Farming – Page 251 – NewzIntel.com

MIL-OSI USA: Tuberville, Cruz Introduce Legislation to Protect American Fishermen from Cartels

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)
WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) joined Senator Ted Cruz (R-TX) in reintroducing legislation to target illegally caught red snapper and tuna imports. The senators introduced similar legislation last Congress.
The Illegal Red Snapper and Tuna Enforcement Act would require the National Institute of Standards and Technology (NIST) and the National Oceanic and Atmospheric Administration (NOAA) to develop a standard methodology for identifying the country of origin of red snapper or tuna imported into the United States. Snapper poaching continues to be an issue across the Gulf of America, as Mexican fishermen illegally catch red snapper, smuggle it into their country, and then confuse American consumers by selling our fish back to us.
“Alabama lands 34 percent of all recreationally caught Red Snapper in the Gulf,” said Senator Tuberville. “Unfortunately, our domestic Red Snapper industry is being undermined by Mexican fishermen who are illegally catching American snapper in the Gulf, smuggling them into Mexico, and then reselling the same fish back to American consumers. In addition to taking business away from Alabama’s fishermen, many of the profits from these illegal fishing operations are funding the cartels. I’m proud to join Senator Cruz in introducing the Illegal Red Snapper and Tuna Enforcement Act to stop illegal Red Snapper from flooding our markets and bankrupting our great fishermen.”
U.S. Senators Tuberville and Cruz were joined by U.S. Senators Katie Britt (R-AL) and Brian Schatz (D-HI).
Full text of the legislation can be found here.
BACKGROUND:
Mexican fishermen cross the maritime border between Texas and Mexico on small boats called “lanchas” to illegally catch red snapper in U.S. waters and return to Mexico. The fish are sold in Mexico or mixed in with legally-caught red snapper then exported back into the United States across land borders. Red snapper is one of the most well-managed and profitable fish in the Gulf of Mexico, but illegal fishing by Mexican lanchas puts law-abiding U.S. fishermen and seafood producers at a competitive disadvantage. Illegal, Unreported, and Unregulated (IUU) fishing activities violate both national and international fishing regulations.
Cartels engaged in drug smuggling and human trafficking also engage in the profitable illegal fishing of red snapper. The same fishing boats and fishermen who catch red snapper also smuggle drugs and humans for the cartels, and these profits support the organization.
Technology exists to chemically test and find the geographic origin of many foods, but not for red snapper or tuna. The Illegal Red Snapper and Tuna Enforcement Act would develop a field test kit the Coast Guard could use to accurately ascertain whether fish were caught in Mexico or U.S. waters, thus allowing federal and state law enforcement officers to identify the origin of the fish and confiscate illegally caught red snapper or tuna before it is imported back into the U.S.
With the help of machine learning, NIST scientists are currently able to chemically determine the geographic origin of foods, including strawberries, apples, cherries, ginseng, ginkgo, beef, honey, and rice. Using those same methodologies, these scientists believe it would be possible to determine the geographic origin of red snapper. This would allow law enforcement to have a better understanding of the networks that support illegal fishing. It would also reduce the financial incentives for the crime, since the fish could no longer be sold back into the United States. If successful, this method could be expanded to identify other IUU fish.
MORE:
Tuberville Takes Aim At Cartels Engaged in Illegal Red Snapper Fishing
Tuberville Voices Concerns About New Federal Red Snapper Limits
Tuberville, Colleagues Advocate for Management Flexibility to Preserve Red Snapper Season
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 –

January 29, 2025

MIL-OSI Australia: Australian produce in high demand for Lunar New Year Celebrations in China

Source: Minister for Trade

The Lunar New Year marks exciting new opportunities for Australian food and agriculture exporters to China, with $20 billion worth of trade impediments now removed.

China’s consumers can celebrate the Year of the Snake by dining on a smorgasbord of Aussie cuisine, including delicious lobsters, the world’s best wines, and high-quality beef steaks.

The Albanese Labor Government has worked calmly and consistently to restore dialogue to Australia’s relationship with China and secure the removal of $20 billion of trade impediments.

Following the removal of the final trade impediments in December 2024, dining tables in China will now feature Australian live rock lobsters, a welcome outcome for Chinese consumers and Australian businesses alike.

Over 900 tonnes of live rock lobsters has already been exported to China since the removal of impediments. This has supported the jobs of 3,000 Australians employed in the industry, 2,000 of which are in Western Australia.

Australian fresh cherries are also highly prized as a gift to celebrate the Lunar New Year, and demand is expected to grow this financial year, after strong growth last year. Australia exported $14 million or 582 tonnes of cherries in 2023-24, an increase of 129 per cent in value and 137 per cent in volume.

Exports to China of Australian agricultural products previously affected by trade impediments have rebounded in 2024 year-on-year (January to October):

barley increased 221 per cent in value;
wine increased over 5,000 per cent in value; and
timber logs (specifically, wood in the rough) increased over 8,000 per cent in value.

China remains Australia’s largest market for agricultural exports, worth $17.1 billion and accounting for around a quarter of total agricultural exports in 2023-24.

Quotes attributable to Foreign Minister Penny Wong:

“The Albanese Labor Government’s calm and consistent approach to our relationship with China is delivering for Australians and for our national interest.

“It’s the result of hard work and a responsible Government that doesn’t play reckless political games with Australia’s most important relationships.

“Labor will continue to support Australian businesses to sell their products to the world, including through our efforts to diversify our trade.”

Quotes attributable to Trade and Tourism Minister Don Farrell:

“Sustained engagement and advocacy by the Albanese Labor Government has resulted in the removal of around $20 billion of Chinese trade impediments, benefiting Australian farmers, exporters and our regions.

“But we will not rest on our laurels – we are committed to creating even more export opportunities for Australian farmers and producers.

“Every product we export means more national income and more well-paying Australian jobs.”

Quotes attributable to Agriculture, Fisheries and Forestry Minister Julie Collins:

“Australia has an outstanding reputation as a supplier of high-quality agricultural products in China.

“Our Government is focused on strengthening our trade relationships and expanding opportunities for Australia’s farmers and producers.

“In 2023-24, we recorded 88 market access achievements which opened, improved, maintained, or restored access for Australian businesses, including unlocking 10 new markets.

“Australia exports over 70 per cent of our agricultural, fisheries and forestry production to 169 markets globally – the most diversified trade has ever been – thanks to the Albanese Labor Government.”

MIL OSI News –

January 29, 2025

MIL-OSI USA: SECURING MISSOURI’S FUTURE: Governor Kehoe Delivers First State of the State Address

Source: US State of Missouri

JANUARY 28, 2025

Jefferson City — JEFFERSON CITY, MO – Today, Governor Mike Kehoe delivered his first State of the State Address to the Missouri General Assembly, outlining his legislative and budget priorities for Fiscal Year 2026 (FY26).

Governor Kehoe opened his first address to the 103rd General Assembly by reflecting on lessons learned to stay humble from his mentor, Dave Sinclair, with a commitment to working with the members of the legislature during his time as governor.

“I said earlier that I will never forget my roots. Well, I’ve sat where you sit. I understand the pressures you face. And I want to work with you—not against you—because I believe we can only secure Missouri’s future if we work together,” said Governor Kehoe.

Governor Kehoe’s speech focused on the policy priorities that have remained a central focus at the start of his administration, beginning with public safety.

“Any efforts we may make to improve the lives of Missourians–whether it be education opportunities, cutting taxes, or expanding childcare–none of it matters if Missourians aren’t safe,” Governor Kehoe said. “Securing Missouri’s future begins with public safety.”

Public Safety

During his speech, Governor Kehoe discussed the actions his administration took on Inauguration Day, signing six executive orders developed based on input from law enforcement to launch the Safer Missouri initiative.

To support law enforcement recruitment and retention efforts, Governor Kehoe’s budget recommends funding to bolster the existing Missouri Blue Scholarship Program for law enforcement basic training and $10 million in new funding to assist local communities who prioritize public safety with equipment and training needs through the Blue Shield Program.

The budget also includes $2.5 million to support the sheriff’s retirement system for another year, and funding for a new crime lab in Cape Girardeau, serving the Missouri State Highway Patrol Troop E region.

As part of the Safer Missouri initiative, Governor Kehoe urged the General Assembly to pass a comprehensive crime bill that includes increasing penalties for crimes like violent rioting and fleeing from law enforcement in a vehicle, cracking down on criminals who participate in reckless stunt driving and street racing, and efforts to increase oversight and accountability of the St. Louis Metropolitan Police Department.

To combat the fentanyl crisis and identify areas of high fentanyl use in schools across the state, Governor Kehoe’s budget includes a $4 million investment for fentanyl testing in wastewater systems at schools. Governor Kehoe also encouraged the legislature to take action on increasing penalties for fentanyl trafficking.

Economic Development

Governor Kehoe emphasized his efforts to make Missouri a welcoming state for business investment. From manufacturers, to retail, to Missouri’s sports teams: businesses who provide jobs and opportunities to Missourians are an important part the state’s economic success.

In order to compete with other states, the Kehoe Administration will focus on reducing taxes and cutting regulations, so families keep more of their own money, and so job creators look at our state to expand and hire more hard-working Missourians.

Governor Kehoe announced that he has directed the Missouri Department of Revenue to work with his staff on a sustainable and comprehensive plan to eliminate the individual income tax once and for all.

And, knowing that infrastructure and economic development go hand in hand, Governor Kehoe’s budget includes a reappropriation of last year’s 100 million dollars for rural road improvements to ensure all of those funds are invested in rural infrastructure.

Governor Kehoe’s speech focused largely on solving the biggest challenge to the child care crisis: addressing the current regulatory environment.

In an effort to make the child care regulations easier to understand and navigate, Governor Kehoe issued Executive Order 25-15, charging the Department of Elementary and Secondary Education-Office of Childhood with a complete re-write of the child care regulations.

The budget also includes $10 million to offer grant funding opportunities to support partnerships between employers, community partners, and the child care industry to make more child care slots available for Missouri families.

In an effort to provide timely payments for the child care providers who partner with the state to provide care, providers will receive payments from the state at the beginning of the month on enrollment, starting in fiscal year 2026.

To build on Missouri’s career and technical education opportunities, Governor Kehoe’s budget includes $15 million in new funding to address equipment, space, and operational needs of career and technical centers across the state, as well as an increase of $5 million on an annual basis to support increased operational costs.

The budget includes increased funding to expand career counseling to more high schools across the state, so that students can talk to school counselors about their future career path, whether that includes college or not.

Governor Kehoe also signed Executive Order 25-16 establishing the Governor’s Workforce of the Future Challenge, instructing DESE to put a plan in place for better coordination among key stakeholders, including K-12 schools, local business and industry, and higher education to improve the state’s career and technical education programs and infrastructure.

Agriculture

Securing the future of agriculture also means investing in the next generation. Governor Kehoe’s budget includes $800,000 in permanent funding for Missouri FFA.

Additionally, the budget includes $55 million in new bonding to support the construction of a 40,000 square foot covered multi-use livestock barn and 80,000 square foot stalling barn to house equine and other livestock at the Missouri State Fair’s new arena, which was previously supported by the legislature and is now under construction.

Education

Governor Kehoe is a proud supporter of education in all of its forms–public schools, private schools, charter schools–as long Missouri’s children are getting a quality education that best meets their needs.

To expand school choice, Governor Kehoe urged the General Assembly to pass voluntary open enrollment in public schools.

Governor Kehoe’s budget also includes $50 million in general revenue funding to bolster the ESA program.

This year, Governor Kehoe’s budget recommends a $200 million increase for the Foundation Formula, the largest increase since the current Formula was created. And, over $370 million to fully fund the state’s commitment for school transportation needs. For teachers, the budget includes $33 million to fund teacher salaries. Additionally, the budget includes $30 million for Small School Grants to support the continued success of our small rural school districts, the heartbeat of their communities.

Governor Kehoe also signed Executive Order 25-14 establishing the School Funding Modernization Task Force to recommend changes to the Foundation Formula to better serve students and families.

Government Improvements
To continue to recruit and retain quality state team members, Governor Kehoe announced a statewide time of service pay plan increase for state employees.

Governor Kehoe also previewed action on DEI programs in state government and support for creating Missouri’s own version of a DOGE initiative. He committed to working with the General Assembly on these efforts in the coming weeks.

During his speech, Governor Kehoe recognized special guests for their achievements and commitment to the people of Missouri:

Special Guests of the Governor

Lizzy Schott
Safer Missouri Initiative Group
Alena Malone
Adeline Thessen
USS Missouri Crew Members

Governor Kehoe emphasized there are safer choices than abortion in Missouri and committed to helping pregnant women know these exist, including the Pregnancy Resource Centers across the state. The budget includes support for alternatives to abortion with $4 million in additional funding to benefit expecting and new mothers, a more than 50% increase to existing services.

Governor Kehoe closed the speech thanking veterans and service members, adding that his proposed budget includes an additional $10 million of general revenue funding to our Missouri Veterans Homes.

“Our work in this building is only possible because of those who came before us: the sacrifices of our brave service men and women,” said Governor Kehoe. “Under the Kehoe Administration, NO veterans home will close due to a lack of state funding.”

To view a full transcript of Governor Kehoe’s speech and special guest bios, please see attachments. To view the FY2026 Budget in Brief, please see attachment.

The FY26 Executive Budget will be available here at 3:00 p.m. To view the executive orders signed by Governor Kehoe, visit this link.

Pictures from today’s events, including special guests, will be available on Flickr. An archived video of the 2025 State of the State is available at mo.gov/live.

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MIL OSI USA News –

January 29, 2025

MIL-OSI Security: Justice Department Secures Agreement Preventing Indiana Exhibitor and Dog Breeder from Violating the Animal Welfare Act

Source: Office of United States Attorneys

WASHINGTON — In a consent decree entered today by the U.S. District Court for the Northern District of Indiana, Indiana exhibitor and dog breeder, Vernon D. Miller, agreed to not apply for or engage in any activity that requires a Department of Agriculture (USDA) license for two years. If Miller is relicensed in the future, he must comply with Animal Welfare Act (AWA) regulations and standards necessary to provide humane and lawful care to the animals he exhibits and sells.

A complaint filed in October alleged that Miller — individually and doing business as the Dutch Creek Farm Animal Park in Shipshewana, Indiana — had violated the AWA by failing to provide adequate veterinary care, safe and hospitable enclosures, appropriate enrichment and sanitary housing, food and water to his animals. The complaint also alleged that Miller had failed to maintain legally required records.

At the time of the filing of the complaint, Miller had been cited for 90 AWA violations in just over a year, the highest number of citations for any USDA-licensed facility during that time period (2023-2024). Miller’s violations impacted over 300 animals that he exhibited to the public — including deer, zebra, exotic birds and primates — and dozens of dogs and puppies that he bred for sale as pets.

The citations for multiple violations included unsanitary conditions (including stalls piled high with feces and food dishes coated in grime or mold), and failing to provide animals with sufficient shelter, failing to properly vaccinate puppies and failing to provide veterinary care for animals with illnesses or open wounds. The complaint alleged that such conditions had likely led to numerous animal deaths, with at least seven animals dying in the few months prior to the filing of the case.

USDA suspended Miller’s license for 21 days starting on Oct. 9. The court entered a temporary restraining order against Miller on Oct. 28, requiring him to comply with multiple AWA regulations and standards, provide records and documentation to help monitor compliance and refrain from buying, selling, euthanizing or exhibiting animals without the consent of the United States or the court. The temporary restraining order expired on Dec. 2.

“The maltreatment of animals entrusted to Mr. Miller’s care is a despicable act that deserves just intervention,” said Acting United States Attorney Tina L. Nommay. “We will continue to work with our federal partners to identify and hold accountable those exhibitors and dog breeders who provide inhumane care to animals in violation of the Animal Welfare Act.”

“USDA is committed to ensuring the safety and wellbeing of animals protected under the Animal Welfare Act,” said Deputy Administrator Sarah Helming for USDA’s Animal Care program. “The partnership between USDA and DOJ helps to ensure enforcement of the AWA regulations for those who put regulated animals at risk.”

In addition to not applying for or engaging in activity requiring a USDA license for at least two years, the consent decree, in effect for five years, outlines that Miller will allow USDA inspectors limited access to the facility, if it is open to the public, and will produce certain records for compliance monitoring during any time he is not licensed. If Miller applies for and receives a USDA license in the future, he agrees to comply with AWA regulations and standards that he had previously violated and to maintain veterinary and other accurate and complete records.

USDA investigated the case and filed a parallel administrative enforcement action.

Senior Trial Attorney Devon Flanagan and Trial Attorneys Kamela Caschette, Angela Mo and Chris Carrara of the Justice Department’s Wildlife and Marine Resources Section prosecuted the case, with support from Assistant U.S. Attorney Dirk DeLor for the Northern District of Indiana and USDA’s Office of General Counsel and Animal and Plant Health Inspection Service.

MIL Security OSI –

January 29, 2025

MIL-OSI USA: Lummis Secures Key Subcommittee Chairmanship to Champion Wyoming Energy

US Senate News:

Source: United States Senator for Wyoming Cynthia Lummis

January 28, 2025

WASHINGTON, D.C. – U.S. Senator Cynthia Lummis (R-WY) announced she will chair the Environment and Public Works Subcommittee on Clean Air, Climate, Nuclear Innovation and Safety for the 119th Congress:
“Thanks to my position on the Environment and Public Works committee, I can deliver crucial results for the people of Wyoming,” said Lummis. “I am honored to chair this subcommittee, which oversees the EPA Office of Air and Radiation and the Nuclear Regulatory Commission. Wyoming continues to develop its traditional energy sector while investing in new and exciting nuclear technology. I look forward to advancing policies that benefit an all-of-the-above energy approach and spur development across the Cowboy State. ”
Senator Lummis will also serve on the Transportation and Infrastructure and the Fisheries, Water, and Wildlife subcommittees.

MIL OSI USA News –

January 29, 2025

MIL-OSI USA: MEMO: How Trump’s Federal Funding Freeze Affects Colorado

US Senate News:

Source: United States Senator for Colorado John Hickenlooper
Head Start programs, Meals on Wheels, Veterans’ suicide prevention programs, COPS grants to police departments all affected
In a chaotic late-night, two-page memo, President Trump immediately froze federal grants and loans. While the order is blatantly illegal, below is a memo outlining what programs are being affected by this sudden, ill-thought out freeze of funding.
“What does this mean for Colorado? Funding to our police departments, our hospitals, programs for homeless veterans. Nearly 9,000 kids in Colorado Head Start programs may be locked out. Trump is sacrificing working Americans,” said U.S. Senator John Hickenlooper.
TO: Interested Parties
FROM: Office of U.S. Senator John Hickenlooper
SUBJECT: Effects of Trump Executive Order Freezing Federal Funds
DATE: January 28, 2025
OMB Memo to Pause Spending: On Monday night, the acting director of the White House Office of Management and Budget sent a two-page memorandum to all federal agency heads directing them to “temporarily pause all activities related to obligations or disbursement of Federal financial assistance.” The order is set to take effect at 3pm MT today. The memo also requires that agencies review all financial assistance programs to ensure activities are “consistent with the President’s policies and requirements,” citing several executive orders directed to pause all spending on foreign aid, the green new deal, “woke gender ideology,” and DEI programs. Agencies must provide OMB detailed information on program spending by February 10th, and assign “responsibility and oversight” to a senior political appointee. Below you can find priority programs and projects in Colorado that may be impacted by this pause.
COLORADO IMPACTS
The order is expected to impact tens of billions of dollars in payments for Colorado. Federal funds make up approximately 25 percent of Colorado’s total budget.
The latest Biden administration data lists total IRA/BIL/CHIPS public investment in Colorado at $10.586 billion
IRA/BIL climate-focused programs: Estimated $600M-$900M
Halts programs at Colorado’s rural hospitals: Pauses funding to increase health care access, support community health centers, treat substance abuse issues, and improve care quality for small rural hospitals and Critical Access Hospitals across the state.
For example, some of the programs and areas that will be affected:
$1,420,601 for rural hospital improvements and Medicare flexibility in Arapahoe County
$1,250,000 to battle the opioid crisis and increase access to substance abuse programs in Moffat County
$784,031 to help screen patients suffering from black lung disease Denver County
$499,847 to battle the opioid crisis and increase access to substance abuse programs in Adams County
$200,000 to improve access to health care providers in San Miguel County
$100,000 to expand rural health care development in Archuleta County
$100,000 to expand rural health care development in Mesa County
Additional programs paused include cancer research, rural telehealth options, and infectious disease preparation.
Medicaid portal down nationwide: Our office has heard from Colorado hospitals that the Medicaid payment system has been turned off. With Medicaid portals down, doctors and hospitals in Colorado are unable to receive funds through the system. Reports have circulated that other states are running into the same issue and have been shut off from Medicaid.
Takes food away from 40 percent of Colorado school kids: Halts federal payments for school breakfast and lunch programs. 40% of Colorado kids rely on these programs to stay fed and healthy.
Cuts off 83,000+ low-income families from heating their homes in the dead of winter: Halts funding disbursements for low-income Colorado families who rely on LIHEAP funding to keep their home warm this winter. In FY24, 83,800+ households depended on LIHEAP.
25,000+ Colorado seniors will be unsure where their next meal will come from: Local Meals on Wheels providers are unsure whether they will be able to serve meals. 25,000+ Colorado seniors utilize Meals on Wheels to access food.
Strips $182 million from the budgets of our local public schools: Will strip Colorado public schools of $182 million in federal funding, straining the budget of our local public schools even further.
19,000+ kids unable to attend child care or Head Start programs: Facilities will not be able to access reimbursements that help provide low-income kids with the early childhood education, health, and nutrition that they need. In FY23, nearly 9,000 kids were enrolled in Head Start in Colorado. Head Start programs around the country are already reporting being locked out of the portal to access reimbursements.
Federal funding to provide child care assistance to low-income families will also be paused, with over 10,000 kids in Colorado between the ages of 0-5 were supported by Child Care and Development Block Grant funding last year.
Hits our farmers and producers where it hurts when food prices are already too high for working families: This threatens funding to programs that benefit producers and consumers alike, including the Local Food Purchase Assistance Cooperative Agreement Program (LFPA). Since 2022, LFPA has contributed over $2M to local ag in Colorado, and enabled food banks to distribute over 1.2 million pounds of nutritious food to Coloradans in need. The order also pauses funding to agriculture research and meat, poultry, and egg product inspection.
Pauses critical loans for thousands of Colorado small businesses: All SBA loans, including disaster relief, will be paused. This will cripple local small businesses as they will be unable to make payroll, their leasing payment, or more. Over 5,000 Colorado small businesses have been approved for SBA loans in the past three years.
Deny Colorado communities funding to fight opioid misuse: Last year, Colorado received $20.8 million to fund addiction prevention, treatment, and recovery services across the state.
Weakens our public safety and undermines our law enforcement: Pauses crucial funding used to prevent terrorism, hire more police officers, prevent school violence, and crack down on drug trafficking.
For example, some of grants that boost public safety in Colorado that will be impacted include:
$12.2 million to the Colorado Department of Public Safety to prevent terrorism
$9 million in Office of Violence Against Women grants in FY24 for Colorado organizations for victims assistance as well as state and local police
$680,798 awarded to Colorado Springs to reduce drug trafficking and drug production
$336,629 for the Colorado Department of Public Safety to crack down on drug trafficking
Strips Colorado’s 365,000+ veterans of the support and resources they’ve earned: Halts funding for community-based suicide prevention efforts, organizations that provide care for veterans experiencing homelessness, and services for veterans living with disabilities or struggling with mental health crises. Health care programs that support family members of disabled veterans as well as educational programs, such as the Montgomery GI Bill and post-9/11 education benefits, will be paused. Funds will also be frozen for the VA Dependency and Indemnity Compensation, which supports surviving family members. Federal funding that helps veterans secure good-paying jobs through job training and support services is also threatened.
For example, organizations, such as the Colorado Coalition for Homeless, won’t be able to access their regular funding to help support veterans pay their monthly rent.
Cuts off 988 Suicide and Crisis Lifeline: Pauses funding for the suicide and life crisis hotline that offers real-time support for those struggling with a mental health crisis, emotional distress, and alcohol or durg use.
After our Bipartisan Infrastructure Law has already invested $5.3 billion in Colorado, all DOT grant programs will be paused and reviewed. Many Colorado projects are at risk, including all major programs impacting highways, aviation, safety, rail, and more.
Appeases China by allowing them to continue having a hold in our rural communication networks: Hickenlooper successfully secured $3.08 billion for the Federal Communications’s Secure and Trusted Communications Networks Reimbursement Program, or the Rip and Replace program for short. Colorado was awarded the highest outstanding amount. That funding is now paused, leaving our rural small businesses in the dust and our telecommunications networks at risk.

MIL OSI USA News –

January 29, 2025

MIL-OSI USA: Tuberville Supporting Elimination of DEI, Restoration of Lethality in Armed Forces

US Senate News:

Source: United States Senator for Alabama Tommy Tuberville
WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) issued a statement in support of President Donald Trump’s latest executive orders restoring lethality to the United States Armed Forces.
“For the past four years, I have sounded the alarm about Joe Biden and the far-left, progressive Democrats politicizing our military,” said Senator Tuberville. “As a result, recruitment has fallen to the lowest levels since before World War II. We need our military to be a fighting machine, not a playground for Democrats’ culture war. Thankfully, change is here. Yesterday’s executive orders from President Donald Trump eliminate DEI in the military, reinstate service members discharged for refusing the COVID vaccine, and ensure military standards are updated to prioritize readiness, restore lethality, and build confidence in our Armed Forces. With President Trump and Secretary Hegseth at the helm, our military will be 100% focused on protecting our country and putting America First on the world stage.”
MORE:
Tuberville: “We need a military that is 100% focused on protecting our country and enhancing national security.”
ICYMI: Tuberville op-ed: “Biden is Infecting Our Military With Woke Politics While the World Implodes”
Tuberville Questioned Army Officials on Lasting Effects of Vaccine Policy on the Military
Tuberville, Colleagues Help Secure Provision To Protect Servicemembers From COVID Vaccine Mandate In 2023 NDAA
Tuberville Questions Pentagon about COVID Vaccine Military Discharge
Tuberville Demands Answers on Military’s Vaccine Mandate
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 –

January 29, 2025

MIL-OSI: Veritex Holdings, Inc. Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

DALLAS, Jan. 28, 2025 (GLOBE NEWSWIRE) — Veritex Holdings, Inc. (“Veritex”, the “Company”, “we” or “our”) (Nasdaq: VBTX), the holding company for Veritex Community Bank, today announced the results for the fourth quarter and full year of 2024.

“We achieved significant milestones during 2024 as we improved our credit risk profile and strengthened and completed our balance sheet remake,” said C. Malcolm Holland, III, the Company’s Chairman and Chief Executive Officer. “My team and I are committed to continue to drive execution of our strategic plan in 2025. Now it’s back to what we do best; grow profitability.”

2024 Highlights:

Operating EPS was $2.17 for 2024;
Criticized loans decreased approximately $100 million during 2024;
Commercial real estate concentrations decreased from 320.2% for the year ended 2023 to 298.9% for the year ended 2024;
Nonperforming assets to total loans decreased 15 basis points to 0.62% from 2023;
Loan to deposit ratio decreased to 89.3% as of December 31, 2024 compared to 93.6% as of December 31, 2023;
Total deposits grew $414.4 million, or 4.0%, year-over-year;
Common equity tier 1 capital increased 80 bps to 11.09% as of December 31, 2024 compared to 10.29% as of December 31, 2023;
Tangible book value per common share increased 6.9%, or $1.40, during 2024 compared to 2023;
Allowance for credit losses (“ACL”) to total loans increased to 1.18%, or 4 bps, from 1.14% as of December 31, 2023;
Declared quarterly cash dividend of $0.20 per share of outstanding common stock payable on February 28, 2025;.and
Named one of the “Best Companies to Work For” by the 2024 Inaugural U.S. News & World Report which evaluates companies based on quality of pay, work/life balance, and opportunities for professional development and advancement.

	Quarter to Date									Full Year
*Financial Highlights*	Q4 2024			Q3 2024			Q4 2023				2024			2023
	(Dollars in thousands, except per share data) (unaudited)
GAAP
Net income	$	24,882		$	31,001		$	3,499		$	107,241		$	108,261
Diluted EPS		0.45			0.56			0.06			1.95			1.98
Book value per common share		29.37			29.53			28.18			29.37			28.18
Return on average assets¹		0.78	%		0.96	%		0.11	%		0.85	%		0.88	%
Return on average equity¹		6.17			7.79			0.92			6.85			7.21
Net interest margin		3.20			3.30			3.31			3.26			3.49
Efficiency ratio		67.04			61.94			77.49			62.62			55.82
Non-GAAP²
Operating earnings	$	29,769		$	32,181		$	31,625		$	119,397		$	142,114
Diluted operating EPS		0.54			0.59			0.58			2.17			2.60
Tangible book value per common share		21.61			21.72			20.21			21.61			20.21
Pre-tax, pre-provision operating earnings		40,945			44,555			47,688			173,576			222,211
Pre-tax, pre-provision operating return on average assets¹		1.28	%		1.38	%		1.54	%		1.37	%		1.81	%
Pre-tax, pre-provision operating return on average loans¹		1.72			1.83			1.97			1.81			2.32
Operating return on average assets¹		0.93			1.00			1.02			0.95			1.16
Return on average tangible common equity¹		9.04			11.33			2.00			10.10			10.91
Operating return on average tangible common equity¹		10.69			11.74			12.37			11.17			14.09
Operating efficiency ratio		62.98			60.63			55.50			60.22			50.94

¹ Annualized ratio.
² Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-generally accepted accounting principles (“GAAP”) financial measures to their most directly comparable GAAP measures.

Results of Operations for the Three Months Ended December 31, 2024

Net Interest Income

For the three months ended December 31, 2024, net interest income before provision for credit losses was $96.1 million and net interest margin was 3.20%, compared to $100.1 million and 3.30%, respectively, for the three months ended September 30, 2024. The $3.9 million decrease, or 3.9%, in net interest income before provision for credit losses was primarily due to a $12.3 million decrease in interest income on loans primarily driven by a decrease in loan yields and average loan balances. This decrease was partially offset by a $1.1 million increase in interest income on debt securities, $6.0 million decrease in interest expense on certificates and other time deposits, $2.4 million decrease in interest expense on transaction and savings deposits during the three months ended December 31, 2024. Net interest margin decreased 10 bps from the three months ended September 30, 2024, primarily due to the decrease in loan yields during the three months ended December 31, 2024, partially offset by an increase in yields on debt securities.

Compared to the three months ended December 31, 2023, net interest income before provision for credit losses for the three months ended December 31, 2024 increased by $608 thousand, or 0.6%. The increase was primarily due to a $4.6 million increase in interest income on debt securities, a $3.7 million increase in interest income in deposits in financial institutions and fed funds sold, a $2.5 million decrease in interest expense on advances from FHLB and a $1.4 million decrease in transaction and savings deposits driven by an decrease in funding costs. The increase in net interest income was partially offset by a $10.4 million decrease in interest income on loans driven by a decrease in loan yields and average balances. Net interest margin decreased 11 bps to 3.20% for the three months ended December 31, 2024 from 3.31% for the three months ended December 31, 2023. The decrease was primarily due to the decrease in loan yields during the three months ended December 31, 2024.

Noninterest Income (Loss)

Noninterest income for the three months ended December 31, 2024 was $10.1 million, a decrease of $3.1 million, or 23.3%, compared to noninterest income of $13.1 million for the three months ended September 30, 2024. The decrease in noninterest income was primarily due to a $4.4 million loss on sales of debt securities as a result of a strategic restructuring in which we sold $188.9 million of lower-yielding AFS securities, at amortized cost, with a 3.89% average yield, and reinvested the proceeds in higher yielding AFS securities with a 5.67% average yield. The decrease was also the result of a decrease of $852 thousand of OREO income, higher amortization of our servicing assets of $829 thousand and a decrease of $681 thousands due to the change in the value of equity securities. The decrease was partially offset by an increase of $4.6 million increase in government guaranteed loan income.

Compared to the three months ended December 31, 2023, noninterest income for the three months ended December 31, 2024 increased $27.8 million, or 156.5%. The increase was primarily due to a $29.4 million loss on equity method investment income related to the write down of our equity method investment in Thrive during the three months ended December 31, 2023 with no corresponding loss recorded during the three months ended December 31, 2024. The Company has no remaining equity method investment in Thrive.

Noninterest Expense

Noninterest expense was $71.2 million for the three months ended December 31, 2024, compared to $70.1 million for the three months ended September 30, 2024, a increase of $1.1 million, or 1.6%. Changes within noninterest expenses items were nominal.

Noninterest expense was $71.2 million for the three months ended December 31, 2024, compared to $60.2 million for the three months ended December 31, 2023, an increase of $11.0 million, or 18.2%. The increase was primarily driven by a $6.8 million increase in salary and employee benefits, a $4.1 million increase in other expenses, a $1.2 million increase in data processing and software expenses, and a $951 thousand increase in marketing expenses. The increase was partially offset by a $2.1 million decrease in professional and regulatory fees.

Financial Condition

Total loans held for investment (“LHI”) was $8.90 billion at December 31, 2024, a decrease of $129.4 million, compared to September 30, 2024, and a decrease of $307.4 million, or 3.3%, compared to December 31, 2023.

Total deposits were $10.75 billion at December 31, 2024, an decrease of $283.4 million compared to September 30, 2024, and an increase of $414.4 million, or 4.0%, compared to December 31, 2023. The decrease from September 30, 2024 was primarily the result of a decrease of $667.1 million in certificates and other time deposits, a decrease of $452.4 million in noninterest-bearing deposits, and a decrease of $20.4 million in correspondent money market accounts. The decrease was partially offset by a increase of $856.4 million in interest-bearing transaction, money market, and savings deposits. The increase from December 31, 2023 was primarily the result of an increase in attractive deposits which consisted of $712.8 million in interest-bearing transaction, money market, and savings deposits. The increase was partially offset by a $232.9 million decrease in certificates and other time deposits, a $38.9 million decrease in correspondent money market accounts, and a $26.6 million decrease in non-interest bearing deposits.

Credit Quality

Nonperforming assets (“NPAs”) increased to $79.2 million, or 0.62% of total assets, at December 31, 2024, compared to $67.3 million, or 0.52% of total assets, at September 30, 2024. Net charge-offs compared to average loans outstanding were 21 bps for the year ended December 31, 2024, compared to 25 bps for year ended December 31, 2023.

ACL as a percentage of LHI was 1.18%, 1.21%, and 1.14% at December 31, 2024, September 30, 2024, and December 31, 2023, respectively. The Company recorded a provision for credit losses of $2.3 million for the three months ended December 31, 2024, compared to a provision for credit losses of $4.0 million and $9.5 million for the three months ended September 30, 2024 and December 31, 2023, respectively. The recorded provision for credit losses reported for the three months ended December 31, 2024, compared to the three months ended December 31, 2023 was primarily attributable to a decrease in the overall loans held for investment balances and changes in general reserves as a result of changes in economic factors. The Company recorded a benefit for unfunded commitments of $401 thousand and $1.5 million during the three months ended December 31, 2024, and December 31, 2023, respectively. There was no provision for unfunded commitments recorded during the three months ended in September 30, 2024. The decrease in the recorded benefit for unfunded commitments during the three months ended December 31, 2024, compared to the three months ended September 30, 2024, was primarily attributable to changes in the economic factors applied to unfunded commitment balances.

Dividend Information

On January 28, 2025, Veritex’s Board of Directors declared a quarterly cash dividend of $0.20 per share on its outstanding shares of common stock. The dividend will be paid on February 28, 2025 to stockholders of record as of the close of business on February 14, 2025.

Non-GAAP Financial Measures

Veritex’s management uses certain non-GAAP (U.S. generally accepted accounting principles) financial measures to evaluate its operating performance and provide information that is important to investors. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Veritex’s reported results prepared in accordance with GAAP. Specifically, Veritex reviews and reports tangible book value per common share, operating earnings, tangible common equity to tangible assets, return on average tangible common equity, pre-tax, pre-provision operating earnings, pre-tax, pre-provision operating return on average assets, pre-tax, pre-provision operating return on average loans, diluted operating earnings per share, operating return on average assets, operating return on average tangible common equity and operating efficiency ratio. Veritex has included in this earnings release information related to these non-GAAP financial measures for the applicable periods presented. Please refer to “Reconciliation of Non-GAAP Financial Measures” after the financial highlights at the end of this earnings release for a reconciliation of these non-GAAP financial measures.

Conference Call

The Company will host an investor conference call to review the results on Wednesday, January 29, 2025 at 8:30 a.m. Central Time. Participants may pre-register for the call by visiting https://edge.media-server.com/mmc/p/8uwctr48 and will receive a unique PIN, which can be used when dialing in for the call.

Participants may also register via teleconference at:
https://register.vevent.com/register/BIf4f4afb9195448ba90575ac59fb337bc. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are instructed to dial-in 15 minutes prior to the start time.

A replay will be available within approximately two hours after the completion of the call, and made accessible for one week. You may access the replay via webcast through the investor relations section of Veritex’s website.

About Veritex Holdings, Inc.

Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly-owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.

Forward-Looking Statements

This earnings release includes “forward-looking statements”, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on various facts and derived utilizing assumptions, current expectations, estimates and projections and are subject to known and unknown risks, uncertainties and other factors, which change over time and are beyond our control, that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include, without limitation, statements relating to the expected payment of Veritex’s quarterly cash dividend; the impact of certain changes in Veritex’s accounting policies, standards and interpretations; a continuation of recent turmoil in the banking industry, responsive measures to mitigate and manage it and related supervisory and regulatory actions and costs and Veritex’s future financial performance, business and growth strategy, projected plans and objectives, as well as other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such variations may be material. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “seeks,” “targets,” “outlooks,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Veritex’s Annual Report on Form 10-K for the year ended December 31, 2023 and any updates to those risk factors set forth in Veritex’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. If one or more events related to these or other risks or uncertainties materialize, or if Veritex’s underlying assumptions prove to be incorrect, actual results may differ materially from what Veritex anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. Veritex does not undertake any obligation, and specifically declines any obligation, to supplement, update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, expressed or implied, included in this earnings release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Veritex or persons acting on Veritex’s behalf may issue.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)

	For the Quarter Ended															For the Year Ended
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023
	(Dollars and shares in thousands, except per-share data)
Per Share Data (Common Stock):
Basic EPS	$	0.46		$	0.57		$	0.50		$	0.44		$	0.06		$	1.97		$	2.00
Diluted EPS		0.45			0.56			0.50			0.44			0.06			1.95			1.98
Book value per common share		29.37			29.53			28.49			28.23			28.18			29.37			28.18
Tangible book value per common share¹		21.61			21.72			20.62			20.33			20.21			21.61			20.21
Dividends paid per common share outstanding²		0.20			0.20			0.20			0.20			0.20			0.80			0.80

Common Stock Data:
Shares outstanding at period end		54,517			54,446			54,350			54,496			54,338			54,517			54,338
Weighted average basic shares outstanding for the period		54,489			54,409			54,457			54,444			54,327			54,450			54,256
Weighted average diluted shares outstanding for the period		55,237			54,932			54,823			54,842			54,691			54,958			54,596

Summary of Credit Ratios:
ACL to total LHI		1.18	%		1.21	%		1.16	%		1.15	%		1.14	%		1.18	%		1.14	%
NPAs to total assets		0.62			0.52			0.65			0.82			0.77			0.62			0.77
NPAs to total loans and OREO		0.83			0.70			0.85			1.06			1.00			0.83			1.00
Net charge-offs to average loans outstanding³		0.32			0.01			0.28			0.22			0.40			0.21			0.25

Summary Performance Ratios:
Return on average assets³		0.78	%		0.96	%		0.87	%		0.79	%		0.11	%		0.85	%		0.88	%
Return on average equity³		6.17			7.79			7.10			6.33			0.92			6.85			7.21
Return on average tangible common equity^{1, 3}		9.04			11.33			10.54			9.52			2.00			10.10			10.91
Efficiency ratio		67.04			61.94			59.11			62.45			77.49			62.62			55.82
Net interest margin		3.20			3.30			3.29			3.24			3.31			3.26			3.49

Selected Performance Metrics – Operating:
Diluted operating EPS¹	$	0.54		$	0.59		$	0.52		$	0.53		$	0.58		$	2.17		$	2.60
Pre-tax, pre-provision operating return on average assets^{1, 3}		1.28	%		1.38	%		1.42	%		1.42	%		1.54	%		1.37	%		1.81	%
Pre-tax, pre-provision operating return on average loans^{1, 3}		1.72			1.83			1.83			1.84			1.97			1.81			2.32
Operating return on average assets^1,3		0.93			1.00			0.91			0.95			1.02			0.95			1.16
Operating return on average tangible common equity^1,3		10.69			11.74			10.94			11.34			12.37			11.17			14.09
Operating efficiency ratio¹		62.98			60.63			58.41			58.73			55.50			60.22			50.94
Risk weighted assets	$	11,247,813		$	11,290,800		$	11,450,997		$	11,407,446		$	11,387,825		$	11,247,813		$	11,387,825

Veritex Holdings, Inc. Capital Ratios:
Average stockholders’ equity to average total assets		12.58	%		12.31	%		12.26	%		12.43	%		12.27	%		12.40	%		12.22	%
Tangible common equity to tangible assets¹		9.54			9.37			9.14			9.02			9.18			9.54			9.18
Tier 1 capital to average assets (leverage)		10.32			10.06			10.06			10.12			10.03			10.32			10.03
Common equity tier 1 capital		11.09			10.86			10.49			10.37			10.29			11.09			10.29
Tier 1 capital to risk-weighted assets		11.36			11.13			10.75			10.63			10.56			11.36			10.56
Total capital to risk-weighted assets		13.96			13.91			13.45			13.33			13.18			13.96			13.18

¹ Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” after the financial highlights for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.
² Dividend amount represents dividend paid per common share subsequent to each respective quarter end.
³ Annualized ratio for quarterly metrics.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(In thousands)

	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
ASSETS
Cash and due from banks	$	52,486		$	54,165		$	53,462		$	41,884		$	58,914
Interest bearing deposits in other banks		802,714			1,046,625			598,375			698,885			570,149
Cash and cash equivalents	$	855,200		$	1,100,790		$	651,837		$	740,769		$	629,063
Debt securities, net		1,478,538			1,423,610			1,349,354			1,344,930			1,257,042
Other investments		69,638			71,257			75,885			76,788			76,238
Loans held for sale (“LHFS”)		89,309			48,496			57,046			64,762			79,072
LHI, mortgage warehouse (“MW”)		605,411			630,650			568,047			449,531			377,796
LHI, excluding MW		8,899,133			9,028,575			9,209,094			9,249,551			9,206,544
Total loans		9,593,853			9,707,721			9,834,187			9,763,844			9,663,412
ACL		(111,745	)		(117,162	)		(113,431	)		(112,032	)		(109,816	)
Bank-owned life insurance		85,324			84,776			84,233			85,359			84,833
Bank premises, furniture and equipment, net		113,480			114,202			105,222			105,299			105,727
Other real estate owned (“OREO”)		24,737			9,034			24,256			18,445			—
Intangible assets, net of accumulated amortization		28,664			32,825			35,817			38,679			41,753
Goodwill		404,452			404,452			404,452			404,452			404,452
Other assets		226,200			211,471			232,518			241,863			241,633
Total assets	$	12,768,341		$	13,042,976		$	12,684,330		$	12,708,396		$	12,394,337
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest-bearing deposits	$	2,191,457		$	2,643,894		$	2,416,727		$	2,349,211		$	2,218,036
Interest-bearing transaction and savings deposits		5,061,157			4,204,708			3,979,454			4,220,114			4,348,385
Certificates and other time deposits		2,958,861			3,625,920			3,744,596			3,486,805			3,191,737
Correspondent money market deposits		541,117			561,489			584,067			597,690			580,037
Total deposits		10,752,592			11,036,011			10,724,844			10,653,820			10,338,195
Accounts payable and other liabilities		183,944			168,415			180,585			186,027			195,036
Advances from FHLB		—			—			—			100,000			100,000
Subordinated debentures and subordinated notes		230,736			230,536			230,285			230,034			229,783
Total liabilities		11,167,272			11,434,962			11,135,714			11,169,881			10,863,014
Commitments and contingencies
Stockholders’ equity:
Common stock		613			613			612			611			610
Additional paid-in capital		1,328,748			1,324,929			1,321,995			1,319,144			1,317,516
Retained earnings		507,903			493,921			473,801			457,499			444,242
Accumulated other comprehensive loss		(65,076	)		(40,330	)		(76,713	)		(71,157	)		(63,463	)
Treasury stock		(171,119	)		(171,119	)		(171,079	)		(167,582	)		(167,582	)
Total stockholders’ equity		1,601,069			1,608,014			1,548,616			1,538,515			1,531,323
Total liabilities and stockholders’ equity	$	12,768,341		$	13,042,976		$	12,684,330		$	12,708,396		$	12,394,337

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(in thousands, except per share data)

	For the Quarter Ended													For the Year Ended
	Dec 31, 2024			Sep 30, 2024		Jun 30, 2024		Mar 31, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023
	(unaudited)			(unaudited)		(unaudited)		(unaudited)			(unaudited)			(unaudited)
Interest income:
Loans, including fees	$	154,998		$	167,261	$	166,979	$	161,942		$	165,443		$	651,180		$	648,245
Debt securities		16,893			15,830		15,408		13,695			12,282			61,826			44,364
Deposits in financial institutions and Fed Funds sold		11,888			12,571		7,722		8,050			8,162			40,231			28,331
Equity securities and other investments		940			1,001		1,138		900			1,717			3,979			5,934
Total interest income		184,719			196,663		191,247		184,587			187,604			757,216			726,874
Interest expense:
Transaction and savings deposits		44,841			47,208		45,619		46,784			46,225			184,452			148,975
Certificates and other time deposits		40,279			46,230		44,811		40,492			40,165			171,812			125,409
Advances from FHLB		130			47		1,468		1,391			2,581			3,036			41,024
Subordinated debentures and subordinated notes		3,328			3,116		3,113		3,114			3,100			12,671			12,352
Total interest expense		88,578			96,601		95,011		91,781			92,071			371,971			327,760
Net interest income		96,141			100,062		96,236		92,806			95,533			385,245			399,114
Provision for credit losses		2,300			4,000		8,250		7,500			9,500			22,050			42,512
(Benefit) provision for unfunded commitments		(401	)		—		—		(1,541	)		(1,500	)		(1,942	)		(2,041	)
Net interest income after provisions		94,242			96,062		87,986		86,847			87,533			365,137			358,643
Noninterest income:
Service charges and fees on deposit accounts		5,612			5,442		4,974		4,896			4,800			20,924			20,248
Loan fees		2,265			3,278		2,207		2,510			1,200			10,260			6,348
Loss on sales of debt securities		(4,397	)		—		—		(6,304	)		—			(10,701	)		(5,321	)
Government guaranteed loan income, net		5,368			780		1,320		2,614			4,378			10,082			19,982
Equity method investment (loss) income		—			—		—		—			(29,417	)		—			(30,589	)
Customer swap income		509			271		326		449			258			1,555			1,633
Other income		699			3,335		1,751		2,497			989			8,282			6,804
Total noninterest income (loss)		10,056			13,106		10,578		6,662			(17,792	)		40,402			19,105
Noninterest expense:
Salaries and employee benefits		37,446			37,370		32,790		33,365			30,606			140,971			122,070
Occupancy and equipment		4,633			4,789		4,585		4,677			4,670			18,684			19,351
Professional and regulatory fees		5,564			4,903		5,617		6,053			7,626			22,137			26,166
Data processing and software expense		5,741			5,268		5,097		4,856			4,569			20,962			18,539
Marketing		2,896			2,781		1,976		1,546			1,945			9,199			8,704
Amortization of intangibles		2,437			2,438		2,438		2,438			2,438			9,751			9,838
Telephone and communications		323			335		365		261			356			1,284			1,551
Other		12,154			12,216		10,273		8,920			8,028			43,563			27,245
Total noninterest expense		71,194			70,100		63,141		62,116			60,238			266,551			233,464
Income before income tax expense		33,104			39,068		35,423		31,393			9,503			138,988			144,284
Income tax expense		8,222			8,067		8,221		7,237			6,004			31,747			36,023
Net income	$	24,882		$	31,001	$	27,202	$	24,156		$	3,499		$	107,241		$	108,261

Basic EPS	$	0.46		$	0.57	$	0.50	$	0.44		$	0.06		$	1.97		$	2.00
Diluted EPS	$	0.45		$	0.56	$	0.50	$	0.44		$	0.06		$	1.95		$	1.98
Weighted average basic shares outstanding		54,489			54,409		54,457		54,444			54,327			54,450			54,256
Weighted average diluted shares outstanding		55,237			54,932		54,823		54,842			54,691			54,958			54,596

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)

	For the Quarter Ended
	December 31, 2024							September 30, 2024							December 31, 2023
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate
	(Dollars in thousands)
Assets
Interest-earning assets:
Loans¹	$	8,957,193		$	147,782	6.56	%	$	9,184,182		$	159,163	6.89	%	$	9,280,439		$	161,021	6.88	%
LHI, MW		492,372			7,216	5.83			477,592			8,098	6.75			301,345			4,422	5.82
Debt securities		1,458,057			16,893	4.61			1,384,835			15,830	4.55			1,188,776			12,282	4.10
Interest-earning deposits in other banks		971,451			11,888	4.87			924,685			12,571	5.41			587,929			8,162	5.51
Equity securities and other investments		72,223			940	5.18			75,884			1,001	5.25			82,271			1,717	8.28
Total interest-earning assets		11,951,296			184,719	6.15			12,047,178			196,663	6.49			11,440,760			187,604	6.51
ACL		(117,293	)						(115,510	)						(111,937	)
Noninterest-earning assets		916,969							930,250							977,811
Total assets	$	12,750,972						$	12,861,918						$	12,306,634

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	5,001,159			44,841	3.57	%	$	4,700,196		$	47,208	4.00	%	$	4,547,911			46,225	4.03	%
Certificates and other time deposits		3,319,628			40,279	4.83			3,678,718			46,230	5.00			3,285,164			40,165	4.85
Advances from FHLB and Other		10,598			130	4.88			3,261			47	5.73			182,935			2,581	5.60
Subordinated debentures and subordinated notes		230,633			3,328	5.74			230,393			3,116	5.38			229,648			3,100	5.36
Total interest-bearing liabilities		8,562,018			88,578	4.12			8,612,568			96,601	4.46			8,245,658			92,071	4.43

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,400,809							2,486,676							2,322,555
Other liabilities		183,810							179,273							228,135
Total liabilities		11,146,637							11,278,517							10,796,348
Stockholders’ equity		1,604,335							1,583,401							1,510,286
Total liabilities and stockholders’ equity	$	12,750,972						$	12,861,918						$	12,306,634

Net interest rate spread²						2.03	%						2.03	%						2.08	%
Net interest income and margin³				$	96,141	3.20	%				$	100,062	3.30	%				$	95,533	3.31	%

¹ Includes average outstanding balances of LHFS of $46.4 million, $54.3 million and $31.2 million for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and average balances of LHI, excluding MW.
² Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
³ Net interest margin is equal to net interest income divided by average interest-earning assets.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)

	For the Year Ended December 31,
		2024							2023
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate
	(Dollars in thousands)
Assets
Interest-earning assets:
Loans¹	$	9,191,753		$	624,853	6.80	%	$	9,244,070		$	628,122	6.79	%
LHI, MW		417,985			26,327	6.30			347,596			20,123	5.79
Debt securities		1,372,812			61,826	4.50			1,173,880			44,364	3.78
Interest-earning deposits in other banks		762,569			40,231	5.28			542,959			28,331	5.22
Equity securities and other investments		75,825			3,979	5.25			120,135			5,934	4.94
Total interest-earning assets		11,820,944			757,216	6.41			11,428,640			726,874	6.36
ACL		(115,259	)						(103,179	)
Noninterest-earning assets		927,178							957,286
Total assets	$	12,632,863						$	12,282,747

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	4,728,453			184,452	3.90		$	4,197,517			148,975	3.55
Certificates and other time deposits		3,468,448			171,812	4.95			2,977,178			125,409	4.21
Advances from FHLB and Other		55,109			3,036	5.51			873,617			41,024	4.70
Subordinated debentures and subordinated notes		230,264			12,671	5.50			229,268			12,352	5.39
Total interest-bearing liabilities		8,482,274			371,971	4.39			8,277,580			327,760	3.96

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,397,681							2,309,983
Other liabilities		186,951							193,659
Total liabilities		11,066,906							10,781,222
Stockholders’ equity		1,565,957							1,501,525
Total liabilities and stockholders’ equity	$	12,632,863						$	12,282,747

Net interest rate spread²						2.02	%						2.40	%
Net interest income and margin³				$	385,245	3.26	%				$	399,114	3.49	%

¹Includes average outstanding balances of LHFS of $53.3 million and $25.7 million for the twelve months ended December 31, 2024 and 2023, respectively, and average balances of LHI, excluding MW.
² Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
³ Net interest margin is equal to net interest income divided by average interest-earning assets.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)

Yield Trend

	For the Quarter Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023
Average yield on interest-earning assets:
Loans¹	6.56	%	6.89	%	6.90	%	6.83	%	6.88	%
LHI, MW	5.83		6.75		6.36		6.27		5.82
Total loans	6.53		6.89		6.88		6.81		6.85
Debt securities	4.61		4.55		4.58		4.25		4.10
Interest-bearing deposits in other banks	4.87		5.41		5.54		5.54		5.51
Equity securities and other investments	5.18		5.25		5.80		4.75		8.28
Total interest-earning assets	6.15	%	6.49	%	6.54	%	6.44	%	6.51	%

Average rate on interest-bearing liabilities:
Interest-bearing demand and savings deposits	3.57	%	4.00	%	4.01	%	4.06	%	4.03	%
Certificates and other time deposits	4.83		5.00		5.02		4.96		4.85
Advances from FHLB	4.88		5.73		5.54		5.54		5.60
Subordinated debentures and subordinated notes	5.74		5.38		5.44		5.45		5.36
Total interest-bearing liabilities	4.12	%	4.46	%	4.50	%	4.47	%	4.43	%

Net interest rate spread²	2.03	%	2.03	%	2.04	%	1.97	%	2.08	%
Net interest margin³	3.20	%	3.30	%	3.29	%	3.24	%	3.31	%

¹ Includes average outstanding balances of LHFS of $46.4 million, $54.3 million, $58.5 million, $53.9 million and $31.2 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and average balances of LHI, excluding MW.
² Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
³ Net interest margin is equal to net interest income divided by average interest-earning assets.

Supplemental Yield Trend

	For the Quarter Ended										For the Year Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023
Average cost of interest-bearing deposits	4.07	%	4.44	%	4.46	%	4.43	%	4.38	%	4.35	%	3.82	%
Average costs of total deposits, including noninterest-bearing	3.16		3.42		3.46		3.42		3.37		3.36		2.89

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)

LHI and Deposit Portfolio Composition

	Dec 31, 2024					Sep 30, 2024					Jun 30, 2024					Mar 31, 2024					Dec 31, 2023
	(In thousands, except percentages)
LHI¹
Commercial and Industrial (“C&I”)	$	2,693,538		30.2	%	$	2,728,544		30.2	%	$	2,798,260		30.4	%	$	2,785,987		30.1	%	$	2,752,063		29.9	%
Real Estate:
Owner occupied commercial (“OOCRE”)		780,003		8.8			807,223		8.9			806,285		8.7			788,376		8.5			794,088		8.6
Non-owner occupied commercial (“NOOCRE”)		2,382,499		26.7			2,338,094		25.9			2,369,848		25.7			2,352,993		25.5			2,350,725		25.5
Construction and land		1,303,711		14.7			1,436,540		15.8			1,536,580		16.7			1,568,257		16.9			1,734,254		18.8
Farmland		31,690		0.4			32,254		0.4			30,512		0.3			30,979		0.3			31,114		0.3
1-4 family residential		957,341		10.7			944,755		10.5			917,402		10.0			969,401		10.5			937,119		10.2
Multi-family residential		750,218		8.4			738,090		8.2			748,740		8.1			751,607		8.1			605,817		6.6
Consumer		9,115		0.1			11,292		0.1			9,245		0.1			8,882		0.1			10,149		0.1
Total LHI¹	$	8,908,115		100	%	$	9,036,792		100	%	$	9,216,872		100	%	$	9,256,482		100	%	$	9,215,329		100	%

MW		605,411					630,650					568,047					449,531					377,796

Total LHI¹	$	9,513,526				$	9,667,442				$	9,784,919				$	9,706,013				$	9,593,125

Total LHFS		89,309					48,496					57,046					64,762					79,072

Total loans	$	9,602,835				$	9,715,938				$	9,841,965				$	9,770,775				$	9,672,197

Deposits
Noninterest-bearing	$	2,191,457		20.4	%	$	2,643,894		24.0	%	$	2,416,727		22.5	%	$	2,349,211		22.1	%	$	2,218,036		21.5	%
Interest-bearing transaction		839,005		7.8			421,059		3.8			523,272		4.9			724,171		6.8			927,193		8.9
Money market		3,772,964		35.1			3,462,709		31.4			3,268,286		30.5			3,326,742		31.2			3,284,324		31.8
Savings		449,188		4.2			320,940		2.9			187,896		1.8			169,201		1.6			136,868		1.3
Certificates and other time deposits		2,958,861		27.5			3,625,920		32.8			3,744,596		34.9			3,486,805		32.7			3,191,737		30.9
Correspondent money market account		541,117		5.0			561,489		5.1			584,067		5.4			597,690		5.6			580,037		5.6
Total deposits	$	10,752,592		100	%	$	11,036,011		100	%	$	10,724,844		100	%	$	10,653,820		100	%	$	10,338,195		100	%

Total loans to total deposits ratio		89.3	%				88.0	%				91.8	%				91.7	%				93.6	%

Total loans to Deposit Ratio, excluding MW loans and LHFS		82.8	%				81.9	%				85.9	%				86.9	%				89.1	%

¹ Total LHI does not include deferred costs of $9.0 million, $8.2 million, $7.8 million, $6.9 million and $8.8 million at December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)

Asset Quality

	For the Quarter Ended															For the Year Ended
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023
	(In thousands, except percentages)
NPAs:
Nonaccrual loans	$	52,521		$	55,335		$	58,537		$	75,721		$	79,133		$	52,521		$	79,133
Nonaccrual PCD loans¹		—			70			73			9,419			13,715			—			13,715
Accruing loans 90 or more days past due²		1,914			2,860			143			220			2,975			1,914			2,975
Total nonperforming loans held for investment (“NPLs”)		54,435			58,265			58,753			85,360			95,823			54,435			95,823
Other real estate owned (“OREO”)		24,737			9,034			24,256			18,445			—			24,737			—
Total NPAs	$	79,172		$	67,299		$	83,009		$	103,805		$	95,823		$	79,172		$	95,823

Charge-offs:
1-4 family residential	$	—		$	—		$	(31	)	$	—		$	(21	)	$	(31	)	$	(21	)
Multifamily		—			—			(198	)		—			(192	)		(198	)		(192	)
OOCRE		—			—			—			(120	)		(364	)		(120	)		(855	)
NOOCRE		(5,113	)		—			(1,969	)		(4,293	)		(5,434	)		(11,375	)		(13,649	)
C&I		(4,586	)		(2,259	)		(5,601	)		(946	)		(3,893	)		(13,392	)		(10,413	)
Consumer		(420	)		(54	)		(30	)		(71	)		(33	)		(575	)		(236	)
Total charge-offs	$	(10,119	)	$	(2,313	)	$	(7,829	)	$	(5,430	)	$	(9,937	)	$	(25,691	)	$	(25,366	)

Recoveries:
1-4 family residential	$	2		$	3		$	—		$	1		$	1		$	6		$	3
OOCRE		—			—			120			—			—			120			—
NOOCRE		1,323			—			—			—			—			1,323			350
C&I		1,047			1,962			361			96			387			3,466			1,165
MW					46			—			—			—			46			—
Consumer		30			33			497			49			34			609			100
Total recoveries	$	2,402		$	2,044		$	978		$	146		$	422		$	5,570		$	1,618

Net charge-offs	$	(7,717	)	$	(269	)	$	(6,851	)	$	(5,284	)	$	(9,515	)	$	(20,121	)	$	(23,748	)

Provision for credit losses	$	2,300		$	4,000		$	8,250		$	7,500		$	9,500		$	22,050		$	42,512

ACL	$	111,745		$	117,162		$	113,431		$	112,032		$	109,816		$	111,745		$	109,816

Asset Quality Ratios:
NPAs to total assets		0.62	%		0.52	%		0.65	%		0.82	%		0.77	%		0.62	%		0.77	%
NPAs, excluding nonaccrual PCD loans, to total assets		0.62			0.52			0.65			0.74			0.66			0.62			0.66
NPAs to total loans and OREO		0.83			0.70			0.85			1.06			1.00			0.83			1.00
NPLs to total LHI		0.57			0.60			0.60			0.88			1.00			0.57			1.00
NPLs, excluding nonaccrual PCD loans, to total LHI		0.57			0.60			0.60			0.78			0.86			0.57			0.86
ACL to total LHI		1.18			1.21			1.16			1.15			1.14			1.18			1.14
ACL to total loans, excluding MW and LHFS		1.25			1.30			1.23			1.21			1.19			1.25			1.19
Net charge-offs to average loans outstanding³		0.32			0.01			0.28			0.22			0.40			0.21			0.25

¹ Nonaccrual PCD loans consist of PCD loans that transitioned upon adoption of ASC 326 Financial Instruments – Credit Losses and were accounted for on a pooled basis that have subsequently been placed on nonaccrual status.
² Accruing loans greater than 90 days past due exclude PCD loans greater than 90 days past due that are accounted for on a pooled basis.
³Annualized ratio for quarterly metrics.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

We identify certain financial measures discussed in this earnings release as being “non-GAAP financial measures.” In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP, in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios calculated using exclusively either one or both of (i) financial measures calculated in accordance with GAAP and (ii) operating measures or other measures that are not non-GAAP financial measures.

The non-GAAP financial measures that we present in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we present in this earnings release may differ from that of other companies reporting measures with similar names. You should understand how such other financial institutions calculate their financial measures that appear to be similar or have similar names to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.

Tangible Book Value Per Common Share. Tangible book value per common share is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity less goodwill and core deposit intangibles, net of accumulated amortization; and (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by number of common shares outstanding. For tangible book value per common share, the most directly comparable financial measure calculated in accordance with GAAP is book value per common share.

We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and presents our tangible book value per common share compared with our book value per common share:

	As of
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
	(Dollars in thousands, except per share data)
Tangible Common Equity
Total stockholders’ equity	$	1,601,069		$	1,608,014		$	1,548,616		$	1,538,515		$	1,531,323
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(18,744	)		(21,182	)		(23,619	)		(26,057	)		(28,495	)
Tangible common equity	$	1,177,873		$	1,182,380		$	1,120,545		$	1,108,006		$	1,098,376
Common shares outstanding		54,517			54,446			54,350			54,496			54,338

Book value per common share	$	29.37		$	29.53		$	28.49		$	28.23		$	28.18
Tangible book value per common share	$	21.61		$	21.72		$	20.62		$	20.33		$	20.21

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity, less goodwill and core deposit intangibles, net of accumulated amortization; (b) tangible assets as total assets less goodwill and core deposit intangibles, net of accumulated amortization; and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For tangible common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total stockholders’ equity to total assets.

We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, in each case, exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible common equity to tangible assets:

	As of
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023
	(Dollars in thousands)
Tangible Common Equity
Total stockholders’ equity	$	1,601,069		$	1,608,014		$	1,548,616		$	1,538,515		$	1,531,323
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(18,744	)		(21,182	)		(23,619	)		(26,057	)		(28,495	)
Tangible common equity	$	1,177,873		$	1,182,380		$	1,120,545		$	1,108,006		$	1,098,376
Tangible Assets
Total assets	$	12,768,341		$	13,042,976		$	12,684,330		$	12,708,396		$	12,394,337
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(18,744	)		(21,182	)		(23,619	)		(26,057	)		(28,495	)
Tangible Assets	$	12,345,145		$	12,617,342		$	12,256,259		$	12,277,887		$	11,961,390
Tangible Common Equity to Tangible Assets		9.54	%		9.37	%		9.14	%		9.02	%		9.18	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Return on Average Tangible Common Equity. Return on average tangible common equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) net income available for common stockholders adjusted for amortization of core deposit intangibles (which we refer to as “return”) as net income, plus amortization of core deposit intangibles, less tax benefit at the statutory rate; (b) average tangible common equity as total average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization; and (c) return (as described in clause (a)) divided by average tangible common equity (as described in clause (b)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

We believe that this measure is important to many investors in the marketplace who are interested in the return on common equity, exclusive of the impact of core deposit intangibles. Goodwill and core deposit intangibles have the effect of increasing total stockholders’ equity while not increasing our tangible common equity. This measure is particularly relevant to acquisitive institutions that may have higher balances in goodwill and core deposit intangibles than non-acquisitive institutions.

The following table reconciles, as of the dates set forth below, average tangible common equity to average common equity and net income available for common stockholders adjusted for amortization of core deposit intangibles, net of taxes to net income and presents our return on average tangible common equity:

	For the Quarter Ended															For the Year Ended
	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023
	(Dollars in thousands)
Net income available for common stockholders adjusted for amortization of core deposit intangibles
Net income	$	24,882		$	31,001		$	27,202		$	24,156		$	3,499		$	107,241		$	108,261
Adjustments:
Plus: Amortization of core deposit intangibles		2,437			2,438			2,438			2,438			2,438			9,751			9,752
Less: Tax benefit at the statutory rate		512			512			512			512			512			2,048			2,048
Net income available for common stockholders adjusted for amortization of core deposit intangibles	$	26,807		$	32,927		$	29,128		$	26,082		$	5,425		$	114,944		$	115,965

Average Tangible Common Equity
Total average stockholders’ equity	$	1,604,335		$	1,583,401		$	1,541,609		$	1,533,868		$	1,510,286		$	1,565,957		$	1,501,525
Adjustments:
Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Average core deposit intangibles		(20,342	)		(22,789	)		(25,218	)		(27,656	)		(30,093	)		(23,988	)		(33,718	)
Average tangible common equity	$	1,179,541		$	1,156,160		$	1,111,939		$	1,101,760		$	1,075,741		$	1,137,517		$	1,063,355
Return on Average Tangible Common Equity (Annualized)		9.04	%		11.33	%		10.54	%		9.52	%		2.00	%		10.10	%		10.91	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Operating Earnings, Pre-tax, Pre-provision Operating Earnings and performance metrics calculated using Operating Earnings and Pre-tax, Pre-provision Operating Earnings, including Diluted Operating Earnings per Share, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Loans, Operating Return on Average Tangible Common Equity and Operating Efficiency Ratio. Operating earnings, pre-tax, pre-provision operating earnings and the performance metrics calculated using these metrics, listed below, are non-GAAP measures used by management to evaluate the Company’s financial performance. We calculate (a) operating earnings as net income plus equity method investment write-down, plus FDIC special assessment, plus severance payments, plus loss on sale of debt securities AFS, net, less tax impact of adjustments, plus nonrecurring tax adjustments. We calculate (b) diluted operating earnings per share as operating earnings as described in clause (a) divided by weighted average diluted shares outstanding. We calculate (c) pre-tax, pre-provision operating earnings as operating earnings as described in clause (a) plus provision for income taxes, plus benefit (provision) for credit losses and unfunded commitments. We calculate (d) pre-tax, pre-provision operating return on average assets as pre-tax, pre-provision operating earnings as described in clause (a) divided by total average assets. We calculate (e) operating return on average assets as operating earnings as described in clause (a) divided by total average assets. We calculate (f) operating return on average tangible common equity as operating earnings as described in clause (a), adjusted for the amortization of intangibles and tax benefit at the statutory rate, divided by total average tangible common equity (average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization). We calculate (g) operating efficiency ratio as noninterest expense plus adjustments to operating noninterest expense divided by noninterest income plus adjustments to operating noninterest income, plus net interest income

We believe that these measures and the operating metrics calculated utilizing these measures are important to management and many investors in the marketplace who are interested in understanding the ongoing operating performance of the Company and provide meaningful comparisons to its peers.

The following tables reconcile, as of the dates set forth below, operating net income and pre-tax, pre-provision operating earnings and related metrics:

	For the Quarter Ended										For the Year Ended
	Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Dec 31, 2024		Dec 31, 2023
	(Dollars in thousands, except per share data)
Operating Earnings
Net income	$	24,882	$	31,001	$	27,202	$	24,156	$	3,499	$	107,241	$	108,261
Plus: Equity method investment write-down		—		—		—		—		29,417		—		29,417
Plus: FDIC special assessment		—		—		134		—		768		134		768
Plus: Severance payments¹		1,545		1,487		613		—		—		3,645		1,950
Plus: Loss on sale of debt securities AFS, net		4,397		—		—		6,304		—		10,701		5,321
Operating pre-tax income		30,824		32,488		27,949		30,460		33,684		121,721		145,717
Less: Tax impact of adjustments		1,248		307		166		1,323		2,059		3,044		3,603
Plus: Nonrecurring tax adjustments		193		—		527		—		—		720		—
Operating earnings	$	29,769	$	32,181	$	28,310	$	29,137	$	31,625	$	119,397	$	142,114

Weighted average diluted shares outstanding		55,237		54,932		54,823		54,842		54,691		54,958		54,596
Diluted EPS	$	0.45	$	0.56	$	0.50	$	0.44	$	0.06	$	1.95	$	1.98
Diluted operating EPS	$	0.54	$	0.59	$	0.52	$	0.53	$	0.58	$	2.17	$	2.60

¹ Severance payments relate to restructurings made during the periods disclosed.

	For the Quarter Ended															For the Year Ended
(Dollars in thousands)	Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Dec 31, 2024			Dec 31, 2023
Pre-Tax, Pre-Provision Operating Earnings
Net Income	$	24,882		$	31,001		$	27,202		$	24,156		$	3,499		$	107,241		$	108,261
Plus: Provision for income taxes		8,222			8,067			8,221			7,237			6,004			31,747			36,023
Plus: Provision for credit losses and unfunded commitments		1,899			4,000			8,250			5,959			8,000			20,108			40,471
Plus: Severance payments		1,545			1,487			613			—			—			3,645			1,950
Plus: Loss on sale of AFS, net		4,397			—			—			6,304			—			10,701			5,321
Plus: Equity method investment write-down		—			—			—			—			29,417			—			29,417
Plus: FDIC special assessment		—			—			134			—			768			134			768
Net pre-tax, pre-provision operating earnings	$	40,945		$	44,555		$	44,420		$	43,656		$	47,688		$	173,576		$	222,211

Average total assets	$	12,750,972		$	12,861,918		$	12,578,706		$	12,336,042		$	12,306,634		$	12,632,863		$	12,282,747
Pre-tax, pre-provision operating return on average assets¹		1.28	%		1.38	%		1.42	%		1.42	%		1.54	%		1.37	%		1.81	%

Average loans	$	9,449,565		$	9,661,774		$	9,765,428		$	9,563,372		$	9,581,784		$	9,609,738		$	9,591,666
Pre-tax, pre-provision operating return on average loans¹		1.72	%		1.83	%		1.83	%		1.84	%		1.97	%		1.81	%		2.32	%

Average Total Assets	$	12,750,972		$	12,861,918		$	12,578,706		$	12,336,042		$	12,306,634		$	12,632,863		$	12,282,747
Return on average assets¹		0.78	%		0.96	%		0.87	%		0.79	%		0.11	%		0.85	%		0.88	%
Operating return on average assets¹		0.93			1.00			0.91			0.95			1.02			0.95			1.16

Operating earnings adjusted for amortization of core deposit intangibles
Operating earnings	$	29,769		$	32,181		$	28,310		$	29,137		$	31,625		$	119,397		$	142,114
Adjustments:
Plus: Amortization of core deposit intangibles		2,437			2,438			2,438			2,438			2,438			9,751			9,752
Less: Tax benefit at the statutory rate		512			512			512			512			512			2,048			2,048
Operating earnings adjusted for amortization of core deposit intangibles	$	31,694		$	34,107		$	30,236		$	31,063		$	33,551		$	127,100		$	149,818

Average Tangible Common Equity
Total average stockholders’ equity	$	1,604,335		$	1,583,401		$	1,541,609		$	1,533,868		$	1,510,286		$	1,565,957		$	1,501,525
Adjustments:
Less: Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Less: Average core deposit intangibles		(20,342	)		(22,789	)		(25,218	)		(27,656	)		(30,093	)		(23,988	)		(33,718	)
Average tangible common equity	$	1,179,541		$	1,156,160		$	1,111,939		$	1,101,760		$	1,075,741		$	1,137,517		$	1,063,355
Operating return on average tangible common equity¹		10.69	%		11.74	%		10.94	%		11.34	%		12.37	%		11.17	%		14.09	%

Efficiency ratio		67.04	%		61.94	%		59.11	%		62.45	%		77.49	%		62.62	%		55.82	%
Operating efficiency ratio
Net interest income	$	96,141		$	100,062		$	96,236		$	92,806		$	95,533		$	385,245		$	399,114
Noninterest income (loss)		10,056			13,106			10,578			6,662			(17,792	)		40,402			19,105
Plus: Loss on sale of AFS, net		4,397			—			—			6,304			—			10,701			5,321
Plus: Equity method investment write-down		—			—			—			—			29,417			—			29,417
Operating noninterest income		14,453			13,106			10,578			12,966			11,625			51,103			53,843
Noninterest expense		71,194			70,100			63,141			62,116			60,238			266,551			233,464
Less: FDIC special assessment		—			—			134			—			768			134			768
Less: Severance payments		1,545			1,487			613			—			—			3,645			1,950
Operating noninterest expense	$	69,649		$	68,613		$	62,394		$	62,116		$	59,470		$	262,772		$	230,746
Operating efficiency ratio		62.98	%		60.63	%		58.41	%		58.73	%		55.50	%		60.22	%		50.94	%

¹ Annualized ratio for quarterly metrics.

The MIL Network –

January 29, 2025

MIL-OSI New Zealand: Business and Renewables – Fonterra announces electrification plans to future-proof operations

Source: Fonterra

Fonterra is taking another significant step toward its climate goals and operational resilience with $150 million in investments in electrification projects across the North Island over the next 18 months.

Investments into electric boilers at the Co-operative’s Whareroa, Edgecumbe and Waitoa sites, along with further fleet decarbonisation, marks further steps in renewable energy supporting the Co-operative’s sustainability targets* while future-proofing operations.

Fonterra aims to build enduring, cost-efficient assets while enhancing energy security across its manufacturing operations and ensuring a sustainable energy supply.

Fonterra’s Chief Operating Officer, Anna Palairet, says the investments are a significant step for the Co-operative’s future operations.

“Last year we turned off the last coal boiler in the North Island, meaning manufacturing operations in the North Island are now coal-free. These investments are the next step in creating enduring assets that are fit for the future, as we look to reduce our reliance on gas.

“Choosing the right energy solutions is about striking a balance between affordability, security of energy supply and reducing our environmental footprint, and the new electric boilers are crucial to navigating this challenge.”

“These electrification projects are at the heart of ensuring efficient operations with a reliable energy supply for our manufacturing sites and to support the long-term sustainability of our business. It also represents a commitment to our farmer owners that we are building a resilient, future-ready Co-operative.”

Investments announced are:

Whareroa: The site will undergo a staged energy transformation with the first stage including the installation of two electrode boilers. The $64 million investment is expected to reduce the site’s annual emissions by an estimated 51,000 tonnes – the equivalent of removing around 21,000 cars from New Zealand roads – and contribute a 3% reduction** towards Fonterra’s overall 2030 Scope 1 and 2 GHG emissions reduction target.

Edgecumbe: The site will transition from the use of steam and electricity generated through a co-generation plant, to a reliable source of renewable energy with the installation of a new electrode boiler. The $57 million investment is expected to reduce the site’s annual emissions by an estimated 28,000 tonnes – equivalent to removing around 11,000 cars from New Zealand roads – and contribute a 1.5% reduction** towards Fonterra’s overall 2030 Scope 1 and 2 GHG emissions reduction target and reduce the Co-op’s overall natural gas reliance by approximately 8%***.

Waitoa and Waitoa UHT: Following the closure of its last coal boiler in November 2024, the Co-op is investing a further $18 million in installing two Resistive Element Boilers to boost heat production, while providing a secure and reliable energy source allowing for future growth in UHT processing.

Fleet decarbonisation: The next step in looking for more economical solutions for the future includes a pilot of six EV tankers and associated infrastructure later in the year, expected to provide an approximately 60% annual reduction in fuel costs per tanker, along with environmental benefits.

*The Co-operative’s target is 50.4% absolute reduction of Scope 1 & 2 GHG emissions by 2030 from a 2018 baseline.

** From a 2018 baseline.

*** An approximate 8% reduction from the Co-op’s average annual natural gas usage from FY23 and FY24.

About Fonterra

Fonterra is a co-operative owned and supplied by thousands of farming families across Aotearoa New Zealand. Through the spirit of co-operation and a can-do attitude, Fonterra’s farmers and employees share the goodness of our milk through innovative consumer, foodservice and ingredients brands. Sustainability is at the heart of everything we do, and we’re committed to leaving things in a better way than we found them. We are passionate about supporting our communities by Doing Good Together.

MIL OSI New Zealand News –

January 29, 2025

MIL-OSI USA: Wolf Moon in Washington

Source: NASA

A NASA photographer captured the full “wolf” moon rising over the Lincoln Memorial and Memorial Bridge on Jan. 13, 2025.
The Maine Farmers’ Almanac began publishing Native American names for full moons in the 1930s. Over time, these names have become widely known and used. According to this almanac, the full moon in January is called the Wolf Moon, from the packs of wolves heard howling outside the villages amid the cold and deep snows of winter.
Get tips and guides on skywatching.
Image credit: NASA/Bill Ingalls

MIL OSI USA News –

January 29, 2025

MIL-OSI Security: Albany Woman Indicted for Money Laundering

Source: Office of United States Attorneys

ALBANY, NEW YORK – Drasana Johnson, age 27, of Albany, has been indicted for laundering over $850,000 in stolen government funds, approximately $200,000 of which she used to purchase a residential property.

United States Attorney Carla B. Freedman; Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI); and Charmeka Parker, Special Agent in Charge of the U.S. Department of Agriculture – Office of Inspector General (USDA-OIG) Northeast Region, made the announcement.

The indictment alleges that from May 25, 2023, through June 30, 2023, Johnson conducted seven monetary transactions each of a value greater than $10,000 and derived from the theft of government property.

According to a previously filed criminal complaint, Johnson laundered federal funds that Asjid Parvez stole from a U.S. Department of Agriculture program that helped struggling farmers pay off their loans. The charges in the indictment and complaint are merely accusations. The defendant is presumed innocent unless and until proven guilty.

The money laundering charges carry a maximum term of 10 years in prison, and a term of supervised release of up to 3 years. A defendant’s sentence is imposed by a judge based on the particular statute the defendant is charged with violating, the U.S. Sentencing Guidelines, and other factors.

Parvez, of Albany, was sentenced in May 2024 to 18 months in prison after pleading guilty to theft of federal funds.

The FBI has already seized $516,974.54 traceable to the federal funds that Parvez stole, and the U.S. Attorney’s Office’s Asset Recovery Unit has filed a civil action seeking the forfeiture of a residential property in Albany that Johnson is accused of purchased using approximately $202,675 in stolen funds.

The case is being investigated by the FBI and the USDA Office of Inspector General. Assistant U.S. Attorney Matthew M. Paulbeck is prosecuting the case and Assistant U.S. Attorney Elizabeth Conger is representing the United States in the asset forfeiture action.

MIL Security OSI –

January 29, 2025

MIL-OSI USA: Does Bird Flu Affect My Food?

Source: US State of Connecticut

Bird flu (avian influenza) has become an increased concern in the health community throughout the United States.

Within the past year, the disease has spread to cattle, and 68 people in North America have become ill from the disease and one has died.

The thought of the potential risk of contracting the disease from store-bought foods prepared and consumed at home is concerning to many consumers.

Here, UConn Extension educators provide information on how to prevent risk from bird flu exposure and how to prepare food properly to ensure food safety.

What is Bird Flu and How Does it Spread?

“Bird flu” is the name that has been used to describe a disease caused by the avian influenza virus (H5N1). It can spread among wild birds, poultry, cattle, pigs, and other animals.

Although uncommon, in a few cases the avian influenza virus has crossed over and caused illness in people. Human infection can occur through contact with bodily fluids or feces (poop) of infected birds or animals, and from touching surfaces that have been in contact with infected birds or animals.

Farm workers, hunters, and people who handle birds and animals for pets or livestock can be a risk for bird flu.

How Can I Protect Myself from Bird Flu?

Those who attend agricultural fairs, or visit farms should wash their hands thoroughly with soap and water after handling or petting birds and animals. Many areas have placed tighter restrictions on events such as petting zoos to minimize risk.

Proper food safety practices including hand washing and kitchen hygiene reduce the risk and spread of foodborne illnesses, including bird flu.

Thoroughly cooking poultry and meats kills harmful bacteria and viruses. Safely prepared and cooked poultry are safe to eat.

Proper food safety practices are important every day. In addition to proper processing, proper handling and cooking of poultry provides protection from viruses and bacteria, including bird flu.

Consuming raw milk can be risky because raw milk may contain viruses and bacteria. Pasteurization, a heat treatment process, effectively kills these harmful viruses and bacteria.

How to Prepare Foods Safely

Remember, follow these four basic food safety steps: Clean, Separate, Cook, and Chill.

Cook poultry to an internal temperature of at least 165 degrees Fahrenheit.
Ground beef should have a cooked temperature of 160 degrees Fahrenheit.
Whole cuts of beef should reach an internal temperature of 145 degrees Fahrenheit after resting for three minutes.
Keep raw poultry and meats separated from cooked foods to avoid cross-contamination.
Thoroughly wash all surfaces, utensils, and hands after handling raw and cooked foods.

For more information, visit the CDC website or the USDA website. For more UConn Extension publications, visit the UConn Extension website.

This work relates to CAHNR’s Strategic Vision area focused on Enhancing Health and Well-Being Locally, Nationally, and Globally.

Follow UConn CAHNR on social media

MIL OSI USA News –

January 29, 2025

MIL-OSI USA: Luján Statement on Trump Administration Efforts to Withhold Approved Federal Funding

US Senate News:

Source: United States Senator Ben Ray Luján (D-New Mexico)
Trump Effort Defies Federal Law, Constitution to Withhold Approved Federal Funding
Impact on New Mexico Would Be Unprecedented
Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.) issued the following statement regarding President Trump’s unlawful executive orders and new memoranda from the White House Office of Management and Budget (OMB) directing federal agencies to withhold federal funding that Congress has already appropriated:
“The Trump administration’s unlawful and unprecedented effort to withhold approved federal funding should cause concern to every American. Every county in New Mexico – our families, businesses, and communities – will be severely impacted and critical services and programs threatened.
“Billions of dollars for New Mexico and the nation are at stake. This will have a far-reaching impact across New Mexico, reducing health care access for working families, undercutting education programs for children, threatening research at the National Labs, rolling back our broadband efforts, holding funding for our specialty crop farmers, pausing VA transportation programs that help veterans get to medical appointments, and making it more difficult for law enforcement to keep our communities safe. This will create chaos and threaten local economies.
“Let’s be clear: the Constitution holds that Congress holds the power of the purse. Congress is an equal branch of government. And now, Congress – Republicans and Democrats – must stand up to the president to ensure that the administration carries out the law.”
A fact sheet detailing how presidents lack power to unilaterally override spending laws and deny enacted funding to communities through impoundment can be found here.

MIL OSI USA News –

January 29, 2025

MIL-OSI Europe: Briefing – Foot and mouth disease: Fresh cause for concern – 28-01-2025

Source: European Parliament

It has been 14 years since the last outbreak of foot and mouth disease (FMD) in a European Union (EU) country. However, three water buffaloes have recently tested positive for the disease in Germany. While FMD poses no risk to human health, it is a highly contagious viral disease that can affect various cloven-hoofed animals. The speed with which the disease spreads makes it essential to cull all animals hosted on the affected farm once an outbreak is detected, and to apply strict biosecurity measures. This results in significant economic losses. As a result of the 2001 outbreak in the United Kingdom (UK), over 6 million animals were culled in one year, costing more than £3 billion (more than €6.5 billion at current prices) in public expenditure and having a huge impact on the tourism sector. The EU has legislation in place outlining rules for the prevention and control of animal diseases such as FMD, including a notification system integrated into the World Animal Health Information System to facilitate a coordinated approach. The European Commission also cooperates with the United Nations Food and Agriculture Organization (FAO) to fight the spread of the disease. Since 1990, the use of preventive vaccines against FMD has been prohibited in the EU, except for in certain cases and in emergencies. Although conventional FMD vaccines protect livestock from developing the disease, vaccinated animals may still become infected and carry the disease.

MIL OSI Europe News –

January 29, 2025

MIL-OSI Europe: Written question – Non-conformity of feed used in the production of ‘Prosciutto di Parma’ PDO – E-000204/2025

Source: European Parliament

Question for written answer E-000204/2025
to the Commission
Rule 144
Cristina Guarda (Verts/ALE), Benedetta Scuderi (Verts/ALE)

Article 47(2) of Regulation (EU) 2024/1143 on geographical indications provides that the amount of feed not originating in the demarcated geographical area may not exceed 50 % of dry matter each year. The product specification for ‘Prosciutto di Parma’ (Parma ham) has recently been amended to ensure compliance with this requirement regarding the origin of feed.

A recent television investigation[1] carried out by RAI – Italian Radio Television – into Parma ham revealed a failure to comply with Article 47(2) of Regulation (EU) 2024/1143, highlighting in particular the clear failure to verify the origin of the feed for pigs intended for the production of such ham.

In view of the above, can the Commission answer the following questions:

1.Is the Commission aware of this situation and the infringement of EU law?
2.Does it consider it appropriate to take action and request an intervention by the Italian Ministry of Agriculture, Food Sovereignty and Forestry to put an end to this situation that is detrimental to the consumer and to the system of certification of geographical indications?
3.What is its assessment of hams from pigs reared on feed of unverified origin and their placing on the market following the entry into force of the new specification?

Submitted: 17.1.2025

[1] Minuto 31 https://www.rai.it/programmi/report/inchieste/Il-virus-e-il-nemico-in-casa-bf8df870-3e2b-40f7-a0e0-f66979e908a4.html.

Last updated: 28 January 2025

MIL OSI Europe News –

January 29, 2025

MIL-OSI Europe: Written question – Request for clarification on the measures weakening the EU fruit-growing sector and benefiting third-country imports – E-000203/2025

Source: European Parliament

Question for written answer E-000203/2025
to the Commission
Rule 144
Anna Maria Cisint (PfE), Sergio Berlato (ECR), Aldo Patriciello (PfE), Silvia Sardone (PfE), Roberto Vannacci (PfE), Pietro Fiocchi (ECR), Carlo Fidanza (ECR), Alessandro Ciriani (ECR), Stefano Cavedagna (ECR), Raffaele Stancanelli (PfE), Susanna Ceccardi (PfE)

European fruit and wine production is suffering from the decisions to reduce or ban a number of active substances that are needed to combat the most harmful plant diseases. These include the ban on outdoor use of thiamethoxam (Regulation (EU) 2023/334), which is used to target the American grapevine leafhopper (Scafoideus titanus), a vector of flavescence dorée disease, or the current proposals to ban the use of active substances that help to control the brown marmorated stink bug (Halymorpha halys), which would further damage Italian fruit growing. Over the last 15 years, Italy’s fruit and vegetable sector has lost 300 000 ha of farmland. Farmers are facing resistance in many fungal diseases, attacks by new alien pests and often extreme climate changes, severely affecting yields and harvesting options. These problems are compounded by incomprehensible import policies that benefit third countries and products grown with substances that are not authorised in the EU.

In view of the above:

1.When putting forward proposals to reduce or ban an active substance used in pest control, will the Commission assess in advance the existence and effectiveness of alternative tools, as well as the economic and social impact of the proposals?
2.What initiatives will it put in place to provide tangible support for EU fruit growing?

Submitted: 17.1.2025

Last updated: 28 January 2025

MIL OSI Europe News –

January 29, 2025

MIL-OSI Europe: Answer to a written question – Flooding and natural disasters in Rhodes and Lemnos – P-002710/2024(ASW)

Source: European Parliament

The whole EU territory is susceptible to climate change impacts[1]. As the first European Climate Risk Assessment underlined, risk ownership is shared across the EU, Member States, sub-national and private sector actors, along with the means and responsibility of acting on them. The Commission will continue to contribute to making Europe more climate resilient[2],[3], among others with a new EU Adaptation Plan.

Adaptation measures that meet the relevant criteria are eligible for the 30% budget of the EU funds set aside for climate, including the Cohesion fund[4], Next Generation EU[5], the European Regional Development Fund[6], the Common Agriculture Policy[7] and LIFE[8]. Greece is already receiving substantial funding to prevent and manage climate-related flood risks[9].

The EU Solidarity Fund (EUSF)[10] may cover part of the costs for emergency and recovery operations incurred by public authorities. Private damage is not eligible.

It can only be activated at the request of a Member State which has a deadline of 12 weeks as from when the first damage occurred, demonstrating that the total direct damage exceeds the thresholds specified in Article 2 Regulation (EC) No 2012/2002.

Greece requested EUSF assistance for the storm ‘Daniel’ disaster in November 2023. The Commission determined Greece’s application eligible for support and paid out EUR 101 million in 2024.

Greece has not submitted an EUSF application due to the flooding of Rhodes and Lemnos at the end of November 2024.

The Climate Change Mitigation and Adaptation subprogramme of the LIFE Programme[11] follows a bottom-up approach tailored to local needs and can also offer room for special attention to islands’ needs related to climate change.

[1] European Environment Agency, European Climate Risk Assessment, 2024.
[2] EU Strategy on Adaptation to Climate Change, COM(2021) 82 final.
[3] COM(2024) 91 final.
[4] https://ec.europa.eu/regional_policy/en/funding/cohesion-fund/
[5] https://next-generation-eu.europa.eu/index_en
[6] https://ec.europa.eu/regional_policy/en/funding/erdf/
[7] https://ec.europa.eu/info/food-farming-fisheries/key-policies/common-agricultural-policy/rural-development_en
[8] LIFE, https://cinea.ec.europa.eu/life_en
[9] Under Greece’s 2021-2027 Partnership Agreement for Regional Development (ESPA), over EUR 726 million in public funding is allocated to prevent and manage climate-related flood risks.
[10] Council Regulation (EC) No 2012/2002 of 11 November 2002 establishing the European Union Solidarity Fund (OJ L 311, 14.11.2002, p. 3) as amended by Regulation (EU) No 661/2014 of the European Parliament and the Council of 15 May 2014 (OJ L 189, 27.6.2014, p. 143) and by Regulation (EU) 2020/461 of the European Parliament and the Council of 30 March 2020 (OJ L 99, 31.3.2020, p. 9): https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32002R2012
[11] Budget of EUR 947 million for the period 2021-2027.

Last updated: 28 January 2025

MIL OSI Europe News –

January 29, 2025

MIL-Evening Report: As the Black Summer megafires neared, people rallied to save wildlife and domestic animals. But it came at a real cost

Source: The Conversation (Au and NZ) – By Danielle Celermajer, Professor of Sociology and Social Policy, University of Sydney

As the 2019-2020 megafires took hold across eastern Australia, many of us reeled at the sight of animals trying and often failing to flee. Our screens filled up with images of koalas with burned paws and possums in firefighter helmets.

The death toll was staggering, estimated at up to three billion wild animals killed or displaced. Millions more were severely injured. Tens of thousands of domesticated animals were killed or had to be euthanised.

In fighting these fires, authorities focused almost entirely on protecting human lives and property, other than targeted rescue efforts for the last remaining wild stand of Wollemi pine. The role of rescuing and caring for domesticated and wild animals fell almost entirely to community groups and individual carers, who stepped up to fill the gap at significant cost to themselves – financially, emotionally and sometimes even at a risk to their safety.

Our new research draws on more than 60 interviews with wildlife carers and groups in the Shoalhaven region south of Wollongong in New South Wales. These people spontaneously organised themselves to care for thousands of domesticated, farm and wild animals, from evacuating them from fire zones to giving them shelter, food, water and healthcare.

The lengths our interviewees went to were extraordinary. But these rescue efforts were largely invisible to authorities – and, as our interviewees told us, sometimes even condemned as irresponsible.

What did our interviews tell us?

The standard view in Australia is that only humans matter in the face of bushfires. But the way affected communities reached out to save as many animals as they could shows many people think we ought to be acting differently.

One interviewee told about screaming for “her babies” as Rural Fire Service firefighters evacuated her. In response, the firies searched the house for human babies to no avail. When they found out she meant her wombat joeys, they laughed in relief. But to our interviewee, the joeys were like her babies. The joeys were safe inside her house.

People cared for a wide range of species, from horses, chickens, bees and cows to native birds, possums, wombats and wallabies. Despite this, we found common themes.

Many people felt the system had let them down when it came to protecting animals. This is why many of them felt they had to take matters into their own hands to ensure that animals survived.

As one interviewee told us:

one thing that you have to realise, is people’s animals are their children, and they are their life. If you let someone think that their animal isn’t safe, they will put themselves in danger to try and get to that animal or save that animal […] That’s one thing the firies — you know, if they’re not an animal compassionate person, they don’t get that.

While some guidance on disaster preparation talks about how to protect pets such as cats and dogs, wildlife carers, farmers and horse owners often found themselves facing incoming fires with little or no information or support.

People also told us about a lack of information on how to care for different types of animals during disasters. Information was often nonexistent or hard to locate, making decision-making during the crisis very difficult.

As one farmer told us:

there’s not any information on realistically what you do with your animals in a case of […] a massive disaster. I mean, it’s like someone said about cutting the fences. But now you’ve got stocking cattle running through the bush and they don’t know where the fire’s going to turn or what’s going to happen.

The needs of animals differ significantly. It’s harder to find shelter for a horse than a smaller animal, for instance. Wildlife being cared for already need assistance, due to being orphaned, injured or ill. It’s harder to evacuate injured animals or joeys who need regular feeding than it is to evacuate healthy adult animals.

Our interviewees reported price spikes for transport, food, temporary fencing and medicines during the 2019-2020 emergency season. Caring for animals always comes with costs, but the cost burden intensified over the Black Summer and afterwards.

Caring for animals came with another cost too, to mental health. Many of our interviewees told us they still felt traumatised, even though our interviews were two or three years after the fires.

As one interviewee told us:

the people at Lake Conjola […] said it was like an apocalypse. They said there was dead birds dropping out of the sky. Kangaroos would come hopping out of the bush on fire […] I know it really heavily affected most people on the beach, the horrific things that they saw.

Despite facing a lack of formal support and with limited information, people organised themselves very quickly into networks to share access to safe land, transport, food, labour and information. Dedicated people set up social media groups to allocate tasks, call for help and so on. This unsung animal rescue effort was almost entirely driven by volunteers.

What should we do before the next megafires?

Australia will inevitably be hit by more megafires, as climate change brings more hot, dry fire weather and humidity falls over land.

What would it mean to include animals in our planning? To start with, more and better information for wildlife carers, farmers, pet owners and the wider community. It would mean directing more funds to animal care, both during and after disasters, and including animal care in local, state and federal disaster planning. It would mean improving communication networks so people know where to go.

To this end, we developed a new guide for communities wanting to be better prepared to help animals in the next disaster. We prototyped an app designed to help communities organise themselves in order to help animals during disasters.

The scale of the Black Summer fires found governments and communities largely
unprepared. But we are now in a position to learn from what happened.

As authorities prepare for the next fires, they should broaden how they think about disaster preparation. Our research suggests disaster planning needs to take place at a community level, rather than a focus on individual households. And vitally, authorities need to think of communities as made up of both humans and animals, rather than just humans.

This research project was funded by the Australian government via a Bushfire Recovery Grant from the Department of Industry, Science, Energy and Resources. It was conducted in partnership with the Shoalhaven City Council. This article was prepared solely by the University of Sydney research team and reflects our research and analysis only.

This research project was funded by the Australian government via a Bushfire Recovery Grant from the Department of Industry, Science, Energy and Resources. It was conducted in partnership with the Shoalhaven City Council.

– ref. As the Black Summer megafires neared, people rallied to save wildlife and domestic animals. But it came at a real cost – https://theconversation.com/as-the-black-summer-megafires-neared-people-rallied-to-save-wildlife-and-domestic-animals-but-it-came-at-a-real-cost-248432

MIL OSI Analysis – EveningReport.nz –

January 29, 2025

MIL-OSI USA: Wyden, Dexter Urge Trump to Make Good on Campaign Promises to Lower Food Prices for American Families

US Senate News:

Source: United States Senator Ron Wyden (D-Ore)
January 28, 2025
Washington, D.C. – U.S. Senator Ron Wyden and U.S. Representative Maxine Dexter today announced they have joined 19 legislative colleagues in a letter to Donald Trump urging him to take meaningful steps to lower grocery prices for American families.
During his campaign, Trump repeatedly promised he would lower food prices “immediately” if elected. However, during his first week, none of the many executive orders he signed addressed any sort of plan to lower food costs.
“Your sole action on costs was an executive order that contained only the barest mention of food prices and not a single specific policy to reduce them,” wrote the lawmakers. “You have tools you can use to lower grocery costs and crack down on corporate profiteering, and we write to ask if you will commit to using those tools to make good on your promises to the American people.”“To make food more affordable, you should look to the dominant food and grocery companies that have made record profits on the backs of working families who have had to pay higher prices,” continued the lawmakers. “If you are indeed committed to lowering food prices, we stand ready to work with you.”
The lawmakers laid out six recommendations for executive actions to lower prices by encouraging competition and fighting price-gouging at each level of the food supply chain:

Encourage the Federal Trade Commission (FTC) and U.S. Department of Agriculture (USDA) to prohibit exclusionary contracting by dominant firms in the food industry, making it harder for major retailers and food brands to shut out smaller suppliers and drive up prices at smaller stores.

Encourage the FTC to issue guidance on potential violations of the Robinson Patman Act and Section 5 of the FTC Act within the food industry and take enforcement action where merited.

Work with the USDA to increase the number of government contract recipients that are very small businesses and to ensure that government contracting considers the long-term costs of food sector consolidation.

Help the Department of Justice (DOJ) and FTC scrutinize, and where appropriate, block mergers and acquisitions in the food and agricultural sectors.

Encourage the DOJ to prosecute actors in the agricultural and food sectors for price-fixing and other anticompetitive behavior.

Direct the Commodity Futures Trading Commission (CFTC) and FTC to form a joint task force to investigate food price manipulation throughout the supply chain.

“Americans are looking to you to lower food prices. Instead of working to lower their grocery bills, however, you have used the first week of your administration on attempting to end birthright citizenship, pardoning individuals who attacked the U.S. Capitol on January 6, and renaming a mountain,” concluded the lawmakers. “We urge you to make good on your campaign promise to lower food prices for American families.”Read the full text of the letter here.

MIL OSI USA News –

January 29, 2025

MIL-OSI Economics: The value of AI: How Microsoft’s customers and partners are reinventing how they do business today

Source: Microsoft

Headline: The value of AI: How Microsoft’s customers and partners are reinventing how they do business today

Organizational leaders in every industry around the world are evaluating ways AI can unlock opportunities, drive pragmatic innovation and yield value across their business. At Microsoft, we are dedicated to helping our customers accelerate AI Transformation by empowering human ambition with Copilots and agents, developing differentiated AI solutions and building scalable cybersecurity foundations. At Microsoft Ignite we made over 100 announcements that bring the latest innovation directly to our customers and partners, and shared how Microsoft is the only technology leader to offer three distinct AI platforms for them to build AI solutions:

Copilot is your UI for AI, with Copilot Studio enabling low-code creation of agents and extensibility to your data.
Azure AI Foundry is the only AI app server for building real-world, world-class, AI-native applications.
Microsoft Fabric is the AI data platform that provides one common way to reason over your data —no matter where it lives.

All three of these platforms are open and work synchronously to enable the development of modern AI solutions; and each is surrounded by our world-class security offerings so leaders can move their AI-first strategies forward with confidence.

As we look ahead to what we can achieve together, I remain inspired by the work we are doing today. Below are a handful of the many stories from the past quarter highlighting the differentiated AI solutions our customers and partners are driving to move business forward across industries and realize pragmatic value. Their success clearly illustrates that real results can be harnessed from AI today, and it is changing the way organizations do business.

To power its industrial IoT and AI platform, ABB Group leveraged Microsoft Azure OpenAI Service to create Genix Copilot: a generative AI-powered analytics suite aimed at solving some of the most complex industrial problems. The solution helps customers analyze key functions in their operations —such as asset and process performance, energy optimization and emission monitoring — with real-time operational insights. As a result, customers are seeing up to 35% savings in operations and maintenance, and up to 20% improvement in energy and emission optimization. ABB also saw an 80% decrease in service calls with the self-service capabilities of Genix Copilot.

Serving government healthcare agencies across the US, Acentra Health turned to Microsoft to help introduce the latest AI capabilities that maximize talent and cut costs in a secure, HIPAA-compliant manner. Using Azure OpenAI Service, the company developed MedScribe — an AI-powered tool reducing the time specially trained nursing staff spend on appeal determination letters. This innovation saved 11,000 nursing hours and nearly $800,000, reducing time spent on each appeal determination letter by about 50%. MedScribe also significantly enhanced operational efficiency, enabling nurses to process 20 to 30 letters daily with a 99% approval rate.

To ease challenges for small farmers, Romanian agribusiness group Agricover revolutionized access to credit by developing MyAgricover. Built with help from partner Avaelgo, the scalable digital platform utilizes Microsoft Azure, Azure API Management and Microsoft Fabric to automate the loan process and enable faster approvals and disbursements. This has empowered small farmers to grow their businesses and receive faster access to financing by reducing loan approval time by 90 percent — from 10 working days to a maximum of 24 hours.

Building on its status as a world-class airline with a strong Indian identity, Air India sought ways to enhance customer support while managing costs. By developing AI.g, one of the industry’s first generative AI virtual assistants built on Azure OpenAI Service, the airline upgraded the customer experience. Today, 97% of customer queries are handled with full automation, resulting in millions of dollars of support costs saved and improved customer satisfaction — further positioning the airline for continued growth.

BMW Group aimed to enhance data delivery efficiency and improve vehicle development and prototyping cycles by implementing a Mobile Data Recorder (MDR) solution with Azure App Service, Azure AI and Azure Kubernetes Service (AKS). The solution achieved 10 times more efficient data delivery, significantly improved data accessibility and elevated overall development quality. The MDR monitors and records more than 10,000 signals twice per second in every vehicle of BMW’s fleet of 3,500 development cars and transmits data within seconds to a centralized cloud back end. Using Azure AI Foundry and Azure OpenAI Service, BMW Group created an MDR copilot fueled by GPT-4o. Engineers can now chat with the interface using natural language, and the MDR copilot converts the conversations into KQL queries, simplifying access to technical insights. Moving from on-premises tools to a cloud-based system with faster data management also helps engineers troubleshoot in real time. The vehicle data covered by the system has doubled, and data delivery and analysis happen 10 times faster.

Coles Group modernized its logistics and administrative applications using Microsoft Azure Stack HCI to scale its edge AI capabilities and improve efficiency and customer experience across its 1,800 stores. By expanding its Azure Stack HCI footprint from two stores to over 500, Coles achieved a six-fold increase in the pace of application deployment, significantly enhancing operational efficiency and enabling rapid innovation without disrupting workloads. The retailer is also using Azure Machine Learning to train and develop edge AI models, speeding up data annotation time for training models by 50%.

Multinational advertising and media company Dentsu wanted to speed time to insights for its team of data scientists and media analysts to support its media planning and budget optimization. Using Microsoft Azure AI Foundry and Azure OpenAI Service, Dentsu developers built a predictive analytics copilot that uses conversational chat and draws on deep expertise in media forecasting, budgeting and optimization. This AI-driven tool has reduced time to media insights for employees and clients by 90% and cut analysis costs.

To overcome the limitations of its current systems, scale operations and automate processes across millions of workflows, Docusign created the Intelligent Agreement Management (IAM) platform on Azure. Using Azure AI, Azure Cosmos DB, Azure Logic Apps and AKS, the platform transforms agreement data into actionable insights to enhance productivity and accelerate contract review cycles. IAM also ensures better collaboration and unification across business systems to provide secure solutions tailored to diverse customer needs. For example, its customer KPC Private funds reported a 70% reduction in time and resources dedicated to agreement processes.

Emirates Global Aluminium (EGA) transformed its manufacturing operations by leveraging a hybrid environment with Azure Arc, Azure Stack HCI and Azure Kubernetes Service. This digital manufacturing platform resulted in 86% cost savings for AI image and video analytics and a 13-fold improvement in AI response times. The seamless hybrid cloud architecture has enhanced EGA’s operational efficiency and agility, supporting its Industry 4.0 transformation strategy.

EY collaborated with Microsoft to enhance the inclusivity of AI development using Azure AI Studio. By involving neurodivergent technologists from EY’s Neuro-Diverse Centers of Excellence, they improved the accessibility and productivity of AI tools, resulting in more inclusive AI solutions, fostering innovation and ensuring that AI tools unlock the potential of all users. With an estimated 20% of the global workforce identifying as neurodivergent, inclusive AI solutions are crucial for maximizing creativity and productivity. Neurodivergent EY technologists also collaborated with Microsoft developers to make Azure AI Foundry more inclusive and help all users work productively to create innovative AI solutions.

Colombian household appliance manufacturer Haceb integrated AI to optimize processes, reduce costs and improve service quality. Using Microsoft Copilot Studio and Azure OpenAI Service, the company created a virtual technical support assistant, saving its 245 technicians 5 minutes per visit — a total of 5,000 minutes saved daily. This AI solution has enhanced efficiency and boosted customer satisfaction by allowing for faster issue resolution. Haceb’s AI adoption has also empowered employees, boosted productivity and positioned the company as a leader in AI innovation in Colombia.

To better serve its global patients, Operation Smile — in collaboration with partner Squadra — leveraged Azure AI, Machine Learning and Microsoft Fabric to develop an AI-powered solution to predict surgical outcomes and optimize resource allocation. This innovation resulted in a 30% increase in surgical efficiency, a 90% reduction in translation errors and improved patient outcomes. Additionally, report generation is now up to 95% quicker, and repeated medical events have decreased by 15%, enabling Operation Smile to provide better care to more children worldwide.

Ontada — a McKesson business dedicated to oncology data and evidence, clinical education and point-of-care technologies — needed a way to generate key insights across 150 million unstructured oncology documents. Using Microsoft Azure AI and Azure OpenAI Service, Ontada developed a data platform solution called ON.Genuity to provide AI-driven insights into the patient journey, enhance patient trial matching and identify care gaps. The company also implemented large language models to target nearly 100 critical oncology data elements across 39 cancer types, enabling the company to analyze an estimated 70% of previously inaccessible data, reduce processing time by 75% and accelerate product time-to-market from months to just one week.

As the UK’s largest pet care company, Pets at Home sought a way to combat fraud across its retail operations — particularly as its online business continued to grow. Working closely with its fraud team, it adopted Copilot Studio to develop an AI agent that quickly identifies suspicious transactions. The agent autonomously gathers relevant information, performs analysis and shares it with a fraud agent to enable a manual, data-intensive investigative process while ensuring a human remains in the loop. With this low-code agent extending and seamlessly integrating into existing systems, the company’s fraud department can act more quickly; what used to take 20 to 30 minutes is now handled by the AI agent within seconds. The company is identifying fraud 10 times faster and is processing 20 times more cases a day. Now, the company can operate at scale with speed, efficiency and accuracy — with savings expected to be in the seven figures as it continues to build more agents.

Revenue Grid, a technology company specializing in sales engagement and revenue optimization solutions, partnered with Cloud Services to modernize its data infrastructure and develop a unified data warehouse capable of handling unstructured, semi-structured and structured data. By migrating to Microsoft Fabric, Revenue Grid can now deliver data-powered revenue intelligence, driven by a unified platform, elastic scalability, enhanced analytics capabilities and streamlined operations. Revenue Grid has reduced infrastructure costs by 60% while enhancing its analytical capabilities to improve real-time data processing, empowering sales teams with accurate and diverse data.

To better manage and integrate employee data across diverse regions and systems, UST built a comprehensive Employee Data platform on Microsoft Fabric. In under a year, UST migrated 20 years of employee data with all security measures to enhance data accessibility and employee productivity. The Meta Data Driven Integration (MDDI) framework in Fabric also helped the company cut data ingestion time by 50% so employees can focus more on analysis than preparation. As a result of this implementation, the company has seen an increase in collaboration and innovation from employees, helping put its values into action.

The Microsoft Commercial Marketplace offers millions of customers worldwide a convenient place to find, try and buy software and services across 140 countries. As a Marketplace partner, WeTransact is helping independent software vendors (ISVs) list and transact their software solutions — and find opportunities for co-selling and extending their reach to enterprise customers through development of the WeTransact platform. Powered by Azure OpenAI Service, the platform is changing the way partnerships are being built by using AI pairing to facilitate a “plug and play” reseller network. More than 300 ISVs worldwide have joined the Microsoft Commercial Marketplace using the WeTransact platform, cutting their time to publish by 75%.

The opportunity for AI to create value is no longer an ambition for the future — it is happening now, and organizational leaders across industries are investing in AI-first strategies to change the way they do business. We believe AI should empower human achievement and enrich the lives of employees; and we are uniquely differentiated to help you accelerate your AI Transformation responsibly and securely. Choosing the right technology provider comes down to trust, and I look forward to what we will achieve together as we partner with you on your AI journey.

MIL OSI Economics –

January 29, 2025

MIL-OSI Global: Five reasons why vertical farming is still the future, despite all the recent business failures

Source: The Conversation – UK – By Gail Taylor, Dean of Life Sciences, UCL

Don’t believe the tripe. Amorn Suriyan

Plant factories are failing, with multiple companies closing or going bankrupt in recent months. This includes the largest vertical farm on the planet, in Compton, Los Angeles.

Owned by San Francisco-based startup Plenty, the farm opened in 2023 to grow salads in partnership with Walmart. It was mothballed at the end of 2024, with the company citing the rising cost of energy in California as a major problem.

Despite raising over US$1 billion (£802 million) from investors, the company’s value has reportedly plummeted from US$1.9 billion to below US$15 million. It now aims to focus solely on strawberry production in Virginia.

New York-based Bowery Farming also halted all operations in late 2024, having previously being valued at US$2.3 billion. Fellow American vertical farmers AeroFarms, Kalera and AppHarvest have similarly filed for bankruptcy in the past two years, as has the UK’s Growing Underground, among various others.

Clearly these are major setbacks. Year-round illuminated greenhouses and stacked, controlled-environment warehouses for producing food have been hailed as a sustainable alternative to traditional farming, promising fresh food close to populations.

This reduces the need for transportation, which together with other issues in traditional farming such as soil degradation and forest clearing see it contributing around 20% of the greenhouse gases that lead to planetary warming and climate change.

Multiple new indoor-farming companies sprang into life in the past decade, driven by significant venture capital. They harnessed the latest in LED lighting and hydroponic and aeroponic growing systems, using land and water ten to 100 times more efficiently than in a field and with far fewer pesticides.

Initially developed to grow leafy greens and microgreens, these farms have more recently turned to higher value produce including herbs, strawberries, tomatoes and grapes.

Grow, baby, grow.
Gorodenkoff

Among the reasons for the business failures are rising energy costs; the fact that traditional farming is cheaper, making it hard to compete on price; and the fact that rising interest rates have made financing more expensive.

Together with other challenges such as high energy consumption and finding enough skilled labour, many opponents are writing this sector off as a fad that is unlikely to ever make a big impact on food security.

This ignores success stories, such as JFC and Grow-up Farms, which are regular suppliers to the UK supermarkets. But more broadly, there are various reasons why the critics are likely to be wrong:

1. We’re still early

Vertical farming has been proving itself by “learning by doing” for the past decade. Kicked off by Nasa space scientists seeking to grow food in hostile environments with zero gravity and heavy radiation, this field is still highly experimental.

New technologies like this one often conform to the Gartner hype cycle, where big initial expectations are rarely met, leading to a trough of disillusionment. Following this, the benefits start to crystallise as new players enter the market and mainstream adoption begins.

Vertical farming is only a very small proportion of total farming, but it looks very likely to flourish given the need to reduce greenhouse-gas emissions, and the threats to food security from climate change and population growth. In addition, the costs are likely to be reduced by the arrival of much more renewable energy at cheaper prices in years to come.

2. Heavy plant demand is coming

Society stands on the edge of an unprecedented transformation as it shifts away from fossil fuels. We’re going to move to a circular bioeconomy, in which green plants will be central as feedstocks for everything from aviation fuels to alternative proteins to vaccine production to plant-based plastics.

All this means greater pressure on land resources for food production, and an enhanced need for vertically stacked agriculture that recycles water and nutrients and requires fewer chemicals.

3. Science is on its side

Unexpected scientific discoveries continue to drive vertical farming. For example, tunable wavelength LEDs have shown that certain spectral bands can affect crops profoundly.

Far-red light, which is just beyond visible red light, promotes growth and flowering, raising lettuce yields by 30%, for example. Blue light can improve shelf-life and nutritional quality, even enhancing certain plant chemicals known to help prevent cancers.

The significance of these discoveries has yet to be fully realised, but by the complete control of the farming environment that indoor farming makes possible, we will be able to more easily tailor food quality for the betterment of people and the planet.

4. It’s horses for courses

Growing leafy greens indoors in California, as Plenty did, was always going to be challenging. This is the state where they invented the iceberg lettuce, where wall-to-wall sunshine and even temperatures enable farmers to grow enough salad greens to supply the whole of the US.

Contrast Singapore, where only 6% of fresh produce is locally grown. This has prompted the government to develop the “30 x 30” goal to supply 30% of nutritional needs by 2030, with vertical farming a key part of the strategy.

Similarly the United Arab Emirates imports over 90% of its food, and is looking towards a future that includes vertical farming. The UK and much of northern Europe, where the outdoor growing season is short and land is limited, can also benefit from these technologies (and indeed, do already).

It’s a different story in Singapore.
PrasitRodphan

5. Baby and bathwater

Unlike the cutting-edge LED-illuminated, stacked warehouses, intensive hydroponic greenhouses have been operating commercially for decades. The Netherlands leads the way in supplying year-round fresh produce from these structures, and is now the second biggest food exporter in the world.

Even in the UK, its common for such greenhouses to supply potted herbs, tomatoes and strawberries all year round.

These are a half-way house to vertical farming, and are also likely to be in greater demand in the coming decades. They could well extend their reach to supply fresh nutritious food to places where food security may be particularly challenged, such as Africa, south Asia and the Middle East.

Gail Taylor has received funding for research on vertical farming from the John B. Orr Endowment from the University of California, Davis and gift funding from the company, Plenty. Between 2021 and 2024 she was a member of the Scientific Advisory Board for the company Plantible Foods.

– ref. Five reasons why vertical farming is still the future, despite all the recent business failures – https://theconversation.com/five-reasons-why-vertical-farming-is-still-the-future-despite-all-the-recent-business-failures-248270

MIL OSI – Global Reports –

January 29, 2025

MIL-OSI USA: Governor Stein Announces Pratt & Whitney Will Expand Manufacturing Operations in Asheville

Source: US State of North Carolina

Headline: Governor Stein Announces Pratt & Whitney Will Expand Manufacturing Operations in Asheville

Governor Stein Announces Pratt & Whitney Will Expand Manufacturing Operations in Asheville
bwood
Tue, 01/28/2025 – 11:30

Raleigh, NC

Today, Governor Stein announced that Pratt & Whitney, an RTX business (NYSE: RTX), will expand its turbine airfoil manufacturing plant in Buncombe County, a significant vote of confidence in western North Carolina. The company’s expansion project will create 325 additional jobs and includes an additional investment of $285 million in Asheville.

“Western North Carolina’s economy took it on the chin after Hurricane Helene, yet still it remains an incredible place to work and do business,” said Governor Josh Stein. “Pratt & Whitney clearly sees the opportunities in North Carolina and the strength of our highly skilled workforce. We look forward to welcoming them here.”

Pratt & Whitney is a world leader in the design, manufacture, and service of aircraft engines and auxiliary power units. More than 17,000 customers operating in more than 200 countries and territories use Pratt & Whitney engines, with more than 90,000 engines currently in service. The company’s Asheville facility, first announced in October 2020, produces high-tech turbine airfoils, an important component in aircraft jet engines. The company’s new project will expand its production capacity to meet growing customer demand.

“Pratt & Whitney’s continued investment in Asheville is critical to meet the growing demand for our products, such as the GTF for the A320family and the F135 for the F-35 Lightning II,” said Asheville General Manager for Pratt & Whitney Dan Field. “We would like to thank the state, Buncombe County and Governor Stein for their support on this project. This latest round of investment allows us to add critical process elements for the manufacture of turbine airfoils and increase the overall delivery output of this facility, enabling us to deliver on our customer commitments while creating hundreds of new jobs in the Asheville community.”

“The aviation industry is a key driver of North Carolina’s economic success and Pratt & Whitney’s decision strengthens our aerospace ecosystem substantially,” said Commerce Secretary Lee Lilley.  “We will continue to invest in support systems, like our community colleges and universities, that help employers like Pratt & Whitney succeed in our state—and bolster Western NC’s economy.”

The North Carolina Department of Commerce led the state’s support for the company during its site evaluation and decision-making process.

The average salary for the new positions will be $62,413, compared with an average wage in Buncombe County of $55,416. The new positions will bring an annual payroll impact to the community of more than $20 million per year.

The company’s project in North Carolina will be facilitated, in part, by a Job Development Investment Grant (JDIG) approved by the state’s Economic Investment Committee earlier today. Over the course of the 12-year term of this grant, the project is estimated to grow the state’s economy by nearly $2.1 billion. Using a formula that takes into account the new tax revenues generated by the new jobs and the capital investment, the JDIG agreement authorizes the potential reimbursement to the company of up to $4,202,250, spread over 12 years. State payments only occur following performance verification by the departments of Commerce and Revenue that the company has met its incremental job creation and investment targets.

The project’s projected return on investment of public dollars is 317 per cent, meaning for every dollar of potential cost, the state receives $4.17 in state revenue. JDIG projects result in positive net tax revenue to the state treasury, even after taking into consideration the grant’s reimbursement payments to a given company.

Because Pratt & Whitney chose to expand in Buncombe County, classified by the state’s economic tier system as Tier 3, the company’s JDIG agreement also calls for moving $1,400,750 into the state’s Industrial Development Fund – Utility Account. The Utility Account helps rural communities finance necessary infrastructure upgrades to attract future business. Even when new jobs are created in a Tier 3 county such as Buncombe, the new tax revenue generated through JDIG grants helps more economically challenged communities elsewhere in the state.

“Many local, regional, and state organizations have worked hard to bring this new economic development project to Buncombe County, all while working diligently through the many details of storm recovery,” said Representative Eric Ager. “We look forward to seeing Pratt & Whitney continue to thrive in our great community.”

Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Community College System, the North Carolina Departments of Revenue and Transportation, N.C. Commerce’s Division of Workforce Solutions, the Office of Congressman Chuck Edwards, the Golden LEAF Foundation, Duke Energy, Asheville-Buncombe Technical Community College, Biltmore Farms, Buncombe County, the City of Asheville, and the Economic Development Coalition of Asheville and Buncombe County.

Jan 28, 2025

MIL OSI USA News –

January 29, 2025

MIL-OSI: Bybit Web3 Launches Telegram Mini Wallet to Simplify Wallet Creation for Web2 Users

Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, Jan. 28, 2025 (GLOBE NEWSWIRE) — Bybit Web3, the Web3 division of Bybit, today announced the launch of its Telegram Mini Wallet, a significant step towards bridging the gap between Web2 and Web3. This innovative feature empowers users to seamlessly create and manage their Bybit Wallets directly within the popular Telegram messaging app, eliminating the need for separate app downloads and streamlining their Web3 journey. This integration reflects Bybit’s strategic commitment to simplifying access to blockchain technology for a broader audience, particularly Telegram’s active user base.

Key Features and Benefits of the Bybit Telegram Mini Wallet:

Simplified Onboarding: Allows users to create a Bybit Wallet easily within the Telegram interface.
Integrated Asset Management: Enables depositing, withdrawing, and managing crypto assets directly within Telegram.
Improved User Experience: Offers opportunities to participate in campaigns, engage with the Bybit ecosystem, and explore Web3 within Telegram.
Enhanced Accessibility: Aims to break down the barriers to entry for Web2 users and support broader blockchain adoption.

“We’re thrilled to introduce the Telegram Mini Wallet — it’s a big step in our mission to bridge CeDeFi and become the gateway to everything on-chain,” said Emily Bao, Head of Spot and Web3. “By making wallet creation and management simpler, we’re opening the door for more people to experience the amazing possibilities of Web3. It’s all about making blockchain technology easy and accessible for everyone.”

Exploring New Possibilities: Bybit Telegram Mini Wallet and FarmX Campaign

The launch of the Telegram Mini Wallet aligns with the latest edition of FarmX, Bybit SpaceS’ flagship token farming initiative. This campaign features a prize pool exceeding $100,000, and an expanded selection of token rewards, including $PinEye, $FLOCK, and $USDT (via Tanssi).

Over 20,000 users have already won USDT in previous FarmX campaigns, with more than 5,000 joining within 24 hours during a first-come, first-served event. One user earned around 50 USDT, demonstrating the potential rewards available. The upcoming campaign provides an expanded scope, featuring 50,000 slots available for users to claim potential rewards.

The Telegram Mini Wallet addresses a common industry challenge: for many beginners, getting started with DeFi can be confusing, especially when it comes to choosing and setting up a Web3 wallet. By leveraging Telegram, a trusted platform familiar to millions, the Bybit Mini Telegram Wallet simplifies the process by allowing users to create and manage their Web3 wallet directly within the app. This seamless integration provides an easy and secure way for users to explore decentralized finance, offering a smoother introduction to owning and managing digital assets.

Users can seamlessly connect via the Telegram Mini Wallet or their Bybit Wallet, streamlining their participation in FarmX. Moreover, holding or staking $TON unlocks exclusive perks, such as boosted rewards in the TON Pool, further enhancing the earning potential.

Bybit’s Telegram Mini Wallet and FarmX campaign exemplifies its innovative approach to integrating social engagement with blockchain technology, empowering users with intuitive tools and generous rewards.

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 60 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit Web3, please visit Bybit Web3.

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

Contact

Head of PR
Tony Au
Bybit
tony.au@bybit.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/663c0477-8b1e-44e7-a7f4-fdd6a69a6018

The MIL Network –

January 29, 2025

MIL-OSI Canada: Mapping groundwater in southern Alberta

Source: Government of Canada regional news (2)

Communities across the province are growing and Alberta’s economy is thriving. This has led to increased demand for water, particularly in southern Alberta, which can be prone to drought and water shortages. With groundwater a critical source of water in the region, there is a need to fill in gaps and better understand how much is available to support communities and businesses in the years ahead.

Alberta’s government is providing a $3.8-million grant to the Alberta Geological Survey to complete a three-year study mapping the quality, quantity and location of groundwater across southern Alberta. Better understanding this groundwater will help the province make the most out of every drop to support families, business, farmers and ranchers and the environment.

“With growing communities and a thriving economy driving increased demand for water in Alberta, it’s more important than ever that we ensure we have a good understanding of all our sources of water, including groundwater. The results of this study will help ensure we are effectively managing our groundwater and improving the drought resilience of our communities and economy.”

Rebecca Schulz, Minister of Environment and Protected Areas

The Southern Alberta Groundwater Evaluation will provide important details on southern Alberta aquifers and provide important information to help regulatory decision makers and those who use groundwater, such as agricultural producers and rural communities. This information will produce better and faster regulatory decisions, and improve clarity and certainty for those applying to access groundwater.

“With a changing climate, growing population and economy, water availability is a critical issue, particularly in southern Alberta. Exploring groundwater offers potential to meet our growing water demands. This project aligns with groundwater projects supported by Alberta Innovates and will set a foundation for informed decision-making, ensuring sustainable use of and resiliency in Alberta’s groundwater resources.”

Vicki Lightbown, executive director, environmental innovation, Alberta Innovates

“Knowledge about the extent and availability and quality of groundwater is still rather limited in many regions of Alberta. This well-funded project in southern Alberta will greatly improve our understanding to what extent groundwater can serve as a potential source for drinking water, sustain agriculture, support industrial activities and maintain ecological balance.”

Bernhard Mayer, professor, department of earth, energy and environment, University of Calgary

The three-year study includes new hydrogeological mapping and three-dimensional modelling of aquifers in the South Saskatchewan River and Milk River basins. The study will also better quantify the effects that additional groundwater use may have on surface water availability and connected ecosystems. Interactive data and groundwater maps will be published online once the study is complete.

Quick facts

In 2023, 3.8 per cent of all water allocations licenced in Alberta were from groundwater sources.
In the South Saskatchewan River Basin, which includes the Bow, Oldman, South Saskatchewan and Red Deer River sub-basins, groundwater made up just 1.7 per cent of all water allocations with almost two-thirds of groundwater allocations for agricultural or municipal purposes.
More than 600,000 Albertans living in rural areas depend on groundwater as the source of their drinking water. Up to 1,250 cubic metres may be diverted annually for household use without obtaining a licence under the Water Act.
Regional groundwater mapping was done in the 1960s through the 1980s with a focus on groundwater exploration. It was not designed specifically to support the allocation of groundwater resources.
The Southern Alberta Groundwater Evaluation will be completed by 2027.

Related information

Alberta Geological Survey – groundwater geoscience program

MIL OSI Canada News –

January 29, 2025

MIL-OSI USA: Preventing the Spread of Avian Influenza

Source: US State of New York

Governor Kathy Hochul today announced New York State’s ongoing proactive measures to prevent the spread of the highly pathogenic avian influenza (HPAI) and facilitate early detection, particularly on New York farms. Following the detection of HPAI in poultry on a farm in Suffolk County and in several wild and domestic birds at a learning center in Putnam County, the State is encouraging organizations in contact with wild birds to remain vigilant for signs of illness in their domestic animals. Farms are urged to practice biosecurity measures to prevent the spread of the virus. While HPAI can spread quickly among wild birds and poultry, there have been no documented human cases in New York State, and the risk to humans is low.

“At my direction, New York State is continuing to monitor for HPAI and take proactive measures to keep our communities safe,” Governor Hochul said. “While the risk to public health remains low, I encourage all New Yorkers, especially individuals frequently in contact with poultry and wild birds, to remain vigilant and take the necessary steps to protect our state.”

New York State Department of Agriculture and Markets Commissioner Richard A. Ball said, “New York State has been monitoring for HPAI and taking a number of proactive measures to prevent the spread of HPAI in the state since the first detection in a backyard poultry operation here in 2022. The protocols we have in place, and continue to update, for early detection in poultry and livestock are working, helping us to identify cases and deploy resources to help. We encourage everyone who keeps poultry and livestock to be vigilant about minimizing their animals’ exposure to the virus and to wild bird populations and practice good biosecurity measures.”

New York State Department of Health Commissioner Dr. James McDonald said, “As Highly Pathogenic Avian Influenza continues to be detected in New York State, we are remaining vigilant and are working closely with our state and local partners to minimize the risk to people who have or may come into contact with infected animals. The State Department of Health will continue to support farmers and other industry professionals who have contact with wild birds with resources and guidance. While the risk to humans remains low, we will continue to monitor these detections in animals including livestock and poultry to assess any potential risks to public health and safety.”

New York State Department of Environmental Conservation Interim Commissioner Sean Mahar said, “The DEC continues to work closely with State and federal partners to reduce the spread of HPAI. New Yorkers are encouraged to avoid direct contact with sick or dead wild birds and poultry, especially waterfowl and raptors, and hunters are reminded to not harvest sick or dead animals. People should report unusual wildlife mortalities to their local DEC regional office.”

The New York State Department of Health is also reminding the public that this recent HPAI detection does not present an immediate public health concern. The State Department of Health is providing guidance and resources to the local health departments that responded to these two situations. Individuals who may have had contact with infected birds are being monitored for symptoms and will be evaluated for HPAI if any become sick.

While both recent HPAI cases are under control and surveillance of surrounding farms continues, the State continues to urge those involved in poultry production to take extra steps to prevent their flocks from becoming infected. All poultry producers, from small backyard to large commercial operations, should review their biosecurity plans and take precautions to protect their birds. Poultry biosecurity materials and checklists can be found on the USDA’s “Defend the Flock” website.

In addition to practicing good biosecurity, poultry owners should keep their birds away from wild ducks and geese and their droppings. Outdoor access for poultry should be limited at this time, particularly as the State continues to see HPAI detections in wild bird populations.

To report sick birds, unexplained high number of deaths, or sudden drop in egg production, please contact the New York State Department of Agriculture and Markets (AGM) Division of Animal Industry at (518) 457-3502 or the USDA at (866) 536-7593.

HPAI in Dairy Cattle
AGM also recently announced that it is implementing new testing initiatives on dairy farms as part of its aggressive, proactive response to the outbreak of HPAI in livestock in other states. Working in close collaboration with federal partners, including USDA’s Animal and Plant Health Inspection Service, FDA, and the National Association of State Departments of Agriculture, and state partners, including the New York State Department of Health, this enhanced testing strategy is part of the State’s effort to protect animal and human health and prevent the transmission of HPAI in livestock in New York State. While there have been no detections of HPAI in livestock in New York to date, the State’s comprehensive approach is aimed at ensuring the state remains free of HPAI and facilitating early detection.

In addition to the new testing initiative, New York State has implemented multiple preventative measures to protect animal and human health since the first detection of HPAI in dairy cattle in Texas in March 2024. In April, June, and August 2024, the Department issued orders on import requirements for dairy cattle coming into New York as well as testing requirements for lactating dairy cattle entering fairs or exhibitions. These orders continue to remain in place until further notice.

USDA offers several producer support programs that are available to all dairy producers as well as certain programs only available to dairy producers with HPAI-positive herds. These programs include tools to support biosecurity planning and implementation as well as financial support programs to offset costs associated with HPAI testing, veterinary expenses, personal protective equipment purchases, milk disposal, and milk losses.

MIL OSI USA News –

January 29, 2025

MIL-OSI USA: Welch, Collins Introduce Bipartisan Bills that Support Vermont’s Maple Industry

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) recently joined Senator Susan Collins (R-Maine) to introduce the Making Agricultural Products Locally Essential (MAPLE) Act and the Supporting All Producers (SAP) Act, two bipartisan, bicameral bills to support Vermont’s maple industry.
The MAPLE Act would provide a new market for maple syrup producers while increasing seniors’ access to nutritious, locally sourced maple syrup products by adding maple syrup to the eligible products under the Seniors Farmers Market Nutrition Program (SFMNP). SFMNP gives low-income seniors access to locally grown fruits, vegetables, honey, and herbs at farmers’ markets, roadside stands, and community-supported agriculture programs. The bill is cosponsored in the Senate by Minority Leader Chuck Schumer (D-N.Y.) and Senators Bernie Sanders (I-Vt.), Angus King (I-Maine), and Kirsten Gillibrand (D-N.Y.) and led in the House by Reps. Nick Langworthy (R-NY-23) and Joe Courtney (D-CT-02).
The SAP Act would require the U.S. Department of Agriculture to consult with maple producers when determining education and research priorities for the Acer Access and Development Program (Acer), a competitive grant program supporting research and education related to maple syrup production and sustainability in the industry. The bill is cosponsored in the Senate by Senator Angus King and is led in the House by Reps. Nick Langworthy and Becca Balint (VT-At-Large).
“Sharing our state’s world-class maple with families across the country is a lifelong tradition for Vermonters. Preserving this part of our culture is crucial to ensuring Vermont’s sugarmakers can continue setting the gold standard in maple production for generations to come,” said Senator Welch. “The MAPLE Act and the SAP Act are strong, bipartisan bills that will support Vermont’s first-in-the-nation maple industry, and benefit maple lovers and our local economy.”
“Maine is the third largest producer of pure maple syrup in the country, producing more than 575,000 gallons in a normal season, and bringing in more than $55 million to our state each year while supporting hundreds of local jobs,” said Senator Collins. “These bills support both local producers and consumers and make this market more accessible for all Mainers.”
“New York’s farmers and growers are some of the most important drivers of our state and district’s economy, and provide critical food resources to Americans,” said Rep. Langworthy. “These pieces of legislation are specifically crafted with the help of stakeholders and leaders to help our hardworking farmers and producers, benefit seniors, and help our rural communities grow. I was disappointed we couldn’t get bipartisan cooperation to get the Farm Bill passed in the last Congress, but I look forward to working with House Agriculture Chairman GT Thompson and my colleagues on both sides of the aisle to ensure these initiatives stay in the base text of the bill and we get it across the finish line.”
“The Seniors Farmer’s Market Nutrition Program (SFMNP) has long helped seniors afford fresh fruits, vegetables, honey, and herbs from their local farmers markets. My colleagues and I are working together once again to expand the program to allow local maple syrup to be purchased with SFMNP benefits,” said Rep. Courtney. “The MAPLE Act would help seniors afford high-quality local maple syrup while supporting Connecticut’s excellent maple syrup producers. I look forward to working with my colleagues and our maple syrup producers to see this bill advanced in the new Congress.”
“In Vermont, our tight-knit communities flourish in part because of the strength of our culture and family farms, which in many towns is driven by maple syrup production. Input from maple producers themselves will allow for further education and research methods to strengthen this critical industry. I’m proud to reintroduce this bipartisan legislation with Rep. Langworthy and Sen. Welch to support our region’s maple industry,” said Rep. Balint.
The MAPLE Act and SAP Act are endorsed by the Vermont Maple Sugar Makers Association, New York Farm Bureau, and the New York State Maple Producers Association.
Learn more about the MAPLE Act and read the full text of the bill.
Learn more about the SAP Act and read the full text of the bill.

MIL OSI USA News –

January 29, 2025

MIL-OSI: Eagle Bancorp Montana Earns $3.4 Million, or $0.44 per Diluted Share, in the Fourth Quarter of 2024 and $9.8 Million, or $1.24 per Diluted Share for the Year 2024; Declares Quarterly Cash Dividend of $0.1425 Per Share

Source: GlobeNewswire (MIL-OSI)

HELENA, Mont., Jan. 28, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $3.4 million, or $0.44 per diluted share, in the fourth quarter of 2024, compared to $2.7 million, or $0.34 per diluted share, in the preceding quarter, and $2.2 million, or $0.28 per diluted share, in the fourth quarter of 2023. For the year ended December 31, 2024, net income was $9.8 million, or $1.24 per diluted share, compared to $10.1 million, or $1.29 per diluted share, in 2023.

Eagle’s board of directors declared a quarterly cash dividend of $0.1425 per share on January 23, 2025. The dividend will be payable March 7, 2025, to shareholders of record February 14, 2025. The current dividend represents an annualized yield of 3.93% based on recent market prices.

“Eagle’s fourth quarter operating results were highlighted by strong quarterly deposit growth, sound revenue generation, and net interest margin expansion,” said Laura F. Clark, President and CEO. “We continue to maintain a stable core deposit base, with non-CDs representing 72.4% of total deposits at year end. Additionally, we continue to maintain quality credit. While loan growth has moderated in recent quarters, we are anticipating steady single-digit loan growth in the year ahead.”

Fourth Quarter 2024 Highlights (at or for the three-month period ended December 31, 2024, except where noted):

Net income increased 26.7% to $3.4 million, or $0.44 per diluted share, in the fourth quarter of 2024, compared to $2.7 million, or $0.34 per diluted share, in the preceding quarter, and increased 58.6% compared to $2.2 million, or $0.28 per diluted share, in the fourth quarter a year ago.
Net interest margin (“NIM”) was 3.59% in the fourth quarter of 2024, a 25 basis point increase compared to 3.34% in the preceding quarter and a 27 basis point increase compared to the fourth quarter a year ago.
Revenues (net interest income before the provision for credit losses, plus noninterest income) increased 2.8% to $21.4 million in the fourth quarter of 2024, compared to $20.8 million in the preceding quarter and increased 1.7% compared to $21.0 million in the fourth quarter a year ago.
Total loans increased 2.4% to $1.52 billion, at December 31, 2024, compared to $1.48 billion a year earlier, and decreased 0.9% compared to $1.53 billion at September 30, 2024.
Total deposits increased $46.0 million or 2.8% to $1.68 billion at December 31, 2024, compared to a year earlier, and increased $30.7 million or 1.9%, compared to September 30, 2024.
The allowance for credit losses represented 1.11% of portfolio loans and 437.7% of nonperforming loans at December 31, 2024, compared to 1.11% of portfolio loans and 195.2% of nonperforming loans at December 31, 2023.

The Company’s available borrowing capacity was approximately $404.0 million at December 31, 2024, compared to $398.5 million at December 31, 2023.

	December 31, 2024				December 31, 2023
(Dollars in thousands)	Borrowings Outstanding		Remaining Borrowing Capacity			Borrowings Outstanding		Remaining Borrowing Capacity
Federal Home Loan Bank advances	$	140,930	$	276,664		$	175,737	$	266,017
Federal Reserve Bank discount window		–		27,349			–		32,472
Correspondent bank lines of credit		–		100,000			–		100,000
Total	$	140,930	$	404,013		$	175,737	$	398,489

The Company paid a quarterly cash dividend in the fourth quarter of $0.1425 per share on December 6, 2024, to shareholders of record November 15, 2024.

Balance Sheet Results
Eagle’s total assets increased 1.3% to $2.10 billion at December 31, 2024, compared to $2.08 billion a year ago, and decreased 2.0% compared to $2.15 billion three months earlier. The investment securities portfolio totaled $292.6 million at December 31, 2024, compared to $318.3 million a year ago, and $307.0 million at September 30, 2024.

Eagle originated $68.1 million in new residential mortgages during the quarter and sold $64.0 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 3.18%. This production compares to residential mortgage originations of $58.0 million in the preceding quarter with sales of $51.0 million and an average gross margin on sale of mortgage loans of approximately 3.31%. Mortgage volumes remain low as rates have continued to be elevated relative to rates on existing mortgages.

Total loans increased $36.2 million, or 2.4%, compared to a year ago, and decreased $14.0 million, or 0.9%, from three months earlier. Commercial real estate loans increased 6.1% to $646.0 million at December 31, 2024, compared to $608.7 million a year earlier. Commercial real estate loans were comprised of 71.4% non-owner occupied and 28.6% owner occupied at December 31, 2024. Agricultural and farmland loans increased 4.9% to $281.0 million at December 31, 2024, compared to $267.9 million a year earlier. Residential mortgage loans decreased 1.8% to $153.7 million, compared to $156.6 million a year earlier. Commercial loans increased 8.5% to $144.0 million, compared to $132.7 million a year ago. Commercial construction and development loans decreased 21.5% to $124.2 million, compared to $158.1 million a year ago. Home equity loans increased 12.2% to $97.5 million, residential construction loans increased 5.2% to $45.7 million, and consumer loans decreased 5.4% to $28.5 million, compared to a year ago.

“Similar to other community banks, our deposit mix has shifted towards higher yielding deposits over the last several quarters due to the higher interest rate environment. However, the recent Fed rate cuts have started to ease deposit pricing, and we anticipate this will continue as we move through this next rate cycle,” said Miranda Spaulding, CFO.

Total deposits increased to $1.68 billion at December 31, 2024, compared to $1.64 billion at December 31, 2023, and $1.65 billion at September 30, 2024. Noninterest-bearing checking accounts represented 24.9%, interest-bearing checking accounts represented 13.2%, savings accounts represented 12.5%, money market accounts comprised 21.8% and time certificates of deposit made up 27.6% of the total deposit portfolio at December 31, 2024. There were no brokered certificates at December 31, 2024, compared to $72.2 million at December 31, 2023, and $22.1 million at September 30, 2024. The average cost of total deposits was 1.71% in the fourth quarter of 2024, compared to 1.76% in the preceding quarter and 1.49% in the fourth quarter of 2023. The estimated amount of uninsured deposits was approximately $323.0 million, or 19% of total deposits, at December 31, 2024, compared to $307.0 million, or 18% of total deposits, at September 30, 2024.

Shareholders’ equity was $174.8 million at December 31, 2024, compared to $169.3 million a year earlier and $177.7 million three months earlier. Book value per share was $21.77 at December 31, 2024, compared to $21.11 a year earlier and $22.17 three months earlier. Tangible book value per share, a non-GAAP financial measure calculated by dividing shareholders’ equity, less goodwill and core deposit intangible, by common shares outstanding, was $16.88 at December 31, 2024, compared to $16.05 a year earlier and $17.23 three months earlier.

Operating Results
“The higher yields on interest earning assets combined with a lower cost of funds contributed to our 25 basis point NIM expansion during the quarter, compared to the preceding quarter,” said Spaulding. “We anticipate additional improvement in our cost of funds over the next several quarters.”

Eagle’s NIM was 3.59% in the fourth quarter of 2024, a 25 basis point increase compared to 3.34% in the preceding quarter and a 27 basis point improvement compared to the fourth quarter a year ago. The interest accretion on acquired loans totaled $161,000 and resulted in a four basis-point increase in the NIM during the fourth quarter of 2024, compared to $167,000 and a three basis-point increase in the NIM during the preceding quarter. Funding costs for the fourth quarter of 2024 were 2.69%, compared to 2.89% in the third quarter of 2024 and 2.58% in the fourth quarter of 2023. Average yields on interest earning assets for the fourth quarter of 2024 increased to 5.70%, compared to 5.66% in the third quarter of 2024 and 5.36% in the fourth quarter a year ago. For the year, the NIM was 3.42% compared to 3.51% for 2023.

Net interest income, before the provision for credit losses, increased 6.3% to $16.8 million in the fourth quarter of 2024, compared to $15.8 million in the third quarter of 2024, and increased 10.5% compared to $15.2 million in the fourth quarter of 2023. For the year, net interest income increased 1.5% to $63.4 million, compared to $62.5 million in 2023.

Fourth quarter revenues increased 2.8% to $21.4 million, compared to $20.8 million in the preceding quarter and increased 1.7% compared to $21.0 million in the fourth quarter a year ago. For the year 2024, revenues were $81.2 million, compared to $85.2 million in 2023. The decrease compared to a year ago was largely due to lower volumes in mortgage banking activity.

Total noninterest income decreased 8.2% to $4.6 million in the fourth quarter of 2024, compared to $5.0 million in the preceding quarter, and decreased 21.3% compared to $5.8 million in the fourth quarter a year ago. The decrease compared to the preceding quarter was largely due to income from bank owned life insurance of $724,000 recorded during the third quarter of 2024. Net mortgage banking income, the largest component of noninterest income, totaled $2.8 million in the fourth quarter of 2024, compared to $2.6 million in the preceding quarter and $3.7 million in the fourth quarter a year ago. This decrease compared to the fourth quarter a year ago was largely driven by a decline in net gain on sale of mortgage loans, which was impacted by lower mortgage loan volumes. For the year, noninterest income decreased 21.8% to $17.8 million, compared to $22.7 million in 2023. Net mortgage banking income decreased 33.1% to $10.0 million in 2024, compared to $15.0 million in 2023. These decreases were driven by a decline in net gain on sale of mortgage loans.

Eagle’s fourth quarter noninterest expense was $17.7 million, an increase of 2.5% compared to $17.3 million in the preceding quarter and a 6.3% decrease compared to $18.9 million in the fourth quarter a year ago. Lower salaries and employee benefits contributed to the decrease compared to the year ago quarter. For the year, noninterest expense decreased 3.9% to $69.3 million, compared to $72.1 million in 2023.

For the fourth quarter of 2024, the Company recorded income tax expense of $269,000. This compared to income tax expense of $529,000 in the preceding quarter and an income tax benefit of $315,000 in the fourth quarter of 2023. The effective tax rate for the year was 14.2% compared to 13.7% for the prior year and is due to the increase in proportion of tax-exempt income compared to pretax earnings, as well as tax credits from investments in low-income housing tax credit projects.

Credit Quality
Due to muted loan growth and positive economic factors within the CECL modeling, Eagle recorded a recapture in its provision for credit losses of $36,000 during the fourth quarter of 2024. This compared to a $277,000 provision for credit losses in the preceding quarter and $270,000 in the fourth quarter a year ago. The allowance for credit losses represented 437.7% of nonperforming loans at December 31, 2024, compared to 356.7% three months earlier and 195.2% a year earlier. Nonperforming loans were $3.9 million at December 31, 2024, $4.8 million at September 30, 2024, and $8.4 million a year earlier. Net loan charge-offs totaled $44,000 in the fourth quarter of 2024, compared to net loan charge-offs of $17,000 in the preceding quarter and net loan charge-offs of $10,000 in the fourth quarter a year ago. The allowance for credit losses was $16.9 million, or 1.11% of total loans, at December 31, 2024, compared to $17.1 million, or 1.12% of total loans, at September 30, 2024, and $16.4 million, or 1.11% of total loans, a year ago.

Capital Management
The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was 6.57% at December 31, 2024, up from 6.32% a year ago and 6.56% three months earlier. This ratio is a non-GAAP financial measure. For the most comparable GAAP financial measure, see “Reconciliation of Non-GAAP Financial Measures” below. As of December 31, 2024, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized. The Bank’s Tier 1 capital to adjusted total average assets was 10.07% as of December 31, 2024.

About the Company
Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 29 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”

Forward Looking Statements
This release may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as “believe,” “will” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” These forward-looking statements include, but are not limited to statements of our goals, intentions, expectations and anticipations; statements regarding our business plans, prospects, mergers, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the impact of any new regulatory, policy or enforcement developments resulting from the change in U.S. presidential administration; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; our ability to appropriately address social, environmental, and sustainability concerns that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.

Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

Use of Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, in this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.

The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Reconciliation of the GAAP and non-GAAP financial measures are presented below.

Balance Sheet
(Dollars in thousands, except per share data)				(Unaudited)
	December 31,			September 30,			December 31,
	2024			2024			2023

Assets:
Cash and due from banks	$	29,824		$	22,954		$	23,243
Interest bearing deposits in banks		1,735			19,035			1,302
Federal funds sold		–			200			–
Total cash and cash equivalents		31,559			42,189			24,545
Securities available-for-sale, at fair value		292,590			306,982			318,279
Federal Home Loan Bank (“FHLB”) stock		7,778			11,218			9,191
Federal Reserve Bank (“FRB”) stock		4,131			4,131			4,131
Mortgage loans held-for-sale, at fair value		13,368			13,429			11,432
Loans:
Real estate loans:
Residential 1-4 family		153,721			156,811			156,578
Residential 1-4 family construction		45,701			52,217			43,434
Commercial real estate		645,962			644,019			608,691
Commercial construction and development		124,211			125,323			158,132
Farmland		146,610			145,356			142,590
Other loans:
Home equity		97,543			93,646			86,932
Consumer		28,513			29,445			30,125
Commercial		144,039			143,190			132,709
Agricultural		134,346			144,645			125,298
Total loans		1,520,646			1,534,652			1,484,489
Allowance for credit losses		(16,850	)		(17,130	)		(16,440	)
Net loans		1,503,796			1,517,522			1,468,049
Accrued interest and dividends receivable		12,890			14,844			12,485
Mortgage servicing rights, net		15,376			15,443			15,853
Assets held-for-sale, at cost		960			257			–
Premises and equipment, net		101,540			100,297			94,282
Cash surrender value of life insurance, net		53,232			52,852			47,939
Goodwill		34,740			34,740			34,740
Core deposit intangible, net		4,499			4,834			5,880
Other assets		26,631			26,375			28,860
Total assets	$	2,103,090		$	2,145,113		$	2,075,666

Liabilities:
Deposit accounts:
Noninterest bearing	$	419,211		$	419,760		$	418,727
Interest bearing		1,262,017			1,230,752			1,216,468
Total deposits		1,681,228			1,650,512			1,635,195
Accrued expenses and other liabilities		47,018			38,593			36,462
FHLB advances and other borrowings		140,930			219,167			175,737
Other long-term debt, net		59,149			59,111			58,999
Total liabilities		1,928,325			1,967,383			1,906,393

Shareholders’ Equity:
Preferred stock (par value $0.01 per share; 1,000,000 shares
authorized; no shares issued or outstanding)		–			–			–
Common stock (par value $0.01; 20,000,000 shares authorized;
8,507,429 shares issued; 8,027,177, 8,016,784 and 8,016,784
shares outstanding at December 31, 2024, September 30, 2024, and
December 31, 2023, respectively		85			85			85
Additional paid-in capital		108,334			109,040			108,819
Unallocated common stock held by Employee Stock Ownership Plan		(4,011	)		(4,154	)		(4,583	)
Treasury stock, at cost (480,252, 490,645 and 490,645 shares at
December 31, 2024, September 30, 2024, and December 31, 2023, respectively)		(10,761	)		(11,124	)		(11,124	)
Retained earnings		101,264			98,979			96,021
Accumulated other comprehensive loss, net of tax		(20,146	)		(15,096	)		(19,945	)
Total shareholders’ equity		174,765			177,730			169,273
Total liabilities and shareholders’ equity	$	2,103,090		$	2,145,113		$	2,075,666

Income Statement				(Unaudited)						(Unaudited)
(Dollars in thousands, except per share data)	Three Months Ended									Years Ended
	December 31,			September 30,		December 31,				December 31,
	2024			2024		2023				2024			2023
Interest and dividend income:
Interest and fees on loans	$	23,756		$	23,802		$	21,481		$	92,282		$	79,423
Securities available-for-sale		2,475			2,598			2,790			10,428			11,376
FRB and FHLB dividends		308			266			247			1,085			727
Other interest income		148			94			23			416			89
Total interest and dividend income		26,687			26,760			24,541			104,211			91,615
Interest expense:
Interest expense on deposits		7,216			7,190			6,090			27,838			17,857
FHLB advances and other borrowings		2,005			3,084			2,569			10,211			8,562
Other long-term debt		676			684			684			2,724			2,719
Total interest expense		9,897			10,958			9,343			40,773			29,138
Net interest income		16,790			15,802			15,198			63,438			62,477
(Recapture) provision for credit losses		(36	)		277			270			518			1,456
Net interest income after provision for credit losses		16,826			15,525			14,928			62,920			61,021

Noninterest income:
Service charges on deposit accounts		387			430			444			1,645			1,757
Mortgage banking, net		2,818			2,602			3,718			10,014			14,970
Interchange and ATM fees		675			662			663			2,540			2,524
Appreciation in cash surrender value of life insurance		408			1,038			301			2,054			1,466
Net loss on sale of available-for-sale securities		(141	)		–			–			(141	)		(222	)
Other noninterest income		425			251			686			1,664			2,227
Total noninterest income		4,572			4,983			5,812			17,776			22,722

Noninterest expense:
Salaries and employee benefits		9,830			9,894			11,359			39,715			42,973
Occupancy and equipment expense		2,194			2,134			1,972			8,531			8,072
Data processing		1,715			1,587			1,673			6,209			5,943
Software subscriptions		576			511			519			2,127			2,064
Advertising		466			277			445			1,312			1,375
Amortization		337			337			386			1,391			1,587
Loan costs		372			385			461			1,567			1,887
FDIC insurance premiums		287			295			288			1,165			1,150
Professional and examination fees		596			438			438			1,941			1,922
Other noninterest expense		1,323			1,412			1,350			5,348			5,116
Total noninterest expense		17,696			17,270			18,891			69,306			72,089

Income before provision for income taxes		3,702			3,238			1,849			11,390			11,654
Provision (benefit) for income taxes		269			529			(315	)		1,612			1,598
Net income	$	3,433		$	2,709		$	2,164		$	9,778		$	10,056

Basic earnings per common share	$	0.44		$	0.35		$	0.28		$	1.25		$	1.29
Diluted earnings per common share	$	0.44		$	0.34		$	0.28		$	1.24		$	1.29

Basic weighted average shares outstanding		7,862,279			7,836,921			7,809,274			7,838,822			7,793,352

Diluted weighted average shares outstanding		7,868,507			7,860,138			7,815,022			7,853,792			7,798,244

ADDITIONAL FINANCIAL INFORMATION				(Unaudited)
(Dollars in thousands, except per share data)	Three Months Ended or Years Ended
	December 31,			September 30,		December 31,
	2024			2024		2023

Mortgage Banking Activity (For the quarter):
Net gain on sale of mortgage loans	$	2,036		$	1,691	$	2,845
Net change in fair value of loans held-for-sale and derivatives		(3	)		159		(40	)
Mortgage servicing income, net		785			752		913
Mortgage banking, net	$	2,818		$	2,602	$	3,718

Mortgage Banking Activity (Year-to-date):
Net gain on sale of mortgage loans	$	6,741				$	11,396
Net change in fair value of loans held-for-sale and derivatives		(5	)				194
Mortgage servicing income, net		3,278					3,380
Mortgage banking, net	$	10,014				$	14,970

Performance Ratios (For the quarter):
Return on average assets		0.65%			0.51%		0.42%
Return on average equity		8.12%			6.56%		5.68%
Yield on average interest earning assets		5.70%			5.66%		5.36%
Cost of funds		2.69%			2.89%		2.58%
Net interest margin		3.59%			3.34%		3.32%
Core efficiency ratio*		81.26%			81.47%		88.08%

Performance Ratios (Year-to-date):
Return on average assets		0.47%					0.50%
Return on average equity		5.94%					6.33%
Yield on average interest earning assets		5.62%					5.14%
Cost of funds		2.76%					2.11%
Net interest margin		3.42%					3.51%
Core efficiency ratio*		83.62%					82.75%

* The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition
costs and intangible asset amortization, by the sum of net interest income and non-interest income.



ADDITIONAL FINANCIAL INFORMATION
(Dollars in thousands, except per share data)

Asset Quality Ratios and Data:	As of or for the Three Months Ended
	December 31,			September 30,		December 31,
	2024			2024		2023

Nonaccrual loans	$	3,227		$	3,859	$	8,395
Loans 90 days past due and still accruing		623			944		26
Total nonperforming loans		3,850			4,803		8,421
Other real estate owned and other repossessed assets		45			4		5
Total nonperforming assets	$	3,895		$	4,807	$	8,426

Nonperforming loans / portfolio loans		0.25%			0.31%		0.57%
Nonperforming assets / assets		0.19%			0.22%		0.41%
Allowance for credit losses / portfolio loans		1.11%			1.12%		1.11%
Allowance for credit losses/ nonperforming loans		437.66%			356.65%		195.23%
Gross loan charge-offs for the quarter	$	51		$	22	$	11
Gross loan recoveries for the quarter	$	7		$	5	$	1
Net loan charge-offs for the quarter	$	44		$	17	$	10


	December 31,			September 30,		December 31,
	2024			2024		2023
Capital Data (At quarter end):
Common shareholders’ equity (book value) per share	$	21.77		$	22.17	$	21.11
Tangible book value per share**	$	16.88		$	17.23	$	16.05
Shares outstanding		8,027,177			8,016,784		8,016,784
Tangible common equity to tangible assets***		6.57%			6.56%		6.32%

Other Information:
Average investment securities for the quarter	$	300,088		$	305,730	$	306,678
Average investment securities year-to-date	$	306,538		$	308,688	$	328,533
Average loans for the quarter ****	$	1,533,686		$	1,547,246	$	1,494,181
Average loans year-to-date ****	$	1,523,384		$	1,519,951	$	1,436,672
Average earning assets for the quarter	$	1,858,078		$	1,874,669	$	1,817,419
Average earning assets year-to-date	$	1,850,120		$	1,847,468	$	1,780,727
Average total assets for the quarter	$	2,107,357		$	2,116,839	$	2,062,267
Average total assets year-to-date	$	2,092,051		$	2,086,951	$	2,015,586
Average deposits for the quarter	$	1,671,653		$	1,622,254	$	1,626,598
Average deposits year-to-date	$	1,636,390		$	1,624,636	$	1,603,861
Average equity for the quarter	$	169,054		$	165,162	$	152,516
Average equity year-to-date	$	164,591		$	163,106	$	158,807



** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders’ equity,
less goodwill and core deposit intangible, by common shares outstanding.
*** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders’
equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible.
**** Includes loans held for sale

Reconciliation of Non-GAAP Financial Measures

Core Efficiency Ratio				(Unaudited)						(Unaudited)
(Dollars in thousands)	Three Months Ended									Years Ended
	December 31,			September 30,			December 31,			December 31,
	2024			2024			2023			2024			2023
Calculation of Core Efficiency Ratio:
Noninterest expense	$	17,696		$	17,270		$	18,891		$	69,306		$	72,089
Intangible asset amortization		(337	)		(337	)		(386	)		(1,391	)		(1,587	)
Core efficiency ratio numerator		17,359			16,933			18,505			67,915			70,502

Net interest income		16,790			15,802			15,198			63,438			62,477
Noninterest income		4,572			4,983			5,812			17,776			22,722
Core efficiency ratio denominator		21,362			20,785			21,010			81,214			85,199

Core efficiency ratio (non-GAAP)		81.26%			81.47%			88.08%			83.62%			82.75%

Tangible Book Value and Tangible Assets	(Unaudited)
(Dollars in thousands, except per share data)	December 31,			September 30,			December 31,
	2024			2024			2023
Tangible Book Value:
Shareholders’ equity	$	174,765		$	177,730		$	169,273
Goodwill and core deposit intangible, net		(39,239	)		(39,574	)	$	(40,620	)
Tangible common shareholders’ equity (non-GAAP)	$	135,526		$	138,156		$	128,653

Common shares outstanding at end of period		8,027,177			8,016,784			8,016,784

Common shareholders’ equity (book value) per share (GAAP)	$	21.77		$	22.17		$	21.11

Tangible common shareholders’ equity (tangible book value)
per share (non-GAAP)	$	16.88		$	17.23		$	16.05

Tangible Assets:
Total assets	$	2,103,090		$	2,145,113		$	2,075,666
Goodwill and core deposit intangible, net		(39,239	)		(39,574	)		(40,620	)
Tangible assets (non-GAAP)	$	2,063,851		$	2,105,539		$	2,035,046

Tangible common shareholders’ equity to tangible assets
(non-GAAP)		6.57%			6.56%			6.32%

Contacts:	Laura F. Clark, President and CEO (406) 457-4007 Miranda J. Spaulding, SVP and CFO (406) 441-5010

The MIL Network –

January 29, 2025

MIL-OSI: Verity and Landus Announce Agreement to Track and Verify Sustainable Agriculture Attributes at Soybean Facility

Source: GlobeNewswire (MIL-OSI)

ENGLEWOOD, Colo., Jan. 28, 2025 (GLOBE NEWSWIRE) — Verity Holdings, LLC (“Verity”), a subsidiary of Gevo, Inc. (NASDAQ: GEVO), and Landus are pleased to announce a new agreement aimed at unlocking added value for farmers through sustainability premiums via export markets. This collaboration leverages Verity’s advanced platform to track and verify the attributes of agricultural products, enabling Landus to document and assign value metrics for soybeans processed at its soybean facility in Ralston, Iowa.

This farmer-centric agreement reinforces Verity and Landus’ commitment to expanding opportunities in international markets for sustainably certified products, such as those derived from regeneratively grown soybeans and corn. By streamlining the certification and data-verification process, the partnership aims to deliver measurable premiums to farmers meeting program requirements while incentivizing processors to adopt efficiency-enhancing systems that drive long-term sustainable outcomes.

“Landus and Verity will work together to capture and verify key attribute data that drives value throughout the supply chain,” said Paul Bloom, Chief Business Officer for Gevo. “As a leader in the industry, Landus recognizes the importance of collecting trustworthy, verifiable data to document agriculture attributes and connect them to finished products through the supply chain. Farmers and customers are realizing the power of collaboration across the supply chain to drive meaningful and scalable impact.”

As part of this partnership, Landus and Verity plan to expand data-verification efforts to additional Landus facilities and pilot innovative market solutions. By sharing regular progress updates, they remain committed to building trust and transparency with farmer-owners and stakeholders.

“Our focus on quality, a unique soybean supply chain, and our commitment to creating value-added opportunities for farmer-owners have always set us apart,” said Craig Mouchka, Director of Strategic Partnerships and Sustainability at Landus. “Verity equips us with the tools to maximize sustainability premiums through export markets while fulfilling our promise to deliver innovative solutions and new opportunities for our farmer-owners.”

Farmer-owners interested in participating in sustainability initiatives or learning more about market premiums can contact their local Landus representative.

“We are partnering with organizations that prioritize scalable solutions and sustainable agriculture done right,” said Bloom. “Landus and Verity are demonstrating the value of collaboration from field to finished product, ensuring that sustainability premiums benefit farmers, processors, and their customers alike—particularly in the growing export markets for differentiated agricultural goods.”

About Gevo
Gevo’s mission is to convert renewable energy and biogenic carbon into sustainable fuels and chemicals with a net zero or better carbon footprint. Gevo’s innovative technology can be used to make a variety of products, including sustainable aviation fuel (“SAF”), motor fuels, chemicals, and other materials. Gevo’s business model includes developing, financing, and operating production facilities for these renewable fuels and other products. It currently runs one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States. It also owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo emphasizes the importance of sustainability by tracking and verifying the carbon footprint of its business systems through its Verity subsidiary.
For more information, see www.gevo.com.

About Verity
Verity is at the forefront of creating the ability to track, verify, and empirically value carbon intensity across the full carbon lifecycle. Verity Holdings, LLC is a wholly owned subsidiary of Gevo, Inc. For more information, see www.veritytracking.com.

About Landus
Landus is a forward-thinking agriculture solutions company that keeps the farmer at the center of every decision it makes. The company connects thousands of farmer-owners with the world through grain, agronomy, and distribution, deploying traditional and nontraditional methods fueled by innovation and sustainability. Landus’ businesses touch 34 states and 16 countries. To learn more about Landus, and the company’s commitment to solving critical issues for the farmer of tomorrow, please visit landus.ag.

Forward Looking Statement
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, Verity’s technology and platform, the commercial benefits of using the Verity platform, and the attributes of Verity’s platform, the value of sustainability premiums and other statements that are not purely statements of historical fact. These forward-looking statements are made based on the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2023, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Media Contact
Heather Manuel
VP, Stakeholder Engagement & Partnerships
PR@gevo.com

Kaylie Tighe
Communications Manager
Kaylie.tighe@trailrunnerint.com

IR Contact
Eric Frey
VP, Finance & Strategy
IR@Gevo.com

The MIL Network –

January 29, 2025

MIL-OSI Africa: Top Renewable Energy Projects Powering African Mining

Source: Africa Press Organisation – English (2) – Report:

CAPE TOWN, South Africa, January 28, 2025/APO Group/ —

As Africa’s mining industry faces increasing pressure to decarbonize, companies are turning to renewable energy solutions to meet environmental targets while ensuring reliable and affordable energy supplies. This shift is driven by the need to reduce operational costs, achieve sustainability goals and comply with evolving global regulations. From solar and wind to hydropower, renewables are becoming integral to mining operations across the continent. Initiatives across Angola, Zambia, South Africa and the Democratic Republic of Congo (DRC) are setting a precedent for how renewables can transform the mining sector and contribute to Africa’s broader energy transition.

Trafigura’s 2,000 MW Green Energy Initiative

Global commodities trader Trafigura, engineering firm ProMarks and the Angolan government agreed to develop a 2,000 MW high-voltage electricity interconnector in July 2024. The project will transport renewable energy, primarily from hydropower projects in northern Angola, to meet growing demand from mining companies in Zambia and the DRC. The project will also supply the Southern Africa Power Pool regional grid.

First Quantum’s 430 MW Renewables Project in Zambia

Canadian mining firm First Quantum Minerals is investing $500 million in a 430 MW renewable energy project to power its Kansanshi and Sentinel mines in Zambia. Developed in partnership with Total Eren and Chariot, the project includes a 230 MW solar PV plant and a 200 MW wind farm. The facilities, set for completion in 2026 and 2027, respectively, aim to reduce First Quantum’s carbon footprint by 30% by 2025.

Tronox Holdings’ 400 MW Portfolio in South Africa

Mining and chemicals firm Tronox Holdings has signed agreements with clean energy firms NOA Group and Sola Group to secure over 400 MW of renewable energy for its mining and smelting operations in South Africa. Once commissioned from 2027, the projects will provide 70% of Tronox Holdings’ energy needs, reducing the firm’s carbon footprint by 25% compared to 2019 levels. The combined capacity includes a 200 MW solar power plant from Sola Group and additional capacity from NOA Group, delivering 497 GWh of electricity annually.

CMOC’s 200 MW Project in the DRC

Chinese mining firm CMOC closed a deal with green energy firm Lualaba Power in July 2024 to accelerate development of the 200 MW Nzilo II hydropower and floating solar project in the DRC. The project will provide CMOC with base load and peak power, supporting the firm’s target to produce 800,000 to 1 million tons of copper annually by 2028.

Northam’s 180 MW Solar Farm in South Africa

In August 2024, mining firm Northam Platinum Group Metals signed a power purchase agreement for a 180 MW solar farm to power its Zondereinde mine in South Africa. The solar plant will generate 220 GWh annually, meeting 15% of the mine’s energy needs while reducing carbon emissions.

MIL OSI Africa –

January 29, 2025

MIL-OSI USA: Innovation Quest Turns Students into Entrepreneurs

Source: US State of Connecticut

If there is one thing that Gaofei Zhang learned from a night-time equestrian class at UConn on a bitter cold evening is that a warm, comfortable pair of boots is one of life’s necessities.

“After that night, I tried a lot of brands of boots,’’ says Zhang, a Ph.D. student in the Department of Allied Health Sciences in the College of Agriculture, Health and Natural History (CAHNR). “They either weren’t warm or weren’t waterproof, or they were slippery or stiff or hard to clean. I didn’t understand why you’d call them ‘snow boots’ if they aren’t good in the snow!’’

Zhang has a home in Mongolia where the temperature drops as low as minus-30 degrees. The locals create warm and comfortable work boots, but they aren’t stylish. Zhang thought she could adopt their footwear expertise and merge it with something fashionable, including multi-colored fur and beads.

“As an international student, I didn’t know anything about how to start a company and I was not brave enough to create it on my own,’’ she says. Last year she brought her idea to Innovation Quest (iQ), a UConn entrepreneurship program and competition that helps students develop their ideas into thriving startups. IQ provides workshops, mentoring, and startup funding for the most promising ideas.

Today, Zhang’s unique, handcrafted boots, marketed under the name MOGSki, are ready to go to market, and the 15 styles of boots and apres-ski accessories are drawing interest from many boutiques. Elegant and chic, they are made of sheep, mink, or cow hide and lined with shearling for added warmth.

Innovation Quest Workshops Begin on Feb. 4; Students Vie for $30,000 in Funding

Zhang is one of more than 2,500 UConn students who have participated in iQ since its inception 14 years ago. The program is open to UConn graduate and undergraduate students from any field of study.

IQ is run by Kevin Gardiner ’06 MBA, an adjunct professor in business and engineering. He has held management positions at both startups and long-established companies, including Macy’s, Oracle, and Welcome Commerce.

“We’re definitely looking for someone who has grit, someone who isn’t going to give up,’’ he says. “As an entrepreneur, you get far more ‘no’s’ than ‘yeses,’ and that’s something that you have to accept. I also look for someone with a passion for the problem they are tackling. When the iQ judges see that, they know they’ve got an entrepreneur whom they can bet on.”

This year’s event will begin with a kickoff workshop at 6:30 p.m. on Tuesday, Feb, 4, followed by workshops on Feb. 12, Feb. 26, and March 5. All the workshops are virtual for the convenience of students. Participants may sign up at innovationquest.uconn.edu.

IQ had a 22% increase in participation last year, over 2023, and that’s a trend that Gardiner hopes to see continue.

Previous participants have created everything from stuffed animals to clothing to personal care items to businesses engaged in environmental cleanup. Gardiner says that in recent years, students seem particularly interested in health tech, mobile apps, and AI-related companies, but all good idea are welcome.

Last year’s first-place award went to Ph.D. candidate John Toribio, whose company Zemi Labs is creating wearable garments that provide biomechanical data, including heart and muscle performance.

“UConn continues to provide more and more opportunities for student entrepreneurs, and we continue to evolve this program,’’ Gardiner says. “We welcome students who just want to dip a toe in the water, as well as those who are fully committed to creating a business.’’

The iQ program has more than 50 expert mentors and more than half of them have been associated with the program since the beginning. Every year, iQ adds new advisers, all passionate about working with students.

“I want all students to feel welcome,’’ Gardiner says. “We have four virtual workshops to help students understand entrepreneurship. Are you ready to launch a business? If not, what do you need to get ready? We want anyone, even those with a more remote interest, to attend and learn.’’

After the workshops are completed, students can submit a formal application to enter the competition and compete for a share of $30,000 in funding. Final presentations are April 14 in Storrs and the top three startup companies will be announced. Many of the previous participants have gone on to start their companies or to pursue an entrepreneurial career.

Zhang Developed Business Expertise, Confidence

For Zhang, the last year has been enormously gratifying, both personally and professionally.

“IQ has been an incredible journey for me. It’s not only helped sharpen my presentation skills but also expanded my knowledge across so many areas—product positioning, sales, marketing, tax, finance, IP, law, storytelling, and more,’’ she says.

“The competition broadened my perspectives, strengthened my courage and determination, and provided invaluable mentorship and networking opportunities,’’ she says. “It’s truly been one of the most impactful milestones in my entrepreneurial journey, directly pushing forward the progress of my startup.’’

She says she would tell anyone considering entrepreneurship to give it a try.

“I would tell other entrepreneurs to be fearless in exploring new ideas and to use your own experiences to solve problems,’’ she says. “Be adaptable, build a network, find mentors, be persistent, and be open to both failures and successes.’’

MIL OSI USA News –

January 29, 2025

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