Category: Artificial Intelligence

MIL-OSI USA: SPC Severe Thunderstorm Watch 195

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.
SEL5

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 195
NWS Storm Prediction Center Norman OK
1050 PM CDT Tue Apr 29 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
Southeast New Mexico
West Texas

* Effective this Tuesday night and Wednesday morning from 1050 PM
until 600 AM CDT.

* Primary threats include…
Scattered large hail and isolated very large hail events to 2.5
inches in diameter possible
Isolated damaging wind gusts to 70 mph possible
A tornado or two possible

SUMMARY…Strong to severe thunderstorms are expected to redevelop
across the region the remainder of the evening into the overnight,
with large hail as the most common hazard.

The severe thunderstorm watch area is approximately along and 65
statute miles north and south of a line from 5 miles south southwest
of Hobbs NM to 50 miles north of Abilene TX. For a complete
depiction of the watch see the associated watch outline update
(WOUS64 KWNS WOU5).

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.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 194…

AVIATION…A few severe thunderstorms with hail surface and aloft to
2.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
23030.

…Guyer

SEL5

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 195
NWS Storm Prediction Center Norman OK
1050 PM CDT Tue Apr 29 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
Southeast New Mexico
West Texas

* Effective this Tuesday night and Wednesday morning from 1050 PM
until 600 AM CDT.

* Primary threats include…
Scattered large hail and isolated very large hail events to 2.5
inches in diameter possible
Isolated damaging wind gusts to 70 mph possible
A tornado or two possible

SUMMARY…Strong to severe thunderstorms are expected to redevelop
across the region the remainder of the evening into the overnight,
with large hail as the most common hazard.

The severe thunderstorm watch area is approximately along and 65
statute miles north and south of a line from 5 miles south southwest
of Hobbs NM to 50 miles north of Abilene TX. For a complete
depiction of the watch see the associated watch outline update
(WOUS64 KWNS WOU5).

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.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 194…

AVIATION…A few severe thunderstorms with hail surface and aloft to
2.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
23030.

…Guyer

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW5
WW 195 SEVERE TSTM NM TX 300350Z – 301100Z
AXIS..65 STATUTE MILES NORTH AND SOUTH OF LINE..
5SSW HOB/HOBBS NM/ – 50N ABI/ABILENE TX/
..AVIATION COORDS.. 55NM N/S /45N INK – 41NNE ABI/
HAIL SURFACE AND ALOFT..2.5 INCHES. WIND GUSTS..60 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 23030.

LAT…LON 33550325 34089968 32209968 31670325

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU5.

Watch 195 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 (10%)

Wind

Probability of 10 or more severe wind events

Mod (30%)

Probability of 1 or more wind events > 65 knots

Low (10%)

Hail

Probability of 10 or more severe hail events

Mod (50%)

Probability of 1 or more hailstones > 2 inches

Mod (40%)

Combined Severe Hail/Wind

Probability of 6 or more combined severe hail/wind events

High (80%)

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 30, 2025
MIL-OSI USA: Senator Coons condemns President Trump’s disastrous first 100 days in speech on Senate floor

US Senate News:

Source: United States Senator for Delaware Christopher Coons
WASHINGTON – U.S. Senator Chris Coons (D-Del.) delivered a floor speech tonight criticizing President Donald Trump’s first 100 days in office, describing a period marked by weakened global alliances, harsh cuts to foreign aid, and an overhaul of key federal agencies.
Today marks the 100th day of President Trump’s second term, and Senator Coons’ early review of his presidency is that he has made Americans less prosperous and less secure, both at home and abroad. Trump has disrupted long-standing diplomatic relationships and global partnerships by recklessly imposing tariffs on nearly every country and asserting that he will take over Canada, Greenland, and the Panama Canal. Our closest allies and partners have responded with unease and outright resistance. In his speech, Senator Coons remarked on Prime Minister Mark Carney’s victory in Canada’s national election yesterday, an outcome viewed as a rejection of Trump’s policies.
He also expressed concern over the administration’s dismantling of foreign aid and health programs, warning that it makes Americans less safe and creates an opportunity for our adversaries like China. Additionally, Senator Coons highlighted his visit to Taiwan this month to bolster U.S.-Taiwan relations and stand against China’s attempts to limit Taiwan’s role on the global stage.
Senator Coons also called for Congress to reassert its constitutional responsibilities as Trump pushes the boundaries of executive power.
A video and transcript of Senator Coons’ comments are available below.
WATCH HERE
Senator Coons: In a hundred days – in a hundred days – what can a president accomplish?
The last hundred days, President Trump has made Americans less safe, less prosperous, and less free.
He has chosen to move us in a direction at home and abroad that is the opposite of what those who voted for him expected, and that is aligned with what those of us who worked against him feared.
What I’ve heard my whole life, whether in business or in foreign policy, as a lawyer or in my community as a local elected official – folks need trust, and they need predictability. Businesses say they need predictability in order to decide what to invest in, who to hire, where to grow. Other countries around the world say that they need to know they can trust us, that they can rely on us. And in the last hundred days, President Trump has shattered both of them. I’m going to speak for a few minutes about foreign policy because so many of my colleagues in my caucus have stood to talk about the disastrous cuts led by Elon Musk and DOGE, and the ways they’ve impacted Americans all over the country.
But if you think about our reputation globally –statement after statement, tweet after tweet by President Trump has puzzled, concerned, even alarmed our allies. He’s going to invade Greenland, a NATO ally. He’s going to take back the Panama Canal. He’s going to take over the Gaza Strip and make it ‘Mar-a-Gaza.’ He’s going to turn Canada into the 51st State. One of my Republican colleagues said, ‘don’t pay so much attention to what he says, look what he does.’ Well, lots of our partners and allies looked at what he has done by imposing tariffs on allies and partners, and recoiled.
In an election in Canada last night, where Trump was the issue, [they] elected a new prime minister, Mark Carney, who ran on a platform of standing up to America, of standing up to Donald Trump. Look, folks, the actions he’s taken, in slashing foreign aid, in abandoning decades-old bipartisan programs around the world that save lives, and that help other countries to trust and rely on us, have weakened us abroad and created openings for our pacing threat – the People’s Republic of China. I was recently in the Philippines, a nation that faces more natural disasters than any country on Earth – more typhoons, more earthquakes, more volcanoes. And for decades, they’ve relied on the United States and the help of USAID, volunteers, nonprofits – coordinated through our government – to respond to these disasters. It has built a long and close partnership of trust. Gone.
I was recently in Taiwan, a country looking to decide whether they can rely on us should China make real their threats to reunite Taiwan with the mainland by force. Can they trust us? Well, what I’m going to say is that in a hundred days, President Trump has shown weakness in Europe and created openings for China. We have long relied on a global network of allies and partners to keep us safe and strong, to make us prosperous, and to build our role in the world. China doesn’t have that. They have nervous neighbors and client states, countries that can’t count on them and view them as predatory. Yet, now through the actions of President Trump, Elon Musk and DOGE, and the silence and collaboration of Republicans in this chamber, even our closest, most trusted allies, like Canada, question whether they can count on us.
Back to the Reagan days, Republicans have talked about ‘peace through strength.’ What we’ve seen from Donald Trump in a hundred days: ‘weakness through chaos.’ A hundred days in, he’s not stopping Putin, he’s preparing to sell out Ukraine and Europe to Putin. A hundred days in, he’s not deterring Xi Jinping––he’s backing down every time he says he’s going to stand up to him. At the end of the day, these first hundred days have shown that we are weaker. The world is less stable. Americans are less safe.
And I have to say, Madam President, a hundred days is more than enough time for my Republican colleagues to have seen enough, to stand up to this president, and to restore the role of this Senate and return our position of strength to the world. Thank you.

MIL OSI USA News –

April 30, 2025
MIL-OSI: DMG Blockchain Solutions Inc. Announces Purchase of Two Megawatts of AI Data Center Infrastructure

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, April 29, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, announces it has signed a purchase and sale agreement (PSA) for two megawatts of Prefabricated Data Center (“PDC”) infrastructure for a confidential consideration with the same undisclosed counterparty (“Counterparty”) with which it has an MOU signed in February 2025 to purchase 10 megawatts of PDC infrastructure.

This asset purchase payment is in lieu of the previously disclosed US$5M upfront payment with the balance of the to-be-agreed-upon price based on future DMG revenue resulting from artificial intelligence (AI) computing off-take agreements. The Company intends to move the two megawatts of purchased PDC units to either its Christina Lake data center, Malahat Nation lands and/or a temporary storage location in the coming months. DMG intends to acquire the remaining available PDC infrastructure under the original 10-megawatt MOU terms.

Since the signing of the MOU, DMG has made progress with respect to engaging Canadian government entities and enterprises for off-take agreements. DMG has up to 180 days to demonstrate progress towards reaching off-take agreements to maintain its exclusivity towards closing a definitive agreement to acquire the balance of the available PDC units. DMG will issue an additional news release related to the final structure and terms of the potential transaction, and other material information if and when it becomes available.

DMG intends to deploy the PDC units at one or more locations, as the PDC infrastructure can be partitioned into smaller units due to its modular nature. While the infrastructure forms the basis for an AI data center, it does not include medium-voltage power distribution, battery storage or backup power generation, the configuration and amount of which have yet to be determined. Additionally, the PDC is not facilitated with computing, networking nor storage systems, all of which will need to be installed to realize revenue from potential AI off-take agreements.

DMG’s CEO Sheldon Bennett stated, “This purchase gives us the foundational capacity to begin moving forward on our AI infrastructure strategy and is appropriately sized, as we believe it is likely that Canadian Sovereign and Private AI installations are likely to start modest in size compared to the large US hyperscalers. Owning this infrastructure gives a unique time to market advantage, which is critical as Canadian government and enterprise entities scramble to protect themselves against international geopolitical forces beyond their control. We also believe this purchase is the most capital efficient way for which we can begin to build a critical mass of AI infrastructure, helping us to maximize our return to shareholders.”

DMG Operational Update

In line with prior guidance, DMG has energized approximately two megawatts of additional hydro mining capacity and has reached 2.0 EH/s hashrate. It expects to energize the remaining two megawatt balance of its 6 megawatt hydro mining deployment plan in the coming week and reach 2.1 EH/s. As the increasing network difficulty has resulted in decreased profitability and the Company has observed heat sensitivity for its Bitmain T21 fleet, DMG may choose to downclock at least a portion of its fleet, which may result in a net fleet hashrate modestly below 2.1 EH/s.

Systemic Trust Company Update

DMG announces that Alvin Leung has been appointed as the acting Chief Executive Officer of Systemic Trust Company, a wholly owned subsidiary of DMG, with effect as of April 25, 2025. The Company accepted Lawrence Truong’s resignation as Chief Executive Officer and as a director of System Trust Company.

About DMG Blockchain Solutions Inc.

DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG’s carbon-neutral Bitcoin ecosystem, which enables financial institutions to move bitcoin in a sustainable and regulatory-compliant manner.

For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
Follow @dmgblockchain on X and subscribe to DMG’s YouTube channel.

For further information, please contact:

On behalf of the Board of Directors,

Sheldon Bennett, CEO & Director
Tel: +1 (778) 300-5406
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com

For Investor Relations:
investors@dmgblockchain.com

For Media Inquiries:
Chantelle Borrelli
Head of Communications
chantelle@dmgblockchain.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include the execution of a definitive agreement for the PDC and the timing thereof, the expected benefits and outcomes of the PDC including the potential AI computing off-take agreements, adding computing, networking and storage systems to the PDC infrastructure, all of which will need to be installed to realize revenue from potential AI off-take agreements, energize the remaining two megawatt balance of its 6 megawatt hydro mining, increase hashrate subject to any potential downclocking at least a portion of its fleet, the Company’s strategy for growth, the planned monetization of certain product and service offerings, developing and executing on the Company’s products, services and business plans, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate and mining difficulty.

Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

The MIL Network –

April 30, 2025
MIL-OSI China: China draws foreign investment as ‘oasis of certainty’

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

BEIJING, April 29 — In an increasingly unpredictable global environment, China is becoming an “oasis of certainty” as it continues to build up industrial strength and foster institutional opening-up, drawing influential foreign investors from tech giants to automakers into the world’s second-largest economy.

Latest data from the Ministry of Commerce shows that foreign direct investment (FDI) in the Chinese mainland in actual use climbed by 13.2 percent year on year last month. In the first quarter (Q1) of 2025, 12,603 new foreign-invested enterprises were established nationwide, representing a year-on-year growth of 4.3 percent.

ANCHOR FOR GLOBAL ECONOMIC GROWTH

At a petrochemical plant rising a hundred meters from the ground, the sounds of welding, cutting and roaring interweave … The over 80 billion yuan (about 11 billion U.S. dollars) cooperation project co-invested by Saudi oil giant Aramco and Chinese enterprises in Panjin, northeastern Liaoning Province, has progressed to more than 60 percent.

Aramco is currently investing in projects in China that have a collective and total value of over 240 billion yuan, covering petrochemical projects and equity acquisition deals. “China is already the world’s largest consumer and producer of petrochemicals, accounting for nearly half of global demand,” said Amin H. Nasser, president and CEO of the company. He noted, “China is becoming an oasis of certainty in an increasingly unpredictable global environment.”

Since the start of this year, more and more foreign brands from various sectors have beefed up investment in China, leveraging its super-large market advantage. For example, fast fashion brand Zara opened its Asian flagship store in Nanjing, while U.S. hair care brand Aveda opened its first store in south China in Guangzhou. German retail giant ALDI entered China’s Jiangsu market.

Besides a vast market size, China’s crucial role in fueling world economic growth has been harnessed by solid economic fundamentals and a stable policy framework, according to foreign institutions.

China’s gross domestic product registered a 5.4 percent year-on-year growth in Q1. This expectation-beating performance is attributed to the fact that it has increased fiscal spending, vigorously boosted consumption, and introduced a series of measures to stabilize the property market and the stock market, Nathan Chow, senior economist at DBS Bank said.

The stable growth momentum in China’s economy is stability that serves as an important global public good, helping to buffer uncertainties across international markets, said Bernd Einmeier, president of the German-Chinese Association for Economy, Education, and Culture.

According to the 2025 Kearney Foreign Direct Investment Confidence Index, which measures investor expectations for FDI over the next three years, China has led all emerging markets for three consecutive years. The market is expected to become a “stabilizer” for business confidence worldwide, with its steady growth, open attitude and innovative vitality, said He Xiaoqing, president of Kearney Greater China.

INDUSTRIAL STRENGTH, INNOVATION DRIVE

Industry experts believe China’s industrial strength and innovation drive have become key factors drawing foreign investment. At the same time, its market solidifies its crucial role in the integrated development of global industries, contributing to economic growth.

During an earlier business trip to China, Apple’s COO, Jeff Williams, visited the company’s supplier, Goertek, in east China’s Shandong Province and praised its automated manufacturing and artificial intelligence technology on the production lines. Among the company’s top 200 suppliers worldwide, more than 80 percent have factories in China engaging in related businesses.

China’s ability to integrate industrial chains is almost irreplaceable on a global scale, whether in terms of engineer supply, industrial supporting capabilities, or scale advantages, noted Xing Ziqiang, chief economist at Morgan Stanley China.

This has attracted more and more foreign investment into the global manufacturing powerhouse and innovation hub, with Toyota committing to a 14.6-billion yuan strategic cooperation agreement in Shanghai, and AstraZeneca signing a landmark agreement to invest 2.5 billion U.S. dollars in a global strategic research and development center in Beijing.

In Rugao City in east China’s Jiangsu Province, welding robots are busy on the production lines of Swedish truckmaker Scania. “The Scania Rugao Industrial Hub, the most advanced and sustainable in Scania’s world, will add significant capacity to Scania’s global production system, easing previous bottlenecks and benefiting both the Chinese and global markets,” said Ruthger de Vries, president of Scania Industrial Operations Asia.

INSTITUTIONAL OPENING-UP ACCELERATES

Translating its opening-up pledge into concrete actions, China’s growing economic openness spanning various sectors has further cemented its position as the world’s second-largest FDI destination.

While all restrictions on foreign investment in the manufacturing sector were removed in China last year, the country has now extended its opening-up efforts to the service sector. China approved value-added telecommunications business operations of 13 foreign-funded enterprises in Q1, according to the Ministry of Industry and Information Technology (MIIT).

The number of foreign-invested telecommunications enterprises surged 26.5 percent from a year earlier and topped 2,400 in China at the end of last month. Over 40 foreign-funded biotechnology projects have kicked off, and three new wholly foreign-owned hospitals have been approved for operation by late March, according to the country’s commerce ministry.

The constant opening-up in China’s service sector has brought new development opportunities to foreign-funded enterprises and injected confidence into deepening the Chinese market, said Jacqueline Jiang, chair of the Chinese mainland at John Swire & Sons. Last month, a subsidiary of the group obtained the first foreign-owned cardiovascular specialty hospital practice license in China.

In the financial sector, an increasing number of foreign financial institutions have cast a vote of confidence in China by establishing new securities entities and expanding the scope of their existing businesses in recent years, with the latest move by UBS increasing its equity stake in UBS Securities from 67 percent to 100 percent.

Despite deficits in service trade, China seeks to further open sectors like medical and internet services in a well-conceived way. Pilot opening-up programs in free trade zones and select cities have been accelerated, with wholly foreign-owned hospitals now allowed in certain areas. According to the MIIT, China seeks to remove restrictions on the percentage of foreign capital for service businesses such as app stores and internet access in certain regions.

“In China, foreign companies can invest here because they find a good business environment, and those investments are also long-term and not only short-term,” said Maximilian Butek, executive director and board member of the German Chamber of Commerce in China, the east China region.

“We have a strong business commitment here in China,” he added.

MIL OSI China News –

April 30, 2025
MIL-OSI USA: In Response to Questioning by Sen. Murray, Top Watchdog Says It’s Opened 39 Impoundment Investigations

US Senate News:

Source: United States Senator for Washington State Patty Murray
At hearing on FY26 budget requests for GAO, CBO, GPO, Murray asks about Trump impoundment investigations, Republicans’ reconciliation bill
GAO Comptroller General says OMB has not been cooperative
***WATCH: Senator Murray’s questioning***
Washington, D.C. — Today—at a Senate Appropriations Legislative Branch Subcommittee hearing to review the FY26 budget requests for the Government Accountability Office, Congressional Budget Office, and the Government Publishing Office—U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, asked Gene L. Dodaro, Comptroller General of the Government Accountability Office (GAO) about the status of the agency’s work investigating this administration’s impoundment of funding approved by Congress.
[IMPOUNDMENT INVESTIGATIONS]
Senator Murray stated: “You know, from day one, President Trump has unilaterally frozen or contravened critical funding provided in our bipartisan laws. Those actions by Trump and Russ Vought have really wreaked havoc for families and communities across the country. That is really not what the Constitution envisioned. Congress has the power of the purse—period. Our Presidents cannot pick and choose which parts of a law that they can follow.”
She then asked Mr. Dorado, “You have testified that GAO is investigating the Trump Administration’s efforts to block federal funds as potential violations of the Impoundment Control Act. What is the status of those investigations?”
Dorado replied: “We have right now 39 different investigations underway. We’re trying to get the information from the agencies about what their legal position is for not expending the money. I’m looking forward to what I understand to be a submission by the administration as a recission package, which would fall in the Impoundment Control Act, so we’ll look at that. We’re monitoring all the litigation surrounding these areas that we’re investigating in. Only three agencies, so far have given us the information that we need. OMB has not been responsive, nor EPA. A number of other agencies are due to get us information this week or next week. So, I would imagine starting next month after we look to see what is in the recission package.” (Dodaro later clarified in response to a separate question that only two agencies have been responsive.)
“Next month as in May?” Senator Murray inquired.
Dorado responded in part: “Yes. …. They won’t all come at once. They’ll come as we collect and analyze all the information.”
“What options do you have if you don’t get timely, responsive information from the federal agencies?” Senator Murray followed up.
“Well, we’ll have to make decisions on our own based upon the available information. Some of it will be in the lawsuit filings that we’re following right now—and then we’ll have to go forward doing this,” Dorado responded, in part.
[REPUBLICANS RECONCILIATION BILL + MEDICAID CUTS]
Senator Murray then discussed Republicans’ reconciliation package, stating: “Republicans are, as you know, moving full speed ahead with the reconciliation package, promising to deliver more than $5.3 trillion in new tax breaks for billionaires and large corporations. And at the same time, some Republicans have promised that Medicaid – which is a lifeline for our kids and seniors – is safe. But the reality is: Republicans can’t keep both these promises.”
She asked Dr. Phillip Swagel, Director of the Congressional Budget Office (CBO), about how the math works out, “The Republican reconciliation instructions direct $880 billion in cuts within the House Energy and Commerce Committee, which has jurisdiction over Medicaid and the Children’s Health Insurance Program, or CHIP,” said Senator Murray. “You responded to a question from House Ranking Member Brendan Boyle and Frank Pallone in March regarding spending within the House Energy and Commerce Committee’s jurisdiction, excluding Medicare—which Republicans say is off the table. In your response, you said over 10 years, Medicaid outlays will account for 93% of baseline budget projections for Energy and Commerce, is that correct?”
“Yes, that is correct,” said Swagel.
“And if you add in CHIP, is it fair to say you are now talking north of 95%?” Murray followed up.
Swagel confirmed, “That’s right. Once you take out Medicaid and CHIP there is only $381 billion still in the current baseline.”
Senator Murray reiterated: “So looking at table 1 in that March 5th letter, is it fair to say the remainder is nowhere close to that $880 billion?”
“That’s correct in the letter that we sent to Mr. Boyle and Mr. Pallone, the dollars after Medicare, Medicare, and CHIP are much smaller than the instruction.” Swagel responded.
“Okay, so for the record, I just want to say it would appear to me to be impossible for Energy and Commerce – the committee with jurisdiction– to reach the spending cuts required under the Republican reconciliation instructions without cutting Medicaid, or putting Medicare back on the table,” Murray concluded.

MIL OSI USA News –

April 30, 2025
MIL-OSI Economics: [Interview] A New and Enhanced Gallery Experience: How Samsung Transformed Photo Searching and Video Editing With the Galaxy S25 Series

Source: Samsung

Searching for one specific photo in an endless gallery on a smartphone can often be time-consuming. Editing multiple videos one by one may feel tedious and repetitive as well.

The Galaxy S25 series uses vision AI technology and the understanding of natural language to address these issues and provide a more intuitive mobile experience for users in their daily lives. When searching for a photo in their gallery, users can enter keywords that describe the situation — such as the date or locality, any objects present, any actions taking place and so forth — and Galaxy AI will analyze them to find matching photos. In addition, the flagship series boasts Auto Trim, a new video editing feature that can automatically select key segments from multiple videos and edit them into a separate video.

These features are the result of advanced research in visual technology and close collaboration. Samsung Newsroom met with developers from the Visual Technology Team of Samsung Research and the Visual Solution Team of the Mobile eXperience (MX) Business at Samsung Electronics to learn how the company developed even smarter photo and video experiences for Galaxy users.

▲ (From left) Wonwoo Lee, Inho Choi, Hongpyo Lee and Seonghwan Kim

Labeling Every Element in a Photo With AI-Powered Classification
Smartphones store a massive number of photos, with the average user having several thousand — or even tens of thousands — on their devices. As the number grows, it becomes increasingly difficult to find a specific photo right away. On the Galaxy S25 series, the Gallery app automatically tags and categorizes various elements in photos such as objects, people and localities, allowing users to quickly and accurately find the desired images. This is incredibly convenient for users who want to relive past memories or retrieve important information fast.

Keeping in mind that an effective search depends on classification, the developers tripled the number of tag types compared to that of the previous Galaxy series, fine-tuning photo subject recognition and labeling capabilities in the Galaxy S25 series. In addition, they expanded the scope of clustering, a technique that groups data for people recognition.

“By developing an image analysis engine and using zero-shot technology, we improved the performance so that the Galaxy S25 series can recognize object data it encounters for the first time,” said Hongpyo Lee from the Visual Technology Team at Samsung Research. “For people, we expanded analysis beyond facial features to include clothing, time and location, making it easier to group photos of the same person.”

▲ Gallery Search

Finding Photos With Conversational, Natural Language Through Gallery Search
Samsung also focused on enhancing natural language search performance in the Gallery. The company developed a search model that reflects frequently used phrases and various application cases, allowing users to find the photos they want using natural, conversational sentences instead of word-based searches.

“We leveraged a vision-language model that learns by associating images with text and used generative AI to automatically generate a wide range of sentences that users might enter,” Lee shared. “We also optimized and compressed the search model so it runs quickly on-device.”

“Building on our previous research, we successfully applied natural language processing capabilities to our products, including a context-aware image analysis engine and a large language model (LLM),” said Inho Choi from the Visual Solution Team of Samsung Electronics’ MX Business.

The developers also worked to deliver unbiased and more accurate search results. “We wanted to anticipate various usage scenarios and identify potential issues in advance so that malicious search queries wouldn’t lead to inaccurate results,” Choi explained. “Building a database of negative words, profanity and neologisms, and then conducting user tests to improve search accuracy was both the most challenging and rewarding part of the process.”

▲ Inho Choi from the MX Business and Hongpyo Lee from Samsung Research

Editing Multiple Videos at Once With Auto Trim
Video editing is also becoming an increasingly important part of the gallery experience. While video is a popular form of media consumption, having video editing tools readily available and using them with ease is often not as simple as it seems. To address this, the Galaxy S25 series introduces a feature that makes editing much faster and more convenient through enhanced AI-powered video analytics. The Auto Trim feature extracts key scenes from multiple videos of the user’s choice to create a new short-form video.

It was important for Auto Trim to be able to quickly analyze videos up to 90 minutes long, generate an edited video and adjust the length of that new video. The developers achieved this through close collaboration, seamlessly integrating Samsung Research’s advanced technological expertise with the MX Business’ mobile optimization capabilities.

“Existing video analytics technologies have limitations, such as large model sizes, slow processing speeds and the uniform selection of key video segments,” said Seonghwan Kim from the MX Business’ Visual Solution Team. “We optimized the Galaxy S25 series’ video processing performance by testing and verifying multiple candidate solutions to deliver a fast and easy editing experience based on on-device AI.”

“We’ve introduced a feature that enables users to effortlessly identify key moments in videos, demanding significantly more data processing than photos, and tailor the duration of these edited segments to their preferences” explained Wonwoo Lee from Samsung Research’s Visual Technology Team.

“Getting Galaxy AI to identify highlights in videos with a level of sensitivity comparable to that of humans was a challenge, but by establishing the standards together, Samsung Research and the MX Business were able to significantly improve overall functionality.”

▲ Auto Trim

From Analyzing to Generating: Vision AI and Its Endless Possibilities
Samsung Electronics is researching a wide range of vision AI technologies, ranging from filming and editing technologies for smartphones to multimodal interaction technologies used in augmented reality (AR) and virtual reality (VR). The core of this research is the ability to quickly and accurately analyze subjects such as people and animals, as well as their surroundings, in videos on-device, and to recognize the meaningful moments in those videos. Through vision AI technology, Samsung aims not only to evolve typical smartphone features like shooting and viewing photos and videos, but also pioneer novel ways to consume content.

“We’re actively utilizing AI technology for fast, easy and high-quality editing in the video domain,” said Kim. “Samsung will focus on further developing the technology so that AI can better understand the context of video content, helping users reduce editing time effectively and generate edited videos that reflect the user’s intent — all without requiring professional editing skills.”

“By continuously advancing video analytics technology, we aim to develop even more innovative features that leverage the power to understand video content — such as video search, intelligent video editing effects and beyond,”said Wonwoo Lee. “Samsung will strive to develop cutting-edge vision AI technology that can be applied across a broad range of use cases.”

▲ Seonghwan Kim from the MX Business and Wonwoo Lee from Samsung Research

Gallery Search and Auto Trim are prime examples of how Galaxy AI enhances everyday life. As developers continue to advance the company’s image and video analytics technology, Samsung Electronics will deliver an expanding range of new experiences that make it easier and more intuitive for users to find and capture life’s key moments.

MIL OSI Economics –

April 30, 2025
MIL-OSI Economics: Samsung Electronics Announces First Quarter 2025 Results

Source: Samsung

Samsung Electronics today reported financial results for the first quarter ended March 31, 2025.

The Company posted KRW 79.14 trillion in consolidated revenue, an all-time quarterly high, on the back of strong sales of flagship Galaxy S25 smartphones and high-value-added products. Operating profit increased to KRW 6.7 trillion despite headwinds for the DS Division, which experienced a decrease in quarterly revenue.

The Company has allocated its highest-ever annual R&D expenditure for 2024, and in the first quarter of this year, it has also increased its R&D expenditure by 16% compared to the same period last year, amounting to 9 trillion won.

Despite the growing macroeconomic uncertainties due to recent global trade tensions and slowing global economic growth, making it difficult to predict future performance, the Company will continue to make various efforts to secure growth. Additionally, assuming that the uncertainties are diminished, it expects its performance to improve in the second half of the year.

Semiconductors Projected To Continue Growth by Meeting Evolving AI Needs
The DS Division posted KRW 25.1 trillion in consolidated revenue and KRW 1.1 trillion in operating profit for the first quarter.

For the Memory Business, revenue was driven by expanded server DRAM sales and the addressing of additional NAND demand amid a perceived bottoming out of the market price.

However, overall earnings were impacted by the erosion of average selling price (ASP), as well as a decrease in HBM sales due to export controls on AI chips and deferred demand in anticipation of upcoming enhanced HBM3E products.

In Q2 2025, the Memory Business anticipates robust demand for AI servers and will therefore seek to strengthen our position in the high-value-added market via our server-centric portfolio, along with a ramp-up of the enhanced HBM3E 12H to meet initial demand. For NAND, the Memory Business seeks to enhance cost competitiveness by accelerating the transition to 8th Generation V-NAND for all applications.

In H2 2025, AI-related demand is expected to remain high in conjunction with the launch of new GPUs. Therefore, the Memory Business will expand the sales of high-value-added products, including enhanced HBM3E 12H products and high density DDR5 modules of 128GB or higher.

In the mobile and PC markets, on-device AI is expected to proliferate, so the Memory Business will proactively respond to this shift in the business environment with its industry-leading 10.7Gbps LPDDR5x products.

Earnings at the System LSI Business improved modestly, due to an increased supply of high-resolution sensors and LSI products. This improvement came despite a sluggish smartphone market and the delayed adoption of the Company’s flagship system-on-a-chip (SoC).

In Q2 2025, the System LSI Business will maintain steady revenue by gaining SoC adoption by a major customer for new flagship models and capitalizing on the growing adoption of 200-megapixel sensors.

In H2 2025, the System LSI Business will expand its flagship SoC supply, proactively address demand for high-resolution main and telephoto camera sensors and expand its automotive sensor portfolio.

Earnings for the Foundry Business were muted due to sluggish seasonal mobile demand, inventory adjustments and stagnant fab utilization. However, the Business focused on the 2nm Gate-All-Around (GAA) process, improving yields and stabilizing the line while keeping the program on schedule, while also securing additional sub-5nm orders, specifically the 2nm and 4nm nodes for AI and HPC applications.

In Q2 2025, the Business will stabilize its 2nm process production and drive earnings improvement by actively addressing strong mobile and automotive demand in the United States. Looking ahead to H2 2025, the Foundry Business aims to start 2nm mass production and secure major 2nm orders and strengthen its specialty process portfolio on mature nodes.

SDC Aims To Navigate Challenges and Drive Growth With Differentiated Offerings
Samsung Display Corporation (SDC) posted KRW 5.9 trillion in consolidated revenue and KRW 0.5 trillion in operating profit for the first quarter.

For the mobile display business, SDC reported declining profits QoQ due to seasonality. The results of the large display business have improved via the launch of new QD-OLED monitor products for major clients.

In Q2 2025, the mobile display business maintains a conservative outlook on earnings while pursuing the stable supply of new products such as foldables. For the large display business, demand for gaming monitors is expected to grow due to the upcoming launches of new products.

In H2 2025, SDC aims to grow the mobile display business sales through differentiated technologies and products amid rising market uncertainties. For the large display business, SDC will strengthen its presence in both B2C and B2B monitor markets with diverse product lineups.

MX Achieves Revenue Growth, Continues To Expand AI Capabilities
The MX and Networks businesses posted KRW 37 trillion in consolidated revenue and KRW 4.3 trillion in operating profit for the first quarter.

The MX Business experienced QoQ growth in both revenue and operating profit thanks to the strong sales of its Galaxy S25 series, which features an advanced Galaxy AI experience. Enhanced cost competency and price declines for some components also contributed to solid double-digit profitability.

In Q2 2025, the MX Business plans to sustain flagship-centric sales amid weak seasonality by successfully launching the Galaxy S25 Edge. It will also expand its AI smartphone lineup through the introduction of “Awesome Intelligence” to the Galaxy A series.

In H2 2025, the MX Business will strengthen its foldable lineup by offering a differentiated AI user experience. In addition, the Business will launch new ecosystem products with enhanced AI and health capabilities, and explore new product segments such as XR.

Visual Display Posts Solid Performance, Strengthens Advanced AI Features
The Visual Display and Digital Appliances businesses posted KRW 14.5 trillion in consolidated revenue and KRW 0.3 trillion in operating profit in the first quarter.

The Visual Display Business recorded solid sales of strategic products such as Neo QLEDs, OLEDs, and large models of 75 inches and over, while price increases and material cost reductions resulted in improved QoQ profitability.

In Q2 2025, the Business intends to expand TV sales with its 2025 AI TV lineup and the integration of advanced AI functions.

In H2 2025, the Business will focus on capturing peak season demand by strategic collaboration with distributors, based on an enhanced AI TV lineup.

MIL OSI Economics –

April 30, 2025
MIL-OSI Banking: [Interview] A New and Enhanced Gallery Experience: How Samsung Transformed Photo Searching and Video Editing With the Galaxy S25 Series

Source: Samsung

Searching for one specific photo in an endless gallery on a smartphone can often be time-consuming. Editing multiple videos one by one may feel tedious and repetitive as well.

The Galaxy S25 series uses vision AI technology and the understanding of natural language to address these issues and provide a more intuitive mobile experience for users in their daily lives. When searching for a photo in their gallery, users can enter keywords that describe the situation — such as the date or locality, any objects present, any actions taking place and so forth — and Galaxy AI will analyze them to find matching photos. In addition, the flagship series boasts Auto Trim, a new video editing feature that can automatically select key segments from multiple videos and edit them into a separate video.

These features are the result of advanced research in visual technology and close collaboration. Samsung Newsroom met with developers from the Visual Technology Team of Samsung Research and the Visual Solution Team of the Mobile eXperience (MX) Business at Samsung Electronics to learn how the company developed even smarter photo and video experiences for Galaxy users.

▲ (From left) Wonwoo Lee, Inho Choi, Hongpyo Lee and Seonghwan Kim

Labeling Every Element in a Photo With AI-Powered Classification
Smartphones store a massive number of photos, with the average user having several thousand — or even tens of thousands — on their devices. As the number grows, it becomes increasingly difficult to find a specific photo right away. On the Galaxy S25 series, the Gallery app automatically tags and categorizes various elements in photos such as objects, people and localities, allowing users to quickly and accurately find the desired images. This is incredibly convenient for users who want to relive past memories or retrieve important information fast.

Keeping in mind that an effective search depends on classification, the developers tripled the number of tag types compared to that of the previous Galaxy series, fine-tuning photo subject recognition and labeling capabilities in the Galaxy S25 series. In addition, they expanded the scope of clustering, a technique that groups data for people recognition.

“By developing an image analysis engine and using zero-shot technology, we improved the performance so that the Galaxy S25 series can recognize object data it encounters for the first time,” said Hongpyo Lee from the Visual Technology Team at Samsung Research. “For people, we expanded analysis beyond facial features to include clothing, time and location, making it easier to group photos of the same person.”

▲ Gallery Search

Finding Photos With Conversational, Natural Language Through Gallery Search
Samsung also focused on enhancing natural language search performance in the Gallery. The company developed a search model that reflects frequently used phrases and various application cases, allowing users to find the photos they want using natural, conversational sentences instead of word-based searches.

“We leveraged a vision-language model that learns by associating images with text and used generative AI to automatically generate a wide range of sentences that users might enter,” Lee shared. “We also optimized and compressed the search model so it runs quickly on-device.”

“Building on our previous research, we successfully applied natural language processing capabilities to our products, including a context-aware image analysis engine and a large language model (LLM),” said Inho Choi from the Visual Solution Team of Samsung Electronics’ MX Business.

The developers also worked to deliver unbiased and more accurate search results. “We wanted to anticipate various usage scenarios and identify potential issues in advance so that malicious search queries wouldn’t lead to inaccurate results,” Choi explained. “Building a database of negative words, profanity and neologisms, and then conducting user tests to improve search accuracy was both the most challenging and rewarding part of the process.”

▲ Inho Choi from the MX Business and Hongpyo Lee from Samsung Research

Editing Multiple Videos at Once With Auto Trim
Video editing is also becoming an increasingly important part of the gallery experience. While video is a popular form of media consumption, having video editing tools readily available and using them with ease is often not as simple as it seems. To address this, the Galaxy S25 series introduces a feature that makes editing much faster and more convenient through enhanced AI-powered video analytics. The Auto Trim feature extracts key scenes from multiple videos of the user’s choice to create a new short-form video.

It was important for Auto Trim to be able to quickly analyze videos up to 90 minutes long, generate an edited video and adjust the length of that new video. The developers achieved this through close collaboration, seamlessly integrating Samsung Research’s advanced technological expertise with the MX Business’ mobile optimization capabilities.

“Existing video analytics technologies have limitations, such as large model sizes, slow processing speeds and the uniform selection of key video segments,” said Seonghwan Kim from the MX Business’ Visual Solution Team. “We optimized the Galaxy S25 series’ video processing performance by testing and verifying multiple candidate solutions to deliver a fast and easy editing experience based on on-device AI.”

“We’ve introduced a feature that enables users to effortlessly identify key moments in videos, demanding significantly more data processing than photos, and tailor the duration of these edited segments to their preferences” explained Wonwoo Lee from Samsung Research’s Visual Technology Team.

“Getting Galaxy AI to identify highlights in videos with a level of sensitivity comparable to that of humans was a challenge, but by establishing the standards together, Samsung Research and the MX Business were able to significantly improve overall functionality.”

▲ Auto Trim

From Analyzing to Generating: Vision AI and Its Endless Possibilities
Samsung Electronics is researching a wide range of vision AI technologies, ranging from filming and editing technologies for smartphones to multimodal interaction technologies used in augmented reality (AR) and virtual reality (VR). The core of this research is the ability to quickly and accurately analyze subjects such as people and animals, as well as their surroundings, in videos on-device, and to recognize the meaningful moments in those videos. Through vision AI technology, Samsung aims not only to evolve typical smartphone features like shooting and viewing photos and videos, but also pioneer novel ways to consume content.

“We’re actively utilizing AI technology for fast, easy and high-quality editing in the video domain,” said Kim. “Samsung will focus on further developing the technology so that AI can better understand the context of video content, helping users reduce editing time effectively and generate edited videos that reflect the user’s intent — all without requiring professional editing skills.”

“By continuously advancing video analytics technology, we aim to develop even more innovative features that leverage the power to understand video content — such as video search, intelligent video editing effects and beyond,”said Wonwoo Lee. “Samsung will strive to develop cutting-edge vision AI technology that can be applied across a broad range of use cases.”

▲ Seonghwan Kim from the MX Business and Wonwoo Lee from Samsung Research

Gallery Search and Auto Trim are prime examples of how Galaxy AI enhances everyday life. As developers continue to advance the company’s image and video analytics technology, Samsung Electronics will deliver an expanding range of new experiences that make it easier and more intuitive for users to find and capture life’s key moments.

MIL OSI Global Banks –

April 30, 2025
MIL-OSI Banking: Samsung Electronics Announces First Quarter 2025 Results

Source: Samsung

Samsung Electronics today reported financial results for the first quarter ended March 31, 2025.

The Company posted KRW 79.14 trillion in consolidated revenue, an all-time quarterly high, on the back of strong sales of flagship Galaxy S25 smartphones and high-value-added products. Operating profit increased to KRW 6.7 trillion despite headwinds for the DS Division, which experienced a decrease in quarterly revenue.

The Company has allocated its highest-ever annual R&D expenditure for 2024, and in the first quarter of this year, it has also increased its R&D expenditure by 16% compared to the same period last year, amounting to 9 trillion won.

Despite the growing macroeconomic uncertainties due to recent global trade tensions and slowing global economic growth, making it difficult to predict future performance, the Company will continue to make various efforts to secure growth. Additionally, assuming that the uncertainties are diminished, it expects its performance to improve in the second half of the year.

Semiconductors Projected To Continue Growth by Meeting Evolving AI Needs
The DS Division posted KRW 25.1 trillion in consolidated revenue and KRW 1.1 trillion in operating profit for the first quarter.

For the Memory Business, revenue was driven by expanded server DRAM sales and the addressing of additional NAND demand amid a perceived bottoming out of the market price.

However, overall earnings were impacted by the erosion of average selling price (ASP), as well as a decrease in HBM sales due to export controls on AI chips and deferred demand in anticipation of upcoming enhanced HBM3E products.

In Q2 2025, the Memory Business anticipates robust demand for AI servers and will therefore seek to strengthen our position in the high-value-added market via our server-centric portfolio, along with a ramp-up of the enhanced HBM3E 12H to meet initial demand. For NAND, the Memory Business seeks to enhance cost competitiveness by accelerating the transition to 8th Generation V-NAND for all applications.

In H2 2025, AI-related demand is expected to remain high in conjunction with the launch of new GPUs. Therefore, the Memory Business will expand the sales of high-value-added products, including enhanced HBM3E 12H products and high density DDR5 modules of 128GB or higher.

In the mobile and PC markets, on-device AI is expected to proliferate, so the Memory Business will proactively respond to this shift in the business environment with its industry-leading 10.7Gbps LPDDR5x products.

Earnings at the System LSI Business improved modestly, due to an increased supply of high-resolution sensors and LSI products. This improvement came despite a sluggish smartphone market and the delayed adoption of the Company’s flagship system-on-a-chip (SoC).

In Q2 2025, the System LSI Business will maintain steady revenue by gaining SoC adoption by a major customer for new flagship models and capitalizing on the growing adoption of 200-megapixel sensors.

In H2 2025, the System LSI Business will expand its flagship SoC supply, proactively address demand for high-resolution main and telephoto camera sensors and expand its automotive sensor portfolio.

Earnings for the Foundry Business were muted due to sluggish seasonal mobile demand, inventory adjustments and stagnant fab utilization. However, the Business focused on the 2nm Gate-All-Around (GAA) process, improving yields and stabilizing the line while keeping the program on schedule, while also securing additional sub-5nm orders, specifically the 2nm and 4nm nodes for AI and HPC applications.

In Q2 2025, the Business will stabilize its 2nm process production and drive earnings improvement by actively addressing strong mobile and automotive demand in the United States. Looking ahead to H2 2025, the Foundry Business aims to start 2nm mass production and secure major 2nm orders and strengthen its specialty process portfolio on mature nodes.

SDC Aims To Navigate Challenges and Drive Growth With Differentiated Offerings
Samsung Display Corporation (SDC) posted KRW 5.9 trillion in consolidated revenue and KRW 0.5 trillion in operating profit for the first quarter.

For the mobile display business, SDC reported declining profits QoQ due to seasonality. The results of the large display business have improved via the launch of new QD-OLED monitor products for major clients.

In Q2 2025, the mobile display business maintains a conservative outlook on earnings while pursuing the stable supply of new products such as foldables. For the large display business, demand for gaming monitors is expected to grow due to the upcoming launches of new products.

In H2 2025, SDC aims to grow the mobile display business sales through differentiated technologies and products amid rising market uncertainties. For the large display business, SDC will strengthen its presence in both B2C and B2B monitor markets with diverse product lineups.

MX Achieves Revenue Growth, Continues To Expand AI Capabilities
The MX and Networks businesses posted KRW 37 trillion in consolidated revenue and KRW 4.3 trillion in operating profit for the first quarter.

The MX Business experienced QoQ growth in both revenue and operating profit thanks to the strong sales of its Galaxy S25 series, which features an advanced Galaxy AI experience. Enhanced cost competency and price declines for some components also contributed to solid double-digit profitability.

In Q2 2025, the MX Business plans to sustain flagship-centric sales amid weak seasonality by successfully launching the Galaxy S25 Edge. It will also expand its AI smartphone lineup through the introduction of “Awesome Intelligence” to the Galaxy A series.

In H2 2025, the MX Business will strengthen its foldable lineup by offering a differentiated AI user experience. In addition, the Business will launch new ecosystem products with enhanced AI and health capabilities, and explore new product segments such as XR.

Visual Display Posts Solid Performance, Strengthens Advanced AI Features
The Visual Display and Digital Appliances businesses posted KRW 14.5 trillion in consolidated revenue and KRW 0.3 trillion in operating profit in the first quarter.

The Visual Display Business recorded solid sales of strategic products such as Neo QLEDs, OLEDs, and large models of 75 inches and over, while price increases and material cost reductions resulted in improved QoQ profitability.

In Q2 2025, the Business intends to expand TV sales with its 2025 AI TV lineup and the integration of advanced AI functions.

In H2 2025, the Business will focus on capturing peak season demand by strategic collaboration with distributors, based on an enhanced AI TV lineup.

MIL OSI Global Banks –

April 30, 2025
MIL-OSI Economics: Toyota Mobility Foundation, Bangkok Metropolitan Administration, UN-Habitat, Asian Institute of Technology and Toyota Motor Thailand Sign a Letter of Intent (LOI) to Launch the TRUST Project for Road Safety in Thailand

Source: Toyota

Headline: Toyota Mobility Foundation, Bangkok Metropolitan Administration, UN-Habitat, Asian Institute of Technology and Toyota Motor Thailand Sign a Letter of Intent (LOI) to Launch the TRUST Project for Road Safety in Thailand

The Toyota Mobility Foundation (TMF), in collaboration with the Bangkok Metropolitan Administration (BMA) and key partners, UN-Habitat (UNH), Asian Institute of Technology (AIT) and Toyota Motor Thailand (TMT) have officially launched the TRUST (Thailand Road Users Safety through Technology) Project. This initiative aims to establish the methodology of leveraging systematic data and analytics to reduce traffic accidents in Thailand.

MIL OSI Economics –

April 30, 2025
MIL-OSI Submissions: Appointments – Three Fellows Selected for 2025 Melvin MS Goo Writing Fellowship

Source: East-West Center

HONOLULU (Apr. 29, 2025) – The East-West Center is pleased to announce that historian John Delury and journalists Mengyu Dong and Sylvie Zhuanghave been selected as the 2025 recipients of the Melvin MS Goo Writing Fellowship. Supported by a generous endowment from the Melvin MS Goo Memorial Fund, the fellowship awards financial support via the East-West Center Foundation to individuals for projects that enhance understanding between the United States and China. 2025 projects will cover Chinese migration to the US via Central America, technological competition between the two nations, and US-China relations through a Roman Empire lens.

About the Fellows

John Delury, visiting professor of political science at John Cabot University in Rome

An American historian of modern China and East Asian affairs, John Delury has authored two books and contributed numerous essays featured in Foreign Affairs, Foreign Policy, New Statesman, and The New York Times. As a Goo Fellow, Delury is developing a longform feature piece examining US-China relations through the lens of the Roman Empire. Delury is hopeful this piece “can enhance mutual understanding between the peoples of China and the United States at a critical moment in their relationship. Written from the vantage point of Rome, it’s an ambitious essay, and I am grateful for the fellowship’s support to make it possible.”

Mengyu Dong, senior editor for China Digital Times

Based in Northern California, journalist Mengyu Dong’s reporting on migrant communities has appeared in the BBC, Radio Free Asia, and Initium Media, among others. As part of the Goo Fellowship, Dong is writing a book chronicling the personal stories behind the latest wave of Chinese migration to the United States via Central America, known within the Chinese community as zouxian, or “the walk route.”

Sylvie Zhuang, China desk reporter for South China Morning Post

A Beijing-based journalist and former research consultant at the World Bank, Sylvie Zhuang reports on Chinese politics and US-China technological rivalry. Through the Goo Fellowship, she will explore how advancements in AI and space exploration impact human society and geopolitical power. Zhuang said she will also be examining tech rivalries “from the perspective of Chinese science fiction, which presents a unique set of philosophies, pointing to the hopes and fears of a shared future.”

“These projects mark an exciting and meaningful continuation of the Fellowship’s mission,” said East-West Center Goo Fellowship Coordinator Devon Grandy. “The selection committee was particularly pleased by the breadth of topics and distinctive approaches offered by this year’s cohort. We’re confident that their stories will resonate with audiences in the United States, China, and beyond.”

“We are very pleased that we were able to award three excellent writing fellowships this year,” said Susan Kreifels, East-West Center Journalism Program Manager. “We believe each unique story will help serve Melvin MS Goo’s legacy of understanding between the people of China and the United States.”

About the Melvin MS Goo Memorial Fund

The Melvin MS Goo Memorial Fund was established through a gift of the Melvin MS Goo Revocable Living Trust to memorialize Mr. Goo’s intent for his legacy gift to enhance understanding between the United States and China. Melvin MS Goo was a veteran journalist who led a 34-year career in the United States and Asia prior to his passing in 2016. Born in Macau and graduating high school in Honolulu, Hawaiʻi, Mr. Goo worked for 18 years as a reporter, editor, and editorial writer at The Honolulu Advertiser. In 1977 he was awarded the prestigious Nieman Fellowship at Harvard University. Mr. Goo continued his career in Asia, rising to Chief News Editor at The Nikkei Weekly and later Editor-in-Chief at Taiwan News.

The East-West Center, established by the US Congress in 1960, promotes better relations and understanding among the people and nations of the United States, Asia, and the Pacific through cooperative research, study, and dialogue. The Center is an independent, public, nonprofit organization with funding from the US government, and additional support provided by individuals, foundations, corporations, and governments in the region. The East-West Center Foundation is a private non-profit organization, established in 1982 to broaden and diversify private support for the Center.

MIL OSI – Submitted News –

April 30, 2025
MIL-OSI China: China’s major nuclear power plant surpasses 1 trillion kWh in grid power generation

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

China’s major nuclear power plant surpasses 1 trillion kWh in grid power generation

SHENZHEN, April 29 — China General Nuclear Power Group (CGN) on Tuesday said that the Daya Bay Nuclear Power Plant has generated over 1 trillion kilowatt-hours of grid power, becoming a key contributor to the country’s clean energy supply.

According to CGN, the cumulative electricity produced by the facility, which comprises six reactors, has prevented the consumption of over 300 million tonnes of standard coal and reduced carbon dioxide emissions by more than 820 million tonnes — equivalent to the environmental benefits of afforesting approximately 2.25 million hectares of land.

Commissioned in 1994 in South China’s Shenzhen, the Daya Bay Nuclear Power Plant was the first large-scale commercial nuclear power plant on the Chinese mainland. Subsequent expansions of the plant brought the site’s total installed capacity to more than 6 gigawatts, making it one of the largest pressurized water reactor clusters globally.

“The plant has operated safely for 31 years. We have implemented nearly 200 technical upgrades and over 50 innovations, significantly enhancing the reactors’ nuclear safety, digitalization and reliability,” said He Liuyi, general manager of Daya Bay Nuclear Power Operations and Management Co., Ltd.

CGN noted that the site is embracing artificial intelligence technologies to accelerate innovation and foster new productivity, integrating AI applications more deeply into nuclear operations.

China’s total nuclear power generation capacity — including units in operation, under construction or officially approved — ranks first in the world, according to the China Energy Research Society.

MIL OSI China News –

April 30, 2025
MIL-OSI USA: Duckworth, Durbin, Colleagues Push Trump Administration to Reconsider Student Visa Revocations

US Senate News:

Source: United States Senator for Illinois Tammy Duckworth
April 28, 2025
[WASHINGTON, D.C.] – U.S. Senator Tammy Duckworth (D-IL) joined U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, along with 35 Senate Democrats in pressing the Trump Administration to reconsider recent decisions to revoke student visas in a letter to Department of Homeland Security (DHS) Secretary Kristi Noem, Secretary of State Marco Rubio and Immigration and Customs Enforcement (ICE) Acting Director Todd Lyons.
The Senators began by urging the Administration to undo unlawful student visa revocations, citing a recent reversal of some terminations, writing: “We recently learned that your agencies have been revoking student visas and terminating Student Exchange and Visitor Information System (SEVIS) records across the country. These actions to end student status reflected an unannounced change in policy and were inconsistent with existing laws, regulations, policies, and agency guidance governing the maintenance and termination of student status—that is why we welcomed the news late last week that in response to litigation around the country, ICE has reversed these SEVIS terminations. We now urge you to undo other actions to end student status that are inconsistent with such laws, regulations, and agency guidance and ensure that all future actions to end student status fully comply with the law.”
The Senators continued by highlighting the lack of reasoning provided in many of these visa revocations, writing: “[S]tudents across the country—who by all accounts appear to have followed all of the applicable laws and agency guidance—have reported visa revocations with no clear explanation as to the basis to terminate status. SEVP has completed at least 4,736 total terminations of student visa holders’ SEVIS records. By DHS’s own admission, the statute and regulations do not provide SEVP the authority to terminate nonimmigrant status by terminating a SEVIS record. Your decision to reverse such terminations is therefore prudent and required by law.”
The Senators then outlined the Trump Administration’s apparent violation of federal law in revoking these visas, writing: “Current laws, regulations, and agency guidance also require notice to be provided when a student’s status is being terminated or revoked. Here, it is not clear that students were provided the notice required by law. Many students were notified by universities that they have lost their student status when their SEVIS records have been terminated, without being provided any information about potential reinstatement. Some students received emails that their visas were revoked and were directed to self-deport, with no clear information as to the basis for their revocation or means by which they can appeal the revocation. Some students only learned about losing status when arrested by masked federal agents. These reports suggest that students were not given notice of the termination of their status in a manner consistent with existing laws, regulations, and agency guidance.”
The Senators conclude with an appeal to the Administration to reconsider these visa revocations and warning to adhere to federal law, before making a series of immigration requests, writing: “Students who have entered through our legal immigration system and followed the law remain unsure of what, if any, steps they may take to maintain their status and safeguard themselves from immigration enforcement. While we are relieved that ICE has reversed these SEVIS terminations, we now urge you to undo other actions to end student status that are inconsistent with such laws, regulations, and agency guidance. Finally, we understand that you are contemplating additional actions to end student status. Any such changes must be consistent with applicable statutes, including requirements for notice with respect to changes that would deprive a student of their status and ability to live and study in the United States and place them at risk of detention.”
In addition to Duckworth and Durbin, the letter is co-signed by U.S. Senators Tammy Baldwin (D-WI), Michael Bennett (D-CO), Richard Blumenthal (D-CT), Lisa Blunt Rochester (D-DE), Cory Booker (D-NJ), Chris Coons (D-DE), Catherine Cortez Masto (D-NV), Ruben Gallego (D-AZ), Maggie Hassan (D-NH), Martin Heinrich (D-NM), Mazie Hirono (D-HI), Tim Kaine (D-VA), Mark Kelly (D-AZ), Andy Kim (D-NJ), Amy Klobuchar (D-MN), Ben Ray Luján (D-NM), Jeff Merkley (D-OR), Patty Murray (D-WA), Jon Ossoff (D-GA), Alex Padilla (D-CA), Jack Reed (D-RI), Jacky Rosen (D-NV), Bernie Sanders (I-VT), Brian Schatz (D-HI), Adam Schiff (D-CA), Jeanne Shaheen (D-NH), Tina Smith (D-MN), Chris Van Hollen (D-MD), Mark Warner (D-VA), Raphael Warnock (D-GA), Elizabeth Warren (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI) and Ron Wyden (D-OR).
A full copy of the letter is available below and on Senator Duckworth’s website.
Dear Secretary Noem, Secretary Rubio, and Acting Director Lyons:
We recently learned that your agencies have been revoking student visas and terminating Student Exchange and Visitor Information System (SEVIS) records across the country. These actions to end student status reflected an unannounced change in policy and were inconsistent with existing laws, regulations, policies, and agency guidance governing the maintenance and termination of student status—that is why we welcomed the news late last week that in response to litigation around the country, ICE has reversed these SEVIS terminations. We now urge you to undo other actions to end student status that are inconsistent with such laws, regulations, and agency guidance and ensure that all future actions to end student status fully comply with the law.
Foreign students must navigate a complicated mix of agencies to maintain their status. Under current regulations and policy, students who enter into the United States on an F-1 student visa or J-1 exchange visitor visa are admitted to the United States for “duration of status.” This essentially means that F-1 and J-1 visa holders may be in good standing as long as they comply with the terms and conditions of their status, even if their visa has expired. Students who enter on an M-1 visa for vocational education are admitted for a fixed time period to complete their course of study. The Office of Student Exchange and Visitor Programs (SEVP), within the Department of Homeland Security (DHS) Immigration and Customs Enforcement (ICE), works with universities and program administrators to determine whether F-1 and M-1 students are meeting requirements for their visas and terminate SEVIS records as appropriate under SEVP regulations. The Department of State (DOS) Bureau of Educational and Cultural Affairs administers the J-1 exchange visitor visa, but their records are maintained by SEVIS. Existing regulations and agency guidance inform students and other visa holders of how they might lose their student status, including that they cannot be convicted of serious crimes, cannot work unless authorized by DHS, and must be completing the education or program related to their visa. However, students across the country—who by all accounts appear to have followed all of the applicable laws and agency guidance—have reported visa revocations with no clear explanation as to the basis to terminate status. SEVP has completed at least 4,736 total terminations of student visa holders’ SEVIS records. By DHS’s own admission, the statute and regulations do not provide SEVP the authority to terminate nonimmigrant status by terminating a SEVIS record. Your decision to reverse such terminations is therefore prudent and required by law.
Current laws, regulations, and agency guidance also require notice to be provided when a student’s status is being terminated or revoked. Here, it is not clear that students were provided the notice required by law. Many students were notified by universities that they have lost their student status when their SEVIS records have been terminated, without being provided any information about potential reinstatement. Some students received emails that their visas were revoked and were directed to self-deport, with no clear information as to the basis for their revocation or means by which they can appeal the revocation. Some students only learned about losing status when arrested by masked federal agents. These reports suggest that students were not given notice of the termination of their status in a manner consistent with existing laws, regulations, and agency guidance.
Once a student’s visa is revoked, although their status is not automatically terminated, removal proceedings may be initiated against them, allowing them to be detained at the discretion of DHS. Similarly, when a student’s SEVIS record is terminated, the student is no longer in an authorized period of stay in the United States, and students and their universities cannot regularly maintain student records in SEVIS, as is required to maintain student status. In addition, upon SEVIS record termination, the student must depart the United States or take other action to restore legal status, and DHS “may investigate to confirm the departure of the student.”
Students who have entered through our legal immigration system and followed the law remain unsure of what, if any, steps they may take to maintain their status and safeguard themselves from immigration enforcement. While we are relieved that ICE has reversed these SEVIS terminations, we now urge you to undo other actions to end student status that are inconsistent with such laws, regulations, and agency guidance. Finally, we understand that you are contemplating additional actions to end student status. Any such changes must be consistent with applicable statutes, including requirements for notice with respect to changes that would deprive a student of their status and ability to live and study in the United States and place them at risk of detention.
We also request information to better understand how your departments are implementing any new, unannounced policies with respect to identifying students for status revocation. Please provide the following information by May 12, 2025:
Any guidance issued by DOS and/or DHS governing the revocations of nonimmigrant visas, issued from January 20, 2025 to date.
Any guidance issued by DOS and/or DHS governing how nonimmigrants are to be notified of visa revocations, issued from January 20, 2025 to date.
Any guidance issued by DOS and/or DHS governing the terminations of SEVIS records, issued from January 20, 2025 to April 25, 2025.
Any guidance issued by DOS and/or DHS governing how student visa holders are to be notified of SEVIS terminations, issued from January 20, 2025 to April 25, 2025.
Any guidance issued by DOS, DHS, and/or the Department of Justice governing the initiation of removal proceedings or immigration enforcement against student visa holders and other nonimmigrants, issued from January 20, 2025 to date.
Any guidance issued by DOS and/or DHS regarding the use of artificial intelligence to search national databases, criminal records, and social media to identify nonimmigrants for visa revocation or to otherwise end status, issued from January 20, 2025 to date.
The total number of student visas (F-1, M-1, or J-1 visas) that have been revoked since January 20, 2025 to date, disaggregated by:
Student’s country of origin;
Consulate or embassy that issued the visa;
Visa category/Optional Practical Training (OPT);
Date of revocation:
University of study;
Type of degree or field of study;
Notice provided;
Legal basis for revocation;
Any grace period to allow students to make travel or other arrangements, and
Whether the student’s SEVIS record was also terminated.
The total number of SEVIS record terminations that have been issued since January 20, 2025, to April 25, 2025, disaggregated by—
Student’s country of origin;
Visa category/Optional Practical Training (OPT);
Date of revocation:
University of study;
Type of degree or field of study;
Whether the termination was initiated by the university or by DHS, etc.
Basis for termination;
Notice provided;
Any grace period to allow students to make travel or other arrangements, and
Whether the student’s visa was revoked.
The number of student visa holders on F-1, M-1, J-1 nonimmigrant status issued Form I862, Notice to Appear, initiating removal proceedings.
Thank you for your prompt attention to this critical matter.
Sincerely,
-30-

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: Tuberville Advocates for More Oversight at the VA

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)

WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) participated in a Senate Veterans’ Affairs Committee (SVAC) hearing. During his remarks, Senator Tuberville advocated for alternative treatments for veterans who are suffering from PTSD, including Hyperbaric Oxygen Therapy. Senator Tuberville also called for more oversight of the Staff Sergeant Parker Gordon Fox Suicide Prevention Grant Program disbursed through the Department of Veterans Affairs (VA) to ensure our veterans are receiving the best care possible.

The hearing featured several witnesses, including Jim Lorraine, President and CEO of America’s Warrior Partnership.

Read excerpts below or watch the full clip on YouTube or Rumble.

TUBERVILLE: “Good morning, everybody. Thanks for being here, and thanks for those of you that have served this great country. Thanks for your service. Since I’ve been on this committee now going on five years, we have not improved prevention of [veterans’] suicide. As a matter of fact, in a lot of areas it has gotten worse. I know in my state of Alabama, you know, you can throw all the money at it you want. But at the end of the day, it’s about attitude, it’s about the people that work in these hospitals and these care units that show care and humility for the veteran. I’ve had friends that have committed suicide. I’ve had friends that have almost committed suicide. It’s a sad state of affairs. But again, I think it’s more about people. We have to have people that’s gonna do the right thing. Veterans—there’s no area that we need to concentrate more in our country—other than, obviously, our economy and [other important] things that are going on—but the care of people that have put their life on the line for our country. Mr. Lorraine, [you have the] opportunity for oversight on these grants. Do we have enough oversight in your eyes for the grants that we’re putting out?” […]

LORRAINE: “Thank you, Senator. I think if there is oversight, it’s not transparent. We do participate—America’s Warrior Partnership participates in all the meetings that the VA holds. We provide our reports. We just don’t know how we rack up against others, and we don’t understand where we are, you know, how we can improve what we’re doing. So, if the outcome of oversight is to change the process and improve the process, we’re seeing it a little bit. The technology system that the VA was using previously has improved greatly. But I would say it’s not exceeding expectations.” […]

TUBERVILLE: “How can this VA and this administration stop the bad actors from taking these grants away from people [who] actually need these grants?”

LORRAINE: “Well, sir, you know, there is an example of a grantee in the Northeast who was prosecuted for $50,000, taking $50,000 from the grant. I think that type of oversight is needed. We just went through our audit. We did very well with it. But I think more audits—I hate to say that—but, I mean, I think more audits for organizations with clear guidelines that don’t just look at ‘how many hours are you spending doing the work,’ but ‘what are the outcomes of the work that you’re doing?’”

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

MIL OSI USA News –

April 30, 2025
MIL-OSI China: Chinese official calls for enhancing Shanghai’s role as international financial center

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

Chinese official calls for enhancing Shanghai’s role as international financial center

SHANGHAI, April 29 — Senior Chinese official He Lifeng on Tuesday called for the comprehensive enhancement of Shanghai’s capabilities as an international financial center.

He, a member of the Political Bureau of the Communist Party of China Central Committee and director of the office of the Central Financial Commission, made the remarks while attending a symposium on supporting Shanghai to build itself up as an international financial center.

He emphasized that the city’s functions as a gateway to and hub of financial opening-up should be strengthened continuously under the premise of ensuring financial security, and its status as both a global allocation center for RMB assets and a risk management center should be enhanced.

Shanghai Municipality should assume its primary responsibility, He said, adding that financial regulatory authorities and financial institutions — especially those in Shanghai — should enhance coordination and cooperation.

MIL OSI China News –

April 30, 2025
MIL-OSI China: Chinese vice premier calls for integrated development of real, digital economies

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

Chinese Vice Premier Zhang Guoqing, also a member of the Political Bureau of the Communist Party of China Central Committee, addresses the opening ceremony of the eighth Digital China Summit in Fuzhou, southeast China’s Fujian Province, April 29, 2025. [Photo/Xinhua]

FUZHOU, April 29 — Chinese Vice Premier Zhang Guoqing has called for efforts to promote digital technology innovation and application and drive the deep integration of the real and digital economies.

Zhang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the call while attending the opening ceremony of the eighth Digital China Summit in Fuzhou, east China’s Fujian Province, and during an inspection tour in the province on Monday and Tuesday.

The construction of a digital China is an important engine for the advancement of Chinese modernization, Zhang said. He called for enhancing the capacity for independent innovation in the field of digital transformation and strengthening key digital technology research and application.

Efforts should be made to advance the country’s “AI plus” initiative and expand the space for industrial upgrading and economic growth continuously, Zhang said.

During his stay in Fujian, Zhang also visited consumer electronics enterprises, encouraging them to explore diversified markets through technological, product and services innovation.

MIL OSI China News –

April 30, 2025
MIL-OSI USA: ‘It is High Time we Stopped Thinking Politically as Republicans and Democrats,’ King says as he Invokes Former Maine Senator Margaret Chase Smith

US Senate News:

Source: United States Senator for Maine Angus King
To watch the floor speech, click here
The full transcript of the speech can be found here
WASHINGTON, D.C. –U.S. Senator Angus King today spoke on the Senate floor to commemorate the 75th anniversary of former U.S. Senator Margaret Chase Smith’s (R-ME) ‘Declaration of Conscience’ speech. The speech, delivered on June 1, 1950, would be the defining moment in which a Republican stood up to her own party in defense of American democracy.
More specifically, King called on his colleagues in both parties to remember her legacy and “…stop thinking politically as Republicans and Democrats about elections and start thinking patriotically as Americans about national security based on individual freedom. It is high time that we all stopped being tools and victims of totalitarian techniques – techniques that, if continued here unchecked, will surely end what we have come to cherish as the American way of life.”
Early in the speech, King highlighted the importance of Constitutional boundaries.
King began, “And again, this is not about observing the boundaries prescribed by the Constitution just to check the appropriate boxes; this is about observing those boundaries to protect ourselves from the abuse that inevitably—inevitably—flows from the unbridled concentration of power. To those who like the policies of the President and are therefore willing to ignore the unconstitutional means of effectuating them, I (and history) can only say, watch out: Today, the target may be the undocumented or federal workers, but tomorrow (perhaps under a different King-President), it could be you.”
King then reminded his colleagues and the American people that the President’s unorthodox maneuvers are against the law.
“Echoing Senator Smith, today’s crisis should not be viewed as a partisan issue; this is not about Democrats or Republicans, or immigration or tax policy, or even the next set of elections; today’s crisis threatens the idea of America and the system of government that has sustained us for more than two centuries,” King said later in the speech. “Again, this is not about the President’s agenda (and yes, I disagree with most of it), it’s about the manner in which he is pursuing it—which includes ignoring the Constitution and the rule of law—and it’s this roughshod non-process that endangers all of us, his detractors and supporters alike.”
King concluded the speech by alluding to Smith as his inspiration for standing up to power, even when the moment may be difficult to face.
“So, with thanks to Margaret Chase Smith for her example and inspiration, this is my ‘Declaration of Conscience.’ I don’t relish this moment, but feel I have no choice but call out the clear implications—and dangers—of what is happening; to do otherwise, to keep silent, would be to compromise what I have believed about our country since my first civics class in high school and, at about the same time, when I watched my dad risk his career to fight for justice and the rule of law. And so, here I stand,” King concluded.
Senator King has been consistently sounding the alarm on President Donald Trump’s existential threat to the Constitution. He previously gave a speech on the Senate floor sharing that this administration is doing ‘exactly what the Framers [of the Constitution] most feared” and a speech where he shared his growing concerns over the Trump Administration’s usurpation of Congressional authority. Senator King also previously declared that the proposal to halt all federal grant and loan disbursement was illegal and a direct assault on the Constitution. More recently, he joined 36 Senators in a letter to Secretary of State Marco Rubio, sharing the detrimental effects of the Trump Administration’s dismantling of the U.S. Agency for International Development (USAID). He also joined fellow Senate Select Committee on Intelligence (SSCI) colleagues in writing a letter to the White House about the risks to national security by allowing unvetted Department of Government Efficiency (DOGE) staff and representatives to access classified and sensitive government materials.

MIL OSI USA News –

April 30, 2025
MIL-OSI United Kingdom: Investors and local authorities gear up as AI Growth Zone delivery gathers speed
Source: United Kingdom – Executive Government & Departments

Press release

Investors and local authorities gear up as AI Growth Zone delivery gathers speed

Investors and local authorities mobilise as the government kickstarts the next phase for rolling out AI Growth Zones.
Investors and Local Authorities mobilise for AI Growth Zones.

Hotbeds of AI development – with the first based in Culham – to unlock fresh investment and new jobs as the government delivers on its Plan for Change.

After more than 200 initial expressions of interest from every corner of the UK, the formal qualifying process begins.

Thousands of high-skilled jobs and billions of pounds in fresh investment – the cornerstone of this government’s Plan for Change – are up for grabs, with preparations now in full swing to announce the first hosts of flagship AI Growth Zones this summer.

Investors and local authorities will descend on TechUK in London today (30th April) as the government kickstarts its formal qualifying process – giving them the opportunity to discuss their proposals and learn more about the vision for AI Growth Zones with AI Minister Feryal Clark and the Prime Minister’s AI Adviser Matt Clifford.

The initial Expressions of Interest (EOI) which opened earlier this year saw more than 200 responses – demonstrating the appetite from all parts of the country to take on a leading role in the UK’s AI-powered future.

AI Growth Zones will revitalize local communities by attracting billions in private investment – sparking fresh jobs at the cutting edge of AI while also securing Britain’s position as a global leader in the technology. This will give regions across the country the opportunity to play a leading role in delivering the government’s Plan for Change.

Streamlined planning approvals mean communities will be able to get spades in the ground quicker than ever before – fast-tracking the rollout of critical infrastructure from data centres to high-capacity energy connections.

Potential sites identified across the country through the EOI process include former industrial areas with land and infrastructure ready for redevelopment.

Proposals should demonstrate access to large existing power connections of at least 500MW – enough energy to power 2 million homes – or set out a clear plan for how they will get there. The qualifying process will also examine other criteria, including site readiness, and local impact.

Minister for AI Feryal Clark said:

Just like coal and steam powered our past, AI is powering the future. Our AI Growth Zones will transform areas across the UK into engines of growth and opportunity – unlocking new jobs and revitalising communities across the UK.

This is our Plan for Change in action, ensuring the benefits of AI are felt in every region and securing the UK’s place as a world leader in this vital technology.

The Prime Minister’s AI Adviser Matt Clifford said:

The UK has an extraordinary opportunity in AI, but speed is everything. Today’s launch sends a clear signal to investors and local communities that we’ve already moved into high gear.

I’m looking forward to discussing these proposals in more detail today as we continue to work alongside investors and local authorities to deliver a once-in-a-generation opportunity.

To mark the launch, Minister Clark and Matt Clifford are leading a series of engagements today with leading investors and MPs to outline the government’s vision, bid timelines, and qualifying criteria.

The first additional sites will then be announced this summer with an ambition to start getting building work underway by the end of 2025.

DSIT media enquiries

Email press@dsit.gov.uk

Monday to Friday, 8:30am to 6pm 020 7215 3000

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Published 30 April 2025
MIL OSI United Kingdom –
April 30, 2025
MIL-OSI USA: 04.29.2025 WTAS: Bipartisan, Bicameral TAKE IT DOWN Act to Criminalize the Spread of Deepfake Revenge Porn Heads to President Trump’s Desk

US Senate News:

Source: United States Senator for Texas Ted Cruz

Washington, D.C. – Yesterday, the bipartisan, bicameral TAKE IT DOWN Act, introduced in the Senate by Commerce Committee Chairman Ted Cruz (R-Texas) and co-led by Sen. Amy Klobuchar (D-Minn.), passed the U.S. House of Representatives by a vote of 409-2 and heads to President Trump’s desk. The legislation unanimously passed the Senate in February.
The TAKE IT DOWN Act criminalizes the publication of non-consensual intimate imagery (NCII), including AI-generated NCII (or “deepfake revenge pornography”), and requires social media and similar websites to implement procedures to remove such content within 48 hours of notice from a victim.
The House companion was introduced by Reps. Maria Elvira Salazar (R-Fla.) and Madeleine Dean (D-Pa.).
Here is what they are saying about the TAKE IT DOWN Act:

TIME: Inside the First Major U.S. Bill Tackling AI Harms—and Deepfake Abuse
“In January, however, Cruz was promoted to become the chair of the Senate Commerce Committee, giving him a major position of power to set agendas. His office rallied the support for Take it Down from a slew of different public interest groups. They also helped persuade tech companies to support the bill, which worked: Snapchat and Meta got behind it.
“‘Cruz put an unbelievable amount of muscle into this bill,’ says Sunny Gandhi, vice president of political affairs at Encode, an AI-focused advocacy group that supported the bill. ‘They spent a lot of effort wrangling a lot of the companies to make sure that they wouldn’t be opposed, and getting leadership interested.’”

THE DALLAS MORNING NEWS: House passes Ted Cruz bill cracking down on deepfake nudes
“U.S. Sen. Ted Cruz’s bill targeting the publication of nonconsensual deepfake pornography will soon be federal law.
“The House voted 409-2 Monday to approve the bill, which already passed the Senate, sending it to President Donald Trump’s desk.
“Elliston was 14 years old in October 2023 when a classmate used an artificial intelligence program to turn innocent photos of her and her friends into realistic-looking nudes and distributed the images on social media.
“They were only removed after they shared the story with Cruz and he pushed for action.
“First lady Melania Trump participated in an event highlighting the issue and Elliston sat with her as a guest for the president’s joint address to Congress.
“Trump gave Elliston a shout-out during the speech, saying he looked forward to signing Cruz’s proposal into law after the House passed it.”

USA TODAY: With rare bipartisan support, Congress passes bill to outlaw deepfake pornography
“A bill to criminalize AI-generated explicit images, or ‘deepfakes,’ is headed to President Donald Trump’s desk after sailing through both chambers of Congress with near-unanimous approval.
“The Take It Down Act has enjoyed uncommon bipartisan support, along with a key endorsement from the first lady.
“The newly-passed bill will require technology platforms to remove reported “non-consensual, sexually exploitative images” within 48 hours of receiving a valid request. Sens. Ted Cruz, R-Texas, and Amy Klobuchar, D-Minnesota, introduced the legislation in August.”

The New York Times: House Passes Bill to Ban Sharing of Revenge Porn, Sending It to Trump
“The legislation, introduced by Senators Ted Cruz, Republican of Texas, and Amy Klobuchar, Democrat of Minnesota, is the first internet content law to clear Congress since 2018, when lawmakers approved legislation to fight online sex trafficking. And though it focuses on revenge porn and deepfakes, the bill is seen as an important step toward regulating internet companies that have for decades escaped government scrutiny.”

CBS NEWS: House passes “Take it Down Act,” sending revenge porn bill backed by Melania Trump to president’s desk
“‘If you’re a victim of revenge porn or AI-generated explicit imagery, your life changes forever,’ Sen. Ted Cruz, a Texas Republican, said at a March 3 roundtable promoting the bill.
“Cruz, who introduced the bill, recalled the experience of a teenage victim, Elliston Berry, whose classmate used an app to create explicit images of her and then sent them to her classmates. Berry’s mother had tried unsuccessfully to get Snapchat to remove the images for months before she contacted Cruz’s office for help.
“‘It should not take a sitting senator or sitting member of Congress picking up the phone to get a picture down or video down,’ Cruz said.”

CNN: House passes bill aimed at protecting victims of deepfake and revenge porn
“Republican Sen. Ted Cruz of Texas introduced the bill, and a bipartisan group of lawmakers, including Democratic Sen. Amy Klobuchar of Minnesota and Rep. Madeleine Dean of Pennsylvania, have supported the effort.
“According to Cruz’s office, the bill ‘would criminalize the publication of non-consensual intimate imagery (NCII), including AI-generated NCII (or ‘deepfake pornography’), and require social media and similar websites to have in place procedures to remove such content upon notification from a victim.’”

THE HILL: Bill criminalizing deepfake revenge porn passes House, heads to Trump’s desk
“Cruz celebrated the bill’s passage on Monday, calling it a ‘historic win in the fight to protect victims of revenge porn and deepfake abuse.’
“‘By requiring social media companies to take down this abusive content quickly, we are sparing victims from repeated trauma and holding predators accountable,’ he wrote in a statement.”
More than 120 organizations representing victim advocacy groups, law enforcement, and tech industry leaders have voiced their support for the legislation, including Meta, Snap, Google, Microsoft, TikTok, X, Amazon, Bumble, Match Group, Entertainment Software Association, IBM, TechNet, the U.S. Chamber of Commerce, Internet Works, the Fraternal Order of Police, the National Center for Missing and Exploited Children (NCMEC), RAINN (Rape, Abuse, & Incest National Network), and the National Center on Sexual Exploitation (NCOSE).
In March, Sen. Cruz and Rep. Salazar hosted a bipartisan roundtable with First Lady Melania Trump to hear from victims of revenge and deepfake pornography and urge the House to pass the bipartisan TAKE IT DOWN Act. During his State of the Union address, President Trump emphasized the bill’s importance and said, “I look forward to signing it into law.”
Other notable endorsements came from the bipartisan Problem Solvers Caucus, a group of House lawmakers evenly split between Republicans and Democrats, and Paris Hilton, who called the bill “a crucial step toward ending non-consensual image sharing online.”
During the 118th Congress, the bill unanimously passed the Senate Commerce Committee and the full Senate.
BACKGROUND:
While nearly every state has a law protecting people from non-consensual intimate imagery (NCII), including 30 states with laws explicitly covering sexual deepfakes, these state laws vary in classification of crime and penalty and have uneven criminal prosecution. Further, victims struggle to have images depicting them removed from websites, increasing the likelihood the images are continuously spread and victims are retraumatized.
In 2022, Congress passed legislation creating a civil cause of action for victims to sue individuals responsible for publishing NCII. However, bringing a civil action can be incredibly impractical. It is time-consuming, expensive, and may force victims to relive trauma. Further exacerbating the problem, it is not always clear who is responsible for publishing the NCII.
The TAKE IT DOWN Act would protect and empower victims of real and deepfake NCII while respecting speech by:

Criminalizing the publication of NCII in interstate commerce. The bill makes it unlawful for a person to knowingly publish NCII on social media and other online platforms. NCII is defined to include realistic, computer-generated pornographic images and videos that depict identifiable, real people. The bill also clarifies that a victim consenting to the creation of an authentic image does not mean that the victim has consented to its publication.
Protecting good faith efforts to assist victims. The bill permits the good faith disclosure of NCII, such as to law enforcement.
Requiring websites to take down NCII upon notice from the victim. Social media and other websites would be required to have in place procedures to remove NCII, pursuant to a valid request from a victim, within 48 hours. Websites must also make reasonable efforts to remove copies of the images. The Federal Trade Commission is charged with enforcement of this section.
Protecting lawful speech. The bill is narrowly tailored to criminalize knowingly publishing NCII without chilling lawful speech. The bill conforms to current First Amendment jurisprudence by requiring that computer-generated NCII meet a “reasonable person” test for appearing indistinguishable from an authentic image.

To read the bill text, click HERE.

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: SPC Severe Thunderstorm Watch 193

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.
SEL3

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 193
NWS Storm Prediction Center Norman OK
525 PM CDT Tue Apr 29 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
South-central and Eastern Kentucky

* Effective this Tuesday afternoon from 525 PM until Midnight
CDT.

* Primary threats include…
Scattered damaging wind gusts to 70 mph possible
Isolated large hail events to 1.5 inches in diameter possible

SUMMARY…Clusters of storms will progress eastward across the
region this evening with isolated wind damage as the main severe
risk.

The severe thunderstorm watch area is approximately along and 50
statute miles north and south of a line from 25 miles northwest of
Bowling Green KY to 40 miles south of Huntington WV. For a complete
depiction of the watch see the associated watch outline update
(WOUS64 KWNS WOU3).

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.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 189…WW 190…WW
191…WW 192…

AVIATION…A few severe thunderstorms with hail surface and aloft to
1.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
26025.

…Guyer

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW3
WW 193 SEVERE TSTM KY 292225Z – 300500Z
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MIL OSI USA News –

April 30, 2025
MIL-OSI Security: European Judicial Cybercrime Network holds 18th plenary meeting to combat growing cyber threats

Source: Eurojust

Technological advancements create new opportunities for criminals to exploit the internet’s speed, convenience, and anonymity. The resulting cyber threats know no borders, causing harm and posing real threats to victims worldwide. National authorities are taking measures to combat this growing threat, but often face challenges in keeping pace with the rapidly changing technical environment.

Prosecutors and judges across the EU are grappling with new legal problems and grey areas, such as cooperating with service providers that hold crucial electronic evidence, seizing cryptocurrencies under the control of crypto assets service providers or addressing the complex phenomena of cyber-enabled terrorism. The EJCN’s 18th Plenary Meeting addressed these challenges head-on, featuring discussions on key topics such as artificial intelligence, crypto assets, the E-evidence Package and terrorist networks operating online. The meeting included presentations on case studies, including the criminal use of malicious Large Language Models (LLMs) and the abuse of stablecoins, highlighting the evolving nature of cyber threats.

A restricted session on the second day allowed participants to share updates on national legislations, judgments, and cases. Breakout sessions covered topics such as artificial intelligence, crypto assets, e-evidence and training for the judiciary on cyber-related topics, providing a platform for participants to share experiences and anticipate future challenges. The meeting was an important gathering of experts and stakeholders, offering valuable insights and discussions on the key challenges facing the cybercrime industry, and demonstrating the EJCN’s commitment to supporting its members in their efforts to combat cybercrime.

Established in 2016, the EJCN plays a vital role in fostering cooperation and knowledge-sharing among practitioners specialising in countering cybercrime, with the goal of increasing the efficiency of investigations and prosecutions. With the support of key partner Eurojust, the EJCN works to enhance cooperation between national authorities, addressing the borderless nature of cybercrime and the challenges it poses.

MIL Security OSI –

April 30, 2025

MIL-OSI: Silicon Motion Announces Results for the Period Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

Business Highlights

First quarter of 2025 sales decreased 13% Q/Q and decreased 12% Y/Y
- SSD controller sales: 1Q of 2025 decreased 10% to 15% Q/Q and decreased 20% to 25% Y/Y
- eMMC+UFS controller sales: 1Q of 2025 decreased 15% to 20% Q/Q and decreased 0% to 5% Y/Y
- SSD solutions sales: 1Q of 2025 decreased 20% to 25% Q/Q and decreased 35% to 40% Y/Y
Announced new $50 million share repurchase program

Financial Highlights

	1Q 2025 GAAP	1Q 2025 Non-GAAP*
• Net sales	$166.5 million (-13% Q/Q, -12% Y/Y)	$166.5 million (-13% Q/Q, -12% Y/Y)
• Gross margin	47.1%	47.1%
• Operating margin	5.9%	8.9%
• Earnings per diluted ADS	$0.58	$0.60

* Please see supplemental reconciliations of U.S. Generally Accepted Accounting Principles (“GAAP”) to all non-GAAP financial measures mentioned herein towards the end of this news release.

TAIPEI, Taiwan and MILPITAS, Calif., April 30, 2025 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion,” the “Company” or “we”) today announced its financial results for the quarter ended March 31, 2025. For the first quarter of 2025, net sales (GAAP) decreased sequentially to $166.5 million from $191.2 million in the fourth quarter of 2024. Net income (GAAP) decreased to $19.5 million, or $0.58 per diluted American depositary share (“ADS”) (GAAP), from net income (GAAP) of $21.6 million, or $0.64 per diluted ADS (GAAP), in the fourth quarter of 2024.

For the first quarter of 2025, net income (non-GAAP) decreased to $20.3 million, or $0.60 per diluted ADS (non-GAAP), from net income (non-GAAP) of $29.4 million, or $0.87 per diluted ADS (non-GAAP), in the fourth quarter of 2024.

All financial numbers are in U.S. dollars unless otherwise noted.

First Quarter of 2025 Review

“Despite the challenging macro environment in the first quarter of 2025, we executed our plan and delivered quarterly revenue at the high end of our guided range and delivered another quarter of gross margin expansion,” stated Wallace Kou, President and CEO of Silicon Motion. “Our industry leading PCIe Gen 5 controller experienced stronger than expected demand during the quarter, partially driven by growing AI inference demands from white box server makers leveraging more mainstream hardware components. Our eMMC and UFS controllers also experienced better than expected demand given a rebound in the smartphone market and our ongoing market share gains. While the near-term remains challenging given the broader economic challenges associated with tariffs and potential trade wars, we remain focused on delivering strong, sustainable long-term growth through product diversification; expanding into new markets; and growing market share across our portfolio of consumer, enterprise, automotive, industrial and storage solutions.”

Key Financial Results

($ in millions, except per ADS amounts)	GAAP			Non-GAAP
($ in millions, except per ADS amounts)	1Q 2025	4Q 2024	1Q 2024	1Q 2025	4Q 2024	1Q 2024
Revenue	$166.5	$191.2	$189.3	$166.5	$191.2	$189.3
Gross profit	$78.4	$87.6	$85.1	$78.4	$87.9	$85.2
Percent of revenue	47.1%	45.8%	45.0%	47.1%	46.0%	45.0%
Operating expenses	$68.6	$69.9	$67.2	$63.6	$58.3	$62.5
Operating profit	$9.8	$17.7	$18.0	$14.9	$29.6	$22.6
Percent of revenue	5.9%	9.3%	9.5%	8.9%	15.5%	12.0%
Earnings per diluted ADS	$0.58	$0.64	$0.48	$0.60	$0.87	$0.64

Other Financial Information

($ in millions)	1Q 2025	4Q 2024	1Q 2024
Cash, cash equivalents, and restricted cash—end of period	$331.7	$334.3	$349.3
Routine capital expenditures	$7.0	$7.3	$5.0
Dividend payments	$17.0	$16.8	$16.8
Share repurchases	$24.3	—	—

During the first quarter of 2025, we had $11.7 million of capital expenditures, including $7.0 million for the routine purchases of testing equipment, software, design tools and other items, and $4.7 million for building construction in Hsinchu, Taiwan.

Returning Value to Shareholders

On February 6, 2025, we announced that our Board of Directors had authorized a new program for the Company to repurchase up to $50 million of our ADSs over a six-month period. In the first quarter of 2025, we repurchased $24.3 million of our ADSs at an average price of $56.96 per ADS.

Business Outlook

“We are rapidly expanding our market opportunities as we invest in new products and enter new markets, which we anticipate will drive improved revenue and profitability for many years to come. In 2025, we expect to benefit from the introduction of several new products, including our 8-channel PCIE Gen 5 controller, our 4-channel PCIe Gen 5 controller targeting the mass market that will be introduced in late 2025, our higher-end UFS 4.1 and new low-cost UFS 2.2 controllers that will ramp in the second half of 2025. We introduced our first MonTitan enterprise/AI-class products at the end of 2024, and we expect these to ramp-up production with our first customers in the second half of 2025. Additionally, we continue to expand our automotive product portfolio and our market share across multiple applications. While the near-term environment remains challenging given the macro environment, including the potential impact of tariffs and potential trade wars, we continue to believe we will see a strong rebound in the consumer markets in the second half of 2025, enhanced by our new product introductions, and we continue to target a revenue run rate of $1 billion as we exit the year.”

For the second quarter of 2025, management expects:

($ in millions, except percentages)	GAAP	Non-GAAP Adjustment	Non-GAAP
Revenue	$175 to $183 +5% to 10% Q/Q	—	$175 to $183 +5% to 10% Q/Q
Gross margin	47.0% to 48.0%	Approximately $0.1*	47.0% to 48.0%
Operating margin	6.6% to 9.2%	Approximately $3.1 to $4.1**	8.9% to 10.9%

* Projected gross margin (non-GAAP) excludes $0.1 million of stock-based compensation.
** Projected operating margin (non-GAAP) excludes $3.1million to $4.1 million of stock-based compensation and dispute related expenses.

Conference Call & Webcast:

The Company’s management team will conduct a conference call at 8:00 am Eastern Time on April 30, 2025.

Conference Call Details
Participants must register in advance to join the conference call using the link provided below. Conference access information (including dial-in information and a unique access PIN) will be provided in the email received upon registration.

Participant Online Registration:
https://register-conf.media-server.com/register/BI5c69a4c2d96041b59a2bf8a51cec1881

A webcast of the call will be available on the Company’s website at www.siliconmotion.com.

Discussion of Non-GAAP Financial Measures

To supplement the Company’s unaudited selected financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company discloses certain non-GAAP financial measures that exclude stock-based compensation and other items, including gross profit (non-GAAP), gross margin (non-GAAP), operating expenses (non-GAAP), operating profit (non-GAAP), operating margin (non-GAAP), non-operating income (expense) (non-GAAP), net income (non-GAAP), and earnings per diluted ADS (non-GAAP). These non-GAAP measures are not in accordance with or an alternative to GAAP and may be different from similarly-titled non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with the Company’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measure. We compensate for the limitations of our non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

Our non-GAAP financial measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because they are consistent with the financial models and estimates published by many analysts who follow the Company. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with our forecasts, and for benchmarking our performance externally against our competitors. Also, when evaluating potential acquisitions, we exclude the items described below from our consideration of the target’s performance and valuation. Since we find these measures to be useful, we believe that our investors benefit from seeing the results from management’s perspective in addition to seeing our GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:

the ability to make more meaningful period-to-period comparisons of the Company’s on-going operating results;
the ability to better identify trends in the Company’s underlying business and perform related trend analysis;
a better understanding of how management plans and measures the Company’s underlying business; and
an easier way to compare the Company’s operating results against analyst financial models and operating results of our competitors that supplement their GAAP results with non-GAAP financial measures.

The following are explanations of each of the adjustments that we incorporate into our non-GAAP measures, as well as the reasons for excluding each of these individual items in our reconciliation of these non-GAAP financial measures:

Stock-based compensation expense consists of non-cash charges related to the fair value of restricted stock units awarded to employees. The Company believes that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact of share-based compensation on its operating results.

Restructuring charges relate to the restructuring of our underperforming product lines, principally the write-down of NAND flash, embedded DRAM and SSD inventory valuation and severance payments.

Dispute related expenses consist of legal, consultant, other fees and resolution related to the dispute.

Foreign exchange loss (gain) consists of translation gains and/or losses of non-US$ denominated current assets and current liabilities, as well as certain other balance sheet items, which result from the appreciation or depreciation of non-US$ currencies against the US$. We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures.

Realized/Unrealized loss (gain) on investments relates to the disposal and net change in fair value of long-term investments.

Silicon Motion Technology Corporation Consolidated Statements of Income (in thousands, except percentages and per ADS data, unaudited)

	For Three Months Ended
	Mar. 31,	Dec. 31,	Mar. 31,
	2024	2024	2025
	($)	($)	($)
Net Sales	189,311	191,160	166,492
Cost of sales	104,191	103,560	88,125
Gross profit	85,120	87,600	78,367
Operating expenses
Research & development	54,392	54,156	55,026
Sales & marketing	6,304	7,360	7,115
General & administrative	6,474	8,350	6,460
Operating income	17,950	17,734	9,766
Non-operating income (expense)
Interest income, net	3,066	3,768	2,929
Foreign exchange gain, net	588	1,046	373
Realized/Unrealized gain(loss) on investments	(1,608)	956	3,296
Subtotal	2,046	5,770	6,598
Income before income tax	19,996	23,504	16,364
Income tax expense (benefit)	3,980	1,935	(3,099)
Net income	16,016	21,569	19,463

Earnings per basic ADS	0.48	0.64	0.58
Earnings per diluted ADS	0.48	0.64	0.58

Margin Analysis:
Gross margin	45.0%	45.8%	47.1%
Operating margin	9.5%	9.3%	5.9%
Net margin	8.5%	11.3%	11.7%

Additional Data:
Weighted avg. ADS equivalents	33,508	33,690	33,634
Diluted ADS equivalents	33,701	33,814	33,827

Silicon Motion Technology Corporation Reconciliation of GAAP to Non-GAAP Operating Results (in thousands, except percentages and per ADS data, unaudited)

	For Three Months Ended
	Mar. 31,	Dec. 31,	Mar. 31,
	2024	2024	2025
	($)	($)	($)
Gross profit (GAAP)	85,120	87,600	78,367
*Gross margin (GAAP)*	45.0%	45.8%	47.1%
Stock-based compensation (A)	72	162	73
Restructuring charges	–	164	–
Gross profit (non-GAAP)	85,192	87,926	78,440
*Gross margin (non-GAAP)*	45.0%	46.0%	47.1%

Operating expenses (GAAP)	67,170	69,866	68,601
Stock-based compensation (A)	(3,093)	(9,585)	(4,738)
Dispute related expenses	(1,532)	(1,999)	(277)
Operating expenses (non-GAAP)	62,545	58,282	63,586

Operating profit (GAAP)	17,950	17,734	9,766
*Operating margin (GAAP)*	9.5%	9.3%	5.9%
Total adjustments to operating profit	4,697	11,910	5,088
Operating profit (non-GAAP)	22,647	29,644	14,854
*Operating margin (non-GAAP)*	12.0%	15.5%	8.9%

Non-operating income (expense) (GAAP)	2,046	5,770	6,598
Foreign exchange loss (gain), net	(588)	(1,046)	(373)
Realized/Unrealized loss (gain) on investments	1,608	(956)	(3,296)
Non-operating income (expense) (non-GAAP)	3,066	3,768	2,929

Net income (GAAP)	16,016	21,569	19,463
Total pre-tax impact of non-GAAP adjustments	5,717	9,908	1,419
Income tax impact of non-GAAP adjustments	(147)	(2,049)	(610)
Net income (non-GAAP)	21,586	29,428	20,272

Earnings per diluted ADS (GAAP)	$0.48	$0.64	$0.58
Earnings per diluted ADS (non-GAAP)	$0.64	$0.87	$0.60

Shares used in computing earnings per diluted ADS (GAAP)	33,701	33,814	33,827
Non-GAAP adjustments	26	181	20
Shares used in computing earnings per diluted ADS (non-GAAP)	33,727	33,995	33,847

(A)Excludes stock-based compensation as follows:
Cost of sales	72	162	73
Research & development	2,143	6,670	3,003
Sales & marketing	347	978	862
General & administrative	603	1,937	873

Silicon Motion Technology Corporation Consolidated Balance Sheet (In thousands, unaudited)

	Mar. 31,	Dec. 31,	Mar. 31,
	2024	2024	2025
	($)	($)	($)
Cash and cash equivalents	294,814	276,068	275,140
Accounts receivable (net)	186,154	233,744	206,693
Inventories	253,316	199,229	180,903
Refundable deposits – current	49,610	54,645	53,015
Prepaid expenses and other current assets	17,944	31,187	32,102
Total current assets	801,838	794,873	747,853
Long-term investments	15,489	17,326	20,636
Property and equipment (net)	174,420	188,398	193,603
Other assets	32,529	30,739	29,310
Total assets	1,024,276	1,031,336	991,402

Accounts payable	64,810	17,773	23,048
Income tax payable	10,702	13,107	14,782
Accrued expenses and other current liabilities	135,425	168,624	130,277
Total current liabilities	210,937	199,504	168,107
Other liabilities	59,883	59,548	50,968
Total liabilities	270,820	259,052	219,075
Shareholders’ equity	753,456	772,284	772,327
Total liabilities & shareholders’ equity	1,024,276	1,031,336	991,402

Silicon Motion Technology Corporation Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)

	For Three Months Ended
	Mar. 31,	Dec. 31,	Mar. 31,
	2024	2024	2025
	($)	($)	($)
Net income	16,016	21,569	19,463
Depreciation & amortization	5,608	7,256	7,225
Stock-based compensation	3,165	9,747	4,811
Investment losses (gain) & disposals	1,608	(956)	(3,309)
Changes in operating assets and liabilities	(18,586)	(43,774)	22,082
Net cash provided by (used in) operating activities	7,811	(6,158)	50,272

Purchase of property & equipment	(10,749)	(10,836)	(11,661)
Proceeds from disposal of properties	–	3	13
Purchase of long-term investments	–	(4,173)	–
Disposal of long-term investments	–	4,432	–
Net cash provided by (used in) investing activities	(10,749)	(10,574)	(11,648)

Dividend payments	(16,808)	(16,814)	(16,956)
Share repurchases	–	–	(24,291)
Net cash used in financing activities	(16,808)	(16,814)	(41,247)

Net increase (decrease) in cash, cash equivalents & restricted cash	(19,746)	(33,546)	(2,623)
Effect of foreign exchange changes	35	(717)	37
Cash, cash equivalents & restricted cash—beginning of period	368,990	368,596	334,333
Cash, cash equivalents & restricted cash—end of period	349,279	334,333	331,747

About Silicon Motion:

We are the global leader in supplying NAND flash controllers for solid state storage devices. We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications. We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions. Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs. For further information on Silicon Motion, visit us at www.siliconmotion.com.

Forward-Looking Statements:
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China, including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our board of directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2024. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this news release.

The MIL Network –

April 30, 2025

MIL-OSI: GBank Financial Holdings Inc. Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

LAS VEGAS, April 29, 2025 (GLOBE NEWSWIRE) — GBank Financial Holdings Inc. (the “Company”) (OTCQX: GBFH), the parent company of GBank (the “Bank”), today reported net income for the quarter ended March 31, 2025 of $4.5 million, or $0.31 per diluted share, compared to $5.2 million, or $0.37 per diluted share during the fourth quarter of 2024, and $3.7 million, or $0.29 per diluted share, for the first quarter of 2024.

First Quarter 2025 Financial Highlights (Unaudited)

Net income of $4.5 million and diluted earnings per share of $0.31

Net revenue⁽¹⁾of $17.4 million, an increase of 31.4% compared to the first quarter of 2024

SBA Lending and Commercial Banking loan originations of $133.0 million, compared to $136.6 million for the first quarter of 2024

Gain on sale of loans of $2.5 million on loans sold of $68.7 million, compared to gain on sale of loans of $2.1 million on loans sold of $68.6 million for the first quarter of 2024

Credit card charge transactions of $105.6 million and net interchange fees of $2.0 million, compared to $1.1 million and $20 thousand, respectively, for the first quarter of 2024

Non-interest expenses include legal, professional, and audit fees from registration on Forms S-1 and S-1A, which total approximately $1.1 million to date

Net interest margin of 4.47%

Total deposit growth of $189.0 million, or 23.4% compared to March 31, 2024

Total on-balance sheet guaranteed loans of $245.6 million, compared to $263.5 million as of March 31, 2024

Non-performing assets, excluding guaranteed portions, of $5.7 million, representing 0.48% of total assets

Edward M. Nigro, Executive Chairman, stated, “While quarterly net revenues⁽¹⁾ increased 31% over the first quarter of 2024, our first quarter noninterest income, driven by the increased monetization of Gaming FinTech operations, increased 51% year-over-year with noninterest revenue exceeding $5 million. And in just these last two weeks, GBFH received SEC approval of its S-1 filing and was approved to commence trading on NASDAQ – we have been busy.”

Registration Statement on Form S-1

On April 16, 2025, the Company announced that the U.S. Securities and Exchange Commission declared effective the Company’s Registration Statement on Form S-1 (the “Form S-1”) related to registration and resale of 1,081,081 shares of common stock, currently held by existing stockholders and issued in the Company’s Private Placement Offering (the “Offering”) which closed on October 11, 2024.

The Company is not currently offering or selling new shares of common stock, and there will be no change to the issued and outstanding number of shares of common stock of the Company in connection with the Form S-1. Copies of the prospectus included in the Registration Statement may be obtained from the Company by request or by visiting
https://www.sec.gov/Archives/edgar/data/1791145/000147793225002363/gbfh_s1.htm.

Financial Results

Income Statement

Net interest income totaled $11.9 million for the first quarter of 2025, reflecting an increase of $105 thousand, or 0.9%, compared to $11.8 million for the fourth quarter of 2024, and an increase of $1.1 million, or 10.1%, compared to the first quarter of 2024.

The increase in net interest income from the fourth quarter was driven by a favorable reduction in the cost of deposits, partially offset by lower interest income on loans. The favorable decrease in the cost of deposits of $305 thousand was the result of (i) the redemption of $20 million of certain higher-cost callable brokered deposits during the quarter having a weighted-average interest rate of 4.95%, (ii) rate decreases on interest-bearing deposits resulting from the 50 basis point decrease in the federal funds rate enacted during the fourth quarter 2024 by the Federal Open Market Committee (“FOMC”), and (iii) the non-recurring effect of accelerated recognition of certain premiums on brokered certificates of deposits during the fourth quarter of 2024 totaling $170 thousand. The favorable decrease in the cost of deposits was partially offset by a decrease in interest income on loans of $395 thousand primarily due to the full-quarter impact of the previously mentioned 50 basis point decrease in the federal funds rate on the Bank’s variable rate loan portfolio. Interest income for the first quarter of 2025 reflects the net effect of the reversal of $100 thousand of interest accruals, deferred fees, and deferred costs attributable to $2.8 million of commercial loans placed on nonaccrual status during the first quarter of 2025. Comparatively, the fourth quarter of 2024 reflects the net effect of the reversal of $342 thousand of interest accruals, deferred fees, and deferred costs attributable to $12.4 million of commercial loans placed on nonaccrual status.

The increase in net interest income when compared to the first quarter of 2024 was primarily volume driven, as higher interest income from growth in average loan and interest-bearing cash balances more than offset increases in interest expense resulting from higher average balances of interest-bearing deposits.

Investment securities yield was 4.94% for the first quarter of 2025, compared to 4.74% for the fourth quarter of 2024 and 4.16% for the first quarter of 2024. The increase in investment securities yield when compared to the previous linked quarter and to the same quarter of 2024 was driven by the purchase of $72.9 million of investment securities over the previous twelve months to replace certain lower-yielding U.S. Treasury securities that matured during 2024.

The Company’s net interest margin for the first quarter of 2025 decreased to 4.47%, compared to 4.53% for the fourth quarter of 2024 and 4.85% for the first quarter of 2024. The decrease in net interest margin when compared to the fourth and first quarters of 2024 is reflective of the full-quarter impact of the 50 basis point decrease in the federal funds rate enacted in during the fourth quarter of 2024 by the FOMC on variable rate loans, investment securities, and interest bearing cash balances and interest income reversals relating to loans placed on nonaccrual status during the quarter.

The Company recorded a provision for credit losses on loans of $710 thousand for the first quarter of 2025, a decrease of $627 thousand compared to $1.3 million for the fourth quarter of 2024. No provision for credit losses on loans was recorded during the first quarter of 2024. The provision for credit losses on loans recorded in the first quarter of 2025 reflects quarterly growth in non-guaranteed loans of $24.4 million.

Non-interest income was $5.5 million for the first quarter of 2025, compared to $5.8 million for the fourth quarter of 2024, and $2.4 million for the first quarter of 2024. The $301 thousand decrease in non-interest income when compared to the fourth quarter of 2024 was driven by a $1.5 million decrease in income from gain on sale of loans due to a decrease in average pretax gain on sale margin and lower sales volume quarter-over-quarter. The decrease in gain on sale of loans was partially offset by an increase in credit card net interchange fees of $1.1 million quarter-over-quarter due to increased credit card transaction volume. The $3.1 million increase in non-interest income when compared to the first quarter of 2024 was driven by (i) an increase in credit card net interchange fees of $2.0 million, (ii) a $643 thousand increase in loan servicing income as the first quarter of 2024 reflected the write-off of certain loan servicing assets totaling $401 thousand relating to the repurchase of the guaranteed portion of previously sold SBA loans, and (iii) a $454 thousand increase in income from gain on sale of loans.

Net revenue⁽¹⁾ totaled $17.4 million for the first quarter of 2025, representing a decrease of $196 thousand, or 1.1%, compared to $17.6 million for the fourth quarter of 2024. Net revenue⁽¹⁾ for the first quarter of 2025 increased $4.2 million, or 31.4%, when compared to $13.2 million for the first quarter of 2024.

Non-interest expense was $10.9 million during the first quarter of 2025, compared to $9.7 million for the fourth quarter of 2024 and $8.4 million for the first quarter of 2024. The Company’s efficiency ratio was 62.8%, compared to 55.4% for the fourth quarter of 2024 and 63.4% for the first quarter of 2024. The increase in non-interest expense from the fourth quarter of 2024 is primarily due to an increase of $587 thousand in employee compensation costs attributable to higher commission expenses related to loan production. The increase in non-interest expense also reflects extraordinary legal, professional, and audit fees incurred to date totaling $1.1 million associated with the preparation and filing of the registration statement with the Securities and Exchange Commission on Forms S-1 and S-1/A, approximately $786 thousand of these expenses were incurred during the first quarter of 2025. Additionally, data processing expenses increased $201 thousand when compared to the fourth quarter of 2024 related mainly to higher credit card volume. The increase in non-interest expense from the first quarter of 2024 was driven by a $1.1 million increase in employee compensation costs due to increased staffing levels, as well as a $1.5 million increase in other expenses due to the previously mentioned legal, professional, and audit fees associated with the registration statement filing and increases in data processing, supplies, and other non-interest expenses to support the growth of the organization.

Income tax expense was $1.2 million for each of the quarters ended March 31, 2025 and December 31, 2024, and $1.1 million for the first quarter of 2024. The Company’s effective tax rate was 21.4% for the quarter ended March 31, 2025 compared to 19.1% for the quarter ended December 31, 2024 and 23.1% for the quarter ended March 31, 2024. The fluctuations in the effective tax rate are largely driven by the timing and volume of certain stock-based compensation transactions resulting in tax benefits to the Company, as well as the timing and volume of state tax adjustments.

Net income was $4.5 million for the first quarter of 2025, a decrease of $774 thousand from $5.2 million for the fourth quarter of 2024, and an increase of $769 thousand from $3.7 million for the first quarter of 2024. Diluted earnings per share totaled $0.31 for the first quarter of 2025, compared to $0.37 for the fourth quarter of 2024 and $0.29 for the first quarter of 2024. Earnings per share and other share-based metrics have been impacted by the shares issued in the previously mentioned Offering.

The Company had 175 full-time equivalent employees as of March 31, 2025, compared to 169 full-time equivalent employees as of December 31, 2024, and 150 full-time equivalent employees as of March 31, 2024.

Balance Sheet

Total loans, net of deferred fees and costs were $843.4 million as of March 31, 2025, compared to $816.0 million as of December 31, 2024, and $733.6 million as of March 31, 2024. Loans, net of deferred fees and costs increased $27.4 million during the first quarter of 2025 as increases in commercial real estate loans more than offset decreases in commercial and industrial and residential loans. The increase in loans, net of deferred fees and costs of $109.8 million from March 31, 2024 was primarily driven by increases of $97.7 million in commercial real estate loans. Total guaranteed loans as a percentage of loans⁽¹⁾ were 24.2% as of March 31, 2025, compared to 24.7% as of December 31, 2024, and 29.8% as of March 31, 2024.

The Company’s allowance for credit losses totaled $9.0 million as of March 31, 2025, compared to $9.1 million as of December 31, 2024 and $7.1 million as of March 31, 2024. The allowance for credit losses as a percentage of total loans was 1.07% as of March 31, 2025, compared to 1.12% as of December 31, 2024, and 0.97% as of March 31, 2024. The allowance for loan losses as a percentage of total loans, excluding guaranteed portions⁽¹⁾, was 1.41% as of March 31, 2025, compared to 1.48% as of December 31, 2024, and 1.38% as of March 31, 2024.

Deposits totaled $995.9 million as of March 31, 2025, an increase of $60.9 million from $935.1 million as of December 31, 2024, and an increase of $189.0 million from $806.9 million as of March 31, 2024. By deposit type, the increase from the prior quarter was driven by an increase of $40.7 million in certificates of deposit and a $23.3 million increase in savings and money market accounts. From March 31, 2024, certificates of deposit increased by $83.9 million, and savings and money market accounts increased by $80.5 million. Noninterest-bearing deposits totaled $242.7 million as of March 31, 2025, an increase of $3.0 million from $239.7 million as of December 31, 2024, and an increase of $26.3 million from $216.3 million as of March 31, 2024.

The Company’s ratio of loans to deposits was 84.7% as of March 31, 2025, compared to 87.3% as of December 31, 2024, and 90.9% as of March 31, 2024.

The Company held no short-term borrowings as of March 31, 2025 or December 31, 2024, compared to short term borrowings of $10.0 million as of March 31, 2024. As of March 31, 2025, the Company had approximately $488.3 million in available borrowing capacity from the Federal Reserve Bank, the Federal Home Loan Bank, and through its various Fed Funds lines.

Subordinated notes totaled $26.1 million as of March 31, 2025 and December 31, 2024, compared to $26.0 million as of March 31, 2024.

Stockholders’ equity was $146.6 million as of March 31, 2025, compared to $140.7 million as of December 31, 2024, and $102.6 million as of March 31, 2024. The increase in stockholders’ equity from December 31, 2024 is attributable to increases in retained earnings resulting from net income earned during the quarter. The increase in stockholders’ equity since March 31, 2024 was driven by the previously mentioned Offering, net income earned during the previous twelve months, as well as an increase in capital resulting from the issuance of non-voting common shares related to the Company’s investment in BankCard Services, LLC (“BCS“) during the second quarter of 2024.

The Company’s common equity to tangible assets ratio was 12.3% as of March 31, 2025, compared to 12.5% as of December 31, 2024, and 10.6% as of March 31, 2024. The Bank’s Tier 1 leverage ratio was 14.2% as of March 31, 2025, compared to 12.9% as of December 31, 2024, and 13.0% as of March 31, 2024. The increase in the Bank’s Tier 1 leverage ratio was the result of the downstream of $15.0 million in additional capital from the holding company to the Bank during the first quarter of 2025. The Company’s book value per share was $10.27 as of March 31, 2025, an increase of 4.1% from $9.87 as of December 31, 2024, and an increase of 28.4% from $8.00 as of March 31, 2024. The increase in tangible book value per share from December 31, 2024 is attributable to net income and increases in additional paid in capital resulting from certain stock-based compensation activity during the quarter. The increase since March 31, 2024 is attributable to net income, the Offering, and the increases in capital resulting from the issuance of non-voting common shares related to the Company’s investment in BCS during the second quarter of 2024.

Total assets increased 6.0% to $1.190 billion as of March 31, 2025, from $1.122 billion as of December 31, 2024, and increased 23.5% from $963.4 million as of March 31, 2024. The increase in total assets from December 31, 2024 was primarily driven by increases in loans and interest-bearing deposits with banks. The increase in total assets from March 31, 2024 was primarily driven by increases in loans, interest bearing deposits with banks, and investment securities.

Asset Quality

The provision for credit losses on loans totaled $710 thousand for the first quarter of 2025, compared to $1.3 million for the fourth quarter of 2024. No provision for credit losses on loans was recorded during the first quarter of 2024. Net loan charge-offs in the first quarter of 2025 totaled $828 thousand, or 0.39% of average net loans (annualized), compared to net loan charge-offs of $157 thousand, or 0.07% of average net loans (annualized) in the fourth quarter of 2024 and no net loan charge-offs or recoveries during the first quarter of 2024.

Nonaccrual loans increased $5.1 million during the quarter to $19.2 million as of March 31, 2025, and increased $13.1 million from $6.1 million as of March 31, 2024. Loans past due 90 days and accruing interest totaled $1.2 million as of March 31, 2025, compared to $40 thousand as of December 31, 2024, and $33 thousand as of March 31, 2024. The balance of loans past due 90 days and accruing of $1.2 million at March 31, 2025 was comprised of one commercial real estate loan totaling $1.1 million and certain credit card balances totaling $49 thousand.

The Company held no other real estate owned as of March 31, 2025 or 2024, or December 31, 2024.

Total non-performing assets totaled $20.4 million as of March 31, 2025, an increase of $6.2 million from $14.2 million as of December 31, 2024, and an increase of $14.2 million from $6.1 million as of March 31, 2024. Non-performing assets, excluding guaranteed portions, totaled $5.7 million as of March 31, 2025, an increase of $839 thousand from $4.8 million as of December 31, 2024 and an increase of $4.1 million from $1.6 million as of March 31, 2024.

Loans past due between 30 and 89 days and accruing interest totaled $14.9 million as of March 31, 2025, an increase of $3.0 million from $11.8 million as of December 31, 2024, and an increase of $11.4 million from $3.4 million as of March 31, 2024. The guaranteed portion of loans past due between 30 and 89 days and accruing interest totaled $11.9 million as of March 31, 2025.

The ratio of total non-performing assets to total assets was 1.71% as of March 31, 2025, compared to 1.26% as of December 31, 2024, and 0.64% as of March 31, 2024. The ratio of non-performing assets, excluding guaranteed portions, to total assets⁽¹⁾ was 0.48% as of March 31, 2025, compared to 0.43% as of December 31, 2024, and 0.16% as of March 31, 2024.

Other Financial Highlights

SBA Lending and Commercial Banking

SBA Lending and Commercial Banking loan originations totaled $133.0 million for the first quarter of 2025, compared to $120.0 million for the fourth quarter of 2024 and $136.6 million for the first quarter of 2024. Loan sale volume decreased to $68.7 million during the first quarter of 2025, compared to $98.5 million for the fourth quarter of 2024, and increased slightly from $68.6 million during the first quarter of 2024. Gain on sale of loans decreased 36.5% to $2.5 million, compared to $4.0 million for the fourth quarter of 2024, and increased 21.8% from $2.1 million for the first quarter of 2024. The average pretax gain on sale of loans margin was 3.69% for the first quarter of 2025, compared to 4.06% for the fourth quarter of 2024 and 3.04% for the first quarter of 2024.

Gaming FinTech

GBank’s partner, BCS, has been actively developing its pipeline of Pooled Player and Pooled Consumer Accounts “Powered by PIMS and CIMS”™. BCS is currently onboarding three new programs. BCS is working with two gaming operators as a part of the latest Product Express partnership with MasterCard and i2c announced during the third quarter of 2024. One client is a cash access service provider in the casino industry and the other is a social gaming operator. Both are working to onboard their prepaid issuing program through this partnership. These programs are expected to be active early in the second quarter of 2025. BCS has executed an additional card issuing agreement with a client offering prepaid access services for cashless venues nationwide. This program went live in the first quarter of 2025. Additionally, the BoltBetz slot machine application is now expected to be fully live in the second quarter of 2025.

BCS and GBank now have seventeen active payment and PPA/PCA clients. Currently, BCS and GBank are conducting due diligence for three new clients, with anticipated onboarding in future quarters. Gaming FinTech deposits averaged $37.1 million for the first quarter of 2025, compared to $30.5 million for the fourth quarter of 2024.

The Bank launched its GBank Visa Signature® Card in the second quarter of 2023 for prime and super-prime consumers, offering one percent cash rewards on gaming transactions and two percent cash rewards on all other purchases.

Credit card charge transactions were $105.6 million for the first quarter of 2025, compared to $51.7 million for the fourth quarter of 2024 and $1.1 million for the first quarter of 2024. Credit card balances were $2.3 million as of March 31, 2025, compared to $1.6 million as of December 31, 2024 and $542 thousand as of March 31, 2024. Through March 31, 2025, and since launch, the Bank has processed over $172 million in gaming transactions through its credit card product.

GBank continues to develop and improve its operational credit card systems, including the internal implementation of application landing pages and internal customer service resources. These efforts are a continuation of the Company’s ongoing strategy to ultimately manage all systems directly as opposed to relying on outsourced third parties. Direct control over these critical resources has become more important as we focus are executing on new marketing agreements, create significant additional social media presence, and require related product systems with the ability to perform on a mass scale. Implementation and testing of these initiatives is currently underway with completion anticipated during the third quarter of 2025, which is expected to cause slowing growth in credit card transactions and growth over the short-term.

Non-Voting Equity Investment in BankCard Services, LLC

On June 26, 2024, the Company announced the acquisition of a 32.99% non-voting equity interest in BCS. This acquisition was completed by exchanging 231,508 shares of restricted, non-voting GBFH common stock for 143,371 shares of non-voting BCS common stock. The GBFH non-voting stock must be held by BCS for a minimum of one year and can only be converted into voting shares upon a disposition by BCS, in accordance with applicable Federal Reserve regulations.

Earnings Call

The Company will host its first quarter 2025 earnings call on Wednesday, April 30, 2025, at 10:00 a.m. PST. Interested parties can participate remotely via Internet connectivity. There will be no physical location for attendance.

Interested parties may join online, via the ZOOM app on their smartphones, or by telephone:

ZOOM Conference ID 826 3030 7240
Passcode: 549549

Joining by ZOOM Conference (audio only):

Log in on your computer at
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Joining by Telephone

Dial (408) 638-0968. The conference ID is 826 3030 7240. Passcode: 549549.

Click here to learn more about GBank Financial Holdings Inc.

Notice Regarding Disclosures and Forward-Looking Statements

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (“Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding certain of the Company’s goals and expectations with respect to future events that are subject to various risks and uncertainties, and statements preceded by, followed by, or that include the words “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,” and similar expressions. These statements are based upon the current belief and expectations of the Company’s management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include, but are not limited to: the impact on us or our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from bank failures and any continuation of uncertainty in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; increased competition for deposits and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to continued elevated interest rates or potential reductions in interest rates and a resulting decline in net interest income; the persistence of the inflationary pressures, or the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; effects of declines in housing prices in the United States and our market areas; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; regulatory considerations; our ability to recognize the expected benefits and synergies of our completed acquisitions; the maintenance and development of well-established and valued client relationships and referral source relationships; acquisition or loss of key production personnel; changes in tax laws; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential increased regulatory requirements and costs related to the transition and physical impacts of climate change; and current or future litigation, regulatory examinations or other legal and/or regulatory actions. These forward-looking statements are based on current information and/or management’s good faith belief as to future events. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The forward-looking statements are made as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

GBank Financial Holdings Inc.
9115 West Russell Road, Suite 110
Las Vegas, Nevada 89148
https://www.gbankfinancialholdings.com/

FIRST QUARTER 2025 FINANCIAL RESULTS (UNAUDITED)

Quarter Highlights:
Net Income	Earnings per diluted share	Net revenue⁽¹⁾	Net interest margin	On-balance sheet guaranteed loans	Book value per common share
$4.5 million	$0.31	$17.4 million	4.47%	$245.6 million	$10.27

CEO COMMENTARY:

“Our results reflect a continuation of strong earnings, with Company revenues absorbing elevated one-time costs, including SEC related audit, accounting, and legal expenses, which have now totaled approximately $1.1 million to date,” stated T. Ryan Sullivan, President/CEO

LINKED QUARTER BASIS

QTD YEAR-OVER-YEAR

FINANCIAL HIGHLIGHTS:
Net income of $4.5 million and earnings per diluted share of $0.31, compared to $5.2 million and $0.37, respectively Net interest income of $11.9 million, an increase of 0.9%, or $105 thousand	Net income of $4.5 million and earnings per diluted share of $0.31, compared to $3.7 million and $0.29, respectively Net interest income of $11.9 million, an increase of 10.1%, or $1.1 million
Gain on sale of loans of $2.5 million, a decrease of 36.5%, or $1.5 million	Gain on sale of loans of $2.5 million, an increase of 21.8%, or $454 thousand
Noninterest income of $5.5 million, a decrease of 5.2%, or $301 thousand	Noninterest income of $5.5 million, an increase of 127.2%, or $3.1 million
Net revenue⁽¹⁾ of $17.4 million, a decrease of 1.1%, or $196 thousand	Net revenue⁽¹⁾ of $17.4 million, an increase of 31.4%, or $4.2 million
Noninterest expense of $10.9 million, an increase of 12.2%, or $1.2 million	Noninterest expense of $10.9 million, an increase of 30.2%, or $2.5 million

FINANCIAL POSITION RESULTS:
On-balance sheet guaranteed loans of $245.6 million, an increase of 5.0%, or $11.6 million	On-balance sheet guaranteed loans of $245.6 million, a decrease of 6.8%, or $18.0 million
Total deposits of $996.0 million, an increase of 6.5%, or $60.9 million	Total deposits of $996.0 million, an increase of 23.4%, or $189.0 million
Stockholders’ equity of $146.6 million, an increase of 4.2%, or $5.9 million	Stockholders’ equity of $146.6 million, an increase of 42.9%, or $44.0 million

LOANS AND ASSET QUALITY:
Nonperforming assets (nonaccrual loans, accruing loans past due 90 days or more, and OREO) to total assets of 1.71%, compared to 1.26% Nonperforming assets, excluding guaranteed balances, to total assets of 0.48%, compared to 0.43%	Nonperforming assets (nonaccrual loans, accruing loans past due 90 days or more, and OREO) to total assets of 1.71%, compared to 0.64% Nonperforming assets, excluding guaranteed balances, to total assets of 0.48%, compared to 0.16%
ACL to loans, excluding guaranteed balances, of 1.41%, compared to 1.48%	ACL to loans, excluding guaranteed balances, of 1.41%, compared to 1.38%

KEY PERFORMANCE METRICS:
Net interest margin decreased to 4.47%, compared to 4.53%	Net interest margin decreased to 4.47%, compared to 4.85%
Loan originations of $133.0 million, an increase of 10.9%, or $13.0 million	Loan originations of $133.0 million, a decrease of 2.7%, or $3.6 million
Return on average assets and equity was 1.61% and 12.59%, compared to 1.93% and 15.13%, respectively	Return on average assets and equity was 1.61% and 12.59%, compared to 1.59% and 14.67%, respectively
Book value per share of $10.27, an increase of 4.1% from $9.87	Book value per share of $10.27, an increase of 28.4% from $8.00

GBank Financial Holdings Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

																Linked Quarter					Quarter YOY
																3/31/25 vs. 12/31/24					3/31/25 vs. 3/31/24
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			$ Var			% Var		$ Var			% Var
Assets
Cash and Due From Banks	$	6,701		$	9,262		$	5,798		$	5,409		$	8,334		$	(2,561	)	-27.6	%	$	(1,633	)	-19.6	%
Interest-Bearing Deposits With Other Financial Institutions		140,270			114,860			65,160			82,749			45,844			25,410		22.1	%		94,426		206.0	%
Total Cash and Cash Equivalents		146,971			124,122			70,958			88,158			54,178			22,849		18.4	%		92,793		171.3	%

Investment Securities:
Available For Sale, at Fair Value		71,468			65,609			39,381			2,330			2,588			5,859		8.9	%		68,880		2661.5	%
Held to Maturity, at Amortized Cost		39,903			40,569			46,043			56,520			86,999			(666	)	-1.6	%		(47,096	)	-54.1	%

Loans Held For Sale		41,313			32,649			68,317			40,489			44,901			8,664		26.5	%		(3,588	)	-8.0	%
Loans, Net of Deferred Fees and Costs:
Commercial and Industrial		56,885			64,000			53,490			50,498			46,863			(7,115	)	-11.1	%		10,022		21.4	%
Commercial Real Estate – Non-owner Occupied		672,379			630,551			607,864			583,463			546,408			41,828		6.6	%		125,971		23.1	%
Commercial Real Estate – Owner Occupied		81,768			88,802			86,785			106,595			110,065			(7,034	)	-7.9	%		(28,297	)	-25.7	%
Construction and Land Development		3,201			2,934			2,161			529			386			267		9.1	%		2,815		729.3	%
Multifamily		19,011			17,374			17,398			17,420			17,037			1,637		9.4	%		1,974		11.6	%
Residential		7,619			10,584			12,025			13,443			12,281			(2,965	)	-28.0	%		(4,662	)	-38.0	%
Consumer		2,502			1,713			1,276			909			549			789		46.1	%		1,953		355.7	%
Total Loans, Net of Deferred Fees and Costs		843,365			815,958			780,999			772,857			733,589			27,407		3.4	%		109,776		15.0	%
Less: Allowance for Credit Losses		(8,997	)		(9,114	)		(7,934	)		(7,342	)		(7,088	)		117		-1.3	%		(1,909	)	26.9	%
Total Net Loans		834,368			806,844			773,065			765,515			726,501			27,524		3.4	%		107,867		14.8	%

Loan Servicing Asset		9,231			8,976			8,046			7,698			7,124			255		2.8	%		2,107		29.6	%
Restricted Investment in Bank Stock		4,652			4,652			4,652			4,652			3,222			–		0.0	%		1,430		44.4	%
All Other Assets		42,106			38,943			37,540			43,992			37,937			3,163		8.1	%		4,169		11.0	%
Total Assets	$	1,190,012		$	1,122,364		$	1,048,002		$	1,009,354		$	963,450		$	67,648		6.0	%	$	226,562		23.5	%
Liabilities
Non-Interest Bearing Demand	$	242,650		$	239,672		$	229,875		$	220,438		$	216,307		$	2,978		1.2	%	$	26,343		12.2	%
Interest Bearing Demand		62,035			68,132			65,623			65,120			63,740			(6,097	)	-8.9	%		(1,705	)	-2.7	%
Savings and Money Market		280,056			256,724			244,091			222,115			199,549			23,332		9.1	%		80,507		40.3	%
Certificates of Deposit		411,201			370,552			343,931			332,695			327,326			40,649		11.0	%		83,875		25.6	%
Total Deposits		995,942			935,080			883,520			840,368			806,922			60,862		6.5	%		189,020		23.4	%

Short-Term Borrowings		–			–			–			12,000			10,000			–		0.0	%		(10,000	)	-100.0	%
Subordinated Debt		26,107			26,088			26,070			26,051			26,032			19		0.1	%		75		0.3	%
Operating Lease Liability		6,299			4,839			5,032			5,221			5,409			1,460		30.2	%		890		16.5	%
Other Liabilities		15,048			15,657			16,997			14,769			12,521			(609	)	-3.9	%		2,527		20.2	%
Total Liabilities		1,043,396			981,664			931,619			898,409			860,884			61,732		6.3	%		182,512		21.2	%

Equity
Common Stock		1			1			1			1			1			–		0.0	%		–		0.0	%
Additional Paid-in Capital		78,718			77,571			57,287			56,966			53,322			1,147		1.5	%		25,396		47.6	%
Retained Earnings		68,906			64,437			59,192			54,177			49,501			4,469		6.9	%		19,405		39.2	%
Accumulated Other Comprehensive Loss		(1,009	)		(1,309	)		(97	)		(199	)		(258	)		300		-22.9	%		(751	)	291.1	%
Total Stockholders’ Equity		146,616			140,700			116,383			110,945			102,566			5,916		4.2	%		44,050		42.9	%
Total Liabilities & Stockholders’ Equity	$	1,190,012		$	1,122,364		$	1,048,002		$	1,009,354		$	963,450		$	67,648		6.0	%	$	226,562		23.5	%

Book Value Per Common Share	$	10.27		$	9.87		$	8.91		$	8.49		$	8.00		$	0.40		4.1	%	$	2.27		28.4	%

GBank Financial Holdings Inc.
Condensed Consolidated Income Statements
(Unaudited)

	Three Months Ended
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Interest Income
Loans	$	16,836		$	17,231		$	17,347		$	16,360		$	15,330
Deposits With Other Financial Institutions		1,192			1,099			1,367			1,165			972
Investment Securities		1,281			1,177			924			868			1,014
Other Interest Bearing Balances		100			103			102			96			74
Total Interest Income		19,409			19,610			19,740			18,489			17,390

Interest Expense
Deposits		7,230			7,535			7,194			6,848			6,198
Short-term Borrowings and Subordinated Debt		285			286			287			293			390
Total Interest Expense		7,515			7,821			7,481			7,141			6,588

Net Interest Income		11,894			11,789			12,259			11,348			10,802
Provision for Credit Losses – Loans		(710	)		(1,337	)		(570	)		(283	)		–
Provision for Credit Losses – Unfunded Commitments		(11	)		(13	)		(8	)		(12	)		(20	)
Net Interest Income after Provision for Credit Losses		11,173			10,439			11,681			11,053			10,782

Other Income
Gain on Sales of Loans		2,537			3,998			2,838			3,163			2,083
Loan Servicing Income		703			597			566			534			60
Service Charges and Fees		56			54			48			41			41
Net Interchange Fees		2,003			947			284			146			20
Other Income		164			168			166			282			201
Total Other Income		5,463			5,764			3,902			4,166			2,405

Noninterest Expenses
Salaries and Employee Benefits		6,400			5,813			5,495			5,752			5,290
Occupancy Expenses		392			398			404			417			447
Other Expenses		4,115			3,509			3,156			2,963			2,637
Total Noninterest Expenses		10,907			9,720			9,055			9,132			8,374

Income Before Provision For Income Taxes		5,729			6,483			6,528			6,087			4,813
Provision For Income Taxes		(1,224	)		(1,239	)		(1,513	)		(1,411	)		(1,112	)
Net Income Before Equity Investment Loss		4,505			5,244			5,015			4,676			3,701
Net Loss Attributable to Equity Investment		(35	)		–			–			–			–
Net Income	$	4,470		$	5,244		$	5,015		$	4,676		$	3,701

Earnings Per Share	$	0.31		$	0.37		$	0.38		$	0.36		$	0.29
Earnings Per Share (Diluted)	$	0.31		$	0.37		$	0.38		$	0.36		$	0.29

GBank Financial Holdings Inc.
Average Balances, Rates, and Interest Income and Expense
(Unaudited)

				For the Three Months Ended
				March 31, 2025						December 31, 2024						March 31, 2024
(Dollars in thousands)				Average				Yield/		Average				Yield/		Average				Yield/
				Balance		Interest		Rate⁽²⁾		Balance		Interest		Rate⁽²⁾		Balance		Interest		Rate⁽²⁾
ASSETS:
	Interest Bearing Deposits			$	102,628	$	1,192	4.71	%	$	85,424	$	1,099	5.12	%	$	66,100	$	972	5.91	%
	Investment Securities:
		Taxable			105,222		1,281	4.94	%		98,712		1,177	4.74	%		98,084		1,014	4.16	%
	Loans and Loans Held For Sale				866,690		16,836	7.88	%		846,583		17,231	8.10	%		727,786		15,330	8.47	%
	Restricted Investment in Bank Stock				4,652		100	8.72	%		4,652		103	8.81	%		3,222		74	9.24	%
		Total Earning Assets			1,079,192		19,409	7.29	%		1,035,371		19,610	7.53	%		895,192		17,390	7.81	%

	Cash and Due From Banks				6,216						5,938						5,935
	Other Assets				39,177						38,753						33,602
			Total Assets	$	1,124,585					$	1,080,062					$	934,729

LIABILITIES & SHAREHOLDERS’ EQUITY
	Deposits:
		Interest-bearing Demand		$	65,693	$	355	2.19	%	$	64,453	$	385	2.38	%	$	65,303	$	393	2.42	%
		Money Market and Savings			264,085		2,411	3.70	%		255,068		2,496	3.89	%		186,372		1,759	3.80	%
		Certificates of Deposit			385,704		4,464	4.69	%		359,285		4,654	5.15	%		309,221		4,046	5.26	%
			Total Interest-Bearing Deposits		715,482		7,230	4.10	%		678,806		7,535	4.42	%		560,896		6,198	4.44	%

	Short-Term Borrowings				–		–	0.00	%		2		–	0.00	%		7,583		104	5.52	%
	Subordinated Debt				26,095		285	4.43	%		26,076		286	4.36	%		26,021		286	4.42	%
			Total Interest-Bearing Liabilities		741,577		7,515	4.11	%		704,884		7,821	4.41	%		594,500		6,588	4.46	%

	Noninterest-bearing Deposits				218,874						214,880						220,767
	Other Liabilities				20,139						22,403						18,003
	Shareholders’ Equity				143,995						137,895						101,459
			Total Liabilities & Shareholders’ Equity	$	1,124,585					$	1,080,062					$	934,729

	Net Interest Income					$	11,894					$	11,789					$	10,802

	Total Yield on Earning Assets							7.29	%					7.53	%					7.81	%
	Cost on Interest-Bearing Liabilities							4.11	%					4.41	%					4.46	%
	Average Interest Spread							3.18	%					3.12	%					3.35	%
	Net Interest Margin							4.47	%					4.53	%					4.85	%
	Net Interest Margin (Bank Only)							4.58	%					4.64	%					4.98	%

GBank Financial Holdings Inc.
Additional Financial Information
(Unaudited)

	Three Months Ended
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024

Key Performance Metrics
Return on Average Assets-Net Income ⁽²⁾		1.61	%		1.93	%		1.96	%		1.90	%		1.59	%
Return on Average Stockholders’ Equity⁽²⁾		12.59	%		15.13	%		17.29	%		17.59	%		14.67	%
Efficiency Ratio		62.84	%		55.38	%		56.03	%		58.86	%		63.41	%
Net Interest Margin⁽²⁾		4.47	%		4.53	%		5.00	%		4.82	%		4.85	%
Net Revenue⁽¹⁾	$	17,357		$	17,553		$	16,161		$	15,514		$	13,207
Common Equity / Assets		12.3	%		12.5	%		11.1	%		11.0	%		10.6	%
Tier 1 Leverage Ratio – Bank		14.23	%		12.90	%		13.08	%		12.88	%		13.03	%

Selected Loan Metrics
Guaranteed Portion of Loans Held for Sale	$	41,313		$	32,649		$	68,317		$	40,489		$	44,901
Guaranteed Portion of Loans Held for Investment		204,239			201,267			203,027			215,382			218,619
Total Guaranteed Loans		245,552			233,916			271,344			255,871			263,520
Guaranteed Loans as a Percent of Loans⁽¹⁾		24.2	%		24.7	%		26.0	%		27.9	%		29.8	%

Asset Quality
Total nonaccrual loans	$	19,220		$	14,128		$	5,381		$	6,470		$	6,096
Loans past due 90 days and still accruing		1,153			40			27			1,142			33
Other real estate owned		–			–			–			–			–
Total non-performing assets		20,373			14,168			5,408			7,612			6,129
Non-performing assets: guaranteed portion		14,687			9,321			3,838			5,396			4,572
Non-performing assets: non-guaranteed portion		5,686			4,847			1,570			2,216			1,557

Non-performing assets to total assets		1.71	%		1.26	%		0.52	%		0.75	%		0.64	%
Non-performing assets, excluding guaranteed, to total assets⁽¹⁾		0.48	%		0.43	%		0.15	%		0.22	%		0.16	%
Net charge-offs (recoveries)	$	828		$	157		$	(22	)	$	29		$	–

Loans past due 30-89 days and accruing	$	14,853		$	11,822		$	12,390		$	1,054		$	3,428
Loans past due 30-89 days and accruing: guaranteed portion	$	11,915		$	8,713		$	8,535		$	–		$	1,028
Loans past due 30-89 days and accruing: non-guaranteed portion	$	2,938		$	3,109		$	3,855		$	1,054		$	2,400

Allowance for Credit Losses (ACL)	$	8,997		$	9,114		$	7,934		$	7,342		$	7,088
Nonaccrual loans	$	19,220		$	14,128		$	5,381		$	6,470		$	6,096
ACL to nonaccrual loans		47	%		65	%		147	%		113	%		116	%
ACL to nonaccrual loans, excluding guaranteed⁽¹⁾		168	%		190	%		514	%		130	%		465	%
ACL to loans		1.07	%		1.12	%		1.02	%		0.95	%		0.97	%
ACL to loans, excluding guaranteed⁽¹⁾		1.41	%		1.48	%		1.37	%		1.32	%		1.38	%

Book Value
Stockholders’ Equity	$	146,616		$	140,700		$	116,383		$	110,945		$	102,566
Common shares outstanding		14,271			14,252			13,067			13,061			12,824
Book value per common share	$	10.27		$	9.87		$	8.91		$	8.49		$	8.00
Employees – FTE		175			169			159			155			150

GBank Financial Holdings Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

	Three Months Ended
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024

Net Revenue⁽³⁾
Net Interest Income	$	11,894		$	11,789		$	12,259		$	11,348		$	10,802
Non-Interest Income		5,463			5,764			3,902			4,166			2,405
Net Revenue	$	17,357		$	17,553		$	16,161		$	15,514		$	13,207

Guaranteed Loans as a Percent of Loans⁽⁴⁾
SBA and USDA Guaranteed Loans	$	204,239		$	201,267		$	203,027		$	215,382		$	218,619
Loans, Net of Deferred Fees and Costs		843,365			815,958			780,999			772,857			733,589
Guaranteed Loans as a % of Loans		24.2	%		24.7	%		26.0	%		27.9	%		29.8	%

Non-performing assets, excluding guaranteed, to total assets⁽⁴⁾
Non-performing assets	$	20,373		$	14,168		$	5,408		$	7,612		$	6,129
Less: SBA and USDA guaranteed portions of non-performing assets		14,687			9,321			3,838			5,396			4,572
Non-performing assets, excluding guaranteed portions		5,686			4,847			1,570			2,216			1,557
Total assets		1,190,012			1,122,364			1,048,002			1,009,354			963,450
Non-performing assets, excluding guaranteed, to total assets		0.48	%		0.43	%		0.15	%		0.22	%		0.16	%

Allowance for credit losses (ACL) to nonaccrual loans, excluding guaranteed⁽⁴⁾
Nonaccrual loans	$	19,220		$	14,128		$	5,381		$	6,470		$	6,096
Less: SBA and USDA guaranteed portions of nonaccrual loans		13,859			9,321			3,838			833			4,572
Nonaccrual loans, excluding guaranteed portions		5,361			4,807			1,543			5,637			1,524
ACL to nonaccrual loans, excluding guaranteed		168	%		190	%		514	%		130	%		465	%

ACL to loans, excluding guaranteed⁽⁴⁾
Loans, net of deferred fees and costs	$	843,365		$	815,958		$	780,999		$	772,857		$	733,589
Less: SBA and USDA guaranteed portions of loans		204,239			201,267			203,027			215,382			218,619
Loans, excluding guaranteed		639,126			614,691			577,972			557,475			514,970
ACL to loans, excluding guaranteed		1.41	%		1.48	%		1.37	%		1.32	%		1.38	%

	⁽¹⁾	See Reconciliation of Non-GAAP Financial Measures
	⁽²⁾	Ratios are annualized on an actual/actual basis
	⁽³⁾	We believe this non-GAAP measurement presents trends in income generation of the Company.
	⁽⁴⁾	We believe these non-GAAP measurements provide useful metrics regarding the at-risk assets of the Company.

The MIL Network –

April 30, 2025

MIL-OSI Economics: Kubernetes complexity drives surge in demand for enhanced observability tools, says GlobalData

Source: GlobalData

Kubernetes complexity drives surge in demand for enhanced observability tools, says GlobalData

Posted in Technology

As Kubernetes deployments become more complex, enterprises are intensifying their search for streamlined observability tools to support application modernization efforts. The growing volume of containerized workloads is driving up demand for greater visibility across DevOps teams. In response, the industry is delivering next-generation solutions, featuring intuitive dashboards, AI-driven insights, and open-source innovations to help reduce complexity and expand access for a broader range of IT professionals, says GlobalData, a leading data and analysis company.

An increase in telemetry data management requirements associated with containerized applications and microservices across highly distributed systems has prompted the need for greater visibility among more DevOps team members. As a result, the industry will see enhanced observability solutions in the next six to twelve months, which address more enterprise IT roles through improved dashboards, open-source software (OSS), and AI/GenAI integrations. Enterprise developers involved in Kubernetes container app modernization projects will benefit through greater access to sophisticated technologies.

Charlotte Dunlap, Research Director, Enterprise Technology and Services at GlobalData, says: “While the industry’s leading OSS technology among DevOps teams holds great promise, Kubernetes continues to be daunting in its current form, largely due to a lack of a feasible UI. There remains a steep learning curve associated with Kubernetes implementations along with all the moving pieces involved in configurations, including networking, security, observability, and service mesh.”

Significantly improved dashboards represent a key component in the adoption of DevOps platforms and tools moving forward. It is also the best route to acquire enterprise developer loyalty by ensuring enhanced access to high-productivity tools.

Dunlap adds: “Improved UIs and new OSS innovations were particularly apparent among observability solutions during this month’s KubeCon conference in London.”

Key OSS technologies which were highlighted during the conference include: Perses, a lightweight UI that integrates well into dashboards; Backstage, an OSS framework used to build developer portals and improve the developer experience (DX); and Microsoft-backed Headlamp, a Kubernetes multi-cluster management UI that streamlines container management and deployments.

Dunlap concludes: “Removing friction is now the primary mantra in making app modernization successful. As Kubernetes adoption expands, reducing complexity through intuitive interfaces and intelligent automation is essential. Observability tools that integrate AI and open-source technologies not only empower DevOps teams but also bring more IT roles into the modernization journey. The focus must now shift to creating cohesive, user-friendly platforms that drive efficiency, scalability, and faster time to value.”

MIL OSI Economics –

April 30, 2025
MIL-OSI USA: Rep. Cuellar Helps Pass Bipartisan TAKE IT DOWN Act to Combat Deepfake Exploitation

Source: United States House of Representatives – Congressman Henry Cuellar (TX-28)

Washington, DC – Today, Congressman Henry Cuellar, Ph.D. (TX-28), announced that the House has passed the bipartisan TAKE IT DOWN Act, landmark legislation that strengthens protections for victims of non-consensual, sexually exploitative imagery – including AI-generated deepfakes – by criminalizing the publication of such content and requiring online platforms to remove it within 48 hours of notice.

“I’m pleased that the House and Senate have both passed the TAKE IT DOWN Act in a bipartisan way,” said Dr. Cuellar. “As a father, husband, and South Texan, I was proud to cosponsor this important bill to protect victims, remove harmful deepfake content, and hold bad actors accountable. I’m grateful to Senator Cruz and Congresswoman Salazar for their leadership and partnership on this effort. I look forward to it being signed into law without delay.”

The TAKE IT DOWN Act ensures faster action for victims, holds perpetrators responsible, and protects lawful speech, making online spaces safer and more accountable.

“This is a strong, bipartisan step forward to defend the dignity and safety of Americans in the digital age,” Dr. Cuellar continued. “By working together across party lines, we’re giving victims real tools to fight back and building safer online communities for everyone.”

The bill passed both chambers with strong bipartisan support and is now headed to the president’s desk to be signed into law.

###

Congressman Henry Cuellar, Ph.D. is a senior member of the U.S. House Appropriations Committee. Previously, he served as a Texas State Representative and Texas Secretary of State. Sign up to receive Dr. Cuellar’s E-mail Newsletters.

Click here for Dr. Cuellar’s Facebook, Twitter, or YouTube Channel

Representante Cuellar Ayuda a Pasar Bipartidista
Ley TAKE IT DOWN para combatir la explotación de Deepfake

Washington, DC – Hoy, el Congresista Henry Cuellar, Ph.D. (TX-28), anuncio que la Casa de Representantes ha aprobado la ley bipartidista TAKE IT DOWN Act, legislación histórica que refuerza la protección de las víctimas de imágenes de explotación sexual no consentidas – incluyendo deepfakes generados por IA – criminalizando la publicación de tales contenidos y requiriendo a las plataformas online que los retiren en 48 horas desde la notificación.

“Me complace que tanto la Casa de Representantes como el Senado hayan aprobado la Ley TAKE IT DOWN de forma bipartidista,” dijo el Dr. Cuellar. “Como padre, esposo y habitante del sur de Texas, me sentí orgulloso de co-patrocinar este importante proyecto de ley para proteger a las víctimas, eliminar el contenido deepfake dañino y responsabilizar a los malos actores. Estoy agradecido al Senador Cruz y a la Congresista Salazar por su liderazgo y colaboración en este esfuerzo. Espero que se convierta en ley sin demora.”

La Ley TAKE IT DOWN garantiza una actuación más rápida para las víctimas, responsabiliza a los autores y protege la expresión lícita, haciendo que los espacios en línea sean más seguros y responsables.

“Este es un paso firme y bipartidista para defender la dignidad y la seguridad de los estadounidenses en la era digital,” continuó el Dr. Cuellar. “Al trabajar juntos a través de las líneas de partido, estamos dando a las víctimas herramientas reales para defenderse y construir comunidades en línea más seguras para todos.”

El proyecto de ley fue aprobado en ambas cámaras con un fuerte apoyo bipartidista y ahora se dirige a la mesa del Presidente para su promulgación.

###

El congresista Henry Cuellar es miembro del Comité de Asignaciones de la Cámara de Representantes de Estados Unidos. Anteriormente, fue Representante del Estado de Texas y Secretario de Estado de Texas. Inscríbase para recibir el boletín del Dr. Cuellar E-mail Newsletters.

Haga clic aquí para ver la página del Dr. Cuéllar Facebook, Twitter, o en YouTube Channel

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: Bipartisan Bill Rosen Helped Introduce to Combat Explicit Deepfakes Passes Congress, Heads to President’s Desk

US Senate News:

Source: United States Senator Jacky Rosen (D-NV)
WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) announced that bipartisan legislation she helped introduce to stop the spread online of non-consensual explicit content, including “deepfake” images, has now passed both the Senate and House of Representatives, and it is now headed to the President’s desk to be signed into law. The bipartisan TAKE IT DOWN Act would criminalize the publication of non-consensual intimate imagery, including AI-generated images, and require social media and similar websites to establish procedures to remove such content within 48 hours of notice from a victim.
“The lack of protections for victims of online abuse has put far too many people at risk, and it’s past time we took action to stop bad actors, protect victims, and hold social media sites accountable,” said Senator Rosen. “I’m glad to see that our bipartisan bill to criminalize non-consensual intimate images, including deepfakes, and require social media platforms to remove this content has passed Congress and is on its way to becoming law. I’ll always work across party lines to protect victims of online abuse.”
Senator Rosen has consistently worked across the aisle to protect victims of crime. She helped introduce and pass the bipartisan Human Trafficking Prevention Act, which requires the National Human Trafficking Hotline to be posted in the restrooms of all U.S. planes, buses, trains, airports, bus stations, and rail stations.

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: Warren Warns Walgreens Buyout by Private Equity May Lead to Pharmacy Closures, Lost Jobs in Massachusetts, Limit Access to Medication

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
April 29, 2025
Warren seeks assurances from Sycamore Partners that its heavily-leveraged, debt-fueled acquisition of Walgreens will not lead to layoffs, store closures
After private equity looted Steward Health Care hospitals, Warren concerned that Walgreens could be next: “These private equity buyouts of companies facing financial hardship…frequently lead to worse outcomes for employees and consumers.”
Text of Letter (PDF)
Washington D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, wrote to private equity firm Sycamore Partners (Sycamore) regarding concerns that the firm’s proposed acquisition of retail pharmacy chain Walgreens may cost hardworking Massachusetts residents their jobs and create difficulties for patients who need access to lifesaving medications.
Sycamore’s multi-billion-dollar takeover of Walgreens has been touted as an attempt to keep the struggling retail pharmacy chain alive. However, private equity buyouts have a record of running already-struggling companies into the ground and producing devastating consequences for workers and communities, as witnessed by private equity’s looting of Steward Health Care, which resulted in two shuttered hospitals in Massachusetts.
“My primary concern is that Sycamore’s acquisition of Walgreens may lead to restructuring of the company that results in layoffs and pharmacy closures in the Commonwealth,” said Senator Warren.
Walgreens has already announced plans to close nine locations across Massachusetts, in addition to the six stores closed in the state within the past year. Many of the shuttered Walgreens stores are located in vulnerable communities, leaving thousands of residents without reliable pharmacy access.
Sycamore has a troubling history of leading the companies it acquires into bankruptcy, further harming already-struggling communities.
“These private equity buyouts…frequently lead to worse outcomes for employees and consumers: private equity firms sell off assets and close locations, employees lose their jobs, and consumers lose access to essential goods and services,” wrote Senator Warren.
A review by the Private Equity Stakeholder Project (PESP) revealed that the Walgreens buyout will be heavily leveraged with debt, heightening the risk of bankruptcy and threatening the availability of critical services to customers and patients.
“These are deeply troubling conclusions, suggesting that yet another private equity firm might leverage a failing health care chain to turn a profit at the expense of Massachusetts’ patients, providers, and taxpayers,” wrote Senator Warren.
Millions of customers across the United States rely on Walgreens for primary care, essential medications, and household items, and if the Walgreens-Sycamore deal leads to even more store closures, customers could be left in “pharmacy deserts” without access to necessities.
“I seek assurances that Sycamore’s buyout of Walgreens will not damage the company further, and will not cost hardworking Americans their jobs or create difficulties for patients who need access to lifesaving medications,” concluded Senator Warren.
Senator Warren requested a response identifying the impact Sycamore’s acquisition of Walgreens will have on workers and communities by May 13, 2025.
Senator Warren has repeatedly called out the harms of private equity ownership on health care costs and quality of care and has fought to prevent companies from taking advantage of the bankruptcy system:
In February 2025, Senator Warren questioned private equity executive Stephen Feinberg, President of Cerberus Capital Management and nominee for Deputy Secretary of Defense, on his actions to enrich himself and his investors at the expense of Steward Health Care patients and workers.
In October 2024, Senator Warren led colleagues in reintroducing the Stop Wall Street Looting Act, comprehensive legislation to fundamentally reform the private equity industry and level the playing field by forcing private investment firms to take responsibility for the outcomes of companies they take over, empowering workers and protecting investors. This reintroduction comes after private equity firm Cerberus looted Steward Health Care, leaving hospitals, patients, and workers hanging out to dry.
In September 2024, Senators Warren and Markey (D-Mass.), alongside Representatives Auchincloss and Lynch, sent a letter to RHG raising concerns over its proposed acquisition of Steward Health Care’s physician group, Stewardship Health.
In September 2024, Senator Warren urged the IRS to crack down on Real Estate Investment Trusts (REITs) squeezing the health care industry.
In August 2024, Senators Warren and Markey requested information from private equity firm Apollo Global Management (Apollo) on the company’s role in Steward’s bankruptcy, and urged Apollo to work in good faith to facilitate the sale of Steward’s Massachusetts hospitals.
In July 2024, Senators Warren and Markey wrote to Medical Properties Trust and Macquarie Infrastructure Partners, owners of Steward’s eight Massachusetts hospitals, urging them to offer lease concessions to keep the hospitals open and viable.
In June 2024, Senator Warren, Representative Chu, and Representative Nadler urged CMS to increase oversight of artificial intelligence (AI) and algorithmic software tools used to guide coverage decisions in Medicare Advantage (MA) plans, citing the NaviHealth scandal as cause for concern.
In June 2024, Senators Warren and Markey introduced the Corporate Crimes Against Health Care Act of 2024 to root out corporate greed and private equity abuse in the health care system, specifically preventing what happened with Steward from happening again.
In June 2024, Senator Warren wrote to the DOJ, FTC, and HHS calling out high health care costs due to vertically-integrated insurers, private equity companies, and pharmaceutical companies that are driving health care consolidation.
In June 2024, Senators Warren, Brown (D-Ohio), and Markey wrote to the Director of the U.S. Trustee Program (USTP), calling for USTP to move to appoint a Chapter 11 trustee to run the company in place of Steward’s current management, and to monitor the hospitals’ bankruptcy proceedings to protect patients and local communities.
In May 2024, Senator Warren sent a letter to the U.S. Department of Health and Human Services and the U.S. Centers for Medicare & Medicaid Services, urging them to support communities and health care providers affected by the crisis caused by Steward’s financial mismanagement.
In April 2024, Senators Warren and Senator Markey (D-Mass.) sent a letter to six private credit funds that are holders of Steward’s debt, asking them a series of questions about their loans and calling on them to offer loan modifications that could potentially help keep the hospitals afloat.
In April 2024, Senators Warren and Markey called out Medical Properties Trust and Macquarie Infrastructure Partners for exploiting Steward Hospitals, and urged them to help keep the hospitals open.
In April 2024, Senators Warren, Markey, and the rest of the MA delegation urged the FTC and DOJ to closely scrutinize UnitedHealth Group’s proposed acquisition of Steward Health Care’s physician group, Stewardship Health.
In April 2024, Senator Warren delivered remarks at a Senate hearing in Boston titled, “When Health Care Becomes Wealth Care: How Corporate Greed Puts Patient Care and Health Workers at Risk,” which centered on Steward Health Care’s Massachusetts hospitals.
In April 2024, Senators Warren and Ed Markey (D-Mass.) called out private equity firm Cerberus Capital Management (Cerberus) for its role in creating Steward Health Care’s financial challenges, following Cerberus’s reply to the Massachusetts congressional delegation’s February 2024 probe.
In February 2024, Senator Warren slammed UnitedHealth Group for leveraging NaviHealth’s unregulated artificial intelligence algorithm to unlawfully deny health care to seniors with severe injuries.
In March 2024, Senator Warren released a statement about Steward’s plan to sell its physician group Stewardship Health to UnitedHealth Group’s subsidiary Optum.
In March 2024, Senators Warren and Markey sent a letter to Steward CEO and Chairman Dr. Ralph de la Torre, calling on him to testify at a congressional hearing in Boston.
In March 2024, Senators Warren and Markey sent a letter to Dr. de la Torre, blasting him for years of financial mismanagement, private equity schemes, and executive profiteering that have led to Steward Health Care’s financial crisis.
In February 2024, Senators Warren and Markey, along with all nine members of the Massachusetts congressional delegation, sent a letter to Cerberus seeking answers from the private equity firm for its role in creating the current financial challenges at Steward hospitals.
In January 2024, Senator Warren released a statement about Steward’s financial situation and allegations of patient neglect at Steward facilities.
In January 2024, Senator Warren led the Massachusetts congressional delegation in a letter to the CEO of Steward Health Care pressing the company to brief them on Steward’s financial position, the status of their Massachusetts facilities, and their plans to ensure the communities they serve are not abandoned.

MIL OSI USA News –

April 30, 2025

MIL-OSI: Sound Financial Bancorp, Inc. Q1 2025 Results

Source: GlobeNewswire (MIL-OSI)

SEATTLE, April 29, 2025 (GLOBE NEWSWIRE) — Sound Financial Bancorp, Inc. (the “Company”) (Nasdaq: SFBC), the holding company for Sound Community Bank (the “Bank”), today reported net income of $1.2 million for the quarter ended March 31, 2025, or $0.45 diluted earnings per share, as compared to net income of $1.9 million, or $0.74 diluted earnings per share, for the quarter ended December 31, 2024, and $770 thousand, or $0.30 diluted earnings per share, for the quarter ended March 31, 2024. The Company also announced today that its Board of Directors declared a cash dividend on the Company’s common stock of $0.19 per share, payable on May 23, 2025 to stockholders of record as of the close of business on May 9, 2025.

Comments from the President / Chief Executive Officer and Chief Financial Officer

“Despite ongoing economic uncertainty, we remained focused on lowering our cost of deposits and originating new loans at higher rates, which contributed to a 12-basis point improvement in our net interest margin compared to the prior quarter. This reflects the team’s strong efforts to build full banking relationships by addressing both the lending and deposit needs of our consumer and business clients,” remarked Laurie Stewart, President and Chief Executive Officer.

“We continue to prioritize expense management, even though expenses increased compared to the previous quarter. The quarter-over-quarter increase was largely due to typical year-end accrual adjustments and annual expenses that are recognized in the first quarter. However, when compared to the first quarter of 2024, we have seen reductions in combined salaries and benefits, and operational expenses, thanks to our investments in technology. We also expect the year-over-year growth in data processing costs to moderate as the year progresses,” explained Wes Ochs, Executive Vice President and Chief Financial Officer.

Mr. Ochs continued, “While we did see an increase in nonperforming loans this quarter mainly due to two specific credits, one of which has since been repaid, we have not observed broader signs of stress in the loan portfolio. Importantly, we also successfully exited a $17 million loan that had been rated as special mention, which contributed to the decline in overall loan balances. Notably, 83% of our nonperforming loans are tied to just four loans, each with its own unique circumstances. These loans are well-secured, and we are actively working toward resolutions in the near-term.”


Q1 2025 Financial Performance
Total assets increased $75.6 million or 7.6% to $1.07 billion at March 31, 2025, from $993.6 million at December 31, 2024, and decreased $17.5 million or 1.6% from $1.09 billion at March 31, 2024.				Net interest income decreased $149 thousand or 1.8% to $8.1 million for the quarter ended March 31, 2025, from $8.2 million for the quarter ended December 31, 2024, and increased $611 thousand or 8.2% from $7.5 million for the quarter ended March 31, 2024.

Loans held-for-portfolio decreased $13.9 million or 1.5% to $886.2 million at March 31, 2025, compared to $900.2 million at December 31, 2024, and decreased $11.7 million or 1.3% from $897.9 million at March 31, 2024.				Net interest margin (“NIM”), annualized, was 3.25% for the quarter ended March 31, 2025, compared to 3.13% for the quarter ended December 31, 2024 and 2.95% for the quarter ended March 31, 2024.

Total deposits increased $72.5 million or 8.7% to $910.3 million at March 31, 2025, from $837.8 million at December 31, 2024, and decreased $6.5 million or 0.7% from $916.9 million at March 31, 2024. Noninterest-bearing deposits decreased $5.8 million or 4.4% to $126.7 million at March 31, 2025 compared to $132.5 million at December 31, 2024, and decreased $2.0 million or 1.5% compared to $128.7 million at March 31, 2024.				A $203 thousand release of provision for credit losses was recorded for the quarter ended March 31, 2025, compared to a $14 thousand provision and a $33 thousand release of provision for credit losses for the quarters ended December 31, 2024 and March 31, 2024, respectively. At March 31, 2025, the allowance for credit losses on loans to total loans outstanding was 0.95%, compared to 0.94% at December 31, 2024 and 0.96% at March 31, 2024.

The loans-to-deposits ratio was 98% at March 31, 2025, compared to 108% at December 31, 2024 and 98% at March 31, 2024.				Total noninterest income decreased $62 thousand or 5.3% to $1.1 million for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024, and was virtually unchanged compared to the quarter ended March 31, 2024.

Total nonperforming loans increased $2.2 million or 28.9% to $9.7 million at March 31, 2025, from $7.5 million at December 31, 2024, and increased $600 thousand or 6.6% from $9.1 million at March 31, 2024. Nonperforming loans to total loans was 1.09% and the allowance for credit losses on loans to total nonperforming loans was 86.95% at March 31, 2025.				Total noninterest expense increased $856 thousand or 12.1% to $7.9 million for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024, and increased $258 thousand or 3.4% compared to the quarter ended March 31, 2024.

				The Bank continued to maintain capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at March 31, 2025.

Operating Results

Net Interest Income after (Release of) Provision for Credit Losses

	For the Quarter Ended								Q1 2025 vs. Q4 2024					Q1 2025 vs. Q1 2024
	March 31, 2025			December 31, 2024		March 31, 2024			Amount ($)			Percentage (%)		Amount ($)			Percentage (%)
	(Dollars in thousands, unaudited)
Interest income	$	13,706		$	14,736	$	13,760		$	(1,030	)	(7.0)	%	$	(54	)	(0.4)	%
Interest expense		5,635			6,516		6,300			(881	)	(13.5)	%		(665	)	(10.6)	%
Net interest income		8,071			8,220		7,460			(149	)	(1.8)	%		611		8.2	%
(Release of) provision for credit losses		(203	)		14		(33	)		(217	)	(1550.0)	%		(170	)	515.2	%
Net interest income after (release of) provision for credit losses		8,274			8,206		7,493			68		0.8	%		781		10.4	%

Q1 2025 vs Q4 2024

The decrease in interest income from the prior quarter was primarily due to a lower average balance of loans, investments and interest-earning cash, an eight basis point decline in the average yield on loans, a 41 basis point decline in the average yield on interest-bearing cash, and a 57 basis point decline in the average yield on investments.

Interest income on loans decreased $482 thousand, or 3.7%, to $12.6 million for the quarter ended March 31, 2025, compared to $13.1 million for the quarter ended December 31, 2024. The average balance of total loans was $896.8 million for the quarter ended March 31, 2025, down from $900.8 million for the quarter ended December 31, 2024. The decrease in the average balance of total loans was primarily due to declines in construction and land loans and one-to-four family loans, offset by growth in commercial and multifamily loans and home equity loans. The average balances for manufactured home loans, floating home loans, commercial business loans, and other consumer loans remained relatively flat from the fourth quarter of 2024. The average yield on total loans was 5.69% for the quarter ended March 31, 2025, down from 5.77% for the quarter ended December 31, 2024. The decline was primarily due to interest that was reversed on nonaccrual loans during the first quarter, as well as interest that had been recognized on those loans in the fourth quarter. This was partly offset by new loans being made at higher interest rates and some variable-rate loans adjusting upward. Interest income on investments was $108 thousand for the quarter ended March 31, 2025, compared to $132 thousand for the quarter ended December 31, 2024. Interest income on interest-bearing cash decreased $524 thousand to $1.0 million for the quarter ended March 31, 2025, compared to $1.5 million for the quarter ended December 31, 2024. This decrease was a result of both lower average yields and average balances during the quarter.

The decrease in interest expense during the current quarter from the prior quarter was primarily the result of lower average balances and rates paid on all categories of interest-bearing deposits. The average cost of deposits was 2.37% for the quarter ended March 31, 2025, down from 2.58% for the quarter ended December 31, 2024 as higher costing deposits repriced lower due to market interest rate cuts beginning in September 2024. The average cost of FHLB advances was 4.25% for the quarter ended March 31, 2025, down from 4.31% for the quarter ended December 31, 2024.

A release of provision for credit losses of $203 thousand was recorded for the quarter ended March 31, 2025, consisting of a release of provision for credit losses on loans of $85 thousand and a release of provision for credit losses on unfunded loan commitments of $118 thousand. This compared to a provision for credit losses of $14 thousand for the quarter ended December 31, 2024, consisting of a release of provision for credit losses on loans of $73 thousand and a provision for credit losses on unfunded loan commitments of $87 thousand. The decrease in the provision for credit losses for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 resulted primarily from a smaller loan portfolio and a reduced balance of unfunded commitments, partially offset by an additional qualitative adjustment applied to certain loan segments, specifically consumer and construction loans, reflecting increased uncertainty in market conditions tied to the impact of tariffs and other external factors affecting our clients. Expected credit loss estimates consider various factors, including market conditions, borrower-specific information, projected delinquencies, and anticipated effects of economic trends on borrowers’ ability to repay.

Q1 2025 vs Q1 2024

Interest income on loans increased $355 thousand, or 2.9%, to $12.6 million for the quarter ended March 31, 2025, compared to $12.2 million for the quarter ended March 31, 2024. The average balance of total loans was $896.8 million for the quarter ended March 31, 2025, up from $895.4 million for the quarter ended March 31, 2024. The average yield on total loans was 5.69% for the quarter ended March 31, 2025, up from 5.49% for the quarter ended March 31, 2024. The increase in the average loan yield during the current quarter, compared to the same quarter in 2024, was primarily due to the origination of new loans at higher interest rates. Additionally, variable-rate loans resetting to higher rates contributed to the increase in average yield compared to the first quarter of 2024. Interest income on investments was $108 thousand for the quarter ended March 31, 2025, compared to $111 thousand for the quarter ended March 31, 2024. Interest income on interest-bearing cash decreased $406 thousand to $1.0 million for the quarter ended March 31, 2025, compared to $1.4 million for the quarter ended March 31, 2024. The decrease was a result of both a lower average yield and average balance.

The decrease in interest expense during the current quarter from the same quarter a year ago was primarily the result of a $18.9 million decrease in the average balance of interest-bearing demand and NOW accounts, a $25.5 million decrease in the average balance of certificate accounts, and a $15.0 million decrease in the average balance of FHLB advances, as well as lower average rates paid on all categories of interest-bearing deposits; resulting from lower market interest rates generally. These average-balance decreases were partially offset by a $51.0 million increase in the average balance of savings and money market accounts. The average cost of deposits was 2.37% for the quarter ended March 31, 2025, down from 2.57% for the quarter ended March 31, 2024. The average cost of FHLB advances was 4.25% for the quarter ended March 31, 2025, down from 4.31% for the quarter ended March 31, 2024.

Noninterest Income

	For the Quarter Ended								Q1 2025 vs. Q4 2024					Q1 2025 vs. Q1 2024
	March 31, 2025			December 31, 2024		March 31, 2024			Amount ($)			Percentage (%)		Amount ($)			Percentage (%)
	(Dollars in thousands, unaudited)
Service charges and fee income	$	684		$	619	$	612		$	65		10.5	%	$	72		11.8	%
Earnings on bank-owned life insurance (“BOLI”)		195			127		177			68		53.5	%		18		10.2	%
Mortgage servicing income		269			277		282			(8	)	(2.9)	%		(13	)	(4.6)	%
Fair value adjustment on mortgage servicing rights		(99	)		77		(65	)		(176	)	(228.6)	%		(34	)	52.3	%
Net gain on sale of loans		49			53		90			(4	)	(7.5)	%		(41	)	(45.6)	%
Other income		—			7		—			(7	)	(100.0)	%		—		100.0	%
Total noninterest income	$	1,098		$	1,160	$	1,096		$	(62	)	(5.3)	%	$	2		0.2	%

Q1 2025 vs Q4 2024

The decrease in noninterest income during the current quarter compared to the quarter ended December 31, 2024 was primarily related to

a $176 thousand downward adjustment in fair value of mortgage servicing rights due to a smaller servicing portfolio, partially offset by :
an increase of $68 thousand in earnings from BOLI primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter, offset by fluctuations in financial markets which decreased the values of policies; and
a $65 thousand increase in service charges and fee income due to a volume incentive paid by Mastercard in the first quarter of 2025 and higher interchange income.

Loans sold during the quarter ended March 31, 2025, totaled $2.0 million, compared to $3.5 million and $4.2 million of loans sold during the quarters ended December 31, 2024 and March 31, 2024, respectively.

Q1 2025 vs Q1 2024

The increase in noninterest income during the current quarter compared to the quarter ended March 31, 2024 was primarily due to

a $72 thousand increase in service charges and fee income primarily due to the reasons noted above, and
an $18 thousand increase in earnings from BOLI primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter, offset by fluctuations in financial markets, which reduced the values of policies. The increases in service charges and fee income and in earnings from BOLI were partially offset by
a $13 thousand decrease in mortgage servicing income as a result of the portfolio paying down at a faster rate than originations replace repayments;
a $34 thousand decrease in the fair value adjustment on mortgage servicing rights due to a smaller servicing portfolio; and
a $41 thousand decrease in net gain on sale of loans due to fewer loans sold.

Noninterest Expense

	For the Quarter Ended							Q1 2025 vs. Q4 2024				Q1 2025 vs. Q1 2024
	March 31, 2025		December 31, 2024			March 31, 2024		Amount ($)		Percentage (%)		Amount ($)			Percentage (%)
	(Dollars in thousands, unaudited)
Salaries and benefits	$	4,595	$	3,920		$	4,543	$	675	17.2	%	$	52		1.1	%
Operations		1,365		1,329			1,457		36	2.7	%		(92	)	(6.3)	%
Regulatory assessments		221		189			189		32	16.9	%		32		16.9	%
Occupancy		437		409			444		28	6.8	%		(7	)	(1.6)	%
Data processing		1,293		1,232			1,017		61	5.0	%		276		27.1	%
Net loss (gain) on OREO and repossessed assets		3		(21	)		6		24	(114.3)	%		(3	)	(50.0)	%
Total noninterest expense	$	7,914	$	7,058		$	7,656	$	856	12.1	%	$	258		3.4	%

Q1 2025 vs Q4 2024

The increase in noninterest expense during the current quarter from the quarter ended December 31, 2024 was primarily a result of:

a $675 thousand increase in salaries and benefits related to higher salaries expense, partially due to accrual reversals in the fourth quarter 2024, along with an annual deferred compensation contribution for key executives made in the first quarter of each year, higher 401(k) contributions, and higher payroll taxes related to annual bonus payments;
a $32 thousand increase in regulatory assessments due to a higher estimated accrual for exam costs;
a $28 thousand increase in occupancy due to higher annual property charges and maintenance fees recognized in the first quarter;
a $61 thousand increase in data processing due to higher vendor fees associated with annual subscription renewals; and
a $24 thousand increase in OREO and repossessed assets due to the addition of a new property in the first quarter of 2025 and the absence of property sales in the prior quarter.

Q1 2025 vs Q1 2024

The increase in noninterest expense during the current quarter from the quarter ended March 31, 2024 was primarily a result of:

a $276 thousand increase in data processing expenses due to various project implementations that began amortizing in the third quarter of 2024 and the reimbursement of expenses by a software vendor in the first quarter of 2024;
a $32 thousand increase in regulatory assessment expenses due to a higher estimated accrual for exam costs.

These increases were partially offset by a $92 thousand decrease in operations expense, primarily due to the recognition of annual fee reimbursements from Mastercard beginning in the first quarter of 2025 and lower expenses across various accounts resulting from ongoing cost saving initiatives and process improvements.

Balance Sheet Review, Capital Management and Credit Quality

Assets at March 31, 2025 totaled $1.07 billion, up from $993.6 million at December 31, 2024 and down from $1.09 billion at March 31, 2024. The increase in total assets from December 31, 2024 was primarily due to an increase in cash and cash equivalents, partially offset by a lower balance of loans held-for-portfolio. The decrease from one year ago was primarily a result of lower balances of cash and cash equivalents and loans held-for-portfolio.

Cash and cash equivalents increased $87.9 million, or 201.3%, to $131.5 million at March 31, 2025, compared to $43.6 million at December 31, 2024, and decreased $6.5 million, or 4.7%, from $138.0 million at March 31, 2024. The increased cash and cash equivalents from the prior quarter-end was primarily due to the strategic decision to sell reciprocal deposits at the end of 2024, which reduced our cash balances. These reciprocal deposits returned to our balance sheet in the first quarter of 2025.

Investment securities decreased $110 thousand, or 1.1%, to $9.8 million at March 31, 2025, compared to $9.9 million at December 31, 2024, and decreased $462 thousand, or 4.5%, from $10.3 million at March 31, 2024, as pay-offs and paydowns of investments exceeded new purchases. Held-to-maturity securities totaled $2.1 million at both March 31, 2025 and December 31, 2024, and totaled $2.2 million at March 31, 2024. Available-for-sale securities totaled $7.7 million at March 31, 2025, compared to $7.8 million at December 31, 2024 and $8.1 million at March 31, 2024.

Loans held-for-portfolio were $886.2 million at March 31, 2025, compared to $900.2 million at December 31, 2024 and $897.9 million at March 31, 2024. The decrease from both prior dates was primarily due to the payoff during the first quarter of 2025 of one $17.0 million loan that was risk rated special mention.

Nonperforming assets (“NPAs”), which are comprised of nonaccrual loans (including nonperforming modified loans), other real estate owned (“OREO”) and other repossessed assets, increased $2.2 million, or 29.4%, to $9.7 million at March 31, 2025, from $7.5 million at December 31, 2024 and decreased $49 thousand, or 0.5%, from $9.7 million at March 31, 2024. The increase in NPAs from December 31, 2024 was primarily due to the addition of six loans totaling $2.4 million to nonaccrual status, including two commercial real estate loans of $1.1 million and $988 thousand. The increase also included $41 thousand of other real estate owned properties. These additions were partially offset by $207 thousand in regular loan payments. Subsequent to quarter-end, the $988 thousand commercial real estate loan added during the quarter was paid-off. The decrease in NPAs from one year ago was primarily due to payoffs totaling $2.1 million, the return of $522 thousand of loans to accrual status, the sale of two other real estate owned properties for $690 thousand, and regular loan payments. These decreases were partially offset by the placement of an additional $3.6 million of loans on nonaccrual status, which included the two commercial real estate loans noted above.

NPAs to total assets were 0.91%, 0.75% and 0.90% at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The allowance for credit losses on loans to total loans outstanding was 0.95% at March 31, 2025, compared to 0.94% at December 31, 2024 and 0.96% at March 31, 2024. Net loan charge-offs for the first quarter of 2025 totaled $21 thousand, compared to $13 thousand for the fourth quarter of 2024, and $56 thousand for the first quarter of 2024.

The following table summarizes our NPAs at the dates indicated (dollars in thousands):

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Nonperforming Loans:
One-to-four family	$	762		$	537		$	745		$	822		$	835
Home equity loans		368			298			338			342			83
Commercial and multifamily		5,627			3,734			4,719			5,161			4,747
Construction and land		22			24			25			28			29
Manufactured homes		501			521			230			136			166
Floating homes		2,363			2,363			2,377			2,417			3,192
Commercial business		—			11			23			—			—
Other consumer		10			3			32			3			1
Total nonperforming loans		9,653			7,491			8,489			8,909			9,053
OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			—			—			575
Manufactured homes		41			—			115			115			115
Total OREO and repossessed assets		41			—			115			115			690
Total NPAs	$	9,694		$	7,491		$	8,604		$	9,024		$	9,743

Percentage of Nonperforming Loans:
One-to-four family		7.9	%		7.3	%		8.7	%		9.1	%		8.5	%
Home equity loans		3.8			4.0			3.9			3.8			0.9
Commercial and multifamily		58.0			49.8			54.8			57.2			48.7
Construction and land		0.2			0.3			0.3			0.3			0.3
Manufactured homes		5.2			7.0			2.7			1.5			1.7
Floating homes		24.4			31.5			27.6			26.8			32.8
Commercial business		—			0.1			0.3			—			—
Other consumer		0.1			—			0.4			—			—
Total nonperforming loans		99.6			100.0			98.7			98.7			92.9
Percentage of OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			—			—			5.9
Manufactured homes		0.4			—			1.3			1.3			1.2
Total OREO and repossessed assets		0.4			—			1.3			1.3			7.1
Total NPAs		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

The following table summarizes the allowance for credit losses at the dates and for the periods indicated (dollars in thousands, unaudited):

	At or For the Quarter Ended:
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Allowance for Credit Losses on Loans
Balance at beginning of period	$	8,499		$	8,585		$	8,493		$	8,598		$	8,760
(Release of) provision for credit losses during the period		(85	)		(73	)		106			(88	)		(106	)
Net charge-offs during the period		(21	)		(13	)		(14	)		(17	)		(56	)
Balance at end of period	$	8,393		$	8,499		$	8,585		$	8,493		$	8,598
Allowance for Credit Losses on Unfunded Loan Commitments
Balance at beginning of period	$	234		$	147		$	245		$	266		$	193
Provision for (release of) provision for credit losses during the period		(118	)		87			(98	)		(21	)		73
Balance at end of period		116			234			147			245			266
Allowance for Credit Losses	$	8,509		$	8,733		$	8,732		$	8,738		$	8,864
Allowance for credit losses on loans to total loans		0.95	%		0.94	%		0.95	%		0.96	%		0.96	%
Allowance for credit losses to total loans		0.96	%		0.97	%		0.97	%		0.98	%		0.99	%
Allowance for credit losses on loans to total nonperforming loans		86.95	%		113.46	%		101.13	%		95.33	%		94.97	%
Allowance for credit losses to total nonperforming loans		88.15	%		116.58	%		102.86	%		98.08	%		97.91	%

Total deposits increased $72.5 million, or 8.7%, to $910.3 million at March 31, 2025, from $837.8 million at December 31, 2024 and decreased $6.5 million, or 0.7%, from $916.9 million at March 31, 2024. The increase in total deposits compared to the prior quarter-end was primarily a result of the movement of reciprocal deposits off balance sheet for strategic objectives at year-end, followed by the return of those deposits to our balance sheet in the first quarter of 2025, and a decrease in one high cost money market deposit relationship as part of our strategic decision to decrease our overall cost of funds. Noninterest-bearing deposits decreased $5.8 million, or 4.4%, to $126.7 million at March 31, 2025, compared to $132.5 million at December 31, 2024 and decreased $2.0 million, or 1.5%, from $128.7 million at March 31, 2024. Noninterest-bearing deposits represented 13.9%, 15.8% and 14.0% of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

FHLB advances totaled $25.0 million at March 31, 2025, compared to $25.0 million at both December 31, 2024, and March 31, 2024. FHLB advances are primarily used to support organic loan growth and to maintain liquidity ratios in line with our asset/liability objectives. FHLB advances outstanding at March 31, 2025 had maturities ranging from early 2026 through early 2028. Subordinated notes, net totaled $11.8 million at both March 31, 2025 and December 31, 2024, and $11.7 million at March 31, 2024.

Stockholders’ equity totaled $104.4 million at March 31, 2025, an increase of $765 thousand, or 0.7%, from $103.7 million at December 31, 2024, and an increase of $3.4 million, or 3.4%, from $101.0 million at March 31, 2024. The increase in stockholders’ equity from December 31, 2024 was primarily the result of $1.2 million of net income earned during the current quarter, $81 thousand in share-based compensation, and $21 thousand in common stock options exercised, partially offset by a $17 thousand increase in accumulated other comprehensive loss, net of tax and the payment of $487 thousand in cash dividends to the Company’s stockholders.

Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, which is headquartered in Seattle, Washington and has full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one loan production office located in the Madison Park neighborhood of Seattle. For more information, please visit www.soundcb.com.

Forward-Looking Statements Disclaimer

When used in this press release and in documents filed or furnished by Sound Financial Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events and may turn out to be wrong because of inaccurate assumptions we might make, because of the factors listed below or because of other factors that we cannot foresee that could cause our actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

Factors which could cause actual results to differ materially, include, but are not limited to: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation or deflation, a recession or slowed economic growth, as well as supply chain disruptions; changes in the interest rate environment, including increases and decreases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and the duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; changes in consumer spending, borrowing and savings habits; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; secondary market conditions for loans;expectations regarding key growth initiatives and strategic priorities; environmental, social and governance goals and targets; results of examinations of the Company or the Bank by their regulators; increased competition; changes in management’s business strategies; legislative changes; changes in the regulatory and tax environments in which the Company operates; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on our third-party vendors; the potential for new or increased tariffs, trade restrictions, or geopolitical tensions that could affect economic activity or specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with or furnished to the SEC, which are available at www.soundcb.com and on the SEC’s website at www.sec.gov. The risks inherent in these factors could cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company and could negatively affect the Company’s operating and stock performance.

The Company does not undertake—and specifically disclaims any obligation—to revise any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.

CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, unaudited)

	For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024		June 30, 2024			March 31, 2024
Interest income	$	13,706		$	14,736		$	14,838	$	14,039		$	13,760
Interest expense		5,635			6,516			6,965		6,591			6,300
Net interest income		8,071			8,220			7,873		7,448			7,460
(Release of) provision for credit losses		(203	)		14			8		(109	)		(33	)
Net interest income after (release of) provision for credit losses		8,274			8,206			7,865		7,557			7,493
Noninterest income:
Service charges and fee income		684			619			628		761			612
Earnings on bank-owned life insurance		195			127			186		134			177
Mortgage servicing income		269			277			280		279			282
Fair value adjustment on mortgage servicing rights		(99	)		77			101		(116	)		(65	)
Net gain on sale of loans		49			53			40		74			90
Other income		—			7			—		30			—
Total noninterest income		1,098			1,160			1,235		1,162			1,096
Noninterest expense:
Salaries and benefits		4,595			3,920			4,469		4,658			4,543
Operations		1,365			1,329			1,540		1,569			1,457
Regulatory assessments		221			189			189		220			189
Occupancy		437			409			414		397			444
Data processing		1,293			1,232			1,067		910			1,017
Net (gain) loss on OREO and repossessed assets		3			(21	)		—		(17	)		6
Total noninterest expense		7,914			7,058			7,679		7,737			7,656
Income before provision for income taxes		1,458			2,308			1,421		982			933
Provision for income taxes		291			389			267		187			163
Net income	$	1,167		$	1,919		$	1,154	$	795		$	770

CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
ASSETS
Cash and cash equivalents	$	131,494		$	43,641		$	148,930		$	135,111		$	137,977
Available-for-sale securities, at fair value		7,689			7,790			8,032			7,996			8,115
Held-to-maturity securities, at amortized cost		2,121			2,130			2,139			2,147			2,157
Loans held-for-sale		2,267			487			65			257			351
Loans held-for-portfolio		886,226			900,171			901,733			889,274			897,877
Allowance for credit losses – loans		(8,393	)		(8,499	)		(8,585	)		(8,493	)		(8,598	)
Total loans held-for-portfolio, net		877,833			891,672			893,148			880,781			889,279
Accrued interest receivable		3,540			3,471			3,705			3,413			3,617
Bank-owned life insurance, net		22,685			22,490			22,363			22,172			22,037
Other real estate owned (“OREO”) and other repossessed assets, net		41			—			115			115			690
Mortgage servicing rights, at fair value		4,688			4,769			4,665			4,540			4,612
Federal Home Loan Bank (“FHLB”) stock, at cost		1,734			1,730			2,405			2,406			2,406
Premises and equipment, net		4,591			4,697			4,807			4,906			6,685
Right-of-use assets		3,546			3,725			3,779			4,020			4,259
Other assets		6,957			7,031			6,777			6,995			4,500
TOTAL ASSETS	$	1,069,186		$	993,633		$	1,100,930		$	1,074,859		$	1,086,685
LIABILITIES
Interest-bearing deposits	$	783,660		$	705,267		$	800,480		$	781,854		$	788,217
Noninterest-bearing deposits		126,687			132,532			129,717			124,915			128,666
Total deposits		910,347			837,799			930,197			906,769			916,883
Borrowings		25,000			25,000			40,000			40,000			40,000
Accrued interest payable		586			765			908			760			719
Lease liabilities		3,828			4,013			4,079			4,328			4,576
Other liabilities		10,774			9,371			9,711			9,105			9,578
Advance payments from borrowers for taxes and insurance		2,450			1,260			2,047			812			2,209
Subordinated notes, net		11,770			11,759			11,749			11,738			11,728
TOTAL LIABILITIES		964,755			889,967			998,691			973,512			985,693
STOCKHOLDERS’ EQUITY:
Common stock		25			25			25			25			25
Additional paid-in capital		28,515			28,413			28,296			28,198			28,110
Retained earnings		76,952			76,272			74,840			74,173			73,907
Accumulated other comprehensive loss, net of tax		(1,061	)		(1,044	)		(922	)		(1,049	)		(1,050	)
TOTAL STOCKHOLDERS’ EQUITY		104,431			103,666			102,239			101,347			100,992
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,069,186		$	993,633		$	1,100,930		$	1,074,859		$	1,086,685

KEY FINANCIAL RATIOS
(unaudited)

	For the Quarter Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Annualized return on average assets	0.45	%	0.70	%	0.42	%	0.30	%	0.29	%
Annualized return on average equity	4.53	%	7.40	%	4.50	%	3.17	%	3.06	%
Annualized net interest margin⁽¹⁾	3.25	%	3.13	%	2.98	%	2.92	%	2.95	%
Annualized efficiency ratio⁽²⁾	86.31	%	75.25	%	84.31	%	89.86	%	89.48	%

(1)	Net interest income divided by average interest earning assets.
(2)	Noninterest expense divided by total revenue (net interest income and noninterest income).

PER COMMON SHARE DATA
(unaudited)

	At or For the Quarter Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Basic earnings per share	$	0.45	$	0.75	$	0.45	$	0.31	$	0.30
Diluted earnings per share	$	0.45	$	0.74	$	0.45	$	0.31	$	0.30
Weighted-average basic shares outstanding		2,554,265		2,547,210		2,544,233		2,540,538		2,539,213
Weighted-average diluted shares outstanding		2,578,609		2,578,771		2,569,368		2,559,015		2,556,958
Common shares outstanding at period-end		2,566,069		2,564,907		2,564,095		2,557,284		2,558,546
Book value per share	$	40.70	$	40.42	$	39.87	$	39.63	$	39.47

AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE RATE PAID
(Dollars in thousands, unaudited)

The following table presents, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Income and yields on tax-exempt obligations have not been computed on a tax equivalent basis. All average balances are daily average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield for the period they have been on nonaccrual (dollars in thousands).

	Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	Average Outstanding Balance			Interest Earned/Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/Paid		Yield/Rate
Interest-Earning Assets:
Loans receivable	$	896,822		$	12,588	5.69	%	$	900,832		$	13,070	5.77	%	$	895,430		$	12,233	5.49	%
Interest-earning cash		95,999			1,010	4.27	%		130,412			1,534	4.68	%		107,361			1,416	5.30	%
Investments		12,924			108	3.39	%		13,263			132	3.96	%		14,038			111	3.18	%
Total interest-earning assets	$	1,005,745			13,706	5.53	%		1,044,507		$	14,736	5.61	%	$	1,016,829			13,760	5.44	%
Interest-Bearing Liabilities:
Savings and money market accounts	$	335,419			2,058	2.49	%	$	350,495			2,476	2.81	%	$	284,455			1,866	2.64	%
Demand and NOW accounts		140,905			108	0.31	%		144,470			128	0.35	%		159,762			141	0.35	%
Certificate accounts		289,960			3,039	4.25	%		301,293			3,413	4.51	%		315,495			3,696	4.71	%
Subordinated notes		11,766			168	5.79	%		11,756			168	5.69	%		11,724			168	5.76	%
Borrowings		25,000			262	4.25	%		30,546			331	4.31	%		40,000			429	4.31	%
Total interest-bearing liabilities	$	803,050			5,635	2.85	%	$	838,560			6,516	3.09	%	$	811,436			6,300	3.12	%
Net interest income/spread				$	8,071	2.68	%				$	8,220	2.52	%				$	7,460	2.32	%
Net interest margin						3.25	%						3.13	%						2.95	%

Ratio of interest-earning assets to interest-bearing liabilities		125	%						125	%						125	%
Noninterest-bearing deposits	$	126,215						$	130,476						$	132,438
Total deposits		892,499		$	5,205	2.37	%		926,734		$	6,017	2.58	%		892,150		$	5,703	2.57	%
Total funding ⁽¹⁾		929,265			5,635	2.46	%		969,036			6,516	2.68	%		943,874			6,300	2.68	%

(1)	Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

LOANS
(Dollars in thousands, unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Real estate loans:
One-to-four family	$	262,457		$	269,684		$	271,702		$	268,488		$	279,213
Home equity		28,112			26,686			25,199			26,185			24,380
Commercial and multifamily		392,798			371,516			358,587			342,632			324,483
Construction and land		42,492			73,077			85,724			96,962			111,726
Total real estate loans		725,859			740,963			741,212			734,267			739,802
Consumer Loans:
Manufactured homes		42,448			41,128			40,371			38,953			37,583
Floating homes		86,626			86,411			86,155			81,622			84,237
Other consumer		18,224			17,720			18,266			18,422			18,847
Total consumer loans		147,298			145,259			144,792			138,997			140,667
Commercial business loans		14,690			15,605			17,481			17,860			19,075
Total loans		887,847			901,827			903,485			891,124			899,544
Less:
Premiums		688			718			736			754			808
Deferred fees, net		(2,309	)		(2,374	)		(2,488	)		(2,604	)		(2,475	)
Allowance for credit losses – loans		(8,393	)		(8,499	)		(8,585	)		(8,493	)		(8,598	)
Total loans held-for-portfolio, net	$	877,833		$	891,672		$	893,148		$	880,781		$	889,279

DEPOSITS
(Dollars in thousands, unaudited)

	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Noninterest-bearing demand	$	126,687	$	132,532	$	129,717	$	124,915	$	128,666
Interest-bearing demand		143,595		142,126		148,740		152,829		159,178
Savings		63,533		61,252		61,455		63,368		65,723
Money market		287,058		206,067		285,655		253,873		241,976
Certificates		289,474		295,822		304,630		311,784		321,340
Total deposits	$	910,347	$	837,799	$	930,197	$	906,769	$	916,883

CREDIT QUALITY DATA
(Dollars in thousands, unaudited)

	At or For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total nonperforming loans	$	9,653		$	7,491		$	8,489		$	8,909		$	9,053
OREO and other repossessed assets		41			—			115			115			690
Total nonperforming assets	$	9,694		$	7,491		$	8,604		$	9,024		$	9,743
Net charge-offs during the quarter	$	(21	)	$	(13	)	$	(14	)	$	(17	)	$	(56	)
Provision for (release of) credit losses during the quarter		(203	)		14			8			(109	)		(33	)
Allowance for credit losses – loans		8,393			8,499			8,585			8,493			8,598
Allowance for credit losses – loans to total loans		0.95	%		0.94	%		0.95	%		0.96	%		0.96	%
Allowance for credit losses – loans to total nonperforming loans		86.95	%		113.46	%		101.13	%		95.33	%		94.97	%
Nonperforming loans to total loans		1.09	%		0.83	%		0.94	%		1.00	%		1.01	%
Nonperforming assets to total assets		0.91	%		0.75	%		0.78	%		0.84	%		0.90	%

OTHER STATISTICS
(Dollars in thousands, unaudited)

	At or For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Total loans to total deposits		97.53	%		107.64	%		97.13	%		98.27	%		98.11	%
Noninterest-bearing deposits to total deposits		13.92	%		15.82	%		13.95	%		13.78	%		14.03	%

Average total assets for the quarter	$	1,051,135		$	1,089,067		$	1,095,404		$	1,070,579		$	1,062,036
Average total equity for the quarter	$	104,543		$	103,181		$	102,059		$	100,961		$	101,292

Contact

Financial:
Wes Ochs
Executive Vice President/CFO
(206) 436-8587

Media:
Laurie Stewart
President/CEO
(206) 436-1495

The MIL Network –

April 30, 2025

MIL-OSI USA: 100 Days, 100 Stories

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

WASHINGTON — Today, Speaker Johnson released a list of 100 American citizens who have felt the benefits from President Trump’s historic first 100 days in office. Speaker Johnson highlighted citizens who were unjustly detained abroad, business owners who will benefit from new apprenticeship opportunities, and families devastated by previous open borders policies, among many others.

Click here to read the full list

“President Donald J. Trump entered the White House with the most decisive mandate in modern history. In just 100 days, he’s done more for America than Joe Biden managed in four years,” Speaker Johnson said. “The American people can feel the tangible impact of President Trump’s swift and decisive action. From coast to coast, North to South, the American First agenda is helping Americans from across our great country.

“Republicans in Congress are proud to stand with the President as he secures our border, restores accountability in government, fights for common sense, and defends the liberty and prosperity of generations of Americans to come,” Speaker Johnson continued. “Today, as we mark 100 historic days, we celebrate the many ways President Trump has delivered for the American people.”

Since his inauguration on January 20th, President Trump has taken bold action to secure the border, drive down inflation, restore American strength on the world stage, clean up our communities, secure trillions of dollars in new investments and jobs, and return common sense to Washington. These 100 American stories illustrate that.

Read 20 stories below, and the full list here.

Alexis Nungaray, Angel Mother – Alexis Nungaray is the mother of Jocelyn Nungaray, a 12-year-old girl who was tragically murdered by illegal aliens in June of 2024. Jocelyn’s life was tragically cut short because of the Biden Administration’s failure to close our borders and protect American citizens from dangerous illegal aliens. On March 5, 2025, President Trump signed an executive order honoring her life by renaming Anahuac National Wildlife Refuge to Jocelyn Nungaray Wildlife Refuge in Anahuac, Texas. Since Jocelyn’s murder, her mother Alexis has been advocating alongside the Trump Administration and Senator Ted Cruz for stronger immigration laws.

Marianna Montoya, Florida Resident – During President Trump’s first 100 days, Marianna was able to open up her very first Roth IRA and begin contributing on a monthly basis. President Trump’s work to reverse the devastating consequences of Bidenomics has given her hope that she and her husband will be able to retire peacefully.

Frank Windsor, Rinnai America President – In late 2024, the Biden Administration issued a rule that effectively banned an entire niche of American manufacturing: non-condensing tankless water heaters. The rule specifically targeted Rinnai America Corporation, the only U.S. facility producing these water heaters. Thanks to President Trump’s leadership, the House passed a Congressional Review Act resolution to overturn the rule, keeping Rinnai’s doors open and protecting nearly 300 American jobs.

Sarah Taylor, Iowa Parent – Sarah and her husband, Dan, both attended private Catholic elementary schools and knew they wanted the same faith-based education for their daughters, Hannah and Millie. Thanks to expanding educational freedom and school choice, the Taylors were empowered to choose the school that best fit their family’s values. For the Taylor family, school choice has meant more than access. It’s meant opportunity. Their story is one of many that show the power of giving parents the freedom to choose what’s best for their children.

Kelly Wilson, Small Business Owner – Kelly Wilson’s family has owned and operated a small business in Colorado for 80 years, but after mass flows of illegal aliens began arriving in Denver under the Biden Administration, her family discussed moving to another state. In the face of budget cuts to Denver’s police force and sanctuary city policies that have failed Denver families, Kelly began speaking out for her community. Since day one, the Trump Administration has made cracking down on sanctuary cities and states a top priority. Today, communities like Kelly’s are safer, thanks to President Trump’s work to restore the rule of law.

Jim Chilton, Rancher – The Chilton Ranch has been operated within the Chilton family for generations, a family legacy that Jim and Sue Chilton have preserved mere miles away from the Southern Border. However, under the Biden Administration, they were forced to shoulder the consequences of President Biden’s border crisis. During April of 2024 alone, the Chiltons experienced 5,640 immigrant encounters on their ranch. The last time they checked with the Border Patrol, in April of this year, there were zero crossers over the course of three weeks. Thanks to President Trump’s work to reverse the Biden administration’s radical open-border policies, the Chilton family’s beloved ranch and livelihood are no longer under threat.

Ben Paulding, CPA – Ben hosts South Dakota’s first federally subsidized CPA Apprenticeship Program. After navigating months of red tape under the Biden Administration, he can finally onboard his first interns. Thankfully, President Trump has ended burdensome mandates on programs like Ben’s, enabling him to refocus his attention on merit-based, equal opportunity hiring without the DEI red tape.

George Glezmann, Former Hostage – George Glezmann, a Georgia native and Delta Airlines mechanic, was arrested by the Taliban in 2022 during a planned tourist visit. Despite no formal charges being filed, Glezmann was held for over 2 years in an Afghanistan prison. On March 20, 2025, he was released as a gesture of “goodwill” by the Taliban following trilateral negotiations between Qatar, the U.S., and the Taliban. Upon returning to the U.S., he said, “I feel like I’m born again, I’m in debt to President Trump. Thank God he’s in the White House and thank God he got me out.”

Michelle Root, Angel Mother – Michelle Root is the mother of Sarah Root, a 21-year-old Iowan who was killed by an illegal alien drunk driving in 2016. Instead of answering for his crimes, the illegal alien posted bail, was released from jail, and was never seen again. Fortunately, this criminal was found in Honduras and the Trump Administration worked with Honduran authorities to extradite him to the United States to face justice. President Trump also signed the Laken Riley Act, which included Sarah’s Law – introduced by Congressman Randy Feenstra from Iowa – to ensure that any illegal alien who harms or kills an American citizen is swiftly detained and prosecuted to the fullest extent of the law. The Root Family is grateful to President Trump and Congressman Feenstra for honoring their precious daughter’s memory.

Marc Fogel, Schoolteacher/Former Hostage – Marc Fogel, an American schoolteacher, was wrongfully detained by Russian authorities in 2021 after being arrested on drug charges related to medical marijuana. Despite having a valid prescription in the U.S., he was sentenced to 14 years in a Russian prison. However, on February 11, 2025, Fogel was released and returned to the United States through a diplomatic deal negotiated by President Trump. He was warmly greeted by the President upon his arrival back to the United States and expressed his gratitude, saying, “I feel like the luckiest man alive.”

Tony Campbell, East KY Power Cooperative CEO – Tony Campbell serves as the CEO and President of East Kentucky Power Cooperative. He and his colleagues have faced significant challenges under burdensome regulations that targeted the coal industry—an industry that has powered American homes and cities for generations. Through executive action, President Trump strengthened the reliability and affordability of American energy, safeguarded American jobs, and preserved critical coal plants, delivering on his promise to create jobs and uphold America’s energy independence.

Joseph Knowles, Detroit Autoworker – Joseph Knowles is a Detroit autoworker for Stellantis who was laid off during the Biden Administration and later reinstated after President Trump’s election victory. After attending President Trump’s Joint Address to Congress, Knowles declared he had left the Democratic Party for good. “I got very good hope for the Republican Party,” Knowles said, “More and more people are seeing the true colors of the Democrats.”

Lawrence Rosen, Cra-Z-Art Founder – Lawrence Rosen is the owner of Cra-Z-Art, the largest toy maker in the United States. Since Liberation Day, Lawrence has seen the benefits of President Trump’s tariffs firsthand on domestic manufacturing. Because of President Trump’s decisive action in the first 100 days, Rosen is expanding their domestic production by 50% and investing millions of dollars into factories across the country.

Elliston Berry, Texas High School Student – Elliston Berry was only 14-years-old when one of her classmates took an innocent selfie of her and ran it through AI to make a deep-fake pornographic image, which was later circulated throughout her school. Her painful experience motivated her to become an advocate against deepfake pornography, with her efforts leading to legislative action by Senator Ted Cruz. The “Take it Down Act”, which First Lady Melania Trump has championed, protects victims, enhances protections for users, and introduces accountability for AI platforms passed the House in April.

Kirk Davis, Bob Davis Electric CEO – Kirk Davis, owner of Bob Davis Electric, is one of many business leaders benefiting from President Trump’s action to tackle America’s workforce challenges. Thanks to the President’s Executive Order on apprenticeships, Kirk has been able to recruit, train, and retrain the skilled electricians needed to meet rising power demands and grow his business.

Dakota Meyer, U.S. Marine – President Trump’s Department of Defense has championed a warrior culture in America’s armed forces that has generated massive results for military recruiting. In April, Secretary Hegseth announced the U.S. Army had surpassed its 2025 reenlistment goal six months early. Dakota Meyer, a Marine Corps veteran and Medal of Honor recipient, is just one of the many brave Americans who have reenlisted, deciding to reenter the Army after a 15-year hiatus. “I’m damn proud of the men and women who are standing in uniform,” said Meyer, “and I’m so proud I get to be one of them again.”

Steven McCain, Sheriff – In Grant Parish, illegal aliens are using drones to drop off drugs and other paraphernalia at a large federal prison. It’s been a significant problem for the prison, but now that President Trump has returned to the White House, the situation has changed. Sheriff McCain has noticed a sharp increase in cooperation from ICE, the United States Attorney’s Office, and other local officials. Working together, law enforcement from all levels will be able to crack down on these drones.

Brian Riley, CEO of Guardian Bikes – Citing his support for President Trump’s tariffs, Brian announced a $19 million investment to move Guardian’s bike production out of China and into Seymour, Indiana.

Dino Mavrookas, CEO of Saronic – President Trump has called for the restoration of America’s maritime dominance, and Dino Mavrookas, CEO of the defense startup Saronic, has been a leader in answering this call. To help build the next-generation of autonomous vessels, Saronic acquired Gulf Craft, a Louisiana-based shipbuilder. By preserving Gulf Craft’s skilled workforce, creating hundreds of new, good-paying jobs, and investing over $2.5 billion to develop Port Alpha, Saronic is strengthening our economy, rebuilding America’s maritime strength, and supporting our national defense.

Gary Hamrick, Senior Pastor – Senior Pastor Gary Hamrick became the target of anti-Christian bias when he and his church were charged by the IRS for so-called Johnson Amendment violations. Under President Trump, the Department of Justice has established a task force to eradicate anti-Christian bias in the federal government and safeguard the religious liberty of all Americans.

###

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: SPC Severe Thunderstorm Watch 192

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.
SEL2

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 192
NWS Storm Prediction Center Norman OK
450 PM EDT Tue Apr 29 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
Southeast Indiana
Northern Kentucky
Southwest Ohio

* Effective this Tuesday afternoon from 450 PM until Midnight
EDT.

* Primary threats include…
Widespread damaging wind gusts to 70 mph likely
Scattered large hail events to 1.5 inches in diameter possible
A tornado or two possible

SUMMARY…Clusters of thunderstorms are expected to develop across
southern Indiana and shift east into southwest Ohio through this
evening. Damaging gusts and isolated large hail will accompany this
activity.

The severe thunderstorm watch area is approximately along and 65
statute miles east and west of a line from 60 miles north northeast
of Cincinnati OH to 50 miles southeast of Cincinnati OH. For a
complete depiction of the watch see the associated watch outline
update (WOUS64 KWNS WOU2).

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.

&&

OTHER WATCH INFORMATION…CONTINUE…WW 188…WW 189…WW
190…WW 191…

AVIATION…A few severe thunderstorms with hail surface and aloft to
1.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
24035.

…Leitman

Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
SAW2
WW 192 SEVERE TSTM IN KY OH 292050Z – 300400Z
AXIS..65 STATUTE MILES EAST AND WEST OF LINE..
60NNE LUK/CINCINNATI OH/ – 50SE LUK/CINCINNATI OH/
..AVIATION COORDS.. 55NM E/W /23S ROD – 51ESE CVG/
HAIL SURFACE AND ALOFT..1.5 INCHES. WIND GUSTS..60 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.

LAT…LON 39908276 38588256 38588497 39908521

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU2.

Watch 192 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 (5%)

Wind

Probability of 10 or more severe wind events

High (80%)

Probability of 1 or more wind events > 65 knots

Low (10%)

Hail

Probability of 10 or more severe hail events

Mod (40%)

Probability of 1 or more hailstones > 2 inches

Low (20%)

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 30, 2025

Category: Artificial Intelligence

Investors and local authorities gear up as AI Growth Zone delivery gathers speed

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