Finance – Page 44 – NewzIntel.com

MIL-OSI: Skillful Application of Fundamental Principles Yields Standout Results: TrustCo Announces Net Income Up 19.8%; Net Interest Income up 10.5%

Source: GlobeNewswire (MIL-OSI)

Executive Snapshot:

Bank-wide financial results:
- Key metrics for the second quarter 2025:
  - Net income of $15.0 million, or $0.79 diluted earnings per share, increased 19.8% compared to $12.6 million, or $0.66 diluted earnings per share for the second quarter 2024
  - Net interest income of $41.7 million, up 10.5% from $37.8 million for the second quarter 2024
  - Net interest margin of 2.71%, up 18 basis points from 2.53% in second quarter of 2024
  - Average loans were up $115.6 million for the second quarter 2025 compared to the second quarter 2024
  - Average deposits were up $173.4 million for the second quarter 2025 compared to the second quarter 2024
Capital position and key ratios:
- Consolidated equity to assets increased to 10.91% as of June 30, 2025 from 10.73% as of June 30, 2024
- Book value per share as of June 30, 2025 was $36.75, up from $34.46 as of June 30, 2024
- 169 thousand shares of TrustCo common stock were purchased under the stock repurchase program during the second quarter 2025

Trustco Financial Services and Wealth Management income:
- Fees increased to $1.8 million, or by 13.0%, compared to second quarter 2024
- Assets under management increased to $1.19 billion, or by 8.2%, compared to second quarter 2024

GLENVILLE, N.Y., July 21, 2025 (GLOBE NEWSWIRE) — TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced strong financial results for the second quarter of 2025 underscored by rising net interest income, continued margin expansion, and accelerated loan growth across key portfolios. Net interest income increased 10.5% year over year to $41.7 million, driven by the ongoing repricing of the loan portfolio at higher yields and disciplined management of deposit costs, which remained well-controlled despite sustained competitive pressures. Net interest margin expanded to 2.71% from 2.53% in the prior year period, reflecting improved asset yields and prudent deposit pricing strategies. This resulted in second quarter 2025 net income of $15.0 million or $0.79 diluted earnings per share, compared to net income of $12.6 million or $0.66 diluted earnings per share for the second quarter 2024. Loan growth gained momentum during the quarter, with total average loans increasing $115.6 million or 2.3% for the second quarter 2025 over the same period in 2024. This growth signals increasing borrower confidence and supports the Bank’s strategic focus on high quality relationship lending.

Overview

Chairman, President, and CEO, Robert J. McCormick said “Part of our long-term strategy is having the right mix of products available so that we can sell the right thing, to the right customer, at the right time. It is our ability to do this with agility and skill that has produced the standout results announced today. We saw double digit growth in our return metrics year over year, as return on average assets improved 17%, and return on average equity grew 12.5%. Our margin improved 7% year over year, in tandem with a 12% year over year improvement in adjusted efficiency ratio. Our ability to sell home equity products at a time of high market demand for the flexibility they offer has been key to this success. Home equity credit lines are up 18% year over year. Likewise, we strategically grew commercial loans 11% year over year – which we have done without exposure to risky multi-family loans or other industry-specific concentrations. We lowered non-performing loans to total loans by 7% year over year, and booked a second consecutive quarter of net recoveries. These exceptional results in the first half of 2025 provide a foundation for positive momentum moving into 2026.”

Details

As the year continues to progress, we are seeing increased opportunities to deploy our resources effectively. Some efforts include loan originations, targeted investments in technology and digital banking infrastructure, and strategic growth in key markets. Average loans were up $115.6 million, or 2.3%, in the second quarter 2025 over the same period in 2024. Average residential loans and HECLs, our primary lending focus, were up $27.9 million, or 0.6%, and $64.7 million, or 17.8%, respectively, in the second quarter 2025 over the same period in 2024. Average commercial loans also increased $25.8 million, or 9.2%, in the second quarter 2025 over the same period in 2024. We believe that this upward trend reflects improving economic confidence among borrowers, strong credit quality, and the Bank’s focus on relationship lending. The sustained growth in the loan portfolio will likely enhance net interest income in the quarters ahead. Average deposits were up $173.4 million, or 3.3%, for the second quarter 2025 over the same period in 2024, primarily as a result of an increase in time deposits, interest bearing checking accounts, and demand deposits. The Bank’s continued emphasis on relationship banking, combined with competitive product offerings and digital capabilities, has contributed to a stable deposit base that supports ongoing loan growth and expansion.

During the second quarter of 2025, we remained committed to returning value to shareholders through a disciplined share repurchase program, which reflects our confidence in the long-term strength of the franchise and our focus on capital optimization. TrustCo purchased 169 thousand, or 0.9%, of total shares outstanding of TrustCo common stock under the previously announced stock repurchase program during the second quarter of 2025. Our approach ensures every dollar of capital is working to generate solid returns, strengthen customer relationships, and enhance shareholder value. As of June 30, 2025, our equity to asset ratio was 10.91%, compared to 10.73% as of June 30, 2024. Book value per share as of June 30, 2025 was $36.75, up 6.6% compared to $34.46 a year earlier.

Net interest income was $41.7 million for the second quarter 2025, an increase of $4.0 million, or 10.5%, compared to the second quarter of 2024, driven by loan growth at higher interest rates, increase in interest on federal funds sold and other short-term investments, and less interest expense on deposit products, partially offset by lower investment interest income. The net interest margin for the second quarter 2025 was 2.71%, up 18 basis points from 2.53% in the second quarter of 2024. The yield on interest earnings assets increased to 4.19% in the second quarter of 2025, up 13 basis points from 4.06% in the second quarter of 2024. The cost of interest bearing liabilities decreased to 1.91% in the second quarter 2025, down from 1.97% in the second quarter 2024. The Bank is well positioned to continue delivering strong net interest income performance even as the Federal Reserve signals a potential easing cycle in the months ahead. Our balance sheet is built for resilience and flexibility, with a favorable asset mix and a stable deposit base that we believe positions us to thrive across interest rate environments. In addition to new loan originations, we are seeing ongoing opportunities to reprice portions of our existing loan book as higher-rate loans replace paydowns and early payoffs, helping us maintain attractive yields. With loan demand accelerating and funding costs stabilizing, we believe there is meaningful upside to net interest income in the coming quarters. Our proactive asset-liability management strategy gives us confidence in sustaining margin strength and driving consistent profitable growth.

Non-interest income, net of net gains on equity securities, increased to $4.9 million as compared to $4.3 million for the second quarter of 2024. This increase was primarily attributable to wealth management and financial services fees, which increased by 13.0% to $1.8 million, driven by strong client demand and higher assets under management. These revenues represent 37.5% of non-interest income for the second quarter of 2025. The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Non-interest expense increased $236 thousand over the second quarter of 2024.

Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses on loans of $650 thousand in the second quarter of 2025. The ratio of allowance for credit losses on loans to total loans was 0.99% as of both June 30, 2025 and 2024. The allowance for credit losses on loans was $51.3 million as of June 30, 2025, compared to $49.8 million as of June 30, 2024. Nonperforming loans (NPLs) were $17.9 million as of June 30, 2025, compared to $19.2 million as of June 30, 2024. NPLs were 0.35% and 0.38% of total loans as of June 30, 2025 and 2024, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 286.2% as of June 30, 2025, compared to 259.4% as of June 30, 2024. Nonperforming assets (NPAs) were $19.0 million as of June 30, 2025, compared to $21.5 million as of June 30, 2024.

A conference call to discuss second quarter 2025 results will be held at 9:00 a.m. Eastern Time on July 22, 2025. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 258501. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 410483. The call will also be audio webcast at https://events.q4inc.com/attendee/979003710, and will be available for one year.

About TrustCo Bank Corp NY

TrustCo Bank Corp NY is a $6.3 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 136 offices in New York, New Jersey, Vermont, Massachusetts, and Florida as of June 30, 2025.

In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

Forward-Looking Statements

All statements in this news release and the related earnings call that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the impact of our loan portfolio’s growth, loan demand and funding cost on net interest income, and the anticipated effects of our capital management strategy, including our stock repurchase program. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, changes in United States and foreign trade policy, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; external economic factors, such as changes in monetary policy, ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; the risk of weakness in residential real estate markets; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; the enforcement of federal cannabis laws and regulations and its impact on our ability to provide services in the cannabis industry; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; an increase in the prevalence of fraud and other financial crimes; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; environmental, social and governance risks, as well as diversity, equity, and inclusion-related risks, and their impact on our reputation and relationships; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the development and use of artificial intelligence; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties set forth in our public filings made with the Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 to be filed with the SEC. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

TRUSTCO BANK CORP NY
GLENVILLE, NY

FINANCIAL HIGHLIGHTS

(dollars in thousands, except per share data)
(Unaudited)
	Three months ended
	6/30/2025			3/31/2025			6/30/2024
Summary of operations
Net interest income	$	41,746		$	40,373		$	37,788
Provision for credit losses		650			300			500
Net gains on equity securities		–			–			1,360
Noninterest income, excluding net gains on equity securities		4,852			4,974			4,291
Noninterest expense		26,223			26,329			26,459
Net income		15,039			14,275			12,551

Per share
Net income per share:
– Basic	$	0.79		$	0.75		$	0.66
– Diluted		0.79			0.75			0.66
Cash dividends		0.36			0.36			0.36
Book value at period end		36.75			36.16			34.46
Market price at period end		33.42			30.48			28.77

At period end
Full time equivalent employees		733			740			753
Full service banking offices		136			136			138

Performance ratios
Return on average assets		0.96	%		0.93	%		0.82	%
Return on average equity		8.73			8.49			7.76
Efficiency ratio (GAAP)		56.27			58.06			60.91
Adjusted Efficiency ratio (1)		55.15			58.00			62.84
Net interest spread		2.28			2.21			2.09
Net interest margin		2.71			2.64			2.53
Dividend payout ratio		45.27			47.97			54.57

Capital ratios at period end
Consolidated equity to assets		10.91	%		10.85	%		10.73	%
Consolidated tangible equity to tangible assets (1)		10.91	%		10.84	%		10.72	%

Asset quality analysis at period end
Nonperforming loans to total loans		0.35	%		0.37	%		0.38	%
Nonperforming assets to total assets		0.30			0.33			0.35
Allowance for credit losses on loans to total loans		0.99			0.99			0.99
Coverage ratio (2)		2.9x			2.7x			2.6x


(1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.
(2) Calculated as allowance for credit losses on loans divided by total nonperforming loans.

FINANCIAL HIGHLIGHTS, Continued

(dollars in thousands, except per share data)
(Unaudited)
	Six Months Ended
	06/30/25			06/30/24
Summary of operations
Net interest income	$	82,119			74,366
Provision for credit losses		950			1,100
Net gains on equity securities		–			1,360
Noninterest income, excluding net gains on equity securities		9,826			9,134
Noninterest expense		52,552			51,362
Net income		29,314			24,677

Per share
Net income per share:
– Basic	$	1.54			1.30
– Diluted		1.54			1.30
Cash dividends		0.72			0.72
Book value at period end		36.75			34.46
Market price at period end		33.42			28.77

Performance ratios
Return on average assets		0.94	%		0.81
Return on average equity		8.61			7.65
Efficiency ratio (GAAP)		57.16			60.53
Adjusted Efficiency ratio (1)		56.56			61.40
Net interest spread		2.24			2.05
Net interest margin		2.68			2.48
Dividend payout ratio		46.58			55.51

(1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.

CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands, except per share data)
(Unaudited)
	Three months ended
	6/30/2025		3/31/2025		12/31/2024		9/30/2024			6/30/2024
Interest and dividend income:
Interest and fees on loans	$	54,557	$	53,450	$	53,024	$	52,112	$	50,660
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises		614		596		680		718		909
State and political subdivisions		–		–		–		–		1
Mortgage-backed securities and collateralized mortgage
obligations – residential		1,613		1,483		1,418		1,397		1,451
Corporate bonds		210		260		358		361		362
Small Business Administration – guaranteed
participation securities		75		81		84		90		94
Other securities		8		7		6		2		2
Total interest and dividends on securities available for sale		2,520		2,427		2,546		2,568		2,819

Interest on held to maturity securities:
obligations – residential		54		57		59		62		65
Total interest on held to maturity securities		54		57		59		62		65

Federal Home Loan Bank stock		129		151		152		153		147

Interest on federal funds sold and other short-term investments		7,212		6,732		6,128		6,174		6,894
Total interest income		64,472		62,817		61,909		61,069		60,585

Interest expense:
Interest on deposits:
Interest-bearing checking		536		558		397		311		288
Savings		733		734		719		770		675
Money market deposit accounts		2,086		1,989		2,024		2,154		2,228
Time deposits		19,195		18,983		19,680		18,969		19,400
Interest on short-term borrowings		176		180		187		194		206
Total interest expense		22,726		22,444		23,007		22,398		22,797

Net interest income		41,746		40,373		38,902		38,671		37,788

Less: Provision for credit losses		650		300		400		500		500
Net interest income after provision for credit losses		41,096		40,073		38,502		38,171		37,288

Noninterest income:
Trustco Financial Services income		1,818		2,120		1,778		2,044		1,609
Fees for services to customers		2,266		2,645		2,226		2,482		2,399
Net gains on equity securities		–		–		–		23		1,360
Other		768		209		405		382		283
Total noninterest income		4,852		4,974		4,409		4,931		5,651

Noninterest expenses:
Salaries and employee benefits		11,876		11,894		12,068		12,134		12,520
Net occupancy expense		4,518		4,554		4,563		4,271		4,375
Equipment expense		1,918		1,944		2,404		1,757		1,990
Professional services		1,886		1,726		1,782		1,863		1,570
Outsourced services		2,460		2,700		3,051		2,551		2,755
Advertising expense		304		361		590		339		466
FDIC and other insurance		1,136		1,188		1,113		1,112		797
Other real estate expense, net		522		28		476		204		16
Other		1,603		1,934		2,118		1,969		1,970
Total noninterest expenses		26,223		26,329		28,165		26,200		26,459

Income before taxes		19,725		18,718		14,746		16,902		16,480
Income taxes		4,686		4,443		3,465		4,027		3,929

Net income	$	15,039	$	14,275	$	11,281	$	12,875	$	12,551

Net income per common share:
– Basic	$	0.79	$	0.75	$	0.59	$	0.68	$	0.66

– Diluted		0.79		0.75		0.59		0.68		0.66

Average basic shares (in thousands)		18,965		19,020		19,015		19,010		19,022
Average diluted shares (in thousands)		18,994		19,044		19,045		19,036		19,033

CONSOLIDATED STATEMENTS OF INCOME, Continued

(dollars in thousands, except per share data)
(Unaudited)
	Six Months Ended
	06/30/25		06/30/24
Interest and dividend income:
Interest and fees on loans	$	108,007		100,464
Interest and dividends on securities available for sale:
U. S. government sponsored enterprises		1,210		1,815
State and political subdivisions		–		1
Mortgage-backed securities and collateralized mortgage
obligations – residential		3,096		2,945
Corporate bonds		470		838
Small Business Administration – guaranteed
participation securities		156		194
Other securities		15		5
Total interest and dividends on securities available for sale		4,947		5,798

Interest on held to maturity securities:
Mortgage-backed securities-residential		111		133
Total interest on held to maturity securities		111		133

Federal Home Loan Bank stock		280		299

Interest on federal funds sold and other short-term investments		13,944		13,644
Total interest income		127,289		120,338

Interest expense:
Interest on deposits:
Interest-bearing checking		1,094		528
Savings		1,467		1,387
Money market deposit accounts		4,075		4,570
Time deposits		38,178		39,077
Interest on short-term borrowings		356		410
Total interest expense		45,170		45,972

Net interest income		82,119		74,366

Less: Provision for credit losses		950		1,100
Net interest income after provision for credit losses		81,169		73,266

Noninterest income:
Trustco Financial Services income		3,938		3,425
Fees for services to customers		4,911		5,144
Net gains on equity securities		–		1,360
Other		977		565
Total noninterest income		9,826		10,494

Noninterest expenses:
Salaries and employee benefits		23,770		23,947
Net occupancy expense		9,072		8,986
Equipment expense		3,862		3,728
Professional services		3,612		3,030
Outsourced services		5,160		5,256
Advertising expense		665		874
FDIC and other insurance		2,324		1,891
Other real estate expense, net		550		90
Other		3,537		3,560
Total noninterest expenses		52,552		51,362

Income before taxes		38,443		32,398
Income taxes		9,129		7,721

Net income	$	29,314		24,677

Net income per common share:
– Basic	$	1.54		1.30

– Diluted		1.54		1.30

Average basic shares (in thousands)		18,992		19,023
Average diluted shares (in thousands)		19,019		19,033

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(dollars in thousands)
(Unaudited)
	6/30/2025			3/31/2025			12/31/2024			9/30/2024			6/30/2024
ASSETS:

Cash and due from banks	$	45,218		$	48,782		$	47,364		$	49,659		$	42,193
Federal funds sold and other short term investments		668,373			707,355			594,448			473,306			493,920
Total cash and cash equivalents		713,591			756,137			641,812			522,965			536,113

Securities available for sale:
U. S. government sponsored enterprises		71,241			65,942			85,617			90,588			106,796
States and political subdivisions		18			18			18			26			26
Mortgage-backed securities and collateralized mortgage
obligations – residential		221,721			219,333			213,128			222,841			218,311
Small Business Administration – guaranteed
participation securities		12,945			13,683			14,141			15,171			15,592
Corporate bonds		29,943			24,779			44,581			54,327			53,764
Other securities		698			698			700			701			688
Total securities available for sale		336,566			324,453			358,185			383,654			395,177

Held to maturity securities:
Mortgage-backed securities and collateralized mortgage
obligations-residential		4,836			5,090			5,365			5,636			5,921
Total held to maturity securities		4,836			5,090			5,365			5,636			5,921

Federal Reserve Bank and Federal Home Loan Bank stock		6,601			6,507			6,507			6,507			6,507

Loans:
Commercial		314,273			302,753			286,857			280,261			282,441
Residential mortgage loans		4,394,317			4,380,561			4,388,302			4,382,674			4,370,640
Home equity line of credit		435,433			419,806			409,261			393,418			370,063
Installment loans		12,678			13,017			13,638			14,503			15,168
Loans, net of deferred net costs		5,156,701			5,116,137			5,098,058			5,070,856			5,038,312

Less: Allowance for credit losses on loans		51,265			50,606			50,248			49,950			49,772
Net loans		5,105,436			5,065,531			5,047,810			5,020,906			4,988,540

Bank premises and equipment, net		38,129			37,178			33,782			33,324			33,466
Operating lease right-of-use assets		36,322			34,968			36,627			37,958			38,376
Other assets		106,894			108,681			108,656			98,730			102,544

Total assets	$	6,348,375		$	6,338,545		$	6,238,744		$	6,109,680		$	6,106,644

LIABILITIES:
Deposits:
Demand	$	784,351		$	793,306		$	762,101		$	753,878		$	745,227
Interest-bearing checking		1,045,043			1,067,948			1,027,540			988,527			1,029,606
Savings accounts		1,082,489			1,094,968			1,086,534			1,092,038			1,144,427
Money market deposit accounts		467,087			478,872			465,049			477,113			517,445
Time deposits		2,111,344			2,061,576			2,049,759			1,952,635			1,840,262
Total deposits		5,490,314			5,496,670			5,390,983			5,264,191			5,276,967

Short-term borrowings		82,370			82,275			84,781			91,450			89,720
Operating lease liabilities		39,350			38,324			40,159			41,469			42,026
Accrued expenses and other liabilities		43,536			33,468			46,478			43,549			42,763

Total liabilities		5,655,570			5,650,737			5,562,401			5,440,659			5,451,476

SHAREHOLDERS’ EQUITY:
Capital stock		20,097			20,097			20,097			20,058			20,058
Surplus		259,490			259,182			258,874			257,644			257,490
Undivided profits		462,158			453,931			446,503			442,079			436,048
Accumulated other comprehensive income (loss), net of tax		1,663			(132	)		(3,861	)		(6,600	)		(14,268	)
Treasury stock at cost		(50,603	)		(45,270	)		(45,270	)		(44,160	)		(44,160	)

Total shareholders’ equity		692,805			687,808			676,343			669,021			655,168

Total liabilities and shareholders’ equity	$	6,348,375		$	6,338,545		$	6,238,744		$	6,109,680		$	6,106,644

Outstanding shares (in thousands)		18,851			19,020			19,020			19,010			19,010

NONPERFORMING ASSETS

(dollars in thousands)
(Unaudited)
	6/30/2025			3/31/2025			12/31/2024			9/30/2024			6/30/2024
Nonperforming Assets

New York and other states*
Loans in nonaccrual status:
Commercial	$	684		$	688		$	343		$	466		$	741
Real estate mortgage – 1 to 4 family		14,048			14,795			14,671			15,320			14,992
Installment		34			139			108			163			131
Total nonperforming loans		14,766			15,622			15,122			15,949			15,864
Other real estate owned		1,136			2,107			2,175			2,503			2,334
Total nonperforming assets	$	15,902		$	17,729		$	17,297		$	18,452		$	18,198

Florida
Loans in nonaccrual status:
Commercial	$	–		$	–		$	–		$	314		$	314
Real estate mortgage – 1 to 4 family		3,132			3,135			3,656			3,176			2,985
Installment		12			3			22			5			22
Total nonperforming loans		3,144			3,138			3,678			3,495			3,321
Other real estate owned		–			–			–			–			–
Total nonperforming assets	$	3,144		$	3,138		$	3,678		$	3,495		$	3,321

Total
Loans in nonaccrual status:
Commercial	$	684		$	688		$	343		$	780		$	1,055
Real estate mortgage – 1 to 4 family		17,180			17,930			18,327			18,496			17,977
Installment		46			142			130			168			153
Total nonperforming loans		17,910			18,760			18,800			19,444			19,185
Other real estate owned		1,136			2,107			2,175			2,503			2,334
Total nonperforming assets	$	19,046		$	20,867		$	20,975		$	21,947		$	21,519


Quarterly Net (Recoveries) Chargeoffs

New York and other states*
Commercial	$	–		$	(3	)	$	62		$	65		$	–
Real estate mortgage – 1 to 4 family		(121	)		41			(316	)		104			(74	)
Installment		18			4			41			11			(2	)
Total net chargeoffs (recoveries)	$	(103	)	$	42		$	(213	)	$	180		$	(76	)

Florida
Commercial	$	–		$	(315	)	$	314		$	–		$	–
Real estate mortgage – 1 to 4 family		–			–			–			–			17
Installment		94			15			1			42			7
Total net (recoveries) chargeoffs	$	94		$	(300	)	$	315		$	42		$	24

Total
Commercial	$	–		$	(318	)	$	376		$	65		$	–
Real estate mortgage – 1 to 4 family		(121	)		41			(316	)		104			(57	)
Installment		112			19			42			53			5
Total net (recoveries) chargeoffs	$	(9	)	$	(258	)	$	102		$	222		$	(52	)


Asset Quality Ratios

Total nonperforming loans (1)	$	17,910		$	18,760		$	18,800		$	19,444		$	19,185
Total nonperforming assets (1)		19,046			20,867			20,975			21,947			21,519
Total net (recoveries) chargeoffs (2)		(9	)		(258	)		102			222			(52	)

Allowance for credit losses on loans (1)		51,265			50,606			50,248			49,950			49,772

Nonperforming loans to total loans		0.35	%		0.37	%		0.37	%		0.38	%		0.38	%
Nonperforming assets to total assets		0.30	%		0.33	%		0.34	%		0.36	%		0.35	%
Allowance for credit losses on loans to total loans		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Coverage ratio (1)		286.2	%		269.8	%		267.3	%		256.9	%		259.4	%
Annualized net (recoveries) chargeoffs to average loans (2)		0.00	%		-0.02	%		0.01	%		0.02	%		0.00	%
Allowance for credit losses on loans to annualized net chargeoffs (2)	N/A			N/A			123.2x			56.3x			N/A

* Includes New York, New Jersey, Vermont and Massachusetts.
(1) At period-end
(2) For the three-month period ended

DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
INTEREST RATES AND INTEREST DIFFERENTIAL

(dollars in thousands)
(Unaudited)	Three months ended							Three months ended
	June 30, 2025							June 30, 2024
	Average			Interest		Average		Average			Interest		Average
	Balance					Rate		Balance					Rate
Assets

Securities available for sale:
U. S. government sponsored enterprises	$	73,468		$	614	3.34	%	$	113,844		$	909	3.20	%
Mortgage backed securities and collateralized mortgage
obligations – residential		244,628			1,613	2.62			250,517			1,451	2.30
State and political subdivisions		18			0	6.77			26			1	6.75
Corporate bonds		25,707			210	3.26			55,065			362	2.63
Small Business Administration – guaranteed
participation securities		14,083			75	2.14			17,436			94	2.15
Other		697			8	4.59			694			2	1.15

Total securities available for sale		358,601			2,520	2.81			437,582			2,819	2.58

Federal funds sold and other short-term Investments		648,457			7,212	4.46			506,493			6,894	5.48

Held to maturity securities:
Mortgage backed securities and collateralized mortgage
obligations – residential		4,970			54	4.37			6,054			65	4.28

Total held to maturity securities		4,970			54	4.37			6,054			65	4.28

Federal Home Loan Bank stock		6,591			129	7.83			6,340			147	9.27

Commercial loans		306,373			4,261	5.56			280,559			3,765	5.37
Residential mortgage loans		4,387,181			43,236	3.94			4,359,232			40,819	3.75
Home equity lines of credit		428,933			6,830	6.39			364,210			5,814	6.42
Installment loans		12,523			230	7.35			15,395			262	6.86

Loans, net of unearned income		5,135,010			54,557	4.25			5,019,396			50,660	4.04

Total interest earning assets		6,153,629		$	64,472	4.19			5,975,865		$	60,585	4.06

Allowance for credit losses on loans		(50,777	)						(49,454	)
Cash & non-interest earning assets		204,006							181,688


Total assets	$	6,306,858						$	6,108,099


Liabilities and shareholders’ equity

Deposits:
Interest bearing checking accounts	$	1,039,242		$	536	0.21	%	$	1,009,048		$	288	0.11	%
Money market accounts		470,824			2,086	1.78			524,068			2,228	1.71
Savings		1,087,467			733	0.27			1,145,922			675	0.24
Time deposits		2,085,329			19,195	3.69			1,873,139			19,400	4.17

Total interest bearing deposits		4,682,862			22,550	1.93			4,552,177			22,591	2.00
Short-term borrowings		81,055			176	0.87			93,703			206	0.89

Total interest bearing liabilities		4,763,917		$	22,726	1.91			4,645,880		$	22,797	1.97

Demand deposits		777,956							735,262
Other liabilities		73,903							76,258
Shareholders’ equity		691,082							650,699

Total liabilities and shareholders’ equity	$	6,306,858						$	6,108,099

Net interest income				$	41,746						$	37,788

Net interest spread						2.28	%						2.09	%


Net interest margin (net interest income to
total interest earning assets)						2.71	%						2.53	%

DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
INTEREST RATES AND INTEREST DIFFERENTIAL, Continued

(dollars in thousands)
(Unaudited)	Six Months Ended							Six Months Ended
	June 30, 2025							June 30, 2024
	Average			Interest		Average		Average			Interest		Average
	Balance					Rate		Balance					Rate
Assets

Securities available for sale:
U. S. government sponsored enterprises	$	74,071			1,210	3.27	%	$	119,908			1,815	3.03	%
Mortgage backed securities and collateralized mortgage
obligations – residential		242,083			3,096	2.56			254,665			2,945	2.31
State and political subdivisions		18			–	6.77			26			1	6.82
Corporate bonds		32,823			470	2.86			64,345			838	2.60
Small Business Administration – guaranteed
participation securities		14,540			156	2.15			17,830			194	2.18
Mortgage backed securities and collateralized mortgage
obligations – commercial		–							–			–	–
Other		698			15	4.30			695			5	1.44

Total securities available for sale		364,233			4,947	2.72			457,469			5,798	2.53

Federal funds sold and other short-term Investments		631,148			13,944	4.46			502,072			13,644	5.47

Held to maturity securities:
Mortgage backed securities and collateralized mortgage
obligations – residential		5,101			111	4.35			6,192			133	4.29

Total held to maturity securities		5,101			111	4.35			6,192			133	4.29

Federal Home Loan Bank stock		6,549			280	8.55			6,271			299	9.54

Commercial loans		302,173			8,426	5.58			278,871			7,425	5.33
Residential mortgage loans		4,386,418			85,851	3.92			4,359,351			81,236	3.73
Home equity lines of credit		421,498			13,265	6.35			358,607			11,277	6.32
Installment loans		12,744			465	7.36			15,761			526	6.72

Loans, net of unearned income		5,122,833			108,007	4.22			5,012,590			100,464	4.01

Total interest earning assets		6,129,864			127,289	4.16			5,984,594			120,338	4.03

Allowance for credit losses on loans		(50,627	)						(49,139	)
Cash & non-interest earning assets		202,590							188,364


Total assets	$	6,281,827						$	6,123,819


Liabilities and shareholders’ equity

Deposits:
Interest bearing checking accounts	$	1,038,733			1,094	0.21	%	$	999,589			528	0.11	%
Money market accounts		469,952			4,075	1.75			534,378			4,570	1.72
Savings		1,088,408			1,467	0.27			1,152,241			1,387	0.24
Time deposits		2,069,998			38,178	3.72			1,881,535			39,077	4.18

Total interest bearing deposits		4,667,091			44,814	1.94			4,567,743			45,562	2.01
Short-term borrowings		82,125			356	0.87			93,510			410	0.88

Total interest bearing liabilities		4,749,216			45,170	1.92			4,661,253			45,972	1.98

Demand deposits		769,923							730,781
Other liabilities		76,308							83,105
Shareholders’ equity		686,380							648,680

Total liabilities and shareholders’ equity	$	6,281,827						$	6,123,819

Net interest income					82,119							74,366

Net interest spread						2.24	%						2.05	%


Net interest margin (net interest income to
total interest earning assets)						2.68	%						2.48	%

Non-GAAP Financial Measures Reconciliation

Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

Adjusted efficiency ratio is a non-GAAP measures of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total non-interest expense by the sum of net interest income and total non-interest income. We calculate the adjusted efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income and total noninterest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible book value to shares outstanding, tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

(dollars in thousands)
(Unaudited)
		6/30/2025				3/31/2025				6/30/2024
Tangible Book Value Per Share

Equity (GAAP)		$	692,805			$	687,808			$	655,168
Less: Intangible assets			553				553				553
Tangible equity (Non-GAAP)		$	692,252			$	687,255			$	654,615

Shares outstanding			18,851				19,020				19,010
Tangible book value per share			36.72				36.13				34.44
Book value per share			36.75				36.16				34.46

Tangible Equity to Tangible Assets
Total Assets (GAAP)		$	6,348,375			$	6,338,545			$	6,106,644
Less: Intangible assets			553				553				553
Tangible assets (Non-GAAP)		$	6,347,822			$	6,337,992			$	6,106,091

Consolidated Equity to Assets (GAAP)			10.91	%			10.85	%			10.73	%
Consolidated Tangible Equity to Tangible Assets (Non-GAAP)			10.91	%			10.84	%			10.72	%

		Three months ended											Six Months Ended
Efficiency and Adjusted Efficiency Ratios		6/30/2025			3/31/2025				6/30/2024				6/30/2025				6/30/2024
Net interest income (GAAP)	A	$	41,746			$	40,373			$	37,788		$	82,119		$	74,366
Non-interest income (GAAP)	B		4,852				4,974				5,651			9,826			10,494
Less: Net gains on equity securities			–				–				1,360			–			1,360
Revenue used for efficiency ratio (Non-GAAP)	C	$	46,598			$	45,347			$	42,079		$	91,945		$	83,500

Total noninterest expense (GAAP)	D	$	26,223			$	26,329			$	26,459		$	52,552		$	51,362
Less: Other real estate expense, net	E		522				28				16			550			90
Expense used for efficiency ratio (Non-GAAP)	F	$	25,701			$	26,301			$	26,443		$	52,002		$	51,272

Efficiency Ratio (GAAP)	D/(A+B)		56.27	%			58.06	%			60.91	%		57.16	%		60.53	%
Adjusted Efficiency Ratio (Non-GAAP)	F/C		55.15	%			58.00	%			62.84	%		56.56	%		61.40	%

Subsidiary: Trustco Bank

Contact:	Robert Leonard
	Executive Vice President
	(518) 381-3693

The MIL Network –

July 22, 2025

MIL-OSI: Arizona Sonoran to Present at the Metals & Mining Virtual Investor Conference July 23

Source: GlobeNewswire (MIL-OSI)

CASA GRANDE, Ariz. and TORONTO, July 21, 2025 (GLOBE NEWSWIRE) — Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”), an emerging US-based copper developer, today announces that George Ogilvie, President, CEO and Director, will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com on July 23, 2025.

DATE: July 23
TIME: 12:30 pm ET
LINK: REGISTER HERE
Available for 1×1 meetings: July 28

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Recent Company Highlights:

Well-funded with recent C$57.6 million financings (June 20, 2025, July 10, 2025)
Advancing to PFS in 2025
Brownfield open pit project with significant in place infrastructure
Lower-risk copper cathode developer on private land in Arizona

Neither the TSX nor the regulating authority has approved or disproved the information contained in this press release.

About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)
ASCU is a copper exploration and development company with a 100% interest in the brownfield Cactus Project. The Project, on privately held land, contains a large-scale porphyry copper resource and a recent 2024 PEA proposes a generational open pit copper mine with robust economic returns. Cactus is a lower risk copper developer benefitting from a State-led permitting process, in place infrastructure, highways and rail lines at its doorstep and onsite permitted water access. The Company objective is to develop Cactus and become a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.

About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors. Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

For more information:
Alison Dwoskin, Director, Investor Relations
647-233-4348
adwoskin@arizonasonoran.com

George Ogilvie, President, CEO and Director
416-723-0458
gogilvie@arizonasonoran.com

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

Cautionary Statements regarding Forward-Looking Statements and Other Matters
Forward-Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and ” “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipated”, “become”, “believe”, “continuing”, “developer”, “emerging”, “forward”, “generational”, “long-term”, “looking”, “may”, “objective”, “ongoing”, “PEA”, “PFS”, “potential”, “pre-feasibility”, “preliminary”, “project”, “projected”, “proposes”, “provide”, “risk”, “study”, ”subject to”, and “will”, “or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, would, will (or not) be achieved, occur, provide, result or support in the future, or which, by their nature, refer to future events. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include those relating to the Company’s presentation at the Metals & Mining Virtual Investor Conference on July 23, 2025; the Company being well-funded, the ongoing pre-feasibility study (or PFS) in respect of the Cactus Project and the timing thereof); the 2024 PEA and results thereof (including risk, economic returns, operating costs, production, and proposal of a generational open pit copper mine); and the Company’s strategic and other objectives (including development of the Cactus Project, becoming a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders, and any other continuing or future successes). Although the Company believes that such statements are reasonable, there can be no assurance that those forward-looking statements will prove to be correct, and any forward-looking statements by the Company are not guarantees of future actions, results or performance. Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this press release which may prove to be incorrect include those set forth or referenced in this press release, as well as those stated in the technical report for the Cactus Project filed on August 27, 2024 (the “2024 PEA Technical Report”), the Company’s Annual Information Form dated March 27, 2025 (the “AIF”), Management’s Discussion and Analysis (together with the accompanying financial statements) disclosed for the year ended December 31, 2024 and filed for quarter(s) already ended in 2025 (collectively, the “2024-25 Financial Disclosure”), and the Company’s other applicable public disclosure (collectively, “Company Disclosure”), all available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others, the “Risk Factors” in the AIF, and the risks, uncertainties, contingencies and other factors identified in the 2024 PEA Technical Report and the 2024-25 Financial Disclosure. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company’s business, financial condition and prospects that is provided in the AIF, the 2024-25 Financial Disclosure and other Company Disclosure. Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this press release (or as otherwise expressly specified) and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements referenced or contained in this press release are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the AIF, the 2024 PEA Technical Report and the 2024-25 Financial Disclosure, all available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca.

Preliminary Economic Assessments
The Preliminary Economic Assessment (or “2024 PEA”) referenced in this press release and summarized in the 2024 PEA Technical Report is only a conceptual study of the potential viability of the Cactus Project and the economic and technical viability of the Cactus Project has not been demonstrated. The 2024 PEA is preliminary in nature and provides only an initial, high-level review of the Cactus Project’s potential and design options; there is no certainty that the 2024 PEA will be realized. For further detail on the Cactus Project and the 2024 PEA, including applicable technical notes and cautionary statements, please refer to the Company’s press release dated August 7, 2024 and the 2024 PEA Technical Report, both available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca.

The MIL Network –

July 22, 2025

MIL-OSI: Arizona Sonoran to Present at the Metals & Mining Virtual Investor Conference July 23

Source: GlobeNewswire (MIL-OSI)

CASA GRANDE, Ariz. and TORONTO, July 21, 2025 (GLOBE NEWSWIRE) — Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”), an emerging US-based copper developer, today announces that George Ogilvie, President, CEO and Director, will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com on July 23, 2025.

DATE: July 23
TIME: 12:30 pm ET
LINK: REGISTER HERE
Available for 1×1 meetings: July 28

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Recent Company Highlights:

Well-funded with recent C$57.6 million financings (June 20, 2025, July 10, 2025)
Advancing to PFS in 2025
Brownfield open pit project with significant in place infrastructure
Lower-risk copper cathode developer on private land in Arizona

Neither the TSX nor the regulating authority has approved or disproved the information contained in this press release.

About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)
ASCU is a copper exploration and development company with a 100% interest in the brownfield Cactus Project. The Project, on privately held land, contains a large-scale porphyry copper resource and a recent 2024 PEA proposes a generational open pit copper mine with robust economic returns. Cactus is a lower risk copper developer benefitting from a State-led permitting process, in place infrastructure, highways and rail lines at its doorstep and onsite permitted water access. The Company objective is to develop Cactus and become a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.

About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors. Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

For more information:
Alison Dwoskin, Director, Investor Relations
647-233-4348
adwoskin@arizonasonoran.com

George Ogilvie, President, CEO and Director
416-723-0458
gogilvie@arizonasonoran.com

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

Cautionary Statements regarding Forward-Looking Statements and Other Matters
Forward-Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and ” “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipated”, “become”, “believe”, “continuing”, “developer”, “emerging”, “forward”, “generational”, “long-term”, “looking”, “may”, “objective”, “ongoing”, “PEA”, “PFS”, “potential”, “pre-feasibility”, “preliminary”, “project”, “projected”, “proposes”, “provide”, “risk”, “study”, ”subject to”, and “will”, “or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, would, will (or not) be achieved, occur, provide, result or support in the future, or which, by their nature, refer to future events. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include those relating to the Company’s presentation at the Metals & Mining Virtual Investor Conference on July 23, 2025; the Company being well-funded, the ongoing pre-feasibility study (or PFS) in respect of the Cactus Project and the timing thereof); the 2024 PEA and results thereof (including risk, economic returns, operating costs, production, and proposal of a generational open pit copper mine); and the Company’s strategic and other objectives (including development of the Cactus Project, becoming a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders, and any other continuing or future successes). Although the Company believes that such statements are reasonable, there can be no assurance that those forward-looking statements will prove to be correct, and any forward-looking statements by the Company are not guarantees of future actions, results or performance. Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this press release which may prove to be incorrect include those set forth or referenced in this press release, as well as those stated in the technical report for the Cactus Project filed on August 27, 2024 (the “2024 PEA Technical Report”), the Company’s Annual Information Form dated March 27, 2025 (the “AIF”), Management’s Discussion and Analysis (together with the accompanying financial statements) disclosed for the year ended December 31, 2024 and filed for quarter(s) already ended in 2025 (collectively, the “2024-25 Financial Disclosure”), and the Company’s other applicable public disclosure (collectively, “Company Disclosure”), all available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others, the “Risk Factors” in the AIF, and the risks, uncertainties, contingencies and other factors identified in the 2024 PEA Technical Report and the 2024-25 Financial Disclosure. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company’s business, financial condition and prospects that is provided in the AIF, the 2024-25 Financial Disclosure and other Company Disclosure. Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this press release (or as otherwise expressly specified) and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements referenced or contained in this press release are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the AIF, the 2024 PEA Technical Report and the 2024-25 Financial Disclosure, all available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca.

Preliminary Economic Assessments
The Preliminary Economic Assessment (or “2024 PEA”) referenced in this press release and summarized in the 2024 PEA Technical Report is only a conceptual study of the potential viability of the Cactus Project and the economic and technical viability of the Cactus Project has not been demonstrated. The 2024 PEA is preliminary in nature and provides only an initial, high-level review of the Cactus Project’s potential and design options; there is no certainty that the 2024 PEA will be realized. For further detail on the Cactus Project and the 2024 PEA, including applicable technical notes and cautionary statements, please refer to the Company’s press release dated August 7, 2024 and the 2024 PEA Technical Report, both available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca.

The MIL Network –

July 22, 2025

MIL-OSI: ServisFirst Bancshares, Inc. Announces Results For Second Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

BIRMINGHAM, Ala., July 21, 2025 (GLOBE NEWSWIRE) — ServisFirst Bancshares, Inc. (NYSE: SFBS), today announced earnings and operating results for the quarter ended June 30, 2025.

Second Quarter 2025 Highlights:

Diluted earnings per share of $1.12 for the quarter. Adjusted diluted earnings per share of $1.21, up 27% from the second quarter of 2024.
Net interest margin improved to 3.10% in the second quarter from 2.92% in the first quarter. Adjusted net interest margin was 3.06% in the second quarter.
Loans grew by $346 million, or 11% annualized, during the quarter.
Book value per share of $31.52, up 14% from the second quarter of 2024 and 16% annualized, from the first quarter of 2025.
Liquidity remains strong with $1.7 billion in cash and cash equivalent assets, 10% of our total assets, and no FHLB advances or brokered deposits.
Consolidated common equity tier 1 capital to risk-weighted assets increased from 10.93% to 11.38% year-over-year.
Return on average common stockholder’s equity of 14.56%. Adjusted return on average common stockholders’ equity increased from 14.08% to 15.63% year-over-year.

Tom Broughton, Chairman, President, and CEO, said, “We were pleased with the loan growth in the quarter, combined with the improved environment for banks like ServisFirst.”

David Sparacio, CFO, said, “The net interest margin continues to improve and we see continued asset repricing, which we believe will lead to higher net interest margins over the next 24 months”

^{* This press release includes certain non-GAAP financial measures: adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted net interest margin, adjusted return on average assets, adjusted return on average common stockholders’ equity, adjusted efficiency ratio, tangible common stockholders’ equity, total tangible assets, tangible book value per share, and tangible common equity to total tangible assets. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”}

FINANCIAL SUMMARY (UNAUDITED)
(in Thousands except share and per share amounts)	Period Ending June 30, 2025			Period Ending March 31, 2025			% Change From Period Ending March 31, 2025 to Period Ending June 30, 2025		Period Ending June 30, 2024			% Change From Period Ending June 30, 2024 to Period Ending June 30, 2025
QUARTERLY OPERATING RESULTS
Net Income	$	61,424		$	63,224		(2.8	)%	$	52,136		17.8	%
Net Income Available to Common Stockholders	$	61,393		$	63,224		(2.9	)%	$	52,105		17.8	%
Diluted Earnings Per Share	$	1.12		$	1.16		(3.4	)%	$	0.95		17.9	%
Return on Average Assets		1.40	%		1.45	%				1.34	%
Return on Average Common Stockholders’ Equity		14.56	%		15.63	%				14.08	%
Average Diluted Shares Outstanding		54,664,480			54,656,630					54,608,679

Adjusted Net Income, net of tax*	$	66,133		$	63,224		4.6	%	$	52,136		26.8	%
Adjusted Net Income Available to Common Stockholders, net of tax*	$	66,102		$	63,224		4.6	%	$	52,105		26.9	%
Adjusted Diluted Earnings Per Share, net of tax*	$	1.21		$	1.16		4.4	%	$	0.95		27.5	%
Adjusted Return on Average Assets, net of tax*		1.50	%		1.45	%				1.34	%
Adjusted Return on Average Common Stockholders’ Equity, net of tax*		15.68	%		15.63	%				14.08	%



YEAR-TO-DATE OPERATING RESULTS
Net Income	$	124,648							$	102,162		22.0	%
Net Income Available to Common Stockholders	$	124,617							$	102,131		22.0	%
Diluted Earnings Per Share	$	2.28							$	1.87		21.9	%
Return on Average Assets		1.42	%							1.30	%
Return on Average Common Stockholders’ Equity		15.08	%							13.96	%
Average Diluted Shares Outstanding		54,660,577								54,602,032

Adjusted Net Income, net of tax*	$	129,357							$	103,509		25.0	%
Adjusted Net Income Available to Common Stockholders, net of tax*	$	129,326							$	103,478		25.0	%
Adjusted Diluted Earnings Per Share, net of tax*	$	2.36							$	1.89
Adjusted Return on Average Assets, net of tax*		1.48	%							1.31	%
Adjusted Return on Average Common Stockholders’ Equity, net of tax*		15.65	%							14.15	%

BALANCE SHEET
Total Assets	$	17,378,628		$	18,636,766		(6.8	)%	$	16,049,812		8.3	%
Loans		13,232,560			12,886,831		2.7	%		12,332,780		7.3	%
Non-interest-bearing Demand Deposits		2,632,058			2,647,577		(0.6	)%		2,475,415		6.3	%
Total Deposits		13,862,319			14,429,061		(3.9	)%		13,259,392		4.5	%
Stockholders’ Equity		1,721,783			1,668,900		3.2	%		1,510,576		14.0	%

DETAILED FINANCIALS

ServisFirst Bancshares, Inc. reported net income and net income available to common stockholders of $61.4 million for the quarter ended June 30, 2025, compared to net income and net income available to common stockholders of $63.2 million for the first quarter of 2025 and net income and net income available to common stockholders of $52.1 million for the second quarter of 2024. Basic and diluted earnings per common share were both $1.12 in the second quarter of 2025, compared to $1.16 for both in the first quarter of 2025 and $0.96 and $0.95, respectively, in the second quarter of 2024.

Annualized return on average assets was 1.40% and annualized return on average common stockholders’ equity was 14.56% for the second quarter of 2025, compared to 1.34% and 14.08%, respectively, for the second quarter of 2024.

Net interest income was $131.7 million for the second quarter of 2025, compared to $123.6 million for the first quarter of 2025 and $105.9 million for the second quarter of 2024. The net interest margin in the second quarter of 2025 was 3.10% compared to 2.92% in the first quarter of 2025 and 2.79% in the second quarter of 2024. Loan yields were 6.37% during the second quarter of 2025 compared to 6.28% during the first quarter of 2025 and 6.48% during the second quarter of 2024. Investment yields were 3.37% during the second quarter of 2025 compared to 3.31% during the first quarter of 2025 and 3.33% during the second quarter of 2024. Average interest-bearing deposit rates were 3.33% during the second quarter of 2025, compared to 3.40% during the first quarter of 2025 and 4.09% during the second quarter of 2024. During the quarter, we reversed a $2.3 million accrual related to a legal matter, which had been recorded in interest expense. Average federal funds purchased rates were 4.49% during the second quarter of 2025, compared to 4.50% during the first quarter of 2025 and 5.50% during the second quarter of 2024.

Average loans for the second quarter of 2025 were $13.01 billion, an increase of $302.0 million, or 9.5% annualized, from average loans of $12.71 billion for the first quarter of 2025, and an increase of $947.1 million, or 7.9%, from average loans of $12.06 billion for the second quarter of 2024. Ending total loans for the second quarter of 2025 were $13.23 billion, an increase of $345.7 million, or 10.8% annualized, from $12.89 billion for the first quarter of 2025, and an increase of $899.8 million, or 7.3%, from $12.33 billion for the second quarter of 2024.

Average total deposits for the second quarter of 2025 were $13.90 billion, an increase of $5.8 million, or 0.2% annualized, from average total deposits of $13.89 billion for the first quarter of 2025, and an increase of $1.03 billion, or 8.0%, from average total deposits of $12.86 billion for the second quarter of 2024. Ending total deposits for the second quarter of 2025 were $13.86 billion, a decrease of $566.7 million, or 15.8% annualized, from $14.43 billion for the first quarter of 2025, and an increase of $602.9 million, or 4.5%, from $13.26 billion for the second quarter of 2024.

Non-performing assets to total assets were 0.42% for the second quarter of 2025, compared to 0.40% for the first quarter of 2025 and 0.23% for the second quarter of 2024. The majority of the year-over-year increase in non-performing assets was attributable to two relationships, both of which are secured by real estate. Annualized net charge-offs to average loans were 0.20% for the second quarter of 2025, compared to 0.19% for the first quarter of 2025 and 0.10% for the second quarter of 2024. During the second quarter of 2025, we charged off $4.9 million on a loan that had not been previously impaired. The allowance for credit losses as a percentage of total loans at June 30, 2025, March 31, 2025, and June 30, 2024, was 1.28%, 1.28%, and 1.28%, respectively. We recorded a $11.4 million provision for loan losses in the second quarter of 2025 compared to $6.5 million in the first quarter of 2025, and $5.4 million in the second quarter of 2024. Higher loan growth and increased net charge-offs during the second quarter of 2025 contributed to the increase in provision for loan losses.

Non-interest income decreased $8.5 million, or 95.3%, to $421,000 for the second quarter of 2025 from $8.9 million in the second quarter of 2024, and decreased $7.9 million, or 94.9%, on a linked quarter basis. Service charges on deposit accounts increased $378,000, or 16.5%, to $2.7 million for the second quarter of 2025 from $2.3 million in the second quarter of 2024, and increased $113,000, or 4.4%, on a linked quarter basis. Mortgage banking revenue decreased $56,000, or 4.1%, to $1.3 million for the second quarter of 2025 from $1.4 million in the second quarter of 2024, and increased $710,000, or 115.8%, on a linked quarter basis. Net credit card income decreased $214,000, or 9.2%, to $2.1 million for the second quarter of 2025 from $2.3 million in the second quarter of 2024, and increased $151,000, or 7.7%, on a linked quarter basis. In the second quarter of 2025, we recognized an $8.6 million loss on the sale of available-for-sale debt securities as part of a portfolio restructuring. Bank-owned life insurance (“BOLI”) income increased $68,000, or 3.3%, to $2.1 million for the second quarter of 2025 from $2.1 million in the second quarter of 2024, and decreased $11,000, or 0.5%, on a linked quarter basis. Other operating income decreased $83,000, or 10.0%, to $745,000 for the second quarter of 2025 from $828,000 in the second quarter of 2024, and decreased $256,000, or 25.6%, on a linked quarter basis.

Non-interest expense increased $1.4 million, or 3.2%, to $44.2 million for the second quarter of 2025 from $42.8 million in the second quarter of 2024, and decreased $1.9 million, or 4.1%, on a linked quarter basis. Salary and benefit expense decreased $1.6 million, or 6.8%, to $22.6 million for the second quarter of 2025 from $24.2 million in the second quarter of 2024, and decreased $303,000, or 1.3%, on a linked quarter basis. The number of full-time equivalent (“FTE”) employees increased by 34, or 5.44%, to 659 at June 30, 2025 compared to 625 at June 30, 2024, and increased by 23, or 3.61%, from the end of the first quarter of 2025. Equipment and occupancy expense decreased $44,000, or 1.2%, to $3.5 million for the second quarter of 2025 from $3.6 million in the second quarter of 2024, and decreased $199,000, or 5.3%, on a linked quarter basis. Third party processing and other services expense increased $540,000, or 7.2%, to $8.0 million for the second quarter of 2025 from $7.5 million in the second quarter of 2024, and increased $267,000, or 3.5%, on a linked quarter basis. Professional services expense increased $163,000, or 9.4%, to $1.9 million for the second quarter of 2025 from $1.7 million in the second quarter of 2024, and decreased $29,000, or 1.5%, on a linked quarter basis. FDIC and other regulatory assessments increased $551,000, or 25.0%, to $2.8 million for the second quarter of 2025 from $2.2 million in the second quarter of 2024, and decreased $101,000, or 3.5%, on a linked quarter basis. Other operating expenses increased $1.8 million, or 49.5%, to $5.4 million for the second quarter of 2025 from $3.6 million in the second quarter of 2024, and decreased $1.5 million, or 22.0%, on a linked quarter basis. The efficiency ratio was 33.46% during the second quarter of 2025 compared to 37.31% during the second quarter of 2024 and 34.97% during the first quarter of 2025. The adjusted efficiency ratio was 31.94% in the second quarter of 2025.

Income tax expense increased $725,000, or 5.0%, to $15.2 million in the second quarter of 2025, compared to $14.5 million in the second quarter of 2024. Our effective tax rate was 19.82% for the second quarter of 2025 compared to 21.71% for the second quarter of 2024. We recognized a reduction in provision for income taxes resulting from excess tax benefits from the exercise and vesting of stock options and restricted stock during the second quarters of 2025 and 2024 of $2.1 million and $396,000, respectively.

About ServisFirst Bancshares, Inc.

ServisFirst Bancshares, Inc. is a bank holding company based in Birmingham, Alabama. Through its subsidiary ServisFirst Bank, ServisFirst Bancshares, Inc. provides business and personal financial services from locations in Alabama, Florida, Georgia, North and South Carolina, Tennessee, and Virginia. We also operate a loan production office in Florida. Through the ServisFirst Bank, we originate commercial, consumer and other loans and accept deposits, provide electronic banking services, such as online and mobile banking, including remote deposit capture, deliver treasury and cash management services and provide correspondent banking services to other financial institutions.

ServisFirst Bancshares, Inc. files periodic reports with the U.S. Securities and Exchange Commission (SEC). Copies of its filings may be obtained through the SEC’s website at www.sec.gov or at www.servisfirstbancshares.com.

Statements in this press release that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as “forward-looking statements” for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. The words “believe,” “expect,” “anticipate,” “project,” “plan,” “intend,” “will,” “could,” “would,” “might” and similar expressions often signify forward-looking statements. Such statements involve inherent risks and uncertainties. ServisFirst Bancshares, Inc. cautions that such forward-looking statements, wherever they occur in this press release or in other statements attributable to ServisFirst Bancshares, Inc., are necessarily estimates reflecting the judgment of ServisFirst Bancshares, Inc.’s senior management and involve risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Such forward-looking statements should, therefore, be considered in light of various factors that could affect the accuracy of such forward-looking statements, including, but not limited to: general economic conditions, especially in the credit markets and in the Southeast; the impact of tariffs and trade wars on general economic conditions, the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes as a result of our reclassification as a large financial institution by the FDIC; changes in our loan portfolio and the deposit base; possible changes in laws and regulations and governmental monetary and fiscal policies, including, but not limited to, the Federal Reserve policies in connection with continued or re-emerging inflationary pressures and the ability of the U.S. Congress to increase the U.S. statutory debt limit as needed; computer hacking or cyber-attacks resulting in unauthorized access to confidential or proprietary information; substantial, unexpected or prolonged changes in the level or cost of liquidity; the cost and other effects of legal and administrative cases and similar contingencies; possible changes in the creditworthiness of customers and the possible impairment of the collectability of loans and the value of collateral; the effect of natural disasters, such as hurricanes and tornados, in our geographic markets; and increased competition from both banks and non-bank financial institutions. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Cautionary Note Regarding Forward-looking Statements” and “Risk Factors” in our most recent Annual Report on Form 10-K, in our Quarterly Reports on Form 10-Q for fiscal year 2025, and our other SEC filings. If one or more of the assumptions forming the basis of our forward-looking information and statements proves incorrect, then our actual results, performance or achievements could differ materially from those expressed in, or implied by, forward-looking information and statements contained herein. Accordingly, you should not place undue reliance on any forward-looking statements, which speak only as of the date made. ServisFirst Bancshares, Inc. assumes no obligation to update or revise any forward-looking statements that are made from time to time.

More information about ServisFirst Bancshares, Inc. may be obtained over the Internet at www.servisfirstbancshares.com or by calling (205) 949-0302.

Contact: ServisFirst Bank
Davis Mange (205) 949-3420
dmange@servisfirstbank.com

SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
(In thousands except share and per share data)
	2nd Quarter 2025			1st Quarter 2025			4th Quarter 2024			3rd Quarter 2024			2nd Quarter 2024
CONSOLIDATED STATEMENT OF INCOME
Interest income	$	246,635		$	241,096		$	243,892		$	247,979		$	227,540
Interest expense		114,948			117,543			120,724			132,858			121,665
Net interest income		131,687			123,553			123,168			115,121			105,875
Provision for credit losses		11,296			6,630			5,704			5,659			5,353
Net interest income after provision for credit losses		120,391			116,923			117,464			109,462			100,522
Non-interest income		421			8,277			8,803			8,549			8,891
Non-interest expense		44,204			46,107			46,896			45,632			42,818
Income before income tax		76,608			79,093			79,371			72,379			66,595
Provision for income tax		15,184			15,869			14,198			12,472			14,459
Net income		61,424			63,224			65,173			59,907			52,136
Preferred stock dividends		31			–			31			–			31
Net income available to common stockholders	$	61,393		$	63,224		$	65,142		$	59,907		$	52,105
Earnings per share – basic	$	1.12		$	1.16		$	1.19		$	1.10		$	0.96
Earnings per share – diluted	$	1.12		$	1.16		$	1.19		$	1.10		$	0.95
Average diluted shares outstanding		54,664,480			54,656,630			54,649,808			54,642,582			54,608,679

CONSOLIDATED BALANCE SHEET DATA
Total assets	$	17,378,628		$	18,636,766		$	17,351,643		$	16,449,178		$	16,049,812
Loans		13,232,560			12,886,831			12,605,836			12,338,226			12,332,780
Debt securities		1,914,503			1,905,550			1,876,253			1,867,587			1,941,641
Non-interest-bearing demand deposits		2,632,058			2,647,577			2,619,687			2,576,329			2,475,415
Total deposits		13,862,319			14,429,061			13,543,459			13,146,529			13,259,392
Borrowings		64,747			64,745			64,743			64,741			64,739
Stockholders’ equity		1,721,783			1,668,900			1,616,772			1,570,269			1,510,576

Shares outstanding		54,618,545			54,601,217			54,569,427			54,551,543			54,521,479
Book value per share	$	31.52		$	30.57		$	29.63		$	28.79		$	27.71
Tangible book value per share (1)	$	31.27		$	30.32		$	29.38		$	28.54		$	27.46

SELECTED FINANCIAL RATIOS (Annualized)
Net interest margin		3.10	%		2.92	%		2.96	%		2.84	%		2.79	%
Return on average assets		1.40	%		1.45	%		1.52	%		1.43	%		1.34	%
Return on average common stockholders’ equity		14.56	%		15.63	%		16.29	%		15.55	%		14.08	%
Efficiency ratio		33.46	%		34.97	%		35.54	%		36.90	%		37.31	%
Non-interest expense to average earning assets		1.04	%		1.09	%		1.13	%		1.13	%		1.13	%

CAPITAL RATIOS (2)
Common equity tier 1 capital to risk-weighted assets		11.38	%		11.48	%		11.42	%		11.25	%		10.93	%
Tier 1 capital to risk-weighted assets		11.38	%		11.48	%		11.42	%		11.25	%		10.93	%
Total capital to risk-weighted assets		12.81	%		12.93	%		12.90	%		12.77	%		12.43	%
Tier 1 capital to average assets		9.78	%		9.48	%		9.59	%		9.54	%		9.81	%
Tangible common equity to total tangible assets (1)		9.84	%		8.89	%		9.25	%		9.47	%		9.33	%

(1) This press release contains certain non-GAAP financial measures. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”
(2) Regulatory capital ratios for most recent period are preliminary.

GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures, including adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity, and adjusted efficiency ratio. We recorded a one-time expense of $7.2 million in the fourth quarter of 2023 associated with the FDIC’s special assessment to recapitalize the Deposit Insurance Fund following bank failures in the spring of 2023. This assessment was updated in the first quarter of 2024 resulting in additional expense of $1.8 million. We recognized an $8.6 million loss on sale of available-for-sale debt securities in non-interest income during the second quarter of 2025 as a result of restructuring the portfolio. We reversed a $2.3 million legal reserve from interest expense during the second quarter of 2025. These adjustments to our results are unusual, or infrequent, in nature and are not considered to be part of our non-interest expense, non-interest income and interest expense run rates, respectively. Each of adjusted net income, adjusted net income available to common stockholders, adjusted diluted earnings per share, adjusted return on average assets, adjusted return on average common stockholders’ equity and adjusted efficiency ratio excludes the impact of these items, net of tax, and are all considered non-GAAP financial measures. This press release also contains the non-GAAP financial measures of tangible common stockholders’ equity, total tangible assets, tangible book value per share and tangible common equity to total tangible assets, each of which excludes goodwill associated with our acquisition of Metro Bancshares, Inc. in January 2015.

We believe these non-GAAP financial measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, we acknowledge that these non-GAAP financial measures have a number of limitations. As such, you should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies, including those in our industry, use. The following reconciliation table provides a more detailed analysis of the non-GAAP financial measures as of and for the comparative periods presented in this press release. Dollars are in thousands, except share and per share data.

	At June 30, 2025			At March 31, 2025			At December 31, 2024			At September 30, 2024			At June 30, 2024
Book value per share – GAAP	$	31.52		$	30.56		$	29.63		$	28.79		$	27.71
Total common stockholders’ equity – GAAP		1,721,783			1,668,900			1,616,772			1,570,269			1,570,994
Adjustment for Goodwill		(13,615	)		(13,615	)		(13,615	)		(13,615	)		(13,615	)
Tangible common stockholders’ equity – non-GAAP	$	1,708,168		$	1,655,285		$	1,603,157		$	1,556,654		$	1,557,379
Tangible book value per share – non-GAAP	$	31.27		$	30.31		$	29.38		$	28.54		$	27.46

Stockholders’ equity to total assets – GAAP		9.91	%		8.95	%		9.32	%		9.55	%		9.55	%
Total assets – GAAP	$	17,378,628		$	18,636,766		$	17,351,643		$	16,449,178		$	16,448,582
Adjustment for Goodwill		(13,615	)		(13,615	)		(13,615	)		(13,615	)		(13,615	)
Total tangible assets – non-GAAP	$	17,365,013		$	18,623,151		$	17,338,028		$	16,435,563		$	16,434,967
Tangible common equity to total tangible assets – non-GAAP		9.84	%		8.89	%		9.25	%		9.47	%		9.48	%

	Three Months Ended June 30, 2025			Three Months Ended March 31, 2025			Three Months Ended June 30, 2024			Six Months Ended June 30, 2025			Six Months Ended June 30, 2024
Net income – GAAP	$	61,424		$	63,224		$	52,136		$	124,648		$	102,162
Adjustments:
FDIC special assessment		–			–			–			–			1,799
Legal matter accrual reversal		(2,276	)		–			–			(2,276	)		–
Loss on marketable securities		8,563			–			–			8,563			–
Tax on adjustments		(1,578	)		–			–			(1,578	)		(452	)
Adjusted net income – non-GAAP	$	66,133		$	63,224		$	52,136		$	129,357		$	103,509

Net income available to common stockholders – GAAP	$	61,393		$	63,224		$	52,105		$	124,617		$	102,131
Adjustments:
FDIC special assessment		–			–			–			–			1,799
Legal matter accrual reversal		(2,276	)		–			–			(2,276	)		–
Loss on marketable securities		8,563			–			–			8,563			–
Tax on adjustments		(1,578	)		–			–			(1,578	)		(452	)
Adjusted net income available to common stockholders – non-GAAP	$	66,102		$	63,224		$	52,105		$	129,326		$	103,478

Diluted earnings per share – GAAP	$	1.12		$	1.16		$	0.95		$	2.28		$	1.87
Adjustments:
FDIC special assessment		–			–			–			–			0.03
Legal matter accrual reversal		(0.04	)		–			–			(0.05	)		–
Loss on marketable securities		0.16			–			–			0.16			–
Tax on adjustments		(0.03	)		–			–			(0.03	)		(0.01	)
Adjusted diluted earnings per share – non-GAAP	$	1.21		$	1.16		$	0.95		$	2.36		$	1.89

Net interest income, on a fully taxable-equivalent basis	$	131,777								$	255,394
Adjustments:
Legal matter accrual reversal		(2,276	)								(2,276	)
Tax on adjustments		571									571
Adjusted net interest income, on a fully taxable-equivalent basis	$	130,072								$	253,689

Net interest margin-GAAP		3.10	%								3.01	%
Average earning assets		17,076,353									17,132,710
Adjusted net interest margin-non-GAAP		3.06	%								2.99	%

Return on average assets – GAAP		1.40	%		1.45	%		1.34	%		1.42	%		1.30	%
Net income available to common stockholders – GAAP	$	61,393		$	63,224		$	52,105		$	124,617		$	102,131
Adjustments:
FDIC special assessment		–			–			–			–			1,799
Legal matter accrual reversal		(2,276	)		–			–			(2,276	)		–
Loss on marketable securities		8,563			–			–			8,563			–
Tax on adjustments		(1,578	)		–			–			(1,578	)		(452	)
Adjusted net income available to common stockholders – non-GAAP	$	66,102		$	63,224		$	52,105		$	129,326		$	103,478
Average assets – GAAP	$	17,626,503		$	17,710,148		$	15,697,538		$	17,668,094		$	15,827,894
Adjusted return on average assets – non-GAAP		1.50	%		1.45	%		1.34	%		1.48	%		1.31	%

Return on average common stockholders’ equity – GAAP		14.56	%		15.63	%		14.08	%		15.08	%		13.96	%
Net income available to common stockholders – GAAP	$	61,393		$	63,224		$	52,105		$	124,617		$	102,131
Adjustments:
FDIC special assessment		–			–			–			–			1,799
Legal matter accrual reversal		(2,276	)		–			–			(2,276	)		–
Loss on marketable securities		8,563			–			–			8,563			–
Tax on adjustments		(1,578	)		–			–			(1,578	)		(452	)
Adjusted net income available to common stockholders – non-GAAP	$	66,102		$	63,224		$	52,105		$	129,326		$	103,478
Average common stockholders’ equity – GAAP	$	1,690,855		$	1,640,949		$	1,488,429		$	1,666,039		$	1,471,048
Adjusted return on average common stockholders’ equity non-GAAP		15.68	%		15.63	%		14.08	%		15.65	%		14.15	%

Efficiency ratio		33.46	%		34.97	%		37.31	%		34.22	%		39.42	%
Net interest income – GAAP	$	131,687		$	123,553		$	105,875		$	255,240		$	208,370
Adjustments:
Legal matter accrual reversal		(2,276	)		–			–			(2,276	)		–
Adjusted net interest income – non-GAAP	$	129,411		$	123,553		$	105,875		$	252,964		$	208,370
Total non-interest income – GAAP		421			8,277			8,891			8,698			17,704
Adjustments:
Loss on marketable securities		8,563			–			–			8,563			–
Adjusted non-interest income – non-GAAP	$	8,984		$	8,277		$	8,891		$	17,261		$	17,704
Adjusted net interest income and non-interest income – non-GAAP		138,395			131,830			114,766			270,225			226,074
Non-interest expense – GAAP	$	44,204		$	46,107		$	42,818		$	90,311		$	89,121
Adjustments:
FDIC special assessment		–			–			–			–			1,799
Adjusted non-interest expense – non-GAAP	$	44,204		$	46,107		$	42,818		$	90,311		$	87,322
Adjusted efficiency ratio – non-GAAP		31.94	%		34.97	%		37.31	%		33.42	%		38.63	%

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
	June 30, 2025			June 30, 2024			% Change
ASSETS
Cash and due from banks	$	140,659		$	135,711		4	%
Interest-bearing balances due from depository institutions		1,236,485			1,129,922		9	%
Federal funds sold and securities purchased with agreement to resell		333,760			11,132		2,898	%
Cash and cash equivalents		1,710,904			1,276,765		34	%
Available for sale debt securities, at fair value		1,227,851			1,174,386		5	%
Held to maturity debt securities (fair value of $639,455 and $785,270, respectively)		686,652			767,255		(11	)%
Restricted equity securities		12,156			11,300		8	%
Mortgage loans held for sale		22,131			11,174		98	%
Loans		13,232,560			12,332,780		7	%
Less allowance for credit losses		(169,959	)		(158,092	)	8	%
Loans, net		13,062,601			12,174,688		7	%
Premises and equipment, net		59,993			59,200		1	%
Goodwill		13,615			13,615		–	%
Other assets		582,725			561,429		4	%
Total assets	$	17,378,628		$	16,049,812		8	%
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest-bearing demand	$	2,632,058		$	2,475,415		6	%
Interest-bearing		11,230,261			10,783,977		4	%
Total deposits		13,862,319			13,259,392		5	%
Federal funds purchased		1,599,135			1,097,154		46	%
Other borrowings		64,747			64,739		–	%
Other liabilities		130,644			117,951		11	%
Total liabilities		15,656,845			14,539,236		8	%
Stockholders’ equity:
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at June 30, 2025 and June 30, 2024		–			–		–	%
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 54,618,545 shares issued and outstanding at June 30, 2025, and 54,521,479 shares issued and outstanding at June 30, 2024		54			54		–	%
Additional paid-in capital		236,716			234,495		1	%
Retained earnings		1,500,767			1,322,048		14	%
Accumulated other comprehensive loss		(16,254	)		(46,521	)	(65	)%
Total stockholders’ equity attributable to ServisFirst Bancshares, Inc.		1,721,283			1,510,076		14	%
Noncontrolling interest		500			500		–	%
Total stockholders’ equity		1,721,783			1,510,576		14	%
Total liabilities and stockholders’ equity	$	17,378,628		$	16,049,812		8	%

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025			2024
Interest income:
Interest and fees on loans	$	206,521		$	194,300	$	403,457		$	381,278
Taxable securities		16,562			16,158		32,585			32,137
Nontaxable securities		5			9		11			18
Federal funds sold and securities purchased with agreement to resell		1,592			538		1,612			1,079
Other interest and dividends		21,955			16,535		50,066			39,738
Total interest income		246,635			227,540		487,731			454,250
Interest expense:
Deposits		93,488			104,671		188,233			208,737
Borrowed funds		21,460			16,994		44,258			37,143
Total interest expense		114,948			121,665		232,491			245,880
Net interest income		131,687			105,875		255,240			208,370
Provision for credit losses		11,296			5,353		17,926			9,721
Net interest income after provision for credit losses		120,391			100,522		237,314			198,649
Non-interest income:
Service charges on deposit accounts		2,671			2,293		5,229			4,443
Mortgage banking		1,323			1,379		1,936			2,057
Credit card income		2,119			2,333		4,087			4,488
Securities losses		(8,563	)		–		(8,563	)		–
Bank-owned life insurance income		2,126			2,058		4,263			5,289
Other operating income		745			828		1,746			1,427
Total non-interest income		421			8,891		8,698			17,704
Non-interest expense:
Salaries and employee benefits		22,576			24,213		45,455			47,199
Equipment and occupancy expense		3,523			3,567		7,245			7,124
Third party processing and other services		8,005			7,465		15,743			14,631
Professional services		1,904			1,741		3,837			3,205
FDIC and other regulatory assessments		2,753			2,202		5,607			6,107
Other real estate owned expense		27			7		60			37
Other operating expense		5,416			3,623		12,364			10,818
Total non-interest expense		44,204			42,818		90,311			89,121
Income before income tax		76,608			66,595		155,701			127,232
Provision for income tax		15,184			14,459		31,053			25,070
Net income		61,424			52,136		124,648			102,162
Dividends on preferred stock		31			31		31			31
Net income available to common stockholders	$	61,393		$	52,105	$	124,617		$	102,131
Basic earnings per common share	$	1.12		$	0.96	$	2.28		$	1.87
Diluted earnings per common share	$	1.12		$	0.95	$	2.28		$	1.87

LOANS BY TYPE (UNAUDITED)
(In thousands)

	2nd quarter 2025		1st quarter 2025		4th quarter 2024		3rd quarter 2024		2nd quarter 2024
Commercial, financial and agricultural	$	2,952,028	$	2,924,533	$	2,869,894	$	2,793,989	$	2,935,577
Real estate – construction		1,735,405		1,599,410		1,489,306		1,439,648		1,510,677
Real estate – mortgage:
Owner-occupied commercial		2,557,711		2,543,819		2,547,143		2,441,687		2,399,644
1-4 family mortgage		1,561,461		1,494,189		1,444,623		1,409,981		1,350,428
Non-owner occupied commercial		4,338,697		4,259,566		4,181,243		4,190,935		4,072,007
Subtotal: Real estate – mortgage		8,457,869		8,297,574		8,173,009		8,042,603		7,822,079
Consumer		87,258		65,314		73,627		61,986		64,447
Total loans	$	13,232,560	$	12,886,831	$	12,605,836	$	12,338,226	$	12,332,780

SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)
(Dollars in thousands)
	2nd quarter 2025			1st quarter 2025			4th quarter 2024			3rd quarter 2024			2nd quarter 2024
Allowance for credit losses:
Beginning balance	$	165,034		$	164,458		$	160,755		$	158,092		$	155,892
Loans charged off:
Commercial, financial and agricultural		6,849			2,415			3,899			3,020			3,355
Real estate – construction		–			46			–			–			–
Real estate – mortgage		581			3,571			560			252			119
Consumer		72			60			211			155			108
Total charge offs		7,502			6,092			4,670			3,427			3,582
Recoveries:
Commercial, financial and agricultural		959			171			1,801			616			406
Real estate – construction		–			–			–			–			8
Real estate – mortgage		1			–			23			2			–
Consumer		58			27			151			37			15
Total recoveries		1,018			198			1,975			655			429
Net charge-offs		6,484			5,894			2,695			2,772			3,153
Provision for loan losses		11,409			6,470			6,398			5,435			5,353
Ending balance	$	169,959		$	165,034		$	164,458		$	160,755		$	158,092

Allowance for credit losses to total loans		1.28	%		1.28	%		1.30	%		1.30	%		1.28	%

Allowance for credit losses to total average loans		1.31	%		1.30	%		1.32	%		1.30	%		1.31	%
Net charge-offs to total average loans		0.20	%		0.19	%		0.09	%		0.09	%		0.10	%

Provision for credit losses to total average loans		0.35	%		0.21	%		0.21	%		0.17	%		0.18	%
Nonperforming assets:
Nonaccrual loans	$	68,619		$	73,793		$	39,501		$	37,075		$	33,454
Loans 90+ days past due and accruing		3,549			111			2,965			2,093			1,482
Other real estate owned and repossessed assets		311			756			2,531			2,723			1,458
Total	$	72,479		$	74,660		$	44,997		$	41,891		$	36,394

Nonperforming loans to total loans		0.55	%		0.57	%		0.34	%		0.32	%		0.28	%
Nonperforming assets to total assets		0.42	%		0.40	%		0.26	%		0.25	%		0.23	%
Nonperforming assets to earning assets		0.43	%		0.41	%		0.26	%		0.26	%		0.23	%
Allowance for credit losses to nonaccrual loans		247.69	%		223.64	%		416.34	%		433.59	%		472.57	%

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
	2nd Quarter 2025			1st Quarter 2025		4th Quarter 2024		3rd Quarter 2024		2nd Quarter 2024
Interest income:
Interest and fees on loans	$	206,521		$	196,936	$	200,875	$	205,952	$	194,300
Taxable securities		16,562			16,023		16,905		17,493		16,158
Nontaxable securities		5			6		6		7		9
Federal funds sold with agreement to		1,592			20		18		31		538
Other interest and dividends		21,955			28,111		26,088		24,496		16,535
Total interest income		246,635			241,096		243,892		247,979		227,540
Interest expense:
Deposits		93,488			94,745		98,702		113,211		104,671
Borrowed funds		21,460			22,798		22,022		19,647		16,994
Total interest expense		114,948			117,543		120,724		132,858		121,665
Net interest income		131,687			123,553		123,168		115,121		105,875
Provision for credit losses		11,296			6,630		5,704		5,659		5,353
Net interest income after provision for credit losses		120,391			116,923		117,464		109,462		100,522
Non-interest income:
Service charges on deposit accounts		2,671			2,558		2,650		2,341		2,293
Mortgage banking		1,323			613		1,513		1,352		1,379
Credit card income		2,119			1,968		1,867		1,925		2,333
Securities losses		(8,563	)		–		–		–		–
Bank-owned life insurance income		2,126			2,137		2,131		2,113		2,058
Other operating income		745			1,001		642		818		828
Total non-interest income		421			8,277		8,803		8,549		8,891
Non-interest expense:
Salaries and employee benefits		22,576			22,879		24,062		25,057		24,213
Equipment and occupancy expense		3,523			3,722		3,600		3,795		3,567
Third party processing and other services		8,005			7,738		8,515		8,035		7,465
Professional services		1,904			1,933		1,981		1,715		1,741
FDIC and other regulatory assessments		2,753			2,854		2,225		2,355		2,202
Other real estate owned expense		27			33		58		103		7
Other operating expense		5,416			6,948		6,455		4,572		3,623
Total non-interest expense		44,204			46,107		46,896		45,632		42,818
Income before income tax		76,608			79,093		79,371		72,379		66,595
Provision for income tax		15,184			15,869		14,198		12,472		14,459
Net income		61,424			63,224		65,173		59,907		52,136
Dividends on preferred stock		31			–		31		–		31
Net income available to common stockholders	$	61,393		$	63,224	$	65,142	$	59,907	$	52,105
Basic earnings per common share	$	1.12		$	1.16	$	1.19	$	1.10	$	0.96
Diluted earnings per common share	$	1.12		$	1.16	$	1.19	$	1.10	$	0.95

AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED)
ON A FULLY TAXABLE-EQUIVALENT BASIS
(Dollars in thousands)

	2nd Quarter 2025					1st Quarter 2025					4th Quarter 2024					3rd Quarter 2024					2nd Quarter 2024
	Average Balance			Yield / Rate		Average Balance			Yield / Rate		Average Balance			Yield / Rate		Average Balance			Yield / Rate		Average Balance			Yield / Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (1)
Taxable	$	12,979,759		6.37	%	$	12,683,077		6.29	%	$	12,414,065		6.43	%	$	12,351,073		6.63	%	$	12,045,743		6.48	%
Tax-exempt (2)		30,346		5.51			25,044		4.94			13,198		1.57			15,584		1.86			17,230		2.08
Total loans, net of unearned income		13,010,105		6.37			12,708,121		6.28			12,427,263		6.43			12,366,657		6.62			12,062,973		6.48
Mortgage loans held for sale		11,739		5.23			6,731		4.76			9,642		5.36			10,674		3.80			6,761		6.13
Debt securities:
Taxable		1,965,089		3.37			1,934,739		3.31			1,932,547		3.49			1,955,632		3.57			1,936,818		3.33
Tax-exempt (2)		492		4.88			589		5.43			606		5.28			815		4.42			1,209		3.64
Total securities (3)		1,965,581		3.37			1,935,328		3.31			1,933,153		3.49			1,956,447		3.57			1,938,027		3.33
Federal funds sold and securities purchased with agreement to resell		124,303		5.14			1,670		4.86			1,596		4.49			2,106		5.86			38,475		5.62
Restricted equity securities		12,146		6.64			11,461		7.43			11,290		6.80			11,290		7.36			11,290		7.16
Interest-bearing balances with banks		1,952,479		4.47			2,526,382		4.48			2,143,474		4.81			1,775,192		5.46			1,183,482		5.57
Total interest-earning assets	$	17,076,353		5.80	%	$	17,189,693		5.69	%	$	16,526,418		5.87	%	$	16,122,366		6.12	%	$	15,241,008		6.01	%
Non-interest-earning assets:
Cash and due from banks		109,506					108,540					103,494					103,539					96,646
Net premises and equipment		59,944					59,633					60,708					60,607					59,653
Allowance for credit losses, accrued interest and other assets		380,700					352,282					346,763					340,621					300,521
Total assets	$	17,626,503				$	17,710,148				$	17,037,383				$	16,627,133				$	15,697,828

Interest-bearing liabilities:
Interest-bearing deposits:
Checking (4)	$	2,222,000		1.78	%	$	2,461,900		2.38	%	$	2,353,439		2.61	%	$	2,318,384		2.97	%	$	2,227,527		2.85	%
Savings		101,506		1.63			101,996		1.61			102,858		1.52			102,627		1.76			105,955		1.71
Money market		7,616,747		3.67			7,363,163		3.61			7,067,265		3.86			7,321,503		4.45			6,810,799		4.46
Time deposits		1,321,404		4.09			1,361,558		4.24			1,286,754		4.45			1,197,650		4.52			1,157,528		4.47
Total interest-bearing deposits		11,261,657		3.33			11,288,617		3.40			10,810,316		3.63			10,940,164		4.12			10,301,809		4.09
Federal funds purchased		1,855,860		4.49			1,994,766		4.50			1,767,749		4.80			1,391,118		5.42			1,193,190		5.50
Other borrowings		64,750		4.26			64,750		4.30			64,738		4.22			64,738		4.22			64,738		4.27
Total interest-bearing liabilities	$	13,182,267		3.50	%	$	13,348,133		3.57	%	$	12,642,803		3.80	%	$	12,396,020		4.26	%	$	11,559,737		4.23	%
Non-interest-bearing liabilities:
Non-interest-bearing checking		2,633,552					2,600,775					2,672,875					2,575,575					2,560,245
Other liabilities		119,829					120,291					130,457					122,455					89,418
Stockholders’ equity		1,716,232					1,670,402					1,624,084					1,574,902					1,536,013
Accumulated other comprehensive loss		(25,377	)				(29,453	)				(32,836	)				(41,819	)				(47,584	)
Total liabilities and stockholders’ equity	$	17,626,503				$	17,710,148				$	17,037,383				$	16,627,133				$	15,697,828
Net interest spread				2.30	%				2.12	%				2.07	%				1.86	%				1.78	%
Net interest margin				3.10	%				2.92	%				2.96	%				2.84	%				2.79	%

^{(1) Average loans include nonaccrual loans in all periods. Loan fees of $4,430, $3,764, $4,460, $3,949, and $3,317 are included in interest income in the second quarter of 2025, first quarter of 2025, fourth quarter of 2024, third quarter of 2024, and second quarter of 2024, respectively.}
^{(2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%.}
^{(3) Unrealized losses on debt securities of $(36,381), $(41,970), $(46,652), $(58,802), and $(66,663) for the second quarter of 2025, first quarter of 2025, fourth quarter of 2024, third quarter of 2024, and second quarter of 2024, respectively, are excluded from the yield calculation.}
^{(4) Includes impact of reversal of a $2.3 million accrual related to a legal matter. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”}

The MIL Network –

July 22, 2025

MIL-OSI: Medallion Financial Corp. to Report 2025 Second Quarter Results on Wednesday, July 30, 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Medallion Financial Corp. (NASDAQ: MFIN, the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, as well as loan products and services offered through fintech strategic partners, announced today that it will report its financial results for the quarter ended June 30, 2025, after market close on Wednesday, July 30, 2025.

Live Conference Call and Webcast

A conference call to discuss these financial results will be held as follows:

A link to the live audio webcast of the conference call will also be available at the Company’s IR website.

Replay Information

The conference call replay will be available following the end of the call through Thursday, August 7, 2025.

Dial-in number: (412) 317-6671
Passcode: 10201134

Additionally, the webcast replay will be available at the Company’s IR website.

About Medallion Financial Corp.

Medallion Financial Corp. (NASDAQ: MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries, and loan products and services offered through fintech strategic partners. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.

Contacts:

Medallion Financial Corp.
212-328-2176
InvestorRelations@medallion.com

Investor Relations
The Equity Group Inc.
Lena Cati
lcati@theequitygroup.com
(212) 836-9611

Val Ferraro
vferraro@theequitygroup.com
(212) 836-9633

The MIL Network –

July 22, 2025

MIL-OSI: Tactile Medical to Release Second Quarter of Fiscal Year 2025 Financial Results on August 4, 2025

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS, July 21, 2025 (GLOBE NEWSWIRE) — Tactile Systems Technology, Inc. (“Tactile Medical”; the “Company”) (Nasdaq: TCMD), a medical technology company providing therapies for people with chronic disorders, today announced that second quarter of fiscal year 2025 financial results will be released after the market closes on Monday, August 4, 2025.

Management will host a conference call with a question and answer session at 5:00 p.m. Eastern Time on August 4, 2025, to discuss the results of the quarter. Those who would like to participate may dial 877-407-3088 (201-389-0927 for international callers) and provide access code 13754589. A live webcast of the call will also be provided on the investor relations section of the Company’s website at investors.tactilemedical.com.

For those unable to participate, a replay of the call will be available for two weeks at 877-660-6853 (201-612-7415 for international callers); access code 13754589. The webcast will be archived at investors.tactilemedical.com.

About Tactile Systems Technology, Inc. (DBA Tactile Medical)

Tactile Medical is a leader in developing and marketing at-home therapies for people suffering from underserved, chronic conditions including lymphedema, lipedema, chronic venous insufficiency and chronic pulmonary disease by helping them live better and care for themselves at home. Tactile Medical collaborates with clinicians to expand clinical evidence, raise awareness, increase access to care, reduce overall healthcare costs and improve the quality of life for tens of thousands of patients each year.

Investor Inquiries:
Sam Bentzinger
Gilmartin Group
investorrelations@tactilemedical.com

The MIL Network –

July 22, 2025

MIL-OSI: CarGurus To Report Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

BOSTON, July 21, 2025 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles¹, announced it will issue a press release reporting financial results for the quarter ended June 30, 2025, after the close of the market on August 7, 2025.

CarGurus will host a conference call and live webcast to discuss those financial results for investors and analysts at 5:00 p.m. Eastern Time on August 7, 2025. To access the conference call, dial (877) 451-6152 for the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of the company’s website at https://investors.cargurus.com.

An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time on August 7, 2025, until 11:59 p.m. Eastern Time on August 21, 2025, by dialing (844) 512-2921 for the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 13754096. In addition, an archived webcast will be available on the Investors section of the company’s website at https://investors.cargurus.com.

About CarGurus, Inc.

CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.¹

In addition to the U.S. marketplace, the company operates online marketplaces under the CarGurus brand in Canada and the U.K., as well as independent online marketplace brands Autolist in the U.S. and PistonHeads in the U.K.

To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.

CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks, and registered trademarks are the property of their respective owners.

¹Similarweb: Traffic Report [Cars.com, Autotrader, TrueCar, CARFAX Listings (defined as CARFAX Total visits minus Vehicle History Reports traffic)], Q1 2025, U.S.

Investor Contact:
Kirndeep Singh
Vice President, Head of Investor Relations
investors@cargurus.com

Media Contact:
Maggie Meluzio
Director, Public Relations & External Communications
pr@cargurus.com

The MIL Network –

July 22, 2025

MIL-OSI: CarGurus To Report Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

BOSTON, July 21, 2025 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles¹, announced it will issue a press release reporting financial results for the quarter ended June 30, 2025, after the close of the market on August 7, 2025.

CarGurus will host a conference call and live webcast to discuss those financial results for investors and analysts at 5:00 p.m. Eastern Time on August 7, 2025. To access the conference call, dial (877) 451-6152 for the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of the company’s website at https://investors.cargurus.com.

An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time on August 7, 2025, until 11:59 p.m. Eastern Time on August 21, 2025, by dialing (844) 512-2921 for the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 13754096. In addition, an archived webcast will be available on the Investors section of the company’s website at https://investors.cargurus.com.

About CarGurus, Inc.

CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.¹

In addition to the U.S. marketplace, the company operates online marketplaces under the CarGurus brand in Canada and the U.K., as well as independent online marketplace brands Autolist in the U.S. and PistonHeads in the U.K.

To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.

CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks, and registered trademarks are the property of their respective owners.

¹Similarweb: Traffic Report [Cars.com, Autotrader, TrueCar, CARFAX Listings (defined as CARFAX Total visits minus Vehicle History Reports traffic)], Q1 2025, U.S.

Investor Contact:
Kirndeep Singh
Vice President, Head of Investor Relations
investors@cargurus.com

Media Contact:
Maggie Meluzio
Director, Public Relations & External Communications
pr@cargurus.com

The MIL Network –

July 22, 2025

MIL-OSI: Remitly to Report Second Quarter Financial Results on August 6, 2025

Source: GlobeNewswire (MIL-OSI)

SEATTLE, July 21, 2025 (GLOBE NEWSWIRE) — Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”), a trusted provider of digital financial services that transcend borders, today announced that it will report second quarter financial results after the market close on Wednesday, August 6, 2025. Management will host a conference call and live webcast to present the Company’s financial results and answer questions from the financial analyst community at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time that same evening. Conference call and webcast information can be found below.

Remitly Second Quarter Financial Results Conference Call and Webcast Information:
When: Wednesday, August 6^th, 2025
Time: 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time

Toll-Free Dial-in: To access the call, please use the following link: Remitly 2Q 2025 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, the Company suggests registering a minimum of 10 minutes before the start of the call.

Live Webcast and Replay: A live webcast and replay of the call will be accessible from the Investor Relations section of the Company’s website at https://ir.remitly.com/. For those not planning to ask a question of management, the Company recommends listening via the webcast.

About Remitly
Remitly is a trusted provider of digital financial services that transcend borders. With a global footprint spanning more than 170 countries, Remitly’s digitally native, cross-border payments app delights customers with a fast, reliable, and transparent money movement experience. Building on its strong foundation, Remitly is expanding its suite of products to further its vision and transform lives around the world.

Investor Relations Contact:

Luv Sodha
ir@remitly.com

Media Contact:

Ali Sylte
press@remitly.com

SOURCE Remitly Global, Inc.

The MIL Network –

July 22, 2025

MIL-OSI USA: In Letter to Trump, Cantwell Unveils 5-Point Plan to Improve Nation’s Weather Readiness in the Face of NOAA Cuts

US Senate News:

Source: United States Senator for Washington Maria Cantwell

07.21.25

In Letter to Trump, Cantwell Unveils 5-Point Plan to Improve Nation’s Weather Readiness in the Face of NOAA Cuts

Cantwell to Trump: “We have a once-in-a-lifetime opportunity to create the world’s best weather forecasting system…”

WASHINGTON, D.C. – Senator Maria Cantwell (D-Wash), ranking member of the Senate Committee on Commerce, Science, and Transportation – the committee that oversees the National Oceanic and Atmospheric Administration (NOAA) and the National Weather Service (NWS) – today sent a letter to President Donald Trump outlining her five-point plan to bolster the United States’ weather readiness.

“Communities across the United States are experiencing more frequent, intense, and costly flash floods, hurricanes, tornadoes, atmospheric rivers, landslides, heatwaves, and wildfires,” Sen. Cantwell wrote. “The lessons from Kerrville, Palisades, Asheville, Lahaina, and too many other natural disasters are that providing Americans with more timely and accurate weather information can avoid billions in property losses and save lives. We have a once-in-a-lifetime opportunity to create the world’s best weather forecasting system that would provide Americans with much more detailed and customized alerts days instead of minutes ahead of a looming extreme weather event.”

Sen. Cantwell’s five recommendations for President Trump are:

Modernize Weather Data Collection: The United States needs to collect and compile more data by land, air, space, and sea by modernizing our weather data infrastructure and other tools, including better radars, hurricane hunters, weather satellites, and ocean buoys.

Radar: Upgrading the nation’s aging Doppler radar network will enable meteorologists to deliver more accurate forecasts and provide longer warning lead times. Higher resolution data from new technology called phased array radar can “see” into the storm in ways not visible on current radar. It can zoom in on the most dangerous features of extreme weather and scan the atmosphere in under a minute, six times faster than current radar, to detect rapid changes like tornado formation or microbursts. NOAA is planning to replace the current outdated Doppler network but lacks the resources necessary to develop the best radar technology and infrastructure at the pace we need them to.
Hurricane Hunters: NOAA studies have found that including data collected by the Hurricane Hunters improved forecast accuracy by at least 10 to 15 percent. NOAA needs to rebuild its Hurricane Hunter aircraft fleet by replacing the current WP-3D Hurricane Hunter aircraft that have been in service since the 1970s and will be decommissioned by 2030. NOAA’s 2022 Aircraft Plan calls for four new C-130 aircraft to meet this mission, and the bipartisan National Defense Authorization Act for Fiscal Year 2023 (P.L. 117-263, § 11708(b)) included authorization for up to six new aircraft.
Weather Satellites: NOAA’s satellites are its “eyes in the sky” that stay locked in place above the United States and give scientists continuous data on storms as they develop. NOAA needs to expand these capabilities with the next generation of weather satellites like the Geostationary Extended Observations (GeoXO) satellite system. Updated satellites will be able to track lightning strikes that start wildfires and smoke which impacts air quality and human health.
Buoys and Ocean Data: NOAA’s Integrated Ocean Observing System (IOOS) is a network of buoys, gliders, high frequency radar arrays, and other instruments that gather ocean data critical for weather forecasting, search and rescue, and navigation. we need to modernize and recapitalize aging infrastructure and better integrate ocean data into our weather forecasting models. Enacting the Integrated Ocean Observation System Reauthorization Act of 2025 (S.2126), bipartisan legislation sponsored by Senators Roger Wicker and Cantwell, will help maintain and resource IOOS infrastructure and networks.

World Leading Analytics: We need to catch up with and surpass European weather forecasting capabilities, which will require more supercomputing and improvements in data analytics including assimilation.

We want the best forecasts in the world, but the U.S. models are often outperformed by the European model.
NOAA needs to increase its focus and investment in supercomputing, data analytics, and data assimilation, a key technique in weather forecasting that combines real-world observations with a numerical weather model.
Better forecasts are in reach, we just need to invest in the people and the computing power to be competitive.

Cutting Edge Research: As our communities experience more frequent and extreme weather, now is the time to invest in additional cutting-edge basic and applied research.

For decades, NOAA’s Office of Oceanic and Atmospheric Research (OAR) has supported next-generation science and technology that enables increasingly adept forecasting products and services that save lives from extreme weather events.
While NOAA’s OAR only accounts for about 10 percent of the agency’s funding, its work has far-reaching impacts including better flash flood and precipitation prediction, developing next generation hurricane models, and improving extreme heat planning scenarios.
The office also focuses on ways to better communicate extreme weather threats to the public. For example, NOAA’s National Severe Storm Laboratory in Oklahoma is testing a new tornado and extreme weather early warning system. Even though it’s still in the testing phase, in March the system provided Missouri communities two hours of lead time, allowing 120 people to seek shelter before a dangerous EF-3 tornado touched down. Current tornado warnings only give communities 13 minutes of warning on average.

Modernizing Alert Systems: We must strengthen and expand weather emergency communication channels to keep the public informed and help first responders prepare and react to natural disasters.

Americans need more timely, relevant, and actionable information so they know when to get out of harm’s way. Investments like upgrading NOAA’s weather radio technology from obsolete copper technologies to Internet or satellite-based systems are vital to providing reliable and continuous weather and emergency alerts.
Expanding NOAA’s VHF broadcasts to reach rural areas that other systems do not reliably cover will provide irreplaceable hazard alerts for campers, tourists, hunters, and tribal members, as well as mining, forestry, and agriculture workers living in remote areas.
However, no single alert technology should be considered sufficient in an emergency. We should augment both public and private alert communications and embrace multi-channel delivery systems to ensure messages reach users via their preferred platforms, whether that is through FM and AM radio, apps, websites, SMS, push notifications, television, or social media. The private sector can provide value-added information including more customized alerts and warnings and giving people additional ways to access critical and timely information.
Expanding current FEMA programs to build out local sirens and provide first responders with crucial flood maps and satellite images will also significantly enhance local disaster response capabilities.

Advance Bipartisan Legislation: The bipartisan Weather Act Reauthorization Act of 2024 would strengthen weather research and forecasting and expand commercial data partnerships.

A bipartisan bill Chairman Ted Cruz and I introduced last year, the Weather Act Reauthorization Act of 2024 (S. 5601), would modernize the essential research programs you signed into law in the 2017 Weather Act and establish new programs to advance forecasting, strengthen emergency preparedness, and support farmers and resource managers with better tools for agriculture and water management.
The legislation would take the critical first steps in addressing NOAA’s aging radar network by directing the agency to design and deploy the next generation of weather radar technology. It also expands and codifies public-private partnerships to acquire and utilize innovative data sources, supporting efforts like the Commercial Data Program. Former House Science Chairman Frank Lucas and Ranking Member Zoe Lofgren introduced a bipartisan companion bill in the House (H.R. 3816) last month, which will be marked up by the full Committee this Wednesday.

This morning, Sen. Cantwell joined CNN’s Pamela Brown to discuss her plan to improve the nation’s weather readiness. The interview is HERE.

On Sunday, July 13, Sen. Cantwell joined CBS’s Face the Nation with Margaret Brennan to discuss the importance of funding and staffing for NOAA and the NWS.

“The more you can move people and resources out of the way of a storm, the more you can predict what might happen, the better prepared we’re going to be. And that’s going to help us save lives, and certainly save dollars,” Sen. Cantwell told Brennan. Video of her segment is HERE and HERE; a transcript is HERE.

NOAA’s cutting-edge science informs NWS weather forecasts, which help local communities prepare for and respond to events like the recent deadly floods in Central Texas. President Trump’s proposed budget would slash NOAA’s funding by $2.2 billion – a 27% cut – and his DOGE team has caused over 2,000 job losses at the agency since January.

Earlier this month, Sen. Cantwell questioned Dr. Neil Jacobs, President Donald Trump’s nominee to head NOAA, about his plans to preserve the agency’s mission as the administration continues to hack away at NOAA’s budget, workforce, and programs.

Last month, Sen. Cantwell joined renowned meteorologists from across the country for a virtual presser to sound the alarm on the NWS cuts, and called on the Trump Administration to restore the agency to full capacity.

The full text of the letter to President Trump is below:

July 21, 2025

The Honorable Donald J. Trump

The White House

1600 Pennsylvania Avenue, N.W.

Washington, DC 20500

Dear Mr. President,

Communities across the United States are experiencing more frequent, intense, and costly flash floods, hurricanes, tornadoes, atmospheric rivers, landslides, heatwaves, and wildfires. The lessons from Kerrville, Palisades, Asheville, Lahaina, and too many other natural disasters are that providing Americans with more timely and accurate weather information can avoid billions in property losses and save lives. We have a once-in-a-lifetime opportunity to create the world’s best weather forecasting system that would provide Americans with much more detailed and customized alerts days instead of minutes ahead of a looming extreme weather event.

There is strong support for making the generational investments necessary to become a weather ready nation that will empower Americans to get out of harm’s way. It will take better weather data collection, world leading analytics, cutting edge research, modernizing alert systems, and a partnership between your Administration and Congress to pass enabling legislation. To that end, I offer the following five recommendations that if pursued on a bipartisan basis would make America the world leader in weather forecasting:

1) Modernizing Weather Data Collection

We need to compile more data by land, air, space, and sea by modernizing our weather data collection tools, including better radar, hurricane hunters, weather satellites, and ocean buoys

Radar: Upgrading the nation’s aging Doppler radar network will enable meteorologists to deliver more accurate forecasts and provide longer warning lead times. It does this with higher resolution data from phased array radar (PAR) to “see” into the storm in ways not visible on current radar. PAR can detect rapid changes in storms like tornado formation or microbursts, improve tracking of hazards like hail, and zoom in on the most dangerous features of extreme weather. These systems can also scan the atmosphere in under a minute, six times faster than current radar, detecting rapid changes in the storm for increased warning lead times and fewer false alarms.

This new technology should replace the current analog Doppler radar systems from the 1980s, which are increasingly costly to maintain and risks failure every day. NOAA is planning to replace the current outdated Doppler network but lacks the resources necessary to develop the best radar technology and infrastructure at the pace we need them to.

Hurricane Hunter Aircraft: NOAA studies have found that including data collected by the Hurricane Hunters improved forecast accuracy by at least 10 to 15 percent. However, NOAA needs to rebuild its Hurricane Hunter aircraft fleet by replacing the current WP-3D Hurricane Hunter aircraft that have been in service since the 1970s and will be decommissioned by 2030. New C-130 Hurricane Hunter aircraft are more capable than the half-century old WP-3D aircraft, with the ability to deploy more drones and uncrewed systems, conduct higher resolution scans from more advanced radar, and provide highly accurate wind, temperature, pressure, and humidity measurements from additional sensors.

NOAA’s 2022 Aircraft Plan calls for four new C-130 aircraft to meet this mission, and the bipartisan National Defense Authorization Act for Fiscal Year 2023 (P.L. 117-263, § 11708(b)) included authorization for up to six new aircraft. While two C-130 aircraft are funded, completing the fleet modernization in fiscal year 2026 will ensure forecasters can utilize this irreplaceable data source to better predict the path and intensity of hurricanes headed toward the United States, which is crucial for first responders to inform evacuations and pre-position emergency resources.

Weather Satellites: NOAA’s satellites are its “eyes in the sky” that stay locked in place above the United States and give scientists continuous data on storms as they develop. NOAA needs to expand these capabilities with the next generation of weather satellites, the Geostationary Extended Observations (GeoXO) satellite system. Once launched, GeoXO can track lightning strikes that start wildfires, wildfire smoke, red tides that poison fisheries, and generally provide better extreme weather early warning capabilities. For example, if GeoXO had been deployed during the 2023 Canadian wildfire smoke event that blanketed much of the eastern United States, its instruments could have provided hourly, high-resolution maps of smoke pollution, enabling more accurate health advisories and allowing schools, airlines, and outdoor workers to make safer decisions. This year, smoke from massive Canadian wildfires is again posing health risks to Americans across the country. This is new technology that does not exist in today’s satellite system.

To get these next generation satellites built, NOAA must proceed with the recommendations laid out under your first Administration and build the planned network of six satellites, five instruments, and supporting ground systems. The data from the Lightning Mapper (LMX), Sounder (GXS), Atmospheric Composition (ACX), Imager (GXI), and Ocean Color (OCX) instruments are key and necessary inputs for any world leading forecasting model.

Buoys and Ocean Data: NOAA’s Integrated Ocean Observing System (IOOS) is a network of buoys, gliders, high frequency radar arrays, and other instruments that gather ocean data critical for weather forecasting, search and rescue, and navigation. The IOOS network provides real-time surface and subsurface ocean temperature measurements that feed into NOAA’s hurricane forecast model to detect rapid intensification of hurricanes and other extreme storms. For example, the above average warm water in the Gulf contributed to the recent flash flooding in Central Texas, while changes to tropical weather patterns and ocean temperatures have contributed to flooding across the country, from the Southwest through the Mid-Atlantic and into the Northeast. Just halfway through the summer, according to the National Weather Service, the country has already experienced twice as many floods in July as usual.

To preserve and expand the critical real-time data these buoys provide, we need to modernize and recapitalize aging infrastructure and better integrate ocean data into our weather forecasting models. Enacting the Integrated Ocean Observation System Reauthorization Act of 2025 (S.2126), bipartisan legislation Senator Roger Wicker and I introduced, will help maintain and resource IOOS infrastructure and networks.

2) World Leading Analytics

Catching up with and surpassing European weather forecasting capabilities will require more supercomputing and improvements in data analytics

NOAA has long aimed to close the performance gap between its Global Forecast System (GFS) and the European Centre for Medium-Range Weather Forecasts, which often outperforms U.S. forecasts. For example, in October 2012, the European model correctly predicted Hurricane Sandy would turn toward the U.S. East Coast seven to eight days in advance, while the U.S. model initially forecast it would head out to sea, missing the U.S. entirely. Of course, Sandy did hit the U.S., with devastating effects for the entire Mid-Atlantic region, killing 254 people and causing nearly $70 billion in damages. Conversely, in 2015, the European model predicted Hurricane Joaquin would stay offshore, which it did, while the U.S. model forecast a direct hit on the East Coast, prompting costly emergency preparations that were ultimately unnecessary. And in February 2021, when a historic Arctic outbreak plunged Texas and much of the South into record cold with heavy snow and ice, and the European model provided more accurate early guidance on the extent and longevity of the cold air mass. According to NOAA and the Texas Department of State Health Services, at its peak, the power outages that resulted left nearly 10 million people in the cold and dark, unable to cook food, and resulted in more than 200 deaths.

In order to catch up to Europe’s highly advanced weather modeling, NOAA needs to increase its focus and investment in supercomputing, data analytics, and data assimilation, a key technique in weather forecasting that combines real-world observations with a numerical weather model. We need to take steps to expand the GFS ensemble system with higher resolution and better physics, refine the Unified Forecast System, and streamline the path from research to operations with projects like the Earth Prediction Innovation Center (EPIC) to improve collaboration with external scientists and the private sector. All of this will require Congress to provide NOAA with more supercomputing resources if we are to lead the world in weather forecasting.

3) Cutting Edge Research

As our communities experience more frequent and extreme weather, now is the time to invest in additional cutting-edge basic and applied research

For decades, NOAA’s Office of Oceanic and Atmospheric Research has supported next-generation science and technology that enables increasingly adept forecasting products and services that save lives from extreme weather events. While NOAA research only accounts for about 10 percent of the agency’s funding, its work has far-reaching impacts including better flash flood and precipitation prediction, developing next generation hurricane models, and improving extreme heat planning scenarios. The research arm also operates testbeds where new technologies and models are rigorously evaluated before they are transitioned to NOAA operations or private sector applications.

The office also focuses on ways to better communicate extreme weather threats to the public. For example, NOAA’s National Severe Storm Laboratory in Oklahoma is testing a new tornado and extreme weather early warning system. Even though it’s still in the testing phase, in March the system provided Missouri communities two hours of lead time, allowing 120 people to seek shelter before a dangerous EF-3 tornado touched down. Current tornado warnings only give communities 13 minutes of warning on average.

4) Modernizing Alert Systems

We must strengthen and expand weather emergency communication channels to keep the public informed and help first responders prepare and react to natural disasters

Americans need more timely, relevant, and actionable information so they know when to get out of harm’s way. Investments like upgrading NOAA’s weather radio technology from obsolete copper technologies to Internet or satellite-based systems are vital to providing reliable and continuous weather and emergency alerts. Expanding NOAA’s VHF broadcasts to reach rural areas that other systems do not reliably cover will provide irreplaceable hazard alerts for campers, tourists, hunters, and tribal members, as well as mining, forestry, and agriculture workers living in remote areas. Expanding current FEMA programs to build out local sirens and provide first responders with crucial flood maps and satellite images will also significantly enhance local disaster response capabilities.

However, no single alert technology should be considered sufficient in an emergency. We should augment both public and private alert communications and embrace multi-channel delivery systems to ensure messages reach users via their preferred platforms, whether that is through FM and AM radio, apps, websites, SMS, push notifications, television, or social media. The private sector can provide value-added information including more customized alerts and warnings, giving people additional ways to access critical and timely information.

5) Advancing Bipartisan Legislation

The bipartisan Weather Act Reauthorization Act of 2024 would strengthen weather research and forecasting and expand commercial data partnerships

A bipartisan bill Chairman Ted Cruz and I introduced last year, the Weather Act Reauthorization Act of 2024 (S. 5601) would modernize the essential research programs you signed into law in the 2017 Weather Act and establish new programs to advance forecasting, strengthen emergency preparedness, and support farmers and resource managers with better tools for agriculture and water management. The legislation also expands and codifies public-private partnerships to acquire and utilize innovative data sources, supporting efforts like the Commercial Data Program. Former House Science Chairman Frank Lucas and Ranking Member Zoe Lofgren introduced a bipartisan companion bill in the House (H.R. 3816) last month.

Now is the time to take the tough lessons learned in the wake of the recent natural disasters and human tragedies in places like Texas, North Carolina, and New Mexico and create the world’s best weather prediction system. We must meet the moment or the situation is only going to get worse. The United States used to experience an average of nine extreme weather events every year that cost over $1 billion each, but in the last five years the number of disasters has spiked to an average of 23 per year, and last year it was 27 events. A recent comprehensive government study predicted that extreme weather will cost Americans $1.5 trillion over the next decade, not including loss of life or health-related costs. That’s why the costs of making the once-in-a-lifetime smart investments described above are minuscule compared to savings that better weather forecasting will provide every American.

Sincerely,

MIL OSI USA News –

July 22, 2025

MIL-OSI Canada: Tribunal Terminates Inquiry—Corrosion-resistant Steel Sheet from Türkiye

Source: Government of Canada News

Ottawa, Ontario, July 21, 2025—The Canadian International Trade Tribunal today terminated its final injury inquiry to determine whether the dumping of corrosion-resistant steel sheet, originating in or exported from the Republic of Türkiye, by Borçelik Çelik Sanayi Ticaret, has injured Canadian producers. The Tribunal’s inquiry was required by law as a result of the initiation of a dumping investigation by the Canada Border Services Agency (CBSA).

On July 16, 2025, the CBSA determined that there had been no dumping and terminated its dumping investigation. Therefore, the Tribunal will not continue its final injury inquiry.

The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.

MIL OSI Canada News –

July 22, 2025

MIL-OSI USA: ICE Rio Grande Valley investigation results in the sentencing of convicted human smuggler for possessing images of sexual assaults of young children

Source: US Immigration and Customs Enforcement

McALLEN, Texas — A south Texas man was sentenced to 20 years for possessing images of sexual assaults of prepubescent children following an investigation conducted by U.S. Immigration and Customs Enforcement Homeland Security Investigations Rio Grande Valley Child Exploitation Task Force with assistance from U.S. Border Patrol, Raymondville Police Department and Willacy County Sheriff’s Office.

Jose Rodriguez Jr, 44, from Lyford, Texas, was sentenced July 16 by U.S. District Judge Drew Tipton to 240 months. At the hearing, the court heard additional information detailing Rodriguez’s prior conviction of aggravated sexual assault of a child. In handing down the prison term, the court noted Rodriguez’s conduct in that case, which involved tying up his 9-year-old victim before attempting to sexually assault her and tying up an 8-year-old witness, was a consideration for an upward departure. The court also heard Rodriguez downloaded child pornography files on 20 separate occasions, beginning only six months after he was released from his 13-year sentence for the aggravated sexual assault of a child conviction. The court noted the need to protect the public from Rodriguez’s crimes and highlighted that Rodriguez had a complete lack of remorse for his actions.

“Homeland Security Investigations remains unwavering in its mission to protect children from exploitation. This 240-month sentence demonstrates the severe consequences for those who engage in child pornography crimes. HSI will continue to work with our partners to ensure offenders are brought to justice and vulnerable victims are safeguarded,” said ICE HSI Rio Grande Valley Deputy Special Agent in Charge Mark Lippa.

“Those who sexually assault children, possess child sexual abuse material, or smuggle human beings like some sort of commodity, are all imbued with a common trait: total disdain for the inherent value and dignity of a human being. The defendant here had a history of doing all three,” said U.S. Attorney Nicholas J. Ganjei. “Fortunately, SDTX prosecutors were successful in advocating for the maximum possible sentence in this case, that of 20 years, so Mr. Rodriguez will now have two decades to reflect on his conduct. I thank the jury for their time and attention in this important case.”

The jury deliberated for approximately 15 minutes before finding Jose Rodriguez Jr. guilty after a one-day trial April 15.

According to court documents, Rodriguez was further ordered to pay restitution to known victims and will serve the rest of his life on supervised release following the completion of his prison term. During that time, he will have to comply with numerous requirements designed to restrict his access to children and the internet. Rodriguez will also be ordered to register as a sex offender.

Law enforcement originally arrested Rodriguez Aug. 12, 2024, in connection with an alien transportation event. At that time, they seized his phone and discovered over 150 images and videos of child sexual abuse material.

During the trial, the jury heard testimony and evidence regarding the multiple images and videos of child sexual abuse material downloaded and stored on Rodriguez’s phone over multiple months. The evidence included numerous files depicting the sexual assaults of prepubescent children.

The defense attempted to convince the jury that a virus downloaded the child sexual abuse material onto his phone. However, evidence showed that Rodriguez had over 100 user accounts on the phone linked to him and that the child sexual abuse material was downloaded on 20 separate occasions from April through August of 2024.

The jury also heard from a computer forensic expert who rendered an opinion that the pattern of activity indicated intentional downloading.

Rodriguez was charged in a separate case for the human smuggling event and later pleaded guilty. He was sentenced to 16 months in prison and two years of supervised release in that case.

He will remain in custody pending transfer to a Federal Bureau of Prisons facility to be determined in the near future.

Assistant U.S. Attorneys Devin Walker and Jose Garcia from the Southern District of Texas prosecuted the case.

MIL OSI USA News –

July 22, 2025

MIL-OSI Security: Operation targeting human trafficking and money laundering: 13 arrests in Romania and Netherlands

Source: Eurojust

Starting in 2020, the group, led by two family members, used ‘loverboy’ techniques to target vulnerable Romanian women, who were coerced into prostitution in the Netherlands under direct supervision of the criminal group.

To maintain total control over the lives of their victims, the suspects lived with them. In some cases, members of the group used physical and psychological force against the women to prevent them from escaping the situation.

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The sexual exploitation generated significant illegal proceeds for the criminal group, which were laundered through relatives and close friends. These individuals either transported large sums of cash or moved the money through financial institutions.

Eurojust coordinated the international investigation. After the Romanian authorities approached Eurojust for support in early 2024, several meetings were organised with the Dutch authorities. During these meetings, information about the criminal group was exchanged. To enable the authorities to work together effectively and exchange information and evidence in real time, Eurojust set up a joint investigation team in January 2025.

Together with Eurojust, the authorities organised an action day early this month to detain the suspects and gather more evidence through house searches. In the Netherlands, six suspects were arrested and four houses were searched. During actions in Romania, four suspects were arrested based on European Arrest Warrants from the Netherlands and three suspects were put under judicial control. Additionally, 18 houses were searched and a car, weapons and cash were seized.

Eight of the arrested suspects remain in pre-trial detention.

The following authorities carried out the operation:

Romania: Prosecution Office attached to the High Court of Cassation and Justice- Directorate for Investigating Organised Crime and Terrorism –Ploiesti Territorial Service; Police Inspectorate Prahova-Criminal Investigation Service; Brigade for Combating Organised Crime Ploiesti
Netherlands: Public Prosecutor’s Office Amsterdam

MIL Security OSI –

July 22, 2025

MIL-OSI Canada: Regrowing Alberta’s Forests

Source: Government of Canada News

July 21, 2025
Calgary, Alberta
Natural Resources Canada

The Government of Canada, together with Indigenous communities, private and non-profit sector leaders, and provincial partners, is taking action to regenerate Alberta’s forests — protecting clean air and preserving the province’s vast natural landscapes for generations to come.

Today, Corey Hogan, Parliamentary Secretary to the Honourable Tim Hodgson, Canada’s Minister of Energy and Natural Resources, announced, in collaboration with Project Forest, The Carbon Farmer and FIND Biomass Inc, a joint investment of over $125 million for four projects that will plant 12 million trees and restore critical habitat for species at risk throughout Alberta, such as caribou.

Investments will help to create and restore biodiverse forests and wildlife habitat and sequester carbon while creating seasonal and full-time jobs for surrounding communities in Alberta. We are not just planting trees — we are building a stronger, healthier and more-resilient Canada.

MIL OSI Canada News –

July 22, 2025

MIL-OSI Security: Leader of National Catalytic Converter Theft Ring Pleads Guilty and Admits to Selling Stolen Goods for More Than $600M

Source: United States Attorneys General

A New Jersey man pleaded guilty today in federal court in the Northern District of Oklahoma to leading a multi-state operation that stole thousands of catalytic converters from private vehicles and sold them on a secondary market for millions of dollars, based on the value of the precious metals that the converters contain.

Navin Khanna, 41, of Holmdel, New Jersey, pleaded guilty to one count of conspiracy to receive, possess, and dispose of stolen goods in interstate commerce and five counts of money laundering regarding his participation in the stolen goods scheme.

“The defendant made $600 million and financed his ostentatious lifestyle by buying and selling stolen goods,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “Today’s guilty plea demonstrates our commitment to taking the profit out of crime. Sophisticated criminal schemes may afford you luxury cars and homes in the short term but will cost you a federal felony conviction in the long term.”

“Khanna’s theft ring took advantage of hard-working citizens in the Northern District of Oklahoma by stealing catalytic converters, rendering the vehicle unusable,” said U.S. Attorney Clint Johnson for the Northern District of Oklahoma. “I would like to thank the Tulsa Police Department and our law enforcement partners for their tireless efforts in bringing this senseless crime to justice.”

According to court documents and statements made in court, Khanna admitted to being the owner and operator of New Jersey-based D.G. Auto Parts, a criminal enterprise that bought and sold auto parts across the country. From May 2020 through October 2022, Khanna conspired with others to purchase and transport large quantities of stolen catalytic converters from Oklahoma, Texas, and other states to New Jersey. Khanna admitted to receiving more than $600 million by reselling the stolen catalytic converters to a metal refinery that extracted the precious metals.

In response to a drastic increase in catalytic converter thefts throughout Tulsa in 2020, the Tulsa Police Department initiated an investigation that soon uncovered a national criminal enterprise. During the investigation, search warrants were executed in Oklahoma, Texas, California, New Jersey and New York. Khanna was indicted by federal grand juries in the Northern District of Oklahoma and the Eastern District of California. Over twenty individuals throughout the country have been charged for their role in the conspiracy. Khanna’s 13 co-defendants in the Northern District of Oklahoma have pleaded guilty for their participation in the criminal scheme and are awaiting sentencing.

As part of his plea agreement, Khanna agreed to forfeit almost $4 million in cash, 11 luxury vehicles — including a Lamborghini, two Mercedes AMGs, two Ferraris, a McLaren, a Porsche, a Ford F650 Truck, and a BMW M3 — real estate properties, high-end jewelry, gold bars, and over 200 pallets of catalytic converters, all seized by law enforcement during the execution of search warrants at Khanna’s properties. Khanna’s co-defendants have agreed to forfeit more than $3.2 million, including more than $250,000 from multiple bank accounts; two lots of land located in Oklahoma, cars, and stolen catalytic converters seized during the investigation.

The U.S. Attorney’s Office for the Northern District of Oklahoma has agreed that Khanna’s sentencing will be transferred to the Eastern District of California, where he awaits further prosecution for related crimes.

Khanna faces a maximum penalty of 168 to 210 months in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Immigration and Customs Enforcement Homeland Security Investigations (HSI) led the investigation. IRS-Criminal Investigations, the Tulsa Police Department, the Oklahoma Attorney General’s Office, the Tulsa County Sheriff’s Office, the Oklahoma Highway Patrol, the Wagoner County Sheriff’s Office, and the Wyandotte Nation Police Department contributed to the investigation.

Trial Attorney César S. Rivera-Giraud of the Criminal Division’s Violent Crime and Racketeering Section (VCRS) and Assistant U.S. Attorneys Reagan Reininger and David Nasar for the Northern District of Oklahoma are prosecuting the case. Assistant U.S. Attorney Veronica M.A. Alegría for the Eastern District of California assisted in the prosecution of the case and is prosecuting Khanna and others there.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhoods (PSN).

MIL Security OSI –

July 22, 2025

MIL-OSI Security: Johnston Man Indicted for Possessing Child Sexual Abuse Material

Source: Office of United States Attorneys

PROVIDENCE – A Johnston man previously convicted and sentenced in 2006 for felony assaults involving the molestation of two minors has been indicted by a federal grand jury for allegedly downloading child sexual abuse material (CSAM), announced Acting United States Attorney Sara Miron Bloom.

Jonathan P. Graziano, 41, is charged by indictment with possession of child pornography.

Court documents reflect that Homeland Security Investigations (HSI) and the Rhode Island State Police Internet Crimes Against Children (ICAC) Task Force reviewed a report from the National Center for Missing and Exploited Children regarding a user distributing CSAM via a messaging application. Further investigation determined that an IP address at a Johnston address that Graziano shared with others was being used to distribute the material. A court-authorized search of the residence and of electronic devices resulted in the discovery of hundreds of images and videos of CSAM on Jonathan Graziano’s personal electronic device.

Graziano is currently detained in federal custody on a criminal complaint filed in this matter on June 18, 2025. He is scheduled to be arraigned on the indictment on July 25, 2025. An indictment is merely an accusation. A defendant is presumed innocent unless and until proven guilty

The case is being prosecuted by Assistant United States Attorney G. Michael Seaman.

The matter was investigated by Homeland Security Investigations and the Rhode Island State Police Internet Crimes Against Children Task Force.

This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who exploit children, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc

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MIL Security OSI –

July 22, 2025

MIL-OSI Security: Former Assistant Director of Central Pennsylvania Youth Ministries Charged with Child-Pornography Offenses

Source: Office of United States Attorneys

HARRISBURG – The United States Attorney for the Middle District of Pennsylvania announced that former Assistant Director of Central Pennsylvania Youth Ministries, Daniel Reed, age 51, of Thompsontown, Juniata County, Pennsylvania, was charged by criminal complaint with attempted production of child pornography, production of child pornography, and possession of child pornography.

According to Acting United States Attorney John Gurganus, the criminal complaint alleges that Central Pennsylvania Youth Ministries received a report from an adult female who said that she was “groomed” into a sexual relationship with Reed when she was between 14 and 17 years old. It is further alleged that thereafter a “peep hole” and two-way mirror was discovered in the second-floor hallway closet of the Youth Ministries and looked into the second-floor bathroom which had a shower.

Following the execution of a search warrant at Reed’s residence, law enforcement seized an electronic device which contained internet searches relating to the use of hidden cameras for illicit purposes. It also included a text message to a group that included two 16-year-old minor females, appearing to encourage them to use the shower at the Youth Ministries’’ facility. Also, on a hard drive seized from the residence, law enforcement discovered at least seven nude images of minor females from the second-floor bathroom at the Youth Ministries’ facility, and images of others in other bathrooms and bedrooms. All the images appeared to have been taken from a hidden camera.

The FBI’s Philadelphia Field Office is seeking to identify potential victims. If you, your family member, or anyone that you know may have information relating to these matters under investigation and/or would like to report a crime, please contact FBI Philadelphia’s State College Resident Agency at (814) 234-0341.

The case was investigated by the Pennsylvania State Police and Federal Bureau of Investigation. Assistant United States Attorney K. Wesley Mishoe is prosecuting the case.

The maximum penalty upon conviction for the charged offenses is 70 years’ imprisonment, a term of supervised release following imprisonment, a fine, and the imposition of a special assessment. A sentence following a finding of guilt is imposed by a court after consideration of the applicable federal sentencing statutes and the Federal Sentencing Guidelines.

Criminal complaints only contain allegations. All persons charged are presumed to be innocent unless and until found guilty in court.

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MIL Security OSI –

July 22, 2025

MIL-OSI Security: Foster Man Admits to Downloading and Storing Child Sexual Abuse Material

Source: Office of United States Attorneys

PROVIDENCE – A Foster man previously convicted and incarcerated for sharing sexually explicit photographs online with a person he believed to be a 13-year-old girl with whom he also attempted to meet near her middle school to engage in sex today pleaded guilty to a charge of receipt of child pornography, announced Acting United States Attorney Sara Miron Bloom.

John Q. Adams, 36, admitted that on January 13, 2021, he downloaded and stored an explicit video file depicting child sexual abuse material involving two adult males and a prepubescent female. Further investigation determined that Adams had downloaded and stored approximately 112 images and 49 videos of child sexual abuse material.

Adams is scheduled to be sentenced on October 21, 2025. The sentence imposed will be determined by a federal district judge after consideration of the U.S. Sentencing Guidelines and other statutory factors.

The case is being prosecuted by Assistant United States Attorney Denise M. Barton.

The matter was investigated by Homeland Security Investigations and the Rhode Island State Police Internet Crimes Against Children Task Force.

This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who exploit children, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc

To report suspected online child sexual exploitation and/or abuse, call the Know2Protect Tipline at 1-833-591-KNOW (5669) or visit the NCMEC CyberTipline® at https://report.cybertip.org/

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MIL Security OSI –

July 22, 2025

MIL-OSI Security: Leader of National Catalytic Converter Theft Ring Pleads Guilty

Source: Office of United States Attorneys

TULSA, Okla. – The leader of a national catalytic converter theft ring pleaded guilty today in federal court and admitted to selling the stolen converters for more than $600 million, announced U.S. Attorney Clint Johnson.

Navin Khanna, 31, Holmdel, New Jersey, pleaded guilty to one count of Conspiracy and five counts of Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity.

“Khanna’s theft ring took advantage of hard-working citizens in the Northern District of Oklahoma by stealing catalytic converters, rendering the vehicle unusable,” said U.S. Attorney Clint Johnson. “I would like to thank the Tulsa Police Department, and our law enforcement partners for their tireless efforts in bringing this senseless crime to justice.”

“Across the United States thousands of people have had the catalytic converters cut off their parked cars because they contain valuable precious metals,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “Unable to extract the metals themselves, thieves sell the stolen parts to middlemen like the defendant and his co-conspirators, who use special equipment to crack the catalytic converters open. In the aggregate the value of the stolen goods is worth enormous amounts ─ here more than $600 million.”

Khanna admitted to being the owner and operator of D.G. Auto Parts, a criminal enterprise that bought and sold auto parts across the country. From May 2020 through October 2022, Khanna conspired with others to purchase and transport large quantities of stolen catalytic converters from Oklahoma, Texas, and other states to New Jersey. Khanna admitted to receiving more than $600 million in reselling the stolen catalytic converters to a metal refinery that extracted the precious metals.

Khanna further agreed to forfeit more than $3 million in cash, over $800,000 from various checking accounts, several luxury vehicles, his interest in several real estate properties, high-end jewelry, gold bars, and over 200 pallets of catalytic converters seized during the execution of a warrant.

In response to a drastic increase in catalytic converter thefts throughout Tulsa in 2020, the Tulsa Police Department initiated an investigation that soon uncovered a national criminal enterprise. During the investigation, search warrants were executed in Oklahoma, Texas, California, New Jersey, and New York. Federal grand juries in the Northern District of Oklahoma and the Eastern District of California indicted Khanna. Over twenty individuals throughout the country have been charged for their role in the conspiracy.

Khanna’s co-defendants in the Northern District of Oklahoma have pleaded guilty and are awaiting sentencing to the following:

Tyler James Curtis, 26, of Wagoner, Oklahoma, pleaded guilty to Conspiracy to Commit Money Laundering. He agreed to forfeit over $3 million and multiple vehicles;
Adam Sharkey, 26, of West Islip, New York, pleaded guilty to Conspiracy and agreed to forfeit nearly $1.2 million;
Robert Gary Sharkey, 57, of Babylon, New York, pleaded guilty to Misprision of a Felony and agreed to forfeit his interest in more than $1.2 million in currency seized by law enforcement;
Benjamin Robert Mansour, 24, of Bixby, Oklahoma, pleaded guilty to Conspiracy to Commit Money Laundering;
Reiss Nicole Biby, 24, of Wagoner, Oklahoma, pleaded guilty to Misprision of a Felony and agreed to forfeit her interest in more than $1.1 million and seized catalytic converters;
Martynas Macerauskas, 28, of Leila Lake, Texas, pleaded guilty to Conspiracy and agreed to forfeit nearly $2.2 million;
Kristina McKay Macerauskas, 21, of Leila Lake, Texas, pleaded guilty to Conspiracy and agreed to forfeit nearly $1.1 million;
Parker Star Weavel, 25, of Tahlequah, Oklahoma, pleaded guilty to Receiving Stolen Property in Indian Country;
Shane Allen Minnick, 26, of Haskell, Oklahoma, pleaded guilty to Conspiracy and agreed to forfeit $500,000;
Ryan David LaRue 29, of Broken Bow, Oklahoma, pleaded guilty to Conspiracy;
Brian Pate Thomas, 25, of Choteau, Oklahoma, pleaded guilty to Conspiracy; and
Michael Anthony Rhoden, 26, of Keifer, Oklahoma, pleaded guilty to Conspiracy.

The U.S. Attorney’s Office for the Northern District of Oklahoma has agreed that Khanna’s sentencing will be transferred to the Eastern District of California, where he awaits further prosecution for related crimes.

Homeland Security Investigations, the IRS-Criminal Investigation, the Tulsa Police Department, the Oklahoma Attorney General’s Office, the Tulsa County Sheriff’s Office, the Oklahoma Highway Patrol, the Wagoner County Sheriff’s Office, and the Wyandotte Nation Police Department led or contributed to the lengthy investigation.

Assistant U.S. Attorney David Nasar and Reagan Reininger lead the Northern District of Oklahoma’s prosecution with assistance from the Violent Crime and Racketeering Section’s Trial Attorney Cesar Rivera-Giraud and Assistant U.S. Attorney Veronica M.A. Alegría of the Eastern District of California.

The case was investigated under the Organized Crime Drug Enforcement Task Forces (OCDETF). OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. For more information about Organized Crime Drug Enforcement Task Forces, please visit Justice.gov/OCDETF.

MIL Security OSI –

July 22, 2025

MIL-OSI USA: Secretary Noem Hosts Press Conference to Provide Updates on the Shooting of Customs and Border Protection Officer

Source: US Department of Homeland Security

Headline: Secretary Noem Hosts Press Conference to Provide Updates on the Shooting of Customs and Border Protection Officer

Secretary Noem Hosts Press Conference to Provide Updates on the Shooting of Customs and Border Protection Officer
aunica.brockel
Mon, 07/21/2025 – 09:27

Department of Homeland Security (DHS) Secretary Kristi Noem will deliver an update in New York following the July 19 shooting of an off-duty U.S. Customs and Border Protection (CBP) officer during what appears to have been an attempted robbery. The New York Police Department (NYPD) is actively investigating the incident. Secretary Noem will be joined by federal and local law enforcement partners, including officials from the U.S. Attorney’s Office for the Southern District of New York, the FBI, Homeland Security Investigations, CBP leadership and Immigration and Customs Enforcement’s (ICE) Enforcement and Removal Operations (ERO) division.

Watch on YouTube

MIL OSI USA News –

July 22, 2025

MIL-OSI USA: Leader of National Catalytic Converter Theft Ring Pleads Guilty and Admits to Selling Stolen Goods for More Than $600M

Source: US State of North Dakota