NewzIntel.com

Category: Farming

  • MIL-OSI New Zealand: Police breach policy during fatal fleeing driver incident at Manukau

    Source: Independent Police Conduct Authority

    10 April 2025

    The Independent Police Conduct Authority has found that officers at Manukau breached policy when involved in a fleeing driver incident that resulted in a crash and death of a man (Mr Z).

    At about 11.42pm on 17 June 2024, a Police unit in the Manukau CBD stopped and briefly spoke to Mr Z due to his car having stolen number plates. Mr Z drove away at speed. Within a minute, another Police unit signalled Mr Z to stop but he failed to do so. Officers in that second unit failed to comply with policy when they did not abandon a pursuit by way of stopping and turning off their emergency lights.

    Two other officers were a short distance away on Lambie Drive and heard events on the Police radio. They decided to set up road spikes to try to stop the car. The Authority found that these officers breached policy by not informing Comms of their plan, although we acknowledge the event was fast moving.

    When an officer stepped out from behind a signboard to throw the spikes onto the road, Mr Z swerved and lost control of the car, which struck a tree and caught fire. Officers summoned assistance and used fire extinguishers to put out the fire, before assisting Mr Z and his female passenger. Their actions in this respect were commendable.

    Mr Z died at the scene and his passenger was seriously injured.

    It transpired that the car was stolen (separately from the stolen number plates), Mr Z had methamphetamine in his system, he was breaching a court-imposed curfew, and he was driving dangerously. However, we found that if officers had complied with existing Police policy, this crash might have been avoided.

    This case highlights the need for officers to understand the ‘Fleeing Driver’ and ‘Tyre Deflation Devices’ policy requirements and the reasons behind them, which are for their own safety as well as the safety of others. We did not recommend that Police consider charging any of the officers involved with a criminal offence.

    The Authority acknowledges this matter involves the death of a man and injury to a woman and we extend our sympathy to those involved.

    Public Report

    Police breach policy during fatal fleeing driver incident at Manukau (PDF 562 KB)

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Business – Fonterra plans to close Canpac site

    Source: Fonterra

    Fonterra has today announced that it plans to close its canning and packaging facility in Hamilton at the end of July.

    The closure of the Canpac site, which blends and packages milk powders, follows the Co-operative’s decision to focus on higher value ingredients such as advanced proteins and medical nutrition.

    Fonterra’s Chief Operating Officer, Anna Palairet, says low product volumes and increasing complexities in production has created challenging economic conditions for the facility.

    “It’s been a tough day for all the team at the site. Making decisions like this is never easy.

    “Our strategy is about creating end-to-end value and growing total returns for our farmer shareholders. We believe the best way to achieve this is to focus on our strengths and scale in ingredients and foodservice, and we are prioritising our investment on the parts of our operations that are better suited to this.”

    “We are committed to supporting our employees as we work through the next steps,” says Ms Palairet.

    Around 120 people currently work at the site. The Co-op will now work through a consultation process including exploring potential redeployment opportunities before operations are planned to come to an end on 31 July 2025.

    The site currently packs up to 4000 metric ton of powders per year, less than one per cent of the Co-op’s total product volume.

    MIL OSI New Zealand News –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for April 29, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on April 29, 2025.

    Why are political parties allowed to send spam texts? And how can we make them stop?
    Source: The Conversation (Au and NZ) – By Tegan Cohen, Postdoctoral Research Fellow, Digital Media Research Centre, Queensland University of Technology Ti Wi / Unsplash Another election, another wave of unsolicited political texts. Over this campaign, our digital mailboxes have been stuffed with a slew of political appeals and promises, many from the new party

    The Oscars have rolled out the red carpet for generative AI. And surprisingly, viewers don’t seem to mind
    Source: The Conversation (Au and NZ) – By Paul Crosby, Senior Lecturer, Department of Economics, Macquarie University The Oscars have entered the age of artificial intelligence (AI). Last week the Academy of Motion Picture Arts and Sciences explicitly said, for the first time, films using generative AI tools will not be disqualified from the awards.

    Echidna ancestors lived watery lifestyles like platypuses 100 million years ago – new study
    Source: The Conversation (Au and NZ) – By Sue Hand, Professor Emeritus, Palaeontology, UNSW Sydney Mary_May/Shutterstock As the world’s only surviving egg-laying mammals, Australasia’s platypus and four echidna species are among the most extraordinary animals on Earth. They are also very different from each other. The platypus is well adapted for a semi-aquatic lifestyle, spending

    ‘Do something about it before it gets worse’: young people want government action on gambling reform
    Source: The Conversation (Au and NZ) – By Hannah Pitt, Senior Research Fellow – Institute for Health Transformation, Deakin University David P. Smith/Shutterstock Do something about it before it gets worse. This was a response from a 16-year-old boy in one of our recent studies when asked what he would say to the prime minister

    ‘I’m always afraid for the future of my family’: why it’s too hard for some refugees to reunite with loved ones
    Source: The Conversation (Au and NZ) – By Mary Anne Kenny, Associate Professor, School of Law, Murdoch University When refugees flee their home country due to war, violence, conflict or persecution, they are often forced to leave behind their families. For more than 30,000 people who have sought asylum in Australia since arriving more than

    Major survey finds most people use AI regularly at work – but almost half admit to doing so inappropriately
    Source: The Conversation (Au and NZ) – By Nicole Gillespie, Professor of Management; Chair in Trust, Melbourne Business School Matheus Bertelli/Pexels Have you ever used ChatGPT to draft a work email? Perhaps to summarise a report, research a topic or analyse data in a spreadsheet? If so, you certainly aren’t alone. Artificial intelligence (AI) tools

    1 billion years ago, a meteorite struck Scotland and influenced life on Earth
    Source: The Conversation (Au and NZ) – By Chris Kirkland, Professor of Geochronology, Curtin University Stoer Head lighthouse, Scotland. William Gale/Shutterstock We’ve discovered that a meteorite struck northwest Scotland 1 billion years ago, 200 million years later than previously thought. Our results are published today in the journal Geology. This impact now aligns with some

    Arsenic is everywhere – but new detection methods could help save lives
    Source: The Conversation (Au and NZ) – By Magdalena Wajrak, Senior Lecturer in Chemistry, Edith Cowan University Arsenic is a nasty poison that once reigned as the ultimate weapon of deception. In the 18th century, it was the poison of choice for those wanting to kill their enemies and spouses, favoured for its undetectable nature

    Forming new habits can take longer than you think. Here are 8 tips to help you stick with them
    Source: The Conversation (Au and NZ) – By Ben Singh, Research Fellow, Allied Health & Human Performance, University of South Australia SarahMcEwan/Shutterstock If you’ve ever tried to build a new habit – whether that’s exercising more, eating healthier, or going to bed earlier – you may have heard the popular claim that it only takes

    ‘Complaining is career suicide’: the hidden mental health crisis turning our screen industry upside down
    Source: The Conversation (Au and NZ) – By Peter Hegedus, Associate Professor, Griffith Film School, Griffith University Shutterstock The Australian screen industry is often associated with fun, creativity and perhaps even glamour. But our new Pressure Point Report reveals a more troubling reality: a pervasive mental health crisis, which could see the screen industry lose

    New survey shows business outlook is weakening and uncertainty rising as the trade war bites
    Source: The Conversation (Au and NZ) – By John Simon, Adjunct Fellow in Economics, Macquarie University Vivid Brands/Shutterstock Uncertainty is everywhere these days. There is even uncertainty about the uncertainty. The Reserve Bank of Australia, for example, noted in the minutes from its April 1 meeting: The most significant development in the period leading up

    How ICE is becoming a secret police force under the Trump administration
    Source: The Conversation (Au and NZ) – By Lee Morgenbesser, Associate Professor, School of Government and International Relations, Griffith University Secret police are a quintessential feature of authoritarian regimes. From Azerbaijan’s State Security Service to Zimbabwe’s Central Intelligence Organisation, these agencies typically target political opponents and dissidents through covert surveillance, imprisonment and physical violence. In

    Democracy on display or a public eyesore? The case for cracking down on election corflutes
    Source: The Conversation (Au and NZ) – By Andrew Hughes, Lecturer in Marketing, Research School of Management, Australian National University In my time researching political advertising, one common communication method that often generates complaints is the proliferation of campaign corflutes. Politicians love them. Not so, many members of the general public. People are so fed

    Here’s how to make your backyard safer and cooler next summer
    Source: The Conversation (Au and NZ) – By Pui Kwan Cheung, Research Fellow in Urban Microclimates, The University of Melbourne Varavin88, Shutterstock Our backyards should be safe and inviting spaces all year round, including during the summer months. But the choices we make about garden design and maintenance, such as whether to have artificial turf

    Five ways to make cities more resilient to climate change
    Source: The Conversation (Au and NZ) – By Paul O’Hare, Lecturer in Human Geography and Urban Development, Manchester Metropolitan University John_T/Shutterstock Climate breakdown poses immense threats to global economies, societies and ecosystems. Adapting to these impacts is urgent. But many cities and countries remain chronically unprepared in what the UN calls an “adaptation gap”. Building

    Politics with Michelle Grattan: pollster Kos Samaras on how voters are leaving the major parties behind
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra As we enter the final days of campaigning, Labor leads with its nose in front on most polls, but the devil is in the detail of particular seats. To help get a read on what the voters are feeling at

    Vanuatu communities growing climate resilience in wake of Cyclone Lola
    Communities in Vanuatu are learning to grow climate resilient crops, 18 months after Cyclone Lola devastated the country. The category 5 storm struck in October 2023, generating wind speeds of up to 215 kmph, which destroyed homes, schools, plantations, and left at least four people dead. It was all the worse for following twin cyclones

    Election Diary: Labor to slash more consultant costs and increase visa charges to pay for fresh election commitments
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra The government has dug out last-minute savings of more than A$7 billion, to ensure its election commitments are more than offset in every year of the forward estimates. Its costings, released Monday, include savings of $6.4 billion from further reducing

    Big and small spending included in Labor costings, but off-budget items yet to be revealed
    Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra The federal budget will be stronger than suggested in last month’s budget, according to Treasurer Jim Chalmers who released Labor’s costings on Monday. Many of the policies included in the costings were already detailed in either the 2025 Budget

    How much do election promises cost? And why have we had to wait so long to see the costings?
    Source: The Conversation (Au and NZ) – By Stephen Bartos, Professor of Economics, University of Canberra With the May 3 federal election less than a week away, voters have only just received Labor’s costings and are yet to hear from the Coalition. At the 2022 election, the costings were not released for nearly two months

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: 04.28.2025 Following Pressure from Sen. Cruz and Trump Administration, Mexico Begins Honoring 1944 Water Treaty

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) issued a statement following the Trump administration’s announcement of a deal with Mexico to secure shipments of water Mexico owes to the United States under the 1944 Water Treaty.
    Sen. Cruz said, “Mexico’s failures to uphold its water obligations have been devastating to Texas farmers and cities. I have been fighting for years to secure those deliveries, including by advancing sanctions legislation in the United States Senate and by emphasizing to both American and Mexican officials that the U.S.-Mexico relationship cannot proceed productively unless Mexico meets its obligations. Recently, I worked with Secretary Rollins to secure a $280 million grant to provide critical economic relief in the Rio Grande Valley, but that was only, and explicitly, a stopgap measure.
    “Today’s announcement demonstrates that under the Trump administration and the Republican Congress, the United States will insist that other nations meet their obligations to Americans. It will provide critical relief to Texans and establish a basis for the further necessary work that must be done to assure Texas farmers of reliable and predictable water supplies.
    “Today’s achievement could not have been accomplished without President Trump’s public stance on holding Mexico accountable, or without the tireless work of Deputy Secretary Landau, Secretary Rollins, Senator Cornyn, Congresswoman De La Cruz, and former IBWC Commissioner Giner.”
    BACKGROUND
    Under the 1944 Water Treaty, Mexico is obligated to deliver 350,000 acre-feet of water per years averaged over a five-year cycle. But, Mexico has not made reliable annual deliveries, leading to a devastating shortfall including in Texas and across the Southwest.
    Sen. Cruz has led the push to ensure that Mexico delivers water to Texas that it is obligated to provide under the 1944 Water Treaty:
    Sen. Cruz led the effort in the U.S. Senate to secure a $280 million block grant, with the help of USDA Secretary Brooke Rollins. This block grant is critical in supporting the Texas producers in the Rio Grande Valley suffering from Mexico’s failure to meeting its obligations.
    Sen. Cruz championed a provision providing support for South Texas agricultural producers suffering from Mexico’s failure to meet its obligations under the 1944 Treaty on Utilization of Waters of the Colorado, Tijuana, and Rio Grande Rivers.
    Sens. Cruz and John Cornyn filed an amendment creating new framework to ensure Mexican complains with Water Treaty obligations.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Supporting fintechs to boost competition

    Source: New Zealand Government

    A pilot programme that will help financial technology (fintech) firms shake up competition in the financial and banking sectors is now underway, says Commerce and Consumer Affairs Minister Scott Simpson.

    “Our Government is focused on improving competition in the areas that matter most to Kiwis. The financial and banking sectors are among the most crucial to our everyday lives and our economic growth – however, they are often criticised as being among the most regulated and, some say, least competitive,” says Mr Simpson.

    “We have heard these concerns from the industry and have taken them seriously. I am pleased that the Financial Markets Authority has now announced the six firms that will take part in its pilot ‘regulatory sandbox’ programme, which was announced late last year.

    “The sandbox is a testing ground where fintechs can experiment with new products and services in a controlled environment, ensuring they comply with regulations, before doing a full commercial launch.

    “The benefits of this programme reach all corners of our economy. For consumers, it opens the door wide for new and innovative solutions that will challenge traditional banks and boost competition, providing more choices about how people manage their money, investments, and day-to-day transactions.

    “For fintechs, it means having the freedom and guidance to develop new products and services that will not only benefit customers but also help them supercharge New Zealand’s economic growth. I expect the sandbox will enable firms to save time, reduce costs, and bring innovative products to market sooner.

    “Fintechs are exactly the kind of high-value companies that we want to see thrive in New Zealand, but regulatory barriers have prevented them from competing on a level playing field. That’s why our Government is identifying and removing these barriers to support a thriving, scalable fintech industry in New Zealand.

    “Our Government also recognises the potential of fintechs to disrupt New Zealand’s financial services sector, increasing competition and choice for Kiwis. With open banking now on track to be operational in New Zealand by the end of the year, this is another action we are taking to help further unlock that potential.

    “I look forward to seeing how the firms make use of the sandbox. I encourage them to be bold and push the boundaries as they develop innovative solutions that will bring more choice and better services to consumers.”

    Notes to editors:

    The firms taking part in the pilot are:

    Fintech firm Details 

    ECDD Holdings Limited  

    		 ECDD Holdings Limited (part of the exchange service Easy Crypto) intends to launch a yield bearing NZD-backed stablecoin and to generate revenue from interest earned on money held on trust in interest-bearing accounts.   

    Emerge Group Limited  

    		 Emerge is a digital banking alternative offering products like debit cards, current accounts, and in-app expense tracking. Customer funds are currently held in trust with a partner bank but Emerge aims to transition to higher yielding options such as government bonds. 

    Homeshare  

    		 Homeshare offers investors the chance to own a fractionalised share of a property. This offering would be tokenised and made available via an online platform. 

    IndigiShare 

    		 IndigiShare aims to improve access to capital for Māori entrepreneurs and small businesses. It seeks to offer Te Whare Manaaki (a koha loan platform), as a way to lower barriers to entry for indigenous businesses and enable community entrepreneurship.  

    Invest in Farming Co-op

    		 IIF (Invest in Farming) is an Australian-based cooperative that connects investors to farming by digitising ownership of livestock, aquaculture, horticulture, and agriculture. It allows investors to own a share of agricultural assets, where investment returns are unlocked on the sale of the stock or crop. 
    Tandym Limited A group investment platform enabling people to form groups and build wealth together in a social and engaging way – while removing administrative burden.

    For further details on the regulatory sandbox and the firms participating in the pilot, please visit: https://www.fma.govt.nz/business/focus-areas/innovation/.

    It is anticipated the firms will operate within the terms of the sandbox for a period of between 12 and 24 months. Following the pilot, the Financial Markets Authority will make a decision on whether to make the programme permanent.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Northland Regional Council News 29/04/25

    Source: Northland Regional Council

    Climate Resilient Communities Fund open for applications
    Northland Regional Council is inviting applications to the Climate Resilient Communities Fund.
    The fund aims to build community resilience to the effects of climate change by focusing on local needs and community-led solutions. Council has $600,000 to invest in projects that meet the funding criteria, and eligible groups can apply for between $5,000 and $40,000 plus GST.
    Applications must be for projects in Te Taitokerau and from a legal community entity, such as hapū or iwi groups, community or neighbourhood groups, education providers, social enterprises and not-for-profit businesses.
    The fund will support projects focusing on: Food resilience (Te Kai); Water resilience (Te Wai); Energy resilience (Te Ngao); Nature-based resilience (Te Taiao); Planning for resilience (Ngā mahi Whakamahere).
    Applications close 3 June 2025.
    For more information and to apply, visit www.nrc.govt.nz/climateresiliencefunding
    Free open day event at award-winning, sustainable Northland farm
    Anyone interested in sustainable farming is invited to attend the Rob and Mandy Pye – Mangere Falls Farm, Ballance Farm Northland Regional Supreme Winner Open Day in Kōkopu (Whangarei) on May 7.
    The special free event hosted by New Zealand Farm Environmental Trust will include an overview from Rob and Mandy Pye about striking a balance between profitability, environmental stewardship and farm efficiency, a farm tour, presentations from Alison Whiteford (B+LNZ), Northland Regional Council, Kaipara Moana Remediation and Silver Fern Farms, followed by lunch.
    Anyone wishing to attend must ensure all vehicles and footwear are clean (to comply with biosecurity requirements), with 4WDs required to take part in the farm tour (carpooling is recommended where possible).
    For catering purposes, please send your RSVP to Ellie Ball at: northland@bfea.org.nz
    The event will be held from 10am and finish with a lunch at 1pm at Mangere Falls Farm, 638 Knight Road, Kōkopu, Whangarei. 

    MIL OSI New Zealand News –

  • MIL-OSI USA: ICYMI: Tuberville Visits Redstone Arsenal, Alabama Truckers over Easter Recess

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – Last week, U.S. Senator Tommy Tuberville (R-AL) made several stops while in Alabama over Easter recess.

    FBI AT REDSTONE ARSENAL:

    On Wednesday, Senator Tuberville joined U.S. Senator Katie Britt (R-AL) and FBI Director Kash Patel for a tour of the FBI facilities at Redstone Arsenal in Huntsville. Following the tour, the Senators joined Director Patel for a press conference.

    “This is a big part of [Director Patel’s] puzzle here at Redstone Arsenal, and that is the reason we’re here today for him to see what he has inherited and will inherit in the future, because it’s going to continue to grow,” Tuberville said at the press conference. 

    ALABAMA TRUCKING ASSOCIATION:

    On Friday, Senator Tuberville spoke at the Alabama Trucking Association Annual Convention. During his conversation with AL Trucking Association Board Chairman Joe Black, Senator Tuberville emphasized the critical role that the truckers play in supporting Alabama’s supply chain and economy.

    MORE:

    Yellowhammer: FBI Director commits to major expansion in Huntsville alongside Tuberville, Britt – Redstone Arsenal ‘one of the gems in the FBI crown jewel’

    1819 News: FBI Director Patel says Redstone Arsenal to play key role in Bureau’s future with ‘more and more’ agents moving to Huntsville

    WAFF: FBI Director Kash Patel, Alabama Senators speaking from Redstone Arsenal

    AL Daily News: FBI director tours Redstone Arsenal with Britt, Tuberville as agency plans to bring more jobs

    AL.com: ‘More and more’ FBI agents will come to Alabama, Kash Patel says on Redstone Arsenal tour

    WHNT: ‘We’re going to put more people here’: FBI Director Kash Patel visits Redstone Arsenal

    WAAY: FBI Director Kash Patel visits Redstone Arsenal

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

    MIL OSI USA News –

  • MIL-OSI USA: Cornyn Statement on New Agreement with Mexico to Secure Water for South Texas

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – U.S. Senator John Cornyn (R-TX) released the following statement after Agriculture Secretary Brooke Rollins and Deputy Secretary of State Christopher Landau announced they have brokered a new agreement on the Treaty Relating to the Utilization of Waters of the Colorado and Tijuana Rivers and of the Rio Grande that secures water for farmers and ranchers in Texas:
    “South Texas has been devastated by Mexico’s repeated refusal to deliver the water it has owed the United States for far too long, and I commend the Trump administration for securing this critical deal for Mexico to finally send water to the region.”
    “This new agreement will bring substantial amounts of acre-feet of water to the U.S., and I thank President Trump, Secretary Rubio, Secretary Rollins, and Deputy Secretary Landau for their leadership after years of the Biden administration sitting on its hands and letting Texans suffer.”
    “I will continue working alongside President Trump and his administration to push Mexico for consistent, annual deliveries to live up to its obligations under the 1944 Water Treaty and ensure our South Texas agriculture community has the resources needed to thrive.”
    Background:
    Sen. Cornyn has led the charge in Congress to boost Texas’ water supply and ensure Mexico fulfills its treaty obligations to provide annual deliveries of water to South Texas farmers and ranchers. He partnered with U.S. Secretary of Agriculture Brooke Rollins to successfully secure more than $280 million in emergency assistance for Rio Grande Valley farmers and producers affected by the water shortage and led a request earlier this year to U.S. Secretary of State Marco Rubio asking for renewed efforts to push Mexico to comply with the 1944 Water Treaty while also securing Secretary Rubio’s commitment to hold Mexico accountable for delays.
    Last year, Sens. Cornyn and Cruz raised alarms after a Rio Grande sugarcane mill closed due to acute water shortages, cosponsored a resolution supporting diplomacy, and sent a letter to then-U.S. Secretary of State Blinken urging the Department to engage on Mexico’s violation of the intent of the treaty. Senator Cornyn also led a letter to the Chairmen and Ranking Members of the House and Senate Appropriations Subcommittees on State and Foreign Operations urging them to withhold designated funds from Mexico until they enter into an agreement with the U.S. to balance the deficit of the water deliveries, which the House Appropriations Committee included in their funding bill.
    Under the Treaty Relating to the Utilization of Waters of the Colorado and Tijuana Rivers and of the Rio Grande, Mexico is obligated to deliver an average of 350,000-acre feet of water annually over a five-year cycle as its contribution to the Rio Grande’s water supply. However, Mexico has consistently delayed fulfilling its water obligation until the end of the five-year cycle, which hinders South Texas farmers’ ability to plan for and grow crops as well as ranchers’ ability to provide water to livestock. The current cycle ends in October and so far, Mexico has paid less than 500,000 acre-feet of water—about a quarter of what it owes, according to IBWC data.

    MIL OSI USA News –

  • MIL-OSI China: China, Kenya join hands on path to modernization

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

    NAIROBI, April 28 — For centuries, China and Kenya have shared a history of exchanges and cooperation. Last week, their relationship entered a new stage as Chinese President Xi Jinping held talks with Kenyan President William Ruto in Beijing, agreeing to elevate bilateral ties to a China-Kenya community with a shared future in the new era.

    Xi called on the two sides to enhance regular policy communication, build connectivity at a higher level, promote sustainable trade, explore diversified financial integration, carry forward the friendship forged through generations, and be leaders in advancing high-quality Belt and Road cooperation.

    SKILLS TRAINING

    Linet Wambui Kihoro, a 27-year-old railway safety engineer, works among tracks and equipment at the Mombasa-Nairobi Standard Gauge Railway, a flagship project under the Belt and Road Initiative. A graduate of Beijing Jiaotong University, Kihoro now applies her expertise to maintain the daily operation of Kenya’s railways.

    In January 2024, Xi replied to a letter from Kenyan students and alumni of Beijing Jiaotong University, including Kihoro.

    President Xi encouraged the Kenyan students to learn professional knowledge well, continue the traditional friendship and devote themselves to bilateral cooperation, she said.

    “The China-Kenya community with a shared future in the new era is not only a cooperation intention at the governmental level, but is also reflected in various aspects such as people-to-people connectivity, youth exchanges and cultural mutual learning,” she said.

    According to a joint statement released on Thursday, China and Kenya pledged to strengthen cooperation in such areas as industry, agriculture, higher education, vocational education and human resource training.

    An increasing number of young people, like Kihoro, are benefiting from China-Africa cooperation in education and capacity building. From the Mombasa-Nairobi Railway to the Swak Dam, the Nairobi Expressway and the Garissa Solar Power Plant, high-quality Belt and Road projects have not only improved the daily lives of Kenyans but also provided opportunities to learn new skills and knowledge.

    James Karimi Njuguna, a Kenyan engineer, participated in the upgrading of the Olkaria I power plant, Africa’s first geothermal plant, which had been struggling with corroded pipelines and outdated technology. “Chinese companies revitalized the geothermal fields by optimizing turbine structures and well layouts,” Njuguna said. “It was a technological revolution. They modernized the equipment, hired local employees and provided professional training, cultivating a new generation of technical experts in Kenya.”

    A report by the Kenya-China Economic and Trade Association showed that between 2022 and 2023, Chinese enterprises employed more than 60,000 local workers in Kenya, with a localization rate exceeding 90 percent. This not only increased local employment but also contributed to transforming the technological landscape.

    AGRICULTURAL COOPERATION

    In Matangi Tisa Village in Kenya’s Nakuru County, home to Kenya’s first demonstration village for China-Africa agricultural development and poverty reduction, people are busy planting tomatoes with the help of Chinese experts.

    For years, local tomato farming had been plagued by bacterial wilt, but villagers are hopeful of a bountiful harvest this season.

    When the Chinese and Kenyan presidents met during the Summit of the Forum on China-Africa Cooperation (FOCAC) held in Beijing last year, Xi said “the two sides should closely synergize the high-quality Belt and Road cooperation with Kenya Vision 2030, build an East African connectivity hub and industrial belt, and strengthen cooperation in such areas as digital economy, new energy, economy, trade, poverty reduction and agriculture development.”

    Among the 10 partnership actions announced by Xi at the 2024 FOCAC Summit is the partnership action for agriculture and livelihoods. Under this initiative, China has committed to building 100,000 mu (about 6,670 hectares) of standardized agricultural demonstration areas, sending 500 agricultural experts, and establishing a China-Africa agricultural science and technology innovation alliance.

    These commitments are injecting fresh momentum into Africa’s efforts toward agricultural modernization and poverty alleviation.

    In a recent interview with Xinhua, President Ruto praised China’s success in lifting hundreds of millions of people out of poverty, calling China’s experience highly relevant for African countries still grappling with poverty. He expressed hope to leverage Chinese expertise to advance Kenya’s agricultural modernization and industrialization.

    In Kenya’s Siaya County, 69-year-old farmer Peter Onyango was watching the clear waters flow through newly dug irrigation channels, eagerly anticipating a good harvest. Built by a Chinese company along the lower reaches of the Nzoia River, this irrigation project, the largest of its kind in Kenya, has significantly boosted local irrigation capacity.

    Officially operational in April, the canal is expected to enhance food security. When visiting the project in January, Ruto said that the new infrastructure would play a major role in advancing Kenya’s economic transformation by boosting agricultural productivity.

    STRENGTHENING ECONOMIC TIES

    Rains in April have breathed new life into the rolling tea plantations of western Kenya. Near the C22 highway built by a Chinese company, several tea processing factories are working at full speed.

    A few years ago, the road was little more than a muddy dirt track, often becoming impassable during the rainy season. “Truck wheels would get stuck, and sometimes water would seep into the tea boxes, ruining the harvest,” recalled driver John Murambi.

    Since the road was upgraded to a paved highway, Murambi can now make multiple deliveries a day, which has greatly increased his income. “We no longer have to worry about tea spoiling on the road,” he said.

    At the nearby Kipkebe Tea Factory, General Manager Silas Njibwakale said that since the completion of the road upgrading, transportation losses have dropped from about a quarter of total production to nearly zero. A once-impassable route has now become a major artery supporting local communities.

    Across Kenya, Chinese-built roads, railways and ports are helping break transportation bottlenecks for key exports like tea, coffee, flowers and avocados, allowing these goods to reach global markets more quickly and reliably.

    Thousands of miles away in Changsha, central China, the permanent exhibition hall of the China-Africa Economic and Trade Expo at Gaoqiao Grand Market is bustling with visitors. Launched by President Xi during the 2018 FOCAC Beijing Summit, the expo has become a vital platform showcasing African goods.

    Huang Zinan, who specializes in China-Africa trade, said her company has recently imported a batch of Kenyan avocados and is now negotiating with a local tea brand to feature the fruit as a premium ingredient. Initially focused on Kenyan flowers, she now plans to expand her business to more “African treasures.”

    “Products from Africa are gaining increasing recognition and popularity in China,” Huang said. “I hope to build not just a trade bridge, but also a bridge of culture and friendship across the seas.” Through something as simple as an avocado or a fresh flower, she hopes to tell the story of win-win cooperation between China, Kenya and the wider African continent.

    MIL OSI China News –

  • MIL-OSI New Zealand: The Real Culture War

    Source: ACT Party

    The Haps

    Quiet? MPs are having a break from Parliament and the country is having a break from MPs thanks to a three-week Parliament recess. The Government announced $68.5 million of repayable loans to people building electric vehicle chargers. Free Press readers will be outraged by that, but under ACT’s coalition agreement it has come down from National’s version: $257 million of grants. Such are the victories under MMP. Meanwhile the Ministry for Regulation started a clean out of red tape from the $6 billion Early Childhood sector, following Brooke van Velden’s Health and Safety overhaul. Beside the resource management reforms at the start of the month, it’s been a good April for ACT and freedom.

    The Real Culture War

    We are taken with David Seymour’s speech over the Parliamentary recess. In it, Seymour says the real culture war is not about identity or bathrooms, but pioneers vs tall poppy choppers.

    Of course, you should be free to point out the very basic fact of a person’s biological sex at birth. The law should be able to use sex at birth as an identifier, when it matters, such as which prison someone goes to. All of that is correct, but only a fraction of a per cent of people claim anything different. The overwhelming majority people are never close to being harmed in real life by them doing so.

    The real culture war affects all of us, every day. It’s the war between our pioneering spirit and tall poppy syndrome. We, or our ancestors, all made brave voyages to these isolated islands. These were people with real courage who wanted better through their own efforts.

    Then, somewhere along the way, we ended up with one out of every six working-aged people on welfare. Some days half the children don’t show up to their school. We have one of the largest diasporas of people who left a country.

    No good deed goes unpunished. Landlords, small business owners, licensed firearm owners, farmers. Under Labour/NZ First/Green they were always just a patronising lecture and one more expensive regulation away from salvation. Now there is some relief for those long-suffering groups, but the culture carries on. Look out if you spent your life building up an owner-operated supermarket, or work at a bank.

    It’s easy to blame politicians, but in a democracy they ultimately reflect the culture. The treatment of Zuru lately is a classic.

    The toy and home supply company founded by three Kiwis just won Walmart supplier of the year. Walmart is the thirteenth largest company in the world, and by far the largest retailer. It’s difficult to overstate how big this business achievement is. The company put out a press release, which got zero coverage from the New Zealand media. One of the founders building a helipad in Herne Bay gets enough clicks to keep the Herald in business month after month.

    The end result is written in our founding story. People with get-up-and-go can get up and leave again, which they are doing in huge numbers right now. Easy come here, easy go away.

    How do you change a culture? Government should look at its policies by asking a simple question at every decision: Is this a meritocracy policy? It should favour policies that increase the difference people can make in their own lives. It should reject policies that pull down success or reward hectoring, bludging, nuisance behaviour.

    What should happen with taxes? They should be low and flat. If a person earning $20,000 pays $2,400 income tax, how much should a person earning $100,000 pay? If five times the income meant five times the taxes, they’d pay $12,000. Try $22,900, nearly ten times the taxes. Progressive tax rates send the wrong message: if you study, work, save, and invest hard, the IRD will whack you extra hard.

    What should happen with welfare? It’s a policy designed to help someone down on their luck. How long can bad luck last? Surely not 44 years, the tenure of our longest-serving (not really the right word) career beneficiary. There should be lifetime limits, and if you keep having children on the benefit you should get a plastic card with controlled spending. Otherwise, people have to ask themselves: why am I working to make a difference when I can make the same on a benefit?

    What should happen with red tape and regulation? The Government’s starting attitude should be, don’t regulate. Red tape doesn’t just add cost to things that do happen, it stops things that would happen without the extra cost. It doesn’t just stop things that would happen, though, it deprives children of heroes and gives them bad examples. It’s nice if your dad’s an engineer who’s building New Zealand, but he’s probably actually in traffic management.

    What should happen with race and identity? Is your life determined by what you do or what happened long before you were born? The argument against the Treaty being a partnership between races is really an argument for individual self determination. The argument against discrimination by sex, race, sexuality, or anything else you cannot change is really an argument for each person to have a fair chance at living their best life.

    There is a culture war in New Zealand, it’s the children of pioneers vs the blob of mediocrity. If you’re a Free Press reader, we can guess which one you are. Please support ACT since we all need to stick together.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Mark Cameron drafts bill to stop banking wokery and protect rural borrowers

    Source: ACT Party

    ACT Rural Communities spokesperson Mark Cameron has drafted a bill to scrap the red tape forcing banks and financial institutions to make climate-related disclosures, by repealing Part 7A of the Financial Markets Conduct Act 2013.

    “Rural and regional New Zealanders are being hammered by banking wokery that judges businesses on political fashion rather than commercial sense,” says Mr Cameron.

    “Farmers are already seeing discrimination creeping into interest rates based on perceived emissions. They fear they’ll be the next to be ‘debanked’, not because of financial risk, but because they don’t fit the agenda of the suit-and-tie bigwigs. We’ve already seen it happening to essential industries like mining and service stations.

    “These rules are the ultimate virtue signal that only ACT opposed back in 2021. They reduce banking competition and force significant costs on lenders – and therefore borrowers – for absolutely no environmental gain.

    “This week I wrote to the Minister for Commerce and Consumer Affairs, raising concerns about the harmful impact these regulations have on borrowers, banking competition, and economic growth, and encouraging him to adopt my proposal as a Government Bill.

    “The Bill I’ve drafted sends two clear messages to the banks. First, they will no longer win political favour by making ideological lending decisions, and they can be confident that they won’t be punished for sticking to their core role of serving customers. Second, for those banks that have fallen under ideological capture, it’s a signal to get back to basics – or risk losing customers to competitors who understand what banking is really about.

    “For government and the regulators of banks, it’s about getting back to basics too. The role of financial regulation is to ensure the sound functioning of financial markets in a way that promotes trust, efficiency, and stability. The climate-disclosure requirements are a departure from this limited function into social engineering.

    “It’s also unnecessary. We already have an Emissions Trading Scheme that makes these woke rules completely redundant – emissions are capped and the cost of carbon is already factored into investment and production decisions.

    “So while the disclosure requirements haven’t reduced a single gram of global emissions, they do put pressure on the banks by waving a stick at the banks, tacitly saying ‘if we don’t like who you’re lending to we’ll hit you’. That is part of what’s driving this madness and why ACT believes markets, not ministers should decide where investment is directed.

    “The answer to woke lending practices is not more red tape, it’s getting rid of the existing stuff that’s causing it in the first place.

    “We’ll win the war on banking wokery by letting better ideas and businesses compete against out-of-touch lenders. Piling on additional heavy-handed regulations risks scaring off new entrants to the market, further entrenching the power of the big players. If we want to force their hand, the market is best placed to do it.”

    Mark Cameron’s letter to the Minister can be read here.

    A copy of the Financial Markets Conduct (Repeal of Climate-related Disclosure Requirements) Amendment Bill can be read here.

    The climate-related disclosure requirements were introduced by Labour in 2021 through the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Statement by Minister Todd McClay following the March 2025 Pastoral Sector Group meeting

    Source: New Zealand Government

    The Pastoral Sector Group (PSG) has held its first meeting, discussing farm emissions.
    The group consists of Agriculture, Trade and Investment Minister Todd McClay, Climate Change Minister Simon Watts, and Chairs and CEOs from: Beef + Lamb New Zealand, Dairy Companies Association of New Zealand, Dairy NZ, Deer Industry New Zealand, Federated Farmers, and the Meat Industry Association.
    Pasture Sector
    Sector representatives contributed perspectives on the current state of the industry and a desire to work constructively toward a positive outcome for the rural sector.
    They underlined the significant effort made by farmers to date. 
    They stressed the need for any consideration of emissions reduction to be based upon science and to be solutions driven. 
    They stressed the need to revise the domestic methane target based on the principle of no additional warming. 
    They stressed the need for any solutions to be affordable for farmers; and for the need to avoid imposing costs upon industry and government. 
    They voiced concerns about the effects afforestation was having on the pastoral sector and welcomed the Government’s recent announcement to restrict farm to forest conversions. 
    They raised concerns about the negative impact that a price on agricultural emissions would have on production. 
    They stressed the need for certainty and time for the primary sector.
    Government
    Ministers reiterated that this group was to allow the sector to provide their views to government directly and to engage in a respectful dialogue.
    Ministers thanked the primary sector for their significant contribution to New Zealand, and in particular, the importance of a strong primary sector to the New Zealand economy.
    They stressed that the PSG was an opportunity to talk openly and that it was not a decision-making body.
    The members of the group agreed that New Zealand farmers are among the world’s most carbon-efficient food producers and were willing to do their part for New Zealand’s overall commitment to reduce emissions.
    Ministers confirmed the following:

    That the Government has removed agriculture from the Emissions Trading Scheme.
    That the Government has disbanded He Waka Eka Noa.
    That the Government is committed to a split gas approach.
    That the Government commissioned an independent scientific review on the role of biogenic methane against additional warming.
    That the Government will pass legislation this year to implement its decision of 4 December 2024 to restrict full farm to forest conversions.
    That the Government is committed to meeting New Zealand’s climate obligations without closing down farms or sending jobs and production overseas.
    That all decisions in respect to farm emissions will be informed by accepted science.
    That the Government is mindful of the impact of costs related to emissions reduction on farmers; and the implications that cost could have for production.
    That a revised 2050 biogenic methane target will be set this year.
    That the Government is committed to the use of science and innovation to reduce emissions, not reducing on farm production.
    That it is for New Zealand to decide how to reduce emissions.
    That New Zealand has climate change obligations under some trade agreements and that the Government will be guided by domestic considerations and interests including those of New Zealand producers and the economy.
    The Government currently has a plan that shows New Zealand can meet its obligations while growing the economy and without closing down farms or sending production or jobs overseas.
    That the Government will continue to build confidence in the primary sector.

    The PSG will meet again next month.

    MIL OSI New Zealand News –

  • MIL-OSI: Five Star Bancorp Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    RANCHO CORDOVA, Calif., April 28, 2025 (GLOBE NEWSWIRE) — Five Star Bancorp (Nasdaq: FSBC) (“Five Star” or the “Company”), a holding company that operates through its wholly owned banking subsidiary, Five Star Bank (the “Bank”), today reported net income of $13.1 million for the three months ended March 31, 2025, as compared to $13.3 million for the three months ended December 31, 2024 and $10.6 million for the three months ended March 31, 2024.

    First Quarter Highlights

    Performance and operating highlights for the Company for the periods noted below included the following:

      Three months ended
    (in thousands, except per share and share data) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Return on average assets (“ROAA”)   1.30 %     1.31 %     1.22 %
    Return on average equity (“ROAE”)   13.28 %     13.48 %     14.84 %
    Pre-tax income $ 18,391     $ 19,367     $ 14,961  
    Pre-tax, pre-provision income(1) $ 20,291     $ 20,667     $ 15,861  
    Net income $ 13,111     $ 13,317     $ 10,631  
    Basic earnings per common share $ 0.62     $ 0.63     $ 0.62  
    Diluted earnings per common share $ 0.62     $ 0.63     $ 0.62  
    Weighted average basic common shares outstanding   21,209,881       21,182,143       17,190,867  
    Weighted average diluted common shares outstanding   21,253,588       21,235,318       17,272,994  
    Shares outstanding at end of period   21,329,235       21,319,083       17,353,251  
                           
    (1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.
                           

    James E. Beckwith, President and Chief Executive Officer, commented:

    “The strength of Five Star Bank’s first quarter 2025 financial results is emblematic of a reputation built on an unwavering commitment to customers and community partners who rely on our speed to serve and certainty of execution for their own successes. This differentiated customer experience has created great demand for our services and seized market opportunities in San Francisco. As we continue to grow our presence, we now have 31 San Francisco Bay Area employees. As of March 31, 2025 our San Francisco Bay Area operations had $379.8 million in total deposits.

    At the Company level, total loans held for investment increased by $89.1 million, or 2.52% (10.09% when annualized). Total deposits increased by $178.4 million, or 5.01% (20.05% when annualized), with wholesale deposits increasing by $130.0 million, or 23.21%, and non-wholesale deposits increasing by $48.4 million, or 1.61%. Short-term borrowings remained at zero as of March 31, 2025 and December 31, 2024. Net interest margin increased by nine basis points to 3.45% and our efficiency ratio increased to 42.58%, as compared to 41.21% for the fourth quarter of 2024, while cost of funds decreased nine basis points to 2.56%.

    In the first quarter of 2025, we were pleased to declare another cash dividend of $0.20 per share. We were also pleased to have been ranked third among best-performing banks in the nation by S&P Global Market Intelligence (among banks with assets between $3 billion and $10 billion).

    As we execute on the expansion of industry verticals and our presence in new geographies to meet customer demand, we expect the ongoing acceleration of our growth to benefit our customers, employees, and shareholders. We also expect our demonstrated ability to adapt to changing economic conditions to serve us well into the future as we remain vigilant and focused on disciplined business practices. We thank our employees for their outstanding commitment to ensuring Five Star Bank remains a safe, trusted, and steadfast banking partner.”

    Financial highlights during the quarter included the following:

    • The San Francisco Bay Area team increased from 27 to 31 employees who generated deposit balances totaling $379.8 million at March 31, 2025, an increase of $87.4 million from December 31, 2024.
    • Cash and cash equivalents were $452.6 million, representing 12.11% of total deposits at March 31, 2025, as compared to 9.90% at December 31, 2024.
    • Total deposits increased by $178.4 million, or 5.01%, during the three months ended March 31, 2025, due to increases in both non-wholesale and wholesale deposits, which the Company defines as brokered deposits and California Time Deposit Program deposits. During the three months ended March 31, 2025, non-wholesale deposits increased by $48.4 million, or 1.61%, and wholesale deposits increased by $130.0 million, or 23.21%.
    • The Company had no short-term borrowings at March 31, 2025 or December 31, 2024.
    • Consistent, disciplined management of expenses contributed to our efficiency ratio of 42.58% for the three months ended March 31, 2025, as compared to 41.21% for the three months ended December 31, 2024.
    • For the three months ended March 31, 2025, net interest margin was 3.45%, as compared to 3.36% for the three months ended December 31, 2024 and 3.14% for the three months ended March 31, 2024. The effective Federal Funds rate was 4.33% as of March 31, 2025, remaining constant from December 31, 2024 and decreasing from 5.33% at March 31, 2024.
    • Other comprehensive income was $0.7 million during the three months ended March 31, 2025. Unrealized losses, net of tax effect, on available-for-sale securities were $11.6 million as of March 31, 2025. Total carrying value of held-to-maturity and available-for-sale securities represented 0.06% and 2.35% of total interest-earning assets, respectively, as of March 31, 2025.
    • The Company’s common equity Tier 1 capital ratio was 11.00% and 11.02% as of March 31, 2025 and December 31, 2024, respectively. The Bank continues to meet all requirements to be considered “well-capitalized” under applicable regulatory guidelines.
    • Loan and deposit growth in the three and twelve months ended March 31, 2025 was as follows:
      (in thousands) March 31,
    2025    		   December 31,
    2024    		   $ Change   % Change
      Loans held for investment $ 3,621,819   $ 3,532,686   $ 89,133   2.52 %
      Non-interest-bearing deposits   933,652     922,629     11,023   1.19 %
      Interest-bearing deposits   2,802,702     2,635,365     167,337   6.35 %
                     
      (in thousands) March 31,
    2025    		   March 31,
    2024    		   $ Change   % Change
      Loans held for investment $ 3,621,819   $ 3,104,130   $ 517,689   16.68 %
      Non-interest-bearing deposits   933,652     817,388     116,264   14.22 %
      Interest-bearing deposits   2,802,702     2,138,384     664,318   31.07 %
                             
    • The ratio of nonperforming loans to loans held for investment at period end remained at 0.05% from December 31, 2024 to March 31, 2025.
    • The Company’s Board of Directors declared on January 16, 2025, and the Company subsequently paid, a cash dividend of $0.20 per share during the three months ended March 31, 2025. The Company’s Board of Directors subsequently declared another cash dividend of $0.20 per share on April 17, 2025, which the Company expects to pay on May 12, 2025 to shareholders of record as of May 5, 2025.

    Summary Results

    Three months ended March 31, 2025, as compared to three months ended December 31, 2024

    The Company’s net income was $13.1 million for the three months ended March 31, 2025, as compared to $13.3 million for the three months ended December 31, 2024. Net interest income increased by $0.5 million, primarily due to a decrease in interest expense due to lower average rates on deposits, partially offset by a decrease in interest income driven by lower balances and yields on interest-earning deposits in banks, as compared to the three months ended December 31, 2024. The provision for credit losses increased by $0.6 million, reflecting adjustments to expectations for credit losses based on economic trends and forecasts in the three months ended March 31, 2025 compared to the three months ended December 31, 2024. Non-interest income decreased by $0.3 million, primarily due to a reduction in income received on equity investments in venture-backed funds during the three months ended March 31, 2025, as compared to the three months ended December 31, 2024. Non-interest expense increased by $0.6 million, primarily related to an increase in salaries and employee benefits, partially offset by decreases in advertising, promotional, and other operating expenses during the three months ended March 31, 2025, as compared to the three months ended December 31, 2024.

    Three months ended March 31, 2025, as compared to three months ended March 31, 2024

    The Company’s net income was $13.1 million for the three months ended March 31, 2025, as compared to $10.6 million for the three months ended March 31, 2024. Net interest income increased by $7.2 million, primarily due to an increase in interest income driven by a higher balance of loans with higher yields, partially offset by an increase in interest expense due to larger average deposit balances, as compared to the three months ended March 31, 2024. The provision for credit losses increased by $1.0 million, relating to loan growth and adjustments to expectations for credit losses based on economic trends and forecasts during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. Non-interest income decreased by $0.5 million, primarily due to a reduction in income received on equity investments in venture-backed funds during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. Non-interest expense increased by $2.3 million during the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, with an increase in salaries and employee benefits related to increased headcount as the leading driver.

    The following is a summary of the components of the Company’s operating results and performance ratios for the periods indicated:

        Three months ended        
    (in thousands, except per share data)   March 31,
    2025    		   December 31,
    2024    		   $ Change   % Change
    Selected operating data:                
    Net interest income   $ 33,977     $ 33,489     $ 488     1.46 %
    Provision for credit losses     1,900       1,300       600     46.15 %
    Non-interest income     1,359       1,666       (307 )   (18.43 )%
    Non-interest expense     15,045       14,488       557     3.84 %
    Pre-tax income     18,391       19,367       (976 )   (5.04 )%
    Provision for income taxes     5,280       6,050       (770 )   (12.73 )%
    Net income   $ 13,111     $ 13,317     $ (206 )   (1.55 )%
    Earnings per common share:                
    Basic   $ 0.62     $ 0.63     $ (0.01 )   (1.59 )%
    Diluted   $ 0.62     $ 0.63     $ (0.01 )   (1.59 )%
    Performance and other financial ratios:                
    ROAA     1.30 %     1.31 %        
    ROAE     13.28 %     13.48 %        
    Net interest margin     3.45 %     3.36 %        
    Cost of funds     2.56 %     2.65 %        
    Efficiency ratio     42.58 %     41.21 %        
                     
        Three months ended        
    (in thousands, except per share data)   March 31,
    2025    		   March 31,
    2024    		   $ Change   % Change
    Selected operating data:                
    Net interest income   $ 33,977     $ 26,744     $ 7,233     27.05 %
    Provision for credit losses     1,900       900       1,000     111.11 %
    Non-interest income     1,359       1,833       (474 )   (25.86 )%
    Non-interest expense     15,045       12,716       2,329     18.32 %
    Pre-tax income     18,391       14,961       3,430     22.93 %
    Provision for income taxes     5,280       4,330       950     21.94 %
    Net income   $ 13,111     $ 10,631     $ 2,480     23.33 %
    Earnings per common share:                
    Basic   $ 0.62     $ 0.62     $ —     — %
    Diluted   $ 0.62     $ 0.62     $ —     — %
    Performance and other financial ratios:                
    ROAA     1.30 %     1.22 %        
    ROAE     13.28 %     14.84 %        
    Net interest margin     3.45 %     3.14 %        
    Cost of funds     2.56 %     2.62 %        
    Efficiency ratio     42.58 %     44.50 %        
                             

    Balance Sheet Summary

    (in thousands)   March 31,
    2025    		   December 31,
    2024    		   $ Change   % Change
    Selected financial condition data:                
    Total assets   $ 4,245,057   $ 4,053,278   $ 191,779     4.73 %
    Cash and cash equivalents     452,571     352,343     100,228     28.45 %
    Total loans held for investment     3,621,819     3,532,686     89,133     2.52 %
    Total investments     99,696     100,914     (1,218 )   (1.21 )%
    Total liabilities     3,838,606     3,656,654     181,952     4.98 %
    Total deposits     3,736,354     3,557,994     178,360     5.01 %
    Subordinated notes, net     73,932     73,895     37     0.05 %
    Total shareholders’ equity     406,451     396,624     9,827     2.48 %
                               
    • Insured and collateralized deposits were approximately $2.5 billion, representing 67.55% of total deposits as of March 31, 2025, as compared to 66.92% as of December 31, 2024. Net uninsured and uncollateralized deposits were approximately $1.2 billion as of March 31, 2025, remaining constant from December 31, 2024.
    • Non-wholesale deposit accounts constituted 81.53% of total deposits as of March 31, 2025, as compared to 84.26% at December 31, 2024. Deposit relationships of greater than $5 million represented 60.87% of total deposits, as compared to 61.13% as of December 31, 2024, and had an average age of approximately 8.80 years as of March 31, 2025, as compared to 9.28 years as of December 31, 2024.
    • Cash and cash equivalents as of March 31, 2025 were $452.6 million, representing 12.11% of total deposits at March 31, 2025, as compared to 9.90% as of December 31, 2024.
    • Total liquidity (consisting of cash and cash equivalents and unused and immediately available borrowing capacity as set forth below) was approximately $2.0 billion as of March 31, 2025, as compared to $1.9 billion at December 31, 2024.
          March 31, 2025
      (in thousands)   Line of Credit   Letters of Credit Issued   Borrowings   Available
      Federal Home Loan Bank of San Francisco (“FHLB”) advances   $ 1,276,072   $ 731,500   $ —   $ 544,572
      Federal Reserve Discount Window     856,366     —     —     856,366
      Correspondent bank lines of credit     175,000     —     —     175,000
      Cash and cash equivalents     —     —     —     452,571
      Total   $ 2,307,438   $ 731,500   $ —   $ 2,028,509
                               

    The increase in total assets from December 31, 2024 to March 31, 2025 was primarily due to a $100.2 million increase in cash and cash equivalents and an $89.1 million increase in total loans held for investment. The $100.2 million increase in cash and cash equivalents primarily resulted from net cash inflows related to financing and operating activities of $174.1 million and $15.5 million, respectively, partially offset by net cash outflows related to investing activities of $89.3 million. The $89.1 million increase in total loans held for investment between December 31, 2024 and March 31, 2025 was a result of $259.3 million in loan originations and advances, partially offset by $65.6 million and $104.6 million in loan payoffs and paydowns, respectively. The $89.1 million increase in total loans held for investment included $19.8 million in purchases of loans within the consumer concentration of the loan portfolio.

    The increase in total liabilities from December 31, 2024 to March 31, 2025 was primarily due to an increase in interest-bearing deposits of $167.3 million. The increase in interest-bearing deposits was largely due to increases in time and money market deposits of $131.2 million and $52.2 million, respectively.

    The increase in total shareholders’ equity from December 31, 2024 to March 31, 2025 was primarily a result of net income recognized of $13.1 million and a $0.7 million increase in accumulated other comprehensive income, partially offset by $4.3 million in cash dividends paid during the period.

    Net Interest Income and Net Interest Margin

    The following is a summary of the components of net interest income for the periods indicated:

        Three months ended        
    (in thousands)   March 31,
    2025    		   December 31,
    2024    		   $ Change   % Change
    Interest and fee income   $ 57,087     $ 57,745     $ (658 )   (1.14 )%
    Interest expense     23,110       24,256       (1,146 )   (4.72 )%
    Net interest income   $ 33,977     $ 33,489     $ 488     1.46 %
    Net interest margin     3.45 %     3.36 %        
                     
        Three months ended        
    (in thousands)   March 31,
    2025    		   March 31,
    2024    		   $ Change   % Change
    Interest and fee income   $ 57,087     $ 47,541     $ 9,546     20.08 %
    Interest expense     23,110       20,797       2,313     11.12 %
    Net interest income   $ 33,977     $ 26,744     $ 7,233     27.05 %
    Net interest margin     3.45 %     3.14 %        

    The following table shows the components of net interest income and net interest margin for the quarterly periods indicated:

        Three months ended
        March 31, 2025   December 31, 2024   March 31, 2024
    (in thousands)   Average
    Balance    		   Interest
    Income/
    Expense    		   Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Yield/
    Rate    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Yield/
    Rate
    Assets                                    
    Interest-earning deposits in banks   $ 328,571   $ 3,575   4.41 %   $ 363,828   $ 4,335   4.74 %   $ 233,002   $ 3,102   5.35 %
    Investment securities     100,474     581   2.34 %     103,930     607   2.33 %     109,177     653   2.41 %
    Loans held for investment and sale     3,567,992     52,931   6.02 %     3,498,109     52,803   6.01 %     3,082,290     43,786   5.71 %
    Total interest-earning assets     3,997,037     57,087   5.79 %     3,965,867     57,745   5.79 %     3,424,469     47,541   5.58 %
    Interest receivable and other assets, net     93,543             91,736             93,983        
    Total assets   $ 4,090,580           $ 4,057,603           $ 3,518,452        
                                         
    Liabilities and shareholders’ equity                                    
    Interest-bearing transaction accounts   $ 303,822   $ 1,112   1.48 %   $ 298,518   $ 1,249   1.66 %   $ 300,325   $ 1,126   1.51 %
    Savings accounts     123,599     772   2.53 %     127,298     887   2.77 %     124,561     861   2.78 %
    Money market accounts     1,540,879     12,435   3.27 %     1,596,116     13,520   3.37 %     1,410,264     12,155   3.47 %
    Time accounts     706,528     7,629   4.38 %     617,596     7,438   4.79 %     429,586     5,369   5.03 %
    Subordinated notes and other borrowings     73,908     1,162   6.37 %     73,872     1,162   6.25 %     82,775     1,286   6.25 %
    Total interest-bearing liabilities     2,748,736     23,110   3.41 %     2,713,400     24,256   3.56 %     2,347,511     20,797   3.56 %
    Demand accounts     910,954             921,881             842,105        
    Interest payable and other liabilities     30,389             29,234             40,730        
    Shareholders’ equity     400,501             393,088             288,106        
    Total liabilities & shareholders’ equity   $ 4,090,580           $ 4,057,603           $ 3,518,452        
                                         
    Net interest spread           2.38 %           2.23 %           2.02 %
    Net interest income/margin       $ 33,977   3.45 %       $ 33,489   3.36 %       $ 26,744   3.14 %

    Net interest income during the three months ended March 31, 2025 increased $0.5 million, or 1.46%, to $34.0 million compared to $33.5 million during the three months ended December 31, 2024. Net interest margin totaled 3.45% for the three months ended March 31, 2025, an increase of nine basis points compared to the prior quarter. The increase in net interest income is primarily attributable to a $1.1 million decrease in interest expense, driven by a 15 basis point decrease in the average rate on interest-bearing deposits compared to the prior quarter. The decrease in interest expense was partially offset by a $0.7 million decrease in interest income, primarily due to a $35.3 million, or 9.69%, decrease in the average balance of interest-earning deposits in banks, combined with a 33 basis point decrease in the average yield on interest-earning deposits in banks.

    As compared to the three months ended March 31, 2024, net interest income increased $7.2 million, or 27.05%, to $34.0 million from $26.7 million. Net interest margin totaled 3.45% for the three months ended March 31, 2025, an increase of 31 basis points compared to the same quarter of the prior year. The increase in net interest income is primarily attributable to an additional $9.1 million in loan interest income due to a $485.7 million, or 15.76%, increase in the average balance of loans and a 31 basis point improvement in the average yield on loans during the three months ended March 31, 2025 compared to the same quarter of the prior year. The increase in interest income was partially offset by a $2.4 million increase in deposit interest expense compared to the same quarter of the prior year. The increase in deposit interest expense is primarily attributable to a $478.9 million, or 15.42%, increase in the average balance of deposits and a five basis point increase in the average cost of deposits during the three months ended March 31, 2025 compared to the same quarter of the prior year.

    Loans by Type

    The following table provides loan balances, excluding deferred loan fees, by type as of March 31, 2025:

    (in thousands)    
    Real estate:    
    Commercial   $ 2,941,201  
    Commercial land and development     3,556  
    Commercial construction     113,002  
    Residential construction     5,747  
    Residential     34,053  
    Farmland     43,643  
    Commercial:    
    Secured     170,525  
    Unsecured     34,970  
    Consumer and other     277,093  
    Net deferred loan fees     (1,971 )
    Total loans held for investment   $ 3,621,819  


    Interest-bearing Deposits

    The following table provides interest-bearing deposit balances by type as of March 31, 2025:

    (in thousands)    
    Interest-bearing transaction accounts   $ 295,633  
    Money market accounts     1,577,473  
    Savings accounts     128,210  
    Time accounts     801,386  
    Total interest-bearing deposits   $ 2,802,702  


    Asset Quality

    Allowance for Credit Losses

    At March 31, 2025, the Company’s allowance for credit losses was $39.2 million, as compared to $37.8 million at December 31, 2024. The $1.4 million increase in the allowance is due to a $2.2 million provision for credit losses recorded during the three months ended March 31, 2025, partially offset by net charge-offs mainly attributable to commercial and industrial loans of $0.7 million, during the same period.

    The Company’s ratio of nonperforming loans to loans held for investment remained at 0.05% from December 31, 2024 to March 31, 2025. Loans designated as watch decreased from $123.4 million to $112.0 million between December 31, 2024 and March 31, 2025. Loans designated as substandard increased from $2.6 million to $3.7 million between December 31, 2024 and March 31, 2025. There were no loans with doubtful risk grades at March 31, 2025 or December 31, 2024.

    A summary of the allowance for credit losses by loan class is as follows:

        March 31, 2025   December 31, 2024
    (in thousands)   Amount   % of Total   Amount   % of Total
    Real estate:                
    Commercial   $ 27,027   68.91 %   $ 25,864   68.44 %
    Commercial land and development     70   0.18 %     78   0.21 %
    Commercial construction     2,227   5.68 %     2,268   6.00 %
    Residential construction     78   0.20 %     64   0.17 %
    Residential     279   0.71 %     270   0.71 %
    Farmland     598   1.52 %     607   1.61 %
          30,279   77.20 %     29,151   77.14 %
    Commercial:                
    Secured     5,905   15.05 %     5,866   15.52 %
    Unsecured     403   1.03 %     278   0.74 %
          6,308   16.08 %     6,144   16.26 %
    Consumer and other     2,637   6.72 %     2,496   6.60 %
    Total allowance for credit losses   $ 39,224   100.00 %   $ 37,791   100.00 %

    The ratio of allowance for credit losses to loans held for investment was 1.08% at March 31, 2025, as compared to 1.07% at December 31, 2024.

    Non-interest Income

    The following table presents the key components of non-interest income for the periods indicated:

        Three months ended        
    (in thousands)   March 31,
    2025    		   December 31,
    2024    		   $ Change   % Change
    Service charges on deposit accounts   $ 215   $ 179   $ 36     20.11 %
    Gain on sale of loans     125     150     (25 )   (16.67 )%
    Loan-related fees     448     400     48     12.00 %
    FHLB stock dividends     331     332     (1 )   (0.30 )%
    Earnings on bank-owned life insurance     161     182     (21 )   (11.54 )%
    Other income     79     423     (344 )   (81.32 )%
    Total non-interest income   $ 1,359   $ 1,666   $ (307 )   (18.43 )%


    Service charges on deposit accounts.     The increase resulted primarily from individually immaterial increases in fees earned for services and products to support deposit accounts including, but not limited to, service charges, check order fees, and debit card income.

    Gain on sale of loans. The decrease resulted from a decline in the volume and effective yield of loans sold. During the three months ended March 31, 2025, approximately $1.7 million of loans were sold with an effective yield of 7.24%, as compared to approximately $2.0 million of loans sold with an effective yield of 7.60% during the three months ended December 31, 2024.

    Other income. The decrease resulted primarily from $0.3 million of income received on equity investments in venture-backed funds during the three months ended December 31, 2024 which did not reoccur during the three months ended March 31, 2025.

    The following table presents the key components of non-interest income for the periods indicated:

        Three months ended      
    (in thousands)   March 31,
    2025    		   March 31,
    2024    		   $ Change   % Change
    Service charges on deposit accounts   $ 215   $ 188   $ 27     14.36 %
    Gain on sale of loans     125     369     (244 )   (66.12 )%
    Loan-related fees     448     429     19     4.43 %
    FHLB stock dividends     331     332     (1 )   (0.30 )%
    Earnings on bank-owned life insurance     161     142     19     13.38 %
    Other income     79     373     (294 )   (78.82 )%
    Total non-interest income   $ 1,359   $ 1,833   $ (474 )   (25.86 )%


    Gain on sale of loans.     The decrease related primarily to an overall decline in the volume of loans sold, partially offset by an improvement in the effective yield of loans sold. During the three months ended March 31, 2025, approximately $1.7 million of loans were sold with an effective yield of 7.24%, as compared to approximately $5.2 million of loans sold with an effective yield of 7.08% during the three months ended March 31, 2024.

    Other income. The decrease related primarily to $0.3 million of income received on equity investments in venture-backed funds during the three months ended March 31, 2024, which did not reoccur during the three months ended March 31, 2025.

    Non-interest Expense

    The following table presents the key components of non-interest expense for the periods indicated:

        Three months ended        
    (in thousands)   March 31,
    2025    		   December 31,
    2024    		   $ Change   % Change
    Salaries and employee benefits   $ 9,134   $ 8,360   $ 774     9.26 %
    Occupancy and equipment     637     649     (12 )   (1.85 )%
    Data processing and software     1,457     1,369     88     6.43 %
    Federal Deposit Insurance Corporation (“FDIC”) insurance     455     440     15     3.41 %
    Professional services     913     774     139     17.96 %
    Advertising and promotional     522     752     (230 )   (30.59 )%
    Loan-related expenses     319     321     (2 )   (0.62 )%
    Other operating expenses     1,608     1,823     (215 )   (11.79 )%
    Total non-interest expense   $ 15,045   $ 14,488   $ 557     3.84 %


    Salaries and employee benefits.     The increase related primarily to: (i) a $0.9 million increase in salaries, benefits, and bonus expense; and (ii) a $0.3 million decrease in loan origination costs due to fewer loan originations, net of purchased consumer loans. The increase was partially offset by a $0.5 million decrease in commissions expense due to fewer loan originations, net of purchased consumer loans, period-over-period.

    Professional services. The increase was primarily due to $0.1 million in fees paid for compensation consulting services, which did not occur in the three months ended December 31, 2024.

    Advertising and promotional. The decrease related primarily to a $0.1 million decrease in expenses related to sponsored events and partnerships and $0.1 million decrease related to business development expenses.

    Other operating expenses. The decrease was primarily due to a $0.1 million decrease in director expenses, such as conferences and meetings, combined with individually immaterial decreases in expenses related to operations, including administrative and operational expenses.

    The following table presents the key components of non-interest expense for the periods indicated:

        Three months ended        
    (in thousands)   March 31,
    2025    		   March 31,
    2024    		   $ Change   % Change
    Salaries and employee benefits   $ 9,134   $ 7,577   $ 1,557   20.55 %
    Occupancy and equipment     637     626     11   1.76 %
    Data processing and software     1,457     1,157     300   25.93 %
    FDIC insurance     455     400     55   13.75 %
    Professional services     913     707     206   29.14 %
    Advertising and promotional     522     460     62   13.48 %
    Loan-related expenses     319     297     22   7.41 %
    Other operating expenses     1,608     1,492     116   7.77 %
    Total non-interest expense   $ 15,045   $ 12,716   $ 2,329   18.32 %


    Salaries and employee benefits.     The increase related primarily to: (i) a $1.6 million increase in salaries, benefits, and bonus expense, mainly related to a 13.19% increase in headcount between March 31, 2024 and March 31, 2025; and (ii) a $0.1 million increase in commissions paid. This increase was partially offset by a $0.2 million increase in loan origination costs due to a greater number of loan originations, net of purchased consumer loans, period-over-period.

    Data processing and software. The increase was primarily due to: (i) increased usage of our digital banking platform; (ii) higher transaction volumes related to the increased number of loan and deposit accounts; and (iii) an increased number of licenses required for new users on our loan origination and documentation system.

    Professional services. The increase was primarily due to $0.1 million in fees paid for compensation consulting services and $0.1 million in consulting services relating to operations in San Francisco, neither of which occurred in the three months ended March 31, 2024.

    Other operating expenses. The increase was primarily due to individually immaterial increases in expenses related to operations, including administrative and operational expenses such as travel, subscriptions, and professional association memberships.

    Provision for Income Taxes

    Three months ended March 31, 2025, as compared to three months ended December 31, 2024

    Provision for income taxes decreased to $5.3 million for the three months ended March 31, 2025 from $6.1 million for the three months ended December 31, 2024, which was primarily due to: (i) a slight decline in taxable income recognized during the three months ended March 31, 2025; and (ii) a $0.6 million provision to return true-up recorded during the three months ended December 31, 2024 related primarily to the timing of recognition of low income housing tax credits, which did not reoccur during the three months ended March 31, 2025. The effective tax rates were 28.71% and 31.24% for the three months ended March 31, 2025 and December 31, 2024, respectively.

    Three months ended March 31, 2025, as compared to three months ended March 31, 2024

    Provision for income taxes increased by $1.0 million, or 21.94%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. This increase was primarily driven by an increase in taxable income. The effective tax rates were 28.71% and 28.94% for the three months ended March 31, 2025 and March 31, 2024, respectively.

    Webcast Details

    Five Star Bancorp will host a live webcast for analysts and investors on Tuesday, April 29, 2025 at 1:00 PM ET (10:00 AM PT) to discuss its first quarter financial results. To view the live webcast, visit the “News & Events” section of the Company’s website under “Events” at https://investors.fivestarbank.com/news-events/events. The webcast will be archived on the Company’s website for a period of 90 days.

    About Five Star Bancorp

    Five Star is a bank holding company headquartered in Rancho Cordova, California. Five Star operates through its wholly owned banking subsidiary, Five Star Bank. The Bank has eight branches in Northern California.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections, and statements of the Company’s beliefs concerning future events, business plans, objectives, expected operating results, and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and are typically identified with words such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. The Company cautions that the forward-looking statements are based largely on the Company’s expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond the Company’s control. Such forward-looking statements are based on various assumptions (some of which may be beyond the Company’s control) and are subject to risks and uncertainties, which change over time, and other factors, which could cause actual results to differ materially from those currently anticipated. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. If one or more of the factors affecting the Company’s forward-looking information and statements proves incorrect, then the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained in this press release. Therefore, the Company cautions you not to place undue reliance on the Company’s forward-looking information and statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 under the section entitled “Risk Factors,” and other documents filed by the Company with the Securities and Exchange Commission from time to time.

    The Company disclaims any duty to revise or update the forward-looking statements, whether written or oral, to reflect actual results or changes in the factors affecting the forward-looking statements, except as specifically required by law.

    Condensed Financial Data (Unaudited)

        Three months ended
    (in thousands, except per share and share data)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Revenue and Expense Data            
    Interest and fee income   $ 57,087     $ 57,745     $ 47,541  
    Interest expense     23,110       24,256       20,797  
    Net interest income     33,977       33,489       26,744  
    Provision for credit losses     1,900       1,300       900  
    Net interest income after provision     32,077       32,189       25,844  
    Non-interest income:            
    Service charges on deposit accounts     215       179       188  
    Gain on sale of loans     125       150       369  
    Loan-related fees     448       400       429  
    FHLB stock dividends     331       332       332  
    Earnings on bank-owned life insurance     161       182       142  
    Other income     79       423       373  
    Total non-interest income     1,359       1,666       1,833  
    Non-interest expense:            
    Salaries and employee benefits     9,134       8,360       7,577  
    Occupancy and equipment     637       649       626  
    Data processing and software     1,457       1,369       1,157  
    FDIC insurance     455       440       400  
    Professional services     913       774       707  
    Advertising and promotional     522       752       460  
    Loan-related expenses     319       321       297  
    Other operating expenses     1,608       1,823       1,492  
    Total non-interest expense     15,045       14,488       12,716  
    Income before provision for income taxes     18,391       19,367       14,961  
    Provision for income taxes     5,280       6,050       4,330  
    Net income   $ 13,111     $ 13,317     $ 10,631  
                 
    Comprehensive Income            
    Net income   $ 13,111     $ 13,317     $ 10,631  
    Net unrealized holding gain (loss) on securities available-for-sale during the period     1,030       (3,747 )     (955 )
    Less: Income tax expense (benefit) related to other comprehensive income (loss)     305       (1,108 )     (282 )
    Other comprehensive income (loss)     725       (2,639 )     (673 )
    Total comprehensive income   $ 13,836     $ 10,678     $ 9,958  
                 
    Share and Per Share Data            
    Earnings per common share:            
    Basic   $ 0.62     $ 0.63     $ 0.62  
    Diluted     0.62       0.63       0.62  
    Book value per share     19.06       18.60       16.86  
    Tangible book value per share(1)     19.06       18.60       16.86  
    Weighted average basic common shares outstanding     21,209,881       21,182,143       17,190,867  
    Weighted average diluted common shares outstanding     21,253,588       21,235,318       17,272,994  
    Shares outstanding at end of period     21,329,235       21,319,083       17,353,251  
                 
    Selected Financial Ratios            
    ROAA     1.30 %     1.31 %     1.22 %
    ROAE     13.28 %     13.48 %     14.84 %
    Net interest margin     3.45 %     3.36 %     3.14 %
    Loan to deposit(2)     97.01 %     99.38 %     105.37 %

    (1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.
    (2) Loan balance in loan to deposit ratio is total loans held for investment and sale at period end. Deposit balance in loan to deposit ratio is total deposits at period end.

    (in thousands)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Balance Sheet Data            
    Cash and due from financial institutions   $ 42,473     $ 33,882     $ 29,750  
    Interest-bearing deposits in banks     410,098       318,461       155,575  
    Time deposits in banks     4,024       4,121       5,878  
    Securities – available-for-sale, at fair value     97,111       98,194       105,006  
    Securities – held-to-maturity, at amortized cost     2,585       2,720       3,000  
    Loans held for sale     2,669       3,247       10,243  
    Loans held for investment     3,621,819       3,532,686       3,104,130  
    Allowance for credit losses     (39,224 )     (37,791 )     (34,653 )
    Loans held for investment, net of allowance for credit losses     3,582,595       3,494,895       3,069,477  
    FHLB stock     15,000       15,000       15,000  
    Operating leases, right-of-use asset     5,944       6,245       6,932  
    Premises and equipment, net     1,524       1,584       1,569  
    Bank-owned life insurance     23,246       19,375       18,872  
    Interest receivable and other assets     57,788       55,554       55,058  
    Total assets   $ 4,245,057     $ 4,053,278     $ 3,476,360  
                 
    Non-interest-bearing deposits   $ 933,652     $ 922,629     $ 817,388  
    Interest-bearing deposits     2,802,702       2,635,365       2,138,384  
    Total deposits     3,736,354       3,557,994       2,955,772  
    Subordinated notes, net     73,932       73,895       73,786  
    Other borrowings     —       —       120,000  
    Operating lease liability     6,591       6,857       7,320  
    Interest payable and other liabilities     21,729       17,908       26,902  
    Total liabilities     3,838,606       3,656,654       3,183,780  
                 
    Common stock     302,788       302,531       220,804  
    Retained earnings     115,309       106,464       84,216  
    Accumulated other comprehensive loss, net of taxes     (11,646 )     (12,371 )     (12,440 )
    Total shareholders’ equity     406,451       396,624       292,580  
    Total liabilities and shareholders’ equity   $ 4,245,057     $ 4,053,278     $ 3,476,360  
                 
    Quarterly Average Balance Data            
    Average loans held for investment and sale   $ 3,567,992     $ 3,498,109     $ 3,082,290  
    Average interest-earning assets     3,997,037       3,965,867       3,424,469  
    Average total assets     4,090,580       4,057,603       3,518,452  
    Average deposits     3,585,782       3,561,409       3,106,841  
    Average total equity     400,501       393,088       288,106  
                 
    Credit Quality            
    Allowance for credit losses to nonperforming loans     2,222.32 %     2,101.78 %     1,806.73 %
    Nonperforming loans to loans held for investment     0.05 %     0.05 %     0.06 %
    Nonperforming assets to total assets     0.04 %     0.05 %     0.06 %
    Nonperforming loans plus performing loan modifications to loans held for investment     0.05 %     0.05 %     0.06 %
                 
    Capital Ratios            
    Total shareholders’ equity to total assets     9.57 %     9.79 %     8.42 %
    Tangible shareholders’ equity to tangible assets(1)     9.57 %     9.79 %     8.42 %
    Total capital (to risk-weighted assets)     13.97 %     13.99 %     12.34 %
    Tier 1 capital (to risk-weighted assets)     11.00 %     11.02 %     9.13 %
    Common equity Tier 1 capital (to risk-weighted assets)     11.00 %     11.02 %     9.13 %
    Tier 1 leverage ratio     10.17 %     10.05 %     8.63 %

    (1) See the section entitled “Non-GAAP Reconciliation (Unaudited)” for a reconciliation of this non-GAAP financial measure.

    Non-GAAP Reconciliation (Unaudited)

    The Company uses financial information in its analysis of the Company’s performance that is not in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes that these non-GAAP financial measures provide useful information to management and investors that is supplementary to the Company’s financial condition, results of operations, and cash flows computed in accordance with GAAP. However, the Company acknowledges that its non-GAAP financial measures have a number of limitations. As such, investors should not view these disclosures as a substitute for results determined in accordance with GAAP. Additionally, these non-GAAP measures are not necessarily comparable to non-GAAP financial measures that other banking companies use. Other banking companies may use names similar to those the Company uses for the non-GAAP financial measures the Company discloses, but may calculate them differently. Investors should understand how the Company and other companies each calculate their non-GAAP financial measures when making comparisons.

    Tangible shareholders’ equity to tangible assets is defined as total equity less goodwill and other intangible assets, divided by total assets less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholders’ equity to total assets. Management believes that tangible shareholders’ equity to tangible assets is a useful financial measure because it enables management, investors, and others to assess the Company’s financial health based on tangible capital. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible shareholders’ equity to tangible assets is the same as total shareholders’ equity to total assets at the end of each of the periods indicated.

    Tangible book value per share is defined as total shareholders’ equity less goodwill and other intangible assets, divided by the outstanding number of common shares at the end of the period. The most directly comparable GAAP financial measure is book value per share. Management believes that tangible book value per share is a useful financial measure because it enables management, investors, and others to assess the Company’s value and use of equity. We had no goodwill or other intangible assets at the end of any period indicated. As a result, tangible book value per share is the same as book value per share at the end of each of the periods indicated.

    Pre-tax, pre-provision income is defined as pre-tax income plus provision for credit losses. The most directly comparable GAAP financial measure is pre-tax income. Management believes that pre-tax, pre-provision income is a useful financial measure because it enables management, investors, and others to assess the Company’s ability to generate operating profit and capital.

    The following reconciliation table provides a more detailed analysis of this non-GAAP financial measure:

        Three months ended
    (in thousands)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Pre-tax, pre-provision income            
    Pre-tax income   $ 18,391   $ 19,367   $ 14,961
    Add: provision for credit losses     1,900     1,300     900
    Pre-tax, pre-provision income   $ 20,291   $ 20,667   $ 15,861

    Investor Contact:
    Heather C. Luck, Chief Financial Officer
    Five Star Bancorp
    (916) 626-5008
    hluck@fivestarbank.com

    Media Contact:
    Shelley R. Wetton, Chief Marketing Officer
    Five Star Bancorp
    (916) 284-7827
    swetton@fivestarbank.com

    The MIL Network –

  • MIL-OSI USA: De La Cruz Secures Water for South Texans

    Source: United States House of Representatives – Monica De La Cruz (TX-15)

    De La Cruz Secures Water for South Texans

    WASHINGTON, April 28, 2025

    Today, Congresswoman Monica De La Cruz (TX-15) released the following statement on the Trump Administration’s announcement that the Government of Mexico will make immediate deliveries on the water South Texans are owed under the 1944 Water Treaty.

    “Today’s announcement is a win for South Texas communities. Since coming to Congress, I have worked tirelessly to deliver the water Texans are owed under the 1944 Water Treaty. After two years of being told nothing could be done, we finally have a President and an Administration that has shown strength and delivered. Thank you President Trump, Secretary Brooke Rollins, and Secretary Marco Rubio for your leadership on this issue. This is a positive step in the right direction and I look forward to continuing to deliver wins for South Texas agriculture.” – Congresswoman Monica De La Cruz

    Background:

    Since entering Congress, Rep. De La Cruz has been a tireless leader in securing the water Texans are owed and prioritized holding the Government of Mexico accountable for the over one million acre-feet of water they owe the U.S. under the 1944 Water Treaty.

    Highlights of her work include:

    • May 4, 2023: Rep. De La Cruz led a bipartisan and bicameral letter to the Secretary of State, Anthony Blinken, requesting for the Department to immediately engage with the International Boundary and Water Commission (IWBC) to ensure Mexico provides for immediate releases of water.
    • October 24, 2023: Rep. De La Cruz sent a letter to the Mexican Secretary of Foreign Affairs and the Mexican Ambassador to the United States, imploring Mexico to honor its 1944 water treaty with the United States.
    • November 28, 2023: Rep. De La Cruz’s bipartisan resolution, H.Res. 683, expressing support for the diplomatic relations required to encourage the Government of Mexico to fulfill its water deliveries under the 1944 Water Treaty.
    • December 1, 2023: Rep. De La Cruz sent a letter to Ambassador Moctezuma requesting that Mexico take immediate action on making water deliveries from their reserves to the United States.
    • January 31, 2024: Rep. De La Cruz sent a letter to Ambassador Moctezuma calling for the immediate release of water from Chihuahua.
    • February 23, 2024: Rep De La Cruz sent a letter to Secretary Blinken and Secretary of Agriculture Vilsack urging them to engage Mexico on this issue in order to achieve compliance with the terms of the treaty to secure water.
    • February 28, 2024: Rep. De La Cruz introduced H.R. 7468 to ensure that United States diplomats and officials of the U.S. Section of the International Boundary and Water Commission are able to advance efforts seeking compliance by the United Mexican States with the 1944 Treaty on Utilization of Waters of the Colorado and Tijuana Rivers and of the Rio Grande.
    • May 8, 2024: Rep. De La Cruz sent a letter to Secretary Blinken requesting information and an update on discussions regarding the status of water deliveries from Mexico.
    • May 10, 2024: Rep De La Cruz introduced H.R. 8344, the Texas Agricultural Producers Assistance Act to address the significant economic losses suffered by Texas agricultural producers due to Mexico’s failure to comply with water delivery obligations under the 1944 Water Treaty between the United States and Mexico. This critical legislation was included in the Farm Bill which passed out of the House Agriculture Committee with bipartisan support.
    • July 8th, 2024: Rep. De La Cruz sent a letter to Mexican President-Elect Claudia Sheinbaum requesting a meeting to address water deliveries owed to the United States.
    • August 6th, 2024: Rep. De La Cruz announced the formation of the South Texas Water Working Group, a collaborative effort aimed at addressing and resolving the water challenges faced by South Texas communities.
    • October 11th, 2024: Rep. De La Cruz introduced H.R. 9960, the Water Delivery Transparency Act to mandate the U.S. International Boundary and Water Commission (IBWC) to host public forums, create an online portal for stakeholder input, and issue public reports detailing how this input will influence future treaty updates.
    • December 19, 2024: Rep. De La Cruz led a letter to President Trump requesting that he hold Mexico accountable for its water deliveries under the 1944 Water Treaty. Every Republican member of the Texas Congressional Delegation co-signed this letter.
    • December 20, 2024: Rep. De La Cruz secured language in the end-of-year Continuing Resolution granting the Secretary of Agriculture authority to provide block grants for economic relief to agricultural producers in South Texas.
    • January 28, 2025: Rep. De La Cruz introduced H.Res. 71 to condemn the  Government of Mexico for failing to fulfill its water deliveries on an annual basis to the United States under the treaty between the United States and Mexico regarding the utilization of the Colorado and Tijuana Rivers and of the Rio Grande.
    • February 5, 2025: Rep. De La Cruz sent a letter to Secretary Rubio requesting that he hold Mexico accountable for the water they owe the United States as part of their trade negotiations.
    • February 27, 2025: Rep. De La Cruz met with President Trump to advocate for holding Mexico accountable for owed water deliveries under the 1944 Water Treaty.
    • March 19, 2025: De La Cruz announced alongside U.S. Department of Agriculture (USDA) Secretary Brooke Rollins and Senator Ted Cruz (R-TX) that $280 million of aid funds will be deployed by the USDA to South Texas farmers.

    MIL OSI USA News –

  • MIL-OSI Security: Fresno County Farmer Sentenced to Prison for Crop Insurance Fraud

    Source: Office of United States Attorneys

    Jatinderjeet “Jyoti” Sihota, 40, of Selma, was sentenced today to one year in prison for conspiring to commit crop insurance fraud, Acting U.S. Attorney Michele Beckwith announced.

    According to court records, for many years, Sihota’s family’s farming operation produced table grapes and other crops in Fresno and Tulare Counties, and it sold many of those crops through a fruit packing company where Ralph Hackett, 69, of Clovis, was a member and manager.

    Beginning in 2012, Sihota became involved with her family’s farming operation. Thereafter, from 2012 through 2016, she and Hackett carried out a fraud scheme to obtain more than $650,000 in crop insurance payments to which they were not entitled. They caused altered records that underreported the amount of crops the farming operation sold through the fruit packing company to be provided to the insurance company to make it appear as though the farming operation had suffered significant crop losses when that was not true.

    Emails and other evidence showed that the fraud was Sihota’s idea. She pleaded with Hackett to make the alterations, instructed him on the specific changes that needed to be made, and asked him to keep everything a secret. Sihota emailed other fruit brokers asking them to alter records for her, but they refused to do so.

    This case was the product of an investigation by the U.S. Department of Agriculture Office of Inspector General and Risk Management Agency Special Investigations Staff. Assistant U.S. Attorney Joseph Barton prosecuted the case.

    Hackett was charged separately and has pleaded guilty for his role in the fraud. Hackett is scheduled to be sentenced on May 27, 2025. He faces a maximum statutory penalty of 20 years in federal prison and $250,000 fine. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

    MIL Security OSI –

  • MIL-OSI USA: Rep. Estes Applauds Nationwide E15 Waiver

    Source: United States House of Representatives – Congressman Ron Estes (R-Kansas)

    Rep. Estes Applauds Nationwide E15 Waiver

    Today Rep. Ron Estes (R-Kansas) applauded the Environmental Protection Agency (EPA) nationwide waiver for the sale of E15 gasoline ahead of the summer months.
     
    “Allowing the sale of E15 year-round and nationwide is a win for Kansas ethanol producers and drivers across the country,” said Rep. Estes. “This is a great step forward in restoring American energy dominance, and farmers in Kansas are ready to help provide relief for consumers at the pump. This is in line with my support for the Nationwide Consumer and Fuel Retailer Choice Act, which would make E15 available year-round and provide certainty to farmers, drivers and producers. Kansas biofuels are one piece of Republicans’ larger push to be energy independent and support U.S. energy producers.”
     
    Background:
    In their press release announcing the waiver, the EPA said, “This emergency action will provide families with relief at the pump by increasing fuel supply and ensuring a variety of gasoline fuel blends from which consumers can choose. More options at the pump helps protect consumers by reducing our reliance on imported fossil fuels, and bolstering U.S. energy independence, all while supporting American agriculture and manufacturing.”

    MIL OSI USA News –

  • MIL-OSI: Farmers & Merchants Bancorp, Inc. Reports 2025 First-Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, April 28, 2025 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2025 first quarter ended March 31, 2025.

    2025 First Quarter Financial and Operating Highlights
    (at March 31, 2025 and on a year-over-year basis unless noted)

    • 88 consecutive quarters of profitability
    • Total interest income increased 6.1% to $41.0 million, driven by a 19-basis point improvement in the yield on earning assets and a higher average loan balance
    • Total loans increased by $40.5 million, or 1.6% to $2.58 billion
    • Total assets increased by $101.2 million, or 3.1% to $3.39 billion
    • Total deposits increased by $78.9 million, or 3.0% to $2.70 billion
    • Efficiency ratio improved to 66.79%, compared to 74.08%
    • Pre-tax, pre-provision income increased 49.6% to $9.3 million, from $6.2 million
    • Net income increased 29.7% to $7.0 million, or $0.51 per basic and diluted share
    • Asset quality remains at historically strong levels with nonperforming loans of only $4.5 million and net charge-offs to average loans of 0.01%
    • Tier 1 leverage ratio was 8.44%

    Lars B. Eller, President and Chief Executive Officer, stated, “2025 is off to a solid start, reflecting the positive impacts our strategic priorities are having on our financial performance. Throughout the first quarter we made progress enhancing profitability, controlling growth, driving innovation, and achieving greater operational efficiency. Most importantly, our strong first-quarter results underscore the excellent execution by our team and F&M’s ongoing commitment to delivering local, personalized financial services to our communities in Ohio, Indiana, and Michigan.”

    Mr. Eller continued, “For the first quarter of 2025 our net interest margin grew 43-basis points year-over year to 3.03% and increased 19-basis points from the fourth quarter of 2024. This growth demonstrates the benefits of continued loan repricing, as well as our disciplined approach to new loan originations and strategic efforts underway to improve our cost of funds. Total revenue – defined by net interest income plus noninterest income – increased 16.7% year-over-year, while noninterest expense rose 5.2%. This favorable spread strengthened our efficiency ratio and drove a 49.6% increase in pre-tax, pre-provision income. As we continue to successfully execute against our 2025 strategic priorities, we expect continued year-over-year growth in net income.”

    Income Statement
    Net income for the 2025 first quarter ended March 31, 2025, was $7.0 million, compared to $5.4 million for the same period last year. Net income per basic and diluted share for the 2025 first quarter was $0.51, compared to $0.39 for the same period last year.

    Deposits
    At March 31, 2025, total deposits were $2.70 billion, an increase of 3.0% from March 31, 2024. The Company’s cost of interest-bearing liabilities was 2.76% for the quarter ended March 31, 2025, compared to 3.06% for the quarter ended March 31, 2024.

    Mr. Eller commented, “We continue to pursue opportunities that optimize our deposit base and grow low-cost checking deposits. As a result, more expensive time-account balances have declined year-over-year by $19.5 million, while total deposits have increased by $78.9 million reflecting growth in lower cost core deposits. These trends have reduced our cost of funds, while improving our loan-to-deposit ratio.”

    Loan Portfolio and Asset Quality
    “Offices opened in 2023 continue to add new loans and new deposits at a faster pace than our legacy locations, which we believe demonstrates the need for the local community banking services F&M provides. Overall, we are experiencing stable demand across all of our markets, as a result of the addition of proven bankers to our team, our regional structure, new financial products, and growing commercial relationships. Positive demand trends allow us to control growth, expand our yield on loans, and maintain excellent asset quality. Our credit quality remains strong with nonperforming loans to total loans of just 0.17% at March 31, 2025 – the fourth quarter in a row this metric has remained below 0.20%,” continued Mr. Eller.

    Total loans, net at March 31, 2025, increased 1.6%, or by $40.5 million to $2.58 billion, compared to $2.54 billion at March 31, 2024. The year-over-year increase was driven primarily by higher agricultural, commercial and industrial, and commercial real estate loans, partially offset primarily by lower consumer, agricultural real estate, and consumer real estate loans. Compared to the quarter ended December 31, 2024, total loans, net at March 31, 2025, increased by 0.8% or $20.0 million.

    F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $4.5 million, or 0.17% of total loans at March 31, 2025, compared to $19.4 million, or 0.76% of total loans at March 31, 2024, and $3.1 million, or 0.12% at December 31, 2024.

    F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.3% of the Company’s total loan portfolio at March 31, 2025. In addition, F&M’s commercial real estate office credit exposure represented 5.4% of the Company’s total loan portfolio at March 31, 2025, with a weighted average loan-to-value of approximately 63% and an average loan of approximately $965,366.

    F&M’s CRE portfolio included the following categories at March 31, 2025:

    CRE Category

    		  

    Dollar
    Balance

    		   Percent of
    CRE
    Portfolio    (*)    		   Percent of
    Total Loan
    Portfolio    (*)
                 
    Industrial   $ 281,484   21.2%   10.9%
    Multi-family     217,903   16.4%   8.4%
    Retail     213,281   16.1%   8.3%
    Hotels     157,139   11.8%   6.1%
    Office     139,069   10.5%   5.4%
    Gas Stations     70,983   5.3%   2.7%
    Food Service     52,827   4.0%   2.0%
    Senior Living     31,400   2.4%   1.2%
    Development     29,907   2.3%   1.2%
    Auto Dealers     27,294   2.1%   1.1%
    Other     104,411   7.9%   4.0%
    Total CRE   $ 1,325,698   100.0%   51.3%
                   

    * Numbers have been rounded

    At March 31, 2025, the Company’s allowance for credit losses to nonperforming loans was 586.38%, compared to 127.28% at March 31, 2024. The allowance to total loans was 1.07% at March 31, 2025, compared to 1.05% at March 31, 2024. Including accretable yield adjustments, associated with the Company’s prior acquisitions, F&M’s allowance for credit losses to total loans was 1.08% at March 31, 2025, compared to 1.11% at March 31, 2024.

    Mr. Eller concluded, “While the near-term economic environment has become more fluid, we believe F&M is in a strong position because of the platform we have built and the strategies we are pursuing to transform our business in 2025. As a result, we continue to believe 2025 will be another good year for F&M.”

    Stockholders’ Equity and Dividends
    Total stockholders’ equity increased 8.5% to $344.6 million, or $25.12 per share at March 31, 2025, from $317.7 million, or $23.22 per share at March 31, 2024. The Company had a Tier 1 leverage ratio of 8.44%, compared to 8.40% at March 31, 2024.

    Tangible stockholders’ equity increased to $263.0 million at March 31, 2025, compared to $256.5 million at March 31, 2024. On a per share basis, tangible stockholders’ equity at March 31, 2025, was $19.17 per share, compared to $18.75 per share at March 31, 2024.

    For the three months ended March 31, 2025, the Company declared cash dividends of $0.22125 per share, representing a 0.6% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 30 consecutive years. For the three months ended March 31, 2025, the dividend payout ratio was 43.10% compared to 55.52% for the same period last year.

    About Farmers & Merchants State Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe Harbor Statement
    Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Non-GAAP Financial Measures
    This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures is included within this press release.

    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME
    (Unaudited) (in thousands of dollars, except per share data)
     
      Three Months Ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Interest Income                  
    Loans, including fees $ 37,072     $ 36,663     $ 36,873     $ 36,593     $ 35,200  
    Debt securities:                  
    U.S. Treasury and government agencies   2,097       1,882       1,467       1,148       1,045  
    Municipalities   382       384       387       389       394  
    Dividends   338       367       334       327       333  
    Federal funds sold   –       24       7       7       7  
    Other   1,113       2,531       2,833       2,702       1,675  
    Total interest income   41,002       41,851       41,901       41,166       38,654  
    Interest Expense                  
    Deposits   13,988       15,749       16,947       16,488       15,279  
    Federal funds purchased and securities sold under agreements to repurchase   271       274       277       276       284  
    Borrowed funds   2,550       2,713       2,804       2,742       2,689  
    Subordinated notes   284       285       284       285       284  
    Total interest expense   17,093       19,021       20,312       19,791       18,536  
    Net Interest Income – Before Provision for Credit Losses   23,909       22,830       21,589       21,375       20,118  
    Provision for (Recovery of) Credit Losses – Loans   811       346       282       605       (289 )
    Recovery of Credit Losses – Off Balance Sheet Exposures   (260 )     (120 )     (267 )     (18 )     (266 )
    Net Interest Income After Provision for Credit Losses   23,358       22,604       21,574       20,788       20,673  
    Noninterest Income                  
    Customer service fees   381       237       300       189       598  
    Other service charges and fees   1,124       1,176       1,155       1,085       1,057  
    Interchange income   1,421       1,322       1,315       1,330       1,429  
    Loan servicing income   762       771       710       513       539  
    Net gain on sale of loans   284       223       215       314       107  
    Increase in cash surrender value of bank owned life insurance   244       248       265       236       216  
    Net gain (loss) on sale of other assets owned   (54 )     22       –       49       –  
    Total noninterest income   4,162       3,999       3,960       3,716       3,946  
    Noninterest Expense                  
    Salaries and wages   7,878       7,020       7,713       7,589       7,846  
    Employee benefits   2,404       2,148       2,112       2,112       2,171  
    Net occupancy expense   1,199       1,072       1,054       999       1,027  
    Furniture and equipment   1,278       1,032       1,472       1,407       1,353  
    Data processing   557       160       339       448       500  
    Franchise taxes   397       312       410       265       555  
    ATM expense   491       328       472       397       473  
    Advertising   503       498       597       519       530  
    FDIC assessment   465       505       516       507       580  
    Servicing rights amortization – net   127       244       219       187       168  
    Loan expense   228       236       244       251       229  
    Consulting fees   745       242       251       198       186  
    Professional fees   559       368       453       527       445  
    Intangible asset amortization   445       446       445       444       445  
    Other general and administrative   1,484       1,465       1,128       1,495       1,333  
    Total noninterest expense   18,760       16,076       17,425       17,345       17,841  
    Income Before Income Taxes   8,760       10,527       8,109       7,159       6,778  
    Income Taxes   1,808       2,146       1,593       1,477       1,419  
    Net Income   6,952       8,381       6,516       5,682       5,359  
    Other Comprehensive Income (Loss) (Net of Tax):                  
    Net unrealized gain (loss) on available-for-sale securities   6,464       (7,403 )     11,664       2,531       (1,995 )
    Reclassification adjustment for realized loss on sale of available-for-sale securities   –       –       –       –       –  
    Net unrealized gain (loss) on available-for-sale securities   6,464       (7,403 )     11,664       2,531       (1,995 )
    Tax expense (benefit)   1,358       (1,554 )     2,449       531       (418 )
    Other comprehensive income (loss)   5,106       (5,849 )     9,215       2,000       (1,577 )
    Comprehensive Income $ 12,058     $ 2,532     $ 15,731     $ 7,682     $ 3,782  
    Basic Earnings Per Share $ 0.51     $ 0.61     $ 0.48     $ 0.42     $ 0.39  
    Diluted Earnings Per Share $ 0.51     $ 0.61     $ 0.48     $ 0.42     $ 0.39  
    Dividends Declared $ 0.22125     $ 0.22125     $ 0.22125     $ 0.22     $ 0.22  
                       
    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited) (in thousands of dollars, except share data)
     
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (Unaudited)       (Unaudited)   (Unaudited)   (Unaudited)
    Assets                  
    Cash and due from banks $ 172,612     $ 174,855     $ 244,572     $ 191,785     $ 186,541  
    Federal funds sold   425       1,496       932       1,283       1,241  
    Total cash and cash equivalents   173,037       176,351       245,504       193,068       187,782  
                       
    Interest-bearing time deposits   1,992       2,482       2,727       3,221       2,735  
    Securities – available-for-sale   438,568       426,556       404,881       365,209       347,516  
    Other securities, at cost   14,062       14,400       15,028       14,721       14,744  
    Loans held for sale   2,331       2,996       1,706       1,628       2,410  
    Loans, net of allowance for credit losses   2,555,552       2,536,043       2,512,852       2,534,468       2,516,687  
    Premises and equipment   33,163       33,828       33,779       34,507       35,007  
    Construction in progress   –       –       35       38       9  
    Goodwill   86,358       86,358       86,358       86,358       86,358  
    Loan servicing rights   5,805       5,656       5,644       5,504       5,555  
    Bank owned life insurance   35,116       34,872       34,624       34,359       34,123  
    Other assets   42,802       45,181       46,047       49,552       54,628  
                       
    Total Assets $ 3,388,786     $ 3,364,723     $ 3,389,185     $ 3,322,633     $ 3,287,554  
                       
    Liabilities and Stockholders’ Equity                  
    Liabilities                  
    Deposits                  
    Noninterest-bearing $ 502,318     $ 516,904     $ 481,444     $ 479,069     $ 510,731  
    Interest-bearing                  
    NOW accounts   874,881       850,462       865,617       821,145       829,236  
    Savings   696,635       671,818       661,565       673,284       635,430  
    Time   626,450       647,581       676,187       667,592       645,985  
    Total deposits   2,700,284       2,686,765       2,684,813       2,641,090       2,621,382  
                       
    Federal funds purchased and securities                  
    sold under agreements to repurchase   27,258       27,218       27,292       27,218       28,218  
    Federal Home Loan Bank (FHLB) advances   245,474       246,056       263,081       266,102       256,628  
    Subordinated notes, net of unamortized issuance costs   34,846       34,818       34,789       34,759       34,731  
    Dividend payable   2,997       2,996       2,998       2,975       2,975  
    Accrued expenses and other liabilities   33,326       31,659       40,832       27,825       25,930  
    Total liabilities   3,044,185       3,029,512       3,053,805       2,999,969       2,969,864  
                       
    Commitments and Contingencies                  
                       
    Stockholders’ Equity                  
    Common stock – No par value 20,000,000 shares authorized; issued                  
    14,564,425 shares 3/31/25 and 12/31/24; outstanding 13,718,336 shares 3/31/25 and 13,699,536 shares 12/31/24   135,407       135,565       135,193       135,829       135,482  
    Treasury stock – 846,089 shares 3/31/25 and 864,889 shares 12/31/24   (10,768 )     (10,985 )     (10,904 )     (11,006 )     (10,851 )
    Retained earnings   240,079       235,854       230,465       226,430       223,648  
    Accumulated other comprehensive loss   (20,117 )     (25,223 )     (19,374 )     (28,589 )     (30,589 )
    Total stockholders’ equity   344,601       335,211       335,380       322,664       317,690  
                       
    Total Liabilities and Stockholders’ Equity $ 3,388,786     $ 3,364,723     $ 3,389,185     $ 3,322,633     $ 3,287,554  
                       
    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    SELECT FINANCIAL DATA
                                   
        For the Three Months Ended
    Selected financial data   March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    Return on average assets     0.85 %     0.99 %     0.78 %     0.69 %     0.66 %
    Return on average equity     8.31 %     10.00 %     7.93 %     7.13 %     6.76 %
    Yield on earning assets     5.19 %     5.20 %     5.27 %     5.22 %     5.00 %
    Cost of interest bearing liabilities     2.76 %     3.01 %     3.21 %     3.18 %     3.06 %
    Net interest spread     2.43 %     2.19 %     2.06 %     2.04 %     1.94 %
    Net interest margin     3.03 %     2.84 %     2.71 %     2.71 %     2.60 %
    Efficiency ratio     66.79 %     59.82 %     67.98 %     69.03 %     74.08 %
    Dividend payout ratio     43.10 %     35.75 %     45.99 %     52.35 %     55.52 %
    Tangible book value per share   $ 17.71     $ 17.74     $ 17.72     $ 16.79     $ 16.51  
    Tier 1 leverage ratio     8.44 %     8.12 %     8.04 %     8.02 %     8.40 %
    Average shares outstanding     13,706,003       13,699,869       13,687,119       13,681,501       13,671,166  
                                   
    Loans   March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    (Dollar amounts in thousands)                              
    Commercial real estate   $ 1,325,698     $ 1,310,811     $ 1,301,160     $ 1,303,598     $ 1,304,400  
    Agricultural real estate     215,898       216,401       220,328       222,558       227,455  
    Consumer real estate     523,383       520,114       524,055       525,902       525,178  
    Commercial and industrial     278,254       275,152       260,732       268,426       256,051  
    Agricultural     153,607       152,080       137,252       142,909       127,670  
    Consumer     60,115       63,009       67,394       70,918       74,819  
    Other     24,985       24,978       25,916       26,449       26,776  
    Less: Net deferred loan fees, costs and other (1)     (36 )     (676 )     1,499       (1,022 )     (982 )
    Total loans, net   $ 2,581,904     $ 2,561,869     $ 2,538,336     $ 2,559,738     $ 2,541,367  
                                   
                                   
    Asset quality data   March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
    (Dollar amounts in thousands)                              
    Nonaccrual loans   $ 4,494     $ 3,124     $ 2,898     $ 2,487     $ 19,391  
    90 day past due and accruing   $ –     $ –     $ –     $ –     $ –  
    Nonperforming loans   $ 4,494     $ 3,124     $ 2,898     $ 2,487     $ 19,391  
    Other real estate owned   $ –     $ –     $ –     $ –     $ –  
    Nonperforming assets   $ 4,494     $ 3,124     $ 2,898     $ 2,487     $ 19,391  
                                   
                                   
    Allowance for credit losses – loans   $ 26,352     $ 25,826     $ 25,484     $ 25,270     $ 24,680  
    Allowance for credit losses – off balance sheet credit exposures     1,281       1,541       1,661       1,928       1,946  
    Total allowance for credit losses   $ 27,633     $ 27,367     $ 27,145     $ 27,198     $ 26,626  
    Total allowance for credit losses/total loans     1.07 %     1.07 %     1.07 %     1.06 %     1.05 %
    Adjusted credit losses with accretable yield/total loans     1.08 %     1.08 %     1.10 %     1.10 %     1.11 %
    Net charge-offs:                              
    Quarter-to-date   $ 285     $ 4     $ 68     $ 15     $ 55  
    Year-to-date   $ 285     $ 142     $ 138     $ 70     $ 55  
    Net charge-offs to average loans                              
    Quarter-to-date     0.01 %     0.00 %     0.00 %     0.00 %     0.00 %
    Year-to-date     0.01 %     0.01 %     0.01 %     0.00 %     0.00 %
    Nonperforming loans/total loans     0.17 %     0.12 %     0.11 %     0.10 %     0.76 %
    Allowance for credit losses/nonperforming loans     586.38 %     826.70 %     879.37 %     1016.08 %     127.28 %
    NPA coverage ratio     586.38 %     826.70 %     879.37 %     1016.08 %     127.28 %
                                   
    (1) Includes carrying value adjustments of $1.7 million as of March 31, 2025, $1.1 million as of December 31, 2024, $3.0 million as of September 30, 2024, $612 thousand as of June 30, 2024, and $969 thousand as of March 31, 2024 related to interest rate swaps associated with fixed rate loans
                                   
    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
    (in thousands of dollars, except percentages)
                       
                           
      For the Three Months Ended   For the Three Months Ended
      March 31, 2025   March 31, 2024
    Interest Earning Assets: Average Balance   Interest/Dividends   Annualized
    Yield/Rate    		   Average Balance   Interest/Dividends   Annualized
    Yield/Rate
    Loans $ 2,578,531   $ 37,072   5.75%   $ 2,577,114   $ 35,200   5.46%
    Taxable investment securities   458,519     2,739   2.39%     384,928     1,686   1.75%
    Tax-exempt investment securities   18,310     78   2.16%     21,109     86   2.06%
    Fed funds sold & other   105,770     1,113   4.21%     110,388     1,682   6.09%
    Total Interest Earning Assets   3,161,130   $ 41,002   5.19%     3,093,539   $ 38,654   5.00%
                           
    Nonearning Assets   166,630             159,240        
                           
    Total Assets $ 3,327,760           $ 3,252,779        
                           
    Interest Bearing Liabilities:                      
    Savings deposits $ 1,543,665   $ 8,564   2.22%   $ 1,443,530   $ 9,407   2.61%
    Other time deposits   627,498     5,424   3.46%     650,580     5,872   3.61%
    Other borrowed money   245,734     2,550   4.15%     263,280     2,689   4.09%
    Fed funds purchased & securities                      
    sold under agreement to repurchase   27,480     271   3.94%     28,458     284   3.99%
    Subordinated notes   34,828     284   3.26%     34,712     284   3.27%
    Total Interest Bearing Liabilities $ 2,479,205   $ 17,093   2.76%   $ 2,420,560   $ 18,536   3.06%
                           
    Noninterest Bearing Liabilities   509,190             514,986        
                           
    Stockholders’ Equity $ 339,365           $ 317,233        
                           
    Net Interest Income and Interest Rate Spread     $ 23,909   2.43%       $ 20,118   1.94%
                           
    Net Interest Margin         3.03%           2.60%
                           
    Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts    
                           
    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
    (in thousands of dollars, except percentages)
                                       
      For the Three Months Ended March 31, 2025   For the Three Months Ended March 31, 2024
      As Reported   Excluding Acc/Amort Difference   As Reported   Excluding Acc/Amort Difference
      $ Yield   $ Yield   $ Yield   $ Yield   $ Yield   $ Yield
    Interest Earning Assets:                                  
    Loans $ 37,072 5.75 %   $ 36,468 5.66 %   $ 604 0.09 %   $ 35,200 5.46 %   $ 34,525 5.36 %   $ 675   0.10 %
    Taxable investment securities   2,739 2.39 %     2,739 2.39 %     – 0.00 %     1,686 1.75 %     1,686 1.75 %     –   0.00 %
    Tax-exempt investment securities   78 2.16 %     78 2.16 %     – 0.00 %     86 2.06 %     86 2.06 %     –   0.00 %
    Fed funds sold & other   1,113 4.21 %     1,113 4.21 %     – 0.00 %     1,682 6.09 %     1,682 6.09 %     –   0.00 %
    Total Interest Earning Assets   41,002 5.19 %     40,398 5.11 %     604 0.08 %     38,654 5.00 %     37,979 4.92 %     675   0.08 %
                                       
    Interest Bearing Liabilities:                                  
    Savings deposits $ 8,564 2.22 %   $ 8,564 2.22 %   $ – 0.00 %   $ 9,407 2.61 %   $ 9,407 2.61 %   $ –   0.00 %
    Other time deposits   5,424 3.46 %     5,424 3.46 %     – 0.00 %     5,872 3.61 %     5,872 3.61 %     –   0.00 %
    Other borrowed money   2,550 4.15 %     2,547 4.15 %     3 0.00 %     2,689 4.09 %     2,707 4.11 %     (18 ) -0.02 %
    Federal funds purchased and                                  
    securities sold under agreement to                                  
    repurchase   271 3.94 %     271 3.94 %     – 0.00 %     284 3.99 %     284 3.99 %     –   0.00 %
    Subordinated notes   284 3.26 %     284 3.26 %     – 0.00 %     284 3.27 %     284 3.27 %     –   0.00 %
    Total Interest Bearing Liabilities   17,093 2.76 %     17,090 2.76 %     3 -0.00 %     18,536 3.06 %     18,554 3.07 %     (18 ) -0.01 %
                                       
    Interest/Dividend income/yield   41,002 5.19 %     40,398 5.11 %     604 0.08 %     38,654 5.00 %     37,979 4.92 %     675   0.08 %
    Interest Expense / yield   17,093 2.76 %     17,090 2.76 %     3 -0.00 %     18,536 3.06 %     18,554 3.07 %     (18 ) -0.01 %
    Net Interest Spread   23,909 2.43 %     23,308 2.35 %     601 0.08 %     20,118 1.94 %     19,425 1.85 %     693   0.09 %
    Net Interest Margin   3.03 %     2.95 %     0.08 %     2.60 %     2.52 %     0.08 %
                                       
    Company Contact: Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank    		 Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

    The MIL Network –

  • MIL-OSI USA: Fischer Statement on EPA Waiver to Allow for Nationwide Year-Round E15

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer

    Calls for Congress to make year-round E15 permanent with her Nationwide Consumer and Fuel Retailers Choice Act

    U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Agriculture Committee, released the following statement after the Environmental Protection Agency (EPA)today issued an emergency waiver to allow for the sale of E15 gasoline during the summer driving season:


    “I’m pleased the EPA has issued a summertime emergency fuel waiver to allow E15 to be sold year-round; however, a permanent, nationwide solution is still needed. I’m going to continue calling on Congress to pass my     Nationwide Consumer and Fuel Retailers Choice Act to end years of patchwork regulations and unleash the power of year-round E15.”

    Fischer’s work on E15:

    Fischer has been a steadfast champion for year-round E15 since 2015, when she first co-led a bill to allow year-round E15 during the 114th Congress.

    In 2017, she introduced the Consumer and Fuel Retailer Choice Act to amend the Clear Air Act and help make year-round E15 a reality. Later that year, she testified before the Senate Environment and Public Works Committee in support of her bipartisan legislation.

    In 2019, Fischer traveled with President Trump to Nebraska and Iowa when he announced regulatory efforts to allow the sale of E15. When President Trump’s efforts were struck down by courts, Fischer continued to lead by reintroducing this legislation in 2021, during the 117th Congress. Fischer released an updated bill in 2022 that included unprecedented support.

    In 2023, Fischer introduced the Nationwide Consumer and Fuel Retailer Choice Act of 2023 to break down remaining barriers and unlock the full potential of nationwide, year-round E15, advancing America’s energy independence. In the U.S. House of Representatives, Congressman Adrian Smith (NE-03) introduced companion legislation.

    On the first day of his term, President Trump took steps to make E15 available year-round through his Executive Order Declaring a National Energy Emergency.

    In February, Fischer reintroduced her Nationwide Consumer and Fuel Retailer Choice Act of 2025, which is the only permanent, nationwide solution that will unleash the power of year-round E15 and fulfill President Trump’s mandate for energy independence. 

    Last month, Fischer joined U.S. Representative Adrian Smith (NE-03) at a press conferenceurging Congress to fulfill President Trump’s pledge to allow the sale of year-round E15.

    MIL OSI USA News –

  • MIL-Evening Report: Arsenic is everywhere – but new detection methods could help save lives

    Source: The Conversation (Au and NZ) – By Magdalena Wajrak, Senior Lecturer in Chemistry, Edith Cowan University

    Arsenic is a nasty poison that once reigned as the ultimate weapon of deception. In the 18th century, it was the poison of choice for those wanting to kill their enemies and spouses, favoured for its undetectable nature and the way its symptoms mimicked common gastrointestinal issues like stomach pain, diarrhoea and vomiting.

    One of the most famous deaths believed to be due to arsenic poisoning was that of French general Napoleon Bonaparte in 1821. While there’s still considerable controversy over the definite cause of Napoleon’s death, there is enough evidence that arsenic did at least contribute.

    Analysis of Napoleon’s hair in 1961 found it contained more than ten times the normal concentrations of arsenic. The most likely source of exposure was from an arsenic compound used as a pigment in wallpapers in the 18th century.

    Centuries later, arsenic is still widespread in the world, and causing major health problems. But thankfully scientists – including myself – are developing more effective ways of measuring arsenic to reduce the harm it causes to people.

    A tasteless poison

    Arsenic in its elemental state is a grey, brittle solid. Its nucleus has 33 protons and 42 neutrons, giving it similar chemical properties to phosphorus.

    The elemental form of arsenic is actually non-toxic; it is the compounds of arsenic that are poisonous. Pure elements have a tendency to bond to other elements and form compounds, because this provides elements with more stability.

    When arsenic combines with oxygen, it forms an extremely toxic compound called arsenic trioxide. Only 70mg of this odourless and tasteless compound is needed to kill an adult human.

    When arsenic enters our bodies, it can have major impacts on DNA. Phosphorous is an essential component of the backbone of DNA, but arsenic can replace it. This can lead to genome instability and a higher risk of genetic mutations, which can ultimately increase the risk of developing cancer.

    Arsenic also inhibits the enzymes necessary for bodily functions.

    When arsenic is inhaled or ingested, it is rapidly distributed around the body. It initially remains in the liver before being stored in the kidneys, then the spleen and lungs. Our bodies are very clever, however, and have a process capable of removing very small amounts of arsenic through urine.

    But that process takes time. So if you are exposed to high levels of arsenic, your body will not be able to eliminate it fast enough and damage will occur.

    One of the most famous deaths believed to be due to arsenic poisoning was that of Napoleon Bonaparte.
    Jacques-Louis David/Wikipedia

    Arsenic is everywhere

    The main environmental sources of arsenic are volcanoes and the erosion of mineral deposits. This can contaminate groundwater sources, as happened in Bangladesh where the building of tube wells for irrigation and drinking water from the mid 20th century onwards accidentally caused the “world’s worst mass poisoning”.

    Human sources of arsenic in the environment are predominantly from smelters of copper, gold and iron ores. These smelters often use arsenic compounds such as copper arsenate to treat and preserve wood. They also use pesticides and antiparasitic chemicals, some of which contain arsenic.

    We also find very small amounts of arsenic compounds in LED lights and in bronze.

    The most common sources of exposure to arsenic are from cigarettes and food products. Foods grown in arsenic-contaminated soil or exposed to contaminated water will absorb arsenic.

    For example, rice is very susceptible to absorbing elements from soil and water, so can contain high levels of arsenic if grown in contaminated areas. However, rice is generally safe to eat and rinsing it removes most of the arsenic it might have absorbed.

    Groundwater in Bangladesh is heavily contaminated with arsenic, posing a major public health risk.
    HM Shahidul Islam/Shutterstock

    Detecting arsenic

    Being able to detect and monitor arsenic concentrations in our environment and in our bodies is important for our health.

    However, common analytical techniques for arsenic detection are laboratory-based and require complicated infrastructure – such as constant access to argon gas to produce a plasma – and a specifically trained chemist or lab technician.

    Thankfully scientists are developing new techniques. These are not only reliable and accurate, but highly portable and simple enough to be used outside laboratories to test for arsenic in environmental, biological and industrial samples.

    One of these is an electrochemical technique, known as “anodic stripping voltammetry”.

    This technique can detect trace amounts of arsenic. It works by measuring the minute electric current produced by the poison. The amount of current produced is directly proportional to the concentration of arsenic in the sample.

    Being able to quickly, simply and accurately detect arsenic in, say, drinking water, could reduce people’s exposure to it. In turn, this would help reduce the likelihood of future health problems, such as skin cancers.

    It is impossible to eliminate arsenic from our environment. So constant monitoring of arsenic levels in the environment and food products is the best way to reduce our exposure to this notorious poison.

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

    – ref. Arsenic is everywhere – but new detection methods could help save lives – https://theconversation.com/arsenic-is-everywhere-but-new-detection-methods-could-help-save-lives-248547

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Ernst Applauds Nationwide Year-Round E15 for Summer Driving Season

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    Published: April 28, 2025
    Senator will work to build on waiver to push for long-term certainty.
    WASHINGTON – Following her continuous advocacy, U.S. Senator Joni Ernst (R-Iowa) welcomed the Environmental Protection Agency’s announcement today that they will issue an emergency waiver for E15, allowing the fuel to be sold nationwide during this summer’s driving season.
    “Today’s announcement means consumers will have more affordable choices at the pump, hardworking Iowa farmers will have stronger corn markets, and our nation will bolster domestic energy production,” Ernst said. “This is yet another example of promises made, promises kept by President Trump. It’s clear he is making our farmers, producers, and all of rural America a priority, and I look forward to working alongside him to secure permanent, nationwide access to this cleaner, cheaper choice at the pump.”
    Background:
    Throughout her time in Congress, Ernst has been a strong advocate for homegrown, Iowa biofuels. Since 2015, she has supported legislation to permanently allow the nationwide sale of year-round E15. She looks forward to continuing to work with the Trump administration to make it a permanent reality.
    In April 2025, Ernst and the entire Iowa delegation urged President Trump to issue an emergency waiver, which would make E15 available across the country and utilize the strength of American agriculture to provide energy independence. In April 2024, Ernst and a bipartisan group of senators also secured year-round, nationwide E15 sales for the entire 2024 driving season.

    MIL OSI USA News –

  • MIL-OSI USA: Ernst Names Small Business of the Week, Bloomsbury Farm

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    Published: April 28, 2025
    Throughout this Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.
    RED OAK, Iowa – U.S. Senator Joni Ernst (R-Iowa), Chair of the Senate Small Business Committee, today announced her Small Business of the Week: Bloomsbury Farm of Benton County. Throughout the 119th Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.
    “From its Bunny Bash to the inaugural Iowa Tulip Festival, Bloomsbury Farm plants memories and captures smiles with their family-centered seasonal events,” said Chair Ernst. “Welcoming over 75,000 visitors annually, the Petersen family continues to grow Bloomsbury Farm into a premier agritourism destination!”
    In 1995, Karen and Dave Petersen opened Bloomsbury Farm on their 2,000 acres, primarily farming soybeans and corn and selling floral arrangements. When their daughter Sammy’s first-grade class visited the farm on a field trip, the couple was inspired to transform the farm into an agritourism destination. After a devastating tornado in 2004, the Petersens pivoted and renovated the farm to become a family-centered destination dedicated to agriculture, fun, and education. Today, Bloomsbury Farm welcomes over 75,000 people annually to experience their seasonal events. The second generation of Petersens became partners in January 2024. This year, Bloomsbury Farm will celebrate its 30th anniversary in Iowa. 
    Stay tuned as Chair Ernst recognizes more Iowa small businesses across the state with her Small Business of the Week award.

    MIL OSI USA News –

  • MIL-OSI: CVR Energy Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • First quarter net loss attributable to CVR Energy stockholders of $123 million; EBITDA loss of $61 million; adjusted EBITDA of $24 million
    • First quarter loss per diluted share of $1.22 and adjusted loss per diluted share of 58 cents
    • CVR Energy will not pay a cash dividend for the first quarter of 2025
    • CVR Partners announced a cash distribution of $2.26 per common unit

    SUGAR LAND, Texas, April 28, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (NYSE: CVI, “CVR Energy” or the “Company”) today announced first quarter 2025 net loss attributable to CVR Energy stockholders of $123 million, or $1.22 per diluted share, compared to first quarter 2024 net income attributable to CVR Energy stockholders of $82 million, or 81 cents per diluted share. Adjusted loss for the first quarter of 2025 was 58 cents per diluted share, compared to adjusted earnings per diluted share of 4 cents in the first quarter of 2024. Net loss for the first quarter of 2025 was $105 million, compared to net income of $90 million in the first quarter of 2024. First quarter 2025 EBITDA loss was $61 million, compared to first quarter 2024 EBITDA of $203 million. Adjusted EBITDA for the first quarter of 2025 was $24 million, compared to adjusted EBITDA of $99 million in the first quarter of 2024.

    “CVR Energy’s 2025 first quarter earnings results for its refining business were impacted by planned and unplanned downtime at the Coffeyville refinery,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “With the turnaround at Coffeyville now completed, we are well-positioned for the upcoming driving season, and we currently have no planned turnarounds at either refinery until 2027.

    “CVR Partners achieved solid operating results for the first quarter of 2025, with a combined ammonia production rate of 101 percent,” Lamp said. “CVR Partners was pleased to declare a first quarter 2025 cash distribution of $2.26 per common unit.”

    Petroleum Segment

    The Petroleum Segment reported a first quarter 2025 net loss of $160 million and EBITDA loss of $119 million, compared to net income of $127 million and EBITDA of $171 million for the first quarter of 2024. Adjusted EBITDA loss for the Petroleum Segment was $30 million for the first quarter of 2025, compared to adjusted EBITDA of $67 million for the first quarter of 2024.

    Combined total throughput for the first quarter of 2025 was approximately 120,000 barrels per day (“bpd”) compared to approximately 196,000 bpd of combined total throughput for the first quarter of 2024. The decrease in throughput was primarily due to the turnaround at the Coffeyville, Kansas, refinery during the first quarter of 2025.

    Refining margin for the first quarter of 2025 was $(5) million, or (42) cents per total throughput barrel, compared to $290 million, or $16.29 per total throughput barrel, during the same period in 2024. Included in our first quarter 2025 refining margin were unfavorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $112 million, favorable unrealized derivative impacts of $3 million primarily related to Canadian crude oil positions, and favorable inventory valuation impacts of $20 million. Excluding these items, adjusted refining margin for the first quarter of 2025 was $7.72 per barrel, compared to an adjusted refining margin per barrel of $10.46 for the first quarter of 2024. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

    Renewables Segment

    Effective beginning with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, we revised our reportable segments to reflect a new reportable segment: Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma.

    The Renewables Segment reported first quarter 2025 net income of less than $1 million and EBITDA of $6 million, compared to net loss of $10 million and EBITDA loss of $4 million for the first quarter of 2024. Adjusted EBITDA for the Renewables Segment was $3 million for the first quarter of 2025, compared to adjusted EBITDA loss of $5 million for the first quarter of 2024.

    Total vegetable oil throughput for the first quarter of 2025 was approximately 156,000 gallons per day (“gpd”), compared to approximately 76,000 gpd for the first quarter of 2024.

    Renewables margin was $16 million, or $1.13 per vegetable oil throughput gallon, for the first quarter of 2025 compared to $4 million, or 65 cents per vegetable oil throughput gallon, for the first quarter of 2024. Factors contributing to our first quarter 2025 renewables margin were higher net sales of $33 million resulting from increased production and sales volumes in the current period coupled with increased D4 RIN and LCFS credit prices, partially offset by a decrease in average CARB ULSD prices of 26 cents per gallon. Higher net sales were partially offset by higher cost of sales of $22 million due to an increase in throughput and production volumes.

    Nitrogen Fertilizer Segment

    The Nitrogen Fertilizer Segment reported net income of $27 million and EBITDA of $53 million on net sales of $143 million for the first quarter of 2025, compared to net income of $13 million and EBITDA of $40 million on net sales of $128 million for the first quarter of 2024.

    Production at CVR Partners, LP’s (“CVR Partners”) fertilizer facilities increased compared to the first quarter of 2024, producing a combined 216,000 tons of ammonia during the first quarter of 2025, of which 64,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 348,000 tons of urea ammonia nitrate (“UAN”). During the first quarter of 2024, the fertilizer facilities produced a combined 193,000 tons of ammonia, of which 60,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 305,000 tons of UAN.

    For the first quarter 2025, average realized gate prices for ammonia showed an increase compared to the prior year, up 5 percent to $554 per ton, and UAN was down 4 percent over the prior year to $256 per ton. Average realized gate prices for ammonia and UAN were $528 and $267 per ton, respectively, for the first quarter of 2024.

    Corporate and Other

    The Company reported an income tax benefit of $49 million, or 31.8 percent of loss before income taxes, for the three months ended March 31, 2025, compared to an income tax expense of $17 million, or 15.9 percent of income before income taxes, for the three months ended March 31, 2024. The decrease in income tax expense was primarily due to a decrease in overall pretax earnings while the change in the effective tax rate was primarily due to changes in pretax earnings attributable to noncontrolling interest and the impact of federal and state tax credits and incentives in relation to overall pretax earnings.

    Cash, Debt and Dividend

    Consolidated cash and cash equivalents were $695 million at March 31, 2025, a decrease of $292 million from December 31, 2024. Consolidated total debt and finance lease obligations were $1.9 billion at March 31, 2025, including $570 million held by the Nitrogen Fertilizer Segment.

    CVR Energy will not pay a cash dividend for the first quarter of 2025.

    Today, CVR Partners announced that the Board of Directors of its general partner declared a first quarter 2025 cash distribution of $2.26 per common unit, which will be paid on May 19, 2025, to common unitholders of record as of May 12, 2025.

    First Quarter 2025 Earnings Conference Call

    CVR Energy previously announced that it will host its first quarter 2025 Earnings Conference Call on Tuesday, April 29, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

    The first quarter 2025 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/uxpz7jf5. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13752979.

    Forward-Looking Statements
    This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; EBITDA and Adjusted EBITDA; impacts of planned and unplanned downtime; our position for the upcoming driving season; timing of turnarounds and impacts thereof on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; cash flow generation; operating income and net sales, including the factors impacting same; refining margin; crack spreads, including the drivers thereof; impact of costs to comply with the RFS and revaluation of our RFS liability; inventory levels and valuation impacts; derivative gains and losses and the drivers thereof; renewable feedstocks; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; demand trends; RIN generation levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company’s ability to offset the impact thereof; LCFS credit and CARB ULSD pricing; carbon capture and decarbonization initiatives; demand for refined products; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense and benefits, including the drivers thereof; pretax earnings and our effective tax rate; the availability and impact of tax credits and incentives; use of proceeds under our debt instruments; debt levels; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization; turnaround expense; cash reserves; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by a new administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

    About CVR Energy, Inc.
    Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners.

    Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

    Contact Information:

    Investor Relations
    Richard Roberts
    (281) 207-3205
    InvestorRelations@CVREnergy.com

    Media Relations
    Brandee Stephens
    (281) 207-3516
    MediaRelations@CVREnergy.com

    Non-GAAP Measures

    Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

    As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.

    The following are non-GAAP measures we present for the periods ended March 31, 2025 and 2024:

    EBITDA – Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

    Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA – Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

    Refining Margin – The difference between our Petroleum Segment net sales and cost of materials and other.

    Adjusted Refining Margin – Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Refining Margin and Adjusted Refining Margin, per Throughput Barrel – Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.

    Direct Operating Expenses per Throughput Barrel – Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

    Renewables Margin – The difference between our Renewables Segment net sales and cost of materials and other.

    Adjusted Renewables Margin – Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon – Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

    Direct Operating Expenses per Vegetable Oil Throughput Gallon – Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

    Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA – EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

    Adjusted Earnings (Loss) per Share – Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

    Free Cash Flow – Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

    We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

    Factors Affecting Comparability of Our Financial Results

    Petroleum Segment

    Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $166 million and $39 million during the three months ended March 31, 2025 and 2024, respectively.

    CVR Energy, Inc.
    (all information in this release is unaudited)

    Consolidated Statement of Operations Data

      Three Months Ended
    March 31,
    (in millions, except per share data)   2025       2024  
    Net sales $ 1,646     $ 1,863  
    Operating costs and expenses:      
    Cost of materials and other   1,517       1,463  
    Direct operating expenses (exclusive of depreciation and amortization)   154       164  
    Depreciation and amortization   66       75  
    Cost of sales   1,737       1,702  
    Selling, general and administrative expenses (exclusive of depreciation and amortization)   37       36  
    Depreciation and amortization   2       1  
    Loss on asset disposal   1       1  
    Operating (loss) income   (131 )     123  
    Other (expense) income:      
    Interest expense, net   (25 )     (20 )
    Other income, net   2       4  
    (Loss) income before income tax benefit   (154 )     107  
    Income tax (benefit) expense   (49 )     17  
    Net (loss) income   (105 )     90  
    Less: Net income attributable to noncontrolling interest   18       8  
    Net (loss) income attributable to CVR Energy stockholders $ (123 )   $ 82  
           
    Basic and diluted (loss) earnings per share $ (1.22 )   $ 0.81  
    Dividends declared per share $ —     $ 0.50  
           
    Adjusted (loss) earnings per share * $ (0.58 )   $ 0.04  
    EBITDA * $ (61 )   $ 203  
    Adjusted EBITDA * $ 24     $ 99  
           
    Weighted-average common shares outstanding – basic and diluted   100.5       100.5  

    _______________
    * See “Non-GAAP Reconciliations” section below.

    Selected Consolidated Balance Sheet Data

    (in millions) March 31, 2025   December 31, 2024
    Cash and cash equivalents $ 695     $ 987  
    Working capital (inclusive of cash and cash equivalents)   395       726  
    Total assets   4,251       4,263  
    Total debt and finance lease obligations, including current portion   1,918       1,919  
    Total liabilities   3,480       3,375  
    Total CVR stockholders’ equity   580       703  
                   

    Selected Consolidated Cash Flow Data

      Three Months Ended
    March 31,
    (in millions)   2025       2024  
    Net cash used in:      
    Operating activities $ (195 )   $ 177  
    Investing activities   (82 )     (55 )
    Financing activities   (15 )     (664 )
    Net decrease in cash, cash equivalents, and restricted cash $ (292 )   $ (542 )
           
    Free cash flow * $ (285 )   $ 121  

    _______________
    * See “Non-GAAP Reconciliations” section below.

    Selected Segment Data

      Three Months Ended March 31,
        2025       2024
    (in millions) Petroleum   Renewables   Nitrogen Fertilizer   Consolidated   Petroleum   Renewables   Nitrogen Fertilizer   Consolidated
    Net sales $ 1,477     $ 66   $ 143   $ 1,646     $ 1,722   $ 33     $ 128   $ 1,863
    Operating (loss) income   (161 )     —     35     (131 )     118     (10 )     20     123
    Net (loss) income   (160 )     —     27     (105 )     127     (10 )     13     90
    EBITDA *   (119 )     6     53     (61 )     171     (4 )     40     203
                                   
    Capital expenditures (1)                              
    Maintenance $ 41     $ —   $ 4   $ 45     $ 22   $ 1     $ 5   $ 30
    Growth   8       —     2     10       14     7       —     21
    Total capital expenditures $ 49     $ —   $ 6   $ 55     $ 36   $ 8     $ 5   $ 51

    _______________
    * See “Non-GAAP Reconciliations” section below.
    (1) Capital expenditures are shown exclusive of capitalized turnaround expenditures.

    Selected Balance Sheet Data

      March 31, 2025   December 31, 2024
    (in millions) Petroleum   Renewables   Nitrogen Fertilizer   Consolidated   Petroleum   Renewables   Nitrogen Fertilizer   Consolidated
    Cash and cash equivalents (1) $ 434   $ 20   $ 122   $ 695   $ 735   $ 13   $ 91   $ 987
    Total assets   3,297     422     1,014     4,251     3,288     420     1,019     4,263
    Total debt and finance lease obligations, including current portion (2)   352     —     570     1,918     354     —     569     1,919

    _______________
    (1) Corporate cash and cash equivalents consisted of $119 million and $148 million at March 31, 2025 and December 31, 2024, respectively.
    (2) Corporate total debt and finance lease obligations, including current portion consisted of $996 million and $996 million at March 31, 2025 and December 31, 2024, respectively.

    Petroleum Segment

    Key Operating Metrics per Total Throughput Barrel

      Three Months Ended
    March 31,
    (in millions)   2025       2024  
    Refining margin * $ (0.42 )   $ 16.29  
    Adjusted refining margin *   7.72       10.46  
    Direct operating expenses *   8.58       5.78  

    _______________
    * See “Non-GAAP Reconciliations” section below.

    Refining Throughput and Production Data by Refinery

    Throughput Data Three Months Ended
    March 31,
    (in bpd)   2025       2024  
    Coffeyville              
    Gathered crude   26,728       62,405  
    Other domestic   12,348       45,925  
    Canadian   640       9,532  
    Condensate   —       7,700  
    Other feedstocks and blendstocks   6,330       12,569  
    Wynnewood              
    Gathered crude   58,420       43,059  
    Other domestic   573       —  
    Condensate   10,152       10,262  
    Other feedstocks and blendstocks   5,186       4,340  
    Total throughput   120,377       195,792  
                   
    Production Data Three Months Ended
    March 31,
    (in bpd)   2025       2024  
    Coffeyville      
    Gasoline   18,940       72,723  
    Distillate   20,233       56,007  
    Other liquid products   6,324       4,554  
    Solids   1,321       4,980  
    Wynnewood      
    Gasoline   39,740       31,984  
    Distillate   24,948       19,166  
    Other liquid products   5,058       5,563  
    Solids   11       6  
    Total production   116,575       194,983  
           
    Crude utilization (1)   52.7 %     86.6 %
    Light product yield (as % of crude throughput) (2)   95.4 %     100.6 %
    Liquid volume yield (as % of total throughput) (3)   95.7 %     97.0 %
    Distillate yield (as % of crude throughput) (4)   41.5 %     42.0 %

    _______________
    (1) Total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oil throughput capacity of 206,500 bpd.
    (2) Total Gasoline and Distillate divided by Total Crude Throughput.
    (3) Total Gasoline, Distillate, and Other liquid products divided by total throughput.
    (4) Total Distillate divided by Total Crude Throughput.

    Key Market Indicators

      Three Months Ended
    March 31,
        2025       2024  
    West Texas Intermediate (WTI) NYMEX $ 71.42     $ 76.91  
    Crude Oil Differentials to WTI:      
    Brent   3.56       4.85  
    WCS (heavy sour)   (12.45 )     (16.91 )
    Condensate   (0.64 )     (0.83 )
    Midland Cushing   1.10       1.59  
    NYMEX Crack Spreads:      
    Gasoline   16.83       22.55  
    Heating Oil   28.46       36.87  
    NYMEX 2-1-1 Crack Spread   22.64       29.71  
    PADD II Group 3 Product Basis:      
    Gasoline   (2.81 )     (9.97 )
    Ultra-Low Sulfur Diesel   (7.19 )     (10.35 )
    PADD II Group 3 Product Crack Spread:      
    Gasoline   14.02       12.58  
    Ultra-Low Sulfur Diesel   21.27       26.51  
    PADD II Group 3 2-1-1   17.65       19.55  
                   

    Renewables Segment

    Key Operating Metrics per Vegetable Oil Throughput Gallon

      Three Months Ended
    March 31,
        2025       2024  
    Renewables margin * $ 1.13     $ 0.65  
    Adjusted renewables margin *   0.94       0.47  
    Direct operating expenses *   0.48       0.84  

    _______________
    * See “Non-GAAP Reconciliations” section below.

    Renewables Throughput and Production Data

      Three Months Ended March 31,
    (in gallons per day)   2025       2024  
    Throughput Data      
    Corn Oil   19,503       31,295  
    Soybean Oil   136,440       44,362  
           
    Production Data      
    Renewable diesel   144,189       62,594  
           
    Renewable utilization (1)   61.9 %     30.0 %
    Renewable diesel yield (as % of corn and soybean oil throughput)   92.5 %     82.7 %

    _______________
    (1) Total corn and soybean oil throughput divided by total renewable throughput capacity of 252,000 gallons per day.

    Key Market Indicators

      Three Months Ended
    March 31,
        2025       2024  
    Chicago Board of Trade (CBOT) soybean oil (dollars per pound) $ 0.44     $ 0.47  
    Midwest crude corn oil (dollars per pound)   0.47       0.55  
    CARB ULSD (dollars per gallon)   2.41       2.66  
    NYMEX ULSD (dollars per gallon)   2.38       2.71  
    California LCFS (dollars per metric ton)   66.12       63.53  
    Biodiesel RINs (dollars per RIN)   0.79       0.58  
                   

    Nitrogen Fertilizer Segment

      Three Months Ended
    March 31,
    (percent of capacity utilization)   2025       2024  
    Ammonia utilization rate (1)   101 %     90 %

    _______________
    (1) Reflects our ammonia utilization rate on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of CVR Partners’ facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three months ended March 31, 2025 and 2024 and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.

    Sales and Production Data

      Three Months Ended
    March 31,
        2025       2024  
    Consolidated sales volumes (thousands of tons):      
    Ammonia   60       70  
    UAN   336       284  
           
    Consolidated product pricing at gate (dollars per ton): (1)      
    Ammonia $ 554     $ 528  
    UAN   256       267  
           
    Consolidated production volume (thousands of tons):      
    Ammonia (gross produced) (2)   216       193  
    Ammonia (net available for sale) (2)   64       60  
    UAN   348       305  
           
    Feedstock:      
    Petroleum coke used in production (thousands of tons)   131       128  
    Petroleum coke used in production (dollars per ton) $ 42.43     $ 75.71  
    Natural gas used in production (thousands of MMBtus) (3)   2,159       2,148  
    Natural gas used in production (dollars per MMBtu) (3) $ 4.62     $ 3.10  
    Natural gas in cost of materials and other (thousands of MMBtus) (3)   1,605       1,765  
    Natural gas in cost of materials and other (dollars per MMBtu) (3) $ 4.63     $ 3.49  

    _______________
    (1) Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
    (2) Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
    (3) The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

    Key Market Indicators

      Three Months Ended
    March 31,
        2025       2024  
    Ammonia — Southern plains (dollars per ton) $ 562     $ 567  
    Ammonia — Corn belt (dollars per ton)   618       598  
    UAN — Corn belt (dollars per ton)   324       292  
           
    Natural gas NYMEX (dollars per MMBtu) $ 3.87     $ 2.10  
                   

    Q2 2025 Outlook

    The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2025. See “Forward-Looking Statements” above.

      Q2 2025
      Low   High
    Petroleum      
    Total throughput (bpd)   160,000       180,000  
    Crude utilization (1)   82 %     90 %
    Direct operating expenses (in millions) (2) $ 105     $ 115  
    Turnaround (in millions) (3)   15       20  
           
    Renewables      
    Total throughput (in millions of gallons)   16       20  
    Renewable utilization (4)   70 %     87 %
    Direct operating expenses (in millions) (2) $ 8     $ 10  
           
    Nitrogen Fertilizer      
    Ammonia utilization rate   93 %     97 %
    Direct operating expenses (in millions) (2) $ 57     $ 62  
           
    Capital Expenditures (in millions) (3)      
    Petroleum $ 35     $ 40  
    Renewables   2       4  
    Nitrogen Fertilizer   18       22  
    Other   1       3  
    Total capital expenditures $ 56     $ 69  

    _______________
    (1) Represents crude oil throughput divided by consolidated crude oil throughput capacity of 206,500 bpd.
    (2) Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and inventory valuation impacts.
    (3) Turnaround and capital expenditures are disclosed on an accrual basis.
    (4) Represents renewable feedstock throughput divided by total renewable throughput capacity of 252,000 gallons per day.

    Non-GAAP Reconciliations

    Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    March 31,
    (in millions)   2025       2024  
    Net (loss) income $ (105 )   $ 90  
    Interest expense, net   25       20  
    Income tax (benefit) expense   (49 )     17  
    Depreciation and amortization   68       76  
    EBITDA   (61 )     203  
    Adjustments:      
    Revaluation of RFS liability, unfavorable (favorable)   112       (91 )
    Unrealized (gain) loss on derivatives, net   (3 )     24  
    Inventory valuation impacts, favorable   (24 )     (37 )
    Adjusted EBITDA $ 24     $ 99  
                   

    Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted (Loss) Earnings per Share

      Three Months Ended
    March 31,
        2025       2024  
    Basic and diluted (loss) earnings per share $ (1.22 )   $ 0.81  
    Adjustments: (1)      
    Revaluation of RFS liability, unfavorable (favorable)   0.84       (0.67 )
    Unrealized (gain) loss on derivatives, net   (0.03 )     0.18  
    Inventory valuation impacts, favorable   (0.17 )     (0.28 )
    Adjusted (loss) earnings per share $ (0.58 )   $ 0.04  

    _______________
    (1) Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

    Reconciliation of Net Cash (Used In) Provided By Operating Activities to Free Cash Flow

      Three Months Ended
    March 31,
    (in millions)   2025       2024  
    Net cash (used in) provided by operating activities $ (195 )   $ 177  
    Less:      
    Capital expenditures   (51 )     (47 )
    Capitalized turnaround expenditures   (43 )     (12 )
    Return of equity method investment   4       3  
    Free cash flow $ (285 )   $ 121  
                   

    Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    March 31,
    (in millions)   2025       2024  
    Petroleum net (loss) income $ (160 )   $ 127  
    Interest (income) expense, net   —       (4 )
    Depreciation and amortization   41       48  
    Petroleum EBITDA   (119 )     171  
    Adjustments:      
    Revaluation of RFS liability, unfavorable (favorable)   112       (91 )
    Unrealized (gain) loss on derivatives, net   (3 )     24  
    Inventory valuation impacts, favorable (1)   (20 )     (37 )
    Petroleum Adjusted EBITDA $ (30 )   $ 67  
                   

    Reconciliation of Petroleum Segment Gross (Loss) Profit to Refining Margin and Adjusted Refining Margin

      Three Months Ended
    March 31,
    (in millions)   2025       2024  
    Net sales $ 1,477     $ 1,722  
    Less:      
    Cost of materials and other   (1,482 )     (1,432 )
    Direct operating expenses (exclusive of depreciation and amortization)   (93 )     (103 )
    Depreciation and amortization   (41 )     (48 )
    Gross (loss) profit   (139 )     139  
    Add:      
    Direct operating expenses (exclusive of depreciation and amortization)   93       103  
    Depreciation and amortization   41       48  
    Refining margin   (5 )     290  
    Adjustments:      
    Revaluation of RFS liability, unfavorable (favorable)   112       (91 )
    Unrealized (gain) loss on derivatives, net   (3 )     24  
    Inventory valuation impacts, favorable (1)   (20 )     (37 )
    Adjusted refining margin $ 84     $ 186  
           
    Total throughput barrels per day   120,377       195,792  
    Days in the period   90       91  
    Total throughput barrels   10,833,969       17,817,099  
           
    Refining margin per total throughput barrel $ (0.42 )   $ 16.29  
    Adjusted refining margin per total throughput barrel   7.72       10.46  
    Direct operating expenses per total throughput barrel   8.58       5.78  

    _______________
    (1) The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

    Reconciliation of Renewables Segment Net Income (Loss) to EBITDA and Adjusted EBITDA

      Three Months Ended March 31,
    (in millions)   2025       2024  
    Renewables net income (loss) $ —     $ (10 )
    Depreciation and amortization   6       6  
    Renewables EBITDA   6       (4 )
    Adjustments:      
    Inventory valuation impacts, favorable (1)   (3 )     (1 )
    Renewables Adjusted EBITDA $ 3     $ (5 )
                   

    Reconciliation of Renewables Segment Gross Profit (Loss) to Renewables Margin and Adjusted Renewables Margin

      Three Months Ended March 31,
    (in millions, except throughput data)   2025       2024  
    Net sales $ 66     $ 33  
    Less:      
    Cost of materials and other   50       29  
    Direct operating expenses (exclusive of depreciation and amortization)   6       5  
    Depreciation and amortization   6       6  
    Gross profit (loss)   4       (7 )
    Add:      
    Direct operating expenses (exclusive of depreciation and amortization)   6       5  
    Depreciation and amortization   6       6  
    Renewables margin   16       4  
    Inventory valuation impacts, favorable (1)   (3 )     (1 )
    Adjusted renewables margin $ 13     $ 3  
           
    Total vegetable oil throughput gallons per day   155,943       75,657  
    Days in the period   90       91  
    Total vegetable oil throughput gallons   14,034,826       6,884,761  
           
    Renewables margin per vegetable oil throughput gallon $ 1.13     $ 0.65  
    Adjusted renewables margin per vegetable oil throughput gallon   0.94       0.47  
    Direct operating expenses per vegetable oil throughput gallon   0.48       0.84  

    _______________
    (1) The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel and renewable feedstock prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

    Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA

      Three Months Ended
    March 31,
    (in millions)   2025       2024  
    Nitrogen Fertilizer net income $ 27     $ 13  
    Interest expense, net   8       8  
    Depreciation and amortization   18       19  
    Nitrogen Fertilizer EBITDA and Adjusted EBITDA $ 53     $ 40  
                   

    The MIL Network –

  • MIL-OSI USA: Sorensen Helps Reintroduce Bipartisan Youth Lead Act to Support FFA, 4-H, and Scouts

    Source: United States House of Representatives – Congressman Eric Sorensen (IL-17)

    WASHINGTON, DC – Congressman Eric Sorensen (IL-17) has joined a bipartisan group of lawmakers to reintroduce the Youth Lead Act, a bill aimed at helping youth organizations like the Future Farmers of America (FFA), 4-H, and the Scouts continue to grow and thrive. The legislation highlights the importance of building leadership and life skills in young people across the country. 

    “Growing up, I learned how important it is to work hard, be part of a team, and help others—and that’s exactly what programs like FFA, 4-H, and the Scouts teach,” said Congressman Eric Sorensen. “The Youth Lead Act helps support these awesome groups so more kids in our community can build confidence, learn new skills, and become great leaders. When we believe in our young people, we believe in a brighter future for everyone.” 

     Nearly 8.4 million young people participate in FFA, 4-H, and the Scouts nationwide. Congressman Sorensen is proud to support this legislation to help expand access to these life-changing programs, especially for students in Central and Northwest Illinois. 

    MIL OSI USA News –

  • MIL-OSI Canada: Governments of Canada and Manitoba extend deadline for agricultural supports

    Source: Government of Canada News (2)

    April 25, 2025 – Winnipeg, Manitoba – Agriculture and Agri-Food Canada

    The federal, provincial, and territorial governments including Manitoba have extended the enrolment deadline for the 2025 AgriStability program to July 31, 2025, in response to tariffs in the agriculture sector and to allow producers time to enroll in the program as they manage the impact of current market disruptions.

    AgriStability is a business risk management program under the Sustainable Canadian Agricultural Partnership that helps famers manage income risk by providing financial assistance when their farm business experiences a large margin decline. The deadline will be extended from April 30, 2025, to July 31, 2025.

    Minister Kostyshyn is also encouraging producers to learn more about the business risk management programs available through the Manitoba Agricultural Services Corporation (MASC).

    MIL OSI Canada News –

  • MIL-OSI: Two Senior Executives Join the Diginex Team to Drive Sustainable Finance Initiatives and strategic M&A

    Source: GlobeNewswire (MIL-OSI)

    LONDON, April 28, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex”) (NASDAQ: DGNX), a leading impact technology company focused on solving pressing environmental, social, and governance (ESG) challenges, is thrilled to announce the appointment of two senior executives to the Diginex team. This builds off recent news of strategic alliances signed with Russell Bedford International, Forvis Mazars, and Baker Tilly Singapore, marking a significant step for Diginex to support a sustainable and innovation-driven economy.

    Dan Campion was appointed as Diginex’s Global Chief Commercial Officer. With a distinguished career in strategic leadership and business development, Mr. Campion will spearhead Diginex’s efforts to expand its ESG solutions and sustainable finance offerings, reinforcing the Diginex’s commitment to creating a more responsible and resilient global economy.  

    Mr. Campion brings a wealth of experience to Diginex, having held senior leadership roles across multiple industries, including most recently as Global Head of “Markets” Sales at S&P Global. His expertise in navigating complex markets and delivering client-focused solutions aligns seamlessly with Diginex’s mission to empower organizations with cutting-edge tools for sustainability and ethical governance. In his new role, Mr. Campion will oversee Diginex’s global commercial strategy, help to accelerate market penetration, and strengthen Diginex’s position as a trusted partner in ESG and sustainable finance.  

    Lorenzo Romano was appointed as Diginex’s Lead Strategic Advisor on M&A. Mr. Romano is a seasoned banking executive with a distinguished track record in private banking, wealth management, and strategic growth advisory. Formerly Head of Private Banking at EFG Bank, Geneva, Mr. Romano spearheaded key initiatives to elevate client experience and expand the bank’s footprint. Prior to that, Mr. Romano served as Head of Switzerland, Europe, and the Middle East at Syz Bank, where he successfully led cross-border operations and business development across multiple regions. Leveraging over two decades of leadership in the financial sector, Mr. Romano will help to identify and execute accretive transactions across the Sustainability RegTech sector as the Company pursues a strategy of growth through acquisitions to complement the organic growth of its existing product lines.

    “We are delighted to welcome both Dan Campion and Lorenzo Romano to the Diginex team,” said Miles Pelham, Chairman and Founder of Diginex. “Their deep understanding of commercial dynamics and passion for sustainable innovation makes them the ideal leaders to advance our Sustainable RegTech solutions. Their appointments mark an exciting step forward as we continue to support businesses worldwide in achieving their sustainability goals as well as look to grow through accretive M&A transactions.”  

    About Diginex Limited

    Diginex Limited (Nasdaq: DGNX; ISIN KYG286871044), headquartered in London, is a sustainable RegTech business that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. The Company utilizes blockchain, AI, machine learning and data analysis technology to lead change and increase transparency in corporate regulatory reporting and sustainable finance. Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. 

    The award-winning diginexESG platform supports 17 global frameworks, including GRI (the “Global Reporting Initiative”), SASB (the “Sustainability Accounting Standards Board”), and TCFD (the “Task Force on Climate-related Financial Disclosures”). Clients benefit from end-to-end support, ranging from materiality assessments and data management to stakeholder engagement, report generation and an ESG Ratings Support Service.

    For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results disclosed in the Company’s filings with the SEC.

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email: ir@diginex.com  

    IR Contact – Europe
    Anna Höffken
    Phone: +49.40.609186.0
    Email: diginex@kirchhoff.de

    IR Contact – US
    Kincade Ayers
    Lambert by LLYC
    Phone: +1 (616) 258-5794
    Email: kincade.ayers@llyc.global

    IR Contact – Asia
    Shelly Cheng
    Strategic Public Relations Group Ltd.
    Phone: +852 2864 4857
    Email: sprg_diginex@sprg.com.hk

    The MIL Network –

  • MIL-Evening Report: Here’s how to make your backyard safer and cooler next summer

    Source: The Conversation (Au and NZ) – By Pui Kwan Cheung, Research Fellow in Urban Microclimates, The University of Melbourne

    Varavin88, Shutterstock

    Our backyards should be safe and inviting spaces all year round, including during the summer months.

    But the choices we make about garden design and maintenance, such as whether to have artificial turf or real grass for a lawn, can have serious consequences. Children, elderly people and pets are particularly susceptible to burns from contact with artificial turf on a hot day.

    Watering your lawn or planting a shady tree can also dramatically change how hot your backyard feels in summer. Ultimately, these factors will influence how much time you and your family spend outside.

    No matter where in the world you live, it is never too late to find out how to make your backyard safer and cooler next summer.

    The case against artificial turf

    Artificial turf or synthetic grass, commonly used on sports fields, has become popular in private outdoor spaces such as backyards.

    People may think it’s cheaper and easier to maintain than real turf. Perhaps they like the idea of saving water and having the look of lawn without the hassle of mowing and fertilising it.

    But this type of plastic surface is known to become very hot on a sunny day.

    We wanted to find out just how hot artificial turf can get in a suburban backyard over summer.

    So we set up an experiment to compare the temperatures of artificial turf, dry natural turf, and watered natural turf in Melbourne. We took surface temperature measurements continuously for 51 days during the summer of 2023–24.

    The research was part of a project demonstrating the benefits of green space in residential properties. The project received funding from Horticulture Innovation Australia, a grower-owned not-for-profit research and development corporation. That funding, in part, came from three water authorities.

    Thermal imaging reveals artificial turf is hotter than natural turf on a hot sunny day.
    Pui Kwan Cheung

    Feeling the heat

    In adults, irreversible burns occur when the skin is in contact with a surface that is 48°C or hotter for ten minutes.

    The temperature needed to cause skin burns in children is approximately 2°C lower, because their skin is thinner and more sensitive.

    Contact skin burns due to the high surface temperature of artificial turf has been identified as a health risk.

    In our latest research, the artificial turf reached a scorching 72°C, which is sufficient to cause irreversible skin burns in just ten seconds. In contrast, the real turf was never hot enough to cause such burns (maximum temperature of 39°C).

    Over the course of our experiment, the artificial turf was hot enough to cause adults irreversible skin burns for almost four hours a day. While adults might be expected to move away from the heat before it burns, vulnerable people such as babies and the elderly, as well as pets, are most at risk because they may be unable to move away.

    We also took measurements in real backyards on a hot sunny summer’s day. We compared the risk of skin burns on four different surfaces: artificial turf, mulch, timber and real turf. The only surface that did not get hot enough to cause skin burns in adults was real turf.

    Watering the grass can cool your backyard in more ways than one.
    Stephen Livesley

    Why should I water the lawn?

    Grass and other plants release water vapour from little holes in their leaves into the atmosphere. This process helps the plant maintain a liveable leaf temperature on a hot day, but it also cools the air around the leaves.

    It is a good idea to water your lawn throughout summer for two reasons:

    1. well-watered lawn is healthier, stays green for longer, and has more leaves to release water vapour into the air (“transpire”).

    2. more water is available to evaporate from the soil and leaves, adding to the cooling effect.

    If you’re worried about wasting drinking water on your lawn, you can install a rainwater tank or household water recycling plant. Having access to alternative water sources will become increasingly important as the world warms and the climate dries.

    More shade will cool your backyard.
    Stephen Livesley

    What about shade?

    The most effective way to make you feel cooler in your backyard is to provide adequate shade. This reduces the amount of sun energy hitting your body or the ground, heating the surface and warming the surrounding air.

    A single tree can lower the level of heat stress from extreme to moderate. This may be the difference between wanting to spend time outside on a hot day and avoiding your backyard altogether.

    Even small trees can still make you feel cooler, if they provide some shade.

    However, too-dense tree canopy cover may prevent air flow – so there is a happy medium. Air flow is necessary to move the heat away from your backyard and cool your body down.

    Taking all the above measures will keep your backyard safe and cool throughout summer. This will allow you and your family to spend more quality time in your backyard, cool your home, and improve your quality of life.

    Pui Kwan Cheung receives funding from Horticulture Innovation Australia (Hort Innovation) for the research project “demonstrating the benefits of increasing available green infrastructure in residential homes”, which is relevant to this article.
    The project involves co-investment from South East Water, Greater Western Water, Yarra Valley Water, the Department of Energy, Environment and Climate Action (Victoria), Department of Planning, Housing and Infrastructure (New South Wales), The University of Melbourne, and the Australian Government. Hort Innovation is the grower-owned, not-for-profit research and development corporation for Australian horticulture.

    Stephen Livesley receives funding from Horticulture Innovation Australia, the Australian Research Council and various water authorities.

    – ref. Here’s how to make your backyard safer and cooler next summer – https://theconversation.com/heres-how-to-make-your-backyard-safer-and-cooler-next-summer-254928

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: Making every drop of water count

    Demand for water is rising and Alberta is looking at ways to make more water available for farmers, ranchers, businesses and growing communities. The Water Act has not been updated in 25 years and with more families, agri-businesses, food processing plants and many others coming to Alberta, it is important that the system makes every drop count.

    While most of the Water Act is working well, government recently heard from over a thousand Albertans who suggested improvements that could potentially help make the system stronger. Alberta’s government is now seeking public feedback on some of the targeted changes put forward by Albertans to maximize the water supply and make more water available to those who need it.

    “We need to ensure we have the water we need for people, our environment and our major industries for today, tomorrow and for generations to come. Albertans have given us clear feedback on the Water Act, that it can and should be reviewed, and suggested specific updates for further discussion. We know there are many different views and perspectives, and we’re grateful for the participation and engagement to help us get this right.”

    Rebecca Schulz, Minister of Environment and Protected Areas

    Critical areas are not up for discussion

    The foundation of Alberta’s water management system is already working successfully. For example, Alberta’s priority system will continue to be based on principles of first-in-time, first-in-right – a system that has worked well for more than 100 years. There will be no changes considered that reduce anyone’s current water allocations, nor add any new royalties, bulk or volumetric pricing for water.

    Alberta’s Water for Life strategy will keep guiding the province’s water system, ensuring healthy, secure and sustainable water supply for communities, economy and aquatic ecosystems. Alberta will also continue to support water allocation transfers in basins with approved water management plans and will continue to require a special act of the legislature for any high-risk inter-basin transfers.

    Targeted improvements proposed by Albertans

    Having heard from Albertans directly, government is seeking feedback on some of the most commonly raised, or practical, changes that were proposed. The updates could:

    • Streamline regulatory decisions on licence amendments and transfers.
    • Enhance water use information to support licence and transfer decisions.
    • Enable lower risk inter-basin transfers where it is safe and appropriate to do so.
    • Enable management of alternative water sources, such as rainwater, stormwater and wastewater reuse.

    Albertans can provide feedback on the specific proposals until June 30.  

    There will also be targeted in-person sessions across the province with Indigenous communities and water using sectors in May. No decisions have been made, and government will review all the feedback before determining what changes, if any, move forward.

    This engagement builds off the first phase undertaken in fall 2024 and winter 2025, but there is more work to do. Engagement on other ideas for regulatory, policy and program changes put forward by Albertans to improve water availability may also take place in the future as government works to strengthen the water management system.

    Quick facts

    • Alberta’s government engaged with Albertans to hear ideas about how to strengthen and modernize the water system.
      • Phase one occurred October 2024 through January 2025 with more than 1,400 people participating and sharing ideas.
    • Alberta continues to improve water management across the province, including:
      • $5 million over three years for the Alberta Water Storage Assessment Program.
      • $12 million over two years for Bow River Reservoir (with Transportation and Economic Corridors).
      • $25 million investment this year through the Drought and Flood Protection Program.
      • $8.7 million for wetlands through the Wetlands Replacement Program
      • $3.5 million through the Watershed Resiliency and Restoration Program.

    Related information

    • Water availability engagement

    MIL OSI Canada News –

  • MIL-OSI: Skyward Specialty Announces Time Change for First Quarter Earnings Call on Friday, May 2, 2025

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, April 28, 2025 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc.™ (NASDAQ: SKWD) (“Skyward Specialty” or “the Company”) today announced a time change of its previously announced first quarter earnings call. The conference call and webcast will be held on Friday, May 2 at 9:30 a.m. EDT.

    Skyward Specialty will issue its first quarter 2025 earnings results after the market closes on Thursday, May 1. The earnings results will be available on the Company website at investors.skywardinsurance.com/ under Quarterly Results.

    Investors may access the live audio webcast via the link on the Company’s investor site at investors.skywardinsurance.com/ under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

    A webcast replay will be available two hours following the call in the same location on the Company’s investor website.

    About Skyward Specialty

    Skyward Specialty is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through nine underwriting divisions – Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety and Transactional E&S. SKWD stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.

    Skyward Specialty’s subsidiary insurance companies consist of Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with stable outlook by A.M. Best Company. Additional information about Skyward Specialty can be found on our website at www.skywardinsurance.com.

    For investor relations information contact:

    Natalie Schoolcraft
    nschoolcraft@skywardinsurance.com
    614-494-4988

    The MIL Network –

  • MIL-OSI Global: Juggling dynamite? At 100 days in office, Donald Trump is no Franklin D. Roosevelt

    Source: The Conversation – Canada – By Ronald W. Pruessen, Emeritus Professor of History, University of Toronto

    Watching United States President Donald Trump weave and chainsaw his way through the first 100 days of his second term in office, I’ve been reminded of what Anthony Eden, the United Kingdom’s foreign secretary in the 1930s and later its prime minister, once said about Franklin D. Roosevelt.

    FDR, Eden recalled in his memoirs, was “too like a conjurer, skilfully juggling balls of dynamite, whose nature he failed to understand.”

    The image fits the 47th president much better than the 32nd.

    The dynamite-wielding Trump

    Dynamite has certainly been exploding regularly since Trump took office in January. His actions include:



    Read more:
    How Project 2025 became the blueprint for Donald Trump’s second term

    For non-MAGA enthusiasts, it is easy to surmise — similar to Eden’s remarks on FDR — that Trump does not understand the potential damage of the dynamite he is not just juggling, but hurling.

    A case might be made that some lobs align with Trump’s personal penchant for retribution, or that the chainsaw is being wielded to make room in the federal budget for new tax cuts for the one per cent.

    But such calculations disregard deeply rooted American values like respect for the rule of law and the separation of powers.

    Trump’s actions could suggest a lust for mayhem apparently aimed at dismantling a century of efforts to shape a government that serves global security while also meeting the economic, social and health care needs of American citizens, including safety net provisions for senior citizens, children, farmers, veterans and others.

    Threats today, damage tomorrow

    His apparent fondness for dynamite is already having negative consequences, with seemingly little grasp of the likelihood of worse to come: today, he’s upending the lives of civil servants; tomorrow’s disruptions will likely include an attack on the services provided by agencies like the Social Security Administration and disruption of the flow of funds to many poor school districts.

    Today, the U.S. is struggling with a measles outbreak. But the personal beliefs of Health and Human Services Director Robert F. Kennedy, Jr., a notorious vaccination and public health skeptic, doesn’t bode well for a fight against a rapidly evolving avian flu threat on the near horizon.

    Today’s stock and bond market volatility creates the possibility of a trade war catastrophe and damage to economic stability as the U.S. appears poised to disregard its longtime status as the world economy’s “safe haven.”

    The current tensions in what were once ironclad partnerships with allies that include Canada, the European Union and Ukraine — along with the whiplash reversal of American-Russian dynamics — are reminiscent of the global disruption in the 1930s that featured the Great Depression and the eruption of the Second World War.

    How FDR coped with explosions around him

    If Eden’s image of FDR as a dangerous juggler of dynamite might also apply to Trump, it fails to capture the essential attributes of the 32nd president’s White House career. Eden’s ego seems to have undercut his appraisal of FDR — compounded by his own failure to understand the historical developments that profoundly weakened the British Empire and brought his own career to an end.

    There’s no question dynamite was exploding in 1933, the start of FDR’s 12 years in the White House. But the Depression and its evolving consequences, not FDR’s personal impulses and misconceptions, created a tinderbox decade.

    One of Roosevelt’s great strengths, in fact, was his ability to recognize the acute dangers emanating from a fearful cortege of flaming fuses. Another was his success in turning insights into meaningful actions.

    Roosevelt knew — far better than his predecessor, Herbert Hoover — that the onset of the Depression would require dramatic actions and fundamental reforms.

    His New Deal expanded the government’s role in stimulating the economy (for example, the Public Works Administration), regulation (the Securities Exchange Commission), social welfare initiatives (the Social Security program) and infrastructure development (for example, the Tennessee Valley Authority).

    The Depression wasn’t fully eradicated — that didn’t happen until after war broke out — but the lives of millions of Americans still improved significantly.

    Of equal importance, FDR’s creative thinking and government transformations created building blocks for further post-war reforms, including Lyndon Johnson’s Great Society efforts three decades later.



    Read more:
    The Great Society: the forgotten reform movement

    Roosevelt also knew that the devastation of the Depression and the unparalleled destruction of the Second World War required a transformation of the global arena. He believed technology — air power especially — had created an integrated world. In his January 1943 State of the Union address, he said:

    “Wars grow in size, in death and destruction, and in the inevitability of engulfing all nations, in inverse ratio to the shrinking size of the world as a result of the conquest of the air.”

    Sharing responsibilities

    FDR believed the world he worked to create would be safer and more prosperous because multilateral organizations would encourage greater emphasis on shared resources and responsibilities. The United Nations, the International Monetary Fund and the World Bank took shape during FDR’s presidency — as did long-term plans for decolonization and human rights initiatives.

    Roosevelt knew too — better than many of his White House successors — that the U.S. needed to share leadership responsibilities. He believed emphatically in multilateralism, recognizing the limits of American resources and power, and the pragmatism of compromising with the priorities of others, whether they were powerful states or colonial peoples.

    His “Four Policemen” approach to maintaining peace — comprising the U.S., the U.K., the Soviet Union and China — would sometimes create unpalatable situations. He was criticized harshly, for example, for naively opening the door to Soviet domination of eastern Europe via the Yalta agreement. Nonetheless, FDR focused on efforts he believed would avert another destructive cataclysm.

    FDR was an imperfect leader in various ways — in not appreciating, for example, how global leadership could result in arrogance. He did, however, understand the explosive domestic and international developments of the 20th century and sought constructive solutions to grave challenges.

    Trump, on the contrary, is seemingly prioritizing destruction over construction. Propelled by a “move fast and break things” mantra, there’s little evidence that he understands its pain nor the damaging consequences of his impulses.

    Ronald W. Pruessen has received funding from the Social Sciences and Humanities Research Council of Canada.

    – ref. Juggling dynamite? At 100 days in office, Donald Trump is no Franklin D. Roosevelt – https://theconversation.com/juggling-dynamite-at-100-days-in-office-donald-trump-is-no-franklin-d-roosevelt-254773

    MIL OSI – Global Reports –

  • MIL-OSI USA: Honoring Creative Leadership in Colorado: Gov. Polis Announces 2025 Governor’s Creative Leadership Awards

    Source: US State of Colorado

    To be presented at the Colorado Creative Industries Summit in Grand Junction, May 2

    DENVER — Today, the Polis Administration and the Colorado Creative Industries (CCI) division of the Colorado Office of Economic Development and International Trade (OEDIT) announced the 2025 recipients of the Governor’s Creative Leadership Awards to recognize Coloradans who have demonstrated a significant commitment to the state’s creative landscape through civic leadership and volunteerism.

    “In Colorado, we celebrate the arts as a key economic driver, job creator, and important contributor to our thriving culture. The arts commemorate who we were, celebrate who we are, and shape who we want to be,” said Gov. Polis. “We are grateful to the recipients announced today for their work to continually elevate this important part of Colorado’s culture and economy.”

    The Governor’s Creative Leadership awards will be presented on Friday, May 2, at the Colorado Creative Industries Summit at the Grand Junction Convention Center in Grand Junction, Colorado. The awards luncheon will also feature a keynote address by Theo Edmunds, Culture Futurist®, and poetry readings by Wendy Videlock, Western Slope Poet Laureate, and Rize Simmons, Poetry Out Loud State Champion. Press interested in attending and covering the awards luncheon should contact Libby Barbee at libby.barbee@state.co.us or Emma Acheson at emma.acheson@state.co.us.

    “The arts and creative industries thrive in Colorado because every year, people and communities across the state promote and celebrate their many contributions to our way of life and our economy. We are thrilled to recognize the incredible contributions of the recipients announced today. Congratulations!” said OEDIT Executive Director Eve Lieberman.

    Three categories of Creative Leadership Awards are presented to community members who have demonstrated a significant commitment to Colorado’s creative landscape through advocacy, vision, collaboration, or innovation: Arts and Community Action, Arts and Advocacy, and Arts and Creative Placemaking.

    This year’s awards were created by local Grand Junction artist, Roni Schwinn. Schwinn was born and raised in Western Colorado, and is the owner of Working Artists Gallery & Studio in downtown Grand Junction. Her stained glass works presented to the recipients on May 2 will depict iconic Colorado landscapes from around the state.

    “Arts and creativity play a critical role in community development and cultural identity,” said CCI Director, Josh Blanchard. “These outstanding artists and arts leaders work to support the growth of the creative economy, establish and maintain public creative spaces, and champion the arts as critical to healthy communities. Their leadership and commitment make Colorado better, a place where arts and culture are for everyone.”

    The 2025 Creative Leadership Award recipients include the following (photos available by request):

    Dana Valdez Maestas

    Arts and Community Action Award: Presented to individuals that have demonstrated selfless service, inspired others to take action or catalyze change in their community using the arts.

    Dana Valdez Maestas is a sixth-generation resident of the San Luis Valley and southern Colorado. She is a Latina business owner and art consultant at Jacales Fine Art, a gallery in San Luis, Colorado. Also a freelance journalist, Maestas is the author of Images of America: San Luis, a pictorial history book. She holds a Bachelor of Arts (BA) in Communications and Marketing from the University of Colorado. Her writings have appeared in numerous publications and newspapers including the Colorado Springs Gazette, Muse, Santa Fe Circle, Valley Courier, Taos News, Costilla County Free Press and La Sierra. She is a grant writer for several San Luis Valley nonprofits, and Adams State University.

    Maestas partnered with Social Practice Arts Resident Shelby Head and the Land Rights Council to co-produce and document seven land grant heirs’ personal stories concerning the historic use rights to La Sierra (formerly the Taylor Ranch), the Sangre de Cristo Land Grant. She co-authored and produced “The Miracle of San Acacio”, a historical play, worked with elementary students to create an ABC book on San Luis, and worked on a school curriculum project, “Preserving the Hispano Farm”. Currently Maestas is working on a Traditional & Folk Arts project to document and record the elders of the Rio Culebra Villages within the Culebra Watershed. Maestas has been a community advocate for the past 30 years, founding and spearheading art projects such as the Summer Arts Network, San Luis Performing Arts Series, Escultura San Luis, and ARTscape Sculpture Program in Alamosa, CO. She has also sat on several boards, namely the Sangre de Cristo National Heritage Area, Colorado Arts Consortium, Soul Players of the Valley, and Adobe de Oro Concilio de Artes.

    Andy Sanchez

    Arts and Advocacy Award:  Honors individuals who work to advance economically vibrant, healthy, and equitable communities by ensuring that arts, culture and the creative industries and its workforce are valued and supported through policy, research, civic engagement, professional services and access.

    As a Pueblo, Colorado native, Andy Sanchez is an advocate for arts and culture in Colorado committed to furthering everyone’s access to quality of life through such advocacy. His past work for both the University of Colorado and Colorado State University systems and his post-graduate study in fine art and business supports his work in art administration now. His work as the CEO of the Sangre de Cristo Arts and Conference Center for the last three years and his board service there for nearly six years prior has been alongside a team that also recognizes the needs of the greater community that surrounds it. Sanchez and the team oversee an accredited American Alliance of Museums arts campus that has over 84,000 square feet inclusive of an award-winning Children’s STEAM Museum, galleries, theatre, conference space, and educational programming that includes the practice of dance, performance, and the visual arts. His focus through his advocacy and work is to bolster the growth of Colorado arts and culture responsibly, yet with impactful results that leave it better prepared for our future and the next group of collaborators in the arts. All with stakeholders that support and steward resources sustainably while always encouraging innovation and quality of work to come.    

    Cindy and David Starr

    Arts and Creative Placemaking Award: Honors individuals who use the arts to envision new futures through activities such as activating a public space, animating a community or sparking redevelopment.

    Cindy and David Starr have significantly impacted the cultural scene in Cedaredge, Colorado, a town of 2,400 residents, and beyond on the Western Slope of Colorado.

    Cindy brought the Grand Mesa Arts and Events Center (GMAEC) to fruition after gathering a group of like-minded citizens from different backgrounds together in 2017 and working to open the center by June 2018. Cindy served as President of the Board of Directors for six years, a time in which GMAEC saw tremendous growth in programming, membership and reputation. It has grown into a campus, after securing a nearby auto repair garage that has been renovated into art and pottery studios. The campus is connected by a newly-acquired parking lot. Cindy recently retired from her presidency position, but remains on the board as past president and is very active at the center in various roles.

    David is a professional musician and guitar store owner who has lived in Cedaredge for 24 years. He has singlehandedly changed the music scene in Cedaredge and the Surface Creek Valley through his musical advocacy and concert promotion. David was involved with the Art Center from the very beginning, overseeing the renovation of the 1904 historic Main Street building in Cedaredge. David created an outdoor venue in 2020, that allows 300-400 enthusiastic patrons to enjoy concerts every Friday night throughout the summer months. He also serves on the Board of Directors and continues to give generously of his resources and time. His 50+ years in the music business has been a valuable asset to the center.

    Cindy and David Starr’s love of the community and the people extends beyond the Grand Mesa Arts and Events Center. Their generous contributions continue to improve the vitality and quality of life of Cedaredge.

    About Colorado Creative Industries

    Colorado Creative Industries is a division of the Colorado Office of Economic Development and International Trade. Established to capitalize on the immense potential for our creative sector to enhance economic growth in Colorado, the mission of Colorado Creative Industries is to promote, support and expand the creative industries to drive Colorado’s economy, grow jobs and enhance our quality of life. For more information, visit oedit.colorado.gov/colorado-creative-industries.

    About the Colorado Office of Economic Development and International Trade

    The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

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    MIL OSI USA News –