NewzIntel.com

Category: Economy

  • MIL-OSI Security: Security News: Arizona Woman Sentenced for $17M Information Technology Worker Fraud Scheme that Generated Revenue for North Korea

    Source: United States Department of Justice

    An Arizona woman was sentenced today to 102 months in prison for her role in a fraudulent scheme that assisted North Korean Information Technology (IT) workers posing as U.S. citizens and residents with obtaining remote IT positions at more than 300 U.S. companies. The scheme generated more than $17 million in illicit revenue for Chapman and for the Democratic People’s Republic of Korea (DPRK or North Korea).

    Christina Marie Chapman, 50, of Litchfield Park, Arizona, pleaded guilty on Feb. 11 in the District of Columbia to conspiracy to commit wire fraud, aggravated identity theft, and conspiracy to launder monetary instruments. In addition to the 102-month prison term, U.S. District Court Judge Randolph D. Moss ordered Chapman to serve three years of supervised release, to forfeit $284,555.92 that was to be paid to the North Koreans, and to pay a judgment of $176,850.

    “Christina Chapman perpetrated a years’ long scheme that resulted in millions of dollars raised for the DPRK regime, exploited more than 300 American companies and government agencies, and stole dozens of identities of American citizens,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “Chapman made the wrong calculation: short term personal gains that inflict harm on our citizens and support a foreign adversary will have severe long term consequences.  I encourage companies to remain vigilant of these cyber threats, and warn individuals who may be tempted by similar schemes to take heed of today’s sentence.”

    “North Korea is not just a threat to the homeland from afar. It is an enemy within. It is perpetrating fraud on American citizens, American companies, and American banks. It is a threat to Main Street in every sense of the word,” said U.S. Attorney Jeanine Ferris Pirro for the District of Columbia. “The call is coming from inside the house. If this happened to these big banks, to these Fortune 500, brand name, quintessential American companies, it can or is happening at your company. Corporations failing to verify virtual employees pose a security risk for all. You are the first line of defense against the North Korean threat.”

    “The North Korean regime has generated millions of dollars for its nuclear weapons program by victimizing American citizens, businesses, and financial institutions,” said Assistant Director Rozhavsky of the FBI’s Counterintelligence Division. “However, even an adversary as sophisticated as the North Korean government can’t succeed without the assistance of willing U.S. citizens like Christina Chapman, who was sentenced today for her role in an elaborate scheme to defraud more than 300 American companies by helping North Korean IT workers gain virtual employment and launder the money they earned. Today’s sentencing demonstrates that the FBI will work tirelessly with our partners to defend the homeland and hold those accountable who aid our adversaries.”

    “The sentencing today demonstrates the great lengths to which the North Korean government will go in its efforts and resources to fund its illicit activities. The FBI continues to pursue these threat actors to disrupt their network and hold those accountable wherever they may be,” said Special Agent in Charge Heith Janke of the FBI Phoenix Field Office.

    “Today’s sentencing brings justice to the victims whose identities were stolen for this international fraud scheme,” said Special Agent in Charge Carissa Messick of the IRS Criminal Investigation (IRS-CI) Phoenix Field Office. “The scheme was elaborate. If this sentencing proves anything, it’s that no amount of obfuscation will prevent IRS-CI and our law enforcement partners from tracking down those that wish to steal the identities of U.S. nationals, launder money, or engage in criminality that jeopardizes national security.”

    The case involved one of the largest North Korean IT worker fraud schemes charged by the Department of Justice, with 68 identities stolen from victims in the United States and 309 U.S. businesses and two international businesses defrauded.

    According to court documents, North Korea has deployed thousands of highly skilled IT workers around the world, including to the United States, to obtain remote employment using false, stolen, or borrowed identities of U.S. persons. To circumvent controls employed by U.S. companies to prevent the hiring of illicit overseas IT workers, the North Korean IT workers obtain assistance from U.S.-based collaborators.

    Chapman helped North Korean IT workers obtain jobs at 309 U.S. companies, including Fortune 500 corporations. The impacted companies included a top-five major television network, a Silicon Valley technology company, an aerospace manufacturer, an American car maker, a luxury retail store, and a U.S media and entertainment company. Some of the companies were targeted by the IT workers, who maintained a repository of postings for companies that they wanted to employ them. The IT workers also attempted to obtain employment at two different U.S. government agencies, although these efforts were generally unsuccessful.

    Chapman operated a “laptop farm” where she received and hosted computers from the U.S. companies at her home, deceiving the companies into believing that the work was being performed in the United States. Chapman also shipped 49 laptops and other devices supplied by U.S. companies to locations overseas, including multiple shipments to a city in China on the border with North Korea. More than 90 laptops were seized from Chapman’s home following the execution of a search warrant in October 2023.

    Christina Chapman organized and stored U.S. company laptops in her home, and included notes identifying the U.S. company and identity associated with each laptop.

    Much of the millions of dollars in income generated by the scheme was falsely reported to the IRS and Social Security Administration in the names of actual U.S. individuals whose identities had been stolen or borrowed. Additionally, Chapman received and forged payroll checks in the names of the stolen identities used by the IT workers and received IT workers’ wages through direct deposit from U.S. companies into her U.S. financial accounts. Chapman further transferred the proceeds from the scheme to individuals overseas.

    This case was investigated by the FBI Phoenix Field Office, and the IRS-CI Phoenix Field Office. Assistance was provided by the FBI Chicago Field Office.

    Trial Attorney Ashley R. Pungello of the Criminal Division’s Computer Crime and Intellectual Property Section and Assistant U.S. Attorney Karen P. Seifert for the District of Columbia prosecuted the case, with assistance from Paralegal Specialist Jorge Casillas. Assistant U.S. Attorney Joshua Rothstein for the District of Columbia, the Victim Witness Unit, the U.S. Attorney’s Office for the District of Arizona, and the National Security Division’s National Security Cyber Section also provided assistance.

    ***

    In a coordinated effort, FBI Phoenix also issued guidance for HR professionals on detecting North Korean IT workers, and the Department of State issued guidance on the North Korean IT worker threat.

    Prior guidance was issued by the FBI, State Department, and the Department of the Treasury on this threat in a May 2022 advisory, and by the United States and the Republic of Korea (South Korea) in October 2023. The FBI issued updated guidance in May 2024 regarding the use of U.S. persons acting as facilitators by providing a U.S.-based location for U.S. companies to send devices and a U.S.-based internet connection for access to U.S. company networks and in January 2025 concerning the extortion and theft of sensitive company data by North Korean IT workers, along with recommended mitigations.

    MIL Security OSI –

  • MIL-OSI USA: Senator Baldwin Statement on Governor Evers’ Retirement

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin (D-WI) released the following statement on Governor Tony Evers’ announcement that he will not seek reelection in 2026:

    “Wisconsin is lucky to have had Tony Evers leading our state. He has always put Wisconsin – and Wisconsin’s children – first, and we will continue to see those benefits for generations to come. The Governor’s commitment to every kid’s education, our teachers, and public schools will undoubtedly shape our future for the better and be a cornerstone of his legacy. His steady hand led us through a once-in-a-generation pandemic, and Wisconsin came out the other side with a strong economy, record low unemployment, and a strong sense of community that bonds us all.

    “Tony embodies the best of the Wisconsin way – he knows what is right and is willing to fight for it, but is level-headed, Midwestern nice, and always willing to bridge divides if it’s right for our state. The Governor faced tough headwinds to progress, but it never stopped him. I am grateful to call Tony a friend and am ‘jazzed as hell’ to see what comes next for him and Kathy. Thank you for all you have done for Wisconsin, Tony.”
     

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Saves College Sports

    Source: US Whitehouse

    SAVING COLLEGE SPORTS: Today, President Donald J. Trump signed an Executive Order to protect student-athletes and collegiate athletic scholarships and opportunities, including in Olympic and non-revenue programs, and the unique American institution of college sports.

    • The Order requires the preservation and, where possible, expansion of opportunities for scholarships and collegiate athletic competition in women’s and non-revenue sports.
    • The Order prohibits third-party, pay-for-play payments to collegiate athletes.  This does not apply to legitimate, fair-market-value compensation that a third party provides to an athlete, such as for a brand endorsement.
    • The Order provides that any revenue-sharing permitted between universities and collegiate athletes should be implemented in a manner that protects women’s and non-revenue sports.
    • The Order directs the Secretary of Labor and the National Labor Relations Board to clarify the status of student-athletes in order to preserve non-revenue sports and the irreplaceable educational and developmental opportunities that college sports provide.
    • The Order directs the Attorney General and the Federal Trade Commission to take appropriate actions to protect student-athletes’ rights and safeguard the long-term stability of college athletics from endless, debilitating antitrust and other legal challenges.
    • The Order directs the Assistant to the President for Domestic Policy and the Director of the White House Office of Public Liaison to consult with the U.S. Olympic and Paralympic Teams and other organizations to protect the role of college athletics in developing world-class American athletes.

    RECOGNIZING THE IMPORTANCE OF COLLEGE SPORTS: President Trump recognizes the critical role of college sports in fostering leadership, education, and community pride, the need to address urgent threats to its future, including endless litigation seeking to eliminate the basic rules of college sports, escalating private-donor pay-for-play payments in football and basketball that divert resources from other sports and reduce competitive balance, and the commonsense reality that college sports are different than professional sports.

    • College sports, a uniquely American institution, support over 500,000 student-athletes with nearly $4 billion in scholarships annually, forging America’s future leaders, driving local economies and shaping national culture.
    • The collegiate athletic system produced 75% of the 2024 U.S. Olympic Team and has yielded countless business and civic leaders.
    • Recent litigation, including a 2021 Supreme court ruling on name, image, and likeness (NIL) payments and subsequent cases dismantling NCAA transfer and recruiting rules, has created a chaotic environment that threatens the financial and structural viability of college athletics.
      • Ongoing lawsuits seek to tear down the foundational elements of college sports that distinguish it from professional sports and protect non-revenue sports, such as that student-athletes are different than professional employees and that there are limits on how many seasons student-athletes can play.
    • The lack of enforceable rules has turned what were supposed to be legitimate, third-party NIL opportunities for players into pay-for-play bidding wars amongst university boosters, with some universities and their outside supporters reportedly spending more than $50 million per year on fielding rosters, mostly for the revenue-generating sports like football.  Football players on one team will receive $35-40 million in 2025 alone. 
    • Given these enormous, escalating demands on resources to compete in the revenue-generating sports, there are serious concerns regarding the future of non-revenue sports, women’s sports, and Olympic sports, as private-donor money is increasingly concentrated in these third-party, pay-for-play deals.  This dynamic also reduces competition and parity by creating an oligarchy of teams that can buy the best players—including the best players from less-wealthy programs at the end of each season, given the lack of restrictions on transferring teams each year.
    • Over 30 states have passed conflicting NIL laws, leading to a race-to-the-bottom that risks exploiting student-athletes and creating competitive imbalances among universities.
    • Without Federal action to restore order, ongoing lawsuits and a patchwork of state NIL laws risk exploiting student-athletes and eroding the opportunities provided by collegiate sports.

    PROMOTING A LEGACY OF ATHLETIC EXCELLENCE: This Executive Order builds on President Trump’s longstanding commitment to showcasing American greatness through sports and recognition of its value in forging American leaders and culture.

    • President Trump signed an Executive Order to keep men out of women’s sports, ensuring equal opportunities for women in sports.
    • President Trump played a pivotal role in securing the United States’ bid for the 2028 Summer Olympics in Los Angeles and the United States’ bid for the 2026 FIFA World Cup.
    • President Trump has attended countless sporting events and hosted numerous teams at the White House.

    MIL OSI USA News –

  • MIL-OSI Australia: Backing Australia’s tourism, hospitality and travel sectors

    Source: Australian Attorney General’s Agencies

    Australia’s Tourism, Hospitality and Travel industries have a powerful new tool to attract, retain and train workers with the launch of eeger.

    The Albanese Labor Government, working in partnership with Accommodation Australia, is proud to launch this government-funded, industry-led national careers and training platform.

    Australia’s Tourism, Hospitality and Travel industries help put Australia on the map, with the workforce that make up the industry becoming the public face of our world class experiences, accommodation and food offerings.

    With workforce demand in the industry expected to grow by nearly 150,000 by 2033, eeger will go a long way to ensuring the future sustainability of Australia’s tourism, hospitality and travel sectors.

    The visitor economy is vital to Australia. It supports over 706,000 jobs – that’s one in every 23 jobs across the nation. It underpins more than 360,000 businesses, from hotels to tour operators, cafes to cultural centres – these are businesses that keep our communities vibrant and connected.

    eeger brings together job vacancies, training programs and career development resources into one, easy-to-use, digital platform, connecting jobseekers, employers and educators across these rapidly growing sectors.

    This groundbreaking initiative will tackle long-standing workforce challenges for the sector, helping to build a stronger, more resilient visitor economy.

    eeger was made possible by a $10 million grant from the Albanese Labor Government to strengthen the country’s visitor economy and secure the skilled workforce it needs for the future.

    eeger isn’t just a job board. It brings together job opportunities, training programs and career development in one place, making it easier for Australians to enter and grow within these vital industries.

    Quotes attributable to the Minister for Trade and Tourism Don Farrell:

    “The launch of eeger marks a pivotal moment for the industry, offering a national perspective for tourism, travel and hospitality job seekers to find the right opportunities and for employers to access the skilled workforce they need.

    “The Albanese Labor Government is proud to support this innovative platform, which will help rebuild and future-proof Australia’s visitor economy.

    “My first job was in tourism, and I know firsthand how magnificent this industry is to be a part of. I encourage businesses and jobseekers to sign up and make the most of this innovative platform and join this vibrant and important sector.”

    General Manager of eeger, Emilie Howe:

    “eeger is more than a job platform – it’s built by industry, for industry. It’s a unique solution that centralises career, job and training information for our workforce needs – the first of its kind on a national scale.

    “We encourage all businesses in Tourism, Hospitality and Travel, no matter the size, to sign up and take advantage of the free eeger platform.”

    Quotes attributable to Accommodation Australia CEO, James Goodwin:

    “We’re proud to have worked with so many sectors to develop such an innovative platform that responds exactly to what the industry needs.”

    MIL OSI News –

  • MIL-OSI: Provident Financial Services, Inc. Declares Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    ISELIN, N.J., July 24, 2025 (GLOBE NEWSWIRE) — Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on August 29, 2025 to stockholders of record as of the close of business on August 15, 2025.

    About the Company

    Provident Financial Services, Inc. is the holding company for Provident Bank, a community-oriented bank offering “Commitment you can count on” since 1839. Provident Bank provides a comprehensive array of financial products and services through its network of branches throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc.

    SOURCE: Provident Financial Services, Inc.
    CONTACT: Investor Relations, 1-732-590-9300
    Web Site: http://www.Provident.Bank

    The MIL Network –

  • MIL-OSI: eSignatureGuarantee.com, An Online Medallion Guarantee Verification Platform, Acquired by Entrepreneur Jess Heron

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — via IBN — eSignature Guarantee, a trusted online medallion stamp verification solution platform that simplified a traditionally complex financial process, has been acquired by entrepreneur and operator Jess Heron.

    Since its launch, eSignatureGuarantee.com has been a valued resource for tens of thousands of shareholders and investors across the country who need a compliant and more convenient way to get things done. As banks pulled back from branch-based services, the platform filled the gap with a digital approach that made things faster, easier, and accessible from anywhere.

    For co-founder Seth Farbman, this was more than another exit: “One of the most important things I look for when selling a company is identifying someone who sees the value in what has already been built and who is ready to carry it forward with the same care. There is a certain connection to an idea when you take it from seed to sale. The goal is always to make sure it reaches its full potential and that the client audience is taken care of going forward. Jess Heron is the right person for this next chapter.”

    Jess Heron brings deep experience in scaling platforms and building customer-first technology. He said: “We see incredible upside and opportunity to extend the solution across new use cases, while continuing to serve shareholders, trusts, funds and corporate holders who depends on a trusted digital medallion verification experience. I am excited for what comes next.”

    Yoel Goldfeder added: “We are proud that eSignature Guarantee succeeded by integrating legal integrity and securities compliance with practical utility, offering a solution that met the standards of the industry while simplifying the experience for those it served.”

    With this acquisition, the eSignatureGuarantee.com platform will continue to operate without interruption, while the new leadership team explores new integrations and expanded service offerings to further simplify the medallion guarantee process. Financial terms of the deal were not disclosed.

    For those looking to use the service, feel free to visit www.eSignatureGuarantee.com.

    About eSignature Guarantee

    eSignatureGuarantee.com is a secure, online platform that offers Medallion Signature Guarantees for individual and institutional shareholders. Since its founding, the platform has served thousands of users who required fast, compliant, and remote solutions for financial transactions that traditionally required in-person banking services.

    Contact:

    info@esignatureguarantee.com

    Wire Service Contact:
    IBN
    Austin, Texas
    www.InvestorBrandNetwork.com
    512.354.7000 Office
    Editor@InvestorBrandNetwork.com

    The MIL Network –

  • MIL-OSI: Definitive Healthcare Announces Timing of Its Second Quarter 2025 Financial Results Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    FRAMINGHAM, Mass., July 24, 2025 (GLOBE NEWSWIRE) — Definitive Healthcare Corp. (“Definitive Healthcare”) (Nasdaq: DH), an industry leader in healthcare commercial intelligence, today announced that it will report financial results for its second quarter ended June 30, 2025, on Thursday, August 7, 2025 after market close. The company will host a conference call and webcast at 5:00 PM (ET) / 2:00 PM (PT) to discuss the company’s financial results.

    A live audio webcast of the event will be available on the Definitive Healthcare’s Investor Relations website at https://ir.definitivehc.com/.

    A live dial-in will be available at 877-358-7298 (domestic) or +1-848-488-9244 (international). Shortly after the conclusion of the call, a replay of this conference call will be available through September 6, 2025 at 800-645-7964 or 757-849-6722. The replay passcode is 1765#.

    About Definitive Healthcare
    At Definitive Healthcare, our mission is to transform data, analytics, and expertise into healthcare commercial intelligence. We help clients uncover the right markets, opportunities, and people, so they can shape tomorrow’s healthcare industry. Our SaaS products and solutions create new paths to commercial success in the healthcare market, so companies can identify where to go next. Learn more at definitivehc.com.

    Media Contact:
    Bethany Swackhamer
    bswackhamer@definitivehc.com

    Investor Relations Contact:
    Brian Denyeau
    ICR for Definitive Healthcare
    brian.denyeau@icrinc.com

    Source: Definitive Healthcare Corp.

    The MIL Network –

  • MIL-OSI: Lake Shore Bancorp, Inc. Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    DUNKIRK, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (“Lake Shore Bancorp”) (NASDAQ: LSBK), the holding company for Lake Shore Bank (the “Bank”), announced today that the Board of Directors declared a cash dividend of $0.09 per share on its outstanding common stock on July 23, 2025. The dividend is expected to be paid on August 13, 2025 to stockholders of record as of August 4, 2025.

    About Lake Shore

    Lake Shore Bancorp is the holding company of Lake Shore Bank, a New York chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. Lake Shore Bancorp’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about Lake Shore Bancorp is available at www.mylsbank.com.

    Safe-Harbor

    This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about Lake Shore Federal Bancorp’s, Lake Shore Bancorp, Inc.’s (collectively, the “Company”) and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, tariffs, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

    Source: Lake Shore Bancorp, Inc.
    Category: Financial

    Investor Relations/Media Contact
    Kim C. Liddell
    President, CEO, and Director
    Lake Shore Bancorp, Inc.
    31 East Fourth Street
    Dunkirk, New York 14048
    (716) 366-4070 ext. 1012

    The MIL Network –

  • MIL-OSI: Gouverneur Bancorp, Inc. Approves Second Stock Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    GOUVERNEUR, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — Gouverneur Bancorp, Inc. (OTCQB Marketplace: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association, announced today that its Board of Directors has approved a new stock repurchase program authorizing the repurchase of up to 52,778 shares, or 5%, of the Company’s outstanding common stock. Stock repurchases will be conducted through open market purchases, which will include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. Repurchases will be made from time to time depending on market conditions and other factors. The Company’s new stock repurchase program will terminate upon the completion of the purchase of 52,778 shares or on July 24, 2026 if not all shares have been purchased by that date.

    On December 11, 2024, the Company announced its first stock repurchase program, which authorized the purchase of up to 55,356 shares. Under this previously announced program, 51,569 shares of common stock have been repurchased at a cost of $634,000, or $12.29 per share. As of July 23, 2025, there are 3,787 shares remaining to be repurchased under this existing program.

    About Gouverneur Bancorp, Inc.

    Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At June 30, 2025, the Company had total assets of $196.7 million, total deposits of $159.4 million and total stockholders’ equity of $31.4 million.

    Forward-Looking Statements

    This press release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, among others, the following: changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows and our ability to effectively manage liquidity; competition; demand for financial services in our market area; changes in real estate market values in our market area; changes in relevant accounting principles and guidelines; our ability to attract and retain key employees; our ability to maintain the security of our data processing and information technology systems; and that the Company may not be successful in the implementation of its business strategy. Additionally, other risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 and other reports the Company files with the SEC, which are available through the SEC’s EDGAR website located at www.sec.gov. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected.

    Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

    CONTACT: Charles C. Van Vleet, Jr.
      Interim President and Chief Executive Officer
      (315) 287-2600

    The MIL Network –

  • MIL-OSI: Gouverneur Bancorp, Inc. Approves Second Stock Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    GOUVERNEUR, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — Gouverneur Bancorp, Inc. (OTCQB Marketplace: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association, announced today that its Board of Directors has approved a new stock repurchase program authorizing the repurchase of up to 52,778 shares, or 5%, of the Company’s outstanding common stock. Stock repurchases will be conducted through open market purchases, which will include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. Repurchases will be made from time to time depending on market conditions and other factors. The Company’s new stock repurchase program will terminate upon the completion of the purchase of 52,778 shares or on July 24, 2026 if not all shares have been purchased by that date.

    On December 11, 2024, the Company announced its first stock repurchase program, which authorized the purchase of up to 55,356 shares. Under this previously announced program, 51,569 shares of common stock have been repurchased at a cost of $634,000, or $12.29 per share. As of July 23, 2025, there are 3,787 shares remaining to be repurchased under this existing program.

    About Gouverneur Bancorp, Inc.

    Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At June 30, 2025, the Company had total assets of $196.7 million, total deposits of $159.4 million and total stockholders’ equity of $31.4 million.

    Forward-Looking Statements

    This press release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, among others, the following: changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows and our ability to effectively manage liquidity; competition; demand for financial services in our market area; changes in real estate market values in our market area; changes in relevant accounting principles and guidelines; our ability to attract and retain key employees; our ability to maintain the security of our data processing and information technology systems; and that the Company may not be successful in the implementation of its business strategy. Additionally, other risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 and other reports the Company files with the SEC, which are available through the SEC’s EDGAR website located at www.sec.gov. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected.

    Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

    CONTACT: Charles C. Van Vleet, Jr.
      Interim President and Chief Executive Officer
      (315) 287-2600

    The MIL Network –

  • MIL-OSI: Financial Institutions, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company,” “we” or “us”), parent company of Five Star Bank (the “Bank”) and Courier Capital, LLC (“Courier Capital”), today reported financial and operational results for the second quarter ended June 30, 2025.

    The Company reported net income of $17.5 million in the second quarter of 2025, compared to $16.9 million in the first quarter of 2025 and $25.6 million in the second quarter of 2024. After preferred dividends, net income available to common shareholders was $17.2 million, or $0.85 per diluted share, in the second quarter of 2025, compared to $16.5 million, or $0.81 per diluted share, in the first quarter of 2025, and $25.3 million, or $1.62 per diluted share, in the second quarter of 2024. The Company recorded a provision for credit losses of $2.6 million in the current quarter, compared to $2.9 million in the linked quarter and $2.0 million in the prior year quarter.

    Second Quarter 2025 Highlights:

    • Net interest margin of 3.49% for second quarter of 2025 was up 14 and 62 basis points from the linked and year-ago quarters, respectively, while net interest income of $49.1 million for second quarter of 2025 increased $2.3 million, or 4.8%, from the first quarter of 2025 and $7.9 million, or 19.2%, from the second quarter of 2024.
    • Noninterest income was $10.6 million in the second quarter of 2025, compared to $10.4 million in the linked quarter and $24.0 million in the year-ago quarter, when results benefited from a $13.5 million pre-tax gain associated with the sale of the Company’s insurance business.
    • Total loans were $4.54 billion at June 30, 2025, reflecting a decrease of $17.3 million, or 0.4%, from March 31, 2025, driven by a decrease in our consumer indirect lending portfolio as pay-downs exceeded originations, and an increase of $74.5 million, or 1.7%, from one year prior.
    • Total deposits were $5.16 billion at June 30, 2025, down $216.9 million, or 4.0%, from March 31, 2025, driven by both seasonal public deposit outflows and the previously announced wind-down of the Company’s Banking-as-a-Service, or BaaS, offering, and relatively flat compared to one year prior.
    • Nonperforming assets to total assets were 0.53% at June 30, 2025, down from 0.63% at the linked quarter-end and up from 0.41% one year prior.

    “Second quarter 2025 financial results were highlighted by continued margin expansion, increased net interest income and durable noninterest revenues, which allowed us to deliver 4% growth in net income available to common shareholders from the linked first quarter,” said President and Chief Executive Officer Martin K. Birmingham. “Profitability continues to be a paramount focus, and we were pleased to maintain an efficiency ratio below 60% and report solid annualized return on average assets and return on average equity of 1.13% and 11.78%, respectively, for the most recent quarter.

    “Deposit balances reflect typical seasonality within our public deposit portfolio and total loans were relatively flat with the end of the first quarter, as commercial business lending growth was more than offset by a reduction in consumer indirect balances. Given our strong first quarter loan production and existing pipelines, we continue to expect low single-digit full year loan growth that aligns with our credit-disciplined philosophy.”

    Chief Financial Officer and Treasurer W. Jack Plants II added, “Our results continue to benefit from our team’s focus on prudent balance sheet stewardship through redeployment of cash flows into higher yielding assets, active investment portfolio management and our ability to effectively reprice deposits, supporting a six basis point reduction in our overall cost of funds. Expenses in the second quarter were somewhat elevated, in part reflecting timing of certain expenses and some higher costs that we expect to be nonrecurring, and we will remain intently focused on expense management through the coming quarters to support positive operating leverage in 2025.”

    Net Interest Income and Net Interest Margin

    Net interest income was $49.1 million for the second quarter of 2025, an increase of $2.3 million from the first quarter of 2025, and an increase of $7.9 million from the second quarter of 2024.

    Average interest-earning assets for the current quarter of $5.65 billion were flat with the first quarter of 2025, as a $46.9 million increase in average loans was offset by a $32.7 million decrease in the average balance of Federal Reserve interest-earning cash and a $14.0 million decrease in the average balance of investment securities. Average interest-earning assets decreased $114.5 million from the second quarter of 2024, as a $123.2 million decrease in the average balance of investment securities and a $95.1 million decrease in the average balance of Federal Reserve interest-earning cash were partially offset by a $103.8 million increase in average loans.

    Average interest-bearing liabilities for the current quarter were $4.52 billion, reflecting an increase of $11.6 million from the linked quarter and a decrease of $29.8 million from the year-ago quarter. The increase from the first quarter of 2025 was primarily due to a $66.4 million increase in average time deposits that was partially offset by a $23.1 million decrease in average savings and money market deposits, a $14.2 million decrease in average interest-bearing demand deposits, a $9.1 million decrease in average short-term borrowings, and an $8.4 million decrease in average long-term borrowings. The year-over-year decrease was due to an $83.4 million decrease in average savings and money market deposits, a $54.0 million decrease in average short-term borrowings, a $10.0 million decrease in average interest-bearing demand deposits, and an $8.2 million decrease in average long-term borrowings, partially offset by a $125.7 million increase in average time deposits. The continued outflow of BaaS-related deposits, following the Company’s September 2024 announcement that it would wind-down its BaaS platform, was the primary driver of the reduction in average savings and money market deposits from the linked and year-ago periods.

    Net interest margin was 3.49% in the current quarter as compared to 3.35% in the first quarter of 2025, and 2.87% in the second quarter of 2024. Expansion from the linked quarter was due to increases in the average yields of both investment securities and loans, as well as lower average cost of interest-bearing liabilities, reflecting repricing of non-public and reciprocal deposits. Year-over-year margin expansion was driven by an increase in the average yield on investment securities, following the previously disclosed restructuring of the available-for-sale securities portfolio in December 2024, which supported an increase in the average yield on interest-earning assets.

    Noninterest Income

    The Company reported noninterest income of $10.6 million for the second quarter of 2025, compared to $10.4 million in the first quarter of 2025 and $24.0 million in the second quarter of 2024.

    • The Company’s sale of its former insurance subsidiary generated a net gain of $13.5 million in the second quarter of 2024.
    • Investment advisory income of $2.9 million was $148 thousand higher than the first quarter of 2025 and up $106 thousand from the second quarter of 2024.
    • Income from company-owned life insurance (“COLI”) of $3.0 million was $188 thousand higher than the first quarter of 2025 and $1.6 million higher than the second quarter of 2024, due to the previously disclosed restructuring of a portion of the Company’s COLI portfolio into higher-yielding separate account policies in January 2025.
    • Income from investments in limited partnerships of $307 thousand was $108 thousand lower than the first quarter of 2025 and $496 thousand lower than the second quarter of 2024. The Company has made several investments in limited partnerships, primarily small business investment companies, and accounts for these investments under the equity method. Income from these investments fluctuates based on the maturity and performance of the underlying investments.
    • Other noninterest income of $1.3 million was $292 thousand lower than the linked quarter and $227 thousand lower than the year-ago quarter.

    Noninterest Expense

    Noninterest expense was $35.7 million in the second quarter of 2025, compared to $33.7 million in the first quarter of 2025, and $33.0 million in the second quarter of 2024.

    • Salaries and employee benefits expense of $18.1 million was $1.2 million higher than the first quarter of 2025 and $2.3 million higher than the second quarter of 2024, reflecting an increase in health insurance benefits due to higher medical claims than in the linked quarter, while the increase from the prior year quarter was primarily due to annual merit increases.
    • Occupancy and equipment expense of $4.0 million reflects increases of $392 thousand and $534 thousand from the linked and year-ago quarters, respectively. The linked quarter increase was due in part to timing given a change in facilities maintenance service vendors, as well as costs associated with an ongoing ATM conversion, while the year-over-year variance was due in part to the ATM conversion and upgrade project.
    • Professional services expenses of $1.5 million were $240 thousand lower than the first quarter of 2025 and $343 thousand lower than the second quarter of 2024. The linked quarter variance was primarily due to the timing of audit related expenses, while the year-over-year variance was primarily attributable to legal expenses incurred in the second quarter of 2024 related to the Company’s previously disclosed deposit-related fraud event.
    • Computer and data processing expense of $5.9 million was $392 thousand higher than the first quarter of 2025 and $537 thousand higher than the second quarter of 2024. Both the linked quarter and year-over-year increases were driven by the timing of expenses for in-process technology enhancement and upgrade initiatives.
    • The Company recorded deposit-related charged-off items of $233 thousand for the current quarter, compared to charged-off recoveries of $294 thousand in the first quarter of 2025 and charged-off items of $398 thousand in the second quarter of 2024, with the linked quarter variance primarily driven by insurance proceeds received in the first quarter of 2025 related to a past commercial deposit charged-off item.
    • Other expense of $3.6 million was down $179 thousand from the linked quarter and down $381 thousand from the year-ago quarter, with the year-over-year variance primarily due to higher interest rate swap collateral charges in the second quarter of 2024.

    Income Taxes

    Income tax expense was $4.0 million for the second quarter of 2025, compared to $3.7 million in the first quarter of 2025 and $4.5 million in the second quarter of 2024. The Company also recognized federal and state tax benefits related to tax credit investments placed in service and/or amortized during the second quarter of 2025, first quarter of 2025, and second quarter of 2024, resulting in income tax expense reductions of $1.1 million, $1.1 million, and $1.3 million, respectively.

    The effective tax rate was 18.4% for the second quarter of 2025, 18.2% for the first quarter of 2025, and 15.0% for the second quarter of 2024. The effective tax rate fluctuates on a quarterly basis primarily due to the level of pre-tax earnings and may differ from statutory rates because of interest income from tax-exempt securities, earnings on COLI, the tax impact of the COLI repositioning, and the impact of tax credit investments.

    Balance Sheet and Capital Management

    Total assets were $6.14 billion at June 30, 2025, down $196.7 million from March 31, 2025, and flat with June 30, 2024.

    Investment securities were $1.01 billion at June 30, 2025, down $31.8 million from March 31, 2025, and flat with June 30, 2024.

    Total loans were $4.54 billion at June 30, 2025, a decrease of $17.3 million, or 0.4%, from March 31, 2025, and an increase of $74.5 million, or 1.7%, from June 30, 2024.

    • Commercial business loans totaled $726.2 million, up $17.1 million, or 2.4%, from March 31, 2025, and up $12.3 million, or 1.7%, from June 30, 2024.
    • Commercial mortgage loans totaled $2.22 billion, a decline of $13.1 million, or 0.6%, from March 31, 2025, and an increase of $129.3 million, or 6.2%, from June 30, 2024.
    • Residential real estate loans totaled $647.2 million, up $3.2 million, or 0.5%, from March 31, 2025, and down $470 thousand, or 0.1%, from June 30, 2024.
    • Consumer indirect loans totaled $833.5 million, down $19.7 million, or 2.3%, from March 31, 2025, and down $61.1 million, or 6.8%, from June 30, 2024.

    Total deposits were $5.16 billion at June 30, 2025, down $216.9 million, or 4.0%, from March 31, 2025, and up $22.7 million, or 0.4%, from June 30, 2024. The decrease from March 31, 2025 was primarily due to seasonally lower public deposit balances in addition to the outflow of BaaS-related deposits. The modest increase from June 30, 2024 reflected a higher level of brokered deposits, which were utilized to offset the anticipated reduction in BaaS-related deposits, as well as lower reciprocal deposit balances. The Company had approximately $7 million in BaaS-related deposits at June 30, 2025, compared to approximately $55 million at March 31, 2025 and approximately $108 million at June 30, 2024. Public deposit balances represented 21% of total deposits at June 30, 2025, 24% at March 31, 2025, and 20% at June 30, 2024.

    Short-term borrowings were $101.0 million at June 30, 2025, compared to $55.0 million at March 31, 2025, and $202.0 million at June 30, 2024. Short-term borrowings and brokered deposits have historically been utilized to manage the seasonality of public deposits.

    Shareholders’ equity was $601.7 million at June 30, 2025, compared to $589.9 million at March 31, 2025, and $467.7 million at June 30, 2024. The linked quarter period-end increase was due to net income, net of dividends, retained, while the year-over-year period end increase was primarily driven by additional paid-in-capital resulting from the common stock capital raise executed in the fourth quarter of 2024 and a decrease in accumulated other comprehensive loss between period ends following the investment securities restructuring in the fourth quarter of 2024.

    Common book value per share was $29.03 at June 30, 2025, an increase of $0.55, or 1.9%, from $28.48 at March 31, 2025, and a decrease of $0.08, or 0.3%, from $29.11 at June 30, 2024. Tangible common book value per share(1) was $26.02 at June 30, 2025, an increase of $0.56, or 2.2%, from $25.46 at March 31, 2025, and an increase of $0.85, or 3.4%, from $25.17 at June 30, 2024. The common equity to assets ratio was 9.51% at June 30, 2025, compared to 9.03% at March 31, 2025, and 7.34% at June 30, 2024. Tangible common equity to tangible assets(1), or the TCE ratio, was 8.61%, 8.15% and 6.41% at June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The year-over-year increases in both ratios were attributable to the additional capital raised in the fourth quarter of 2024 and the decrease in accumulated other comprehensive loss as a result of the investment securities restructuring in the fourth quarter of 2024.

    During the second quarter of 2025, the Company declared a common stock dividend of $0.31 per common share, consistent with the linked quarter and reflecting an increase of $0.01, or 3.3%, over the year-ago quarter. The dividend returned more than 36% of second quarter net income to common shareholders.

    The Company’s regulatory capital ratios at June 30, 2025 continued to exceed all regulatory capital requirements to be considered well capitalized.

    • Leverage Ratio was 9.45% compared to 9.24% and 8.61% at March 31, 2025, and June 30, 2024, respectively.
    • Common Equity Tier 1 Capital Ratio was 10.84% compared to 10.38% and 10.03% at March 31, 2025, and June 30, 2024, respectively.
    • Tier 1 Capital Ratio was 11.17% compared to 10.71% and 10.36% at March 31, 2025, and June 30, 2024, respectively.
    • Total Risk-Based Capital Ratio was 13.27% compared to 13.09% and 12.65% at March 31, 2025, and June 30, 2024, respectively.

    As previously disclosed, in April 2025, the Company called $10.0 million of its $40.0 million of fixed-to-floating subordinated debt that was originally issued in April 2015. These notes initially bore interest at a fixed rate of 6.00% and began repricing on a quarterly basis at a rate equal to the then-current three-month term SOFR plus 4.20561% after the April 2025 call date. The Company currently expects to retain the remaining $30.0 million of April 2015 notes, as well as the separate $35.0 million of fixed-to-floating rate subordinated notes that were issued in October 2020, which currently bear interest at a fixed rate of 4.375%, and are set to reprice at a rate of the then-current three-month term SOFR plus 4.265% beginning in October 2025. The April 2015 notes are callable on a quarterly basis going forward and the October 2020 notes become callable beginning in October 2025. The Company will continue to evaluate options relative to its outstanding subordinated debt, which may include redemption in part or in full, as well as replacing or refinancing the facilities.

    Credit Quality

    Non-performing loans were $32.4 million, or 0.72% of total loans, at June 30, 2025, as compared to $40.0 million, or 0.88% of total loans, at March 31, 2025, and $25.2 million, or 0.57% of total loans, at June 30, 2024. The decrease from March 31, 2025 reflects a reduction of approximately $3.7 million in non-performing loans associated with the foreclosure of a participated loan secured by real estate, as well as a $1.9 million partial charge-off of a credit facility for which a specific reserve was in place. Both the aforementioned foreclosed participated loan and the partially charged-off credit facility relate to a previously disclosed commercial business relationship that was placed on nonaccrual status in the fourth quarter of 2023. The increase in non-performing loans from June 30, 2024 was primarily driven by one commercial loan relationship that was placed on nonaccrual status during the third quarter of 2024. Net charge-offs were $4.1 million, representing 0.36% of average loans on an annualized basis, for the current quarter, as compared to $2.4 million, or an annualized 0.21% of average loans, in the first quarter of 2025 and $1.1 million, or an annualized 0.10%, in the second quarter of 2024.

    At June 30, 2025, the allowance for credit losses on loans to total loans ratio was 1.04%, compared to 1.08% at March 31, 2025 and 0.99% at June 30, 2024.

    Provision for credit losses was $2.6 million in the current quarter, compared to $2.9 million in the linked quarter and $2.0 million in the prior year quarter. Provision for credit losses on loans was $2.4 million in the current quarter, compared to $3.3 million in the first quarter of 2025, and $2.0 million in the second quarter of 2024. The allowance for unfunded commitments, also included in provision for credit losses as required by the current expected credit loss standard (“CECL”), totaled $179 thousand in the second quarter of 2025, $364 thousand in the first quarter of 2025, and $43 thousand in the second quarter of 2024. The provision for credit losses for the second quarter of 2025 was driven by a combination of factors, including improvement in the forecasted loss rate for pooled loans and a reduction in specific reserves, partly offset by higher net charge-offs.

    The Company has remained strategically focused on the importance of credit discipline, allocating resources to credit and risk management functions as the loan portfolio has grown. The ratio of allowance for credit losses on loans to non-performing loans was 146% at June 30, 2025, 122% at March 31, 2025, and 174% at June 30, 2024, with the improvement from the end of the linked quarter reflective of the decrease in nonperforming loans reported at June 30, 2025.

    Subsequent Events

    The Company is required, under generally accepted accounting principles (“GAAP”), to evaluate subsequent events through the filing of its consolidated financial statements for the quarter ended June 30, 2025, on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of June 30, 2025, and will adjust amounts preliminarily reported, if necessary.

    Conference Call

    The Company will host an earnings conference call and audio webcast on July 25, 2025 at 8:30 a.m. Eastern Time. The call will be hosted by Martin K. Birmingham, President and Chief Executive Officer, and W. Jack Plants II, Chief Financial Officer and Treasurer. The live webcast will be available in listen-only mode on the Company’s website at www.FISI-investors.com. Within the United States, listeners may also access the call by dialing 1-833-470-1428 and providing the access code 652423. The webcast replay will be available on the Company’s website for at least 30 days.

    About Financial Institutions, Inc.

    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.1 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    Non-GAAP Financial Information

    In addition to results presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. A reconciliation of these non-GAAP measures to GAAP measures is included in Appendix A to this document.

    The Company believes that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, performance trends and financial position. Our management uses these measures for internal planning and forecasting purposes and we believe that our presentation and discussion, together with the accompanying reconciliations, allows investors, security analysts and other interested parties to view our performance and the factors and trends affecting our business in a manner similar to management. These non-GAAP measures should not be considered a substitute for GAAP measures, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure to evaluate the Company. Non-GAAP financial measures have inherent limitations, are not uniformly applied and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    Safe Harbor Statement

    This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “focus,” “forecast,” “intend,” “may,” “plan,” “preliminary,” “should,” “target” or “will.” Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; inflation; tariffs; changes in deposit flows and the cost and availability of funds; fraudulent deposit activity; the Company’s ability to implement its strategic plan, including by expanding its commercial lending footprint and integrating its acquisitions; whether the Company experiences greater credit losses than expected; whether the Company experiences breaches of its, or third party, information systems; the attitudes and preferences of the Company’s customers; legal and regulatory proceedings and related matters, including any action described in our reports filed with the SEC, could adversely affect us and the banking industry in general; the competitive environment; fluctuations in the fair value of securities in its investment portfolio; changes in the regulatory environment and the Company’s compliance with regulatory requirements; general economic and credit market conditions nationally and regionally; and the macroeconomic volatility related to global political unrest. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language and risk factors included in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.

    (1) See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.

    For additional information contact:
    Kate Croft
    Director of Investor Relations and Corporate Communications
    (716) 817-5159
    klcroft@five-starbank.com

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands, except per share amounts)

      2025     2024  
    SELECTED BALANCE SHEET DATA: June 30,     March 31,     December 31,     September 30,     June 30,  
    Cash and cash equivalents $ 93,034     $ 167,352     $ 87,321     $ 249,569     $ 146,347  
    Investment securities:                            
    Available for sale   916,149       926,992       911,105       886,816       871,635  
    Held-to-maturity, net   92,121       113,105       116,001       121,279       128,271  
    Total investment securities   1,008,270       1,040,097       1,027,106       1,008,095       999,906  
    Loans held for sale   2,356       387       2,280       2,495       2,099  
    Loans:                            
    Commercial business   726,218       709,101       665,321       654,519       713,947  
    Commercial mortgage–construction   536,552       566,359       582,619       533,506       518,013  
    Commercial mortgage–multifamily   496,223       475,867       470,954       467,527       463,171  
    Commercial mortgage–non-owner occupied   873,207       899,679       857,987       814,392       814,953  
    Commercial mortgage–owner occupied   309,171       286,391       288,036       290,216       289,733  
    Residential real estate loans   647,205       643,983       650,206       648,241       647,675  
    Residential real estate lines   75,675       74,769       75,552       76,203       75,510  
    Consumer indirect   833,452       853,176       845,772       874,651       894,596  
    Other consumer   38,299       43,953       42,757       43,734       43,870  
    Total loans   4,536,002       4,553,278       4,479,204       4,402,989       4,461,468  
    Allowance for credit losses – loans   47,291       48,964       48,041       44,678       43,952  
    Total loans, net   4,488,711       4,504,314       4,431,163       4,358,311       4,417,516  
    Total interest-earning assets   5,614,008       5,733,743       5,602,570       5,666,972       5,709,148  
    Goodwill and other intangible assets, net   60,564       60,651       60,758       60,867       60,979  
    Total assets   6,143,766       6,340,492       6,117,085       6,156,317       6,131,772  
    Deposits:                            
    Noninterest-bearing demand   940,341       945,182       950,351       978,660       939,346  
    Interest-bearing demand   704,871       773,475       705,195       793,996       711,580  
    Savings and money market   1,898,302       2,033,323       1,904,013       2,027,181       2,007,256  
    Time deposits   1,612,500       1,620,930       1,545,172       1,506,764       1,475,139  
    Total deposits   5,156,014       5,372,910       5,104,731       5,306,601       5,133,321  
    Short-term borrowings   101,000       55,000       99,000       55,000       202,000  
    Long-term borrowings, net   114,960       124,917       124,842       124,765       124,687  
    Total interest-bearing liabilities   4,431,633       4,607,645       4,405,912       4,507,706       4,520,662  
    Shareholders’ equity   601,668       589,928       568,984       500,342       467,667  
    Common shareholders’ equity   584,383       572,643       551,699       483,050       450,375  
    Tangible common equity(1)   523,838       511,992       490,941       422,183       389,396  
    Accumulated other comprehensive loss $ (42,214 )   $ (41,995 )   $ (52,604 )   $ (102,029 )   $ (125,774 )
                                 
    Common shares outstanding   20,128       20,110       20,077       15,474       15,472  
    Treasury shares   572       590       623       625       627  
    CAPITAL RATIOS AND PER SHARE DATA:                            
    Leverage ratio   9.45 %     9.24 %     9.15 %     8.98 %     8.61 %
    Common equity Tier 1 capital ratio   10.84 %     10.38 %     10.54 %     10.28 %     10.03 %
    Tier 1 capital ratio   11.17 %     10.71 %     10.87 %     10.62 %     10.36 %
    Total risk-based capital ratio   13.27 %     13.09 %     13.25 %     12.95 %     12.65 %
    Common equity to assets   9.51 %     9.03 %     9.02 %     7.85 %     7.34 %
    Tangible common equity to tangible assets(1)   8.61 %     8.15 %     8.11 %     6.93 %     6.41 %
                                 
    Common book value per share $ 29.03     $ 28.48     $ 27.48     $ 31.22     $ 29.11  
    Tangible common book value per share(1) $ 26.02     $ 25.46     $ 24.45     $ 27.28     $ 25.17  
                                           
    1. See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands, except per share amounts)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
    SELECTED STATEMENT OF OPERATIONS DATA: 2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Interest income $ 163,918     $ 157,201     $ 82,867     $ 81,051     $ 78,119     $ 77,911     $ 78,788  
    Interest expense   67,932       75,926       33,745       34,187       36,486       37,230       37,595  
    Net interest income   95,986       81,275       49,122       46,864       41,633       40,681       41,193  
    Provision (benefit) for credit losses   5,490       (3,415 )     2,562       2,928       6,461       3,104       2,041  
    Net interest income after provision (benefit) for credit losses   90,496       84,690       46,560       43,936       35,172       37,577       39,152  
    Noninterest income:                                        
    Service charges on deposits   2,141       2,056       1,089       1,052       1,074       1,103       979  
    Insurance income   6       2,138       3       3       3       3       4  
    Card interchange income   3,777       3,910       1,937       1,840       2,045       1,900       2,008  
    Investment advisory   5,622       5,361       2,885       2,737       2,555       2,797       2,779  
    Company owned life insurance   5,742       2,658       2,965       2,777       1,425       1,404       1,360  
    Investments in limited partnerships   722       1,145       307       415       837       400       803  
    Loan servicing   303       333       180       123       295       88       158  
    Income (loss) from derivative instruments, net   589       551       339       250       (37 )     212       377  
    Net gain on sale of loans held for sale   257       212       140       117       186       220       124  
    Net loss on investment securities   3       –       3       –       (100,055 )     –       –  
    Net gain (loss) on the sale of other assets   –       13,495       –       –       (19 )     138       13,508  
    Net (loss) gain on tax credit investments   (1,026 )     31       (512 )     (514 )     (636 )     (170 )     406  
    Other   2,854       3,025       1,281       1,573       1,291       1,345       1,508  
    Total noninterest income (loss)   20,990       34,915       10,617       10,373       (91,036 )     9,440       24,014  
    Noninterest expense:                                        
    Salaries and employee benefits   34,968       33,088       18,070       16,898       17,159       15,879       15,748  
    Occupancy and equipment   7,572       7,200       3,982       3,590       3,791       3,370       3,448  
    Professional services   3,142       4,166       1,451       1,691       1,571       1,965       1,794  
    Computer and data processing   11,366       10,728       5,879       5,487       6,608       5,353       5,342  
    Supplies and postage   1,081       912       503       578       504       519       437  
    FDIC assessments   2,859       2,641       1,392       1,467       1,551       1,092       1,346  
    Advertising and promotions   837       737       495       342       465       371       440  
    Amortization of intangibles   212       331       105       107       109       112       114  
    Provision for litigation settlement   –       –       –       –       23,022       –       –  
    Deposit-related charged-off items (recoveries) expense   (61 )     19,577       233       (294 )     354       410       398  
    Restructuring charges   68       –       –       68       35       –       –  
    Other   7,323       7,653       3,572       3,751       4,235       3,398       3,953  
    Total noninterest expense   69,367       87,033       35,682       33,685       59,404       32,469       33,020  
    Income (loss) before income taxes   42,119       32,572       21,495       20,624       (115,268 )     14,548       30,146  
    Income tax expense (benefit)   7,709       4,873       3,963       3,746       (32,457 )     1,082       4,517  
    Net income (loss)   34,410       27,699       17,532       16,878       (82,811 )     13,466       25,629  
    Preferred stock dividends   729       729       364       365       365       365       364  
    Net income (loss) available to common shareholders $ 33,681     $ 26,970     $ 17,168     $ 16,513     $ (83,176 )   $ 13,101     $ 25,265  
    FINANCIAL RATIOS:                                        
    Earnings (loss) per share – basic $ 1.68     $ 1.75     $ 0.85     $ 0.82     $ (5.07 )   $ 0.85     $ 1.64  
    Earnings (loss) per share – diluted $ 1.66     $ 1.73     $ 0.85     $ 0.81     $ (5.07 )   $ 0.84     $ 1.62  
    Cash dividends declared on common stock $ 0.62     $ 0.60     $ 0.31     $ 0.31     $ 0.30     $ 0.30     $ 0.30  
    Common dividend payout ratio   36.90 %     34.29 %     36.47 %     37.80 %     -5.92 %     35.29 %     18.29 %
    Dividend yield (annualized)   4.87 %     6.25 %     4.86 %     5.05 %     4.37 %     4.69 %     6.25 %
    Return on average assets (annualized)   1.12 %     0.90 %     1.13 %     1.10 %     -5.38 %     0.89 %     1.68 %
    Return on average equity (annualized)   11.80 %     12.32 %     11.78 %     11.82 %     -63.70 %     11.08 %     22.93 %
    Return on average common equity (annualized)   11.90 %     12.47 %     11.88 %     11.92 %     -66.19 %     11.18 %     23.51 %
    Return on average tangible common equity (annualized)(1)   13.31 %     14.77 %     13.27 %     13.36 %     -75.36 %     12.87 %     27.51 %
    Efficiency ratio(2)   59.24 %     74.80 %     59.68 %     58.79 %     117.13 %     64.70 %     50.58 %
    Effective tax rate   18.3 %     15.0 %     18.4 %     18.2 %     28.2 %     7.4 %     15.0 %
                                                           
    1. See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
    2. The efficiency ratio is calculated by dividing noninterest expense by net revenue, i.e., the sum of net interest income (fully taxable equivalent) and noninterest income before net gains on investment securities. This is a banking industry measure not required by GAAP.

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
    SELECTED AVERAGE BALANCES: 2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Federal funds sold and interest-earning deposits $ 55,306     $ 146,099     $ 39,027     $ 71,767     $ 121,530     $ 49,476     $ 134,123  
    Investment securities(1)   1,078,600       1,188,901       1,071,628       1,085,649       1,159,863       1,147,052       1,194,808  
    Loans:                                        
    Commercial business   699,141       713,496       720,347       677,700       658,038       673,830       704,272  
    Commercial mortgage   2,212,786       2,044,612       2,221,576       2,203,899       2,148,427       2,092,905       2,059,382  
    Residential real estate loans   646,001       648,510       645,007       647,005       649,549       647,844       648,099  
    Residential real estate lines   74,860       75,986       75,010       74,709       76,164       75,671       75,575  
    Consumer indirect   843,763       919,718       839,294       848,282       858,854       881,133       905,056  
    Other consumer   40,850       48,043       39,485       42,230       43,333       43,789       44,552  
    Total loans   4,517,401       4,450,365       4,540,719       4,493,825       4,434,365       4,415,172       4,436,936  
    Total interest-earning assets   5,651,307       5,785,365       5,651,374       5,651,241       5,715,758       5,611,700       5,765,867  
    Goodwill and other intangible assets, net   60,663       67,651       60,610       60,717       60,824       60,936       62,893  
    Total assets   6,218,412       6,189,594       6,216,657       6,220,187       6,121,449       6,018,390       6,153,429  
    Interest-bearing liabilities:                                        
    Interest-bearing demand   738,055       745,259       730,979       745,210       757,221       691,412       741,006  
    Savings and money market   1,964,884       2,059,294       1,953,412       1,976,483       1,992,059       1,938,935       2,036,772  
    Time deposits   1,598,381       1,492,399       1,631,407       1,564,987       1,545,071       1,515,745       1,505,665  
    Short-term borrowings   90,636       159,929       86,099       95,223       56,513       129,130       140,110  
    Long-term borrowings, net   120,648       124,601       116,473       124,871       124,795       124,717       124,640  
    Total interest-bearing liabilities   4,512,604       4,581,482       4,518,370       4,506,774       4,475,659       4,399,939       4,548,193  
    Noninterest-bearing demand deposits   925,043       956,670       923,409       926,696       947,428       952,970       950,819  
    Total deposits   5,226,363       5,253,622       5,239,207       5,213,376       5,241,779       5,099,062       5,234,262  
    Total liabilities   5,630,349       5,737,327       5,619,834       5,640,981       5,604,249       5,535,112       5,703,929  
    Shareholders’ equity   588,063       452,267       596,823       579,206       517,200       483,278       449,500  
    Common equity   570,778       434,975       579,538       561,921       499,910       465,986       432,208  
    Tangible common equity(2)   510,115       367,324       518,928       501,204       439,086       405,050       369,315  
    Common shares outstanding:                                        
    Basic   20,090       15,424       20,107       20,073       16,415       15,464       15,444  
    Diluted   20,291       15,551       20,294       20,285       16,415       15,636       15,556  
    SELECTED AVERAGE YIELDS:
    (Tax equivalent basis)    		                                        
    Investment securities(3)   4.30 %     2.13 %     4.34 %     4.25 %     2.38 %     2.14 %     2.17 %
    Loans   6.23 %     6.37 %     6.26 %     6.20 %     6.28 %     6.42 %     6.40 %
    Total interest-earning assets   5.84 %     5.47 %     5.88 %     5.80 %     5.45 %     5.53 %     5.50 %
    Interest-bearing demand   1.18 %     1.15 %     1.21 %     1.15 %     1.34 %     1.05 %     1.18 %
    Savings and money market   2.71 %     3.04 %     2.67 %     2.75 %     2.94 %     3.07 %     3.01 %
    Time deposits   4.19 %     4.70 %     4.08 %     4.31 %     4.53 %     4.72 %     4.72 %
    Short-term borrowings   1.95 %     3.13 %     1.80 %     2.09 %     0.15 %     2.64 %     2.75 %
    Long-term borrowings, net   5.17 %     5.02 %     5.35 %     5.00 %     5.03 %     5.03 %     5.02 %
    Total interest-bearing liabilities   3.03 %     3.33 %     3.00 %     3.07 %     3.24 %     3.37 %     3.32 %
    Net interest rate spread   2.81 %     2.14 %     2.88 %     2.73 %     2.21 %     2.16 %     2.18 %
    Net interest margin   3.42 %     2.83 %     3.49 %     3.35 %     2.91 %     2.89 %     2.87 %
                                                           
    1. Includes investment securities at adjusted amortized cost.
    2. See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
    3. The interest on tax-exempt securities is calculated on a tax-equivalent basis assuming a Federal income tax rate of 21%.

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
    ASSET QUALITY DATA: 2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Allowance for Credit Losses – Loans                                        
    Beginning balance $ 48,041     $ 51,082     $ 48,964     $ 48,041     $ 44,678     $ 43,952     $ 43,075  
    Net loan charge-offs (recoveries):                                        
    Commercial business   1,960       (30 )     1,903       57       131       (3 )     7  
    Commercial mortgage–construction   –       –       –       –       –       –       –  
    Commercial mortgage–multifamily         –       –       –       –       13       –  
    Commercial mortgage–non-owner occupied   595       (2 )     596       (1 )     (5 )     (1 )     (1 )
    Commercial mortgage–owner occupied   (2 )     (2 )     (1 )     (1 )     (1 )     (2 )     (2 )
    Residential real estate loans   133       100       92       41       (4 )     (1 )     96  
    Residential real estate lines   27       –       27       –       –       –       –  
    Consumer indirect   3,091       3,817       942       2,149       2,557       1,553       844  
    Other consumer   615       360       491       124       100       106       178  
    Total net charge-offs (recoveries)   6,419       4,243       4,050       2,369       2,778       1,665       1,122  
    Provision (benefit) for credit losses – loans   5,669       (2,887 )     2,377       3,292       6,141       2,391       1,999  
    Ending balance $ 47,291     $ 43,952     $ 47,291     $ 48,964     $ 48,041     $ 44,678     $ 43,952  
                                             
    Net charge-offs (recoveries) to average loans (annualized):                                        
    Commercial business   0.57 %     -0.01 %     1.06 %     0.03 %     0.80 %     0.00 %     0.00 %
    Commercial mortgage–construction   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Commercial mortgage–multifamily   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.01 %     0.00 %
    Commercial mortgage–non-owner occupied   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Commercial mortgage–owner occupied   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Residential real estate loans   0.04 %     0.03 %     0.06 %     0.03 %     0.00 %     0.00 %     0.06 %
    Residential real estate lines   0.07 %     0.00 %     0.14 %     0.00 %     0.00 %     0.00 %     0.00 %
    Consumer indirect   0.74 %     0.83 %     0.45 %     1.03 %     1.18 %     0.70 %     0.38 %
    Other consumer   3.04 %     1.51 %     4.99 %     1.19 %     0.91 %     0.95 %     1.62 %
    Total loans   0.29 %     0.19 %     0.36 %     0.21 %     0.25 %     0.15 %     0.10 %
                                             
    Supplemental information (1)                                        
    Non-performing loans:                                        
    Commercial business $ 3,671     $ 5,680     $ 3,671     $ 5,672     $ 5,609     $ 5,752     $ 5,680  
    Commercial mortgage–construction   19,621       4,970       19,621       19,684       20,280       20,280       4,970  
    Commercial mortgage–multifamily   –       183       –       –       –       71       183  
    Commercial mortgage–non-owner occupied   164       4,919       164       4,766       4,773       4,903       4,919  
    Commercial mortgage–owner occupied   –       380       –       349       354       366       380  
    Residential real estate loans   5,885       5,961       5,885       6,035       6,918       5,790       5,961  
    Residential real estate lines   299       183       299       316       253       232       183  
    Consumer indirect   2,571       2,897       2,571       2,917       3,157       3,291       2,897  
    Other consumer   225       36       225       279       62       57       36  
    Total non-performing loans   32,436       25,209       32,436       40,018       41,406       40,742       25,209  
    Foreclosed assets   142       63       142       196       60       109       63  
    Total non-performing assets $ 32,578     $ 25,272     $ 32,578     $ 40,214     $ 41,466     $ 40,851     $ 25,272  
                                             
    Total non-performing loans to total loans   0.72 %     0.57 %     0.72 %     0.88 %     0.92 %     0.93 %     0.57 %
    Total non-performing assets to total assets   0.53 %     0.41 %     0.53 %     0.63 %     0.68 %     0.66 %     0.41 %
    Allowance for credit losses – loans to total loans   1.04 %     0.99 %     1.04 %     1.08 %     1.07 %     1.01 %     0.99 %
    Allowance for credit losses – loans to non-performing loans   146 %     174 %     146 %     122 %     116 %     110 %     174 %
                                                           
    1. At period end.

    FINANCIAL INSTITUTIONS, INC.
    Appendix A — Reconciliation to Non-GAAP Financial Measures (Unaudited)
    (In thousands, except per share amounts)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
      2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Ending tangible assets:                                        
    Total assets             $ 6,143,766     $ 6,340,492     $ 6,117,085     $ 6,156,317     $ 6,131,772  
    Less: Goodwill and other intangible assets, net               60,564       60,651       60,758       60,867       60,979  
    Tangible assets             $ 6,083,202     $ 6,279,841     $ 6,056,327     $ 6,095,450     $ 6,070,793  
                                             
    Ending tangible common equity:                                        
    Common shareholders’ equity             $ 584,383     $ 572,643     $ 551,699     $ 483,050     $ 450,375  
    Less: Goodwill and other intangible assets, net               60,564       60,651       60,758       60,867       60,979  
    Tangible common equity             $ 523,819     $ 511,992     $ 490,941     $ 422,183     $ 389,396  
                                             
    Tangible common equity to tangible assets(1)               8.61 %     8.15 %     8.11 %     6.93 %     6.41 %
                                             
    Common shares outstanding               20,128       20,110       20,077       15,474       15,472  
    Tangible common book value per share(2)             $ 26.02     $ 25.46     $ 24.45     $ 27.28     $ 25.17  
                                             
    Average tangible assets:                                        
    Average assets $ 6,218,412     $ 6,189,594     $ 6,216,657     $ 6,220,187     $ 6,121,449     $ 6,018,390     $ 6,153,429  
    Less: Average goodwill and other intangible assets, net   60,663       67,651       60,610       60,717       60,824       60,936       62,893  
    Average tangible assets $ 6,157,749     $ 6,121,943     $ 6,156,047     $ 6,159,470     $ 6,060,625     $ 5,957,454     $ 6,090,536  
                                             
    Average tangible common equity:                                        
    Average common equity $ 570,778     $ 434,975     $ 579,538     $ 561,921     $ 499,910     $ 465,986     $ 432,208  
    Less: Average goodwill and other intangible assets, net   60,663       67,651       60,610       60,717       60,824       60,936       62,893  
    Average tangible common equity $ 510,115     $ 367,324     $ 518,928     $ 501,204     $ 439,086     $ 405,050     $ 369,315  
                                             
    Net income (loss) available to common shareholders $ 33,681     $ 26,970     $ 17,168     $ 16,513     $ (83,176 )   $ 13,101     $ 25,265  
    Return on average tangible common equity(3)   13.31 %     14.77 %     13.27 %     13.36 %     -75.36 %     12.87 %     27.51 %
                                             
    1. Tangible common equity divided by tangible assets.
    2. Tangible common equity divided by common shares outstanding.
    3. Net income available to common shareholders (annualized) divided by average tangible common equity.

    The MIL Network –

  • MIL-OSI: Financial Institutions, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company,” “we” or “us”), parent company of Five Star Bank (the “Bank”) and Courier Capital, LLC (“Courier Capital”), today reported financial and operational results for the second quarter ended June 30, 2025.

    The Company reported net income of $17.5 million in the second quarter of 2025, compared to $16.9 million in the first quarter of 2025 and $25.6 million in the second quarter of 2024. After preferred dividends, net income available to common shareholders was $17.2 million, or $0.85 per diluted share, in the second quarter of 2025, compared to $16.5 million, or $0.81 per diluted share, in the first quarter of 2025, and $25.3 million, or $1.62 per diluted share, in the second quarter of 2024. The Company recorded a provision for credit losses of $2.6 million in the current quarter, compared to $2.9 million in the linked quarter and $2.0 million in the prior year quarter.

    Second Quarter 2025 Highlights:

    • Net interest margin of 3.49% for second quarter of 2025 was up 14 and 62 basis points from the linked and year-ago quarters, respectively, while net interest income of $49.1 million for second quarter of 2025 increased $2.3 million, or 4.8%, from the first quarter of 2025 and $7.9 million, or 19.2%, from the second quarter of 2024.
    • Noninterest income was $10.6 million in the second quarter of 2025, compared to $10.4 million in the linked quarter and $24.0 million in the year-ago quarter, when results benefited from a $13.5 million pre-tax gain associated with the sale of the Company’s insurance business.
    • Total loans were $4.54 billion at June 30, 2025, reflecting a decrease of $17.3 million, or 0.4%, from March 31, 2025, driven by a decrease in our consumer indirect lending portfolio as pay-downs exceeded originations, and an increase of $74.5 million, or 1.7%, from one year prior.
    • Total deposits were $5.16 billion at June 30, 2025, down $216.9 million, or 4.0%, from March 31, 2025, driven by both seasonal public deposit outflows and the previously announced wind-down of the Company’s Banking-as-a-Service, or BaaS, offering, and relatively flat compared to one year prior.
    • Nonperforming assets to total assets were 0.53% at June 30, 2025, down from 0.63% at the linked quarter-end and up from 0.41% one year prior.

    “Second quarter 2025 financial results were highlighted by continued margin expansion, increased net interest income and durable noninterest revenues, which allowed us to deliver 4% growth in net income available to common shareholders from the linked first quarter,” said President and Chief Executive Officer Martin K. Birmingham. “Profitability continues to be a paramount focus, and we were pleased to maintain an efficiency ratio below 60% and report solid annualized return on average assets and return on average equity of 1.13% and 11.78%, respectively, for the most recent quarter.

    “Deposit balances reflect typical seasonality within our public deposit portfolio and total loans were relatively flat with the end of the first quarter, as commercial business lending growth was more than offset by a reduction in consumer indirect balances. Given our strong first quarter loan production and existing pipelines, we continue to expect low single-digit full year loan growth that aligns with our credit-disciplined philosophy.”

    Chief Financial Officer and Treasurer W. Jack Plants II added, “Our results continue to benefit from our team’s focus on prudent balance sheet stewardship through redeployment of cash flows into higher yielding assets, active investment portfolio management and our ability to effectively reprice deposits, supporting a six basis point reduction in our overall cost of funds. Expenses in the second quarter were somewhat elevated, in part reflecting timing of certain expenses and some higher costs that we expect to be nonrecurring, and we will remain intently focused on expense management through the coming quarters to support positive operating leverage in 2025.”

    Net Interest Income and Net Interest Margin

    Net interest income was $49.1 million for the second quarter of 2025, an increase of $2.3 million from the first quarter of 2025, and an increase of $7.9 million from the second quarter of 2024.

    Average interest-earning assets for the current quarter of $5.65 billion were flat with the first quarter of 2025, as a $46.9 million increase in average loans was offset by a $32.7 million decrease in the average balance of Federal Reserve interest-earning cash and a $14.0 million decrease in the average balance of investment securities. Average interest-earning assets decreased $114.5 million from the second quarter of 2024, as a $123.2 million decrease in the average balance of investment securities and a $95.1 million decrease in the average balance of Federal Reserve interest-earning cash were partially offset by a $103.8 million increase in average loans.

    Average interest-bearing liabilities for the current quarter were $4.52 billion, reflecting an increase of $11.6 million from the linked quarter and a decrease of $29.8 million from the year-ago quarter. The increase from the first quarter of 2025 was primarily due to a $66.4 million increase in average time deposits that was partially offset by a $23.1 million decrease in average savings and money market deposits, a $14.2 million decrease in average interest-bearing demand deposits, a $9.1 million decrease in average short-term borrowings, and an $8.4 million decrease in average long-term borrowings. The year-over-year decrease was due to an $83.4 million decrease in average savings and money market deposits, a $54.0 million decrease in average short-term borrowings, a $10.0 million decrease in average interest-bearing demand deposits, and an $8.2 million decrease in average long-term borrowings, partially offset by a $125.7 million increase in average time deposits. The continued outflow of BaaS-related deposits, following the Company’s September 2024 announcement that it would wind-down its BaaS platform, was the primary driver of the reduction in average savings and money market deposits from the linked and year-ago periods.

    Net interest margin was 3.49% in the current quarter as compared to 3.35% in the first quarter of 2025, and 2.87% in the second quarter of 2024. Expansion from the linked quarter was due to increases in the average yields of both investment securities and loans, as well as lower average cost of interest-bearing liabilities, reflecting repricing of non-public and reciprocal deposits. Year-over-year margin expansion was driven by an increase in the average yield on investment securities, following the previously disclosed restructuring of the available-for-sale securities portfolio in December 2024, which supported an increase in the average yield on interest-earning assets.

    Noninterest Income

    The Company reported noninterest income of $10.6 million for the second quarter of 2025, compared to $10.4 million in the first quarter of 2025 and $24.0 million in the second quarter of 2024.

    • The Company’s sale of its former insurance subsidiary generated a net gain of $13.5 million in the second quarter of 2024.
    • Investment advisory income of $2.9 million was $148 thousand higher than the first quarter of 2025 and up $106 thousand from the second quarter of 2024.
    • Income from company-owned life insurance (“COLI”) of $3.0 million was $188 thousand higher than the first quarter of 2025 and $1.6 million higher than the second quarter of 2024, due to the previously disclosed restructuring of a portion of the Company’s COLI portfolio into higher-yielding separate account policies in January 2025.
    • Income from investments in limited partnerships of $307 thousand was $108 thousand lower than the first quarter of 2025 and $496 thousand lower than the second quarter of 2024. The Company has made several investments in limited partnerships, primarily small business investment companies, and accounts for these investments under the equity method. Income from these investments fluctuates based on the maturity and performance of the underlying investments.
    • Other noninterest income of $1.3 million was $292 thousand lower than the linked quarter and $227 thousand lower than the year-ago quarter.

    Noninterest Expense

    Noninterest expense was $35.7 million in the second quarter of 2025, compared to $33.7 million in the first quarter of 2025, and $33.0 million in the second quarter of 2024.

    • Salaries and employee benefits expense of $18.1 million was $1.2 million higher than the first quarter of 2025 and $2.3 million higher than the second quarter of 2024, reflecting an increase in health insurance benefits due to higher medical claims than in the linked quarter, while the increase from the prior year quarter was primarily due to annual merit increases.
    • Occupancy and equipment expense of $4.0 million reflects increases of $392 thousand and $534 thousand from the linked and year-ago quarters, respectively. The linked quarter increase was due in part to timing given a change in facilities maintenance service vendors, as well as costs associated with an ongoing ATM conversion, while the year-over-year variance was due in part to the ATM conversion and upgrade project.
    • Professional services expenses of $1.5 million were $240 thousand lower than the first quarter of 2025 and $343 thousand lower than the second quarter of 2024. The linked quarter variance was primarily due to the timing of audit related expenses, while the year-over-year variance was primarily attributable to legal expenses incurred in the second quarter of 2024 related to the Company’s previously disclosed deposit-related fraud event.
    • Computer and data processing expense of $5.9 million was $392 thousand higher than the first quarter of 2025 and $537 thousand higher than the second quarter of 2024. Both the linked quarter and year-over-year increases were driven by the timing of expenses for in-process technology enhancement and upgrade initiatives.
    • The Company recorded deposit-related charged-off items of $233 thousand for the current quarter, compared to charged-off recoveries of $294 thousand in the first quarter of 2025 and charged-off items of $398 thousand in the second quarter of 2024, with the linked quarter variance primarily driven by insurance proceeds received in the first quarter of 2025 related to a past commercial deposit charged-off item.
    • Other expense of $3.6 million was down $179 thousand from the linked quarter and down $381 thousand from the year-ago quarter, with the year-over-year variance primarily due to higher interest rate swap collateral charges in the second quarter of 2024.

    Income Taxes

    Income tax expense was $4.0 million for the second quarter of 2025, compared to $3.7 million in the first quarter of 2025 and $4.5 million in the second quarter of 2024. The Company also recognized federal and state tax benefits related to tax credit investments placed in service and/or amortized during the second quarter of 2025, first quarter of 2025, and second quarter of 2024, resulting in income tax expense reductions of $1.1 million, $1.1 million, and $1.3 million, respectively.

    The effective tax rate was 18.4% for the second quarter of 2025, 18.2% for the first quarter of 2025, and 15.0% for the second quarter of 2024. The effective tax rate fluctuates on a quarterly basis primarily due to the level of pre-tax earnings and may differ from statutory rates because of interest income from tax-exempt securities, earnings on COLI, the tax impact of the COLI repositioning, and the impact of tax credit investments.

    Balance Sheet and Capital Management

    Total assets were $6.14 billion at June 30, 2025, down $196.7 million from March 31, 2025, and flat with June 30, 2024.

    Investment securities were $1.01 billion at June 30, 2025, down $31.8 million from March 31, 2025, and flat with June 30, 2024.

    Total loans were $4.54 billion at June 30, 2025, a decrease of $17.3 million, or 0.4%, from March 31, 2025, and an increase of $74.5 million, or 1.7%, from June 30, 2024.

    • Commercial business loans totaled $726.2 million, up $17.1 million, or 2.4%, from March 31, 2025, and up $12.3 million, or 1.7%, from June 30, 2024.
    • Commercial mortgage loans totaled $2.22 billion, a decline of $13.1 million, or 0.6%, from March 31, 2025, and an increase of $129.3 million, or 6.2%, from June 30, 2024.
    • Residential real estate loans totaled $647.2 million, up $3.2 million, or 0.5%, from March 31, 2025, and down $470 thousand, or 0.1%, from June 30, 2024.
    • Consumer indirect loans totaled $833.5 million, down $19.7 million, or 2.3%, from March 31, 2025, and down $61.1 million, or 6.8%, from June 30, 2024.

    Total deposits were $5.16 billion at June 30, 2025, down $216.9 million, or 4.0%, from March 31, 2025, and up $22.7 million, or 0.4%, from June 30, 2024. The decrease from March 31, 2025 was primarily due to seasonally lower public deposit balances in addition to the outflow of BaaS-related deposits. The modest increase from June 30, 2024 reflected a higher level of brokered deposits, which were utilized to offset the anticipated reduction in BaaS-related deposits, as well as lower reciprocal deposit balances. The Company had approximately $7 million in BaaS-related deposits at June 30, 2025, compared to approximately $55 million at March 31, 2025 and approximately $108 million at June 30, 2024. Public deposit balances represented 21% of total deposits at June 30, 2025, 24% at March 31, 2025, and 20% at June 30, 2024.

    Short-term borrowings were $101.0 million at June 30, 2025, compared to $55.0 million at March 31, 2025, and $202.0 million at June 30, 2024. Short-term borrowings and brokered deposits have historically been utilized to manage the seasonality of public deposits.

    Shareholders’ equity was $601.7 million at June 30, 2025, compared to $589.9 million at March 31, 2025, and $467.7 million at June 30, 2024. The linked quarter period-end increase was due to net income, net of dividends, retained, while the year-over-year period end increase was primarily driven by additional paid-in-capital resulting from the common stock capital raise executed in the fourth quarter of 2024 and a decrease in accumulated other comprehensive loss between period ends following the investment securities restructuring in the fourth quarter of 2024.

    Common book value per share was $29.03 at June 30, 2025, an increase of $0.55, or 1.9%, from $28.48 at March 31, 2025, and a decrease of $0.08, or 0.3%, from $29.11 at June 30, 2024. Tangible common book value per share(1) was $26.02 at June 30, 2025, an increase of $0.56, or 2.2%, from $25.46 at March 31, 2025, and an increase of $0.85, or 3.4%, from $25.17 at June 30, 2024. The common equity to assets ratio was 9.51% at June 30, 2025, compared to 9.03% at March 31, 2025, and 7.34% at June 30, 2024. Tangible common equity to tangible assets(1), or the TCE ratio, was 8.61%, 8.15% and 6.41% at June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The year-over-year increases in both ratios were attributable to the additional capital raised in the fourth quarter of 2024 and the decrease in accumulated other comprehensive loss as a result of the investment securities restructuring in the fourth quarter of 2024.

    During the second quarter of 2025, the Company declared a common stock dividend of $0.31 per common share, consistent with the linked quarter and reflecting an increase of $0.01, or 3.3%, over the year-ago quarter. The dividend returned more than 36% of second quarter net income to common shareholders.

    The Company’s regulatory capital ratios at June 30, 2025 continued to exceed all regulatory capital requirements to be considered well capitalized.

    • Leverage Ratio was 9.45% compared to 9.24% and 8.61% at March 31, 2025, and June 30, 2024, respectively.
    • Common Equity Tier 1 Capital Ratio was 10.84% compared to 10.38% and 10.03% at March 31, 2025, and June 30, 2024, respectively.
    • Tier 1 Capital Ratio was 11.17% compared to 10.71% and 10.36% at March 31, 2025, and June 30, 2024, respectively.
    • Total Risk-Based Capital Ratio was 13.27% compared to 13.09% and 12.65% at March 31, 2025, and June 30, 2024, respectively.

    As previously disclosed, in April 2025, the Company called $10.0 million of its $40.0 million of fixed-to-floating subordinated debt that was originally issued in April 2015. These notes initially bore interest at a fixed rate of 6.00% and began repricing on a quarterly basis at a rate equal to the then-current three-month term SOFR plus 4.20561% after the April 2025 call date. The Company currently expects to retain the remaining $30.0 million of April 2015 notes, as well as the separate $35.0 million of fixed-to-floating rate subordinated notes that were issued in October 2020, which currently bear interest at a fixed rate of 4.375%, and are set to reprice at a rate of the then-current three-month term SOFR plus 4.265% beginning in October 2025. The April 2015 notes are callable on a quarterly basis going forward and the October 2020 notes become callable beginning in October 2025. The Company will continue to evaluate options relative to its outstanding subordinated debt, which may include redemption in part or in full, as well as replacing or refinancing the facilities.

    Credit Quality

    Non-performing loans were $32.4 million, or 0.72% of total loans, at June 30, 2025, as compared to $40.0 million, or 0.88% of total loans, at March 31, 2025, and $25.2 million, or 0.57% of total loans, at June 30, 2024. The decrease from March 31, 2025 reflects a reduction of approximately $3.7 million in non-performing loans associated with the foreclosure of a participated loan secured by real estate, as well as a $1.9 million partial charge-off of a credit facility for which a specific reserve was in place. Both the aforementioned foreclosed participated loan and the partially charged-off credit facility relate to a previously disclosed commercial business relationship that was placed on nonaccrual status in the fourth quarter of 2023. The increase in non-performing loans from June 30, 2024 was primarily driven by one commercial loan relationship that was placed on nonaccrual status during the third quarter of 2024. Net charge-offs were $4.1 million, representing 0.36% of average loans on an annualized basis, for the current quarter, as compared to $2.4 million, or an annualized 0.21% of average loans, in the first quarter of 2025 and $1.1 million, or an annualized 0.10%, in the second quarter of 2024.

    At June 30, 2025, the allowance for credit losses on loans to total loans ratio was 1.04%, compared to 1.08% at March 31, 2025 and 0.99% at June 30, 2024.

    Provision for credit losses was $2.6 million in the current quarter, compared to $2.9 million in the linked quarter and $2.0 million in the prior year quarter. Provision for credit losses on loans was $2.4 million in the current quarter, compared to $3.3 million in the first quarter of 2025, and $2.0 million in the second quarter of 2024. The allowance for unfunded commitments, also included in provision for credit losses as required by the current expected credit loss standard (“CECL”), totaled $179 thousand in the second quarter of 2025, $364 thousand in the first quarter of 2025, and $43 thousand in the second quarter of 2024. The provision for credit losses for the second quarter of 2025 was driven by a combination of factors, including improvement in the forecasted loss rate for pooled loans and a reduction in specific reserves, partly offset by higher net charge-offs.

    The Company has remained strategically focused on the importance of credit discipline, allocating resources to credit and risk management functions as the loan portfolio has grown. The ratio of allowance for credit losses on loans to non-performing loans was 146% at June 30, 2025, 122% at March 31, 2025, and 174% at June 30, 2024, with the improvement from the end of the linked quarter reflective of the decrease in nonperforming loans reported at June 30, 2025.

    Subsequent Events

    The Company is required, under generally accepted accounting principles (“GAAP”), to evaluate subsequent events through the filing of its consolidated financial statements for the quarter ended June 30, 2025, on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of June 30, 2025, and will adjust amounts preliminarily reported, if necessary.

    Conference Call

    The Company will host an earnings conference call and audio webcast on July 25, 2025 at 8:30 a.m. Eastern Time. The call will be hosted by Martin K. Birmingham, President and Chief Executive Officer, and W. Jack Plants II, Chief Financial Officer and Treasurer. The live webcast will be available in listen-only mode on the Company’s website at www.FISI-investors.com. Within the United States, listeners may also access the call by dialing 1-833-470-1428 and providing the access code 652423. The webcast replay will be available on the Company’s website for at least 30 days.

    About Financial Institutions, Inc.

    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.1 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    Non-GAAP Financial Information

    In addition to results presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. A reconciliation of these non-GAAP measures to GAAP measures is included in Appendix A to this document.

    The Company believes that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, performance trends and financial position. Our management uses these measures for internal planning and forecasting purposes and we believe that our presentation and discussion, together with the accompanying reconciliations, allows investors, security analysts and other interested parties to view our performance and the factors and trends affecting our business in a manner similar to management. These non-GAAP measures should not be considered a substitute for GAAP measures, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure to evaluate the Company. Non-GAAP financial measures have inherent limitations, are not uniformly applied and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    Safe Harbor Statement

    This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “focus,” “forecast,” “intend,” “may,” “plan,” “preliminary,” “should,” “target” or “will.” Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; inflation; tariffs; changes in deposit flows and the cost and availability of funds; fraudulent deposit activity; the Company’s ability to implement its strategic plan, including by expanding its commercial lending footprint and integrating its acquisitions; whether the Company experiences greater credit losses than expected; whether the Company experiences breaches of its, or third party, information systems; the attitudes and preferences of the Company’s customers; legal and regulatory proceedings and related matters, including any action described in our reports filed with the SEC, could adversely affect us and the banking industry in general; the competitive environment; fluctuations in the fair value of securities in its investment portfolio; changes in the regulatory environment and the Company’s compliance with regulatory requirements; general economic and credit market conditions nationally and regionally; and the macroeconomic volatility related to global political unrest. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language and risk factors included in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.

    (1) See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.

    For additional information contact:
    Kate Croft
    Director of Investor Relations and Corporate Communications
    (716) 817-5159
    klcroft@five-starbank.com

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands, except per share amounts)

      2025     2024  
    SELECTED BALANCE SHEET DATA: June 30,     March 31,     December 31,     September 30,     June 30,  
    Cash and cash equivalents $ 93,034     $ 167,352     $ 87,321     $ 249,569     $ 146,347  
    Investment securities:                            
    Available for sale   916,149       926,992       911,105       886,816       871,635  
    Held-to-maturity, net   92,121       113,105       116,001       121,279       128,271  
    Total investment securities   1,008,270       1,040,097       1,027,106       1,008,095       999,906  
    Loans held for sale   2,356       387       2,280       2,495       2,099  
    Loans:                            
    Commercial business   726,218       709,101       665,321       654,519       713,947  
    Commercial mortgage–construction   536,552       566,359       582,619       533,506       518,013  
    Commercial mortgage–multifamily   496,223       475,867       470,954       467,527       463,171  
    Commercial mortgage–non-owner occupied   873,207       899,679       857,987       814,392       814,953  
    Commercial mortgage–owner occupied   309,171       286,391       288,036       290,216       289,733  
    Residential real estate loans   647,205       643,983       650,206       648,241       647,675  
    Residential real estate lines   75,675       74,769       75,552       76,203       75,510  
    Consumer indirect   833,452       853,176       845,772       874,651       894,596  
    Other consumer   38,299       43,953       42,757       43,734       43,870  
    Total loans   4,536,002       4,553,278       4,479,204       4,402,989       4,461,468  
    Allowance for credit losses – loans   47,291       48,964       48,041       44,678       43,952  
    Total loans, net   4,488,711       4,504,314       4,431,163       4,358,311       4,417,516  
    Total interest-earning assets   5,614,008       5,733,743       5,602,570       5,666,972       5,709,148  
    Goodwill and other intangible assets, net   60,564       60,651       60,758       60,867       60,979  
    Total assets   6,143,766       6,340,492       6,117,085       6,156,317       6,131,772  
    Deposits:                            
    Noninterest-bearing demand   940,341       945,182       950,351       978,660       939,346  
    Interest-bearing demand   704,871       773,475       705,195       793,996       711,580  
    Savings and money market   1,898,302       2,033,323       1,904,013       2,027,181       2,007,256  
    Time deposits   1,612,500       1,620,930       1,545,172       1,506,764       1,475,139  
    Total deposits   5,156,014       5,372,910       5,104,731       5,306,601       5,133,321  
    Short-term borrowings   101,000       55,000       99,000       55,000       202,000  
    Long-term borrowings, net   114,960       124,917       124,842       124,765       124,687  
    Total interest-bearing liabilities   4,431,633       4,607,645       4,405,912       4,507,706       4,520,662  
    Shareholders’ equity   601,668       589,928       568,984       500,342       467,667  
    Common shareholders’ equity   584,383       572,643       551,699       483,050       450,375  
    Tangible common equity(1)   523,838       511,992       490,941       422,183       389,396  
    Accumulated other comprehensive loss $ (42,214 )   $ (41,995 )   $ (52,604 )   $ (102,029 )   $ (125,774 )
                                 
    Common shares outstanding   20,128       20,110       20,077       15,474       15,472  
    Treasury shares   572       590       623       625       627  
    CAPITAL RATIOS AND PER SHARE DATA:                            
    Leverage ratio   9.45 %     9.24 %     9.15 %     8.98 %     8.61 %
    Common equity Tier 1 capital ratio   10.84 %     10.38 %     10.54 %     10.28 %     10.03 %
    Tier 1 capital ratio   11.17 %     10.71 %     10.87 %     10.62 %     10.36 %
    Total risk-based capital ratio   13.27 %     13.09 %     13.25 %     12.95 %     12.65 %
    Common equity to assets   9.51 %     9.03 %     9.02 %     7.85 %     7.34 %
    Tangible common equity to tangible assets(1)   8.61 %     8.15 %     8.11 %     6.93 %     6.41 %
                                 
    Common book value per share $ 29.03     $ 28.48     $ 27.48     $ 31.22     $ 29.11  
    Tangible common book value per share(1) $ 26.02     $ 25.46     $ 24.45     $ 27.28     $ 25.17  
                                           
    1. See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands, except per share amounts)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
    SELECTED STATEMENT OF OPERATIONS DATA: 2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Interest income $ 163,918     $ 157,201     $ 82,867     $ 81,051     $ 78,119     $ 77,911     $ 78,788  
    Interest expense   67,932       75,926       33,745       34,187       36,486       37,230       37,595  
    Net interest income   95,986       81,275       49,122       46,864       41,633       40,681       41,193  
    Provision (benefit) for credit losses   5,490       (3,415 )     2,562       2,928       6,461       3,104       2,041  
    Net interest income after provision (benefit) for credit losses   90,496       84,690       46,560       43,936       35,172       37,577       39,152  
    Noninterest income:                                        
    Service charges on deposits   2,141       2,056       1,089       1,052       1,074       1,103       979  
    Insurance income   6       2,138       3       3       3       3       4  
    Card interchange income   3,777       3,910       1,937       1,840       2,045       1,900       2,008  
    Investment advisory   5,622       5,361       2,885       2,737       2,555       2,797       2,779  
    Company owned life insurance   5,742       2,658       2,965       2,777       1,425       1,404       1,360  
    Investments in limited partnerships   722       1,145       307       415       837       400       803  
    Loan servicing   303       333       180       123       295       88       158  
    Income (loss) from derivative instruments, net   589       551       339       250       (37 )     212       377  
    Net gain on sale of loans held for sale   257       212       140       117       186       220       124  
    Net loss on investment securities   3       –       3       –       (100,055 )     –       –  
    Net gain (loss) on the sale of other assets   –       13,495       –       –       (19 )     138       13,508  
    Net (loss) gain on tax credit investments   (1,026 )     31       (512 )     (514 )     (636 )     (170 )     406  
    Other   2,854       3,025       1,281       1,573       1,291       1,345       1,508  
    Total noninterest income (loss)   20,990       34,915       10,617       10,373       (91,036 )     9,440       24,014  
    Noninterest expense:                                        
    Salaries and employee benefits   34,968       33,088       18,070       16,898       17,159       15,879       15,748  
    Occupancy and equipment   7,572       7,200       3,982       3,590       3,791       3,370       3,448  
    Professional services   3,142       4,166       1,451       1,691       1,571       1,965       1,794  
    Computer and data processing   11,366       10,728       5,879       5,487       6,608       5,353       5,342  
    Supplies and postage   1,081       912       503       578       504       519       437  
    FDIC assessments   2,859       2,641       1,392       1,467       1,551       1,092       1,346  
    Advertising and promotions   837       737       495       342       465       371       440  
    Amortization of intangibles   212       331       105       107       109       112       114  
    Provision for litigation settlement   –       –       –       –       23,022       –       –  
    Deposit-related charged-off items (recoveries) expense   (61 )     19,577       233       (294 )     354       410       398  
    Restructuring charges   68       –       –       68       35       –       –  
    Other   7,323       7,653       3,572       3,751       4,235       3,398       3,953  
    Total noninterest expense   69,367       87,033       35,682       33,685       59,404       32,469       33,020  
    Income (loss) before income taxes   42,119       32,572       21,495       20,624       (115,268 )     14,548       30,146  
    Income tax expense (benefit)   7,709       4,873       3,963       3,746       (32,457 )     1,082       4,517  
    Net income (loss)   34,410       27,699       17,532       16,878       (82,811 )     13,466       25,629  
    Preferred stock dividends   729       729       364       365       365       365       364  
    Net income (loss) available to common shareholders $ 33,681     $ 26,970     $ 17,168     $ 16,513     $ (83,176 )   $ 13,101     $ 25,265  
    FINANCIAL RATIOS:                                        
    Earnings (loss) per share – basic $ 1.68     $ 1.75     $ 0.85     $ 0.82     $ (5.07 )   $ 0.85     $ 1.64  
    Earnings (loss) per share – diluted $ 1.66     $ 1.73     $ 0.85     $ 0.81     $ (5.07 )   $ 0.84     $ 1.62  
    Cash dividends declared on common stock $ 0.62     $ 0.60     $ 0.31     $ 0.31     $ 0.30     $ 0.30     $ 0.30  
    Common dividend payout ratio   36.90 %     34.29 %     36.47 %     37.80 %     -5.92 %     35.29 %     18.29 %
    Dividend yield (annualized)   4.87 %     6.25 %     4.86 %     5.05 %     4.37 %     4.69 %     6.25 %
    Return on average assets (annualized)   1.12 %     0.90 %     1.13 %     1.10 %     -5.38 %     0.89 %     1.68 %
    Return on average equity (annualized)   11.80 %     12.32 %     11.78 %     11.82 %     -63.70 %     11.08 %     22.93 %
    Return on average common equity (annualized)   11.90 %     12.47 %     11.88 %     11.92 %     -66.19 %     11.18 %     23.51 %
    Return on average tangible common equity (annualized)(1)   13.31 %     14.77 %     13.27 %     13.36 %     -75.36 %     12.87 %     27.51 %
    Efficiency ratio(2)   59.24 %     74.80 %     59.68 %     58.79 %     117.13 %     64.70 %     50.58 %
    Effective tax rate   18.3 %     15.0 %     18.4 %     18.2 %     28.2 %     7.4 %     15.0 %
                                                           
    1. See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
    2. The efficiency ratio is calculated by dividing noninterest expense by net revenue, i.e., the sum of net interest income (fully taxable equivalent) and noninterest income before net gains on investment securities. This is a banking industry measure not required by GAAP.

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
    SELECTED AVERAGE BALANCES: 2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Federal funds sold and interest-earning deposits $ 55,306     $ 146,099     $ 39,027     $ 71,767     $ 121,530     $ 49,476     $ 134,123  
    Investment securities(1)   1,078,600       1,188,901       1,071,628       1,085,649       1,159,863       1,147,052       1,194,808  
    Loans:                                        
    Commercial business   699,141       713,496       720,347       677,700       658,038       673,830       704,272  
    Commercial mortgage   2,212,786       2,044,612       2,221,576       2,203,899       2,148,427       2,092,905       2,059,382  
    Residential real estate loans   646,001       648,510       645,007       647,005       649,549       647,844       648,099  
    Residential real estate lines   74,860       75,986       75,010       74,709       76,164       75,671       75,575  
    Consumer indirect   843,763       919,718       839,294       848,282       858,854       881,133       905,056  
    Other consumer   40,850       48,043       39,485       42,230       43,333       43,789       44,552  
    Total loans   4,517,401       4,450,365       4,540,719       4,493,825       4,434,365       4,415,172       4,436,936  
    Total interest-earning assets   5,651,307       5,785,365       5,651,374       5,651,241       5,715,758       5,611,700       5,765,867  
    Goodwill and other intangible assets, net   60,663       67,651       60,610       60,717       60,824       60,936       62,893  
    Total assets   6,218,412       6,189,594       6,216,657       6,220,187       6,121,449       6,018,390       6,153,429  
    Interest-bearing liabilities:                                        
    Interest-bearing demand   738,055       745,259       730,979       745,210       757,221       691,412       741,006  
    Savings and money market   1,964,884       2,059,294       1,953,412       1,976,483       1,992,059       1,938,935       2,036,772  
    Time deposits   1,598,381       1,492,399       1,631,407       1,564,987       1,545,071       1,515,745       1,505,665  
    Short-term borrowings   90,636       159,929       86,099       95,223       56,513       129,130       140,110  
    Long-term borrowings, net   120,648       124,601       116,473       124,871       124,795       124,717       124,640  
    Total interest-bearing liabilities   4,512,604       4,581,482       4,518,370       4,506,774       4,475,659       4,399,939       4,548,193  
    Noninterest-bearing demand deposits   925,043       956,670       923,409       926,696       947,428       952,970       950,819  
    Total deposits   5,226,363       5,253,622       5,239,207       5,213,376       5,241,779       5,099,062       5,234,262  
    Total liabilities   5,630,349       5,737,327       5,619,834       5,640,981       5,604,249       5,535,112       5,703,929  
    Shareholders’ equity   588,063       452,267       596,823       579,206       517,200       483,278       449,500  
    Common equity   570,778       434,975       579,538       561,921       499,910       465,986       432,208  
    Tangible common equity(2)   510,115       367,324       518,928       501,204       439,086       405,050       369,315  
    Common shares outstanding:                                        
    Basic   20,090       15,424       20,107       20,073       16,415       15,464       15,444  
    Diluted   20,291       15,551       20,294       20,285       16,415       15,636       15,556  
    SELECTED AVERAGE YIELDS:
    (Tax equivalent basis)    		                                        
    Investment securities(3)   4.30 %     2.13 %     4.34 %     4.25 %     2.38 %     2.14 %     2.17 %
    Loans   6.23 %     6.37 %     6.26 %     6.20 %     6.28 %     6.42 %     6.40 %
    Total interest-earning assets   5.84 %     5.47 %     5.88 %     5.80 %     5.45 %     5.53 %     5.50 %
    Interest-bearing demand   1.18 %     1.15 %     1.21 %     1.15 %     1.34 %     1.05 %     1.18 %
    Savings and money market   2.71 %     3.04 %     2.67 %     2.75 %     2.94 %     3.07 %     3.01 %
    Time deposits   4.19 %     4.70 %     4.08 %     4.31 %     4.53 %     4.72 %     4.72 %
    Short-term borrowings   1.95 %     3.13 %     1.80 %     2.09 %     0.15 %     2.64 %     2.75 %
    Long-term borrowings, net   5.17 %     5.02 %     5.35 %     5.00 %     5.03 %     5.03 %     5.02 %
    Total interest-bearing liabilities   3.03 %     3.33 %     3.00 %     3.07 %     3.24 %     3.37 %     3.32 %
    Net interest rate spread   2.81 %     2.14 %     2.88 %     2.73 %     2.21 %     2.16 %     2.18 %
    Net interest margin   3.42 %     2.83 %     3.49 %     3.35 %     2.91 %     2.89 %     2.87 %
                                                           
    1. Includes investment securities at adjusted amortized cost.
    2. See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
    3. The interest on tax-exempt securities is calculated on a tax-equivalent basis assuming a Federal income tax rate of 21%.

    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
    ASSET QUALITY DATA: 2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Allowance for Credit Losses – Loans                                        
    Beginning balance $ 48,041     $ 51,082     $ 48,964     $ 48,041     $ 44,678     $ 43,952     $ 43,075  
    Net loan charge-offs (recoveries):                                        
    Commercial business   1,960       (30 )     1,903       57       131       (3 )     7  
    Commercial mortgage–construction   –       –       –       –       –       –       –  
    Commercial mortgage–multifamily         –       –       –       –       13       –  
    Commercial mortgage–non-owner occupied   595       (2 )     596       (1 )     (5 )     (1 )     (1 )
    Commercial mortgage–owner occupied   (2 )     (2 )     (1 )     (1 )     (1 )     (2 )     (2 )
    Residential real estate loans   133       100       92       41       (4 )     (1 )     96  
    Residential real estate lines   27       –       27       –       –       –       –  
    Consumer indirect   3,091       3,817       942       2,149       2,557       1,553       844  
    Other consumer   615       360       491       124       100       106       178  
    Total net charge-offs (recoveries)   6,419       4,243       4,050       2,369       2,778       1,665       1,122  
    Provision (benefit) for credit losses – loans   5,669       (2,887 )     2,377       3,292       6,141       2,391       1,999  
    Ending balance $ 47,291     $ 43,952     $ 47,291     $ 48,964     $ 48,041     $ 44,678     $ 43,952  
                                             
    Net charge-offs (recoveries) to average loans (annualized):                                        
    Commercial business   0.57 %     -0.01 %     1.06 %     0.03 %     0.80 %     0.00 %     0.00 %
    Commercial mortgage–construction   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Commercial mortgage–multifamily   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.01 %     0.00 %
    Commercial mortgage–non-owner occupied   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Commercial mortgage–owner occupied   0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Residential real estate loans   0.04 %     0.03 %     0.06 %     0.03 %     0.00 %     0.00 %     0.06 %
    Residential real estate lines   0.07 %     0.00 %     0.14 %     0.00 %     0.00 %     0.00 %     0.00 %
    Consumer indirect   0.74 %     0.83 %     0.45 %     1.03 %     1.18 %     0.70 %     0.38 %
    Other consumer   3.04 %     1.51 %     4.99 %     1.19 %     0.91 %     0.95 %     1.62 %
    Total loans   0.29 %     0.19 %     0.36 %     0.21 %     0.25 %     0.15 %     0.10 %
                                             
    Supplemental information (1)                                        
    Non-performing loans:                                        
    Commercial business $ 3,671     $ 5,680     $ 3,671     $ 5,672     $ 5,609     $ 5,752     $ 5,680  
    Commercial mortgage–construction   19,621       4,970       19,621       19,684       20,280       20,280       4,970  
    Commercial mortgage–multifamily   –       183       –       –       –       71       183  
    Commercial mortgage–non-owner occupied   164       4,919       164       4,766       4,773       4,903       4,919  
    Commercial mortgage–owner occupied   –       380       –       349       354       366       380  
    Residential real estate loans   5,885       5,961       5,885       6,035       6,918       5,790       5,961  
    Residential real estate lines   299       183       299       316       253       232       183  
    Consumer indirect   2,571       2,897       2,571       2,917       3,157       3,291       2,897  
    Other consumer   225       36       225       279       62       57       36  
    Total non-performing loans   32,436       25,209       32,436       40,018       41,406       40,742       25,209  
    Foreclosed assets   142       63       142       196       60       109       63  
    Total non-performing assets $ 32,578     $ 25,272     $ 32,578     $ 40,214     $ 41,466     $ 40,851     $ 25,272  
                                             
    Total non-performing loans to total loans   0.72 %     0.57 %     0.72 %     0.88 %     0.92 %     0.93 %     0.57 %
    Total non-performing assets to total assets   0.53 %     0.41 %     0.53 %     0.63 %     0.68 %     0.66 %     0.41 %
    Allowance for credit losses – loans to total loans   1.04 %     0.99 %     1.04 %     1.08 %     1.07 %     1.01 %     0.99 %
    Allowance for credit losses – loans to non-performing loans   146 %     174 %     146 %     122 %     116 %     110 %     174 %
                                                           
    1. At period end.

    FINANCIAL INSTITUTIONS, INC.
    Appendix A — Reconciliation to Non-GAAP Financial Measures (Unaudited)
    (In thousands, except per share amounts)

      Six Months Ended     2025     2024  
      June 30,     Second     First     Fourth     Third     Second  
      2025     2024     Quarter     Quarter     Quarter     Quarter     Quarter  
    Ending tangible assets:                                        
    Total assets             $ 6,143,766     $ 6,340,492     $ 6,117,085     $ 6,156,317     $ 6,131,772  
    Less: Goodwill and other intangible assets, net               60,564       60,651       60,758       60,867       60,979  
    Tangible assets             $ 6,083,202     $ 6,279,841     $ 6,056,327     $ 6,095,450     $ 6,070,793  
                                             
    Ending tangible common equity:                                        
    Common shareholders’ equity             $ 584,383     $ 572,643     $ 551,699     $ 483,050     $ 450,375  
    Less: Goodwill and other intangible assets, net               60,564       60,651       60,758       60,867       60,979  
    Tangible common equity             $ 523,819     $ 511,992     $ 490,941     $ 422,183     $ 389,396  
                                             
    Tangible common equity to tangible assets(1)               8.61 %     8.15 %     8.11 %     6.93 %     6.41 %
                                             
    Common shares outstanding               20,128       20,110       20,077       15,474       15,472  
    Tangible common book value per share(2)             $ 26.02     $ 25.46     $ 24.45     $ 27.28     $ 25.17  
                                             
    Average tangible assets:                                        
    Average assets $ 6,218,412     $ 6,189,594     $ 6,216,657     $ 6,220,187     $ 6,121,449     $ 6,018,390     $ 6,153,429  
    Less: Average goodwill and other intangible assets, net   60,663       67,651       60,610       60,717       60,824       60,936       62,893  
    Average tangible assets $ 6,157,749     $ 6,121,943     $ 6,156,047     $ 6,159,470     $ 6,060,625     $ 5,957,454     $ 6,090,536  
                                             
    Average tangible common equity:                                        
    Average common equity $ 570,778     $ 434,975     $ 579,538     $ 561,921     $ 499,910     $ 465,986     $ 432,208  
    Less: Average goodwill and other intangible assets, net   60,663       67,651       60,610       60,717       60,824       60,936       62,893  
    Average tangible common equity $ 510,115     $ 367,324     $ 518,928     $ 501,204     $ 439,086     $ 405,050     $ 369,315  
                                             
    Net income (loss) available to common shareholders $ 33,681     $ 26,970     $ 17,168     $ 16,513     $ (83,176 )   $ 13,101     $ 25,265  
    Return on average tangible common equity(3)   13.31 %     14.77 %     13.27 %     13.36 %     -75.36 %     12.87 %     27.51 %
                                             
    1. Tangible common equity divided by tangible assets.
    2. Tangible common equity divided by common shares outstanding.
    3. Net income available to common shareholders (annualized) divided by average tangible common equity.

    The MIL Network –

  • MIL-OSI: Open Lending Appoints Veteran Financial Services Executive Massimo Monaco as Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 24, 2025 (GLOBE NEWSWIRE) — Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced the appointment of Massimo Monaco as Chief Financial Officer, effective August 18, 2025.

    Mr. Monaco brings over two decades of executive finance leadership experience in the residential mortgage lending and financial services industries, and he is known for driving change, strengthening financial discipline, and building strong partnerships with internal and external stakeholders. Most recently, he served as Chief Financial Officer of Arc Home LLC, a residential mortgage lender, from 2018 to 2025, following his role as CFO at American Financial Resources from 2016 to 2018. His extensive background also includes various senior finance positions at PHH Corp. (formerly NYSE: PHH), one of the largest outsourcers of home loans in the United States. Mr. Monaco holds an MBA and a Bachelor of Arts from La Salle University.

    “Massimo’s extensive background in financial services and mortgage lending paired with his proven ability to develop and execute on the strategic vision of leadership teams make him an excellent addition to Open Lending’s executive management team,” said Jessica Buss, Chief Executive Officer of Open Lending. “His deep industry expertise and financial leadership will be invaluable as we continue to drive growth across our platform. We’re confident in the talent we have in place and look forward to working with Massimo during this exciting time for Open Lending.”

    “I am excited to join Open Lending at this pivotal moment in the Company’s journey,” said Mr. Monaco. “Open Lending’s innovative approach to lending enablement and risk analytics has established it as a trusted partner to financial institutions nationwide while enabling better results for both lenders and borrowers. I look forward to working with the team to drive continued growth and value creation for our stakeholders while furthering the Company’s mission to serve the underserved.”

    About Open Lending

    Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.

    Contact information:

    Investor Relations Inquiries:
    InvestorRelations@openlending.com

    Source: Open Lending Corporation

    The MIL Network –

  • MIL-OSI: Open Lending Appoints Veteran Financial Services Executive Massimo Monaco as Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 24, 2025 (GLOBE NEWSWIRE) — Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced the appointment of Massimo Monaco as Chief Financial Officer, effective August 18, 2025.

    Mr. Monaco brings over two decades of executive finance leadership experience in the residential mortgage lending and financial services industries, and he is known for driving change, strengthening financial discipline, and building strong partnerships with internal and external stakeholders. Most recently, he served as Chief Financial Officer of Arc Home LLC, a residential mortgage lender, from 2018 to 2025, following his role as CFO at American Financial Resources from 2016 to 2018. His extensive background also includes various senior finance positions at PHH Corp. (formerly NYSE: PHH), one of the largest outsourcers of home loans in the United States. Mr. Monaco holds an MBA and a Bachelor of Arts from La Salle University.

    “Massimo’s extensive background in financial services and mortgage lending paired with his proven ability to develop and execute on the strategic vision of leadership teams make him an excellent addition to Open Lending’s executive management team,” said Jessica Buss, Chief Executive Officer of Open Lending. “His deep industry expertise and financial leadership will be invaluable as we continue to drive growth across our platform. We’re confident in the talent we have in place and look forward to working with Massimo during this exciting time for Open Lending.”

    “I am excited to join Open Lending at this pivotal moment in the Company’s journey,” said Mr. Monaco. “Open Lending’s innovative approach to lending enablement and risk analytics has established it as a trusted partner to financial institutions nationwide while enabling better results for both lenders and borrowers. I look forward to working with the team to drive continued growth and value creation for our stakeholders while furthering the Company’s mission to serve the underserved.”

    About Open Lending

    Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.

    Contact information:

    Investor Relations Inquiries:
    InvestorRelations@openlending.com

    Source: Open Lending Corporation

    The MIL Network –

  • MIL-OSI: AMSC to Report First Quarter Fiscal Year 2025 Financial Results on July 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    AYER, Mass., July 24, 2025 (GLOBE NEWSWIRE) — AMSC® (NASDAQ: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability of our Navy’s fleet, announced today that it plans to release its first quarter fiscal year 2025 financial results after the market close on Wednesday, July 30, 2025. In conjunction with this announcement, AMSC management will participate in a conference call with investors and covering analysts beginning at 10:00 a.m. Eastern Time on Thursday, July 31, 2025. On this call, management will discuss the Company’s recent accomplishments, financial results, and business outlook.

    Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed 15 minutes prior to the scheduled start time by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call.

    A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 4291224.

    About AMSC (Nasdaq: AMSC)
    AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

    ©2025 AMSC. AMSC, American Superconductor, NEPSI, Neeltran, NWL, D-VAR, D-VAR VVO, Amperium, Gridtec, Marinetec, Windtec, Orchestrate the Rhythm and Harmony of Power on the Grid and Smarter, Cleaner … Better Energy are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks, or service marks belong to their respective holders.

       
    AMSC Contacts  
    AMSC Director of Communications: Investor Relations Contact:
    Nicol Golez LHA Investor Relations
    Phone: 978-399-8344 Carolyn Capaccio, CFA
    Nicol.Golez@amsc.com  Phone: 212-838-3777
      amscIR@allianceadvisors.com 
       

    The MIL Network –

  • MIL-OSI Europe: Written question – Contamination from microplastics – E-002878/2025

    Source: European Parliament

    Question for written answer  E-002878/2025
    to the Commission
    Rule 144
    Daniel Buda (PPE)

    Contamination from microplastics is becoming an increasingly serious public health issue. Recent studies have revealed the presence of microplastics in various food products, which can have negative effects on human health. Microplastics have also proved to be an emerging threat to bee populations.[1] Honey bees pollinate 80 % of agricultural crops and wild flowers and, together with other pollinators, contribute EUR 22 billion to the EU’s agricultural economy.

    • 1.Has the Commission initiated research and implemented regulations to monitor and limit the presence of these contaminants in the food chain?
    • 2.How does the Commission monitor the presence of microplastics and other contaminants in food, and what measures are planned to reduce this risk?
    • 3.Microplastic contamination often originates from third countries that do not manage waste adequately, and citizens are not sufficiently aware of the problem. How is the Commission investing in effective cooperation with third countries, and how is it contributing to public awareness campaigns to prevent contamination of the EU with microplastics originating from waste generated outside Europe?

    Submitted: 15.7.2025

    • [1] https://www.rewild.org/press/bees-under-threat-solutions-for-survival
    Last updated: 24 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Concerns over Portugal’s waste fee increases and compliance with Article 8a of the Waste Framework Directive – E-002906/2025

    Source: European Parliament

    Question for written answer  E-002906/2025
    to the Commission
    Rule 144
    Ana Vasconcelos (Renew), João Cotrim De Figueiredo (Renew)

    The Portuguese Government has decided to almost double the fees that companies must pay to municipalities – from EUR 125 million in 2024 to EUR 235 million in 2025 – without proper consultation, clear performance goals or the infrastructure needed to improve recycling outcomes. This comes at a time when Portugal is already off track to meet its 2025 EU recycling targets.

    This decision risks undermining the principles of Article 8a of the Waste Framework Directive (WFD)[1], which require extended producer responsibility (EPR) schemes to ensure fair cost allocation, efficient use of funds and clearly defined roles for public and private actors. Instead of reforming a dysfunctional system, the government has simply increased the financial burden on companies.

    The Commission flagged Portugal’s underperformance in its 2023 early warning report and has now opened an infringement procedure (INFR(2024)2145).

    • 1.What steps will it take to ensure Portugal complies with Article 8a of the WFD?
    • 2.Does the Commission consider Portugal’s brutal fee increases to be compatible with EU law and can Portugal collect a waste management fee without clearly linking it to actions supporting EU recycling targets?
    • 3.What action will it take if Portugal continues to miss its recycling targets and fails to address structural shortcomings?

    Submitted: 16.7.2025

    • [1] Directive 2008/98/EC of the European Parliament and of the Council of 19 November 2008 on waste and repealing certain Directives, ELI: http://data.europa.eu/eli/dir/2008/98/2024-02-18.
    Last updated: 24 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – European support for Bulgaria’s accelerated energy transition to alternative fuels – E-002905/2025

    Source: European Parliament

    Question for written answer  E-002905/2025
    to the Commission
    Rule 144
    Ilhan Kyuchyuk (Renew)

    In view of the European Union’s goals of achieving climate neutrality and pursuing energy independence from third countries, the accelerated transition to alternative fuels is of key importance for Bulgaria. Imports of petroleum products continue to account for a significant share of the country’s energy balance, making it vulnerable both economically and strategically. At the same time, national capacity for investment in sustainable energy solutions remains limited, particularly in the context of the socio-economic challenges associated with the transformation of the energy sector.

    In the light of this,

    • 1.what specific mechanisms and instruments does the European Commission envisage to assist Bulgaria in accelerating its transition to alternative fuels?
    • 2.Are there any targeted programs within REPowerEU, the Just Transition Fund, or other initiatives through which our country can receive financial, regulatory or technical support to reduce dependence on imported petroleum products and increase energy sustainability?

    Submitted: 16.7.2025

    Last updated: 24 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Türkiye’s use of pre-accession assistance (IPA) funds to finance espionage operations – Production of biometric passports – E-002880/2025

    Source: European Parliament

    Question for written answer  E-002880/2025
    to the Commission
    Rule 144
    Nikolas Farantouris (The Left)

    Reliable and substantiated international reports[1] reveal that a large part of the EU’s IPA funds to Türkiye have been channelled by President Recep Tayyip Erdoğan’s Government into funding espionage operations across Europe. The Turkish Ministries of the Interior and Foreign Affairs are alleged to have used hundreds of millions of euro to gather intelligence against Member States. The issue is further complicated by the fact that Türkiye is becoming a major producer of biometric passports and is already printing passports on behalf of Hungary and France,[2] while cooperation with the new Al-Jolani regime in Syria has also recently been announced.[3]

    In light of the above:

    • 1.What measures does the Commission intend to put in place to monitor the funds received by Türkiye in the framework of pre-accession assistance?
    • 2.Does the Commission intend to request the return of any funds not used for the purposes for which they were granted to Türkiye?
    • 3.Does the Commission intend to take measures to protect the biometric data of European citizens from non-EU countries such as Türkiye, which are involved in the collection and processing of such sensitive data?

    Submitted: 15.7.2025

    • [1] https://nordicmonitor.com/2025/06/eus-aid-to-turkey-diverted-to-spying-operations-in-europe-by-erdogan-government/
    • [2] https://www.biometricupdate.com/202209/turkey-to-print-hungarian-french-biometric-passports
    • [3] https://www.biometricupdate.com/202501/new-syrian-leadership-asks-turkey-to-supply-identity-cards-passports
    Last updated: 24 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Is the proposed Dutch waste treatment tax compatible with the self-sufficiency principle? – E-002944/2025

    Source: European Parliament

    Question for written answer  E-002944/2025
    to the Commission
    Rule 144
    Sander Smit (PPE)

    The Netherlands plans to tax the waste sector an additional EUR 567 million annually from 2028. This disproportionate levy will make waste treatment in the Netherlands economically unattractive, leading to the displacement of waste to other Member States and third countries where treatment standards are lower. That will heighten the risk of waste being landfilled instead of being used for energy recovery in waste incinerators and recycled, resulting in higher methane emissions at EU level. The impending reduced treatment capacity will undermine not only the circular transition, but also cross-border circularity clusters, cross-border cooperation, regional heat supply and CO2 capture (CCU and CCS).

    Article 16 of Directive 2008/98/EC requires Member States to cooperate on an integrated network of waste installations so as to ensure EU-wide self-sufficiency.

    • 1.How is the Commission safeguarding Article 16 of Directive 2008/98/EC, now that fiscal pressure is disrupting cooperation with neighbouring border regions and could lead to a reduction in regional waste treatment capacity?
    • 2.What harmonising measures is the Commission planning to take under Article 192 TFEU so as to counter unilateral national tax measures that undermine EU self-sufficiency and cross-border cooperation?
    • 3.Does the Commission acknowledge that, in the context of an existing shortfall in EU waste treatment capacity, the ‘waterbed effect’ – caused by divergent national tax measures – is undermining the objectives of current EU waste legislation and the intended objectives of prospective circular-economy legislation?

    Submitted: 16.7.2025

    Last updated: 24 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Extension of the EU’s ‘roam like at home’ area to the Western Balkans – E-002926/2025

    Source: European Parliament

    Question for written answer  E-002926/2025
    to the Commission
    Rule 144
    András Gyürk (PfE), Annamária Vicsek (PfE), Tamás Deutsch (PfE), Csaba Dömötör (PfE), Viktória Ferenc (PfE), Kinga Gál (PfE), Enikő Győri (PfE), György Hölvényi (PfE), András László (PfE), Ernő Schaller-Baross (PfE), Pál Szekeres (PfE)

    The countries of the Western Balkans are crucial partners for the European Union. The integration of the Western Balkans was identified as a priority for EU enlargement in 2003 and five countries have since been granted candidate status. This fact, as well as the meaningful contribution of the millions of citizens of these countries to the EU economy, demonstrates the region’s commitment to EU values and policies.

    Therefore, it is concerning that while Ukraine’s inclusion in the EU’s roam like at home area is being fast-tracked to 1 January 2026, the same determination from the Commission seems to be missing for the Western Balkans. We firmly believe that the accession process to the EU should be merit-based and avoid the perception of double standards.

    • 1.Does the Commission share our assessment that a fast-tracked inclusion of the Western Balkans into the roam like at home area would send a much needed positive signal to the citizens of the region?
    • 2.Is the Commission ready to accelerate and complete the Western Balkans inclusion in the roam like at home area by 1 January 2026?

    Submitted: 16.7.2025

    Last updated: 24 July 2025

    MIL OSI Europe News –

  • MIL-OSI: MoonBull Launches Presale Whitelist as Community Interest Surges — Turbo Sees Volume Dip, Coq Inu Rallies

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — MoonBull, a meme coin built on Ethereum, has officially launched its presale whitelist, marking a key milestone ahead of its Stage One offering. With strong early interest from the crypto community, the MoonBull whitelist is now open for participants seeking early access to the project’s token allocation and exclusive rewards.

    At the same time, trading activity around established meme coins like Turbo (TURBO) and Coq Inu (COQ) is also drawing attention — with Turbo facing a downturn in volume while Coq Inu posts weekly gains despite daily volatility.

    MoonBull Launches Whitelist for Early Supporters Ahead of Stage One

    MoonBull ($MOBU) has opened its whitelist registration as part of preparations for its upcoming token presale. The project, built for meme coin enthusiasts and Ethereum-native traders, has attracted early interest due to its limited whitelist capacity and built-in reward structure.

    According to MoonBull, users who join the whitelist gain early access to Stage One of the presale along with incentives such as entry at initial pricing tiers, eligibility for staking rewards, bonus token allocations, and private roadmap disclosures.

    The registration process involves submitting an email address via the official MoonBull website. Whitelisted users will be notified in advance of the presale launch date and time, giving them preferred access ahead of the public offering.

    “This launch is about building a committed early community,” said a representative from the MoonBull team. “We’ve created a reward structure that prioritizes our earliest supporters while maintaining transparency around tokenomics and project goals.”

    Turbo Faces Headwinds as Trading Volume Declines

    Turbo (TURBO), an ERC-20 token created by digital artist Rhett Mankind in 2023, has experienced a recent drop in trading activity. Priced at $0.004846 at the time of writing, Turbo is down 11.15% over the last 24 hours and 14.16% over the week. Its trading volume has also declined by more than 11%, signaling a cautious market stance.

    Despite this, Turbo continues to emphasize its community-first vision and open governance model. Market participants remain alert to whether trading volume will rebound amid broader market shifts.

    Coq Inu Sees Weekly Gains Despite Daily Dip

    Coq Inu (COQ), a meme token on the Avalanche blockchain, is trading at $0.0000006603 with a 12.41% drop over the past 24 hours. Still, the coin has gained 10.01% over the past week. This performance, amid a 14.37% drop in trading volume, underscores the coin’s continued appeal among its social media-driven community.

    Known for its humorous branding and active online presence, Coq Inu continues to grow as a cultural meme asset rather than a tech-first blockchain project.

    About MoonBull

    MoonBull is a new meme coin project built on the Ethereum network, designed to engage degen traders and meme culture fans through community-first incentives, limited early access programs, and on-chain transparency. The MoonBull presale is divided into multiple stages, with the whitelist phase now underway.

    For More Information
    Website: https://www.moonbull.io/
    Telegram: https://t.me/MoonBullCoin
    Twitter: https://x.com/MoonBullX

    Contact:
    Ayra
    support@moonbull.io

    Disclaimer: This content is provided by MoonBull. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/6e85fb7e-adb8-41d0-9a0c-7e0fd968c71f

    https://www.globenewswire.com/NewsRoom/AttachmentNg/9655f014-bf3b-412c-8e74-cc4d058dbef0

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b2eeeacc-4912-47d8-a045-95f6abc5027e

    https://www.globenewswire.com/NewsRoom/AttachmentNg/65e8956c-e820-4f7c-9523-95d460fd96bb

    The MIL Network –

  • MIL-OSI Africa: Liberia salutes African Development Bank President Adesina in landmark Government session

    Source: APO – Report:

    • I want you to know that your legacy in Liberia is strong and enduring, President Boakai tells Adesina
    • “With your vast natural resources, Liberia has no business being poor.” — Adesina

    Liberian President Joseph Nyuma Boakai convened the full spectrum of his government leadership to hear from African Development Bank President Dr. Akinwumi Adesina (www.AfDB.org), whom he lauded for a transformative decade at the helm of Africa’s premier development finance institution.

    The expanded cabinet meeting, held Tuesday 22 July at the Ellen Johnson Sirleaf Ministerial Complex in Monrovia, brought together all three branches of the Liberian government: executive ministers, legislative leaders, the Chief Justice, and heads of state-owned enterprises. The event served as both a celebration of partnership and a platform for Adesina to share leadership insights as he nears the end of his term in August 2025.

    “You have shown the world that bold ideas, when combined with clear vision and determination, can produce extraordinary results,” President Boakai declared. “Through your leadership, the African Development Bank has invested in real solutions that touch lives every day.”

    Underscoring the gravity of the occasion, the Liberian president added: “The fact that all three branches of our government are represented speaks volumes about the value we place on your visit and the respect we have for your leadership and contributions.”

    In his rousing keynote address titled “Liberia: Arise, and Shine!”, Dr. Adesina reflected on the Bank’s enduring partnership with Liberia, which has resulted in $1.02 billion in investments across 72 projects since 1967.

    Key achievements include nearly 2,500 km of electricity transmission lines connecting Liberia with Côte d’Ivoire, Sierra Leone, and Guinea; the Liberia Energy Efficiency and Access Project, which delivered nearly 40,000 new grid connections; and 177 km of new roads including the transformational Fish Town-Harper and Karloken to Fish Town corridors.

    A central highlight of the event was the launch of the Liberia Youth Entrepreneurship Investment Bank (YEIB), a flagship $17 million initiative under the African Development Bank’s Youth in Africa strategy. Liberia becomes the first African country to establish the dedicated youth-focused financial institution, aimed at equipping young Liberians aged 18-35 with the tools and capital to drive national development through entrepreneurship.

    President Boakai described the Bank’s portfolio as “more than numbers on paper.”

    “They are roads that connect our communities, energy that lights homes and businesses, and agriculture projects that strengthen food security and create income for our farmers,” he said.

    Drawing from his experience as Nigeria’s former Minister of Agriculture, and his decade-long leadership of the Bank, Adesina offered the Liberian cabinet a 7-point framework for transformational governance: setting clear and ambitious goals, ensuring measurable results, promoting teamwork and accountability and reforming institutions, especially the civil service and judiciary.

    “Don’t just blow the whistle, use your yellow card or red card. There is no need for rules in a soccer game if the referee never uses the yellow card or the red card,” Adesina said. “You cannot spend time baby-sitting poor performers. The public is eager for results and time is not on your side. So, be firm. Reward performers. Dispense with non-performers.”

    He recommended the adoption of a “One Government approach”, as well as the establishment of a presidential awards program to “recognize and incentivize inter-agency collaboration”; drawing from similar models at the African Development Bank.

    The Bank Group President urged the country to unlock greater value from its abundant resources. “With your vast natural resources, Liberia has no business being poor,” he stated. “The export of raw materials is the door to poverty. The export of value-added products is the highway to wealth.”

    During a Q&A session, Adesina emphasized the importance of technical and vocational training, citing that 60 percent of Liberia’s population is under the age of 35. He was responding to Education Minister Jarso Maley Jallah who inquired about strengthening entrepreneurship through the education system.

    Responding to a question from the Minister of Information, Cultural Affairs and Tourism, Jerolinmek Piah on achieving fiscal targets, Adesina urged the government to plug revenue leakages, noting that Africa loses $88 billion annually to illicit financial flows. “Make your country investable: invest in transparency, rule of law, create the right environment, provide incentives,” he added.

    Sannah Ziama, a local investor, praised Adesina’s visionary leadership and called for sustained investments in solar power to unlock Liberia’s industrial potential.

    As a low-income country and transition State, Liberia continues to benefit from the African Development Fund, the Bank’s concessional lending arm, as well as the Transition Support Facility, and the Nigeria Trust Fund.

    Liberia is also part of the inaugural group of countries that have developed energy compacts under the Mission 300 program, a joint initiative of the African Development Bank and the World Bank to deliver electricity to 300 million Africans by 2030.

    In recognition of his exceptional contributions, President Boakai presented Adesina with a Presidential Pin of Honour. Adesina had previously received Liberia’s highest national honour – the Order of the Star of Africa, Grade of Grand Band – in 2018.

    “Dr. Adesina, as you prepare to move on from this chapter, I want you to know that your legacy in Liberia is strong and enduring, President Boakai said. “The programs you have championed will continue to make an impact for years to come. Thank you for your faith in Liberia’s potential, and thank you for investing in our people, especially our youth.”

    Adesina was accompanied by the Bank’s Director General for West Africa, Lamin Barrow; Bank Executive Director for Liberia, Sierra Leone, The Gambia, Ghana and Sudan, Rufus Darkortey; and Acting Country Manager, Foday Yusuf Bob.

    Liberia’s historical connection with the African Development Bank dates back to the institution’s founding, when Liberian official Romeo Alexander Horton served as the pioneer Chairman of the Committee of Nine that established the Bank in 1964.

    Read Dr. Adesina’s address here (https://apo-opa.co/4maNUla).

    – on behalf of African Development Bank Group (AfDB).

    Media Contacts:
    Natalie Nkembuh and Tolu Ogunlesi
    Communication and External Relations
    media@afdb.org

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

    Media files

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    MIL OSI Africa –

  • MIL-OSI USA: Unlocking the Development Potential of Diaspora Communities and Helping Reduce Reliance on Foreign Aid

    Source: United States House of Representatives – Representative Jonathan Jackson – Illinois (1st District)

    FOR IMMEDIATE RELEASE

    WASHINGTON, D.C. – Today, Rep. Sheila Cherfilus-McCormick (D-FL) and Rep. Jonathan J. Jackson (D-IL) introduced the African Diaspora Investment and Development Act (AIDA), groundbreaking legislation that harnesses the economic power of African and Caribbean diaspora communities to advance sustainable development, reduce remittance costs, and align U.S. foreign policy with grassroots investment.

    Millions of Americans with heritage in Africa and the Caribbean send billions of dollars annually to support loved ones and communities in their countries of origin. Yet, they often face high transaction fees, limited investment tools, and few incentives to grow their impact. AIDA addresses these barriers head-on.

    As highlighted in Realizing Africa’s Potential: A Journey to Prosperity by Professor Landry Signé, published by the Brookings Institution, the diaspora can be a powerful driver of development in their home countries—not just through remittances, but by fostering trade, investment, research, innovation, and the transfer of knowledge and technology. This dynamic strengthens U.S. interests by empowering African and Caribbean diaspora communities, who are an integral part of the American fabric, to spur economic growth and innovation both abroad and at home, reinforcing U.S. global partnerships and domestic prosperity.

    The African Diaspora Investment and Development Act:

    • Reduces the cost of remittances by promoting transparency, competition, and innovation in money transfers.
    • Creates tax incentives for diaspora investments that drive sustainable economic development in African and Caribbean countries.
    • Encourages financial inclusion through fintech and diaspora-owned money transfer platforms.
    • Supports diaspora-led investments with U.S. financial backing.
    • Advances U.S. development goals by strengthening diaspora engagement in entrepreneurship, infrastructure, and community development projects abroad.

    “The African and Caribbean diasporas are economic engines that deserve recognition and support,” said Rep. Sheila Cherfilus-McCormick (D-FL). “This bill creates smart incentives that empower families, foster sustainable development, and reflect our values in U.S. foreign policy. AIDA is about unlocking diaspora investment potential. By empowering these communities, we can reduce reliance on foreign aid and embrace a model based on investment, dignity, and shared prosperity.”

    “This bill is timely and vital, especially at a time when US policy towards Africa and the Diaspora is shifting from aid to trade,” said Rep. Jonathan L. Jackson (D-IL). “Remittances ($90 billion inflow to Africa in 2023) have surpassed both foreign assistance and direct investment in many countries in Africa and the Caribbean; a source for development and economic growth. AIDA strengthens the Diaspora contributions in GPD growth through investments and family support – food, housing, education, health care, etc.”

    “Reducing remittance costs and eliminating taxes on remittances are critical measures that ensure every dollar sent goes further, directly benefiting health, education, small businesses, and local infrastructure,” said President of the Nigerian Physicians Advocacy Group, Susan Edionwe. “These changes will empower organizations like ours, whose work relies heavily on diaspora contributions, to expand our impact and better serve the people of Nigeria and beyond.”

    “The proposed AIDA bill is a fundamental recognition that as a nation of immigrants, the USA holds the ultimate power of transformation in the contributions of its diaspora to the rest of the world,” said Founder and CEO of Hamstrings, Inc., Eric V. Guichard. “AIDA is about leveraging these diaspora resources for good. It is a paradigm shift in development finance whose time has come.”

    “Remittances from family and friends in the U.S. to these regions primarily address basic necessities for recipients, including housing, food, education, services, small business support, and humanitarian assistance,” said Haiti Renewal Alliance. “A framework for partnerships with the U.S. DFC and diasporas via the AIDA Act to channel remittances for coordinated and robust investments with people on the ground in African and Caribbean countries, ushers the U.S. leading the next generation of successful global development for inclusive growth, peace, stability and opportunity, appreciating diaspora from Africa and Caribbean as key contributors.”

    During a time when development assistance from the United States in Africa and in the Caribbean is being drastically curtailed or even eliminated, African and Caribbean countries will need to increasingly rely on remittances coming from the Diaspora to meet basic needs and to get by,” said President of Constituency for Africa (CFA), Melvin Foote. “The proposed AIDA legislation, if passed, would certainly be a huge step in the right direction.”

    The legislation has received early praise from diaspora organizations, development experts, and financial inclusion advocates.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Senator Marshall Applauds USDA Workforce Reorganization from DC to Kansas City

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington – On Thursday, U.S. Senator Roger Marshall, M.D. (R-Kansas) applauded the United States Department of Agriculture (USDA) announcement from Secretary of Agriculture Brooke Rollins that, as part of its planned reorganization, Kansas City will become the second largest beneficiary of the restructuring.
    This reorganization is part of a larger, government-wide process being undertaken by the Trump administration to return federal agencies to their primary functions, eliminate redundancy and waste, and preserve the critical services these agencies provide to taxpayers.
    “There are no stronger champions for American farmers and ranchers than Secretary Rollins and President Trump,” said Senator Marshall. “Today’s announcements build on President Trump’s efforts in his first Administration to move those who work closest with our farmers and ranchers to our nation’s heartland. This is putting Farmer’s First.”
    “American agriculture feeds, clothes, and fuels this nation and the world, and it is long past time the Department better serve the great and patriotic farmers, ranchers, and producers we are mandated to support. President Trump was elected to make real change in Washington, and we are doing just that by moving our key services outside the beltway and into great American cities across the country,” said Secretary Rollins. “We will do so through a transparent and common-sense process that preserves USDA’s critical health and public safety services the American public relies on. We will do right by the great American people who we serve and with respect to the thousands of hardworking USDA employees who so nobly serve their country.”
    In the case of the USDA, today’s announcement will:

    Ensure the size of the USDA’s workforce aligns with available financial resources and agricultural priorities
    Bring USDA closer to its customers
    Eliminate management layers and bureaucracy
    Consolidate redundant support functions

    Click here to read the full Secretary Memorandum.

    MIL OSI USA News –

  • MIL-OSI USA: Kelly, Morelle, Langworthy, Houlahan lead bipartisan effort to squash the invasive Spotted Lanternfly

    Source: United States House of Representatives – Representative Mike Kelly (R-PA)

    WASHINGTON, D.C. — This week, U.S. Representatives Mike Kelly (R, PA-16), Joe Morelle (D, NY-25), Chrissy Houlahan (D, PA-06), and Nick Langworthy (R, NY-23) introduced bipartisan legislation to stop the spread of the Spotted Lanternfly, an invasive species that poses a significant threat to the American agricultural economy.

    “Agriculture plays a vital role in Pennsylvania’s economy, especially in my district which is home to many family farms and agricultural businesses,” said Rep. Kelly. “In Pennsylvania alone, the Spotted Lanternfly could cost hundreds of millions of dollars in economic damage and eliminate thousands of agricultural jobs. We must protect our farmers and harvesters from this invasive and dangerous threat.”

    “It’s hard to visit the Finger Lakes without enjoying our amazing vineyards and orchards, but sadly, they’re under serious threat from the Spotted Lanternfly,” said Congressman Morelle. “My legislation would provide additional support for both local and national organizations committed to fighting back against this invasive, destructive pest. I’m grateful to Representatives Kelly, Houlahan, and Langworthy for joining me in supporting this critical bill, and I hope to see it passed and signed into law soon.”

    “Across our community, I hear time and again about how devastating these pests can be. Whether you’re a farmer, a homeowner, or just someone who enjoys the delicious produce grown by our community’s farmers, the invasive Spotted Lanternfly poses a serious problem,” said Rep. Houlahan. “I’m glad to join this bipartisan group of leaders who are once again stepping up to unlock new research funding on eradicating these insects. I was thrilled to see this legislation included last year in both the House and Senate drafts of the Farm Bill and remain optimistic that this year, we will be able to push this legislation forward to deliver these badly needed funds.”

    “The Spotted Lanternfly infestation continues to wreak havoc across Western New York and the Southern Tier, especially devastating our grape crops,” said Congressman Langworthy. “Year after year, this invasive pest inflicts severe damage, threatening not only our crops but the livelihoods of hardworking farmers and the very future of our agricultural communities. This crisis can no longer be ignored. I’m proud to lead this bipartisan effort to safeguard our crops, protect our local farmers’ livelihoods, and preserve the future of our agricultural communities.”

    BACKGROUND

    The Spotted Lanternfly Research and Development Act designates the Spotted Lanternfly as a high-priority research and extension initiative under the National Institute of Food and Agriculture. This designation authorizes the Secretary of Agriculture to make competitive grants available for research projects related to the mitigation of this invasive species so we can find creative solutions to stop the spread before Pennsylvania’s cash crops are further decimated.

    How you can help stop the spread:

    • Learn how to identify the Spotted Lanternfly.
    • Inspect outdoor items such as firewood, vehicles, and furniture for egg masses.
    • If you visit other states with Spotted Lanternfly, be sure to check all equipment and gear before leaving and scrape off any egg masses.
    • Report sightings by completing this form.
    • If you see a Spotted Lanternfly, kill it immediately by stepping on it or crushing it.

    MIL OSI USA News –

  • MIL-OSI Analysis: Hockey Canada sex assault verdict: Sports culture should have also been on trial

    Source: The Conversation – Canada – By Laura Misener, Professor & Director, School of Kinesiology, Western University

    The verdict is in on the sexual assault trial of five former members of Canada’s 2018 world junior hockey team — all five have been acquitted.

    Each player was accused of sexually assaulting a woman in a hotel room. Today, Justice Maria Carroccia stated that the Crown did not prove its case beyond a reasonable doubt.

    The trial has captured the world’s attention and sparked polarized public debates about consent, hockey culture and the role of sport in socializing young men.

    Elite athletes often operate within environments where their talent grants them special status and access to resources — monetary and otherwise — that bolster a sense of entitlement. In some instances, sport organizations exacerbate this sentiment by protecting their star performers instead of addressing misconduct, which was reflected in this case.

    For example, an abusive national vaulting coach for New Zealand Athletics was finally banned for 10 years, but only after years of unchecked abuse of his female athletes, including “inappropriate sexual references.” This highlights how misconduct can go on unrestrained for so long.



    Read more:
    With another case of abuse in elite sport, why are we still waiting to protect NZ’s sportswomen from harm?

    The culture of exceptionalism

    As researchers with expertise in sport culture and sexual and gender-based violence, we’re reflecting on what the Hockey Canada trial reveals about the institutional and cultural practices within sport.

    The formal and informal rules of men’s sport validate misogyny and reinforce systemic patterns of sexual entitlement and inadequate accountability. We offer some perspectives on how these troubling patterns of violence in sport can be reformed.

    The Hockey Canada sexual assault trial has become a focal point for questioning how elite sporting environments shield athletes from accountability. This may be especially true in hockey.

    In their book about toxic hockey culture, authors Evan Moore and Jashmina Shaw argue that hockey operates within “a bubble composed mostly of boys and men who are white, cis-het, straight and upper-class. And those who play often become coaches and teach the same values to the next generation.”

    This closely knit community thrives on conformity and creates conditions that are ripe for the pervasive misogyny against women and systemic silence around issues of consent. The book _Skating on Thin Ice: Professional Hockey, Rape Culture and Violence against Women_, written by criminal justice scholars and sports reporters, demonstrates how endemic sexism, heavy alcohol use, abusive peers and the sexual objectification of women are buttressed by broader social factors. These factor uphold and reproduce toxic hockey culture, including patriarchal beliefs.

    Male-dominated sporting cultures also emphasize a particular type of masculinity that focuses on dominance, physical intimidation and winning at all costs. This can blur the boundaries between acceptable competitive behaviour and problematic aggression.

    Vulnerability in sports

    Within the realm of professional sport, athletes also become commodified and objectified through media coverage, sponsorship deals and public scrutiny. This commodification can contribute to a culture where athletes may internalize the idea that their bodies are public property, further eroding their sense of autonomy and understanding of consent, especially in relation to others beyond the sport context.

    Questioning or circumventing institutionally sanctioned behaviours is not easy, and it’s well-documented that many elite athletes struggle with mental health issues including depression, anxiety and substance misuse resulting from the pressure to align with the dominant culture.

    But what often gets forgotten is how the hyper-masculine culture of sports creates significant barriers to seeking help. Young male athletes are socialized to comply with peer cultures that equate vulnerability with weakness. Yet they face intense pressures around family expectations, sponsorship deals and team success that demands they maintain appearances of strength and control.

    This cycle of suppressed vulnerability and untreated distress enables toxic sporting masculinity to flourish, forcing organizations like Hockey Canada to confront their role in perpetuating these harmful dynamics.

    The need for structural, cultural reform

    Sports organizations have significant financial and reputational investment in athletes. This can create an inherent conflict when misconducts arise, problematically prompting sports organizations to use their power and resources to prioritize damage control over justice.

    We saw this in the Hockey Canada sexual assault trial, where each hockey player had his own legal counsel, a stark illustration of institutional power and the extent to which sports organizations will go to shield their members from accountability. The deeply entrenched networks within sport prioritize self-preservation over addressing misconduct

    Effectively responding to these issues requires addressing the systemic factors that perpetuate sexual and gender-based violence in sport. The sport ecosystem in Canada needs radical change, including who trains and mentors young men in hockey and how organizations investigate complaints.

    It requires going beyond individual accountability, participating in consent workshops or issuing policy documents. These actions alone are insufficient to shift the cultural needle.

    In 2022, Hockey Canada released a comprehensive action plan to address systemic issues in hockey that features discussions of accountability, governance, education and training and independent sport safety structures.

    Community organizations like the Ontario Coalition of Rape Crisis Centres also issued a series of recommendations in 2022 that remain germane:

    • Work with athletes and sports organizations to address sexual violence in sports culture;
    • Support the development and growth of male allies programs within community-based sexual assault support centres; and
    • Support those who have been harmed.

    In addition to these excellent suggestions, Hockey Canada and other allied hockey organizations must be willing to restructure the current hierarchical structure of power that governs not just hockey, but also the players and all the other agencies involved, including coaches, sponsors, trainers, legal teams, media and PR representatives.

    These organizational changes are possible, as evidenced by the efforts of Bayne Pettinger, an agent who has led efforts to create space for queer hockey players in Hockey Canada and the National Hockey League.

    Scott Smith, who stepped down from his role as Hockey Canada’s President and CEO, left, and Hockey Canada Chief Financial Officer Brian Cairo appear at a standing committee in July 2022 looking into how Hockey Canada handled allegations of sexual assault and a subsequent lawsuit.
    THE CANADIAN PRESS/Sean Kilpatrick

    Sport’s moral reckoning

    However, the cultural norms of power in sport extend beyond the playing field to shape attitudes toward consent and sexual conduct.

    Until sport organizations address the foundational cultural elements that enable misconduct — toxic masculinity, institutional protection and erosion of consent culture — meaningful change will remain elusive.

    Within hockey environments, in particular, the objectification of women and the institutional silence surrounding sexual violence have become normalized aspects of the sport’s culture, creating conditions where misconduct can flourish unchecked.

    The events examined in this most recent trial are not isolated incidents but symptoms of deeper systemic failures within elite sport.

    Only through comprehensive cultural transformation can we ensure that sport environments are spaces of genuine safety, respect and accountability for all participants.

    Laura Misener receives funding from Social Sciences and Humanities Research Council of Canada

    Treena Orchard receives funding from Western University for a Teaching Innovation Grant, however, those funds were not used in the creation of this article.

    – ref. Hockey Canada sex assault verdict: Sports culture should have also been on trial – https://theconversation.com/hockey-canada-sex-assault-verdict-sports-culture-should-have-also-been-on-trial-260662

    MIL OSI Analysis –

  • MIL-OSI USA: Lee Applauds USDA Shift from Washington to Utah

    US Senate News:

    Source: United States Senator for Utah Mike Lee

    WASHINGTON – U.S. Senator Mike Lee (R-UT) issued the following statement in response to this morning’s announcement by the U.S. Department of Agriculture (USDA) that the agency will be shifting its focus and staffing away from Washington D.C. and toward agricultural hub locations across the country, including one in Salt Lake City, Utah:

    “The people making decisions about how our forests are managed and our food is grown shouldn’t be distant bureaucrats,” said Senator Mike Lee. “I congratulate the Department of Agriculture for decentralizing from Washington and relocating staff to Salt Lake City and other regional hubs. Not only is this a big win for Utah’s farmers and ranchers, but also for our land managers as the department moves closer to the people who live, work, and rely upon these lands. I will continue to fight for the Utahns who raise livestock, grow the best food on Earth, and sustain our National Forests.”

    USDA Secretary Brooke Rollins made the following statement:

    “American agriculture feeds, clothes, and fuels this nation and the world, and it is long past time the Department better serve the great and patriotic farmers, ranchers, and producers we are mandated to support. President Trump was elected to make real change in Washington, and we are doing just that by moving our key services outside the beltway and into great American cities across the country,” said Secretary Rollins. “We will do so through a transparent and common-sense process that preserves USDA’s critical health and public safety services the American public relies on. We will do right by the great American people who we serve and with respect to the thousands of hardworking USDA employees who so nobly serve their country.”

    About the USDA Reorganization plan

    The reorganization consists of four pillars:

    1. Ensure the size of USDA’s workforce aligns with available financial resources and agricultural priorities
    2. Bring USDA closer to its customers
    3. Eliminate management layers and bureaucracy
    4. Consolidate redundant support functions

    To bring USDA closer to the people it serves while also providing a more affordable cost of living for USDA employees, USDA has developed a phased plan to relocate much of its Agency headquarters and NCR staff out of the Washington, D.C. area to five hub locations. The Department currently has approximately 4,600 employees within the National Capital Region (NCR). This Region has one of the highest costs of living in the country, with a federal salary locality rate of 33.94%. In selecting its hub locations, USDA considered where existing concentrations of USDA employees are located and factored in the cost of living. Washington, D.C. will still hold functions for every mission area of USDA at the conclusion of this reorganization, but USDA expects no more than 2,000 employees will remain in the NCR.

    USDA will vacate and return to the General Services Administration the South Building, Braddock Place, and the Beltsville Agricultural Research Center, and revisit utilization and functions in the USDA Whitten Building, Yates Building, and the National Agricultural Library. The George Washington Carver Center will also be utilized until space optimization activities are completed. These buildings have a backlog of costly deferred maintenance and currently are occupied below the minimum set by law. For example, the South Building has approximately $1.3 billion in deferred maintenance and has an average daily occupancy of less than 1,900 individuals for a building that can house over 6,000 employees.

    USDA’s five hub locations and current Federal locality rates are:

    1. Raleigh, North Carolina (22.24%)
    2. Kansas City, Missouri (18.97%)
    3. Indianapolis, Indiana (18.15%)
    4. Fort Collins, Colorado (30.52%)
    5. Salt Lake City, Utah (17.06%)

    Read the full reorganization memo from Secretary Rollins here.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: The Isle of Canna opens the doors to its brand new visitor hub 

    Source: Scotland – Highland Council

    Issued by The National Trust for Scotland

    • A major project to create a visitor hub on the Isle of Canna is now complete and open to visitors.
    • The £771,000 project, operated and managed by the Isle of Canna Community Development Trust and led by the National Trust for Scotland, was funded by the Scottish Government, VisitScotland, The Highland Council, Highlands and Islands Enterprise, and the Trust.
    • Facilities include toilets and showers, public laundry facilities, a room for NHS health workers and other professionals, and a base for the Trust Ranger.

    The Isle of Canna Community Development Trust (IoCCDT) has celebrated the opening of the new Canna Visitor Hub, where a range of facilities are now available for visitors.

    The need for accessible visitor facilities was recognised as the island continues to welcome an increasing number of visitors each year. The Canna Visitor Hub now boasts a range of amenities, including toilets and showers, public laundry facilities, a base for the National Trust for Scotland Ranger, as well as a dedicated room for NHS health workers and other professionals for community use.

    The building was designed with its surrounding landscape in mind and was constructed using environmentally conscious materials. It runs on the island’s renewable energy infrastructure, utilising solar panels, to align with the island’s vision for environmental sustainability. Through archaeological surveys, the project was approached sensitively, and the Canna Visitor Hub now sits naturally within its surroundings and serves as a focal point for visitors as they arrive at the harbour.

    Spey Building & Joinery Ltd, which was responsible for building the Canna Visitor Hub, was also awarded the Scotland Commercial or Public Sector Project award by the Federation of Master Builders this year for its team’s exceptional work on the Canna Visitor Hub. The project was delivered by the Canna Partnership, through which the IoCCDT and the National Trust for Scotland work together to preserve the landscape and culture for future generations.

    Isebail MacKinnon, Director of the Isle of Canna Community Development Trust, said: “The new Canna Visitor Hub supports our vision for the sustainability of the island and community-owned tourism, and to provide a good experience for visitors. By providing facilities at the visitor hub, we hope to encourage people to stay on the island for longer, moving away from short visits and towards longer stays, and more engaged visitors.

    “We are very grateful for the support and funding received from those who made this project happen and are very excited for the Canna Visitor Hub to be part of the island infrastructure for many years to come. Thank you to Scottish Government, VisitScotland, The Highland Council, Highlands and Islands Enterprise, and the National Trust for Scotland for their support.”

    Managed by VisitScotland on behalf of the Scottish Government, the Rural Tourism Infrastructure Fund (RTIF) was created to improve the quality of the visitor experience in rural parts of Scotland that have faced pressure on their infrastructure due to an increase in visitor numbers. In Highland mainland and islands (excluding Shetland and Orkney) there have been a total of 36 RTIF-supported approved projects with a total RTIF investment of £7,937,883.

    Chris Taylor, Destination Development Manager at Visit Scotland, said: “The fantastic new visitor facilities on Canna are a core part of the tourism offer on the island.

    “Along with investment by the National Trust for Scotland in Canna House, proposals for a new high-quality bunkhouse by the community and ongoing hard work of small island businesses, this makes for a unique visitor experience and promises a very exciting future.

    “A healthy visitor economy is crucial and is at the heart of the community’s plan in Canna for a thriving, sustainable island – it attracts and retains people and generates jobs and incomes.”

    Chair of The Highland Council’s Economy and Infrastructure Committee, Cllr Ken Gowans, said: “The Highland Council is proud to have supported the Isle of Canna Visitor Facilities through VisitScotland’s Rural Tourism Infrastructure Fund, the Place Based Investment Programme, and the Islands Infrastructure Fund. This project represents a vital investment in sustainable tourism and community resilience on one of Highland’s unique and remote islands.

    “By delivering modern, accessible welfare facilities and a dedicated visitor hub, the project is not only enhancing the visitor experience but also helping to protect Canna’s fragile environment and support its long-term regeneration. This development will enable the local community to manage tourism more effectively, create new opportunities, and ensure that Canna remains a welcoming and sustainable destination for generations to come.”

    The £771,000 project is operated and managed by the Isle of Canna Community Development Trust and led by the National Trust for Scotland, and was funded by the Scottish Government, VisitScotland, The Highland Council, Highlands and Islands Enterprise, and the Trust. An official opening event for the Canna Visitor Hub was hosted by the IoCCDT this month to celebrate this new milestone for the community and its visitors.

    The Canna Visitor Hub runs on an honesty basis, and donations from visitors are welcome for the use of the facilities. For more information about the Canna Visitor Hub and all that the Isle of Canna has to offer, visit the Isle of Canna Community Development Trust website.

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Canada and Manitoba announce support for livestock producers affected by drought conditions  

    Source: Government of Canada News (2)

    July 24, 2025 – Winnipeg, Manitoba – Agriculture and Agri-Food Canada

    The governments of Canada and Manitoba are announcing support measures to aid Manitoba’s livestock producers affected by drought conditions, federal Minister of Agriculture and Agri-Food Heath MacDonald and Manitoba Agriculture Minister Ron Kostyshyn announced today.

    Manitoba Agricultural Services Corporation (MASC) will provide support measures through its AgriInsurance program, improving cashflow for livestock producers needing to secure additional feed.

    For claim calculation purposes, MASC will be applying a quality adjustment factor to reduce yield appraisals by 40% for drought-stricken cereal crops (all varieties of wheat, oats, barley, fall rye, triticale, and grain corn) that are converted to livestock feed. This quality adjustment was last implemented in 2021 and contributed to over 100,000 acres of grain crops being converted to livestock feed.

    Changes for producers with AgriInsurance coverage on forage and pastures include:

    • Deferred premium deductions on payments for Forage Insurance claims made prior to October 1, 2025
    • Partial claim payments on Forage Insurance and Pasture Days Insurance claims, when feasible
    • Ability for livestock to graze on insured forages after the first cut without impact on claim calculation

    MASC will also offer lending clients an opportunity to defer loan payments and will provide guidance on appropriate options to finance feed purchases, if needed.

    AgriInsurance is a federal-provincial-producer cost-shared program. Support for the program is provided by the governments of Canada and Manitoba under the Sustainable Canadian Agricultural Partnership. 

    MIL OSI Canada News –