Category: Americas

MIL-OSI USA: Major Montana Wins Included in the FY26 Interior Appropriations Bill
Source:

Zinke’s requests for clean water infrastructure, ESA reform, and forest management pass full committee markup
Washington, D.C. – Today, Western Montana Congressman and former Secretary of the Interior Ryan Zinke announced the inclusion of several key Montana priorities in the FY26 Interior, Environment, and Related Agencies Appropriations Bill. As a member of the subcommittee, Zinke has been fighting to ensure that Montanans’ voices are heard, and that critical funding and policies reflect the state’s unique needs. The FY26 Interior Appropriations Bill now heads to the House floor for a vote.

“As a former Secretary of Interior, I’ve seen firsthand how mismanagement of our public lands from Washington can hurt our communities and how good policy can make a real difference on the ground,” said Zinke. “This bill gets us back to common sense management. It reverses years of top down bureaucratic regulation that choked our industries, hampered forest management and fire prevention, and shut off access to our lands. The infrastructure investments in this bill will go directly to our communities, funding clean water and allowing for growth. Montanans love our public lands and the outdoor experience; this bill supports multiple use and improves the quality of life for the people who live near and around those lands. It’s a science backed, community led piece of legislation, and I am proud to support it as it heads to the house floor.”

The bill includes multiple Community Project Funding (CPF) requests from Congressman Zinke that will directly improve water infrastructure in rural communities. Community Project Funding is allocated from previously authorized grant accounts, allowing elected Members of Congress to direct grant funding would otherwise be decided by unelected officials in the federal government, without increasing spending. See all of Congressman Zinke’s FY26 CPF’s here.
- Granite County Clean Water Infrastructure Project – $1.75 million
- Alberton Clear Water Infrastructure Project – $1 million
- Lolo Water and Wastewater Treatment Plant Improvement Phase 1 – $1.75 million
“I would like to thank Congressman Zinke and his team,” said Daniel Reddish, Mayor of Phillipsburg. “This reflects their total commitment to rural Montana. Promises made, promises kept! Bravo!”

In addition to direct funding, Zinke successfully included several important policy provisions in the bill:
- Delisting 3 Grizzly Bear Populations – Requires the Department of the Interior to delist the recovered grizzly bear populations in the Greater Yellowstone, Northern Continental, and Bitterroot Ecosystems from the Endangered Species Act (ESA).
- The Cottonwood Fix – Reinstates a permanent fix to prevent litigious groups from abusing the ESA to delay or block forest management projects, a key victory for wildfire prevention and responsible land stewardship.
- Wolverine ESA Restriction – Prohibits funding to list the wolverine under the ESA, consistent with longstanding scientific and state management concerns.
- Canadian Lynx ESA Rolled Back – Blocks enforcement of ESA provisions for the Canadian lynx, allowing more flexibility in forest management and land use.
- Native American Ironworker Training Program – $5 million to reinstate the successful program under the Bureau of Indian Affairs (BIA), helping tribal members access skilled trades and employment opportunities.
- Forest Roads Access – Submits bill language to lift restrictions on construction and reconstruction of Forest Service roads to support timber harvest and firefighting operations.
- Good Neighbor Authority Expansion – Encourages the Forest Service to expand use of Good Neighbor Authority agreements with states and tribes to accelerate forest management and wildfire mitigation projects on federal lands.
- Bison on Charles M. Russell (CMR) Refuge – Prohibits the introduction of bison on the CMR National Wildlife Refuge, protecting the land’s traditional multiple-use management and safeguarding ranching interests.
“As someone who went through the Native American Ironworker Training Program , I’ve seen firsthand the impact it can have on individuals and on tribal communities,” said Tom Tanner, a graduate of the program with 32 years of experience in the ironworking trade. “This program is a smart investment in Americas future; backing the skilled workforce our country needs to rebuild roads, bridges, and energy infrastructure. It trains tribal members for careers that offer good pay, union benefits, and a path to long-term stability. This program’s inclusion in the Interior bill shows a real commitment to skilled trades and job creation and I appreciate Congressman Zinke’s work on this issue.”

“As a retired wildlife biologist who lives within Montana’s wolverine biological range, I oppose any funding of efforts to list the wolverine under the Endangered Species Act and am glad this language is included in this year’s Interior Appropriations Bill,” said Montana State Representative Paul Fielder. “If the decision is based on wolverine biology alone, the wolverine should not qualify as either an Endangered or a Threatened species administered under the ESA. Too often agencies use the ESA to try to carve out sub-sets of a plant or animal species home range into “distinct population segments”, “recovery zones” or some other sub-group. The ESA refers to the Endangered Species Act, not the Endangered Distinct Population Segment Act and this language reflects that.”

Read the full text of the bill HERE.

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MIL OSI USA News –
July 23, 2025
MIL-OSI USA: U.S. House Passes Rep. Lauren Boebert’s Bipartisan Zip Code Bill

Source: United States House of Representatives – Representative Lauren Boebert (Colorado, 3)

WASHINGTON, D.C.— Congresswoman Lauren Boebert (CO-04) successfully passed her bipartisan Zip Code bill, H.R. 3095, through the U.S. House of Representatives on Monday evening. The final recorded vote total was 278-121, a significant bipartisan victory for the Congresswoman and the multiple towns and communities in the 4th District included in the legislation.

H.R. 3095 directs the United States Postal Service to create unique zip codes for more than 65 cities, towns, and communities across the country. The bill, which includes 15 communities in Colorado and 33 cosponsors, is a reintroduction of the Congresswoman’s similar effort in the 118th Congress which passed through the U.S. House in December 2024.

Cities and towns like Castle Pines, Lone Tree, and Severance all have their sales tax revenue, insurance rates, mail delivery rates, and response times for first responders negatively impacted by the lack of a unique zip code for their community. This legislation will address these issues and directly improve the quality of life for Coloradans and Americans living in these communities.

“This is a tremendous, hard-fought victory for the cities, towns, and communities in Colorado’s 4th District and across our country who have called a unique zip code to improve the quality of life for our constituents,” said Congresswoman Boebert. “Zip code reform is not a partisan issue; it’s a unifying, fundamental need for the municipalities that have been denied their own zip code and have dealt with public safety issues, mail delivery problems for seniors and veterans, business permitting challenges, and the loss of revenue that leads to cutting public services. I am proud to have worked with leaders from across the aisle and across the country to get H.R. 3095 through the House; it’s time for the Senators who represent the many communities in this bill to step up and deliver this bill to President Trump’s desk.”

“The City of Castle Pines is grateful for Congresswoman Boebert’s tireless efforts to secure a unique zip code for Castle Pines and dozens of communities across the nation,”said Castle Pines Mayor Tracy Engerman.“The passage of this bill by the House is a significant step in ensuring that residents in our communities receive their fair share of collected tax revenue and timely responses from emergency services. The Congresswoman’s ability to work across the aisle on this bipartisan effort has been critical in moving the bill to the Senate. On behalf of the National Zip Code Advocacy Coalition, I want to thank her for her support and work on this important issue.”

“The successful passage of Rep. Boebert’s Zip Code Bill is crucial and is the key to the success of ‘Small Town America’ in the future,”said Severance Mayor Matt Fries. “Every town in American deserves a unique zip code, especially when sales tax collection is 100% zip code identified, emergency responses is dependent on a correct zip code, and accurate insurance rates for citizens and businesses are tied to zip codes. I can’t understand why any person or organization would disagree with what this bill accomplishes. Congresswoman Boebert has fought like hell for small town America to maintain its own identity. I call on the Senate to stand with her to get this common-sense legislation across the finish line. The citizens of Severance, Colorado deserve their own, unique zip code.”

“The Zip Code bill is the solution to an issue that’s impacted communities like Lone Tree for far too long,” said Lone Tree Mayor Marissa Harmon. “This federal legislation is a critical step toward addressing an issue that has created unnecessary challenges for cities like Lone Tree with community identity, emergency management, public safety, business attraction and retention, insurance coverage, and mail delivery. With the passage of this legislation, we can improve service delivery, eliminate confusion, and better reflect the identity of the cities. I urge the U.S. Senate to act swiftly and support Colorado communities in doing what’s best for the people we serve.”

BACKGROUND:

The full text of Congresswoman Boebert’s H.R. 3095 can be read HERE. A shortened clip of the Congresswoman’s remarks from the House debate can be viewed HERE.

The following news stories are a mixture of recent news articles and coverage on Congresswoman Boebert’s previous effort on zip codes in the 118th Congress:

Washington Examiner: These 76 cities could receive new Zip Codes

Fox 31: Proposed bill could give these Colorado areas a new zip code

CBS News Colorado: New zip codes could improve Colorado towns’ income, safety

9News: Colorado communities could receive new Zip Codes

The Orange County Register: Could North Tustin get its own zip code? Proposed congressional effort underway to do that

The Zip Code system was instituted in America in the 1960s. The Postal Service utilizes the zip code system to deliver mail, but it is also heavily used and relied on by economic developers, insurers and emergency personnel.

Communities that do not have a unique Zip Code often experience associated problems that include the loss of economic development, loss of sales tax, unjustifiably high insurance rates, tax remittance and commercial licensing issues, diminished public safety and reduced emergency response times, identity issues, and efficiency issues.

For example, first responders often go to the wrong streets and people needing help experience delays due to Zip Code issues that would be addressed by this legislation.

Small towns and cities can petition the Postal Service for a new Zip Code but it is rarely approved and if it is denied they cannot appeal this decision for up to 10 years. Congress has intervened on these matters and last passed a law enacting four new Zip Codes through the Post Accountability and Enhancement Act of 2006.

The current list of 33 cosponsors for H.R. 3095 includes Rep. Young Kim [CA-40], Rep. Brittany Pettersen [CO-07], Rep. Jason Crow [CO-06], Rep. Gabe Evans [CO-08], Rep. Joe Courtney [CT-02], Rep. Byron Donalds [FL-19], Rep. Mikie Sherrill [NJ-11], Rep. Nancy Mace [SC-01], Rep. Jared Moskowitz [FL-23], Rep. Keith Self [TX-03], Rep. Brandon Gill [TX-26], Rep. H. Morgan Griffith [VA-09], Rep. Bryan Steil [WI-01], Rep. Gwen Moore [WI-04], Rep. Scott Fitzgerald [WI-05], Rep. Harriet M. Hageman [WY-AL], Rep. Emilia Strong Sykes [OH-13], Rep. Andy Barr [KY-06], Rep. Nicholas A. Langworthy [NY-23], Rep. Nick LaLota [NY-01], Rep. Troy E. Nehls [TX-22], Rep. Mark Harris [NC-08], Rep. Pat Fallon [TX-04], Rep. Clay Higgins [LA-03], Rep. Mark E. Amodei [NV-02], Rep. Brad Finstad [MN-01], Rep. Sean Casten [IL-06], Rep. Gilbert Ray Cisneros [CA-31], Rep. Linda T. Sanchez [CA-38], Rep. Julia Letlow [LA-05], Rep. Brad Sherman [CA-32], Rep. William Timmons [SC-04], and Rep. Jeff Hurd [CO-03].

The full list of communities included can be found below:

(1) Canyon Lake, California.

(2) Hidden Hills, California.

(3) Industry, California.

(4) North Tustin, California.

(5) Tehachapi, California.

(6) Castle Pines, Colorado.

(7) Centennial, Colorado.

(8) Cherry Hills Village, Colorado.

(9) Greenwood Village, Colorado.

(10) Highlands Ranch, Colorado.

(11) Keystone, Colorado.

(12) Lone Tree, Colorado.

(13) Mountain Village, Colorado.

(14) Mt. Crested Butte, Colorado.

(15) Severance, Colorado.

(16) Silver Cliff, Colorado.

(17) Sterling Ranch, Colorado.

(18) Superior, Colorado.

(19) Telluride, Colorado.

(20) Oakland Park, Florida.

(21) Lighthouse Point, Florida.

(22) Coconut Creek, Florida.

(23) Parkland, Florida.

(24) Deerfield Beach, Florida.

(25) Wilton Manors, Florida.

(26) Burr Ridge, Illinois.

(27) Carmel, Indiana.

(28) Noblesville, Indiana.

(29) Westfield, Indiana.

(30) Zionsville, Indiana.

(31) Louisiana State University, Baton Rouge, Louisiana.

(32) Montz, Louisiana.

(33) Springwater Township, Minnesota.

(34) Grass Valley, Nevada.

(35) Swanzey, New Hampshire.

(36) Kinnelon, New Jersey.

(37) Flanders, New York.

(38) Glendale, New York.

(39) Riverside, New York.

(40) Pendleton, New York.

(41) Weddington, North Carolina.

(42) Goose Creek, South Carolina.

(43) Fairview, Texas.

(44) Fate, Texas.

(45) Heath, Texas.

(46) Murphy, Texas.

(47) Northlake, Texas.

(48) Parker, Texas.

(49) Sargent, Texas.

(50) Fairlawn, Virginia.

(51) Caledonia, Wisconsin.

(52) Franklin, Wisconsin.

(53) Glendale, Wisconsin.

(54) Greenfield, Wisconsin.

(55) Village of Mount Pleasant, Wisconsin.

(56) Village of Somers, Wisconsin.

(57) Village of Harrison, Wisconsin.

(58) Hochatown, Oklahoma.

(59) Green, Ohio.

(60) Rochester, Wisconsin.

(61) Quartzite Township, Minnesota.

(62) Frederick, Colorado.

(63) Camargo, Kentucky.

(64) Wheatfield, New York.

(65) Mauldin, South Carolina.

(66) Josephine, Texas.

MIL OSI USA News –

July 23, 2025
MIL-OSI USA: Newhouse Votes for Responsible Land Management, Unleashing Natural Resources
Source: United States House of Representatives – Congressman Dan Newhouse (4th District of Washington)

Headline: Newhouse Votes for Responsible Land Management, Unleashing Natural Resources

WASHINGTON, D.C. – Today, Rep. Dan Newhouse (WA-04) released the following statement upon committee passage of the Fiscal Year 2026 Interior, Environment, and Related Agencies Appropriations Act.

“In my four years as Chairman of the Congressional Western Caucus, I worked hard to counter the Biden administration’s top-down regulations that threatened our public lands and natural resources across the West. This legislation is a course correction from the previous administration to unleash the resources we have under our feet, protect public lands for all who enjoy their benefits, and prioritize conservation over preservation across the United States. I also secured critical funding for three water infrastructure projects in Othello, Winthrop, and Oroville to address the water supply and distribution challenges these communities face,” said Rep. Newhouse.

Newhouse added, “I thank Subcommittee Chairman Mike Simpson and Full Committee Chairman Tom Cole for their leadership and commitment to funding priorities that support our rural way of life.”

The Interior, Environment, and Related Agencies Appropriations Bill provides a total discretionary allocation of $37.971 billion, which is $2.54 billion (6%) below the Fiscal Year 2025 enacted level.

The bill fully funds the Payments in Lieu of Taxes (PILT) program, estimated at $550 million, and prioritizes funding for Tribes and Wildland Fire Management.

Champions American energy dominance and reduces regulatory burdens by:
- Providing the OMB requested increase of $13.6 million for offshore oil and gas development at the Bureau of Ocean Energy Management and the OMB requested increase of $15 million for onshore oil and gas development at the Bureau of Land Management.
- Requiring the Secretary of the Interior to conduct onshore and offshore oil and gas lease sales.
- Prohibiting the use of the social cost of carbon, which has stymied new development.
- Prohibiting the EPA from imposing the methane fee on oil and gas producers created by the Democrats’ Inflation Reduction Act.
- Prohibiting multiple U.S. Fish and Wildlife Service rulings used to weaponize the Endangered Species Act against land users and energy producers.
Protects access to public lands by:
- Blocking restrictions on hunting, fishing, and recreational shooting on federal lands.
- Preventing additional regulations on ammunition, ammunition components, or fishing tackle under the Toxic Substances Control Act or any other law.
- Prohibiting restrictions on where standard lead ammunition and fishing tackle can be used on certain federal lands or waters unless conditions are met.
- Stopping the Bureau of Land Management’s Conservation and Landscape Health rule to ensure continued access to public lands for grazing, recreation, and energy development.
Bolsters U.S. national security and border protections by:
- Reducing our reliance on foreign countries for critical minerals by promoting access to resources here at home through blocking certain lease withdrawals in Minnesota and reinstating mineral leases in the Superior National Forest.
- Promoting domestic mining by ensuring ancillary mining activities can be approved, which is a fix to the Rosemont decision that created additional red tape and regulatory uncertainty for mining operations.
- Ensuring chemical and pesticide manufacturers are not overburdened with requirements that would drive businesses overseas and threaten American competitiveness.
- Prohibiting funds for the National Park Service to provide housing to an alien without lawful status.
- Providing $771.84 million for Tribal Public Safety and Justice programs, which is a 39% increase over the FY25 enacted level.
Newhouse secured funding for the following projects in Washington’s Fourth District in this legislation:

City of Othello

Amount Secured: $1,000,000

The City of Othello is 100 percent reliant on a rapidly depleting groundwater supply and after several years of data collection, study completions, and pilot test studies, the City of Othello has developed an Aquifer Storage and Recovery (ASR) strategy to mitigate declining water levels in the Wanapum Basalt aquifer. The ASR method has proven to be effective, and the City has progressed to the stage of predesign. The City is requesting funding assistance with the next phase of “design” to build a permanent solution that will result in a sustainable, reliable, environmentally responsible water supply plan for the Othello region.

City of Winthrop

Amount Secured: $1,500,000

The proposed project will improve the reliability of the Town of Winthrop’s water source and distribution system. The town only has one functioning well (Well #1). If that well goes down, the town only has a day or two of water available in its three reservoirs. Well #2 has been approved as an emergency water source by Department of Health, but it needs to be rehabilitated to be in regular use.

Scope of work includes:
- Rehabilitation of Well #2, including new pump, motor, piping, electrical/controls, generator backup, and a new well house.
- Repairs to the Town’s East Reservoir, including waterproofing, concrete repairs, and altitude valve replacement.
Community benefits include public health and safety, fire protection, and water conservation. Winthrop is ranked #6 on the Washington DNR’s burn probability list. Given the community’s vulnerability to wildfire, ensuring a resilient and redundant water supply system with reliable fire flow capacity is critical for public safety.

City of Oroville

Amount Secured: $1,400,000

The project will result in new, upgraded water pipes that ensure safe and reliable drinking water to Oroville’s north end area. The City of Oroville requests $1,750,000 for construction of the first phase of the project which consists of approximately 3,500 lineal feet of aging and undersized water transmission main piping serving the “North End” of the City’s water system. The existing water t-mains consist of 4-inch and 6-inch deteriorated PVC pipe, which cannot provide adequate fire flow or service pressure and are prone to leaking. The project will replace these existing, undersized transmission mains with 12-inch transmission mains along 20th from Main St to Juniper St, and along Juniper St and Main St from 20th St to 23rd St. The project will also replace existing, undersized water transmission mains with 8-inch transmission mains along Deerpath Dr from 21st St to 23rd St, and along 23rd St from Deerpath Dr to Westlake Ave.

Bill text before amendments can be found here.

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MIL OSI USA News –
July 23, 2025

MIL-OSI: National Bank Holdings Corporation Announces Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

DENVER, July 22, 2025 (GLOBE NEWSWIRE) — National Bank Holdings Corporation (the “Company”) reported:


	For the quarter⁽¹⁾									For the six months ended⁽¹⁾
	2Q25			1Q25			2Q24			2025			2024
Net income ($000’s)	$	34,022		$	24,231		$	26,135		$	58,253		$	57,526
Earnings per share – diluted	$	0.88		$	0.63		$	0.68		$	1.51		$	1.50
Return on average assets		1.38	%		0.99	%		1.06	%		1.19	%		1.17	%
Return on average tangible assets⁽²⁾		1.49	%		1.09	%		1.17	%		1.29	%		1.28	%
Return on average equity		10.15	%		7.42	%		8.46	%		8.80	%		9.37	%
Return on average tangible common equity⁽²⁾		14.18	%		10.64	%		12.44	%		12.44	%		13.77	%

(1	)	Ratios are annualized.
(2	)	See non-GAAP reconciliations below.

In announcing these results, Chief Executive Officer Tim Laney shared, “We delivered quarterly earnings of $0.88 of earnings per diluted share and a return on average tangible common equity of 14.18%. Year-over-year fully taxable equivalent pre-provision net revenues grew by 19.9% highlighted by a strong net interest margin of 3.95%. We remain diligent in monitoring our loan book and maintaining a disciplined approach to extending credit, which resulted in just 5 basis points of annualized net charge-offs during the quarter.”

Mr. Laney added, “Our solid results continue to generate meaningful capital growth with a Common Equity Tier 1 capital ratio of 14.2%. Our excess capital position provides us with optionality to act on a variety of growth opportunities. We are pleased with the recent launch of 2UniFi, an innovative financial ecosystem that we believe can change the way business owners and operators access the U.S. banking system. 2UniFi is built to empower business entrepreneurs with banking and business tools that save time, reduce stress, and help them grow their business.”

Second Quarter 2025 Results
(All comparisons refer to the first quarter of 2025, except as noted)

Net income increased $9.8 million, or 40.4%, to $34.0 million or $0.88 per diluted share, compared to $24.2 million or $0.63 per diluted share. Fully taxable equivalent pre-provision net revenue increased $1.5 million, or 14.3% annualized, to $43.5 million. The return on average tangible assets increased 40 basis points to 1.49%, and the return on average tangible common equity increased 3.54% to 14.18%. Compared to the second quarter of 2024, fully taxable equivalent pre-provision net revenue increased $7.2 million or 19.9%.

Net Interest Income
Fully taxable equivalent net interest income increased $0.7 million to $89.3 million due to one additional day during the second quarter. The fully taxable equivalent net interest margin widened two basis points to 3.95%, driven by a three basis point increase in earning asset yields, partially offset by an increase in the cost of funds.

Loans
Loans totaled $7.5 billion at June 30, 2025, compared to $7.6 billion. We generated quarterly loan fundings of $322.7 million, led by commercial loan fundings of $219.6 million. The second quarter’s weighted average rate on new loans at the time of origination was 7.4%, compared to a weighted average yield of 6.5% on our loan portfolio.

Asset Quality and Provision for Credit Losses
The Company recorded no provision expense for credit losses, compared to $10.2 million in the previous quarter. Annualized net charge-offs totaled 0.05% of average total loans, compared to 0.80%. Non-performing loans totaled 0.45% of total loans at June 30, 2025, consistent with the previous quarter, and non-performing assets decreased one basis point to 0.45% of total loans and OREO at June 30, 2025. The allowance for credit losses as a percentage of loans increased one basis point to 1.19% at June 30, 2025.

Deposits
Average total deposits decreased $58.8 million to $8.2 billion during the second quarter 2025, and average transaction deposits (defined as total deposits less time deposits) decreased $85.3 million to $7.1 billion. The loan to deposit ratio totaled 90.5% at June 30, 2025, compared to 90.8%. The mix of transaction deposits to total deposits was 87.0% at June 30, 2025, compared to 87.4%.

Non-Interest Income
Non-interest income increased $1.7 million, or 11.0%, to $17.1 million during the second quarter. Income from partnership investments increased $0.6 million, bank card fees increased $0.5 million, SBA loan gains on sale increased $0.2 million, and the sales of two previously consolidated banking center properties drove a $1.3 million gain. Mortgage banking income decreased $0.8 million.

Non-Interest Expense
Non-interest expense totaled $62.9 million, compared to $62.0 million in the first quarter, which benefited from the $1.9 million payroll tax credits realized in the first quarter. Excluding the impact from the first quarter’s payroll tax credits, non-interest expense decreased $1.0 million due to our disciplined expense management. The second quarter’s non-interest expense includes $0.3 million of non-recurring restructuring charges as a result of expense reduction actions executed during the quarter. The fully taxable equivalent efficiency ratio improved 42 basis points to 57.3%, excluding other intangible assets amortization.

Income tax expense totaled $7.5 million, compared to $5.6 million in the previous quarter, as a result of higher pre-tax income in the second quarter. The effective tax rate was 18.1%, compared to 18.8% in the first quarter.

Capital
Capital ratios continue to be well in excess of federal bank regulatory agency “well capitalized” thresholds. The tier 1 leverage ratio totaled 11.18%, and the common equity tier 1 capital ratio totaled 14.17% at June 30, 2025. Shareholders’ equity increased $23.2 million to $1.4 billion at June 30, 2025, primarily driven by $22.5 million of growth in retained earnings from net income after covering the quarter’s dividend, and a $4.1 million improvement in accumulated other comprehensive loss due to changes in the interest rate environment.

Common book value per share increased $0.65 to $35.55 at June 30, 2025. Tangible common book value per share increased $0.70 to $26.64 driven by the quarter’s earnings after covering the quarterly dividend, and a $0.11 improvement in accumulated other comprehensive loss.

Year-Over-Year Review
(All comparisons refer to the first six months of 2024, except as noted)

Net income increased $0.7 million to $58.3 million or $1.51 per diluted share, compared to $57.5 million or $1.50 per diluted share. Fully taxable equivalent pre-provision net revenue increased $8.6 million to $85.4 million. The return on average tangible assets increased one basis point to 1.29%, and the return on average tangible common equity was 12.44%, compared to 13.77%.

Fully taxable equivalent net interest income increased $6.9 million to $177.9 million. The fully taxable equivalent net interest margin widened 17 basis points to 3.94%, driven by a 21 basis point decrease in the cost of funds, partially offset by a three basis point decrease in earning asset yields.

Loans outstanding totaled $7.5 billion as of June 30, 2025, compared to $7.7 billion. New loan fundings over the trailing twelve months totaled $1.4 billion, led by commercial fundings of $928.3 million.

The Company recorded $10.2 million of provision expense for credit losses, compared to $2.8 million in the same period prior year. Annualized net charge-offs totaled 0.43% of average total loans, compared to 0.11% net charge-offs in the same period prior year. Non-performing loans totaled 0.45% of total loans at June 30, 2025, compared to 0.34% in the prior year. Non-performing assets totaled 0.45% of total loans and OREO at June 30, 2025, compared to 0.36% in the prior year. The allowance for credit losses as a percentage of loans totaled 1.19% at June 30, 2025, compared to 1.25% at June 30, 2024.

Average deposits totaled $8.2 billion, compared to $8.3 billion in the same period prior year, and average transaction deposits totaled $7.2 billion, compared to $7.3 billion in the same period prior year. The mix of transaction deposits to total deposits was 87.0% at June 30, 2025, compared to 87.8%.

Non-interest income increased $0.7 million to $32.4 million primarily due to a $0.7 million increase in the gains on sales of previously consolidated banking center properties and a $0.4 million increase in trust income.

Non-interest expense decreased $1.0 million to $124.9 million as a result of disciplined expense management and payroll tax credits realized during the first quarter 2025.

Income tax expense totaled $13.1 million, consistent with the same period prior year. The effective tax rate was 18.4%, compared to 18.6% in the same period prior year.

Conference Call
Management will host a conference call to review the results at 11:00 a.m. Eastern Time on Wednesday, July 23, 2025. Interested parties may listen to this call by dialing (877) 400-0505 using the participant passcode of 9935135 and asking for the NBHC Q2 2025 Earnings Call. The earnings release and a link to the replay of the call will be available on the Company’s website at www.nationalbankholdings.com by visiting the investor relations area.

About National Bank Holdings Corporation
National Bank Holdings Corporation is a bank holding company created to build a leading community bank franchise, delivering high quality client service and committed to stakeholder results. Through its bank subsidiaries, NBH Bank and Bank of Jackson Hole Trust, National Bank Holdings Corporation operates a network of over 85 banking centers, serving individual consumers, small, medium and large businesses, and government and non-profit entities. Its banking centers are located in its core footprint of Colorado, the greater Kansas City region, Utah, Wyoming, Texas, New Mexico and Idaho. Its comprehensive residential mortgage banking group primarily serves the bank’s core footprint. Its trust and wealth management business is operated in its core footprint under the Bank of Jackson Hole Trust charter. NBH Bank operates under a single state charter through the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Texas, Utah, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage; and in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage. Additional information about National Bank Holdings Corporation can be found at www.nationalbankholdings.com.

For more information visit: cobnks.com, bankmw.com, hillcrestbank.com, bankofjacksonhole.com, or nbhbank.com, or connect with any of our brands on LinkedIn.

About Non-GAAP Financial Measures
Certain of the financial measures and ratios we present, including “tangible assets,” “return on average tangible assets,” “tangible common equity,” “return on average tangible common equity,” “tangible common book value per share,” “tangible common equity to tangible assets,” “non-interest expense excluding other intangible assets amortization,” “efficiency ratio excluding other intangible assets amortization,” “net income excluding the impact of other intangible assets amortization expense, after tax,” “pre-provision net revenue” and “fully taxable equivalent” metrics, are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these differences by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements do not discuss historical facts but instead relate to expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. Forward-looking statements are generally identified by words such as “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,” “estimate,” “target,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend,” “goal,” “focus,” “maintains,” “future,” “ultimately,” “likely,” “ensure,” “strategy,” “objective,” and similar words or phrases. These statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties. We have based these statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, liquidity, results of operations, business strategy and growth prospects. Forward-looking statements involve certain important risks, uncertainties and other factors, any of which could cause actual results to differ materially from those in such statements and, therefore, you are cautioned not to place undue reliance on such statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: business and economic conditions along with external events both generally and in the financial services industry; susceptibility to credit risk and fluctuations in the value of real estate and other collateral securing a significant portion of our loan portfolio, including with regards to real estate acquired through foreclosure, and the accuracy of appraisals related to such real estate; the allowance for credit losses and fair value adjustments may be insufficient to absorb losses in our loan portfolio; our ability to maintain sufficient liquidity to meet the requirements of deposit withdrawals and other business needs; changes impacting monetary supply and the businesses of our clients and counterparties, including levels of market interest rates, inflation, currency values, monetary and fiscal policies, and the volatility of trading markets; changes in the fair value of our investment securities and the ability of companies in which we invest to commercialize their technology or product concepts; the loss of certain executive officers and key personnel; any service interruptions, cyber incidents or other breaches relating to our technology systems, security systems or infrastructure or those of our third-party providers; the occurrence of fraud or other financial crimes within our business; competition from other financial institutions and financial services providers and the effects of disintermediation within the banking business including consolidation within the industry; changes to federal government lending programs like the Small Business Administration’s Preferred Lender Program and the Federal Housing Administration’s insurance programs, including the impact of a government shutdown of such programs; impairment of our mortgage servicing rights, disruption in the secondary market for mortgage loans, declines in real estate values, or being required to repurchase mortgage loans or reimburse investors; developments in technology, such as artificial intelligence, the success of our digital growth strategy, and our ability to incorporate innovative technologies in our business and provide products and services that satisfy our clients’ expectations for convenience and security; our ability to execute our organic growth and acquisition strategies; the accuracy of projected operating results for assets and businesses we acquire as well as our ability to drive organic loan growth to replace loans in our existing portfolio with comparable loans as loans are paid down; changes to federal, state and local laws and regulations along with executive orders applicable to our business, including tax laws; our ability to comply with and manage costs related to extensive government regulation and supervision, including current and future regulations affecting bank holding companies and depository institutions; the application of any increased assessment rates imposed by the Federal Deposit Insurance Corporation (“FDIC”); claims or legal action brought against us by third parties or government agencies; and other factors, risks, trends and uncertainties described elsewhere in our other filings with the Securities and Exchange Commission (the “SEC”). The forward-looking statements are made as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

Contacts:
Analysts/Institutional Investors:
Emily Gooden, Chief Accounting Officer and Investor Relations Director, (720) 554-6640, ir@nationalbankholdings.com
Nicole Van Denabeele, Chief Financial Officer, (720) 529-3370, ir@nationalbankholdings.com

Media:
Jody Soper, Chief Marketing Officer, (303) 784-5925, Jody.Soper@nbhbank.com

NATIONAL BANK HOLDINGS CORPORATION
FINANCIAL SUMMARY
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except share and per share data)


	For the three months ended						For the six months ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2025		2025		2024		2025		2024
Total interest and dividend income	$	131,220	$	129,963	$	132,447	$	261,183	$	264,179
Total interest expense		43,811		43,272		48,873		87,083		96,575
Net interest income		87,409		86,691		83,574		174,100		167,604
Taxable equivalent adjustment		1,912		1,910		1,711		3,822		3,403
Net interest income FTE⁽¹⁾		89,321		88,601		85,285		177,922		171,007
Provision expense for credit losses		—		10,200		2,776		10,200		2,776
Net interest income after provision for credit losses FTE⁽¹⁾		89,321		78,401		82,509		167,722		168,231
Non-interest income:
Service charges		4,127		4,118		4,295		8,245		8,686
Bank card fees		4,732		4,194		4,882		8,926		9,460
Mortgage banking income		2,547		3,315		3,296		5,862		5,951
Other non-interest income		5,660		3,749		1,556		9,409		7,626
Total non-interest income		17,066		15,376		14,029		32,442		31,723
Non-interest expense:
Salaries and benefits		37,746		34,362		36,933		72,108		73,453
Occupancy and equipment		9,436		10,837		10,120		20,273		20,061
Professional fees		1,680		1,423		1,706		3,103		3,352
Data processing		4,452		4,401		4,117		8,853		8,183
Other non-interest expense		7,670		9,017		8,222		16,687		16,875
Other intangible assets amortization		1,947		1,977		1,977		3,924		3,985
Total non-interest expense		62,931		62,017		63,075		124,948		125,909

Income before income taxes FTE⁽¹⁾		43,456		31,760		33,463		75,216		74,045
Taxable equivalent adjustment		1,912		1,910		1,711		3,822		3,403
Income before income taxes		41,544		29,850		31,752		71,394		70,642
Income tax expense		7,522		5,619		5,617		13,141		13,116
Net income	$	34,022	$	24,231	$	26,135	$	58,253	$	57,526
Earnings per share – basic	$	0.89	$	0.63	$	0.68	$	1.52	$	1.51
Earnings per share – diluted		0.88		0.63		0.68		1.51		1.50
Common stock dividend		0.30		0.29		0.28		0.59		0.55


(1	)		Net interest income is presented on a GAAP basis and fully taxable equivalent (FTE) basis, as the Company believes this non-GAAP measure is the preferred industry measurement for this item. The FTE adjustment is for the tax benefit on certain tax exempt loans using the federal tax rate of 21% for each period presented.

NATIONAL BANK HOLDINGS CORPORATION
Consolidated Statements of Financial Condition (Unaudited)
(Dollars in thousands, except share and per share data)


	June 30, 2025			March 31, 2025			December 31, 2024			June 30, 2024
ASSETS
Cash and cash equivalents	$	296,483		$	246,298		$	127,848		$	144,993
Investment securities available-for-sale		631,947			634,376			527,547			691,076
Investment securities held-to-maturity		717,232			706,912			533,108			554,686
Non-marketable securities		81,124			76,203			76,462			72,987
Loans		7,486,918			7,646,296			7,751,143			7,722,153
Allowance for credit losses		(88,893	)		(90,192	)		(94,455	)		(96,457	)
Loans, net		7,398,025			7,556,104			7,656,688			7,625,696
Loans held for sale		20,784			11,885			24,495			18,787
Other real estate owned		291			615			662			1,526
Premises and equipment, net		209,414			204,567			196,773			177,456
Goodwill		306,043			306,043			306,043			306,043
Intangible assets, net		52,496			54,489			58,432			62,356
Other assets		284,890			301,378			299,635			315,245
Total assets	$	9,998,729		$	10,098,870		$	9,807,693		$	9,970,851
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Non-interest bearing demand deposits	$	2,168,574		$	2,215,313		$	2,213,685		$	2,229,432
Interest bearing demand deposits		1,240,698			1,337,905			1,411,860			1,420,942
Savings and money market		3,785,951			3,812,312			3,592,312			3,703,810
Total transaction deposits		7,195,223			7,365,530			7,217,857			7,354,184
Time deposits		1,074,261			1,058,677			1,020,036			1,022,741
Total deposits		8,269,484			8,424,207			8,237,893			8,376,925
Securities sold under agreements to repurchase		18,513			20,749			18,895			19,465
Long-term debt		54,385			54,588			54,511			54,356
Federal Home Loan Bank advances		185,000			80,000			50,000			35,000
Other liabilities		118,851			190,018			141,319			237,461
Total liabilities		8,646,233			8,769,562			8,502,618			8,723,207
Shareholders’ equity:
Common stock		515			515			515			515
Additional paid in capital		1,167,719			1,168,433			1,167,431			1,161,804
Retained earnings		544,428			521,939			508,864			469,630
Treasury stock		(304,254	)		(301,531	)		(301,694	)		(303,880	)
Accumulated other comprehensive loss, net of tax		(55,912	)		(60,048	)		(70,041	)		(80,425	)
Total shareholders’ equity		1,352,496			1,329,308			1,305,075			1,247,644
Total liabilities and shareholders’ equity	$	9,998,729		$	10,098,870		$	9,807,693		$	9,970,851
SHARE DATA
Average basic shares outstanding		38,075,896			38,068,455			38,327,964			38,210,869
Average diluted shares outstanding		38,151,810			38,229,869			38,565,164			38,372,777
Ending shares outstanding		38,045,622			38,094,105			38,054,482			37,899,453
Common book value per share	$	35.55		$	34.90		$	34.29		$	32.92
Tangible common book value per share⁽¹⁾(non-GAAP)		26.64			25.94			25.28			23.74
CAPITAL RATIOS
Average equity to average assets		13.62	%		13.35	%		13.10	%		12.57	%
Tangible common equity to tangible assets⁽¹⁾		10.49	%		10.13	%		10.16	%		9.35	%
Tier 1 leverage ratio		11.18	%		10.89	%		10.69	%		10.20	%
Common equity tier 1 risk-based capital ratio		14.17	%		13.61	%		13.20	%		12.41	%
Tier 1 risk-based capital ratio		14.17	%		13.61	%		13.20	%		12.41	%
Total risk-based capital ratio		16.07	%		15.49	%		15.11	%		14.32	%

)

Represents a non-GAAP financial measure. See non-GAAP reconciliations below.

NATIONAL BANK HOLDINGS CORPORATION
Loan Portfolio
(Dollars in thousands)

Period End Loan Balances by Type


					June 30, 2025					June 30, 2025
					vs. March 31, 2025					vs. June 30, 2024
	June 30, 2025		March 31, 2025		% Change			June 30, 2024		% Change
Originated:
Commercial:
Commercial and industrial	$	1,829,984	$	1,871,301		(2.2	)%	$	1,906,095		(4.0	)%
Municipal and non-profit		1,125,330		1,116,724		0.8	%		1,063,706		5.8	%
Owner-occupied commercial real estate		1,051,964		1,026,692		2.5	%		921,122		14.2	%
Food and agribusiness		213,254		251,120		(15.1	)%		248,401		(14.1	)%
Total commercial		4,220,532		4,265,837		(1.1	)%		4,139,324		2.0	%
Commercial real estate non-owner occupied		1,118,730		1,136,176		(1.5	)%		1,116,424		0.2	%
Residential real estate		915,213		915,139		0.0	%		923,313		(0.9	)%
Consumer		12,050		11,955		0.8	%		14,385		(16.2	)%
Total originated		6,266,525		6,329,107		(1.0	)%		6,193,446		1.2	%

Acquired:
Commercial:
Commercial and industrial		100,545		105,493		(4.7	)%		124,104		(19.0	)%
Municipal and non-profit		265		271		(2.2	)%		288		(8.0	)%
Owner-occupied commercial real estate		188,745		198,339		(4.8	)%		232,890		(19.0	)%
Food and agribusiness		31,693		33,831		(6.3	)%		48,061		(34.1	)%
Total commercial		321,248		337,934		(4.9	)%		405,343		(20.7	)%
Commercial real estate non-owner occupied		601,890		659,680		(8.8	)%		752,040		(20.0	)%
Residential real estate		296,795		318,510		(6.8	)%		369,003		(19.6	)%
Consumer		460		1,065		(56.8	)%		2,321		(80.2	)%
Total acquired		1,220,393		1,317,189		(7.3	)%		1,528,707		(20.2	)%
Total loans	$	7,486,918	$	7,646,296		(2.1	)%	$	7,722,153		(3.0	)%

Loan Fundings⁽¹⁾


	Second quarter		First quarter		Fourth quarter		Third quarter		Second quarter
	2025		2025		2024		2024		2024
Commercial:
Commercial and industrial	$	133,402	$	108,594	$	146,600	$	93,711	$	241,910
Municipal and non-profit		34,393		12,506		49,175		35,677		28,785
Owner occupied commercial real estate		47,233		37,762		117,850		70,517		102,615
Food and agribusiness		4,576		1,338		15,796		19,205		11,040
Total commercial		219,604		160,200		329,421		219,110		384,350
Commercial real estate non-owner occupied		56,770		65,254		119,132		91,809		83,184
Residential real estate		44,470		29,300		30,750		47,322		36,124
Consumer		1,823		970		726		1,010		1,547
Total	$	322,667	$	255,724	$	480,029	$	359,251	$	505,205

)

Loan fundings are defined as closed end funded loans and net fundings under revolving lines of credit. Net fundings under revolving lines of credit were $15,490, $21,752, $64,375, $16,302 and $19,281 for the periods noted in the table above, respectively.

NATIONAL BANK HOLDINGS CORPORATION
Summary of Net Interest Margin
(Dollars in thousands)


	For the three months ended								For the three months ended								For the three months ended
	June 30, 2025								March 31, 2025								June 30, 2024
	Average					Average			Average					Average			Average					Average
	balance			Interest		rate			balance			Interest		rate			balance			Interest		rate
Interest earning assets:
Originated loans FTE⁽¹⁾⁽²⁾	$	6,289,154		$	102,399		6.53	%	$	6,335,931		$	102,221		6.54	%	$	6,074,199		$	101,794		6.74	%
Acquired loans		1,262,933			19,397		6.16	%		1,351,726			19,547		5.86	%		1,541,576			23,464		6.12	%
Loans held for sale		21,115			354		6.72	%		19,756			349		7.16	%		16,862			318		7.59	%
Investment securities available-for-sale		701,920			4,661		2.66	%		716,938			4,617		2.58	%		802,830			5,101		2.54	%
Investment securities held-to-maturity		713,178			5,173		2.90	%		635,961			4,120		2.59	%		564,818			2,419		1.71	%
Other securities		30,560			466		6.10	%		31,386			480		6.12	%		25,093			377		6.01	%
Interest earning deposits		57,634			682		4.75	%		48,206			539		4.53	%		92,388			685		2.98	%
Total interest earning assets FTE⁽²⁾	$	9,076,494		$	133,132		5.88	%	$	9,139,904		$	131,873		5.85	%	$	9,117,766		$	134,158		5.92	%
Cash and due from banks	$	79,131							$	77,237							$	100,165
Other assets		807,802								794,374								771,475
Allowance for credit losses		(90,292	)							(95,492	)							(97,741	)
Total assets	$	9,873,135							$	9,916,023							$	9,891,665
Interest bearing liabilities:
Interest bearing demand, savings and money market deposits	$	4,986,119		$	32,758		2.64	%	$	5,027,052		$	32,511		2.62	%	$	5,109,924		$	39,681		3.12	%
Time deposits		1,062,481			9,087		3.43	%		1,035,983			8,756		3.43	%		1,015,371			8,536		3.38	%
Federal Home Loan Bank advances		93,676			1,170		5.01	%		107,151			1,105		4.18	%		9,505			133		5.63	%
Other borrowings⁽³⁾		41,300			278		2.70	%		50,277			382		3.08	%		17,449			5		0.12	%
Long-term debt		54,574			518		3.81	%		54,539			518		3.85	%		54,307			518		3.84	%
Total interest bearing liabilities	$	6,238,150		$	43,811		2.82	%	$	6,275,002		$	43,272		2.80	%	$	6,206,556		$	48,873		3.17	%
Demand deposits	$	2,152,899							$	2,197,300							$	2,254,454
Other liabilities		137,319								119,806								187,499
Total liabilities		8,528,368								8,592,108								8,648,509
Shareholders’ equity		1,344,767								1,323,915								1,243,156
Total liabilities and shareholders’ equity	$	9,873,135							$	9,916,023							$	9,891,665
Net interest income FTE⁽²⁾				$	89,321							$	88,601							$	85,285
Interest rate spread FTE⁽²⁾							3.06	%							3.05	%							2.75	%
Net interest earning assets	$	2,838,344							$	2,864,902							$	2,911,210
Net interest margin FTE⁽²⁾							3.95	%							3.93	%							3.76	%
Average transaction deposits	$	7,139,018							$	7,224,352							$	7,364,378
Average total deposits		8,201,499								8,260,335								8,379,749
Ratio of average interest earning assets to average interest bearing liabilities		145.50	%							145.66	%							146.91	%

(1	)	Originated loans are net of deferred loan fees, less costs, which are included in interest income over the life of the loan.
(2	)	Presented on a fully taxable equivalent basis using the statutory tax rate of 21%. The tax equivalent adjustments included above are $1,912, $1,910 and $1,711 for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
(3	)	Other borrowings includes securities sold under agreements to repurchase and cash collateral received from counterparties in connection with derivative swap agreements.

NATIONAL BANK HOLDINGS CORPORATION
Summary of Net Interest Margin
(Dollars in thousands)


	For the six months ended June 30, 2025								For the six months ended June 30, 2024
	Average					Average			Average					Average
	balance			Interest		rate			balance			Interest		rate
Interest earning assets:
Originated loans FTE⁽¹⁾⁽²⁾	$	6,312,413		$	204,620		6.54	%	$	6,060,524		$	202,708		6.73	%
Acquired loans		1,307,084			38,944		6.01	%		1,576,548			47,753		6.09	%
Loans held for sale		20,439			703		6.94	%		14,440			543		7.56	%
Investment securities available-for-sale		709,387			9,278		2.62	%		776,999			9,204		2.37	%
Investment securities held-to-maturity		674,783			9,293		2.75	%		571,989			4,933		1.72	%
Other securities		30,971			946		6.11	%		30,065			993		6.61	%
Interest earning deposits		52,946			1,221		4.65	%		91,983			1,448		3.17	%
Total interest earning assets FTE⁽²⁾	$	9,108,023		$	265,005		5.87	%	$	9,122,548		$	267,582		5.90	%
Cash and due from banks	$	78,189							$	101,374
Other assets		801,127								763,853
Allowance for credit losses		(92,878	)							(97,812	)
Total assets	$	9,894,461							$	9,889,963
Interest bearing liabilities:
Interest bearing demand, savings and money market deposits	$	5,006,472		$	65,269		2.63	%	$	5,028,868		$	76,094		3.04	%
Time deposits		1,049,305			17,843		3.43	%		1,002,706			16,120		3.23	%
Federal Home Loan Bank advances		100,376			2,275		4.57	%		118,871			3,314		5.61	%
Other borrowings⁽³⁾		45,764			660		2.91	%		18,189			11		0.12	%
Long-term debt		54,557			1,036		3.83	%		54,268			1,036		3.84	%
Total interest bearing liabilities	$	6,256,474		$	87,083		2.81	%	$	6,222,902		$	96,575		3.12	%
Demand deposits	$	2,174,977							$	2,267,725
Other liabilities		128,611								164,617
Total liabilities		8,560,062								8,655,244
Shareholders’ equity		1,334,399								1,234,719
Total liabilities and shareholders’ equity	$	9,894,461							$	9,889,963
Net interest income FTE⁽²⁾				$	177,922							$	171,007
Interest rate spread FTE⁽²⁾							3.06	%							2.78	%
Net interest earning assets	$	2,851,549							$	2,899,646
Net interest margin FTE⁽²⁾							3.94	%							3.77	%
Average transaction deposits	$	7,181,449							$	7,296,593
Average total deposits		8,230,754								8,299,299
Ratio of average interest earning assets to average interest bearing liabilities		145.58	%							146.60	%

(1	)	Originated loans are net of deferred loan fees, less costs, which are included in interest income over the life of the loan.
(2	)	Presented on a fully taxable equivalent basis using the statutory tax rate of 21%. The tax equivalent adjustments included above are $3,822 and $3,403 for the six months ended June 30, 2025 and June 30, 2024, respectively.
(3	)	Other borrowings includes securities sold under agreements to repurchase and cash collateral received from counterparties in connection with derivative swap agreements.

NATIONAL BANK HOLDINGS CORPORATION
Allowance for Credit Losses and Asset Quality
(Dollars in thousands)

Allowance for Credit Losses Analysis


	As of and for the three months ended
	June 30, 2025			March 31, 2025			June 30, 2024
Beginning allowance for credit losses	$	90,192		$	94,455		$	97,607
Charge-offs		(1,158	)		(15,251	)		(4,605	)
Recoveries		170			138			499
Provision (release) expense for credit losses		(311	)		10,850			2,956
Ending allowance for credit losses (“ACL”)	$	88,893		$	90,192		$	96,457
Ratio of annualized net charge-offs to average total loans during the period		0.05	%		0.80	%		0.22	%
Ratio of ACL to total loans outstanding at period end		1.19	%		1.18	%		1.25	%
Ratio of ACL to total non-performing loans at period end		266.66	%		260.52	%		370.18	%
Total loans	$	7,486,918		$	7,646,296		$	7,722,153
Average total loans during the period		7,530,783			7,660,974			7,582,506
Total non-performing loans		33,336			34,620			26,057

Past Due and Non-accrual Loans


	June 30, 2025			March 31, 2025			June 30, 2024
Loans 30-89 days past due and still accruing interest	$	13,923		$	17,003		$	27,159
Loans 90 days past due and still accruing interest		7,315			1,012			3,498
Non-accrual loans		33,336			34,620			26,057
Total past due and non-accrual loans	$	54,574		$	52,635		$	56,714
Total 90 days past due and still accruing interest and non-accrual loans to total loans		0.54	%		0.47	%		0.38	%

Asset Quality Data


	June 30, 2025			March 31, 2025			June 30, 2024
Non-performing loans	$	33,336		$	34,620		$	26,057
OREO		291			615			1,526
Total non-performing assets	$	33,627		$	35,235		$	27,583
Total non-performing loans to total loans		0.45	%		0.45	%		0.34	%
Total non-performing assets to total loans and OREO		0.45	%		0.46	%		0.36	%

NATIONAL BANK HOLDINGS CORPORATION
Key Metrics⁽¹⁾


	As of and for the three months ended									As of and for the six months ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Return on average assets		1.38	%		0.99	%		1.06	%		1.19	%		1.17	%
Return on average tangible assets⁽²⁾		1.49	%		1.09	%		1.17	%		1.29	%		1.28	%
Return on average equity		10.15	%		7.42	%		8.46	%		8.80	%		9.37	%
Return on average tangible common equity⁽²⁾		14.18	%		10.64	%		12.44	%		12.44	%		13.77	%
Loan to deposit ratio (end of period)		90.54	%		90.77	%		92.18	%		90.54	%		92.18	%
Non-interest bearing deposits to total deposits (end of period)		26.22	%		26.30	%		26.61	%		26.22	%		26.61	%
Net interest margin⁽³⁾		3.86	%		3.85	%		3.69	%		3.85	%		3.69	%
Net interest margin FTE⁽²⁾⁽³⁾		3.95	%		3.93	%		3.76	%		3.94	%		3.77	%
Interest rate spread FTE⁽²⁾⁽⁴⁾		3.06	%		3.05	%		2.75	%		3.06	%		2.78	%
Yield on earning assets⁽⁵⁾		5.80	%		5.77	%		5.84	%		5.78	%		5.82	%
Yield on earning assets FTE⁽²⁾⁽⁵⁾		5.88	%		5.85	%		5.92	%		5.87	%		5.90	%
Cost of funds		2.09	%		2.07	%		2.32	%		2.08	%		2.29	%
Cost of deposits		2.05	%		2.03	%		2.31	%		2.04	%		2.23	%
Non-interest income to total revenue FTE⁽⁶⁾		16.04	%		14.79	%		14.13	%		15.42	%		15.65	%
Efficiency ratio		60.24	%		60.76	%		64.62	%		60.50	%		63.17	%
Efficiency ratio excluding other intangible assets amortization FTE⁽²⁾		57.32	%		57.74	%		61.52	%		57.53	%		60.14	%
Pre-provision net revenue	$	41,544		$	40,050		$	34,528		$	81,594		$	73,418
Pre-provision net revenue FTE⁽²⁾		43,456			41,960			36,239			85,416			76,821

Total Loans Asset Quality Data⁽⁷⁾⁽⁸⁾
Non-performing loans to total loans		0.45	%		0.45	%		0.34	%		0.45	%		0.34	%
Non-performing assets to total loans and OREO		0.45	%		0.46	%		0.36	%		0.45	%		0.36	%
Allowance for credit losses to total loans		1.19	%		1.18	%		1.25	%		1.19	%		1.25	%
Allowance for credit losses to non-performing loans		266.66	%		260.52	%		370.18	%		266.66	%		370.18	%
Net charge-offs to average loans		0.05	%		0.80	%		0.22	%		0.43	%		0.11	%

(1	)	Ratios are annualized.
(2	)	Ratio represents non-GAAP financial measure. See non-GAAP reconciliations below.
(3	)	Net interest margin represents net interest income, including accretion income on interest earning assets, as a percentage of average interest earning assets.
(4	)	Interest rate spread represents the difference between the weighted average yield on interest earning assets, including FTE income, and the weighted average cost of interest bearing liabilities. Ratio represents a non-GAAP financial measure.
(5	)	Interest earning assets include assets that earn interest/accretion or dividends. Any market value adjustments on investment securities or loans are excluded from interest earning assets.
(6	)	Non-interest income to total revenue represents non-interest income divided by the sum of net interest income FTE and non-interest income. Ratio represents a non-GAAP financial measure.
(7	)	Non-performing loans consist of non-accruing loans and modified loans on non-accrual.
(8	)	Total loans are net of unearned discounts and fees.

NATIONAL BANK HOLDINGS CORPORATION
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(Dollars in thousands, except share and per share data)

Tangible Common Book Value Ratios


	June 30, 2025			March 31, 2025			December 31, 2024			June 30, 2024
Total shareholders’ equity	$	1,352,496		$	1,329,308		$	1,305,075		$	1,247,644
Less: goodwill and other intangible assets, net		(352,854	)		(354,800	)		(356,777	)		(360,732	)
Add: deferred tax liability related to goodwill		13,741			13,638			13,535			12,871
Tangible common equity (non-GAAP)	$	1,013,383		$	988,146		$	961,833		$	899,783

Total assets	$	9,998,729		$	10,098,870		$	9,807,693		$	9,970,851
Less: goodwill and other intangible assets, net		(352,854	)		(354,800	)		(356,777	)		(360,732	)
Add: deferred tax liability related to goodwill		13,741			13,638			13,535			12,871
Tangible assets (non-GAAP)	$	9,659,616		$	9,757,708		$	9,464,451		$	9,622,990

Tangible common equity to tangible assets calculations:
Total shareholders’ equity to total assets		13.53	%		13.16	%		13.31	%		12.51	%
Less: impact of goodwill and other intangible assets, net		(3.04	)%		(3.03	)%		(3.15	)%		(3.16	)%
Tangible common equity to tangible assets (non-GAAP)		10.49	%		10.13	%		10.16	%		9.35	%

Tangible common book value per share calculations:
Tangible common equity (non-GAAP)	$	1,013,383		$	988,146		$	961,833		$	899,783
Divided by: ending shares outstanding		38,045,622			38,094,105			38,054,482			37,899,453
Tangible common book value per share (non-GAAP)	$	26.64		$	25.94		$	25.28		$	23.74

NATIONAL BANK HOLDINGS CORPORATION
(Dollars in thousands, except share and per share data)
Return on Average Tangible Assets and Return on Average Tangible Equity


	As of and for the three months ended									As of and for the six months ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Net income	$	34,022		$	24,231		$	26,135		$	58,253		$	57,526
Add: impact of other intangible assets amortization expense, after tax		1,492			1,516			1,516			3,006			3,055
Net income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP)	$	35,514		$	25,747		$	27,651		$	61,259		$	60,581

Average assets	$	9,873,135		$	9,916,023		$	9,891,665		$	9,894,461		$	9,889,963
Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill		(340,330	)		(342,425	)		(349,030	)		(341,320	)		(350,040	)
Average tangible assets (non-GAAP)	$	9,532,805		$	9,573,598		$	9,542,635		$	9,553,141		$	9,539,923

Average shareholders’ equity	$	1,344,767		$	1,323,915		$	1,243,156		$	1,334,399		$	1,234,719
Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill		(340,330	)		(342,425	)		(349,030	)		(341,320	)		(350,040	)
Average tangible common equity (non-GAAP)	$	1,004,437		$	981,490		$	894,126		$	993,079		$	884,679

Return on average assets		1.38	%		0.99	%		1.06	%		1.19	%		1.17	%
Return on average tangible assets (non-GAAP)		1.49	%		1.09	%		1.17	%		1.29	%		1.28	%
Return on average equity		10.15	%		7.42	%		8.46	%		8.80	%		9.37	%
Return on average tangible common equity (non-GAAP)		14.18	%		10.64	%		12.44	%		12.44	%		13.77	%

Fully Taxable Equivalent Yield on Earning Assets and Net Interest Margin


	As of and for the three months ended									As of and for the six months ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Interest income	$	131,220		$	129,963		$	132,447		$	261,183		$	264,179
Add: impact of taxable equivalent adjustment		1,912			1,910			1,711			3,822			3,403
Interest income FTE (non-GAAP)	$	133,132		$	131,873		$	134,158		$	265,005		$	267,582

Net interest income	$	87,409		$	86,691		$	83,574		$	174,100		$	167,604
Add: impact of taxable equivalent adjustment		1,912			1,910			1,711			3,822			3,403
Net interest income FTE (non-GAAP)	$	89,321		$	88,601		$	85,285		$	177,922		$	171,007

Average earning assets	$	9,076,494		$	9,139,904		$	9,117,766		$	9,108,023		$	9,122,548
Yield on earning assets		5.80	%		5.77	%		5.84	%		5.78	%		5.82	%
Yield on earning assets FTE (non-GAAP)		5.88	%		5.85	%		5.92	%		5.87	%		5.90	%
Net interest margin		3.86	%		3.85	%		3.69	%		3.85	%		3.69	%
Net interest margin FTE (non-GAAP)		3.95	%		3.93	%		3.76	%		3.94	%		3.77	%

Efficiency Ratio and Pre-Provision Net Revenue


	As of and for the three months ended									As of and for the six months ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2025			2025			2024			2025			2024
Net interest income	$	87,409		$	86,691		$	83,574		$	174,100		$	167,604
Add: impact of taxable equivalent adjustment		1,912			1,910			1,711			3,822			3,403
Net interest income FTE (non-GAAP)	$	89,321		$	88,601		$	85,285		$	177,922		$	171,007

Non-interest income	$	17,066		$	15,376		$	14,029		$	32,442		$	31,723

Non-interest expense	$	62,931		$	62,017		$	63,075		$	124,948		$	125,909
Less: other intangible assets amortization		(1,947	)		(1,977	)		(1,977	)		(3,924	)		(3,985	)
Non-interest expense excluding other intangible assets amortization (non-GAAP)	$	60,984		$	60,040		$	61,098		$	121,024		$	121,924

Efficiency ratio		60.24	%		60.76	%		64.62	%		60.50	%		63.17	%
Efficiency ratio excluding other intangible assets amortization FTE (non-GAAP)		57.32	%		57.74	%		61.52	%		57.53	%		60.14	%
Pre-provision net revenue (non-GAAP)	$	41,544		$	40,050		$	34,528		$	81,594		$	73,418
Pre-provision net revenue, FTE (non-GAAP)		43,456			41,960			36,239			85,416			76,821

The MIL Network –

July 23, 2025

MIL-OSI: Ellomay Capital Announces the Acquisition of 15% of Dorad Energy’s Shares by Ellomay Luzon Energy, Increasing Ellomay Luzon Energy’s Holdings in Dorad to 33.75%
Source: GlobeNewswire (MIL-OSI)

Tel-Aviv, Israel, July 22, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, the USA and Israel, announced that on July 22, 2025, Ellomay Luzon Energy Infrastructures Ltd. (“Ellomay Luzon Energy”), an Israeli private company 50% held indirectly by the Company, completed the acquisition of 15% of the outstanding shares of Dorad Energy Ltd. (“Dorad”). As a result of the acquisition, Ellomay Luzon Energy holds 33.75% of Dorad’s outstanding shares.

Ellomay Luzon Energy acquired 15% of Dorad’s outstanding shares by exercising the right of first refusal granted to Ellomay Luzon Energy and other Dorad shareholders in connection with a sale of the shares by Zorlu Enerji Elektrik Üretim A.S (“Zorlu”), a former Dorad shareholder. In connection with the right of first refusal process, Ellomay Luzon Energy and Edelcom Ltd. (“Edelcom”), each executed an agreement to purchase 7.5% of Dorad’s shares. As not all the conditions to closing of the sale of 7.5% of Dorad’s shares to Edelcom were fulfilled, Edelcom’s agreement was terminated and Ellomay Luzon Energy, who did succeed in fulfilling all of the conditions to closing, acquired 15% of Dorad’s shares.

The consideration for the shares was approximately NIS 424 million (approximately €108 million), and was funded by bank financing (the “Loan Agreement”) provided to Ellomay Luzon Energy consisting of three tranches as follows: (i) a loan in the amount of NIS 175 million (approximately €45 million), bearing annual interest in the range of +0.5% to -0.5% of the Israeli Prime Rate (the “First Loan”), (ii) a loan in the amount of NIS 175 million (approximately €45 million), bearing fixed annual interest rate between 5% and 6% (the “Second Loan”), and (iii) a loan in the amount of NIS 70 million (approximately €18 million), bearing annual interest rate in the range of +0.5% to -0.5% of the Israeli Prime Rate (the “Third Loan”).

The First Loan is repayable in four semi-annual payments commencing December 31, 2031 and ending on June 30, 2033, and the interest on the First Loan is payable in semi-annual payments commencing December 31, 2025 and ending on the final repayment of the First Loan. The Second Loan is repayable in sixteen semi-annual payments commencing December 31, 2025 and ending on June 30, 2033, and the interest on the Second Loan is payable in semi-annual payment commencing December 31, 2025 and ending on the final repayment of the Second Loan. The Third Loan is repayable in one payment on December 31, 2025, unless the conditions set forth in the Loan Agreement will not be met, which will enable Ellomay Luzon Energy to ask for an extension until December 31, 2026. The interest on the Third Loan is payable on December 31, 2025 and, to the extent an extension is requested, in semi-annual payments thereafter until the final repayment of the Third Loan.

In connection with the Loan Agreement, Ellomay Luzon Energy granted the lender a first ranking fixed pledge on its rights in connection with an account with the lender (the “Pledged Account”), in which all amounts due to Ellomay Luzon Energy from Dorad will be deposited. The Loan Agreement provides that when any dividend is received from Dorad: (i) Ellomay Luzon Energy will leave in the Pledged Account the amount required for the next payment to the lender, (ii) to the extent the amount received during a calendar year exceeds NIS 65 million, then Ellomay Luzon Energy will make an early repayment of the First Loan and thereafter the Third Loan in the amount of 50% of the difference between the amount of receipts in the calendar year and NIS 65 million by no later than June 30 of the following year (pro rata over all future payments), and (iii) with respect to any amount in excess of the amounts required as stated in paragraphs (i) and (ii) – Ellomay Luzon Energy is entitled to use the funds deposited in the Pledged Account for any need, subject to the provisions of the law and the agreements with the lender. The Loan Agreement provides that the First and Third Loans may be prepaid without an early repayment fee and the Second Loan may be prepaid subject to payment of fees as generally acceptable in the lender.

The Loan Agreement includes customary immediate repayment provisions, including in the event of a breach of an undertaking by Ellomay Luzon Energy, a deterioration in Ellomay Luzon Energy’s financial situation and the initiation of legal proceedings in connection with the Dorad shares held by Ellomay Luzon Energy. The Loan Agreement includes additional undertakings by Ellomay Luzon Energy, including not to amend the Ellomay Luzon Energy shareholders’ agreement without the lender’s prior written consent and the execution of an undertaking not to operate outside its current field of operations; not to assume financial obligations and not to provide financing to a third party; not to sell and/or transfer and/or deliver and/or lease and/or rent any Asset and/or any right of its rights, as well as a negative pledge on any Asset (as this term is defined below) and/or part of the its Assets, without the lender’s prior written consent, other than a pledge on its shares of Dorad in favor of the lenders of Dorad. The undertaking defines an “Asset” as any asset and right of Ellomay Luzon Energy, including the shares of Dorad held by it and other rights of any kind, including its unissued share capital and goodwill.

On July 20, 2025, Edelcom filed a request with the Tel Aviv-Jaffa District Court (the “Court”) for injunctions and temporary injunctions, ex parte, aimed at preventing the receipt of approval from the Dorad board of directors and Dorad’s shareholders for the sale of 7.5% of Dorad’s shares to any third party other than Edelcom and preventing such a sale. The Court, in its decision date July 20, 2025, rejected the request for ex parte relief and directed Edelcom to update the Court on the decisions of Dorad’s board of directors and shareholders by July 22, 2025, and, to the extent that the request for interim relief is still relevant, to file a main proceeding by July 27, 2025, further noting that the respondents (among them, inter alia: Dorad, Ellomay Luzon Energy and Zorlu), will prepare to respond to the request for interim relief by July 30, 2025. The Court’s decision further noted that if future actions will be approved by Dorad based on a transfer of shares if it occurs (and this, as stated, without the Court preventing it), whereby the increased power of the respondents as shareholders is used for the purpose of changes in Dorad’s board of directors, or the transfer of the shares to third parties, as Edelcom noted that it fears, and to the extent that the respondents will try to take such actions or other irrevocable action, Edelcom will be notified seven days in advance, in a manner that will allow it time to act and the Court to give appropriate instructions. A hearing is scheduled for August 6, 2025.

About Ellomay Capital Ltd.

Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, the USA and Israel.

To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:
- Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and 51% of approximately 38 MW of operating solar power plants in Italy;
- 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
- Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
- 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
- 51% of solar projects in Italy with an aggregate capacity of 160 MW that commenced construction processes;
- Solar projects in Italy with an aggregate capacity of 134 MW that have reached “ready to build” status; and
- Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are connected to the grid and additional 22 MW that are awaiting connection to the grid.
For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including potential outcome of current and future litigation in connection with Dorad’s shares held by Ellomay Luzon Energy, changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza and between Israel and Iran, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company, inability to obtain the financing required for the development and construction of projects, inability to advance the expansion of Dorad, increases in interest rates and inflation, changes in exchange rates, delays in development, construction, or commencement of operation of the projects under development, failure to obtain permits – whether within the set time frame or at all, climate change, and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com

The MIL Network –
July 23, 2025
MIL-OSI USA: Kaine, Colleagues Introduce Bipartisan Legislation to Improve Access to Health Care in Rural Communities
US Senate News:
Source: United States Senator for Virginia Tim Kaine

WASHINGTON, D.C. – U.S. Senator Tim Kaine (D-VA), a member of the Senate Health, Education, Labor and Pensions (HELP) Committee, alongside Senators Tim Scott (R-SC), Tina Smith (D-MN), and Cynthia Lummis (R-WY), introduced the Improving Care in Rural America Reauthorization Act, bipartisan legislation to reauthorize programs to improve access to health care in rural communities.

“Across Virginia and throughout the U.S., rural communities often face unique challenges that lead to reduced or even nonexistent access to lifesaving medical care,” said Kaine. “Republicans in Congress just passed a bill to pay for tax cuts for the uber-wealthy at the expense of everyday Americans, and our rural health providers are now grappling with severe budget cuts that could force them to close their doors. Now more than ever, I urge my colleagues to join us in lifting up our rural communities by passing this bipartisan legislation to reauthorize key federal grants that support their access to health care.”

The introduction comes shortly after President Donald Trump signed the Republican budget megabill that will devastate hospitals, health care access, and Medicaid coverage in rural communities. Kaine strongly opposed and voted against the legislation.

Rural communities face unique challenges in accessing lifesaving medical services, including geographic isolation, workforce shortages, transportation barriers, facility closures, and inadequate insurance coverage. These barriers result in unmet health care needs, which translate into a 43 percent higher mortality rate for rural residents compared to their urban and suburban counterparts.

To combat these startling gaps, the Improving Care in Rural America Reauthorization Act reauthorizes the following three programs under the Public Health Service Act through Fiscal Year 2030 (FY30):
- Rural Health Care Services Outreach Grants to fund projects that improve the delivery of health care services in rural communities through community engagement and evidence-based models;
- Rural Health Network Development Grants to support integrated health care networks that collaborate to achieve efficiencies, expand access to, coordinate, and improve quality of health care in rural communities; and
- Small Health Care Provider Quality Improvement Grants to support the planning and implementation of quality improvement activities for rural primary care providers or providers of health care services, like critical access hospitals, rural health clinics, or a network of providers serving rural communities.
As a member of the Senate HELP Committee, Kaine has long advocated for improved health care access and health infrastructure in rural communities. In February, Kaine introduced the bipartisan Rural Hospital Support Act, legislation to prevent rural hospital closures by extending and modernizing critical Medicare programs. In 2024, Kaine introduced the Primary Care Team Education Centers Act, legislation to support the education and clinical training of new primary care professionals to address the health workforce shortage across America, including in rural communities.

Full text of the legislation is available here.
MIL OSI USA News –
July 23, 2025
MIL-OSI USA: Warren to Oppose First Senate Appropriations Bill for Trump Administration

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren

July 22, 2025

“I cannot in good conscience support this funding bill while the Trump administration illegally withholds funding for programs appropriated by Congress for veterans in need.”

Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), a member of the Senate Armed Services Committee (SASC), released the following statement ahead of the Senate’s vote on the FY 2026 MilCon-VA Appropriations Bill:

“I care deeply about improving service members’ housing and honoring our nation’s promise to our veterans. All three of my brothers served in the military, and I’m the senior Senate Democrat for military personnel.

“The Trump administration’s actions are disgraceful – freezing VA grants, cutting funds for veterans’ suicide prevention, stripping support for veteran homelessness, firing VA workers, gutting programs to help veterans avoid foreclosure and get mental health support in times of crisis. Nothing in this bill puts a stop to those actions.

“I cannot in good conscience support this funding bill while the Trump administration illegally withholds funding for programs appropriated by Congress for veterans in need and Republicans unilaterally claw back bipartisan funding that Donald Trump doesn’t like. Congress is a co-equal branch of government. When we vote to protect our veterans, we need to stand by that vote. We swore an oath to the Constitution, not to a king. If Republicans want support for this bill, they can start by demonstrating they will uphold the law.

“I will vote no on this funding bill.”

MIL OSI USA News –

July 23, 2025
MIL-OSI USA: Warren Announces Meeting with Social Security Commissioner, Outlines Ten Key Concerns
US Senate News:
Source: United States Senator for Massachusetts – Elizabeth Warren
July 22, 2025

Warren, Bisignano meeting scheduled for Wednesday, July 23

“The nearly 70 million Americans who receive and rely on Social Security benefits deserve answers about the future of the program under your leadership.”

Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), a leader of the Senate Democrats’ Social Security War Room, announced today that she will meet with Social Security Administration (SSA) Commissioner Frank Bisignano tomorrow, on July 23. Ahead of the meeting, Senator Warren sent Bisignano a letter outlining her ten key concerns and asked him to come prepared to provide answers to her specific questions.

“Under the Trump administration, Americans are being forced to deal with hours-long phone wait times, understaffed field offices, AI doom loops, and website glitches. SSA Commissioner Bisignano is making it harder for Americans to get the Social Security benefits they’ve earned over a lifetime of work. That’s wrong — and I’m looking forward to meeting with him and getting answers for the American people,” said Senator Warren.

“The nearly 70 million Americans who receive and rely on Social Security benefits deserve answers about the future of the program under your leadership,” wrote Senator Warren.

Senator Warren’s ten questions for Commissioner Bisignano are:

After dramatically shrinking SSA’s workforce and cutting thousands of jobs, how can you still claim that SSA is adequately staffed when extensive reporting—and your own decision to reassign staff to DOGE-created staffing holes—shows this is not the case?

Will you commit to keeping all SSA field offices open?

How are you ensuring that staffing reductions and reassignments are not degrading services at field offices?

Why did you remove key customer service metrics from the SSA website?

How can you account for the difference in the wait times that you are reporting and the longer wait times revealed by independent investigations?

Are you directing relevant SSA staff to follow the SSA’s own IT modernization plan, last updated in 2024, or have you directed any subordinate to follow a plan created or issued by any individual associated with DOGE?

How is SSA protecting the sensitive personal information stored in its databases? Will you commit to not allow access to individuals’ data beyond what is strictly necessary for the provision of benefits?

Why are you perpetuating lies that SSA is rife with fraud, when in reality, your own fraud checks—which slowed claims by 25 percent—revealed it was nearly nonexistent?

Are you using fraud markers as a way to cut off immigrants from financial services in hopes of “self-deporting”?

Would you consider privatizing any part of SSA? If so, which parts of the agency are under consideration for privatization?

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 23, 2025
MIL-OSI USA: VA awards more than $2M in grants to memorialize Veterans
Source: US Department of Veterans Affairs

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An official website of the United States government
WASHINGTON — The Department of Veterans Affairs today announced seven grants to educational and research institutions totaling $2,195,992 to memorialize Veterans interred in VA national cemeteries as part of the National Cemetery Administration’s Veterans Legacy Program initiative.

The grants announced today will support the creation of documentaries, lesson plans, instructional aids and other educational materials regarding the lives and accomplishments of Veterans.

VA established VLP in 2016 to memorialize Veterans through educational outreach and to connect students, educators, and citizens with VA national cemeteries. The program has so far awarded dozens of grants and engaged with more than 15,000 students. Veteran biographies, images and other content are also preserved on VA’s Veterans Legacy Memorial site, where individual web pages commemorate the lives and service of more than 10 million U.S. Veterans interred in U.S. and overseas cemeteries.

“We are grateful for our collaborations with schools and non-profit organizations across the country to help preserve Veterans’ legacies,” said Acting Under Secretary for Memorial Affairs Ronald Walters. “These grants will help ensure future generations continue to learn about the remarkable men and women interred in VA national cemeteries.”

The grantees announced today were selected following a rigorous review process. They include:

National History Day, Inc., $361,721
National History Day will identify fifty teachers who live within 90 miles of a VA or VA-funded cemetery to each select two Veterans who served in the U.S. Marine Corps during World War II. These teachers will then guide students to research and write biographical profiles for publication on the Veterans Legacy Memorial. Student projects will conclude with visits to each Veteran’s grave site, where they will give eulogies based on what they learned about their lives. The program estimates that the 50 teachers selected for this program will reach more than 62,000 students in ten years.

Loyola Marymount University, $350,000
The LMU Digital Veterans Legacy Project is an educational initiative designed to honor U.S. Veterans interred in national cemeteries through collaborative research and digital storytelling. Partnering with local schools, community organizations, ROTC programs, and national cemeteries, the project integrates veterans’ narratives into K-12 and university curricula. Building on the success of previous NCA grants, DVLP has engaged 524 students and produced 291 Veteran biographies. For 2025-2026, the project will train five Teacher Ambassadors to develop and implement three curriculum-aligned lesson plans each, and lead students in researching local veterans and creating digital media projects. LMU will take a community-based participatory methods approach to identifying Veterans by asking educators and community members to select those who have significant connections to their local communities. This project promotes civic engagement, honors Veterans’ legacies, enriches student learning, and will continue to create additional veteran-related learning resources for students and educators.

Kennesaw State University Research and Service Foundation, $341,881
The proposed project represents a continuation and expansion of a project that curates the life histories of Veterans who served in the U.S. military in the late 1940s and 1950s who subsequently participated in the Civil Rights Movement. Building on initial work in 2024-2025 which featured World War II Veterans in Georgia, this proposal focuses on Vietnam-era Veterans in the Southeast. KSU will develop an immersive portfolio of educational and community outreach tools emphasizing community connection, including storyboards and supporting materials uploaded to the Veterans Legacy Memorial, a traveling Vietnam-era museum exhibit, a self-guided walking tour of a NCA cemetery, and community events that promote connection between students, community members, and Veterans. This project will preserve the stories of Veterans who contributed to our nation’s history in an extraordinary manner and promote student and community engagement with state and federal cemeteries in the Southeast. The project focuses on life histories of Veterans and interviews with next-of-kin. Kennesaw will do case identification, recruitment, and data collection, resulting in 967 cases reviewed, 341 cases confirmed to likely meet eligibility criteria, 25 next-of-kin identified and contacted, and eight interviews performed so far. The interviews are the subject of a traveling museum exhibit to be created by KSU Museums, Archives, and Rare Books, which will be created in summer 2025. Presentations based on this project have been accepted at two conferences.

U.S. Korea Global Strategy Foundation, $324,999
This project will increase knowledge and awareness of the “Forgotten War” by creating ten new secondary social studies instructional modules, guiding student research that can be uploaded into VLM and delivering professional development to secondary teachers. Distributed nationally and internationally, the modules focus on the significance and purpose of national cemeteries and the experiences and sacrifices of Korean War Veterans. The project includes instructional modules that guide student research to locate biographical information for Korean War Veterans buried in local national cemeteries.

Research Foundation of the City University of New York, $280,000
This project will develop a professional development seminar for 17 K-12 educators drawn from the greater New York metropolitan area. Participants will familiarize themselves with historical resources and other research materials to produce educational materials which relate to the stories of the Veterans interred in Cypress Hills National Cemetery. Students will generate biographies of Veterans interred at the cemetery that will be published to the Veterans Legacy Memorial. Participants will also be given a guided tour of Cypress Hills National Cemetery where they will become acquainted with the history of the cemetery, visit the important monuments located there, and familiarize themselves with the stories of the individuals interred there.

University of Central Florida, $274,439
The UCF project will extend the memorialization of Veterans interred in National Cemeteries in Florida, with a focus on Cape Canaveral National Cemetery. UCF will partner with the Brevard County Veterans Memorial Center in Merritt Island, Florida and the Museum of Military History in Kissimmee, Florida to identify families of Veterans interested in providing oral history interviews. Educational materials will be created that are derived from these interviews. UCF will work with six Veterans Legacy-experienced educators to create lesson plans for 150 to 200 students during the 2025-2026 school year. UCF will also work with their partners to identify the families/comrades of 12-15 Veterans buried in Cape Canaveral National Cemetery or other Florida national cemeteries. They will digitize family photos, personal letters, commendations and medals, and other records to create source packets. UCF will also create mini podcasts of interviews with Veterans’ families. The video bios, podcasts, and other deliverables will be used in classroom teaching and in educational traveling cemetery tours. Photos and other information compiled will be added to VA’s Veterans Legacy Memorial.

West Virginia Humanities Council, Inc., $262,952 This project expands upon the geographical and academic impact of prior Veterans Legacy Grants Program awards, which have produced 30 Veteran biographies in a prior year grant and are creating 26 new Veteran biographies in the current grant. Students at Grafton High in Taylor County, University High in Monongalia County, and — for the first time — Southern West Virginia Community and Technical College in Logan County will conduct original primary source research into the lives of West Virginia Veterans and create short biographies to be published on the Veterans Legacy Memorial. Commemorative events will be held near Memorial Day to showcase student work. This project will expand upon prior projects and will compile data on 71 World War II Veterans to incorporate into a digital exhibit.

VA operates 156 national cemeteries and 34 soldiers’ lots and monument sites in 45 states and

Puerto Rico. More than five million Americans, including Veterans of every war and conflict, are buried in VA cemeteries. For information about VA burial benefits, visit one of VA’s National Cemetery locations in-person, visit online at VA burial benefits and memorial items, or call toll free at 800-827-1000. To plan ahead for you and your family, visit NCA’s pre-need eligibility website.

Reporters and media outlets with questions or comments should contact the Office of Media Relations at vapublicaffairs@va.gov

Veterans with questions about their health care and benefits (including GI Bill). Questions, updates and documents can be submitted online.

Contact us online through Ask VA

Veterans can also use our chatbot to get information about VA benefits and services. The chatbot won’t connect you with a person, but it can show you where to go on VA.gov to find answers to some common questions.

Learn about our chatbot and ask a question

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MIL OSI USA News –
July 23, 2025
MIL-OSI USA: House Foreign Affairs Committee Advances Measures to Codify Much-Needed Reforms to Foreign Arms Sales Process

Source: US House Committee on Foreign Affairs

Media Contact 202-321-9747

WASHINGTON, D.C. – Today, the House Foreign Affairs Committee advanced six bills aimed at improving the foreign arms sales process and strengthening the U.S. defense industrial as part of the panel’s second markup of the 119^th Congress.

The suite of measures, which were spearheaded by the committee’s bipartisan Foreign Arms Sales Task Force, codify much-needed reforms to the foreign arms sales process outlined in President Trump’s executive order in April with tailored legislation to improve transparency, efficiency, and ease cooperation with foreign partners.

House Foreign Affairs Committee Chairman Brian Mast formally established the task force, which is being led by Chairman Ryan Zinke (R-MT) and Ranking Member Madeleine Dean (D-PA), in March to ensure the foreign arms sales process meets the demands of the future.

“As Chairman of the Foreign Military Sales Task Force, I’ve made it my mission to eliminate the bureaucratic delays that prevent America’s top-tier military equipment from reaching our allies and partners,” Chairman Zinke said. “The Foreign Military Sales Task Force was given a job, and we intend to deliver. I appreciate Chairman Mast’s support in these efforts and look forward to voting for this legislation on the House floor.”

Since being stood up, the task force has heard from foreign partners, defense industry stakeholders, and U.S. government officials from across the interagency about key reforms needed to ensure the foreign arms sales process meets the demands of the future.

These task force’s efforts, which build upon the House Foreign Affairs Foreign Military Sales TIGER Task Force co-led by Rep. Mike Waltz (R-FL) and Rep. Seth Moulton (D-MA) last Congress, will result in more efficient partnerships between the government and private sector stakeholders, a stronger defense industrial base, and foreign partners being better armed more quickly with American systems and hardware which improves interoperability.

“These actions, at their core, are about deterring aggression and, when needed, defeating our adversaries,” Chairman Mast said. “When we streamline and strengthen the foreign arms sales process, we incentivize innovation, improve our domestic manufacturing capabilities, and create American jobs. This is a no-fail mission, and I appreciate the hard work by the Task Force in getting this legislation before the full committee today.”

The six task force-led measures advanced in today’s markup include:

H.R. 3613 – Streamlining Foreign Military Sales Act of 2025

H.R. 4233 – AUKUS Reform for Military Optimization & Review (ARMOR) Act

H.R. 4215 – ITAR Licensing Reform Act

H.R. 4216 – Made-In-America Defense Act

H.R. 3068 – Missile Technology Control Review Act

H.R. 4335 – Abraham Accords Defense Against Terror Act

Additionally, the committee advanced legislation aimed at strengthening U.S. partnerships and promoting peace and stability around the globe.

###

MIL OSI USA News –

July 23, 2025

MIL-OSI USA: S. 237, Honoring Our Fallen Heroes Act of 2025

Source: US Congressional Budget Office

Bill Summary

S. 237 would expand eligibility for death, disability, and education benefits provided by the Public Safety Officer’s Benefit (PSOB) program to public safety officers and their beneficiaries if an officer dies or becomes permanently and totally disabled as a direct result of a cancer covered under the bill. S. 237 would apply retroactively to officers who die or become disabled on or after January 1, 2020. The bill would require the Department of Justice (DOJ) to review the list of cancers covered by the bill at least once every three years.

S. 237 also would extend the deadline to file a claim for benefits under the PSOB program for officers and their beneficiaries for officers who die or become permanently and totally disabled from COVID-19. Under current law, the deadline to file such a claim was May 11, 2023, when the public health emergency declared during the coronavirus pandemic ended.

Estimated Federal Cost

The estimated budgetary effect of S. 237 is shown in Table 1. The costs of the legislation fall within budget function 750 (administration of justice).

Table 1. Estimated Budgetary Effects of S. 237
	By Fiscal Year, Millions of Dollars
	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2025-2030	2025-2035
	Increases in Direct Spending
Estimated Budget Authority	0	22	50	43	30	26	23	18	17	18	18	171	265
Estimated Outlays	0	15	40	45	34	27	23	19	17	17	18	161	255
	Increases in Spending Subject to Appropriation
Estimated Authorization	*	6	15	16	13	11	n.e.	n.e.	n.e.	n.e.	n.e.	61	n.e.
Estimated Outlays	*	5	14	16	13	11	n.e.	n.e.	n.e.	n.e.	n.e.	59	n.e.

Basis of Estimate

CBO assumes that the bill will be enacted near the end of fiscal year 2025. The estimate is based on CBO’s analysis of cancer incidence and mortality among the general population of the United States and a review of the medical literature related to cancer incidence and mortality among public safety officers, including firefighters. The estimate is also based on CBO’s projections of the number of deaths among public safety officers that are likely to be related to cancer and the number of officers or their beneficiaries who apply for and receive benefits under the PSOB program.

Background

The PSOB program is administered by DOJ to provide cash benefits to federal, state, and local public safety officers and their beneficiaries in the event of death or permanent and total disability resulting from physical injuries and certain mental health conditions, such as post-traumatic stress disorder. Education benefits are also available to eligible spouses and children of officers who die or become disabled in the line of duty. Public safety officers include those working in law enforcement, firefighters, emergency management, and emergency medical services.

The program already provides benefits to World Trade Center responders and their beneficiaries who die or become disabled from cancer from exposure to a carcinogen after the terrorist attacks on September 11, 2001. CBO is unaware of the program approving any death or disability claim related to cancer that does not stem from attacks on September 11, 2001.

Eligibility Under the Bill

Under S. 237, an exposure to a carcinogen would qualify as an injury in the line of duty if an officer later dies or becomes permanently and totally disabled as a direct result of cancer. The bill would direct DOJ to presume that a qualifying injury caused the death or disability if the officer:

Was exposed to a carcinogen while in the line of duty;
Served for at least five years before being diagnosed with cancer; and
Received a diagnosis of cancer within 15 years of leaving service.

The presumption would not apply if DOJ determines, based on competent medical evidence, that the exposure to a carcinogen was not a substantial factor in an officer’s death or disability.

Direct Spending

The PSOB program pays a one-time death benefit to spouses and children or other designated beneficiaries of officers who die in the line of duty. The cost of those benefits is classified in the budget as direct spending. In 2025, the one-time benefit is $448,575; under current law, that amount increases each year to account for inflation.

Cancer Claims. CBO expects that most relatives of potentially eligible officers would apply for benefits. Based on information from DOJ and other similar programs, such as the September 11th Victim Compensation Fund, CBO estimates that about 75 percent of claims for cancer-related deaths among public safety officers would ultimately result in benefits being paid to family members or designated beneficiaries. CBO expects that firefighters would account for most claims under the bill.

Using data from the Centers for Disease Control and Prevention (CDC) on cancer mortality among the general population and a review of medical literature regarding cancer incidence and mortality among firefighters, CBO estimates that, on average, about 40 claims would be filed annually over the 2025-2035 period.

S. 237 also would require benefits to be awarded for cancer deaths occurring between January 1, 2020, and the date of enactment. CBO estimates that about 200 claims would be submitted for officers who died from cancer during that period and that those claims would be filed within three years of enactment.

COVID-19 Claims. Additionally, the bill would extend by three years the deadline to file a claim for death benefits for spouses, children, or other beneficiaries of officers who die from COVID-19. Under current law, an officer is presumed to be eligible by DOJ if the officer was diagnosed with COVID-19 within 45 days of the last day of duty and medical evidence indicates that the officer had the virus or complications from the virus at the time of death. Under current law, the deadline to file such a claim was May 11, 2023, when the public health emergency related to the coronavirus pandemic was lifted. Using information from DOJ about the number of those claims it received between 2020 and 2023 and data from the CDC on COVID-19 mortality, CBO estimates that about 150 claims would be submitted for officers who die from COVID-19.

In total, CBO estimates that under the bill, about 765 claims would be filed over the 2025-2035 period. Based on the amount of time CBO estimates that it would take DOJ to process each eligible claim, CBO estimates that about 530 claims would be approved for benefits over the next decade under S. 237. (About 30 claims filed during that period would be approved after 2035.) Accounting for expected increases in inflation, CBO estimates that enacting S. 237 would increase direct spending by $255 million over the 2025-2035 period.

Spending Subject to Appropriation

By expanding the scope of qualifying deaths and injuries, S. 237 also would increase the number of claimants eligible for disability and education benefits under the PSOB program. Spending for those benefits is subject to the availability of appropriated funds. DOJ also would incur administrative costs to implement the bill. In total, CBO estimates that implanting S. 237 would cost $59 million over the 2025-2030 period (see Table 2). That spending would be subject to the availability of appropriated funds.

Disability Benefits. Under current law, the PSOB program pays benefits for permanent and total disability resulting from injuries suffered in the line of duty. Under current law, claimants receive a one-time benefit that is the same amount as the death benefit ($448,575 in 2025), which increases each year to account for inflation. In total, CBO estimates that the cost of disability benefits under S. 237 would be $24 million over the 2025-2030 period.

Table 2. Estimated Increases in Spending Subject to Appropriation Under S. 237
	By Fiscal Year, Millions of Dollars
	2025	2026	2027	2028	2029	2030	2025-2030
Disability Benefits
Estimated Authorization	0	1	5	7	6	5	24
Estimated Outlays	0	1	5	7	6	5	24
Education Benefits
Estimated Authorization	0	4	9	8	6	5	32
Estimated Outlays	0	3	8	8	6	5	30
Administrative Costs
Estimated Authorization	*	1	1	1	1	1	5
Estimated Outlays	*	1	1	1	1	1	5
Total Changes
Estimated Authorization	*	6	15	16	13	11	61
Estimated Outlays	*	5	14	16	13	11	59

Cancer Claims. S. 237 would designate an exposure to a carcinogen as an injury in the line of duty if an officer later becomes permanently disabled as a direct result of cancer. Using information from DOJ about the historical number of claims, CBO expects that fewer claims for disability benefits would be filed under the bill than claims for death benefits. On that basis, CBO estimates that one claim for disability benefits would be filed for every three claims for death benefits. Additionally, based on conversations with DOJ and subject matter experts, CBO expects that most officers affected by cancer would not meet the permanently and totally disabled threshold. Based on historical approval rates for disability-related claims, CBO estimates that about 50 percent of claims for disability claims would ultimately be approved.

Under the bill, CBO estimates that about 120 claims for disability benefits related to cancer would be filed over the 2025-2030 period. Using information from DOJ about the time it takes to process each claim, CBO estimates that about 50 claims would be approved over the same period. (About 10 additional claims filed during the period would be approved after 2030.)

COVID-19 Claims. S. 237 also would extend by three years the deadline to file a claim for benefits under the PSOB program for officers who become permanently and totally disabled from COVID-19. Using data from DOJ about the number of those claims filed and approved over the 2020-2023 period, CBO estimates that under S. 237 fewer than five claims would be approved for officers who become disabled from COVID-19.

Education Benefits. Under current law, the spouse or children of a public safety officer who dies or becomes permanently disabled from physical injuries and certain mental health conditions may also be eligible for education benefits to cover tuition, fees, books, supplies and room and board. The monthly benefit for a full-time student in 2025 is $1,536; that amount is adjusted each year for inflation. Under current law, the maximum duration of benefits is 45 months of full-time education or a proportionate duration of part-time education.

Historical data from the PSOB program indicate that about three claims for education benefits have been approved for every two claims that have been approved for death and disability benefits. On that basis, CBO estimates that about 360 claims stemming from death benefits and about 50 claims stemming from disability benefits will be approved over the 2025-2030 period under S. 237. Using information about the time it takes to process claims for education benefits, CBO estimates that about 650 people will receive benefits over the 2025-2030 period under the bill. In total, CBO estimates that those benefits would cost $30 million over the 2025-2030 period. Those outlays reflect the historical spending patterns for such claims.

Administrative Costs. As discussed above, implementing S. 237 would require DOJ to review more than 150 additional claims annually under the bill. Using information from the agency about the number of staff required to process claims under current law, CBO estimates that implementing the bill would require an additional five people each year to process claims and review the list of eligible cancers at a cost of $1 million annually. In total, CBO estimates that DOJ would incur $5 million in administrative costs over the 2025-2030 period.

Uncertainty

CBO’s cost estimate for S. 237 is subject to significant uncertainty in several areas:

Identifying public safety officers’ rate of incidence and deaths from cancer and COVID-19;
Estimating the number of people who would be eligible to file claims for benefits under the bill;
Calculating the proportion of claims that DOJ would determine to be eligible, which is affected by the latency periods for different cancers and other circumstances specific to each officer’s medical history and lifestyle; and
Anticipating the timing of submissions and the amount of time required to review applications and process claims.

CBO strives for estimates that are in the middle of possible outcomes and each factor in the estimate could be higher or lower than CBO estimates. As a result, enacting the bill could result in higher or lower costs than CBO estimates.

Pay-As-You-Go Considerations

The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending or revenues. The net changes in outlays that are subject to those pay-as-you-go procedures are shown in Table 3.

Table 3. CBO’s Estimate of the Statutory Pay-As-You-Go Effects of S. 237, the Honoring Our Fallen Heroes Act of 2025, as Reported by the Senate Committee on the Judiciary on May 20, 2025
	By Fiscal Year, Millions of Dollars
	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2025-2030	2025-2035
	Net Increase in the Deficit
Pay-As-You-Go Effect	0	15	40	45	34	27	23	19	17	17	18	161	255

Increase in Long-Term Net Direct Spending and Deficits

CBO estimates that enacting S. 237 would not increase net direct spending by more than $2.5 billion in any of the four consecutive 10-year periods beginning in 2036.

CBO estimates that enacting S. 237 would not increase on‑budget deficits by more than $5 billion in any of the four consecutive 10-year periods beginning in 2036.

Mandates

The bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.

Federal Costs: Jeremy Crimm

Mandates: Erich Dvorak

Estimate Reviewed By

Justin Humphrey
Chief, Finance, Housing, and Education Cost Estimates Unit

Kathleen FitzGerald
Chief, Public and Private Mandates Unit

H. Samuel Papenfuss
Deputy Director of Budget Analysis

Phillip L. Swagel

Director, Congressional Budget Office

MIL OSI USA News –