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MIL-OSI USA: AG Labrador Announces Sentencing of Ada County Man to 25 Years for Sexual Exploitation of a Child and Enticement of a Minor

Source: US State of Idaho

Home Newsroom AG Labrador Announces Sentencing of Ada County Man to 25 Years for Sexual Exploitation of a Child and Enticement of a Minor

BOISE — Attorney General Raúl Labrador has announced that Joseph Michael Przybylski, 31, was convicted of one count of Sexual Exploitation of a Child by Possession of Sexually Exploitative Material (Child Pornography) and one count of Enticing a Child Through the Use of the Internet. The Possession of Sexually Exploitative Material is a felony punishable by up to 10 years in prison and the Felony Enticement of a Child is punishable by up to 15 years in prison. Przybylski was sentenced on April 14, 2025 by Ada County District Judge Patrick Miller.
In June 2024, the Internet Crimes Against Children (ICAC) Unit received a priority CyberTip from the National Center for Missing and Exploited Children (NCMEC) that an account belonging to Przybylski contained child sexual abuse material (CSAM). After obtaining search warrants, officers found over 400 files of CSAM on Przybylski’s account. During an interview of Przybylski, he admitted to the possession of the CSAM files on the account and admitted to having a sexually explicit chat with a 12-year-old minor female. The CSAM files found on Przybylski’s account depicted minor females ranging from two (2) years old and up. Many of these files depicted young children being raped by adult men. Przybylski was previously convicted of the Possession of Sexually Exploitative Material in 2019 and placed on 10 years of probation.
Attorney General Labrador stated, “I’m grateful to our Internet Crimes Against Children Unit, local law enforcement, and prosecutors for their unwavering commitment to protecting Idaho’s kids and ensuring this offender is removed from society. We will continue to use every tool at our disposal to pursue and prosecute child predators to the fullest extent of the law.”
The State recommended the maximum sentences on both counts. Judge Miller sentenced Przybylski to a total of twenty-five (25) years, ordering that he be eligible for parole after serving fifteen (15) years. Przybylski was also ordered to pay a fine and court costs. Upon release, Przybylski will have to remain on the sex offender registry pursuant to Idaho law.
The investigation of this case was led by ICAC Commander Nicholas Edwards. The case was prosecuted by Deputy Attorney General Madison Allen.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Three Large-Scale Energy Projects Gain Approvals

Source: US State of New York

o celebrate Earth Day, Governor Kathy Hochul announced the New York State Office of Renewable Energy Siting and Electric Transmission (ORES) has issued final siting permits to develop and operate Foothills Solar, a 40 megawatt (MW) solar facility in the Town of Mayfield in Fulton County; Rock District Solar, a 20 MW solar facility in the towns of Seward and Carlisle in Schoharie County; and York Run Solar, a 90 MW solar facility in the towns of Kiantone and Busti in Chautauqua County. The projects will create good-paying jobs, invest in crucial infrastructure, and increase tax revenues for local schools and other community priorities.

“On Earth Day, New York is proud to announce its latest investment in solar and wind technology, upholding our commitment to build a clean energy economy,” Governor Hochul said. “With refined siting protocols through the establishment of ORES four years ago, New York is expediting permitting for clean energy projects – all while creating good-paying jobs throughout the state. These projects are a testament to New York’s commitment to sustainability and resiliency in the face of a changing climate.”

Together, the Foothills, Rock District and York Run solar facilities will contribute a combined 150 MW of clean, renewable energy to New York’s electric grid while offsetting over 97,000 metric tons of CO2 and providing power for approximately 40,000 average-sized homes.

The new solar facilities will consist of the solar array and associated support equipment, along with an interconnection substation, fencing, access roads, and an operations and maintenance building. The facilities will interconnect to the New York electrical grid via new points of interconnection, located on National Grid’s transmission lines.

The projects were approved in less than the one-year timeframe required under the law, and were issued after a thorough, timely, and transparent review process that included public comment periods and hearings.

Office of Renewable Energy Siting and Electric Transmission Executive Director Zeryai Hagos said, “As the state approaches 4 gigawatts of wind and solar energy permitted, ORES continues to advance New York’s nation-leading clean energy policies while being responsive to community feedback and protecting the environment.”

These three projects are anticipated to create a total of 240 jobs during construction and mark 24 clean energy projects approved by ORES since 2021, when it was created to accelerate permitting for renewable energy generation. New York State has approved 28 large-scale solar and wind projects since 2021, including 24 permitted by ORES and four approved by the NYS Siting Board under Article 10, the statute that governed solar and wind projects over 25MW prior to the creation of ORES. The 28 permitted facilities represent 3.7 gigawatts of new clean, renewable energy.

ORES’ decision for these facilities follows a detailed and transparent review process with robust public participation to ensure the proposed project meets or exceeds the requirements of Article VIII of the New York State Public Service Law and its implementing regulations. The Foothills Solar application was deemed complete on June 25, 2024, and a draft permit was issued by ORES on August 26, 2024; the application for the Rock District Solar application was deemed complete on June 10, 2024, and a draft permit was issued by ORES on August 2, 2024; the York Run Solar application was deemed complete on October 9, 2024, and a draft permit was issued by ORES on December 6, 2024. These solar power projects meaningfully advance New York’s clean energy goals while establishing the State as a paradigm for efficient, transparent, and thorough siting permitting process of major renewable energy facilities.

Today’s decisions may be obtained by going to the ORES website at https://dps.ny.gov/ores-permit-applications.

New York State’s Climate Agenda

New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

MIL OSI USA News –

April 23, 2025

MIL-OSI: Weatherford Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

First quarter revenue of $1,193 million decreased 12% year-over-year
First quarter operating income of $142 million decreased 39% year-over-year
First quarter net income of $76 million, a 6.4% margin, decreased 32% year-over-year
First quarter adjusted EBITDA* of $253 million, a 21.2% margin, decreased 25%, or 354 basis points, year-over-year
First quarter cash provided by operating activities of $142 million and adjusted free cash flow* of $66 million
Repurchased $34 million of 8.625% Senior Notes due 2030 in the first quarter of 2025
Shareholder return of $71 million for the quarter, which included dividend payments of $18 million and share repurchases of $53 million
Board approved quarterly cash dividend of $0.25 per share, payable on June 5, 2025, to shareholders of record as of May 6, 2025
As part of its portfolio optimization strategy, Weatherford completed the sale of its Pressure Pumping business in Argentina on April 1, 2025
Signed a strategic agreement with Abu Dhabi-based AIQ to bring transformative efficiency to energy production, leveraging advanced automation, data-driven insights, and the power of AI technology

_{*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled}

HOUSTON, April 22, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the first quarter of 2025.

Revenues for the first quarter of 2025 were $1,193 million, a decrease of 12% year-over-year and 11% sequentially. Operating income was $142 million in the first quarter of 2025, compared to $233 million in the first quarter of 2024 and $198 million in the fourth quarter of 2024. Net income in the first quarter of 2025 was $76 million, with a 6.4% margin, a decrease of 32%, or 188 basis points year-over-year and 32%, or 198 basis points, sequentially. Adjusted EBITDA* was $253 million, a 21.2% margin, a decrease of 25%, or 354 basis points, year-over-year and 22%, or 310 basis points, sequentially. Basic income per share in the first quarter of 2025 was $1.04, compared to $1.54 in the first quarter of 2024 and $1.54 in the fourth quarter of 2024. Diluted income per share in the first quarter of 2025 was $1.03, compared to $1.50 in the first quarter of 2024, and $1.50 in the fourth quarter of 2024.

First quarter 2025 cash flows provided by operating activities were $142 million, compared to $131 million in the first quarter of 2024, and $249 million in the fourth quarter of 2024. Adjusted free cash flow* was $66 million, a decrease of $16 million year-over-year and $96 million sequentially. Capital expenditures were $77 million in the first quarter of 2025, compared to $59 million in the first quarter of 2024, and $100 million in the fourth quarter of 2024.

Girish Saligram, President and Chief Executive Officer, commented, “The first quarter was marked by significant market softening across key geographies, especially Mexico, the United Kingdom and North America. This created headwinds for activity levels but the One Weatherford team continued to focus on the controllable elements of the business, driving execution to deliver results inline with expectations.

Over the past few weeks, the market conditions have skewed more negatively, as we continue to navigate uncertainty on customer activity levels stemming from macroeconomic factors, global trade and geopolitical tensions. However, our actions remain focused on our North Star of driving adjusted free cash flow and we are further accelerating efficiency and optimization programs to ensure that we are well positioned for any scenario that might unfold in the latter part of the year. We believe it to be prudent to scale back our expectations on activity levels through the rest of the year and are focused on minimizing decrementals and improving working capital efficiencies. Nonetheless, even at a significantly reduced level of customer activity, we remain confident in increasing our adjusted free cash flow conversion for the full year 2025, allowing progress on our capital allocation priorities.

The sale of our Pressure Pumping business in Argentina marks another key milestone in our portfolio optimization strategy to a more capital-efficient model and further builds liquidity to position us well for the upcoming period.”

_{*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled}

Operational & Commercial Highlights

An International Oil Company (IOC) awarded Weatherford an eight-year contract extension to provide a comprehensive suite of services, including Intervention Services & Drilling Tools, Pipe Inspection, Managed Pressure Drilling (MPD), Tubular Running Services (TRS), Well Services, and Pipe Recovery in Kazakhstan.
PDO Oman awarded Weatherford a five-year Integrated Completions contract consisting of Completions, Liner Hangers and Cementation Products.
ADNOC Onshore awarded Weatherford a three-year contract for Well Services Production enhancement systems in the United Arab Emirates.
Eni Oman awarded Weatherford an open contract for onshore MPD services.
Petrobras awarded Weatherford a five-year contract for Liner Hangers systems and services in deepwater Brazil and amended its TRS contract, adding two Vero Mechanized Systems.
Sierracol Energy Andina LLC awarded Weatherford a six-month contract for Artificial Lift Systems in Colombia.
GeoPark Colombia S.A.S. awarded Weatherford a three-year contract for Wireline Open & Cased Hole Services.
Jadestone Energy (Malaysia) PTE LTD awarded Weatherford a contract for the Autonomous Inflow Control Device Screens and associated lower Completions equipment and services for the PM323 East Belumut Phase 9 Infill Drilling campaign.
Dragon Oil awarded Weatherford a three-year contract for Completions Equipment and Services in offshore Turkmenistan.
An IOC awarded Weatherford a one-year contract for Artificial Lift Equipment and Centro^® Well Construction Optimization Platform in Argentina.
An IOC in Turkey awarded Weatherford a five-year contract for Open Hole Wireline Tools.
An IOC awarded Weatherford a three-year contract for Artificial Lift Equipment in Australia.
A major integrated energy company awarded Weatherford a three-year, multi-rig contract for Vero^® Mechanized Systems in deepwater Gulf of America.
A National Oil Company (NOC) awarded Weatherford a two-year contract for Stage Tool Cementing Equipment in the Middle East.
An IOC awarded Weatherford a one-year contract for the SCADA Digital Platform in offshore United Arab Emirates.

Technology Highlights

Drilling & Evaluation (“DRE”)
- In the UK, Weatherford successfully delivered Logging While Drilling and Formation Pressure Services for Shell on a high-pressure, high temperature well. The well was drilled at 175°c and reached a total depth of 21,000 feet.
- In the Middle East, Weatherford successfully deployed GuideWave^® CLEAR in three wells for an NOC, enabling improved formation evaluation and more precise geo-steering.
Well Construction and Completions (“WCC”)
- In deepwater Brazil, Weatherford successfully installed the first OptiROSS^® RFID Multi-Cycle Sliding Sleeve Valve for Petrobras. This system enhances acid stimulation efficiency, improving production and boosting the reservoir’s oil recovery factor.
- In North America, Weatherford successfully completed 17 field trials of its SecureTrac™ technology with one of the largest multinational oil and gas companies. The tool’s more compact design enables a shorter shoe track, maximizing reservoir exposure and enhancing production potential.
- In the Middle East, Weatherford successfully deployed the first WidePak™ straddle solution for Gupco in Egypt. The well had been shut for 15 years due to a sustained tubing leak. Following Weatherford’s intervention, the well is now back online and delivering significant production.
Production and Intervention (“PRI”)
- In North America, Weatherford successfully deployed the ForeSite^® Regenerative Power for KODA, following a two-month pilot. The deployment delivered significant power savings, demonstrating the technology’s efficiency and value in the field.
- In North America, Weatherford deployed the ForeSite^® Power Regenerative variable-speed drive across key customers, following multiple successful pilots. The implementation delivered significant power savings and reduced carbon emissions. Due to its unique ability to recycle, store, and optimize power, this innovative solution helps control operating expenses for customers.

Shareholder Return

During the first quarter of 2025, Weatherford paid dividends of $18 million and repurchased shares for approximately $53 million, resulting in a total shareholder return of $71 million.

On April 17, 2025, our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on June 5, 2025, to shareholders of record as of May 6, 2025.

Results by Reportable Segment

Drilling and Evaluation (“DRE”)

	Three Months Ended									Variance
($ in Millions)	March 31, 2025			December 31, 2024			March 31, 2024			Seq.		YoY
Revenue	$	350		$	398		$	422		(12	)%	(17	)%
Segment Adjusted EBITDA	$	74		$	96		$	130		(23	)%	(43	)%
Segment Adj EBITDA Margin		21.1	%		24.1	%		30.8	%	(298	)bps	(966	)bps

First quarter 2025 DRE revenue of $350 million decreased by $72 million, or 17% year-over-year, primarily from lower Drilling-related services activity in Latin America, Europe/Sub-Sahara Africa/Russia and North America, partly offset by higher Drilling Services activity in Middle East/North Africa/Asia. Sequentially, DRE revenue decreased by $48 million, or 12%, primarily from lower international activity, especially in Latin America, partly offset by higher Wireline activity in North America.

First quarter 2025 DRE segment adjusted EBITDA of $74 million decreased by $56 million, or 43% year-over-year, primarily from lower activity, partly offset by higher Drilling Services activity in Middle East/North Africa/Asia. Sequentially, DRE segment adjusted EBITDA decreased by $22 million, or 23%, primarily from lower international activity, especially in Latin America, partly offset by higher Wireline activity in North America.

Well Construction and Completions (“WCC”)

	Three Months Ended									Variance
($ in Millions)	March 31, 2025			December 31, 2024			March 31, 2024			Seq.		YoY
Revenue	$	441		$	505		$	458		(13	)%	(4	)%
Segment Adjusted EBITDA	$	128		$	148		$	120		(14	)%	7	%
Segment Adj EBITDA Margin		29.0	%		29.3	%		26.2	%	(28)	bps	282	bps

First quarter 2025 WCC revenue of $441 million decreased by $17 million, or 4% year-over-year, primarily from lower activity in North America, Latin America and Europe/Sub-Sahara Africa/Russia, partly offset by higher activity in Middle East/North Africa/Asia. Sequentially, WCC revenues decreased by $64 million, or 13%, primarily from lower activity across all geographies.

First quarter 2025 WCC segment adjusted EBITDA of $128 million increased by $8 million, or 7% year-over-year, primarily from higher activity and fall through in Middle East/North Africa/Asia, partly offset by lower activity in North America, Latin America and Europe/Sub-Sahara Africa/Russia. Sequentially, WCC segment adjusted EBITDA decreased by $20 million, or 14%, primarily from lower activity across all geographies.

Production and Intervention (“PRI”)

	Three Months Ended									Variance
($ in Millions)	March 31, 2025			December 31, 2024			March 31, 2024			Seq.		YoY
Revenue	$	334		$	364		$	348		(8	)%	(4	)%
Segment Adjusted EBITDA	$	62		$	78		$	73		(21	)%	(15	)%
Segment Adj EBITDA Margin		18.6	%		21.4	%		21.0	%	(287	)bps	(241	)bps

First quarter 2025 PRI revenue of $334 million decreased by $14 million, or 4% year-over-year, as lower international activity was partly offset by higher activity in North America. Sequentially, PRI revenue decreased by $30 million, or 8%, primarily from lower Artificial Lift activity.

First quarter 2025 PRI segment adjusted EBITDA of $62 million decreased by $11 million, or 15% year-over-year, primarily from lower international activity, partly offset by higher fall through in North America. Sequentially, PRI segment adjusted EBITDA decreased by $16 million, or 21%, primarily from lower Artificial Lift activity, partly offset by higher fall through from Digital Solutions in North America.

Revenue by Geography

	Three Months Ended						Variance
*($ in Millions)*	March 31, 2025		December 31, 2024		March 31, 2024		Seq.		YoY
North America	$	250	$	261	$	267	(4	)%	(6)	%

International	$	943	$	1,080	$	1,091	(13	)%	(14	)%
Latin America		241		312		370	(23	)%	(35	)%
Middle East/North Africa/Asia		503		542		497	(7	)%	1	%
Europe/Sub-Sahara Africa/Russia		199		226		224	(12	)%	(11	)%
Total Revenue	$	1,193	$	1,341	$	1,358	(11	)%	(12	)%

North America

First quarter 2025 North America revenue of $250 million decreased by $17 million, or 6% year-over-year, primarily from lower activity in DRE and WCC segments, partly offset by higher activity in PRI segment led by Pressure Pumping and Digital Solutions. Sequentially, North America decreased by $11 million, or 4%, primarily from lower US land and US offshore activity, partly offset by higher Wireline activity.

International

First quarter 2025 international revenue of $943 million decreased 14% year-over-year and decreased 13% sequentially.

First quarter 2025 Latin America revenue of $241 million decreased by $129 million, or 35% year-over-year, primarily from lower activity in Mexico, partly offset by MPD and Pressure Pumping activity. Sequentially, Latin America revenue decreased by $71 million, or 23%, primarily from lower activity in Mexico, partly offset by higher MPD and Completions activity.

First quarter 2025 Middle East/North Africa/Asia revenue of $503 million increased by $6 million, or 1% year-over-year, as higher activity from Completions and Drilling Services were partly offset by lower MPD and Integrated Services & Projects activity. Sequentially, the Middle East/North Africa/Asia revenue decreased by $39 million, or 7%, primarily from lower activity in all the segments, partly offset by higher Integrated Services & Projects and MPD activity.

First quarter 2025 Europe/Sub-Sahara Africa/Russia revenue of $199 million decreased by $25 million, or 11% year-over-year, primarily from lower activity across all the segments, partly offset by higher Well Services and MPD activity. Sequentially, Europe/Sub-Sahara Africa/Russia revenue decreased by $27 million, or 12%, primarily from lower activity across all the segments, partly offset by higher activity in Drilling Services.

About Weatherford
Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 18,000 team members representing more than 110 nationalities and 320 operating locations. Visit weatherford.com for more information and connect with us on social media.

Conference Call Details

Weatherford will host a conference call on Wednesday, April 23, 2025, to discuss the Company’s results for the first quarter ended March 31, 2025. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.

Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.

A telephonic replay of the conference call will be available until May 7, 2025, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 6907941. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.

Contacts
For Investors:
Luke Lemoine
Senior Vice President, Corporate Development & Investor Relations
+1 713-836-7777
investor.relations@weatherford.com

For Media:
Kelley Hughes
Senior Director, Communications & Employee Engagement
media@weatherford.com

Forward-Looking Statements

This news release contains projections and forward-looking statements concerning, among other things, the Company’s quarterly adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, net leverage*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflicts, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions to our business, employees, customers, suppliers and other partners; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.

These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission, including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

_{*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled}

Weatherford International plc
Selected Statements of Operations (Unaudited)

	Three Months Ended
*($ in Millions, Except Per Share Amounts)*	March 31, 2025			December 31, 2024			March 31, 2024
Revenues:
DRE Revenues	$	350		$	398		$	422
WCC Revenues		441			505			458
PRI Revenues		334			364			348
All Other		68			74			130
Total Revenues		1,193			1,341			1,358

Operating Income:
DRE Segment Adjusted EBITDA^[1]	$	74		$	96		$	130
WCC Segment Adjusted EBITDA^[1]		128			148			120
PRI Segment Adjusted EBITDA^[1]		62			78			73
All Other^[2]		4			11			27
Corporate^[2]		(15	)		(7	)		(14	)
Depreciation and Amortization		(62	)		(83	)		(85	)
Share-based Compensation		(7	)		(10	)		(13	)
Restructuring Charges		(29	)		(34	)		(3	)
Other Charges, Net		(13	)		(1	)		(2	)
Operating Income		142			198			233

Other Expense:
Interest Expense, Net of Interest Income of $11, $12, and $14		(26	)		(25	)		(29	)
Other Expense, Net		(20	)		(4	)		(22	)
Income Before Income Taxes		96			169			182
Income Tax Provision		(10	)		(45	)		(59	)
Net Income		86			124			123
Net Income Attributable to Noncontrolling Interests		10			12			11
Net Income Attributable to Weatherford	$	76		$	112		$	112

Basic Income Per Share	$	1.04		$	1.54		$	1.54
Basic Weighted Average Shares Outstanding		73.1			72.6			72.9

Diluted Income Per Share	$	1.03		$	1.50		$	1.50
Diluted Weighted Average Shares Outstanding		73.4			74.5			74.7

^[1]	^{Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation, restructuring charges and other adjustments. Research and development expenses are included in segment adjusted EBITDA.}
^[2]	^{All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting.}

Weatherford International plc
Selected Balance Sheet Data (Unaudited)

*($ in Millions)*	March 31, 2025		December 31, 2024
Assets:
Cash and Cash Equivalents	$	873	$	916
Restricted Cash		57		59
Accounts Receivable, Net		1,175		1,261
Inventories, Net		889		880
Property, Plant and Equipment, Net		1,103		1,061
Intangibles, Net		315		325

Liabilities:
Accounts Payable		714		792
Accrued Salaries and Benefits		249		302
Current Portion of Long-term Debt		22		17
Long-term Debt		1,583		1,617

Shareholders’ Equity:
Total Shareholders’ Equity		1,360		1,283

Weatherford International plc
Selected Cash Flows Information (Unaudited)

	Three Months Ended
*($ in Millions)*	March 31, 2025			December 31, 2024			March 31, 2024
Cash Flows From Operating Activities:
Net Income	$	86		$	124		$	123
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Depreciation and Amortization		62			83			85
Foreign Exchange Losses (Gain)		13			(2	)		15
Gain on Disposition of Assets		(1	)		(2	)		(7	)
Deferred Income Tax Provision		7			—			14
Share-Based Compensation		7			10			13
Changes in Accounts Receivable, Inventory, Accounts Payable and Accrued Salaries and Benefits		(17	)		24			(152	)
Other Changes, Net		(15	)		12			40
Net Cash Provided By Operating Activities		142			249			131

Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment		(77	)		(100	)		(59	)
Proceeds from Disposition of Assets		1			13			10
Business Acquisitions, Net of Cash Acquired		—			—			(36	)
Proceeds from Sale of Investments		—			—			41
Other Investing Activities		(3	)		1			(10	)
Net Cash Used In Investing Activities		(79	)		(86	)		(54	)

Cash Flows From Financing Activities:
Repayments of Long-term Debt		(39	)		(23	)		(172	)
Distributions to Noncontrolling Interests		—			(20	)		—
Tax Remittance on Equity Awards		(20	)		(22	)		(8	)
Share Repurchases		(53	)		(49	)		—
Dividends Paid		(18	)		(18	)		—
Other Financing Activities		(3	)		(1	)		(7	)
Net Cash Used In Financing Activities	$	(133	)	$	(133	)	$	(187	)

Weatherford International plc

Non-GAAP Financial Measures Defined (Unaudited)

We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted EBITDA margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.

Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

_{*Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled}

Weatherford International plc
GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)


	Three Months Ended
*($ in Millions, Except Margin in Percentages)*	March 31, 2025			December 31, 2024			March 31, 2024
Revenues	$	1,193		$	1,341		$	1,358
Net Income Attributable to Weatherford	$	76		$	112		$	112
Net Income Margin		6.4	%		8.4	%		8.2	%
Adjusted EBITDA*	$	253		$	326		$	336
Adjusted EBITDA Margin*		21.2	%		24.3	%		24.7	%

Net Income Attributable to Weatherford	$	76		$	112		$	112
Net Income Attributable to Noncontrolling Interests		10			12			11
Income Tax Provision		10			45			59
Interest Expense, Net of Interest Income of $11, $12, and $14		26			25			29
Other Expense, Net		20			4			22
Operating Income		142			198			233
Depreciation and Amortization		62			83			85
Other Charges, Net^[1]		13			1			2
Restructuring Charges		29			34			3
Share-Based Compensation		7			10			13
Adjusted EBITDA*	$	253		$	326		$	336

Net Cash Provided By Operating Activities	$	142		$	249		$	131
Capital Expenditures for Property, Plant and Equipment		(77	)		(100	)		(59	)
Proceeds from Disposition of Assets		1			13			10
Adjusted Free Cash Flow*	$	66		$	162		$	82

^[1]	^{Other Charges, Net in the three months ended March 31, 2025 primarily includes fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico.}

_{*Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined}

Weatherford International plc
GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited)



*($ in Millions)*	March 31, 2025			December 31, 2024			March 31, 2024
Current Portion of Long-term Debt	$	22		$	17		$	101
Long-term Debt		1,583			1,617			1,629
Total Debt	$	1,605		$	1,634		$	1,730

Cash and Cash Equivalents	$	873		$	916		$	824
Restricted Cash		57			59			113
Total Cash	$	930		$	975		$	937

Components of Net Debt
Current Portion of Long-term Debt	$	22		$	17		$	101
Long-term Debt		1,583			1,617			1,629
Less: Cash and Cash Equivalents		873			916			824
Less: Restricted Cash		57			59			113
Net Debt*	$	675		$	659		$	793

Net Income for trailing 12 months	$	470		$	506		$	457
*Adjusted EBITDA for trailing 12 months**	$	1,299		$	1,382		$	1,253

*Net Leverage (Net Debt/Adjusted EBITDA)**		0.52	x		0.48	x		0.63	x

_{*Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined}

The MIL Network –

April 23, 2025

MIL-OSI: Renasant Corporation Announces Earnings for the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

TUPELO, Miss., April 22, 2025 (GLOBE NEWSWIRE) — Renasant Corporation (NYSE: RNST) (the “Company”) today announced earnings results for the first quarter of 2025.

(Dollars in thousands, except earnings per share)	Three Months Ended
	Mar 31, 2025		Dec 31, 2024		Mar 31, 2024
Net income and earnings per share:
Net income	$41,518		$44,747		$39,409
Basic EPS		0.65		0.70		0.70
Diluted EPS		0.65		0.70		0.70
Adjusted diluted EPS (Non-GAAP)⁽¹⁾		0.66		0.73		0.65

“Results for the quarter represent a good start to the year with solid profitability and growth in loans and deposits,” remarked C. Mitchell Waycaster, Chief Executive Officer of the Company. “On April 1st, we completed the merger with The First Bancshares, Inc. and welcome their team to Renasant. Together, we are positioned to accelerate profit performance and operate in some of the country’s most attractive banking markets.”

Quarterly Highlights

Acquisition of The First Bancshares, Inc.

On April 1, 2025, the Company completed its merger with The First Bancshares, Inc. (“The First”). As of the acquisition date, The First operated 116 locations throughout Louisiana, Mississippi, Alabama, Georgia and Florida and, prior to any purchase accounting adjustments, had approximately $8.0 billion in assets, which included approximately $5.4 billion in loans, and approximately $6.5 billion in deposits.

Earnings

Net income for the first quarter of 2025 was $41.5 million; diluted EPS and adjusted diluted EPS (non-GAAP)⁽¹⁾ were $0.65 and $0.66, respectively
Net interest income (fully tax equivalent) for the first quarter of 2025 was $137.4 million, up $1.9 million linked quarter
For the first quarter of 2025, net interest margin was 3.45%, up 9 basis points linked quarter
Cost of total deposits was 2.22% for the first quarter of 2025, down 13 basis points linked quarter
Noninterest income increased $2.2 million linked quarter, driven in part by an increase in mortgage banking income and gains on the sale of SBA loans
Mortgage banking income increased $1.3 million linked quarter. The mortgage division generated $632.1 million in interest rate lock volume in the first quarter of 2025, up $149.8 million linked quarter. Gain on sale margin was 1.42% for the first quarter of 2025, down 59 basis points linked quarter
Noninterest expense decreased $0.9 million linked quarter. Merger and conversion expenses decreased $1.3 million linked quarter

Balance Sheet

Loans increased $170.6 million linked quarter, representing 5.4% annualized net loan growth
Securities increased $146.8 million linked quarter. The Company purchased $175.7 million in securities during the first quarter, which was offset by cash flows related to principal payments, calls and maturities of $58.6 million and a positive fair market value adjustment in the Company’s available-for-sale portfolio of $29.7 million
Deposits at March 31, 2025 increased $199.5 million on a linked quarter basis. Noninterest bearing deposits increased $137.4 million linked quarter and represented 24.0% of total deposits at March 31, 2025

Capital and Stock Repurchase Program

Book value per share and tangible book value per share (non-GAAP)⁽¹⁾ increased 1.6% and 2.7%, respectively, linked quarter
The Company has a $100.0 million stock repurchase program in effect through October 2025 under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. There was no buyback activity during the first quarter of 2025

Credit Quality

The Company recorded a provision for credit losses of $4.8 million for the first quarter of 2025, up $2.6 million linked quarter
The ratio of the allowance for credit losses on loans to total loans was 1.56% at March 31, 2025, down one basis point linked quarter
The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 206.55% at March 31, 2025, compared to 178.11% at December 31, 2024
Net loan recoveries for the first quarter of 2025 were $0.1 million
Nonperforming loans to total loans decreased to 0.76% at March 31, 2025 compared to 0.88% at December 31, 2024, and criticized loans (which include classified and Special Mention loans) to total loans decreased to 2.45% at March 31, 2025, compared to 2.89% at December 31, 2024

_{⁽¹⁾ This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.}

Income Statement

(Dollars in thousands, except per share data)	Three Months Ended
	Mar 31, 2025		Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Interest income
Loans held for investment	$	196,566	$	199,240		$	202,655		$	198,397		$	192,390
Loans held for sale		3,008		3,564			4,212			3,530			2,308
Securities		12,117		10,510			10,304			10,410			10,700
Other		8,639		12,030			11,872			7,874			7,781
Total interest income		220,330		225,344			229,043			220,211			213,179
Interest expense
Deposits		79,386		85,571			90,787			87,621			82,613
Borrowings		6,747		6,891			7,258			7,564			7,276
Total interest expense		86,133		92,462			98,045			95,185			89,889
Net interest income		134,197		132,882			130,998			125,026			123,290
Provision for credit losses
Provision for loan losses		2,050		3,100			1,210			4,300			2,638
Provision for (Recovery of) unfunded commitments		2,700		(500	)		(275	)		(1,000	)		(200	)
Total provision for credit losses		4,750		2,600			935			3,300			2,438
Net interest income after provision for credit losses		129,447		130,282			130,063			121,726			120,852
Noninterest income		36,395		34,218			89,299			38,762			41,381
Noninterest expense		113,876		114,747			121,983			111,976			112,912
Income before income taxes		51,966		49,753			97,379			48,512			49,321
Income taxes		10,448		5,006			24,924			9,666			9,912
Net income	$	41,518	$	44,747		$	72,455		$	38,846		$	39,409

Adjusted net income (non-GAAP)⁽¹⁾	$	42,111	$	46,458		$	42,960		$	38,846		$	36,572
Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)⁽¹⁾	$	57,507	$	54,177		$	56,238		$	51,812		$	48,231

Basic earnings per share	$	0.65	$	0.70		$	1.18		$	0.69		$	0.70
Diluted earnings per share		0.65		0.70			1.18			0.69			0.70
Adjusted diluted earnings per share (non-GAAP)⁽¹⁾		0.66		0.73			0.70			0.69			0.65
Average basic shares outstanding		63,666,419		63,565,437			61,217,094			56,342,909			56,208,348
Average diluted shares outstanding		64,028,025		64,056,303			61,632,448			56,684,626			56,531,078
Cash dividends per common share	$	0.22	$	0.22		$	0.22		$	0.22		$	0.22

_{⁽¹⁾ This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.}

Performance Ratios

	Three Months Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Return on average assets	0.94	%	0.99	%	1.63	%	0.90	%	0.92	%
Adjusted return on average assets (non-GAAP)⁽¹⁾	0.95		1.03		0.97		0.90		0.86
Return on average tangible assets (non-GAAP)⁽¹⁾	1.01		1.07		1.75		0.98		1.00
Adjusted return on average tangible assets (non-GAAP)⁽¹⁾	1.02		1.11		1.05		0.98		0.93
Return on average equity	6.25		6.70		11.29		6.68		6.85
Adjusted return on average equity (non-GAAP)⁽¹⁾	6.34		6.96		6.69		6.68		6.36
Return on average tangible equity (non-GAAP)⁽¹⁾	10.16		10.97		18.83		12.04		12.45
Adjusted return on average tangible equity (non-GAAP)⁽¹⁾	10.30		11.38		11.26		12.04		11.58
Efficiency ratio (fully taxable equivalent)	65.51		67.61		54.73		67.31		67.52
Adjusted efficiency ratio (non-GAAP)⁽¹⁾	64.43		65.82		64.62		66.60		68.23
Dividend payout ratio	33.85		31.43		18.64		31.88		31.43

Capital and Balance Sheet Ratios

	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Shares outstanding		63,739,467			63,565,690			63,564,028			56,367,924			56,304,860
Market value per share	$	33.93		$	35.75		$	32.50		$	30.54		$	31.32
Book value per share		42.79			42.13			41.82			41.77			41.25
Tangible book value per share (non-GAAP)⁽¹⁾		27.07			26.36			26.02			23.89			23.32
Shareholders’ equity to assets		14.93	%		14.85	%		14.80	%		13.45	%		13.39	%
Tangible common equity ratio (non-GAAP)⁽¹⁾		9.99			9.84			9.76			8.16			8.04
Leverage ratio		11.39			11.34			11.32			9.81			9.75
Common equity tier 1 capital ratio		12.59			12.73			12.88			10.75			10.59
Tier 1 risk-based capital ratio		13.34			13.50			13.67			11.53			11.37
Total risk-based capital ratio		16.88			17.08			17.32			15.15			15.00

_{⁽¹⁾ This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.}

Noninterest Income and Noninterest Expense

(Dollars in thousands)	Three Months Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Noninterest income
Service charges on deposit accounts	$	10,364	$	10,549	$	10,438	$	10,286	$	10,506
Fees and commissions		3,787		4,181		4,116		3,944		3,949
Insurance commissions		—		—		—		2,758		2,716
Wealth management revenue		7,067		6,371		5,835		5,684		5,669
Mortgage banking income		8,147		6,861		8,447		9,698		11,370
Gain on sale of insurance agency		—		—		53,349		—		—
Gain on extinguishment of debt		—		—		—		—		56
BOLI income		2,929		3,317		2,858		2,701		2,691
Other		4,101		2,939		4,256		3,691		4,424
Total noninterest income	$	36,395	$	34,218	$	89,299	$	38,762	$	41,381
Noninterest expense
Salaries and employee benefits	$	71,957	$	70,260	$	71,307	$	70,731	$	71,470
Data processing		4,089		4,145		4,133		3,945		3,807
Net occupancy and equipment		11,754		11,312		11,415		11,844		11,389
Other real estate owned		685		590		56		105		107
Professional fees		2,884		2,686		3,189		3,195		3,348
Advertising and public relations		4,297		3,840		3,677		3,807		4,886
Intangible amortization		1,080		1,133		1,160		1,186		1,212
Communications		2,033		2,067		2,176		2,112		2,024
Merger and conversion related expenses		791		2,076		11,273		—		—
Other		14,306		16,638		13,597		15,051		14,669
Total noninterest expense	$	113,876	$	114,747	$	121,983	$	111,976	$	112,912

Mortgage Banking Income

(Dollars in thousands)	Three Months Ended
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Gain on sales of loans, net	$	4,500	$	2,379	$	4,499	$	5,199	$	4,535
Fees, net		2,317		2,850		2,646		2,866		1,854
Mortgage servicing income, net		1,330		1,632		1,302		1,633		4,981
Total mortgage banking income	$	8,147	$	6,861	$	8,447	$	9,698	$	11,370

Balance Sheet

(Dollars in thousands)	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Assets
Cash and cash equivalents	$	1,091,339		$	1,092,032		$	1,275,620		$	851,906		$	844,400
Securities held to maturity, at amortized cost		1,101,901			1,126,112			1,150,531			1,174,663			1,199,111
Securities available for sale, at fair value		1,002,056			831,013			764,844			749,685			764,486
Loans held for sale, at fair value		226,003			246,171			291,735			266,406			191,440
Loans held for investment		13,055,593			12,885,020			12,627,648			12,604,755			12,500,525
Allowance for credit losses on loans		(203,931	)		(201,756	)		(200,378	)		(199,871	)		(201,052	)
Loans, net		12,851,662			12,683,264			12,427,270			12,404,884			12,299,473
Premises and equipment, net		279,011			279,796			280,550			280,966			282,193
Other real estate owned		8,654			8,673			9,136			7,366			9,142
Goodwill and other intangibles		1,001,923			1,003,003			1,004,136			1,008,062			1,009,248
Bank-owned life insurance		337,502			391,810			389,138			387,791			385,186
Mortgage servicing rights		72,902			72,991			71,990			72,092			71,596
Other assets		298,428			300,003			293,890			306,570			289,466
Total assets	$	18,271,381		$	18,034,868		$	17,958,840		$	17,510,391		$	17,345,741

Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest-bearing	$	3,541,375		$	3,403,981		$	3,529,801		$	3,539,453		$	3,516,164
Interest-bearing		11,230,720			11,168,631			10,979,950			10,715,760			10,720,999
Total deposits		14,772,095			14,572,612			14,509,751			14,255,213			14,237,163
Short-term borrowings		108,015			108,018			108,732			232,741			108,121
Long-term debt		433,309			430,614			433,177			428,677			428,047
Other liabilities		230,857			245,306			249,102			239,059			250,060
Total liabilities		15,544,276			15,356,550			15,300,762			15,155,690			15,023,391

Shareholders’ equity:
Common stock		332,421			332,421			332,421			296,483			296,483
Treasury stock		(91,646	)		(97,196	)		(97,251	)		(97,534	)		(99,683	)
Additional paid-in capital		1,486,849			1,491,847			1,488,678			1,304,782			1,303,613
Retained earnings		1,121,102			1,093,854			1,063,324			1,005,086			978,880
Accumulated other comprehensive loss		(121,621	)		(142,608	)		(129,094	)		(154,116	)		(156,943	)
Total shareholders’ equity		2,727,105			2,678,318			2,658,078			2,354,701			2,322,350
Total liabilities and shareholders’ equity	$	18,271,381		$	18,034,868		$	17,958,840		$	17,510,391		$	17,345,741

Net Interest Income and Net Interest Margin

(Dollars in thousands)	Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
	Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate		Average Balance		Interest Income/ Expense		Yield/ Rate
Interest-earning assets:
Loans held for investment	$	12,966,869	$	199,504	6.24	%	$	12,746,941	$	201,562	6.29	%	$	12,407,976	$	194,640	6.30	%
Loans held for sale		200,917		3,008	5.99	%		250,812		3,564	5.69	%		155,382		2,308	5.94	%
Taxable securities		1,883,535		10,971	2.33	%		1,784,167		9,408	2.11	%		1,891,817		9,505	2.01	%
Tax-exempt securities⁽¹⁾		259,800		1,443	2.22	%		261,679		1,400	2.14	%		270,279		1,505	2.23	%
Total securities		2,143,335		12,414	2.32	%		2,045,846		10,808	2.11	%		2,162,096		11,010	2.04	%
Interest-bearing balances with banks		824,743		8,639	4.25	%		1,025,294		12,030	4.67	%		570,336		7,781	5.49	%
Total interest-earning assets		16,135,864		223,565	5.61	%		16,068,893		227,964	5.65	%		15,295,790		215,739	5.66	%
Cash and due from banks		181,869						188,493						188,503
Intangible assets		1,002,511						1,003,551						1,009,825
Other assets		669,392						682,211						708,895
Total assets	$	17,989,636					$	17,943,148					$	17,203,013
Interest-bearing liabilities:
Interest-bearing demand⁽²⁾	$	7,835,617	$	54,710	2.83	%	$	7,629,685	$	57,605	3.00	%	$	6,955,989	$	52,500	3.03	%
Savings deposits		813,451		711	0.35	%		804,132		706	0.35	%		860,397		730	0.34	%
Brokered deposits		—		—	—	%		60,298		1,013	6.68	%		445,608		5,987	5.39	%
Time deposits		2,474,218		23,965	3.93	%		2,512,097		26,247	4.16	%		2,319,420		23,396	4.06	%
Total interest-bearing deposits		11,123,286		79,386	2.89	%		11,006,212		85,571	3.09	%		10,581,414		82,613	3.13	%
Borrowed funds		556,734		6,747	4.88	%		556,966		6,891	4.94	%		562,398		7,276	5.35	%
Total interest-bearing liabilities		11,680,020		86,133	2.99	%		11,563,178		92,462	3.18	%		11,143,812		89,889	3.24	%
Noninterest-bearing deposits		3,408,830						3,502,931						3,518,612
Other liabilities		208,105						220,154						226,308
Shareholders’ equity		2,692,681						2,656,885						2,314,281
Total liabilities and shareholders’ equity	$	17,989,636					$	17,943,148					$	17,203,013
Net interest income/ net interest margin			$	137,432	3.45	%			$	135,502	3.36	%			$	125,850	3.30	%
Cost of funding					2.31	%					2.44	%					2.46	%
Cost of total deposits					2.22	%					2.35	%					2.35	%

_{⁽¹⁾ U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.}
_{⁽²⁾ Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.}

Loan Portfolio

(Dollars in thousands)	As of
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Loan Portfolio:
Commercial, financial, agricultural	$	1,888,580	$	1,885,817	$	1,804,961	$	1,847,762	$	1,869,408
Lease financing		85,412		90,591		98,159		102,996		107,474
Real estate – construction		1,090,862		1,093,653		1,198,838		1,355,425		1,243,535
Real estate – 1-4 family mortgages		3,583,080		3,488,877		3,440,038		3,435,818		3,429,286
Real estate – commercial mortgages		6,320,120		6,236,068		5,995,152		5,766,478		5,753,230
Installment loans to individuals		87,539		90,014		90,500		96,276		97,592
Total loans	$	13,055,593	$	12,885,020	$	12,627,648	$	12,604,755	$	12,500,525

Credit Quality and Allowance for Credit Losses on Loans

(Dollars in thousands)	As of
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Nonperforming Assets:
Nonaccruing loans	$	98,638		$	110,811		$	113,872		$	97,795		$	73,774
Loans 90 days or more past due		95			2,464			5,351			240			451
Total nonperforming loans		98,733			113,275			119,223			98,035			74,225
Other real estate owned		8,654			8,673			9,136			7,366			9,142
Total nonperforming assets	$	107,387		$	121,948		$	128,359		$	105,401		$	83,367

Criticized Loans
Classified loans	$	224,654		$	241,708		$	218,135		$	191,595		$	206,502
Special Mention loans		95,778			130,882			163,804			138,343			138,366
Criticized loans⁽¹⁾	$	320,432		$	372,590		$	381,939		$	329,938		$	344,868

Allowance for credit losses on loans	$	203,931		$	201,756		$	200,378		$	199,871		$	201,052
Net loan (recoveries) charge-offs	$	(125	)	$	1,722		$	703		$	5,481		$	164
Annualized net loan charge-offs / average loans		—	%		0.05	%		0.02	%		0.18	%		0.01	%
Nonperforming loans / total loans		0.76			0.88			0.94			0.78			0.59
Nonperforming assets / total assets		0.59			0.68			0.71			0.60			0.48
Allowance for credit losses on loans / total loans		1.56			1.57			1.59			1.59			1.61
Allowance for credit losses on loans / nonperforming loans		206.55			178.11			168.07			203.88			270.87
Criticized loans / total loans		2.45			2.89			3.02			2.62			2.76

_{⁽¹⁾ Criticized loans include classified and Special Mention loans.}

CONFERENCE CALL INFORMATION:
A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time (9:00 AM Central Time) on Wednesday, April 23, 2025.

The webcast is accessible through Renasant’s investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=3wLevlin. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2025 First Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

The webcast will be archived on www.renasant.com after the call and will remain accessible for one year. A replay can be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 6525571 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until May 7, 2025.

ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 121-year-old financial services institution. As of April 1, 2025, Renasant has assets of approximately $26.0 billion and operates 280 banking, lending, mortgage and wealth management offices throughout the Southeast and also offers factoring and asset-based lending on a nationwide basis.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain, or incorporate by reference, statements about Renasant Corporation that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “focus,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

Important factors currently known to management that could cause the Company’s actual results to differ materially from those in forward-looking statements include the following: (i) the Company’s ability to efficiently integrate acquisitions (including its recently-completed merger with The First Bancshares, Inc.) (“The First”) into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Company, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities the Company has acquired, or may acquire, or target for acquisition, including in connection with its merger with The First; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring and mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in governmental and regulatory policy, whether applicable specifically to financial institutions or impacting the United States generally (such as, for example, changes in trade policy); (ix) increased scrutiny by, and/or additional regulatory requirements of, regulatory agencies as a result of the Company’s merger with The First; (x) changes in the securities and foreign exchange markets; (xi) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xii) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of the Company’s investment securities portfolio; (xiii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiv) changes in the sources and costs of the capital the Company uses to make loans and otherwise fund the Company’s operations, due to deposit outflows, changes in the mix of deposits and the cost and availability of borrowings; (xv) general economic, market or business conditions, including the impact of inflation; (xvi) changes in demand for loan and deposit products and other financial services; (xvii) concentrations of credit or deposit exposure; (xviii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xix) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xx) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xxi) geopolitical conditions, including acts or threats of terrorism and actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxii) the impact, extent and timing of technological changes; and (xxiii) other circumstances, many of which are beyond management’s control.

Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov.

The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.

NON-GAAP FINANCIAL MEASURES:
In addition to results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), this press release and the presentation slides furnished to the SEC on the same Form 8-K as this release contain non-GAAP financial measures, namely, (i) adjusted loan yield, (ii) adjusted net interest income and margin, (iii) pre-provision net revenue (including on an as-adjusted basis), (iv) adjusted net income, (v) adjusted diluted earnings per share, (vi) tangible book value per share, (vii) the tangible common equity ratio, (viii) the adjusted return on average assets and on average equity and certain other performance ratios (namely, the ratio of pre-provision net revenue to average assets and the return on average tangible assets and on average tangible common equity (including each of the foregoing on an as-adjusted basis)), and (ix) the adjusted efficiency ratio.

These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, including related amortization, and/or certain gains or charges (such as, for the first quarter of 2025, merger and conversion expenses), with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below under the caption “Non-GAAP Reconciliations”.

None of the non-GAAP financial information that the Company has included in this release or the accompanying presentation slides are intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company’s calculations may not be comparable to similarly titled measures presented by other companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.

Non-GAAP Reconciliations

(Dollars in thousands, except per share data)	Three Months Ended
	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Adjusted Pre-Provision Net Revenue (“PPNR”)
Net income (GAAP)	$	41,518		$	44,747		$	72,455		$	38,846		$	39,409
Income taxes		10,448			5,006			24,924			9,666			9,912
Provision for credit losses (including unfunded commitments)		4,750			2,600			935			3,300			2,438
Pre-provision net revenue (non-GAAP)	$	56,716		$	52,353		$	98,314		$	51,812		$	51,759
Merger and conversion expense		791			2,076			11,273			—			—
Gain on extinguishment of debt		—			—			—			—			(56	)
Gain on sales of MSR		—			(252	)		—			—			(3,472	)
Gain on sale of insurance agency		—			—			(53,349	)		—			—
Adjusted pre-provision net revenue (non-GAAP)	$	57,507		$	54,177		$	56,238		$	51,812		$	48,231

Adjusted Net Income and Adjusted Tangible Net Income
Net income (GAAP)	$	41,518		$	44,747		$	72,455		$	38,846		$	39,409
Amortization of intangibles		1,080			1,133			1,160			1,186			1,212
Tax effect of adjustments noted above⁽¹⁾		(270	)		(283	)		(296	)		(233	)		(237	)
Tangible net income (non-GAAP)	$	42,328		$	45,597		$	73,319		$	39,799		$	40,384

Net income (GAAP)	$	41,518		$	44,747		$	72,455		$	38,846		$	39,409
Merger and conversion expense		791			2,076			11,273			—			—
Gain on extinguishment of debt		—			—			—			—			(56	)
Gain on sales of MSR		—			(252	)		—			—			(3,472	)
Gain on sale of insurance agency		—			—			(53,349	)		—			—
Tax effect of adjustments noted above⁽¹⁾		(198	)		(113	)		12,581			—			691
Adjusted net income (non-GAAP)	$	42,111		$	46,458		$	42,960		$	38,846		$	36,572
Amortization of intangibles		1,080			1,133			1,160			1,186			1,212
Tax effect of adjustments noted above⁽¹⁾		(270	)		(283	)		(296	)		(233	)		(237	)
Adjusted tangible net income (non-GAAP)	$	42,921		$	47,308		$	43,824		$	39,799		$	37,547
Tangible Assets and Tangible Shareholders’ Equity
Average shareholders’ equity (GAAP)	$	2,692,681		$	2,656,885		$	2,553,586		$	2,337,731		$	2,314,281
Average intangible assets		(1,002,511	)		(1,003,551	)		(1,004,701	)		(1,008,638	)		(1,009,825	)
Average tangible shareholders’ equity (non-GAAP)	$	1,690,170		$	1,653,334		$	1,548,885		$	1,329,093		$	1,304,456

Average assets (GAAP)	$	17,989,636		$	17,943,148		$	17,681,664		$	17,371,369		$	17,203,013
Average intangible assets		(1,002,511	)		(1,003,551	)		(1,004,701	)		(1,008,638	)		(1,009,825	)
Average tangible assets (non-GAAP)	$	16,987,125		$	16,939,597		$	16,676,963		$	16,362,731		$	16,193,188

Shareholders’ equity (GAAP)	$	2,727,105		$	2,678,318		$	2,658,078		$	2,354,701		$	2,322,350
Intangible assets		(1,001,923	)		(1,003,003	)		(1,004,136	)		(1,008,062	)		(1,009,248	)
Tangible shareholders’ equity (non-GAAP)	$	1,725,182		$	1,675,315		$	1,653,942		$	1,346,639		$	1,313,102

Total assets (GAAP)	$	18,271,381		$	18,034,868		$	17,958,840		$	17,510,391		$	17,345,741
Intangible assets		(1,001,923	)		(1,003,003	)		(1,004,136	)		(1,008,062	)		(1,009,248	)
Total tangible assets (non-GAAP)	$	17,269,458		$	17,031,865		$	16,954,704		$	16,502,329		$	16,336,493

Adjusted Performance Ratios
Return on average assets (GAAP)		0.94	%		0.99	%		1.63	%		0.90	%		0.92	%
Adjusted return on average assets (non-GAAP)		0.95			1.03			0.97			0.90			0.86
Return on average tangible assets (non-GAAP)		1.01			1.07			1.75			0.98			1.00
Pre-provision net revenue to average assets (non-GAAP)		1.28			1.16			2.21			1.20			1.21
Adjusted pre-provision net revenue to average assets (non-GAAP)		1.30			1.20			1.27			1.20			1.13
Adjusted return on average tangible assets (non-GAAP)		1.02			1.11			1.05			0.98			0.93
Return on average equity (GAAP)		6.25			6.70			11.29			6.68			6.85
Adjusted return on average equity (non-GAAP)		6.34			6.96			6.69			6.68			6.36
Return on average tangible equity (non-GAAP)		10.16			10.97			18.83			12.04			12.45
Adjusted return on average tangible equity (non-GAAP)		10.30			11.38			11.26			12.04			11.58

Adjusted Diluted Earnings Per Share
Average diluted shares outstanding		64,028,025			64,056,303			61,632,448			56,684,626			56,531,078

Diluted earnings per share (GAAP)	$	0.65		$	0.70		$	1.18		$	0.69		$	0.70
Adjusted diluted earnings per share (non-GAAP)	$	0.66		$	0.73		$	0.70		$	0.69		$	0.65

Tangible Book Value Per Share
Shares outstanding		63,739,467			63,565,690			63,564,028			56,367,924			56,304,860

Book value per share (GAAP)	$	42.79		$	42.13		$	41.82		$	41.77		$	41.25
Tangible book value per share (non-GAAP)	$	27.07		$	26.36		$	26.02		$	23.89		$	23.32

Tangible Common Equity Ratio
Shareholders’ equity to assets (GAAP)		14.93	%		14.85	%		14.80	%		13.45	%		13.39	%
Tangible common equity ratio (non-GAAP)		9.99	%		9.84	%		9.76	%		8.16	%		8.04	%
Adjusted Efficiency Ratio
Net interest income (FTE) (GAAP)	$	137,432		$	135,502		$	133,576		$	127,598		$	125,850

Total noninterest income (GAAP)	$	36,395		$	34,218		$	89,299		$	38,762		$	41,381
Gain on sales of MSR		—			(252	)		—			—			(3,472	)
Gain on extinguishment of debt		—			—			—			—			(56	)
Gain on sale of insurance agency		—			—			(53,349	)		—			—
Total adjusted noninterest income (non-GAAP)	$	36,395		$	33,966		$	35,950		$	38,762		$	37,853

Noninterest expense (GAAP)	$	113,876		$	114,747		$	121,983		$	111,976		$	112,912
Amortization of intangibles		(1,080	)		(1,133	)		(1,160	)		(1,186	)		(1,212	)
Merger and conversion expense		(791	)		(2,076	)		(11,273	)		—			—
Total adjusted noninterest expense (non-GAAP)	$	112,005		$	111,538		$	109,550		$	110,790		$	111,700

Efficiency ratio (GAAP)		65.51	%		67.61	%		54.73	%		67.31	%		67.52	%
Adjusted efficiency ratio (non-GAAP)		64.43	%		65.82	%		64.62	%		66.60	%		68.23	%

Adjusted Net Interest Income and Adjusted Net Interest Margin
Net interest income (FTE) (GAAP)	$	137,432		$	135,502		$	133,576		$	127,598		$	125,850
Net interest income collected on problem loans		(1,026	)		(151	)		(642	)		146			(123	)
Accretion recognized on purchased loans		(558	)		(616	)		(1,089	)		(897	)		(800	)
Adjustments to net interest income	$	(1,584	)	$	(767	)	$	(1,731	)	$	(751	)	$	(923	)
Adjusted net interest income (FTE) (non-GAAP)	$	135,848		$	134,735		$	131,845		$	126,847		$	124,927

Net interest margin (GAAP)		3.45	%		3.36	%		3.36	%		3.31	%		3.30	%
Adjusted net interest margin (non-GAAP)		3.42	%		3.34	%		3.32	%		3.29	%		3.28	%

Adjusted Loan Yield
Loan interest income (FTE) (GAAP)	$	199,504		$	201,562		$	204,935		$	200,670		$	194,640
Net interest income collected on problem loans		(1,026	)		(151	)		(642	)		146			(123	)
Accretion recognized on purchased loans		(558	)		(616	)		(1,089	)		(897	)		(800	)
Adjusted loan interest income (FTE) (non-GAAP)	$	197,920		$	200,795		$	203,204		$	199,919		$	193,717

Loan yield (GAAP)		6.24	%		6.29	%		6.47	%		6.41	%		6.30	%
Adjusted loan yield (non-GAAP)		6.19	%		6.27	%		6.41	%		6.38	%		6.27	%

_{⁽¹⁾ Tax effect is calculated based on the respective legal entity’s appropriate federal and state tax rates (as applicable) for the period, and includes the estimated impact of both current and deferred tax expense. The tax effect of the discrete gain on sale of insurance agency was calculated based on an estimated tax rate of 27.0%.}

Contacts:	For Media:	For Financials:
	John S. Oxford	James C. Mabry IV
	Senior Vice President	Executive Vice President
	Chief Marketing Officer	Chief Financial Officer
	(662) 680-1219	(662) 680-1281

The MIL Network –

April 23, 2025

MIL-Evening Report: Port of Darwin’s struggling Chinese leaseholder may welcome an Australian buy-out

Source: The Conversation (Au and NZ) – By Colin Hawes, Associate professor of law, University of Technology Sydney

Slow Walker/Shutterstock

Far from causing trade frictions, an Australian buyout of the Port of Darwin lease may provide a lifeline for its struggling Chinese parent company Landbridge Group.

Both Labor and the Coalition have proposed such a buyout based on national security grounds.

But neither party has placed a dollar amount on a potential buyout, preferring to seek out private investors first. Any enforced acquisition would need to provide fair market value compensation to Landbridge.

The previous Northern Territory government leased the port to Landbridge for 99 years in 2015. The A$506 million contract was supported by the then Turnbull government.

Finding a buyer

This could put Australian taxpayers on the hook for hundreds of millions of dollars. Private investors might baulk at taking on a port lease that has consistently lost money for many years.

It is not clear why the national security situation has changed. The latest government inquiry found there were no security risks requiring Landbridge to divest their lease.

The more pressing risk threatening the port is a financial one.

Troubled times

If Landbridge Group, which holds the lease through its Australian subsidiary, declares insolvency, it will no longer be able to sustain the port’s operations. And the terminal could not support itself.

Several hundred employees would lose their jobs, and serious disruptions to trade and cruise ship tourism would follow.

The closure of the port would cause significant disruptions.
Claudine Van Massenhove/Shutterstock

The Australian media reported last November that the Port of Darwin racked up losses of $34 million in the 2023–24 financial year. Yet this figure is overshadowed by the financial liabilities Landbridge has in China.

Where the problems started

The problems started with Landbridge Group’s ambitious expansion between 2014 and 2017.

In that time it shelled out almost $5 billion on international and Chinese assets. Purchases included Australian gas producer WestSide Corporation Ltd, ($180 million in 2014); the Port of Darwin lease ($506 million in 2015); and another port in Panama ($1.2 billion in 2016). Landbridge reportedly planned to plough a further $1.5 billion into that port.

In China, the Landbridge Group also signed a partnership deal with Beijing Gas Co in 2019 to construct a huge liquefied natural gas (LNG) terminal at its main port site in Rizhao City, Shandong Province. The planned co-investment was worth $1.4 billion.

Rushing to invest

This was a heady time for Chinese private firms to invest overseas. Their often charismatic founders took advantage of the central government’s devolution of approval powers to the provinces and dressed up their pet investment projects as Belt and Road initiatives.

Much of this breakneck expansion was funded by high-interest bonds issued on the Chinese commercial interbank debt markets or so-called shadow banking.

Most private Chinese firms did not have easy access to the generous bank loans available to state-owned enterprises.

Landbridge, a private firm controlled by Shandong entrepreneur Ye Cheng and his sister Ye Fang, was no exception. They borrowed heavily to fund their acquisitions.

Mounting debt

Unfortunately, Landbridge’s income from its Chinese and international operations has not kept pace with its debt obligations. As early as 2017, the group was already struggling to pay debts.

Landbridge has been struggling to pay down debt.
lovemydesigns/Shutterstock

By 2021, Landbridge had been sued by at least 14 major financial or trade creditors. Outstanding judgment debts were issued by the Shanghai People’s Court amounting to about $600 million.

Since then, all of the group’s main assets have been frozen in lieu of payment. Unpaid debts and interest amounting to more than $1 billion have been passed on to state asset management companies to collect or sell off at knockdown prices, an indication the group is effectively insolvent.

Time to restructure

In early 2025, a restructuring committee was formed by the local government in Rizhao City, where Landbridge is headquartered. Its job is to find a way to keep the company’s Rizhao Port operating and avoid losing thousands of local jobs.

As recently as 2021, Ye Cheng was still ranked among the top 300 richest entrepreneurs in China, with an estimated net worth of more than $3 billion.

He is currently on the hook for his company’s debts after mortgaging all his business assets and giving personal guarantees to major creditors. He has also been fined by China’s corporate regulator for failing to lodge any annual financial reports for Landbridge Group since 2021.

Landbridge’s plans to develop its Panama port were cut short and its lease there was terminated in 2021 due to financial shortfalls.

Ye’s next move?

Ye Cheng may be unwilling to sell off his remaining overseas assets as this would be an admission of defeat. Yet an enforced buyout of the Darwin Port lease arranged by Australia may provide his businesses with a temporary financial lifeline in China.

It would also absolve Landbridge of its previously announced commitments to invest about $35 million in expanding Darwin Port’s infrastructure.

Far from causing trade frictions between Australia and China, such an enforced buyout – or more accurately, a bail-out – should be privately welcomed by both Landbridge and the Chinese government.

Colin Hawes is a research associate at the Australia-China Relations Institute, University of Technology Sydney.

– ref. Port of Darwin’s struggling Chinese leaseholder may welcome an Australian buy-out – https://theconversation.com/port-of-darwins-struggling-chinese-leaseholder-may-welcome-an-australian-buy-out-254716

MIL OSI Analysis – EveningReport.nz –

April 23, 2025

MIL-OSI USA: Warren, Over 175 Members of Congress Demand Trump Administration Preserve and Expand Free Tax Filing Program

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
April 22, 2025
After lobbying campaign by tax prep industry, Trump Administration reportedly plans to end Direct File
“Ending this free, easy-to-use, and popular program would be an insult to American taxpayers, eliminating an important alternative to commercial options provided by the tax prep industry.”
Text of Letter (PDF)
Washington, D.C. – In response to recent reporting that the Trump administration plans to end the Direct File program, U.S. Senator Elizabeth Warren (D-Mass.) led over 175 Congressional Democrats in a letter to Treasury Secretary Scott Bessent and Acting IRS Commissioner Michael Faulkender, slamming the administration’s reported decision and demanding instead that officials preserve and expand Direct File.
Direct File is a free, easy-to-use tax filing program that has already delivered significant benefits to taxpayers. In 2024, during the program’s pilot phase, Direct File saved the average user $160 in tax return fees and hours of effort preparing their return. Users overwhelmingly love the program: 98 percent of Direct File taxpayers in 2025 were “satisfied” or “very satisfied” with their experience, a world-class figure.
Yet, new reporting indicates that the Trump administration “plans to eliminate the IRS’ Direct File program.”
“Ending this free, easy-to-use, and popular program would be an insult to American taxpayers, eliminating an important alternative to commercial options provided by the tax prep industry,” wrote the lawmakers.
The tax prep industry has fought Direct File at every turn, spending millions on lobbying to kill the program and encouraging Republican members of Congress to do the same.
“It’s no secret why: a free, easy-to-use tax filing program requires the [tax prep] industry to compete for taxpayer business and is a direct threat to the industry’s bottom line,” the lawmakers continued.
Even before reports that the Trump administration planned to end Direct File, the Trump administration had already sabotaged the program during its time in office. This filing season, the Trump administration fired the team at the Treasury Department that had been running awareness campaigns about Direct File, scaled back communications promoting the program, and did little to partner with local groups and media outlets to promote the program. In February, Elon Musk, the head of the Department of Government Efficiency (DOGE), tweeted that the team that helped build Direct File, “has been deleted.” While Direct File remained operational after Musk’s tweet, “Direct File usage immediately fell by roughly one quarter.”
“The Trump Administration’s dismantling of a program that makes tax filing easier and free for millions of Americans is shameful. Taxpayers have spoken loudly and clearly: Direct File works well for them, and more Americans want access to it,” concluded the lawmakers.
The lawmakers demanded that Secretary Bessent and Acting IRS Commissioner Faulkender provide a written commitment to preserve and expand Direct File for the 2026 tax season and beyond by May 5, 2025.
The following 36 Senators also signed the letter: Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawai’i), Timothy Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Jack Reed (D-R.I.), Lisa Blunt Rochester (D-Del.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawai’i), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Elisa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).
The following 142 Representatives signed the letter as well: Alma Adams (D-N.C.), Gabo Amo (D-R.I.), Yassamin Ansari (D-Ariz.), Jake Auchincloss (D-Mass.), Becca Balint (D-Vt.), Nanette Diaz Barragán (D-Calif.), Joyce Beatty (D-Ohio), Wesley Bell (D-Mo.), Donald Beyer (D-Va.), Sanford D. Bishop, Jr. (D-Ga.), Suzanne Bonamici (D-Ore.), Brendan Boyle (D-Pa.), Julia Brownley (D-Calif.), Nikki Budzinski (D-Ill.), Salud Carbajal (D-Calif.), Andre Carson (D-Ind.), Troy Carter (D-La.), Greg Casar (D-Texas), Sean Casten (D-Ill.), Kathy Castor (D-Fla.), Joaquin Castro (D-Texas), Sheila Cherfilus-McCormick (D-Fla.), Judy Chu (D-Calif.), Gilbert Cisneros (D-Calif.), Yvette Clark (D-N.Y.), Steven Cohen (D-Tenn.), Bonnie Watson Coleman (D-N.J.),, Herbert Conaway (D-N.J.), Gerald Connolly (D-Va.), Alexandria Ocasio-Cortez (D-N.Y.), Jim Costa (D-Calif.), Jasmine Crockett (D-Texas), Jason Crow (D-Colo.), Danny Davis (D-Ill.), Madeleine Dean (D-Pa.), Diana DeGette (D-Colo.), April McClain Delaney (D-Md.), Rosa DeLauro (D-Conn.), Suzan K. DelBene (D-Wash.), Chris Deluzio (D-Pa.), Mark DeSaulnier (D-Calif.), Maxine Dexter (D-Ore.), Lloyd Doggett (D-Texas), Sarah Elfreth (D-Md.), Veronica Escobar (D-Texas), Adriano Espaillat (D-N.Y.), Dwight Evans (D-Pa.), Teresa Leger Fernández (D-N.M.), Cleo Fields (D-La.), Bill Foster (D-Ill.), Valerie P. Foushee (D-N.C.), Laura Friedman (D-Calif.), John Garamendi (D-Calif.), Jesús G. “Chuy” García (D-Ill.), Sylvia R. Garcia (D-Texas), Robert Garcia (D-Calif.), Al Green (D-Texas), Dan Goldman (D-N.Y.), Jimmy Gomez (D-Calif.), Maggie Goodlander (D-N.H.), Steven Horsford (D-Nev.), Chrissy Houlahan (D-Md.), Steny H. Hoyer (D-Md.), Val Hoyle (D-Ore.), Jared Huffman (D-Calif.), Glenn Ivey (D-Md.), Jonathan L. Jackson (D-Ill.), Sara Jacobs (D-Calif.), Pramila Jayapal (D-Wash.), Henry C. “Hank” Johnson, Jr. (D-Ga.), Julie Johnson (D-Texas), Marcy Kaptur (D-Ohio), William R. Keating (D-Mass.), Robin L. Kelly (D-Ill.), Ro Khanna (D-Calif.), Greg Landsman (D-Ohio), Rick Larsen (D-Wash.), George Latimer (D-N.Y.), Summer L. Lee (D-Pa.), Stephen F. Lynch (D-Mass.), Seth Magaziner (D-R.I.), Jennifer L. McClellan (D-Va.), Betty McCollum (D-Minn.), James P. McGovern (D-Mass.), LaMonica McIver (D-N.J.), Robert J. Menendez (D-N.J.), Grace Meng (D-N.Y.), Dave Min (D-Calif.), Kelly Morrison (D-Minn.), Jared Moskowitz (D-Fla.), Seth Moulton (D-Mass.), Kevin Mullin (D-Calif.), Jerrold Nadler (D-N.Y.), Eleanor Holmes Norton (D-D.C.), Johnny Olszewski, Jr. (D-Md.), Ilhan Omar (D-Minn.), Frank Pallone, Jr. (D-N.J.), Chris Pappas (D-N.H.), Brittany Pettersen (D-Colo.), Chellie Pingree (D-Maine), Mark Pocan (D-Wisc.), Ayanna Pressley (D-Mass.), Mike Quigley (D-Ill.), Delia C. Ramirez (D-Ill.), Jamie Raskin (D-Md.), Kristen McDonald Rivet (D-Mich.), Raul Ruiz, M.D. (D-Calif.), Andrea Salinas (D-Ore.), Linda T. Sánchez (D-Calif.), Mary Gay Scanlon (D-Pa.), Jan Schakowsky (D-Ill.), Bradley Scott Schneider (D-Ohio), Debbie Wasserman Schultz (D-Fla.), Robert C. “Bobby” Scott (D-Va.), Terri A. Sewell (D-Ala.), Lateefah Simon (D-Calif.), Brad Sherman (D-Calif.), Mikie Sherrill (D-N.I.), Adam Smith (D-Wash.), Darren Soto (D-Fla.), Melanie Stansbury (D-N.M.), Greg Stanton (D-Ariz.), Suhas Subramanyam (D-Va.), Eric Swalwell (D-Calif.), Emilia Strong Sykes (D-Ohio), Mark Takano (D-Calif.), Shri Thanedar (D-Mich.), Dina Titus (D-Nev.), Bennie G. Thompson (D-Miss.), Rashida Tlaib (D-Mich.), Jill Tokuda (D-Hawaii), Paul Tonko (D-N.Y.), Ritchie Torres (D-N.Y.), Lori Trahan (D-Mass.), Derek T. Tran (D-Calif.), Nikema Williams (D-Ga.), Frederica S. Wilson (D-Fla.), Juan Vargas (D-Calif.), Marc A. Veasey (D-Texas), Nydia M. Velázquez (D-N.Y.), Eugene Simon Vindman (D-Va.), and George Whitesides (D-Calif.).
The following groups endorsed the letter: Americans for Tax Fairness, Public Citizen, Economic Security Project Action, MoveOn, United for Respect, P Street, 20/20 Vision, Young Invincibles, Patriotic Millionaires, Groundwork Action, Unitarian Universalists for Social Justice, Meals4Families, Beyond Careers, Grow Brooklyn, National Consumer Law Center, Color of Change, End Child Poverty California, Consumer Action, United Ways of the Pacific Northwest, Northwest Progressive Institute, NETWORK Lobby for Catholic Social Justice, Shriver Center on Poverty Law, Accountable.US, United for a Fair Economy, Responsible Wealth, National Association of Social Workers, National Women’s Law Center Action Fund, Golden State Opportunity, OnTrack Financial Education & Counseling, North Carolina Council of Churches.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: 04.18.2025 ICYMI: Sen. Cruz, EPA Administrator Zeldin Visit West Texas to Promote American Energy Dominance

US Senate News:

Source: United States Senator for Texas Ted Cruz
MIDLAND, TX – U.S. Sen. Ted Cruz (R-Texas), joined by U.S. Environmental Protection Agency (EPA) Administrator Lee Zeldin, on Thursday conducted a series of events focused on unleashing American energy, including visiting a Permian Basin oil and gas rig, conducting a roundtable with energy industry leaders and workers, and hosting a press conference on the issue.
Watch the press conference here.
Sen. Cruz said, “The Biden administration waged war against oil and gas jobs, especially in Texas. President Trump and the new Republican Congress are committed to returning America to a position of energy dominance, and I fully expect and will work to ensure that Texas leads the way. I’m proud to continue championing the oil and gas industry here in the Lone Star State.”
Admin. Zeldin said, “When I was going through my confirmation process, I made a commitment to Senator Cruz that I would travel down to Midland, tour an oil rig, and reaffirm my support to achieve energy dominance. The oil and gas industry and its hard-working employees help power our nation and we must do more to produce right here in America to compete on the world stage. The Trump EPA does not believe in regulating this industry out of existence. Instead, we want to partner with leaders to keep producing American energy using the cleanest and safest practices on the planet.”

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Warner, Kaine & Connolly Issue Statement on Trump Administration’s Revival of Schedule F

US Senate News:

Source: United States Senator for Virginia Tim Kaine
Published: April 19 2025

WASHINGTON, D.C. – Today, U.S. Senators Mark R. Warner and Tim Kaine (both D-VA) and U.S. Representative Gerald E. Connolly (D-VA-11) released the following statement regarding President Donald Trump’s move to revive ‘Schedule F,’ a policy he pursued during his first term to strip protections from federal workers to make it easier to carry out politically motivated firings. The Biden Administration reversed the Executive Order that created Schedule F and also finalized a regulation strengthening protections for the civil service.
“Anyone who cares about our national security, or receives Social Security, Medicare, Medicaid, or any other critical service administered by the federal government, has a vested interest in protecting our merit-based federal workforce. President Trump has made it clear that he wants the power to hire and fire these workers based on their politics, not their qualifications—and that makes all of us less safe. We have long fought for legislation to protect the federal workforce from this kind of attack. To our colleagues who will hear from their constituents if government services continue to decline because of this decision: you were warned.”
The lawmakers previously introduced the Savingthe Civil Service Act, legislation that would prevent any position in the competitive service from being reclassified to Schedule F.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: NEW: Wisconsin Minority Business Development Agency Office Closing, Baldwin Demands Answers from Trump Admin

US Senate News:

Source: United States Senator for Wisconsin Tammy Baldwin
WASHINGTON, D.C. — Today, U.S. Senator Tammy Baldwin (D-WI) released the following statement on the Trump Administration’s closure of Wisconsin’s newly established Minority Business Development Agency (MBDA) Business Center that provides small business owners technical assistance, assisting with access to capital and contracts, and supporting job creation and retention:
“The Trump Administration owes the small business owners and entrepreneurs of Wisconsin some answers as to why he is ripping away this key resource that helps them create jobs, reach new customers, and grow our economy,” said Senator Baldwin. “I fight hard to support our small business owners and their workers, including bringing this office to Wisconsin, and I’m not willing to let Elon Musk and Donald Trump cut the legs out from under them so they can fund new tax breaks for themselves and huge corporations.”
During his confirmation hearing before the Commerce Committee, Trump’s Commerce Secretary Howard Lutnick said he did not support dismantling the agency which was created by President Nixon in 1969 and codified into law by Congress with bipartisan support and Senator Baldwin’s leadership in 2021. The MBDA is responsible for promoting the growth and global competitiveness of minority owned businesses, including by assisting these businesses with access to capital, contracts, markets and business networks through partnerships with private and public entities. In Fiscal Year 2024 alone, the MBDA helped the country’s more than 12 million minority businesses access over $1.5 billion in capital and create or retain approximately 23,000 jobs.
Senator Baldwin worked with Republicans to include the Minority Business Development Act of 2021 as an amendment to the Infrastructure Investment and Jobs Act, making the MBDA permanent and increasing its funding authorization and reach. Baldwin then worked to bring a new Minority Business Development Center to Wisconsin, along with a $1.61 million grant to support its work assisting small businesses.
Earlier this year, President Trump released an Executive Order, going back on Secretary Lutnick’s word and undermining the Minority Business Development Agency. In response Senator Baldwin sent a letter demanding answers from the Administration and requesting their report outlining the proposed cuts and its potential impact on small business owners across America. The Executive Order required a report from MBDA to the Director of the Office of Management and Budget explaining which of its components or functions are statutorily required and to what extent, to determine what can be restructured or cut. As Ranking Member of the Senate Commerce subcommittee charged with oversight of MBDA, Baldwin requested a copy of that report by April 2nd, 2025, which she did not receive.
Senator Baldwin also joined Senators Maria Cantwell (D-WA) and Lisa Blunt Rochester (D-DE) in demanding documents and full accounting of Trump Commerce Secretary Howard Lutnick’s actions to shutter the Minority Business Development Agency (MBDA) despite vowing not to support efforts to dismantle it.
The full letter is available here and below.
Secretary Lutnick:
In a letter sent on March 25, 2025, you were urged to honor your testimony before the Senate Committee on Commerce, Science, and Transportation affirming you do not support efforts to dismantle the Minority Business Development Agency (MBDA). Since sending that letter, our offices have received information indicating the Trump Administration sent reduction-in-force (RIF) notices to every MBDA employee—effectively shuttering an agency that Congress has authorized. If true, this action would not only prevent MBDA from successfully carrying out its congressionally mandated programs and duties; it would appear to contradict the testimony you provided during your confirmation hearing. Accordingly, we demand a clear and complete explanation of your Department’s actions regarding the MBDA.
As explained in the March 25, 2025, letter, the MBDA is a vital driver of economic growth for America’s minority-owned businesses. Congress statutorily authorized the agency in a bipartisan manner in 2021 to ensure American entrepreneurs facing historical barriers to business ownership had access to key tools and resources to spur innovation, open new businesses, and create good-paying jobs. In Fiscal Year 2024 alone, the MBDA helped the country’s more than 12 million minority businesses access over $1.5 billion in capital and create or retain approximately 23,000 jobs. Mindful of the MBDA’s record of success and congressional mandate, we urged you not to move forward with a RIF that would reduce MBDA’s personnel to as few as 3 full-time equivalent (FTE) employees.
Alarmingly, information provided to our offices makes clear the RIF your Department initiated at the MBDA was even more sweeping than we had feared, leaving the agency with effectively no staff. As a result, it is unclear to whom, if anyone, MBDA Business Centers are reporting or who is currently implementing MBDA’s congressionally mandated programs and duties. Your Department appears to have dismantled the MBDA without any act of Congress—disregarding the programs and initiatives the Administration is directed by statute to implement.
The Commerce Committee has a duty to conduct oversight of the agencies and programs under its jurisdiction to ensure they are implemented and operating as Congress intended. Accordingly, please provide the following documents and information no later than May 1, 2025:
A complete description of the current staffing at MBDA, including the number of FTE employees presently working at the agency (if any), how many FTE employees are presently on administrative leave, and how many MBDA FTE employees have been sent RIF notices since January 20, 2025.
Copies of all RIF notices sent to MBDA FTE employees since January 20, 2025.
A complete description of all actions taken by the Department to comply with President Trump’s March 14, 2025, executive order, “Continuing the Reduction of the Federal Bureaucracy.”
A copy of the report required in the above-referenced March 14, 2025, Executive Order from MBDA to the Director of the Office of Management and Budget confirming compliance with the Executive Order and explaining which of its components or functions are statutorily required and to what extent.
An explanation of how the Department’s actions regarding the MBDA are consistent with the Administration’s statutory obligations under the Minority Business Development Act of 2021 (Division K of the Infrastructure Investment and Jobs Act, P.L. 117-58).
An explanation of how the Department’s actions regarding the MBDA during your tenure as Commerce Secretary are consistent with your testimony to the Commerce Committee on January 29, 2025, and in your responses to the corresponding questions for the record. In your response, please specifically address the testimony you provided when asked if you support dismantling the MBDA, to which you responded, “I do not.”
Sincerely,

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Senators Baldwin, Johnson Renew Bipartisan Wisconsin Federal Nominating Commission

US Senate News:

Source: United States Senator for Wisconsin Tammy Baldwin
Published: 04.18.2025

WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) and Senator Ron Johnson (R-WI) announced they renewed their agreement establishing the bipartisan Wisconsin Federal Nominating Commission to provide recommendations for nominations during the 119th Congress for U.S. Attorneys and federal judicial positions.
“I am proud to work with Senator Johnson this Congress to select qualified, impartial candidates to serve our state and faithfully apply the law. I have full confidence our bipartisan nominating commission will do its job well of rigorously vetting and selecting candidates with the character, expertise, and experience required to fairly deliver justice for our constituents,” said Senator Baldwin.
“The goal for all officers of the court, especially judges, should be the equal application of law. Our judicial commission has worked in the past, and it can work in the future, if everyone concentrates on finding individuals who will apply the law and not alter it to fit their ideological or policy preferences. I look forward to working with the commission to find individuals to recommend to President Trump who will provide that type of justice for the citizens of Wisconsin,” said Senator Johnson.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Baldwin Demands Trump Administration Reverse Abrupt Cancellation of Funding for Rural School Districts

US Senate News:

Source: United States Senator for Wisconsin Tammy Baldwin
WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) called on the Trump Administration to reverse its decision to terminate funding promised to Wisconsin school districts for their projects to keep communities safe. Specifically, Baldwin called for already-allocated resources from the Federal Emergency Management Agency (FEMA) Building Resilient Infrastructure and Communities (BRIC) program, which was established during the first Trump Administration, to be sent to Wisconsin school districts. The BRIC program helps keep communities safe and properly prepare for extreme weather by funding projects such as tornado-safe rooms in rural schools.
“This loss of promised funding poses a harmful setback for disaster mitigation in rural communities and wastes millions of dollars that communities have spent on local planning, engineering, and community outreach. I urge you to reverse FEMA’s decision to end the BRIC program and provide the funding that was promised to Wisconsin school districts to complete crucial mitigation projects that will keep our communities safe,” wrote Senator Baldwin in a letter to Secretary of Homeland Security Kristi Noem.
On April 4th, 2025, FEMA announced that it would end the BRIC program and canceled all BRIC applications from Fiscal Years 2020 to 2023. This decision affects numerous Wisconsin school districts and surrounding communities where there are shovel ready projects, including Cuba City, Potosi, Phillips, Birchwood, Alma Center-Humbird-Merrillan, Melrose-Mindoro, Norwalk-Ontario-Wilton, and others, who were relying on this funding for projects entirely focused on disaster safety.
Full text of the letter is available here and below:
Dear Secretary Noem,
I write to urge you to reverse the Federal Emergency Management Agency’s (FEMA’s) decision to end the Building Resilient Infrastructure and Communities (BRIC) program. This misguided action will put people’s lives at risk, including Wisconsinites in rural areas who recently learned that the funding school districts were promised for their community-driven projects would be terminated.
Established during the first Trump Administration, the BRIC program supports states, local governments and Tribal Nations reduce their hazard risk through mitigation projects. Funding for this vital program helps communities properly prepare for extreme weather events and saves money for disaster recovery efforts when these events occur.
On April 4, 2025, FEMA announced that it would end the BRIC program and cancel all BRIC applications from Fiscal Years 2020 to 2023. This decision affects numerous Wisconsin school districts and surrounding communities where there are shovel ready projects, including Cuba City, Potosi, Phillips, Birchwood, Alma Center-Humbird-Merrillan, Melrose-Mindoro, Norwalk-Ontario-Wilton and others. Despite the Administration’s claims that the BRIC program is “more concerned with political agendas than helping Americans affected by natural disasters,” this accusation could not be further from the truth when it comes to Wisconsin projects. These community-driven projects are entirely focused on disaster safety, many involving tornado safe rooms in rural schools.
This loss of promised funding poses a harmful setback for disaster mitigation in rural communities and wastes millions of dollars that communities have spent on local planning, engineering, and community outreach. I urge you to reverse FEMA’s decision to end the BRIC program and provide the funding that was promised to Wisconsin school districts to complete crucial mitigation projects that will keep our communities safe.
I look forward to your response.
Sincerely,

MIL OSI USA News –

April 23, 2025

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

US Senate News:

Source: United States Senator for Washington State Patty Murray

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

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

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

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

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

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

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

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

MIL OSI USA News –

April 23, 2025

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

US Senate News:

Source: United States Senator for Washington State Patty Murray

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

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

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

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

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

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

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Schatz Statement On State Department Reorganization Plan

US Senate News:

Source: United States Senator for Hawaii Brian Schatz

HONOLULU – U.S. Senator Brian Schatz (D-Hawai‘i), ranking member of the Senate Appropriations Subcommittee on State and Foreign Operations and a member of the Senate Foreign Relations Committee, released the following statement on the planned reorganization of the U.S. State Department.

“Following the illegal and damaging dismantling of USAID, Secretary Marco Rubio’s proposed changes to the State Department would have drastic and wide-ranging implications for key U.S. national interests. On its face, this new reorganization plan raises grave concerns that the United States will no longer have either the capacity or capability to exert U.S. global leadership, achieve critical national security objectives, stand up to our adversaries, save lives, and promote democratic values. These have always been bipartisan endeavors for good reason. They make America safer, stronger, and more prosperous. Now they are at risk.

“Then-Senator Rubio once asked, ‘If America stops leading who will fill the vacuum we leave behind?’ What remains unclear is whether or not Secretary Rubio, my former colleague on the Senate Foreign Relations Committee, still shares this view. His current actions suggest that this is no longer the case. We need to hear from him directly and in detail about how he intends carry out the missions of the State Department amid severe cuts to its capabilities. The consequences of gutting vital components of American influence are too great. Congress and the American people deserve answers.

“Once one of the strongest advocates for American diplomacy, leadership, and engagement around the world, Secretary Rubio will now answer his own question as he presides over the continued weakening of the State Department, threatening the core functions of U.S. foreign assistance and diplomacy – in defiance of the law and at the cost of American interests and values.”

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: On Earth Day, Schatz, Casten Introduce Legislation To Address Costs, Financial Risks Of Climate Change

US Senate News:

Source: United States Senator for Hawaii Brian Schatz

WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i) and U.S. Representative Sean Casten (D-Ill.) introduced the Climate Change Financial Risk Act, legislation that directs the Federal Reserve to conduct stress tests on large financial institutions to measure their resilience to climate-related financial risks.

“Risk is risk—we should not be treating some risks different from others just because they’re hard to quantify. Federal regulators are legally obligated to ensure a stable and efficient financial system, and that means reducing the risk of a climate-driven financial crisis,” said Senator Schatz. “Instead of taking steps to reduce the risks facing communities across the country from increasingly frequent and severe extreme weather and disasters—including significantly higher costs for homeowners insurance—the Trump administration is trying to roll back our progress in the climate fight and gut the programs that will make us safer.”

“Climate change poses a grave and imminent threat to the stability of our financial system. It is essential that our regulators establish parameters so that our financial institutions adequately prepare for and respond to these risks, and that they do so before the next extreme weather crisis strikes,” said Representative Casten. “Our bill will move us toward safeguarding our financial systems—from short-term climate impacts, such as direct uninsured losses from wildfires, hurricanes, and flooding events, as well as from long-term global shifts to a net-zero economy, which may require a reshaping of a bank’s lending and investment activities.”

Climate change is increasing the frequency and severity of extreme weather events like floods and wildfires. It is also changing long-term climate patterns in ways that will ultimately affect every sector of our economy. Financial institutions face the risk of direct losses from severe weather events and fundamental changes like drought and sea level rise—for example, lower property values from increased flooding. They also face risks from market instability, an erosion of investor confidence, and changes in carbon-intensive asset values resulting from government policies and consumer preferences.

These risks to our financial system are critical for financial institutions to measure and manage, as recognized in the pilot climate scenario analysis exercise that the Federal Reserve conducted in 2023 and the Principles for Climate-Related Financial Risk Management for Large Financial Institutions published by agencies in 2023. The Office of the Comptroller of the Currency announced in March 2025 that it was withdrawing from its participation in these principles. The Climate Change Financial Risk Act will make sure that financial institutions manage climate risks with stress tests that quantify and measure their resilience.

The Climate Change Financial Risk Act would require the Federal Reserve to create climate change scenarios for financial stress tests, with input from federal scientific agencies and an advisory group of climate scientists and climate economists. The Federal Reserve would then conduct stress tests every two years on the largest financial institutions. The biennial tests will require each covered institution to create and update a resolution plan, which will describe how the institution plans to evolve its capital planning, balance sheet and off-balance sheet exposures, and other business operations to respond to the most recent test results. Federal Reserve objections to a resolution plan would limit the institution’s ability to proceed with capital distributions until it improves its plan. The Federal Reserve will also partner with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to design a survey to assess the ability of a broader set of financial institutions to withstand climate risks.

Schatz’s legislation is cosponsored by U.S. Senators Elizabeth Warren (D-Mass.), Jeff Merkley (D-Ore.), Chris Van Hollen (D-Md.), Sheldon Whitehouse (D-R.I.), Patty Murray (D-Wash.), Martin Heinrich (D-N.M.), and Cory Booker (D-N.J.). The House companion legislation, led by Casten, is cosponsored by U.S. Representatives Stephen Lynch (D-Mass.), Emanuel Cleaver (D-Mo.), Jared Huffman (D-Calif.), Kevin Mullin (D-Calif.), Sarah Elfreth (D-Md.), and Salud Carbajal (D-Calif.).

“Those of us in the West are already experiencing the cost of climate inaction firsthand – from higher home insurance rates and utility bills for hardworking families to lower profits for producers. As the impacts of climate change intensify, we need to do everything we can to make our local economies more resilient for families, workers, and small businesses,” said Senator Heinrich. “This Earth Day, I’m proud to introduce the Climate Change Financial Risk Act with Senator Schatz to protect New Mexicans from the costly consequences of worsening climate change by strengthening the ability of our financial institutions to withstand extreme weather events like prolonged droughts and wildfires, which can trigger market instability and shake investor confidence.”

“Trump’s Dirty Energy First strategy is fanning the flames of climate chaos, and it’s essential to understand the risk that poses to our major financial institutions,” said Senator Merkley. “We must not ignore the danger climate change poses to the economic security of hardworking Americans.”

The Climate Change Financial Risk Act is supported by League of Conservation Voters, Ceres, the Sierra Club, Public Citizen, and Americans for Financial Reform.

“US regulators must get back in the business of managing the systemic financial risks posed by increasing floods, fires, and storms,” said Steven M. Rothstein, Managing Director of the Accelerator for Sustainable Capital Markets, Ceres. “We commend Senator Schatz and Representative Casten for reintroducing this legislation and laying out a clear role for the Federal Reserve Board to address climate-related financial risks. This legislation will provide the clarity and analysis needed to ensure the financial industry makes informed decisions that protect individual institutions from climate-related shocks and insulate the financial system from widespread loss.”

“As financial regulators retreat under political pressure, this bill represents a much-needed step to ensure our financial system is better prepared for the growing risks of climate change. Investors need regulators to provide clear, forward-looking assessments of systemic risk — and to ensure that financial institutions aren’t throwing more fuel on the fire of the climate crisis. With climate disasters escalating and financial consequences mounting, leaders at all levels of government must act to build a more stable and sustainable financial system. We applaud Sen. Schatz and Rep. Casten for their continued leadership to make that happen,” said Ben Cushing, Sustainable Finance Campaign Director, the Sierra Club.

The text of the bill is available here.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: SPC Apr 22, 2025 1930 UTC Day 3 Severe Thunderstorm Outlook

Source: US National Oceanic and Atmospheric Administration

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Apr 22, 2025 1930 UTC Day 3 Severe Thunderstorm Outlook

Updated: Tue Apr 22 19:23:30 UTC 2025 (Print Version | | )

Probabilistic to Categorical Outlook Conversion Table

Forecast Discussion

SPC AC 221923

Day 3 Convective Outlook
NWS Storm Prediction Center Norman OK
0223 PM CDT Tue Apr 22 2025

Valid 241200Z – 251200Z

…THERE IS A MARGINAL RISK OF SEVERE THUNDERSTORMS FROM SOUTHERN
KANSAS TO THE TRANSPECOS REGION OF TEXAS…

…SUMMARY…
Isolated severe thunderstorms are possible on Thursday from western
Texas and Oklahoma into southern Kansas.

…Southern Kansas southwestward to the Transpecos region of
Texas…
Thunderstorms are forecast to be ongoing at the start of the period
near a weak front lying roughly west-to-east across Kansas. As the
storms sag southeastward with time, the combined front/convective
outflow will continue making slow southward progress.

Meanwhile, daytime heating/mixing across the Texas Panhandle/South
Plains/Transpecos will support eastward mixing of a dryline through
the afternoon. With a moist boundary layer east of the dryline,
heating combined with the steep lapse rates/EML being maintained
across the area by moderate west-southwesterlies aloft will result
in moderate destabilization. This should support isolated storm
development near the dryline, perhaps most focused where the
southward-sagging outflow/cold front from Kansas intersects the
eastward-mixing dryline (somewhere in the southwestern
Kansas/northwestern Oklahoma/Texas Panhandle vicinity).

The lack of stronger flow aloft should continue to limit shear
across the southern Plains region, but veering winds with height
should again support potential for mid-level rotation. Attendant
risks for large hail and locally gusty/damaging winds warrant
continuation of MRGL/5% severe probability. Some thought was given
to a small SLGT risk upgrade, near the intersection of the dryline
and the outflow-reinforced front mentioned earlier, as backed
low-level flow may yield a bit more favorable of a wind profile
locally. However, with some uncertainty evident with respect to if,
and how far, the front can progress southward through the day, have
opted not to upgrade at this time.

..Goss.. 04/22/2025

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MIL OSI USA News –

April 23, 2025

MIL-OSI USA: SPC Apr 22, 2025 1730 UTC Day 2 Convective Outlook

Source: US National Oceanic and Atmospheric Administration

SPC AC 221731

Day 2 Convective Outlook
NWS Storm Prediction Center Norman OK
1231 PM CDT Tue Apr 22 2025

Valid 231200Z – 241200Z

…THERE IS A SLIGHT RISK OF SEVERE THUNDERSTORMS ACROSS PORTIONS OF
THE EASTERN NEW MEXICO AND ADJACENT PORTIONS OF THE TEXAS SOUTH
PLAINS AND TRANSPECOS REGION…

…SUMMARY…
Isolated severe thunderstorms are possible across portions of the
central and southern High Plains on Wednesday.

…Central Plains to the southern High Plains…
Moderate west-southwesterly flow aloft is forecast aloft across the
Plains, with only weak/embedded disturbances within this flow field
forecast to shift eastward across the Plains region. Still, with
the westerlies aloft maintaining weak lee troughing and potentially
a weak low over the southeastern Colorado vicinity, low-level
southerlies across the central/southern Plains will maintain a
seasonably moist boundary layer.

While convection and associated cloud cover ongoing early in the day
— particularly across the central Plains — may hinder
destabilization locally, afternoon insolation should support 1000 to
2000 J/kg mixed-layer CAPE across a fairly broad area. New storm
development should occur across the Iowa/Nebraska Kansas area during
the afternoon, though location/coverage will likely be modulated by
aforementioned/earlier storms and associated outflows. Where ample
destabilization occurs, a few clusters of convection capable of
producing locally strong/gusty winds and marginal hail can be
expected.

Greater severe risk — associated with isolated supercell potential
— remains evident over the southern High Plains area and into the
Transpecos region of Texas. Here, a less perturbed airmass should
heat/destabilize through the day, ahead of an evolving dryline.
With modest but veering flow with height, shear should be sufficient
to support mid-level rotation with stronger storms. Large hail and
locally damaging gusts will be the main risks with these storms.
Some congealing/upscale growth may occur by early evening, as storms
spread east-northeastward across parts of western Texas, but overall
severe risk should gradually diminish diurnally.

…Parts of the Southeast…
A weak mid-level vort max is forecast to be moving eastward across
the central Gulf Coast region Wednesday afternoon, where a
heating/destabilizing airmass is expected. Fairly steep mid-level
lapse rates should be present across the Georgia/South Carolina
vicinity, which will contribute to development of 1500 to 2000 J/kg
mixed-layer CAPE across this area. While flow aloft will remain
relatively weak, and thus storms generally rather disorganized, the
degree of CAPE should support a few more vigorous updrafts. Along
with potential for marginal hail, a relatively deep mixed layer
expected to evolve through peak heating could also promote some
evaporative enhancement to downdrafts — possibly yielding locally
strong wind gusts from a few of the stronger storms. Convection —
and any ongoing severe risk — will diminish after sunset.

..Goss.. 04/22/2025

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NOTE: THE NEXT DAY 2 OUTLOOK IS SCHEDULED BY 0600Z

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: SPC Apr 22, 2025 2000 UTC Day 1 Convective Outlook

Source: US National Oceanic and Atmospheric Administration

For best viewing experience, please enable browser JavaScript support.

Apr 22, 2025 2000 UTC Day 1 Convective Outlook

Updated: Tue Apr 22 19:50:14 UTC 2025 (Print Version | | )

Probabilistic to Categorical Outlook Conversion Table

Forecast Discussion

SPC AC 221950

Day 1 Convective Outlook
NWS Storm Prediction Center Norman OK
0250 PM CDT Tue Apr 22 2025

Valid 222000Z – 231200Z

…THERE IS A SLIGHT RISK OF SEVERE THUNDERSTORMS ACROSS PARTS OF
THE SOUTHERN/CENTRAL PLAINS…

…SUMMARY…
Isolated to scattered severe thunderstorms will be possible across
parts of the southern/central Plains, mainly this afternoon and
evening. Large hail and severe gusts should be the main threats.

…20z Update…
The primary change for this forecast update is an inclusion of
significant hail/wind areas to portions of western TX into far
southwestern OK. Recent GOES visible imagery shows developing
cumulus across the Trans Pecos region of southwest TX and across
parts of the southern TX Panhandle. This lends confidence in
convective development within the coming hours as anticipated by
recent high-res guidance. The combination of low-level moisture
return and steep/very steep (8-9 C/km) mid-level lapse rates is
supporting lifted indices of -8 to -10 C across the Stockton and
eastern Edwards plateaus. This thermodynamic environment, coupled
with 30-40 knots of effective bulk shear, should favor robust
supercell development with the potential for significant (2+ inch)
hail. Recent WOFS guidance appears to be capturing ongoing
convective trends in southwest TX well, and also hints at this
potential. Further north, very steep low-level lapse rates should
promote downdraft accelerations that may favor isolated gusts
upwards of 70-80 mph. This potential is also hinted in recent WOFS
and HRRR solutions. See MCD #516 for additional near-term details
regarding western TX.

…Southeast Virginia…
Hail/wind risk probabilities are also expanded into far southeast VA
downstream of ongoing strong/severe thunderstorms where broken cloud
cover has allowed temperatures to warm into the low 80s with an
attendant increase in buoyancy. See MCD #515 for additional details.

..Moore.. 04/22/2025

.PREV DISCUSSION… /ISSUED 1117 AM CDT Tue Apr 22 2025/

…Central/Southern Plains…
Morning water vapor imagery shows broad zonal flow across the
central US, with the main upper jet across the northern states.
Mostly clear skies and southerly low-level winds across much of west
TX/OK and central KS will help to destabilize the air mass along a
developing dryline, leading to afternoon MLCAPE values around 1500
J/kg and minimal cap. Large scale forcing is weak, but dryline
circulations will likely lead to scattered afternoon and early
evening thunderstorm development. Relatively slow-moving storms
capable of large hail and damaging wind gusts are expected. Several
12z CAM solutions suggest upscale growth of convection over
northwest TX after dark, with some risk of strong/severe storms
reaching central TX overnight.

…IA/MO/IL…
A weak surface boundary extends across southern IA this morning.
The southern fringe of stronger westerly flow aloft lies across this
region, with water vapor imagery suggesting a subtle shortwave
trough over NE approaching the region. A few thunderstorms are
expected to form along the boundary by late afternoon/early evening,
with some risk of hail and gusty winds in the strongest storms.

…Southeast States…
A diffuse surface boundary extends from LA northeastward across
MS/AL/GA into the Carolinas. Ample low and mid-level moisture along
the boundary will lead to scattered afternoon thunderstorms.
Forecast soundings show relatively weak low-level winds and poor
mid-level lapse rates. While a few storms could produce gusty
winds, organized severe storm risk appears marginal today.

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MIL OSI USA News –

April 23, 2025

MIL-OSI USA: SPC Apr 22, 2025 1630 UTC Day 1 Convective Outlook

Source: US National Oceanic and Atmospheric Administration

SPC 1630Z Day 1 Outlook

Day 1 Convective Outlook
NWS Storm Prediction Center Norman OK
1117 AM CDT Tue Apr 22 2025

Valid 221630Z – 231200Z

…THERE IS A SLIGHT RISK OF SEVERE THUNDERSTORMS ACROSS PARTS OF
THE SOUTHERN/CENTRAL PLAINS…

…SUMMARY…
Isolated to scattered severe thunderstorms will be possible across
parts of the southern/central Plains, mainly this afternoon and
evening. Large hail and severe gusts should be the main threats.

…Central/Southern Plains…
Morning water vapor imagery shows broad zonal flow across the
central US, with the main upper jet across the northern states.
Mostly clear skies and southerly low-level winds across much of west
TX/OK and central KS will help to destabilize the air mass along a
developing dryline, leading to afternoon MLCAPE values around 1500
J/kg and minimal cap. Large scale forcing is weak, but dryline
circulations will likely lead to scattered afternoon and early
evening thunderstorm development. Relatively slow-moving storms
capable of large hail and damaging wind gusts are expected. Several
12z CAM solutions suggest upscale growth of convection over
northwest TX after dark, with some risk of strong/severe storms
reaching central TX overnight.

…IA/MO/IL…
A weak surface boundary extends across southern IA this morning.
The southern fringe of stronger westerly flow aloft lies across this
region, with water vapor imagery suggesting a subtle shortwave
trough over NE approaching the region. A few thunderstorms are
expected to form along the boundary by late afternoon/early evening,
with some risk of hail and gusty winds in the strongest storms.

…Southeast States…
A diffuse surface boundary extends from LA northeastward across
MS/AL/GA into the Carolinas. Ample low and mid-level moisture along
the boundary will lead to scattered afternoon thunderstorms.
Forecast soundings show relatively weak low-level winds and poor
mid-level lapse rates. While a few storms could produce gusty
winds, organized severe storm risk appears marginal today.

..Hart/Thornton.. 04/22/2025

MIL-OSI USA: SPC MD 514

Source: US National Oceanic and Atmospheric Administration

Mesoscale Discussion 514

Mesoscale Discussion 0514
NWS Storm Prediction Center Norman OK
0130 PM CDT Tue Apr 22 2025

Areas affected…parts of cntrl/sern LA…srn MS…swrn/cntrl AL

Concerning…Severe potential…Watch unlikely

Valid 221830Z – 222130Z

Probability of Watch Issuance…5 percent

SUMMARY…A gradual increase in thunderstorm activity and intensity
appears probable through 4-6 PM CDT, with short-lived stronger
storms posing a risk for locally severe hail and wind gusts.

DISCUSSION…As low-amplitude mid-level troughing and more subtle
smaller-scale perturbations progress through weak (on the order of
10-20 kt) west-southwesterly mean flow across the Gulf Coast states,
associated forcing for ascent appears likely to contribute to
increasing thunderstorm development through 21-23Z. Inhibition for
moist boundary-layer parcels (with dew points near 70F) is becoming
increasingly negligible with continuing insolation, with modestly
steep lower/mid-tropospheric lapse rates contributing to CAPE around
1500-2000+ J/kg.

Despite the rather modest to weak low-level and deep-layer shear,
thunderstorms are likely to continue to slowly intensify within the
destabilizing environment, into and beyond peak daytime heating.
Stronger updraft pulses may eventually pose increasing potential to
produce severe hail and damaging downbursts. As convection begins
to consolidate and become more widespread, this threat should
diminish, but strengthening convective outflow may continue to pose
potential for gusty/locally damaging winds into early evening.

..Kerr/Hart.. 04/22/2025

…Please see www.spc.noaa.gov for graphic product…

ATTN…WFO…BMX…MOB…JAN…LIX…LCH…SHV…

LAT…LON 33068817 33028748 31578743 30978923 30369057 30979287
31989295 32309176 31969019 33068817

MOST PROBABLE PEAK WIND GUST…55-70 MPH
MOST PROBABLE PEAK HAIL SIZE…1.00-1.75 IN

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MIL OSI USA News –

April 23, 2025

MIL-OSI USA: SPC MD 515

Source: US National Oceanic and Atmospheric Administration

Mesoscale Discussion 515

Mesoscale Discussion 0515
NWS Storm Prediction Center Norman OK
0214 PM CDT Tue Apr 22 2025

Areas affected…the South Carolina and North Carolina Piedmont

Concerning…Severe potential…Watch unlikely

Valid 221914Z – 222145Z

Probability of Watch Issuance…5 percent

SUMMARY…Widely scattered thunderstorm activity may continue to
gradually develop and strengthen through 5-7 PM EDT, accompanied by
at least some risk for marginally severe hail and potentially
damaging surface gusts. This may remain fairly localized and a
severe weather watch is not anticipated, but trends will continue to
be monitored.

DISCUSSION…Widely scattered thunderstorm development appears
underway, perhaps supported by subtle mid-level cooling on the
northwestern periphery of deep-layer ridging centered off the south
Atlantic coast. Based on forecast soundings, destabilization for a
modestly moist and warming boundary layer remains inhibited by weak
high-level lapse rates. However, CAPE within the mixed-phase layer
might still be sufficient to support small to marginally severe
hail, aided by favorable shear beneath a 40 kt southwesterly jet
streak around 500 mb.

Lower-level wind fields will remain more modest, but with at least
some further boundary-layer destabilization through peak daytime
heating, scattered thunderstorm activity will probably continue to
intensify. And downward mixing of momentum may lead to a few
potentially damaging wind gusts, before storms weaken this evening.

..Kerr/Hart.. 04/22/2025

…Please see www.spc.noaa.gov for graphic product…

ATTN…WFO…AKQ…MHX…RAH…ILM…RNK…CAE…GSP…

LAT…LON 35098137 36287916 36537783 36447688 35667752 34977936
34078076 34028224 35098137

MOST PROBABLE PEAK WIND GUST…55-70 MPH

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MIL OSI USA News –

April 23, 2025

MIL-OSI USA: SPC MD 516

Source: US National Oceanic and Atmospheric Administration

MD 0516 CONCERNING SEVERE POTENTIAL…WATCH LIKELY FOR SOUTHWESTERN TEXAS

Mesoscale Discussion 0516
NWS Storm Prediction Center Norman OK
0217 PM CDT Tue Apr 22 2025

Areas affected…southwestern Texas

Concerning…Severe potential…Watch likely

Valid 221917Z – 222115Z

Probability of Watch Issuance…80 percent

SUMMARY…Damaging wind and hail risk to increase through the
afternoon/evening.

DISCUSSION…Surface analysis shows the dryline extending across the
Texas Panhandle into far eastern New Mexico and southward to the
Texas Big Bend as on 19z. Daytime heating under mostly sunny skies
has led temperatures to rise into the 80s (some mid to upper 80s
further south near the Mexico border). Satellite data shows towering
cu, mainly near and adjacent to the higher terrain of the Cap Rock
and Stockton Plateau. Morning observed soundings from AMA and LUB
would suggest that convective temperatures are around 80-85 F, which
in combination with increase in towering cu suggests initiation over
the next 1-2 hours.

Initial development will likely be supercellular. Though flow aloft
and deep layer shear are more marginal, MLCAPE around 1500-2500 J/kg
and steep low to mid-level lapse rates will support potential for
large hail (some very large 2″+) and damaging wind. Where discrete
modes can interact with outflow/boundaries enhancing surface
vorticity, a tornado could be possible. As storms increase in
coverage this afternoon, clustering along outflows will tend to
create mixed mode of supercells and multi-cells, with an increase in
potential for damaging wind (some 70-80 mph). A watch will be needed
to cover these threats soon.

..Thornton/Hart.. 04/22/2025

…Please see www.spc.noaa.gov for graphic product…

ATTN…WFO…OUN…EWX…SJT…LUB…MAF…

LAT…LON 30330324 30810329 32170307 33380255 33460253 34230188
34610130 34640111 34370061 34050021 33809998 33559982
33259958 32669958 32059983 30800052 29750114 29760201
29730247 29540279 29650307 29910321 30330324

MOST PROBABLE PEAK TORNADO INTENSITY…UP TO 95 MPH
MOST PROBABLE PEAK WIND GUST…65-80 MPH
MOST PROBABLE PEAK HAIL SIZE…1.50-2.50 IN

MIL-OSI USA: SPC Severe Thunderstorm Watch 159 Status Reports

Source: US National Oceanic and Atmospheric Administration

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Watch 159 Status Reports

Watch 159 Status Message has not been issued yet.

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MIL OSI USA News –

April 23, 2025

MIL-OSI USA: SPC Severe Thunderstorm Watch 159

Source: US National Oceanic and Atmospheric Administration

Note: The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
SEL9

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 159
NWS Storm Prediction Center Norman OK
315 PM CDT Tue Apr 22 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
West Texas

* Effective this Tuesday afternoon and evening from 315 PM until
1100 PM CDT.

* Primary threats include…
Scattered damaging winds and isolated significant gusts to 75
mph likely
Scattered large hail and isolated very large hail events to 2.5
inches in diameter likely
A tornado or two possible

SUMMARY…Thunderstorms will develop and increase in coverage
through the afternoon and evening across much of west Texas, in an
increasingly moist and unstable environment. The strongest cells
are expected to produce large hail and damaging wind gusts.

The severe thunderstorm watch area is approximately along and 70
statute miles east and west of a line from 45 miles northeast of
Amarillo TX to 35 miles east of Dryden TX. For a complete depiction
of the watch see the associated watch outline update (WOUS64 KWNS
WOU9).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Severe Thunderstorm Watch means conditions are
favorable for severe thunderstorms in and close to the watch area.
Persons in these areas should be on the lookout for threatening
weather conditions and listen for later statements and possible
warnings. Severe thunderstorms can and occasionally do produce
tornadoes.

&&

AVIATION…A few severe thunderstorms with hail surface and aloft to
2.5 inches. Extreme turbulence and surface wind gusts to 65 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
27025.

…Hart

SEL9

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 159
NWS Storm Prediction Center Norman OK
315 PM CDT Tue Apr 22 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
West Texas

* Effective this Tuesday afternoon and evening from 315 PM until
1100 PM CDT.

* Primary threats include…
Scattered damaging winds and isolated significant gusts to 75
mph likely
Scattered large hail and isolated very large hail events to 2.5
inches in diameter likely
A tornado or two possible

SUMMARY…Thunderstorms will develop and increase in coverage
through the afternoon and evening across much of west Texas, in an
increasingly moist and unstable environment. The strongest cells
are expected to produce large hail and damaging wind gusts.

The severe thunderstorm watch area is approximately along and 70
statute miles east and west of a line from 45 miles northeast of
Amarillo TX to 35 miles east of Dryden TX. For a complete depiction
of the watch see the associated watch outline update (WOUS64 KWNS
WOU9).

PRECAUTIONARY/PREPAREDNESS ACTIONS…

REMEMBER…A Severe Thunderstorm Watch means conditions are
favorable for severe thunderstorms in and close to the watch area.
Persons in these areas should be on the lookout for threatening
weather conditions and listen for later statements and possible
warnings. Severe thunderstorms can and occasionally do produce
tornadoes.

&&

AVIATION…A few severe thunderstorms with hail surface and aloft to
2.5 inches. Extreme turbulence and surface wind gusts to 65 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
27025.

…Hart

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW9
WW 159 SEVERE TSTM TX 222015Z – 230400Z
AXIS..70 STATUTE MILES EAST AND WEST OF LINE..
45NE AMA/AMARILLO TX/ – 35E 6R6/DRYDEN TX/
..AVIATION COORDS.. 60NM E/W /33NE AMA – 60NW DLF/
HAIL SURFACE AND ALOFT..2.5 INCHES. WIND GUSTS..65 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 27025.

LAT…LON 35669991 30030045 30030280 35660240

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU9.

Watch 159 Status Report Message has not been issued yet.

Note: Click for Complete Product Text.Tornadoes

Probability of 2 or more tornadoes

Low (20%)

Probability of 1 or more strong (EF2-EF5) tornadoes

Low ( 65 knots

Mod (60%)

Hail

Probability of 10 or more severe hail events

High (70%)

Probability of 1 or more hailstones > 2 inches

Mod (60%)

Combined Severe Hail/Wind

Probability of 6 or more combined severe hail/wind events

High (>95%)

For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: 103-year-old SR 165 Carbon River/Fairfax Bridge permanently closed

Source: Washington State News 2

Planning study underway to evaluate next steps for SR 165 across the Carbon River Canyon

CARBONADO – The Washington State Department of Transportation has permanently closed the State Route 165 Carbon River/Fairfax Bridge to all vehicle, bicycle and pedestrian traffic. The single-lane bridge is located near milepost 11.5, three miles south of Carbonado in Pierce County.

On Monday, April 14, WSDOT closed the bridge as a safety precaution after a recent inspection revealed new deterioration of steel supports across the bridge. Follow-up inspections prompted the agency to permanently close the 103-year-old bridge.

Photos show the bridge support column is bent in two directions and starting to buckle.

“It’s very apparent from the visual changes in the columns that the bridge is no longer safe to use,” said Olympic Region Administrator Steve Roark.

The bridge provided access to Mount Rainier National Park’s Mowich Lake Entrance, Carbon River Ranger Station and other outdoor recreation areas. Due to the closure of the bridge, there is no public access from SR 165 to these areas.

“Closing the bridge was our last option. We fully understand the magnitude of this decision for everyone who relies on this bridge,” Roark added.

A 9-mile emergency access detour is available for first responders and local property owners south of the bridge. The emergency detour route is not open to the public.

Next steps

WSDOT has initiated a planning study to evaluate options to address the bridge condition. Those options include:

Keep the bridge closed and not replace it, which is referred to as a no build option.
Bridge replacement in the same vicinity.
Re-routing SR 165 on a new alignment to the east or west of Carbon River Canyon.

An in-person and online open house will be scheduled after Memorial Day. The open house events will give the public opportunities to provide feedback and input on options being explored. WSDOT will announce those dates through a news release and on the planning study web page once they are confirmed.

There is no funding available to replace the bridge. WSDOT is actively working with the Governor’s office, partnering agencies and the state Legislature on all possible next steps.

Background

The 494-foot-long bridge opened to travelers in 1921. In July 2024, the bridge’s load rating was reduced to 16,000 pounds (8 tons). This was the third restriction imposed on the bridge since 2009. In 2013, commercial vehicles were restricted from crossing the bridge. WSDOT published a blog in July 2024 about the structural challenges the bridge faced brought on by years of deferred preservation due to lack of funding.

Bridge inspections

WSDOT’s bridge inspection program regularly monitors the conditions of all the state’s approximate 3,600 bridges. A bridge is expected to have a service life of 75 years based on current standards. The average age of state-owned vehicle bridges is 51 years.

As of June 2024:

WSDOT owned 315 bridges that were 80 years old or older.
133 WSDOT-owned bridges are load posted or load restricted.

To get the latest information about road work on state highways in Pierce County, sign up for email updates. Real-time travel information is available on the WSDOT app and statewide travel map.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: On Earth Day, NCDHHS Recognizes the Critical Work of Environmental Health Programs

Source: US State of North Carolina

Headline: On Earth Day, NCDHHS Recognizes the Critical Work of Environmental Health Programs

On Earth Day, NCDHHS Recognizes the Critical Work of Environmental Health Programs
stonizzo
Tue, 04/22/2025 – 14:59

This Earth Day, the North Carolina Department of Health and Human Services is recognizing the essential role environmental health plays in protecting and promoting a safe and healthy environment for all North Carolinians.

“We know the environment where we live, work and play directly impacts our health and well-being,” said NC Health and Human Services Secretary Dev Sangvai. “Our environmental health and epidemiology teams work every day to protect families from unseen dangers such as contaminated water, excessive heat, foodborne illness and heavy metals in soil.”

Environmental health plays a vital role in North Carolina communities. For example, approximately 25% of the state’s population depends on private wells for drinking water. Programs like NCDHHS Private Well and Health program help families interpret test results and understand treatment options. The program is also developing a mapping tool to identify areas of increased concern due to arsenic, bacteria, nitrates and other contaminants.

Many of these programs that help keep North Carolinians safe — from clean drinking water and extreme heat alerts to childhood lead poisoning prevention and food safety — are at risk of going away due to staffing reductions at key federal agencies including the Centers for Disease Control and Prevention and the U.S. Environmental Protection Agency. At least one program has already been paused, and others are in jeopardy due to the loss of federal staff supports.

Examples of critical environmental health work in North Carolina supported by federal funding:

Extreme heat alert systems and illness tracking program which monitors emergency department visits for heat-related illness and issues local alerts when temperatures reach dangerous levels. In 2024, NCDHHS tracked 4,688 emergency department visits and issued over 1,200 local alerts.
Childhood lead exposure prevention, including inspections and interventions in homes, child-care centers, and from food sources
Outbreak response and investigations of foodborne illness outbreaks
The Environmental Health Data Dashboard, a widely used tool that provides public access to 120 environmental and health indicators
Education and testing that protect families and workers from pesticide and industrial pollution
Occupational health monitoring, including exposure to hazards like carbon monoxide and lead
Improving safe drinking water through private well testing and treatment projects in Sampson County for families who rely on well water and who may have fewer options to keep their water safe to drink.

“These programs often operate quietly in the background—but they’re essential to everyday health and safety,” said Dr. Kelly Kimple, Interim State Health Director and NCDHHS Chief Medical Officer. “NCDHHS remains committed to protecting our communities, but continued investment is vital. As North Carolina faces increasing environmental threats from hurricanes to heatwaves, we can’t afford to lose these safeguards.”

Apr 22, 2025

MIL OSI USA News –

April 23, 2025

MIL-OSI: Enphase Energy Reports Financial Results for the First Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., April 22, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the first quarter of 2025, which included the summary below from its President and CEO, Badri Kothandaraman.

We reported quarterly revenue of $356.1 million in the first quarter of 2025, along with 48.9% for non-GAAP gross margin. We shipped approximately 1.53 million microinverters, or 688.5 megawatts DC, and 170.1 megawatt hours (MWh) of IQ^® Batteries.

Highlights for the first quarter of 2025 are listed below:

Completed IQ^® Meter Collar testing with PG&E and four other U.S. utilities
Strong U.S. manufacturing: shipped approximately 1.21 million microinverters and 44.1 MWh of IQ Batteries
Revenue of $356.1 million
GAAP gross margin of 47.2%; non-GAAP gross margin of 48.9% with net IRA benefit
Non-GAAP gross margin of 38.3%, excluding net IRA benefit of 10.6%
GAAP operating income of $31.9 million; non-GAAP operating income of $94.6 million
GAAP net income of $29.7 million; non-GAAP net income of $89.2 million
GAAP diluted earnings per share of $0.22; non-GAAP diluted earnings per share of $0.68
Free cash flow of $33.8 million; ending cash, cash equivalents, restricted cash and marketable securities of $1.53 billion

Our revenue and earnings for the first quarter of 2025 are provided below, compared with the prior quarter:

(In thousands, except per share and percentage data)

	GAAP									Non-GAAP
	Q1 2025			Q4 2024			Q1 2024			Q1 2025			Q4 2024			Q1 2024
Revenue	$	356,084		$	382,713		$	263,339		$	356,084		$	382,713		$	263,339
Gross margin		47.2	%		51.8	%		43.9	%		48.9	%		53.2	%		46.2	%
Operating expenses	$	136,319		$	143,489		$	144,607		$	79,423		$	83,322		$	82,587
Operating income (loss)	$	31,922		$	54,804		$	(29,099	)	$	94,637		$	120,434		$	38,994
Net income (loss)	$	29,730		$	62,160		$	(16,097	)	$	89,243		$	125,862		$	47,956
Basic EPS	$	0.23		$	0.46		$	(0.12	)	$	0.68		$	0.94		$	0.35
Diluted EPS	$	0.22		$	0.45		$	(0.12	)	$	0.68		$	0.94		$	0.35

Total revenue for the first quarter of 2025 was $356.1 million, compared to $382.7 million in the fourth quarter of 2024. Our revenue in the United States for the first quarter of 2025 decreased approximately 13%, compared to the fourth quarter. The decline was the result of seasonality and softening in U.S. demand, partially offset by safe harbor revenue of $54.3 million. Our revenue in Europe increased approximately 7% for the first quarter of 2025, compared to the fourth quarter. The increase in revenue was primarily due to higher battery sales as we ramped shipments of our IQ^® Battery 5P with FlexPhase.

Our non-GAAP gross margin was 48.9% in the first quarter of 2025, compared to 53.2% in the fourth quarter, primarily due to lower bookings of 45X production tax credits and product mix. Our non-GAAP gross margin, excluding net benefit from the Inflation Reduction Act (IRA), was 38.3% in the first quarter of 2025, compared to 39.7% in the fourth quarter, primarily due to product mix.

Our non-GAAP operating expenses were $79.4 million in the first quarter of 2025, compared to $83.3 million in the fourth quarter. The decrease was the result of restructuring actions initiated in the fourth quarter of 2024. Our non-GAAP operating income was $94.6 million in the first quarter of 2025, compared to $120.4 million in the fourth quarter.

We exited the first quarter of 2025 with $1.53 billion in cash, cash equivalents, restricted cash and marketable securities and generated $48.4 million in cash flow from operations in the first quarter. During the first quarter of 2025, we paid off the entire principal amount of $102.2 million in convertible senior notes that matured on March 1, 2025. Our capital expenditures were $14.6 million in the first quarter of 2025, compared to $8.1 million in the fourth quarter of 2024.

In the first quarter of 2025, we repurchased 1,594,105 shares of our common stock at an average price of $62.71 per share for a total of approximately $100.0 million. We also spent approximately $12.1 million by withholding shares to cover taxes for employee stock vesting that reduced the diluted shares by 203,358 shares.

We shipped 170.1 MWh of IQ Batteries in the first quarter of 2025, compared to 152.4 MWh in the fourth quarter. More than 10,900 installers worldwide are certified to install our IQ Batteries, compared to more than 10,300 installers worldwide in the fourth quarter of 2024.

During the first quarter of 2025, we shipped approximately 1.21 million microinverters from our contract manufacturers in the United States that we booked for 45X production tax credits. We continued to ship our IQ8HC™ Microinverters, IQ8P-3P™ Commercial Microinverters, and IQ^® Battery 5Ps from our contract manufacturers in the United States. When paired with other U.S.-made solar components, our products enable lease and power purchase agreement (PPA) providers to qualify for the domestic content bonus tax credit under the IRA.

We continued to make progress with recent product introductions. We are now shipping our IQ Battery 5P with FlexPhase into Germany, Austria, Switzerland, Luxembourg, and Poland. Customers appreciate the reliable backup power the product delivers for both single-and three-phase installations. Our IQ^® EV Charger 2, currently shipping to 14 countries in Europe, is our most advanced residential charger to date. This product can support up to 22 kW of three-phase charging and operate either as a standalone charger or fully integrated with Enphase microinverters and batteries. Finally, our customers are enjoying the plug-and-play simplicity of our IQ^® PowerPack 1500, our first foray into the portable consumer market.

In the second quarter of 2025, we expect to introduce our fourth-generation IQ^® Battery 10C, IQ Meter Collar, and IQ^® Combiner 6C products in the United States. Together, these products will make backup installations easy and help reduce costs. We also expect to launch our IQ^® Balcony Solar Kit, a simple and efficient solution for harnessing solar energy from panels installed on apartment balconies, in Germany and Belgium.

BUSINESS HIGHLIGHTS

On April 8 and 9, 2025, Enphase Energy announced the launch of its IQ Battery 5P with FlexPhase with backup capability for customers in Luxembourg and Poland.

On April 3, 2025, Enphase Energy announced the introduction of its IQ^® System Controller in France and the Netherlands, enabling backup power.

On April 1, 2025, Enphase Energy announced that more than 2,500 SunPower customers have transitioned to Enphase monitoring since SunPower’s bankruptcy filing in August 2024.

On March 18, 2025, Enphase Energy welcomed Brazil’s ABNT NBR 17193 fire safety standard, which outlines stringent recommendations like rapid shutdown requirements for solar installations in all buildings.

On March 11, 2025, Enphase Energy announced production shipments of its newest electric vehicle (EV) charger, the IQ EV Charger 2, in 14 European markets.

On March 3, 2025, Enphase Energy announced increased deployments of its solution for expanding legacy net energy metering (NEM) solar energy systems in California as utilities streamline their approval process.

On Feb. 11, 2025, Enphase Energy announced the launch of an expanded IQ Battery 5P product with support for both single-phase 120/208 V and split-phase 120/240 V, for new home projects in California.

On Feb. 6, 2025, Enphase Energy announced that it is expanding its support for grid services programs – or virtual power plants (VPPs) – in Puerto Rico, Colorado, and Nova Scotia, Canada, powered by the IQ Battery 5P.

SECOND QUARTER 2025 FINANCIAL OUTLOOK

For the second quarter of 2025, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:

Revenue to be within a range of $340.0 million to $380.0 million, which includes shipments of 160 to 180 MWh of IQ Batteries. The second quarter of 2025 financial outlook includes approximately $40.0 million of safe harbor revenue. We define safe harbor revenue as any sales made to customers who plan to install the inventory over more than one year.
GAAP gross margin to be within a range of 42.0% to 45.0% with net IRA benefit, including approximately two percentage points of new tariff impact.
Non-GAAP gross margin to be within a range of 44.0% to 47.0% with net IRA benefit and 35.0% to 38.0% excluding net IRA benefit, including approximately two percentage points of new tariff impact. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization.
Net IRA benefit to be within a range of $30.0 million to $33.0 million based on estimated shipments of 1,000,000 units of U.S. manufactured microinverters.
GAAP operating expenses to be within a range of $136.0 million to $140.0 million.
Non-GAAP operating expenses to be within a range of $78.0 million to $82.0 million, excluding $58.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, restructuring and asset impairment charges.

For 2025, Enphase expects a GAAP tax rate of 21-23% and a non-GAAP tax rate of 15-17%, including IRA benefits.

Follow Enphase Online

Use of non-GAAP Financial Measures

Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), net IRA benefit, and free cash flow.

These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:

Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.

Acquisition related expenses and amortization. This item represents expenses incurred related to Enphase Energy’s business acquisitions, which are non-recurring in nature, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.

Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.

Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.

Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.

Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026, and Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.

Net IRA benefit. This item represents the advanced manufacturing production tax credit (AMPTC) from the IRA for manufacturing microinverters in the United States, partially offset by the incremental manufacturing cost incurred in the United States relative to manufacturing in Mexico, India, and China. The AMPTC is accounted for by Enphase Energy as an income-based government grants that reduces cost of revenues in the condensed consolidated statements of operations.

Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.

Conference Call Information

Enphase Energy will host a conference call for analysts and investors to discuss its first quarter 2025 results and second quarter 2025 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at https://investor.enphase.com. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (877) 344-7529; replay access code 9557806, beginning approximately one hour after the call.

Forward-Looking Statements

This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its second quarter of 2025 financial outlook, including revenue, shipments of IQ Batteries by MWh, gross margin with net IRA benefit and excluding net IRA benefit, estimated shipments of U.S. manufactured microinverters, operating expenses, and annualized effective tax rate with IRA benefit; its expectations regarding the expected net IRA benefit; its expectations on the timing and introduction of new products and updates to existing products, including the IQ Battery 10C, IQ Meter Collar, and IQ Combiner 6C products in the United States, and the IQ Balcony Solar Kit in Germany and Belgium; its expectations regarding the domestic content bonus tax credit for its product offerings; and the capabilities, advantages, features, and performance of its technology and products. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in its most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

A copy of this press release can be found on the investor relations page of Enphase Energy’s website at https://investor.enphase.com.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 81.5 million microinverters, and approximately 4.8 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://investor.enphase.com.

© 2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Contact:
Zach Freedman
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com


ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Net revenues	$	356,084		$	382,713		$	263,339
Cost of revenues		187,843			184,420			147,831
Gross profit		168,241			198,293			115,508
Operating expenses:
Research and development		50,174			50,390			54,211
Sales and marketing		48,948			51,799			53,307
General and administrative		34,035			31,901			35,182
Restructuring and asset impairment charges		3,162			9,399			1,907
Total operating expenses		136,319			143,489			144,607
Income (loss) from operations		31,922			54,804			(29,099	)
Other income, net
Interest income		17,032			18,417			19,709
Interest expense		(2,047	)		(2,252	)		(2,196	)
Other income (expense), net		(14	)		(1,270	)		87
Total other income, net		14,971			14,895			17,600
Income before income taxes		46,893			69,699			(11,499	)
Income tax provision		(17,163	)		(7,539	)		(4,598	)
Net income (loss)	$	29,730		$	62,160		$	(16,097	)
Net income (loss) per share:
Basic	$	0.23		$	0.46		$	(0.12	)
Diluted	$	0.22		$	0.45		$	(0.12	)
Shares used in per share calculation:
Basic		131,869			133,815			135,891
Diluted		136,208			138,128			135,891


ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)

	March 31, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	350,077	$	369,110
Restricted cash		65,013		95,006
Marketable securities		1,116,780		1,253,480
Accounts receivable, net		225,625		223,749
Inventory		144,025		165,004
Prepaid expenses and other assets		295,725		220,735
Total current assets		2,197,245		2,327,084
Property and equipment, net		142,219		147,514
Intangible assets, net		37,408		42,398
Goodwill		212,359		211,571
Other assets		211,447		205,542
Deferred tax assets, net		305,408		315,567
Total assets	$	3,106,086	$	3,249,676
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	115,374	$	90,032
Accrued liabilities		212,169		196,887
Deferred revenues, current		167,771		237,225
Warranty obligations, current		33,298		34,656
Debt, current		630,677		101,291
Total current liabilities		1,159,289		660,091
Long-term liabilities:
Deferred revenues, non-current		333,704		341,982
Warranty obligations, non-current		170,149		158,233
Other liabilities		61,032		55,265
Debt, non-current		571,214		1,201,089
Total liabilities		2,295,388		2,416,660
Total stockholders’ equity		810,698		833,016
Total liabilities and stockholders’ equity	$	3,106,086	$	3,249,676


ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Cash flows from operating activities:
Net income (loss)	$	29,730		$	62,160		$	(16,097	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		19,915			20,665			20,137
Net accretion of premium (discount) on marketable securities		3,512			(7,490	)		2,825
Provision (benefit) for doubtful accounts		62			2,206			(130	)
Asset impairment		27			4,702			332
Non-cash interest expense		1,679			2,188			2,132
Net gain from change in fair value of debt securities		(323	)		(3,697	)		(942	)
Stock-based compensation		55,633			51,830			60,833
Deferred income taxes		8,560			(30,675	)		(8,292	)
Changes in operating assets and liabilities:
Accounts receivable		1,760			2,684			77,359
Inventory		20,979			(6,167	)		5,702
Prepaid expenses and other assets		(75,553	)		(16,487	)		(10,897	)
Accounts payable, accrued and other liabilities		54,232			(27,396	)		(66,284	)
Warranty obligations		10,558			8,657			(11,923	)
Deferred revenues		(82,357	)		104,112			(5,554	)
Net cash provided by operating activities		48,414			167,292			49,201
Cash flows from investing activities:
Purchases of property and equipment		(14,608	)		(8,064	)		(7,371	)
Investment in tax equity fund		(6,904	)		—			—
Purchases of marketable securities		(200,826	)		(93,138	)		(472,268	)
Maturities and sale of marketable securities		335,398			351,843			497,373
Net cash provided by investing activities		113,060			250,641			17,734
Cash flows from financing activities:
Settlement of Notes due 2025		(102,168	)		—			(2	)
Repurchase of common stock		(99,964	)		(199,666	)		(41,996	)
Payment of excise tax on net stock repurchases		—			(2,773	)		—
Proceeds from issuance of common stock under employee equity plans		67			4,719			1,186
Payment of withholding taxes related to net share settlement of equity awards		(12,110	)		(5,012	)		(60,042	)
Net cash used in financing activities		(214,175	)		(202,732	)		(100,854	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		3,675			(7,410	)		(1,177	)
Net increase (decrease) in cash and cash equivalents and restricted cash		(49,026	)		207,791			(35,096	)
Cash, cash equivalents and restricted cash—Beginning of period		464,116			256,325			288,748
Cash, cash equivalents and restricted cash—End of period	$	415,090		$	464,116		$	253,652


ENPHASE ENERGY, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (In thousands, except per share data and percentages) (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Gross profit (GAAP)	$	168,241		$	198,293		$	115,508
Stock-based compensation		4,239			3,678			4,182
Acquisition related amortization		1,580			1,784			1,891
Gross profit (Non-GAAP)	$	174,060		$	203,755		$	121,581

Gross margin (GAAP)		47.2	%		51.8	%		43.9	%
Stock-based compensation		1.2			0.9			1.6
Acquisition related amortization		0.5			0.5			0.7
Gross margin (Non-GAAP)		48.9	%		53.2	%		46.2	%

Operating expenses (GAAP)	$	136,319		$	143,489		$	144,607
Stock-based compensation⁽¹⁾		(50,885	)		(47,884	)		(56,651	)
Acquisition related expenses and amortization		(2,849	)		(2,884	)		(3,462	)
Restructuring and asset impairment charges⁽¹⁾		(3,162	)		(9,399	)		(1,907	)
Operating expenses (Non-GAAP)	$	79,423		$	83,322		$	82,587

⁽¹⁾Includes stock-based compensation as follows:
Research and development	$	21,647		$	20,951		$	24,550
Sales and marketing		16,396			15,893			18,178
General and administrative		12,842			11,041			13,923
Restructuring and asset impairment charges		509			267			—
Total	$	51,394		$	48,152		$	56,651

Income (loss) from operations (GAAP)	$	31,922		$	54,804		$	(29,099	)
Stock-based compensation		55,124			51,563			60,833
Acquisition related expenses and amortization		4,429			4,668			5,353
Restructuring and asset impairment charges		3,162			9,399			1,907
Income from operations (Non-GAAP)	$	94,637		$	120,434		$	38,994

Net income (loss) (GAAP)	$	29,730		$	62,160		$	(16,097	)
Stock-based compensation		55,124			51,563			60,833
Acquisition related expenses and amortization		4,429			4,668			5,353
Restructuring and asset impairment charges		3,162			9,399			1,907
Non-cash interest expense		1,678			2,188			2,132
Non-GAAP income tax adjustment		(4,880	)		(4,116	)		(6,172	)
Net income (Non-GAAP)	$	89,243		$	125,862		$	47,956

Net income (loss) per share, basic (GAAP)	$	0.23		$	0.46		$	(0.12	)
Stock-based compensation		0.42			0.39			0.45
Acquisition related expenses and amortization		0.04			0.03			0.04
Restructuring and asset impairment charges		0.02			0.07			0.01
Non-cash interest expense		0.01			0.02			0.02
Non-GAAP income tax adjustment		(0.04	)		(0.03	)		(0.05	)
Net income per share, basic (Non-GAAP)	$	0.68		$	0.94		$	0.35

Shares used in basic per share calculation GAAP and Non-GAAP		131,869			133,815			135,891

Net income (loss) per share, diluted (GAAP)	$	0.22		$	0.45		$	(0.12	)
Stock-based compensation		0.42			0.39			0.44
Acquisition related expenses and amortization		0.04			0.04			0.04
Restructuring and asset impairment charges		0.03			0.07			0.01
Non-cash interest expense		0.01			0.02			0.02
Non-GAAP income tax adjustment		(0.04	)		(0.03	)		(0.04	)
Net income per share, diluted (Non-GAAP)	$	0.68		$	0.94		$	0.35

Shares used in diluted per share calculation GAAP		136,208			138,128			135,891
Shares used in diluted per share calculation Non-GAAP		132,133			134,053			136,730

Income-based government grants (GAAP)	$	53,631		$	68,040		$	18,617
Incremental cost for manufacturing in U.S.		(15,773	)		(16,123	)		(4,882	)
Net IRA benefit (Non-GAAP)	$	37,858		$	51,917		$	13,735

Net cash provided by operating activities (GAAP)	$	48,414		$	167,292		$	49,201
Purchases of property and equipment		(14,608	)		(8,064	)		(7,371	)
Free cash flow (Non-GAAP)	$	33,806		$	159,228		$	41,830

This press release was published by a CLEAR® Verified individual.

The MIL Network –

April 23, 2025

MIL-OSI: SiriusPoint Announces Date for First Quarter 2025 Earnings Release

Source: GlobeNewswire (MIL-OSI)

HAMILTON, Bermuda, April 22, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (NYSE: SPNT) (“SiriusPoint” or the “Company”) today announced that it is planning to release its first quarter 2025 financial results after the market close on Monday, May 5, 2025. The Company will also hold a webcast, which can also be accessed as a conference call, to discuss its financial results at 8:30 am (Eastern Time) on Tuesday May 6, 2025.

The webcast of the live conference call can be accessed by logging onto the Investor Relations section of the Company’s website at www.siriuspt.com. The online replay of the webcast will be available on the Company’s website immediately following the call.

The conference call can be accessed by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international) and asking for the SiriusPoint Ltd. First Quarter 2025 Earnings Call. A replay will be available at the conclusion of the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671, and providing the passcode 13752221. The replay will be available until 11:59 pm (Eastern Time) on May 20, 2025.

About SiriusPoint

SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators within our Insurance & Services segment. With over $2.6 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit www.siriuspt.com.

Contacts

Investor Relations
Liam Blackledge, SiriusPoint
liam.blackledge@siriuspt.com
+44 203 772 3082

Media
Sarah Hills, Rein4ce
sarah.hills@rein4ce.co.uk
+44 771 888 2011

The MIL Network –

April 23, 2025

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

Source: GlobeNewswire (MIL-OSI)

NYSE Ticker: NBHC

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

	For the quarter⁽¹⁾									For the quarter – adjusted⁽¹⁾⁽²⁾
	1Q25			4Q24			1Q24			1Q25			4Q24			1Q24
Net income ($000’s)	$	24,231		$	28,184		$	31,391		$	24,231		$	33,232		$	31,391
Earnings per share – diluted	$	0.63		$	0.73		$	0.82		$	0.63		$	0.86		$	0.82
Return on average assets		0.99	%		1.13	%		1.28	%		0.99	%		1.33	%		1.28	%
Return on average tangible assets⁽²⁾		1.09	%		1.23	%		1.39	%		1.09	%		1.44	%		1.39	%
Return on average equity		7.42	%		8.59	%		10.30	%		7.42	%		10.13	%		10.30	%
Return on average tangible common equity⁽²⁾		10.64	%		12.31	%		15.14	%		10.64	%		14.40	%		15.14	%

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

In announcing these results, Chief Executive Officer Tim Laney shared, “We delivered quarterly net income of $24.2 million and $0.63 of earnings per diluted share. The quarter’s results were negatively impacted by elevated provision primarily resulting from a loan charge-off involving suspected fraud by the borrower. Removing the impact of the fraud-related charge-off and a payroll tax credit benefit included in the quarter, earnings per share would have exceeded analysts’ median estimate for the quarter. It’s noteworthy that we delivered a return on tangible assets of 1.1% even in light of the charge-off. Further, past dues and non-performing loan ratios improved during the quarter. With a solid net interest margin of 3.93%, we drove 3.4% growth in our fully taxable equivalent net interest income over the same period last year.”

Mr. Laney added, “Our commitment to serve our clients, coupled with building a fortress balance sheet with strong capital, liquidity, and diversified sources of funding has led us to be recognized by Forbes as one of the best banks in the United States. Our Common Equity Tier 1 capital ratio totaled 13.6% and tangible book value per share grew $0.66 during the quarter to $25.94 per share. We have built our Bank to withstand uncertain and volatile times, and we continue to make meaningful investments in technology and drive shareholders returns.”

First Quarter 2025 Results
(All comparisons refer to the fourth quarter of 2024, except as noted)

Net income totaled $24.2 million or $0.63 per diluted share, compared to $28.2 million or $0.73 per diluted share. The first quarter’s results were impacted by $10.2 million of provision expense recorded primarily to cover a charge-off on one credit driven by suspected fraudulent activity by the borrower. The return on average tangible assets totaled 1.09%, compared to 1.23%, and the return on average tangible common equity totaled 10.64%, compared to 12.31%.

Net Interest Income
Fully taxable equivalent net interest income totaled $88.6 million, compared to $92.0 million, decreasing $3.4 million due to two fewer business days in the first quarter and a decrease of $37.9 million in average earning assets. The fully taxable equivalent net interest margin narrowed six basis points to 3.93%, driven by a 13 basis point decrease in earning asset yields, partially offset by an eight basis point improvement in the cost of funds.

Loans
Loans totaled $7.6 billion at March 31, 2025, compared to $7.8 billion. We generated quarterly loan fundings of $255.7 million, led by commercial loan fundings of $160.2 million. The first quarter weighted average rate on new loans at the time of origination was 7.3%, compared to the quarter’s weighted average yield of 6.4% on our loan portfolio.

Asset Quality and Provision for Credit Losses
The Company recorded $10.2 million of provision expense for credit losses during the first quarter, compared to $2.0 million. The current quarter’s provision expense was recorded primarily to cover the charge-off on one credit driven by suspected fraudulent activity by the borrower. Annualized net charge-offs totaled 0.80% of average total loans, compared to 0.11%. Non-performing loans decreased one basis point to 0.45% of total loans at March 31, 2025, and non-performing assets decreased one basis point to 0.46% of total loans and OREO at March 31, 2025. The allowance for credit losses as a percentage of loans totaled 1.18% at March 31, 2025, compared to 1.22% at December 31, 2024.

Deposits
Average total deposits decreased $111.6 million to $8.3 billion during the first quarter 2025, and average transaction deposits (defined as total deposits less time deposits) decreased $113.1 million to $7.2 billion. Transaction deposits on a spot basis grew $147.7 million to $7.4 billion at March 31, 2025. The loan to deposit ratio totaled 90.8% at March 31, 2025, compared to 94.1%. The mix of transaction deposits to total deposits was 87.4% at March 31, 2025, compared to 87.6%.

Non-Interest Income
Non-interest income totaled $15.4 million during the first quarter, compared to $11.1 million. Included in the prior quarter was $6.6 million of non-recurring loss on investment security sales. Mortgage banking income increased $1.0 million, compared to the prior quarter. Service charges and bank card fees decreased $0.7 million due to seasonality, and other non-interest income was $2.6 million lower due to lower SBA gains on sale and swap fee activity during the first quarter.

Non-Interest Expense
Non-interest expense decreased $2.5 million to $62.0 million during the first quarter. Salaries and benefits decreased $1.1 million primarily due to payroll tax credits realized in the first quarter. Data processing decreased $0.5 million, and professional services expense decreased $0.2 million driven by our continued disciplined expense management. Included within other non-interest expense in the prior quarter was $1.2 million of banking center consolidation-related expense. The fully taxable equivalent efficiency ratio was 57.7% at March 31, 2025, compared to 57.0%, excluding other intangible assets amortization and the prior quarter’s non-recurring loss on investment security sales.

Income tax expense decreased $0.9 million to $5.6 million, due to the first quarter’s lower pre-tax income. The effective tax rate was 18.8% for the first quarter, consistent with the prior quarter.

Capital
Capital ratios continue to be well in excess of federal bank regulatory agency “well capitalized” thresholds. The tier 1 leverage ratio totaled 10.89%, and the common equity tier 1 capital ratio totaled 13.61% at March 31, 2025. Shareholders’ equity increased $24.2 million to $1.3 billion at March 31, 2025, primarily driven by $13.1 million of growth in retained earnings from net income after covering the quarter’s dividend, and a $10.0 million improvement in accumulated other comprehensive loss due to changes in the interest rate environment.

Common book value per share increased $0.61 to $34.90 at March 31, 2025. Tangible common book value per share increased $0.66 to $25.94 driven by the quarter’s earnings after covering the quarterly dividend, and a $0.26 improvement in accumulated other comprehensive loss.

Year-Over-Year Review

(All comparisons refer to the first quarter of 2024, except as noted)

Net income totaled $24.2 million, or $0.63 per diluted share, compared to net income of $31.4 million, or $0.82 per diluted share in the same period prior year. The decrease compared to the prior year was largely driven by higher provision expense of $10.2 million. Fully taxable equivalent pre-provision net revenue increased $1.4 million to $42.0 million. The return on average tangible assets totaled 1.09%, compared to 1.39%, and the return on average tangible common equity was 10.64%, compared to 15.14%.

Fully taxable equivalent net interest income increased $2.9 million to $88.6 million. Average earning assets increased $12.6 million, including average loan growth of $29.3 million and average investment securities growth of $22.6 million. The fully taxable equivalent net interest margin widened 15 basis points to 3.93%, as an 18 basis point decrease in the cost of funds outpaced a three basis point decrease in earning asset yields. Average interest bearing liabilities increased $35.8 million due to higher average deposit balances, and the cost of funds totaled 2.07%, compared to 2.25% in the same period prior year.

Loans outstanding totaled $7.6 billion as of March 31, 2025, increasing $77.2 million or 1.0%. New loan fundings over the trailing twelve months totaled $1.6 billion, led by commercial fundings of $1.1 billion.

The Company recorded $10.2 million of provision expense for credit losses, compared to no provision expense for credit losses in the first quarter of 2024. The current quarter’s provision expense was recorded primarily to cover the charge-off on one credit driven by suspected fraudulent activity by the borrower. Annualized net charge-offs totaled 0.80% of average total loans, compared to minimal net charge-offs in the same period prior year. Non-performing loans decreased two basis points to 0.45% of total loans at March 31, 2025, and non-performing assets decreased seven basis points to 0.46% of total loans and OREO at March 31, 2025. The allowance for credit losses as a percentage of loans totaled 1.18% at March 31, 2025, compared to 1.29% at March 31, 2024.

Average total deposits increased $41.5 million or 0.5% to $8.3 billion, and average transaction deposits decreased $4.5 million. The mix of transaction deposits to total deposits was 87.4% at March 31, 2025, compared to 88.3%.

Non-interest income totaled $15.4 million, compared to $17.7 million, decreasing primarily due to $2.3 million lower other non-interest income driven by timing of SBA loan gain on sales and swap fee income activity, and a $0.6 million gain from the sale of a banking center building included in the first quarter of 2024.

Non-interest expense decreased $0.8 million to $62.0 million. Salaries and benefits decreased $2.2 million primarily due to payroll tax credits realized during the first quarter 2025, which was partially offset by increases in data processing and occupancy and equipment, driven by investments in technology.

Income tax expense totaled $5.6 million, a decrease of $1.9 million, driven by lower pre-tax income. The effective tax rate was 18.8%, compared to 19.3% in the first quarter of 2024.

Conference Call
Management will host a conference call to review the results at 11:00 a.m. Eastern Time on Wednesday, April 23, 2025. Interested parties may listen to this call by dialing (877) 400-0505 using the participant passcode of 7036929 and asking for the NBHC Q1 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 90 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 “adjusted return on average assets,” “tangible assets,” “return on average tangible assets,” “adjusted return on average equity,” “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,” “non-interest income adjusted for the loss on security sales,” “efficiency ratio excluding other intangible assets amortization, adjusted for the loss on security sales,” “adjusted net income,” “adjusted earnings per share – diluted,” “net income excluding the impact of other intangible assets amortization expense, adjusted for the loss on security sales, after tax,” “net income adjusted for the loss on security sales, after tax,” “net income excluding the impact of other intangible assets amortization expense, after tax,” “adjusted return on average tangible assets,” “adjusted return on average tangible common equity,” “pre-provision net revenue,” “pre-provision net revenue, adjusted for the loss on security sales,” 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 limitations 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,” “anticipate,” “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 on 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
	March 31,		December 31,			March 31,
	2025		2024			2024
Total interest and dividend income	$	129,963	$	136,086		$	131,732
Total interest expense		43,272		45,955			47,702
Net interest income		86,691		90,131			84,030
Taxable equivalent adjustment		1,910		1,874			1,692
Net interest income FTE⁽¹⁾		88,601		92,005			85,722
Provision expense for credit losses		10,200		1,979			—
Net interest income after provision for credit losses FTE⁽¹⁾		78,401		90,026			85,722
Non-interest income:
Service charges		4,118		4,359			4,391
Bank card fees		4,194		4,671			4,578
Mortgage banking income		3,315		2,296			2,655
Other non-interest income		3,749		6,375			6,070
Loss on security sales		—		(6,582	)		—
Total non-interest income		15,376		11,119			17,694
Non-interest expense:
Salaries and benefits		34,362		35,459			36,520
Occupancy and equipment		10,837		10,193			9,941
Professional fees		1,423		1,599			1,646
Data processing		4,401		4,900			4,066
Other non-interest expense		9,017		10,418			8,653
Other intangible assets amortization		1,977		1,977			2,008
Total non-interest expense		62,017		64,546			62,834

Income before income taxes FTE⁽¹⁾		31,760		36,599			40,582
Taxable equivalent adjustment		1,910		1,874			1,692
Income before income taxes		29,850		34,725			38,890
Income tax expense		5,619		6,541			7,499
Net income	$	24,231	$	28,184		$	31,391
Earnings per share – basic	$	0.63	$	0.73		$	0.82
Earnings per share – diluted		0.63		0.73			0.82
Common stock dividend		0.29		0.29			0.27

(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)

	March 31, 2025			December 31, 2024			March 31, 2024
ASSETS
Cash and cash equivalents	$	246,298		$	127,848		$	292,931
Investment securities available-for-sale		634,376			527,547			685,666
Investment securities held-to-maturity		706,912			533,108			570,850
Non-marketable securities		76,203			76,462			73,439
Loans		7,646,296			7,751,143			7,569,052
Allowance for credit losses		(90,192	)		(94,455	)		(97,607	)
Loans, net		7,556,104			7,656,688			7,471,445
Loans held for sale		11,885			24,495			14,065
Other real estate owned		615			662			4,064
Premises and equipment, net		204,567			196,773			168,956
Goodwill		306,043			306,043			306,043
Intangible assets, net		54,489			58,432			64,212
Other assets		301,378			299,635			315,805
Total assets	$	10,098,870		$	9,807,693		$	9,967,476
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Non-interest bearing demand deposits	$	2,215,313		$	2,213,685		$	2,292,917
Interest bearing demand deposits		1,337,905			1,411,860			1,427,856
Savings and money market		3,812,312			3,592,312			3,801,013
Total transaction deposits		7,365,530			7,217,857			7,521,786
Time deposits		1,058,677			1,020,036			995,976
Total deposits		8,424,207			8,237,893			8,517,762
Securities sold under agreements to repurchase		20,749			18,895			19,577
Long-term debt		54,588			54,511			54,278
Federal Home Loan Bank advances		80,000			50,000			—
Other liabilities		190,018			141,319			144,029
Total liabilities		8,769,562			8,502,618			8,735,646
Shareholders’ equity:
Common stock		515			515			515
Additional paid in capital		1,168,433			1,167,431			1,163,773
Retained earnings		521,939			508,864			454,211
Treasury stock		(301,531	)		(301,694	)		(306,460	)
Accumulated other comprehensive loss, net of tax		(60,048	)		(70,041	)		(80,209	)
Total shareholders’ equity		1,329,308			1,305,075			1,231,830
Total liabilities and shareholders’ equity	$	10,098,870		$	9,807,693		$	9,967,476
SHARE DATA
Average basic shares outstanding		38,068,455			38,327,964			38,031,358
Average diluted shares outstanding		38,229,869			38,565,164			38,188,480
Ending shares outstanding		38,094,105			38,054,482			37,806,148
Common book value per share	$	34.90		$	34.29		$	32.58
Tangible common book value per share⁽¹⁾(non-GAAP)		25.94			25.28			23.32
CAPITAL RATIOS
Average equity to average assets		13.35	%		13.10	%		12.40	%
Tangible common equity to tangible assets⁽¹⁾		10.13	%		10.16	%		9.17	%
Tier 1 leverage ratio		10.89	%		10.69	%		9.99	%
Common equity tier 1 risk-based capital ratio		13.61	%		13.20	%		12.35	%
Tier 1 risk-based capital ratio		13.61	%		13.20	%		12.35	%
Total risk-based capital ratio		15.49	%		15.11	%		14.30	%

(1)		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

					March 31, 2025				March 31, 2025
					vs. December 31, 2024				vs. March 31, 2024
	March 31, 2025		December 31, 2024		% Change		March 31, 2024		% Change
Originated:
Commercial:
Commercial and industrial	$	1,871,301	$	1,881,570	(0.5	)%	$	1,777,328	5.3	%
Municipal and non-profit		1,116,724		1,106,865	0.9	%		1,062,287	5.1	%
Owner-occupied commercial real estate		1,026,692		1,048,481	(2.1	)%		875,303	17.3	%
Food and agribusiness		251,120		266,332	(5.7	)%		241,654	3.9	%
Total commercial		4,265,837		4,303,248	(0.9	)%		3,956,572	7.8	%
Commercial real estate non-owner occupied		1,136,176		1,123,718	1.1	%		1,092,780	4.0	%
Residential real estate		915,139		922,328	(0.8	)%		923,103	(0.9	)%
Consumer		11,955		12,773	(6.4	)%		14,936	(20.0	)%
Total originated		6,329,107		6,362,067	(0.5	)%		5,987,391	5.7	%

Acquired:
Commercial:
Commercial and industrial		105,493		114,255	(7.7	)%		132,532	(20.4	)%
Municipal and non-profit		271		277	(2.2	)%		294	(7.8	)%
Owner-occupied commercial real estate		198,339		215,663	(8.0	)%		234,486	(15.4	)%
Food and agribusiness		33,831		36,987	(8.5	)%		57,896	(41.6	)%
Total commercial		337,934		367,182	(8.0	)%		425,208	(20.5	)%
Commercial real estate non-owner occupied		659,680		688,620	(4.2	)%		767,419	(14.0	)%
Residential real estate		318,510		331,510	(3.9	)%		387,101	(17.7	)%
Consumer		1,065		1,764	(39.6	)%		1,933	(44.9	)%
Total acquired		1,317,189		1,389,076	(5.2	)%		1,581,661	(16.7	)%
Total loans	$	7,646,296	$	7,751,143	(1.4	)%	$	7,569,052	1.0	%

Loan Fundings⁽¹⁾

	First quarter		Fourth quarter		Third quarter		Second quarter		First quarter
	2025		2024		2024		2024		2024
Commercial:
Commercial and industrial	$	108,594	$	146,600	$	93,711	$	241,910	$	53,978
Municipal and non-profit		12,506		49,175		35,677		28,785		14,564
Owner occupied commercial real estate		37,762		117,850		70,517		102,615		35,128
Food and agribusiness		1,338		15,796		19,205		11,040		(7,204	)
Total commercial		160,200		329,421		219,110		384,350		96,466
Commercial real estate non-owner occupied		65,254		119,132		91,809		83,184		73,789
Residential real estate		29,300		30,750		47,322		36,124		29,468
Consumer		970		726		1,010		1,547		234
Total	$	255,724	$	480,029	$	359,251	$	505,205	$	199,957

(1)		Loan fundings are defined as closed end funded loans and net fundings under revolving lines of credit. Net fundings (paydowns) under revolving lines of credit were $21,752, $64,375, $16,302, $19,281 and ($59,523) 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
	March 31, 2025								December 31, 2024								March 31, 2024
	Average					Average			Average					Average			Average					Average
	balance			Interest		rate			balance			Interest		rate			balance			Interest		rate
Interest earning assets:
Originated loans FTE⁽¹⁾⁽²⁾	$	6,335,931		$	102,221		6.54	%	$	6,368,697		$	107,400		6.71	%	$	6,046,849		$	100,914		6.71	%
Acquired loans		1,351,726			19,547		5.86	%		1,425,344			22,253		6.21	%		1,611,521			24,289		6.06	%
Loans held for sale		19,756			349		7.16	%		20,196			320		6.30	%		12,017			225		7.53	%
Investment securities available-for-sale		716,938			4,617		2.58	%		735,977			3,196		1.74	%		751,168			4,103		2.18	%
Investment securities held-to-maturity		635,961			4,120		2.59	%		537,970			3,887		2.89	%		579,160			2,514		1.74	%
Other securities		31,386			480		6.12	%		29,256			434		5.93	%		35,036			616		7.03	%
Interest earning deposits		48,206			539		4.53	%		60,400			470		3.10	%		91,579			763		3.35	%
Total interest earning assets FTE⁽²⁾	$	9,139,904		$	131,873		5.85	%	$	9,177,840		$	137,960		5.98	%	$	9,127,330		$	133,424		5.88	%
Cash and due from banks	$	77,237							$	81,371							$	102,583
Other assets		794,374								793,734								756,230
Allowance for credit losses		(95,492	)							(95,750	)							(97,882	)
Total assets	$	9,916,023							$	9,957,195							$	9,888,261
Interest bearing liabilities:
Interest bearing demand, savings and money market deposits	$	5,027,052		$	32,511		2.62	%	$	5,087,799		$	35,443		2.77	%	$	4,947,811		$	36,413		2.96	%
Time deposits		1,035,983			8,756		3.43	%		1,034,560			9,169		3.53	%		990,041			7,584		3.08	%
Federal Home Loan Bank advances		107,151			1,105		4.18	%		66,428			820		4.91	%		228,236			3,181		5.61	%
Other borrowings⁽³⁾		50,277			382		3.08	%		18,374			5		0.11	%		18,929			6		0.13	%
Long-term debt		54,539			518		3.85	%		54,464			518		3.78	%		54,229			518		3.84	%
Total interest bearing liabilities	$	6,275,002		$	43,272		2.80	%	$	6,261,625		$	45,955		2.92	%	$	6,239,246		$	47,702		3.07	%
Demand deposits	$	2,197,300							$	2,249,614							$	2,280,997
Other liabilities		119,806								141,327								141,735
Total liabilities		8,592,108								8,652,566								8,661,978
Shareholders’ equity		1,323,915								1,304,629								1,226,283
Total liabilities and shareholders’ equity	$	9,916,023							$	9,957,195							$	9,888,261
Net interest income FTE⁽²⁾				$	88,601							$	92,005							$	85,722
Interest rate spread FTE⁽²⁾							3.05	%							3.06	%							2.81	%
Net interest earning assets	$	2,864,902							$	2,916,215							$	2,888,084
Net interest margin FTE⁽²⁾							3.93	%							3.99	%							3.78	%
Average transaction deposits	$	7,224,352							$	7,337,413							$	7,228,808
Average total deposits		8,260,335								8,371,973								8,218,849
Ratio of average interest earning assets to average interest bearing liabilities		145.66	%							146.57	%							146.29	%

(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 $1,910, $1,874 and $1,692 for the three months ended March 31, 2025, December 31, 2024 and March 31, 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
	March 31, 2025			December 31, 2024			March 31, 2024
Beginning allowance for credit losses	$	94,455		$	95,047		$	97,947
Charge-offs		(15,251	)		(2,391	)		(278	)
Recoveries		138			175			188
Provision expense (release) for credit losses		10,850			1,624			(250	)
Ending allowance for credit losses (“ACL”)	$	90,192		$	94,455		$	97,607
Ratio of annualized net charge-offs to average total loans during the period		0.80	%		0.11	%		0.00	%
Ratio of ACL to total loans outstanding at period end		1.18	%		1.22	%		1.29	%
Ratio of ACL to total non-performing loans at period end		260.52	%		262.42	%		272.52	%
Total loans	$	7,646,296		$	7,751,143		$	7,569,052
Average total loans during the period		7,660,974			7,772,712			7,632,635
Total non-performing loans		34,620			35,994			35,817

Past Due and Non-accrual Loans

	March 31, 2025			December 31, 2024			March 31, 2024
Loans 30-89 days past due and still accruing interest	$	17,003		$	23,164		$	3,495
Loans 90 days past due and still accruing interest		1,012			14,940			1
Non-accrual loans		34,620			35,994			35,817
Total past due and non-accrual loans	$	52,635		$	74,098		$	39,313
Total 90 days past due and still accruing interest and non-accrual loans to total loans		0.47	%		0.66	%		0.47	%

Asset Quality Data

	March 31, 2025			December 31, 2024			March 31, 2024
Non-performing loans	$	34,620		$	35,994		$	35,817
OREO		615			662			4,064
Total non-performing assets	$	35,235		$	36,656		$	39,881
Total non-performing loans to total loans		0.45	%		0.46	%		0.47	%
Total non-performing assets to total loans and OREO		0.46	%		0.47	%		0.53	%


NATIONAL BANK HOLDINGS CORPORATION Key Metrics⁽¹⁾

	As of and for the three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Return on average assets		0.99	%		1.13	%		1.28	%
Return on average tangible assets⁽²⁾		1.09	%		1.23	%		1.39	%
Return on average tangible assets, adjusted⁽²⁾		1.09	%		1.44	%		1.39	%
Return on average equity		7.42	%		8.59	%		10.30	%
Return on average tangible common equity⁽²⁾		10.64	%		12.31	%		15.14	%
Return on average tangible common equity, adjusted⁽²⁾		10.64	%		14.40	%		15.14	%
Loan to deposit ratio (end of period)		90.77	%		94.09	%		88.86	%
Non-interest bearing deposits to total deposits (end of period)		26.30	%		26.87	%		26.92	%
Net interest margin⁽³⁾		3.85	%		3.91	%		3.70	%
Net interest margin FTE⁽²⁾⁽³⁾		3.93	%		3.99	%		3.78	%
Interest rate spread FTE⁽²⁾⁽⁴⁾		3.05	%		3.06	%		2.81	%
Yield on earning assets⁽⁵⁾		5.77	%		5.90	%		5.80	%
Yield on earning assets FTE⁽²⁾⁽⁵⁾		5.85	%		5.98	%		5.88	%
Cost of funds		2.07	%		2.15	%		2.25	%
Cost of deposits		2.03	%		2.12	%		2.15	%
Non-interest income to total revenue FTE⁽⁶⁾		14.79	%		10.78	%		17.11	%
Efficiency ratio		60.76	%		63.75	%		61.77	%
Efficiency ratio excluding other intangible assets amortization FTE, adjusted⁽²⁾		57.74	%		57.03	%		58.82	%
Pre-provision net revenue	$	40,050		$	36,704		$	38,890
Pre-provision net revenue FTE⁽²⁾		41,960			38,578			40,582
Pre-provision net revenue FTE, adjusted⁽²⁾		41,960			45,160			40,582

Total Loans Asset Quality Data⁽⁷⁾⁽⁸⁾
Non-performing loans to total loans		0.45	%		0.46	%		0.47	%
Non-performing assets to total loans and OREO		0.46	%		0.47	%		0.53	%
Allowance for credit losses to total loans		1.18	%		1.22	%		1.29	%
Allowance for credit losses to non-performing loans		260.52	%		262.42	%		272.52	%
Net charge-offs to average loans		0.80	%		0.11	%		0.00	%

(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

	March 31, 2025			December 31, 2024			March 31, 2024
Total shareholders’ equity	$	1,329,308		$	1,305,075		$	1,231,830
Less: goodwill and other intangible assets, net		(354,800	)		(356,777	)		(362,709	)
Add: deferred tax liability related to goodwill		13,638			13,535			12,539
Tangible common equity (non-GAAP)	$	988,146		$	961,833		$	881,660

Total assets	$	10,098,870		$	9,807,693		$	9,967,476
Less: goodwill and other intangible assets, net		(354,800	)		(356,777	)		(362,709	)
Add: deferred tax liability related to goodwill		13,638			13,535			12,539
Tangible assets (non-GAAP)	$	9,757,708		$	9,464,451		$	9,617,306

Tangible common equity to tangible assets calculations:
Total shareholders’ equity to total assets		13.16	%		13.31	%		12.36	%
Less: impact of goodwill and other intangible assets, net		(3.03	)%		(3.15	)%		(3.19	)%
Tangible common equity to tangible assets (non-GAAP)		10.13	%		10.16	%		9.17	%

Tangible common book value per share calculations:
Tangible common equity (non-GAAP)	$	988,146		$	961,833		$	881,660
Divided by: ending shares outstanding		38,094,105			38,054,482			37,806,148
Tangible common book value per share (non-GAAP)	$	25.94		$	25.28		$	23.32


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
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	24,231		$	28,184		$	31,391
Add: loss on security sales, after tax (non-GAAP)⁽¹⁾		—			5,048			—
Net income adjusted for the loss on security sales, after tax (non-GAAP)⁽¹⁾	$	24,231		$	33,232		$	31,391

Net income	$	24,231		$	28,184		$	31,391
Add: impact of other intangible assets amortization expense, after tax		1,516			1,516			1,534
Net income excluding the impact of other intangible assets amortization expense, after tax (non-GAAP)	$	25,747		$	29,700		$	32,925

Net income excluding the impact of other intangible assets amortization expense, after tax	$	25,747		$	29,700		$	32,925
Add: loss on security sales, after tax (non-GAAP)⁽¹⁾		—			5,048			—
Net income excluding the impact of other intangible assets amortization expense, adjusted for the loss on security sales, after tax (non-GAAP)⁽¹⁾	$	25,747		$	34,748		$	32,925

Average assets	$	9,916,023		$	9,957,195		$	9,888,261
Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill		(342,425	)		(344,417	)		(351,383	)
Average tangible assets (non-GAAP)	$	9,573,598		$	9,612,778		$	9,536,878

Average shareholders’ equity	$	1,323,915		$	1,304,629		$	1,226,283
Less: average goodwill and other intangible assets, net of deferred tax liability related to goodwill		(342,425	)		(344,417	)		(351,383	)
Average tangible common equity (non-GAAP)	$	981,490		$	960,212		$	874,900

Return on average assets		0.99	%		1.13	%		1.28	%
Adjusted return on average assets (non-GAAP)		0.99	%		1.33	%		1.28	%
Return on average tangible assets (non-GAAP)		1.09	%		1.23	%		1.39	%
Adjusted return on average tangible assets (non-GAAP)		1.09	%		1.44	%		1.39	%
Return on average equity		7.42	%		8.59	%		10.30	%
Adjusted return on average equity (non-GAAP)		7.42	%		10.13	%		10.30	%
Return on average tangible common equity (non-GAAP)		10.64	%		12.31	%		15.14	%
Adjusted return on average tangible common equity (non-GAAP)		10.64	%		14.40	%		15.14	%

(1) Adjustments:
Loss on security sales (non-GAAP)	$	—		$	6,582		$	—
Tax benefit impact		—			(1,534	)		—
Total adjustments, after tax (non-GAAP)	$	—		$	5,048		$	—

Fully Taxable Equivalent Yield on Earning Assets and Net Interest Margin

	As of and for the three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Interest income	$	129,963		$	136,086		$	131,732
Add: impact of taxable equivalent adjustment		1,910			1,874			1,692
Interest income FTE (non-GAAP)	$	131,873		$	137,960		$	133,424

Net interest income	$	86,691		$	90,131		$	84,030
Add: impact of taxable equivalent adjustment		1,910			1,874			1,692
Net interest income FTE (non-GAAP)	$	88,601		$	92,005		$	85,722

Average earning assets	$	9,139,904		$	9,177,840		$	9,127,330
Yield on earning assets		5.77	%		5.90	%		5.80	%
Yield on earning assets FTE (non-GAAP)		5.85	%		5.98	%		5.88	%
Net interest margin		3.85	%		3.91	%		3.70	%
Net interest margin FTE (non-GAAP)		3.93	%		3.99	%		3.78	%

Efficiency Ratio and Pre-Provision Net Revenue

	As of and for the three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net interest income	$	86,691		$	90,131		$	84,030
Add: impact of taxable equivalent adjustment		1,910			1,874			1,692
Net interest income FTE (non-GAAP)	$	88,601		$	92,005		$	85,722

Non-interest income	$	15,376		$	11,119		$	17,694
Add: loss on security sales (non-GAAP)		—			6,582			—
Non-interest income adjusted for the loss on security sales (non-GAAP)	$	15,376		$	17,701		$	17,694

Non-interest expense	$	62,017		$	64,546		$	62,834
Less: other intangible assets amortization		(1,977	)		(1,977	)		(2,008	)
Non-interest expense excluding other intangible assets amortization (non-GAAP)	$	60,040		$	62,569		$	60,826

Efficiency ratio		60.76	%		63.75	%		61.77	%
Efficiency ratio FTE (non-GAAP)		59.64	%		62.59	%		60.76	%
Efficiency ratio excluding other intangible assets amortization, adjusted for the loss on security sales FTE (non-GAAP)		57.74	%		57.03	%		58.82	%
Pre-provision net revenue (non-GAAP)	$	40,050		$	36,704		$	38,890
Pre-provision net revenue, FTE (non-GAAP)		41,960			38,578			40,582
Pre-provision net revenue FTE, adjusted for the loss on security sales (non-GAAP)		41,960			45,160			40,582

Adjusted Net Income and Earnings Per Share

	As of and for the three months ended
	March 31,		December 31,		March 31,
	2025		2024		2024
Adjustments to net income:
Net income	$	24,231	$	28,184	$	31,391
Add: adjustment for the loss on security sales, after tax (non-GAAP)		—		5,048		—
Adjusted net income (non-GAAP)	$	24,231	$	33,232	$	31,391

Adjustments to earnings per share:
Earnings per share diluted	$	0.63	$	0.73	$	0.82
Add: adjustment for the loss on security sales, after tax (non-GAAP)		—		0.13		—
Adjusted earnings per share – diluted (non-GAAP)	$	0.63	$	0.86	$	0.82

The MIL Network –

April 23, 2025

MIL-OSI Video: Building an America First State Department

Source: United States of America – Department of State (video statements)

Under President Trump’s leadership and at Secretary Rubio’s direction, we are reversing decades of bloat and bureaucracy at the State Department. The reorganization plan announced today will empower our talented diplomats to put America and Americans first.

Learn more: https://www.state.gov/building-an-america-first-state-department/

https://www.youtube.com/watch?v=AYNgEs6tgiY

MIL OSI Video –

April 23, 2025

Category: Americas

Finding a buyer

Troubled times

Where the problems started

Rushing to invest

Mounting debt

Time to restructure

Ye’s next move?

Planning study underway to evaluate next steps for SR 165 across the Carbon River Canyon

Next steps

Background

Bridge inspections