Source: United States INDO PACIFIC COMMAND
SAN ANTONIO, Zambales, Philippines – The 1st Multi-Domain Task Force (1MDTF) conducted tests of their Integrated Fires Protection Capability High-Powered Microwave (IFPC-HPM) and Fixed Site-Low, Slow, Small Unmanned Aerial System Integrated Defeat System (FS-LIDS) in a combined joint integrated air and missile defense live-fire exercise at Naval Station Leovigildo Gantioqui, April 28, 2025.
Owls, well adapted to hearing the exact location of prey, have something in common with an unrelated group of raptors – harriers.
A new study led by Canadian and Australian researchers has found that harriers across the world are able to keep a much better ear out for their next meal than previously thought.
The new article published in Journal of Anatomy features the work of the Iwaniuk Lab at the University of Lethbridge in Alberta and Associate Professor Vera Weisbecker’s ‘Bones and Diversity Lab’ at Flinders University in South Australia.
University of Lethbridge PhD student Sara Citron, who led the study, says owls have fine-tuned hearing abilities, allowing some of their species to locate prey in complete darkness.
“Until recently, it was assumed that all their hearing adaptations were unique to owls. However, our study shows that harriers have independently evolved several key adaptations for finding prey by sound,” she says.
The research team focused on harriers – a group of hawks found in North America, Australia, NZ, Europe, and parts of Africa and Asia – because they show some unusual, owl-like hunting behaviours.
Senior author and PhD supervisor Dr Andrew Iwaniuk, Associate Professor at the Canadian Centre for Behavioural Neuroscience, says: “Hawks tend to hunt primarily by sight. But unlike other hawks, harriers fly low over tall grass with their beak pointed to the ground.
“During this so-called ‘quartering flight’, they are not only looking for prey, they are also listening for it,” he says.
Co-author Aubrey Keirnan, a PhD student at Flinders University who is also co-supervised by Dr Iwaniuk and Flinders University Associate Professor Vera Weisbecker, says that simply by looking at the harrier, you can see similarities with owls.
“The Australian Spotted Harrier is a great example,” she says. “When you look at this species’ face, you can see a distinctive disc-shaped face, which may improve their prey localisation just like owls.”
The discovery matches older behavioural studies showing that harriers can locate sounds with similar accuracy to owls, but how they did this has been a mystery.
Using specimens from wildlife rehabilitators and museums in Australia and Canada, the team examined the anatomy of the skull and brain of harriers and other closely related hawk species such as the wedge-tailed eagle.
They found that, like owls, harriers have enlarged ear openings and two expanded brain regions that are essential for calculating where a sound is coming from.
“These auditory nuclei are found in the brainstem and compare the time at which sounds arrive at the left or right ear,” says co-author Associate Professor in evolutionary biology Vera Weisbecker, from Flinders University’s College of Science and Engineering.
“If a sound arrives at both ears at the same time, then the sound is coming from directly in front of an animal. If there is a delay, this indicates that the prey is more to the left or right,” she says.
“By having these two brain regions expanded, harriers can make such computations more accurately than other hawks, allowing them to locate where a potential rat, mouse or other prey is hiding in the grass.”
“Harriers have therefore evolved an auditory system similar to owls, enabling them to target sounds as accurately as owls in a remarkable example of convergent evolution of both brain and behaviour in animals separated by over 60 million years,” adds first author Ms Citron.
The team is careful to point out that the auditory system of many owls is far more sophisticated than that of harriers. This explains the ability of some owl species, such as the barn owl, to hunt in complete darkness whereas hawks only hunt during the day.
“There are several other features that help owls with their keen hearing which we did not find in harriers. For example, some owl species have asymmetric ears that allow them to locate sound with greater acuity, and these owls also have several other enlarged brain regions that were not enlarged in harriers,” says Ms Citron.
The team hopes their study results will encourage further research on bird anatomy to find out how a species perceives its surrounds.
“Anatomical studies like ours are a window into how a bird perceives the world around it, which can be extremely useful for bird conservation,” adds Dr Iwaniuk. “For example, harriers’ reliance on sound for prey location means that they are likely more sensitive to traffic and industrial noise. This could be contributing to the large decreases in Northern Harrier populations we have seen in Canada.”
The article, ‘The evolution of an “owl-like” auditory system in harriers: Anatomical evidence’ (2025) by Sara Citron, Cristian Gutierrez-Ibanez, Aubrey Keirnan, Vera Weisbecker, Douglas Wylie, Andrew N Iwaniuk has been published in Journal of Anatomy (Wiley Online Library) DOI: 10.1111/joa.14264.
First published: 29 April 2025 https://doi.org/10.1111/joa.14264
Source: New South Wales Ministerial News
International visitors are spending more money and staying longer in the Bendigo Loddon region, according to the latest figures from Tourism Australia.
New data for the year ending 2024 shows the region is almost back to pre-pandemic international tourist numbers and smashing international visitor spend records.
There were 27,000 overnight international visitors compared to 16,000 in 2023. This is a 68 per cent increase. International visitor spending has significantly increased to $37 million, compared to $14 million ten years ago.
City of Greater Bendigo Manager Economy & Experience James Myatt said the Bendigo Loddon region was a key destination of choice for international tourists visiting Victoria.
“It is fantastic to see more people from overseas coming to the region and spending a lot more time here,” Mr Myatt said.
“We know that international visitors are drawn to our Gold Rush heritage, arts and cultural experiences, farm stays, beautiful natural landscapes, and food and wine offerings.
“Popular attractions amongst international visitors include Bendigo Tramways, Central Deborah Gold Mine, The Great Stupa, Bendigo Art Gallery, Bendigo Pottery, Dumawul Tours, and the Golden Dragon Museum.
“Greater Bendigo is also a key destination on the Sydney Melbourne Inland Discovery drive, a self-drive touring route promoted primarily in the United States, UK, Europe, and New Zealand tourism markets throughout the year.
“Over the past ten years, the City has focused on attracting and marketing major events and developing highly engaging destination marketing and activation campaigns.
“The figures show strong growth in the international market and people want to visit Greater Bendigo for the range of experiences we offer all year round.
“The survey results prove our strategies are working. The passion and commitment from many tourism operators contribute to this very positive trend.”
The City has hosted over 50 travel agents from across the world over the past nine months, giving them the opportunity to experience attractions firsthand. That knowledge is shared with their teams and potential visitors from their countries.
The City held a training session with Visit Victoria earlier this year to guide local tourism and service operators on how to attract international visitors.
Key destination campaigns, such as the tulip displays during Bloom and major events like the Bendigo Easter Festival are promoted to Melbourne’s Indian and Chinese communities, attracting families and their visiting friends and relatives from overseas.
The Greater Bendigo region is being represented at the Australian Tourism Exchange (ATE) this week in Brisbane, the largest international trade show hosted by Tourism Australia. Over 100 meetings are organised with media and travel agents from around the world to promote Greater Bendigo’s unique visitor destination offerings. For the first time, representatives from Greater Bendigo have also been invited to showcase Agri-tourism experiences in the region.
“We see some great opportunities to build business at ATE with key decision makers who promote Australia across the world. In particular, our focus is on attracting visitation from the UK, Europe, New Zealand, India, China and South East Asia markets,” Mr Myatt said.
Tourism Research Australia is the country’s leading provider of quality tourism intelligence across both international and domestic markets. Their data underpins government tourism policy and helps improve the performance of the tourism industry for the benefit of the Australian community.
Source: People’s Republic of China – State Council News
KUNMING, May 1 — A park built on the Yuanmou ape-man archaeological site in southwest China’s Yunnan Province opened to the public on Thursday.
Located in the Chuxiong Yi Autonomous Prefecture, the park aims to become an integrated cultural space where visitors can experience millions of years of human history.
The Yuanmou ape-man site, located on a hillside about 200 meters from Danawu Village in Yuanmou County, was where two fossils of ancient human teeth were discovered in 1965. These fossils date back some 1.7 million years.
The park has a planned total area of over 370 hectares and is being developed in three phases. “We will strive to build the park into a comprehensive base that integrates paleogeological research and education, the scientific exploration of human origins, and the in-depth study of prehistoric cultural development,” said Zhang Wenwang, head of the prefecture.
Gao Xing, a researcher at the Chinese Academy of Sciences’ Institute of Vertebrate Paleontology and Paleoanthropology, said that the Yuanmou ape-man and culture were significant discoveries of ancient human remains in China. They are the first chapters in China’s elementary and middle school history textbooks, and an important testament to the survival and evolution of the early Homo erectus in East Asia.
Also on Thursday, an event marking the 60th anniversary of the discovery of the Yuanmou ape-man site was held in the county. Scholars and researchers from diverse fields convened to discuss topics such as human migration tracing, Paleolithic archaeology, site value transformation and digital cultural innovation.
US Senate News:
Source: United States Senator for New Hampshire Jeanne Shaheen
(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) joined her colleagues, U.S. Senators Steve Daines (R-MT) and Angus King (I-ME), to introduce their bipartisan conservation bill, the America the Beautiful Act. This legislation builds on the 2020 Great American Outdoors Act, which Shaheen cosponsored, by strengthening and reauthorizing the Legacy Restoration Fund (LRF) and addressing the serious maintenance backlog in national parks and public lands.
“New Hampshire’s public lands and outdoor spaces are integral to our state identity and our thriving outdoor recreation economy. We must take steps to protect these resources for future generations of Granite Staters,” said Shaheen. “I was proud to see the Great American Outdoors Act become law, and I’ll continue fighting to protect and preserve outdoor spaces by passing this legislation which will continue the progress we’ve made.”
Shaheen, Daines and King were joined by U.S. Senators Kevin Cramer (R-ND), Mark Warner (D-VA), Tim Sheehy (R-MT) and Lisa Murkowski (R-AK) in introducing the bill.
The America the Beautiful Act reauthorizes the LRF through 2033 and increases funding to $2 billion per year to help address the maintenance backlog in national parks and public lands. Currently, the maintenance backlog for each agency is $23.26 billion for the U.S. Park Service, $8.695 billion for the U.S. Forest Service, $2.65 billion for the U.S. Fish and Wildlife Service, $5.72 billion for the U.S. Bureau of Land Management and $804.5 million for the U.S. Bureau of Indian Education. In New Hampshire, National Parks and U.S. Fish and Wildlife Refuges have approximately $13 million in outstanding deferred maintenance needs.
Since its creation in 2020, the LRF has benefitted numerous national parks and public lands in New Hampshire. Saint-Gaudens National Historical Park has received more than $14 million from the Legacy Restoration Fund to rehabilitate four historic structures and address electrical, HVAC and alarm systems. Across the White Mountain National Forest, the Legacy Restoration Fund is supporting trail restoration work on the Ammonoosuc Ravine Trail and Rumney Rocks Climbing Area, as well as repairs of the Tripoli Bridge. Sections of the Appalachian National Scenic Trail across New England are slated to receive $15 million in FY25 to rehabilitate and repair facilities along the trail that will address maintenance needs and improve visitor safety.
The America the Beautiful Act is supported by over 40 public lands, conservation and recreation groups. Click here to view the full list of statements of support and supporting groups.
You can read the full bill text here.
Shaheen has led efforts to safeguard our natural environment and invest in climate resiliency while boosting New Hampshire’s recreation economy. Shaheen led the bipartisan Outdoor Recreation Jobs and Economic Impact Act into law to require the federal government to measure the impact of the outdoor recreation on the economy. In November 2024, Shaheen applauded the release of an annual report showing a $1.2 trillion economic contribution by the outdoor recreation sector in 2023, including $3.9 billion in New Hampshire. Shaheen also helped reintroduce the Ski Hill Resources for Economic Development (SHRED) Act to fuel investment in outdoor recreation in national forests that benefits mountain communities.
Shaheen has also led efforts to help secure full funding and permanent authorization for the Land and Water Conservation Fund (LWCF), which has helped protect more than 2.5 million acres of land and supported tens of thousands of state and local outdoor recreation projects throughout the nation. In 2020, Shaheen helped lead the Great American Outdoors Act into law to permanently fund the LWCF and provide mandatory funding for deferred maintenance on public lands.
US Senate News:
Source: United States Senator for Nevada Cortez Masto
Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Jim Risch (R-Idaho) introduced the Partner with the Association of Southeast Asian Nations (ASEAN), European Organization for Nuclear Research (CERN), and the Pacific Islands Forum (PIF) Act. This bipartisan bill would enhance cooperation with key partners in technology and scientific research, while combating the rising influence of the Chinese Communist Party.
“Communist China is using illegal practices to gain an unfair advantage in the tech world,” said Senator Cortez Masto. “Now is the time to stand together with our allies and partners across the globe to counter these aggressive tactics. This commonsense, bipartisan legislation will make our country more secure and spur job-creating technology innovations here at home.”
The Partner with ASEAN, CERN, and PIF Act amends the International Organizations Immunities Act to expand diplomatic privileges and immunities to these three international organizations. It provides the legal authorities to streamline the movement of people and materials between these organizations and the U.S., deepening U.S. ties with Southeast Asia, the Pacific Islands, and a key scientific research partner.
You can find the full text of the legislation here.
Senator Cortez Masto has led efforts in Congress to stand up to the Chinese government’s aggression. She introduced the PASS Act to ban individuals and entities controlled by China, Russia, Iran, and North Korea from purchasing agricultural land and businesses located near U.S. military installations or sensitive sites and the Strengthening Exports Against China Act, which would incentivize economic growth by eliminating barriers for American businesses competing directly with China in emerging industries like artificial intelligence and semiconductors. She’s also introduced bipartisan legislation to strengthen the domestic supply chain for rare-earth magnets, which are critical components of cell phones, computers, defense systems, and electric vehicles, but are almost exclusively made in China.
US Senate News:
Source: United States Senator for Nevada Cortez Masto
Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Mike Rounds (R-S.D.) reintroduced the Tribal Access to Electronic Evidence Act, bipartisan legislation to provide Tribal courts the same ability to issue warrants for electronic evidence – such as emails, social media messages, and other online communications – as their non-Tribal counterparts.
“All law enforcement agencies across the Silver State should have the same access to electronic evidence needed to deliver justice and closure to the victims of crimes and their families,” said Senator Cortez Masto. “It is time that Congress pass this commonsense, bipartisan legislation to give Tribes the tools they need to protect their communities.”
The commission created by Cortez Masto’s Not Invisible Act — which was signed into law alongside her Savanna’s Act in October 2020 — issued a report with dozens of recommendations to improve the federal response to the Missing and Murdered Indigenous Women (MMIW) crisis. One key congressional recommendation was to address the challenges Tribes face in accessing essential electronic information for criminal investigations. The bipartisan Tribal Access to Electronic Evidence Act would amend current law to:
This bipartisan bill has been endorsed by the National Native American Bar Association, the National American Indian Court Judges Association, and the National Native American Law Enforcement Association.
The full text of the legislation can be found here.
Senator Cortez Masto has long been a champion for Tribal communities. Last year, the Senate passed both her legislation to make it easier for Indian Health Services to recruit and retain doctors and her legislation to strengthen Tribal public safety. She repeatedly called on the Biden administration to do more to address the epidemic of violence against Native women and girls, including securing federal funding to protect Native communities, urging the administration to draft a plan to address this issue, and requesting the Government Accountability Office (GAO) investigate the federal response to this crisis.
Source: Office of United States Attorneys
SIOUX FALLS – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Roberto A. Lange has sentenced a Marty, South Dakota, man convicted of Assault Resulting in Serious Bodily Injury and Kidnapping. The sentencing took place on April 25, 2025.
Ellery Zephier, age 39, was sentenced to 18 years in federal prison, followed by five years of supervised release, and a special assessment to the Federal Crime Victims Fund in the amount of $200, and restitution in the amount of $22,260.
Zephier was indicted by a federal grand jury in August 2024. Following his trial in January, he was found guilty. The conviction stemmed from incidents between July 20-25, 2024, when Zephier kidnapped and held a woman against her will in his home in Marty and assaulted her resulting in the infliction of serious bodily injury.
This matter is being prosecuted by the U.S. Attorney’s Office because the Major Crimes Act, a federal statute, mandates that certain violent crimes alleged to have occurred in Indian Country be prosecuted in federal court as opposed to State court.
This case was investigated by the FBI and the Yankton Sioux Law Enforcement. Assistant U.S. Attorneys Paige Petersen and Ann M. Hoffman prosecuted the case.
Zephier was immediately remanded to the custody of the U.S. Marshals Service.
Source: Office of United States Attorneys
MIAMI – On April 30, Denzil Olajuwon Stewart, 30, was sentenced to 144 months in federal prison, followed by five years of supervised release, by U.S. District Judge Donald M. Middlebrooks, for selling 276.7 grams of pure methamphetamine.
On Dec. 28, 2023, law enforcement officers observed Stewart drive away from his Vero Beach home in a white Porsche SUV, arrive at another residence about 30 minutes away, and sell what they later discovered was 276.7 grams of pure methamphetamine. The methamphetamine was packaged in a plastic shopping bag, which bore Stewart’s fingerprints.
A jury found Stewart guilty of conspiracy to possess with intent to distribute 50 grams or more of methamphetamine actual, and distribution of 50 grams or more of methamphetamine actual.
U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida; Special Agent in Charge Deanne L. Reuter of the DEA, Miami Field Division, and Indian River County Sheriff Eric Flowers made the announcement.
DEA Port Saint Lucie and the Indian River County Sheriff’s Office investigated the case. Assistant U.S. Attorneys Christopher Hudock and Michael Porter prosecuted it.
You may find a copy of this press release (and any updates) on the website of the United States Attorney’s Office for the Southern District of Florida at https://www.justice.gov/usao-sdfl.
Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov under case number 24-cr-14058.
###
Source: Office of United States Attorneys
BILLINGS – An Ashland man who trafficked methamphetamine on the Northern Cheyenne Indian Reservation was sentenced today to 151 months in prison to be followed by 4 years of supervised release, U.S. Attorney Kurt Alme said.
Joe Vega, 49, pleaded guilty in July 2024 to possession with intent to distribute methamphetamine.
U.S. District Judge Susan P. Watters presided.
The government alleged in court documents that in December of 2023, the FBI began an investigation into Joe Vega for the distribution of methamphetamine. One source reported purchasing methamphetamine from Vega a dozen times.
In April of 2024, the FBI intercepted a package from Arizona destined for Vega’s Billings address. Agents obtained a search warrant for the package and discovered 1331.5 grams of meth, almost three pounds, that was 100% pure.
The FBI later learned Vega was traveling to Arizona, possibly to pick up methamphetamine. On April 22, 2024, a Montana Highway Patrol trooper conducted a stop of the vehicle in which Vega was a passenger. Vega and the driver consented to a search and law enforcement found two pounds of methamphetamine in a bag belonging to Vega. That meth was also 100% pure.
Assistant U.S. Attorney Julie Patten prosecuted the case. The investigation was conducted by the FBI, with the assistance of BIA, Montana DCI, and the Montana Highway Patrol.
The case was investigated under the Organized Crime Drug Enforcement Task Forces (OCDETF). OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. For more information about Organized Crime Drug Enforcement Task Forces, please visit Justice.gov/OCDETF.
US Senate News:
Source: United States Senator for Rhode Island Jack Reed
WASHINGTON, DC – Over the past 100 days, Secretary of Defense Pete Hegseth’s tenure at the Pentagon has been marked by sweeping ideological purges, scandals, and the unjustified firings of senior military leaders.
On Thursday, U.S. Senator Jack Reed (D-RI), Ranking Member of the Senate Armed Services Committee, spoke on the Senate floor to address Secretary Hegseth’s damaging misconduct and the long-term consequences for the U.S. military.
A video of Senator Reed’s remarks may be viewed here.
A transcript of Senator Reed’s floor speech follows:
REED: Mr. President, I rise to discuss my concern about the chaos that is roiling the Department of Defense. Sunday will mark the 100th day of Pete Hegseth serving as Secretary of Defense. During his confirmation hearing, Mr. Hegseth said, quote, “[President Trump] wants a Pentagon laser focused on warfighting, lethality, meritocracy, standards and readiness. That’s it. That is my job.” Well, Mr. President, Secretary Hegseth is failing the mission President Trump gave him. His actions over the past 100 days have done nothing but distract the Pentagon and undermine its warfighting, lethality, meritocracy, standards, and readiness.
In his first 100 days, Secretary Hegseth has terminated or weakened programs and processes that are the bedrock upon which the military recruits personnel and trains servicemembers to go into battle. For example, in February, the Secretary announced his plan to slash the civilian workforce by 5 to 8 percent, terminate probationary workers, and institute a hiring freeze. These severe measures have only meant more work for the remaining employees, and more costly work for military officers and contractors to cover the gaps, or simply not carry out missions.
The Secretary has also launched a number of efforts to eliminate diversity and inclusion programs, which have led to more limited recruiting efforts, attempts to separate honorably serving transgender servicemembers, dissolving social clubs at the military academies, banning and removing books from the Naval Academy, and inspiring walkouts by students at DOD schools abroad over book bans and curriculum changes. I joined the Army in 1967 and served on active duty for 12 years, and the idea that dependent children of military personnel, in DOD schools, would protest the Secretary of Defense, to me was inconceivable, but it’s happened. This shows, I think, great anxiety in the ranks of our military personnel all across the globe.
The Secretary is also failing his duty to lead the Department by example. On March 24, Mr. Hegseth demonstrated a severe lack of judgment when he texted classified military intelligence on the unclassified and unsecure Signal app to at least two group chats, including one with his wife, brother, and personal lawyer. That information, if intercepted by an adversary, would endanger the lives of our servicemembers deployed downrange. The Secretary also installed a “dirty line” – an unsecure internet connection – in his Pentagon office so he could more easily send texts and personal emails. Such actions violate the laws and protocols that every other military servicemember is required to follow. The Department of Defense Office of Inspector General is conducting an investigation of Mr. Hegseth’s mishandling of classified information, and I look forward to its findings.
Just hours ago, we learned of press reports that National Security Adviser Mike Waltz may be fired this week because of his own actions around the Signal incident. If true, I welcome the message of accountability that it would send. Mr. Waltz made a significant mistake in adding a reporter to a sensitive Signal chat, and his failure of judgment could have had serious national security consequences. I respect that he took responsibility for his mistake. In contrast, Secretary Hegseth has refused to take responsibility for his own misconduct, which in my view was far more egregious than Mr. Waltz’s.
Indeed, the fallout from this incident has further eroded the already dismal credibility that the Secretary brought to the Pentagon. The Secretary’s inner circle of hand-picked advisers have nearly all resigned or been fired. His chief of staff was dismissed amid allegations of incompetence and unsettling personal behavior. Three of his senior policy advisors were fired for allegedly leaking sensitive information, which they all staunchly deny. And his top spokesman resigned after losing confidence in the Secretary, writing, quote, “The building is in disarray under Hegseth’s leadership,” and, quote, “The last month has been a full-blown meltdown at the Pentagon — and it’s becoming a real problem for the administration.” This chain of events is extraordinary and underscores the concerns I raised at Secretary Hegseth’s nomination hearing. He does not possess the temperament nor the management skills needed to lead the Pentagon.
There have been multiple news reports that Secretary Hegseth spends much of his day focused on perceived leaks and that he has become paranoid, lashing out at aides and senior military leaders, convinced that they are undermining him. He has threatened his top military advisors, including then-acting Chairman of the Joint Chiefs of Staff Admiral Grady and Joint Chiefs Director General Sims, with polygraph tests in order to prove that these distinguished military leaders are not liars.
The Secretary’s office should be leading the Pentagon, allowing the rest of the Department to be laser-focused on their missions. But again, President Trump and Secretary Hegseth have made that very difficult due to the internal disarray they have created by firing key military leaders.
These firings include the Chairman of the Joint Chiefs of Staff, the Chief of Naval Operations, the Commander of Cyber Command, the U.S. Military Representative to NATO, the Vice Chief of the Air Force, the Secretary of Defense Senior Military Aide, and the top uniformed lawyers, or Judge Advocates General, of each of the military services. As I’ve said before, if you want to break the law, you start by getting rid of the lawyers.
These are not minor positions. They are vital to the Department’s mission, and when left unfilled, the military loses focus and missions are compromised. These officers were fired without a plan to replace them, which is crippling our military’s effectiveness during a perilous time. More importantly, these officers were fired without explanation, which leads to the worst possible outcome for a military force – fear throughout the ranks that one should not speak up, should not refuse an illegal order, and should not call out abuse nor question decisions.
General and flag officers are charged with providing their unbiased “best military advice” to the civilian leaders of the Department of Defense. Servicemembers are expected to give candid feedback to their leaders and peers, and commanders expect troops to give them the facts, straight and true, because lives are on the line. Similarly, Congress expects candor from senior officers to provide their best judgment — without fear of retribution — for both the security of our country, and that of the 2 million servicemembers who put themselves in harm’s way.
But firing officers as a political litmus test poisons this military ethos. It sends an immediate signal to troops that providing their unbiased best military advice might have career-ending consequences.
I will take a brief moment to discuss the officers who have been dismissed.
General CQ Brown
General CQ Brown served as the Chairman of the Joint Chiefs of Staff and was fired, without explanation, not even halfway into his four-year term. He was visiting our troops on the southern border when he was abruptly dismissed by the President without even the courtesy of a warning. General Brown served our nation honorably for more than four decades and led the Joint Chiefs with dedication and skill. The Senate approved his nomination by a vote of 83-11. To date, the Trump Administration has given no justification for his dismissal.
Seven full weeks passed without a confirmed Chairman of the Joint Chiefs. General Dan Caine has now been confirmed and is working hard to get up to speed. Given what happened to his predecessor, General Caine must realize that in addition to his duties as the Chairman, he must also deal with the political intrigue consuming the Pentagon. I hope that General Caine will always provide his best military advice to the President and the Secretary of Defense, even if that advice not what they would want to hear.
Admiral Lisa Franchetti
Secretary Hegseth also dismissed Admiral Lisa Franchetti, who served as the 33rd Chief of Naval Operations. She was the first woman to lead the Navy, and the first to serve on the Joint Chiefs of Staff.
Admiral Franchetti served in leadership roles at every level throughout the Navy, both ashore and at sea, and with postings around the globe. She was a trailblazer, team builder, and inspiration to many. The Senate approved her nomination by a vote of 95-1. Again, the Trump Administration has given no justification for her dismissal.
To date, the Administration has not nominated a new Chief of Naval Operations. It has been two months since Admiral Franchetti was dismissed, and the Navy remains without a Senate-confirmed Chief of Naval Operations at a time when the service is involved in the most combat operations since World War II in the Red Sea.
General Timothy Haugh
General Timothy Haugh served as the Commander of U.S. Cyber Command and Director of the National Security Agency. As the commander of Cyber Command, General Haugh led the most formidable cyber warfighting force in the world, responsible for detecting, deterring, and overseeing cyber operations against America’s adversaries – particularly China, Russia, Iran, North Korea, and various terrorist organizations. General Haugh had a distinguished 34-year career within Air Force cyber and intelligence organizations, including multiple command assignments.
I am extremely concerned that press reports indicate that Laura Loomer, a fringe conspiracy theorist, convinced President Trump to dismiss General Haugh and fire a slew of expert staff on the National Security Council for no discernible reason. Now, when a conspiracy theorist can get into the President’s office and convince him to fire an officer of General Haugh’s caliber – and others on the National Security Council – there’s not only something wrong with that individual, there’s something wrong with the President who would listen to them without consulting others.
The Senate unanimously confirmed General Haugh to his post in December 2023, and, once again, the Trump Administration has given no explanation for his dismissal. The Trump Administration has not selected a new CYBERCOM commander, and it’s unclear if there is any sense of urgency to fill this position. Secretary Hegseth has given a priceless gift to China, Russia, Iran, and North Korea by purging leadership from one of our most vital national security commands.
Vice Admiral Shoshana Chatfield
Vice Admiral Shoshana Chatfield served as the United States Military Representative to NATO, the first woman to hold this position. She held a vital leadership role within the alliance, particularly as it related to coordinating international support to Ukraine. Admiral Chatfield was among the finest military officers our nation had to offer, with a 38-year career as a Navy helicopter pilot, foreign policy expert, and preeminent military educator, including as President of the Naval War College.
The Senate unanimously confirmed Vice Admiral Chatfield to her post in December 2023. The Trump Administration has given no justification for her dismissal, and has not nominated any replacement to this critical posting at NATO.
General James Slife
General James Slife was the U.S. Air Force Vice Chief of Staff – the second highest ranking officer in the Air Force. He spent most of his 36-year career as a special operations helicopter pilot. He deployed many times around the world and flew countless combat missions in perilous conditions. General Slife risked his life repeatedly for our nation and led his fellow special operators and Airmen with distinction.
The Senate unanimously confirmed General Slife to his post in December 2023. The Trump Administration has given no explanation for his dismissal, nor nominated any officer to help lead the Air Force.
Lieutenant General Jennifer Short
Lieutenant General Jennifer Short was the first female Senior Military Assistant to the Secretary of Defense. She advised the Secretary and served as the representative for the Chairman of the Joint Chiefs of Staff, coordinating policy and operations across the Joint Staff, combatant commands, and with the U.S. interagency. A command pilot with more than 1,800 flight hours, including more than 430 combat hours in the A-10, she flew in operations Southern Watch, Iraqi Freedom, and Enduring Freedom, and commanded Airmen at the squadron, wing, major command, and combatant command levels.
The Senate unanimously confirmed her to her post. The Trump Administration has given no explanation for her dismissal.
Judge Advocates General
Finally, I am deeply concerned by Secretary Hegseth’s dismissal of the Judge Advocates General of the military services. These officers, known as “TJAGs,” are the most senior uniformed lawyers in the military.
These officers each served more than 30 years in uniform as military lawyers. They were strictly apolitical and held fundamental roles ensuring that balanced, legal counsel was part of every military policy discussion. These officers provided legal oversight that spanned military justice, operational law, administrative compliance, government ethics, and U.S. adherence to the Law of Armed Conflict.
These unprecedented firings, along with the firings of the Inspectors General, should alarm everyone about the commitment of the President, and the Secretary of Defense, to the rule of law for the military, and also within the United States and across the world.
Mr. President, the Defense Department is one of the most complex institutions in the world, with a budget of nearly $900 billion and a workforce of nearly 3 million military and civilian personnel. It is an organization that requires strong leadership, stability, predictability, and trust. These qualities are critical because we ask the Department’s men and women to risk their lives every day in service of their country. Mr. President, those men and women who gave their lives, and all those who still serving at this moment, deserve the best. They deserve a leader who is as laser focused on readiness, lethality and the mission as they are. Not someone who treats his position as Secretary as a performative exercise complete with a Twitter feed dominated with workout videos.
Our servicemembers deserve better. They deserve someone who is focused on them, not focused on himself. If Secretary Hegseth does not improve his job performance, the conditions at the Pentagon will continue to deteriorate and something worse is bound to happen. I hope Secretary Hegseth takes note.
I yield the floor.
US Senate News:
Source: United States Senator for Washington State Patty Murray
***WATCH THE FULL PRESS CONFERENCE HERE; DOWNLOAD HERE***
Washington, D.C. — Today, U.S. Senators Patty Murray (D-WA), Ron Wyden (D-OR), and Alex Padilla (D-CA) held a virtual press call alongside West Coast ports to sound the alarm on the dramatic decline of container ships making the trip to West Coast ports and the harmful consequences of Trump’s tariffs across the American economy—price hikes, layoffs, empty store shelves, and more.
The Senators were joined by Mario Cordero, Chief Executive Officer of the Port of Long Beach; Ryan Calkins, Port of Seattle Commissioner; and Dick Marzano, Port of Tacoma Commissioner. The press call comes just one day after the overwhelming majority of Senate Republicans rejected a bipartisan resolution led by Senator Wyden and unanimously supported by Democrats to repeal President Donald Trump’s global tariffs.
A new forecast by Apollo Global Management contends that the U.S. economy is on the verge of a self-inflicted recession as a result of Trump’s tariff policies, drawing a plain timeline from Trump’s so-called “Liberation Day” on April 2nd to a dramatic slowdown of container ships making their way to U.S. ports. Apollo predicts this slowdown of container ships will lead to a sharp decrease in trucking demand by mid-to-late May, which will subsequently result in supply shortages and lower sales for retailers. By late May to early June, Apollo predicts layoffs will occur across trucking and retail industries and that the U.S. economy will fall into a recession by this summer.
During the call, the West Coast Senators sounded the alarm on the major warning signs for the economy and continued to urge their Republican colleagues to join them in asserting Congressional authority over tariffs to put an end to Trump’s trade war and minimize the economic damage already inflicted by the President.
“We are already seeing the consequences of Trump’s tariffs at our ports: fewer ships from across the Pacific, means less cargo at our ports, less cargo at our ports means less goods for our truckers to transport—and that ultimately means bare shelves for our retailers and the American consumer,” said Senator Murray. “Our ports know better than anyone that supply chains do not reset in an instant. The time to reverse these Republican tariffs was the same day they were announced. Every day This Republican Congress refuses to reject these tariffs is a day they are actively enabling Trump’s pro-recession agenda and higher taxes on every American. Congress needs to take the matches away from the President who is setting fire to the economy. Democrats are going to make sure Republicans continue to feel the pressure until this Congress takes action and overrides this President.”
“Oregon knows firsthand that Trump’s tariff chaos is already hurting small businesses and drying up markets for red-white-and-blue products,” said Senator Wyden. “Speaking with small businesses and workers all over Oregon last week, every single one warned of damage from tariffs in the near future. West Coast senators will be on the front lines pushing back against these senseless Republican tariffs.”
“California’s Ports of Los Angeles and Long Beach are keystones for the success of not just our state’s economy, but our national economy. So when the San Pedro Bay ports and other West Coast ports send warning signs about the damage of Trump’s tariffs, we know they’re really warning signs for our country,” said Senator Padilla. “The drop in cargo volume caused by Trump’s tariffs will mean empty shelves when products don’t reach our stores, rising prices on everything from groceries to clothes to cars, and undoubtedly, more Americans out of work. While today, it’s Western ports — we know it will only be a matter of weeks before the ripple effect causes pain across the nation.”
“We take our mission as ports seriously because a lot is at stake. The current tariffs will have far-reaching consequences for Washington businesses and consumers, and the thousands of jobs that rely on international trade. We are fortunate to have such a great advocate in Senator Murray and are grateful for her continued attention to these critical issues,” said Northwest Seaport Alliance Managing Member and Port of Tacoma Commissioner, Dick Marzano.
“At the Northwest Seaport Alliance, we have already started to see serious impacts of the tariff war on our docks. As our policy makers address economic and security concerns with international trading partners, we encourage them to tread carefully in order to preserve space for a commercial relationship. We thank Senator Murray for her advocacy for policies that support Washington businesses, jobs, and communities,” said Northwest Seaport Alliance Managing Member and Port of Seattle Commissioner, Ryan Calkins.
“As one of America’s largest ports, Long Beach moves more than $300 billion in cargo every year to and from every congressional district, supporting 2.7 million jobs. Due to the new trade policies, we are about to see a shift from cargo surge to cargo slowdown in the supply chain, and this will have a real impact on the American economy. For workers across the country whose jobs depend on cargo moving through the Port of Long Beach – dockworkers, truckers, logistics workers, retailers, farmers, factory workers – any sort of long-term, sustained downturn in shipments caused by the tariff will be detrimental to the job market. I remain hopeful that leaders in our nation’s capital recognize the significance of the goods movement industry and will take necessary action to ensure America’s economy can thrive,” said Mario Cordero, CEO of the Port of Long Beach.
“Cargo volume at the nation’s busiest port will drop by about one-third next week,” said Port of Los Angeles Executive Director, Gene Seroka. “That means fewer jobs along with rising prices for consumers and businesses. Additionally, counter tariffs are having a severe impact on American agricultural exporters. We need agreements quickly with our trading partners that benefit and support the U.S. economy and supply chain.”
Washington state has one of the most trade-dependent economies of any state in the country, with 40 percent of jobs tied to international commerce. Washington state is the top U.S. producer of apples, blueberries, hops, pears, spearmint oil, and sweet cherries—all of which risk losing vital export markets due to retaliatory tariffs from key trading partners including Canada. Additionally, more than 12,000 small and medium-sized companies in Washington state export goods and will struggle to absorb the impact of retaliatory tariffs. Canada is Washington’s largest trading partner, accounting for nearly $20 billion in imports and $10 billion in exports. China is the world’s second-largest economy and Washington state exported over $12 billion in goods to China last year—making China Washington state’s top export partner—and imported $11.2 billion in goods, the most in imports from any country aside from Canada. Trump’s tariffs during his first term were extremely costly for Washington state—for example, India imposed a 20 percent retaliatory tariff on U.S. apples, causing Washington apple shipments to India to fall by 99 percent and growers to lose hundreds of millions of dollars in exports.
Senator Murray has been a vocal opponent of Trump’s chaotic trade war from the very start and has been lifting up the voices of people in Washington state harmed by this administration’s approach to trade and calling on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier last month, Senator Murray brought together leaders across Washington state who highlighted how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector. Senator Murray also took to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else.
Murray has also been sounding the alarm on Trump’s tariffs across Washington state. Recently, Senator Murray held a roundtable discussion in Tacoma with local businesses and ports, met with farmers in Yakima to discuss the consequences of Trump’s tariffs, and held a roundtable discussion in Vancouver at a local metal fabrication company to highlight how Trump’s trade war is hurting businesses and our economy Washington state. Just last week, Senator Murray met with small business owners in Seattle’s University District to hear how Trump’s tariffs and the broader economic uncertainty are affecting them, and later she met with farmers in Skagit County to discuss tariffs, and visited Blaine near the Canadian border to highlight the impacts of Trump’s trade war.
Senator Murray’s full remarks as delivered during today’s press call are below:
“Thank you everyone for joining us, and I am so glad to be on this call today with some of my colleagues from the West Coast—the best coast. You’re going to hear from Senators Wyden and Padilla, and our West Coast ports.
“We are here to sound the alarm on Trump’s disaster of a trade policy with some of the ports that we represent, because the window of opportunity we have to minimize the worst consequences of this inane tariff agenda is rapidly shrinking. I want to be clear what’s happening here, one economically illiterate President is forcing a totally unpredictable and thoughtless trade war onto the entire world—and although Trump inherited a remarkably strong and resilient American economy, he is singlehandedly pushing this nation toward a painful Republican Recession while forcing a tax increase on everyone.
“All of the major economic indicators are there, we’re talking big red, flashing sirens. We went from months of strong economic growth and predictions of more growth to come, to a shrinking economy all thanks to Trump and his tariffs. Consumer confidence is at its lowest level since COVID because it’s pretty obvious Trump is driving the economy into the ground on purpose. Small businesses in my state who rely on imports are telling me the situation is as dire for them as it was during COVID—during COVID! They’re actually calling Trump’s trade war a kind of COVID 2.0 for them.
“They are facing tariffs on items we either don’t grow or make in the United States, and realistically never will, for things like coffee or Green Tea. They are shouting from the rooftop that Trump is singlehandedly detonating a mass extinction event for small businesses in America.
“And listen, few people understand better than our Ports that you don’t need these tariffs to last very long for them to have a verybig impact. Fewer ships from across the Pacific, means less cargo at our ports, less cargo at our ports means less goods for our truckers to transport, and that ultimately means bare shelves for our retailers and the American consumer.
“Now even if you assume the most optimistic outlook that Trump is going to cut amazing new trade deals with everyone he’s burned—which he won’t—there will still be a painful cost from the shock to the economy that has already been set in motion. Supply chains do not reset in an instant. The time to reverse these Republican tariffs was the same day they were announced.
“Just three Republicans chose to support Senator Wyden’s resolution yesterday, with the majority blocking that bill. That is a dangerous and deliberate decision by Republicans to enable Trump’s pro-recession agenda and higher taxes on every American—and for every day that Republicans choose to allow Trump to sabotage the economy, more small businesses will continue to suffer.
“Businesses in Washington state are already having to take cost cutting measures, they’re laying off employees, some may even close for good. For what? There’s no strategy here. It’s short-term pain for long-term pain. This entire debacle is already a prime example of self-inflicted economic arson. No one wins here.
“Republicans need to cut their losses, and work with Democrats immediately to end this tax on consumers and stop these nonsense trade wars. Congress needs to take the matches away from the President who is setting fire to the economy. So, Democrats are going to make sure Republicans continue to feel the pressure until this Congress takes action and overrides this President.
“So, with that, I want to turn it over to Senator Wyden. He has been a leader in our efforts to rein in Trump’s tariffs.”
US Senate News:
Source: United States Senator for Washington State Patty Murray
Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, introduced the Floodplain Enhancement and Recovery Act with Senator Steve Daines (R-MT). This bipartisan legislation would create a new pathway for ecosystem restoration projects in floodplains that meet specific low-risk criteria and would simplify approval for important restoration work while still upholding flood safety standards.
Under the current Federal Emergency Management Agency (FEMA) policy, any proposed development in a regulated floodway, whether it’s a shopping mall or salmon habitat, must prove that it will not increase the base flood elevation (BFE) of the area. This requirement is commonly referred to as the “No Rise” rule. While important for protecting communities from increased flood risks, it has had major unintended consequences on important environmental restoration in Washington state and around the country.
“Here in Washington state ensuring our waterways stay healthy is critical for not just environmental conservation efforts, but important for our communities and economy as well. This legislation will simplify approval of ecosystem restoration projects in floodplains, which is critical for many projects in Washington state where many communities are in a regulated floodway,” said Senator Murray. “Government should be making it easier to protect our environment, not harder. I am proud to be a partner to the many Tribes and advocates in Washington state that have been pushing for the Floodplain Enhancement and Recovery Act, and I will continue to fight for commonsense solutions to protect and restore our ecosystems.”
In Washington state, many salmon habitat restoration projects involve placing woody debris in a waterway to slow water and make safe spaces for juvenile salmon to develop. These projects, and many others, often fail the “No Rise” rule. Currently, the only way around the rule is to first update FEMA’s flood maps with the projected BFE impacts. This requires extensive and very expensive hydrologic and hydraulic analyses, often performed by a third-party engineer. FEMA then reviews the analyses, replicates them, and approves them internally before giving the okay to move forward, which has taken up to three years to complete. While this process often makes sense in an urbanized, flood-prone community, it is an unnecessary exercise for restoration in remote areas.
“Critical ecosystem restoration projects across Montana have been abandoned due to FEMA’s onerous and costly ‘No Rise’ rule. This commonsense, bipartisan bill will reduce unnecessary burdens on important conservation and restoration work, while continuing to keep our communities safe from flooding,” said Senator Daines.
Many communities in Washington have avoided doing restoration work in regulated floodways—which makes up much of the state—to avoid the associated costs. This bill would allow for a more efficient process for ecosystem restoration in a regulated floodplain and addresses the issue of “No Rise,” which has been a priority concern for a number of Tribal communities and salmon advocates in Washington state for the last few years.
“Ecosystem restoration projects reduce flood risk and restore the natural functions of floodplains,” said Ed Johnstone, Chairman of Northwest Indian Fisheries Commission. “This proposed legislation is a strong step toward removing an undue burden for these essential habitat restoration and nature-based solution projects. Treaty tribes support legislation that keeps communities safe while restoring salmon habitat and protecting treaty rights in the Pacific Northwest.”
“Restoring healthy floodplains is just one of many nature-based solutions that must be integrated into our national efforts to make communities safer and rivers healthier in the face of increasingly extreme weather,” said Eileen Shader, Senior Advisor for American Rivers Action Fund and a floodplains expert. “Making sure that these cost-efficient and common-sense restoration projects are not limited by inefficiencies in the regulatory framework is an important step in ensuring lives and property are protected.”
“The Association of State Floodplain Managers supports this legislation because it is a practical solution balancing the need to identify any relevant impacts of floodplain restoration projects with time, effort and resources to do so,” said Chad Berginnis, Executive Director of The Association of State Floodplain Managers. “The land use and development standards of the NFIP need to be sensibly applied in a way to protect and enhance the natural and beneficial functions of our nation’s floodplains.”
“We appreciate Senator Murray’s leadership and partnership in developing this important legislation. It’s a common-sense approach that reduces costs and delays for watershed restoration while maintaining flood safety,” said Casey Sixkiller, Director of the Washington State Department of Ecology. “By giving our federal partners more flexibility in their review processes, this bill will help move critical ecosystem and salmon recovery projects forward without unnecessary regulatory hurdles or added costs.”
“There are many benefits to having intact natural floodplains. One of them is that they lower the risks associated with flooding. That is one of the main reasons why The Nature Conservancy supports policies, like this one from Senators Murray and Daines, that help scale up work to restore floodplains,” said Cameron Adams, Policy Advisor for The Nature Conservancy. “This bipartisan legislation would give communities the flexibility they want and need to do science-backed ecosystem restoration projects in flood zones. These types of projects don’t just benefit people, but also plants and animals that thrive in healthy landscapes.”
“Ecosystem restoration projects are a vital tool to address landscape recovery and habitat restoration, especially after major weather events. This amendment would make it easier for local communities to develop effective and necessary restoration projects by streamlining the approval process for ecosystem restoration projects,” said Jeremy Peters, CEO of National Association of Conservation Districts. “NACD appreciates the clarity and flexibility provided in this amendment and looks forward to seeing how local conservation districts will have an even greater impact in areas in need of restoration.”
Senator Murray has been a champion for protecting and strengthening critical salmon and fish populations throughout her time in the Senate. Senator Murray secured a historic $2.85 billion investment in salmon and ecosystem restoration programs—including $400 million for a new community-based restoration program focused on removing fish passage barriers in the Bipartisan Infrastructure Law—and in the Inflation Reduction Act, Murray secured hundreds of millions for Washington state priorities including $15 million for the Pacific Coastal Salmon Recovery Fund, $3 million to support facilities at the Olympic Coast National Marine Sanctuary, $27 million for Pacific salmon research, and more.
Last Congress, as then-Chair of the Senate Appropriations Committee, Murray protected critical funding for salmon recovery and fishery projects in the Fiscal Year 2024 government spending bills she negotiated and passed into law, including securing: $50 million in the construction of the Howard Hanson Dam Fish Passage facility; $75 million for the Pacific Salmon account at the National Marine Fisheries Service (NMFS), $65 million for the Pacific Coastal Salmon Recovery Fund, $54 million for the EPA’s Puget Sound Geographic Program, and more.
US Senate News:
Source: United States Senator Pete Ricketts (Nebraska)
WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE), a senior member of the Senate Foreign Relations Committee, again urged the United Kingdom, France, and Germany, otherwise known as the E3, to trigger the snapback of U.S. sanctions on Iran. In February, Ricketts introducedbicameral legislation calling for snapback sanctions. Ricketts made the following comments:
“There’s been a recent United Nations report confirming that Iran now possesses enough 60% enriched uranium to produce six nuclear warheads. This escalates the threat beyond the US and Israel, posing a direct risk to our allies across the Middle East and Europe,” said Ricketts. “This enrichment defies U.N. Security Council Resolution 2231, which originally codified the JCPOA. I applaud President Trump’s decisive move to reimpose maximum pressure on Iran, as well as entering into negotiations with Iran on a nuclear deal. However, the credibility and strength of these talks hinge on the United States entering with room with maximum leverage – entering the room with maximum leverage. That’s why I’ve introduced a resolution, backed by 18 of my colleagues, urging the E3 to trigger the snapback of U.N. sanctions before the October deadline.”
[embedded content]
Watch the video HERE
Ricketts made the comments in a hearing of the Senate Foreign Relations Committee. The hearing considered the nominations of Charles Kushner, to be U.S. Ambassador to France, Leah Campos, to be U.S. Ambassador to the Dominican Republic, Edward Walsh, to be U.S. Ambassador to Ireland, and Joseph Popolo, to be U.S. Ambassador to the Netherlands.
TRANSCRIPT:
Senator Ricketts: “First of all, thank you to all of our nominees here for your willingness to serve our great nation.
“And I want to especially thank your families because they will serve alongside you and make it possible for you to be able to serve our country.
“So thank you very much to the families who are willing to sacrifice, along with our nominees here.
“Mr. Kushner, I’m going to start with you because again, we’ve talked about how important the relationship with France is.
“And you know, there’s been a recent United Nations report confirmed that Iran now possesses enough 60% enriched uranium to produce six nuclear warheads.
“This escalates the threat beyond the US and Israel, posing a direct risk to our allies across the Middle East and Europe.
“This enrichment defies UN Security Council Resolution 2231, which originally codified in JCPoA.
“I applaud President Trump’s decisive move to reimpose maximum pressure on Iran, as well as entering into negotiations with Iran on a nuclear deal.
“However, the credibility and strength of these talks hinge on the United States entering with room with maximum leverage, entering the room with maximum leverage.
“That’s why I’ve introduced a resolution, backed by 18 of my colleagues, urging the E3 to trigger the snapback of UN sanctions before the October deadline.
“The French have supported the snapback of sanctions, but have stated that it’s contingent on reaching a nuclear deal.
“Mr. Kushner, do you believe that restoring UN sanctions would give President Trump a stronger hand in confronting the Iranian regime?
Mr. Charles Kushner: “Without a doubt it would.
“And why the French have not used that snapback to date is a mystery to me, because I would think that they would have used it. I
“’m not sure if they don’t have the will or the desire or whatever it may be, but I will be pushing that because I think that should be exercised and it expires within months.
“So the fact that they have that that right and have not used it is a shame.
“I think we should be standing up and really lobbying very, very hard for them to exercise it.
“And I think maximum sanctions is there’s very I think President Trump really has this issue and it’s not it’s either going to be negotiated, no nuclear, or it’s going to have to be an alternative of military.
“And I think President Trump has made that clear.
“So I think maximum protection, maximum leverage on the Iranians. I think France and America are totally in total agreement on that.
Senator Ricketts: “Well, Mr. Kushner, that really heartens me to hear you say that because I agree with you 100%.
“You know, during the first Trump administration, we saw that because of those sanctions, the Trump administration was able to bring Iranian foreign reserves down from $122.5 billion to under $14 billion.
“And that cut off their ability to be able to fund the terrorism that we see around the world and continue to put pressure on the way the Trump administration has is important.
“You know, my colleague here Mr. McCormick, was talking about the Indo-Pacific, and that has emerged an area of key threat from communist China.
“And he mentioned he talked a little bit about France’s role there as well.
“It’s home to 1.6 million French citizens live across its seven overseas territories and over 9,000,000km² of French exclusive economic zone.
“Recognizing this, France became the first European country to adopt an Indo-Pacific strategy in 2019, and through the strategy, France participated in the freedom of navigation exercises that we’re talking about through the Taiwan Strait.
“But, you know, we’ve seen communist China being incredibly aggressive with their illegal, coercive, aggressive and deceptive practices in especially relating to our allies like the Philippines and Taiwan as well.
“I authored the Bolster Act to encourage European engagement in support of Taiwan security with one of the largest militaries in Europe and naval forces as well extending their presence to this reason, France could really play a great role.
“Can you talk about how can you work with France to get them to better support Taiwan and the relationship there, given its leadership, you know, France’s leadership in the Indo-Pacific?
Mr. Charles Kushner: “I think France recognizes the same thing that America recognizes, what a what a threat China is to the world.
“I don’t think there’s daylight between them in terms of assessing what them as their capability and their infiltration and stealing technology and all the other things and devaluing currency and robbing us on trade.
“So I think France and America are very aligned.
“It’s just that France has to step up to be more aggressive, like America is now stepping up to be more aggressive.
“And I see it as my job as a future ambassador to meet with the officials and apply that pressure, knowing that they should be more in step lock with the American policy.
“So I’m all for your proposal, and I’m all for supporting it.
Senator Ricketts: “Great. Well, thank you.
Mr. Charles Kushner: “Thank you very much for being a cheerleader for it.
Senator Ricketts: “Right. Great. Well, thank you very much, Mr. Kushner.
“And again, I hope that once you’re confirmed as ambassador, that you’ll work with whoever is in leadership in France, whether it’s President Macron or somebody else, to remember that even though we certainly respect France as a having their own policies and you know, and wanting to have the independence from the United States that they deserve as a sovereign nation, that we work better together as a team, and that especially when we’re confronting Communist China, this is the single biggest threat that we face internationally.
“But it’s not just a threat to the United States, it’s a threat to France and all the other freedom-loving countries in the world.
“Because XI Jinping is a dictator who’s who’s bent on world domination.
“And you know, for France to go a separate way from the United States would undermine our collective security.
“So I hope you’ll, you’ll emphasize that when you get there.
Senator Ricketts: “Thank you.”
Sydney will host one of the largest surgical conferences in the southern hemisphere when the Royal Australasian College of Surgeons (RACS) brings its 93rd Annual Scientific Congress (ASC) to the International Convention Centre from Saturday 3 to Tuesday 6 May 2025.
This year’s theme, Innovation. Precision. Excellence., reflects the event’s future-focused program and its role as a key connection and collaboration point for surgeons across all nine RACS specialties.
More than 1600 surgeons, Trainees and healthcare leaders from Australia, Aotearoa New Zealand and beyond are expected to attend, with 253 new Fellows – the largest cohort in recent years – to be formally welcomed at the Convocation Ceremony on Saturday evening.
“ASC 2025 is designed to inspire and challenge,” says congress convener Professor Henry Woo.
“It’s a chance for surgeons to connect across specialties and geographies, hear from international leaders, and explore how innovation and leadership are shaping the future of care—from operating theatres to entire health systems.”
This year’s program puts a spotlight on cross-disciplinary collaboration, with sessions covering robotics and AI in surgery, rural surgical innovation, Indigenous health, and leadership development.
Event highlights include:
Dr Glaucomflecken (Dr Will Flanary), a US ophthalmologist and viral medical comedian, presenting Dr Glaucomflecken’s incredibly uplifting and really fun guide to American healthcare on Sunday 4 May at 4pm. A cancer survivor and healthcare satirist, Dr Glaucomflecken brings a unique dual perspective as both clinician and patient. This ticketed plenary session is open to the general public.
A surgical affair: question time with Tony Jones, a high-profile panel session chaired by veteran journalist Tony Jones, follows directly after. The discussion will tackle elective surgery waitlists and workforce challenges, with panellists including Australian Medical Council President Dr Danielle McMullen, NSW Parliamentary Secretary for Health Dr Michael Holland MP, and Queensland Health Chief Medical Officer Associate Professor Catherine McDougall.
The Congress also features a strong line-up of international speakers:
RACS ASC is recognised as the College’s flagship educational event and one of the most significant surgical meetings in the region. It showcases the latest in surgical research, innovation and practice, while providing a platform for shared learning, professional connection and leadership.
Media are welcome to attend keynote sessions, speaker interviews and selected panels.
Find out more about the RACS ASC: RACS Annual Scientific Congress: https://asc.surgeons.org
About the Royal Australasian College of Surgeons (RACS)
RACS is the leading advocate for surgical standards, professionalism and surgical education in Australia and Aotearoa New Zealand. The College is a not-for-profit organisation that represents more than 8000 surgeons and 1300 surgical trainees and Specialist International Medical Graduates. RACS also supports healthcare and surgical education in the Asia-Pacific region and is a substantial funder of surgical research. There are nine surgical specialties in Australasia being: Cardiothoracic Surgery, General Surgery, Neurosurgery, Orthopaedic Surgery, Otolaryngology Head and Neck Surgery, Paediatric Surgery, Plastic and Reconstructive Surgery, Urology and Vascular Surgery. www.surgeons.org
US Senate News:
Source: United States Senator for North Carolina Thom Tillis
WASHINGTON, D.C. – Today, U.S. Senators Thom Tillis (R-NC), Chairman of the Senate Judiciary Subcommittee on Intellectual Property, and Chris Coons (D-DE) and Representatives Kevin Kiley (R-CA) and Scott Peters (D-CA) reintroduced the Patent Eligibility Restoration Act. This bipartisan, bicameral legislation will restore patent eligibility to important inventions across many fields while also resolving legitimate concerns over the patenting of mere ideas, the mere discovery of what already exists in nature, and social and cultural content that everyone agrees is beyond the scope of the patent system. It also affirms the basic principle that the patent system is central to promoting technology-based innovation.
“Clear, reliable, and predictable patent rights are imperative to enable investments in the broad array of innovative technologies that are critical to the economic and global competitiveness of the United States, and to ensuring the national security of our great country,” said Senator Tillis. “Unfortunately, a series of Supreme Court decisions have rendered patent eligibility law unclear, unreliable, and unpredictable, resulting in U.S. inventors being unable to obtain patents in areas where our economic peers offer patent protection. This is particularly concerning in the economically critical areas of biotechnology and artificial intelligence. This bipartisan, bicameral legislation maintains the existing statutory categories of eligible subject matter, which have worked well for over two centuries, while addressing inappropriate judicially created eligibility limitations by creating clear rules for what is eligible. We cannot allow foreign adversaries like China to overtake us in key areas of technology innovation due to the current state of patent eligibility law. I look forward to continuing to work with all stakeholders on this important matter. Passing patent eligibility reform is one of my top legislative priorities.”
“When American innovators know their ideas are eligible for patent protection, they take the risks that push us into the future – whether that’s the next medical test or the latest AI technology,” said Senator Coons. “PERA restores clarity to the law on what can be patented and what cannot – guidance that federal courts have been requesting for years and that the Supreme Court has refused to provide. Congress must step up to provide America’s inventors with the stable legal foundation they need to produce the cutting-edge technologies that power our economy.”
“American innovators have been at a disadvantage in recent years because of the U.S. patent system,” said Representative Kevin Kiley. “Convoluted Supreme Court rulings and tests on subject matter eligibility have made it increasingly difficult for inventors to receive patents, leading to foreign companies overtaking our own. That’s why I’m proud to introduce the bi-partisan Patent Eligibility Restoration Act, which will dramatically reverse this trend, and unleash a tide of economic growth and job creation here at home.”
“For more than two centuries, a U.S. patent has guaranteed inventions will be protected from theft, helping the U.S. become the innovation capital of the world. San Diego, in particular, is the proud home of a thriving life sciences and technology ecosystem that has benefited from these protections,” said Representative Peters. “Over the last 15 years, however, several Supreme Court decisions have created confusion about what exactly is eligible for a patent. Innovators, consumers, and even the judges who adjudicate patent law have called on Congress to provide clarity on what can be patented. I look forward to working with Congressman Kiley, Senator Coons, and Senator Tillis to advance our Patent Eligibility Restoration Act and protect American innovation.”
“Congress has not made substantive changes to what subject matter is patentable in the United States since the Patent Act of 1793, making it difficult for courts, inventors, and the public to understand how 21st-century technologies fit within an 18th Century patent statute,” said Andrei Iancu, board co-chair of C4IP and former Under Secretary of Commerce for Intellectual Property and USPTO Director from 2018 to 2021. “I commend Congress for advancing PERA in order to finally modernize our patent laws and promote U.S. global leadership in biotechnology, artificial intelligence, and other modern technologies.”
“PERA provides the clarity needed to unlock the full potential of cutting-edge technologies and solidify U.S. leadership in scientific and technological breakthroughs,” said David Kappos, board co-chair of C4IP and former Under Secretary of Commerce for Intellectual Property and USPTO Director from 2009 to 2013. “We cannot allow legal uncertainty to stall the next wave of American innovation.”
“Patent Eligibility is an important issue for cancer patients – both for life-saving, early diagnosis and for promising new treatments. PERA will provide the certainty needed to enable innovative breakthroughs to reach patients. Dana-Farber Cancer Institute applauds Congress for introducing and advancing this important bill – the patients are waiting.” – Dana-Farber Cancer Institute
“Passing PERA is essential if the US is to catch up to Europe and Asia, especially China,” said Judge Paul Michel (retired). “They make eligible for patenting many classes of inventions held ineligible here. The very uncertainty of the zone of eligibility is itself an obstacle to companies getting the investments they need to compete both domestically and globally. Only Congress can fix this chaotic mess because the courts are trapped in their own harmful precedents.”
“In my former court, which hears patent cases on appeal, concurring and dissenting opinions in patent eligibly cases have proliferated,” said Judge Kathleen O’Malley (retired). “Veteran jurists have described the state of affairs as ‘incoherent,’ ‘unclear,’ ‘fraught,’ and ‘inconsistent.’ The Patent Eligibility Restoration Act would return clarity to patent eligibly law and encourage continued innovation in key emerging technologies – technologies that are central to the United States remaining the world’s innovation leader.”
“NCLifeSci thanks Senator Tillis for reintroducing the Patent Eligibility Restoration Act of 2025, which restores the confidence in our nation’s patent laws by bringing much needed clarity to Section 101 of the Patent Act. Confidence that the life sciences industry needs to robustly invest in the future of medicine. For too long, fields like diagnostics, precision medicine, cell and gene therapy, RNA medicine, and digital health have been threatened by unclear and uncertain patent-eligibility standards that put America’s innovators at a disadvantage, and that discourage local investment. Through this legislation, our members – which include leading innovators who operate cutting-edge gene therapy manufacturing facilities here in North Carolina and research potential treatments and cures for Alzheimer’s and cancer —will be able to continue to take the bold risks and make the high levels of investment necessary to take fields like these to their next level, with the confidence that our patent laws will continue to hold up through future waves of technological progress.” – NC Life Sciences Organization
“The Innovation Alliance applauds Senators Tillis and Coons and Representatives Kiley and Peters for sponsoring the Patent Eligibility Restoration Act, which will provide much needed predictability and clarity to the hopelessly confused law of patent eligibility. The Supreme Court has provided no workable framework to guide patent owners or the courts, and it has repeatedly refused to clarify the law, rejecting requests by the Federal Circuit and others to do so time and again. Investment dollars are flowing out of the United States as a result, jeopardizing the future of America’s innovation economy. It is past time for Congress to act.” – The Innovation Alliance
“This bipartisan and much-needed bill would strike a decade of judicial tinkering that has needlessly turned the question of patent eligibility into a confusing mess and harmed the U.S. versus our economic competitors. While the U.S. has spent a decade holding back innovations in areas such as fintech, diagnostic solutions and medical devices trying to figure out whether they are ‘abstract’ or not, our competitors are moving forward and protecting these inventions. PERA would be particularly beneficial to American startups and innovators by providing the clarity needed to attract investment for new ventures in essential areas such as medical devices, diagnostics, manufacturing and a whole new range of advancements powered by software.”- Alliance of U.S. Startups & Inventors for Jobs
“AUTM – the association representing technology transfer professionals – thanks Senators Tillis and Coons and others for their leadership in introducing PERA. This legislation is crucially needed to address the ambiguities that the courts have created about what is, and what is not, patent eligible. At a time when the U.S. is competing for innovation leadership, its patent system needs to clearly delineate this process so that it can move forward on numerous discoveries that otherwise would wither on the vine.” – AUTM
“The reintroduction of the Patent Eligibility Restoration Act (PERA) marks a pivotal move toward restoring clarity and consistency in U.S. patent law. By providing clear statutory guidelines, PERA offers inventors, entrepreneurs, and research institutions the certainty needed to innovate confidently. We commend Senator Tillis and Senator Coons for their leadership on this critical issue and remain committed to collaborating with Congress to support a patent system that fosters transparency and predictability.” – American Intellectual Property Law Association (AIPLA)
“The Coalition for 21st Century Patent Reform applauds Congress for reintroducing PERA. This legislation represents a significant step forward in clarifying patent eligibility while maintaining necessary standards on what is ultimately patentable. 21C applauds these efforts as they will make sure that the United States remains the most attractive place in the world to invest, invent, and grow.” – The Coalition for 21st Century Patent Reform (21C)
The following organizations support the Patent Eligibility Restoration Act: Innovation Alliance, C4IP, AUTM, AIPLA, IEEE-USA, USIJ, MDMA, BIO, NCLifeSci, Adeia, Nokia, Sisvel, Conservatives for Property Rights, Eagle Forum Education & Legal Defense Fund, U.S. Business & Industry Council, Center for a Free Economy, Center for Individual Freedom, American Policy Center, Less Government, 60 Plus Association, American Association of Senior Citizens, Frontiers of Freedom, Consumer Action for a Strong Economy, Center for American Principles, Prosperity for Us Foundation, Market Institute, Inventors Defense Alliance, Lauder Partners, Dana-Farber Cancer Institute, Heritage Action, 21C, Netlist, and FICPI.
Background:
Unfortunately, due to a series of Supreme Court decisions, patent eligibility law in the United States has become confused, constricted, and unclear in recent years. This has resulted in a wide range of well-documented negative impacts – inconsistent case decisions, uncertainty in innovation and investment communities, and unpredictable business outcomes.
As of 2021, all 12 then-sitting judges of the United States Court of Appeals for the Federal Circuit lamented the state of the law. Witnesses and stakeholders from a wide array of industries, fields, interest groups, and academia have testified and submitted comments confirming the uncertainty and detailing the detrimental effects of patent eligibility confusion in the United States. There is now widespread bipartisan agreement in Congress and across all recent Administrations that reforms are necessary to restore the United States to a position of global strength and leadership in key areas of technology and innovation, such as medical diagnostics, biotechnology, personalized medicine, artificial intelligence, 5G, and blockchain.
The Patent Eligibility Restoration Act achieves this critical goal by restoring patent eligibility to important inventions across many fields, while also resolving legitimate concerns over patenting of mere ideas, the mere discovery of what already exists in nature, and social and cultural content that everyone agrees is beyond the scope of the patent system, which is a system aimed at promoting technology-based innovation. As a general approach, the Patent Eligibility Restoration Act maintains the existing statutory categories of eligible subject matter, which have worked well for over two centuries, but eliminates the overly malleable set of current judicial exceptions – replacing them with five specific, defined statutory exclusions. By eliminating and replacing the current judicial exceptions, the Patent Eligibility Restoration Act provides predictable patent eligibility for important computer-implemented technological developments and medical advances, creating a solid bedrock for America’s innovation future.
Full text of the bill is available HERE.
Source: GlobeNewswire (MIL-OSI)
JEFFERSONVILLE, Ind., May 01, 2025 (GLOBE NEWSWIRE) — First Savings Financial Group, Inc. (NASDAQ: FSFG) (the “Company”), the holding company for First Savings Bank (the “Bank”), announced today the redemption of $20.0 million of subordinated notes, at par, on April 30, 2025. The subordinated notes were issued by the Company on September 20, 2018 as a 5.95% Fixed-to-Floating Rate Subordinated Note due 2028, in the principal amount of $20.0 million. Prior to redemption, the subordinated notes were floating rate and yielded 7.66%. In order to consummate the redemption, the Bank paid the Company a dividend of $19.0 million, which the Bank funded with a like dollar amount of short-term wholesale borrowings at a rate of 4.48%. Subsequent to the dividend, the Bank maintained leverage and total risk-based capital ratios in excess of 9.0% and 12.0%, respectively, as of March 31, 2025. Subsequent to the redemption, the Company maintained leverage and total risk-based capital ratios in excess of 9.0% and 12.0%, respectively, as of April 30, 2025.
Commenting on the redemption, Larry W. Myers, President and CEO, stated “We are very pleased to have redeemed and retired this excess, high-cost debt, which we expect will contribute to expansion in net interest margin. This debt redemption and the repurchase of Company common shares have been strategic initiatives we’ve desired to implement. The redemption helps clear a path for the opportunity to repurchase Company common shares in the forthcoming months should we continue to build excess capital, which we currently anticipate, and should such repurchases be accretive to the Company’s earnings per share.”
The Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”
This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions.
Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed in the Company’s periodic filings with the Securities and Exchange Commission.
Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this release or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.
Contact:
Tony A. Schoen
Chief Financial Officer
(812) 283-0724
US Senate News:
Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Todd Young (R-IN), and colleagues introduced the Affordable Housing Credit Improvement Act to increase affordable housing for families and workers by expanding and strengthening the Low-Income Housing Tax Credit. The bill also helps build nearly 1.6 million new affordable homes over the next decade.
“Doing something to help someone buy a home is consistent with President Trump’s goal of helping working families,” said Dr. Cassidy. “No one should be priced out of a roof over their heads.”
“Affordable housing is needed in Indiana and across the country. The Affordable Housing Credit Improvement Act will leverage private sector investment to increase the stock of affordable housing in both urban and rural communities. As a result, this will help to tackle the housing affordability crisis head-on to help Hoosier families, expand our workforce, and strengthen our communities,” said Senator Young.
Cassidy and Young were joined by U.S. Senators Maria Cantwell (D-WA), Marsha Blackburn (R-TN), and Ron Wyden (D-OR) in introducing the legislation. It is endorsed by the ACTION Campaign and the Affordable Housing Tax Credit Coalition.
“Ensuring access to affordable housing is a critical component in helping Tennessee continue to grow and prosper,” said Senator Blackburn. “The Affordable Housing Credit Improvement Act strengthens the Low-Income Housing Tax Credit, an important tool that helps to drive private sector investment in affordable housing for all Americans, including our nation’s veterans and seniors.”
Background
Currently, nearly one-in-four renters, over 11 million families, spend more than half of their household income on rent, cutting into other essential expenses like childcare, medication, groceries, and transportation. At the same time, over 600,000 Americans are experiencing homelessness on any given day, an increase over pre-COVID levels.
The Housing Credit has built or restored more than 4 million affordable housing units, nearly 90 percent of all federally funded affordable housing since its creation. Roughly nine million American households have benefited from the credit, and the economic activity that it generated has supported 6.6 million jobs and spurred more than $746 billion in wages.
More specifically, the Affordable Housing Credit Improvement Act would:
Increase the number of credits available to states by 50 percent for the next two years and make the temporary 12.5 percent increase secured in 2018 permanent, which has already helped build more than 59,000 additional affordable housing units nationwide.
Stabilize financing for workforce housing projects built using private activity bonds by decreasing the amount of private activity bonds needed to secure Housing Credit funding. As a result, projects would have to carry less debt, and more projects would be eligible to receive funding.
Improve the Housing Credit program to better serve veterans, victims of domestic violence, formerly homeless students, Native American communities, and rural Americans.
The Affordable Housing Credit Improvement Act was recently introduced in the U.S. House of Representatives by U.S. Representatives Darin LaHood (R-IL-16), Suzan DelBene (D-WA-01), Claudia Tenney (R-NY-24), Don Beyer (D-VA-08), Randy Feenstra (R-IA-04), and Jimmy Panetta (D-CA-19).
Source: GlobalData
US diagnostic imaging market faces tariff-driven supply chain and capital risks, reveals GlobalData
Posted in Medical Devices
The US diagnostic imaging (DI) market is facing growing pressure as new US tariffs raise procurement risks and threaten supply chains. With high-value systems like computed tomography (CT) and magnetic resonance imaging (MRI) heavily reliant on global production, hospitals may delay capital spending amid uncertainty. Although domestic manufacturing offers some short-term protection, extended trade tensions could disrupt pricing, planning, and access to critical imaging equipment across the country, says GlobalData, a leading data and analytics company.
Diagnostic imaging (DI), which is one of the MedTech industry’s most capital-intensive and strategically vital segments, relies on global production networks and long procurement cycles. Even in absence of major pricing shifts, the perceived instability surrounding policy may prompt hospitals to delay purchases or reassess capital planning, making the sector susceptible to long-term impacts.
GlobalData projects the US diagnostic imaging market to grow from $10.4 billion in 2024 to $15 billion in 2034. While domestic manufacturing may initially protect some vendors from the impact of rising tariffs, they could still face supply chain disruptions, requiring adjustments to manufacturing strategies, pricing structures, and capital expenditure planning if trade tensions continue.
Among the leading DI companies, GE Healthcare stands out with a comparatively large US production operation. GlobalData’s MedSource supply chain database shows that 21% of GE’s 510(k)-approved DI devices are manufactured exclusively in the US, well ahead of Siemens at 12% and Philips at 9%.
Ashley Clarke, Senior Medical Analyst at GlobalData, comments: “While a bigger domestic footprint does not make GE immune, it may reduce tariff exposure in the short-term. Devices with US-based final assembly can qualify for origin exemptions, helping maintain competitive pricing if trade volatility continues. GE may have greater pricing flexibility and margin protection, giving it a tactical advantage, but like other companies will still face challenges in raw material and parts procurement and production.”
High-value systems like CT and MRI systems, which together account for more than 20% of the US DI market, rely heavily on global production networks. According to MedSource, Siemens’ flagship SOMATOM CT systems are primarily built in Germany and China, while GE assembles its units in Wisconsin using international components. MRI systems follow similar trends, with components like coils sourced heavily from overseas.
Clarke continues: “The procurement planning for 2025 and beyond could face more scrutiny if pricing or access to key components becomes less certain.”
If trade disruptions extend into next year, both manufacturers and buyers will need to adapt. Vendors with high offshore exposure, particularly those relying on China, India, or EU-based services, may face pressure to localize or diversify production supply chains. With DI systems already representing one of the largest capital expenditures in hospital tech budgets, even modest cost shifts can trigger downstream effects.
Clarke concludes: “Providers are navigating broader cost pressures on other essential medical supplies, so even if DI equipment costs hold, there is growing incentive to delay high-cost imaging upgrades or replacements. Such delays in imaging infrastructure can limit access to timely diagnostics, raising risks for patient outcomes and placing additional strain on the already overburdened healthcare sector.”
Source: United States Department of Defense (video statements)
—————
@usarmysoldiers from the @25thInfantryDivisionand Philippine Army Scout Ranger Regiment complete joint training in jungle warfare at Camp Tecson, Philippines, during Salaknib 25.
The final exercise, known as the “Green Mile,” tested participants through a three-mile physical endurance course including a murky jungle lake swim.
For more on the Department of Defense, visit: http://www.defense.gov
—————
Keep up with the Department of Defense on social media!
Like the DoD on Facebook: http://facebook.com/DeptofDefense
Follow the DoD on Twitter: http://twitter.com/DeptofDefense
Follow the DoD on Instagram: http://instagram.com/DeptofDefense
Follow the DoD on LinkedIn: https://www.linkedin.com/company/DeptofDefense
Source: GlobeNewswire (MIL-OSI)
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
| (Note: | All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS®Accounting Standards”), except as otherwise noted. This press release contains certain non-GAAP and other financial measures, including book value per share and cash and marketable securities, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See “Glossary of non-GAAP and other financial measures” at the end of this press release for further details.) | |
TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (TSX: FIH.U) announces a net loss of $211.2 million ($1.57 net loss per diluted share) in the first quarter of 2025, compared to a net loss of $293.5 million in the first quarter of 2024 ($2.17 net loss per diluted share). The company’s book value per share decreased 7.4% to $19.41 at March 31, 2025 from $20.96 at December 31, 2024, primarily due to unrealized losses recorded on the company’s publicly listed investments.
Highlights for the first quarter of 2025 included the following:
$175.0 million to $250.0 million, including the use of letters of credit. The company issued a letter of credit for $170.9 million in favour of Siemens equal to the deferred purchase price for the additional 10.0% equity interest in BIAL. The increased borrowing limit and Siemens letter of credit will be reduced over a period of approximately eighteen months in accordance with the terms of the amended credit agreement and letter of credit.
Fairfax India is in strong financial health, with cash and marketable securities at March 31, 2025 of $113.0 million and $79.2 million available under its revolving credit facility.
There were 134.8 million and 135.4 million weighted average common shares outstanding during the first quarters of 2025 and 2024, respectively. At March 31, 2025 there were 104,839,462 subordinate voting shares and 30,000,000 multiple voting shares outstanding.
Unaudited balance sheets, earnings (loss) and comprehensive income (loss) information follow and form part of this press release. Fairfax India’s detailed first quarter report can be accessed at its website www.fairfaxindia.ca.
Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.
| For further information, contact: | John Varnell, Vice President, Corporate Affairs |
| (416) 367-4755 |
| Information on | ||||||
| CONSOLIDATED BALANCE SHEETS | ||||||
| as at March 31, 2025 and December 31, 2024 | ||||||
| (unaudited – US$ thousands) | ||||||
| March 31, 2025 |
December 31, 2024 |
|||||
| Assets | ||||||
| Cash and cash equivalents | 21,616 | 59,322 | ||||
| Bonds | 114,823 | 180,507 | ||||
| Common stocks | 3,419,382 | 3,381,206 | ||||
| Total cash and investments | 3,555,821 | 3,621,035 | ||||
| Interest and dividends receivable | 5,093 | 8,849 | ||||
| Income taxes refundable | 175 | 174 | ||||
| Other assets | 844 | 722 | ||||
| Total assets | 3,561,933 | 3,630,780 | ||||
| Liabilities | ||||||
| Accounts payable and accrued liabilities | 1,106 | 1,300 | ||||
| Accrued interest expense | 2,736 | 8,611 | ||||
| Income taxes payable | 1,547 | 5,379 | ||||
| Payable to related parties | 9,434 | 10,099 | ||||
| Payable for securities purchased | 170,850 | — | ||||
| Deferred income taxes | 129,973 | 149,780 | ||||
| Borrowings | 498,479 | 498,349 | ||||
| Total liabilities | 814,125 | 673,518 | ||||
| Equity | ||||||
| Common shareholders’ equity | 2,617,071 | 2,826,495 | ||||
| Non-controlling interests | 130,737 | 130,767 | ||||
| Total equity | 2,747,808 | 2,957,262 | ||||
| 3,561,933 | 3,630,780 | |||||
| Book value per share | $ | 19.41 | $ | 20.96 | ||
| Information on | ||||||
| CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) | ||||||
| for the three months ended March 31, 2025 and 2024 | ||||||
| (unaudited – US$ thousands except per share amounts) | ||||||
| First quarter |
||||||
| 2025 | 2024 | |||||
| Income | ||||||
| Interest | 3,196 | 5,038 | ||||
| Dividends | 2,998 | 7,049 | ||||
| Net realized gains on investments | 616 | 116,924 | ||||
| Net change in unrealized losses on investments | (222,862 | ) | (410,927 | ) | ||
| Net foreign exchange gains (losses) | 3,245 | (376 | ) | |||
| (212,807 | ) | (282,292 | ) | |||
| Expenses | ||||||
| Investment and advisory fees | 9,399 | 9,484 | ||||
| General and administration expenses | 1,648 | 2,536 | ||||
| Interest expense | 6,755 | 6,380 | ||||
| 17,802 | 18,400 | |||||
| Loss before income taxes | (230,609 | ) | (300,692 | ) | ||
| Recovery of income taxes | (19,142 | ) | (7,483 | ) | ||
| Net loss | (211,467 | ) | (293,209 | ) | ||
| Attributable to: | ||||||
| Shareholders of Fairfax India | (211,224 | ) | (293,504 | ) | ||
| Non-controlling interests | (243 | ) | 295 | |||
| (211,467 | ) | (293,209 | ) | |||
| Net loss per basic and diluted share | $ | (1.57 | ) | $ | (2.17 | ) |
| Shares outstanding (weighted average) | 134,839,462 | 135,365,933 | ||||
| Information on | ||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||
| for the three months ended March 31, 2025 and 2024 | ||||||
| (unaudited – US$ thousands) | ||||||
| First quarter |
||||||
| 2025 | 2024 | |||||
| Net loss | (211,467 | ) | (293,209 | ) | ||
| Other comprehensive income (loss), net of income taxes | ||||||
| Item that may be subsequently reclassified to net earnings (loss) | ||||||
| Unrealized foreign currency translation gains (losses), net of income taxes of nil (2024 – nil) | 2,046 | (5,708 | ) | |||
| Comprehensive loss | (209,421 | ) | (298,917 | ) | ||
| Attributable to: | ||||||
| Shareholders of Fairfax India | (209,391 | ) | (298,926 | ) | ||
| Non-controlling interests | (30 | ) | 9 | |||
| (209,421 | ) | (298,917 | ) | |||
This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or an Indian Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.
Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: oil price risk; geographic concentration of investments; potential lack of diversification; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; disruption of the company’s information technology systems could significantly affect the company’s business; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; trading price of subordinate voting shares relative to book value per share risk; weather risk; taxation risks; emerging markets; legal, tax and regulatory risks; MLI; economic risk; reliance on trading partners; and economic disruptions from conflicts in Ukraine and the Middle East and the development of other geopolitical events and economic disruptions worldwide. Additional risks and uncertainties are described in the company’s annual information form dated March 7, 2025 which is available on SEDAR+ at www.sedarplus.ca and on the company’s website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.
Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.
GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES
Management analyzes and assesses the financial position of the consolidated company in various ways. Certain of the measures included in this press release, which have been used consistently and disclosed regularly in the company’s Annual Reports and interim financial reporting, do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. Those measures are described below.
Book value per share – The company considers book value per share a key performance measure in evaluating its objective of long term capital appreciation, while preserving capital. This measure is also closely monitored as it is used to calculate the performance fee, if any, to Fairfax Financial Holdings Limited. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.
Cash and marketable securities – This measure is calculated by the company as the sum of cash, cash equivalents, short term investments and Government of India bonds. The company uses this measure to monitor short term liquidity risk.
Source: GlobeNewswire (MIL-OSI)
NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).
The following dates apply to the distributions:
Record Date May 15, 2025
Ex-Dividend Date May 15, 2025
Payable Date May 30, 2025
| Distribution Schedule | ||||
| NYSE Ticker | Closed-End Fund Name | Distribution Per Share |
Change from Previous Distribution | Frequency |
| AVK | Advent Convertible and Income Fund | $0.1172† | Monthly | |
| GBAB | Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust | $0.12573† | Monthly | |
| GOF | Guggenheim Strategic Opportunities Fund | $0.1821† | Monthly | |
| GUG | Guggenheim Active Allocation Fund | $0.11875† | Monthly | |
† A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.
You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.
Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.
About Guggenheim Investments
Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $246 billion* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 220+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.
Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.
*Assets under management are as of 3.31.2025 and include leverage of $15.2bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.
This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.
Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.
Analyst Inquiries
William T. Korver
cefs@guggenheiminvestments.com
Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value
Member FINRA/SIPC (05/25) 64740
US Senate News:
Source: United States Senator for Tennessee Bill Hagerty
WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Foreign Relations Committee and former U.S. Ambassador to Japan, introduced Charles “Charlie” Kushner, President Trump’s nominee to be U.S. Ambassador to France and Monaco.
*Click the photo above or here to watch*
Remarks as prepared for delivery:
Chairman Risch and Ranking Member Shaheen, thank you for holding this important nominations hearing today.
It is my honor to introduce my good friend, Charles “Charlie” Kushner—President Trump’s nominee to be the U.S. Ambassador to France and Monaco.
I have been fortunate to get to know Charlie, his wife Seryl and their wonderful family.
Their children—Dara, Nicole, Josh, and Jared—are all tremendously successful in their own right and I’ve had the pleasure to know and work closely with Jared and his wife, Ivanka.
The Kushner children—are a testament to the family’s values and character and are, in many ways, Charlie and Seryl’s finest achievement.
Charlie truly embodies the “American Dream.”
As the son of Holocaust survivors who immigrated to the United States in the 1940s with nothing, Charlie rose to become one of the country’s most successful real estate developers—indeed, he’s a skilled and talented negotiator, a leader who treats his employees like family, and a respected philanthropist.
As a lifelong businessman who served as U.S. Ambassador to Japan during President Trump’s first term, I believe the skills and experiences that have made Charlie successful in the private sector will drive his success as America’s ambassador in Paris.
Yet President Trump selected Charlie for this role—not only because of his business acumen and experience in tough negotiations, but also because Charlie is a deeply patriotic American who recognizes the strategic and historical importance of our transatlantic relationships.
Charlie understands the unique and enduring bond between the United States and France—a bond rooted in shared history, democratic values, and mutual interests.
He is committed to advancing U.S. national security interests by deepening the U.S.-France alliance through pragmatic defense collaboration and fair, reciprocal trade relations.
In short, Charlie is a do-er, and he’s energized not only to represent our country, but also accomplish things for the American people.
I am confident that Charlie, when he is confirmed, will work tirelessly to build a more secure and prosperous future for both the American and French people.
I look forward to his testimony today and to working with my colleagues on this committee to ensure his nomination moves forward as quickly as possible.
Source: GlobeNewswire (MIL-OSI)
CALGARY, Alberta, May 01, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) will release its first-quarter 2025 results on Thursday, May 8, 2025. The news release will provide consolidated first-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.
First-quarter 2025 conference call: 9 a.m. MT (11 a.m. ET)
For analysts wanting to join the call, please register in advance at Conference Call registration.
To participate, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.
To listen to the conference call online, a live audio webcast will also be available and archived for approximately 30 days.
Annual Meeting of Shareholders
Cenovus will also host its Annual Meeting of Shareholders on May 8, 2025, at 1 p.m. MT (3 p.m. ET). The webcast link to the Shareholders Meeting is also available under Investors at cenovus.com.
Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.
Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.
Cenovus contacts:
| Investors | Media |
| Investor Relations general line 403-766-7711 |
Media Relations general line 403-766-7751 |
Source: GlobeNewswire (MIL-OSI)
SAN FRANCISCO, May 01, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today reported financial results for the three months ended March 31, 2025.
First Quarter 2025 Financial Highlights
Recent Operational Highlights
“The first quarter of 2025 demonstrated continued commercial momentum, with revenue growth exceeding 20% year-over-year, driven by upstream expansion in the patient care pathway and strength in our Zio AT business,” said Quentin Blackford, President and Chief Executive Officer of iRhythm. “We’ve seen increasing demand from recently opened accounts while also driving penetration within innovative, value-based care and risk-bearing entities. With our recent commercial launch in Japan, we are now actively driving physician and health system awareness of Zio in six markets outside the U.S., contributing to our milestone of 10 million patient reports posted since iRhythm’s inception. With strong execution across multiple growth levers and additional catalysts on the horizon, we are more excited than ever as we continue to enable the earlier diagnosis of cardiac arrhythmias, opening the potential to reduce costs and deliver meaningful value for patients, our customers, healthcare systems, and shareholders.”
First Quarter Financial Results
Revenue for the first quarter of 2025 was $158.7 million, up 20.3% from $131.9 million during the same period in 2024. The increase was driven by growth in demand for Zio services.
Gross profit for the first quarter of 2025 was $109.2 million, up 24.8% from $87.5 million during the same period in 2024, while gross margin was 68.8%, up from 66.3% during the same period in 2024. The increase in gross profit was primarily due to increased volume of Zio services provided due to higher demand. The increase in gross margin was primarily due to volume leverage as well as operational efficiencies, partially offset by an increased blended cost per unit from a higher Zio AT product mix.
Operating expenses for the first quarter of 2025 were $141.8 million, compared to $125.7 million for the same period in 2024. Adjusted operating expenses for the first quarter of 2025 were $140.4 million, compared to $125.7 million during the same period in 2024. The increase in adjusted operating expenses was primarily driven by funding of innovation and incremental costs to serve a growing volume of patients globally.
Net loss for the first quarter of 2025 was $30.7 million, or a diluted loss of $0.97 per share, compared with net loss of $45.7 million, or a diluted loss of $1.47 per share, for the same period in 2024. Adjusted net loss for the first quarter of 2025 was $30.3 million, or a diluted loss of $0.95 per share, compared with an adjusted net loss of $38.1 million, or a diluted loss of $1.23 per share, for the same period in 2024. The decrease in net loss was primarily driven by our revenue growth and operating leverage achieved through implementation of efficiency initiatives.
Unrestricted cash, cash equivalents, and marketable securities were $520.6 million as of March 31, 2025.
2025 Annual Guidance
iRhythm projects revenue for the full year 2025 between $690 million to $700 million. Adjusted EBITDA margin for the full year 2025 is expected to range from approximately 7.5% to 8.5% of revenues.
Webcast and Conference Call Information
iRhythm’s management team will host a conference call today beginning at 1:30 p.m. PT/4:30 p.m. ET. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.
About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications have no impact on previously reported results of operations or financial position.
Use of Non-GAAP Financial Measures
We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including adjusted EBITDA, adjusted net loss, adjusted net loss per share and adjusted operating expenses. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. See the schedules attached to this press release for additional information and reconciliations of such non-GAAP financial measures. We have not reconciled our adjusted operating expenses and adjusted EBITDA margin estimates for full year 2025 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, a reconciliation of adjusted operating expenses and adjusted EBITDA estimates is not available without unreasonable effort.
Adjusted EBITDA excludes non-cash operating charges for stock-based compensation expense, changes in fair value of strategic investments, impairment and restructuring charges, business transformation costs, certain intellectual property litigation expenses and settlements, and loss on extinguishment of debt. Business transformation costs include costs associated with professional services, employee termination and relocation, third-party merger and acquisition, integration, and other costs to augment and restructure the organization, inclusive of both outsourced and offshore resources.
Beginning in the first quarter of 2025, we have excluded third-party attorneys’ fees and expenses associated with patent litigation brought against the Company by Welch Allyn, Inc. and Bardy Diagnostics, Inc., subsidiaries of Baxter International, Inc. Factors we considered in arriving at this determination to exclude these patent litigation costs from our non-GAAP financial measures include frequency and complexity of the patent litigation, the counterparty involved, and the expected magnitude of patent litigation costs for this matter.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular, these statements include statements regarding financial guidance, market opportunity, ability to penetrate the market, international market expansion, anticipated productivity and quality improvements, and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about May 1, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.
Investor Contact
Stephanie Zhadkevich
investors@irhythmtech.com
Media Contact
Kassandra Perry
irhythm@highwirepr.com
| IRHYTHM TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets (In thousands, except par value) (unaudited) |
|||||||
| March 31, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 375,278 | $ | 419,597 | |||
| Marketable securities | 145,311 | 115,956 | |||||
| Accounts receivable, net | 80,639 | 79,941 | |||||
| Inventory | 14,336 | 14,039 | |||||
| Prepaid expenses and other current assets | 20,449 | 16,286 | |||||
| Total current assets | 636,013 | 645,819 | |||||
| Property and equipment, net | 130,850 | 125,092 | |||||
| Operating lease right-of-use assets | 46,171 | 47,564 | |||||
| Restricted cash | 8,358 | 8,358 | |||||
| Goodwill | 862 | 862 | |||||
| Long-term strategic investments | 62,745 | 61,902 | |||||
| Other assets | 41,099 | 41,852 | |||||
| Total assets | $ | 926,098 | $ | 931,449 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 11,946 | $ | 7,221 | |||
| Accrued liabilities | 79,976 | 84,900 | |||||
| Deferred revenue | 3,282 | 2,932 | |||||
| Operating lease liabilities, current portion | 16,140 | 15,867 | |||||
| Total current liabilities | 111,344 | 110,920 | |||||
| Long-term senior convertible notes | 647,237 | 646,443 | |||||
| Other noncurrent liabilities | 8,727 | 8,579 | |||||
| Operating lease liabilities, noncurrent portion | 72,125 | 74,599 | |||||
| Total liabilities | 839,433 | 840,541 | |||||
| Stockholders’ equity: | |||||||
| Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at March 31, 2025 and December 31, 2024 | — | — | |||||
| Common stock, $0.001 par value – 100,000 shares authorized; 32,144 shares issued and 31,915 shares outstanding at March 31, 2025, respectively; 31,621 shares issued and 31,392 shares outstanding at December 31, 2024, respectively | 32 | 31 | |||||
| Additional paid-in capital | 901,085 | 874,607 | |||||
| Accumulated other comprehensive loss | 143 | 165 | |||||
| Accumulated deficit | (789,595 | ) | (758,895 | ) | |||
| Treasury stock, at cost; 229 shares at March 31, 2025 and December 31, 2024 | (25,000 | ) | (25,000 | ) | |||
| Total stockholders’ equity | 86,665 | 90,908 | |||||
| Total liabilities and stockholders’ equity | $ | 926,098 | $ | 931,449 | |||
| IRHYTHM TECHNOLOGIES, INC. Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited) |
||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue, net | $ | 158,677 | $ | 131,929 | ||||
| Cost of revenue | 49,461 | 44,413 | ||||||
| Gross profit | 109,216 | 87,516 | ||||||
| Operating expenses: | ||||||||
| Research and development | 21,519 | 16,994 | ||||||
| Acquired in-process research and development | 296 | — | ||||||
| Selling, general and administrative | 119,957 | 108,660 | ||||||
| Total operating expenses | 141,772 | 125,654 | ||||||
| Loss from operations | (32,556 | ) | (38,138 | ) | ||||
| Interest and other income (expense), net: | ||||||||
| Interest income | 4,919 | 3,057 | ||||||
| Interest expense | (3,273 | ) | (2,860 | ) | ||||
| Loss on extinguishment of debt | — | (7,589 | ) | |||||
| Other income (expense), net | 875 | (105 | ) | |||||
| Total interest and other income (expense), net | 2,521 | (7,497 | ) | |||||
| Loss before income taxes | (30,035 | ) | (45,635 | ) | ||||
| Income tax provision | 665 | 32 | ||||||
| Net loss | $ | (30,700 | ) | $ | (45,667 | ) | ||
| Net loss per common share, basic and diluted | $ | (0.97 | ) | $ | (1.47 | ) | ||
| Weighted-average shares, basic and diluted | 31,590 | 31,033 | ||||||
| IRHYTHM TECHNOLOGIES, INC. Reconciliation of GAAP to Non-GAAP Financial Information (in thousands, except per share data) (unaudited) |
||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Adjusted EBITDA reconciliation* | ||||||||
| Net loss, as reported1 | $ | (30,700 | ) | $ | (45,667 | ) | ||
| Interest expense | 3,273 | 2,860 | ||||||
| Interest income | (4,919 | ) | (3,057 | ) | ||||
| Changes in fair value of strategic investments | (843 | ) | — | |||||
| Income tax provision | 665 | 32 | ||||||
| Depreciation and amortization | 5,210 | 5,131 | ||||||
| Stock-based compensation | 23,344 | 20,991 | ||||||
| Business transformation costs | 503 | — | ||||||
| Intellectual property litigation costs2 | 832 | — | ||||||
| Loss on extinguishment of debt | — | 7,589 | ||||||
| Adjusted EBITDA | $ | (2,635 | ) | $ | (12,121 | ) | ||
| Adjusted net loss reconciliation* | ||||||||
| Net loss, as reported1 | $ | (30,700 | ) | $ | (45,667 | ) | ||
| Business transformation costs | 503 | — | ||||||
| Intellectual property litigation costs2 | 832 | — | ||||||
| Changes in fair value of strategic investments | (843 | ) | — | |||||
| Loss on extinguishment of debt | — | 7,589 | ||||||
| Tax effect of adjustments3 | (91 | ) | — | |||||
| Adjusted net loss | $ | (30,299 | ) | $ | (38,078 | ) | ||
| Adjusted net loss per share reconciliation* | ||||||||
| Net loss per share, as reported1 | $ | (0.97 | ) | $ | (1.47 | ) | ||
| Business transformation costs per share | 0.02 | — | ||||||
| Intellectual property litigation costs per share2 | 0.03 | — | ||||||
| Changes in fair value of strategic investments per share | (0.03 | ) | — | |||||
| Loss on extinguishment of debt per share | — | 0.24 | ||||||
| Tax effect of adjustments per share3 | — | — | ||||||
| Adjusted net loss per share | $ | (0.95 | ) | $ | (1.23 | ) | ||
| Weighted-average shares, basic and diluted | 31,590 | 31,033 | ||||||
| Adjusted operating expense reconciliation* | ||||||||
| Operating expense, as reported | $ | 141,772 | $ | 125,654 | ||||
| Business transformation costs | (503 | ) | — | |||||
| Intellectual property litigation costs2 | (832 | ) | — | |||||
| Adjusted operating expense | $ | 140,437 | $ | 125,654 | ||||
*Certain numbers expressed may not sum due to rounding.
1 Net loss for the three months ended March 31, 2025 includes $0.3 million of acquired in-process research and development expense.
2 Excludes third-party attorneys’ fees and expenses associated with patent litigation brought against the Company by Welch Allyn, Inc. and Bardy Diagnostics, Inc., subsidiaries of Baxter International, Inc.
3 Income tax impact of Non-GAAP adjustments listed.
Source: GlobeNewswire (MIL-OSI)
SAN FRANCISCO, May 01, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC) today announced the commercial launch in Japan of its Zio® long-term continuous ECG monitoring (LTCM) system, commercially introduced in this market as the Zio® ECG Recording and Analysis System. The system provides up to 14 days of continuous, uninterrupted ECG monitoring and leverages a deep-learned artificial intelligence (AI) algorithm approved by Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) – and represents a significant advancement over other ambulatory cardiac monitoring options in Japan, including commonly used wired Holter monitors, which capture only 24 to 48 hours of data and other patch-based services that monitor only up to 7 days.
“We are honored to introduce our AI-powered Zio ECG Recording and Analysis System that provides up to 14 days of continuous, uninterrupted cardiac monitoring to Japan, where we see a meaningful opportunity to help advance arrhythmia detection,” said Quentin Blackford, President and Chief Executive Officer of iRhythm. “Together with our trusted distribution partner, Senko Medical Instrument, we are committed to expanding access to advanced cardiac monitoring that supports clinical excellence and aligns with Japan’s dedication to high-quality, patient-centered care.”
Advancing Arrhythmia Detection in Japan
The Zio ECG Recording and Analysis System consists of a prescription-only, patch-based ECG monitoring device (Zio monitor, iRhythm’s latest-generation ECG patch), worn for up to 14 days, and the ZEUS (Zio ECG Utilization Software) system.
The unique attributes of the Zio ECG Recording and Analysis System offer meaningful advantages for patients and clinicians:
Zio monitor (Patch ECG Device): Improving Patient Monitoring Experience
Zio Service (End-to-End Monitoring System): Combining Advanced AI with Human Expertise
Zio® monitor by iRhythm Technologies,
part of the Zio®ECG Recording and Analysis System
“The Zio service represents a new step forward in how we monitor for arrhythmias in Japan,” said Dr. Kohei Yamashiro, Vice President and Director of the Heart Rhythm Center at Takatsuki General Hospital (Osaka Prefecture), the first hospital in Japan to introduce the Zio ECG Recording and Analysis System. “Its ease of use, extended monitoring period, and clear reporting provide important benefits for both patients and clinicians.”
Clinically Proven Performance
The clinical value of the Zio LTCM service has been demonstrated in a robust, growing body of clinical evidence. The Cardiac Ambulatory Monitor EvaLuation of Outcomes and Time to Events (CAMELOT) study, published in the American Heart Journal, found that Zio LTCM service was associated with the highest yield of specified arrhythmia diagnosis and the lowest likelihood of repeat testing compared to all other monitoring services.
iRhythm’s comprehensive clinical evidence, encompassing more than 125 original research manuscripts21 and insights derived from over 2 billion hours of curated heartbeat data9 and more than 10 million patient reports posted since the company’s inception, underscore the company’s ongoing commitment to expanding evidence that supports improved patient outcomes.
“The Zio long-term continuous monitoring service offers a clinically validated approach to arrhythmia detection by combining advanced AI with expert clinical review to support accurate and timely diagnoses,” said Dr. Mintu Turakhia, iRhythm Chief Medical Officer, Chief Scientific Officer, and EVP of Product Innovation. “As the need for effective long-term monitoring grows, we believe the introduction of Zio LTCM in Japan presents an opportunity to enhance patient care and support evolving clinical needs in cardiac monitoring—an impact also recognized by the Japanese Heart Rhythm Society.”
Cardiac Arrhythmias and Prevalence in Japan
A cardiac arrhythmia is a condition in which the heart beats too quickly, too slowly, or irregularly due to abnormal electrical impulses. If undetected and untreated, some arrhythmias can damage the heart, brain, or other organs and lead to an increased risk of stroke and death.22-24
These potential complications make accurate, timely arrhythmia detection and diagnosis critical to improving patient outcomes and quality of life.
The prevalence of cardiac arrhythmias continues to rise globally, and Japan is the second largest ambulatory cardiac monitoring market in the world with an estimated 1.6 million tests prescribed annually. This number is expected to continue to increase based on stroke and cardiovascular disease burden in Japan’s aging population.1-3
Availability in Japan
Zio® ECG Recording and Analysis System will be available to healthcare customers beginning May 2025, with nationwide availability anticipated by July 2025, through Senko Medical Instrument, iRhythm’s exclusive distribution partner in Japan.
Outside of Japan, iRhythm offers its Zio® portfolio of cardiac monitoring solutions in Austria, the Netherlands, Spain, Switzerland, the United States, and the UK – and remains dedicated to bringing access to its advanced cardiac monitoring to even more patients, clinicians and healthcare systems around the world.
About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all. To learn more about iRhythm and the Zio® LTCM service in Japan, please visit irhythmtech.com/jp/ja. For additional information about iRhythm, please visit its corporate website at irhythmtech.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular, these include statements regarding the Japanese market opportunity, our ability to penetrate the Japanese market, and expansion of patient access to our products and services in Japan. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about May 1, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.
Media Contact
Kassandra Perry
irhythm@highwirepr.com
Investor Contact
Stephanie Zhadkevich
investors@irhythmtech.com
—-
Footnotes
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ffe8ed2-1063-4455-8784-d0278fd46373
Source: GlobeNewswire (MIL-OSI)
DEFIANCE, Ohio, May 01, 2025 (GLOBE NEWSWIRE) — SB Financial Group, Inc. (NASDAQ: SBFG) (“SB Financial” or the “Company”), a diversified financial services company providing full-service community banking, mortgage banking, wealth management, private client and title insurance services today reported earnings for the first quarter ended March 31, 2025.
First Quarter 2025 Highlights Over the First Quarter Prior Year Include:
| Earnings Highlights | Three Months Ended | |||||||
| ($ in thousands, except per share & ratios) | Mar. 2025 | Mar. 2024 | % Change | |||||
| Operating revenue | $ | 15,386 | $ | 13,131 | 17.2 | % | ||
| Interest income | 17,372 | 15,300 | 13.5 | % | ||||
| Interest expense | 6,093 | 6,120 | -0.4 | % | ||||
| Net interest income | 11,279 | 9,180 | 22.9 | % | ||||
| Provision for credit losses | 387 | – | N/M | |||||
| Noninterest income | 4,107 | 3,951 | 3.9 | % | ||||
| Noninterest expense | 12,410 | 10,282 | 20.7 | % | ||||
| Net income | 2,158 | 2,368 | -8.9 | % | ||||
| Merger adjusted Earnings per diluted share | 0.42 | 0.33 | 27.3 | % | ||||
| Earnings per diluted share | 0.33 | 0.35 | -5.7 | % | ||||
| Merger adjusted Return on Avg. Assets | 0.76 | % | 0.67% | 13.4 | % | |||
| Return on average assets | 0.60 | % | 0.71% | -15.5 | % | |||
| Merger adjusted Return on Avg. Equity | 8.35 | % | 7.26% | 15.0 | % | |||
| Return on average equity | 6.63 | % | 7.72% | -14.1 | % | |||
“Our first quarter results highlight the value of our growth strategy, even in the midst of temporary economic uncertainty,” said Mark A. Klein, Chairman, President, and CEO. “Merger adjusted net income for the quarter was $2.7 million, a 22.3 percent increase from the prior-year quarter, with the GAAP EPS of $0.33 slightly down from the prior year. The successful closing of the acquisition in the first quarter significantly strengthened our liquidity position through their low-cost deposit base and further expanded our market presence in Northern Ohio. This marks an important milestone in executing our long-term growth strategy to grow organically and through M & A.”
Interest income for the quarter grew by 13.5 percent to $17.4 million compared to the previous year, driven by continued strong loan growth. Total loans increased by $96.7 million, compared to the prior year, and by $41.5 million from the linked quarter. Adjusted for the Marblehead acquisition, total loan growth would have been $78.2 and $23.1 million, respectively. Deposits rose by $158.9 million, or 14.3 percent, to $1.27 billion, a result of the acquisition and a testament to the trust our clients place in us. Adjusted for the acquisition, deposit growth would have been $102.9 and $62.6 million, respectively.
RESULTS OF OPERATIONS
Consolidated Revenue
In the first quarter of 2025, total operating revenue increased to $15.4 million, a 17.2 percent rise from $13.1 million in the prior year and a slight 0.1 percent decrease from the linked quarter, driven by growth in both net interest income and noninterest income. Net interest income reached $11.3 million, a strong 22.9 percent year-over-year increase, reflecting higher interest income on loans, which rose by $1.7 million to $15.4 million. Deposit costs increased by 5.1 percent to $5.4 million, but were largely offset by decreases in interest expense on other funding sources, resulting in a 0.4 percent decrease in total interest expense compared to the prior year quarter. As a result, the net interest margin expanded by 41 basis points year-over-year to 3.40 percent, reflecting the continued strength of our interest-earning assets and disciplined management of our funding costs. Noninterest income for the quarter increased by 3.9 percent year-over-year to $4.1 million due to improvements in gains on sale and title insurance, partially offset by decreases in mortgage loan servicing fees. Looking ahead, we remain focused on maintaining a balanced strategy that drives sustainable revenue growth while effectively managing costs, ensuring consistent value creation for our shareholders.
Mortgage Loan Business
Net mortgage banking revenue for the quarter reached $1.5 million, down $84,000 from the prior-year quarter. Loan servicing fees added $894,000 to revenue, reflecting an increase of $39,000 from the prior year quarter. The OMSR net valuation adjustment for the first quarter of 2025 was a positive $11,000 compared to a positive $181,000 in the first quarter of 2024.
| Mortgage Banking | ||||||||||||||||||
| ($ in thousands) | Mar. 2025 | Dec. 2024 | Sep. 2024 | Jun. 2024 | Mar. 2024 | Prior Year Growth |
||||||||||||
| Mortgage originations | $ | 39,775 | $ | 72,534 | $ | 70,715 | $ | 75,110 | $ | 42,912 | $ | (3,137 | ) | |||||
| Mortgage sales | 39,279 | 62,301 | 61,271 | 55,835 | 36,623 | 2,656 | ||||||||||||
| Mortgage servicing portfolio | 1,432,184 | 1,427,318 | 1,406,273 | 1,389,805 | 1,371,713 | 60,471 | ||||||||||||
| Mortgage servicing rights | 14,965 | 14,868 | 14,357 | 14,548 | 14,191 | 774 | ||||||||||||
| Revenue | ||||||||||||||||||
| Loan servicing fees | 894 | 886 | 874 | 862 | 855 | 39 | ||||||||||||
| OMSR amortization | (294 | ) | (358 | ) | (370 | ) | (335 | ) | (273 | ) | (21 | ) | ||||||
| Net administrative fees | 600 | 528 | 504 | 527 | 582 | 18 | ||||||||||||
| OMSR valuation adjustment | 11 | 288 | (465 | ) | 38 | 181 | (170 | ) | ||||||||||
| Net loan servicing fees | 611 | 816 | 39 | 565 | 763 | (152 | ) | |||||||||||
| Gain on sale of mortgages | 849 | 1,196 | 1,311 | 1,277 | 781 | 68 | ||||||||||||
| Mortgage banking revenue, net | $ | 1,460 | $ | 2,012 | $ | 1,350 | $ | 1,842 | $ | 1,544 | $ | (84 | ) | |||||
Noninterest Income and Noninterest Expense
“Noninterest income for the first quarter of 2025 totaled $4.1 million, up $156,000 or 3.9 percent from the prior-year quarter, primarily due to increased gains on sales of mortgage loans and OSMR, and increased title service and other revenue. Compared to the prior-year quarter, gains on sales of mortgage loans and OSMR grew modestly by $68,000 year over year, and title insurance revenue added $131,000, reflecting the consistent benefit of our revenue diversification strategy,” Mr. Klein noted.
| Noninterest Income/Noninterest Expense | |||||||||||||||||||
| ($ in thousands, except ratios) | Mar. 2025 | Dec. 2024 | Sep. 2024 | Jun. 2024 | Mar. 2024 | Prior Year Growth |
|||||||||||||
| Noninterest Income (NII) | $ | 4,107 | $ | 4,557 | $ | 4,123 | $ | 4,386 | $ | 3,951 | $ | 156 | |||||||
| NII / Total Revenue | 26.7% | 29.5% | 28.8% | 31.5% | 30.1% | -3.4% | |||||||||||||
| NII / Average Assets | 1.1% | 1.3% | 1.2% | 1.3% | 1.2% | -0.1% | |||||||||||||
| Total Revenue Growth | 17.2% | 2.2% | 4.5% | -0.6% | -6.1% | 23.3% | |||||||||||||
| Noninterest Expense (NIE) | $ | 12,410 | $ | 11,003 | $ | 11,003 | $ | 10,671 | $ | 10,282 | $ | 2,128 | |||||||
| Efficiency Ratio | 80.0% | 71.1% | 76.8% | 75.9% | 78.2% | 1.8% | |||||||||||||
| NIE / Average Assets | 3.4% | 3.2% | 3.2% | 3.2% | 3.1% | 0.3% | |||||||||||||
| Net Noninterest Expense/Avg. Assets | -2.3% | -1.9% | -2.0% | -1.9% | -1.9% | -0.4% | |||||||||||||
| Total Expense Growth | 20.7% | 6.1% | 5.0% | 3.2% | -4.6% | 25.3% | |||||||||||||
Noninterest expense for the first quarter of 2025 was impacted by the one-time merger related expenses of $726,000. Adjusting for these expenses and the $300,000 in Marblehead operating expenses for the quarter, total operating costs were up just 3.5 percent from the linked quarter and 10.7 percent.
“Our efficiency ratio in the first quarter of 2025 was 76.0 percent when we factor out the merger related costs, which was an improvement compared to the prior year.” stated Mr. Klein.
Balance Sheet
As of March 31, 2025, SB Financial reported total assets of $1.50 billion, higher from both the linked quarter and the previous year. This growth was primarily driven by a robust increase in the loan portfolio, which reached $1.09 billion, marking a $96.7 million or 9.8 percent increase year over year. Loan growth also included $18.7 million in loans added with the completion of the acquisition. Cash increased by $78.5 million from the prior year, including $35 million added from the liquidation of the acquired investment portfolio.
Total deposits increased to $1.27 billion, growing $158.9 million or 14.3 percent year over year, including $56 million in low-cost deposits from the acquisition and $102.9 million in organic deposit growth reflecting SB Financial’s successful efforts in deposit gathering and customer engagement. Shareholders’ equity ended the quarter at $131.5 million, representing a $7.8 million increase from the prior year. This growth reflects management’s commitment to enhancing shareholder value and the Company’s disciplined approach to capital management.
During the first quarter, SB Financial repurchased 26,446 shares, less than previous quarters as the average price was above our target range. This reflects the Company’s dedication to returning value to shareholders through dividends and share repurchases while retaining adequate capital to support our long-term growth.
“As we progress through the remainder of 2025, our balance sheet strength and strategic management of resources highlight our long-term strategic growth ambitions, both organically and through successful acquisitions,” said Mr. Klein, Chairman, President, and CEO. “Even in the current challenging rate environment, we achieved our fourth consecutive quarter of loan growth, with balances increasing by $96.7 million from the previous year, which included $78.2 million of organic loan growth. This performance underscores the strength of our deep client relationships and our continued competitiveness in the market. Our strong asset quality, supported by top-decile coverage ratios, remains a cornerstone of our financial stability, which we will leverage to take advantage of emerging opportunities while maintaining our focus on operational excellence. Looking ahead, we are committed to driving shareholder value and sustaining robust financial performance as the economic landscape stabilizes.”
| Loan Balances | ||||||||||||||||||
| ($ in thousands, except ratios) | Mar. 2025 | Dec. 2024 | Sep. 2024 | Jun. 2024 | Mar. 2024 | Annual Growth |
||||||||||||
| Commercial | $ | 125,878 | $ | 124,764 | $ | 123,821 | $ | 123,287 | $ | 120,016 | $ | 5,862 | ||||||
| % of Total | 11.6% | 11.9% | 12.0% | 12.3% | 12.1% | 4.9% | ||||||||||||
| Commercial RE | 509,518 | 479,573 | 459,449 | 434,967 | 429,362 | 80,156 | ||||||||||||
| % of Total | 46.8% | 45.8% | 44.6% | 43.3% | 43.3% | 18.7% | ||||||||||||
| Agriculture | 61,443 | 64,680 | 64,887 | 64,329 | 62,365 | (922 | ) | |||||||||||
| % of Total | 5.6% | 6.2% | 6.3% | 6.4% | 6.3% | -1.5% | ||||||||||||
| Residential RE | 319,307 | 308,378 | 314,010 | 316,233 | 314,668 | 4,639 | ||||||||||||
| % of Total | 29.3% | 29.5% | 30.5% | 31.5% | 31.7% | 1.5% | ||||||||||||
| Consumer & Other | 72,128 | 69,340 | 67,788 | 66,574 | 65,141 | 6,987 | ||||||||||||
| % of Total | 6.6% | 6.6% | 6.6% | 6.6% | 6.6% | 10.7% | ||||||||||||
| Total Loans | $ | 1,088,274 | $ | 1,046,735 | $ | 1,029,955 | $ | 1,005,390 | $ | 991,552 | $ | 96,722 | ||||||
| Total Growth Percentage | 9.8% | |||||||||||||||||
| Deposit Balances | ||||||||||||||||||
| ($ in thousands, except ratios) | Mar. 2025 | Dec. 2024 | Sep. 2024 | Jun. 2024 | Mar. 2024 | Annual Growth |
||||||||||||
| Non-Int DDA | $ | 240,446 | $ | 232,155 | $ | 222,425 | $ | 208,244 | $ | 219,395 | $ | 21,051 | ||||||
| % of Total | 18.9% | 20.1% | 19.2% | 18.7% | 19.7% | 9.6% | ||||||||||||
| Interest DDA | 208,583 | 201,085 | 202,097 | 190,857 | 169,171 | 39,412 | ||||||||||||
| % of Total | 16.4% | 17.4% | 17.4% | 17.1% | 15.2% | 23.3% | ||||||||||||
| Savings | 285,902 | 237,987 | 241,761 | 231,855 | 244,157 | 41,745 | ||||||||||||
| % of Total | 22.5% | 20.6% | 20.8% | 20.8% | 21.9% | 17.1% | ||||||||||||
| Money Market | 257,013 | 222,161 | 228,182 | 225,650 | 221,362 | 35,651 | ||||||||||||
| % of Total | 20.2% | 19.3% | 19.7% | 20.2% | 19.9% | 16.1% | ||||||||||||
| Time Deposits | 279,276 | 259,217 | 265,068 | 258,582 | 258,257 | 21,019 | ||||||||||||
| % of Total | 22.0% | 22.5% | 22.9% | 23.2% | 23.2% | 8.1% | ||||||||||||
| Total Deposits | $ | 1,271,220 | $ | 1,152,605 | $ | 1,159,533 | $ | 1,115,188 | $ | 1,112,342 | $ | 158,878 | ||||||
| Total Growth Percentage | 14.3% | |||||||||||||||||
Asset Quality
As of March 31, 2025, SB Financial continued to demonstrate strong asset quality metrics. Nonperforming assets totaled $6.1 million, representing 0.41 percent of total assets, an increase of $3.2 million compared to $2.9 million or 0.22 percent of total assets reported in the prior year. This year-over-year growth was driven by weakness in three credits that we continue to expect to resolve favorably in 2025.
The allowance for credit losses remained strong at 1.41 percent of total loans, providing 254.4 percent coverage of nonperforming loans, a level slightly lower than the linked quarter but indicative of our conservative approach to risk management amid the current environment. The net loan charge-offs to average loans ratio remained modest at 3 basis points, improving from 7 basis points in the prior quarter and consistent with the year-ago period, reflecting disciplined credit practices and effective collateral management.
“Our asset quality metrics fully illustrate the diligence of our approach and commitment to disciplined risk management,” stated Mark Klein, Chairman, President, and CEO. “While we observed a slight uptick in nonperforming assets compared to the prior year, our reserve coverage ratio and continued low charge-off levels underscore the quality of our loan portfolio. We remain focused on balancing our conservative approach in maintaining the integrity of our credit processes with the need to effectively manage our balance sheet for long-term growth.”
| Nonperforming Assets | ||||||||||||||||||
| ($ in thousands, except ratios) | Mar. 2025 | Dec. 2024 | Sep. 2024 | Jun. 2024 | Mar. 2024 | Annual Change |
||||||||||||
| Commercial & Agriculture | $ | 3,418 | $ | 2,927 | $ | 2,899 | $ | 2,781 | $ | 897 | $ | 2,521 | ||||||
| % of Total Com./Ag. loans | 1.82% | 1.55% | 1.54% | 1.48% | 0.49% | 281.0% | ||||||||||||
| Commercial RE | 798 | 807 | 813 | 475 | 49 | 749 | ||||||||||||
| % of Total CRE loans | 0.16% | 0.17% | 0.18% | 0.11% | 0.01% | 1528.6% | ||||||||||||
| Residential RE | 1,608 | 1,539 | 1,536 | 1,247 | 1,295 | 313 | ||||||||||||
| % of Total Res. RE loans | 0.50% | 0.50% | 0.49% | 0.39% | 0.41% | 24.2% | ||||||||||||
| Consumer & Other | 227 | 243 | 270 | 231 | 193 | 34 | ||||||||||||
| % of Total Con./Oth. loans | 0.31% | 0.35% | 0.40% | 0.35% | 0.30% | 17.6% | ||||||||||||
| Total Nonaccruing Loans | 6,051 | 5,516 | 5,518 | 4,734 | 2,434 | 3,617 | ||||||||||||
| % of Total loans | 0.56% | 0.53% | 0.54% | 0.47% | 0.25% | 148.6% | ||||||||||||
| Foreclosed Assets and Other Assets | 73 | – | – | 510 | 510 | (437 | ) | |||||||||||
| Total Change (%) | -85.7% | |||||||||||||||||
| Total Nonperforming Assets | $ | 6,124 | $ | 5,516 | $ | 5,518 | $ | 5,244 | $ | 2,944 | $ | 3,180 | ||||||
| % of Total assets | 0.41% | 0.40% | 0.40% | 0.39% | 0.22% | 108.02% | ||||||||||||
Webcast and Conference Call
The Company will hold the first quarter 2025 earnings conference call and webcast on May 2, 2025, at 11:00 a.m. EDT. Interested parties may access the conference call by dialing 1-888-338-9469. The webcast can be accessed at ir.yourstatebank.com. An audio replay of the call will be available on the Company’s website.
About SB Financial Group
Headquartered in Defiance, Ohio, SB Financial is a diversified financial services holding company for the State Bank & Trust Company (State Bank) and SBFG Title, LLC dba Peak Title (Peak Title). State Bank provides a full range of financial services for consumers and small businesses, including wealth management, private client services, mortgage banking and commercial and agricultural lending, operating through a total of 26 offices: 24 in ten Ohio counties and two in Northeast, Indiana, and 26 ATMs. State Bank has six loan production offices located throughout the Tri-State region of Ohio, Indiana and Michigan. Peak Title provides title insurance and title opinions throughout the Tri-State and Kentucky. SB Financial’s common stock is listed on the NASDAQ Capital Market with the ticker symbol “SBFG”.
Forward-Looking Statements
Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking industry, changes in economic conditions in the market areas in which SB Financial and its subsidiaries operate, changes in policies by regulatory agencies, changes in accounting standards and policies, changes in tax laws, fluctuations in interest rates, demand for loans in the market areas in SB Financial and its subsidiaries operate, increases in FDIC insurance premiums, changes in the competitive environment, losses of significant customers, geopolitical events, the loss of key personnel and other risks identified in SB Financial’s Annual Report on Form 10-K and documents subsequently filed by SB Financial with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and SB Financial undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, except as required by law. All subsequent written and oral forward-looking statements attributable to SB Financial or any person acting on its behalf are qualified by these cautionary statements.
Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures, specifically pre-tax, pre-provision income, tangible common equity, tangible assets, tangible book value per common share, tangible common equity to tangible assets, return on average tangible common equity, total interest income – FTE, net interest income – FTE and net interest margin – FTE are used by the Company’s management to measure the strength of its capital and analyze profitability, including its ability to generate earnings on tangible capital invested by its shareholders. In addition, the Company excludes the OMSR valuation adjustment and any gain on sale of assets from net income to report a non-GAAP adjusted net income level. Although management believes these non-GAAP measures are useful to investors by providing a greater understanding of its business, they should not be considered a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
Investor Contact Information:
Mark A. Klein
Chairman, President and
Chief Executive Officer
Mark.Klein@YourStateBank.com
Anthony V. Cosentino
Executive Vice President and
Chief Financial Officer
Tony.Cosentino@YourStateBank.com
| SB FINANCIAL GROUP, INC. | |||||||||||||||||||||||
| CONSOLIDATED BALANCE SHEETS – (Unaudited) | |||||||||||||||||||||||
| March | December | September | June | March | |||||||||||||||||||
| ($ in thousands) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||
| ASSETS | |||||||||||||||||||||||
| Cash and due from banks | $ | 105,145 | $ | 25,928 | $ | 49,348 | $ | 21,983 | $ | 26,602 | |||||||||||||
| Interest bearing time deposits | 1,565 | 1,565 | 1,706 | 2,417 | 2,417 | ||||||||||||||||||
| Available-for-sale securities | 199,721 | 201,587 | 211,511 | 207,856 | 213,239 | ||||||||||||||||||
| Loans held for sale | 4,286 | 6,770 | 8,927 | 7,864 | 4,730 | ||||||||||||||||||
| Loans, net of unearned income | 1,088,274 | 1,046,735 | 1,029,955 | 1,005,390 | 991,552 | ||||||||||||||||||
| Allowance for credit losses | (15,391 | ) | (15,096 | ) | (15,278 | ) | (15,612 | ) | (15,643 | ) | |||||||||||||
| Premises and equipment, net | 21,875 | 20,456 | 20,715 | 20,860 | 20,985 | ||||||||||||||||||
| Federal Reserve and FHLB Stock, at cost | 5,340 | 5,223 | 5,223 | 5,204 | 6,512 | ||||||||||||||||||
| Foreclosed assets and other assets | 73 | – | – | 510 | 510 | ||||||||||||||||||
| Interest receivable | 5,072 | 4,908 | 4,842 | 4,818 | 3,706 | ||||||||||||||||||
| Goodwill | 27,158 | 23,239 | 23,239 | 23,239 | 23,239 | ||||||||||||||||||
| Cash value of life insurance | 30,871 | 30,685 | 30,488 | 30,294 | 30,103 | ||||||||||||||||||
| Mortgage servicing rights | 14,965 | 14,868 | 14,357 | 14,548 | 14,191 | ||||||||||||||||||
| Other assets | 12,048 | 12,649 | 8,916 | 12,815 | 13,869 | ||||||||||||||||||
| Total assets | $ | 1,501,002 | $ | 1,379,517 | $ | 1,393,949 | $ | 1,342,186 | $ | 1,336,012 | |||||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||
| Deposits | |||||||||||||||||||||||
| Non interest bearing demand | $ | 240,446 | $ | 232,155 | $ | 222,425 | $ | 208,244 | $ | 219,395 | |||||||||||||
| Interest bearing demand | 208,583 | 201,085 | 202,097 | 190,857 | 169,171 | ||||||||||||||||||
| Savings | 285,902 | 237,987 | 241,761 | 231,855 | 244,157 | ||||||||||||||||||
| Money market | 257,013 | 222,161 | 228,182 | 225,650 | 221,362 | ||||||||||||||||||
| Time deposits | 279,276 | 259,217 | 265,068 | 258,582 | 258,257 | ||||||||||||||||||
| Total deposits | 1,271,220 | 1,152,605 | 1,159,533 | 1,115,188 | 1,112,342 | ||||||||||||||||||
| Short-term borrowings | 11,058 | 10,585 | 15,240 | 15,178 | 12,916 | ||||||||||||||||||
| Federal Home Loan Bank advances | 35,000 | 35,000 | 35,000 | 35,000 | 35,000 | ||||||||||||||||||
| Trust preferred securities | 10,310 | 10,310 | 10,310 | 10,310 | 10,310 | ||||||||||||||||||
| Subordinated debt net of issuance costs | 19,702 | 19,690 | 19,678 | 19,666 | 19,654 | ||||||||||||||||||
| Interest payable | 2,634 | 2,351 | 3,374 | 2,944 | 2,772 | ||||||||||||||||||
| Other liabilities | 19,552 | 21,468 | 17,973 | 18,421 | 19,295 | ||||||||||||||||||
| Total liabilities | 1,369,476 | 1,252,009 | 1,261,108 | 1,216,707 | 1,212,289 | ||||||||||||||||||
| Shareholders’ Equity | |||||||||||||||||||||||
| Common stock | 61,319 | 61,319 | 61,319 | 61,319 | 61,319 | ||||||||||||||||||
| Additional paid-in capital | 14,955 | 15,194 | 15,090 | 15,195 | 14,978 | ||||||||||||||||||
| Retained earnings | 117,397 | 116,186 | 113,515 | 112,104 | 109,938 | ||||||||||||||||||
| Accumulated other comprehensive loss | (26,872 | ) | (30,234 | ) | (24,870 | ) | (31,801 | ) | (31,547 | ) | |||||||||||||
| Treasury stock | (35,273 | ) | (34,957 | ) | (32,213 | ) | (31,338 | ) | (30,965 | ) | |||||||||||||
| Total shareholders’ equity | 131,526 | 127,508 | 132,841 | 125,479 | 123,723 | ||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 1,501,002 | $ | 1,379,517 | $ | 1,393,949 | $ | 1,342,186 | $ | 1,336,012 | |||||||||||||
| SB FINANCIAL GROUP, INC. | ||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME – (Unaudited) | ||||||||||||||||||||
| ($ in thousands, except per share & ratios) | At and for the Three Months Ended | |||||||||||||||||||
| March | December | September | June | March | ||||||||||||||||
| Interest income | 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Loans | ||||||||||||||||||||
| Taxable | $ | 15,244 | $ | 14,920 | $ | 14,513 | $ | 13,883 | $ | 13,547 | ||||||||||
| Tax exempt | 115 | 122 | 127 | 124 | 123 | |||||||||||||||
| Securities | ||||||||||||||||||||
| Taxable | 1,169 | 1,178 | 1,192 | 1,226 | 1,274 | |||||||||||||||
| Tax exempt | 38 | 35 | 37 | 37 | 37 | |||||||||||||||
| Other interest income | 806 | 592 | 679 | 384 | 319 | |||||||||||||||
| Total interest income | 17,372 | 16,847 | 16,548 | 15,654 | 15,300 | |||||||||||||||
| Interest expense | ||||||||||||||||||||
| Deposits | 5,352 | 5,169 | 5,568 | 5,208 | 5,090 | |||||||||||||||
| Repurchase agreements & other | 24 | 41 | 43 | 36 | 34 | |||||||||||||||
| Federal Home Loan Bank advances | 362 | 369 | 369 | 370 | 613 | |||||||||||||||
| Trust preferred securities | 160 | 177 | 187 | 187 | 188 | |||||||||||||||
| Subordinated debt | 195 | 194 | 195 | 194 | 195 | |||||||||||||||
| Total interest expense | 6,093 | 5,950 | 6,362 | 5,995 | 6,120 | |||||||||||||||
| Net interest income | 11,279 | 10,897 | 10,186 | 9,659 | 9,180 | |||||||||||||||
| Provision for credit losses | 387 | (76 | ) | 200 | – | – | ||||||||||||||
| Net interest income after provision | ||||||||||||||||||||
| for loan losses | 10,892 | 10,973 | 9,986 | 9,659 | 9,180 | |||||||||||||||
| Noninterest income | ||||||||||||||||||||
| Wealth management fees | 864 | 916 | 882 | 848 | 865 | |||||||||||||||
| Customer service fees | 879 | 842 | 870 | 875 | 880 | |||||||||||||||
| Gain on sale of mtg. loans & OMSR | 849 | 1,196 | 1,311 | 1,277 | 781 | |||||||||||||||
| Mortgage loan servicing fees, net | 611 | 816 | 39 | 565 | 763 | |||||||||||||||
| Gain on sale of non-mortgage loans | 15 | 10 | 20 | 105 | 10 | |||||||||||||||
| Title insurance revenue | 397 | 478 | 485 | 406 | 266 | |||||||||||||||
| Net gain on sales of securities | – | – | – | – | – | |||||||||||||||
| Gain (loss) on sale of assets | – | – | 200 | – | – | |||||||||||||||
| Other | 492 | 299 | 316 | 310 | 386 | |||||||||||||||
| Total noninterest income | 4,107 | 4,557 | 4,123 | 4,386 | 3,951 | |||||||||||||||
| Noninterest expense | ||||||||||||||||||||
| Salaries and employee benefits | 6,237 | 6,185 | 6,057 | 6,009 | 5,352 | |||||||||||||||
| Net occupancy expense | 893 | 702 | 706 | 707 | 769 | |||||||||||||||
| Equipment expense | 1,072 | 1,127 | 1,069 | 1,060 | 1,077 | |||||||||||||||
| Data processing fees | 1,439 | 821 | 758 | 727 | 769 | |||||||||||||||
| Professional fees | 1,034 | 895 | 659 | 615 | 758 | |||||||||||||||
| Marketing expense | 165 | 207 | 241 | 176 | 197 | |||||||||||||||
| Telephone and communication expense | 139 | 136 | 128 | 156 | 105 | |||||||||||||||
| Postage and delivery expense | 137 | 116 | 145 | 89 | 97 | |||||||||||||||
| State, local and other taxes | 224 | 224 | 208 | 230 | 245 | |||||||||||||||
| Employee expense | 174 | 168 | 228 | 159 | 178 | |||||||||||||||
| Other expenses | 896 | 422 | 804 | 743 | 735 | |||||||||||||||
| Total noninterest expense | 12,410 | 11,003 | 11,003 | 10,671 | 10,282 | |||||||||||||||
| Income before income tax expense | 2,589 | 4,527 | 3,106 | 3,374 | 2,849 | |||||||||||||||
| Income tax expense | 431 | 892 | 752 | 261 | 481 | |||||||||||||||
| Net income | $ | 2,158 | $ | 3,635 | $ | 2,354 | $ | 3,113 | $ | 2,368 | ||||||||||
| Common share data: | ||||||||||||||||||||
| Basic earnings per common share | $ | 0.33 | $ | 0.55 | $ | 0.35 | $ | 0.47 | $ | 0.35 | ||||||||||
| Diluted earnings per common share | $ | 0.33 | $ | 0.55 | $ | 0.35 | $ | 0.47 | $ | 0.35 | ||||||||||
| Average shares outstanding (in thousands): | ||||||||||||||||||||
| Basic: | 6,481 | 6,575 | 6,660 | 6,692 | 6,715 | |||||||||||||||
| Diluted: | 6,502 | 6,599 | 6,675 | 6,700 | 6,723 | |||||||||||||||
| SB FINANCIAL GROUP, INC. | ||||||||||||||||||||
| CONSOLIDATED FINANCIAL HIGHLIGHTS – (Unaudited) | ||||||||||||||||||||
| ($ in thousands, except per share & ratios) | At and for the Three Months Ended | |||||||||||||||||||
| March | December | September | June | March | ||||||||||||||||
| SUMMARY OF OPERATIONS | 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Net interest income | $ | 11,279 | $ | 10,897 | $ | 10,186 | $ | 9,659 | $ | 9,180 | ||||||||||
| Tax-equivalent adjustment | 41 | 42 | 44 | 43 | 43 | |||||||||||||||
| Tax-equivalent net interest income | 11,320 | 10,939 | 10,230 | 9,702 | 9,223 | |||||||||||||||
| Provision for credit loss | 387 | (76 | ) | 200 | – | – | ||||||||||||||
| Noninterest income | 4,107 | 4,557 | 4,123 | 4,386 | 3,951 | |||||||||||||||
| Total operating revenue | 15,386 | 15,454 | 14,309 | 14,045 | 13,131 | |||||||||||||||
| Noninterest expense | 12,410 | 11,003 | 11,003 | 10,671 | 10,282 | |||||||||||||||
| Pre-tax pre-provision income | 2,976 | 4,451 | 3,306 | 3,374 | 2,849 | |||||||||||||||
| Net income | 2,158 | 3,635 | 2,354 | 3,113 | 2,368 | |||||||||||||||
| PER SHARE INFORMATION: | ||||||||||||||||||||
| Basic earnings per share (EPS) | 0.33 | 0.55 | 0.35 | 0.47 | 0.35 | |||||||||||||||
| Diluted earnings per share | 0.33 | 0.55 | 0.35 | 0.47 | 0.35 | |||||||||||||||
| Common dividends | 0.145 | 0.145 | 0.140 | 0.140 | 0.135 | |||||||||||||||
| Book value per common share | 20.29 | 19.64 | 20.05 | 18.80 | 18.46 | |||||||||||||||
| Tangible book value per common share (TBV) | 15.79 | 16.00 | 16.49 | 15.26 | 14.93 | |||||||||||||||
| Market price per common share | 20.82 | 20.91 | 20.56 | 14.00 | 13.78 | |||||||||||||||
| Market price to TBV | 131.8 | % | 130.7 | % | 124.7 | % | 91.8 | % | 92.3 | % | ||||||||||
| Market price to trailing 12 month EPS | 12.2 | 12.1 | 11.8 | 7.9 | 7.9 | |||||||||||||||
| PERFORMANCE RATIOS: | ||||||||||||||||||||
| Return on average assets (ROAA) | 0.60 | % | 1.04 | % | 0.68 | % | 0.93 | % | 0.71 | % | ||||||||||
| Pre-tax pre-provision ROAA | 0.83 | % | 1.28 | % | 0.96 | % | 1.01 | % | 0.86 | % | ||||||||||
| Return on average equity (ROE) | 6.63 | % | 11.13 | % | 7.32 | % | 10.16 | % | 7.72 | % | ||||||||||
| Return on average tangible equity | 8.32 | % | 13.58 | % | 8.97 | % | 12.59 | % | 9.55 | % | ||||||||||
| Efficiency ratio | 80.00 | % | 71.09 | % | 76.78 | % | 75.86 | % | 78.17 | % | ||||||||||
| Earning asset yield | 5.23 | % | 5.18 | % | 5.16 | % | 5.02 | % | 4.97 | % | ||||||||||
| Cost of interest bearing liabilities | 2.32 | % | 2.36 | % | 2.53 | % | 2.47 | % | 2.55 | % | ||||||||||
| Net interest margin | 3.40 | % | 3.35 | % | 3.17 | % | 3.10 | % | 2.99 | % | ||||||||||
| Tax equivalent effect | 0.01 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||
| Net interest margin, tax equivalent | 3.41 | % | 3.36 | % | 3.19 | % | 3.11 | % | 3.00 | % | ||||||||||
| Non interest income/Average assets | 1.14 | % | 1.31 | % | 1.20 | % | 1.31 | % | 1.19 | % | ||||||||||
| Non interest expense/Average assets | 3.45 | % | 3.15 | % | 3.20 | % | 3.18 | % | 3.08 | % | ||||||||||
| Net noninterest expense/Average assets | -2.31 | % | -1.85 | % | -2.00 | % | -1.87 | % | -1.90 | % | ||||||||||
| ASSET QUALITY RATIOS: | ||||||||||||||||||||
| Gross charge-offs | 87 | 195 | 29 | – | 66 | |||||||||||||||
| Recoveries | 2 | 13 | 2 | 16 | 9 | |||||||||||||||
| Net charge-offs | 85 | 182 | 27 | (16 | ) | 57 | ||||||||||||||
| Nonperforming loans/Total loans | 0.56 | % | 0.53 | % | 0.54 | % | 0.47 | % | 0.25 | % | ||||||||||
| Nonperforming assets/Loans & OREO | 0.56 | % | 0.53 | % | 0.54 | % | 0.52 | % | 0.30 | % | ||||||||||
| Nonperforming assets/Total assets | 0.41 | % | 0.40 | % | 0.40 | % | 0.39 | % | 0.22 | % | ||||||||||
| Allowance for credit loss/Nonperforming loans | 254.35 | % | 273.68 | % | 276.83 | % | 329.78 | % | 642.69 | % | ||||||||||
| Allowance for credit loss/Total loans | 1.41 | % | 1.44 | % | 1.48 | % | 1.55 | % | 1.58 | % | ||||||||||
| Net loan charge-offs/Average loans (ann.) | 0.03 | % | 0.07 | % | 0.01 | % | (0.01 | %) | 0.02 | % | ||||||||||
| CAPITAL & LIQUIDITY RATIOS: | ||||||||||||||||||||
| Loans/ Deposits | 85.61 | % | 90.81 | % | 88.82 | % | 90.15 | % | 89.14 | % | ||||||||||
| Equity/ Assets | 8.76 | % | 9.24 | % | 9.53 | % | 9.35 | % | 9.26 | % | ||||||||||
| Tangible equity/Tangible assets | 6.96 | % | 7.66 | % | 7.97 | % | 7.72 | % | 7.63 | % | ||||||||||
| Common equity tier 1 ratio (Bank) | 12.35 | % | 13.43 | % | 13.19 | % | 13.98 | % | 13.84 | % | ||||||||||
| END OF PERIOD BALANCES | ||||||||||||||||||||
| Total assets | 1,501,002 | 1,379,517 | 1,393,949 | 1,342,186 | 1,336,012 | |||||||||||||||
| Total loans | 1,088,274 | 1,046,735 | 1,029,955 | 1,005,390 | 991,552 | |||||||||||||||
| Deposits | 1,271,220 | 1,152,605 | 1,159,533 | 1,115,188 | 1,112,342 | |||||||||||||||
| Shareholders equity | 131,526 | 127,508 | 132,841 | 125,479 | 123,723 | |||||||||||||||
| Goodwill and intangibles | 29,125 | 23,597 | 23,613 | 23,630 | 23,646 | |||||||||||||||
| Tangible equity | 102,401 | 103,911 | 109,228 | 101,849 | 100,077 | |||||||||||||||
| Mortgage servicing portfolio | 1,432,184 | 1,427,318 | 1,406,273 | 1,389,805 | 1,371,713 | |||||||||||||||
| Wealth/Brokerage assets under care | 519,158 | 547,697 | 557,724 | 525,713 | 525,517 | |||||||||||||||
| Total assets under care | 3,452,344 | 3,354,532 | 3,357,946 | 3,257,704 | 3,233,242 | |||||||||||||||
| Full-time equivalent employees | 262 | 252 | 248 | 249 | 245 | |||||||||||||||
| Period end common shares outstanding | 6,483 | 6,494 | 6,624 | 6,676 | 6,702 | |||||||||||||||
| Market capitalization (all) | 134,982 | 135,780 | 136,189 | 93,458 | 92,359 | |||||||||||||||
| AVERAGE BALANCES | ||||||||||||||||||||
| Total assets | 1,459,896 | 1,395,473 | 1,376,849 | 1,342,847 | 1,333,236 | |||||||||||||||
| Total earning assets | 1,346,354 | 1,301,872 | 1,283,407 | 1,246,099 | 1,230,736 | |||||||||||||||
| Total loans | 1,076,328 | 1,040,580 | 1,018,262 | 1,005,018 | 993,310 | |||||||||||||||
| Deposits | 1,227,449 | 1,163,531 | 1,145,964 | 1,120,367 | 1,091,803 | |||||||||||||||
| Shareholders equity | 131,944 | 130,647 | 128,608 | 122,510 | 123,058 | |||||||||||||||
| Goodwill and intangibles | 26,714 | 23,605 | 23,621 | 23,638 | 23,654 | |||||||||||||||
| Tangible equity | 105,230 | 107,042 | 104,987 | 98,872 | 99,404 | |||||||||||||||
| Average basic shares outstanding | 6,481 | 6,575 | 6,660 | 6,692 | 6,715 | |||||||||||||||
| Average diluted shares outstanding | 6,502 | 6,599 | 6,675 | 6,700 | 6,723 | |||||||||||||||
| SB FINANCIAL GROUP, INC. | |||||||||||||||||
| Rate Volume Analysis – (Unaudited) | |||||||||||||||||
| For the Three Months Ended Mar. 31, 2025 and 2024 | |||||||||||||||||
| ($ in thousands) | Three Months Ended Mar. 31, 2025 | Three Months Ended Mar. 31, 2024 | |||||||||||||||
| Average | Average | Average | Average | ||||||||||||||
| Assets | Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||
| Taxable securities | $ | 196,880 | $ | 1,276 | 2.63 | % | $ | 210,252 | $ | 1,413 | 2.70 | % | |||||
| Overnight Cash | 66,460 | 699 | 4.27 | % | 20,729 | 180 | 3.48 | % | |||||||||
| Nontaxable securities | 6,686 | 38 | 2.30 | % | 6,445 | 37 | 2.30 | % | |||||||||
| Loans, net | 1,076,328 | 15,359 | 5.79 | % | 993,310 | 13,670 | 5.52 | % | |||||||||
| Total earning assets | 1,346,354 | 17,372 | 5.23 | % | 1,230,736 | 15,300 | 4.99 | % | |||||||||
| Cash and due from banks | 10,339 | 4,512 | |||||||||||||||
| Allowance for loan losses | (15,238 | ) | (15,830 | ) | |||||||||||||
| Premises and equipment | 21,082 | 21,281 | |||||||||||||||
| Other assets | 97,359 | 92,537 | |||||||||||||||
| Total assets | $ | 1,459,896 | $ | 1,333,236 | |||||||||||||
| Liabilities | |||||||||||||||||
| Savings, MMDA and interest bearing demand | $ | 709,324 | $ | 2,959 | 1.69 | % | $ | 605,243 | $ | 2,525 | 1.67 | % | |||||
| Time deposits | 276,253 | 2,393 | 3.51 | % | 258,592 | 2,565 | 3.98 | % | |||||||||
| Repurchase agreements & other | 13,106 | 24 | 0.74 | % | 15,993 | 34 | 0.85 | % | |||||||||
| Advances from Federal Home Loan Bank | 35,044 | 362 | 4.19 | % | 51,030 | 613 | 4.82 | % | |||||||||
| Trust preferred securities | 10,310 | 160 | 6.29 | % | 10,310 | 188 | 7.31 | % | |||||||||
| Subordinated debt | 19,694 | 195 | 4.02 | % | 19,646 | 195 | 3.98 | % | |||||||||
| Total interest bearing liabilities | 1,063,731 | 6,093 | 2.32 | % | 960,814 | 6,120 | 2.55 | % | |||||||||
| Non interest bearing demand | 241,872 | – | 227,968 | – | |||||||||||||
| Total funding | 1,305,603 | 1.89 | % | 1,188,782 | 2.06 | % | |||||||||||
| 44.20 | % | 1 | |||||||||||||||
| Other liabilities | 22,349 | 21,396 | |||||||||||||||
| Total liabilities | 1,327,952 | 1,210,178 | |||||||||||||||
| Equity | 131,944 | 123,058 | |||||||||||||||
| Total liabilities and equity | $ | 1,459,896 | $ | 1,333,236 | |||||||||||||
| Net interest income | $ | 11,279 | $ | 9,180 | |||||||||||||
| Net interest income as a percent of average interest-earning assets – GAAP measure | 3.40 | % | 2.99 | % | |||||||||||||
| Net interest income as a percent of average interest-earning assets – non GAAP | 3.41 | % | 3.00 | % | |||||||||||||
| – Computed on a fully tax equivalent (FTE) basis | |||||||||||||||||
| Non-GAAP reconciliation | Three Months Ended | ||||||
| ($ in thousands, except per share & ratios) | Mar. 31, 2025 | Mar. 31, 2024 | |||||
| Total Operating Revenue | $ | 15,386 | $ | 13,131 | |||
| Adjustment to (deduct)/add OMSR recapture/impairment * | (11 | ) | (181 | ) | |||
| Adjusted Total Operating Revenue | 15,375 | 12,950 | |||||
| Total Operating Expense | $ | 12,410 | $ | 10,282 | |||
| Adjustment for merger expenses | (726 | ) | – | ||||
| Adjusted Total Operating Expense | 11,684 | 10,282 | |||||
| Income before Income Taxes | 2,589 | 2,849 | |||||
| Adjustment for OMSR*/Merger Expenses | 715 | (181 | ) | ||||
| Adjusted Income before Income Taxes | 3,304 | 2,668 | |||||
| Provision for Income Taxes | 431 | 481 | |||||
| Adjustment for OMSR/Merger Expenses ** | 150 | (38 | ) | ||||
| Adjusted Provision for Income Taxes | 581 | 443 | |||||
| Net Income | 2,158 | 2,368 | |||||
| Adjustment for OMSR*/Merger Expenses | 565 | (143 | ) | ||||
| Adjusted Net Income | 2,723 | 2,225 | |||||
| Diluted Earnings per Share | 0.33 | 0.35 | |||||
| Adjustment for OMSR*/Merger Expenses | 0.09 | (0.02 | ) | ||||
| Adjusted Diluted Earnings per Share | $ | 0.42 | $ | 0.33 | |||
| Return on Average Assets | 0.60 | % | 0.71 | % | |||
| Adjustment for OMSR*/Merger Expenses | 0.15 | % | -0.04 | % | |||
| Adjusted Return on Average Assets | 0.75 | % | 0.67 | % | |||
| *valuation adjustment to the Company’s mortgage servicing rights | |||||||
| **tax effect is calculated using a 21% statutory federal corporate income tax rate | |||||||
Source: United States House of Representatives – Congresswoman Marilyn Strickland (WA-10)
Washington, D.C. – Today, during the annual Puget Sound Day on the Hill, U.S. Representatives Marilyn Strickland (WA-10) and Emily Randall (WA-06) announced the re-launch of the Puget Sound Recovery Caucus for the 119th Congress.
The Caucus, which was founded in 2013 by then-Representatives Denny Heck and Derek Kilmer, focuses on recovering Puget Sound through steps like preventing pollution from urban stormwater runoff, protecting and restoring habitat, and restoring and re-opening shellfish beds. Representative Emily Randall, who was elected in 2024, replaces Kilmer as Co-Chair.
“The Puget Sound is a national treasure, not only because of its breathtaking beauty, but also because of how critical it is to our economy, jobs, tribal treaty rights, and the environment. We all know how vital the Puget Sound is to our fish and wildlife habitat, biodiversity, and water supply – which is all the more reason to act now. I look forward to the re-launch of the Puget Sound Recovery Caucus, alongside my colleague, Congresswoman Randall, to ensure that we have federal support for the Puget Sound’s recovery and revitalization,” said Strickland.
“I am elated to join Rep. Strickland in co-leading the Puget Sound Recovery Caucus. The Puget Sound is a cornerstone of our region’s natural beauty, and a vital ecosystem whose health is inextricably linked to our communities, culture, and economy. Yet, it faces persistent and growing threats that demand urgent and sustained action,” said Rep. Emily Randall. “Through the work of this Caucus, we hope to help direct the federal government’s enduring commitment to protecting and restoring this irreplaceable resource — from revitalizing salmon populations and safeguarding critical habitats to advancing broader climate resilience. I am deeply grateful to our partners for their unwavering dedication to preserving the Puget Sound for generations to come.”
“The Puget Sound Recovery Caucus has long been a strong advocate in Congress for the recovery and protection of Puget Sound, and we are proud to support the relaunch of this important effort,” said Larry Epstein, Deputy Director of the Puget Sound Partnership. “We are fortunate to have such dedicated leadership in our congressional delegation. Through their support, we can continue making investments that protect public health, strengthen local economies, restore vital salmon habitats, and build resilience against flooding.”
“We welcome the continued leadership of Rep. Marilyn Strickland and fresh energy from Rep. Emily Randall as they carry on the work that Reps. Denny Heck and Derek Kilmer began when they created the Puget Sound Recovery Caucus in 2013,” said Ed Johnstone, Chairman of the Northwest Indian Fisheries Commission. “Recovering Puget Sound is absolutely essential to the protection and continued exercise of our treaty-protected rights. The Puget Sound Recovery Caucus can help us build climate resilience and face ongoing challenges from unchecked human development and recreational impacts from an ever-expanding population.”
###
Source: United States House of Representatives – Congresswoman Pramila Jayapal (7th District of Washington)
WASHINGTON, DC — U.S. Representative Pramila Jayapal (WA-07), Ranking Member of the Immigration Integrity, Security, and Enforcement Subcommittee, is leading 142 Members of Congress in demanding answers regarding the termination of students’ legal status. Despite the Trump Administration’s claim last week that it would reverse course, only Immigration and Customs Enforcement (ICE) has made any policy change. While students are no longer immediately deportable, they will be unable to return to the United States once they go home after the semester ends, as the State Department is not restoring students’ visa status.
“This is not about national security. It is about using immigration enforcement as a weapon to stifle political dissent, restrict due process, and enforce an exclusionary and nativist vision of America that runs counter to everything our institutions of higher learning stand for,” wrote the Members. “Across the country, students are being picked up – in some cases by masked immigration agents in unmarked cars – and being held in detention facilities with no warning and limited information as to why they are being deported.”
According to recent reporting, more than 1,800 students and recent graduates across 280 colleges and universities have had their visas revoked. Since Trump took office, the Department of Homeland Security (DHS) has also confirmed that at least 4,736 have had their legal status terminated in the Student and Exchange Visitor Information System (SEVIS). However, DHS does not have the authority to terminate this legal status except under very specific circumstances, none of which have been met in the vast majority of these cases.
“Our campuses have been spaces where students and scholars from around the world come together to challenge assumptions, push the boundaries of knowledge, and foster the innovation that has made our country a global leader,” continued the Members. “But today, the Trump administration’s heavy-handed and politically motivated immigration enforcement is turning university campuses into places of fear, rather than learning, and these actions deter students from coming to study at U.S. institutions.”
Reporting has also shown that the State Department has been using Artificial Intelligence (AI) tools to identify students to target through their social media accounts. This aspect is especially troubling as social media accounts may not feature students’ names, and AI facial recognition is often prone to mistakes, at significantly higher rates when identifying people of color.
The full text of the letter can be read here.
The letter was signed by Pramila Jayapal (WA-07), Jamie Raskin (MD-08), Gabe Amo (RI-01), Yassamin Ansari (AZ-03), Jake Auchincloss (MA-04), Becca Balint (VT-At Large), Nanette Barragán (CA-44), Joyce Beatty (OH-03), Wesley Bell (MO-01), Ami Bera (CA-06), Donald S. Beyer, Jr. (VA-08), Suzanne Bonamici (OR-01), Shontel Brown (OH-11), Julia Brownley (CA-26), Nikki Budzinski (IL-13), Salud Carbajal (CA-24), André Carson (IN-07), Troy Carter (LA-02), Greg Casar (TX-35), Sean Casten (IL-06), Kathy Castor (FL-14), Joaquin Castro (TX-20), Judy Chu (CA-28), Gilbert Cisneros (CA-31), Yvette Clarke (NY-09), Emanuel Cleaver (MO-05), Steve Cohen (TN-09), Gerald Connolly (VA-11), J. Luis Correa (CA-46), Angie Craig (MN-02), Jason Crow (CO-06), Danny K. Davis (IL-07), Madeleine Dean (PA-04), Diana DeGette (CO-01), Rosa DeLauro (CT-03), Suzan DelBene (WA-01), Chris Deluzio (PA-17), Mark DeSaulnier (CA-10), Maxine Dexter (OR-03), Lloyd Doggett (TX-37), Veronica Escobar (TX-16), Adriano Espaillat (NY-13), Dwight Evans (PA-03), Cleo Fields (LA-06), Lizzie Fletcher (TX-07), Bill Foster (IL-11), Valerie Foushee (NC-04), Laura Friedman (CA-30), Maxwell Frost (FL-10), John Garamendi (CA-08), Jesús “Chuy” García (IL-04), Robert Garcia (CA-42), Sylvia Garcia (TX-29), Jimmy Gomez (CA-34), Maggie Goodlander (NH-02), Al Green (TX-09), Jahana Hayes (CT-05), Jim Himes (CT-04), Steven Horsford (NV-04), Val Hoyle (OR-04), Jared Huffman (CA-02), Glenn Ivey (MD-04), Jonathan Jackson (IL-01), Sara Jacobs (CA-51), Henry C. “Hank” Johnson, Jr. (GA-04), Julie Johnson (TX-32), Sydney Kamlager-Dove (CA-37), William Keating (MA-09), Robin Kelly (IL-02), Timothy Kennedy (NY-26), Ro Khanna (CA-17), Raja Krishnamoorthi (IL-08), Rick Larsen (WA-02), John Larson (CT-01), Summer Lee (PA-12), Teresa Leger Fernandez (NM-03), Mike Levin (CA-49), Sam Liccardo (CA-16), Ted Lieu (CA-36), Zoe Lofgren (CA-18), Stephen Lynch (MA-08), Seth Magaziner (RI-02), John Mannion (NY-22), Doris Matsui (CA-07), Jennifer McClellan (VA-04), Betty McCollum (MN-04), James P. McGovern (MA-02), LaMonica McIver (NJ-10), Gregory Meeks (NY-05), Robert Menendez (NJ-08), Dave Min (CA-47), Gwen Moore (WI-04), Joe Morelle (NY-25), Kelly Morrison (MN-03), Seth Moulton (MA-06), Kevin Mullin (CA-15), Jerrold Nadler (NY-12), Eleanor Holmes Norton (DC), Alexandria Ocasio-Cortez (NY-14), Johnny Olszewski (MD-02), Ilhan Omar (MN-05), Jimmy Panetta (CA-19), Nancy Pelosi (CA-11), Scott Peters (CA-50), Brittany Pettersen (CO-07), Chellie Pingree (ME-01), Mark Pocan (WI-02), Ayanna Pressley (MA-07), Mike Quigley (IL-05), Delia Ramirez (IL-03), Emily Randall (WA-06), Luz Rivas (CA-29), Deborah Ross (NC-02), Andrea Salinas (OR-06), Linda Sánchez (CA-38), Mary Gay Scanlon (PA-05), Jan Schakowsky (IL-09), Robert C. “Bobby” Scott (VA-03), Terri Sewell (AL-07), Lateefah Simon (CA-12), Adam Smith (WA-09), Melanie Stansbury (NM-01), Marilyn Strickland (WA-10), Suhas Subramanyam (VA-10), Eric Swalwell (CA-14), Mark Takano (CA-39), Shri Thanedar (MI-13), Mike Thompson (CA-04), Bennie G. Thompson (MS-02), Dina Titus (NV-01), Rashida Tlaib (MI-12), Jill Tokuda (HI-02), Paul Tonko (NY-20), Lori Trahan (MA-03), Lauren Underwood (IL-14), Juan Vargas (CA-52), Gabe Vasquez (NM-02), Marc Veasey (TX-33), Nydia M. Velázquez (NY-07), Maxine Waters (CA-43), Bonnie Watson Coleman (NJ-12), and Nikema Williams (GA-05).
It was also endorsed by AFL-CIO; American Friends of Combatants for Peace; American Friends Service Committee; Amnesty International USA; Asian Americans Advancing Justice | AAJC; Asian Americans Advancing Justice | Chicago; Asian Americans Advancing Justice Southern California; Brooklyn for Peace; Center for Constitutional Rights; Center for International Policy Advocacy; Coalition for Humane Immigrant Rights (CHIRLA); CODEPINK; Council on American-Islamic Relations (CAIR); DAWN; Friends Committee on National Legislation; Habonim Dror North America; Hindus for Human Rights; HIstorians for Peace and Democracy; IfNotNow Movement ; Illinois Coalition for Immigrant and Refugee Rights; IMEU Policy Project; Immigrant Legal Resource Center (ILRC); Indivisible; International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW); J Street; Jewish Voice for Peace Action; MADRE; Minnesota Peace Project; MPower Change Action Fund; National Immigrant Justice Center; New Jewish Narrative; Nonviolence International; OneAmerica; Partners for Progressive Israel; Peace Action; Presbyterian Church (USA), Office of Public Witness; Presidents’ Alliance on Higher Education and Immigration; Reconsider; Service Employees International Union (SEIU); Southeast Asia Resource Action Center (SEARAC); Stop AAPI Hate; United Church of Christ.
Issues: Arts & Education, Immigration