion of nonprofits in the act’s Swimming Pool Safety Grant Program, which creates opportunities for community-based organizations like YMCAs to secure additional resources to raise awareness about drowning prevention and make swim instruction more accessible to those who need it,” said Suzanne McCormick, President and CEO, YMCA of the USA.

    “Our daughter Abbey’s hope was that no other child would experience a death or injury from a dangerous pool or spa.  The VGB act was the realization of that hope.  We can all still do better with the reauthorization of this critical safety legislation.  We unequivocally support this bill,” said Scott and Katey Taylor, founders of Abbey’s Hope Charitable Foundation.

    “The core purpose of the Pool & Hot Tub Alliance is to prioritize safety and health in pool and hot tub environments. We have been unwavering in our support for the reauthorization of the VGB Act, recognizing its significant impact on saving lives. PHTA is proud to play a role in the VGB Act through the development of two industry safety standards that establish stringent requirements for suction outlet fitting assemblies and suction entrapment avoidance. By reauthorizing this legislation, we will ensure a substantial reduction in fatal drownings—a cause that deserves universal backing,” said Sabeena Hickman, CAE, President & CEO of the Pool & Hot Tub Alliance (PHTA).

    “The VGB Act, passed only five months after our son Zachary’s death, brought a semblance of peace and hope to our family. That no one has died by entrapment in a public pool since the VGB Act was passed is a victory that we should all celebrate but, there is more work to be done. Even now, sixteen years later, we are seeing recalls on drains that aren’t compliant. The reauthorization of this bill is vital to our communities and will ensure that all public pools comply with entrapment prevention requirements and will support efforts to address traditional forms of drowning. Our family and the ZAC Foundation for Children’s Safety, founded in our son’s honor, are committed to the success of this bill,” said Karen and Brian Cohn, founders of ZAC Foundation.

    “CamerEye has always been a vocal leader in advocating for safe aquatic environments—they are absolutely critical to industry. Not only does Virginia Graeme Baker Act reiterate the requirement for safe and compliant drain covers, it incentivizes state, local, and Tribal jurisdictions to implement and enforce swimming pool and spa safety standards which has been proven to save lives. This act is a perfect example of how policy can positively impact saving lives and this reauthorization represents a chance to build on that success. We’re in full support of this reauthorization act.” said Sai Reddy, founder/CEO of CamerEye.ai.

    “The Virginia Graeme Baker Act is a shining example of how good policy can save lives, and this reauthorization represents a chance to build on that success. This is also an opportunity to address the serious and persistent inequities that exist around water safety,” said Safe Kids Worldwide President Torine Creppy.

    ####

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI USA: The One Big Beautiful Bill Drives Business Growth

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–The One Big Beautiful Bill Act drives economic growth by making key business provisions permanent, giving businesses the certainty they need to invest, hire and grow.
    “Permanent tax policy provides businesses with the certainty they need to invest, save and plan for the future, which will power economic growth and ignite the U.S. economy,” said Finance Committee Chairman Mike Crapo (R-Idaho).
    Key wins:
    Full expensing for domestic R&D to encourage domestic innovation.
    Full expensing for new capital investments, like machinery and equipment, to boost domestic production.
    Restores interest deductibility to a globally competitive standard to help finance critical domestic investments.
    What they are saying:
    “The Chamber thanks Leader Thune, Chairman Crapo, and all who are working to make the pro-growth reforms of the 2017 Tax Cuts and Jobs Act permanent, including the deduction for domestic R&D expenditures, 100% bonus depreciation for certain business investments, and an expanded business interest limitation. The Chamber applauds the Senate for voting to make these provisions permanent features of the tax code.” – U.S. Chamber of Commerce
    “[This bill sends] a swift, decisive signal that America will remain a premier destination for businesses to invest, hire and grow.” – Business Roundtable
    “I applaud Chairman Mike Crapo, Leader John Thune and their Senate colleagues for advancing international tax policies that keep the U.S. the top destination for global investment. These provisions will help sustain American jobs, drive innovation, and reinforce a stable tax environment that attracts cross-border capital and world-class know-how.” – Global Business Alliance President and CEO Jonathan Samford
     

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI USA: Crapo, Blumenthal, Warren File Major Richard Star Act as Amendment to Must-Pass Defense Bill

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senators Mike Crapo (R-Idaho), Richard Blumenthal (D-Connecticut) and Elizabeth Warren (D-Massachusetts) announced they are filing the Major Richard Star Act as an amendment to the annual must-pass defense bill, the National Defense Authorization Act (NDAA).

    Currently, only veterans with disability ratings above 50 percent and more than 20 years of service are eligible to receive the full amount of their U.S. Department of Defense (DOD) retirement and U.S. Department of Veterans Affairs (VA) disability payments–leaving behind more than 50,000 combat-injured military retirees.  If adopted, the Senators’ Major Richard Star Act will fix this unjust policy for medical retirees with a combat-related disability—providing them their full VA disability and DOD retirement payments.

    “The Major Richard Star Act corrects a severe injustice for combat-wounded veterans,” said Senator Crapo.  “The support for this correction is clear.  Though the namesake of our legislation is no longer with us, we must pass this fix on behalf of the more than 50,000 veterans, including hundreds in Idaho, who stand to benefit.”

    “The Major Richard Star Act would correct one of the deepest injustices in our present veterans’ disability system.  As an amendment to the NDAA, it would enable tens of thousands of combat-injured veterans to collect the full benefits they’ve earned,” said Senator Blumenthal.  “Right now they’re denied fair, complete compensation because they are subject to a dollar-for-dollar offset of their VA disability and military retirement benefits.  It’s unacceptable–and I’m joining my colleagues from both sides of the aisle to right this wrong by seeking to attach our legislation to this year’s NDAA.  With more than 31 cosponsors, adopting our amendment is a commonsense next step to finally provide these military retirees who already sacrificed so much the benefits they need and earned.”

    “Our veterans put their lives on the line for this country, and it’s time our government gives them the full benefits they’ve earned,” said Senator Warren.  “Including this bill in the NDAA will ensure the federal government keeps its promise to our veterans.”

    This bipartisan legislation is named in honor of Major Richard A. Star, a decorated war veteran who was forced to medically retire due to his combat-related injuries.  Major Star sadly lost his battle with cancer on February 13, 2021.

    The Senators’ legislation has 76 bipartisan cosponsors, and is supported by the following military, veterans and survivor organizations: Air Force Sergeants Association (AFSA), Air & Space Forces Association (AFA), American GI Forum, The American Legion, American Logistics Association, American Military Society, American Veterans (AMVETS), America’s Warrior Partnership, American WWII Orphans Network, Armed Forces Retiree Association, Army Aviation Association of America (AAAA), Association of Military Surgeons of the United States (AMSUS), Association of the United States Army (AUSA), Association of the United States Navy (AUSN), Blinded Veterans Association (BVA), Blue Star Families, Burn Pits 360, Catholic War Veterans of the USA & Auxiliary, Chief Warrant Officers Association of the US Coast Guard (CWOA), Code of Support Foundation, Commissioned Officers Association of the U.S. Public Health Service, Inc. (COA), Disabled American Veterans (DAV), Dixon Center for Military and Veterans Services, Enlisted Association of the National Guard of the United States, Fleet Reserve Association (FRA), Gold Star Spouses of America, Grunt Style Foundation, Gold Star Wives of America (GSW), Healing Household, Heroes Athletic Association, Hire Heroes USA, HunterSeven Foundation, Japanese American Veterans Association, Iraq and Afghanistan Veterans of America (IAVA), Jewish War Veterans of the United States of America (JWV), K9s for Warriors, Marine Corps League (MCL), Marine Corps Reserve Association (MCRA), Military Chaplains Association of the United States of America (MCA), Military Family Advisory Network, Military Officers Association of America (MOAA), Military Order of the World Wars, Military Order of the Purple Heart (MOPH), Mission Roll Call, National Association of State Directors of Veterans Affairs (NASDVA), National Defense Committee, National Guard Association of the United States, National Military Family Association (NMFA), Naval Enlisted Reserve Association (NERA), Non Commissioned Officers Association (NCOA), Operation First Response, Paralyzed Veterans of America (PVA), Project Sanctuary, The Ranger Leadership and Policy Center, Quality of Life Foundation, Reserve Organization of America (ROA), Sea Service Family Foundation, Stronghold Freedom Foundation, Student Veterans of America, TBI Warrior Foundation, Tragedy Assistance Program for Survivors (TAPS), The Retired Enlisted Association (TREA), The Independence Fund (TIF), United States Army Warrant Officers Association (USAWOA), United States Coast Guard Chief Petty Officers Association (USCG CPOA), United Through Reading, VetsFirst/United Spinal Association, Veterans of Foreign Wars (VFW), Vietnam Veterans of America (VVA), Wounded Paw Project and Wounded Warrior Project (WWP).

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI United Kingdom: The prolonged suffering will have irreversible consequences that will last generations: Joint statement on conflict and hunger in Gaza

    Source: United Kingdom – Executive Government & Departments 3

    Speech

    The prolonged suffering will have irreversible consequences that will last generations: Joint statement on conflict and hunger in Gaza

    A joint statement by the Permanent Missions to the UN of the Dominican Republic, Estonia, France, Germany, Guyana, Ireland, Mexico, the Kingdom of the Netherlands, Norway, Sierra Leone, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.

    It is unacceptable that man-made and avoidable conflict-induced hunger continues to afflict civilians in Gaza. The prolonged suffering will have irreversible consequences that will last generations.

    From the May IPC Special Snapshot, we know that the Gaza Strip is facing a critical risk of famine. The entire population is facing high levels of acute food insecurity, with 500,000 people facing starvation and more than 70,000 children set to require treatment for acute malnutrition. 

    The latest figures are even more disturbing, and we are witnessing increased deaths due to malnutrition. This follows sustained denial of essential humanitarian assistance to civilians by Israel.

    To address this crisis, we call on all parties to fully comply with their obligations under international law, including international humanitarian law. In particular, we call on Israel as the occupying power to adhere to its obligations under international law and UN Security Council Resolution 2417. Israel must:

    • Lift its restrictions on humanitarian aid and facilitate immediate, safe, rapid, unhindered and sustained humanitarian access by the UN and humanitarian organisations that ensures relief supplies at scale to civilians in need throughout Gaza.
    • Facilitate the effective delivery of life-saving nutrition, health, water, sanitation and other essential services by the UN and humanitarian organisations, as well as the fuel needed to sustain them.
    • Protect objects necessary for food production and distribution and facilitate the restoration of essential commercial supplies and market systems at scale.
    • Urgently ensure the protection of civilians, including aid workers, UN and associated personnel, and medical personnel, and allow their unrestricted access.

    We urge all parties to do everything to support efforts to reach agreement on a new ceasefire and hostage release deal. While humanitarian assistance is essential, the answer to conflict-induced hunger is peace.

    We need to ensure accountability for actors who deliberately cause or prolong conflict-induced hunger in violation of international law. Using starvation of civilians as a method of warfare may constitute a war crime.

    All Member States should use their influence to address conflict-driven hunger in Gaza and promote compliance by all parties to the conflict with international law.

    We call for rapid and full implementation of humanitarian commitments made by Israel including the steps agreed between Israel and the EU to improve the humanitarian situation in Gaza. This is imperative. We will follow delivery measures by Israel closely.

    We must all support the work of the UN-coordinated humanitarian system in Gaza led by OCHA. It is best equipped to ensure aid is delivered to civilians, apply established strong aid diversion prevention systems and adhere with humanitarian principles.

    UNRWA remains crucial to the delivery of humanitarian aid and essential services, despite increasing restrictions and attacks.

    The new Israel-approved aid delivery model is dangerous and is not operating in accordance with humanitarian principles. We condemn the killing of well over 800 Palestinians, including children, seeking water and food. 

    The 20 July incident where people came under Israeli fire beside a WFP convoy was terrible. Humanitarian action must be based on humanity, neutrality, impartiality and independence.

    We condemn the heinous attack by Hamas on October 7 2023. Hamas must release all hostages unconditionally now.

    Immediate action is needed to address this debilitating suffering.

    Updates to this page

    Published 23 July 2025

    MIL OSI United Kingdom –

    July 24, 2025
  • MIL-OSI United Nations: Haitian capital ‘paralysed and isolated’ by gang violence, Security Council hears

    Source: United Nations 2-b

     Since January, the UN Integrated Office in Haiti (BINUH), recorded over 4,000 individuals deliberately killed – a 24 per cent increase compared to the same period in 2024.  

    “The capital city was for all intents and purposes paralysed by gangs and isolated due to the ongoing suspension of international commercial flights into the international airport,” Miroslav Jenča, Assistant Secretary-General for the Americas at the department of political affairs (DPPA), told ambassadors in the Security Council on Wednesday.

    Having visited the country recently, he warned that, gangs have only “strengthened their foothold”, which now affects all communes of the Port-au-Prince metropolitan area and beyond, “pushing the situation closer to the brink.”

    He called on the international community to act decisively and urgently or the “total collapse of state presence in the capital could become a very real scenario”.

    Gang control expands

    Ghada Fathi Waly, Executive Director of the UN Office on Drugs and Crime (UNODC), echoed that warning.

    “As gang control expands, the state’s capacity to govern is rapidly shrinking, with social, economic and security implications,” she told ambassadors, briefing remotely from Vienna.

    “This erosion of state legitimacy has cascading effects,” she said, with legal commerce becoming paralysed as gangs control major trade routes, such conditions worsening “already dire levels of food insecurity and humanitarian need,” she added.  

    Rise of ‘vigilante’ groups

    Amidst increasing public frustration with the limited protection capacity of the state, “vigilante” or self-defence groups are now gaining in popular appeal.  

    Although some are motivated by the urgent need to protect their communities, many operate outside existing legal frameworks, in some cases, engaging in extrajudicial actions and colluding with gangs.  

    The rise of these actors is pushing demand for guns and military-grade weapons, “fuelling illicit arms markets and raising the risk of licit weapons being diverted to criminal elements,” Ms. Waly said.  

    Human trafficking

    Meanwhile, the broader deterioration of the security and economic situation in the capital and the rest of the country continues to fuel a sharper escalation in human rights violations.  

    Despite persistent under-reporting of sexual violence due to fear of reprisals, social stigma and lack of trust in institutions, BINUH reported an increase in sexual violence committed by gangs in the past three months.  

    In May, Haitian police raided a medical facility in Pétion-Ville suspected of being involved in illicit organ trade, as allegations of trafficking in persons for the purpose of organ removal are now arising.  

    As the situation in Haiti remains desperate, “there is not a moment to lose,” Mr. Jenča urged. 

    MIL OSI United Nations News –

    July 24, 2025
  • MIL-OSI Canada: Taking action to improve classroom safety | Passer à l’action pour améliorer la sécurité dans les salles de classe

    Members of the Aggression and Complexity in Schools Action Team

    The Aggression and Complexity in Schools Action Team held its first meeting on July 23, bringing together teachers, school leaders, school board trustees and other front-line professionals with classroom experience to help address the growing challenges in Alberta’s classrooms.

    The 25-member action team includes teachers, school administrators and support staff who have direct experience working with students every day and understand the complexities of today’s learning environments.

    “The action team’s insights will be key to finding practical solutions that reduce aggression, manage classroom complexity and improve safety and support for students and staff. I look forward to building on their input to make classrooms safer and strengthen Alberta’s education system.”

    Demetrios Nicolaides, Minister of Education and Childcare

    The action team’s mandate is to provide advice and recommendations to Alberta’s government on how to:

    • reduce incidents of aggression in schools
    • address increasing classroom complexity
    • improve safety and support for students and school staff

    Over the coming months, the team will examine policies, teacher training, inclusive education supports, funding considerations and coordination across sectors. To inform this work, they may invite front-line professionals to share insights as subject matter experts. The team’s recommendations will focus on both immediate and long-term strategies to better support classrooms across Alberta.

    “CASS welcomes the formation of this action team and appreciates the government’s commitment to listening to the voices of those working directly with students. Superintendents across Alberta are eager to support practical, evidence-informed strategies that enhance safety, reduce classroom complexity, and promote the well-being of both staff and students.”

    Mike McMann, president, College of Alberta School Superintendents

    “Alberta’s locally elected school boards remain deeply committed to safe, supportive and effective learning environments for all students and staff. Alberta School Boards Association looks forward to collaborating, sharing insights and perspectives to support the diverse needs of students and school communities across the province.”

    Marilyn Dennis, president, Alberta School Boards Association

    Alberta’s government is committed to ensuring these decisions are informed by the real-world experience of educators and other professionals who work directly with students. Practical supports and interventions stemming from the action team’s work are expected to begin rolling out as early as the 2025-26 school year.

    Quick facts

    • The action team will meet at least four times between July and September.
    • A final report with recommendations will be submitted to the Minister of Education and Childcare by Sept. 30.

    Related information

    • M.O. 031/2025 – Education and Childcare
    • Aggression and Complexity in Schools Action Team

    Related news

    • Addressing classroom aggression and complexity (June 30, 2025)

    Le gouvernement de l’Alberta travaille avec des experts de première ligne pour rendre les salles de classe plus sécuritaires pour les élèves et les enseignants.

    L’équipe Aggression and Complexity in Schools Action Team a tenu sa première réunion le 23 juillet, rassemblant des enseignants, des leadeurs scolaires, des conseillers scolaires et d’autres professionnels de première ligne possédant une expérience en salle de classe, afin d’aider à relever les défis croissants rencontrés dans les salles de classe de l’Alberta.

    Parmi les 25 membres de cette équipe, on retrouve des enseignants, des administrateurs scolaires et du personnel de soutien qui ont déjà travaillé directement avec les élèves au quotidien et qui comprennent la complexité des environnements d’apprentissage d’aujourd’hui.

    « Les réflexions de cette équipe d’experts seront essentielles pour trouver des solutions pratiques permettant de réduire les cas de violence, de faire face à la complexité des besoins en salle de classe, d’améliorer la sécurité des élèves et du personnel et de mieux les soutenir. Je compte mettre à profit leur travail pour rendre les salles de classe plus sécuritaires et pour renforcer le système d’éducation de l’Alberta. »

    Demetrios Nicolaides, ministre de l’Éducation et de la Garde d’enfants

    Le mandat de l’équipe est de fournir des conseils et des recommandations au gouvernement de l’Alberta sur la façon :

    • de réduire le nombre de cas de violence dans les écoles;
    • de faire face à la complexité croissante des besoins en salle de classe;
    • d’améliorer la sécurité des élèves et du personnel scolaire et de mieux les soutenir.

    Au cours des prochains mois, l’équipe se penchera sur les politiques, la formation des enseignants, les mesures de soutien à l’éducation inclusive, le financement et la coordination intersectorielle. Pour orienter ce travail, l’équipe pourra inviter des professionnels de première ligne à partager leurs perspectives à titre d’experts en la matière. L’équipe recommandera des stratégies immédiates et à long terme afin de mieux soutenir les salles de classe de l’Alberta.

    « CASS salue la création de cette équipe d’action, ainsi que l’engagement du gouvernement d’écouter les personnes qui travaillent directement avec les élèves. Les directions générales de toute l’Alberta sont prêtes à mettre en place des stratégies pratiques et fondées sur des données probantes qui améliorent la sécurité, réduisent la complexité des classes et favorisent le bienêtre du personnel et des élèves. »

    Mike McMann, président, College of Alberta School Superintendents

    « Les conseils scolaires élus localement de l’Alberta restent profondément engagés à fournir des environnements d’apprentissage sécuritaires, bienveillants et efficaces pour tous les élèves et le personnel. L’Alberta School Boards Association se réjouit à l’idée de collaborer en partageant ses réflexions et ses perspectives afin de répondre aux divers besoins des élèves et des communautés scolaires de la province. »

    Marilyn Dennis, présidente, Alberta School Boards Association

    Le gouvernement de l’Alberta est résolu à ce que ces décisions se fondent sur l’expérience pratique des éducateurs et des autres professionnels qui travaillent directement avec les élèves. Certaines mesures de soutien et interventions concrètes découlant du travail de cette équipe devraient être mises en place dès l’année scolaire 2025-2026.

    En bref

    • L’équipe Aggression and Complexity in Classrooms Action Team se réunira au moins à quatre reprises entre juillet et septembre 2025.
    • Un rapport final contenant des recommandations sera remis au ministre de l’Éducation et de la Garde d’enfants d’ici le 30 septembre 2025.

    Renseignements connexes (en anglais seulement)

    • M.O. 031/2025 – Education and Childcare
    • Aggression and Complexity in Schools Action Team

    Nouvelles connexes

    • Faire face aux comportements violents et à la complexité des besoins en salle de classe (30 juin 2025)

    MIL OSI Canada News –

    July 24, 2025
  • MIL-OSI USA: H.R. 1442, Youth Poisoning Protection Act

    Source: US Congressional Budget Office

    H.R. 1442 would ban the sale of products containing 10 percent or more by weight of sodium nitrite that are covered under the Consumer Product Safety Act. The ban would not apply to commercial or industrial products not ordinarily intended for consumer use or consumption.

    Using information from the Consumer Product Safety Commission, CBO estimates that implementing and enforcing the ban under H.R. 1442 would cost $2 million over the 2025-2030 period; any related spending would be subject to the availability of appropriated funds.

    H.R. 1442 would impose a private-sector mandate as defined in the Unfunded Mandates Reform Act (UMRA) by banning the sale of consumer products containing 10 percent or more by weight of sodium nitrite. Because only a small consumer market exists for such products and some states already have curtailed their sale, CBO estimates that the cost of the mandate would not exceed the private-sector threshold established in UMRA ($206 million in 2025, adjusted annually for inflation).

    The legislation would not impose any intergovernmental mandates as defined in UMRA.

    The CBO staff contacts for this estimate are Cyrus Ekland (for federal costs) and Andrew Laughlin (for mandates). The estimate was reviewed by Emily Stern, Senior Adviser for Budget Analysis.

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI USA: W.W. Industrial Group Recalls Pear Slices in Juice Due to Elevated Levels of Lead and Cadmium

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    July 23, 2025
    FDA Publish Date:
    July 23, 2025
    Product Type:
    Food & BeveragesContaminants
    Reason for Announcement:

    Recall Reason Description
    Potential Metal Contaminant – Lead and Cadmium

    Company Name:
    WW Industrial Group
    Brand Name:

    Brand Name(s)
    Parashore

    Product Description:

    Product Description
    Canned Sliced Pears

    Company Announcement
    W.W. Industrial Group, Inc., NY is recalling Parashore Pear Slices in juice, 15 oz, because they have the potential to be contaminated with elevated levels of lead and cadmium.
    Lead and cadmium are toxic substances present in our environment in small amounts and everyone is exposed to some of these heavy metals from daily actions such as inhaling dust, eating food, or drinking water. In general, the small exposure to lead within the U.S. population does not pose a significant public health concern.
    However, exposure to larger amounts of lead and cadmium can cause poisoning. While these heavy metals can affect nearly every bodily system, its effects depend upon the amount and duration of lead exposure and age. Symptoms can include abdominal pain, vomiting, lethargy, irritability, weakness, behavior or mood changes, delirium, seizures, and coma. However, infants, young children and the developing fetus can be affected by chronic exposure to amounts of heavy metals that may not result in obvious symptoms of lead poisoning. A child with heavy metal poisoning may not look or act sick. Heavy metal poisoning in children can cause: learning disabilities, developmental delays, and lower IQ scores.
    Product was distributed through Grocery Outlet stores in California and other Grocery Outlet stores across the US.
    The recalled product is packaged in a 15oz can and labeled as PARASHORE Pear Slices in Juice, 15oz (425 g), UPC#704817164237. The specific lot found positive for heavy metals was Lot 3700/01172 6122J, Prod: 02/19/2024, Best by 2/19/2027.
    No illnesses have been reported as of 07/22/2025.
    The heavy metal contamination was discovered via sampling by the Maryland Department of Health which is part of the FDA Laboratory Flexible Funding Model program.
    The company has recalled the products and is continuing an investigation to determine cause.
    Consumers who have purchased Parashore Pear Slices in Juice 15oz (425 g) should not consume the products and are urged to discard in the trash or return them to the place of purchase for a full refund. Consumers with questions may contact the company at 516-676-9188 Monday to Friday 10AM – 4PM EST.
    This recall is being made with the knowledge of the U.S. Food and Drug Administration.

    Company Contact Information

    Consumers:
    W.W. Industrial Group
    516-676-9188

    Product Photos

    Content current as of:
    07/23/2025

    Regulated Product(s)

    Topic(s)

    Follow FDA

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI USA: First Teen Tech Council for New York

    Source: US State of New York

    overnor Kathy Hochul and Secretary Hillary Rodham Clinton today announced the launch of the New York School (NYS) x #HalfTheStory Teen Tech Council, a groundbreaking statewide initiative placing teens at the forefront of educational innovation. This new advisory group will empower students to lead the conversation on digital wellness and support phone-free learning environments across New York State as schools across the state prepare to implement Governor Hochul’s nation-leading distraction-free learning law for the 2025-2026 school year

    “Launching the Teen Tech Council will help make sure New York’s Distraction-Free Schools is successfully implemented,” Governor Hochul said. “I’m fired up to be working with #HalfTheStory, the Clinton Foundation, and all of you with you to usher in a generational shift — bringing back meaningful interactions during such formative years and securing a healthier future.”

    Secretary Hillary Rodham Clinton said, “Here at the Clinton Foundation, we’re guided by our belief that putting people first — putting people’s concerns, needs and hopes first — is essential to creating a better world. That starts with you. As the largest state to adopt a phone-free policy in schools, New York has the opportunity to show the rest of the country what we can accomplish when we combine the capacity of government and nonprofits with the energy of smart young leaders.

    #HalfTheStory Founder and Executive Director Larissa May said, “Teens are often left out of the conversation when it comes to the policies that shape their lives, and in this case, teens are the missing piece of the bell-to-bell movement. #HalfTheStory is committed to identifying the next generation of digital activists and powering the movement from the bottom up. We’re training these future leaders at scale to make NYC the model for the world—in and outside the classroom—to support student wellbeing and digital citizenship. Teen work makes the dream work.”

    The inaugural Teen Tech Council Board Meeting was held on July 22, 2025, in New York City. Co-hosted by the Governor’s Office and the Clinton Foundation in partnership with #HalfTheStory — a nonprofit committed to strengthening young people’s relationship with technology — the event marks a pivotal step in reimagining how students engage with tech in and out of the classroom.

    As an extension of #HalfTheStory’s Civics Academy, an annual summer program for teens that aims to educate and empower today’s youth to learn effective activism, storytelling, and leadership techniques essential for driving global and local change, the Teen Tech Council is launching as a scaled state initiative, with teens from across New York joining from their districts. Students will be nominated by teachers and peers to help schools successfully implement bell-to-bell policies and create a shared culture of digital wellness — one that extends beyond the classroom into play, connection, and creativity.

    Teens can apply now to join NYS x #HalfTheStory Teen Tech Council — or teachers can nominate a star student to help shape the future at: halfthestoryproject.com/teen-tech-council.

    The launch of the council underscores Governor Hochul’s continued commitment to working with young people to ensure an equitable and successful rollout of a distraction-free environment in schools statewide. The Distraction-Free Schools law signed by Governor Hochul requires bell-to-bell smartphone restrictions in K-12 school districts statewide, starting this fall for the 2025-2026 school year. This law is part of Governor Hochul’s nation-leading commitment to protecting youth mental health and promoting student success in the digital age, following her action last year to win a first-in-the-nation law to restrict addictive social media feeds for minors.

    In accordance with the Distraction Free Learning Law, public school districts statewide must finalize and publish their distraction-free policy by August 1. The Governor also recently launched a website with a policy FAQ, toolkit and other key information about the State law as a resource for districts as they finalize their policy. The Governor also recently highlighted that nearly 150 school districts across New York have already submitted their distraction-free policy.

    Governor Hochul’s bell-to-bell policy creates a statewide standard for distraction-free schools in New York including:

    • Prohibits unsanctioned use of smartphones and other internet-enabled personal devices on school grounds in K-12 schools for the entire school day (from “bell to bell”), including classroom time and other settings like lunch and study hall periods
    • Allows schools to develop their own plans for storing smartphones during the day — giving administrators and teachers the flexibility to do what works best for their buildings and students
    • Secures $13.5 million in funding to be made available for schools that need assistance in purchasing storage solutions to help them go distraction-free
    • Requires schools to give parents a way to contact their kids during the day when necessary
    • Requires teachers, parents and students to be consulted in developing the local policy
    • Prevents inequitable discipline

    Governor Hochul’s policy allows authorized access to simple cellphones without internet capability, as well as internet-enabled devices officially provided by their school for classroom instruction, such as laptops or tablets used as part of lesson plans.

    Additionally, the Governor’s policy includes several exemptions to smartphone restrictions, including for students who require access to an internet-enabled device to manage a medical condition, where required by a student’s Individualized Education Program (IEP), for academic purposes or for other legitimate purposes, such as translation, family caregiving and emergencies.

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI USA: Governor Stein Tours Coca-Cola Consolidated Facility, Meets with Apprenticeship Students

    Source: US State of North Carolina

    Headline: Governor Stein Tours Coca-Cola Consolidated Facility, Meets with Apprenticeship Students

    Governor Stein Tours Coca-Cola Consolidated Facility, Meets with Apprenticeship Students
    lsaito
    Wed, 07/23/2025 – 17:03

    Raleigh, NC

    Today, Governor Josh Stein toured the Coca-Cola Consolidated facility in Charlotte and met with Coca-Cola Consolidated leadership and students in its apprenticeship program. Through a partnership with Central Piedmont Community College, the nation’s largest Coca-Cola bottler is preparing students for high-demand positions in manufacturing, equipment repair, and logistics. 

    “Every North Carolinian deserves a shot at a brighter future and that shouldn’t necessarily require a traditional four-year degree,” said Governor Josh Stein. “Opportunities like Coca-Cola Consolidated’s apprenticeship program allow students to pursue their interests in high-demand fields and set them up for success in the job market.”

    This month, CNBC named North Carolina as the top state for business, citing the state’s workforce as one of its biggest strengths. Established in Executive Order No. 11 on March 25, 2025, the Governor’s Council on Workforce and Apprenticeships recently shared its first report, outlining goals to expand access to good jobs, including by investing in statewide apprenticeship and technical education programs, engaging with employers to identify and address industry needs, and ensuring that every student in North Carolina has a post-secondary pathway to employment, education, or enlistment in the military. On July 1, 2025, Stein also signed into law Senate Bill 124, which reduces the number of state government jobs that require a four-year college degree.

    Governor Stein believes every North Carolinian should have the opportunity to achieve success – no matter their background. Since taking office, Governor Stein has announced more than more than $18 billion in investments and more than 24,000 new jobs coming to North Carolina.   

    Jul 23, 2025

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI: Gran Tierra Energy Inc. Provides Release Date for its 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 23, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) announces that the Company will release its 2025 second quarter financial and operating results on Wednesday July 30, 2025, post-market. Gran Tierra will host its second quarter 2025 results conference call on Thursday, July 31, 2025, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time.

    How to Participate in the 2025 Second Quarter Conference Call

    Interested parties may register for the 2025 second quarter conference call by clicking on this link. Please note that there is no longer a general dial-in number to participate, and each individual party must register through the link provided. Once parties have registered, they will be provided with a unique PIN and call-in details. There is also a new feature that allows parties to elect to be called back through the “Call Me” function on the platform.

    Interested parties can also continue to access the live webcast from their mobile or desktop devices by clicking on this link, which is also available on Gran Tierra’s website at https://www.grantierra.com/investor-relations/presentations-events/. An audio replay of the conference call will be available at the same webcast link for two hours following the call and will be available until July 31, 2026.

    Contact Information

    For investor and media inquiries please contact:

    Gary Guidry
    President & Chief Executive Officer

    Ryan Ellson
    Executive Vice President & Chief Financial Officer
    +1-403-265-3221
    info@grantierra.com

    About Gran Tierra Energy Inc.

    Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

    Gran Tierra’s Securities and Exchange Commission (the “SEC”) filings are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    The MIL Network –

    July 24, 2025
  • MIL-OSI USA: During House Agriculture Committee Hearing, Feenstra Speaks Out Against California’s Proposition 12 Mandates on Iowa Hog Farmers

    Source: United States House of Representatives – Representative Randy Feenstra (IA-04)

    WASHINGTON, D.C. – Today, during a U.S. House Agriculture Committee hearing on California’s Proposition 12, U.S. Rep. Randy Feenstra (R-Hull) discussed the negative economic impacts of this egregious mandate on Iowa hog farmers and submitted for the congressional record letters penned by Iowa hog farmers about the adverse effects of Proposition 12 on their farms and operations.

    Matt Schuiteman, a hog farmer from Sioux County, Iowa, also testified before the U.S. House Agriculture Committee about the negative ramifications of Proposition 12.

    “California’s Prop 12 mandates threaten the safety and health of hogs, increase operating costs for Iowa hog farmers, raise pork prices for families, and jeopardize our food and farm security. It’s why I helped lead legislation and voted for a Farm Bill that overturns Prop 12, restores consumer choice, and supports Iowa farmers and our rural communities,” said Rep. Feenstra. “During today’s hearing, I submitted for the congressional record personal letters from Iowa hog farmers who have faced decreased herd health, substantial financial expense, and market losses because of Prop 12. Allowing a state that represents less than 1/10 of 1% of hog production to mandate activist-driven practices for farmers across the country is blatantly wrong. Representing the largest pork-producing congressional district in the country, I will continue to work to repeal Prop 12 and stand up for our hog farmers.”

    In response to Feenstra’s question about the implications of Proposition 12 on the health of hogs,Schuiteman responded, “Part of the root of the problem is just simply the fact that you have an initiative that was crafted by people who have not lived the industry and have not been around the animals. Prop 12 takes away our ability to act on what we know for the best interest of the animal. And we would prefer to have the freedom to manage our animals the best way we can see fit for the best possible outcome.” 

    Schuiteman further noted that “We [hog farmers] have talked about the $3,500 – $4,500 range per sow or more,” to convert operations to comply with Proposition 12.

    Today, Feenstra helped introduce the Save Our Bacon Act, which would ensure that states, like California and Massachusetts, cannot set arbitrary mandates on production practices for farmers across the country. 

    Last year, Feenstra also voted to pass a Farm Bill out of the U.S. House Agriculture Committee that would have repealed Proposition 12.

    You can watch Feenstra’s full remarks HERE.

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI USA: During House Agriculture Committee Hearing, Feenstra Speaks Out Against California’s Proposition 12 Mandates on Iowa Hog Farmers

    Source: United States House of Representatives – Representative Randy Feenstra (IA-04)

    WASHINGTON, D.C. – Today, during a U.S. House Agriculture Committee hearing on California’s Proposition 12, U.S. Rep. Randy Feenstra (R-Hull) discussed the negative economic impacts of this egregious mandate on Iowa hog farmers and submitted for the congressional record letters penned by Iowa hog farmers about the adverse effects of Proposition 12 on their farms and operations.

    Matt Schuiteman, a hog farmer from Sioux County, Iowa, also testified before the U.S. House Agriculture Committee about the negative ramifications of Proposition 12.

    “California’s Prop 12 mandates threaten the safety and health of hogs, increase operating costs for Iowa hog farmers, raise pork prices for families, and jeopardize our food and farm security. It’s why I helped lead legislation and voted for a Farm Bill that overturns Prop 12, restores consumer choice, and supports Iowa farmers and our rural communities,” said Rep. Feenstra. “During today’s hearing, I submitted for the congressional record personal letters from Iowa hog farmers who have faced decreased herd health, substantial financial expense, and market losses because of Prop 12. Allowing a state that represents less than 1/10 of 1% of hog production to mandate activist-driven practices for farmers across the country is blatantly wrong. Representing the largest pork-producing congressional district in the country, I will continue to work to repeal Prop 12 and stand up for our hog farmers.”

    In response to Feenstra’s question about the implications of Proposition 12 on the health of hogs,Schuiteman responded, “Part of the root of the problem is just simply the fact that you have an initiative that was crafted by people who have not lived the industry and have not been around the animals. Prop 12 takes away our ability to act on what we know for the best interest of the animal. And we would prefer to have the freedom to manage our animals the best way we can see fit for the best possible outcome.” 

    Schuiteman further noted that “We [hog farmers] have talked about the $3,500 – $4,500 range per sow or more,” to convert operations to comply with Proposition 12.

    Today, Feenstra helped introduce the Save Our Bacon Act, which would ensure that states, like California and Massachusetts, cannot set arbitrary mandates on production practices for farmers across the country. 

    Last year, Feenstra also voted to pass a Farm Bill out of the U.S. House Agriculture Committee that would have repealed Proposition 12.

    You can watch Feenstra’s full remarks HERE.

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI Analysis: How public development banks could narrow inequality gaps between the Global North and South

    Source: The Conversation – Canada – By Alicja Paulina Krubnik, PhD Candidate, Political Science, McMaster University

    The United Nations’ Fourth International Conference on Financing for Development (FFD4) recently concluded in Seville, Spain. It gathered global leaders from government, development, academia and civil society to discuss key barriers to sustainable development and shape collaborative efforts to address them.

    FFD4 comes at a crucial time, when the Action Agenda from the last FFD3, set 10 years ago, must be built upon and upheld. With only five years left to meet the UN’s Sustainable Development Goals (SDGs), more than 80 per cent are off track. More tangibly, 2030 is a key deadline for global emissions reduction.

    The global aid environment is also in crisis, just as low- and middle-income countries face mounting pressures due to the interconnected impacts of climate change, environmental damage, poverty and inequality.

    Boosting global co-operation

    FFD4 was an opportunity to revitalize and transform international development co-operation to help states meet these challenges and pursue sustainable development.

    Achieving this requires more than decarbonizing development financing. FFD4 faced its most testing challenge yet: how to reform the global financial systems that direct development resources.

    Key factors include aligning funding with the sustainable development needs of low- and middle-income countries, increasing access to long-term concessional financing — loans or other forms of financing provided on terms more favourable than those in the market — and reducing public debt burdens.

    Public development banks offer crucial leadership here. They provide affordable financing, direct resources where urgently needed and align funding with long-term development strategies, giving them significant potential to democratize project ownership.

    Urgent human development needs

    At the FFD4 gathering, many representatives, especially from Global South and climate-vulnerable countries, highlighted the inadequacy of development financing. Seedy Keita, the minister for finance and economic affairs from The Gambia, told the conference that as developing countries are being urged to invest more in climate and human development initiatives, they lack the tools to do so.

    The countries facing the worst climate impacts also struggle with urgent human development needs. Adapting to and mitigating climate breakdown are inseparable from economic and social development, with human welfare — access to food, water and clean air, avoiding displacement and the safety of women and girls — intimately linked to climate.

    Yet climate-vulnerable states receive a small share of global development financing, particularly for adaptation projects that yield lower returns. Additionally, resources for building value-added industries in low- and middle-income countries remain insufficient.

    Scant commitment to action

    Simply increasing financing is not enough. At the launch of the latest SDGs Report, UN Secretary General António Guterres stated:

    “There is something fundamentally wrong in the structure of the economic and financial architecture and in the way it operates to the detriment of developing countries.”

    In short, it’s too rigid and unresponsive to the Global South’s unique needs, ultimately constraining their ability to act on the SDGs.

    The most ambitious and pressing outcome of FFD4, the “Sevilla Commitment,” addresses key issues in efforts to reform international financial systems but lacks commitment to strong, transformative action.

    Too much priority is given to enabling low- and middle-income countries to access private finance for development. Using public development finance to mobilize private investments and lending has failed to close the financing gap.

    Poverty and inequality worsens

    Private support for the structural green transformation needed for long-term economic development in low- and middle-income countries remains inadequate, widening the divide between the Global North and South. The strategy of catalyzing private finance has shifted risk to public balance sheets while reserving most of the profits for private, often multinational corporations — what’s known as “de-risking.”

    A privatized development strategy has pushed fiscal austerity measures on Global South countries to access international capital markets to fund development initiatives. Many of these countries are struggling with alarming debt, forcing them to divert scarce funds from essential services like health and education to service debts, which worsens poverty and inequality.

    FFD4’s efforts to create a fairer debt system include scaling up debt swaps and forming an alliance between creditor countries and multilateral banks to implement debt “pause clauses” during crises. While many states called for deeper debt reforms and a UN convention on sovereign debt, several wealthy countries resisted bold changes.

    They largely overlooked the Global North’s climate debt — estimated at $192 trillion. The Sevilla Commitment proposes launching a UN-led intergovernmental process, opening a potential path for creditor action.

    As Spain’s economy minister put it, FFD4 is a “launchpad for action” not a “landing zone.”

    Directing money to where it’s needed most

    Public development banks have the potential to lead this action for a more prosperous and equitable future. They can mobilize under-utilized public resources more economically, rapidly and effectively to serve development goals in a climate-forward way.

    These banks can direct finance to where it’s most needed, aligning with development priorities across diverse low- and middle-income countries.

    Public development banks are also well-positioned to co-ordinate at multilateral, regional and national levels and to align global decarbonization goals to local demands. The largest coalition of banks, the Finance in Commons group, was recognized in the Sevilla Commitment. The group called for strengthening public development banks’ co-operation and leadership at the FFD4. Already a leader in global climate financing, further co-ordination among public debate banks could amplify its impact.




    Read more:
    Your essential guide to climate finance


    Supporting green, equitable development

    Structural change requires the long-term, affordable and counter-cyclical financing that public development banks can provide.

    For indebted developing countries facing high borrowing costs, steadfast concessional financing is crucial. Beyond finance, public development banks have a privileged role in knowledge formation and dissemination, which can be leveraged alongside their financial power to support green and equitable development.

    As public organizations, public development banks offer greater potential for transparency and accountability to democratic decision-making, aligning financing with public values. Beyond simply de-risking, these banks can leverage their financial power to generate broader public benefits.

    Alicja Paulina Krubnik receives funding from the Social Sciences and Humanities Research Council and the International Development Research Centre.

    – ref. How public development banks could narrow inequality gaps between the Global North and South – https://theconversation.com/how-public-development-banks-could-narrow-inequality-gaps-between-the-global-north-and-south-261160

    MIL OSI Analysis –

    July 24, 2025
  • MIL-OSI USA: Chairman Wicker: The Pentagon needs major reform. Now is our chance

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker

    Fox News Opinion

    Read the full opinion editorial below.

    Last year, I released two plans for reforming the military. The first, 21st Century Peace through Strength, focused on the need for additional defense funding to produce what the U.S. military needs to keep the peace.

    The second, Restoring Freedom’s Forge, outlined a plan to change fundamentally the Pentagon’s business processes away from a Soviet-style bureaucratic mess to a modern process that rewards commercial innovation and fosters competition. 

    Fortunately, President Donald Trump campaigned on both these issues. He promised a defense spending boost, and we are well on our way after the $150 billion military infusion included in the reconciliation bill.  And the president promised to pursue wholesale Pentagon reform, getting rid of red tape and instead freeing our innovators to build weapons better, faster and at lower cost.

    In Congress, we recognize that we have no time to waste. The Senate Armed Services Committee recently voted overwhelmingly (26-1) to advance Congress’ annual National Defense Authorization Act (NDAA). This bill contains the most significant reforms to the Pentagon’s weapons-buying process in generations.

    For decades, we have paid defense companies to develop weapons primarily with taxpayer money. While this process will still be necessary for some systems, there are thousands of innovative companies who are developing weapons using private capital. This bill is written to encourage acquisition by those companies, who are often outpacing the Pentagon’s processes by years. 

    We have also spent many years under a broken weapons buying process. At dozens of stages, officials can say “No” and slow programs down. As it stands, program managers decide what to buy but shortly thereafter lose authority over the process. From there, contracting officers under a separate reporting structure can take 18 months to run a compliance-based process. This NDAA would create portfolio acquisition executives who are empowered to make decisions, take risk and then be held accountable for decisions.

    For decades, we have levied a crazy, years-long bureaucratic process to qualify new parts and types of weapons for military use. That process rewards the status quo and severely discourages competition. This bill will create a new streamlined process for qualification, pairing it with a new $1 billion fund from the reconciliation bill. Taken together, we will dramatically improve competition at the Pentagon and protect against price-gouging.

    The United States has a legacy of building some of the most advanced munitions in the world. The track records of our GMLRS surface-to-surface missiles and Patriot air defense interceptors are undeniable. But not every one of our weapons needs to be “exquisite,” a term of art for systems that are sophisticated, intricate and difficult to build. Instead, we are providing nearly $5 billion in defense reconciliation for new lower-cost munitions, many of which will be produced through advanced manufacturing. 

    We are living in the most dangerous moment since World War II. To enable an American-led 21st century, we need a military and a defense industrial base capable of maintaining the peace. The defense reconciliation bill made a big bet on American innovation, and the Senate’s 2026 NDAA introduces fundamental Pentagon reforms. With both, we can achieve a generational rebuilding of the U.S. military.

     

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI USA: Warren Secures Key Commitments from Social Security Chief to Protect Americans’ Benefits

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    July 23, 2025

    Bisignano agrees to independent investigation into data and metrics, no Schedule F, and more

    Bisignano admits responsibility for inaccurate email about Big Beautiful Bill, says doesn’t know whether White House Office of General Counsel (OGC) reviewed before SSA sent to all beneficiaries

    Washington, D.C. – Today, U.S. Senator Elizabeth Warren (D-Mass.), a leader of the Senate Democrats’ Social Security War Room, secured key commitments and admissions from Social Security Administration (SSA) Commissioner Frank Bisignano during a private meeting. The commitments relate to data and metrics, staffing, paper checks, and more. She also pressed Bisignano for information on his politicization of the SSA.

    “It’s my job as a United States Senator to conduct oversight, ask tough questions, and get real answers for the American people. The commitments I secured in today’s meeting with Commissioner Bisignano will make it easier for people to get their checks and get help with their benefits,” said Senator Warren. “I’ll keep pressing on these issues and fighting to protect Americans’ Social Security.”

    Senator Warren secured the following commitments and admissions from Commissioner Bisignano:

    • Commissioner Bisignano agreed to an independent IG investigation of Social Security service data and metrics. Recent reporting highlighted that under Bisignano’s watch, SSA has removed key service metrics, such as call wait times, from its website. An investigation from Senator Warren’s office revealed that the remaining metrics appear to be inaccurate and misleading. In the meeting with Senator Warren, Commissioner Bisignano agreed to an independent audit of both the collecting and reporting of data. He also committed that specific data will be publicly reported, such as the number of dropped calls, how often calls are transferred to incorrect departments, and what percentage of callers actually resolve their issue over the phone.
    • Commissioner Bisignano committed that SSA will not shift workers to Schedule F. Previous Acting SSA Commissioner Leland Dudek publicly called for entire SSA offices to be converted to Schedule F, which would, in effect, make it easier for leadership to fire workers with little cause. In today’s meeting, Senator Warren secured a commitment from Commissioner Bisignano to change course and not shift SSA workers to Schedule F. However, Senator Warren was concerned that Bisignano confirmed SSA has no plans to hire back workers who have been gutted from the agency — even amid reported capacity issues.
    • Commissioner Bisignano admitted he was responsible for the inaccurate SSA email about Donald Trump’s Big Beautiful Bill that went out to all beneficiaries, that his team had discussed the email with the White House, and that he was not sure whether the SSA’s Office of General Counsel (OGC) had reviewed it. Immediately following Congressional Republicans passing Donald Trump’s “Big Beautiful Bill,” SSA sent an inaccurate email to all beneficiaries with inaccurate information about benefits they could expect as a result of the bill. After receiving backlash, SSA quietly added a few lines at the bottom of the online version of their press release and sent out no correction email to beneficiaries.In the meeting with Senator Warren, Commissioner Bisignano revealed that his team at SSA was responsible for the initial email. He confirmed that it was discussed with the White House, but admitted that he didn’t know whether it had been run by SSA’s Office of General Counsel (OGC) before it was sent out to all beneficiaries. When Senator Warren asked whether he planned to send out a correction to all beneficiaries given the inaccurate and misleading information provided to them about their benefits, Bisignano said he did not know why they had not initially sent out a correction but believed the email had “aged” and did not require a follow-up.
    • Commissioner Bisignano committed not to entirely remove the option for beneficiaries to receive paper checks, backtracking on the agency’s own recent announcement to “stop issuing” them. SSA recently announced that it would stop issuing paper checks, which would significantly disrupt services for some of the most vulnerable Americans. In the meeting with Senator Warren, Commissioner Bisignano backtracked, confirming that paper checks will remain an option for beneficiaries who need them.

    Senate Dems’ Social Security War Room is a coordinated effort to fight back against the Trump administration’s attack on Americans’ Social Security. The War Room coordinates messaging across the Senate Democratic Caucus and external stakeholders; encourages grassroots engagement by providing opportunities for Americans to share what Social Security means to them; and educates Senate staff, the American public, and stakeholders about Republicans’ agenda and their continued cuts to Americans’ Social Security services and benefits.

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI Canada: Governments of Canada and Manitoba investing over $6 million to strengthen local food processing sector

    Source: Government of Canada News (2)

    July 23, 2025 – Brandon, Manitoba – Agriculture and Agri-Food Canada

    The governments of Canada and Manitoba are investing more than $6 million to help modernize food processing facilities and increase food production capacity across Manitoba under the Sustainable Canadian Agricultural Partnership (Sustainable CAP), federal Agriculture and Agri-Food Minister Heath MacDonald and Manitoba Agriculture Minister Ron Kostyshyn announced today.

    Nineteen food processors in Manitoba have been approved for funding for equipment upgrades, facility expansions, and new technologies that will improve efficiency, production capacity, and environmental performance.

    Some of the approved projects include:

    • Jowett Farms in Blumenort, for refrigeration and line speed improvements
    • River Valley Specialty Farms Inc., in Bagot, for installation of high-accuracy sorter
    • Prairie Flour Mills Ltd., in Elie, for grain receiving expansion
    • Buffalo Creek Mills in Altona, for doubling capacity of oat flaking
    • Prairie Fava Ltd., in Glenboro, for increasing storage capacity

    MIL OSI Canada News –

    July 24, 2025
  • MIL-OSI USA: Gov. Kemp Announces TCSG, USG Sign First Articulation Agreement Since Passage of Top State for Talent Act

    Source: US State of Georgia

    ATLANTA – Governor Brian Kemp today announced that the Technical College System of Georgia (TCSG) and the University System of Georgia (USG) signed an articulation agreement to help nursing students seamlessly advance their education and careers, the first of its kind following the passage of HB 192, the Top State for Talent Act. The agreement allows graduates of TCSG’s associate degree in nursing programs to transfer directly into participating USG institutions to complete a Bachelor of Science in Nursing (BSN), establishing a true 2+2 transfer model between the two systems.

    “Georgia’s success as the No. 1 state for business depends on a strong pipeline of talent, especially in critical fields like healthcare,” said Governor Brian Kemp. “This agreement between TCSG and USG is a perfect example of how our state is working together to expand opportunities for students, strengthen our workforce, and ensure that every Georgian has the opportunity to succeed.”

    Governor Kemp has made aligning the state’s workforce pipeline with the needs of employers a top priority. The Top State for Talent Initiative, including the state’s first unified high-demand career list, seeks to bring private and public sector leaders together to help Georgians pursue the opportunities available to them statewide.

    This partnership between TCSG and USC supports the initiative by developing and retaining a highly skilled healthcare workforce. Under the agreement, students who graduate from a TCSG college with an Associate of Science in Nursing (ASN) will be eligible for admission into BSN programs at participating USG institutions. This streamlined transition offers students a cost-effective and accessible option to continue their education without interruption or loss of credit.

    “With this agreement, we’re eliminating barriers and opening doors for more Georgians to pursue rewarding careers in nursing,” said TCSG Commissioner Greg Dozier. “It’s a strategic move that helps our students, our healthcare partners, and our communities—especially as we work together to fill critical nursing shortages across the state.”

    “Georgia’s growing population means a greater demand for healthcare, and this partnership helps meet it by preparing more nurses, especially in rural and underserved areas,” said USG Chancellor Sonny Perdue. “As we align programs, we’re making it easier for students to grow their skills. It’s a smart investment that drives student success, expands access to care, and builds a more prosperous Georgia.”

    In addition to easing the transition between systems, the agreement expands career pathways for students by creating a clear route from an associate degree to a bachelor’s degree in one of the state’s most in-demand fields. It is part of a broader strategy by TCSG and USG to increase educational attainment and create upward mobility for students pursuing careers in high-demand industries, including nursing, healthcare, and allied health professions.

    For more information, visit www.tcsg.edu or www.usg.edu.

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI USA: Smoke and Wildfires Impacting Road Safety Across Oregon

    Source: US State of Oregon

    strong>SALEM, Ore. – As wildfires continue to impact parts of Oregon, Governor Tina Kotek has declared a State of Emergency, effective July 16, 2025, through December 31, 2025. Travelers are urged to use extra caution on the roads and know the conditions in the areas they are traveling to. Smoke can severely reduce visibility and create dangerous driving conditions. In some areas, wildfire activity has led to road closures or detours. The Oregon Department of Transportation (ODOT), Oregon Department of Emergency Management (OEM), and Oregon Department of Environmental Quality (DEQ) are working together to keep Oregonians safe—and they’re asking the public to do their part before hitting the road.

    “If you’re planning a road trip this summer, make sure your car is ready,” OEM spokesperson, Erin Zysett said. “Start your trip with a full tank of gas or electric charge, check your tires and air conditioner, and know your route. Conditions can change quickly during wildfire season.”

    OEM urges travelers to carry a well-stocked emergency car kit in case they become stranded or delayed. Your kit should include:

    • Jumper cables
    • Flares or a reflective triangle
    • Flashlight and extra batteries
    • First aid kit
    • Blanket
    • Map or printed directions
    • Cell phone and car charger
    • Backup power supply
    • Hand-crank Weather Radio
    • N95 mask (to help filter smoky air)
    • Plastic sheeting and duct tape (to shelter in place if needed)
    • Wet wipes, garbage bags, and toilet paper for sanitation
    • Whistle to signal for help
    • Water and non-perishable snacks
    • Cash or traveler’s checks
    • Portable shovel

    “Smoke affects visibility as well as air quality and can lead to sudden changes in driving conditions,” said Chris Varley, DEQ Spokesperson. “If visibility is poor or the air is hazardous, consider delaying your trip. Your safety comes first. If you must drive in smokey conditions, close all the windows and direct the car’s air system to recirculate to help reduce the amount of smoke entering the car.”

    Before You Go:

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI USA: Florida Man Sentenced for Decades-Long Scheme to Defraud the IRS

    Source: US State Government of Utah

    A Miami man was sentenced today to 60 months in prison for conspiring to defraud the United States by concealing millions of dollars in assets and income in undisclosed Swiss bank accounts and claiming to the IRS that those assets were not his and instead belonged to foreign nationals.

    The following is according to court documents and statements made in court: between 1985 and 2020, Dan Rotta, a dual Brazilian and U.S. citizen, hid more than $20 million in assets in dozens of secret Swiss accounts at five different Swiss banks, including UBS, Credit Suisse, Bank Bonhôte, and Bank Julius Baer. The accounts were held in his own name, in the names of sham structures, and, in one instance, a pseudonym. Over the years, Rotta earned tens of millions of dollars of income from these assets that he did not report on his tax returns and used to fund his lavish lifestyle. He caused a substantial tax loss to the IRS.

    Rotta employed increasingly elaborate schemes to keep his accounts hidden. Over the years, he kept his accounts open, in part, by falsely representing that he was not a U.S. citizen, leveraging his Brazilian citizenship to claim he was a Brazilian citizen residing in Brazil.

    Starting in 2008, after it was reported publicly that UBS and its bankers were under criminal investigation for helping U.S. taxpayers evade their taxes, Rotta closed his UBS account and moved his funds to Credit Suisse and Bank Bonhôte.

    In 2011, after the IRS obtained records related to one of Rotta’s Swiss accounts, he nominally changed the documentation of his accounts at Credit Suisse and Bank Bonhôte to make it appear that his co-conspirator, a Brazilian national and resident, owned the assets in the accounts. Despite the change, Rotta continued to control the assets and transferred millions of dollars out of those accounts for his use.

    Shortly after Rotta changed the account documentation, the IRS  audited him. During the audit, Rotta falsely denied that he owned the assets in the foreign financial accounts and, instead, claimed that the millions of dollars he withdrew from the accounts were non-taxable loans from foreign nationals. Rotta provided the IRS with fake promissory notes and false affidavits from the foreign nationals to corroborate his claims. During the audit, Rotta continued to use the funds in his foreign accounts to fund his lifestyle in the United States, but to conceal his use of the funds from the IRS, he often routed transfers from his foreign accounts through nominee accounts and attorney trust fund accounts in the United States.

    The IRS did not believe Rotta’s story and assessed millions of dollars of additional taxes as well as penalties and interest against him. Rotta sought to reverse the assessments by filing a false petition in U.S. Tax Court. In that petition, Rotta, through his attorney, falsely denied having any foreign accounts and attached fictitious loan documents. Furthermore, the nominee account owners traveled to the United States to retell the false loan story to IRS attorneys.

    In 2017, after Rotta presented the false evidence that the purported loans had been repaid, the IRS reversed the deficiencies and agreed that he owed no additional tax. Unbeknownst to the IRS, however, the “loan repayments” were fake: the funds that Rotta purportedly repaid went back into accounts that he controlled shortly after the IRS dismissed the suit. Also, as part of the conspiracy, Rotta had his U.S.-based attorneys create sham trust structures that he used to transfer his assets to the United States without alerting the IRS. On paper, it appeared that Rotta’s co-conspirator funded the trusts for Rotta’s benefit. In reality, Rotta funded the trusts with transfers from his Swiss accounts.

    In 2019, Rotta became aware that the IRS would receive additional account records from Switzerland that contradicted the false claims that he had previously made. In an attempt to avoid criminal liability, Rotta applied to participate in the IRS’s voluntary disclosure practice. Under that practice, taxpayers who failed to comply with their tax and reporting obligations could make timely, accurate, and complete disclosures of their conduct, which might offer a path to resolve their non-compliance and limit their criminal exposure. Rotta made false statements in his submission, including falsely claiming that the assets in the Swiss accounts mostly belonged to others, and that any funds provided to him were non-taxable gifts. Rotta also falsely claimed that the nominee account owner gifted Rotta money because that nominee had no children to benefit from the funds. In fact, that nominee had two children.

    In addition to his prison sentence, U.S. District Judge Rodney Smith for the Southern District of Florida ordered Rotta to serve three years of supervised release. The court will determine restitution at a later date.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, U.S. Attorney Hayden O’Byrne for the Southern District of Florida, and Executive Special Agent in Charge Kareem Carter of IRS Criminal Investigation (IRS-CI) Washington, D.C. Field Office made the announcement.

    Special Agents from IRS-CI’s International Tax & Financial Crimes specialty group, a team based out of Washington, D.C., and dedicated to uncovering international tax crimes, investigated the case.

    Senior Litigation Counsels Sean Beaty and Mark Daly, Trial Attorney William Montague, and former Trial Attorney Patrick Elwell of the Tax Division, as well as Senior Litigation Counsel Christopher J. Clark for the Southern District of Florida, prosecuted the case.

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI Security: Florida Man Sentenced for Decades-Long Scheme to Defraud the IRS

    Source: United States Attorneys General 1

    A Miami man was sentenced today to 60 months in prison for conspiring to defraud the United States by concealing millions of dollars in assets and income in undisclosed Swiss bank accounts and claiming to the IRS that those assets were not his and instead belonged to foreign nationals.

    The following is according to court documents and statements made in court: between 1985 and 2020, Dan Rotta, a dual Brazilian and U.S. citizen, hid more than $20 million in assets in dozens of secret Swiss accounts at five different Swiss banks, including UBS, Credit Suisse, Bank Bonhôte, and Bank Julius Baer. The accounts were held in his own name, in the names of sham structures, and, in one instance, a pseudonym. Over the years, Rotta earned tens of millions of dollars of income from these assets that he did not report on his tax returns and used to fund his lavish lifestyle. He caused a substantial tax loss to the IRS.

    Rotta employed increasingly elaborate schemes to keep his accounts hidden. Over the years, he kept his accounts open, in part, by falsely representing that he was not a U.S. citizen, leveraging his Brazilian citizenship to claim he was a Brazilian citizen residing in Brazil.

    Starting in 2008, after it was reported publicly that UBS and its bankers were under criminal investigation for helping U.S. taxpayers evade their taxes, Rotta closed his UBS account and moved his funds to Credit Suisse and Bank Bonhôte.

    In 2011, after the IRS obtained records related to one of Rotta’s Swiss accounts, he nominally changed the documentation of his accounts at Credit Suisse and Bank Bonhôte to make it appear that his co-conspirator, a Brazilian national and resident, owned the assets in the accounts. Despite the change, Rotta continued to control the assets and transferred millions of dollars out of those accounts for his use.

    Shortly after Rotta changed the account documentation, the IRS  audited him. During the audit, Rotta falsely denied that he owned the assets in the foreign financial accounts and, instead, claimed that the millions of dollars he withdrew from the accounts were non-taxable loans from foreign nationals. Rotta provided the IRS with fake promissory notes and false affidavits from the foreign nationals to corroborate his claims. During the audit, Rotta continued to use the funds in his foreign accounts to fund his lifestyle in the United States, but to conceal his use of the funds from the IRS, he often routed transfers from his foreign accounts through nominee accounts and attorney trust fund accounts in the United States.

    The IRS did not believe Rotta’s story and assessed millions of dollars of additional taxes as well as penalties and interest against him. Rotta sought to reverse the assessments by filing a false petition in U.S. Tax Court. In that petition, Rotta, through his attorney, falsely denied having any foreign accounts and attached fictitious loan documents. Furthermore, the nominee account owners traveled to the United States to retell the false loan story to IRS attorneys.

    In 2017, after Rotta presented the false evidence that the purported loans had been repaid, the IRS reversed the deficiencies and agreed that he owed no additional tax. Unbeknownst to the IRS, however, the “loan repayments” were fake: the funds that Rotta purportedly repaid went back into accounts that he controlled shortly after the IRS dismissed the suit. Also, as part of the conspiracy, Rotta had his U.S.-based attorneys create sham trust structures that he used to transfer his assets to the United States without alerting the IRS. On paper, it appeared that Rotta’s co-conspirator funded the trusts for Rotta’s benefit. In reality, Rotta funded the trusts with transfers from his Swiss accounts.

    In 2019, Rotta became aware that the IRS would receive additional account records from Switzerland that contradicted the false claims that he had previously made. In an attempt to avoid criminal liability, Rotta applied to participate in the IRS’s voluntary disclosure practice. Under that practice, taxpayers who failed to comply with their tax and reporting obligations could make timely, accurate, and complete disclosures of their conduct, which might offer a path to resolve their non-compliance and limit their criminal exposure. Rotta made false statements in his submission, including falsely claiming that the assets in the Swiss accounts mostly belonged to others, and that any funds provided to him were non-taxable gifts. Rotta also falsely claimed that the nominee account owner gifted Rotta money because that nominee had no children to benefit from the funds. In fact, that nominee had two children.

    In addition to his prison sentence, U.S. District Judge Rodney Smith for the Southern District of Florida ordered Rotta to serve three years of supervised release. The court will determine restitution at a later date.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division, U.S. Attorney Hayden O’Byrne for the Southern District of Florida, and Executive Special Agent in Charge Kareem Carter of IRS Criminal Investigation (IRS-CI) Washington, D.C. Field Office made the announcement.

    Special Agents from IRS-CI’s International Tax & Financial Crimes specialty group, a team based out of Washington, D.C., and dedicated to uncovering international tax crimes, investigated the case.

    Senior Litigation Counsels Sean Beaty and Mark Daly, Trial Attorney William Montague, and former Trial Attorney Patrick Elwell of the Tax Division, as well as Senior Litigation Counsel Christopher J. Clark for the Southern District of Florida, prosecuted the case.

    MIL Security OSI –

    July 24, 2025
  • MIL-OSI: TowneBank Reports Second Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Suffolk, Va., July 23, 2025 (GLOBE NEWSWIRE) — TowneBank (the “Company” or “Towne”) (NASDAQ: TOWN) today reported earnings for the quarter ended June 30, 2025 of $38.84 million, or $0.51 per diluted share, compared to $42.86 million, or $0.57 per diluted share, for the quarter ended June 30, 2024. Excluding certain items affecting comparability, core earnings (non-GAAP) were $61.34 million, or $0.81 per diluted share, in the current quarter compared to $42.56 million, or $0.57 per diluted share, for the quarter ended June 30, 2024.

    “Our Company delivered a record revenue quarter highlighting the strength of our Main Street banking strategy. Organic loan growth during the second quarter climbed nearly 5% on an annualized basis while credit trends continue to demonstrate best in class metrics. Our margin expanded 24 basis points during the quarter fueled by our partnership with Village Bank in our Richmond market. As we look ahead, we believe this quarter demonstrates the strength of our diversified revenue model and disciplined approach to strategic partnerships with focused execution. I wish to thank our more than 2,800 family members who work each day to Serve Others and Enrich Lives,” said G. Robert Aston, Jr., Executive Chairman.

    Highlights for Second Quarter 2025:

    • Total revenues were a record $207.44 million, an increase of $32.47 million, or 18.56%, compared to second quarter 2024. Net interest income increased $28.17 million, driven by a combination of increased interest income and lower deposit costs. Additionally, noninterest income increased $4.31 million.
    • Towne successfully completed the acquisition of Village Bank and Trust Financial Corp. and its wholly-owned bank subsidiary, Village Bank (“Village”), in April 2025. Included in that acquisition were $576.57 million in loans, $74.31 million in securities, and $637.49 million in deposits.
    • Total deposits were $15.33 billion, an increase of $1.06 billion, or 7.40%, compared to second quarter 2024. Total deposits increased 4.93%, or $0.72 billion, in comparison to March 31, 2025. Excluding $637.49 million in acquired deposits, total deposits would have increased $418.64 million, or 2.93% compared to the prior year and $82.68 million, or 2.27% on an annualized basis, compared to the linked quarter.
    • Noninterest-bearing deposits increased 10.47%, to $4.75 billion, compared to second quarter 2024 and represented 31.02% of total deposits. Compared to the linked quarter, noninterest-bearing deposits increased 10.22%. The increase includes noninterest-bearing deposits of $238.54 million acquired in the Village transaction.
    • Loans held for investment were $12.36 billion, an increase of $0.91 billion, or 7.93%, compared to June 30, 2024, and $0.71 billion, or 6.07% compared to March 31, 2025. Excluding loans acquired in the quarter, total loans would have increased $331.35 million, or 2.89%, compared to the prior year and $130.35 million, or 4.49% on an annualized basis, compared to the linked quarter.
    • Annualized return on common shareholders’ equity was 7.14% compared to 8.49% in second quarter 2024. Annualized return on average tangible common shareholders’ equity (non-GAAP) was 10.44% compared to 12.16% in second quarter 2024.
    • Net interest margin was 3.38% for the quarter and tax-equivalent net interest margin (non-GAAP) was 3.40%, including purchase accounting accretion of 6 basis points, compared to the prior year quarter net interest margin of 2.86% and tax-equivalent net interest margin (non-GAAP) of 2.89%, including purchase accounting accretion of 5 basis points.
    • Compared to the linked quarter, both net interest margin and spread increased 24 basis points.
    • The effective tax rate was 22.23% in the quarter compared to 15.93% in second quarter 2024 and 13.95% in the linked quarter. The higher tax rate in the current quarter was due to an increase in state tax expense, an adjustment to deferred income tax related to the repurchase of noncontrolling interests in Resort Property Management, and nondeductible expenses related to the Village acquisition. Management expects the tax rate to normalize in the second half of 2025.

    “We were pleased to close our Village Bank partnership and successfully complete the systems integration during the second quarter. Internally, our focus will shift during the second half of the year to closing our recently announced partnership with Old Point. Both of these strategic transactions will provide meaningful earnings momentum as we manage through an uncertain economic environment,” stated William I. Foster III, President and Chief Executive Officer.

    Quarterly Net Interest Income:

    • Net interest income was $137.21 million compared to $109.05 million for the quarter ended June 30, 2024.
    • On an average basis, loans held for investment, with a yield of 5.56%, represented 75.52% of earning assets at June 30, 2025 compared to a yield of 5.45% and 74.76% of earning assets at June 30, 2024.
    • The cost of interest-bearing deposits was 2.61% for the quarter ended June 30, 2025, compared to 3.32% in second quarter 2024. Interest expense on deposits decreased $13.87 million, or 16.91%, from the prior year quarter driven by decreases in rate.
    • Our total cost of deposits decreased to 1.80% from 2.32% for the quarter ended June 30, 2024 due to lower interest-bearing deposit rates. The Federal Reserve Open Market Committee lowered the overnight funds rate a total of 100 basis points in the last four months of 2024.
    • Average interest-earning assets totaled $16.29 billion at June 30, 2025 compared to $15.34 billion at June 30, 2024, an increase of 6.17%. The Company anticipates approximately $885 million in cash flows from its securities portfolio to be available for reinvestment in the next 24 months.
    • Average interest-bearing liabilities totaled $10.80 billion, an increase of $509.83 million, or 4.96%, from prior year, driven by demand and money market deposit growth. Borrowings increased over the linked quarter, driven by debt assumed in the Village acquisition, but were nearly level with prior year.

    Quarterly Provision for Credit Losses:

    • The quarterly provision for credit losses was an expense of $6.41 million compared to a benefit of $177 thousand in the prior year quarter and an expense of $2.42 million in the linked quarter. The provision includes an initial provision for credit losses of $6.24 million related to loans and commitments acquired in the Village transaction.
    • The allowance for credit losses on loans increased $8.06 million in second quarter 2025, compared to the linked quarter, $7.75 million of which resulted from the April 2025 acquisition of Village. In addition to the $6.06 million initial acquisition related provision for the purchased loan portfolio we increased our allowance $1.69 million for purchased credit deteriorated loan marks. Additional allowance increases were primarily driven by loan portfolio growth.
    • Net loan charge-offs were $19 thousand in the quarter, and $626 thousand in the linked quarter, compared to net recoveries of $19 thousand in the prior year quarter.
    • The ratio of net charge-offs to average loans on an annualized basis was 0.00% in both second quarter 2025 and 2024, compared to 0.02% in the linked quarter.
    • The allowance for credit losses on loans represented 1.09% of total loans at June 30, 2025, compared to 1.10% at June 30, 2024, and 1.08% at March 31, 2025. The allowance for credit losses on loans was 16.81 times nonperforming loans compared to 19.08 times at June 30, 2024 and 19.15 times at March 31, 2025.

    Quarterly Noninterest Income:

    • Total noninterest income was $70.23 million compared to $65.92 million in 2024, an increase of $4.31 million, or 6.53%.
    • Total net insurance commissions increased $1.65 million, or 6.85%, to $25.68 million in second quarter 2025 compared to 2024. This increase was primarily attributable to organic growth-related property and casualty commissions.
    • Property management fee revenue was $15.56 million in second quarter 2025, an increase of 8.69%, or $1.24 million, compared to second quarter 2024. The increase was driven by an acquisition in 2024 and changes to our fee structure.
    • Residential mortgage banking income was $13.56 million compared to $13.42 million in second quarter 2024. Loan volume increased to $671.47 million in second quarter 2025 from $626.98 million in second quarter 2024. Residential purchase activity was 92.37% of production volume in the second quarter of 2025 compared to 94.85% in second quarter 2024.
    • At 3.13%, gross margins on residential mortgage sales decreased 5 basis points from the linked quarter and 15 basis points from 3.28% in second quarter 2024.

    Quarterly Noninterest Expense:

    • Total noninterest expense was $150.67 million compared to $123.98 million in 2024, an increase of $26.68 million, or 21.52%. This increase was primarily attributable to acquisition-related expenses and growth in salaries and employee benefits.
    • The April 2025 acquisition of Village and the acquisition of Old Point Financial Corporation expected to be completed third quarter 2025, resulted in $18.74 million in acquisition-related expenses in the quarter.
    • Salaries and benefits expense increased $7.01 million, driven by annual base salary adjustments that went into effect October 2024, higher production incentives, and an increase in banking personnel, primarily related to the Village acquisition.

    Consolidated Balance Sheet Highlights:

    • Total assets were $18.26 billion for the quarter ended June 30, 2025, a $0.75 billion increase compared to $17.51 billion at March 31, 2025. Total assets increased $1.20 billion, or 7.01%, from $17.07 billion at June 30, 2024.
    • Loans held for investment increased $0.91 billion, or 7.93%, compared to prior year and $0.71 billion, or 6.07%, compared to the linked quarter. The Company continues to maintain a strong credit discipline.
    • Mortgage loans held for sale increased $37.98 million, or 18.92%, compared to prior year and $70.23 million, or 41.68%, compared to the linked quarter, driven by production levels.
    • Total deposits increased $1.06 billion, or 7.40%, driven by interest-bearing demand deposits, compared to prior year. In the linked quarter comparison, total deposits increased $0.72 billion, or 4.93%.
    • Noninterest-bearing deposits increased $450.57 million, or 10.47%, compared to prior year and $440.79 million, or 10.22%, compared to the linked quarter.
    • Total borrowings decreased $1.05 million, or 0.36%, compared to second quarter 2024 but increased $10.01 million, or 3.52%, compared to the linked quarter, due to acquired FHLB borrowings and subordinated debt.

    Investment Securities:

    • Total investment securities were $2.78 billion compared to $2.70 billion at March 31, 2025 and $2.49 billion at June 30, 2024. The weighted average duration of the portfolio at June 30, 2025 was 3.2 years. The carrying value of the available-for-sale debt securities portfolio included net unrealized losses of $113.14 million at June 30, 2025, compared to $119.25 million at March 31, 2025 and $172.93 million at June 30, 2024, with the changes in fair value due to the change in interest rates.

    Loans and Asset Quality:

    • Total loans held for investment were $12.36 billion at June 30, 2025, $11.65 billion at March 31, 2025, and $11.45 billion at June 30, 2024. Excluding loans acquired in the quarter, total loans would have increased $331.35 million, or 2.89%, compared to the prior year and $130.35 million, or 4.49% on an annualized basis, compared to the linked quarter. Real estate construction and development loans declined compared to the prior year, but were offset by increases in non-owner and owner occupied real estate and multifamily commercial real estate.
    • Nonperforming assets were $9.29 million, or 0.05% of total assets, compared to $7.16 million, or 0.04%, at June 30, 2024, and $7.37 million, or 0.04%, at the linked quarter end.
    • Nonperforming loans were 0.06% of period end loans at June 30, 2025, June 30, 2024, and the linked quarter end.
    • Foreclosed property consisted of $966 thousand in other real estate owned and $340 thousand in repossessed autos, for a total of $1.31 million in foreclosed property at June 30, 2025, compared to $581 thousand in repossessed autos, for a total of $581 thousand in foreclosed property at June 30, 2024.

    Deposits and Borrowings:

    • Total deposits were $15.33 billion compared to $14.61 billion at March 31, 2025 and $14.27 billion at June 30, 2024. Excluding $0.64 billion in acquired deposits, total deposits would have increased $418.64 million, or 2.93%, compared to the prior year and $82.68 million, or 2.27% on an annualized basis, compared to the linked quarter.
    • The ratio of period end loans held for investment to deposits was 80.63% compared to 79.77% at March 31, 2025 and 80.24% at June 30, 2024.
    • Noninterest-bearing deposits were 31.02% of total deposits at June 30, 2025 compared to 29.53% at March 31, 2025 and 30.15% at June 30, 2024. Noninterest-bearing deposits increased $450.57 million, or 10.47%, compared to June 30, 2024, and $440.79 million, or 10.22%, compared to the linked quarter.
    • Total borrowings were $294.12 million compared to $284.10 million at March 31, 2025 and $295.17 million at June 30, 2024.

    Capital:

    • Common equity tier 1 capital ratio of 11.77%(1).
    • Tier 1 leverage capital ratio of 9.93%(1).
    • Tier 1 risk-based capital ratio of 11.82%(1).
    • Total risk-based capital ratio of 14.49% (1) .
    • Book value per common share was $29.58 compared to $29.19 at March 31, 2025 and $27.62 at June 30, 2024.
    • Tangible book value per common share (non-GAAP) was $21.98 compared to $22.36 at March 31, 2025 and $20.65 at June 30, 2024.

    (1) Preliminary.

    About TowneBank:
    Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.

    Today, TowneBank operates over 55 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. Towne offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. TowneBank has grown its capabilities beyond banking to provide expertise through its affiliated companies that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices RW Towne Realty, Towne 1031 Exchange, and Towne Vacations. With total assets of $18.26 billion as of June 30, 2025, TowneBank is one of the largest banks headquartered in Virginia.

    Non-GAAP Financial Measures:
    This press release contains certain financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such non-GAAP financial measures include the following: fully tax-equivalent net interest margin, core operating earnings, core net income, tangible book value per common share, total risk-based capital ratio, tier one leverage ratio, tier one capital ratio, and the tangible common equity to tangible assets ratio. Management uses these non-GAAP financial measures to assess the performance of TowneBank’s core business and the strength of its capital position. Management believes that these non-GAAP financial measures provide meaningful additional information about TowneBank to assist investors in evaluating operating results, financial strength, and capitalization. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant charges for credit costs and other factors. These non-GAAP financial measures should not be considered as a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures of other companies. The computations of the non-GAAP financial measures used in this presentation are referenced in a footnote or in the appendix to this presentation.

    Forward-Looking Statements:
    This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the beliefs, expectations, or opinions of TowneBank and its management regarding future events, many of which, by their nature, are inherently uncertain. Forward-looking statements may be identified by the use of such words as: “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional terms, such as “will,” “would,” “should,” “could,” “may,” “likely,” “probably,” or “possibly.” These statements may address issues that involve significant risks, uncertainties, estimates, and assumptions made by management. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, competitive pressures in the banking industry that may increase significantly; changes in the interest rate environment that may reduce margins and/or the volumes and values of loans made or held as well as the value of other financial assets held; an unforeseen outflow of cash or deposits or an inability to access the capital markets, which could jeopardize our overall liquidity or capitalization; changes in the creditworthiness of customers and the possible impairment of the collectability of loans; insufficiency of our allowance for credit losses due to market conditions, inflation, changing interest rates or other factors; adverse developments in the financial industry generally, such as the 2023 bank failures, responsive measures to mitigate and manage such developments, related supervisory and regulatory actions and costs, and related impacts on customer and client behavior; general economic conditions, either nationally or regionally, that may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit or other services; geopolitical instability, including wars, conflicts, trade restrictions and tariffs, civil unrest, and terrorist attacks and the potential impact, directly or indirectly, on our business; the effects of weather-related or natural disasters, which may negatively affect our operations and/or our loan portfolio and increase our cost of conducting business; public health events (such as the COVID-19 pandemic) and governmental and societal responses to them; changes in the legislative or regulatory environment, including changes in accounting standards and tax laws, that may adversely affect our business; our ability to successfully integrate the businesses from recently completed and pending acquisitions, including our pending merger with Old Point Financial Corporation (“Old Point”), to the extent that it may take longer or be more difficult, time-consuming, or costly to accomplish than expected; our ability to close the transaction with Old Point when expected or at all because required approvals and other conditions to closing are not received or satisfied on the proposed terms or on the anticipated schedule; deposit attrition, operating costs, customer losses, and business disruption associated with recently completed or pending acquisitions, including reputational risk and adverse effects on relationships with employees, customers or other business partners, that may be greater than expected; costs or difficulties related to the integration of the businesses we have acquired that may be greater than expected; expected growth opportunities or cost savings associated with recently completed or pending acquisitions may not be fully realized or realized within the expected time frame; the diversion of management’s attention and time from ongoing business operations and opportunities on merger related matters; cybersecurity threats or attacks, whether directed at us or at vendors or other third parties with which we interact, the implementation of new technologies, and the ability to develop and maintain reliable electronic systems; our competitors may have greater financial resources and develop products that enable them to compete more successfully; changes in business conditions; changes in the securities market; and changes in our local economy with regard to our market area, including any adverse impact of actual and proposed cuts to federal spending, including defense, security and military spending, on the Greater Hampton Roads economy. Any forward-looking statements made by us or on our behalf speak only as of the date they are made or as of the date indicated, and we do not undertake any obligation to update forward-looking statements as a result of new information, future events, or otherwise. For additional information on factors that could materially influence forward-looking statements included in this report, see the “Risk Factors” in TowneBank’s Annual Report on Form 10-K for the year ended December 31, 2024 and related disclosures in other filings that have been, or will be, filed by TowneBank with the Federal Deposit Insurance Corporation.

    Media contact:
    G. Robert Aston, Jr., Executive Chairman, 757-638-6780
    William I. Foster III, President and Chief Executive Officer, 757-417-6482

    Investor contact:
    William B. Littreal, Chief Financial Officer, 757-638-6813

    TOWNEBANK
    Selected Financial Highlights (unaudited)
    (dollars in thousands, except per share data)
         
        Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
    Income and Performance Ratios:                  
      Total revenue $ 207,442     $ 192,044     $ 177,160     $ 174,518     $ 174,970  
      Net income   39,269       50,887       41,441       43,126       43,039  
      Net income available to common shareholders   38,837       50,592       41,265       42,949       42,856  
      Net income per common share – diluted   0.51       0.67       0.55       0.57       0.57  
      Book value per common share   29.58       29.19       28.43       28.59       27.62  
      Book value per common share – tangible (non-GAAP)   21.98       22.36       21.55       21.65       20.65  
      Return on average assets   0.86 %     1.19 %     0.95 %     1.00 %     1.01 %
      Return on average assets – tangible (non-GAAP)   0.96 %     1.29 %     1.03 %     1.09 %     1.11 %
      Return on average equity   7.12 %     9.50 %     7.64 %     8.12 %     8.43 %
      Return on average equity – tangible (non-GAAP)   10.39 %     13.08 %     10.68 %     11.42 %     12.03 %
      Return on average common equity   7.14 %     9.57 %     7.70 %     8.18 %     8.49 %
      Return on average common equity – tangible (non-GAAP)   10.44 %     13.21 %     10.79 %     11.54 %     12.16 %
      Noninterest income as a percentage of total revenue   33.85 %     37.27 %     33.36 %     35.66 %     37.68 %
    Regulatory Capital Ratios (1):                  
      Common equity tier 1   11.77 %     12.75 %     12.77 %     12.63 %     12.43 %
      Tier 1   11.82 %     12.87 %     12.89 %     12.76 %     12.55 %
      Total   14.49 %     15.65 %     15.68 %     15.54 %     15.34 %
      Tier 1 leverage ratio   9.93 %     10.61 %     10.36 %     10.38 %     10.25 %
    Asset Quality:                  
      Allowance for credit losses on loans to nonperforming loans 16.81x   19.15x   16.69x   18.70x   19.08x
      Allowance for credit losses on loans to period end loans   1.09 %     1.08 %     1.08 %     1.08 %     1.10 %
      Nonperforming loans to period end loans   0.06 %     0.06 %     0.06 %     0.06 %     0.06 %
      Nonperforming assets to period end assets   0.05 %     0.04 %     0.05 %     0.04 %     0.04 %
      Net charge-offs (recoveries) to average loans (annualized)   — %     0.02 %     0.01 %     0.02 %     — %
      Net charge-offs (recoveries) $ 19     $ 626     $ 382     $ 677     $ (19 )
                         
      Nonperforming loans $ 7,982     $ 6,586     $ 7,424     $ 6,588     $ 6,582  
      Foreclosed property   1,306       786       443       884       581  
      Total nonperforming assets $ 9,288     $ 7,372     $ 7,867     $ 7,472     $ 7,163  
      Loans past due 90 days and still accruing interest $ 210     $ 15     $ 1,264     $ 510     $ 368  
      Allowance for credit losses on loans $ 134,187     $ 126,131     $ 123,923     $ 123,191     $ 125,552  
    Mortgage Banking:                  
      Loans originated, mortgage $ 494,108     $ 300,699     $ 385,238     $ 421,571     $ 430,398  
      Loans originated, joint venture   177,359       144,495       180,188       176,612       196,583  
      Total loans originated $ 671,467     $ 445,194     $ 565,426     $ 598,183     $ 626,981  
      Number of loans originated   1,750       1,181       1,489       1,637       1,700  
      Number of originators   166       161       160       159       169  
      Purchase %   92.37 %     89.94 %     89.46 %     91.49 %     94.85 %
      Loans sold $ 596,009     $ 475,518     $ 629,120     $ 526,998     $ 605,134  
      Rate lock asset $ 2,186     $ 1,880     $ 1,150     $ 1,548     $ 1,930  
      Gross realized gain on sales and fees as a % of loans originated   3.13 %     3.18 %     3.25 %     3.28 %     3.28 %
    Other Ratios:                  
      Net interest margin   3.38 %     3.14 %     2.99 %     2.90 %     2.86 %
      Net interest margin-fully tax-equivalent (non-GAAP)   3.40 %     3.17 %     3.02 %     2.93 %     2.89 %
      Average earning assets/total average assets   90.23 %     90.32 %     90.57 %     90.43 %     90.36 %
      Average loans/average deposits   81.09 %     80.01 %     78.71 %     80.07 %     80.80 %
      Average noninterest deposits/total average deposits   30.88 %     29.68 %     30.14 %     30.19 %     30.06 %
      Period end equity/period end total assets   12.26 %     12.66 %     12.50 %     12.58 %     12.24 %
      Efficiency ratio (non-GAAP)   70.71 %     67.10 %     70.28 %     70.93 %     68.98 %
      (1) Current reporting period regulatory capital ratios are preliminary.            
    TOWNEBANK
    Selected Data (unaudited)
    (dollars in thousands)
     
    Investment Securities             % Change
      Q2   Q2   Q1   Q2 25 vs.   Q2 25 vs.
    Available-for-sale securities, at fair value   2025       2024       2025     Q2 24   Q1 25
    U.S. agency securities $ 345,808     $ 281,934     $ 320,190     22.66 %   8.00 %
    U.S. Treasury notes   78,746       27,701       78,184     184.27 %   0.72 %
    Municipal securities   438,490       442,474       439,379     (0.90 )%   (0.20 )%
    Trust preferred and other corporate securities   115,126       88,228       98,463     30.49 %   16.92 %
    Mortgage-backed securities issued by GSEs and GNMA   1,577,325       1,411,883       1,535,217     11.72 %   2.74 %
    Allowance for credit losses   (1,520 )     (1,541 )     (1,262 )   (1.36 )%   20.44 %
    Total $ 2,553,975     $ 2,250,679     $ 2,470,171     13.48 %   3.39 %
    Gross unrealized gains (losses) reflected in financial statements            
    Total gross unrealized gains $ 6,048     $ 1,983     $ 5,909     204.99 %   2.35 %
    Total gross unrealized losses   (119,186 )     (174,911 )     (125,156 )   (31.86 )%   (4.77 )%
    Net unrealized gains (losses) and other adjustments on AFS securities $ (113,138 )   $ (172,928 )   $ (119,247 )   (34.58 )%   (5.12 )%
    Held-to-maturity securities, at amortized cost                  
    U.S. agency securities $ 92,973     $ 102,234     $ 92,805     (9.06 )%   0.18 %
    U.S. Treasury notes   96,250       97,171       96,481     (0.95 )%   (0.24 )%
    Municipal securities   5,414       5,318       5,390     1.81 %   0.45 %
    Trust preferred corporate securities   2,094       2,147       2,107     (2.47 )%   (0.62 )%
    Mortgage-backed securities issued by GSEs   5,201       5,618       5,235     (7.42 )%   (0.65 )%
    Allowance for credit losses   (67 )     (79 )     (68 )   (15.19 )%   (1.47 )%
    Total $ 201,865     $ 212,409     $ 201,950     (4.96 )%   (0.04 )%
                       
    Total gross unrealized gains $ 214     $ 175     $ 176     22.29 %   21.59 %
    Total gross unrealized losses   (5,148 )     (12,880 )     (6,563 )   (60.03 )%   (21.56 )%
    Net unrealized gains (losses) in HTM securities $ (4,934 )   $ (12,705 )   $ (6,387 )   (61.16 )%   (22.75 )%
    Total unrealized gains (losses) on AFS and HTM securities $ (118,072 )   $ (185,633 )   $ (125,634 )   (36.39 )%   (6.02 )%
                  % Change
    Loans Held For Investment Q2   Q2   Q1   Q2 25 vs.   Q2 25 vs.
        2025       2024       2025     Q2 24   Q1 25
    Real estate – construction and development $ 1,072,625     $ 1,190,768     $ 1,006,086     (9.92 )%   6.61 %
    Commercial real estate – owner occupied   1,815,900       1,673,582       1,654,401     8.50 %   9.76 %
    Commercial real estate – non-owner occupied   3,557,175       3,155,958       3,329,728     12.71 %   6.83 %
    Real estate – multifamily   887,083       682,537       841,330     29.97 %   5.44 %
    Residential 1-4 family   1,997,395       1,887,420       1,886,107     5.83 %   5.90 %
    HELOC   480,610       408,273       429,152     17.72 %   11.99 %
    Commercial and industrial business (C&I)   1,370,564       1,297,538       1,337,254     5.63 %   2.49 %
    Government   510,902       517,954       511,676     (1.36 )%   (0.15 )%
    Indirect   579,041       558,216       570,795     3.73 %   1.44 %
    Consumer loans and other   88,378       79,501       86,217     11.17 %   2.51 %
    Total $ 12,359,673     $ 11,451,747     $ 11,652,746     7.93 %   6.07 %
                       
                  % Change
    Deposits Q2   Q2   Q1   Q2 25 vs.   Q2 25 vs.
        2025       2024       2025     Q2 24   Q1 25
    Noninterest-bearing demand $ 4,754,340     $ 4,303,773     $ 4,313,553     10.47 %   10.22 %
    Interest-bearing:                  
    Demand and money market accounts   7,654,317       6,940,086       7,463,355     10.29 %   2.56 %
    Savings   332,108       312,881       312,151     6.15 %   6.39 %
    Certificates of deposits   2,587,951       2,715,848       2,519,489     (4.71 )%   2.72 %
    Total   15,328,716       14,272,588       14,608,548     7.40 %   4.93 %
    TOWNEBANK
    Average Balances, Yields and Rate Paid (unaudited)
    (dollars in thousands)
     
      Three Months Ended   Three Months Ended   Three Months Ended
      June 30, 2025   March 31, 2025   June 30, 2024
          Interest   Average       Interest   Average       Interest   Average
      Average   Income/   Yield/   Average   Income/   Yield/   Average   Income/   Yield/
      Balance   Expense   Rate (1)   Balance   Expense   Rate (1)   Balance   Expense   Rate (1)
    Assets:                                  
    Loans (net of unearned income and deferred costs) $ 12,304,172     $ 170,520     5.56 %   $ 11,527,915     $ 153,068     5.38 %   $ 11,471,669     $ 155,374     5.45 %
    Taxable investment securities   2,598,093       23,361     3.60 %     2,478,048       21,301     3.44 %     2,368,476       21,671     3.66 %
    Tax-exempt investment securities   172,083       1,802     4.19 %     176,081       1,860     4.23 %     156,503       1,521     3.89 %
    Total securities   2,770,176       25,163     3.63 %     2,654,129       23,161     3.49 %     2,524,979       23,192     3.67 %
    Interest-bearing deposits   1,045,727       10,241     3.93 %     1,199,650       11,801     3.99 %     1,182,816       14,512     4.93 %
    Mortgage loans held for sale   172,102       2,770     6.44 %     164,358       2,653     6.46 %     165,392       2,945     7.12 %
    Total earning assets   16,292,177       208,694     5.14 %     15,546,052       190,683     4.97 %     15,344,856       196,023     5.14 %
    Less: allowance for loan losses   (131,837 )             (124,265 )             (126,792 )        
    Total nonearning assets   1,896,640               1,790,075               1,764,418          
    Total assets $ 18,056,980             $ 17,211,862             $ 16,982,482          
    Liabilities and Equity:                                  
    Interest-bearing deposits                                  
    Demand and money market $ 7,590,290     $ 42,054     2.22 %   $ 7,279,365     $ 40,606     2.26 %   $ 6,896,176     $ 48,161     2.81 %
    Savings   337,807       704     0.84 %     312,118       714     0.93 %     317,774       845     1.07 %
    Certificates of deposit   2,560,313       25,394     3.98 %     2,540,438       25,813     4.12 %     2,715,615       33,017     4.89 %
    Total interest-bearing deposits   10,488,410       68,152     2.61 %     10,131,921       67,133     2.69 %     9,929,565       82,023     3.32 %
    Borrowings   34,799       (341 )   (3.88 )%     29,606       (300 )   (4.05 )%     100,165       1,627     6.43 %
    Subordinated debt, net   272,448       2,609     3.83 %     260,070       2,304     3.54 %     256,093       2,236     3.49 %
    Total interest-bearing liabilities   10,795,657       70,420     2.62 %     10,421,597       69,137     2.69 %     10,285,823       85,886     3.36 %
    Demand deposits   4,685,835               4,276,586               4,267,590          
    Other noninterest-bearing liabilities   387,166               353,665               383,447          
    Total liabilities   15,868,658               15,051,848               14,936,860          
    Shareholders’ equity   2,188,322               2,160,014               2,045,622          
    Total liabilities and equity $ 18,056,980             $ 17,211,862             $ 16,982,482          
    Net interest income (tax-equivalent basis) (4)     $ 138,274             $ 121,546             $ 110,137      
    Reconciliation of Non-GAAP Financial Measures                                
                                       
    Tax-equivalent basis adjustment       (1,061 )             (1,068 )             (1,089 )    
    Net interest income (GAAP)     $ 137,213             $ 120,478             $ 109,048      
                                       
    Interest rate spread (2)(4)         2.52 %           2.28 %           1.78 %
    Interest expense as a percent of average earning assets       1.73 %           1.80 %           2.25 %
    Net interest margin (tax-equivalent basis) (3)(4)       3.40 %           3.17 %           2.89 %
    Total cost of deposits         1.80 %           1.89 %           2.32 %
                                       

    (1) Yields and interest income are presented on a tax-equivalent basis using the federal statutory tax rate of 21%.
    (2) Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities. Fully tax-equivalent.
    (3) Net interest margin is net interest income expressed as a percentage of average earning assets. Fully tax-equivalent.
    (4) Non-GAAP.

    TOWNEBANK
    Average Balances, Yields and Rate Paid (unaudited)
    (dollars in thousands)
     
      Six Months Ended   Six Months Ended
      June 30, 2025   June 30, 2024
          Interest   Average       Interest   Average
      Average   Income/   Yield/   Average   Income/   Yield/
      Balance   Expense   Rate (1)   Balance   Expense   Rate (1)
    Assets:                      
    Loans (net of unearned income and deferred costs) $ 11,918,188     $ 323,586     5.48 %   $ 11,425,496     $ 307,186     5.41 %
    Taxable investment securities   2,538,402       44,662     3.52 %     2,404,564       40,385     3.36 %
    Tax-exempt investment securities   174,071       3,663     4.21 %     159,021       3,071     3.86 %
    Total securities   2,712,473       48,325     3.56 %     2,563,585       43,456     3.39 %
    Interest-bearing deposits   1,122,263       22,042     3.96 %     1,175,069       28,746     4.92 %
    Mortgage loans held for sale   168,251       5,423     6.45 %     141,130       4,661     6.61 %
    Total earning assets   15,921,175       399,376     5.06 %     15,305,280       384,049     5.05 %
    Less: allowance for loan losses   (128,072 )             (127,102 )        
    Total nonearning assets   1,843,652               1,745,180          
    Total assets $ 17,636,755             $ 16,923,358          
    Liabilities and Equity:                      
    Interest-bearing deposits                      
    Demand and money market $ 7,435,687     $ 82,659     2.24 %   $ 6,862,115     $ 96,146     2.82 %
    Savings   325,033       1,419     0.88 %     323,405       1,726     1.07 %
    Certificates of deposit   2,550,430       51,207     4.05 %     2,649,777       62,539     4.75 %
    Total interest-bearing deposits   10,311,150       135,285     2.65 %     9,835,297       160,411     3.28 %
    Borrowings   32,217       (642 )   (3.96 )%     156,270       4,705     5.95 %
    Subordinated debt, net   266,293       4,913     3.69 %     255,986       4,472     3.49 %
    Total interest-bearing liabilities   10,609,660       139,556     2.65 %     10,247,553       169,588     3.33 %
    Demand deposits   4,482,341               4,245,847          
    Other noninterest-bearing liabilities   370,508               387,010          
    Total liabilities   15,462,509               14,880,410          
    Shareholders’ equity   2,174,246               2,042,948          
    Total liabilities and equity $ 17,636,755             $ 16,923,358          
    Net interest income (tax-equivalent basis)(4)     $ 259,820             $ 214,461      
    Reconciliation of Non-GAAP Financial Measures                    
    Tax-equivalent basis adjustment       (2,129 )             (2,195 )    
    Net interest income (GAAP)     $ 257,691             $ 212,266      
                           
    Interest rate spread (2)(4)         2.41 %           1.72 %
    Interest expense as a percent of average earning assets       1.77 %           2.23 %
    Net interest margin (tax-equivalent basis) (3)(4)       3.29 %           2.82 %
    Total cost of deposits         1.84 %           2.29 %
                           
    (1) Yields and interest income are presented on a tax-equivalent basis using the federal statutory rate of 21%.
    (2) Interest spread is the average yield earned on earning assets less the average rate paid on interest-bearing liabilities. Fully tax-equivalent.
    (3) Net interest margin is net interest income expressed as a percentage of average earning assets. Fully tax-equivalent.
    (4) Non-GAAP.
    TOWNEBANK
    Consolidated Balance Sheets
    (dollars in thousands, except share data)
       
         
      June 30,   December 31,
        2025       2024  
      (unaudited)   (audited)
    ASSETS      
    Cash and due from banks $ 149,462     $ 108,750  
    Interest-bearing deposits at FRB   838,315       1,127,878  
    Interest-bearing deposits in financial institutions   123,911       102,847  
    Total Cash and Cash Equivalents   1,111,688       1,339,475  
    Securities available for sale, at fair value (amortized cost of $2,668,633 and $2,509,970, and allowance for credit losses of $1,520 and $1,326 at June 30, 2025 and December 31, 2024, respectively)   2,553,975       2,353,365  
    Securities held to maturity, at amortized cost (fair value of $196,998 and $203,883 at June 30, 2025 and December 31, 2024, respectively)   201,932       212,352  
    Less: allowance for credit losses   (67 )     (77 )
    Securities held to maturity, net of allowance for credit losses   201,865       212,275  
    Other equity securities   12,248       12,100  
    FHLB stock   13,428       12,136  
    Total Securities   2,781,516       2,589,876  
    Mortgage loans held for sale   238,742       200,460  
    Loans, net of unearned income and deferred costs   12,359,673       11,459,055  
    Less: allowance for credit losses on loans   (134,187 )     (123,923 )
    Net Loans   12,225,486       11,335,132  
    Premises and equipment, net   392,056       368,876  
    Goodwill   499,709       457,619  
    Other intangible assets, net   74,186       60,171  
    BOLI   295,434       279,802  
    Other assets   645,779       615,479  
    TOTAL ASSETS $ 18,264,596     $ 17,246,890  
           
    LIABILITIES AND EQUITY      
    Deposits:      
    Noninterest-bearing demand $ 4,754,340     $ 4,253,053  
    Interest-bearing:      
    Demand and money market accounts   7,654,317       7,329,669  
    Savings   332,108       311,841  
    Certificates of deposit   2,587,951       2,542,735  
    Total Deposits   15,328,716       14,437,298  
    Advances from the FHLB   12,838       3,218  
    Subordinated debt, net   260,430       260,001  
    Repurchase agreements and other borrowings   20,847       33,683  
    Total Borrowings   294,115       296,902  
    Other liabilities   402,823       357,063  
    TOTAL LIABILITIES   16,025,654       15,091,263  
    Preferred stock, authorized and unissued shares – 2,000,000   —       —  
    Common stock, $1.667 par value: 150,000,000 shares authorized;      
    75,421,737 and 75,255,205 shares issued at      
    June 30, 2025 and December 31, 2024, respectively   125,728       125,455  
    Capital surplus   1,130,728       1,122,147  
    Retained earnings   1,057,992       1,007,775  
    Common stock issued to deferred compensation trust, at cost:      
    1,107,681 and 1,046,121 shares at June 30, 2025 and December 31, 2024, respectively   (23,977 )     (21,868 )
    Deferred compensation trust   23,977       21,868  
    Accumulated other comprehensive income (loss)   (83,103 )     (116,045 )
    TOTAL SHAREHOLDERS’ EQUITY   2,231,345       2,139,332  
    Noncontrolling interest   7,597       16,295  
    TOTAL EQUITY   2,238,942       2,155,627  
    TOTAL LIABILITIES AND EQUITY $ 18,264,596     $ 17,246,890  
     
    TOWNEBANK
    Consolidated Statements of Income (unaudited)
    (dollars in thousands, except per share data)
                   
                   
      Three Months Ended   Six Months Ended
      June 30,   June 30,
        2025       2024       2025       2024  
    INTEREST INCOME:              
    Loans, including fees $ 169,772     $ 154,549     $ 322,093     $ 305,523  
    Investment securities   24,850       22,928       47,689       42,924  
    Interest-bearing deposits in financial institutions and federal funds sold   10,241       14,512       22,042       28,746  
    Mortgage loans held for sale   2,770       2,945       5,423       4,661  
    Total interest income   207,633       194,934       397,247       381,854  
    INTEREST EXPENSE:              
    Deposits   68,152       82,023       135,285       160,411  
    Advances from the FHLB   124       942       149       3,380  
    Subordinated debt, net   2,609       2,236       4,913       4,472  
    Repurchase agreements and other borrowings   (465 )     685       (791 )     1,325  
    Total interest expense   70,420       85,886       139,556       169,588  
    Net interest income   137,213       109,048       257,691       212,266  
    PROVISION FOR CREDIT LOSSES   6,410       (177 )     8,830       (1,054 )
    Net interest income after provision for credit losses   130,803       109,225       248,861       213,320  
    NONINTEREST INCOME:              
    Residential mortgage banking income, net   13,561       13,422       23,922       23,899  
    Insurance commissions and related income, net   25,677       24,031       52,102       49,570  
    Property management income, net   15,556       14,312       35,056       31,085  
    Service charges on deposit accounts   3,642       3,353       6,969       6,431  
    Credit card merchant fees, net   1,794       1,662       3,491       3,213  
    Investment commissions, net   3,158       2,580       6,233       4,923  
    BOLI   1,992       3,238       3,864       5,080  
    Gain on sale of equity investment   —       —       2,000       —  
    Other income   4,849       3,324       8,158       5,531  
    Net gain on investment securities   —       —       —       74  
    Total noninterest income   70,229       65,922       141,795       129,806  
    NONINTEREST EXPENSE:              
    Salaries and employee benefits   78,362       71,349       153,440       142,726  
    Occupancy   9,791       9,717       19,124       19,139  
    Furniture and equipment   4,770       4,634       9,392       9,112  
    Amortization – intangibles   3,979       3,298       7,005       6,544  
    Software   6,835       7,056       13,128       13,156  
    Data processing   4,510       4,606       8,344       8,522  
    Professional fees   2,539       3,788       5,192       6,968  
    Advertising and marketing   3,228       3,524       7,701       8,106  
    FDIC and other insurance   3,032       2,133       5,893       6,491  
    Acquisition related expenses   18,737       19       19,157       614  
    Other expenses   14,882       13,860       32,825       28,197  
    Total noninterest expense   150,665       123,984       281,201       249,575  
    Income before income tax expense and noncontrolling interest   50,367       51,163       109,455       93,551  
    Provision for income tax expense   11,098       8,124       19,299       15,385  
    Net income $ 39,269     $ 43,039     $ 90,156     $ 78,166  
    Net income attributable to noncontrolling interest   (432 )     (183 )     (727 )     (623 )
    Net income attributable to TowneBank $ 38,837     $ 42,856     $ 89,429     $ 77,543  
    Per common share information              
    Basic earnings $ 0.52     $ 0.57     $ 1.19     $ 1.04  
    Diluted earnings $ 0.51     $ 0.57     $ 1.19     $ 1.03  
    Cash dividends declared $ 0.27     $ 0.25     $ 0.52     $ 0.50  
    TOWNEBANK
    Consolidated Balance Sheets – Five Quarter Trend
    (dollars in thousands, except share data)
     
                       
      June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
      (unaudited)   (unaudited)   (audited)   (unaudited)   (unaudited)
    ASSETS                  
    Cash and due from banks $ 149,462     $ 126,526     $ 108,750     $ 131,068     $ 140,028  
    Interest-bearing deposits at FRB   838,315       1,090,555       1,127,878       1,061,596       1,062,115  
    Interest-bearing deposits in financial institutions   123,911       100,249       102,847       103,400       99,303  
    Total Cash and Cash Equivalents   1,111,688       1,317,330       1,339,475       1,296,064       1,301,446  
    Securities available for sale   2,553,975       2,470,171       2,353,365       2,363,176       2,250,679  
    Securities held to maturity   201,932       202,018       212,352       212,422       212,488  
    Less: allowance for credit losses   (67 )     (68 )     (77 )     (77 )     (79 )
    Securities held to maturity, net of allowance for credit losses   201,865       201,950       212,275       212,345       212,409  
    Other equity securities   12,248       12,223       12,100       12,681       13,566  
    FHLB stock   13,428       12,425       12,136       12,134       12,134  
    Total Securities   2,781,516       2,696,769       2,589,876       2,600,336       2,488,788  
    Mortgage loans held for sale   238,742       168,510       200,460       264,320       200,762  
    Loans, net of unearned income and deferred costs   12,359,673       11,652,746       11,459,055       11,412,518       11,451,747  
    Less: allowance for credit losses   (134,187 )     (126,131 )     (123,923 )     (123,191 )     (125,552 )
    Net Loans   12,225,486       11,526,615       11,335,132       11,289,327       11,326,195  
    Premises and equipment, net   392,056       373,111       368,876       365,764       340,348  
    Goodwill   499,709       457,619       457,619       457,619       457,619  
    Other intangible assets, net   74,186       57,145       60,171       63,265       65,460  
    BOLI   295,434       280,344       279,802       279,325       277,434  
    Other assets   645,779       634,437       615,479       572,000       610,791  
    TOTAL ASSETS $ 18,264,596     $ 17,511,880     $ 17,246,890     $ 17,188,020     $ 17,068,843  
    LIABILITIES AND EQUITY                  
    Deposits:                  
    Noninterest-bearing demand $ 4,754,340     $ 4,313,553     $ 4,253,053     $ 4,267,628     $ 4,303,773  
    Interest-bearing:                  
    Demand and money market accounts   7,654,317       7,463,355       7,329,669       6,990,103       6,940,086  
    Savings   332,108       312,151       311,841       319,970       312,881  
    Certificates of deposit   2,587,951       2,519,489       2,542,735       2,785,469       2,715,848  
    Total Deposits   15,328,716       14,608,548       14,437,298       14,363,170       14,272,588  
    Advances from the FHLB   12,838       3,029       3,218       3,405       3,591  
    Subordinated debt, net   260,430       260,198       260,001       256,444       256,227  
    Repurchase agreements and other borrowings   20,847       20,875       33,683       30,970       35,351  
    Total Borrowings   294,115       284,102       296,902       290,819       295,169  
    Other liabilities   402,823       402,252       357,063       371,316       411,770  
    TOTAL LIABILITIES   16,025,654       15,294,902       15,091,263       15,025,305       14,979,527  
                       
    Preferred stock   —       —       —       —       —  
    Common stock, $1.667 par value   125,728       125,679       125,455       125,139       125,090  
    Capital surplus   1,131,536       1,123,330       1,122,147       1,117,279       1,115,759  
    Retained earnings   1,057,184       1,039,518       1,007,775       985,343       961,162  
    Common stock issued to deferred compensation                  
    trust, at cost   (23,977 )     (21,969 )     (21,868 )     (22,224 )     (22,756 )
    Deferred compensation trust   23,977       21,969       21,868       22,224       22,756  
    Accumulated other comprehensive income (loss)   (83,103 )     (87,869 )     (116,045 )     (81,482 )     (129,224 )
    TOTAL SHAREHOLDERS’ EQUITY   2,231,345       2,200,658       2,139,332       2,146,279       2,072,787  
    Noncontrolling interest   7,597       16,320       16,295       16,436       16,529  
    TOTAL EQUITY   2,238,942       2,216,978       2,155,627       2,162,715       2,089,316  
    TOTAL LIABILITIES AND EQUITY $ 18,264,596     $ 17,511,880     $ 17,246,890     $ 17,188,020     $ 17,068,843  
    TOWNEBANK
    Consolidated Statements of Income – Five Quarter Trend (unaudited)
    (dollars in thousands, except share data)
       
       
      Three Months Ended
      June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
    INTEREST INCOME:                  
    Loans, including fees $ 169,772     $ 152,322     $ 154,933     $ 155,792     $ 154,549  
    Investment securities   24,850       22,839       22,236       22,334       22,928  
    Interest-bearing deposits in financial institutions and federal funds sold   10,241       11,801       15,796       15,249       14,512  
    Mortgage loans held for sale   2,770       2,653       3,087       3,247       2,945  
    Total interest income   207,633       189,615       196,052       196,622       194,934  
    INTEREST EXPENSE:                  
    Deposits   68,152       67,133       75,885       82,128       82,023  
    Advances from the FHLB   124       25       26       29       942  
    Subordinated debt, net   2,609       2,304       2,261       2,237       2,236  
    Repurchase agreements and other borrowings   (465 )     (325 )     (177 )     (54 )     685  
    Total interest expense   70,420       69,137       77,995       84,340       85,886  
    Net interest income   137,213       120,478       118,057       112,282       109,048  
    PROVISION FOR CREDIT LOSSES   6,410       2,420       1,606       (1,100 )     (177 )
    Net interest income after provision for credit losses   130,803       118,058       116,451       113,382       109,225  
    NONINTEREST INCOME:                  
    Residential mortgage banking income, net   13,561       10,361       11,272       11,786       13,422  
    Insurance commissions and related income, net   25,677       26,424       23,265       25,727       24,031  
    Property management income, net   15,556       19,500       8,186       11,221       14,312  
    Service charges on deposit accounts   3,642       3,327       3,289       3,117       3,353  
    Credit card merchant fees, net   1,794       1,697       1,486       1,830       1,662  
    Investment commissions, net   3,158       3,075       3,195       2,835       2,580  
    BOLI   1,992       1,872       4,478       1,886       3,238  
    Other income   4,849       5,310       3,932       3,834       3,324  
    Total noninterest income   70,229       71,566       59,103       62,236       65,922  
    NONINTEREST EXPENSE:                  
    Salaries and employee benefits   78,362       75,078       74,399       72,123       71,349  
    Occupancy   9,791       9,333       9,819       9,351       9,717  
    Furniture and equipment   4,770       4,621       4,850       4,657       4,634  
    Amortization – intangibles   3,979       3,026       3,095       3,130       3,298  
    Software   6,835       6,293       6,870       6,790       7,056  
    Data processing   4,510       3,835       3,788       4,701       4,606  
    Professional fees   2,539       2,653       3,446       4,720       3,788  
    Advertising and marketing   3,228       4,472       3,359       4,162       3,524  
    Other expenses   36,651       21,225       17,815       17,266       16,012  
    Total noninterest expense   150,665       130,536       127,441       126,900       123,984  
    Income before income tax expense and noncontrolling interest   50,367       59,088       48,113       48,718       51,163  
    Provision for income tax expense   11,098       8,201       6,672       5,592       8,124  
    Net income   39,269       50,887       41,441       43,126       43,039  
    Net income attributable to noncontrolling interest   (432 )     (295 )     (176 )     (177 )     (183 )
    Net income attributable to TowneBank $ 38,837     $ 50,592     $ 41,265     $ 42,949     $ 42,856  
    Per common share information                  
    Basic earnings $ 0.52     $ 0.67     $ 0.55     $ 0.57     $ 0.57  
    Diluted earnings $ 0.51     $ 0.67     $ 0.55     $ 0.57     $ 0.57  
    Basic weighted average shares outstanding   75,240,678       75,149,668       75,034,688       74,940,827       74,925,877  
    Diluted weighted average shares outstanding   75,540,822       75,527,713       75,318,578       75,141,661       75,037,955  
    Cash dividends declared $ 0.27     $ 0.25     $ 0.25     $ 0.25     $ 0.25  
    TOWNEBANK
    Banking Segment Financial Information (unaudited)
    (dollars in thousands)
     
                       
      Three Months Ended   Six Months Ended   Increase/(Decrease)
      June 30,   March 31,   June 30,   YTD 2025 over 2024
        2025       2024       2025       2025       2024     Amount   Percent
    Revenue                          
    Net interest income $ 136,325     $ 108,029     $ 119,584     $ 255,909     $ 210,711     $ 45,198     21.45 %
    Service charges on deposit accounts   3,642       3,353       3,327       6,969       6,431       538     8.37 %
    Credit card merchant fees   1,794       1,662       1,697       3,491       3,213       278     8.65 %
    Investment commissions, net   3,158       2,580       3,075       6,233       4,923       1,310     26.61 %
    Other income   5,750       4,839       6,495       12,244       8,268       3,976     48.09 %
    Subtotal   14,344       12,434       14,594       28,937       22,835       6,102     26.72 %
    Net gain/(loss) on investment securities   —       —       —       —       74       (74 )   (100.00 )%
    Total noninterest income   14,344       12,434       14,594       28,937       22,909       6,028     26.31 %
    Total revenue   150,669       120,463       134,178       284,846       233,620       51,226     21.93 %
                               
    Provision for credit losses   6,212       (170 )     2,367       8,579       (1,146 )     9,725     (848.60 )%
                               
    Expenses                          
    Salaries and employee benefits   52,850       46,640       49,684       102,534       93,113       9,421     10.12 %
    Occupancy   7,342       7,194       6,979       14,321       14,254       67     0.47 %
    Furniture and equipment   4,081       3,810       3,808       7,889       7,458       431     5.78 %
    Amortization of intangible assets   1,969       1,117       981       2,951       2,280       671     29.43 %
    Software   4,427       4,422       4,022       8,449       8,476       (27 )   (0.32 )%
    Data processing   2,840       2,609       2,609       5,448       5,157       291     5.64 %
    Accounting and professional fees   1,934       3,146       2,010       3,944       5,805       (1,861 )   (32.06 )%
    Advertising and marketing   1,883       1,610       2,897       4,780       4,618       162     3.51 %
    FDIC and other insurance   2,676       1,861       2,590       5,267       5,983       (716 )   (11.97 )%
    Acquisition related   17,256       —       420       17,676       147       17,529     N/M
    Other expenses   11,276       9,939       11,971       23,246       20,355       2,891     14.20 %
    Total expenses   108,534       82,348       87,971       196,505       167,646       28,859     17.21 %
    Income before income tax, corporate allocation and noncontrolling interest   35,923       38,285       43,840       79,762       67,120       12,642     18.83 %
    Corporate allocation   1,535       1,232       1,396       2,931       2,301       630     27.38 %
    Income before income tax provision and noncontrolling interest   37,458       39,517       45,236       82,693       69,421       13,272     19.12 %
    Provision for income tax expense   7,814       5,130       4,681       12,495       9,235       3,260     35.30 %
    Net income   29,644       34,387       40,555       70,198       60,186       10,012     16.64 %
    Noncontrolling interest   (124 )     (58 )     42       (82 )     62       (144 )   (232.26 )%
    Net income attributable to TowneBank $ 29,520     $ 34,329     $ 40,597     $ 70,116     $ 60,248     $ 9,868     16.38 %
                               
    Efficiency ratio (non-GAAP)   70.73 %     67.43 %     64.83 %     67.95 %     70.81 %     (2.86 )%   (4.04 )%
    TOWNEBANK
    Mortgage Segment Financial Information (unaudited)
    (dollars in thousands)
     
           
      Three Months Ended   Six Months Ended   Increase/(Decrease)
      June 30,   March 31,   June 30,   YTD 2025 over 2024
        2025       2024       2025       2025       2024     Amount   Percent
    Revenue                          
    Residential mortgage brokerage income, net $ 14,083     $ 13,997     $ 10,580     $ 24,664     $ 24,795     $ (131 )   (0.53 )%
    Income (loss) from unconsolidated subsidiary   83       68       42       125       97       28     28.87 %
    Net interest and other income   1,095       1,230       1,110       2,205       1,999       206     10.31 %
    Total revenue   15,261       15,295       11,732       26,994       26,891       103     0.38 %
                               
    Provision for credit losses   198       (7 )     53       251       92       159     172.83 %
                               
    Expenses                          
    Salaries and employee benefits   7,315       6,803       7,031       14,346       13,459       887     6.59 %
    Occupancy   1,098       1,062       939       2,036       2,124       (88 )   (4.14 )%
    Furniture and equipment   151       149       195       346       327       19     5.81 %
    Amortization of intangible assets   —       144       —       —       287       (287 )   (100.00 )%
    Software   790       876       727       1,517       1,663       (146 )   (8.78 )%
    Data processing   198       170       163       360       318       42     13.21 %
    Accounting and professional fees   157       142       226       383       376       7     1.86 %
    Advertising and marketing   420       448       389       809       830       (21 )   (2.53 )%
    FDIC and other insurance   117       94       96       213       196       17     8.67 %
    Acquisition related   1,481       —       —       1,481       —       1,481     100.00 %
    Other expenses   2,728       2,535       2,461       5,191       4,757       434     9.12 %
    Total expenses   14,455       12,423       12,227       26,682       24,337       2,345     9.64 %
                               
    Income before income tax, corporate allocation and noncontrolling interest   608       2,879       (548 )     61       2,462       (2,401 )   (97.52 )%
    Corporate allocation   (519 )     (490 )     (350 )     (869 )     (838 )     (31 )   3.70 %
    Income before income tax provision and noncontrolling interest   89       2,389       (898 )     (808 )     1,624       (2,432 )   (149.75 )%
    Provision for income tax expense   (41 )     482       (240 )     (281 )     280       (561 )   (200.36 )%
    Net income   130       1,907       (658 )     (527 )     1,344       (1,871 )   (139.21 )%
    Noncontrolling interest   (308 )     (411 )     (117 )     (425 )     (526 )     101     19.20 %
    Net income attributable to TowneBank $ (178 )   $ 1,496     $ (775 )   $ (952 )   $ 818     $ (1,770 )   (216.38 )%
                               
    Efficiency ratio excluding gain on equity investment (non-GAAP)   94.72 %     80.28 %     104.22 %     98.84 %     89.44 %     9.40 %   10.51 %
    TOWNEBANK
    Resort Property Management Segment Financial Information (unaudited)
    (dollars in thousands)
     
           
      Three Months Ended   Six Months Ended   Increase/(Decrease)
      June 30,   March 31,   June 30,   YTD 2025 over 2024
        2025       2024       2025       2025       2024     Amount   Percent
    Revenue                          
    Property management fees, net $ 15,556     $ 14,312     $ 19,500       35,056       31,085       3,971     12.77 %
    Net interest and other income   24       85       13       37       102       (65 )   (63.73 )%
    Total revenue   15,580       14,397       19,513       35,093       31,187       3,906     12.52 %
                               
    Expenses                          
    Salaries and employee benefits   5,250       5,567       5,448       10,698       11,099       (401 )   (3.61 )%
    Occupancy   574       749       614       1,189       1,257       (68 )   (5.41 )%
    Furniture and equipment   385       447       405       791       863       (72 )   (8.34 )%
    Amortization of intangible assets   637       637       637       1,273       1,170       103     8.80 %
    Software   877       923       859       1,736       1,531       205     13.39 %
    Data processing   1,339       1,720       944       2,283       2,822       (539 )   (19.10 )%
    Accounting and professional fees   236       320       126       362       472       (110 )   (23.31 )%
    Advertising and marketing   750       1,333       892       1,641       2,371       (730 )   (30.79 )%
    FDIC and other insurance   113       74       67       180       109       71     65.14 %
    Acquisition related   —       19       —       —       466       (466 )   (100.00 )%
    Other expenses   427       482       2,613       3,040       1,424       1,616     113.48 %
    Total expenses   10,588       12,271       12,605       23,193       23,584       (391 )   (1.66 )%
                               
    Income before income tax, corporate allocation and noncontrolling interest   4,992       2,126       6,908       11,900       7,603       4,297     56.52 %
    Corporate allocation   (316 )     —       (320 )     (636 )     —       (636 )   N/M
    Income before income tax provision and noncontrolling interest   4,676       2,126       6,588       11,264       7,603       3,661     48.15 %
    Provision for income tax expense   1,227       681       1,629       2,856       2,039       817     40.07 %
    Net income   3,449       1,445       4,959       8,408       5,564       2,844     51.11 %
    Noncontrolling interest   —       286       (220 )     (220 )     (159 )     (61 )   (38.36 )%
    Net income attributable to TowneBank $ 3,449     $ 1,731     $ 4,739     $ 8,188     $ 5,405     $ 2,783     51.49 %
                               
    Efficiency ratio excluding gain on equity investment (non-GAAP)   63.87 %     80.81 %     61.33 %     62.46 %     71.87 %     (9.41 )%   (13.09 )%
    TOWNEBANK
    Insurance Segment Financial Information (unaudited)
    (dollars in thousands)
     
                       
      Three Months Ended   Six Months Ended   Increase/(Decrease)
      June 30,   March 31,   June 30,   YTD 2025 over 2024
        2025       2024       2025       2025       2024     Amount   Percent
    Commission and fee income                          
    Property and casualty $ 23,306     $ 22,225     $ 23,322     $ 46,629     $ 42,947     $ 3,682     8.57 %
    Employee benefits   4,596       4,404       4,725       9,320       9,230       90     0.98 %
    Specialized benefit services   —       —       —       —       9       (9 )   (100.00 )%
    Total commissions and fees   27,902       26,629       28,047       55,949       52,186       3,763     7.21 %
                               
    Contingency and bonus revenue   3,034       2,951       3,620       6,654       7,454       (800 )   (10.73 )%
    Other income   4       6       4       8       17       (9 )   (52.94 )%
    Total revenue   30,940       29,586       31,671       62,611       59,657       2,954     4.95 %
                               
    Employee commission expense   5,008       4,771       5,050       10,058       9,283       775     8.35 %
    Revenue, net of commission expense   25,932       24,815       26,621       52,553       50,374       2,179     4.33 %
                               
    Salaries and employee benefits   12,947       12,339       12,915       25,862       25,055       807     3.22 %
    Occupancy   777       712       801       1,578       1,504       74     4.92 %
    Furniture and equipment   153       228       213       366       464       (98 )   (21.12 )%
    Amortization of intangible assets   1,373       1,400       1,408       2,781       2,807       (26 )   (0.93 )%
    Software   741       835       685       1,426       1,486       (60 )   (4.04 )%
    Data processing   133       107       119       253       225       28     12.44 %
    Accounting and professional fees   212       180       291       503       315       188     59.68 %
    Advertising and marketing   175       133       294       471       287       184     64.11 %
    FDIC and other insurance   126       104       107       233       203       30     14.78 %
    Acquisition related   —       —       —       —       1       (1 )   (100.00 )%
    Other expenses   451       904       900       1,348       1,661       (313 )   (18.84 )%
    Total operating expenses   17,088       16,942       17,733       34,821       34,008       813     2.39 %
    Income before income tax, corporate allocation and noncontrolling interest   8,844       7,873       8,888       17,732       16,366       1,366     8.35 %
    Corporate allocation   (700 )     (742 )     (726 )     (1,426 )     (1,463 )     37     2.53 %
    Income before income tax provision and noncontrolling interest   8,144       7,131       8,162       16,306       14,903       1,403     9.41 %
    Provision for income tax expense   2,098       1,831       2,131       4,229       3,831       398     10.39 %
    Net income   6,046       5,300       6,031       12,077       11,072       1,005     9.08 %
    Noncontrolling interest   —       —       —       —       —       —     — %
    Net income attributable to TowneBank $ 6,046     $ 5,300     $ 6,031     $ 12,077     $ 11,072     $ 1,005     9.08 %
                               
    Provision for income taxes   2,098       1,831       2,131       4,229       3,831       398     10.39 %
    Depreciation, amortization and interest expense   1,489       1,528       1,527       3,016       3,083       (67 )   (2.17 )%
    EBITDA (non-GAAP) $ 9,633     $ 8,659     $ 9,689     $ 19,322     $ 17,986     $ 1,336     7.43 %
                               
    Efficiency ratio (non-GAAP)   60.60 %     62.63 %     61.32 %     60.97 %     61.94 %     (0.97 )%   (1.57 )%
    TOWNEBANK
    Reconciliation of Non-GAAP Financial Measures
    (dollars in thousands)
             
      Three Months Ended   Six Months Ended
      June 30,   June 30,   March 31,   June 30,   June 30,
        2025       2024       2025       2025       2024  
                       
    Return on average assets (GAAP)   0.86 %     1.01 %     1.19 %     1.02 %     0.92 %
    Impact of excluding average goodwill and other intangibles and amortization   0.10 %     0.10 %     0.10 %     0.10 %     0.09 %
    Return on average tangible assets (non-GAAP)   0.96 %     1.11 %     1.29 %     1.12 %     1.01 %
                       
    Return on average equity (GAAP)   7.12 %     8.43 %     9.50 %     8.29 %     7.63 %
    Impact of excluding average goodwill and other intangibles and amortization   3.27 %     3.60 %     3.58 %     3.44 %     3.32 %
    Return on average tangible equity (non-GAAP)   10.39 %     12.03 %     13.08 %     11.73 %     10.95 %
                       
    Return on average common equity (GAAP)   7.14 %     8.49 %     9.57 %     8.34 %     7.69 %
    Impact of excluding average goodwill and other intangibles and amortization   3.30 %     3.67 %     3.64 %     3.48 %     3.38 %
    Return on average tangible common equity (non-GAAP)   10.44 %     12.16 %     13.21 %     11.82 %     11.07 %
                       
    Book value (GAAP) $ 29.58     $ 27.62     $ 29.19     $ 29.58     $ 27.62  
    Impact of excluding average goodwill and other intangibles and amortization   (7.60 )     (6.97 )     (6.83 )     (7.60 )     (6.97 )
    Tangible book value (non-GAAP) $ 21.98     $ 20.65     $ 22.36     $ 21.98     $ 20.65  
                       
    Efficiency ratio (GAAP)   72.63 %     70.86 %     67.97 %     70.39 %     72.96 %
    Impact of exclusions   (1.92 )%     (1.88 )%     (0.87 )%     (1.41 )%     (1.90 )%
    Efficiency ratio (non-GAAP)   70.71 %     68.98 %     67.10 %     68.98 %     71.06 %
                       
    Average assets (GAAP) $ 18,056,980     $ 16,982,482     $ 17,211,862     $ 17,636,755     $ 16,923,358  
    Less: average goodwill and intangible assets   567,250       525,122       516,661       542,095       523,899  
    Average tangible assets (non-GAAP) $ 17,489,730     $ 16,457,360     $ 16,695,201     $ 17,094,660     $ 16,399,459  
                       
    Average equity (GAAP) $ 2,188,322     $ 2,045,622     $ 2,160,014     $ 2,174,246     $ 2,042,948  
    Less: average goodwill and intangible assets   567,250       525,122       516,661       542,095       523,899  
    Average tangible equity (non-GAAP) $ 1,621,072     $ 1,520,500     $ 1,643,353     $ 1,632,151     $ 1,519,049  
                       
    Average common equity (GAAP) $ 2,180,687     $ 2,029,150     $ 2,143,806     $ 2,162,348     $ 2,026,659  
    Less: average goodwill and intangible assets   567,250       525,122       516,661       542,095       523,899  
    Average tangible common equity (non-GAAP) $ 1,613,437     $ 1,504,028     $ 1,627,145     $ 1,620,253     $ 1,502,760  
                       
    Net income (GAAP) $ 38,837     $ 42,856     $ 50,592     $ 89,429     $ 77,543  
    Amortization of intangibles, net of tax   3,143       2,605       2,391       5,534       5,170  
    Tangible net income (non-GAAP) $ 41,980     $ 45,461     $ 52,983     $ 94,963     $ 82,713  
                       
    Total revenue (GAAP) $ 207,442     $ 174,970     $ 192,044     $ 399,486     $ 342,072  
    Net (gain)/loss on investment securities/equity investments   —       —       (2,000 )     (2,000 )     (74 )
    Total revenue for efficiency calculation (non-GAAP) $ 207,442     $ 174,970     $ 190,044     $ 397,486     $ 341,998  
                       
    Noninterest expense (GAAP) $ 150,665     $ 123,984     $ 130,536     $ 281,201     $ 249,575  
    Less: amortization of intangibles   3,979       3,298       3,026       7,005       6,544  
    Noninterest expense net of amortization (non-GAAP) $ 146,686     $ 120,686     $ 127,510     $ 274,196     $ 243,031  
    TOWNEBANK
    Reconciliation of Non-GAAP Financial Measures
    (dollars in thousands, except per share data)
                         
                         
    Reconciliation of GAAP Earnings to Operating Earnings Excluding Certain Items Affecting Comparability   Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
          2025       2025       2024       2024       2024  
    Net income available to common shareholders (GAAP)   $ 38,837     $ 50,592     $ 41,265     $ 42,949     $ 42,856  
                         
    Adjustments                    
    Plus: Acquisition-related expenses, net of tax     15,291       389       250       460       18  
    Plus: Initial provision for acquired loans, net of tax     4,926       —       —       —       —  
    Plus: FDIC special assessment, net of tax     —       —       —       —       (310 )
    Plus: Resort Property Management deferred tax adjustment for repurchase of noncontrolling interests     2,286       —       —       —       —  
    Less: Gain on sale of equity investments, net of noncontrolling interest     —       —       (99 )     (16 )     —  
    Total adjustments, net of taxes     22,503       389       151       444       (292 )
    Core operating earnings, excluding certain items affecting comparability (non-GAAP)   $ 61,340     $ 50,981     $ 41,416     $ 43,393     $ 42,564  
    Annualized interest impact of Series IV Notes, net of tax     42       42       —       —       —  
    Core net income for diluted EPS (non-GAAP)   $ 61,382     $ 51,023     $ 41,416     $ 43,393     $ 42,564  
                         
    Weighted average diluted shares     75,540,822       75,527,713       75,318,578       75,141,661       75,037,955  
    Diluted EPS (GAAP)   $ 0.51     $ 0.67     $ 0.55     $ 0.57     $ 0.57  
    Diluted EPS, excluding certain items affecting comparability (non-GAAP)   $ 0.81     $ 0.68     $ 0.55     $ 0.58     $ 0.57  
    Average assets   $ 18,056,980     $ 17,211,862     $ 17,349,128     $ 17,028,141     $ 16,982,482  
    Average tangible equity   $ 1,621,072     $ 1,643,353     $ 1,628,420     $ 1,582,830     $ 1,520,500  
    Average tangible common equity   $ 1,613,437     $ 1,627,145     $ 1,612,087     $ 1,566,455     $ 1,504,028  
    Return on average assets, excluding certain items affecting comparability (non-GAAP)     1.36 %     1.20 %     0.95 %     1.01 %     1.01 %
    Return on average tangible equity, excluding certain items affecting comparability (non-GAAP)     15.95 %     13.17 %     10.72 %     11.53 %     11.95 %
    Return on average common tangible equity, excluding certain items affecting comparability (non-GAAP)     16.03 %     13.30 %     10.82 %     11.65 %     12.08 %
    Efficiency ratio, excluding certain items affecting comparability (non-GAAP)     61.68 %     66.87 %     70.12 %     70.67 %     68.96 %
    TOWNEBANK
    Reconciliation of Non-GAAP Financial Measures
    (dollars in thousands, except per share data)
             
             
    Reconciliation of GAAP Earnings to Operating Earnings Excluding Certain Items Affecting Comparability   Six Months Ended
        June 30,   June 30,
          2025       2024  
    Net income (GAAP)   $ 89,429     $ 77,543  
             
    Adjustments        
    Plus: Acquisition-related expenses, net of tax     15,680       582  
    Plus: FDIC special assessment, net of tax     —       711  
    Plus: Initial provision for acquired loans, net of tax     4,926       —  
    Plus: Resort Property Management deferred tax adjustment for repurchase of noncontrolling interests     2,286       —  
    Total adjustments, net of taxes     22,892       1,293  
    Core operating earnings, excluding certain items affecting comparability (non-GAAP)   $ 112,321     $ 78,836  
    Annualized interest impact of Series IV Notes, net of tax     84       —  
    Core net income for diluted EPS (non-GAAP)   $ 112,405     $ 78,836  
    Weighted average diluted shares     75,535,484       75,002,469  
    Diluted EPS (GAAP)   $ 1.19     $ 1.03  
    Diluted EPS, excluding certain items affecting comparability (non-GAAP)   $ 1.49     $ 1.05  
    Average assets   $ 17,636,755     $ 16,923,358  
    Average tangible equity   $ 1,632,151     $ 1,519,049  
    Average tangible common equity   $ 1,620,253     $ 1,502,760  
    Return on average assets, excluding certain items affecting comparability (non-GAAP)     1.28 %     0.94 %
    Return on average tangible equity, excluding certain items affecting comparability (non-GAAP)     14.56 %     11.12 %
    Return on average common tangible equity, excluding certain items affecting comparability (non-GAAP)     14.67 %     11.24 %
    Efficiency ratio, excluding certain items affecting comparability (non-GAAP)     64.16 %     70.88 %
             

    The MIL Network –

    July 24, 2025
  • MIL-OSI Security: Defense News in Brief: CNRC Launches “Top Doc” in Fort Lauderdale

    Source: United States Navy

    FORT LAUDERDALE, Fla. — Navy Recruiting Command launched its national initiative pilot program, “Top Doc,” showcasing Medical Corps capabilities and career paths at Nova Southeastern University’s Fort Lauderdale campus on Saturday, July 12.

    “Top Doc,” is designed to draw in a wide variety of people in various stages of their medical career path. This includes medical students, residents, residency program leaders and staff, and attending physicians in any type of practice or specialty.

    “The involvement of a scholarly team of professionals, enabled by Nova Southeastern University’s prestigious health sciences programs, is a cornerstone of our excitement for launching the ‘Top Doc,’ pilot in South Florida, where we’ve received unparalleled community support,” said Capt. Tara Mcginnis, medical officer programs officer, Navy Recruiting Command. “This event captivates Florida residents by showcasing Navy Medicine’s advanced emergency care techniques, directly relevant to the state’s veteran and active-duty communities. It offers local medical professionals and students the chance to explore rewarding careers in Navy Medicine, while residents take pride in the military-civilian partnerships fostered here.”

    Mcginnis believes the “Top Doc” initiative prioritizes the Medical Corps by attracting top medical talent from medical schools, residencies, and direct accessions.

    “The experience offers military medical trainees and staff the opportunity to collaborate with civilian healthcare programs, foster a mutual exchange of knowledge, innovation, and service,” said Navy Counselor (Recruiting) 1st Class Jason Catano, assigned to the Hometown Medical Recruiter pilot program with Medical Accessions, Navy Recruiting Command. “The whole intent with this is to bring that all to the table and also give an opportunity to have hands-on training with the different professionals that are here from different career fields.”

    Navy Bureau of Medicine and Surgery (BUMED), the headquarters for Navy Medicine, was represented at “Top Doc,” by surgeons, an anesthesiologist, and a dermatologist. Tactical Combat Casualty Care (TCCC) instructors, Nurse Corps officers, and enlisted hospital corpsmen also lent their experience and expertise to the event.

    Matthew Chenworth, senior director of military affairs for Nova Southeastern University and Marine Corps veteran, believes ensuring connecting the university’s students, faculty, and staff with the military is a top priority. Chenworth says NSU’s collaboration on “Top Doc,” and the long-standing relationship with NTAG Miami helps to achieve that goal.

    “We’ve been coordinating a lot of scholarship opportunities specifically with our medical students who are looking to serve their country as a medical officer with the United States Navy upon their graduation,” said Chenworth. “We introduced [“Top Doc”] to our pre-medicine students, our nursing students, and to those who are currently within our health profession division that are going to be [Doctor of Osteopathic Medicine, Medical Doctors, and Physician Assistants]. We also extended the invite to our public safety office as well because those might be skills that our security officers here on campus may need.”

    This joint effort brought in local medical professionals and community leaders, adding to the value of the event. Dr. Joshua Lenchus, former Florida Medical Association president, and Dr. Aeyal Oren, general surgeon in private practice, spent time working with simulation manikins and leading procedural demonstrations.

    “It was a big role to step into, but I have prior experience doing simulation experience with my training down in Miami as well as dealing with the military because we ran trauma simulations there as well,” said Lenchus. “I think that the opportunities in the military are tremendous and there’s never enough gratitude that we can pay to the people who choose to put on the uniform and serve this country.”

    Lenchus believes that while financial aid is extremely important, the leadership development gained through the military’s specialized training and coursework—often not available in the civilian sector—is equally vital.

    Those in attendance gained insights from active-duty and reserve healthcare professionals working in the fleet.

    Navy Medicine personnel presented specialized training capabilities on simulation tools, such as the TCCC Cut Suit, used to train medical personnel in treating battlefield traumas. Several presenters shared information sessions explaining the availability and requirements of medical officer programs and how they applied those programs in their careers.

    Lt. Gahen Pendlebury, a full-time out-service medical officer and, emergency medicine resident, facilitated at the event.

    “What I’ve realized through talking with civilian colleagues is that there are a lot of misconceptions [about military careers],” said Pendlebury. “Some people think that they’re too old, and they are no where near that. Some think that because they went to a Caribbean school, they can’t join as physicians. There are all sorts of entryways. These types of events really help not only expand Navy branding, but really help people understand that it’s not too late and that there are different pathways.”

    Pendlebury believes there is a need for these kinds of events where interested people can obtain information about different career paths in Navy Medicine whether as active duty or reserve Sailors.

    David Missel, a first-year optometry student at NSU and Navy medical officer applicant, said he attended “Top Doc,” to learn more about Navy Medicine and to celebrate his commitment to serve upon graduation.

    “I decided to come here today because I’ve really had a passion for the Navy ever since I was a little kid,” said Missel. “I didn’t even know that I could be an optometrist in the Navy until very recently. Speaking to a recruiter and other people in the Navy, the more I learned about it the more I realize that this is such an amazing program and it’s a wonderful career opportunity. I’m just really looking forward to diving into this.”

    Navy Medicine, represented by more than 44,000 highly trained military and civilian health care professionals, provides enduring expeditionary medical support to the warfighter any time, any place.

    Missed the event but want to learn about Navy Medicine opportunities? Visit www.navy.com/navy-medicine or call 1-800-USA-NAVY for information.

    NTAG Miami, has 38 recruiting locations throughout South Florida, Puerto Rico and the Virgin Islands, with the combined mission to recruit the highest caliber Sailors to meet the needs of the Fleet.

    Navy Recruiting Command consists of a command headquarters, two Navy Recruiting Regions, Navy Recruiting Reserve Command, and 26 NTAGs that serve more than 970 recruiting stations around the world. Their mission is to attract the highest quality candidates to assure the ongoing success of America’s Navy.

    MIL Security OSI –

    July 24, 2025
  • MIL-OSI USA: Congressman Valadao Urges DOT to Reinvest $4 Billion from High-Speed Rail to Infrastructure Improvements

    Source: United States House of Representatives – Congressman David G. Valadao (California)

    It’s been over 10 years since the California High-Speed Rail Authority began construction, and after wasting billions of taxpayer dollars, missing numerous deadlines, and forcing the Central Valley to suffer due to neglect, they have zero miles of operational track to show for it.

    WASHINGTON – Congressman David Valadao (CA-22) joined Reps. Vince Fong (CA-20), Ken Calvert (CA-41), Darrell Issa (CA-48), Tom McClintock (CA-05), Doug LaMalfa (CA-01), Young Kim (CA-40), Jay Obernolte (CA-23), and Kevin Kiley (CA-03) to send Department of Transportation (DOT) Secretary Sean Duffy a letter applauding the Federal Railroad Administration’s decision to terminate funding for California’s High-Speed Rail project. The letter urges DOT to redirect the $4 billion in recovered federal funds to critical infrastructure priorities across California.

    “It’s been over 10 years since the California High-Speed Rail Authority began construction, and after wasting billions of taxpayer dollars, missing numerous deadlines, and forcing the Central Valley to suffer due to neglect, they have zero miles of operational track to show for it,” said Congressman Valadao. “This project has been overfunded and grossly mismanaged from the start, and it’s past time we refocus our efforts and resources on infrastructure projects our region needs.” 

    The letter recommends funds be redirected to:

    • Expanding State Route 99, Interstate 15, Interstate 5, Interstate 395, Interstate 80, and State Route 65.
    • Supporting repairs on roadways designated as farm-to-market roads.
    • Shifting State Route 152 and modify a bridge on Interstate 5 to accommodate for needed reservoir capacity improvements.
    • Improving a bypass on State Route 70.
    • Repairing roads damaged by the Los Angeles wildfires.
    • Supporting infrastructure improvements needed for the 2028 Olympics.

    Read the full letter here.

    ###

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI USA: WHAT THEY ARE SAYING: U.S.-Indonesia Trade Deal Is Another America First Win

    US Senate News:

    Source: US Whitehouse
    President Donald J. Trump’s landmark reciprocal trade agreement with Indonesia is another critical step forward in the Trump Administration’s relentless pursuit of trade policy that finally puts America First. The deal eliminates ~99% of tariff barriers for a full range of U.S. industrial, food, and agricultural exports, unlocks new market access, and breaks down non-tariff barriers — and represents the latest victory for American workers, farmers, and manufacturers.
    The trade deal was immediately hailed across American industry:
    American Iron and Steel Institute President and CEO Kevin Dempsey: “AISI is encouraged by today’s announcement of a framework for negotiating an agreement with Indonesia to remove Indonesia’s existing export restrictions on critical minerals, such as nickel, which is critical to stainless steel production. Indonesia’s existing export ban and other restrictions on nickel, together with its close ties to Chinese steel producers that have invested in that country as a result of China’s Belt and Road Initiative, have resulted in significant distortions in the global market for nickel to the detriment of steel producers in the United States. We look forward to working with USTR to address the Indonesian nickel export restrictions and other trade-distorting policies as these negotiations move forward.”
    Association for Competitive Technology President Morgan Reed: “This is another win for U.S. small tech developers. For years the App Association and our members have raised concerns with the U.S. Trade Representative regarding Indonesia’s inclusion of software and other digital goods in their tariff system, among several other digital trade barriers. We thank USTR and the Administration for their tireless work on behalf of small tech companies and look forward to our continued work strengthening American competitiveness globally. Further, we commend the Indonesian government for joining the United States in committing to support a World Trade Organization agreement that ensures countries will not apply taxes or customs duties to digital service transmissions.”
    Business Software Alliance SVP Aaron Cooper: “The US-Indonesia trade agreement is a breakthrough in digital trade policy. The agreement’s provisions to eliminate tariffs on intangible digital products, guaranteeing cross-border data transfers, and supporting the permanent extension of the moratorium on digital customs duties expands access to digital services and supports the adoption of technology. This agreement sends a strong signal to the global economy and many industries that rely on open and secure digital trade, and reflects key reforms that have been core BSA priorities for nearly a decade.”
    American Soybean Association President Caleb Ragland: “We appreciate President Trump and his administration’s efforts in maintaining market access for U.S. soybeans into Indonesia, and the commitment from USTR to address non-tariff barriers in that market. We look forward to future deals like this that reduce tariffs and ensure continued and increased market access for U.S. agriculture.”
    Computer and Communications Industry Association VP Jonathan McHale: “The announced Framework agreement for addressing Indonesia’s many trade barriers, including tariff regimes targeting digital products, restrictions on cross-border data flows, and local content requirements for communications devices, is an important and encouraging step in reforming what has long been one of the most challenging markets for U.S. suppliers. We look forward to a binding agreement addressing not only these restrictions, but a path to resolving all outstanding barriers that remain in this important market.”
    Consortium for Common Food Names Executive Director Jaime Castaneda: “The prospect of having Indonesia commit to a more transparent and balanced approach to GIs would be a meaningful advance in the global fight to preserve the use of common food names like parmesan and feta. We commend the U.S. negotiators for prioritizing this issue, particularly at a time when European Union is attempting to expand their GI abuse in growing dairy markets and shut out the United States. We will work diligently with the U.S. government to hold Indonesia accountable to their commitments on common names.”
    International Dairy Foods Association SVP Becky Rasdall Vargas: “We could not be more enthusiastic and energized about today’s announcement for improved access for U.S. dairy exports to Indonesia. Indonesia is an important trading partner in a region that is critical to U.S. dairy exports, and growing. Today’s announcement represents the largest improvement of access U.S. dairy exporters have seen in the region in over a decade and will be a timely step towards keeping U.S. dairy exporters globally competitive. We express our sincere appreciation to the Administration and the negotiators for achieving this positive outcome for U.S. dairy.”
    National Grain and Feed Association President and CEO Mike Seyfert: “America’s grain and feed industry appreciates President Trump and his negotiating team for advancing a bold and strategic trade framework with Indonesia that delivers meaningful wins for U.S agriculture. This agreement opens the door to billions in new exports – including soybeans, wheat, and other key commodities – while eliminating tariffs and cutting red tape that have long held back U.S. producers. We look forward to swift finalization and implementation of this deal and stand ready to work with the Trump Administration open new markets and tear down unfair trade barriers.”
    National Milk Producers Federation President and CEO Gregg Doud: “This looks like it will be a significant win for U.S. dairy. We commend the Trump Administration for securing an agreement that should deliver real benefits for our dairy farmers. We are pleased to hear this framework removes roadblocks to trade and will help grow dairy sales in one of the world’s most populous markets. NMPF looks forward to reviewing the details of the agreement and working with the Administration to ensure Indonesia upholds its end of the bargain.”
    National Oilseed Processors Association President and CEO Devin Mogler: “We commend the Trump Administration for prioritizing U.S. farmers in this trade deal with Indonesia, and specifically for including soybean meal purchases. NOPA members have invested over $6 billion to expand U.S. soybean crushing capacity by over 25% since 2023 levels to meet growing demand for food, feed and biofuel use, adding value to the crops our great U.S. farmers produce. Ensuring we have access to growing soybean meal markets like Indonesia ensures our farmers remain competitive relative to global competitors.”
    Renewable Fuels Association President and CEO Geoff Cooper: “We’re grateful to President Trump and his team for ensuring U.S. agriculture and renewable fuels are prominently included in these framework agreements. These deals will ultimately help open important Asian markets and allow greater access for American farm products, renewable fuels, and co-products like distillers grains. This administration clearly understands the leading role American farmers and renewable fuel producers can play when it comes to feeding and fueling the world, and we salute President Trump’s efforts to secure fair and reciprocal agreements around the globe. Breaking down barriers to fair trade strengthens our rural economy and the United States as a whole.”
    The Meat Institute: “The Meat Institute’s members celebrate @realdonaldtrump and @USTradeRep’s work on a deal with Indonesia opening up this important market for meat & poultry. We look forward to seeing the details of the deal & to continued efforts to remove remaining barriers to trade in other SE Asian markets.”
    U.S. Dairy Export Council President and CEO Krysta Harden: “Yesterday’s announcement is an important step forward in advancing opportunities for U.S. dairy exporters. This deal is poised to strengthen our long-term partnership with Indonesia while giving U.S. dairy companies a better shot at competing fairly. While verification that Indonesia honors its commitments will be necessary, the removal of both tariff and nontariff barriers is precisely what our industry needs to create new momentum for U.S. dairy exports and deeper collaboration with a key Southeast Asian partner.”
    U.S. Grains Council President and CEO Ryan LeGrand: “The U.S. Grains Council commends the Trump Administration on its historic trade deal with Indonesia, that will enhance trade for both countries and places a zero tariff on the products the Council represents. In the 2023-24 marketing year, Indonesia was the fourth largest importer for U.S. distillers dried grains with solubles at 1,024,000 metric tons. That translates into a nearly $299 million market, and we hope the deal announced today will not only help see those numbers increase but open doors wider to the full range of products we have to offer.”
    U.S. Meat Export Federation President and CEO Dan Halstrom: “USMEF thanks USTR for its tireless efforts to negotiate a meaningful agreement with Indonesia, tackling many challenging issues. Indonesia is a market with incredible potential, in which the opportunity for U.S. beef is estimated at $250 million annually. But today, exports are minimal due to numerous trade barriers. We are encouraged to see that the highlights detailed in the U.S.-Indonesia joint statement include resolving key issues such as import licensing, the commodity balance policy, and Indonesia’s onerous plant-by-plant approval process. For both U.S. beef and U.S. pork, these longstanding restrictions have limited exports to Indonesia. Indonesian importers and consumers are demanding U.S. red meat and we look forward to the swift conclusion of these negotiations and expanded export opportunities.”
    U.S. Wheat Associates President and CEO Mike Spier: “We are excited and grateful to track this wide-reaching government commitment that includes the agreement signed earlier this month between Indonesian flour millers and the U.S. wheat industry. We thank the Trump Administration, the U.S. Trade Representative and the U.S. Department of Agriculture’s Foreign Agricultural Service (USDA-FAS) for their continued work on behalf of American wheat farmers.”

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI United Nations: United Nations Board of Auditors Holds Seventy-Ninth Regular Session, 22-23 July at UN Headquarters, New York

    Source: United Nations General Assembly and Security Council

    The General Assembly established the United Nations Board of Auditors in 1946 as an important mechanism to promote accountability and transparency in the United Nations.  The Board audits the accounts of the United Nations Organization and its funds and programmes and reports its findings and recommendations to the General Assembly, through the Advisory Committee on Administrative and Budgetary Questions (ACABQ), and other governing bodies.  The Board has three members, who are jointly responsible for the audit.

    The Board held its seventy-ninth regular session in New York on 22 and 23 July.  The session was chaired by Pierre Moscovici, First President of the French Cour des comptes.  Together with Mr. Moscovici, Hou Kai, Auditor-General of the National Audit Office of China, and Vital do Rêgo Filho, President of the Brazilian Federal Court of Accounts, collectively discussed findings and audit opinions.

    During the session the Board met with the Secretary-General and the Deputy Secretary-General to exchange on cross-cutting issues.

    Through its work, the Board provides independent assurance to Member States and other stakeholders regarding proper use of the resources of the United Nations entities.  It reports on financial matters, as well as on regularity and performance issues.  It plays a significant role in assisting the United Nations to improve its operations and internal control systems.  The findings and recommendations of the Board have led to continuous systematic improvements in the functioning of the United Nations.

    This year the Board audited the financial statements and reviewed the operations of 18 organizations and submitted the reports to the General Assembly.  All the audited entities received unqualified opinions.  Key trends and cross-entity issues have been gathered in the Board’s Concise Summary report, which focused specifically on inter-agency cooperation as a way to improve cost effectiveness.  The Board further produced three reports for submission to other governing bodies.  More detailed information about the Board’s findings can be found in the individual reports published on the Board’s website (http://www.un.org/en/auditors/board/).

    ANNEX

    List of Board Reports

    Reports Submitted to General Assembly

    France

    1. United Nations Development Programme (UNDP)
    2. United Nations Capital Development Fund (UNCDF)
    3. United Nations High Commissioner for Refugees – (UNHCR)
    4. Concise summary of findings and conclusions

    China

    5. United Nations, Vol.1
    6. International Trade Centre (ITC)
    7. United Nations Office for Projects Services (UNOPS)
    8. United Nations Relief and Works Agency (UNRWA)
    9. United Nations Environment Programme (UNEP)
    10. United Nations Human Settlement Fund (UN-Habitat)

    Brazil

    11. United Nations University (UNU)
    12. United Nations Institute for Training and Research (UNITAR)
    13. United Nations Population Fund (UNFPA)
    14. United Nations Drug Control Programme (UNODC)
    15. United Nations Entity for Gender Equality and Empowerment of Women (UN-Women)
    16. International Residual Mechanism for Criminal Tribunals (IRMCT)
    17. United Nations Joint Staff Pension Fund
    18. United Nations Children’s Fund (UNICEF)

    Reports Submitted to Other Governing Bodies

    France

    19. United Nations Framework Convention on Climate Change
    20. United Nations Convention to Combat Desertification

    China

    21. UNRWA Staff Provident Fund

    MIL OSI United Nations News –

    July 24, 2025
  • MIL-OSI USA: CFTC Staff Issues No-Action Letter Regarding Event Contracts

    Source: US Commodity Futures Trading Commission

    CFTC Staff Issues No-Action Letter Regarding Event Contracts | CFTC

    /PressRoom/PressReleases/9099-25
    Skip to main content

    July 23, 2025

    WASHINGTON, D.C. — The Commodity Futures Trading Commission’s Division of Market Oversight and the Division of Clearing and Risk today announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations in response to a request from the Chicago Mercantile Exchange Inc., a designated contract market and derivatives clearing organization.
    The divisions will not recommend the CFTC initiate an enforcement action against CME or its participants for failure to comply with certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with binary option transactions executed on or subject to the rules of CME, subject to the terms of the no-action letter. The no-action letter applies only in narrow circumstances and is comparable to no-action letters issued for other similarly situated designated contract markets and derivatives clearing organizations. 

    -CFTC-

    MIL OSI USA News –

    July 24, 2025
  • MIL-OSI USA: Attorney General Alan Wilson leads 17-state brief supporting efforts to exclude racially or sexually divisive materials from public schoolsRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced today that he is leading a 17-state effort to support state lawmakers’ efforts to keep racially or sexually divisive materials out of public schools.

    “Our schools are supposed to be places of learning and collaboration, not indoctrination into woke ideologies that assign blame or condemnation based on race or sex,” Attorney General Wilson said.

    The South Carolina legislature passed a budget proviso that says the state Department of Education cannot use state money for any instructional materials that teach that one race or sex is inherently superior to another race or sex, or that someone is inherently racist, sexist, or oppressive by virtue of their race or sex. (You can read the Budget Proviso here.)

    The South Carolina NAACP, two authors, a teacher, and several students filed a lawsuit to block the proviso, arguing that it violates their First Amendment rights. The attorneys general filed a friend-of-the-court brief in that lawsuit supporting lawmakers’ right to decide which materials belong in public schools.

    The attorneys general argue that the Court doesn’t need to endorse the state’s restriction on racially or sexually divisive materials in public schools as sound public policy, only that it needs to follow precedent that says the selection, curation, and placement of educational materials in public schools is a form of government speech.

    “A citizen’s right to receive information under the First Amendment is not a right to compel or extract information from the government at the taxpayers’ expense. Accordingly, there is no First Amendment right to compel state-funded schools to implement certain course curricula or require public school libraries to stock their bookshelves with inflammatory and prejudicial materials,” the attorneys general write in their brief.

    They also argue that the proviso does not prevent anyone from receiving that information, but rather prevents children from accessing the material in public schools at taxpayers’ expense.

    They ask the Court to deny the plaintiffs’ motion for a preliminary injunction and dismiss the case, holding that the plaintiffs are unlikely to succeed on their First Amendment claims.

    Joining Attorney General Wilson in the brief are the attorneys general from Alabama, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Louisiana, Missouri, Montana, Nebraska, Oklahoma, South Dakota, Texas, Utah, and West Virginia.

    You can read their brief here.

    MIL OSI USA News –

    July 24, 2025
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