Category: Australia

MIL-Evening Report: A landmark ruling will tackle the gender pay gap for thousands of workers

Source: The Conversation (Au and NZ) – By Fiona Macdonald, Policy Director, Centre for Future Work at the Australia Institute and Adjunct Principal Research Fellow, RMIT University

Lordn/Shutterstock

The Fair Work Commission has found award pay rates in five industrial awards covering a range of female-dominated occupations and industries do not provide equal pay.

This important decision should narrow the gender pay gap.

The commission proposed significant increases to award pay rates covering thousands of workers including pharmacists, early childhood education and care workers, psychologists, physiotherapists and some other health workers.

The Fair Work Commission’s review of the five “priority” awards was undertaken following the Labor government’s changes to the Fair Work Act in 2022. The changes require the commission to take account of the need to achieve gender equality in setting modern award rates of pay.

Who is covered by the latest review?

The five priority modern awards reviewed by the expert panel are:

Aboriginal and Torres Strait Islander Health Workers and Practitioners and Aboriginal Community Controlled Health Services Award 2020
Children’s Services Award 2010
Health Professionals and Support Services Award 2020
Pharmacy Industry Award 2020
Social, Community, Home Care and Disability Services Industry Award 2010.

The commission examined the evidence and found many pay rates in the five modern awards do not reflect the value of the work undertaken in these female-dominated occupations and industries.

The commission found pay rates in these awards are not equal to pay rates for comparable work, due to the work largely being done by women.

Skills typically required to work with and to provide care and support to people, sometimes referred to as “soft” skills, have not been valued as much as the so-called “hard” skills required in male-dominated technical roles.

Past attempts were not successful

Before the Labor government’s 2022 changes to the Fair Work Act, almost all attempts by unions to have industrial tribunals address gender pay inequity failed.

One major barrier to success was a requirement that discrimination be demonstrated. The need to prove gender undervaluation of work largely done by women by referring to “comparable” jobs largely undertaken by men has also been a problem.

Now, under an amended Fair Work Act, the Fair Work Commission is able to examine the skills required in feminised jobs to assess the work’s value without needing to find a male comparison.

The commission’s decision that a total increase of 14% in award rates for pharmacists is justified will take effect in three phases, starting in July 2025.

The commission’s decisions on pay increases for workers covered by the other four awards, including proposed increases of 23% for Certificate III qualified childcare workers, have been put forward as provisional views only. The expert panel will begin consultations on these views in May.

Some concerns remain

The commission’s proposal for remedying gender undervaluation in one of the awards, covering a broad range of workers in social and community services, including disability workers, is puzzling.

The remedy appears to risk undermining past pay gains won for many social and community services workers because of proposed changes in the classification structure. These changes may not take account of the complexity and diversity of skills used by workers in the wide range of roles covered by the award.

Reflecting this, unions have expressed concerns the proposals for changes to this award may have the unintended consequence of reducing pay and hurting careers for some workers.

The final pay increases and their timing for workers covered by the four awards other than the pharmacy award will be made following consultations with unions, employers and funding bodies, including federal and state governments.

Following last week’s decision, one large employer group is arguing employers in private hospitals and the early childhood education and care sectors cannot afford the proposed pay increases.

They are calling on the government to fund increases in the industries that are largely government funded, including the early childhood education and care sector.

The funding picture so far

The Labor government supported the Fair Work Commission’s gender undervaluation review when it was announced in 2024. At the time the government also made clear it was their view any large pay increases would need to be phased in.

Aged care workers have already received pay hikes.
R.Classen/Shutterstock

The government did fully fund increases for aged care workers, which it said came to a total investment of A$17.7 billion.

The government has also funded a 15% pay increases for early childhood workers gained through a multi-enterprise agreement covering hundreds of centres. The first increase of 10% came into effect in December, with a further 5% increase due in December 2025.

Better pay in care and support occupations was identified by the Labor government as essential to the sustainability and growth of the care and support economy.

The Coalition has not made any commitments regarding funding for any pay increases awarded in the gender undervaluation proceedings. The Coalition spokeswoman on workplace relations, Michaelia Cash, said the Coalition would examine the decision and its implications.

The Coalition did not support the larger Same Job Same Pay legislation that included the gender equality changes.

Fiona Macdonald appeared as an expert witness in the Fair Work Commission’s hearing on the review of the Social, Community, Home Care and Disability Services Industry Award.

– ref. A landmark ruling will tackle the gender pay gap for thousands of workers – https://theconversation.com/a-landmark-ruling-will-tackle-the-gender-pay-gap-for-thousands-of-workers-254798

MIL-Evening Report: Tiny dips in sea level reveal flow of climate-regulating underwater waterfalls

Source: The Conversation (Au and NZ) – By Matthis Auger, Research Associate in Physical Oceanography, University of Tasmania

NASA ICE via Flickr, CC BY

Beneath the surface of the Southern Ocean, vast volumes of cold, dense water plunge off the Antarctic continental shelf, cascading down underwater cliffs to the ocean floor thousands of metres below. These hidden waterfalls are a key part of the global ocean’s overturning circulation – a vast conveyor belt of currents that moves heat, carbon, and nutrients around the world, helping to regulate Earth’s climate.

For decades, scientists have struggled to observe these underwater waterfalls of dense water around Antarctica. They occur in some of the most remote and stormy waters on the planet, often shrouded by sea ice and funnelled through narrow canyons that are easily missed by research ships.

But our new research shows that satellites, orbiting hundreds of kilometres above Earth, can detect these sub-sea falls.

By measuring tiny dips in sea level – just a few centimetres – we can now track the dense water cascades from space. This breakthrough lets us monitor the deepest branches of the ocean circulation, which are slowing down as Antarctic ice melts and surface waters warm.

Dense water helps regulate the climate

Antarctic dense water is formed when sea ice grows, in the process making nearby water saltier and more dense. This heavy water then spreads across the continental shelf until it finds a path to spill over the edge, plunging down steep underwater slopes into the deep.

As the dense water flows northward along the seafloor, it brings oxygen and nutrients into the abyss – as well as carbon and heat drawn from the atmosphere.

But this crucial process is under threat. Climate change is melting the Antarctic ice sheet, adding fresh meltwater into the ocean and making it harder for dense water to form.

Underwater waterfalls around Antarctica carry dense, salty surface water into the depths of the ocean.

Past research has shown the abyssal circulation has already slowed by 30%, and is likely to weaken further in the years ahead. This could reduce the ocean’s ability to absorb heat and carbon, accelerating climate change.

Our research provides a new technique that can provide easy, direct observations of future changes in the Southern Ocean abyssal overturning circulation.

Satellites and sea level

Until now, tracking dense water cascades around Antarctica has relied on moorings, ship-based surveys, and even sensors attached to seals. While these methods deliver valuable local insights, they are costly, logistically demanding, carbon-intensive, and only cover a limited area.

Satellite data offers an alternative. Using radar, satellites such as CryoSat-2 and Sentinel-3A can measure changes in sea surface height to within a few centimetres.

And thanks to recent advances in data processing, we can now extract reliable measurements even in ice-covered regions – by peering at the sea surface through cracks and openings in the sea ice.

Openings or ‘leads’ in sea ice can reveal the height of the sea surface beneath.
NASA ICE via Flicker, CC BY

In our study, we combined nearly a decade of satellite observations with high-resolution ocean models focused on the Ross Sea. This is a critical hotspot for Antarctic dense water formation.

We discovered that dense water cascades leave a telltale surface signal: a subtle but consistent dip in sea level, caused by the cold, heavy water sinking beneath it.

By tracking these subtle sea level dips, we developed a new way to monitor year-to-year changes in dense water cascades along the Antarctic continental shelf. The satellite signal we identified aligns well with observations collected by other means, giving us confidence that this method can reliably detect meaningful shifts in deep ocean circulation.

Cheap and effective – with no carbon emissions

This is the first time Antarctic dense water cascades have been monitored from space. What makes this approach so powerful is its ability to deliver long-term, wide-reaching observations at low cost and with zero carbon emissions – using satellites that are already in orbit.

These innovations are especially important as we work to monitor a rapidly changing climate system. The strength of deep Antarctic currents remains one of the major uncertainties in global climate projections.

Gaining the ability to track their changes from space offers a powerful new way to monitor our changing climate – and to shape more effective strategies for adaptation.

Matthis Auger receives funding from the Australian Research Council Special Research Initiative, Australian Centre for Excellence in Antarctic Science.

– ref. Tiny dips in sea level reveal flow of climate-regulating underwater waterfalls – https://theconversation.com/tiny-dips-in-sea-level-reveal-flow-of-climate-regulating-underwater-waterfalls-253940

MIL-OSI New Zealand: Government Should Respect Women & Biology In Law

Source: Family First

MEDIA RELEASE
22 April 2025

Family First NZ is calling on both the National Party and the ACT Party to fast-track NZ First’s Member’s Bill that would ensure the biological definition of a woman and man are defined in law, and adopt it as a Government bill.

The What is a woman? campaign last year called for ‘woman’ to be defined as ‘an adult human female’ in all our laws, public policies and regulations and was signed by more than 23,500 people and presented to Parliament last August. We are still awaiting a response from the Select Committee.

An appropriate bill would state that:
● an individual’s “sex” means an individual’s sex at birth, either male or female;
● a “female” means an individual whose biological reproductive system is developed to produce ova; who has, had, will have or would have, but for a developmental or genetic anomaly or historical accident, the reproductive system that at some point produces, transports, and utilizes eggs for fertilization.
● a “male” means an individual whose biological reproductive system is developed to fertilise the ova of a female who has, had, will have or would have, but for a developmental or genetic anomaly or historical accident, the reproductive system that at some point produces, transports, and utilizes sperm for fertilization.;
● “woman” and “girl” refer to human females, and “man” and “boy” refer to human males;
● “mother” means a parent of the female sex, and “father” means a parent of the male sex; and
● with respect to biological sex, separate accommodations are not inherently unequal.

The bill would require and state that distinctions between the sexes be considered substantially related to the important governmental objectives of protecting the health, safety, and privacy of individuals, with respect to the following areas:
● schools;
● sports;
● prisons or other detention facilities;
● domestic violence centers;
● rape crisis centers;
● changing rooms;
● toilets; and
● other areas where biology, safety, or privacy are implicated that result in separate accommodations.

Individuals born with a medically verifiable diagnosis of disorder/differences in sex development should be provided appropriate legal protections.

How do we target specific women’s health issues or target the gender pay gap, or violence against women, or support the Women’s Refuge, or uphold our nation’s history of fighting for women’s rights if we can’t define the target audience in the first place?

A ’woman’ always has been, always will be, our beloved mothers, grandmothers, wives, daughters, sisters, aunts – an adult human female.

Given the recent decision by the UK Supreme Court, it’s time that NZ’s Government also removes the confusion and returns to simple biological reality.

MIL-OSI Australia: Get involved in the Fire Equipment Maintenance Program

Source:

Fire Equipment Maintenance (FEM) is a vital fire prevention activity and an important income source for many CFA brigades.

Brigades providing FEM services visit businesses and facilities in their communities, checking fire extinguishers, fire blankets, fire hose reels and lay flat hose, ensuring they are maintained and ready to use in the event of an emergency.

This maintenance is legally required for building owners and occupiers and businesses pay a fee to have CFA complete this maintenance, with the funds reinvested into the brigade.

Queenscliff Fire Brigade, with Point Lonsdale, reignited their FEM services last year and said the benefits were far reaching.

“For us, the benefits of providing FEM services in our community are three-fold: fundraising, community engagement and situational awareness,” 1st Lieutenant Paul Hicks said.

“Providing the service strengthens our ties with the community socially and economically.”

The brigade has used funds earned through FEM to upgrade or supplement their firefighting equipment.

“It also provides us with a solid economic base to finance any future needs,” Paul said.

“Every dollar we raise through FEM or donated by the community is invested back into the brigade to deliver the best outcome for members and our community.”

“Delivering FEM also plays a critical role in our community engagement efforts, allowing members to provide information, address concerns and promote fire safety while on site. That direct contact gives the community confidence in our brigade.

“By visiting local businesses and facilities we also gain valuable insight into each location, its fire protection systems and potential hazards.”

With more than 265 brigades and 1,350 accredited members statewide, the past year has been one of their busiest and most successful, with more than $3.8 million dollars raised.

Brigades use FEM revenue to fund equipment, vehicles, tools, building works, training and cultural activities. It also supplements applications under the Volunteer Emergency Services Equipment Program.

CFA is encouraging more brigades to become involved with the FEM program to help them continue to provide the best outcomes to their communities.

More information can be found here.

Submitted by	CFA Media

MIL-OSI Australia: “Pop up” travel immunisation clinic to take place in Bendigo in May

Source: New South Wales Ministerial News

The City and Family Immunisation & Travel Specialists (FITS) Clinic have partnered together to provide a satellite “pop-up” travel immunisation clinic for the wider Greater Bendigo community on Monday May 26 at the Strathdale Community Hub.

City of Greater Bendigo Acting Manager Community and Environment Sue Harrison said the satellite clinic will specifically provide local access to BCG (Bacillus Calmette–Guérin) vaccine, a live vaccine used to prevent tuberculosis (TB) particularly in babies and young children, without the need to travel to Melbourne.

“These types of immunisations are recommended for those travelling to countries with a high incidence of tuberculosis,” Ms Harrison said.

“People living in regional Victoria normally need to travel to Melbourne to get their travel immunisations as this service is not offered in regional Victoria.

“So this is a fantastic opportunity for parents with young children who are intending to travel overseas to these countries in the future, to receive the necessary travel vaccines in Greater Bendigo.

“FITS is Victoria’s largest private travel clinic for kids, comprising a team of paediatricians and immunisation nurses who specialise in travel medicine and immunisation and there will be costs associated with receiving the BCG vaccine.

“Families will also have access to the free, regular National Immunisation Program and flu vaccines provided by the City of Greater Bendigo at the satellite clinic in Strathdale.”

The clinic will take place between 9am and 4pm on Monday May 26 at the Strathdale Community Centre, 155 Crook St, Strathdale.

Patients must obtain a referral from their own doctor to attend the clinic and must book online as soon as possible.

To book online, visit:

MIL-Evening Report: What would Australia be willing to go to war over? This needs to be made clear in our defence strategy

Source: The Conversation (Au and NZ) – By Andrew Carr, Associate Professor, Strategy and Australian Defence Policy, Australian National University

In 2024, the National Defence Strategy made deterrence Australia’s “primary strategic defence objective”.

With writing now underway for the 2026 National Defence Strategy, can Australia actually deter threats to the nation?

Traditionally, our defence strategy only asked that our military capabilities “command respect”. In today’s world, however, Australia needs a far more active military posture to defend itself.

To effectively deter an adversary, Australia needs the equipment, signals and processes to convince a potentially hostile nation to reconsider the cost of militarily threatening us.

A deterrence strategy promises to reduce the likelihood of conflict. It reduces the opportunities for an adversary to score “cheap” wins by communicating how we could “deny” their main goal and potentially “punish” them for their aggression.

It forces an adversary to make a choice: back down or risk failing at your objective and starting a more significant confrontation.

While we don’t know exactly how a future adversary might react, Australia must do more to make our intent clear on how we would respond to a provocation.

We are part of an international team researching the ways to do this. This is what we think is needed in the next National Defence Strategy.

What deterrence looks like

Creating a credible deterrence posture is not easy. The 2024 defence strategy lists a wide variety of actions that could change an adversary’s risk assessment.

Some of these things are specific (surveilling and protecting Australia’s sea lanes of communication). Others are vague and loosely connected to deterrence (supporting the global rules-based order).

To make sure our deterrence message is as clear and effective as possible, the 2026 strategy will need a much tighter policy framework around where Australia would have the power to deter an adversary, and how we would do so.

It will also need to detail the specific defence preparations Australia has undertaken to credibly deter threats.

Vagueness in language or generalities in proposed actions will not cut it.

What history can teach us

The scholarly literature on how to implement an effective deterrence is largely drawn from Cold War history.

Many times, the US and USSR made deliberate efforts to send deterrence signals to the other side. They did this by acquiring new capabilities (such as longer-range missiles) and expanding their nuclear stockpiles, or by conducting military exercises and deploying forces around the world. These messages, however, were often misunderstood.

Sometimes, these signals – such as US President John F. Kennedy’s reinforcement of West Berlin with an additional battalion during the Berlin Crisis of 1961 – made political sense, but less so militarily.

One way for Australia to approach this deterrence question is considering the adversary’s theory of victory – how they seek to achieve their goal – and then identifying ways to explicitly and publicly show we can disrupt it.

For example, after winning the 1982 Falkland Islands War against Argentina, Britain invested significant resources into the Mount Pleasant Air Base on the islands. They are now home to up to 2,000 personnel, enabling significant and rapid reinforcements in the event of future hostilities.

The use of ‘trip wires’

Australia is now acquiring significant new strike capabilities. However, even if we increase our defence spending beyond the 3% of GDP currently being discussed, the Australian Defence Force (ADF) will not be able to defend everything across the entire region and the waters around us.

We will need to find low-cost defensive actions.

Deterring an adversary from attempting a “cheap win” against Australia, for instance, might require the “forward presence” of Australian troops far from our own shores. Even if they would not be able to defend against an attack on their own, they could serve as a “trip wire” force. This means if they were attacked, it would likely compel Australia to go to war.

So, let’s say Australia has a “forward presence” of troops stationed in the Cocos Islands, Papua New Guinea or even the Philippines. This signals a credible commitment to use those forces to protect ourselves and our regional partners against a threat. And should these soldiers be killed, it would likely generate public anger and a political insistence on a significant response.

While a lot of contemporary military thinking is about how to put robots and drones in harm’s way instead of our fellow citizens, some tasks, such as a “forward presence” deterrence, can likely only be done by humans.

We need to be clear about red lines

All of this means that deterrence is not just about a country’s capabilities – going to war is ultimately about politics, and human emotion.

As such, credibility also depends on practical rituals – such as Britain holding Cabinet meetings in the Falklands and NATO hosting flag parades in the Baltics. These convey a belief over what matters enough to go to war.

For Australian deterrence to be more credible, the next iteration of the National Defence Strategy will have to be more explicit than its predecessor in spelling out what Australia would be willing to go to war over.

If our government cannot address this now, how are we going to communicate this to an adversary – and convince them of it – in a crisis?

The government is understandably reluctant to be specific about the commitments and threats it is willing and able to make in a public document, or to acknowledge the limits to Australia’s abilities.

But deterring without communicating is a contradiction in terms. We need to be explicit about what would cause Australia to resist or retaliate, even at the cost of war, in order to credibly deter an adversary from taking such an action.
This must be at the core of how the 2026 National Defence Strategy approaches deterrence as Australia’s “primary defence objective”.

This piece is part of a series on the future of defence in Australia. Read the other stories here.

Andrew Carr receives funding from the Department of Defence on a research project on ‘Pathways of Deterrence’.

Stephan Fruehling receives funding from the Department of Defence on a research project on ‘Pathways of Deterrence’.

– ref. What would Australia be willing to go to war over? This needs to be made clear in our defence strategy – https://theconversation.com/what-would-australia-be-willing-to-go-to-war-over-this-needs-to-be-made-clear-in-our-defence-strategy-253246

MIL-Evening Report: Caitlin Johnstone: The Pope has died, and the Palestinian people have lost an important advocate

Report by Dr David Robie – Café Pacific. –

COMMENTARY: By Caitlin Johnstone

Pope Francis has died after using his Easter Sunday address to call for peace in Gaza. I don’t know who the cardinals will pick to replace him, but I do know with absolute certainty that there are transnational intelligence operations in the works to make sure they select a more reliable supporter of Israel.

They’ve probably been working on it since his health started failing.

Anyone who’s been reading me for a while knows my attitude toward Roman Catholicism can be described as openly hostile because of my family history with the Church’s sexual abuses under Cardinal Pell, but as far as popes go this one was decent.

Francis had been an influential critic of Israel’s mass atrocities in Gaza, calling for investigation of genocide allegations and denouncing the bombing of hospitals and the murder of humanitarian workers and civilians. He’d been personally calling the only Catholic parish in Gaza by phone every night during the Israeli onslaught, even as his health deteriorated.

In other words, he was a PR problem for Israel.

I hope another compassionate human being is announced as the next leader of the Church, but there are definitely forces pushing for a different outcome right now. There is no shortage of terrible men who could be chosen for the position.

❖

The most wholesome thing on the internet right now is Yemeni forces keeping a running tally of the US MQ-9 Reaper drones they’ve been destroying. These things are 30 million dollars apiece. pic.twitter.com/hJNHtkVgm1

— Caitlin Johnstone (@caitoz) April 19, 2025

❖

Benjamin Netanyahu’s spokesman Omer Dostri told Israel’s Channel 12 News on Saturday that a deal with Hamas to release all hostages was a non-starter for the Israeli government, because it would require a commitment to lasting peace.

“At the moment, there can’t be one deal since Hamas isn’t saying: ‘Come get your hostages and that’s that,’ it’s demanding an end to the war,” Dostri said in the interview.

This comes as Hamas offers to return all hostages, stop digging tunnels, and put away its weapons in exchange for a permanent ceasefire. This is what Israel is dismissing as unacceptable.

[embedded content]
The Pope has died Video/audio: Caitlin Johnstone

The Gaza holocaust was never about freeing the hostages. This has been clear ever since Israel began aggressively bombing the place where the hostages are living, and it’s gotten clearer and clearer ever since. Last month Netanyahu made it clear that Israel intends to carry out Trump’s ethnic cleansing plans for the enclave even if Hamas fully surrenders.

When Washington’s podium people say the “war” in Gaza can end if Hamas releases the hostages and lays down their arms, they are lying. They are lying to ensure that the genocide continues.

When Israel apologists say “Release the hostages!” in response to criticisms of Israeli atrocities, they are lying. They know this has never had anything to do with hostages. They are lying to help Israel commit more atrocities.

It was never about the hostages. It was never about Hamas. What it’s really about was obvious from day one: purging Palestinians from Palestinian land. That’s all this has ever been.

❖

After executing 15 medical workers in Gaza and getting caught lying about it, the IDF has investigated itself and attributed the massacre to “professional failures” and “operational misunderstandings”, finding no evidence of any violation of its code of ethics.

It’s crazy to think about how much investigative journalism went into exposing this atrocity only to have Israel go “Yeah turns out we did an oopsie, no further action required, thank you to our allies for the latest shipment of bombs.”

❖

The death toll from Trump’s terrorist attack on a Yemen fuel port is now up to 80, with 150 wounded. Again, the US has not even tried to claim this was a military target. They said they targeted this critical civilian infrastructure to hurt the economic interests of the Houthis.

Those who are truly anti-war don’t support Trump. Those who support Trump aren’t truly anti-war.

I still get people telling me I need to be nicer to Trump supporters because they’re potential allies in resisting war, which to me is just so silly. What are they even talking about? Trump supporters, per definition, currently support the one person who is most singularly responsible for the horrific acts of war we are seeing in the middle east right now. Telling me they’re my allies is exactly as absurd as telling me Biden supporters were my allies last year would have been, except nobody was ever dumb enough to try to make that argument.

If you still support Trump in April 2025 after seeing all his monstrous behavior in Gaza and Yemen, then we are on completely opposite sides. You might think you’re on the same side as me because you oppose war in theory, but when the rubber meets the road it turns out you’ll go along with any acts of mass military slaughter no matter how evil so long as they are done by a Republican. We are not allies, we are enemies. You side with the most egregious warmonger in the world right now, and I want your side to fail.

❖

People say “It’s the Muslims!” or “It’s the Jews!”

No, it’s the Americans. The US-centralised empire is responsible for most of our world’s problems.

It says so much about the strength of the imperial propaganda machine that this isn’t more obvious to more people.

Caitlin Johnstone is an Australian independent journalist and poet. Her articles include The UN Torture Report On Assange Is An Indictment Of Our Entire Society. She publishes a website and Caitlin’s Newsletter. This article is republished with permission.

This article was first published on Café Pacific.

MIL-OSI New Zealand: Health – New Zealand Surgical Trial Network Launches to Advance Clinical Research Nationwide

Source: Surgical Trial Network – New Zealand

Aotearoa New Zealand – 22 April 2025 – The Surgical Trial Network – New Zealand has officially launched, marking a significant step forward in advancing surgical clinical research across Aotearoa. Designed to foster innovation, collaboration, and improved outcomes in surgical care, the network aims to be a cornerstone of excellence in the national research landscape.

The network supports a growing community of surgeons, anaesthetists, surgical nurses, and healthcare professionals committed to evidence-based practice. It is a proud partner of Aotearoa Clinical Trials (ACTT), sharing a national vision to expand access to high-quality clinical research that improves health outcomes for all New Zealanders.

“The launch of the Surgical Trial Network – New Zealand is an exciting and important development for our clinical research landscape,” said Dr. Ed Watson, CEO of Aotearoa Clinical Trials. “By supporting and connecting surgical researchers across the motu, this initiative strengthens our national capacity to deliver impactful, world-class surgical trials. We’re proud to be a partner in this vital work.”

By supporting research surgeons through every stage of clinical trial development—from early feasibility to publication—the Surgical Trial Network empowers professionals to lead impactful studies, enhance their academic careers, and drive continuous improvement in surgical care.

“This network was born from a need to decentralise trial delivery, enabling multicentre collaboration, elevating surgical research across the country,” said Dr. Chris Harmston, Director and Scientific Lead of the network. “Our mission is to empower research surgeons while ultimately improving care and outcomes for all New Zealanders.”

Key offerings include:

Trial feasibility assessments and research matchmaking
Guidance on trial funding, ethical and regulatory approvals
Support for Good Clinical Practice (GCP) training and certification
Tools and systems for data collection, quality assurance, and trial management
Academic mentoring and publishing support.

Supported by Network Manager Kayley King, based at Whangārei Hospital, Te Tai Tokerau, the network offers personalised support to help professionals navigate the research process and connect with global collaborators.

The Surgical Trial Network – New Zealand also contributes to a broader mission of increasing equitable access to clinical trials across regions, ensuring that innovation in surgical care reaches all communities.

Learn more about how we’re shaping the future of surgical research in Aotearoa.

MIL-OSI Economics: Panasonic in Numbers: Over 1 Million Trees Planted in Just 3 Years by Panasonic Vietnam

Source: Panasonic

Headline: Panasonic in Numbers: Over 1 Million Trees Planted in Just 3 Years by Panasonic Vietnam

Panasonic Vietnam has planted over 1 million trees in only 3 years, making it the fastest foreign company in Vietnam to achieve this goal. Based on estimates from Vietnam’s Ministry of Agriculture & Environment (MOAE), the initiative, which planted 1,071,300 trees in 20 provinces, is expected to reduce CO2 emissions by approximately 108,000 tons over ten years. Totally, Panasonic Vietnam has planted 1,346,390 trees in 11 years.
Besides actively promoting environmental activities as part of Panasonic’s global ECO RELAY project, Panasonic Vietnam launched the “Live Wellness, Contribute Green” tree planting program in 2022, which invited customer contribution through a scheme: a tree is planted each time a customer buys a Panasonic product under Wellness category.
Panasonic Vietnam will continue to support the Panasonic Group’s long-term environmental vision “Panasonic GREEN IMPACT” and contribute to creating a bright future of wellness for Vietnamese people through healthy living and sustainable development.

The content in this website is accurate at the time of publication but may be subject to change without notice.Please note therefore that these documents may not always contain the most up-to-date information.Please note that German, French and Chinese versions are machine translations, so the quality and accuracy may vary.

MIL OSI Economics –

MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for April 22, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on April 22, 2025.

How will a new pope be chosen? An expert explains the conclave
Source: The Conversation (Au and NZ) – By Darius von Guttner Sporzynski, Historian, Australian Catholic University Following the death of Pope Francis, we’ll soon be seeing a new leader in the Vatican. The conclave – a strictly confidential gathering of Roman Catholic cardinals – is due to meet in a matter of weeks to elect

Haka in the House: what will Te Pāti Māori’s protest mean for tikanga in parliament?
Source: The Conversation (Au and NZ) – By Dominic O’Sullivan, Professor of Political Science, Charles Sturt University and Adjunct Professor Stout Research Centre, Victoria University of Wellington and Auckland University of Technology., Charles Sturt University Te Pāti Māori’s Debbie Ngarewa-Packer and Hana-Rāwhiti Maipi-Clarke lead a haka with Eru Kapa-Kingi outside parliament, November 19, 2024. Getty

Pope Francis has died, aged 88. These were his greatest reforms – and controversies
ANALYSIS: By Joel Hodge, Australian Catholic University and Antonia Pizzey, Australian Catholic University Pope Francis has died on Easter Monday, aged 88, the Vatican announced. The head of the Catholic Church had recently survived being hospitalised with double pneumonia. Cardinal Kevin Farrell’s announcement began: “Dear brothers and sisters, with deep sorrow I must announce the

Fossil fuel companies ‘poisoned the well’ of public debate with climate disinformation. Here’s how Australia can break free
Source: The Conversation (Au and NZ) – By Naomi Oreskes, Professor of the History of Science, Harvard University President Donald Trump has issued an executive order that would block state laws seeking to tackle greenhouse gas emissions – the latest salvo in his administration’s campaign to roll back United States’ climate action. Under Trump, the

Is a corporation a slave? Many philosophers think so
Source: The Conversation (Au and NZ) – By Duncan Ian Wallace, Lecturer, Faculty of Law, Monash University f11photo/Shutterstock If you’ve ever heard the term “wage slave”, you’ll know many modern workers – perhaps even you – sometimes feel enslaved to the organisation at which they work. But here’s a different way of thinking about it:

Rates will never be enough – councils need the power to raise money in other ways
Source: The Conversation (Au and NZ) – By Guy C. Charlton, Adjunct Associate Professor at Auckland University of Technology and Associate Professor, University of New England Getty Images You might have recently received voting papers for your local body elections. Going by our historically low participation rates, many of those envelopes will remain unopened. This

Early voting opens in the federal election – but it brings some problems for voters and parties
Source: The Conversation (Au and NZ) – By Zareh Ghazarian, Senior Lecturer in Politics, School of Social Sciences, Monash University More than 18 million Australians are enrolled to vote at the federal election on May 3. A fair proportion of them – perhaps as many as half – will take advantage of early voting, which

‘I’m a failure’: how schema therapy tackles the deep-rooted beliefs that affect our mental health
Source: The Conversation (Au and NZ) – By Catherine Houlihan, Senior Lecturer in Clinical Psychology, University of the Sunshine Coast Jorm Sangsorn/Shutterstock If you ever find yourself stuck in repeated cycles of negative emotion, you’re not alone. More than 40% of Australians will experience a mental health issue in their lifetime. Many are linked to

Parents delay sending kids to school for social reasons and physical size. It’s not about academic advantage
Source: The Conversation (Au and NZ) – By Penny Van Bergen, Associate Professor in the Psychology of Education, Macquarie University If you have a child born at the start of the year, you may be faced with a tricky and stressful decision. Do you send them to school “early”, in the year they turn five?

Since its very conception, Star Wars has been political. Now Andor will take on Trump 2.0
Source: The Conversation (Au and NZ) – By Dan Golding, Professor and Chair of the Department of Media and Communication, Swinburne University of Technology Lucasfilm Ltd™ Premiering today, the second and final season of Star Wars streaming show Andor seems destined to be one of the pop culture defining moments of the second Trump presidency.

Election Diary: Albanese government stays mum over whatever Russia may have said to Indonesia
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra The imbroglio over the reported Russian request to Indonesia to base planes in Papua initially tripped Peter Dutton, and now is dogging Anthony Albanese. After the respected military site Janes said a request had been made, the Australian government quickly

How the next pope will be elected – what goes on at the conclave
Source: The Conversation (Au and NZ) – By Mathew Schmalz, Professor of Religious Studies, College of the Holy Cross Cardinals attend Mass at St. Peter’s Basilica, before they enter the conclave to decide who the next pope will be, on March 12, 2013, in Vatican City. Photo by Franco Origlia/Getty Image With the death of

Twinkling star reveals the shocking secrets of turbulent plasma in our cosmic neighbourhood
Source: The Conversation (Au and NZ) – By Daniel Reardon, Postdoctoral Researcher, Pulsar Timing and Gravitational Waves, Swinburne University of Technology Artist’s impression of a pulsar bow shock scattering a radio beam. Carl Knox/Swinburne/OzGrav With the most powerful radio telescope in the southern hemisphere, we have observed a twinkling star and discovered an abundance of

Pope Francis has died, aged 88. These were his greatest reforms – and controversies
Source: The Conversation (Au and NZ) – By Joel Hodge, Senior Lecturer, Faculty of Theology and Philosophy, Australian Catholic University Pope Francis has died on Easter Monday, aged 88, the Vatican announced. The head of the Catholic Church had recently survived being hospitalised with a serious bout of double pneumonia. Cardinal Kevin Farrell’s announcement began:

Pope Francis tried to change the Catholic Church for women, with mixed success
Source: The Conversation (Au and NZ) – By Tracy McEwan, School of Humanities, Creative Industries and Social Sciences, University of Newcastle Pope Francis, the head of the Catholic Church, died on Easter Monday at the age of 88. On Easter Sunday, he used his message and blessing to appeal for peace in Middle East and

ER Report: A Roundup of Significant Articles on EveningReport.nz for April 21, 2025
ER Report: Here is a summary of significant articles published on EveningReport.nz on April 21, 2025.

MIL-OSI Australia: Don’t be the last to go paperless

Source: New places to play in Gungahlin

If you’re still using paper and not lodging online, make the switch now and go digital.

Preparing and lodging online is secure and convenient and provides additional benefits including:

having more time to lodge – an extra 2 weeks
reducing errors
faster refunds
easier record keeping.

To switch to online activity statements visit Online services – Self-managed superannuation funds.

For more information on our services, technical support, systems advice and online security tips go to Online Services.

Looking for the latest news for SMSFs? – You can stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly SMSF newsletter.

Find out more or book an appointment.

MIL-OSI Australia: Step into Canberra’s time machine

Source: Northern Territory Police and Fire Services

Cover art: Lake Burley Griffin tourist brochure from ArchivesACT

In Brief:

The ArchivesACT Reading Room has moved to a new location.
This story outlines some of the records that have been discovered at ArchivesACT.
It details how to visit or book an appointment at the Reading Room.

“Experience the elegant charm of the old Lanyon Homestead.”

“Try an English counter lunch and a Guinness in Tudor surrounds at the George Harcourt Inn.”

“Go dancing at Juliana’s disco at the Lakeside International.”

Can you guess where these phrases might have been published?

The first two could easily be from a VisitCanberra Instagram post. The third might be a giveaway – especially if you were of nightclubbing age in the ‘80s.

These recommendations are straight from a 1982 Canberra Tourist Bureau brochure. It was called Canberra: for Romantics. It serves as a window back in time to what our city was like in the early ‘80s.

Tips from other brochures in the series include:

booking a stay at Gowrie Hostel
trying a grill-your-own steakhouse, like the Stockade
dining at Emma’s at “the Civic” or “the Kingston”.

The brochures are the November 2024 find of the month from ArchivesACT. It’s just one example of the many pieces of Canberra’s history you’ll find within their records.

What is the Reading Room?

The ArchivesACT Reading Room is like Canberra’s very own time machine. It is open to the public and holds most ACT Government records that are more than 20 years old.

The records offer more than just a moment of nostalgia. These are some of the community members who’ve recently used the Reading Room:

a group of Spence locals organising a party to celebrate the suburbs 50^th birthday
a researcher looking into the history of Wyabalena Grove in Cook
a curator from ACT Historic Places investigating the history of Mugga Way.

What sort of records can I find?

ArchivesACT are a great source of information if you’ve ever wanted to find out more about:

the history of your home, street, or suburb
historic events or festivals
the background of a Canberra organisation
information about the development or history of a cultural institution.

How can I visit the Reading Room?

The Reading Room has recently moved to Building 6, 9 Sandford Street Mitchell. You can organise a visit by contacting Archives ACT or visiting on one of their ‘Walk In’ service days. These are on Mondays and Thursdays from 9am to 3pm.

MIL-OSI Australia: Statement regarding Jason Doig

Source: New South Wales – News

Statement from Commissioner of Police, Grant Stevens:

The death of Brevet Sergeant Jason Doig has had a profound impact on his family, the community and every member of South Australia Police.

This is particularly so amongst his colleagues in the South-East of the state where his loss is still deeply felt. Jason was a valued friend and colleague to many. He was also a respected member of the local community.

Jason’s death has also tragically highlighted the dangers frontline police face serving the community each day.

Police officers start their shift not knowing what their day will entail or what possible dangers they may face, but they confront each tasking knowing that danger is ever present.

While police are highly trained for all operational situations, unfortunately, more and more taskings now involve mental illness and have the potential to escalate, just like the incident that claimed Jason’s life.

This fact is not lost on every police officer involved in serving their community.

Jason’s family has been kept apprised of the discussions between the Director of Public Prosecutions (DPP) Martin Hinton KC and counsel for the man charged with Jason’s murder and the attempted murder of Sergeant Michael Hutchinson. They were advised last month of the decision taken by the DPP and his reasons that the accused’s mental state was such that he was mentally incompetent at the time of the incident.

While the Supreme Court will now decide his custodial future, it is important to that note the offender has taken responsibility for his actions and admitted he committed the violent acts he was charged with.

South Australia Police appreciate the significant consideration this matter has been subject to.

Regardless of the outcome of this tragedy, it will be of little solace to Jason’s family, friends and colleagues who still mourn his senseless loss.

MIL-OSI Australia: City offers low-cost self defence classes for women aged 55 plus

Source: New South Wales Ministerial News

The City is offering a low cost, four week Women’s Self Defence and Situational Awareness Group program designed for women aged 55 plus to promote positive ageing in a fun, safe, and empowering space where they can connect and learn together.

City of Greater Bendigo Community Partnerships Acting Manager Nikki Williams said the program is subsidised by the City and will be delivered by local self-defence school Ova it.

“The program blends Brazilian Jiu-Jitsu-based techniques with practical situational awareness strategies and will equip participants with skills that focus on using leverage, timing, and energy efficiency,” Ms Williams said.

“These are techniques that work for all ages and abilities, recognising and assessing risk in different environments and setting boundaries using verbal and psychological strategies.

“Learning self-defence can empower people. It decreases fear and anxiety and increases confidence, sense of self-efficacy, and self-esteem and helps you feel stronger and more confident in your bodies.”

Classes will take place each Thursday from 5.15pm to 6.15pm. There will be two groups one starting on Thursday May 8 and running each Thursday until May 29 and the other starting on Thursday June 26 and running each Thursday until July 17.

Participants must commit to a course of four sessions.

The cost of each session is $5 per person payable on the day via cash or EFTPOS.

Places are limited and bookings are essential. To book, visit:

MIL-Evening Report: How will a new pope be chosen? An expert explains the conclave

Source: The Conversation (Au and NZ) – By Darius von Guttner Sporzynski, Historian, Australian Catholic University

Following the death of Pope Francis, we’ll soon be seeing a new leader in the Vatican. The conclave – a strictly confidential gathering of Roman Catholic cardinals – is due to meet in a matter of weeks to elect a new earthly head.

The word conclave is derived from the Latin con (together) and clāvis (key). It means “a locked room” or “chamber”, reflecting its historical use to describe the locked gathering of cardinals to elect a pope.

Held in the Sistine Chapel, the meeting follows a centuries-old process designed to ensure secrecy and prayerful deliberation. A two-thirds majority vote will be required to successfully elect the 267th pope.

History of the conclave

The formalised papal conclave dates back centuries. And various popes shaped the process in response to the church’s need.

In the 13th century, for example, Pope Gregory X introduced strict regulations to prevent unduly long elections.

Pope Gregory X brought in the rules to prevent a repeat of his own experience. The conclave that elected him in September 1271 (following the death of Pope Clement IV in 1268) lasted almost three years.

Further adjustments have been made to streamline the process and emphasise secrecy, culminating in Pope John Paul II’s 1996 constitution, Universi Dominici gregis (The Lord’s whole flock). This document set the modern framework for the conclave.

In 2007 and 2013, Benedict XVI reiterated that a two-thirds majority of written votes would be required to elect a new pope. He also reaffirmed penalties for breaches of secrecy.

The secrecy surrounding the conclave ensures the casting of ballots remains confidential, and without any external interference.

The last known attempt at external interference in a papal conclave occurred in 1903 when Emperor Franz Joseph of Austria sought to prevent the election of Cardinal Mariano Rampolla. However, the assembled cardinals rejected this intervention, asserting the independence of the electoral process.

How does voting work?

The conclave formally begins between 15 and 20 days after the papal vacancy, but can start earlier if all cardinals eligible to vote have arrived. Logistical details, such as the funeral rites for the deceased pope, can also influence the overall timeline.

Historically, the exact number of votes required to elect a new pope has fluctuated. Under current rules, a minimum two-thirds majority is needed. If multiple rounds of balloting fail to yield a result, the process can continue for days, or even weeks.

After every few inconclusive rounds, cardinals pause for prayer and reflection. This process continues until one candidate receives the two-thirds majority required to win. The final candidates do not vote for themselves in the decisive round.

The ballot paper formerly used in the conclave, with ‘I elect as Supreme Pontiff’ written in Latin.
Wikimedia Commons

How is voting kept secret?

The papal conclave is entirely closed to the public. Voting is conducted by secret ballot within the Sistine Chapel in the Apostolic Palace, the pope’s official residence.

During the conclave, the Sistine Chapel is sealed off from outside communication. No cameras are allowed, and no live broadcast exists.

The cardinals involved swear an oath of absolute secrecy – under threat of excommunication if violated – ensuring all discussions and voting remain strictly confidential.

The iconic white smoke, produced by burning ballots once a pope has been chosen, is the only public signal the election has concluded successfully.

Who can be elected?

Only cardinals under 80 years of age at the time of conclave’s commencement can vote. Older cardinals are free to attend preparatory meetings, but can not cast ballots.

While the total number of electors is intended not to exceed 120, the fluctuating nature of cardinal appointments, as well as the age restrictions, make it difficult to predict the exact number of eligible voters at any given conclave.

Technically, any baptised Catholic man can be elected pope. In practice, however, the College of Cardinals traditionally chooses one of its own members. Electing an “outsider” is extremely rare, and has not occurred in modern times.

What makes a good candidate?

When faced with criticism from a member of the public about his weight, John XXIII (who was pope from 1958-1963) retorted the papal conclave was “not a exactly beauty contest”.

Merit, theological understanding, administrative skill and global perspective matter greatly. But there is also a collegial element – something of a “popularity contest”. It is an election, after all.

Cardinals discuss the church’s current priorities – be they evangelisation strategies, administrative reforms or pastoral concerns – before settling on the individual they believe is best suited to lead.

The cardinal electors seek someone who can unify the faithful, navigate modern challenges and maintain doctrinal continuity.

Controversies and criticisms

The conclave process has faced criticism for its strict secrecy, which can foster speculation about potential “politicking”.

Critics argue a tightly controlled environment might not reflect the broader concerns of the global church.

Some have also questioned whether age limits on voting cardinals fully capture the wisdom and experience found among older members.

Nonetheless, defenders maintain that secrecy encourages free and sincere deliberation, minimising external pressure and allowing cardinals to choose the best leader without fear of reprisal, or of public opinion swaying the vote.

Challenges facing the new pope

The next pope will inherit a mixed situation: a church that has grown stronger in certain areas under Francis, yet which grapples with internal divisions and external challenges.

Like other religions, the church faces secularisation, issues with financial transparency and a waning following in some parts of the globe.

For the newly elected pope, one of the earliest trials will be unifying the global Catholic community around a shared vision – an obstacle almost every pope has faced.

Striking the right balance between doctrine and pastoral sensitivity remains crucial. Also, addressing sexual abuse scandals and their aftermath will require decisive action, transparency and continued pastoral care for survivors.

Practical concerns also loom large. The new pope will have to manage the Vatican bureaucracy and interfaith relations, while maintaining the church’s voice on global crises such as migration and poverty – two issues on which Francis insisted mercy could not be optional.

The cardinal electors have a tough decision ahead of them. The Catholic community can only pray that, through their deliberations, they identify a shepherd who can guide the church through the complexities of the modern world.

Darius von Guttner Sporzynski does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. How will a new pope be chosen? An expert explains the conclave – https://theconversation.com/how-will-a-new-pope-be-chosen-an-expert-explains-the-conclave-250506

MIL-OSI New Zealand: Upgraded ASEAN-Australia-NZ FTA enters into force

Source: New Zealand Government

An upgraded ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) takes effect today, strengthening New Zealand’s trade ties with Southeast Asia and Australia.
“At a time of global uncertainty, this upgrade gives Kiwi exporters the certainty they need to grow their businesses, create jobs, and boost the economy,” Trade and Investment Minister Todd McClay says.
The agreement streamlines customs processes, improves the flow of essential goods during crises, and reduces non-tariff barriers, making it easier for New Zealand businesses to trade across the region.
ASEAN — which includes Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — is New Zealand’s fourth-largest trading partner. Combined with Australia, two-way trade under AANZFTA is worth more than $59 billion a year.
“Most of our goods already enter ASEAN markets tariff-free. This upgrade sharpens the rules for services, e-commerce, and supply chains, giving Kiwi businesses the tools to trade more efficiently and compete with confidence,” Mr McClay says.
“With ASEAN marking 50 years of dialogue with New Zealand this year, the upgrade highlights the Government’s commitment to strengthening ties and unlocking new opportunities for exporters.”

Visit Discover Auckland for the full line-up, and to search events by date.

MIL-OSI New Zealand: Te Wheke-a-Muturangi floats on Tāmaki Makaurau waters for first time

Source: Auckland Council

Celebrated, octopus-styled artwork Te Wheke-a-Muturangi by acclaimed artist Lisa Reihana floats on Tāmaki Makaurau waters for the first time – through to 14 May.

Presented by Viaduct Harbour Holdings Ltd and Gallery Sally Dan-Cuthbert, with the support of Auckland Council and the city centre targeted rate, Te Wheke-a-Muturangi is set to deliver a major moment in Viaduct Harbour’s presentation of the Aotearoa Art Fair Sculpture Trail.

It kicks off an overflowing season of arts in the city centre. Read more below.

Deputy Mayor of Auckland Desley Simpson says it’s thrilling to see Te Wheke-a-Muturangi arrive in our waters.

“Lisa Reihana has consistently wowed global audiences with her stunning art, grounded in Māori and Pacific cultural knowledge. So we’re lucky to see this epic masterpiece in the Viaduct Harbour as we usher in a packed season of the arts in Auckland.

“Interactive art, comedy, opera, cabaret, street culture and Matariki celebrations – we have it all in the city centre this winter season,” she says.

Te Wheke-a-Muturangi

This mesmerising installation invites audiences to reflect on ancient stories beneath the surface of the ocean, animated by light, movement and memory.

A revered artist whose work has been shown globally – from the Venice Biennale to major presentations in Australia and Singapore – Reihana’s Te Wheke-a-Muturangi anchors the art trail with powerful storytelling drawn from Māori cosmology.

Part of Reihana’s Kura Moana Series, originally commissioned for the Aotearoa New Zealand Festival of Arts 2022, the majestic 15-metre-wide floating cephalopod draws from the powerful Māori myth of the giant female octopus Te-Wheke-a-Muturangi, who is pursued across the Pacific and ultimately slain by the legendary Polynesian navigator, Kupe.

The artwork is hand-painted by Reihana in maze-like lines inspired by Reihana’s contemporary Māori weaving patterns, with vivid reds symbolising the blood spilled when the creature was defeated.

Visitors can scan an on-site QR code to see an augmented reality pūrākau (legend), where Te-Wheke-a Muturangi hovers above Waitematā Harbour and speaks about being a goddess while taking selfies. Scan the QR code on site or visit Viaduct.co.nz/ArtFair

Alongside Lisa Reihana’s installation, eight other large-scale works by leading contemporary artists from across Aotearoa will be on display for the Aotearoa Art Fair Sculpture Trail, placed throughout the Viaduct Harbour.

For information on Aotearoa Art Fair and full event programme and maps visit ArtFair.co.nz

Packed arts season

Starting with the appearance of Te Wheke-a-Muturangi, an abundant season of arts and cultural experiences is coming to the city centre this autumn / winter, drawing crowds and adding vibrancy.

Annie Dundas, Director Destination at Tātaki Auckland Unlimited says, “Tāmaki Makaurau Auckland’s city centre free and paid arts events provide an amazing autumn and winter experience, no matter what the weather’s doing.

“The Aotearoa Art Fair from 1-4 May is sure to be a highlight of the season – it’s the biggest fair yet with 49 galleries from New Zealand and Australia showing work from emerging and established artists, plus a sculpture trail for everyone to enjoy.

“Auckland Live also has an exciting programme of more than 140 shows and performances scheduled across April, May and June. As the temperature cools down, our arts programme ramps up, so it’s the perfect time of year to experience this thriving side to our region.”

Supported by the Auckland Council group and presented at city centre venues, the next six months include:

Investment

Auckland Council’s contribution of $10,000 towards the installation of artwork Te Wheke-a-Muturangi at Viaduct Harbour was funded from the city centre targeted rate.

Photo credit: all photos taken by Jay Farnworth, Auckland Council

MIL-OSI Australia: Teens surprisingly ‘confident’ about money

Source: Premier of Victoria

Aussie teens report feeling confident about their financial skills but are keen to learn more about money outside the classroom, according to new NAB Economics data.

The NAB Economics data found high school students felt most confident in:

Opening a bank account: Nearly 70% of students feel confident doing this
Tracking their expenses: Around 65% of students felt they could do this.
Money management skills: 64% of students felt confident in this area.
Creating a budget: 63% of students felt prepared to make one.
Setting financial goals: 62% of students felt they could do this.

NAB Banker Claudia Dior said the research challenged assumptions about teenagers and their relationship with money.

“Contrary to popular belief, the research shows that today’s teens are relatively confident when it comes to talking about money.

“They’ve grown up during significant economic shifts. Many of them have seen their parents flex their budgeting muscles, and they’re eager to learn how to set themselves up for success. They’re using their digital fluency to self-source their own financial knowledge, but it’s crucial they find the information through legitimate sources.

“As a banker, I’ve noticed a shift in how young people approach banking. They’re asking informed questions about interest rates and long-term planning – things we rarely heard a decade ago.

“At home, we discuss our family budget with my 18-year-old, and when we shop, we compare prices and value. All of a sudden, concepts from Economics textbooks have become part of our everyday life.”

Thanks to early conversations around money management, Melbourne highschooler Hugo Black is clued into his finances. It’s come in handy, as the 17-year-old has held three jobs over the past two years.

“My parents taught me the importance of being aware of my spending habits early on by helping me set savings goals and budget my pocket money,” Hugo said.

“This foundation helped when I got my first job at 15. Now, working in hospitality and babysitting, I aim to save between 30 to 60% of my wages.”

Hugo’s ultimate savings goal is to self-fund a gap year in Europe after high school.

“My brothers did it after year 12 so seeing them go before me has shown it’s achievable. Having these goals means I’m working towards something. It keeps me responsible in managing my money. When I get back, I plan to save for a car and start investing in a share portfolio to build towards buying my first home.”

NAB Banker Claudia Dior offers three tips for boosting kids financial literacy at home:

Use technology as a financial tool: Leverage your teens’ digital fluency by introducing them to legitimate banking apps to help them track their spending for a month, categorise expenses and identify patterns. This will help them build critical financial management habits.
Make the weekly grocery shop an economics lesson: Involve children in meal planning within a budget, comparing prices, identifying sales and calculating unit pricing. This teaches practical maths skills while demonstrating how small decisions accumulate into significant financial impacts.
Transform bill-paying into financial education: Rather than paying bills in private, invite children to watch how it’s done. Explain the difference between fixed and variable expenses, show how services are linked to costs, and discuss how income needs to cover these bills. This will help them understand household finances and prepare them for their future responsibilities.

Notes to editors

Data sourced from NAB Educations Insights Special Report Part Three

Customers, banking & finance

SEE ALL TOPICS

Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

MIL-OSI Australia: Faces of CFA – Kate Lamble

Source:

What binds CFA members is the common goal to protect lives and property. But they are a diverse bunch – every member has a story and Faces of CFA introduces you to just some of those stories.

KATE LAMBLE, KANGAROO GROUND FIRE BRIGADE, DISTRICT 14

What is your CFA role?

I’m the 2nd lieutenant. In the past I’ve been 1st lieutenant and the brigade training officer. I am also a District 14 driving instructor and trainer and assessor for General Firefighter, low structure and BA.

Why did you join?

I had grown up in a volunteer family with dad being a volunteer ambulance officer in the 80s. In those days the ‘special phone’ would ring and dad would race off and come back with lots of stories. I remember mum and dad doing a lot of bushfire preparation when I was a child, and my uncle was on summer crew with the then Forestry Commission.

Then as I was finishing my Masters and wondering what I would do with my spare time, we were faced with the 2005 bushfires in Gippsland. That was my trigger to join CFA and I have never regretted it. I remember my dad saying to me when I joined: don’t get on the back of a truck with a bad driver. He loved it when I got my truck licence.

Who have been your mentors in CFA?

There are too many to mention but those that stand out for me are Di Simmons from Christmas Hills for being amazing and showing me I could aspire to any role in CFA, and Steve Riley and Clem Egan at Eltham for teaching me so much. Not to forget Pete Grant at Kangaroo Ground and Lindsay McHugh from District 14 driving, for believing in me. Many other volunteers and career staff have also been mentors and they will know who they are.

What incident has had the greatest impact on you?

It probably goes without saying – Black Saturday. I was still a reasonably new firefighter and it had a profound impact on me. It taught me that you can’t control much in those situations and that situational awareness and crew safety are paramount. I was on the Eltham brigade truck that responded into Kinglake West just after the initial fire front went through.

I remember driving up from Whittlesea past the first burnt out car and thinking the occupants were lucky to get out. When we passed a third burnt out car on that small stretch of road I was hit with the reality that not everyone might have survived. That night was a steep learning curve.

The highlight was rescuing a scared and slightly burned dog who I handed to a police officer. Thankfully, the dog was reunited with its owner.

Many other incidents have had an impact on me. I love trying to learn something from every incident I attend.

What have been the highlights of your time in CFA?

Becoming a driver educator has to be one of my biggest achievements. I never believed in my wildest dreams I would actually drive a fire truck, let alone teach others. Being an educator and watching others develop is such a privilege, especially those I’ve known since Juniors.

The connections and long-lasting friendships that develop between members is also one of my biggest highlights. There is truth in the saying that CFA is family and to work alongside people you know and respect is one of my favourite things, whether at local calls, training or on strike teams. Having been a part of two fabulous brigades in a great group (Nillumbik) also helps.

How do you motivate your brigade members?

By doing. Not standing back and letting someone else do it. I love teaching and mentoring newer members and showing them what they are capable of. I also like to have a bit of fun and I think that helps. Doing things the right way is easy when you have a great group of people with you.

What lessons are you keen to pass onto other members?

CFA does not have to consume you. If you want longevity don’t say yes to everything! Pick and choose as there are endless ways to be involved. In turn, CFA can be a great source of stability when other parts of your life are a bit rubbish. For a time many years ago, CFA was the only constant I had. Also, you get out of CFA what you put in. You can dare to dream but always be prepared to hang off the end of a hose. That’s fundamentally why we joined.

What do you like to do in your spare time?

As a full-time working mum, my spare time is spent hanging out with my special people, my annual camping trip with friends, gardening and occasionally sewing.

Submitted by	News and Media

MIL-OSI USA: Cole Statement on 30th Anniversary of Oklahoma City Bombing

Source: United States House of Representatives – Congressman Tom Cole (OK-04)

FOR IMMEDIATE RELEASE | CONTACT: Olivia Porcaro 202-225-6165

Washington, D.C. – On the 30^th anniversary of the Oklahoma City Bombing, Congressman Tom Cole (OK-04) released the following statement:

“On April 19, 1995, an awful act of domestic terrorism occurred at the Alfred P. Murrah Federal Building in Oklahoma City. Today, thirty years later, we remember the 168 precious lives that were brutally taken from us that day and pray for those who still mourn a loved one whose days were cut short,” said Congressman Cole.

“As I reflect on this tragic day, I will also never forget the way our state responded to this horrific event. Oklahoma was launched onto the worldwide stage without any warning. Yet, we responded so strongly, swiftly, and compassionately – one of the many reasons I am proud to be an Oklahoman,” said Congressman Cole.

“In conclusion, today, on the 30^th anniversary of the Oklahoma City Bombing, we mourn the innocent lives that were prematurely taken from us, grieve with those who lost a loved one on that heartbreaking day, thank our first responders and governing officials who responded so honorably, and stand strong with our fellow Oklahomans. They will not be forgotten,” said Congressman Cole.

###

MIL OSI USA News –

MIL-Evening Report: Haka in the House: what will Te Pāti Māori’s protest mean for tikanga in parliament?

Source: The Conversation (Au and NZ) – By Dominic O’Sullivan, Professor of Political Science, Charles Sturt University and Adjunct Professor Stout Research Centre, Victoria University of Wellington and Auckland University of Technology., Charles Sturt University

Te Pāti Māori’s Debbie Ngarewa-Packer and Hana-Rāwhiti Maipi-Clarke lead a haka with Eru Kapa-Kingi outside parliament, November 19, 2024. Getty Images

Time is apparently running out for the three Te Pāti Māori MPs whose haka in parliament during the Treaty Principles Bill debate last year attracted huge international attention.

Parliament’s Privileges Committee has summoned the MPs to appear on Wednesday (April 23). But given their previous resistance to fronting up, it seems unlikely they will.

The committee is investigating whether the haka broke parliament’s rules. The MPs say they don’t think they’ll get a fair hearing because the committee won’t allow legal representation or evidence from an expert in tikanga Maori.

According to Te Pāti Māori co-leader Debbie Ngawera-Packer, this “is a display of power designed to silence us”.

But the case is about more than possible breaches of parliamentary protocol and standing orders. It also asks serious questions about our liberal democracy in general.

Everybody needs to express themselves freely and without fear. So, when MPs leave their seats and come close to their opponents, does it cross a line? That was certainly the ruling last year when Green MP Julie Anne Genter was censured for crossing the floor and confronting another MP.

Perhaps there is still good reason for New Zealand following the British parliamentary tradition of the government and opposition benches being two and a half sword lengths apart.

But it has already been established that haka are allowed in parliament. The real questions are how, when, why and according to which rules or tikanga?

The problem with ‘partnership’

According to the political philosopher Nancy Fraser, democracy should support every citizen to participate in public life equally:

[Justice] requires social arrangements that permit all members to participate in social interaction on a par with one another. So that means they must be able to participate as peers in all the major forms of social interaction.

If parliament and the democratic system belong equally to everyone, then everyone should be able to say this ideal matches their experience. In other words, people have one voice of equal value, not just one vote.

This is why the appropriate use of haka in parliament needs to be worked out. At one level it is about people being able to express their ideas in ways that make sense to them and the people they represent.

At a deeper level, the issue revolves around who actually “owns” parliament. Everyone? Or everyone except Māori people and their representatives? Does everyone have a voice of equal value?

Part of the problem is the notion of “partnership” between Māori and the Crown proposed by the Court of Appeal in 1987. Well intentioned as it might have been, this also created an “us and them” way of thinking.

In this sense, the Crown and its institutions are seen as separate or foreign to Māori – as belonging to other people. If that’s the case, parliament can’t then belong to everybody or reflect everybody’s customs and ways of being.

But if parliament belongs to everyone and sovereignty is not simply the oppressive authority of a distant king, but rather the shared property of every citizen, then the haka belongs as a distinctive form of political expression. It becomes part of the tikanga of the parliament.

Tikanga Māori in practice

However, tikanga is not simply about how parliamentary procedure deals with haka, waiata or the Māori language itself.

As an authority on tikanga, Hirini Moko Mead, put it, the concept is

a set of beliefs and practices associated with procedures to be followed in conducting the affairs of a group or an individual. These procedures, as established by precedents through time, are held to be ritually, are validated by usually more than one generation and are always subject to what a group or an individual is able to do.

Like parliamentary standing orders, tikanga is procedural and grounded in broader principles of justice and ethics.

Legal scholars Māmari Stephens and Carwyn Jones describe how tikanga prioritises relationships, collective obligations and inclusive decision-making. The Māori concept of wānganga or “active discussion”, Jones has written, is a framework for robust debate to enhance mutual understanding, but which doesn’t necessarily require consensus.

Tikanga Māori and deliberative democracy

The idea that political decisions should be based on reasoning, listening and serious reflection is known as deliberative democracy. It’s basically the opposite of outright majority rule based on “having the numbers”, which sometimes happens without any debate at all.

Political theorists Selen Ercan and John Dryzek define deliberative democracy as being about

putting communication at the heart of politics, recognising the need for reflective justification of positions, stressing the pursuit of reciprocal understanding across those who have different frameworks or ideologies.

If that is true, then shouting across the parliamentary debating chamber doesn’t help. Nor does using the haka to intimidate.

But using it to make a fair and reasonable point, to which others may respond, is essential to a parliament that is genuinely a “house of representatives”. Tikanga Māori and deliberative democratic processes offer complementary ways of working out what this could mean in practice.

Dominic O’Sullivan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Haka in the House: what will Te Pāti Māori’s protest mean for tikanga in parliament? – https://theconversation.com/haka-in-the-house-what-will-te-pati-maoris-protest-mean-for-tikanga-in-parliament-254772

MIL-OSI United Kingdom: Free breakfast clubs roll out as costs for families cut by £8,000

Source: United Kingdom – Government Statements

News story

Free breakfast clubs roll out as costs for families cut by £8,000

Thousands of children to attend free breakfast clubs across the country today, as government delivers its manifesto commitment and promise to working families

School mornings just got easier for families across the country as 750 schools open breakfast clubs today, offering 30 minutes of free childcare, a healthy start for kids and a little more breathing room before the school bell rings.

Parents will be supported with additional time at the start of the day to attend appointments, get to work on time and run errands. In total, this means parents will be able to save up to 95 additional hours and £450 per year if their child attends free breakfast clubs every day.

This amount rises to a saving of up to £8,000 every year when combining the free breakfast clubs with further support through the expansion of government-funded childcare and new school uniform cap on branded items.

With the cost of everyday essentials stretching budgets, these clubs will be a lifeline for working families simply trying to get by. When you’re raising a family, every penny counts and that’s why the government is stepping in to ease the pressure and put money back in parents’ pockets.

No matter the postcode or the pay packet, every child deserves the same chance to thrive. That’s the principle behind this rollout — real support for families in every corner of the country, so no one is left behind.

These clubs sit alongside action to tackle the cost of living, with inflation falling for two months in a row, wages growing faster than prices and fuel duty frozen. Together, they show the Plan for Change is delivering for working families.

Prime Minister Keir Starmer said:

As a parent, I know that the combined pressures of family life and work can often feel impossible to juggle. That is why our manifesto promised to make parents lives easier and put more money in their pockets with free breakfast clubs. Under a year since we came into office, this government is delivering that through our Plan for Change.

The rollout of free breakfast clubs is a truly game-changing moment for families in this country. They mean parents will no longer be hamstrung by rigid school hours and have the breathing space they need to beat the morning rush, attend work meetings and doctors’ appointments, or run errands. And crucially, it means better life chances for children.

By making these clubs free and universal, we’re doing something that previous governments have never done. We’re going further and faster to deliver the change working families deserve. That’s the change this government was elected to deliver.

Education Secretary Bridget Phillipson said:

Free breakfast clubs are a central part of our Plan for Change. At a time when there is so much pressure on families, they provide real help with the cost of living and ensure children start the day with a nutritious meal.

On top of the hectic school run, parents should not have to worry about how to balance work and getting their children fed and ready for school. These clubs will break down barriers and help children settle in, focus and get the most out of their learning.

We are delivering on our promises and giving every child the best start in life while making sure families get the support they need, wherever they live.

According to new government data, parents are also motivated to take up free breakfast clubs because of the improvements they can have on their wellbeing.

Many see them as is an opportunity to socialise with other children before school (30%) and spend more time doing the activities they enjoy (28%) – offering a supportive start to the day that leads to better behaviour, and better life chances.

The rollout delivers on the government’s manifesto promise to ensure state schools offer free breakfast clubs to all pupils; while supporting its Plan for Change milestone to ensure tens of thousands more children start school ready to learn.

Victoria Taylor, mum of two children aged 5 and 7, said:

For me, free breakfast clubs provide vital support, meaning I can get into work a little easier and ensure my two kids are settled and ready to learn.

I’m a primary school teacher, so early mornings are a must however I try to not let my busy schedule dictate the pace of mornings.

Taking my children to breakfast clubs means I know they are fed, ready to start the day and emotionally regulated – the commitment to rollout nationally will make the world of difference for working families.

Published 22 April 2025

MIL OSI United Kingdom –

MIL-OSI Australia: Move more, think sharper: How physical activity boosts brain health in ageing

Source:

22 April 2025

A brisk walk, a splash of water aerobics, or even a light jog around the block – if your heart rate goes up then so too will your brain health according to new research from the University of South Australia.

Conducted in partnership with the US-based AdventHealth Research Institute, the new study found that staying active through moderate-to-vigorous physical activity is associated with significantly better processing speed, working memory, and executive function in older adults.

Interestingly, the biggest cognitive gains were seen among people who went from doing no moderate-to-vigorous physical activity, to even doing just five minutes, clearly illustrating the power of exercise for the human brain.

Assessing data from 585 older adults (aged 65-80 years) in the USA-based IGNITE trial*, the study examined associations between time spent in sleep, sedentary behaviour, light physical activity, and moderate-to-vigorous physical activity across the 24-hr day, and cognitive performance.

Researchers identified a two-way relationship between ‘huff-and-puff’ physical activity and brain health: do more exercise and your brain health improves; but do less and it declines.

UniSA researcher, Dr Maddison Mellow says the study highlights how small changes to your daily activities can have big impacts on your brain health.

“There are three mutually exclusive lifestyle behaviours in the 24-hour day – sleep, sedentary behaviour and physical activity – and how these interact to influence our health outcomes,” Dr Mellow says.

“For example, we know that being more active can improve our sleep; or having a better night’s sleep could boost our energy levels to perform physical activity the next day. But what we don’t know is the optimal balance of time spent in each of these behaviours to maximise cognitive performance.

“In this study we explored how different uses of time impact your brain. We found that higher levels of moderate-to-vigorous physical activity – that is, activity performed at higher intensities that increases your heart rate and breathing – was related to better cognitive performance.

“Specifically, ‘huff-and-puff’ physical activity (like aerobic exercise) improves processing speed (how fast your brain thinks), executive function (how well you plan, focus, and multitask) and working memory (your ability to store information for short periods of time).

“Importantly, the opposite was also true: lower levels of this higher intensity physical activity were related to poorer performance on these tests.”

The findings were consistent across different genetic and demographic backgrounds. Interestingly, the findings did not extend to episodic memory (the what, where and when details of an event) or visuospatial function outcomes (your ability to recognise places and navigate through spaces).

Co-researcher, Dr Audrey Collins, says understanding the interplay between different activities could empower older people to make positive health changes.

“There are only 24 hours in a day, so every day, we make decisions about how we spend our time. For example, if we sleep for eight hours, then there’s 16 hours remaining for waking behaviours like physical activity or sedentary behaviour; that’s the basic reality,” Dr Collins says.

“Our results show that how we choose to spend our time across the 24-hour day may be differentially related to our brain health.

“Understanding that we need to prioritise physical activity – such as physical activity that gets our heart rates up, according to our findings – is the key.

“With one in six people in the world expected to be 60 years or older by 2030, we need to make sure we are supporting and empowering people to age well.

“In this instance, we hope that knowledge is power: boost your physical activity and boost your brain health to stay fit and well as you age. However, these results are cross-sectional and need to be tested longitudinally and experimentally.”

Notes for editors:

* The IGNITE study was conducted at the University of Pittsburgh (Pittsburgh, PA), University of Kansas Medical Center (Kansas City, KS), and Northeastern University (Boston, MA) and involved a large, well-characterised sample of cognitively unimpaired older adults. Participants were, on average, 69.8 years of age, predominantly female (70%), and self-reported as inactive.

…………………………………………………………………………………………………………………………

Contacts for interview: Dr Maddison Mellow E: Maddison.Mellow@unisa.edu.au

Dr Audrey Collins E: CFD.ExternalComm@adventhealth.com
Media contact: Annabel Mansfield M: +61 479 182 489 E: Annabel.Mansfield@unisa.edu.au

MIL-OSI: Wintrust Financial Corporation Reports Record First Quarter 2025 Net Income

Source: GlobeNewswire (MIL-OSI)

ROSEMONT, Ill., April 21, 2025 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record quarterly net income of $189.0 million, or $2.69 per diluted common share, for the first quarter of 2025, compared to net income of $185.4 million, or $2.63 per diluted common share in the fourth quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled a record $277.0 million, compared to $270.1 million for the fourth quarter of 2024.

Timothy S. Crane, President and Chief Executive Officer, commented, “Building on our record results in 2024, we are pleased with our strong start to the year. Our balanced business model supported disciplined loan growth, which was funded by robust deposit growth in the first quarter of 2025.”

Additionally, Mr. Crane noted, “Net interest margin in the first quarter increased by five basis points to 3.56% compared to the fourth quarter of 2024. The improvement in net interest margin was primarily attributed to decreased funding costs. The higher net interest margin and balance sheet growth supported record net interest income levels in the first quarter of 2025.”

Highlights of the first quarter of 2025:
Comparative information to the fourth quarter of 2024, unless otherwise noted

Total loans increased by $653 million, or 6% annualized.
Total deposits increased by approximately $1.1 billion, or 8% annualized.
Total assets increased by $1.0 billion, or 6% annualized.
Net interest income increased to $526.5 million in the first quarter of 2025, compared to $525.1 million in the fourth quarter of 2024, supported by improvement in net interest margin and balance sheet growth.
- Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025.
Non-interest income and non-interest expense were relatively stable in the first quarter of 2025. Notable impacts were:
- Net gains on investment securities totaled $3.2 million.
- Macatawa Bank acquisition-related costs were $2.7 million.
Provision for credit losses totaled $24.0 million in the first quarter of 2025, as compared to a provision for credit losses of $17.0 million in the fourth quarter of 2024.
Net charge-offs totaled $12.6 million, or 11 basis points of average total loans on an annualized basis, in the first quarter of 2025 compared to $15.9 million, or 13 basis points of average total loans on an annualized basis, in the fourth quarter of 2024.

Mr. Crane noted, “The Company exhibited disciplined and consistent loan growth, as loans increased by $653 million compared to the prior quarter, or 6% on an annualized basis. Loan pipelines are strong and we remain prudent in our review of credit opportunities, ensuring our loan growth adheres to our conservative credit standards. Strong deposit growth of $1.1 billion, or 8% on an annualized basis, in the first quarter of 2025 outpaced loan growth, which resulted in our loans-to-deposits ratio ending the quarter at 90.9%. Non-interest bearing deposits totaled $11.2 billion and comprised 21% of total deposits at the end of the first quarter of 2025. We continue to leverage our enviable market positioning to generate deposits, grow loans and expand our franchise value.”

Commenting on credit quality, Mr. Crane stated, “Prudent credit management, involving in-depth reviews of the portfolio, has led to positive outcomes by proactively identifying and resolving problem credits in a timely fashion. We continue to be conservative, diversified, and maintain our consistently strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to maintaining credit quality as evidenced by our improved net charge-offs, stable levels of non-performing loans and our core loan allowance for credit losses of 1.37%.”

In summary, Mr. Crane concluded, “Overall, we are proud of our first quarter results and believe we are well-positioned to continue our strong momentum as we navigate the macroeconomic uncertainty in 2025. The first quarter results highlighted the quality of our core deposit franchise and multifaceted nature of our business model, which uniquely positions us to be successful. Anticipated solid loan growth in the second quarter, combined with a stable net interest margin should result in higher levels of net interest income in the second quarter of 2025. Increasing our long-term franchise value and net interest income, coupled with disciplined expense control and maintaining our conservative credit standards, remain our focus in 2025.”

The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2025 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/cdbdc506-1b5a-4776-ae2e-e0b14106e712

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $1.0 billion in the first quarter of 2025 as compared to the fourth quarter of 2024. Total loans increased by $653.4 million as compared to the fourth quarter of 2024. The increase in loans was primarily driven by growth in the commercial and premium finance life insurance loan portfolios.

Total liabilities increased by $734.2 million in the first quarter of 2025 as compared to the fourth quarter of 2024, driven by a $1.1 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposits as a percentage of total deposits were 21% at March 31, 2025, relatively stable compared to recent quarters. The Company’s loans-to-deposits ratio ended the quarter at 90.9%.

For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.

NET INTEREST INCOME

For the first quarter of 2025, net interest income totaled $526.5 million, an increase of $1.3 million as compared to the fourth quarter of 2024, primarily due to improvement in net interest margin and growth in the balance sheet, partially offset by two fewer calendar days in the quarter.

Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025, up five basis points compared to the fourth quarter of 2024. The yield on earning assets declined 11 basis points during the first quarter of 2025 primarily due to a 15 basis point decrease in loan yields. The net free funds contribution declined six basis points compared to the fourth quarter of 2024. These declines were more than offset by a 22 basis point reduction in funding cost, primarily due to a 23 basis point decline in the rate paid on interest-bearing deposits, compared to the fourth quarter of 2024.

For more information regarding net interest income, see Table 4 through Table 7 in this report.

ASSET QUALITY

The allowance for credit losses totaled $448.4 million as of March 31, 2025, an increase from $437.1 million as of December 31, 2024. A provision for credit losses totaling $24.0 million was recorded for the first quarter of 2025 as compared to $17.0 million recorded in the fourth quarter of 2024. The higher provision for credit losses recognized in the first quarter of 2025 is primarily attributable to impacts related to the macroeconomic outlook. Future economic performance remains uncertain, thus downside risks to the baseline scenario, including widening credit spreads and lower valuations in financial markets, were considered to derive a qualitative addition to the provision for the first quarter of 2025. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of March 31, 2025, December 31, 2024, and September 30, 2024 is shown on Table 11 of this report.

Net charge-offs totaled $12.6 million in the first quarter of 2025, a decrease of $3.3 million as compared to $15.9 million of net charge-offs in the fourth quarter of 2024. Net charge-offs as a percentage of average total loans were 11 basis points in the first quarter of 2025 on an annualized basis, compared to 13 basis points on an annualized basis in the fourth quarter of 2024. For more information regarding net charge-offs, see Table 9 in this report.

The Company’s delinquency rates remain low and manageable. For more information regarding past due loans, see Table 12 in this report.

Non-performing assets and non-performing loans have remained relatively stable compared to prior quarters. Non-performing assets totaled $195.0 million and comprised 0.30% of total assets as of March 31, 2025, as compared to $193.9 million, or 0.30% of total assets, as of December 31, 2024. Non-performing loans totaled $172.4 million and comprised 0.35% of total loans at March 31, 2025, as compared to $170.8 million and 0.36% of total loans at December 31, 2024. For more information regarding non-performing assets, see Table 13 in this report.

NON-INTEREST INCOME

Non-interest income totaled $116.6 million in the first quarter of 2025, increasing $3.2 million, as compared to $113.5 million in the fourth quarter of 2024.

Wealth management revenue decreased by $4.7 million in the first quarter of 2025, as compared to the fourth quarter of 2024. Revenue in the first quarter of 2025 was impacted by the transition of systems and support for brokerage and certain private client business to a new third party in the current quarter, as well as lower assets under management due to lower market valuations. The reduction in revenue was driven by anticipated slowdown in activity from the transition, market conditions, and certain offsets to expenses. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue totaling $20.5 million in the first quarter of 2025 was essentially unchanged compared to the fourth quarter of 2024. For more information regarding mortgage banking revenue, see Table 15 in this report.

The Company recognized $19.4 million in service charges on deposit accounts in the first quarter of 2025, as compared to $18.9 million in the fourth quarter of 2024. The $0.5 million increase in the first quarter of 2025 was primarily due to increased commercial account fees.

The Company recognized $3.2 million in net gains on investment securities in the first quarter of 2025 as compared to $2.8 million in net losses in the fourth quarter of 2024. The net gains in the first quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.

For more information regarding non-interest income, see Table 14 in this report.

NON-INTEREST EXPENSE

Non-interest expenses totaled $366.1 million in the first quarter of 2025, decreasing $2.4 million as compared to $368.5 million in the fourth quarter of 2024.

Salaries and employee benefits expense decreased by $0.6 million in the first quarter of 2025 as compared to the fourth quarter of 2024. This was primarily driven by decreased commissions and incentives compensation expense related to lower mortgage originations and wealth management revenue in the quarter partially offset by higher salaries expense which can be attributed to annual merit increases taking effect in the first quarter of the year.

Advertising and marketing expenses in the first quarter of 2025 totaled $12.3 million, which was a $0.8 million decrease as compared to the fourth quarter of 2024. The reduction in the first quarter is primarily due to timing of marketing campaigns, sponsorship arrangements and other investments.

Professional fees expense totaled $9.0 million in the first quarter of 2025, resulting in a decrease of $2.3 million as compared to the fourth quarter of 2024. The decrease in the current quarter relates primarily to decreased fees on consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments.

Travel and entertainment expense totaled $5.3 million in the first quarter of 2025 which decreased $2.9 million as compared to the fourth quarter of 2024. The decrease is primarily due to seasonal corporate events that occur during the fourth quarter.

The Macatawa Bank acquisition related costs were $2.7 million in the first quarter of 2025, primarily driven by consulting expenses, employee retention and severance costs, and contracted resource costs.

For more information regarding non-interest expense, see Table 16 in this report.

INCOME TAXES

The Company recorded income tax expense of $64.0 million in the first quarter compared to $67.7 million in the fourth quarter of 2024. The effective tax rates were 25.30% in the first quarter of 2025 compared to 26.76% in the fourth quarter of 2024. The effective tax rates were partially impacted by the tax effects related to share-based compensation, which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $3.7 million in the first quarter of 2025, compared to excess tax benefits of $50,000 in the fourth quarter of 2024 related to share-based compensation.

BUSINESS SUMMARY

Community Banking

Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $20.5 million for both the first quarter of 2025, and the fourth quarter of 2024. See Table 15 for more detail. Service charges on deposit accounts totaled $19.4 million in the first quarter of 2025 as compared to $18.9 million in the fourth quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2025 indicating momentum for expected continued loan growth in the second quarter of 2025.

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $4.8 billion during the first quarter of 2025. Average balances increased by $213.4 million, as compared to the fourth quarter of 2024. The Company’s leasing divisions’ portfolio balances increased in the first quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.7 billion, $1.1 billion, and $280.5 million as of March 31, 2025 respectively, as compared to $2.5 billion, $1.1 billion, and $278.3 million as of December 31, 2024, respectively. Revenues from the Company’s out-sourced administrative services business were $1.4 million in the first quarter of 2025, which was relatively stable compared to the fourth quarter of 2024.

Wealth Management

Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. See “Items Impacting Comparative Results,” regarding the sale of the Company’s Retirement Benefits Advisors (“RBA”) division during the first quarter of 2024. Wealth management revenue totaled $34.0 million in the first quarter of 2025, down slightly as compared to the fourth quarter of 2024. At March 31, 2025, the Company’s wealth management subsidiaries had approximately $51.1 billion of assets under administration, which included $8.4 billion of assets owned by the Company and its subsidiary banks.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Business Combination

On August 1, 2024, the Company completed its previously announced acquisition of Macatawa, the parent company of Macatawa Bank. In conjunction with the completed acquisition, the Company issued approximately 4.7 million shares of common stock. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had fair values of approximately $2.9 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. As of March 31, 2025, the Company recorded goodwill of approximately $142.1 million on the purchase.

Division Sale

In the first quarter of 2024, the Company sold its RBA division and recorded a net gain of approximately $19.3 million ($20.0 million in other non-interest income from the sale, offset by $0.7 million in commissions/incentive compensation expense).

WINTRUST FINANCIAL CORPORATION
Key Operating Measures

Wintrust’s key operating measures and growth rates for the first quarter of 2025, as compared to the fourth quarter of 2024 (sequential quarter) and first quarter of 2024 (linked quarter), are shown in the table below:

										% or ⁽¹⁾basis point (bp) change from 4th Quarter 2024			% or basis point (bp) change from 1st Quarter 2024
	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Mar 31, 2024
Net income	$	189,039		$	185,362		$	187,294		2		%	1		%
Pre-tax income, excluding provision for credit losses (non-GAAP) ⁽²⁾		277,018			270,060			271,629		3			2
Net income per common share – Diluted		2.69			2.63			2.89		2			(7	)
Cash dividends declared per common share		0.50			0.45			0.45		11			11
Net revenue ⁽³⁾		643,108			638,599			604,774		1			6
Net interest income		526,474			525,148			464,194		0			13
Net interest margin		3.54	%		3.49	%		3.57	%	5		bps	(3	)	bps
Net interest margin – fully taxable-equivalent (non-GAAP) ⁽²⁾		3.56			3.51			3.59		5			(3	)
Net overhead ratio ⁽⁴⁾		1.58			1.60			1.39		(2	)		19
Return on average assets		1.20			1.16			1.35		4			(15	)
Return on average common equity		12.21			11.82			14.42		39			(221	)
Return on average tangible common equity (non-GAAP) ⁽²⁾		14.72			14.29			16.75		43			(203	)
At end of period
Total assets	$	65,870,066		$	64,879,668		$	57,576,933		6		%	14		%
Total loans ⁽⁵⁾		48,708,390			48,055,037			43,230,706		6			13
Total deposits		53,570,038			52,512,349			46,448,858		8			15
Total shareholders’ equity		6,600,537			6,344,297			5,436,400		16			21

^{(1)   Period-end balance sheet percentage changes are annualized.
(2)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(3)   Net revenue is net interest income plus non-interest income.
(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5)   Excludes mortgage loans held-for-sale.}

Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. Additional supplemental financial information showing quarterly trends can be found on the Company’s website at www.wintrust.com by choosing “Financial Reports” under the “Investor Relations” heading, and then choosing “Financial Highlights.”

WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights

	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Selected Financial Condition Data (at end of period):
Total assets	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933
Total loans ⁽¹⁾		48,708,390			48,055,037			47,067,447			44,675,531			43,230,706
Total deposits		53,570,038			52,512,349			51,404,966			48,049,026			46,448,858
Total shareholders’ equity		6,600,537			6,344,297			6,399,714			5,536,628			5,436,400
Selected Statements of Income Data:
Net interest income	$	526,474		$	525,148		$	502,583		$	470,610		$	464,194
Net revenue ⁽²⁾		643,108			638,599			615,730			591,757			604,774
Net income		189,039			185,362			170,001			152,388			187,294
Pre-tax income, excluding provision for credit losses (non-GAAP) ⁽³⁾		277,018			270,060			255,043			251,404			271,629
Net income per common share – Basic		2.73			2.68			2.51			2.35			2.93
Net income per common share – Diluted		2.69			2.63			2.47			2.32			2.89
Cash dividends declared per common share		0.50			0.45			0.45			0.45			0.45
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin		3.54	%		3.49	%		3.49	%		3.50	%		3.57	%
Net interest margin – fully taxable-equivalent (non-GAAP) ⁽³⁾		3.56			3.51			3.51			3.52			3.59
Non-interest income to average assets		0.74			0.71			0.74			0.85			1.02
Non-interest expense to average assets		2.32			2.31			2.36			2.38			2.41
Net overhead ratio ⁽⁴⁾		1.58			1.60			1.62			1.53			1.39
Return on average assets		1.20			1.16			1.11			1.07			1.35
Return on average common equity		12.21			11.82			11.63			11.61			14.42
Return on average tangible common equity (non-GAAP) ⁽³⁾		14.72			14.29			13.92			13.49			16.75
Average total assets	$	64,107,042		$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695
Average total shareholders’ equity		6,460,941			6,418,403			5,990,429			5,450,173			5,440,457
Average loans to average deposits ratio		92.3	%		91.9	%		93.8	%		95.1	%		94.5	%
Period-end loans to deposits ratio		90.9			91.5			91.6			93.0			93.1
Common Share Data at end of period:
Market price per common share	$	112.46		$	124.71		$	108.53		$	98.56		$	104.39
Book value per common share		92.47			89.21			90.06			82.97			81.38
Tangible book value per common share (non-GAAP) ⁽³⁾		78.83			75.39			76.15			72.01			70.40
Common shares outstanding		66,919,325			66,495,227			66,481,543			61,760,139			61,736,715
Other Data at end of period:
Common equity to assets ratio		9.4	%		9.1	%		9.4	%		8.6	%		8.7	%
Tangible common equity ratio (non-GAAP) ⁽³⁾		8.1			7.8			8.1			7.5			7.6
Tier 1 leverage ratio ⁽⁵⁾		9.6			9.4			9.6			9.3			9.4
Risk-based capital ratios:
Tier 1 capital ratio ⁽⁵⁾		10.8			10.7			10.6			10.3			10.3
Common equity tier 1 capital ratio ⁽⁵⁾		10.1			9.9			9.8			9.5			9.5
Total capital ratio ⁽⁵⁾		12.5			12.3			12.2			12.1			12.2
Allowance for credit losses ⁽⁶⁾	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504
Allowance for loan and unfunded lending-related commitment losses to total loans		0.92	%		0.91	%		0.93	%		0.98	%		0.99	%
Number of:
Bank subsidiaries		16			16			16			15			15
Banking offices		208			205			203			177			176

^{(1)   Excludes mortgage loans held-for-sale.}
^{(2)   Net revenue is net interest income plus non-interest income.}
^{(3)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.}
^{(5)   Capital ratios for current quarter-end are estimated.}
^{(6)   The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.}

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION

	(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Assets
Cash and due from banks	$	616,216		$	452,017		$	725,465		$	415,462		$	379,825
Federal funds sold and securities purchased under resale agreements		63			6,519			5,663			62			61
Interest-bearing deposits with banks		4,238,237			4,409,753			3,648,117			2,824,314			2,131,077
Available-for-sale securities, at fair value		4,220,305			4,141,482			3,912,232			4,329,957			4,387,598
Held-to-maturity securities, at amortized cost		3,564,490			3,613,263			3,677,420			3,755,924			3,810,015
Trading account securities		—			4,072			3,472			4,134			2,184
Equity securities with readily determinable fair value		270,442			215,412			125,310			112,173			119,777
Federal Home Loan Bank and Federal Reserve Bank stock		281,893			281,407			266,908			256,495			224,657
Brokerage customer receivables		—			18,102			16,662			13,682			13,382
Mortgage loans held-for-sale, at fair value		316,804			331,261			461,067			411,851			339,884
Loans, net of unearned income		48,708,390			48,055,037			47,067,447			44,675,531			43,230,706
Allowance for loan losses		(378,207	)		(364,017	)		(360,279	)		(363,719	)		(348,612	)
Net loans		48,330,183			47,691,020			46,707,168			44,311,812			42,882,094
Premises, software and equipment, net		776,679			779,130			772,002			722,295			744,769
Lease investments, net		280,472			278,264			270,171			275,459			283,557
Accrued interest receivable and other assets		1,598,255			1,739,334			1,721,090			1,671,334			1,580,142
Trade date securities receivable		463,023			—			551,031			—			—
Goodwill		796,932			796,942			800,780			655,955			656,181
Other acquisition-related intangible assets		116,072			121,690			123,866			20,607			21,730
Total assets	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	11,201,859		$	11,410,018		$	10,739,132		$	10,031,440		$	9,908,183
Interest-bearing		42,368,179			41,102,331			40,665,834			38,017,586			36,540,675
Total deposits		53,570,038			52,512,349			51,404,966			48,049,026			46,448,858
Federal Home Loan Bank advances		3,151,309			3,151,309			3,171,309			3,176,309			2,676,751
Other borrowings		529,269			534,803			647,043			606,579			575,408
Subordinated notes		298,360			298,283			298,188			298,113			437,965
Junior subordinated debentures		253,566			253,566			253,566			253,566			253,566
Accrued interest payable and other liabilities		1,466,987			1,785,061			1,613,638			1,861,295			1,747,985
Total liabilities		59,269,529			58,535,371			57,388,710			54,244,888			52,140,533
Shareholders’ Equity:
Preferred stock		412,500			412,500			412,500			412,500			412,500
Common stock		67,007			66,560			66,546			61,825			61,798
Surplus		2,494,347			2,482,561			2,470,228			1,964,645			1,954,532
Treasury stock		(9,156	)		(6,153	)		(6,098	)		(5,760	)		(5,757	)
Retained earnings		4,045,854			3,897,164			3,748,715			3,615,616			3,498,475
Accumulated other comprehensive loss		(410,015	)		(508,335	)		(292,177	)		(512,198	)		(485,148	)
Total shareholders’ equity		6,600,537			6,344,297			6,399,714			5,536,628			5,436,400
Total liabilities and shareholders’ equity	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Interest income
Interest and fees on loans	$	768,362		$	789,038		$	794,163		$	749,812		$	710,341
Mortgage loans held-for-sale		4,246			5,623			6,233			5,434			4,146
Interest-bearing deposits with banks		36,766			46,256			32,608			19,731			16,658
Federal funds sold and securities purchased under resale agreements		179			53			277			17			19
Investment securities		72,016			67,066			69,592			69,779			69,678
Trading account securities		11			6			11			13			18
Federal Home Loan Bank and Federal Reserve Bank stock		5,307			5,157			5,451			4,974			4,478
Brokerage customer receivables		78			302			269			219			175
Total interest income		886,965			913,501			908,604			849,979			805,513
Interest expense
Interest on deposits		320,233			346,388			362,019			335,703			299,532
Interest on Federal Home Loan Bank advances		25,441			26,050			26,254			24,797			22,048
Interest on other borrowings		6,792			7,519			9,013			8,700			9,248
Interest on subordinated notes		3,714			3,733			3,712			5,185			5,487
Interest on junior subordinated debentures		4,311			4,663			5,023			4,984			5,004
Total interest expense		360,491			388,353			406,021			379,369			341,319
Net interest income		526,474			525,148			502,583			470,610			464,194
Provision for credit losses		23,963			16,979			22,334			40,061			21,673
Net interest income after provision for credit losses		502,511			508,169			480,249			430,549			442,521
Non-interest income
Wealth management		34,042			38,775			37,224			35,413			34,815
Mortgage banking		20,529			20,452			15,974			29,124			27,663
Service charges on deposit accounts		19,362			18,864			16,430			15,546			14,811
Gains (losses) on investment securities, net		3,196			(2,835	)		3,189			(4,282	)		1,326
Fees from covered call options		3,446			2,305			988			2,056			4,847
Trading (losses) gains, net		(64	)		(113	)		(130	)		70			677
Operating lease income, net		15,287			15,327			15,335			13,938			14,110
Other		20,836			20,676			24,137			29,282			42,331
Total non-interest income		116,634			113,451			113,147			121,147			140,580
Non-interest expense
Salaries and employee benefits		211,526			212,133			211,261			198,541			195,173
Software and equipment		34,717			34,258			31,574			29,231			27,731
Operating lease equipment		10,471			10,263			10,518			10,834			10,683
Occupancy, net		20,778			20,597			19,945			19,585			19,086
Data processing		11,274			10,957			9,984			9,503			9,292
Advertising and marketing		12,272			13,097			18,239			17,436			13,040
Professional fees		9,044			11,334			9,783			9,967			9,553
Amortization of other acquisition-related intangible assets		5,618			5,773			4,042			1,122			1,158
FDIC insurance		10,926			10,640			10,512			10,429			14,537
OREO expenses, net		643			397			(938	)		(259	)		392
Other		38,821			39,090			35,767			33,964			32,500
Total non-interest expense		366,090			368,539			360,687			340,353			333,145
Income before taxes		253,055			253,081			232,709			211,343			249,956
Income tax expense		64,016			67,719			62,708			58,955			62,662
Net income	$	189,039		$	185,362		$	170,001		$	152,388		$	187,294
Preferred stock dividends		6,991			6,991			6,991			6,991			6,991
Net income applicable to common shares	$	182,048		$	178,371		$	163,010		$	145,397		$	180,303
Net income per common share – Basic	$	2.73		$	2.68		$	2.51		$	2.35		$	2.93
Net income per common share – Diluted	$	2.69		$	2.63		$	2.47		$	2.32		$	2.89
Cash dividends declared per common share	$	0.50		$	0.45		$	0.45		$	0.45		$	0.45
Weighted average common shares outstanding		66,726			66,491			64,888			61,839			61,481
Dilutive potential common shares		923			1,233			1,053			926			928
Average common shares and dilutive common shares		67,649			67,724			65,941			62,765			62,409

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

											% Growth From
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2024 ⁽¹⁾		Mar 31, 2024
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	181,580	$	189,774	$	314,693	$	281,103	$	193,064	(18	)%	(6	)%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies		135,224		141,487		146,374		130,748		146,820	(18	)	(8	)
Total mortgage loans held-for-sale	$	316,804	$	331,261	$	461,067	$	411,851	$	339,884	(18	)%	(7	)%

Core loans:
Commercial
Commercial and industrial	$	6,871,206	$	6,867,422	$	6,774,683	$	6,236,290	$	6,117,004	0	%	12	%
Asset-based lending		1,701,962		1,611,001		1,709,685		1,465,867		1,355,255	23		26
Municipal		798,646		826,653		827,125		747,357		721,526	(14	)	11
Leases		2,680,943		2,537,325		2,443,721		2,439,128		2,344,295	23		14
Commercial real estate
Residential construction		55,849		48,617		73,088		55,019		57,558	60		(3	)
Commercial construction		2,086,797		2,065,775		1,984,240		1,866,701		1,748,607	4		19
Land		306,235		319,689		346,362		338,831		344,149	(17	)	(11	)
Office		1,641,555		1,656,109		1,675,286		1,585,312		1,566,748	(4	)	5
Industrial		2,677,555		2,628,576		2,527,932		2,307,455		2,190,200	8		22
Retail		1,402,837		1,374,655		1,404,586		1,365,753		1,366,415	8		3
Multi-family		3,091,314		3,125,505		3,193,339		2,988,940		2,922,432	(4	)	6
Mixed use and other		1,652,759		1,685,018		1,588,584		1,439,186		1,437,328	(8	)	15
Home equity		455,683		445,028		427,043		356,313		340,349	10		34
Residential real estate
Residential real estate loans for investment		3,561,417		3,456,009		3,252,649		2,933,157		2,746,916	12		30
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies		86,952		114,985		92,355		88,503		90,911	(99	)	(4	)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies		36,790		41,771		43,034		45,675		52,439	(48	)	(30	)
Total core loans	$	29,108,500	$	28,804,138	$	28,363,712	$	26,259,487	$	25,402,132	4	%	15	%

Niche loans:
Commercial
Franchise	$	1,262,555	$	1,268,521	$	1,191,686	$	1,150,460	$	1,122,302	(2	)%	12	%
Mortgage warehouse lines of credit		1,019,543		893,854		750,462		593,519		403,245	57		NM
Community Advantage – homeowners association		525,492		525,446		501,645		491,722		475,832	0		10
Insurance agency lending		1,070,979		1,044,329		1,048,686		1,030,119		964,022	10		11
Premium Finance receivables
U.S. property & casualty insurance		6,486,663		6,447,625		6,253,271		6,142,654		6,113,993	2		6
Canada property & casualty insurance		753,199		824,417		878,410		958,099		826,026	(35	)	(9	)
Life insurance		8,365,140		8,147,145		7,996,899		7,962,115		7,872,033	11		6
Consumer and other		116,319		99,562		82,676		87,356		51,121	68		NM
Total niche loans	$	19,599,890	$	19,250,899	$	18,703,735	$	18,416,044	$	17,828,574	7	%	10	%

Total loans, net of unearned income	$	48,708,390	$	48,055,037	$	47,067,447	$	44,675,531	$	43,230,706	6	%	13	%

^{(1) Annualized.}

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

																% Growth From
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2024 ⁽¹⁾		Mar 31, 2024
Balance:
Non-interest-bearing	$	11,201,859		$	11,410,018		$	10,739,132		$	10,031,440		$	9,908,183		(7	)%	13	%
NOW and interest-bearing demand deposits		6,340,168			5,865,546			5,466,932			5,053,909			5,720,947		33		11
Wealth management deposits ⁽²⁾		1,408,790			1,469,064			1,303,354			1,490,711			1,347,817		(17	)	5
Money market		18,074,733			17,975,191			17,713,726			16,320,017			15,617,717		2		16
Savings		6,576,251			6,372,499			6,183,249			5,882,179			5,959,774		13		10
Time certificates of deposit		9,968,237			9,420,031			9,998,573			9,270,770			7,894,420		24		26
Total deposits	$	53,570,038		$	52,512,349		$	51,404,966		$	48,049,026		$	46,448,858		8	%	15	%
Mix:
Non-interest-bearing		21	%		22	%		21	%		21	%		21	%
NOW and interest-bearing demand deposits		12			11			11			11			12
Wealth management deposits ⁽²⁾		3			3			3			3			3
Money market		34			34			34			34			34
Savings		12			12			12			12			13
Time certificates of deposit		18			18			19			19			17
Total deposits		100	%		100	%		100	%		100	%		100	%

^{(1) Annualized.
(2) Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.}

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of March 31, 2025

(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months	$	3,845,120	4.34	%
4-6 months		2,345,184	3.81
7-9 months		2,694,739	3.72
10-12 months		711,206	3.62
13-18 months		210,063	3.03
19-24 months		87,336	2.72
24+ months		74,589	2.47
Total	$	9,968,237	3.94	%

TABLE 4: QUARTERLY AVERAGE BALANCES

	Average Balance for three months ended,
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents ⁽¹⁾	$	3,520,048		$	3,934,016		$	2,413,728		$	1,485,481		$	1,254,332
Investment securities ⁽²⁾		8,409,735			8,090,271			8,276,576			8,203,764			8,349,796
FHLB and FRB stock		281,702			271,825			263,707			253,614			230,648
Liquidity management assets ⁽³⁾	$	12,211,485		$	12,296,112		$	10,954,011		$	9,942,859		$	9,834,776
Other earning assets ⁽³⁾⁽⁴⁾		13,140			20,528			17,542			15,257			15,081
Mortgage loans held-for-sale		286,710			378,707			376,251			347,236			290,275
Loans, net of unearned income ⁽³⁾⁽⁵⁾		47,833,380			47,153,014			45,920,586			43,819,354			42,129,893
Total earning assets ⁽³⁾	$	60,344,715		$	59,848,361		$	57,268,390		$	54,124,706		$	52,270,025
Allowance for loan and investment security losses		(375,371	)		(367,238	)		(383,736	)		(360,504	)		(361,734	)
Cash and due from banks		476,423			470,033			467,333			434,916			450,267
Other assets		3,661,275			3,642,949			3,563,296			3,294,066			3,244,137
Total assets	$	64,107,042		$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695

NOW and interest-bearing demand deposits	$	6,046,189		$	5,601,672		$	5,174,673		$	4,985,306		$	5,680,265
Wealth management deposits		1,574,480			1,430,163			1,362,747			1,531,865			1,510,203
Money market accounts		17,581,141			17,579,395			16,436,111			15,272,126			14,474,492
Savings accounts		6,479,444			6,288,727			6,096,746			5,878,844			5,792,118
Time deposits		9,406,126			9,702,948			9,598,109			8,546,172			7,148,456
Interest-bearing deposits	$	41,087,380		$	40,602,905		$	38,668,386		$	36,214,313		$	34,605,534
Federal Home Loan Bank advances		3,151,309			3,160,658			3,178,973			3,096,920			2,728,849
Other borrowings		582,139			577,786			622,792			587,262			627,711
Subordinated notes		298,306			298,225			298,135			410,331			437,893
Junior subordinated debentures		253,566			253,566			253,566			253,566			253,566
Total interest-bearing liabilities	$	45,372,700		$	44,893,140		$	43,021,852		$	40,562,392		$	38,653,553
Non-interest-bearing deposits		10,732,156			10,718,738			10,271,613			9,879,134			9,972,646
Other liabilities		1,541,245			1,563,824			1,631,389			1,601,485			1,536,039
Equity		6,460,941			6,418,403			5,990,429			5,450,173			5,440,457
Total liabilities and shareholders’ equity	$	64,107,042		$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695

Net free funds/contribution ⁽⁶⁾	$	14,972,015		$	14,955,221		$	14,246,538		$	13,562,314		$	13,616,472

^{(1)   Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.}
^{(2)   Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.}
^{(3)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(4)   Other earning assets include brokerage customer receivables and trading account securities.}
^{(5)   Loans, net of unearned income, include non-accrual loans.}
^{(6)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.}

TABLE 5: QUARTERLY NET INTEREST INCOME

	Net Interest Income for three months ended,
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	36,945		$	46,308		$	32,885		$	19,748		$	16,677
Investment securities		72,706			67,783			70,260			70,346			70,228
FHLB and FRB stock		5,307			5,157			5,451			4,974			4,478
Liquidity management assets ⁽¹⁾	$	114,958		$	119,248		$	108,596		$	95,068		$	91,383
Other earning assets ⁽¹⁾		92			310			282			235			198
Mortgage loans held-for-sale		4,246			5,623			6,233			5,434			4,146
Loans, net of unearned income ⁽¹⁾		770,568			791,390			796,637			752,117			712,587
Total interest income	$	889,864		$	916,571		$	911,748		$	852,854		$	808,314

Interest expense:
NOW and interest-bearing demand deposits	$	33,600		$	31,695		$	30,971		$	32,719		$	34,896
Wealth management deposits		8,606			9,412			10,158			10,294			10,461
Money market accounts		146,374			159,945			167,382			155,100			137,984
Savings accounts		35,923			38,402			42,892			41,063			39,071
Time deposits		95,730			106,934			110,616			96,527			77,120
Interest-bearing deposits	$	320,233		$	346,388		$	362,019		$	335,703		$	299,532
Federal Home Loan Bank advances		25,441			26,050			26,254			24,797			22,048
Other borrowings		6,792			7,519			9,013			8,700			9,248
Subordinated notes		3,714			3,733			3,712			5,185			5,487
Junior subordinated debentures		4,311			4,663			5,023			4,984			5,004
Total interest expense	$	360,491		$	388,353		$	406,021		$	379,369		$	341,319

Less: Fully taxable-equivalent adjustment		(2,899	)		(3,070	)		(3,144	)		(2,875	)		(2,801	)
Net interest income (GAAP) ⁽²⁾		526,474			525,148			502,583			470,610			464,194
Fully taxable-equivalent adjustment		2,899			3,070			3,144			2,875			2,801
Net interest income, fully taxable-equivalent (non-GAAP) ⁽²⁾	$	529,373		$	528,218		$	505,727		$	473,485		$	466,995

^{(1) Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.}
^{(2) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}

TABLE 6: QUARTERLY NET INTEREST MARGIN

	Net Interest Margin for three months ended,
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	4.26	%	4.68	%	5.42	%	5.35	%	5.35	%
Investment securities	3.51		3.33		3.38		3.45		3.38
FHLB and FRB stock	7.64		7.55		8.22		7.89		7.81
Liquidity management assets	3.82	%	3.86	%	3.94	%	3.85	%	3.74	%
Other earning assets	2.84		6.01		6.38		6.23		5.25
Mortgage loans held-for-sale	6.01		5.91		6.59		6.29		5.74
Loans, net of unearned income	6.53		6.68		6.90		6.90		6.80
Total earning assets	5.98	%	6.09	%	6.33	%	6.34	%	6.22	%

Rate paid on:
NOW and interest-bearing demand deposits	2.25	%	2.25	%	2.38	%	2.64	%	2.47	%
Wealth management deposits	2.22		2.62		2.97		2.70		2.79
Money market accounts	3.38		3.62		4.05		4.08		3.83
Savings accounts	2.25		2.43		2.80		2.81		2.71
Time deposits	4.13		4.38		4.58		4.54		4.34
Interest-bearing deposits	3.16	%	3.39	%	3.72	%	3.73	%	3.48	%
Federal Home Loan Bank advances	3.27		3.28		3.29		3.22		3.25
Other borrowings	4.73		5.18		5.76		5.96		5.92
Subordinated notes	5.05		4.98		4.95		5.08		5.04
Junior subordinated debentures	6.90		7.32		7.88		7.91		7.94
Total interest-bearing liabilities	3.22	%	3.44	%	3.75	%	3.76	%	3.55	%

Interest rate spread ⁽¹⁾⁽²⁾	2.76	%	2.65	%	2.58	%	2.58	%	2.67	%
Less: Fully taxable-equivalent adjustment	(0.02	)	(0.02	)	(0.02	)	(0.02	)	(0.02	)
Net free funds/contribution ⁽³⁾	0.80		0.86		0.93		0.94		0.92
Net interest margin (GAAP) ⁽²⁾	3.54	%	3.49	%	3.49	%	3.50	%	3.57	%
Fully taxable-equivalent adjustment	0.02		0.02		0.02		0.02		0.02
Net interest margin, fully taxable-equivalent (non-GAAP) ⁽²⁾	3.56	%	3.51	%	3.51	%	3.52	%	3.59	%

^{(1)   Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.}
^{(2)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(3)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.}

TABLE 7: INTEREST RATE SENSITIVITY

As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios.

The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:

Static Shock Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Mar 31, 2025	(1.8	)%	(0.6	)%	(0.2	)%	(1.2	)%
Dec 31, 2024	(1.6	)	(0.6	)	(0.3	)	(1.5	)
Sep 30, 2024	1.2		1.1		0.4		(0.9	)
Jun 30, 2024	1.5		1.0		0.6		(0.0	)
Mar 31, 2024	1.9		1.4		1.5		1.6

Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Mar 31, 2025	0.2	%	0.2	%	(0.1	)%	(0.5	)%
Dec 31, 2024	(0.2	)	(0.0	)	0.0		(0.3	)
Sep 30, 2024	1.6		1.2		0.7		0.5
Jun 30, 2024	1.2		1.0		0.9		1.0
Mar 31, 2024	0.8		0.6		1.3		2.0

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. As the current interest rate cycle progressed, management took action to reposition its sensitivity to interest rates. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer-term fixed-rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.

TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

	Loans repricing or contractual maturity period
As of March 31, 2025 (In thousands)	One year or less			From one to five years		From five to fifteen years		After fifteen years		Total
Commercial
Fixed rate	$	405,736		$	3,600,171	$	2,122,563	$	20,444	$	6,148,914
Variable rate		9,781,709			703		—		—		9,782,412
Total commercial	$	10,187,445		$	3,600,874	$	2,122,563	$	20,444	$	15,931,326
Commercial real estate
Fixed rate	$	658,413		$	2,762,221	$	365,181	$	63,593	$	3,849,408
Variable rate		9,054,583			10,843		67		—		9,065,493
Total commercial real estate	$	9,712,996		$	2,773,064	$	365,248	$	63,593	$	12,914,901
Home equity
Fixed rate	$	8,881		$	838	$	—	$	17	$	9,736
Variable rate		445,947			—		—		—		445,947
Total home equity	$	454,828		$	838	$	—	$	17	$	455,683
Residential real estate
Fixed rate	$	13,336		$	4,473	$	74,883	$	1,055,143	$	1,147,835
Variable rate		97,815			623,879		1,815,630		—		2,537,324
Total residential real estate	$	111,151		$	628,352	$	1,890,513	$	1,055,143	$	3,685,159
Premium finance receivables – property & casualty
Fixed rate	$	7,135,963		$	103,899	$	—	$	—	$	7,239,862
Variable rate		—			—		—		—		—
Total premium finance receivables – property & casualty	$	7,135,963		$	103,899	$	—	$	—	$	7,239,862
Premium finance receivables – life insurance
Fixed rate	$	350,802		$	207,832	$	4,000	$	4,248	$	566,882
Variable rate		7,798,258			—		—		—		7,798,258
Total premium finance receivables – life insurance	$	8,149,060		$	207,832	$	4,000	$	4,248	$	8,365,140
Consumer and other
Fixed rate	$	44,731		$	7,937	$	883	$	914	$	54,465
Variable rate		61,854			—		—		—		61,854
Total consumer and other	$	106,585		$	7,937	$	883	$	914	$	116,319

Total per category
Fixed rate	$	8,617,862		$	6,687,371	$	2,567,510	$	1,144,359	$	19,017,102
Variable rate		27,240,166			635,425		1,815,697		—		29,691,288
Total loans, net of unearned income	$	35,858,028		$	7,322,796	$	4,383,207	$	1,144,359	$	48,708,390
Less: Existing cash flow hedging derivatives ⁽¹⁾		(6,700,000	)
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity	$	29,158,028

Variable Rate Loan Pricing by Index:
SOFR tenors ⁽²⁾										$	18,328,835
12- month CMT ⁽³⁾											6,722,305
Prime											3,420,624
Fed Funds											819,437
Other U.S. Treasury tenors											190,187
Other											209,900
Total variable rate										$	29,691,288

^{(1)   Excludes cash flow hedges with future effective starting dates.}
^{(2)   SOFR – Secured Overnight Financing Rate.}
^{(3)   CMT – Constant Maturity Treasury Rate.}

Graph available at the following link: http://ml.globenewswire.com/Resource/Download/bebf97a7-5d4d-430d-a436-ae832412a4db

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate, which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $15.4 billion tied to one-month SOFR and $6.7 billion tied to twelve-month CMT. The above chart shows:

	Basis Point (bp) Change in
	1-month SOFR			12- month CMT			Prime
First Quarter 2025	(1	)	bps	(13	)	bps	0		bps
Fourth Quarter 2024	(52	)		18			(50	)
Third Quarter 2024	(49	)		(111	)		(50	)
Second Quarter 2024	1			6			0
First Quarter 2024	(2	)		24			0

TABLE 9: ALLOWANCE FOR CREDIT LOSSES

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)		2025			2024			2024			2024			2024
Allowance for credit losses at beginning of period	$	437,060		$	436,193		$	437,560		$	427,504		$	427,612
Provision for credit losses – Other		23,963			16,979			6,787			40,061			21,673
Provision for credit losses – Day 1 on non-PCD assets acquired during the period		—			—			15,547			—			—
Initial allowance for credit losses recognized on PCD assets acquired during the period		—			—			3,004			—			—
Other adjustments		4			(187	)		30			(19	)		(31	)
Charge-offs:
Commercial		9,722			5,090			22,975			9,584			11,215
Commercial real estate		454			1,037			95			15,526			5,469
Home equity		—			—			—			—			74
Residential real estate		—			114			—			23			38
Premium finance receivables – property & casualty		7,114			13,301			7,790			9,486			6,938
Premium finance receivables – life insurance		12			—			4			—			—
Consumer and other		147			189			154			137			107
Total charge-offs		17,449			19,731			31,018			34,756			23,841
Recoveries:
Commercial		929			775			649			950			479
Commercial real estate		12			172			30			90			31
Home equity		216			194			101			35			29
Residential real estate		136			0			5			8			2
Premium finance receivables – property & casualty		3,487			2,646			3,436			3,658			1,519
Premium finance receivables – life insurance		—			—			41			5			8
Consumer and other		29			19			21			24			23
Total recoveries		4,809			3,806			4,283			4,770			2,091
Net charge-offs		(12,640	)		(15,925	)		(26,735	)		(29,986	)		(21,750	)
Allowance for credit losses at period end	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial		0.23	%		0.11	%		0.61	%		0.25	%		0.33	%
Commercial real estate		0.01			0.03			0.00			0.53			0.19
Home equity		(0.20	)		(0.18	)		(0.10	)		(0.04	)		0.05
Residential real estate		(0.02	)		0.01			0.00			0.00			0.01
Premium finance receivables – property & casualty		0.20			0.59			0.24			0.33			0.32
Premium finance receivables – life insurance		0.00			—			(0.00	)		(0.00	)		(0.00	)
Consumer and other		0.45			0.63			0.63			0.56			0.42
Total loans, net of unearned income		0.11	%		0.13	%		0.23	%		0.28	%		0.21	%

Loans at period end	$	48,708,390		$	48,055,037		$	47,067,447		$	44,675,531		$	43,230,706
Allowance for loan losses as a percentage of loans at period end		0.78	%		0.76	%		0.77	%		0.81	%		0.81	%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end		0.92			0.91			0.93			0.98			0.99

^{PCD – Purchase Credit Deteriorated}

TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Provision for loan losses – Other	$	26,826		$	19,852		$	6,782		$	45,111		$	26,159
Provision for credit losses – Day 1 on non-PCD assets acquired during the period		—			—			15,547			—			—
Provision for unfunded lending-related commitments losses – Other		(2,852	)		(2,851	)		17			(5,212	)		(4,468	)
Provision for held-to-maturity securities losses		(11	)		(22	)		(12	)		162			(18	)
Provision for credit losses	$	23,963		$	16,979		$	22,334		$	40,061		$	21,673

Allowance for loan losses	$	378,207		$	364,017		$	360,279		$	363,719		$	348,612
Allowance for unfunded lending-related commitments losses		69,734			72,586			75,435			73,350			78,563
Allowance for loan losses and unfunded lending-related commitments losses		447,941			436,603			435,714			437,069			427,175
Allowance for held-to-maturity securities losses		446			457			479			491			329
Allowance for credit losses	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504

^{PCD – Purchase Credit Deteriorated}

TABLE 11: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of March 31, 2025, December 31, 2024 and September 30, 2024.

	As of Mar 31, 2025						As of Dec 31, 2024						As of Sep 30, 2024
(Dollars in thousands)	Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance
Commercial:
Commercial, industrial and other	$	15,931,326	$	201,183	1.26	%	$	15,574,551	$	175,837	1.13	%	$	15,247,693	$	171,598	1.13	%
Commercial real estate:
Construction and development		2,448,881		71,388	2.92			2,434,081		87,236	3.58			2,403,690		97,949	4.07
Non-construction		10,466,020		138,622	1.32			10,469,863		135,620	1.30			10,389,727		133,195	1.28
Total commercial real estate	$	12,914,901	$	210,010	1.63	%	$	12,903,944	$	222,856	1.73	%	$	12,793,417	$	231,144	1.81	%
Total commercial and commercial real estate	$	28,846,227	$	411,193	1.43	%	$	28,478,495	$	398,693	1.40	%	$	28,041,110	$	402,742	1.44	%
Home equity		455,683		9,139	2.01			445,028		8,943	2.01			427,043		8,823	2.07
Residential real estate		3,685,159		10,652	0.29			3,612,765		10,335	0.29			3,388,038		9,745	0.29
Premium finance receivables
Property and casualty insurance		7,239,862		15,310	0.21			7,272,042		17,111	0.24			7,131,681		13,045	0.18
Life insurance		8,365,140		729	0.01			8,147,145		709	0.01			7,996,899		698	0.01
Consumer and other		116,319		918	0.79			99,562		812	0.82			82,676		661	0.80
Total loans, net of unearned income	$	48,708,390	$	447,941	0.92	%	$	48,055,037	$	436,603	0.91	%	$	47,067,447	$	435,714	0.93	%

Total core loans ⁽¹⁾	$	29,108,500	$	397,664	1.37	%	$	28,804,138	$	392,319	1.36	%	$	28,363,712	$	396,394	1.40	%
Total niche loans ⁽¹⁾		19,599,890		50,277	0.26			19,250,899		44,284	0.23			18,703,735		39,320	0.21

^{(1) See Table 1 for additional detail on core and niche loans.}

TABLE 12: LOAN PORTFOLIO AGING

(In thousands)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Loan Balances:
Commercial
Nonaccrual	$	70,560	$	73,490	$	63,826	$	51,087	$	31,740
90+ days and still accruing		46		104		20		304		27
60-89 days past due		15,243		54,844		32,560		16,485		30,248
30-59 days past due		97,397		92,551		46,057		36,358		77,715
Current		15,748,080		15,353,562		15,105,230		14,050,228		13,363,751
Total commercial	$	15,931,326	$	15,574,551	$	15,247,693	$	14,154,462	$	13,503,481
Commercial real estate
Nonaccrual	$	26,187	$	21,042	$	42,071	$	48,289	$	39,262
90+ days and still accruing		—		—		225		—		—
60-89 days past due		6,995		10,521		13,439		6,555		16,713
30-59 days past due		83,653		30,766		48,346		38,065		32,998
Current		12,798,066		12,841,615		12,689,336		11,854,288		11,544,464
Total commercial real estate	$	12,914,901	$	12,903,944	$	12,793,417	$	11,947,197	$	11,633,437
Home equity
Nonaccrual	$	2,070	$	1,117	$	1,122	$	1,100	$	838
90+ days and still accruing		—		—		—		—		—
60-89 days past due		984		1,233		1,035		275		212
30-59 days past due		3,403		2,148		2,580		1,229		1,617
Current		449,226		440,530		422,306		353,709		337,682
Total home equity	$	455,683	$	445,028	$	427,043	$	356,313	$	340,349
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies ⁽¹⁾	$	123,742	$	156,756	$	135,389	$	134,178	$	143,350
Nonaccrual		22,522		23,762		17,959		18,198		17,901
90+ days and still accruing		—		—		—		—		—
60-89 days past due		1,351		5,708		6,364		1,977		—
30-59 days past due		38,943		18,917		2,160		130		24,523
Current		3,498,601		3,407,622		3,226,166		2,912,852		2,704,492
Total residential real estate	$	3,685,159	$	3,612,765	$	3,388,038	$	3,067,335	$	2,890,266
Premium finance receivables – property & casualty
Nonaccrual	$	29,846	$	28,797	$	36,079	$	32,722	$	32,648
90+ days and still accruing		18,081		16,031		18,235		22,427		25,877
60-89 days past due		19,717		19,042		18,740		29,925		15,274
30-59 days past due		39,459		68,219		30,204		45,927		59,729
Current		7,132,759		7,139,953		7,028,423		6,969,752		6,806,491
Total Premium finance receivables – property & casualty	$	7,239,862	$	7,272,042	$	7,131,681	$	7,100,753	$	6,940,019
Premium finance receivables – life insurance
Nonaccrual	$	—	$	6,431	$	—	$	—	$	—
90+ days and still accruing		2,962		—		—		—		—
60-89 days past due		10,587		72,963		10,902		4,118		32,482
30-59 days past due		29,924		36,405		74,432		17,693		100,137
Current		8,321,667		8,031,346		7,911,565		7,940,304		7,739,414
Total Premium finance receivables – life insurance	$	8,365,140	$	8,147,145	$	7,996,899	$	7,962,115	$	7,872,033
Consumer and other
Nonaccrual	$	18	$	2	$	2	$	3	$	19
90+ days and still accruing		98		47		148		121		47
60-89 days past due		162		59		22		81		16
30-59 days past due		542		882		264		366		210
Current		115,499		98,572		82,240		86,785		50,829
Total consumer and other	$	116,319	$	99,562	$	82,676	$	87,356	$	51,121
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies ⁽¹⁾	$	123,742	$	156,756	$	135,389	$	134,178	$	143,350
Nonaccrual		151,203		154,641		161,059		151,399		122,408
90+ days and still accruing		21,187		16,182		18,628		22,852		25,951
60-89 days past due		55,039		164,370		83,062		59,416		94,945
30-59 days past due		293,321		249,888		204,043		139,768		296,929
Current		48,063,898		47,313,200		46,465,266		44,167,918		42,547,123
Total loans, net of unearned income	$	48,708,390	$	48,055,037	$	47,067,447	$	44,675,531	$	43,230,706

^{(1) Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.}

TABLE 13: NON-PERFORMING ASSETS⁽¹⁾

	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)		2025			2024			2024			2024			2024
Loans past due greater than 90 days and still accruing:
Commercial	$	46		$	104		$	20		$	304		$	27
Commercial real estate		—			—			225			—			—
Home equity		—			—			—			—			—
Residential real estate		—			—			—			—			—
Premium finance receivables – property & casualty		18,081			16,031			18,235			22,427			25,877
Premium finance receivables – life insurance		2,962			—			—			—			—
Consumer and other		98			47			148			121			47
Total loans past due greater than 90 days and still accruing		21,187			16,182			18,628			22,852			25,951
Non-accrual loans:
Commercial		70,560			73,490			63,826			51,087			31,740
Commercial real estate		26,187			21,042			42,071			48,289			39,262
Home equity		2,070			1,117			1,122			1,100			838
Residential real estate		22,522			23,762			17,959			18,198			17,901
Premium finance receivables – property & casualty		29,846			28,797			36,079			32,722			32,648
Premium finance receivables – life insurance		—			6,431			—			—			—
Consumer and other		18			2			2			3			19
Total non-accrual loans		151,203			154,641			161,059			151,399			122,408
Total non-performing loans:
Commercial		70,606			73,594			63,846			51,391			31,767
Commercial real estate		26,187			21,042			42,296			48,289			39,262
Home equity		2,070			1,117			1,122			1,100			838
Residential real estate		22,522			23,762			17,959			18,198			17,901
Premium finance receivables – property & casualty		47,927			44,828			54,314			55,149			58,525
Premium finance receivables – life insurance		2,962			6,431			—			—			—
Consumer and other		116			49			150			124			66
Total non-performing loans	$	172,390		$	170,823		$	179,687		$	174,251		$	148,359
Other real estate owned		22,625			23,116			13,682			19,731			14,538
Total non-performing assets	$	195,015		$	193,939		$	193,369		$	193,982		$	162,897
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial		0.44	%		0.47	%		0.42	%		0.36	%		0.24	%
Commercial real estate		0.20			0.16			0.33			0.40			0.34
Home equity		0.45			0.25			0.26			0.31			0.25
Residential real estate		0.61			0.66			0.53			0.59			0.62
Premium finance receivables – property & casualty		0.66			0.62			0.76			0.78			0.84
Premium finance receivables – life insurance		0.04			0.08			—			—			—
Consumer and other		0.10			0.05			0.18			0.14			0.13
Total loans, net of unearned income		0.35	%		0.36	%		0.38	%		0.39	%		0.34	%
Total non-performing assets as a percentage of total assets		0.30	%		0.30	%		0.30	%		0.32	%		0.28	%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans		296.25	%		282.33	%		270.53	%		288.69	%		348.98	%

^{(1) Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.}

Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024

Balance at beginning of period	$	170,823		$	179,687		$	174,251		$	148,359		$	139,030
Additions from becoming non-performing in the respective period		27,721			30,931			42,335			54,376			23,142
Additions from assets acquired in the respective period		—			—			189			—			—
Return to performing status		(1,207	)		(1,108	)		(362	)		(912	)		(490	)
Payments received		(15,965	)		(12,219	)		(10,894	)		(9,611	)		(8,336	)
Transfer to OREO and other repossessed assets		—			(17,897	)		(3,680	)		(6,945	)		(1,381	)
Charge-offs, net		(8,600	)		(5,612	)		(21,211	)		(7,673	)		(14,810	)
Net change for premium finance receivables		(382	)		(2,959	)		(941	)		(3,343	)		11,204
Balance at end of period	$	172,390		$	170,823		$	179,687		$	174,251		$	148,359

Other Real Estate Owned

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Balance at beginning of period	$	23,116		$	13,682		$	19,731		$	14,538		$	13,309
Disposals/resolved		—			(8,545	)		(9,729	)		(1,752	)		—
Transfers in at fair value, less costs to sell		—			17,979			3,680			6,945			1,436
Fair value adjustments		(491	)		—			—			—			(207	)
Balance at end of period	$	22,625		$	23,116		$	13,682		$	19,731		$	14,538

	Period End
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
Balance by Property Type:		2025			2024			2024			2024			2024
Residential real estate	$	—		$	—		$	—		$	161		$	1,146
Commercial real estate		22,625			23,116			13,682			19,570			13,392
Total	$	22,625		$	23,116		$	13,682		$	19,731		$	14,538

TABLE 14: NON-INTEREST INCOME

	Three Months Ended															Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
(Dollars in thousands)		2025			2024			2024			2024			2024		$ Change			% Change		$ Change			% Change
Brokerage	$	4,757		$	5,328		$	6,139		$	5,588		$	5,556		$	(571	)	(11	)%	$	(799	)	(14	)%
Trust and asset management		29,285			33,447			31,085			29,825			29,259			(4,162	)	(12	)		26		0
Total wealth management		34,042			38,775			37,224			35,413			34,815			(4,733	)	(12	)		(773	)	(2	)
Mortgage banking		20,529			20,452			15,974			29,124			27,663			77		0			(7,134	)	(26	)
Service charges on deposit accounts		19,362			18,864			16,430			15,546			14,811			498		3			4,551		31
Gains (losses) on investment securities, net		3,196			(2,835	)		3,189			(4,282	)		1,326			6,031		NM			1,870		NM
Fees from covered call options		3,446			2,305			988			2,056			4,847			1,141		50			(1,401	)	(29	)
Trading (losses) gains, net		(64	)		(113	)		(130	)		70			677			49		(43	)		(741	)	NM
Operating lease income, net		15,287			15,327			15,335			13,938			14,110			(40	)	(0	)		1,177		8
Other:
Interest rate swap fees		2,269			3,360			2,914			3,392			2,828			(1,091	)	(32	)		(559	)	(20	)
BOLI		796			1,236			1,517			1,351			1,651			(440	)	(36	)		(855	)	(52	)
Administrative services		1,393			1,347			1,450			1,322			1,217			46		3			176		14
Foreign currency remeasurement (losses) gains		(183	)		(682	)		696			(145	)		(1,171	)		499		(73	)		988		(84	)
Changes in fair value on EBOs and loans held-for-investment		383			129			518			604			(439	)		254		NM			822		NM
Early pay-offs of capital leases		768			514			532			393			430			254		49			338		79
Miscellaneous		15,410			14,772			16,510			22,365			37,815			638		4			(22,405	)	(59	)
Total Other		20,836			20,676			24,137			29,282			42,331			160		1			(21,495	)	(51	)
Total Non-Interest Income	$	116,634		$	113,451		$	113,147		$	121,147		$	140,580		$	3,183		3	%	$	(23,946	)	(17	)%

^{NM – Not meaningful.
BOLI- Bank-owned life insurance.
EBO- Early buy-out.}

TABLE 15: MORTGAGE BANKING

	Three Months Ended
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Originations:
Retail originations	$	348,468		$	483,424		$	527,408		$	544,394		$	331,504
Veterans First originations		111,985			176,914			239,369			177,792			144,109
Total originations for sale (A)	$	460,453		$	660,338		$	766,777		$	722,186		$	475,613
Originations for investment		217,177			355,119			218,984			275,331			169,246
Total originations	$	677,630		$	1,015,457		$	985,761		$	997,517		$	644,859
As a percentage of originations for sale:
Retail originations		76	%		73	%		69	%		75	%		70	%
Veterans First originations		24			27			31			25			30
Purchases		77	%		65	%		72	%		83	%		75	%
Refinances		23			35			28			17			25
Production Margin:
Production revenue (B) ⁽¹⁾	$	9,941		$	6,993		$	13,113		$	14,990		$	13,435
Total originations for sale (A)	$	460,453		$	660,338		$	766,777		$	722,186		$	475,613
Add: Current period end mandatory interest rate lock commitments to fund originations for sale ⁽²⁾		197,297			103,946			272,072			222,738			207,775
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale ⁽²⁾		103,946			272,072			222,738			207,775			119,624
Total mortgage production volume (C)	$	553,804		$	492,212		$	816,111		$	737,149		$	563,764
Production margin (B / C)		1.80	%		1.42	%		1.61	%		2.03	%		2.38	%
Mortgage Servicing:
Loans serviced for others (D)	$	12,402,352		$	12,400,913		$	12,253,361		$	12,211,027		$	12,051,392
Mortgage Servicing Rights (“MSR”), at fair value (E)		196,307			203,788			186,308			204,610			201,044
Percentage of MSRs to loans serviced for others (E / D)		1.58	%		1.64	%		1.52	%		1.68	%		1.67	%
Servicing income	$	10,611		$	10,731		$	10,809		$	10,586		$	10,498
MSR Fair Value Asset Activity
MSR – FV at Beginning of Period	$	203,788		$	186,308		$	204,610		$	201,044		$	192,456
MSR – current period capitalization		4,669			10,010			6,357			8,223			5,379
MSR – collection of expected cash flows – paydowns		(1,590	)		(1,463	)		(1,598	)		(1,504	)		(1,444	)
MSR – collection of expected cash flows – payoffs and repurchases		(3,046	)		(4,315	)		(5,730	)		(4,030	)		(2,942	)
MSR – changes in fair value model assumptions		(7,514	)		13,248			(17,331	)		877			7,595
MSR Fair Value at end of period	$	196,307		$	203,788		$	186,308		$	204,610		$	201,044
Summary of Mortgage Banking Revenue:
Operational:
Production revenue ⁽¹⁾	$	9,941		$	6,993		$	13,113		$	14,990		$	13,435
MSR – Current period capitalization		4,669			10,010			6,357			8,223			5,379
MSR – Collection of expected cash flows – paydowns		(1,590	)		(1,463	)		(1,598	)		(1,504	)		(1,444	)
MSR – Collection of expected cash flows – pay offs		(3,046	)		(4,315	)		(5,730	)		(4,030	)		(2,942	)
Servicing Income		10,611			10,731			10,809			10,586			10,498
Other Revenue		(172	)		(51	)		(67	)		112			(91	)
Total operational mortgage banking revenue	$	20,413		$	21,905		$	22,884		$	28,377		$	24,835
Fair Value:
MSR – changes in fair value model assumptions	$	(7,514	)	$	13,248		$	(17,331	)	$	877		$	7,595
Gain (loss) on derivative contract held as an economic hedge, net		4,897			(11,452	)		6,892			(772	)		(2,577	)
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)		2,733			(3,249	)		3,529			642			(2,190	)
Total fair value mortgage banking revenue	$	116		$	(1,453	)	$	(6,910	)	$	747		$	2,828
Total mortgage banking revenue	$	20,529		$	20,452		$	15,974		$	29,124		$	27,663

^{(1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.}
^{(2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.}

TABLE 16: NON-INTEREST EXPENSE

	Three Months Ended												Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
	Mar 31,		Dec 31,		Sep 30,			Jun 30,			Mar 31,		Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
(Dollars in thousands)		2025		2024		2024			2024			2024	$ Change			% Change		$ Change			% Change
Salaries and employee benefits:
Salaries	$	123,917	$	120,969	$	118,971		$	113,860		$	112,172	$	2,948		2	%	$	11,745		10	%
Commissions and incentive compensation		52,536		54,792		57,575			52,151			51,001		(2,256	)	(4	)		1,535		3
Benefits		35,073		36,372		34,715			32,530			32,000		(1,299	)	(4	)		3,073		10
Total salaries and employee benefits		211,526		212,133		211,261			198,541			195,173		(607	)	(0	)		16,353		8
Software and equipment		34,717		34,258		31,574			29,231			27,731		459		1			6,986		25
Operating lease equipment		10,471		10,263		10,518			10,834			10,683		208		2			(212	)	(2	)
Occupancy, net		20,778		20,597		19,945			19,585			19,086		181		1			1,692		9
Data processing		11,274		10,957		9,984			9,503			9,292		317		3			1,982		21
Advertising and marketing		12,272		13,097		18,239			17,436			13,040		(825	)	(6	)		(768	)	(6	)
Professional fees		9,044		11,334		9,783			9,967			9,553		(2,290	)	(20	)		(509	)	(5	)
Amortization of other acquisition-related intangible assets		5,618		5,773		4,042			1,122			1,158		(155	)	(3	)		4,460		NM
FDIC insurance		10,926		10,640		10,512			10,429			9,381		286		3			1,545		16
FDIC insurance – special assessment		—		—		—			—			5,156		—		—			(5,156	)	(100	)
OREO expense, net		643		397		(938	)		(259	)		392		246		62			251		64
Other:
Lending expenses, net of deferred origination costs		5,866		6,448		4,995			5,335			5,078		(582	)	(9	)		788		16
Travel and entertainment		5,270		8,140		5,364			5,340			4,597		(2,870	)	(35	)		673		15
Miscellaneous		27,685		24,502		25,408			23,289			22,825		3,183		13			4,860		21
Total other		38,821		39,090		35,767			33,964			32,500		(269	)	(1	)		6,321		19
Total Non-Interest Expense	$	366,090	$	368,539	$	360,687		$	340,353		$	333,145	$	(2,449	)	(1	)%	$	32,945		10	%

^{NM – Not meaningful.}

TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands)	2025			2024			2024			2024			2024
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	886,965		$	913,501		$	908,604		$	849,979		$	805,513
Taxable-equivalent adjustment:
– Loans		2,206			2,352			2,474			2,305			2,246
– Liquidity Management Assets		690			716			668			567			550
– Other Earning Assets		3			2			2			3			5
(B) Interest Income (non-GAAP)	$	889,864		$	916,571		$	911,748		$	852,854		$	808,314
(C) Interest Expense (GAAP)		360,491			388,353			406,021			379,369			341,319
(D) Net Interest Income (GAAP) (A minus C)	$	526,474		$	525,148		$	502,583		$	470,610		$	464,194
(E) Net Interest Income (non-GAAP) (B minus C)	$	529,373		$	528,218		$	505,727		$	473,485		$	466,995
Net interest margin (GAAP)		3.54	%		3.49	%		3.49	%		3.50	%		3.57	%
Net interest margin, fully taxable-equivalent (non-GAAP)		3.56			3.51			3.51			3.52			3.59
(F) Non-interest income	$	116,634		$	113,451		$	113,147		$	121,147		$	140,580
(G) Gains (losses) on investment securities, net		3,196			(2,835	)		3,189			(4,282	)		1,326
(H) Non-interest expense		366,090			368,539			360,687			340,353			333,145
Efficiency ratio (H/(D+F-G))		57.21	%		57.46	%		58.88	%		57.10	%		55.21	%
Efficiency ratio (non-GAAP) (H/(E+F-G))		56.95			57.18			58.58			56.83			54.95
	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands)	2025			2024			2024			2024			2024
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	6,600,537		$	6,344,297		$	6,399,714		$	5,536,628		$	5,436,400
Less: Non-convertible preferred stock (GAAP)		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
Less: Intangible assets (GAAP)		(913,004	)		(918,632	)		(924,646	)		(676,562	)		(677,911	)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	5,275,033		$	5,013,165		$	5,062,568		$	4,447,566		$	4,345,989
(J) Total assets (GAAP)	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933
Less: Intangible assets (GAAP)		(913,004	)		(918,632	)		(924,646	)		(676,562	)		(677,911	)
(K) Total tangible assets (non-GAAP)	$	64,957,062		$	63,961,036		$	62,863,778		$	59,104,954		$	56,899,022
Common equity to assets ratio (GAAP) (L/J)		9.4	%		9.1	%		9.4	%		8.6	%		8.7	%
Tangible common equity ratio (non-GAAP) (I/K)		8.1			7.8			8.1			7.5			7.6

Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	6,600,537		$	6,344,297		$	6,399,714		$	5,536,628		$	5,436,400
Less: Preferred stock		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
(L) Total common equity	$	6,188,037		$	5,931,797		$	5,987,214		$	5,124,128		$	5,023,900
(M) Actual common shares outstanding		66,919			66,495			66,482			61,760			61,737
Book value per common share (L/M)	$	92.47		$	89.21		$	90.06		$	82.97		$	81.38
Tangible book value per common share (non-GAAP) (I/M)		78.83			75.39			76.15			72.01			70.40

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	182,048		$	178,371		$	163,010		$	145,397		$	180,303
Add: Intangible asset amortization		5,618			5,773			4,042			1,122			1,158
Less: Tax effect of intangible asset amortization		(1,421	)		(1,547	)		(1,087	)		(311	)		(291	)
After-tax intangible asset amortization	$	4,197		$	4,226		$	2,955		$	811		$	867
(O) Tangible net income applicable to common shares (non-GAAP)	$	186,245		$	182,597		$	165,965		$	146,208		$	181,170
Total average shareholders’ equity	$	6,460,941		$	6,418,403		$	5,990,429		$	5,450,173		$	5,440,457
Less: Average preferred stock		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
(P) Total average common shareholders’ equity	$	6,048,441		$	6,005,903		$	5,577,929		$	5,037,673		$	5,027,957
Less: Average intangible assets		(916,069	)		(921,438	)		(833,574	)		(677,207	)		(678,731	)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	5,132,372		$	5,084,465		$	4,744,355		$	4,360,466		$	4,349,226
Return on average common equity, annualized (N/P)		12.21	%		11.82	%		11.63	%		11.61	%		14.42	%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)		14.72			14.29			13.92			13.49			16.75

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	253,055		$	253,081		$	232,709		$	211,343		$	249,956
Add: Provision for credit losses		23,963			16,979			22,334			40,061			21,673
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	277,018		$	270,060		$	255,043		$	251,404		$	271,629

WINTRUST SUBSIDIARIES

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A.

Additionally, the Company operates various non-bank businesses:

FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.
First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.
Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.
Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices.
Wintrust Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.
Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.
Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.
Wintrust Asset Finance offers direct leasing opportunities.
CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2024 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;
negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies;
the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
the financial success and economic viability of the borrowers of our commercial loans;
commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin;
the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;
inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;
changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;
the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;
competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;
failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;
unexpected difficulties and losses related to FDIC-assisted acquisitions;
harm to the Company’s reputation;
any negative perception of the Company’s financial strength;
ability of the Company to raise additional capital on acceptable terms when needed;
disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
failure or breaches of our security systems or infrastructure, or those of third parties;
security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;
adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);
adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
increased costs as a result of protecting our customers from the impact of stolen debit card information;
accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
environmental liability risk associated with lending activities;
the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;
the expenses and delayed returns inherent in opening new branches and de novo banks;
liabilities, potential customer loss or reputational harm related to closings of existing branches;
examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;
changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;
the ability of the Company to receive dividends from its subsidiaries;
the impact of the Company’s transition from LIBOR to an alternative benchmark rate for current and future transactions;
a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;
legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;
changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;
a lowering of our credit rating;
changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;
regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;
increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;
the impact of heightened capital requirements;
increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
delinquencies or fraud with respect to the Company’s premium finance business;
credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
the Company’s ability to comply with covenants under its credit facility;
fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; and
widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.

Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, April 22, 2025 at 9:00 a.m. (CDT) regarding first quarter 2025 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated March 31, 2025 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2025 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

FOR MORE INFORMATION CONTACT:
Timothy S. Crane, President & Chief Executive Officer
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Web site address: www.wintrust.com

The MIL Network –

MIL-OSI USA: News 04/21/2025 Blackburn, Tillis Introduce Bill to Prevent Chinese Communist Party from Exploiting Sister City Economic Partnerships for Radical Agenda

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)
NASHVILLE, Tenn. – U.S. Senators Marsha Blackburn (R-Tenn.) and Thom Tillis (R-N.C.) introduced the Sister City Transparency Act to identify the risks of foreign espionage, including by Communist China, within sister city partnerships that exist to promote cultural exchange and economic development:
“Communist China is exploiting sister city partnerships to achieve its own strategic objectives, and we need to make certain we are not enabling this activity in our own communities,” said Senator Blackburn. “This legislation would shine a bright light on these partnerships to keep our enemies from furthering their own dangerous agendas.”
“This commonsense bill is an important step towards protecting our security and economy by studying our sister city partnerships with cities across the world,” said Senator Tillis. “We must ensure sister city partnerships don’t expose us to harmful market practices, limit free speech, or support foreign interests that undermine our values.”

Click here to download a video of Senator Blackburn discussing her Sister City Transparency Act.
BACKGROUND
The United States maintains 1,800 sister city partnerships with countries worldwide, including 157 partnerships with Chinese communities. However, the Chinese Communist Party (CCP) has begun using these partnerships to achieve geostrategic objectives.
The CCP hides behind soft diplomacy and mutual benefit until its foreign partners exhibit political nonconformity. Thus, similar to Confucius Institutes, sister city partnerships may leave American communities vulnerable to foreign espionage and ideological coercion.
Little information currently exists regarding sister city partnerships operating within the U.S because such partnerships generally fail to publicize information regarding their agreements, activities, and employees. This impedes proper oversight and could enable malign activity.
SISTER CITY TRANSPARENCY ACT
The Sister City Transparency Act would create a Government Accountability Office report on sister city partnerships in the U.S. It would direct the Comptroller General to study partnerships involving foreigncommunities in countries with significant public sector corruption like Communist China and the Russian Federation. The study would:
Identify the oversight practices that U.S. communities implement to mitigate the risks of foreign espionage and economic coercion within sister city partnerships;
Assess the extent to which foreign communities could use sister city partnerships to conduct malign activities, including academic and industrial espionage; and
Review best practices to ensure transparency regarding sister city partnerships’ agreements, activities, and employees.

MIL OSI USA News –

MIL-OSI Security: Two Guatemalan Nationals And One Brevard County Man Plead Guilty To Drug And Immigration Offenses

Source: Office of United States Attorneys

Orlando, Florida – United States Attorney Gregory W. Kehoe announces that Augusto Rene Reyes-Gonzalez (37, Guatemala), Carlos Grijalva-Garcia (38, Guatemala), and Brandon Charod Smith (39, Palm Bay) have pleaded guilty to their respective roles in conspiring to distribute and distributing cocaine and methamphetamine. Reyes-Gonzalez and Grijalva-Garcia also pleaded guilty to illegal reentry by a deported alien. Reyes-Gonzalez and Smith each face a mandatory minimum penalty of 10 years, up to life, in federal prison. Grijalva-Garcia faces a maximum penalty of 20 years in federal prison. No sentencing dates have been set.

According to court documents, in August and September 2023, Reyes-Gonzalez conspired with Grijalva-Garcia to distribute cocaine, which they distributed to a confidential source on August 25, 2023. Between September 2023 and January 2024, Reyes-Gonzalez conspired with Smith to distribute 50 grams or more of methamphetamine, which they distributed to the same confidential source on September 8, October 6, December 1, and December 22, 2023. In total, the conspiracies involved over 80 grams of cocaine and over 3 kilograms of pure methamphetamine.

At the time of the drug conspiracies, Reyes-Gonzalez and Grijalva-Garcia were citizens of Guatemala and found to be unlawfully in the United States. Both individuals had previously been removed from the United States on multiple occasions.

This case was investigated by the Drug Enforcement Administration, U.S. Customs and Border Protection, the Federal Bureau of Investigation, the Palm Bay Police Department, the Rockledge Police Department, the Melbourne Police Department, the Cocoa Police Department, and the Brevard County Sheriff’s Office. It is being prosecuted by Assistant United States Attorneys Brandon Cruz, Dana Hill, and Megan Testerman.

MIL Security OSI –

MIL-Evening Report: Fossil fuel companies ‘poisoned the well’ of public debate with climate disinformation. Here’s how Australia can break free

Source: The Conversation (Au and NZ) – By Naomi Oreskes, Professor of the History of Science, Harvard University

President Donald Trump has issued an executive order that would block state laws seeking to tackle greenhouse gas emissions – the latest salvo in his administration’s campaign to roll back United States’ climate action.

Under Trump, the US has clearly abdicated climate leadership. But the US has in fact obstructed climate action for decades – largely due to damaging actions by the powerful fossil fuel industry.

In 20 years studying attacks on climate science and the powerful forces at work behind the scenes, I’ve come to think the United States is simply not going to lead on climate action. The fossil fuel industry has so poisoned the well of public debate in the US that it’s unlikely the nation will lead on the issue in our lifetimes.

Australia, on the other hand, has enormous potential.

I recently visited Australia from Harvard University for a series of public talks. This nation is very close to my heart. I trained as a mining geologist and spent three years in outback South Australia, before returning to academia.

The vacuum Trump has created on climate policy provides a chance for other countries to lead. Australia has much more to gain from the clean-energy future than it stands to lose – and your climate action could be pivotal.

The climate crisis: a long time coming

Scientists first warned against burning fossil fuels way back in the 1950s. When the US Clean Air Act was passed in 1970, the words “weather” and “climate” were included because scientists had already explained to Congress that carbon dioxide was a pollutant with serious — even dire — effects.

In the late 1980s, scientists at NASA observed changes in the climate system that could only be explained by the extra heating effect of atmospheric carbon dioxide. The predictions had become reality.

When George H.W. Bush ran successfully for president in 1988, he promised to use the power of the “White House effect” to fight the “greenhouse effect”. In 1992, Bush and other world leaders gathered in Rio de Janeiro, Brazil, to sign the United Nations Framework Convention on Climate Change. Together, 178 countries promised action to prevent “dangerous anthropogenic interference” with Earth’s climate. But that action never came.

Trump has undoubtedly been bad news for global climate action. He makes preposterous claims about science and is dismantling the federal agencies responsible for supporting climate science and maintaining climate data.

But the US has long failed to play its part in cutting dangerous greenhouse gas emissions. The reason for this lies largely outside the White House.

If only George H.W. Bush had used the White House effect to counter the greenhouse effect, as he once promised to.
mark reinstein, Shutterstock

A long-running campaign of disinformation

The fossil fuel industry has known about climate change for as long as scientists have.

In the late 1970s and early 1980s, scientists at Esso (later ExxonMobil) actively researched the topic, building climate models and coauthoring scientific papers.

The scientists informed their managers of the risk of catastrophic damage if the burning of oil, gas and coal continued unabated. They even suggested the company might need a different business model – one not so dependent on fossil fuels.

But managers at ExxonMobil made a fateful decision: to turn from information to disinformation. Working in tandem with other oil, gas and coal companies, as well as automobile and aluminium manufacturers, ExxonMobil launched an organised campaign, sustained over decades, to block climate action by casting doubt on the underlying science.

They ran ad campaigns in national and local newspapers insisting the science was too unsettled to warrant action. They created “astroturf” organisations that only pretended to be green, and funded “third-party allies” to argue that proposed remedies would be too expensive, cost jobs and damage the economy.

The company funded outlier scientists to publish papers claiming atmospheric warming was the result of natural climate variability. They pressured journalists to give equal time to “their side” of the story in the name of “balance”.

Over the next three decades, whenever any meaningful climate policy seemed to be gaining traction, the industry and its allies lobbied Congress and state legislatures to block it. So, neither Democratic nor Republican administrations were able to undertake meaningful climate action.

While people were dying in climate-charged floods and fires, the fossil fuel industry persuaded a significant proportion of the US population, including Trump, that the whole thing might just be a hoax.

Rise up Australia

In a matter of weeks after becoming president, Trump pulled out of the Paris Agreement to limit global warming, shut down government websites hosting climate data, and withdrew support for research that dares to mention the word “climate”.

This has created a vacuum that other countries, including Australia, can step up to fill.

Few countries have more to lose from climate change than Australia. The continent has already witnessed costly and devastating wildfires and floods — affecting remote areas and major cities. It’s not unreasonable to worry that in coming years, significant parts of Australia could become uninhabitable.

Like the US, Australia has a powerful fossil fuel industry that has disproportionately influenced its politics. Unlike the US, however, that industry is based mainly on coal for export, which Australians do not depend on in their daily lives.

And Australia is truly a lucky country. It has unsurpassed potential to replace fossil fuels with renewable energy.

More than 15 years ago, Australian researchers in the Zero Carbon Australia project offered a blueprint for how the country could eliminate fossil fuel use entirely. Since then, renewable energy has only become cheaper and more efficient.

South Australia has proved the point: the state was 100% reliant on fossil fuels for electricity in 2002, but now more than 70% comes from renewables.

Across Australia, the share of renewable electricity generation is growing. Victoria, New South Wales and Queensland are vying for second place after SA. It’s fascinating to watch the National Electricity Market balance supply and demand in real time, where a large proportion of the electricity comes from rooftop solar.

For decades, the fossil fuel industry has told the public our societies can’t manage without fossil fuels. Large parts of Australia have proved it’s just not so. The rest of the nation can follow that lead, and model the energy transition for the world. Here’s your chance.

Over the past two decades, Naomi Oreskes has received grant funding from various governments and non-government organisations to support the research upon which this piece is based. She serves on the board of The Climate Science Legal Defense Fund, which works to protect the integrity of climate science, and climate scientists, from politically motivated attacks. The Fund is a registered 501 c(3) non-profit organisation, meaning it does not engage in political activities. She is also an emerita board member of Protect our Winters, a 501 c (3) that works with the winter sports community to educate people about climate change and the threat it poses to winter sports. Naomi serves on the board of the Kann-Rasmussen foundation (Denmark), a non-profit foundation that works “to support the transition to a more environmentally resilient stable, and sustainable planet”.
Naomi currently serves as a consultant to a number of groups pursuing climate litigation in the United States, and recently submitted an expert report to the International Court of Justice on behalf of Vanuatu. She also receives speaking fees and book royalties for talks and publications on the history of climate science and climate change denial. Co-author, with Erik M. Conway, of Merchants of Doubt (2010) and The Big Myth (2023).

– ref. Fossil fuel companies ‘poisoned the well’ of public debate with climate disinformation. Here’s how Australia can break free – https://theconversation.com/fossil-fuel-companies-poisoned-the-well-of-public-debate-with-climate-disinformation-heres-how-australia-can-break-free-251221

MIL-OSI USA: Senator Murray Demands Answers from Secretary Collins Over VA’s Unprecedented Refusal to Allow VA Puget Sound to Participate in Women Veterans Roundtable This Week

US Senate News:

Source: United States Senator for Washington State Patty Murray

Senator Murray in letter to Secretary Collins: “Over the thirty years I have represented Washington state, VA has approved and hosted countless outreach events with me… I was surprised and dismayed to find out this month that my office had been suddenly denied permission to hold a roundtable for women veterans to be able to talk about their own health care experiences, and concerns related to continued access to services.”

Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate Veterans’ Affairs Committee, sent a letter to U.S. Department of Veterans Affairs (VA) Secretary Doug Collins expressing concern and dismay over the unprecedented refusal—with no justification—by VA to allow VA Puget Sound to participate in a roundtable discussion Senator Murray is holding in Seattle tomorrow on women veterans’ health care. In the hearing on his nomination to lead VA and in his meeting with Senator Murray ahead of the Senate vote on his nomination, Doug Collins promised to be transparent with Congress if confirmed.

“Throughout my time in Congress, under both Republican and Democratic administrations, I have been able to have open and honest conversations with VA and engage with my veteran constituents in Washington state,” Senator Murray wrote in her letter to Secretary Collins. “However, this administration has proven to be vastly different—VA is now providing little to no information in response to congressional inquiries and VA providers are being prevented from getting the opportunity to hear directly from veterans about their health care experience.”

Murray continued, “VA has approved and hosted countless outreach events with me, including roundtables, on VA property to talk about everything from the implementation of the PACT Act to VA’s advancements in prosthetics care. All these events have been compliant with the Hatch Act. So, I was surprised and dismayed to find out this month that my office had been suddenly denied permission to hold a roundtable for women veterans to be able to talk about their own health care experiences, and concerns related to continued access to services. Furthermore, the VA provided no rationale to justify this denial.”

“This roundtable was designed to give providers, women veterans, and VA staff a chance to come together, in a space they all know and trust, to talk about the current state of women’s health care and ensure an ongoing conversation on the importance of prioritizing gender-specific health care services at VA… We owe women veterans the opportunity to have a say in how VA can best deliver their health care to them—and VA Puget Sound has a robust women’s health program that is worth showcasing,” Murray wrote. “From the abrupt mass firing of tens of thousands of VA employees, to the refusal to meaningfully engage with Congress, I am left to conclude that this administration is committed to putting up barriers that only make it harder for women veterans—and all veterans—to receive the care they deserve.”

Senator Murray concluded by requesting answers to the following questions by May 16^th, noting her concern with VA’s lack of transparency on the decision to deny her request to host a women veterans’ roundtable at VA Puget Sound, and growing concern with VA politicizing constituent services and congressional oversight:

Plainly, why was the request refused?
At what level was the request refused –VISN, VHA headquarters, or by VA central office political leadership?
Was VA’s refusal based in any way due to the due to the event’s focus on women veterans?
Has VA approved outreach activities at other VA facilities since January 22, 2025 which have involved other Members of Congress?
1. If so, which Members, which facilities, and what is the distinction between those events and this planned event?
What has caused VA to shift away from its previous policy regarding hosting on-campus events?
1. Please provide a copy of the new policy, guidance, directive, or memo.
What does VA define as an “outreach” activity?
What would be considered an approved outreach activity?
Will Congressional visits, tours, or in-person oversight actions of any kind no longer be allowed?
What kind of in-person engagement will be allowable for the administration?

In February 2024, Senator Murray hosted a roundtable discussion on improving health care for women veterans where she heard directly from VA officials as well as women veterans and Veteran Service Organizations. Senator Murray has hosted countless other events in conjunction with VA Puget Sound over the years.

A PDF of the letter is available HERE.

MIL OSI USA News –

MIL-Evening Report: Parents delay sending kids to school for social reasons and physical size. It’s not about academic advantage

Source: The Conversation (Au and NZ) – By Penny Van Bergen, Associate Professor in the Psychology of Education, Macquarie University

If you have a child born at the start of the year, you may be faced with a tricky and stressful decision. Do you send them to school “early”, in the year they turn five? Or do you “hold them back” and send them in the year they turn six?

Media reports refer to parents who want to “hold children back”. This is particularly the case for boys. Some parents express concerns boys may develop more slowly and school activities may favour girls.

Our new study surveyed Australian parents to understand their reasons for sending children to school early or on time or holding them back.

School entry in Australia

State regulations for the age of starting school vary across Australia, and between public, Catholic and independent schools.

Typically, however, children born in the first part of the year can be sent to school in either the year they turn five or the year they turn six. This can lead to big age caps in a school year level.

Public school cutoff dates are April 30 in Victoria, May 1 in South Australia, June 30 in Queensland and July 31 in New South Wales.

A 2019 study of more than 160,000 NSW students showed overall, 26% of children were held back, although there was variation between different regions. This is much higher than in many other countries. For example, delayed entry is as low as 5.5% in the United States and 6% in Germany.

Our research

In our research published in Early Education and Development, we surveyed 226 Australian parents who had a choice about whether to send their child to school in the year they turned five or six. Parents were from a mix of states and recruited via social media and a variety of other media, including parenting magazines.

We found 29% of parents intended to send their child to school in the first year they were eligible and 66% planned to start later. About 5% were unsure. Consistent with trends in other countries, parents were almost four times as likely to report they intended to start boys later than girls.

There were five key factors guiding their decisions.

1. Money and work

One group of factors, which we labelled “practical realities”, meant parents were more likely to send a child on time or early.

This included high early childhood education costs (it is much cheaper to send a child to a government school than pay for daycare) and parents’ work demands (and the benefits of regular school hours). As one parent said:

School is a cheaper option for many parents and community preschool (which is cheaper, depending on the number of days) is not a practical option for many working families.

2. A child’s size

Parents also considered their child’s physical size relative to their peers. Other studies suggest parents worry smaller boys will be bullied and will struggle to demonstrate sporting prowess.

Reflecting on this trend, one parent said:

I would prefer that my child wasn’t starting school with children well over a year older just because other parents think boys need a bit more time to mature. They are then significantly older and bigger by then.

3. Social readiness

Another group of factors involved children’s social, emotional and behavioral readiness for school. This includes their ability to pay attention and sit still, follow instructions, regulate and manage emotions and show empathy and consideration for others.

One parent sending their child to school in the year they turn five said:

Our child will be fine […] He is able, social and confident and hopefully this will mean he will have a positive school experience irrespective of what year he starts.

Another who chose to hold their child back suggested:

I want my child to be introduced to formal schooling as late as possible to ensure his brain development and emotional regulation are mature enough to handle the transition.

4. Family time

Another set of reasons influencing parents’ decisions was a desire to spend time together with their child before formal schooling. As one parent said:

I always hear that no one ever regrets sending their child a bit later but they often regret sending early. I can afford for her to have an extra year of preschool and time at home and that is a luxury I acknowledge not everyone has.

5. Milestones

Parents also looked to the future and considered their child’s age relative to peers. This included when they would be starting high school or completing teenage milestones, such as driving, drinking, managing friendships and finishing school. This might explain why rates of holding children back vary by region. As one parent told us:

The people around me having a choice (and holding their children back) ended up influencing my choice. She [my daughter] could have started school but would have been in a peer group that had been held back.

What about academic concerns?

Interestingly, parents did not typically express academic concerns or motivations (such as a desire to see their child move ahead of others academically) as a factor in their decision. Indeed, as one parent said:

I have very strong beliefs about what school readiness means and for me it is much more than just being academically ready.

Although there is evidence older children have a developmental advantage over younger children when entering school, academic benefits dissipate over time. For example, older children do better on Year 3 and 5 NAPLAN numeracy and literacy tests, but benefits fade or disappear by Year 9.

What does this mean?

Our research suggests the reasons why parents start a child early or hold them back are complex – and very much based on the needs of individual families and children.

Taken together they suggest teachers not only need to accommodate a wide range of ages starting school but a sizeable portion of families who will have “delayed” school for a variety of personal reasons.

Penny Van Bergen receives funding from the ARC, Google and the Marsden Fund.

Naomi Sweller receives funding from the ARC.

Rebecca Andrews receives funding from NSW Department of Education and the Australian Children’s Early Childhood Quality Authority.

Anne McMaugh and Kay Bussey do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Parents delay sending kids to school for social reasons and physical size. It’s not about academic advantage – https://theconversation.com/parents-delay-sending-kids-to-school-for-social-reasons-and-physical-size-its-not-about-academic-advantage-254076