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Category: Finance

  • MIL-Evening Report: In the trade war, China has moved to curb supply of critical minerals. Can Australia seize the moment?

    Source: The Conversation (Au and NZ) – By Marina Yue Zhang, Associate Professor, Technology and Innovation, University of Technology Sydney

    China has placed curbs on exports of rare germanium and gallium which are critical in manufacturing. Shutterstock

    In the escalating trade war between the United States and China, one notable exception stood out: 31 critical minerals, including rare earth elements, were strategically exempted from tariffs.

    This was not a gesture of goodwill. It was a tacit acknowledgment of the United States’ deep dependence on China for materials essential to its technological competitiveness, clean energy transition and national defence.

    Beijing’s response was swift and calculated. China’s Ministry of Commerce announced expanded export controls and a shift in pricing principles. The move reflects China’s long-standing effort to shift rare earth pricing from market supply and demand to pricing based on their strategic value.

    The impact was immediate. Rare earth exports from China effectively ground to a halt, as exporters awaited approvals under a new, opaque licensing regime.

    The announcement prompted President Trump to issue a new executive order directing a review of national security risks stemming from the US reliance on imported, processed critical minerals.

    As global supply chains reel from these disruptions, Australia finds itself in a unique strategic position. As a trusted US ally, it possesses the resources, partnerships and political capital to step into the breach. But can Australia seize this opportunity – or will it come with strings attached?

    China’s new playbook

    China’s latest restrictions target seven rare earths – such as dysprosium and terbium – crucial for electric vehicles, wind turbines, fighter jets and missile systems.

    While stopping short of a full export ban, the policy functions as a chokepoint. It leverages China’s near-total global control of rare earth refining (around 90%) and its monopoly on heavy rare earth processing (98%).

    Domestically, China’s rare earth sector is dominated by two state-owned giants which together control nearly 100% of national mining quotas.

    These measures have exposed the vulnerability of Western supply chains. The US has only one operational rare earth mine – Mountain Pass in California – and minimal domestic refining capacity. A new processing facility in Texas owned by Australia’s Lynas is under development, but it will take years to establish a self-sufficient supply chain.

    Rare earths have become a source of contention in the tariff war.
    Shutterstock

    Europe faces similar challenges. While rare earths are vital to the EU’s green transition, domestic production remains limited. Efforts to diversify through partners like Australia and Canada show promise but are hindered by high production costs and continued reliance on Chinese technology.

    China is also working to redefine how rare earths are priced. One proposal would tie the value of key elements like dysprosium to the price of gold, elevating them from industrial inputs to geopolitical assets. Another would settle rare earth transactions in yuan rather than US dollars, advancing Beijing’s broader ambition to internationalise its currency.

    For China, this strategy goes beyond economics. It is a deliberate national resource policy comparable to OPEC’s management of oil, designed to link pricing to the strategic significance of critical minerals.

    Australia’s window?

    Investors
    are closely watching Australian producers. Strategic deposits such as Mt Weld in Western Australia have drawn renewed interest from Japan, Europe and the US.

    Industry observers argue Australia is better positioned than the US to develop secure supply chains, due to its rich geological endowment and transparent regulatory environment.

    To seize this opportunity, the government has begun to act.

    Under its Future Made in Australia initiative, the federal government is considering measures such as strategic stockpiling, production tax credits and expanded support for domestic processing. Iluka Resources has secured A$1.65 billion to build a rare earth refinery, due to be operational by 2026.

    Emerging projects like Browns Range and Lynas’s Malaysian refinery already serve as alternative nodes in the global rare earth supply chain network.

    However, structural barriers remain. The Western allies, including Australia, still lack key processing technologies and have potentially high environmental compliance costs. Lynas’s Texas plant was intended to expand allied capacity but has faced delays due to environmental approvals.

    Walking a diplomatic tightrope

    Geopolitical tensions add another layer of complexity. Australia’s dual role – as a major upstream supplier to China and a strategic ally of the US – places it on a diplomatic tightrope.

    Aligning too closely with the US could invite Chinese retaliation. Appearing overly aligned with China may provoke scrutiny from Washington.

    Ownership concerns are also rising. The government has blocked or forced divestment of Chinese stakes in rare earth and lithium companies including Northern Minerals.

    Market volatility compounds these challenges. Prices are currently buoyed by geopolitical risk, but have been volatile. Moreover, China’s ability to undercut global prices could erode the competitiveness of Australian exports.

    A strategic opportunity – but with strings attached

    Australia stands at the centre of a rare strategic inflection point. It is both a beneficiary of China’s retreat and a potential casualty of intensifying great power competition.

    In a world where resources confer influence, the question for Australia is not simply whether it has the mineral deposits but whether it has the strategy to match.

    If the government can capitalise on this moment – diversifying partnerships, investing in capabilities, and navigating allies and rivals with strategic care – it could emerge as a leader in a more diverse critical minerals landscape.

    In the era of mineral geopolitics, possessing the resources is no longer enough. The real test is whether Australia has the foresight and the will to lead.

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

    – ref. In the trade war, China has moved to curb supply of critical minerals. Can Australia seize the moment? – https://theconversation.com/in-the-trade-war-china-has-moved-to-curb-supply-of-critical-minerals-can-australia-seize-the-moment-254574

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: ACCC releases draft decision proposing to authorise collaborations on sustainable finance initiatives

    Source: Australian Ministers for Regional Development

    The ACCC has released a draft determination proposing to grant authorisation with conditions to allow the Australian Sustainable Finance Institute (ASFI) and industry participants to collaborate on sustainable finance initiatives for five years.

    ASFI is seeking authorisation for itself, ASFI members and other industry participants to exchange information to improve the integration of natural capital data into financial decision-making, co-designing investment structures and developing related regulatory reform proposals. Authorisation is also sought for some participants to agree to jointly develop and propose to Government or ASFI the most effective investment structure and/or product features to achieve sustainable investment products.

    ASFI aims to facilitate the development of sustainable farming practices, support producers to meet sustainability regulations of export destinations, and contribute to emissions reduction targets. The goal of the proposed collaborative conduct is to enable ASFI to increase the flow of private capital into sustainable investment opportunities.

    “We consider that the proposed collaborative conduct would increase the likelihood of greater investment in projects seeking to preserve Australia’s environment as well as cost savings and process efficiencies,” ACCC Deputy Chair Mick Keogh said.

    The ACCC considers this kind of information sharing and collaboration between competitors can reduce competition in the supply of sustainable financial products as well as in broader financial markets through coordinated behaviour enabled by information sharing between competitors.

    The ACCC has made some amendments to the conduct to be authorised in its draft decision and is proposing to impose a number of conditions to limit any negative impacts. It will consider further whether additional refinements to the conduct are necessary before making a final decision.

    The ACCC is seeking to ensure sufficient oversight and transparency of the arrangements and to appropriately limit the circumstances and contents of any information sharing.

    “With the proposed conditions, we are satisfied that the collaborative conduct is likely to result in public benefits that would outweigh any likely harm to competition,” Mr Keogh said.

    The ACCC is seeking submissions in response to the draft determination by 2 May 2025 before making its final determination.

    Further information about this application including a copy of the decision is available on the ACCC’s public register.

    Background

    ASFI is a collaboration between representatives of the Australian financial sector, civil society, academia, and financial regulators. Membership is voluntary and open to any corporation in the financial services sector or service provider to financial institutions which is interested in pursuing and supporting ASFI’s objectives.

    The Department of Foreign Affairs and Trade (DFAT) has provided the Australian Sustainable Finance Institute with a grant to undertake the ‘Institutional Investor Engagement (Indo-Pacific)’ project to draw private investment into development outcomes in the Indo-Pacific region, including through supporting the development of DFAT’s blended finance portfolio.

    The ACCC granted interim authorisation to the ASFI and its member banks on 7 March 2025, allowing them to discuss and exchange information for the purpose of developing potential banking capital requirement reforms to remove constraints on sustainable finance and investment in Australia. Interim authorisation will remain in place until the final determination comes into effect.

    Notes to editors

    ACCC authorisation provides statutory protection from court action for conduct by competitors that might otherwise raise concerns under the competition provisions of the Competition and Consumer Act.

    Broadly, the ACCC may grant an authorisation when it is satisfied that the public benefit from the conduct outweighs any public detriment.

    In December 2024, the ACCC released its guide on sustainability collaborations and Australia competition law to inform businesses and other entities about the interaction between Australian competition law and sustainability collaborations.

    MIL OSI News –

  • MIL-OSI USA: Cortez Masto, Wyden Call for Criminal Investigation into Evidence of Fraud by Promoters Affiliated with IRS Nominee Billy Long

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Former Congressman Billy Long, Trump Nominee for IRS Commissioner, Partnered with Promoters of Fraudulent “Tribal Tax Credits,” Other Tax Scams
    Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) and Senate Finance Committee Ranking Member Ron Wyden (D-Ore.) called for a criminal investigation into promoters involved in a tax evasion scheme selling investors fraudulent “tribal tax credits,” including firms that had close financial ties with former Congressman Billy Long, the Trump nominee for IRS Commissioner. 
    “As you are aware, the IRS recently confirmed to Senate Finance Committee investigators that these ‘tribal tax credits’ do not exist and that promoters of these credits could face civil and criminal penalties,” the Senators wrote. “It appears that White River Energy Corporation, like other promoters involved in this scheme, used the identity and image of Native American tribes without their knowledge to dupe investors into spending millions to purchase fake tax credits. Given IRS Commissioner nominee Billy Long’s direct financial ties to White River and other entities implicated in this scheme, we are concerned that if confirmed Long could undermine enforcement actions related to this fraudulent scheme.”
    In response to an inquiry by Democratic Finance Committee staff seeking to better understand the legal mechanisms under which White River and other promoters were able to buy and sell these tribal tax credits, the IRS said the following: 
    “We can confirm that these tax credits do not exist. Taxpayers who claim credits that don’t exist are subject to penalties and possible examination. Furthermore, promoters of these credits may be subject to civil or criminal penalties. The IRS reminds all taxpayers to be aware of tax scams and encourages taxpayers consult with a reputable tax advisor.”
    “Promoters engaged in fraudulent ‘tribal tax credits’ schemes must face criminal consequences,” the Senators continue. “The IRS must promptly investigate this matter to send the message that no one is above the law, regardless of whether they have powerful friends in high places.”
    Read the full letter here.
    Senator Cortez Masto has pushed multiple Departments under the Trump Administration for detailed, public information regarding the impacts of President Trump and Elon Musk’s chaotic actions on Nevada – including at the Department of the Interior, the U.S. Forest Service, the National Nuclear Security Administration, the Department of Veterans Affairs, Department of Agriculture, and General Services Administration. The Senator has also been a vocal opponent of many of Trump’s dangerous nominations to lead federal agencies.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Aotearoa’s biodiversity boost: $9.2 m awarded to protect threatened nature

    Source: Department of Conservation

    Date:  17 April 2025

    The DOC Community Fund (DOCCF) is a contestable Crown fund, open to community groups and private landowners to support community-led conservation projects on public and private land.

    This 2025 funding round criteria focused on protecting and restoring threatened species and ecosystems. Projects are funded for up to three years and cover a range of threatened ecosystems and species across Aotearoa New Zealand, including plants, invertebrates, and birds like tara iti/fairy tern, New Zealand’s rarest bird.

    Director Strategic Partnerships and Investment, David Van Der Zouwe, says the 20 projects and organisations funded are those most likely to have the greatest positive impact for biodiversity.

    “The DOCCF is an investment in our future,” says David. “Aotearoa New Zealand’s unique species and habitats will have a better chance of being enjoyed by future generations thanks to this funding.”

    The DOCCF received 291 applications, totalling requests for more than $141 million – the largest amount of funding ever sought through this fund – compared to $77 million in 2023. With an average grant of $450,000, the funding targets investment into high-value conservation outcomes, and supports collaboration and engagement with local communities and iwi.

    “There is a huge appetite for funds from community groups to support conservation projects,” says David.

    “The passion and dedication of all applicants is admirable, making this a challenging process. Ultimately, the projects awarded funding prioritise our species in genuine danger of disappearing forever.

    “When they’re gone, they won’t come back. So helping our vulnerable species and places recover and thrive, through projects like these, is a great way to make a real difference for nature.”

    The recipients and their related projects are available on the successful applications 2025 webpage.

    Contact

    For media enquiries contact:

    Email: media@doc.govt.nz

    MIL OSI New Zealand News –

  • MIL-OSI: Everbright Digital Holding Limited Announces Pricing of Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, April 16, 2025 (GLOBE NEWSWIRE) — Everbright Digital Holding Limited (the “Company” or “Everbright”), an integrated marketing solutions provider headquartered in Hong Kong, today announced the pricing of its initial public offering (the “Offering”) of 1,500,000 ordinary shares, par value US$0.00004 per share (the “Ordinary Shares”), at a public offering price of US$4.00 per ordinary share. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on April 17, 2025, U.S. Eastern time, under the ticker symbol “EDHL.”

    The Company expects to receive aggregate gross proceeds of US$6.0 million from the sale of Ordinary Shares offered by the Company in the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 225,000 ordinary shares at the public offering price, less underwriting discounts. The Offering is expected to close on or about April 21, 2025, subject to the satisfaction of customary closing conditions.

    Net proceeds from the Offering will be used by the Company for marketing and business expansion, continued research and development of our core technologies, business development overseas, talent acquisition and training, as well as for general working capital and corporate purposes.

    The Offering is being conducted on a firm commitment basis. Dominari Securities LLC is acting as the lead underwriter and Revere Securities LLC is acting as co-underwriter for the Offering. Pacific Century Securities, LLC is acting as an advisor to the Company. Ortoli Rosenstadt LLP is acting as U.S. counsel to the Company, and Hunter Taubman Fischer & Li LLC is acting as U.S. counsel to the underwriters in connection with the Offering.

    A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Number: 333-285191), as amended, and was declared effective by the SEC on March 31, 2025. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering, when available, may be obtained from Dominari Securities LLC by email at info@dominarisecurities.com, by standard mail to Dominari Securities LLC, 725 Fifth Avenue, 23rd Floor, New York, NY 10022, or by calling (212) 393-4500. In addition, copies of the final prospectus relating to the Offering, when available, may be obtained via the SEC’s website at www.sec.gov.

    Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

    About Everbright Digital Holding Limited

    Everbright Digital Holding Limited is an integrated marketing solutions provider headquartered in Hong Kong. The Company conducts all operations in Hong Kong through its operating subsidiary, Hong Kong United Metaverse Limited. The Company is an integrated marketing solutions provider in Hong Kong that is deeply involved in the metaverse and related technologies, providing one-stop digital marketing services to support businesses through every stage of their development, including metaverse stimulation, virtual reality (VR) and augmented reality (AR) design and creation, creative event planning and management, IP character creation and social media marketing.

    For more information, please visit the Company’s website: https://umeta.hk/.

    Forward-Looking Statements

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

    For investor and media inquiries, please contact:

    Everbright Digital Holding Limited
    Leung Chun Yip, CEO
    Email: michael@umeta.hk

    The MIL Network –

  • MIL-OSI Security: Ocean County Man Charged with Traveling to a Foreign Place to Engage in Sexual Conduct with a Minor

    Source: Office of United States Attorneys

    TRENTON, N.J. – An Ocean County, New Jersey, man was arrested and charged with traveling to a foreign place to engage in sexual conduct with a minor, U.S. Attorney Alina Habba announced.

    Jacob Bauer, 28, of Toms River, is charged by complaint with one count of traveling with intent to engage in illicit sexual conduct and one count of engaging in illicit sexual conduct in a foreign place. He made his initial appearance on April 2, 2025, before U.S. Magistrate Judge Rukhsanah L. Singh in Trenton federal court.

    According to documents filed in this case and statements made in court:

    From December 1, 2023 through December 10, 2023, Bauer, then 27 years old, traveled from the United States to Norway to engage in sexual activity with a 14-year-old female. Once in Norway, Bauer, staying at a hotel, engaged in sexual activity with the victim on at least one occasion. After returning to the United States, Bauer communicated over social media platforms with the victim and others about his sexual activities with the victim. During those conversations, Bauer acknowledged the victim’s age and status as a minor. After members of an online community that Bauer was active in learned of his sexual activities with a minor, Bauer was “doxxed” (his public information published online) by members of that community.

    “Public safety is my number one priority for New Jersey’s residents, and my office is laser focused on protecting children and ending their exploitation at the hands of abusers. The conduct here is as reprehensible as it is egregious: a then-27-year-old male took pains to plan international travel from New Jersey to Norway for the purpose of having sex with a 14-year-old girl. These charges underscore how we are standing up for the most vulnerable and will not tolerate the sexual abuse of children. I commend our partners at the Federal Bureau of Investigation, law enforcement members at the state and local levels, and our international partners who assisted with this investigation.”

    U.S. Attorney Alina Habba

    “We have federal laws protecting children because they cannot defend themselves,” said Newark FBI Special Agent in Charge Terence G. Reilly. Most of these investigations go unnoticed because we do all we can to protect the innocent victims. However, the work FBI Newark agents and task force officers are doing should be heralded by all of us. Day in and day out – they are saving children who shouldn’t have to experience unspeakable horrors and abuse perpetrated by child sexual predators.”

    Each of the charges, traveling with intent to engage in illicit sexual conduct and engaging in illicit sexual conduct in a foreign place, carries a potential maximum penalty of 30 years in prison and a fine of up to $250,000.

    U.S. Attorney Habba credited the special agents and task force officers of the Federal Bureau of Investigation, under the direction of Special Agent in Charge Terence G. Reilly in Newark, with the investigation leading to the charges. She also thanked the New Brunswick Police Department, under the direction of Chief of Police Vincent Sabo, the Manchester Township Police Department, under the direction of Chief of Police Antonio Ellis, the FBI Legal Attaché Office, U.S. Embassy, Copenhagen, Denmark, the FBI Legal Attaché Office, U.S. Embassy, Warsaw, Poland, the Jackson County, Georgia Sheriff’s Office, INTERPOL, the Norwegian Politiet, Troms District, the Norwegian Politiet, NC3 KRIPOS, and the Poland Policja CBZC, Central Cybercrime Bureau for their assistance in the investigation.

    The government is represented by Special Assistant U.S. Attorney Jonathan S. Garelick of the U.S. Attorney’s Office’s Criminal Division in Trenton.

    The charges and allegations contained in the complaint are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

                                                                           ###

    Defense counsel: Andrea Aldana, Esq., Assistant Federal Public Defender

    MIL Security OSI –

  • MIL-OSI Security: Maryland Man Charged with Coercing and Enticing 18-Year-Old to Travel from Massachusetts to Maryland for Commercial Sex

    Source: Office of United States Attorneys

    According to court documents, the defendant has allegedly been victimizing teenage minors, paying them to travel and engage in sex acts with him

    BOSTON – A 44-year-old Maryland man has been charged with allegedly coercing and enticing and 18-year-old to travel from Massachusetts to Maryland to engage in commercial sex. According to the detention brief filed today, the government allegedly also found evidence that the defendant has been victimizing minor males and young adults ranging in ages from 14–20 by paying the minors for Child Sexual Abuse Material (CSAM) and coercing and enticing some of them to travel to his penthouse condominium at the Four Seasons in Baltimore, and elsewhere, to engage in sex acts with him, which he videorecorded.

    David Kaufman, 44, was indicted by a federal grand jury on two counts of knowingly persuading, inducing, enticing and coercing an individual to travel in interstate commerce to engage in prostitution, and aiding and abetting. Kaufman appeared in federal court in the District of Maryland today and was ordered detained pending a hearing scheduled for 3 p.m. tomorrow afternoon. He will appear in the District of Massachusetts at a later date.

    According to public filings, Kaufman coerced a victim to travel from Massachusetts on two occasions to visit his penthouse condominium at the Four Seasons in Baltimore, paying for the plane tickets. While there, Kaufman allegedly provided the victim with alcohol and drugs, including cocaine, until the victim was intoxicated. It is alleged that Kaufman would then persuade the victim to engage in sex acts, which Kaufman videotaped so that he could watch them later in order to get pleasure for himself. In exchange for the sex acts, it is alleged that Kaufman paid the victim with cash, electronic money transfers and gifts. For example, after he engaged in sex acts in February 2024, Kaufman bought the victim a Louis Vuitton bag.

    Government filings contain evidence that Kaufman has also been victimizing minors ranging in age from 14–17 by paying them for CSAM and enticing them to travel to Baltimore and elsewhere to engage in sex acts with him, which Kaufman videorecords. Kaufman typically provides his victims with gifts and money in exchange for CSAM and sex acts.

    If you have information or questions about this investigation, or someone you know may be impacted or experiencing commercial sex trafficking or child exploitation, please contact USAMA.VictimAssistance@usdoj.gov.

    The charges of coercing a person to travel for purposes of prostitution provide for a sentence of up to 20 years in prison, up to three of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley and James Crowley, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Valuable assistance was provided by the U.S. Attorney’s Office in the District of Maryland; the Federal Bureau of Investigation, Baltimore Field Office; and the Baltimore Police Department. Assistant U.S. Attorney Torey B. Cummings and Craig E. Estes of the Human Trafficking & Civil Rights Unit are prosecuting the case.

    The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI USA: As Washington Considers Tax Cuts for Millionaires and Billionaires, Senator Reverend Warnock Calls for Tax Breaks for Working and Middle-Class Families in Capitol Hill Rally

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    As Washington Considers Tax Cuts for Millionaires and Billionaires, Senator Reverend Warnock Calls for Tax Breaks for Working and Middle-Class Families in Capitol Hill Rally

    Senator Reverend Warnock joined a crowd of hundreds at the “Say NO to Tax Breaks for Billionaires & Corporations” rally

    Senator Reverend Warnock: “Everybody likes tax cuts. The debate is about who ought to get one and who really needs one, and what’s the best way to move our economy forward. [Washington Republicans] want to give a tax cut to millionaires and billionaires”

    Watch Senator Reverend Warnock’s rally remarks HERE

    Washington, D.C. – Last week, U.S. Senator Reverend Raphael Warnock (D-GA) spoke in front of a crowd of hundreds about the need for Congress to provide a tax break to working and middle-class families during the “Say NO to Tax Breaks for Billionaires & Corporations” rally on Capitol Hill. 

    “Everybody likes tax cuts. The debate is about who ought to get one and who really needs one, and what’s the best way to move our economy forward. [Washington Republicans] want to give a tax cut to millionaires and billionaires […] You’re not trying to cut taxes, you’re not trying to cut waste and fraud and abuse, because if you were trying to cut waste and fraud and abuse, I know an unelected billionaire who’s received $40 billion in federal aid and support and loans, I know where you can find some waste and fraud and abuse,” said Senator Warnock.

    As a new voice on the Senate Finance committee, Senator Warnock is committed to championing tax policies that support working families and put more money back into the pockets of middle-class families. In 2021, Senator Warnock fought to secure the Expanded Child Tax Credit as part of the American Rescue Plan. Senator Warnock recently introduced the American Family Act, which would nearly double the Child Tax Credit (CTC) from its current amount and help working moms and dads in a moment where the cost of groceries, housing, and child care is on the rise.

    A transcript of Senator Warnock’s remarks during the rally can be found below:

    “I just want to say thank you for coming to Washington, D.C. Give yourselves a round of applause just for being here. Mama said, ‘Half a life is showing up’. And I cannot stress to you enough how important it is and how impactful it is for you to show up.”

    “Politicians – whether they are Republicans, Democrats or Independents – when you show up, they pay attention. When you call our offices, we pay attention. When you write letters, we pay attention. And when you have the unmitigated audacity to come here and remind the folks over there that that’s not their house, it’s the People’s House, it makes a huge difference. You keep showing up, and I promise you that I and my colleagues are going to keep showing up for you.”

    “Give my brother Ben Ray Luján a big round of applause. He and I are both alumni of Head Start., and I probably don’t have to tell you that in the United States Senate, which historically has been a place for the sons of American aristocracy, and I do mean sons, because that weren’t many women, you’re not going to run into many United States Senators who are alums of Head Start. But that’s a program that gives poor children a chance. It inspires them, exposes them to literature and reading and a love of learning, because all children are naturally curious, and if you bump into a child who doesn’t have that, believe me, something or somebody stole it from them. The trauma of being poor [can]rob them of the natural intellectual curiosity about the world that all children have.”

    “I’ve got a word for you. God raises up genius and brilliance and talent all over the world, on all sides of town, on both sides of the railroad track. God is an equal opportunity employer, and it makes sense to invest in children because we don’t know what they’re going to contribute.”

    “So the folk who want to run roughshod over Head Start don’t get it, and the reason why so many of them don’t get it is not simply because they were born rich. I’m not going to hate on anybody because they were born rich because I didn’t decide to be born poor. But you ought to at least spend enough time with ordinary people so you don’t end up saying dumb things. Like [as Commerce Secretary Lutnick remarked] if my mother-in-law misses one social security check, big deal. Of course, it’s no big deal to her. Her son-in-law is a billionaire. That’s not my story. That’s not the story of the people who are in this crowd.”

    “In the words of that great prophet, that poet, Kendrick Lamar, they not like us.”

    “We need people in government who, regardless of their background and where they were born, are sensitive to the concerns of ordinary people, hard-working Americans, for people that so many in our government, over the last 40 years, most of my life, have been busy maligning, criminalizing poor people for being poor. That’s why we’re in this mess. That’s why they’re obsessed with giving a tax cut to those who don’t need it, while taking resources away from those who need it so desperately just to survive.”

    “And so here’s the thing, here’s the thing that all of us apparently have in common: we all like tax cuts. Everybody likes tax cuts. The debate is about who ought to get one and who really needs one, and what’s the best way to move our economy forward. They want to give a tax cut to millionaires and billionaires, and they’ve been engaged over the last few weeks in creating a lot of theater, tragic theater that has implications for people’s ability to actually live: firing federal workers and making them the enemy, firing folks at the CDC, closing down Social Security offices across Georgia and across our country, and announcing that they were going to do it on the DOGE website. And when I called them out for it, they were at least a little bit embarrassing, because they took it off their website and acted like they didn’t say it. But my staff took screenshots of that website. Yes, you said it. We know what you said, and we know what you are trying to do. You’re not trying to cut taxes, you’re not trying to cut waste and fraud and abuse, because if you were trying to cut waste and fraud and abuse, I know an unelected billionaire who’s received $40 billion in federal aid and support and loans, I know where you can find some waste and fraud and abuse, and his name is Elon Musk!”

    “So all of this is a distraction, because Donald Trump is just trying to pay off his friends, trying to pay off millionaires and billionaires. I’m not mad at you because you have money. I just believe that strong hearted bear the infirmities of the weak. I just believe that we are all in this together. The pandemic taught us that, right that we were in a deadly pandemic. We didn’t have the vaccine at the time, it’s an airborne disease. That means that if my neighbor got sick. Even though she was sick, I was potentially in peril because it’s an airborne disease. The pandemic taught us that we didn’t already know that that doesn’t make my neighbor my enemy because she’s sick, that just means that it is in my enlightened self-interest to make sure that she has what she needs, that she has a mask, that she has a vaccine.”

    “In other words, my neighbor’s health care coverage is good for my health. It is good for all of us, for everybody to have healthcare. It is good for all of us, no matter how much money you have for children in Georgia to have Medicaid. So that’s what this fight is all about.”

    “So keep showing up. Keep fighting the good fight. Keep raising your voice, because this is not about the people who have power. We’ve proven in America over and over again that it’s really about the power in the people, and when the people raise their voices, when the people show up, the people can make a difference!”

    “Do you believe that?”

    “Are you ready to make some noise?”

    “Are you ready to show up?”

    “Are you ready to fight for our children?”

    “Are you ready to defend Social Security?”

    “Are you ready to defend Medicaid?”

    “Let do this work y’all!”

    “The budget is not just a fiscal document, it’s a moral document. Budget is not just dollars and cents, it’s good morals and common sense. Show me your budget and I’ll show you who you think matters and who you think is dispensable. Show me your budget and I’ll show you what you think about children, what you think about workers, and what you think made America great, and if this budget that they are trying to pass were an EKG, it would suggest that the Congress has a heart problem and is in need of moral surgery. So let’s get the room ready. I know you may not be surgeons, but just help us get the room ready, because the Congress needs an operation, and it’s the people who bring about the change.”

    “So you keep showing up over and over again. Don’t give it to those who are trying to weaponize despair. Don’t believe them when they want to convince you that he’s already a king. We have no king! This is the United States of America, and we’re not about to roll over to somebody who wants to be an oligarch.”

    “I’m going to stand up for my children. Are you going to stand up for yours? I’m going to stand up for my mother who needs her Social Security. I’m going to stand up for everybody’s children, so that my children are alright. So let’s stand together. Let’s work together. Let’s vote together. Let’s fight together. Let’s pray together. Let’s stay together. Don’t give in to the demagogues. Don’t give in to the division. We rise together.”

    “God bless all of you, keep the faith and keep looking up.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: Latest figures confirm inflation back under control

    Source: New Zealand Government

    The latest inflation figures confirm inflation is back under control, Finance Minister Nicola Willis says. 
    Stats NZ reported today that inflation increased slightly to 2.5 per cent in the year to March but remained within the Reserve Bank’s target range of 1 to 3 per cent.
    “This is the third consecutive quarter that inflation has remained within the bank’s target range and confirms the era of high inflation is over,” Nicola Willis says.
    “The steps the Government has taken to stop wasteful public expenditure have taken the heat out of inflation and given the Reserve Bank room to reduce interest rates.
    “Decisions about the Official Cash Rate are a matter for the Reserve Bank which is operationally independent, but the stabilisation of inflation is good news for people with mortgages.
    “It means people should be able to look forward to more rate reductions in the coming months. 
    “Encouragingly, banks are continuing to drop their mortgage rates with some now offering fixed rates of less than 5 per cent. 
    “Also encouraging is that non-tradeable inflation – which paints a picture of domestic demand and supply conditions – is continuing to fall, down from 4.5 per cent in the year to December to 4 per cent in the year to March. 
    “The impact of lower rates on individual households depends on the terms of people’s mortgages but the Official Cash Rate has already fallen two percentage points since August.
    “For someone with a $500,000 mortgage over 25 years, a two percentage point drop in their interest rate reduces their repayments by about $300 a fortnight.
    “Further falls will mean more money in people’s pockets and more money flowing through business tills.”

    MIL OSI New Zealand News –

  • MIL-OSI Security: Federal jury convicts would-be smuggler of three-year-old child

    Source: Office of United States Attorneys

    LAREDO, Texas – A 25-year-old Laredo woman has been convicted of conspiracy to transport, attempting to transport and bringing in and attempting to bring a minor alien to the United States, announced U.S. Attorney Nicholas J. Ganjei.

    The jury deliberated for approximately 45 minutes before finding Salma Galilea Veliz guilty late April 15 after a two-day trial.

    Law enforcement first encountered Veliz at the Juarez-Lincoln International Bridge in Laredo Nov. 14, 2024, with a three-year-old male. At that time, she presented a Texas birth certificate and claimed the minor was her son. 

    Veliz eventually admitted the child was actually not her own and that she had picked him up in Nuevo Laredo, Mexico. She claimed she did not know the boy’s name or where she was taking him, just that a person known as “Malandro” was bringing him to her. 

    Veliz planned to have the boy assume the identity of her biological son in an effort to smuggle him into the United States. In exchange, she would be paid $2,500.

    During trial, the jury heard testimony and evidence regarding his true identity, which included the minor child’s original birth certificate indicating Mexico as his place of birth. Testimony also revealed there was no record in existence pertaining to the minor child that would indicate he had ever been authorized to enter the United States.

    The defense attempted to convince the jury the boy had claims to citizenship through an unidentified father. However, evidence revealed the minor is a Mexican citizen and had no claim to enter the county. The jury ultimately found Veliz guilty as charged.

    “This verdict demonstrates that those who think they can make a quick buck by trafficking human beings—particularly children—are sorely mistaken,” said Ganjei. “The facts of this case are a reminder of the tremendous human cost of weak border security. There is no telling who or what awaited that three-year-old boy had he been successfully snuck across the border. Due to the quick thinking and thorough work of law enforcement, that child will be returned to his home, rather than face an uncertain—and possibly dangerous—fate in the hands of unknown persons.”

    U.S. District Judge John A. Kazen presided over trial and will set sentencing at a later date. At that time, Veliz faces up to 10 years in federal prison and a possible $250,000 maximum fine.

    She was permitted to remain on bond pending that hearing.

    Immigration and Customs Enforcement – Homeland Security Investigations and Customs and Border Protection conducted the investigation with the assistance of U.S. Citizenship and Immigration Services, Department of State and Department of Health and Humans Services – Office of Inspector General. Assistant U.S. Attorneys Melissa A. Lopez and Tory Sailer prosecuted the case.

    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 (TCOs) 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 Neighborhood (PSN).

    MIL Security OSI –

  • MIL-OSI Security: American Falls Housing Authority Executive Director Sentenced for Embezzlement

    Source: Office of United States Attorneys

    POCATELLO – Bruce Hauber, 72, of American Falls, was sentenced to five years of probation for federal program theft after embezzling $129,022.38 from a federally funded public housing authority, Acting U.S. Attorney Justin Whatcott announced today.

    According to court records, the American Falls Housing Authority (AFHA) is a federally funded public housing authority that manages public housing in American Falls. Between 2019 and 2023, Hauber was employed as the Executive Director of AFHA and was tasked with paying bills, purchasing supplies, collecting rent, and managing bank accounts.

    Beginning in spring 2019, Hauber began to make purchases on AFHA credit cards for unauthorized personal expenses, such as meals, airplane tickets, utilities for his home, medical expenses, and purchases at retailers. In total, between spring 2019 through 2023, Hauber made $129,022.38 in unauthorized personal expenses. Hauber used AFHA funds to make payments for those personal expenses. To conceal the embezzlement, Hauber wrote fictitious checks to venders and entered the checks into AFHA’s internal accounting system.

    Chief U.S. District Judge David C. Nye also ordered Hauber to pay $79,022.38 in restitution and imposed eight months of home detention with location monitoring as a condition of probation.

    “Our office will vigorously investigate and prosecute cases involving theft of public money,” said Acting U.S. Attorney Whatcott. “Bruce Hauber stole from the American taxpayer and deprived American Falls residents vital public housing funds.”

    “Hauber deliberately orchestrated a fraudulent scheme to embezzle more than $125,000 in federal funds designated to provide housing assistance for elderly and disabled residents in American Falls, Idaho—a community of roughly, 4,500 people,” said Special Agent in Charge Machelle Jindra with the U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG). “The theft was especially harmful given the limited resources available to support the community. HUD OIG remains committed to working alongside our partners at the U.S. Attorney’s Office and our law enforcement and oversight partners to aggressively pursue individuals who compromise the integrity of HUD programs and exploit communities in need.”

    Acting U.S. Attorney Whatcott commended the work of the U.S. Department of Housing and Urban Development, Office of Inspector General, and Federal Bureau of Investigation, which led to the charges. Assistant U.S. Attorneys Sean Mazorol and Jack Haycock prosecuted the case.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Colorado Springs Man Charged with Making Threats Regarding Tesla Owners and the Presidential Cabinet

    Source: Office of United States Attorneys

    DENVER – The U.S. Attorney’s Office for the District of Colorado announces that defendant Carl Howard Payne, Jr., of Colorado Springs, was charged with Interstate Communication of Threats.

    According to the criminal complaint, on or about March 20, 2025, threatening emails were sent from betweensaltandstart@proton.me to various news media outlets across state lines. The emails detailed a “Declaration of War” against the 47th Presidential Cabinet of the United States and further described how Tesla owners would be murdered on April 17, 2025, and thereafter, until the death of Elon Musk.

    Also on March 20, 2025, Payne sent the same email to ProPublica and Thomson Reuters, both in New York, from Signal user “c”. And on or about April 2, 2025, Payne deposited or caused to be deposited similar threatening letters for delivery by the Postal Service to several insurance companies. The return address on the letters indicated they were from “The White House,” but the letters were postmarked in Denver.

    A review of Internet Protocol (IP) address information from Proton Mail, along with other information, indicates that Payne is the user of the Proton Mail account and the Signal account from which the threatening emails originated.

    The investigation is being handled by the Denver Field Office of the Federal Bureau of Investigation.  The prosecution is being handled by Assistant United States Attorney Jasand Mock.

    The charges in the complaint are allegations and the defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.

    Case Number:  25-mj-00081-NRN

    MIL Security OSI –

  • MIL-OSI Security: Mexican citizen arrested, charged with production of child pornography and enticement of a minor

    Source: Office of United States Attorneys

    BUFFALO, N.Y.-U.S. Attorney Michael DiGiacomo announced today that Victor Francisco Lucas, 31, a citizen of Mexico, was arrested and charged by criminal complaint with production of child pornography and enticement of a minor, which carry a mandatory minimum penalty of 15 years in prison and a maximum of life in prison.

    Assistant U.S. Attorney Evan K. Glaberson, who is handling the case, stated that according to the complaint, in January 2025, the mother of 12-year-old minor victim called the National Threat Operations Center to report online grooming of the victim, after looking through her daughter’s cellular phone and finding a number for an unknown individual, who had been communicating with the victim via social media and text message. The individual was later identified as Lucas, who worked on a dairy farm in Western New York. Lucas told the victim he was 12 or 13 years old and requested and induced the victim to send nude photos of herself to him. The victim could not send explicit photos to Lucas because parental controls installed on her device blocked the transmission.  According to the complaint, Lucas then coerced the victim to participate in nude and sexually explicit Facetime video calls. 

    Lucas is a citizen of Mexico. He does not have legal status to be in the United States.

    Lucas made an initial appearance this afternoon before U.S. Magistrate Judge Michael J. Roemer and was detained.

    The complaint is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia, and the Niagara County Sheriff’s Office, under the direction of Sheriff Michael Filicetti.

    The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.     

    # # # #

    MIL Security OSI –

  • MIL-OSI Security: Two MS-13 Members Sentenced To 35 Years In Prison For Murder, Third Member Sentenced To 20 Years For Racketeering Conspiracy

    Source: Office of United States Attorneys

    CHARLOTTE, N.C. – Three members of the La Mara Salvatrucha gang (known as MS-13) were sentenced in federal court today for engaging in violent criminal conduct, including murder, in support of the criminal organization, announced Russ Ferguson, U.S. Attorney for the Western District of North Carolina.

    Cardell T. Morant, Special Agent in Charge of Homeland Security Investigations (HSI) in North Carolina and South Carolina, Robert M. DeWitt, Special Agent in Charge of the Federal Bureau of Investigation (FBI), Charlotte Division, and Chief Johnny Jennings of the Charlotte Mecklenburg Police Department join U.S. Attorney Ferguson in making today’s announcement.

    Christian Alejandro Garcia Santa Cruz, a/k/a “Crimen,” 32, of El Salvador, and Aderly Jose Veliz-Ronquillo, a/k/a “Chanchin,” 30, of Guatemala, were each sentenced to 35 years in prison for using a firearm during a crime of violence resulting in death for the 2022 murder of W.G.M. in front of a Charlotte nightclub. Luis Fernando Guardardo Moreno, a/k/a “Fantasma” and “Scrappy,” 24, of El Salvador, was sentenced to 20 years in prison followed by three years of supervised release for racketeering (RICO) conspiracy.

    Two additional MS-13 members who held leadership roles within the gang, Fredy Mauricio Buruca, a/k/a “Piranha,” “Machete,” and “Insoportable,” 27, and Santos Guillermo Ramirez Mancia, a/k/a “Azazel,” “Timido,” and “Johnny,” 33, both of El Salvador, have pleaded guilty to RICO conspiracy and are awaiting sentencing. Buruca has also pleaded guilty to kidnapping a minor. A sixth MS-13 member charged in this case, Juan Francisco Sanchez Estrada, a/k/a “Nene” and “Turbo,” 31, of El Salvador, has pleaded guilty to RICO conspiracy and will be sentenced at a later date in the Middle District of North Carolina, following a consolidation of federal cases against him in each district.

    “MS-13 is one of the most violent and dangerous criminal gangs operating in the United States.  MS-13 members use murder, robbery, kidnapping, drug trafficking, and extortion to support this criminal enterprise and tighten its grip on our communities,” said U.S. Attorney Ferguson. “But we are fighting back. This case has dismantled the local MS-13 clique, and we’re not done. Our goal is not just to prosecute violent gangs, but to eliminate them completely.”

    “Today’s prison sentences should make it clear to MS-13 members and their associates, violence and senseless murder will not be tolerated in North Carolina. The FBI and our partners will use every tool available to disrupt and dismantle violent criminal terrorist organizations and bring offenders to justice,” said FBI Special Agent in Charge DeWitt.

    According to filed court documents and court proceedings, the defendants were leaders and members of the MS-13 sub-unit, or clique, known as the Hollywood Locos Salvatrucha Clique (the HLS clique), which operated in and around the Western District of North Carolina and other areas in North Carolina, Virginia, Maryland, Washington, D.C., and elsewhere. From at least December 2018 and continuing through November 2022, as members of the HLS clique, the defendants engaged in a pattern of racketeering activity that consisted of multiple acts and threats involving murder, kidnapping, extortion, robbery, and drug trafficking.

    The investigation into the gang’s criminal activity revealed that these criminal acts were sanctioned by MS-13 leadership and were committed to promote a climate a fear and intimidation within the gang; to maintain the gang’s control and to expand its territory; to enforce discipline within the gang and punish any acts of disrespect; to intimidate witnesses and discourage cooperation with law enforcement; and to retaliate against rivals, or “chavalas.”

    Participation in criminal activity was also intended to increase respect and ranking of members within the gang and to open the door to promotion to a leadership position. Accordingly, Santa Cruz and Veliz-Ronquillo committed murder in aid of racketeering for the purpose of maintaining and increasing their position in the MS-13 enterprise.

    According to court documents, on November 6, 2022, Santa Cruz, Mancia, and Veliz-Ronquillo were at a nightclub in Charlotte. Over the course of the evening, Santa Cruz, Mancia, and Veliz-Ronquillo got into an argument with several men at the parking lot of the nightclub. During the argument, Mancia identified himself as MS-13 to the other men. At some point, W.G.M. and Mancia shoved each other. Ronquillo then shot W.G.M. once and Santa-Cruz shot the victim three times, causing the victim to sustain fatal gunshot wounds. At today’s sentencing hearing, the government contended that through their involvement in W.G.M.’s murder, Santa Cruz and Veliz-Ronquillo demonstrated their full commitment to further the goals of MS-13 and to advance their reputation within the gang.

    The defendants will remain in federal custody until they are transferred to the custody of the Federal Bureau of Prisons upon designation of a federal facility.

    In making today’s announcement U.S. Attorney Ferguson commended the FBI, HSI, and the Charlotte Mecklenburg Police Department for their investigation of the case, and thanked the Davidson County Sheriff’s Office, the Kannapolis Police Department, the Monroe Police Department, the Prince William County (Virginia) Sheriff’s Office, and the Annapolis (Maryland) Police Department for their invaluable assistance.

    Assistant U.S. Attorneys Erik Lindahl and David Kelly of the U.S. Attorney’s Office in Charlotte are prosecuting the case.

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/ocdetf.

    MIL Security OSI –

  • MIL-OSI USA: Welch Statement on Trump’s Executive Order Targeting Medicare Drug Price Negotiations 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, today released the following statement on President Trump’s Executive Order targeting the Medicare Drug Price Negotiation Program, a major long-term cost-saving feature of the Inflation Reduction Act which grants Medicare the authority to negotiate prices for up to 60 medications and help make life-saving drugs more affordable to patients: 
    “Since day one, Big Pharma has been trying to tear down the Inflation Reduction Act‘s drug pricing provisions—they’re trying to increase their profits. And now, President Trump is bending to Big Pharma’s will and giving them exactly what they want in this Executive Order,” said Senator Welch. “Attacking a program which 85% of Americans support isn’t a win for patients—it’s a win for the pharmaceutical industry. We’ll keep fighting to protect Medicare’s negotiating powers to ensure the federal government follows through on its obligation to care for people and patients.” 
    Senator Welch has long supported initiatives to lower prescription drug prices for Vermonters. In September, Senators Welch and Amy Klobuchar (D-Minn.) led colleagues in filing an amicus brief in AstraZeneca Pharmaceuticals v. Becerra; Bristol Myers Squibb Co. v. Becerra; and Janssen Pharmaceuticals, Inc. v. Becerra in the United States Court of Appeals for the Third Circuit urging the court to uphold the constitutionality of Congress empowering Medicare to negotiate lower drug prices for consumers.  
    Last Congress, Sens. Welch and Klobuchar also introduced the Strengthening Medicare and Reducing Taxpayer (SMART) Prices Act to build on the success of the Inflation Reduction Act to increase the number of drugs eligible for negotiation and unlock the ability of the U.S. Government to negotiate lower drug prices for Medicare Part D beneficiaries. Provisions from Sen. Welch’s bill to end the ban on Medicare negotiating lower prescription drug prices for Medicare’s 50 million seniors, introduced during his tenure in the U.S. House of Representatives, were incorporated into the Inflation Reduction Act.  

    MIL OSI USA News –

  • MIL-OSI: Gran Tierra Energy Inc. Announces New US$75 Million Credit Facility

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 16, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced that it has, through its wholly owned subsidiary, Gran Tierra Energy Colombia GmbH, a Swiss limited liability company, entered into a reserve-based lending facility with commitments of up to US$75 million as of the date hereof (the “closing date”). The new facility has a final maturity date in 36 months from the closing date.

    Ryan Ellson, Chief Financial Officer of Gran Tierra, commented today:

    “We are very pleased to have successfully closed a new credit facility which enhances our liquidity and underscores the strength and resilience of our business. Securing this facility during a period of market volatility is a testament to the quality of our assets, the consistency of our cash flow generation, and the confidence our partners have in Gran Tierra’s strategy. This facility supports our continued commitment to strengthening our balance sheet, enhancing operational flexibility, and delivering long-term value to all stakeholders.”

    Highlights of the new facility include:

    • A commitment of US$75 million, redetermined annually (beginning May 1, 2026)
    • Interest payable on the facility is based on a Term Secured Overnight Financing Rate plus a margin of 4.50% per annum
    • Final maturity date of 36 months from the closing date
    • All outstanding principal, interest, and other payment obligations are due on the maturity date with option to prepay without prepayment penalty
    • The loan is secured by, among other things, the economic rights over certain contracts together with Gran Tierra’s Colombian commercial establishment

    Contact Information

    For investor and media inquiries please contact:

    Gary Guidry
    President & Chief Executive Officer

    Ryan Ellson
    Executive Vice President & Chief Financial Officer

    +1-403-265-3221

    info@grantierra.com

    About Gran Tierra Energy Inc.

    Gran Tierra Energy Inc., together with its subsidiaries, is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

    Gran Tierra’s filings with the U.S. Securities and Exchange Commission (the “SEC”) are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 or “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this press release, and those statements preceded by, followed by or that otherwise include the words “will,” “would,” “could,” “should,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,” “goal,” “guidance,” “budget,” “plan,” “objective,” “potential,” or similar expressions or variations on these expressions are forward-looking statements. The Company can give no assurances that the assumptions upon which the forward-looking statements are based will prove to be correct or that, even if correct, intervening circumstances will not occur to cause actual results to be different than expected. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements, including, but not limited to, the impact and benefits of the new credit facility and the crude oil sales contracts; the nature of the Company’s relationship with Trafigura; the Company’s cash flows and liquidity; and those factors set out in Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company’s other filings with the SEC. Although the Company believes the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. Investors should not rely upon forward-looking statements as predictions of future events. The information included herein is given as of the date of this press release and, except as otherwise required by the securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to, or to withdraw, any forward-looking statement contained in this press release to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

    The MIL Network –

  • MIL-OSI: Great Southern Bancorp, Inc. Reports Preliminary First Quarter Earnings of $1.47 Per Diluted Common Share

    Source: GlobeNewswire (MIL-OSI)

    SPRINGFIELD, Mo., April 16, 2025 (GLOBE NEWSWIRE) — Great Southern Bancorp, Inc. (NASDAQ:GSBC), the holding company for Great Southern Bank, today reported that preliminary earnings for the three months ended March 31, 2025, were $1.47 per diluted common share ($17.2 million net income) compared to $1.13 per diluted common share ($13.4 million net income) for the three months ended March 31, 2024.

    For the quarter ended March 31, 2025, annualized return on average common equity was 11.30%, annualized return on average assets was 1.15%, and annualized net interest margin was 3.57%, compared to 9.36%, 0.93% and 3.32%, respectively, for the quarter ended March 31, 2024.

    First Quarter 2025 Key Results:

    • Net Interest Income: Net interest income for the first quarter of 2025 increased $4.5 million (or approximately 10.1%) to $49.3 million compared to $44.8 million for the first quarter of 2024, largely driven by higher interest income on loans and lower interest expense on deposit accounts. Annualized net interest margin was 3.57% for the quarter ended March 31, 2025, compared to 3.32% for the quarter ended March 31, 2024, and 3.49% for the quarter ended December 31, 2024. During the quarter ended March 31, 2025, the Company recorded additional interest income of $744,000 related to recoveries on cash-basis loans and other assets, positively affecting net interest income and net interest margin.
    • Asset Quality: Non-performing assets and potential problem loans totaled $17.0 million at March 31, 2025, an increase of $342,000 from $16.6 million at December 31, 2024. At March 31, 2025, non-performing assets were $9.5 million (0.16% of total assets), a decrease of $48,000 from $9.6 million (0.16% of total assets) at December 31, 2024.
    • Liquidity: The Company had secured borrowing line availability at the FHLBank and Federal Reserve Bank of $1.17 billion and $370.5 million, respectively, at March 31, 2025. In addition, at March 31, 2025, the Company had unpledged securities with a market value totaling $337.4 million, which could be pledged as collateral for additional borrowing capacity at either the FHLBank or Federal Reserve Bank.
    • Capital: The Company’s capital position remained strong as of March 31, 2025, significantly exceeding the thresholds established by regulators. On a preliminary basis, as of March 31, 2025, the Company’s Tier 1 Leverage Ratio was 11.3%, Common Equity Tier 1 Capital Ratio was 12.4%, Tier 1 Capital Ratio was 12.9%, and Total Capital Ratio was 15.6%. The Company’s tangible common equity to tangible assets ratio was 10.1% at March 31, 2025.
    • Significant Item: In the quarter ended March 31, 2025, the Company received an annual marketing and card expense reimbursement for qualifying expenditures from its debit card brand provider of $433,000, which offset marketing and advertising costs that included this branding.
    • Stock Purchase Authorization: In April 2025, the Company’s Board of Directors approved a new stock repurchase program of up to one million additional shares of the Company’s common stock, which will succeed the existing repurchase program (authorized in November 2022) following the repurchase of the existing program’s remaining available shares, which were approximately 270,000 shares at March 31, 2025.

    Selected Financial Data:

      Three Months Ended
        March 31,
    		     March 31,
    		     December 31,
        2025
    		     2024
    		     2024
        (Dollars in thousands, except per share data)
                           
    Net interest income $ 49,334     $ 44,816     $ 49,534  
    Provision (credit) for credit losses on loans and unfunded commitments   (348 )     630       1,556  
    Non-interest income   6,590       6,806       6,934  
    Non-interest expense   34,822       34,422       36,947  
    Provision for income taxes   4,290       3,163       3,043  
                           
    Net income $ 17,160     $ 13,407     $ 14,922  
                           
    Earnings per diluted common share $ 1.47     $ 1.13     $ 1.27  
                           

    Joseph W. Turner, President and CEO of Great Southern, commented, “Our first-quarter 2025 results reflect the strength of our underlying strategy and our ability to adapt with discipline amid ongoing economic and financial sector challenges. Our core banking fundamentals remain sound, with quarterly profitability strengthened by higher interest income, disciplined expense management, and favorable contributions from interest income recoveries and an expense reimbursement. We reported net income of $17.2 million, or $1.47 per diluted common share, for the first quarter of 2025, compared to $13.4 million, or $1.13 per diluted common share, in the same period last year. The increase in net income compared to the prior year quarter was primarily driven by strong growth in net interest income, which rose $4.5 million, or 10.1%, supported by increases in both loan yields and average loan balances. Additionally, a negative provision for losses on unfunded commitments of $348,000 in the first quarter of 2025, compared to a combined provision of $630,000 in the prior year quarter, contributed significantly to the improvement in profitability.”

    He noted, “Despite external economic pressures, our core operations remained strong. Total interest income for the first quarter of 2025 was $80.2 million, reflecting higher earning asset levels and loan yields. Net interest income for the quarter remained healthy at $49.3 million, supported by disciplined asset-liability management and a deliberate strategy to control funding costs through management of our funding mix and duration amid persistent deposit competition. Importantly, we saw no material deterioration in our core non-time deposit balances, reflecting customer stability and the durability of our franchise.”

    Turner added, “Our balance sheet remains well positioned, with total assets of approximately $5.99 billion at March 31, 2025, and a loan portfolio that has been carefully managed in terms of both growth and risk composition. We continue to emphasize prudent lending practices, focusing on relationship-based lending and credit quality rather than volume. Our allowance for credit losses stood at $64.7 million at March 31, 2025, representing 1.36% of total loans. Our non-performing assets remained at minimal levels consistent with previous quarters, underscoring the strength of our underwriting standards and ongoing credit monitoring.”

    He further noted, “On the expense side, we continued to demonstrate operating discipline. Noninterest expense totaled $34.8 million for the first quarter of 2025, flat from the prior-year first quarter despite inflationary pressures, with reductions in legal and professional fees offsetting modest increases in salaries, occupancy, and technology investments. Noninterest income totaled $6.6 million for the first quarter of 2025, which was generally consistent with the prior-year first quarter.”

    Turner continued, “As we look ahead, our priorities remain unchanged. We will continue to manage costs tightly, safeguard credit quality, and strive to optimize our funding mix to ensure long-term financial stability. At March 31, 2025, our capital and liquidity positions were solid, with a tangible common equity ratio of 10.1% and approximately $2 billion of secured available lines and on-balance sheet liquid assets, providing us with ample flexibility to support customers, pursue strategic growth opportunities, and continue returning value to shareholders through dividends and share repurchases. In the first quarter of 2025 we repurchased nearly 175,000 shares of our common stock.”

    “Great Southern’s Q1 2025 results underscore the consistency of our business model and our track record of delivering sustainable returns, supported by strong core fundamentals and disciplined execution. We remain focused on long-term value creation and are confident in our ability to navigate the current environment while continuing to serve our customers, communities, and shareholders,” Turner concluded.

    NET INTEREST INCOME

      Three Months Ended
        March 31,     March 31,   December 31,
                   
        2025     2024     2024
        (Dollars in thousands)
    Interest Income $ 80,243     $ 77,390     $ 82,585  
    Interest Expense   30,909       32,574       33,051  
    Net Interest Income $ 49,334     $ 44,816     $ 49,534  
                     
    Net interest margin   3.57%       3.32%       3.49%  
    Average interest-earning assets to average interest-bearing liabilities   125.5%       127.4%       127.0%  
                           

    Net interest income for the first quarter of 2025 increased $4.5 million to $49.3 million, compared to $44.8 million for the first quarter of 2024. This increase in net interest income was driven primarily by higher loan interest income and improved overall yields, as well as the strategic management of maturing/repricing brokered deposits and interest-bearing demand deposits. Net interest margin was 3.57% in the first quarter of 2025, compared to 3.32% in the same period of 2024 and 3.49% in the fourth quarter of 2024. The additional interest income items outlined above, under “First Quarter 2025 Key Results – Net Interest Income,” contributed 5 basis points to net interest margin in the first quarter of 2025. Compared to the 2024 first quarter, the average yield on loans increased 10 basis points, the average yield on investment securities increased 33 basis points and the average yield on other interest earning assets decreased 99 basis points. The average rate paid on interest-bearing demand and savings deposits, time deposits and brokered deposits decreased 29 basis points, 40 basis points and 67 basis points, respectively, in the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The average interest rate spread was 3.00% for the three months ended March 31, 2025, compared to 2.66% for the three months ended March 31, 2024, and 2.87% for the three months ended December 31, 2024.

    The average rates paid on deposits and borrowings decreased compared to the prior-year first quarter as market interest rates, primarily the federal funds rate and SOFR rates, declined in the fourth quarter of 2024. Yields on the Company’s portfolio of investment securities increased compared to the prior-year first quarter due to higher-yielding securities purchased in the second quarter of 2024. While market interest rates decreased compared to the first quarter of 2024, the average yield on loans increased slightly as cash flows from lower-rate fixed rate loans were redeployed into loans with comparably higher rates of interest.

    To mitigate exposure to the risk of fluctuations in future cash flows resulting from changes in interest rates (primarily related to falling interest rates), the Company has, from time to time, strategically utilized derivative financial instruments, primarily interest rate swaps, as part of its interest rate risk management strategy.

    The following table presents the effect of cash flow hedge accounting included in interest income in the consolidated statements of income:

      Three Months Ended
        March 31,     March 31,     December 31,
        2025     2024     2024
        (In thousands)
    Terminated interest rate swaps $ 2,003     $ 2,025     $ 2,047  
    Active interest rate swaps   (1,742 )     (4,653 )     (2,116 )
    Increase (decrease) to interest income $ 261     $ (2,628 )   $ (69 )
                           

    The Company entered into an interest rate swap in October 2018, which was terminated in March 2020. Upon termination, the Company received $45.9 million, inclusive of accrued but unpaid interest, from its swap counterparty. The net amount, after deducting accrued interest and deferred income taxes, is being accreted to interest income on loans monthly until the original termination date of October 6, 2025. After this date, the Company will no longer have the benefit of that income from the terminated swap. In 2025, the Company anticipates recording approximately $2.0 million in interest income from the terminated swap in each of the first three quarters, after which no further interest income will be realized.

    The Company’s net interest income in the first quarter of 2025 increased 10.1% compared to net interest income in the first quarter of 2024. The cost of deposits has been negatively impacted over several quarters by the high level of competition for deposits across the industry and the lingering effects of liquidity events at several banks in March and April 2023. After the second quarter of 2023, the Company had a significant amount of time deposits maturing at relatively low interest rates. These deposits were either renewed at higher rates or withdrawn, requiring the Company to replace the withdrawn deposits with other funding sources at the prevailing higher market rates. Market rates for time deposits for much of 2024 remained elevated, but have recently declined as the FOMC cut the federal funds rate by 100 basis points in late 2024 and signaled that further rate cuts may occur in 2025. As of March 31, 2025, time deposit maturities over the next 12 months were as follows: within three months — $669 million, with a weighted-average rate of 4.10%; within three to six months — $495 million, with a weighted-average rate of 3.74%; and within six to twelve months — $133 million, with a weighted-average rate of 3.23%. Based on time deposit market rates in March 2025, replacement rates for these maturing time deposits are likely to be approximately 3.50-4.00%.

    NON-INTEREST INCOME

    For the quarter ended March 31, 2025, non-interest income decreased $216,000 to $6.6 million when compared to the quarter ended March 31, 2024. None of the components of non-interest income experienced increases or decreases exceeding $200,000 in comparing the two periods.

    NON-INTEREST EXPENSE

    For the quarter ended March 31, 2025, non-interest expense increased $400,000 to $34.8 million when compared to the quarter ended March 31, 2024, primarily as a result of the following items:

    • Net occupancy and equipment expenses: Net occupancy and equipment expenses increased $694,000, or 8.9%, from the prior-year quarter. Various components of computer license and support expenses related to upgrades of core systems capabilities collectively increased by $322,000 in the first quarter of 2025 compared to the first quarter of 2024. Parking lot maintenance expenses, primarily related to above normal snow removal activity, collectively increased by $232,000 in the first quarter of 2025 compared to the first quarter of 2024.
    • Salaries and employee benefits: Salaries and employee benefits increased $473,000, or 2.4%, from the prior-year quarter. Much of this increase related to normal annual merit increases in various lending and operations areas.
    • Legal, audit and other professional fees: Legal, audit and other professional fees decreased $687,000 from the prior-year quarter, to $1.0 million. In the quarter ended March 31, 2024, the Company expensed a total of $929,000 related to training and implementation costs for the intended core systems conversion and professional fees to consultants engaged to support the Company’s proposed transition of core and ancillary software and information technology systems, with no such costs expensed in the quarter ended March 31, 2025.

    The Company’s efficiency ratio for the quarter ended March 31, 2025, was 62.27% compared to 66.68% for the same quarter in 2024. The Company’s ratio of non-interest expense to average assets was 2.34% for the three months ended March 31, 2025, compared to 2.39% for the three months ended March 31, 2024. Average assets for the three months ended March 31, 2025, increased $200.2 million, or 3.5%, compared to the three months ended March 31, 2024, primarily due to growth in average balances of net loans receivable and investment securities.

    INCOME TAXES

    For the three months ended March 31, 2025 and 2024, the Company’s effective tax rate was 20.0% and 19.1%, respectively. These effective rates were below the statutory federal tax rate of 21%, due primarily to the utilization of certain investment tax credits and the Company’s tax-exempt investments and tax-exempt loans, which reduced the Company’s effective tax rate. The Company’s effective tax rate may fluctuate in future periods as it is impacted by the level and timing of the Company’s utilization of tax credits, the level of tax-exempt investments and loans, the amount of taxable income in various state jurisdictions and the overall level of pre-tax income. State tax expense estimates continually evolve as taxable income and apportionment between states are analyzed. The Company currently expects its effective tax rate (combined federal and state) will be approximately 18.0% to 20.0% in future periods.

    CAPITAL

        March 31,   December 31,
        2025   2024
    Consolidated Regulatory Capital Ratios   (Preliminary)      
    Tier 1 Leverage Ratio   11.3 %   11.4 %
    Common Equity Tier 1 Capital Ratio   12.4 %   12.3 %
    Tier 1 Capital Ratio   12.9 %   12.8 %
    Total Capital Ratio   15.6 %   15.4 %
    Tangible Common Equity Ratio   10.1 %   9.9 %
                 

    As of March 31, 2025, total stockholders’ equity was $613.3 million, representing 10.2% of total assets and a book value of $53.03 per common share. This compares to total stockholders’ equity of $599.6 million, or 10.0% of total assets, and a book value of $51.14 per common share at December 31, 2024. The $13.7 million increase in stockholders’ equity was primarily driven by $17.2 million in net income and a $1.2 million increase from stock option exercises, partially offset by $4.6 million in cash dividends declared on the Company’s common stock and $10.2 million in common stock repurchases.

    Decreased unrealized losses on the Company’s available-for-sale investment securities and interest rate swaps, which totaled $44.1 million (net of taxes) at March 31, 2025, also increased stockholders’ equity by $10.2 million during the quarter. These net unrealized losses primarily resulted from increased intermediate-term market interest rates in prior periods, which generally decreased the fair value of the investment securities and interest rate swaps.

    The Company had unrealized losses on its portfolio of held-to-maturity investment securities, which totaled $20.6 million and $24.7 million at March 31, 2025 and December 31, 2024, respectively, that were not included in its total capital balance. If held-to-maturity unrealized losses were included in capital (net of taxes) at March 31, 2025, they would have decreased total stockholder’s equity at that date by $15.6 million. This amount was equal to 2.5% of total stockholders’ equity of $613.3 million at March 31, 2025, compared to 3.1% of total stockholders’ equity at December 31, 2024.

    In November 2022, the Company’s Board of Directors authorized the purchase of an additional one million shares of the Company’s common stock. As of March 31, 2025, approximately 270,000 shares remained available in this stock repurchase authorization.

    In April 2025, the Company’s Board of Directors approved a new stock repurchase program, which will succeed the existing repurchase program (authorized in November 2022) following the repurchase of the existing program’s remaining available shares. The new stock repurchase program authorizes the purchase, from time to time, of up to one million additional shares of the Company’s common stock.

    During the three months ended March 31, 2025, the Company repurchased 173,344 shares of its common stock at an average price of $58.38, and the Company’s Board of Directors declared a regular quarterly cash dividend of $0.40 per common share, which, combined, reduced stockholders’ equity by $14.8 million.

    LIQUIDITY AND DEPOSITS

    Liquidity is a measure of the Company’s ability to generate sufficient cash to meet present and future financial obligations in a timely manner. The Company’s primary sources of funds are customer deposits, FHLBank advances, other borrowings, loan repayments, unpledged securities, proceeds from sales of loans and available-for-sale securities and funds provided from operations. The Company utilizes some or all of these sources of funds depending on the comparative costs and availability at the time. The Company has from time to time chosen not to pay rates on deposits as high as the rates paid by certain of its competitors and, when believed to be appropriate, supplements deposits with less expensive alternative sources of funds. Management believes that the Company maintains overall liquidity sufficient to satisfy its depositors’ requirements and meet its borrowers’ credit needs.

    At March 31, 2025, the Company had the following available secured lines and on-balance sheet liquidity:

      March 31, 2025
    Federal Home Loan Bank line $1,172.6 million
    Federal Reserve Bank line 370.5 million
    Cash and cash equivalents 217.2 million
    Unpledged securities – Available-for-sale 312.9 million
    Unpledged securities – Held-to-maturity 24.5 million
       

    During the three months ended March 31, 2025, the Company’s total deposits increased $152.5 million. Interest-bearing checking balances increased $33.5 million (1.5%), primarily in certain money market accounts, and non-interest-bearing checking balances increased $9.7 million (1.2%). Time deposits generated through the Company’s banking center and corporate services networks decreased $14.1 million (1.8%). Brokered deposits increased $123.3 million (16.0%) through a variety of sources.

    At March 31, 2025, the Company had the following deposit balances:

      March 31, 2025
    Interest-bearing checking $2,248.3 million
    Non-interest-bearing checking 852.7 million
    Time deposits 761.7 million
    Brokered deposits 895.4 million
       

    At March 31, 2025, the Company estimated that its uninsured deposits, excluding deposit accounts of the Company’s consolidated subsidiaries, were approximately $683.9 million (14% of total deposits).

    LOANS

    Total net loans, excluding mortgage loans held for sale, were generally flat at $4.69 billion at March 31, 2025 compared to December 31, 2024. Increases in other residential (multi-family) loans of $43.2 million and construction loans of $29.1 million were offset by decreases in commercial real estate loans and one- to four-family residential loans of $54.4 million and $10.3 million, respectively.

    The pipeline of unfunded loan commitments decreased in the first quarter of 2025, primarily due to a decline related to construction loans. The unfunded portion of construction loans remained significant, notwithstanding this decline.

    For additional details about the Company’s loan portfolio, please refer to the quarterly loan portfolio presentation available on the Company’s Investor Relations website under “Presentations.”

    Loan commitments and the unfunded portion of loans at the dates indicated were as follows (in thousands):

        March 31,
    2025    		     December 31,
    2024    		     December 31,
    2023    		     December 31,
    2022    		  
    Closed non-construction loans with unused available lines                        
    Secured by real estate (one- to four-family) $ 211,119   $ 205,599   $ 203,964   $ 199,182  
    Secured by real estate (not one- to four-family)   —     —     —     —  
    Not secured by real estate – commercial business   106,211     106,621     82,435     104,452  
                             
    Closed construction loans with unused available lines                        
    Secured by real estate (one-to four-family)   96,807     94,501     101,545     100,669  
    Secured by real estate (not one-to four-family)   657,828     703,947     719,039     1,444,450  
                             
    Loan commitments not closed                        
    Secured by real estate (one-to four-family)   19,264     14,373     12,347     16,819  
    Secured by real estate (not one-to four-family)   50,296     53,660     48,153     157,645  
    Not secured by real estate – commercial business   18,484     22,884     11,763     50,145  
                             
      $ 1,160,009   $ 1,201,585   $ 1,179,246   $ 2,073,362  
                             

    PROVISION FOR CREDIT LOSSES AND ALLOWANCE FOR CREDIT LOSSES

    During the quarter ended March 31, 2025, the Company did not record a provision expense on its portfolio of outstanding loans, compared to a provision expense of $500,000 in the same period in 2024. Total net charge-offs were $56,000 for the three months ended March 31, 2025, compared to net charge-offs of $83,000 during the same period in the prior year. Additionally, for the quarter ended March 31, 2025, the Company recorded a negative provision for losses on unfunded commitments of $348,000, compared to a provision expense of $130,000 for the same period in 2024.

    The Bank’s allowance for credit losses as a percentage of total loans was 1.36% at March 31, 2025, consistent with 1.36% at December 31, 2024. Management considers the allowance for credit losses adequate to cover losses inherent in the Bank’s loan portfolio at March 31, 2025, based on recent reviews of the portfolio and current economic conditions. However, if challenging economic conditions persist or worsen, or if management’s assessment of the loan portfolio changes, additional provisions for credit losses may be required, which could adversely impact the Company’s future financial performance.

    ASSET QUALITY

    At March 31, 2025, non-performing assets were $9.5 million, a decrease of $48,000 from $9.6 million at December 31, 2024. Non-performing assets as a percentage of total assets were 0.16% at both March 31, 2025 and December 31, 2024.

    Activity in the non-performing loans categories during the quarter ended March 31, 2025, was as follows:

        Beginning
    Balance,
    January 1
    		   Additions
    to Non-
    Performing
    		   Removed
    from Non-
    Performing
    		   Transfers
    to Potential
    Problem
    Loans
    		   Transfers to
    Foreclosed
    Assets and
    Repossessions    		   Charge-
    Offs    		   Payments   Ending
    Balance,
    March 31
        (In thousands)
                                               
    One- to four-family construction $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ —  
    Subdivision construction   —     —     —     —     —     —     —     —  
    Land development   464     —     —     —     —     —     (96 )   368  
    Commercial construction   —     —     —     —     —     —     —     —  
    One- to four-family residential   2,631     473     —     —     —     —     (28 )   3,076  
    Other residential (multi-family)   —     —     —     —     —     —     —     —  
    Commercial real estate   77     —     —     —     (77 )   —     —     —  
    Commercial business   384     —     —     —     —     (135 )   (249 )   —  
    Consumer   17     24     —     —     —     —     (3 )   38  
    Total non-performing loans $ 3,573   $ 497   $ —   $ —   $ (77 ) $ (135 ) $ (376 ) $ 3,482  
                                               
    • Compared to December 31, 2024, non-performing loans decreased $91,000.
    • The non-performing one- to four-family residential category consisted of nine loans at March 31, 2025, two of which were added during the current quarter.
    • The largest relationship in the one- to four-family residential category totaled $884,000 at March 31, 2025, was added to non-performing loans in 2024 and is collateralized by a single-family residential property in the Buffalo, N.Y. area.
    • The land development category consisted of one loan added in 2024. This loan is collateralized by improved commercial land in the Omaha, Neb. area.

    Activity in the potential problem loans categories during the quarter ended March 31, 2025, was as follows:

        Beginning
    Balance,
    January 1
    		   Additions to
    Potential
    Problem
    		   Removed
    from
    Potential
    Problem    		   Transfers
    to Non-
    Performing
    		   Transfers to
    Foreclosed
    Assets and
    Repossessions
    		   Charge-
    Offs    		   Loan Advances (Payments)   Ending
    Balance,
    March 31
        (In thousands)
                                               
    One- to four-family construction $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ —  
    Subdivision construction   —     —     —     —     —     —     —     —  
    Land development   —     —     —     —     —     —     —     —  
    Commercial construction   —     —     —     —     —     —     —     —  
    One- to four-family residential   1,202     1,099     (151 )   —     —     (9 )   (13 )   2,128  
    Other residential (multi-family)   —     —     —     —     —     —     —     —  
    Commercial real estate   4,331     —     —     —     —     —     (18 )   4,313  
    Commercial business   —     —     —     —     —     —     —     —  
    Consumer   1,529     138     (642 )   —     —     —     (14 )   1,011  
    Total potential problem loans $ 7,062   $ 1,237   $ (793 ) $ —   $ —   $ (9 ) $ (45 ) $ 7,452  
                                               
    • Compared to December 31, 2024, potential problem loans increased $390,000.
    • At March 31, 2025, the commercial real estate category consisted of three loans, all of which are part of one relationship and were added in 2024.
    • The commercial real estate relationship is collateralized by three nursing care facilities located in southwest Missouri. The borrower’s business cash flow was negatively impacted by a reduction in labor participation and increased operating costs as well as ongoing changes to the Missouri Medicaid reimbursement rate. Monthly payments were timely made prior to the transfer to this category and have continued to be paid timely.
    • At March 31, 2025, the one- to four-family residential category consisted of 12 loans, one of which was added to potential problem loans during the current quarter and one of which was transferred from the consumer category (the loan was drawn on a home equity line of credit) during the current quarter.
    • The largest relationship in the one- to four-family category, mentioned above as the loan transferred from the consumer category, totaled $966,000 and is collateralized by a single-family residential property in the Orlando, Fla. area.
    • At March 31, 2025, the consumer category of potential problem loans consisted of 16 loans, six of which were added during the current quarter.
    • The largest loan in the consumer category is a home equity loan totaling $748,000 related to the nursing care facility relationship, noted above.

    Activity in the foreclosed assets and repossessions categories during the quarter ended March 31, 2025 was as follows:

        Beginning
    Balance,
    January 1
    		   Additions
    		   ORE and
    Repossession
    Sales    		   Capitalized
    Costs
    		   ORE and
    Repossession
    Write-Downs
    		   Ending
    Balance,
    March 31
        (In thousands)
                                       
    One-to four-family construction $ —   $ —   $ —   $ —   $ —   $ —  
    Subdivision construction   —     —     —     —     —     —  
    Land development   —     —     —     —     —     —  
    Commercial construction   —     —     —     —     —     —  
    One- to four-family residential   —     —     —     —     —     —  
    Other residential (multi-family)   —     —     —     —     —     —  
    Commercial real estate   5,960     76     —     —     —     6,036  
    Commercial business   —     —     —     —     —     —  
    Consumer   33     2     (35 )   —     —     —  
    Total foreclosed assets and repossessions $ 5,993   $ 78   $ (35 ) $ —   $ —   $ 6,036  
                                       
    • Compared to December 31, 2024, foreclosed assets increased $43,000.
    • The commercial real estate category consisted of two foreclosed properties, one of which, totaling $76,000, was added during the current quarter.
    • The largest asset in the commercial real estate category, totaling $6.0 million, consisted of an office building located in Clayton, Mo. This asset was foreclosed upon in the fourth quarter of 2024.

    BUSINESS INITIATIVES

    During the quarter ended March 31, 2025, no material changes occurred regarding the status of the litigation and the agreement in principle between Great Southern and its third-party vendor involving a previously proposed new core banking platform. No assurance can be given as to when or whether final agreements will be executed and a full settlement of the matter will be achieved.

    Technology updates and advancements continue with the Company’s current core provider. Projects involving a full array of products and services are moving forward, with completions expected beginning in the third quarter of 2025 and continuing into 2026.

    During the quarter ended March 31, 2025, the Company installed 10 ITM units in the St. Louis, Mo. market, replacing existing end-of-life ATM units. The ITMs, all located at banking center locations, offer customers live teller services, extended banking hours, and services beyond those traditionally available via an ATM.

    In March 2025, the Company began construction of a new banking center at 723 N. Benton in Springfield, Mo., to replace the existing facility at that location. The new construction, designed as a next-generation banking center, will allow for flexibility in testing new designs, processes, technology and tools balanced with customer convenience. Construction is expected to be completed in the fourth quarter of 2025. During construction, customers are being served by a temporary facility on the property. The Company has 11 other banking centers and an Express Center in Springfield.

    2025 Annual Meeting of Stockholders

    The Company announced that its 2025 Annual Meeting of Stockholders will be held at 10 a.m. Central Time on May 7, 2025, and will be held in a virtual format. Stockholders will be able to attend the Annual Meeting via a live webcast. Holders of record of Great Southern Bancorp, Inc. common stock at the close of business on the record date, March 4, 2025, may vote during the live webcast of the Annual Meeting or by proxy. Please see the Company’s Notice of Annual Meeting and Proxy Statement available on the Company’s website,
    www.GreatSouthernBank.com (click “About” then “Investor Relations”) for additional information about the virtual meeting.

    Earnings Conference Call

    The Company will host a conference call on Thursday, April 17, 2025, at 2:00 p.m. Central Time to discuss first quarter 2025 preliminary earnings. The call will be available live or in a recorded version at the Company’s Investor Relations website, http://investors.greatsouthernbank.com. Participants may register for the call at https://register-conf.media-server.com/register/BI2135774c93e14b34ad13657bf45a7dd2.

    About Great Southern Bancorp, Inc.

    Headquartered in Springfield, Missouri, Great Southern offers a broad range of banking services to customers. The Company operates 89 retail banking centers in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska and commercial lending offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, and Phoenix. The common stock of Great Southern Bancorp, Inc. is listed on the Nasdaq Global Select Market under the symbol “GSBC.”

    www.GreatSouthernBank.com

    Forward-Looking Statements

    When used in this press release and in other documents filed or furnished by Great Southern Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “might,” “could,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “believe,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions, known trends and statements about future performance, operations, products and services of the Company. The Company’s ability to predict results or the actual effects of future plans or strategies is inherently uncertain, and the Company’s actual results could differ materially from those contained in the forward-looking statements.

    Factors that could cause or contribute to such differences include, but are not limited to: (i) expected revenues, cost savings, earnings accretion, synergies and other benefits from the Company’s merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; (ii) changes in economic conditions, either nationally or in the Company’s market areas; (iii) the effects of any new or continuing public health issues on general economic and financial market conditions; (iv) fluctuations in interest rates, the effects of inflation or a potential recession, whether caused by Federal Reserve actions or otherwise; (v) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (vi) slower or negative economic growth caused by tariffs, changes in energy prices, supply chain disruptions or other factors; (vii) the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; (viii) the possibility of realized or unrealized losses on securities held in the Company’s investment portfolio; (ix) the Company’s ability to access cost-effective funding and maintain sufficient liquidity; (x) fluctuations in real estate values and both residential and commercial real estate market conditions; (xi) the ability to adapt successfully to technological changes to meet customers’ needs and developments in the marketplace; (xii) the possibility that security measures implemented might not be sufficient to mitigate the risk of a cyber-attack or cyber theft, and that such security measures might not protect against systems failures or interruptions; (xiii) legislative or regulatory changes that adversely affect the Company’s business; (xiv) changes in accounting policies and practices or accounting standards; (xv) results of examinations of the Company and Great Southern Bank by their regulators, including the possibility that the regulators may, among other things, require the Company to limit its business activities, change its business mix, increase its allowance for credit losses, write-down assets or increase its capital levels, or affect its ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; (xvi) costs and effects of litigation, including settlements and judgments; (xvii) competition; and (xviii) natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates. The Company wishes to advise readers that the factors listed above and other risks described in the Company’s most recent Annual Report on Form 10-K, including, without limitation, those described under “Item 1A. Risk Factors,” subsequent Quarterly Reports on Form 10-Q and other documents filed or furnished from time to time by the Company with the SEC (which are available on our website at www.greatsouthernbank.com and the SEC’s website at www.sec.gov), could affect the Company’s financial performance and cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

    The Company does not undertake-and specifically declines any obligation- to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    The following tables set forth selected consolidated financial information of the Company at the dates and for the periods indicated. Financial data at all dates other than December 31, 2024, and for all periods is unaudited. In the opinion of management, all adjustments, which consist only of normal recurring accrual adjustments, necessary for a fair presentation of the results at and for such unaudited dates and periods have been included. The results of operations and other data for the three months ended March 31, 2025 and 2024, and the three months ended December 31, 2024, are not necessarily indicative of the results of operations which may be expected for any future period.

                   
        March 31,
    		     December 31,
        2025
    		     2024
    Selected Financial Condition Data: (In thousands)
                   
    Total assets $ 5,993,842     $ 5,981,628  
    Loans receivable, gross   4,761,378       4,761,848  
    Allowance for credit losses   64,704       64,760  
    Other real estate owned, net   6,036       5,993  
    Available-for-sale securities, at fair value   535,914       533,373  
    Held-to-maturity securities, at amortized cost   185,853       187,433  
    Deposits   4,758,046       4,605,549  
    Total borrowings   535,953       679,341  
    Total stockholders’ equity   613,293       599,568  
    Non-performing assets   9,518       9,566  
                   
        Three Months Ended     Three Months
    Ended
        March 31,     December 31,
        2025     2024
    		     2024
        (In thousands)
    Selected Operating Data:                    
    Interest income $ 80,243     $ 77,390     $ 82,585  
    Interest expense   30,909       32,574       33,051  
    Net interest income   49,334       44,816       49,534  
    Provision (credit) for credit losses on loans and unfunded commitments   (348 )     630       1,556  
    Non-interest income   6,590       6,806       6,934  
    Non-interest expense   34,822       34,422       36,947  
    Provision for income taxes   4,290       3,163       3,043  
    Net income $ 17,160     $ 13,407     $ 14,922  
                         
      At or For the Three
    Months Ended    		   At or For the Three
    Months Ended
      March 31,   December 31,
      2025   2024   2024
      (Dollars in thousands, except per share data)
    Per Common Share:        
    Net income (fully diluted) $ 1.47     $ 1.13     $ 1.27  
    Book value $ 53.03     $ 48.31     $ 51.14  
             
    Earnings Performance Ratios:        
    Annualized return on average assets   1.15%       0.93%       1.00%  
    Annualized return on average common stockholders’ equity   11.30%       9.36%       9.76%  
    Net interest margin   3.57%       3.32%       3.49%  
    Average interest rate spread   3.00%       2.66%       2.87%  
    Efficiency ratio   62.27%       66.68%       65.43%  
    Non-interest expense to average total assets   2.34%       2.39%       2.46%  
             
    Asset Quality Ratios:        
    Allowance for credit losses to period-end loans   1.36%       1.40%       1.36%  
    Non-performing assets to period-end assets   0.16%       0.37%       0.16%  
    Non-performing loans to period-end loans   0.07%       0.46%       0.07%  
    Annualized net charge-offs to average loans   0.00%       0.01%       0.01%  
             
     
    Great Southern Bancorp, Inc. and Subsidiaries
    Consolidated Statements of Financial Condition
    (In thousands, except number of shares)
               
        March 31,
    2025    		     December 31,
    2024
               
    Assets          
    Cash $ 106,336     $ 109,366  
    Interest-bearing deposits in other financial institutions   110,845       86,390  
    Cash and cash equivalents   217,181       195,756  
               
    Available-for-sale securities   535,914       533,373  
    Held-to-maturity securities   185,853       187,433  
    Mortgage loans held for sale   6,857       6,937  
    Loans receivable, net of allowance for credit losses of $64,704 – March 2025; $64,760 – December 2024   4,690,636       4,690,393  
    Interest receivable   21,504       20,430  
    Prepaid expenses and other assets   132,930       136,594  
    Other real estate owned and repossessions, net   6,036       5,993  
    Premises and equipment, net   132,165       132,466  
    Goodwill and other intangible assets   9,985       10,094  
    Federal Home Loan Bank stock and other interest-earning assets   25,813       28,392  
    Current and deferred income taxes   28,968       33,767  
               
    Total Assets $ 5,993,842     $ 5,981,628  
               
    Liabilities and Stockholders’ Equity          
    Liabilities          
    Deposits $ 4,758,046     $ 4,605,549  
    Securities sold under reverse repurchase agreements with customers   75,322       64,444  
    Short-term borrowings   359,907       514,247  
    Subordinated debentures issued to capital trust   25,774       25,774  
    Subordinated notes   74,950       74,876  
    Accrued interest payable   5,416       12,761  
    Advances from borrowers for taxes and insurance   7,451       5,272  
    Accounts payable and accrued expenses   65,528       70,634  
    Liability for unfunded commitments   8,155       8,503  
    Total Liabilities   5,380,549       5,382,060  
               
    Stockholders’ Equity          
    Capital stock          
    Preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding March 2025 and December 2024 -0- shares   —       —  
    Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding March 2025 – 11,565,211 shares; December 2024 – 11,723,548 shares   116       117  
    Additional paid-in capital   51,076       50,336  
    Retained earnings   606,239       603,477  
    Accumulated other comprehensive loss   (44,138 )     (54,362 )
    Total Stockholders’ Equity   613,293       599,568  
               
    Total Liabilities and Stockholders’ Equity $ 5,993,842     $ 5,981,628  
                   
     
    Great Southern Bancorp, Inc. and Subsidiaries
    Consolidated Statements of Income
    (In thousands, except per share data)
             
        Three Months Ended   Three Months Ended
        March 31,   December 31,
        2025     2024     2024
    Interest Income                
    Loans $ 73,071     $ 71,076     $ 75,380  
    Investment securities and other   7,172       6,314       7,205  
        80,243       77,390       82,585  
    Interest Expense                
    Deposits   24,600       27,637       25,799  
    Securities sold under reverse repurchase agreements   371       333       295  
    Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities   4,450       3,044       5,417  
    Subordinated debentures issued to capital trust   382       454       434  
    Subordinated notes   1,106       1,106       1,106  
        30,909       32,574       33,051  
                     
    Net Interest Income   49,334       44,816       49,534  
    Provision for Credit Losses on Loans   —       500       —  
    Provision (Credit) for Unfunded Commitments   (348 )     130       1,556  
    Net Interest Income After Provision for Credit Losses and Provision (Credit) for Unfunded Commitments   49,682       44,186       47,978  
                     
    Noninterest Income                
    Commissions   262       381       217  
    Overdraft and Insufficient funds fees   1,215       1,289       1,314  
    POS and ATM fee income and service charges   3,234       3,183       3,348  
    Net gains on loan sales   601       677       899  
    Late charges and fees on loans   243       167       132  
    Loss on derivative interest rate products   (24 )     (13 )     (1 )
    Other income   1,059       1,122       1,025  
        6,590       6,806       6,934  
                     
    Noninterest Expense                
    Salaries and employee benefits   20,129       19,656       19,509  
    Net occupancy and equipment expense   8,533       7,839       8,300  
    Postage   931       807       884  
    Insurance   1,165       1,144       1,163  
    Advertising   290       350       955  
    Office supplies and printing   266       267       273  
    Telephone   706       721       697  
    Legal, audit and other professional fees   1,038       1,725       1,001  
    Expense (income) on other real estate and repossessions   (70 )     61       (114 )
    Acquired intangible asset amortization   108       108       108  
    Other operating expenses   1,726       1,744       4,171  
        34,822       34,422       36,947  
                     
    Income Before Income Taxes   21,450       16,570       17,965  
    Provision for Income Taxes   4,290       3,163       3,043  
                     
    Net Income $ 17,160     $ 13,407     $ 14,922  
                     
    Earnings Per Common Share                
    Basic $ 1.47     $ 1.14     $ 1.27  
    Diluted $ 1.47     $ 1.13     $ 1.27  
                     
    Dividends Declared Per Common Share $ 0.40     $ 0.40     $ 0.40  
                     

    Average Balances, Interest Rates and Yields

    The following table presents, for the periods indicated, the total dollar amounts of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Average balances of loans receivable include the average balances of nonaccrual loans for each period. Interest income on loans includes interest received on nonaccrual loans on a cash basis. Interest income on loans also includes the amortization of net loan fees, which were deferred in accordance with accounting standards. Net fees included in interest income were $970,000 and $1.2 million for the three months ended March 31, 2025 and 2024, respectively. Tax-exempt income was not calculated on a tax equivalent basis. The table does not reflect any effect of income taxes.

      March 31, 2025       Three Months Ended
    March 31, 2025
    		       Three Months Ended
    March 31, 2024
    		  
              Average         Yield/       Average         Yield/  
      Yield/Rate       Balance     Interest   Rate       Balance     Interest   Rate  
      (Dollars in thousands)  
    Interest-earning assets:                                        
    Loans receivable:                                        
    One- to four-family residential 4.18 %   $ 830,615   $ 8,568   4.18 %   $ 889,969   $ 8,697   3.93 %
    Other residential 6.86       1,546,209     26,450   6.94       959,975     16,858   7.06  
    Commercial real estate 6.12       1,510,432     23,015   6.18       1,499,641     22,768   6.11  
    Construction 7.08       490,586     8,652   7.15       856,571     15,844   7.44  
    Commercial business 6.03       211,791     3,822   7.32       286,074     4,609   6.48  
    Other loans 6.41       166,424     2,564   6.25       173,636     2,300   5.33  
                                             
    Total loans receivable 6.13       4,756,057     73,071   6.23       4,665,866     71,076   6.13  
                                             
    Investment securities 3.12       738,122     6,074   3.34       669,680     5,010   3.01  
    Other interest-earning assets 4.33       105,286     1,098   4.23       100,503     1,304   5.22  
                                             
    Total interest-earning assets 5.73       5,599,465     80,243   5.81       5,436,049     77,390   5.73  
    Non-interest-earning assets:                                        
    Cash and cash equivalents         100,558                 90,474            
    Other non-earning assets         262,490                 235,817            
    Total assets       $ 5,962,513               $ 5,762,340            
                                             
    Interest-bearing liabilities:                                        
    Interest-bearing demand and savings 1.37     $ 2,221,475     7,797   1.42     $ 2,223,780     9,482   1.71  
    Time deposits 3.47       772,054     6,714   3.53       937,720     9,165   3.93  
    Brokered deposits 4.46       892,611     10,089   4.58       688,820     8,990   5.25  
    Total deposits 2.49       3,886,140     24,600   2.57       3,850,320     27,637   2.89  
    Securities sold under reverse repurchase agreements 2.09       82,400     371   1.83       74,468     333   1.80  
    Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities 4.53       392,646     4,450   4.60       241,591     3,044   5.07  
    Subordinated debentures issued to capital trust 6.15       25,774     382   6.01       25,774     454   7.08  
    Subordinated notes 5.90       74,919     1,106   5.99       74,619     1,106   5.96  
                                             
    Total interest-bearing liabilities 2.73       4,461,879     30,909   2.81       4,266,772     32,574   3.07  
    Non-interest-bearing liabilities:                                        
    Demand deposits         821,759                 854,849            
    Other liabilities         71,360                 67,879            
    Total liabilities         5,354,998                 5,189,500            
    Stockholders’ equity         607,515                 572,840            
    Total liabilities and stockholders’ equity       $ 5,962,513               $ 5,762,340            
                                             
    Net interest income:             $ 49,334               $ 44,816      
    Interest rate spread 3.00 %               3.00 %               2.66 %
    Net interest margin*                   3.57 %               3.32 %
    Average interest-earning assets to average interest-bearing liabilities         125.5 %               127.4 %          
                                             
                                             

    *Defined as the Company’s net interest income divided by average total interest-earning assets.

    NON-GAAP FINANCIAL MEASURES

    This document contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). This non-GAAP financial information includes the tangible common equity to tangible assets ratio.

    In calculating the ratio of tangible common equity to tangible assets, we subtract period-end intangible assets from common equity and from total assets. Management believes that the presentation of this measure excluding the impact of intangible assets provides useful supplemental information that is helpful in understanding our financial condition and results of operations, as it provides a method to assess management’s success in utilizing our tangible capital as well as our capital strength. Management also believes that providing a measure that excludes balances of intangible assets, which are subjective components of valuation, facilitates the comparison of our performance with the performance of our peers. In addition, management believes that this is a standard financial measure used in the banking industry to evaluate performance.

    This non-GAAP financial measurement is supplemental and is not a substitute for any analysis based on GAAP financial measures. Because not all companies use the same calculation of non-GAAP measures, this presentation may not be comparable to other similarly titled measures as calculated by other companies.

    Non-GAAP Reconciliation: Ratio of Tangible Common Equity to Tangible Assets

        March 31,       December 31,  
        2025       2024  
        (Dollars in thousands)  
           
    Common equity at period end $ 613,293     $ 599,568  
    Less: Intangible assets at period end   9,985       10,094  
    Tangible common equity at period end (a) $ 603,308     $ 589,474  
                   
    Total assets at period end $ 5,993,842     $ 5,981,628  
    Less: Intangible assets at period end   9,985       10,094  
    Tangible assets at period end (b) $ 5,983,857     $ 5,971,534  
                   
    Tangible common equity to tangible assets (a) / (b)   10.08 %     9.87 %
                   

    CONTACT:

    Jeff Tryka, CFA,
    Investor Relations,
    (616) 233-0500
    GSBC@lambert.com

    The MIL Network –

  • MIL-OSI: Bigstack Opportunities I Inc. Enters Into Definitive Agreement For Qualifying Transaction

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 16, 2025 (GLOBE NEWSWIRE) — Bigstack Opportunities I Inc. (“Bigstack”) (TSXV: STAK.P), a capital pool company as defined under the policies of the TSX Venture Exchange (the “TSXV” or the “Exchange”), is pleased to announce that, further to the non-binding letter of intent dated November 3, 2024 between Bigstack and Reeflex Coil Solutions Inc. (“Reeflex”) and its press releases dated November 4, 2024 and January 17, 2025, it has entered into a business combination agreement dated April 14, 2025 (the “Business Combination Agreement”) with Reeflex and 2704122 Alberta Ltd., a wholly-owned subsidiary of Bigstack (“Subco”). Reeflex and all of the shareholders (the “Coil Shareholders”) of Coil Solutions Inc. (“Coil”) have entered into a share purchase agreement dated April 14, 2025 (the “Share Purchase Agreement”).

    Terms of the Transaction

    The Business Combination Agreement provides for a three-cornered amalgamation (the “Business Combination”), whereby (i) Reeflex will amalgamate with Subco under the Business Corporations Act (Alberta), (ii) all of the issued and outstanding common shares in the capital of Reeflex (the “Reeflex Shares”) immediately prior to the Business Combination will be cancelled and, in consideration therefor, the holders thereof (the “Reeflex Shareholders”) will receive one common share in the capital of Bigstack (“Bigstack Share”) on the basis of one Reeflex Share for one Bigstack Share at a deemed price of $0.10 per Bigstack Share and (iii) the amalgamated corporation (the “Amalco”) will be a wholly-owned subsidiary of Bigstack, all on the terms and conditions of the Business Combination Agreement.

    Prior to the completion of the Business Combination, pursuant to the Share Purchase Agreement, it is intended that Reeflex will purchase all of the issued and outstanding shares in the capital of Coil (the “Acquisition” and, together with the Business Combination, the “Transaction”) from the Coil Shareholders for aggregate consideration of $5.8 million, subject to a post-closing working capital adjustment, which is expected to be paid and satisfied by way of (i) Reeflex issuing secured non-interest bearing promissory notes to each Coil Shareholder with an aggregate principal amount equal to $1,700,000 that are to be fully paid within 5 business days of the closing of the Acquisition, (ii) Reeflex issuing secured promissory notes to each Coil Shareholder with an aggregate principal amount equal to $2,300,000 that bear interest at the prime rate published by the Bank of Canada from time to time and are paid down monthly and to be fully paid on the fifth anniversary of the closing of the Acquisition and (iii) Reeflex issuing an aggregate of 18,000,000 Reeflex Shares to the Coil Shareholders at a deemed price of $0.10 per Reeflex Share, all upon the terms and conditions of the Share Purchase Agreement.

    After giving effect to the Transaction, the Reeflex Shareholders will collectively exercise control over Bigstack, Bigstack will wholly-own Amalco and Amalco will wholly-own Coil. Bigstack, as it exists upon completion of the Transaction (the “Resulting Issuer”), is expected to continue the business of Coil.

    It is anticipated that all convertible securities of Bigstack will be exercised prior to completion of the Transaction; however, if any warrants to purchase common shares of Bigstack remain outstanding following the completion of the Transaction, they shall continue to be exercisable for common shares of the Resulting Issuer in accordance with their terms. It is anticipated that Bigstack will change its name to “Reeflex Solutions Inc.” on or immediately prior to the completion of the Transaction.

    Immediately prior to the closing of the Transaction, it is anticipated that (i) assuming completion of the anticipated exercise of all convertible securities of Bigstack, there will be 10,662,000 Bigstack Shares issued and outstanding and (ii) holders of Reeflex Shares will hold 36,239,500 Reeflex Shares. Therefore, immediately following the closing of the Transaction, it is anticipated that there will be 46,901,500 common shares of the Resulting Issuer issued and outstanding.

    Bigstack anticipates that the Transaction will constitute its Qualifying Transaction pursuant to Policy 2.4 – Capital Pool Companies of the Exchange (the “CPC Policy”), as such term is defined in the policies of the Exchange, and it is expected that Bigstack will be a Tier 2 Industrial Issuer on the Exchange upon completion of the Transaction.

    The proposed Transaction is not a “Non-Arm’s Length Qualifying Transaction” as such term is defined in the CPC Policy. No Non-Arm’s Length Party to Bigstack (as such term is defined in the CPC Policy) (a) has any direct or indirect beneficial interest in Reeflex or Coil, or (b) is an insider of Reeflex or Coil. There is no relationship between or among a Non-Arm’s Length Party to Bigstack and a Non-Arm’s Length Party to the Qualifying Transaction (as such terms are defined in the CPC Policy). It is not expected that the Transaction will be subject to approval by the shareholders of Bigstack.

    Completion of the Transaction is subject to a number of conditions, including but not limited to, the satisfaction of all conditions provided for in the Business Combination Agreement, which will include representations, warranties, covenants and conditions customary for a transaction of this nature, and the receipt of all necessary regulatory, corporate and third party approvals, including TSXV acceptance and, if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

    Business and History of Reeflex

    Reeflex is a privately-held corporation incorporated under the Business Corporations Act (Alberta) on June 14, 2024. Its head and registered offices are located in Calgary. Reeflex currently has no business operations or assets other than cash and a management team that has been working on the Transaction and the proposed going public structure for the past year.

    Business and History of Coil

    Founded in 2007 in Redcliff, Alberta, Coil specializes in innovative drilling products and services for the global oil and gas industry. In 2010, Coil expanded its operations, opening a second facility in Calgary, Alberta, introducing a line of downhole fracking tools and venturing into custom tool design. In 2012, Coil launched its coil tubing injector line. In 2013, Coil opened a third facility in Red Deer, Alberta. In 2014, Coil developed two distinct models of, and manufactured, its first full coil tubing units. In 2016, Coil expanded sales to Asia, Africa, Australia, North America, South America and Europe. In 2017, Coil designed and built the largest free-standing mast unit in the world. In 2022, Coil established a dedicated manufacturing division in Calgary, Alberta, operating under its tradename, Ranglar, for injectors and mobile equipment. In 2024, Coil completed a reorganization with its shareholders, which resulted in the conversion of preferred shares and debt into common shares. Today, Coil continues to focus on coiled tubing solutions and downhole tools, offering a comprehensive range of services including rentals, sales, training, testing and consulting. With 41 employees, Coil has developed patented products that are distributed worldwide, including a key distributor in Germany and more than 60 active clients.

    The following tables set out selected financial information of Coil for the periods indicated therein:

      Financial Year ended
    2024
    (audited)
    ($)    		 Financial Year ended
    2023
    (audited)
    ($)
    Total revenues 14,265,524 14,069,331
    Income from continuing operations 1,750,495 2,193,603
    Net income or loss, in total 1,089,024 1,554,716
    Total assets 9,969,946 11,752,788
    Total long term financial liabilities 735,009 1,006,362
    Cash dividends NIL 111,736

    Concurrent Financing

    In advance of the Transaction, Reeflex completed a non-brokered private placement of 4,139,500 subscription receipts (each, a “Subscription Receipt”) at a price of $0.20 per Subscription Receipt, for aggregate gross proceeds of $827,900 (the “Concurrent Financing”).

    The gross proceeds resulting from the Concurrent Financing are (and will continue to be) held by Marrelli Trust Company Limited as subscription receipt and escrow agent until certain escrow release conditions are satisfied, including the completion of the Acquisition and the receipt of written confirmation from the TSX Venture Exchange that all conditions precedent to the Transaction have been satisfied (collectively, the “Escrow Release Conditions”). Upon satisfaction of the Escrow Release Conditions, and prior to the completion of the Transaction, the gross proceeds from the Concurrent Financing will be released from escrow and each Subscription Receipt will automatically convert into one Reeflex Share. In connection with the Concurrent Financing, Reeflex has paid to registered dealers and such other persons permitted under applicable securities laws who act as finders for the Concurrent Offering a finder’s fee an aggregate of $21,336, representing 7% of the gross proceeds resulting from subscriptions that were introduced to Reeflex by the finder. Except for the foregoing, it is not expected that any finder’s fee or commission will be payable in connection with the Transaction.

    Reeflex intends to use the proceeds of the Concurrent Financing for general corporate and working capital purposes.

    Resulting Issuer

    The Parties expect that the Resulting Issuer following from the Transaction will carry on the existing business of Coil and be an industrial issuer focused on providing coiled tubing and downhole tool solutions to the oil and gas industry. See “Terms of the Transaction” above for details concerning the expected corporate structure of the Resulting Issuer upon completion of the Transaction.

    Upon completion of the Transaction, the Parties expect that the board of directors of the Resulting Issuer will consist of the following four (4) directors, of whom three (3) will be independent. John Babic will not be independent as he will be the President and Chief Executive Officer of the Resulting Issuer.

    John Babic – Proposed President, Chief Executive Officer and Director of Resulting Issuer

    John Babic is an accomplished executive with nearly 40 years of experience in the oil and gas sector, covering upstream, downstream, and manufacturing operations. He currently serves as the President and CEO of 1175317 Alberta Ltd., an investment and real estate holding company.

    Throughout his career, Mr. Babic has held several senior executive positions, including CEO of Reeflex Coil Solutions Inc. and CEO and Director of various public companies such as Dalmac Energy Inc., an oilfield transportation and services company; Raydan Manufacturing Inc., a manufacturer specializing in heavy-duty transportation suspension systems; Hyduke Energy Services Inc., a manufacturer of oilfield equipment, including drilling and service rigs; and Sawtooth Resources Inc., an oil and gas exploration and production company.

    In addition, Mr. Babic has served for 7 years as a Director of Edmonton Economic Development Corporation, contributing to the city’s economic growth and development initiatives.

    Mr. Babic holds both a Bachelor of Arts and Bachelor of Commerce degree from the University of Alberta.

    Shawn Szydlowski – Proposed Director of Resulting Issuer

    Shawn Szydlowski is a seasoned business leader with over 30 years of experience in corporate management, entrepreneurship, and financial oversight. As the founder of Care For A Ride, established in 2009, Mr. Szydlowski built a successful business focused on providing safe, reliable transportation for seniors, enabling them to maintain independence and quality of life.

    His career also includes 15 years with Dalmac Energy, where he held key roles such as Interim CFO and Chairman of the Audit Committee. Mr. Szydlowski played a crucial role in navigating the company through complex financial challenges, ensuring regulatory compliance, and fostering sustainable growth. Additionally, he brings 20 years of experience in corporate sales and account management, where he consistently drove strategic results, earning the President’s Club Award for three consecutive years.

    Eric Szustak – Proposed Director of Resulting Issuer

    Mr. Szustak is currently the President, Chief Executive Officer, Chief Financial Officer, Corporate Secretary and a director of Bigstack. He is a Chartered Professional Accountant and Chartered Accountant with over 35 years’ experience in financial services, business development, marketing, accounting, and as Chief Financial Officer of various reporting issuers. Mr. Szustak is currently Chairman and Corporate Secretary of Quinsam Capital Corporation, which is a public merchant bank listed on the CSE, a director of Copper Road Resources Inc., a mining company listed on the TSXV, and a director of Nevada Organic Phosphate Inc., a fertilizer company listed on the CSE. Mr. Szustak’s previous experience also includes 14 years with three national brokerage firms: Midland Walwyn, Merril Lynch and BMO Nesbitt Burns, in various positions, including private client wealth groups, management and securities compliance. Mr. Szustak will be Chair of the Audit Committee of the Resulting Issuer in addition to his general duties as a director of the Resulting Issuer. Mr. Szustak will devote such percentage of his working time to the affairs of the Resulting Issuer as is required to fulfill his duties to the same.

    Derrek Dobko – Proposed Director of Resulting Issuer

    Derrek Dobko is a seasoned financial officer with over 20 years of experience in the oilfield service, manufacturing, and transportation industries. He has held senior finance positions in both public and private companies, showcasing his expertise in financial management and reporting.

    As controller of Raydan Manufacturing, Mr. Dobko was responsible for the company’s financial reporting in accordance with IFRS and the preparation of all financial information required under TSXV reporting standards. His career also includes senior accounting roles at Peak Energy Services, Alta-Fab Structures, and his current position with NTS Amega Canada.

    Additionally, Mr. Dobko has gained valuable operational experience in the transportation sector, particularly in managing financial operations for Liquids in Motion, a mid-sized trucking company. He holds a Bachelor of Commerce from the University of Alberta and is a Certified Professional Accountant (CPA), with a designation from CPA Alberta.

    Upon completion of the Transaction, the following persons are also expected to constitute insiders of the Resulting Issuer:

    Trevor Conway – Proposed Chief Financial Officer and Secretary of Resulting Issuer

    Trevor Conway is an accomplished mid-market investment banking professional with extensive transaction experience across various industry sectors, including energy. He previously served as CFO of Reconciliation Energy Transition Inc., a Calgary-based energy transition project development company and as Special Advisor to BluMaple Capital Partners, a Calgary-based private equity firm focused on low-carbon energy innovators.

    Prior to these roles, Mr. Conway was the Managing Director and Head of Energy Investment Banking at iA Capital Markets, a division of iA Private Wealth and part of iA Financial Group, a leading Canadian financial institution.

    Mr. Conway holds an MBA from the Ivey Business School at Western University, a BA (Special) in Economics from the University of Alberta, and a Sustainable Investment Professional Certificate (SIPC) from the John Molson Executive Centre at Concordia University. He is also a former Fellow of the Canadian Securities Institute (FCSI).

    In addition to his professional work, Mr. Conway has contributed to several industry and community initiatives. He has served on the National & Local Advisory Committee of the TSX Venture Exchange and was Past Director and Governor of the Canadian Energy Executive Association.

    George Wu – Proposed Director of Amalco

    George Wu is a distinguished financial executive with a proven track record in leading complex financial strategies and driving portfolio success. With extensive expertise in bank debt, structured finance, fixed income, and equity analysis, he excels in portfolio management and strategic financial planning. His leadership has successfully optimized portfolios, resulting in a 20% increase in returns over the past three years.

    Known for his exceptional relationship-building skills, Mr. Wu has effectively engaged as a financial strategist with c-suite executives and diverse stakeholders. He holds a CFA, MBA, and B.Sc. (Honours Program) and currently serves as Portfolio Manager and Chief Compliance Officer at a leading independent portfolio management firm in Edmonton, ensuring top-tier financial stewardship and compliance.

    In addition to his professional accomplishments, Mr. Wu mentors commerce undergraduates through the University of Alberta’s PRIME Program, contributing to the development of future leaders in investment management. Mr. Wu and his family have called Edmonton home since 2000, where they enjoy a multilingual household speaking English, French, and Mandarin Chinese.

    Cecil Hassard – Proposed Director of Amalco

    Mr. Cecil Hassard is an accomplished entrepreneur and business leader with a proven track record of driving innovation and operational excellence in the oil and gas industry. In 2007, he co-founded Coil which has grown to become a global provider of high-quality products and innovative solutions for the energy sector. He further diversified the company’s offerings by introducing the “Ranglar” division, based in Calgary, Alberta, which manufactures custom mobile equipment for industries such as oil and gas, mining, and more.

    Under his leadership, Coil has established a strong presence in Canada and the United States, and in serving clients worldwide. He broadened Coil’s capabilities with the “Ranglar” division, enabling tailored solutions to a broader range of industries with specialized equipment. He has driven advancements in operational efficiency and provided cutting-edge solutions for the energy sector. Mr. Cecil Hassard’s entrepreneurial vision has established Coil as a dynamic and influential leader in the global oil and gas industry.

    Bryan Hassard – Proposed Chief Operating Officer of Coil

    Mr. Bryan Hassard is an accomplished business leader and co-founder of Coil, established in 2007. He serves as the Vice President of Manufacturing and a director of Coil, playing a critical role in the company’s operations and strategic direction.

    Mr. Bryan Hassard’s leadership has been instrumental in expanding Coil’s sales from Canada to the United States and globally, enhancing the company’s ability to serve the oil and gas industry on a broader scale utilizing distributors in different areas. As Vice President of Manufacturing, he oversees production processes, ensuring high-quality standards and operational efficiency. Mr. Bryan Hassard’s dedication to innovation and excellence has significantly contributed to the growth and success of Coil.

    Sponsorship

    Sponsorship of a qualifying transaction of a capital pool company is required by the TSXV unless an exemption from the sponsorship requirement is available. Bigstack has applied for a waiver from the sponsorship requirements. There is no assurance that the Bigstack will be able to obtain such a waiver.

    Trading Halt

    Trading in the Bigstack Shares was halted, as previously disclosed in Bigstack’s press release dated November 4, 2024, and is not expected to resume until the Transaction is completed or until the Exchange receives the requisite documentation to resume trading.

    Further updates with respect to the Transaction may be provided as the Transaction proceeds.

    Overview of Bigstack

    Bigstack is a “capital pool company” under the policies of the Exchange and it is intended that the Transaction will constitute the “Qualifying Transaction” of Bigstack, as such term is defined in CPC Policy. The Bigstack Shares are currently listed on the Exchange and Bigstack is a reporting issuer in the provinces of Alberta, British Columbia and Ontario. Bigstack was incorporated under the Business Corporations Act (Ontario) on November 25, 2020.

    Additional Information

    All information contained in this press release with respect to Reeflex and Coil was provided by Reeflex and Coil, respectively, to Bigstack for inclusion herein. Bigstack and its directors and officers have not independently verified such information and have relied exclusively on Reeflex and Coil for any information concerning Reeflex and Coil.

    Forward Looking Information

    This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this press release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “anticipate”, “believe”, “estimate”, “expect”, “intend” or variations of such words and phrases or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

    More particularly and without limitation, this press release contains forward-looking statements concerning the Transaction and its constituents steps, including the Acquisition and the Business Combination (including the completion, structure, terms and timing thereof), the binding definitive agreements relating to the Transaction, including in respect of the Acquisition, the expected capital structure and expected shareholders of, and the expected size of their shareholdings in, the Resulting Issuer, the expected corporate structure of the Resulting Issuer and its subsidiaries, if any, the future financial performance of the Resulting Issuer or any of the parties, the Concurrent Financing, including the amount expected to be raised thereunder, any finder’s fees or commissions payable in relation to the same, and expected use of proceeds therefrom, the Subscription Receipts and Escrow Release Conditions, the expected composition of the board of directors and management of the Resulting Issuer and its subsidiaries, if any, TSXV sponsorship requirements and any exemptions therefrom, the issuance of additional press releases describing the Transaction, the trading of the Bigstack Shares on the TSXV and the holding of shareholder meetings in connection with the Transaction. Although Bigstack believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: delay or failure to receive board, shareholder or regulatory approvals; inability to complete the Concurrent Financing on the terms described herein or at all; and general business, economic, competitive, political and social uncertainties. There can be no certainty that the Transaction and related transactions will be completed on the terms set out in the Letter of Intent and other agreements among the Parties or at all. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, Bigstack disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

    Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

    The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

    Bigstack Opportunities I Inc.

    For further information, please contact Eric Szustak, the President, Chief Executive Officer, Chief Financial Officer, Corporate Secretary and a director of Bigstack.

    Eric Szustak
    President, CEO, CFO, Corporate Secretary and Director
    Email: eszustak@jbrlimited.com
    Telephone: (905) 330-7948

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The securities have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    The MIL Network –

  • MIL-OSI USA: Warren, Kelly, Murphy Seek Answers on Wealthy Individuals, Corporations Set to Receive Massive Tax Breaks from Republicans

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    April 16, 2025

    “Republicans’ agenda, as their votes have repeatedly shown, is simple: billionaires win, families lose. The American people deserve to know who President Trump and Congressional Republicans truly represent.” 

    Text of Letter (PDF)

    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, Mark Kelly (D-Ariz.), a member of the Joint Economic Committee, and Chris Murphy (D-Conn.), a member of the Senate Appropriations Committee, sent a letter requesting that the Joint Committee on Taxation (JCT) calculate and publish the number of wealthy individuals and corporations who might benefit from tax giveaways under Congressional Republicans’ tax plan. 

    As part of the budget reconciliation process, Senate Democrats led by Senator Warren forced Republicans to go on the record with their plans to give massive tax handouts to the wealthiest Americans and giant corporations. Democrats asked whether Republicans would oppose more tax cuts for people making over $100 million, $500 million, or even $1 billion in a single year; Republicans voted no. When asked whether Republicans would oppose additional tax cuts for corporations making over $1 billion in a single year—including corporations like Amazon, Tesla, and ExxonMobil—Republicans voted no again. 

    “While Republicans have claimed that these tax breaks are meant to help working people, their votes don’t lie,” wrote the lawmakers. 

    The lawmakers asked the committee to share the following information by April 30, 2025: 

    • The number and percentage of individual taxpayers who, in the past three tax years, made at least $10 million, $100 million, $500 million, or $1 billion each year. 
    • The number and percentage of corporations who, in the past three tax years, made at least $100 million, $500 million, $1 billion, or $10 billion each year. 

    MIL OSI USA News –

  • MIL-OSI Security: Four Mexican Nationals Charged After Immigration Enforcement Investigation

    Source: Office of United States Attorneys

    CHARLESTON, W.Va. – Acting United States Attorney Lisa G. Johnston today announced the detention of four Mexican nationals following their arrest in the Southern District of West Virginia.

    Maximino Montalvo Salas, 20, Federico Montalvo Salas, 22, and Bernabe Montalvo Salas, 24, are each charged with illegally reentering the United States. Julio Cesar Ruiz-Perez, 21, is charged with deceptive use of a Social Security account number.

    United States Magistrate Judge Omar J. Aboulhosn ordered the detention of each today following separate initial appearance, preliminary and detention hearings.

    On March 28, 2025, law enforcement officers interviewed each Salas defendant at the South Charleston restaurant where they worked. Officers determined that all three were in the United States illegally. Further investigation determined that each Salas defendant had previously been deported from the United States, had no identification documents permitting their legal status in the United States, never obtained the express consent of the Secretary of the United States Department of Homeland Security to reapply for admission to the United States, and did not reenter the United States through legal means.

    On April 11, 2025, officers executed a search warrant at the Charleston residence where the Salas defendants were living and encountered Ruiz-Perez. Officers determined Ruiz-Perez was in the United States illegally and possessed a Social Security account number not assigned to him by the Commissioner of Social Security that he used to obtain employment in the Southern District of West Virginia.

    These cases are 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 (TCOs), 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 (OCDETF) and Project Safe Neighborhoods (PSN).

    “Operation Take Back America and its core enforcement objectives is a top priority of the United States Attorney’s Office for the Southern District of West Virginia,” Johnston said. “I commend U.S. Immigration and Customs Enforcement (ICE), the U.S. Department of Homeland Security-Homeland Security Investigations (HSI), and the Social Security Administration-Office of the Inspector General (SSA-OIG) for their investigative work in these cases.”

    Assistant United States Attorney Jonathan T. Storage is prosecuting the cases, as part of a special unit within the United States Attorney’s Office for the Southern District of West Virginia focused on the immigration enforcement objectives of Operation Take Back America.

    Criminal complaints merely contain allegations, and defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case Nos. 2:25-mj-82, 2:25-mj-83, 2:25-mj-84, and 2:25-mj-91.

    ###

     

     

    MIL Security OSI –

  • MIL-OSI Security: Florida Man Sentenced to Over 33 Years for Child Exploitation

    Source: Office of United States Attorneys

    MIAMI – A South Florida federal district judge this week sentenced a 30-year-old Jacksonville, Florida man to 405 months in federal prison followed by a lifetime of supervised release for producing and transporting visual depictions involving child sexual abuse material (CSAM).

    David Wayne Currin Jr. pleaded guilty to the crimes on Jan. 23.

    On Oct. 30, 2024, Currin arrived at the Miami Seaport from The Bahamas aboard a cruise ship. During a Customs and Border Patrol (CBP) inspection, Homeland Security Investigations (HSI) and HSI Jacksonville special agents discovered 260 images and 26 videos of CSAM on Currin’s smartphone, including a sexually explicit video of a minor victim and material depicting the abuse of an infant or toddler. Between March 2024 and Oct. 30, 2024, Currin used his smartphone to record sexually explicit conduct involving a minor.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida and Acting Special Agent in Charge José R. Figueroa of Homeland Security Investigations (HSI), Miami Field Office, announced the sentence.

    HSI Miami and HSI Jacksonville investigated the case with assistance from CBP. Assistant U.S. Attorney Ilana Malkin prosecuted the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse, launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 25-cr-20494.

    ###

    MIL Security OSI –

  • MIL-OSI USA: Former Gambian soldier convicted on torture charges in unprecedented US trial, following ICE investigation

    Source: US Immigration and Customs Enforcement

    DENVER — A former member of the Gambian military was convicted April 15 on torture charges, following his involvement in crimes committed while the West African country’s then-President, Yahya Jammeh, was still in power.

    Michael Sang Correa, 46, was indicted in 2020 and is the first non-United States citizen to be convicted under the U.S. criminal torture law. He was found guilty of inflicting torture on specific individuals as well as conspiring to commit torture against suspected opponents of Jammeh’s while serving in a military unit within the Gambia Armed Forces known as the “Junglers.”

    “Correa’s crimes caught up with him today,” said U.S. Immigration and Customs Enforcement Homeland Security Investigations Denver Special Agent in Charge Steve Cagen, who also oversees Colorado, Montana and Wyoming. “Correa chose the wrong country to try to escape from justice. HSI actively investigates and apprehends human rights violators who run from their criminal pasts and come here. We have a zero-tolerance policy for human rights violators.”

    “Michael Sang Correa tried to evade responsibility for his crimes in The Gambia by coming to the United States and hiding his past,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “But we found him, we investigated him, and we prosecuted him. The lesson is: if you commit violent crimes — let alone torture or other human rights violations — do not come to the United States. If you do, the Department of Justice, together with its law enforcement partners, will leave no stone unturned to see that your crimes are exposed and justice is served. I thank the jurors for their service and the witnesses for the courage to relive the horror they experienced at Correa’s hands.”

    “The torture inflicted by Michael Sang Correa and his co-conspirators is abhorrent,” said acting U.S. Attorney J. Bishop Grewell for the District of Colorado. “Today’s verdict shows you can’t get away with coming to Colorado to hide from your past crimes. The jurors are to be commended for their service throughout this trial and the witnesses for traveling so far to serve the interests of justice.”

    Evidence presented at trial proved that in March 2006, shortly after a failed coup attempt, Correa and his co-conspirators transported the victims to Gambia’s main prison, known as Mile 2 Prison, where they subjected the victims to severe physical and mental abuses.

    For the rest of the month of March and well into April 2006, Correa and his co-conspirators beat, stabbed, burned and electrocuted the victims, among other horrific acts. One victim testified that he had his thigh burned by hot, molten plastic; the Junglers also placed the victim in a large bag, suspended him in the air, and dropped him to the ground. Another victim testified that Correa and his co-conspirators suffocated him with a plastic bag and put the barrel of a pistol in his mouth. In addition to suffocation from plastic bags, another victim testified that Correa and his co-conspirators electrocuted him on his body, including his genitals; hanged him upside down and beat him in that position; and stabbed him in the shoulder. A fourth victim endured electrocution and was hit in the head with a pistol. A fifth victim testified that he had cigarettes extinguished into his skin, experienced electrocution, and that he was struck in the face with a hammer.

    Correa came to the U.S. in December 2016, eventually settling in Denver. Having overstayed his visa, ICE arrested Correa in 2019 and subsequently placed him in removal proceedings.

    Correa faces a maximum penalty of 20 years in prison for each of the five torture counts and the count of conspiracy to commit torture. He will remain in U.S. custody pending his sentencing.

    ICE HSI Denver investigated this case, with support from HSI agents in Dakar, Senegal, as well as personnel at the U.S. Embassy in Banjul and the FBI Legal Attaché in Dakar. The Human Rights Violators and War Crimes Center also provided significant support. Established in 2009, the HRVWCC leverages the expertise of criminal investigators, attorneys, historians, intelligence analysts and federal partners to provide a whole of government approach to prevent the U.S. from becoming a haven for individuals who commit war crimes, genocide, torture and other human rights abuses around the globe.

    Currently, ICE has more than 180 active investigations into suspected human rights violators and is pursuing more than 1,945 leads and removals cases involving suspected human rights violators from 95 different countries. The center has issued more than 79,000 lookouts since 2003, for potential perpetrators of human rights abuses and stopped over 390 human rights violators and war crimes suspects from entering the U.S.

    Members of the public who have information about foreign nationals suspected of engaging in human rights abuses or war crimes are urged to call the ICE Tip Line at 1-866-DHS-2-ICE (1-866-347-2423) or internationally at 001-1802-872-6199. You can also email HRV.ICE@ice.dhs.gov or complete the online tip form.

    MIL OSI USA News –

  • MIL-OSI Economics: AI-powered deception: Emerging fraud threats and countermeasures

    Source: Microsoft

    Headline: AI-powered deception: Emerging fraud threats and countermeasures

    Introduction | Security snapshot | Threat briefing
    Defending against attacks | Expert profile 

    Microsoft maintains a continuous effort to protect its platforms and customers from fraud and abuse. From blocking imposters on Microsoft Azure and adding anti-scam features to Microsoft Edge, to fighting tech support fraud with new features in Windows Quick Assist, this edition of Cyber Signals takes you inside the work underway and important milestones achieved that protect customers.

    We are all defenders. 

    Between April 2024 and April 2025, Microsoft:

    • Thwarted $4 billion in fraud attempts.
    • Rejected 49,000 fraudulent partnership enrollments.
    • Blocked about 1.6 million bot signup attempts per hour.

    The evolution of AI-enhanced cyber scams

    AI has started to lower the technical bar for fraud and cybercrime actors looking for their own productivity tools, making it easier and cheaper to generate believable content for cyberattacks at an increasingly rapid rate. AI software used in fraud attempts runs the gamut, from legitimate apps misused for malicious purposes to more fraud-oriented tools used by bad actors in the cybercrime underground.

    AI tools can scan and scrape the web for company information, helping cyberattackers build detailed profiles of employees or other targets to create highly convincing social engineering lures. In some cases, bad actors are luring victims into increasingly complex fraud schemes using fake AI-enhanced product reviews and AI-generated storefronts, where scammers create entire websites and e-commerce brands, complete with fake business histories and customer testimonials. By using deepfakes, voice cloning, phishing emails, and authentic-looking fake websites, threat actors seek to appear legitimate at wider scale.

    According to the Microsoft Anti-Fraud Team, AI-powered fraud attacks are happening globally, with much of the activity coming from China and Europe, specifically Germany due in part to Germany’s status as one of the largest e-commerce and online services markets in the European Union (EU). The larger a digital marketplace in any region, the more likely a proportional degree of attempted fraud will take place.

    E-commerce fraud

    Fraudulent e-commerce websites can be set up in minutes using AI and other tools requiring minimal technical knowledge. Previously, it would take threat actors days or weeks to stand up convincing websites. These fraudulent websites often mimic legitimate sites, making it challenging for consumers to identify them as fake. 

    Using AI-generated product descriptions, images, and customer reviews, customers are duped into believing they are interacting with a genuine merchant, exploiting consumer trust in familiar brands.

    AI-powered customer service chatbots add another layer of deception by convincingly interacting with customers. These bots can delay chargebacks by stalling customers with scripted excuses and manipulating complaints with AI-generated responses that make scam sites appear professional.

    In a multipronged approach, Microsoft has implemented robust defenses across our products and services to protect customers from AI-powered fraud. Microsoft Defender for Cloud provides comprehensive threat protection for Azure resources, including vulnerability assessments and threat detection for virtual machines, container images, and endpoints.

    Microsoft Edge features website typo protection and domain impersonation protection using deep learning technology to help users avoid fraudulent websites. Edge has also implemented a machine learning-based Scareware Blocker to identify and block potential scam pages and deceptive pop-up screens with alarming warnings claiming a computer has been compromised. These attacks try to frighten users into calling fraudulent support numbers or downloading harmful software.

    Job and employment fraud

    The rapid advancement of generative AI has made it easier for scammers to create fake listings on various job platforms. They generate fake profiles with stolen credentials, fake job postings with auto-generated descriptions, and AI-powered email campaigns to phish job seekers. AI-powered interviews and automated emails enhance the credibility of job scams, making it harder for job seekers to identify fraudulent offers.

    To prevent this, job platforms should introduce multifactor authentication for employer accounts to make it harder for bad actors to take over legitimate hirers’ listings and use available fraud-detection technologies to catch suspicious content.

    Fraudsters often ask for personal information, such as resumes or even bank account details, under the guise of verifying the applicant’s information. Unsolicited text and email messages offering employment opportunities that promise high pay for minimal qualifications are typically an indicator of fraud.

    Employment offers that include requests for payment, offers that seem too good to be true, unsolicited offers or interview requests over text message, and a lack of formal communication platforms can all be indicators of fraud.

    Tech support scams

    Tech support scams are a type of fraud where scammers trick victims into unnecessary technical support services to fix a device or software problems that don’t exist. The scammers may then gain remote access to a computer—which lets them access all information stored on it, and on any network connected to it or install malware that gives them access to the computer and sensitive data.

    Tech support scams are a case where elevated fraud risks exist, even if AI does not play a role. For example, in mid-April 2024, Microsoft Threat Intelligence observed the financially motivated and ransomware-focused cybercriminal group Storm-1811 abusing Windows Quick Assist software by posing as IT support. Microsoft did not observe AI used in these attacks; Storm-1811 instead impersonated legitimate organizations through voice phishing (vishing) as a form of social engineering, convincing victims to grant them device access through Quick Assist. 

    Quick Assist is a tool that enables users to share their Windows or macOS device with another person over a remote connection. Tech support scammers often pretend to be legitimate IT support from well-known companies and use social engineering tactics to gain the trust of their targets. They then attempt to employ tools like Quick Assist to connect to the target’s device. 

    Quick Assist and Microsoft are not compromised in these cyberattack scenarios; however, the abuse of legitimate software presents risk Microsoft is focused on mitigating. Informed by Microsoft’s understanding of evolving cyberattack techniques, the company’s anti-fraud and product teams work closely together to improve transparency for users and enhance fraud detection techniques. 

    The Storm-1811 cyberattacks highlight the capability of social engineering to circumvent security defenses. Social engineering involves collecting relevant information about targeted victims and arranging it into credible lures delivered through phone, email, text, or other mediums. Various AI tools can quickly find, organize, and generate information, thus acting as productivity tools for cyberattackers. Although AI is a new development, enduring measures to counter social engineering attacks remain highly effective. These include increasing employee awareness of legitimate helpdesk contact and support procedures, and applying Zero Trust principles to enforce least privilege across employee accounts and devices, thereby limiting the impact of any compromised assets while they are being addressed. 

    Microsoft has taken action to mitigate attacks by Storm-1811 and other groups by suspending identified accounts and tenants associated with inauthentic behavior. If you receive an unsolicited tech support offer, it is likely a scam. Always reach out to trusted sources for tech support. If scammers claim to be from Microsoft, we encourage you to report it directly to us at https://www.microsoft.com/reportascam. 

    Building on the Secure Future Initiative (SFI), Microsoft is taking a proactive approach to ensuring our products and services are “Fraud-resistant by Design.” In January 2025, a new fraud prevention policy was introduced: Microsoft product teams must now perform fraud prevention assessments and implement fraud controls as part of their design process. 

    Recommendations

    • Strengthen employer authentication: Fraudsters often hijack legitimate company profiles or create fake recruiters to deceive job seekers. To prevent this, job platforms should introduce multifactor authentication and Verified ID as part of Microsoft Entra ID for employer accounts, making it harder for unauthorized users to gain control.
    • Monitor for AI-based recruitment scams: Companies should deploy deepfake detection algorithms to identify AI-generated interviews where facial expressions and speech patterns may not align naturally.
    • Be cautious of websites and job listings that seem too good to be true: Verify the legitimacy of websites by checking for secure connections (https) and using tools like Microsoft Edge’s typo protection.
    • Avoid providing personal information or payment details to unverified sources: Look for red flags in job listings, such as requests for payment or communication through informal platforms like text messages, WhatsApp, nonbusiness Gmail accounts, or requests to contact someone on a personal device for more information.

    Using Microsoft’s security signal to combat fraud

    Microsoft is actively working to stop fraud attempts using AI and other technologies by evolving large-scale detection models based on AI, such as machine learning, to play defense by learning from and mitigating fraud attempts. Machine learning is the process that helps a computer learn without direct instruction using algorithms to discover patterns in large datasets. Those patterns are then used to create a comprehensive AI model, allowing for predictions with high accuracy.

    We have developed in-product safety controls that warn users about potential malicious activity and integrate rapid detection and prevention of new types of attacks.

    Our fraud team has developed domain impersonation protection using deep-learning technology at the domain creation stage, to help protect against fraudulent e-commerce websites and fake job listings. Microsoft Edge has incorporated website typo protection, and we have developed AI-powered fake job detection systems for LinkedIn.

    Microsoft Defender Smartscreen is a cloud-based security feature that aims to prevent unsafe browsing habits by analyzing websites, files, and applications based on their reputation and behavior. It is integrated into Windows and the Edge browser to help protect users from phishing attacks, malicious websites, and potentially harmful downloads.

    Furthermore, Microsoft’s Digital Crimes Unit (DCU) partners with others in the private and public sector to disrupt the malicious infrastructure used by criminals perpetuating cyber-enabled fraud. The team’s longstanding collaboration with law enforcement around the world to respond to tech support fraud has resulted in hundreds of arrests and increasingly severe prison sentences worldwide. The DCU is applying key learnings from past actions to disrupt those who seek to abuse generative AI technology for malicious or fraudulent purposes. 

    Quick Assist features and remote help combat tech support fraud

    To help combat tech support fraud, we have incorporated warning messages to alert users about possible tech support scams in Quick Assist before they grant access to someone approaching them purporting to be an authorized IT department or other support resource.

    Windows users must read and click the box to acknowledge the security risk of granting remote access to the device.

    Microsoft has significantly enhanced Quick Assist protection for Windows users by leveraging its security signal. In response to tech support scams and other threats, Microsoft now blocks an average of 4,415 suspicious Quick Assist connection attempts daily, accounting for approximately 5.46% of global connection attempts. These blocks target connections exhibiting suspicious attributes, such as associations with malicious actors or unverified connections.

    Microsoft’s continual focus on advancing Quick Assist safeguards seeks to counter adaptive cybercriminals, who previously targeted individuals opportunistically with fraudulent connection attempts, but more recently have sought to target enterprises with more organized cybercrime campaigns that Microsoft’s actions have helped disrupt.

    Our Digital Fingerprinting capability, which leverages AI and machine learning, drives these safeguards by providing fraud and risk signals to detect fraudulent activity. If our risk signals detect a possible scam, the Quick Assist session is automatically ended. Digital Fingerprinting works by collecting various signals to detect and prevent fraud.

    For enterprises combating tech support fraud, Remote Help is another valuable resource for employees. Remote Help is designed for internal use within an organization and includes features that make it ideal for enterprises.

    By reducing scams and fraud, Microsoft aims to enhance the overall security of its products and protect its users from malicious activities.

    Consumer protection tips

    Fraudsters exploit psychological triggers such as urgency, scarcity, and trust in social proof. Consumers should be cautious of:

    • Impulse buying—Scammers create a sense of urgency with “limited-time” deals and countdown timers.
    • Trusting fake social proof—AI generates fake reviews, influencer endorsements, and testimonials to appear legitimate.
    • Clicking on ads without verification—Many scam sites spread through AI-optimized social media ads. Consumers should cross-check domain names and reviews before purchasing.
    • Ignoring payment security—Avoid direct bank transfers or cryptocurrency payments, which lack fraud protections.

    Job seekers should verify employer legitimacy, be on the lookout for common job scam red flags, and avoid sharing personal or financial information with unverified employers.

    • Verify employer legitimacy—Cross-check company details on LinkedIn, Glassdoor, and official websites to verify legitimacy.
    • Notice common job scam red flags—If a job requires upfront payments for training materials, certifications, or background checks, it is likely a scam. Unrealistic salaries or no-experience-required remote positions should be approached with skepticism. Emails from free domains (such as johndoehr@gmail.com instead of hr@company.com) are also typically indicators of fraudulent activity.
    • Be cautious of AI-generated interviews and communications—If a video interview seems unnatural, with lip-syncing delays, robotic speech, or odd facial expressions, it could be deepfake technology at work. Job seekers should always verify recruiter credentials through the company’s official website before engaging in any further discussions.
    • Avoid sharing personal or financial information—Under no circumstances should you provide a Social Security number, banking details, or passwords to an unverified employer.

    Microsoft is also a member of the Global Anti-Scam Alliance (GASA), which aims to bring governments, law enforcement, consumer protection organizations, financial authorities and providers, brand protection agencies, social media, internet service providers, and cybersecurity companies together to share knowledge and protect consumers from getting scammed.

    Recommendations

    • Remote Help: Microsoft recommends using Remote Help instead of Quick Assist for internal tech support. Remote Help is designed for internal use within an organization and incorporates several features designed to enhance security and minimize the risk of tech support hacks. It is engineered to be used only within an organization’s tenant, providing a safer alternative to Quick Assist.
    • Digital Fingerprinting: This identifies malicious behaviors and ties them back to specific individuals. This helps in monitoring and preventing unauthorized access.
    • Blocking full control requests: Quick Assist now includes warnings and requires users to check a box acknowledging the security implications of sharing their screen. This adds a layer of helpful “security friction” by prompting users who may be multitasking or preoccupied to pause to complete an authorization step.

    Kelly Bissell: A cybersecurity pioneer combating fraud in the new era of AI

    Kelly Bissell’s journey into cybersecurity began unexpectedly in 1990. Initially working in computer science, Kelly was involved in building software for healthcare patient accounting and operating systems at Medaphis and Bellsouth, now AT&T.

    His interest in cybersecurity was sparked when he noticed someone logged into a phone switch attempting to get free long-distance calls and traced the intruder back to Romania. This incident marked the beginning of Kelly’s career in cybersecurity.

    “I stayed in cybersecurity hunting for bad actors, integrating security controls for hundreds of companies, and helping shape the NIST security frameworks and regulations such as FFIEC, PCI, NERC-CIP,” he explains.

    Currently, Kelly is Corporate Vice President of Anti-Fraud and Product Abuse within Microsoft Security. Microsoft’s fraud team employs machine learning and AI to build better detection code and understand fraud operations. They use AI-powered solutions to detect and prevent cyberthreats, leveraging advanced fraud detection frameworks that continuously learn and evolve.

    “Cybercrime is a trillion-dollar problem, and it’s been going up every year for the past 30 years. I think we have an opportunity today to adopt AI faster so we can detect and close the gap of exposure quickly. Now we have AI that can make a difference at scale and help us build security and fraud protections into our products much faster.”

    Previously Kelly managed the Microsoft Detection and Response Team (DART) and created the Global Hunting, Oversight, and Strategic Triage (GHOST) team that detected and responded to attackers such as Storm-0558 and Midnight Blizzard.

    Prior to Microsoft, during his time at Accenture and Deloitte, Kelly collaborated with companies and worked extensively with government agencies like the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) and the Federal Bureau of Investigation, where he helped build security systems inside their operations.

    His time as Chief Information Security Officer (CISO) at a bank exposed him to addressing both cybersecurity and fraud, leading to his involvement in shaping regulatory guidelines to protect banks and eventually Microsoft.

    Kelly has also played a significant role in shaping regulations around the National Institute of Standards and Technology (NIST) and Payment Card Industry (PCI) compliance, which helps ensure the security of businesses’ credit card transactions, among others.

    Internationally, Kelly played a crucial role in helping establish agencies and improve cybersecurity measures. As a consultant in London, he helped stand up the United Kingdom’s National Cyber Security Centre (NCSC), which is part of the Government Communications Headquarters (GCHQ), the equivalent of CISA. Kelly’s efforts in content moderation with several social media companies, including YouTube, were instrumental in removing harmful content.

    That’s why he’s excited about Microsoft’s partnership with GASA. GASA brings together governments, law enforcement, consumer protection organizations, financial authorities, internet service providers, cybersecurity companies, and others to share knowledge and define joint actions to protect consumers from getting scammed.

    “If I protect Microsoft, that’s good, but it’s not sufficient. In the same way, if Apple does their thing, and Google does their thing, but if we’re not working together, we’ve all missed the bigger opportunity. We must share cybercrime information with each other and educate the public. If we can have a three-pronged approach of tech companies building security and fraud protection into their products, public awareness, and sharing cybercrime and fraudster information with law enforcement, I think we can make a big difference,” he says.

    Next steps with Microsoft Security

    To learn more about Microsoft Security solutions, visit our website. Bookmark the Security blog to keep up with our expert coverage on security matters. Also, follow us on LinkedIn (Microsoft Security) and X (@MSFTSecurity) for the latest news and updates on cybersecurity.

    Methodology: Microsoft platforms and services, including Azure, Microsoft Defender for Office, Microsoft Threat Intelligence, and Microsoft Digital Crimes Unit (DCU), provided anonymized data on threat actor activity and trends. Additionally, Microsoft Entra ID provided anonymized data on threat activity, such as malicious email accounts, phishing emails, and attacker movement within networks. Additional insights are from the daily security signals gained across Microsoft, including the cloud, endpoints, the intelligent edge, and telemetry from Microsoft platforms and services. The $4 billion figure represents an aggregated total of fraud and scam attempts against Microsoft and our customers in consumer and enterprise segments (in 12 months).

    MIL OSI Economics –

  • MIL-OSI Security: Felon Indicted for Discharging a Firearm in a School Zone

    Source: Office of United States Attorneys

    SALT LAKE CITY, Utah – A federal grand jury returned an indictment today charging a previously convicted felon with gun charges after he allegedly possessed and discharged an AR-15 style rifle within a school zone. The defendant is restricted from possessing firearms and ammunition.  

    Carson Moffitt, 40, of Salt Lake County, Utah, was charged by complaint on April 3, 2025. 
        
    According to court documents, on April 2, 2025, South Salt Lake City Police Department officers responded to a call of shots fired at Granite Park Junior High School in South Salt Lake, Utah, at 7:15 p.m. After officers arrived, they discovered AR-15 style shell casings in the middle of the road near the school. Surveillance cameras, provided by Granite School District law enforcement, captured the suspect’s vehicle, a Subaru WRX. Shortly after, a Utah Highway Patrol trooper observed a Subaru WRX speeding more than 100 miles per hour near 6000 South and I-15. UHP attempted to conduct a traffic stop, but the driver, later identified as Moffitt, fled and continued speeding up to 130 miles per hour before exiting Redwood Road and I-215 in Taylorsville. The pursuit was terminated. A run of the vehicles license plate showed the vehicle was registered to Moffitt. UHP troopers responded to the address on the vehicle’s registration and while troopers were working to make contact with Moffit, multiple shots were fired from inside the residence. A witness inside the home advised law enforcement Moffitt had a rifle. Moffitt eventually opened the garage door and fled in the Subaru. A Taylorsville City Police Department Officer intercepted and crashed into Moffitt’s Subaru, disabling the vehicle. Moffit was taken into custody. Officers seized an AR-15 style rifle with a drum magazine and ammunition from inside the vehicle.

    Moffitt is charged with felon in possession of a firearm, possession of a firearm within a school zone, and discharge of a firearm within a school zone. His initial appearance on the indictment is scheduled for April 17, 2025, at 1:30 p.m. in courtroom 8.4 before a U.S. Magistrate Judge at the Orrin G. Hatch United States District Courthouse in downtown Salt Lake City.

    Acting United States Attorney Felice John Viti for the District of Utah made the announcement.

    The case is being investigated by the Utah State Bureau of Investigation (SBI). Valuable assistance was provided by the Granite School District law enforcement, South Salt Lake Police Department, Utah Highway Patrol, and Taylorsville City Police Department.  

    Assistant United States Attorney Carlos A. Esqueda of the U.S. Attorney’s Office for the District of Utah is prosecuting the case.

    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 (TCOs), 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 (OCDETF) and Project Safe Neighborhoods (PSN).

    An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. 
     

    MIL Security OSI –

  • MIL-OSI: Record First Quarter Highlights the Stability of HOMB; Strength Is No Accident

    Source: GlobeNewswire (MIL-OSI)

    CONWAY, Ark., April 16, 2025 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

    Quarterly Highlights
    Metric Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    Net income $115.2 million $100.6 million $100.0 million $101.5 million $100.1 million
    Net income, as adjusted (non-GAAP)(1) $111.9 million $99.8 million $99.0 million $103.9 million $99.2 million
    Total revenue (net) $260.1 million $258.4 million $258.0 million $254.6 million $246.4 million
    Income before income taxes $147.2 million $129.5 million $129.1 million $133.4 million $130.4 million
    Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) $147.2 million $146.2 million $148.0 million $141.4 million $134.9 million
    PPNR, as adjusted (non-GAAP)(1) $142.8 million $145.2 million $146.6 million $141.9 million $133.7 million
    Pre-tax net income to total revenue (net) 56.58% 50.11% 50.03% 52.40% 52.92%
    Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1) 54.91% 49.74% 49.49% 52.59% 52.45%
    P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 56.58% 56.57% 57.35% 55.54% 54.75%
    P5NR, as adjusted (non-GAAP)(1) 54.91% 56.20% 56.81% 55.73% 54.28%
    ROA 2.07% 1.77% 1.74% 1.79% 1.78%
    ROA, as adjusted (non-GAAP)(1) 2.01% 1.76% 1.72% 1.83% 1.76%
    NIM 4.44% 4.39% 4.28% 4.27% 4.13%
    Purchase accounting accretion $1.4 million $1.6 million $1.9 million $1.9 million $2.8 million
    ROE 11.75% 10.13% 10.23% 10.73% 10.64%
    ROE, as adjusted (non-GAAP)(1) 11.41% 10.05% 10.12% 10.98% 10.54%
    ROTCE (non-GAAP)(1) 18.39% 15.94% 16.26% 17.29% 17.22%
    ROTCE, as adjusted (non-GAAP)(1) 17.87% 15.82% 16.09% 17.69% 17.07%
    Diluted earnings per share $0.58 $0.51 $0.50 $0.51 $0.50
    Diluted earnings per share, as adjusted (non-GAAP)(1) $0.56 $0.50 $0.50 $0.52 $0.49
    Non-performing assets to total assets 0.56% 0.63% 0.63% 0.56% 0.48%
    Common equity tier 1 capital 15.4% 15.1% 14.7% 14.4% 14.3%
    Leverage 13.3% 13.0% 12.5% 12.3% 12.3%
    Tier 1 capital 15.4% 15.1% 14.7% 14.4% 14.3%
    Total risk-based capital 19.1% 18.7% 18.3% 18.0% 17.9%
    Allowance for credit losses to total loans 1.87% 1.87% 2.11% 2.00% 2.00%
    Book value per share $20.40 $19.92 $19.91 $19.30 $18.98
    Tangible book value per share (non-GAAP)(1) 13.15 12.68 12.67 12.08 11.79

    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

    “This industry boils down to revenue and expenses. The magic is, doing the simple things repeatedly and long enough, creating a compounding effect of success. A record setting first quarter has paved the way for a strong year,” said John Allison, Chairman and CEO of HOMB.

    Operating Highlights

    Net income for the three-month period ended March 31, 2025 was $115.2 million, or $0.58 diluted earnings per share. Diluted earnings per share of $0.58 was a record for the Company. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $111.9 million(1) and $0.56 per share(1), respectively, for the three months ended March 31, 2025.

    Our net interest margin was 4.44% for the three-month period ended March 31, 2025, compared to 4.39% for the three-month period ended December 31, 2024. The yield on loans was 7.38% and 7.49% for the three months ended March 31, 2025 and December 31, 2024, respectively, as average loans increased from $14.80 billion to $14.89 billion. Additionally, the rate on interest bearing deposits decreased to 2.67% as of March 31, 2025, from 2.80% as of December 31, 2024, while average interest-bearing deposits increased from $12.86 billion to $13.20 billion.

    During the first quarter of 2025, there was $1.3 million of event interest income compared to $1.5 million of event interest income for the fourth quarter of 2024. Purchase accounting accretion on acquired loans was $1.4 million and $1.6 million for the three-month periods ended March 31, 2025 and December 31, 2024, respectively, and average purchase accounting loan discounts were $17.5 million and $19.1 million for the three-month periods ended March 31, 2025 and December 31, 2024, respectively.

    Net interest income on a fully taxable equivalent basis was $217.2 million for the three-month period ended March 31, 2025, and $219.5 million for the three-month period ended December 31, 2024. This decrease in net interest income for the three-month period ended March 31, 2025, was the result of a $10.0 million decrease in interest income, partially offset by a $7.7 million decrease in interest expense. The $7.7 million decrease in interest expense was due to a $3.8 million decrease in interest expense on deposits and a $3.6 million decrease in FHLB and other borrowed funds resulting from the payoff of the BTFP advance during the fourth quarter of 2024 and the declining interest rate environment. The $10.0 million decrease in interest income was primarily the result of a $7.6 million decrease in loan income, a $1.4 million decrease in investment income and a $965,000 decrease in income from deposits with other banks resulting from the payoff of the BTFP advance and the declining interest rate environment. The overall decrease in interest income and interest expense is primarily due to the declining interest rate environment.

    The Company reported $45.4 million of non-interest income for the first quarter of 2025. The most important components of non-interest income were $11.4 million from other income, $10.7 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $4.8 million from trust fees, $3.6 million in mortgage lending income, $2.7 million from dividends from FHLB, FRB, FNBB and other, $1.8 million from the increase in cash value of life insurance and $442,000 from the fair value adjustment for marketable securities. Included within other income was $3.9 million in special income from equity investments.

    Non-interest expense for the first quarter of 2025 was $112.9 million. The most important components of non-interest expense were $61.9 million from salaries and employee benefits, $28.1 million in other operating expense, $14.4 million in occupancy and equipment expenses and $8.6 million in data processing expenses. For the first quarter of 2025, our efficiency ratio was 42.22%, and our efficiency ratio, as adjusted (non-GAAP), was 42.84%(1).

    Financial Condition

    Total loans receivable were $14.95 billion at March 31, 2025, compared to $14.76 billion at December 31, 2024. Total loans receivable of $14.95 billion were a record for the Company. Total deposits were $17.54 billion at March 31, 2025, compared to $17.15 billion at December 31, 2024. Total assets were $22.99 billion at March 31, 2025, compared to $22.49 billion at December 31, 2024.

    During the first quarter of 2025, the Company had a $187.6 million increase in loans. Our community banking footprint experienced $291.5 million in organic loan growth during the quarter ended March 31, 2025, and Centennial CFG experienced $103.9 million of organic loan decline and had loans of $1.71 billion at March 31, 2025.

    Non-performing loans to total loans were 0.60% and 0.67% at March 31, 2025 and December 31, 2024, respectively. Non-performing assets to total assets were 0.56% and 0.63% at March 31, 2025 and December 31, 2024, respectively. Net loans recovered were $4.1 million for the three months ended March 31, 2025, and net loans charged-off were $53.4 million for the three months ended December 31, 2024. During the fourth quarter of 2024, the Company completed an asset quality cleanup project which resulted in the significant level of charge-offs. The charge-off detail by region for the quarters ended March 31, 2025 and December 31, 2024 can be seen below.

    For the Three Months Ended March 31, 2025
    (in thousands)   Texas   Arkansas   Centennial
    CFG    		   Shore
    Premier
    Finance    		   Florida   Alabama   Total
    Charge-offs   $ 444     $ 474     $ —     $ 53     $ 2,479     $ 8     $ 3,458  
    Recoveries     (6,514 )     (228 )     (658 )     (3 )     (117 )     (2 )     (7,522 )
    Net (recoveries)
    charge-offs    		   $ (6,070 )   $ 246     $ (658 )   $ 50     $ 2,362     $ 6     $ (4,064 )
    For the Three Months Ended December 31, 2024
    (in thousands)   Texas   Arkansas   Centennial
    CFG    		   Shore
    Premier
    Finance    		   Florida   Alabama   Total
    Charge-offs   $ 47,774     $ 2,108     $ 1,973   $ 1,457     $ 637     $ 10     $ 53,959  
    Recoveries     (174 )     (181 )     —     (15 )     (193 )     (2 )     (565 )
    Net charge-offs   $ 47,600     $ 1,927     $ 1,973   $ 1,442     $ 444     $ 8     $ 53,394  
     

    At March 31, 2025, non-performing loans were $89.6 million, and non-performing assets were $129.4 million. At December 31, 2024, non-performing loans were $98.9 million, and non-performing assets were $142.4 million.

    The table below shows the non-performing loans and non-performing assets by region as March 31, 2025:

    (in thousands)   Texas   Arkansas   Centennial
    CFG    		   Shore
    Premier
    Finance    		   Florida   Alabama   Total
    Non-accrual loans   23,694   15,214   2,766   5,444   39,108   157   86,383
    Loans 90+ days past due   3,264   —   —   —   —   —   3,264
    Total non-performing loans   26,958   15,214   2,766   5,444   39,108   157   89,647
                                 
    Foreclosed assets held for sale   15,357   1,052   22,820   —   451   —   39,680
    Other non-performing assets   63   —   —   —   —   —   63
    Total other non-performing assets   15,420   1,052   22,820   —   451   —   39,743
    Total non-performing assets   42,378   16,266   25,586   5,444   39,559   157   129,390
     

    The table below shows the non-performing loans and non-performing assets by region as December 31, 2024:

    (in thousands)   Texas   Arkansas   Centennial
    CFG    		   Shore
    Premier
    Finance    		   Florida   Alabama   Total
    Non-accrual loans   23,494   18,448   7,390   5,537   38,778   206   93,853
    Loans 90+ days past due   4,134   538   —   —   362   —   5,034
    Total non-performing loans   27,628   18,986   7,390   5,537   39,140   206   98,887
                                 
    Foreclosed assets held for sale   13,924   757   22,775   —   5,951   —   43,407
    Other non-performing assets   63   —   —   —   —   —   63
    Total other non-performing assets   13,987   757   22,775   —   5,951   —   43,470
    Total non-performing assets   41,615   19,743   30,165   5,537   45,091   206   142,357
     

    The Company’s allowance for credit losses on loans was $279.9 million at March 31, 2025, or 1.87% of total loans, compared to the allowance for credit losses on loans of $275.9 million, or 1.87% of total loans, at December 31, 2024. As of March 31, 2025 and December 31, 2024, the Company’s allowance for credit losses on loans was 312.27% and 278.99% of its total non-performing loans, respectively. The increase in the allowance for credit losses reflects the net recoveries during the quarter.

    Stockholders’ equity was $4.04 billion at March 31, 2025, which increased approximately $81.5 million from December 31, 2024. The net increase in stockholders’ equity is primarily associated with the $76.5 million increase in retained earnings and the $31.6 million decrease in accumulated other comprehensive loss, which was partially offset by the $29.7 million in stock repurchases for the quarter. Book value per common share was $20.40 at March 31, 2025, compared to $19.92 at December 31, 2024. Tangible book value per common share (non-GAAP) was $13.15(1) at March 31, 2025, compared to $12.68(1) at December 31, 2024. Book value per common share and tangible book value per common share, as of March 31, 2025, were both records for the Company.

    Branches

    The Company currently has 75 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.

    Conference Call

    Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, April 17, 2025. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/447517977. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=a44e9900&confId=79637. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

    Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 947933. A replay of the call will be available by calling 1-866-813-9403, Passcode: 685290, which will be available until April 24, 2025, at 11:59 p.m. CT. Internet access to the call will be available live or in recorded version on the Company’s website at www.homebancshares.com.

    About Home BancShares

    Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.

    Non-GAAP Financial Measures

    This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures–including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets–to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

    General

    This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including any future impacts from inflation or changes in tariffs or trade policies; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025.

    FOR MORE INFORMATION CONTACT:
    Donna Townsell
    Director of Investor Relations
    Home BancShares, Inc.
    (501) 328-4625

     
     Home BancShares, Inc.
     Consolidated End of Period Balance Sheets
     (Unaudited)
                         
     (In thousands)   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    ASSETS                    
    Cash and due from banks   $ 319,747     $ 281,063     $ 265,408     $ 229,209     $ 205,262  
    Interest-bearing deposits with other banks     975,983       629,284       752,269       829,507       969,996  
    Cash and cash equivalents     1,295,730       910,347       1,017,677       1,058,716       1,175,258  
    Federal funds sold     6,275       3,725       6,425       —       5,200  
    Investment securities – available-for-sale, net of allowance for credit losses     3,003,320       3,072,639       3,270,620       3,344,539       3,400,884  
    Investment securities – held-to-maturity, net of allowance for credit losses     1,269,896       1,275,204       1,277,090       1,278,853       1,280,586  
    Total investment securities     4,273,216       4,347,843       4,547,710       4,623,392       4,681,470  
    Loans receivable     14,952,116       14,764,500       14,823,979       14,781,457       14,513,673  
    Allowance for credit losses     (279,944 )     (275,880 )     (312,574 )     (295,856 )     (290,294 )
    Loans receivable, net     14,672,172       14,488,620       14,511,405       14,485,601       14,223,379  
    Bank premises and equipment, net     384,843       386,322       388,776       383,691       389,618  
    Foreclosed assets held for sale     39,680       43,407       43,040       41,347       30,650  
    Cash value of life insurance     221,621       219,786       219,353       218,198       215,424  
    Accrued interest receivable     115,983       120,129       118,871       120,984       119,029  
    Deferred tax asset, net     170,120       186,697       176,629       195,041       202,882  
    Goodwill     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
    Core deposit intangible     38,280       40,327       42,395       44,490       46,630  
    Other assets     376,030       345,292       352,583       350,192       347,928  
    Total assets   $ 22,992,203     $ 22,490,748     $ 22,823,117     $ 22,919,905     $ 22,835,721  
                         
    LIABILITIES AND STOCKHOLDERS’ EQUITY                        
    Liabilities                    
    Deposits:                    
    Demand and non-interest-bearing   $ 4,079,289     $ 4,006,115     $ 3,937,168     $ 4,068,302     $ 4,115,603  
    Savings and interest-bearing transaction accounts     11,586,106       11,347,850       10,966,426       11,150,516       11,047,258  
    Time deposits     1,876,096       1,792,332       1,802,116       1,736,985       1,703,269  
    Total deposits     17,541,491       17,146,297       16,705,710       16,955,803       16,866,130  
    Securities sold under agreements to repurchase     161,401       162,350       179,416       137,996       176,107  
    FHLB and other borrowed funds     600,500       600,750       1,300,750       1,301,050       1,301,050  
    Accrued interest payable and other liabilities     207,154       181,080       238,058       230,011       241,345  
    Subordinated debentures     439,102       439,246       439,394       439,542       439,688  
    Total liabilities     18,949,648       18,529,723       18,863,328       19,064,402       19,024,320  
                         
    Stockholders’ equity                    
    Common stock     1,982       1,989       1,989       1,997       2,008  
    Capital surplus     2,246,312       2,272,794       2,272,100       2,295,893       2,326,824  
    Retained earnings     2,018,801       1,942,350       1,880,562       1,819,412       1,753,994  
    Accumulated other comprehensive loss     (224,540 )     (256,108 )     (194,862 )     (261,799 )     (271,425 )
    Total stockholders’ equity     4,042,555       3,961,025       3,959,789       3,855,503       3,811,401  
    Total liabilities and stockholders’ equity   $ 22,992,203     $ 22,490,748     $ 22,823,117     $ 22,919,905     $ 22,835,721  
                         
     Home BancShares, Inc.
     Consolidated Statements of Income
     (Unaudited)
                                 
         Quarter Ended   Three Months Ended
    (In thousands)   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Mar. 31, 2025   Mar. 31, 2024
    Interest income:                            
    Loans   $ 270,784     $ 278,409     $ 281,977     $ 274,324     $ 265,294     $ 270,784     $ 265,294  
    Investment securities                            
    Taxable     27,433       28,943       31,006       32,587       33,229       27,433       33,229  
    Tax-exempt     7,650       7,704       7,704       7,769       7,803       7,650       7,803  
    Deposits – other banks     6,620       7,585       12,096       12,564       10,528       6,620       10,528  
    Federal funds sold     55       73       62       59       61       55       61  
    Total interest income     312,542       322,714       332,845       327,303       316,915       312,542       316,915  
    Interest expense:                            
    Interest on deposits     86,786       90,564       97,785       95,741       92,548       86,786       92,548  
    Federal funds purchased     —       —       1       —       —       —       —  
    FHLB and other borrowed funds     5,902       9,541       14,383       14,255       14,276       5,902       14,276  
    Securities sold under agreements to repurchase     1,074       1,346       1,335       1,363       1,404       1,074       1,404  
    Subordinated debentures     4,124       4,121       4,121       4,122       4,097       4,124       4,097  
    Total interest expense     97,886       105,572       117,625       115,481       112,325       97,886       112,325  
    Net interest income     214,656       217,142       215,220       211,822       204,590       214,656       204,590  
    Provision for credit losses on loans     —       16,700       18,200       8,000       5,500       —       5,500  
    Provision for (recovery of) credit losses on unfunded commitments     —       —       1,000       —       (1,000 )     —       (1,000 )
    (Recovery of) provision for credit losses on investment securities     —       —       (330 )     —       —       —       —  
    Total credit loss expense     —       16,700       18,870       8,000       4,500       —       4,500  
    Net interest income after credit loss expense     214,656       200,442       196,350       203,822       200,090       214,656       200,090  
    Non-interest income:                            
    Service charges on deposit accounts     9,650       9,935       9,888       9,714       9,686       9,650       9,686  
    Other service charges and fees     10,689       11,651       10,490       10,679       10,189       10,689       10,189  
    Trust fees     4,760       4,526       4,403       4,722       5,066       4,760       5,066  
    Mortgage lending income     3,599       3,518       4,437       4,276       3,558       3,599       3,558  
    Insurance commissions     535       483       595       565       508       535       508  
    Increase in cash value of life insurance     1,842       1,215       1,161       1,279       1,195       1,842       1,195  
    Dividends from FHLB, FRB, FNBB & other     2,718       2,820       2,637       2,998       3,007       2,718       3,007  
    Gain on SBA loans     288       218       145       56       198       288       198  
    (Loss) gain on branches, equipment and other assets, net     (163 )     26       32       2,052       (8 )     (163 )     (8 )
    (Loss) gain on OREO, net     (376 )     (2,423 )     85       49       17       (376 )     17  
    Fair value adjustment for marketable securities     442       850       1,392       (274 )     1,003       442       1,003  
    Other income     11,442       8,403       7,514       6,658       7,380       11,442       7,380  
    Total non-interest income     45,426       41,222       42,779       42,774       41,799       45,426       41,799  
    Non-interest expense:                            
    Salaries and employee benefits     61,855       60,824       58,861       60,427       60,910       61,855       60,910  
    Occupancy and equipment     14,425       14,526       14,546       14,408       14,551       14,425       14,551  
    Data processing expense     8,558       9,324       9,088       8,935       9,147       8,558       9,147  
    Other operating expenses     28,090       27,536       27,550       29,415       26,888       28,090       26,888  
    Total non-interest expense     112,928       112,210       110,045       113,185       111,496       112,928       111,496  
    Income before income taxes     147,154       129,454       129,084       133,411       130,393       147,154       130,393  
    Income tax expense     31,945       28,890       29,046       31,881       30,284       31,945       30,284  
    Net income   $ 115,209     $ 100,564     $ 100,038     $ 101,530     $ 100,109     $ 115,209     $ 100,109  
                                 
    Home BancShares, Inc.
    Selected Financial Information
    (Unaudited)
                                 
        Quarter Ended   Three Months Ended
    (Dollars and shares in thousands, except per share data)   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Mar. 31, 2025   Mar. 31, 2024
    PER SHARE DATA                            
    Diluted earnings per common share   $ 0.58     $ 0.51     $ 0.50     $ 0.51     $ 0.50     $ 0.58     $ 0.50  
    Diluted earnings per common share, as adjusted (non-GAAP)(1)     0.56       0.50       0.50       0.52       0.49       0.56       0.49  
    Basic earnings per common share     0.58       0.51       0.50       0.51       0.50       0.58       0.50  
    Dividends per share – common     0.195       0.195       0.195       0.18       0.18       0.195       0.18  
    Book value per common share     20.40       19.92       19.91       19.30       18.98       20.40       18.98  
    Tangible book value per common share (non-GAAP)(1)     13.15       12.68       12.67       12.08       11.79       13.15       11.79  
                                 
    STOCK INFORMATION                            
    Average common shares outstanding     198,657       198,863       199,380       200,319       201,210       198,657       201,210  
    Average diluted shares outstanding     198,852       198,973       199,461       200,465       201,390       198,852       201,390  
    End of period common shares outstanding     198,206       198,882       198,879       199,746       200,797       198,206       200,797  
                                 
    ANNUALIZED PERFORMANCE METRICS                            
    Return on average assets (ROA)     2.07 %     1.77 %     1.74 %     1.79 %     1.78 %     2.07 %     1.78 %
    Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)     2.01 %     1.76 %     1.72 %     1.83 %     1.76 %     2.01 %     1.76 %
    Return on average assets excluding intangible amortization (non-GAAP)(1)     2.24 %     1.92 %     1.88 %     1.94 %     1.93 %     2.24 %     1.93 %
    Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)     2.18 %     1.91 %     1.86 %     1.98 %     1.91 %     2.18 %     1.91 %
    Return on average common equity (ROE)     11.75 %     10.13 %     10.23 %     10.73 %     10.64 %     11.75 %     10.64 %
    Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)     11.41 %     10.05 %     10.12 %     10.98 %     10.54 %     11.41 %     10.54 %
    Return on average tangible common equity (ROTCE) (non-GAAP)(1)     18.39 %     15.94 %     16.26 %     17.29 %     17.22 %     18.39 %     17.22 %
    Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)     17.87 %     15.82 %     16.09 %     17.69 %     17.07 %     17.87 %     17.07 %
    Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)     18.64 %     16.18 %     16.51 %     17.56 %     17.50 %     18.64 %     17.50 %
    Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)     18.12 %     16.07 %     16.34 %     17.97 %     17.34 %     18.12 %     17.34 %
                                 
    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
     
    Home BancShares, Inc.
    Selected Financial Information
    (Unaudited)
                                 
        Quarter Ended   Three Months Ended
    (Dollars in thousands)   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Mar. 31, 2025   Mar. 31, 2024
                                 
    Efficiency ratio     42.22 %     42.24 %     41.42 %     43.17 %     44.22 %     42.22 %     44.22 %
    Efficiency ratio, as adjusted (non-GAAP)(1)     42.84 %     42.00 %     41.66 %     42.59 %     44.43 %     42.84 %     44.43 %
    Net interest margin – FTE (NIM)     4.44 %     4.39 %     4.28 %     4.27 %     4.13 %     4.44 %     4.13 %
    Fully taxable equivalent adjustment   $ 2,534     $ 2,398     $ 2,616     $ 2,628     $ 892     $ 2,534     $ 892  
    Total revenue (net)     260,082       258,364       257,999       254,596       246,389       260,082       246,389  
    Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)     147,154       146,154       147,954       141,411       134,893       147,154       134,893  
    PPNR, as adjusted (non-GAAP)(1)     142,821       145,209       146,562       141,886       133,728       142,821       133,728  
    Pre-tax net income to total revenue (net)     56.58 %     50.11 %     50.03 %     52.40 %     52.92 %     56.58 %     52.92 %
    Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)     54.91 %     49.74 %     49.49 %     52.59 %     52.45 %     54.91 %     52.45 %
    P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)     56.58 %     56.57 %     57.35 %     55.54 %     54.75 %     56.58 %     54.75 %
    P5NR, as adjusted (non-GAAP)(1)     54.91 %     56.20 %     56.81 %     55.73 %     54.28 %     54.91 %     54.28 %
    Total purchase accounting accretion   $ 1,378     $ 1,610     $ 1,878     $ 1,873     $ 2,772     $ 1,378     $ 2,772  
    Average purchase accounting loan discounts     17,493       19,090       20,832       22,788       24,820       17,493       24,820  
                                 
    OTHER OPERATING EXPENSES                            
    Advertising   $ 1,928     $ 1,941     $ 1,810     $ 1,692     $ 1,654     $ 1,928     $ 1,654  
    Amortization of intangibles     2,047       2,068       2,095       2,140       2,140       2,047       2,140  
    Electronic banking expense     3,055       3,307       3,569       3,412       3,156       3,055       3,156  
    Directors’ fees     452       356       362       423       498       452       498  
    Due from bank service charges     281       271       302       282       276       281       276  
    FDIC and state assessment     3,387       3,216       3,360       5,494       3,318       3,387       3,318  
    Insurance     999       900       926       905       903       999       903  
    Legal and accounting     3,641       2,361       1,902       2,617       2,081       3,641       2,081  
    Other professional fees     1,947       1,736       2,062       2,108       2,236       1,947       2,236  
    Operating supplies     711       711       673       613       683       711       683  
    Postage     503       518       522       497       523       503       523  
    Telephone     436       438       455       444       470       436       470  
    Other expense     8,703       9,713       9,512       8,788       8,950       8,703       8,950  
    Total other operating expenses   $ 28,090     $ 27,536     $ 27,550     $ 29,415     $ 26,888     $ 28,090     $ 26,888  
                                 
    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
     
    Home BancShares, Inc.
    Selected Financial Information
    (Unaudited)
                         
    (Dollars in thousands)   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    BALANCE SHEET RATIOS                    
    Total loans to total deposits     85.24 %     86.11 %     88.74 %     87.18 %     86.05 %
    Common equity to assets     17.58 %     17.61 %     17.35 %     16.82 %     16.69 %
    Tangible common equity to tangible assets (non-GAAP)(1)     12.09 %     11.98 %     11.78 %     11.23 %     11.06 %
                    .    
    LOANS RECEIVABLE                    
    Real estate                    
    Commercial real estate loans                    
    Non-farm/non-residential   $ 5,588,681     $ 5,426,780     $ 5,496,536     $ 5,599,925     $ 5,616,965  
    Construction/land development     2,735,760       2,736,214       2,741,419       2,511,817       2,330,555  
    Agricultural     335,437       336,993       335,965       345,461       337,618  
    Residential real estate loans                    
    Residential 1-4 family     1,947,872       1,956,489       1,932,352       1,910,143       1,899,974  
    Multifamily residential     576,089       496,484       482,648       509,091       415,926  
    Total real estate     11,183,839       10,952,960       10,988,920       10,876,437       10,601,038  
    Consumer     1,227,745       1,234,361       1,219,197       1,189,386       1,163,228  
    Commercial and industrial     2,045,036       2,022,775       2,084,667       2,242,072       2,284,775  
    Agricultural     314,323       367,251       352,963       314,600       278,609  
    Other     181,173       187,153       178,232       158,962       186,023  
    Loans receivable   $ 14,952,116     $ 14,764,500     $ 14,823,979     $ 14,781,457     $ 14,513,673  
                         
    ALLOWANCE FOR CREDIT LOSSES                    
    Balance, beginning of period   $ 275,880     $ 312,574     $ 295,856     $ 290,294     $ 288,234  
    Loans charged off     3,458       53,959       2,001       3,098       3,978  
    Recoveries of loans previously charged off     7,522       565       519       660       538  
    Net loans (recovered) charged off     (4,064 )     53,394       1,482       2,438       3,440  
    Provision for credit losses – loans     —       16,700       18,200       8,000       5,500  
    Balance, end of period   $ 279,944     $ 275,880     $ 312,574     $ 295,856     $ 290,294  
                         
    Net (recoveries) charge-offs to average total loans     (0.11 )%     1.44 %     0.04 %     0.07 %     0.10 %
    Allowance for credit losses to total loans     1.87 %     1.87 %     2.11 %     2.00 %     2.00 %
                         
    NON-PERFORMING ASSETS                    
    Non-performing loans                    
    Non-accrual loans   $ 86,383     $ 93,853     $ 95,747     $ 78,090     $ 67,055  
    Loans past due 90 days or more     3,264       5,034       5,356       8,251       12,928  
    Total non-performing loans     89,647       98,887       101,103       86,341       79,983  
    Other non-performing assets                    
    Foreclosed assets held for sale, net     39,680       43,407       43,040       41,347       30,650  
    Other non-performing assets     63       63       63       63       63  
    Total other non-performing assets     39,743       43,470       43,103       41,410       30,713  
    Total non-performing assets   $ 129,390     $ 142,357     $ 144,206     $ 127,751     $ 110,696  
                         
    Allowance for credit losses for loans to non-performing loans     312.27 %     278.99 %     309.16 %     342.66 %     362.94 %
    Non-performing loans to total loans     0.60 %     0.67 %     0.68 %     0.58 %     0.55 %
    Non-performing assets to total assets     0.56 %     0.63 %     0.63 %     0.56 %     0.48 %
                         
    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
     
    Home BancShares, Inc.
    Consolidated Net Interest Margin
    (Unaudited)
                             
        Three Months Ended
        March 31, 2025   December 31, 2024
    (Dollars in thousands)   Average
    Balance    		   Income/
    Expense    		   Yield/
    Rate    		   Average
    Balance    		   Income/
    Expense    		   Yield/
    Rate
    ASSETS                        
    Earning assets                        
    Interest-bearing balances due from banks   $ 611,962   $ 6,620   4.39 %   $ 643,959   $ 7,585   4.69 %
    Federal funds sold     5,091     55   4.38 %     6,068     73   4.79 %
    Investment securities – taxable     3,179,290     27,433   3.50 %     3,291,472     28,943   3.50 %
    Investment securities – non-taxable – FTE     1,135,783     10,061   3.59 %     1,154,384     9,980   3.44 %
    Loans receivable – FTE     14,893,912     270,907   7.38 %     14,798,953     278,531   7.49 %
    Total interest-earning assets     19,826,038     315,076   6.45 %     19,894,836     325,112   6.50 %
    Non-earning assets     2,722,797             2,670,241        
    Total assets   $ 22,548,835           $ 22,565,077        
                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                          
    Liabilities                        
    Interest-bearing liabilities                        
    Savings and interest-bearing transaction accounts   $ 11,402,688   $ 69,672   2.48 %   $ 11,058,959   $ 72,220   2.60 %
    Time deposits     1,801,503     17,114   3.85 %     1,800,618     18,344   4.05 %
    Total interest-bearing deposits     13,204,191     86,786   2.67 %     12,859,577     90,564   2.80 %
    Securities sold under agreement to repurchase     155,861     1,074   2.79 %     174,759     1,346   3.06 %
    FHLB and other borrowed funds     600,681     5,902   3.98 %     889,880     9,541   4.27 %
    Subordinated debentures     439,173     4,124   3.81 %     439,319     4,121   3.73 %
    Total interest-bearing liabilities     14,399,906     97,886   2.76 %     14,363,535     105,572   2.92 %
    Non-interest bearing liabilities                        
    Non-interest bearing deposits     3,980,944             4,024,433        
    Other liabilities     190,314             226,933        
    Total liabilities     18,571,164             18,614,901        
    Shareholders’ equity     3,977,671             3,950,176        
    Total liabilities and shareholders’ equity   $ 22,548,835           $ 22,565,077        
    Net interest spread           3.69 %           3.58 %
    Net interest income and margin – FTE       $ 217,190   4.44 %       $ 219,540   4.39 %
                             
    Home BancShares, Inc.
    Consolidated Net Interest Margin
    (Unaudited)
                             
        Three Months Ended
        March 31, 2025   March 31, 2024
    (Dollars in thousands)   Average
    Balance    		   Income/
    Expense    		   Yield/
    Rate    		   Average
    Balance    		   Income/
    Expense    		   Yield/
    Rate
    ASSETS                        
    Earning assets                        
    Interest-bearing balances due from banks   $ 611,962   $ 6,620   4.39 %   $ 801,456   $ 10,528   5.28 %
    Federal funds sold     5,091     55   4.38 %     5,012     61   4.90 %
    Investment securities – taxable     3,179,290     27,433   3.50 %     3,473,511     33,229   3.85 %
    Investment securities – non-taxable – FTE     1,135,783     10,061   3.59 %     1,257,861     8,642   2.76 %
    Loans receivable – FTE     14,893,912     270,907   7.38 %     14,487,494     265,347   7.37 %
    Total interest-earning assets     19,826,038     315,076   6.45 %     20,025,334     317,807   6.38 %
    Non-earning assets     2,722,797             2,657,925        
    Total assets   $ 22,548,835           $ 22,683,259        
                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                          
    Liabilities                        
    Interest-bearing liabilities                        
    Savings and interest-bearing transaction accounts   $ 11,402,688   $ 69,672   2.48 %   $ 11,038,910   $ 75,597   2.75 %
    Time deposits     1,801,503     17,114   3.85 %     1,685,193     16,951   4.05 %
    Total interest-bearing deposits     13,204,191     86,786   2.67 %     12,724,103     92,548   2.93 %
    Securities sold under agreement to repurchase   155,861     1,074   2.79 %     172,024     1,404   3.28 %
    FHLB and other borrowed funds     600,681     5,902   3.98 %     1,301,091     14,276   4.41 %
    Subordinated debentures     439,173     4,124   3.81 %     439,760     4,097   3.75 %
    Total interest-bearing liabilities     14,399,906     97,886   2.76 %     14,636,978     112,325   3.09 %
    Non-interest bearing liabilities                        
    Non-interest bearing deposits     3,980,944             4,017,659        
    Other liabilities     190,314             244,970        
    Total liabilities     18,571,164             18,899,607        
    Shareholders’ equity     3,977,671             3,783,652        
    Total liabilities and shareholders’ equity   $ 22,548,835           $ 22,683,259        
    Net interest spread           3.69 %           3.29 %
    Net interest income and margin – FTE       $ 217,190   4.44 %       $ 205,482   4.13 %
                             
    Home BancShares, Inc.
    Non-GAAP Reconciliations
    (Unaudited)
                                 
        Quarter Ended   Three Months Ended
    (Dollars and shares in thousands, except per share data)   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Mar. 31, 2025   Mar. 31, 2024
    EARNINGS, AS ADJUSTED                            
    GAAP net income available to common shareholders (A)   $ 115,209     $ 100,564     $ 100,038     $ 101,530     $ 100,109     $ 115,209     $ 100,109  
    Pre-tax adjustments                            
    FDIC special assessment     —       —       —       2,260       —       —       —  
    BOLI death benefits     —       (95 )     —       —       (162 )     —       (162 )
    Gain on sale of building     —       —       —       (2,059 )     —       —       —  
    Fair value adjustment for marketable securities     (442 )     (850 )     (1,392 )     274       (1,003 )     (442 )     (1,003 )
    Special income from equity investment     (3,891 )     —       —       —       —       (3,891 )     —  
    Total pre-tax adjustments     (4,333 )     (945 )     (1,392 )     475       (1,165 )     (4,333 )     (1,165 )
    Tax-effect of adjustments     (1,059 )     (208 )     (348 )     119       (251 )     (1,059 )     (251 )
    Deferred tax asset write-down     —       —       —       2,030       —       —       —  
    Total adjustments after-tax (B)     (3,274 )     (737 )     (1,044 )     2,386       (914 )     (3,274 )     (914 )
    Earnings, as adjusted (C)   $ 111,935     $ 99,827     $ 98,994     $ 103,916     $ 99,195     $ 111,935     $ 99,195  
                                 
    Average diluted shares outstanding (D)     198,852       198,973       199,461       200,465       201,390       198,852       201,390  
                                 
    GAAP diluted earnings per share: (A/D)   $ 0.58     $ 0.51     $ 0.50     $ 0.51     $ 0.50     $ 0.58     $ 0.50  
    Adjustments after-tax: (B/D)     (0.02 )     (0.01 )     0.00       0.01       (0.01 )     (0.02 )     (0.01 )
    Diluted earnings per common share, as adjusted: (C/D)   $ 0.56     $ 0.50     $ 0.50     $ 0.52     $ 0.49     $ 0.56     $ 0.49  
                                 
    ANNUALIZED RETURN ON AVERAGE ASSETS                            
    Return on average assets: (A/E)     2.07 %     1.77 %     1.74 %     1.79 %     1.78 %     2.07 %     1.78 %
    Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)     2.01 %     1.76 %     1.72 %     1.83 %     1.76 %     2.01 %     1.76 %
    Return on average assets excluding intangible amortization: ((A+C)/(E-F))     2.24 %     1.92 %     1.88 %     1.94 %     1.93 %     2.24 %     1.93 %
    Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))     2.18 %     1.91 %     1.86 %     1.98 %     1.91 %     2.18 %     1.91 %
                                 
    GAAP net income available to common shareholders (A)   $ 115,209     $ 100,564     $ 100,038     $ 101,530     $ 100,109     $ 115,209     $ 100,109  
    Amortization of intangibles (B)     2,047       2,068       2,095       2,140       2,140       2,047       2,140  
    Amortization of intangibles after-tax (C)     1,547       1,563       1,572       1,605       1,605       1,547       1,605  
    Adjustments after-tax (D)     (3,274 )     (737 )     (1,044 )     2,386       (914 )     (3,274 )     (914 )
    Average assets (E)    22,548,835      22,565,077      22,893,784      22,875,949      22,683,259      22,548,835      22,683,259  
    Average goodwill & core deposit intangible (F)     1,437,515       1,439,566       1,441,654       1,443,778       1,445,902       1,437,515       1,445,902  
                                 
     Home BancShares, Inc.
     Non-GAAP Reconciliations
     (Unaudited)
                                 
        Quarter Ended   Three Months Ended
    (Dollars in thousands)   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024   Mar. 31, 2025   Mar. 31, 2024
    ANNUALIZED RETURN ON AVERAGE COMMON EQUITY                            
    Return on average common equity: (A/D)     11.75 %     10.13 %     10.23 %     10.73 %     10.64 %     11.75 %     10.64 %
    Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)     11.41 %     10.05 %     10.12 %     10.98 %     10.54 %     11.41 %     10.54 %
    Return on average tangible common equity: (A/(D-E))     18.39 %     15.94 %     16.26 %     17.29 %     17.22 %     18.39 %     17.22 %
    Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))     17.87 %     15.82 %     16.09 %     17.69 %     17.07 %     17.87 %     17.07 %
    Return on average tangible common equity excluding intangible amortization: (B/(D-E))     18.64 %     16.18 %     16.51 %     17.56 %     17.50 %     18.64 %     17.50 %
    Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))     18.12 %     16.07 %     16.34 %     17.97 %     17.34 %     18.12 %     17.34 %
                                 
    GAAP net income available to common shareholders (A)   $ 115,209     $ 100,564     $ 100,038     $ 101,530     $ 100,109     $ 115,209     $ 100,109  
    Earnings excluding intangible amortization (B)     116,756       102,127       101,610       103,135       101,714       116,756       101,714  
    Adjustments after-tax (C)     (3,274 )     (737 )     (1,044 )     2,386       (914 )     (3,274 )     (914 )
    Average common equity (D)   3,977,671     3,950,176     3,889,712     3,805,800     3,783,652     3,977,671     3,783,652  
    Average goodwill & core deposits intangible (E)   1,437,515     1,439,566     1,441,654     1,443,778     1,445,902     1,437,515     1,445,902  
                                 
    EFFICIENCY RATIO & P5NR                            
    Efficiency ratio: ((D-G)/(B+C+E))     42.22 %     42.24 %     41.42 %     43.17 %     44.22 %     42.22 %     44.22 %
    Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))     42.84 %     42.00 %     41.66 %     42.59 %     44.43 %     42.84 %     44.43 %
    Pre-tax net income to total revenue (net) (A/(B+C))     56.58 %     50.11 %     50.03 %     52.40 %     52.92 %     56.58 %     52.92 %
    Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))     54.91 %     49.74 %     49.49 %     52.59 %     52.45 %     54.91 %     52.45 %
    Pre-tax, pre-provision, net income (PPNR) (B+C-D)   $ 147,154     $ 146,154     $ 147,954     $ 141,411     $ 134,893     $ 147,154     $ 134,893  
    Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)   $ 142,821     $ 145,209     $ 146,562     $ 141,886     $ 133,728     $ 142,821     $ 133,728  
    P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)     56.58 %     56.57 %     57.35 %     55.54 %     54.75 %     56.58 %     54.75 %
    P5NR, as adjusted (B+C-D+F)/(B+C)     54.91 %     56.20 %     56.81 %     55.73 %     54.28 %     54.91 %     54.28 %
                                 
    Pre-tax net income (A)   $ 147,154     $ 129,454     $ 129,084     $ 133,411     $ 130,393     $ 147,154     $ 130,393  
    Net interest income (B)     214,656       217,142       215,220       211,822       204,590       214,656       204,590  
    Non-interest income (C)     45,426       41,222       42,779       42,774       41,799       45,426       41,799  
    Non-interest expense (D)     112,928       112,210       110,045       113,185       111,496       112,928       111,496  
    Fully taxable equivalent adjustment (E)     2,534       2,398       2,616       2,628       892       2,534       892  
    Total pre-tax adjustments (F)     (4,333 )     (945 )     (1,392 )     475       (1,165 )     (4,333 )     (1,165 )
    Amortization of intangibles (G)     2,047       2,068       2,095       2,140       2,140       2,047       2,140  
                                 
    Adjustments:                            
    Non-interest income:                            
    Fair value adjustment for marketable securities   $ 442     $ 850     $ 1,392     $ (274 )   $ 1,003     $ 442     $ 1,003  
    (Loss) gain on OREO     (376 )     (2,423 )     85       49       17       (376 )     17  
    (Loss) gain on branches, equipment and other assets, net     (163 )     26       32       2,052       (8 )     (163 )     (8 )
    Special income from equity investment     3,891       —       —       —       —       3,891       —  
    BOLI death benefits     —       95       —       —       162       —       162  
    Total non-interest income adjustments (H)   $ 3,794     $ (1,452 )   $ 1,509     $ 1,827     $ 1,174     $ 3,794     $ 1,174  
                                 
    Non-interest expense:                            
    FDIC special assessment     —       —       —       2,260       —       —       —  
    Total non-interest expense adjustments (I)   $ —     $ —     $ —     $ 2,260     $ —     $ —     $ —  
                                 
     Home BancShares, Inc.
     Non-GAAP Reconciliations
     (Unaudited)
                         
        Quarter Ended
        Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Mar. 31, 2024
    TANGIBLE BOOK VALUE PER COMMON SHARE                    
    Book value per common share: (A/B)   $ 20.40     $ 19.92     $ 19.91     $ 19.30     $ 18.98  
    Tangible book value per common share: ((A-C-D)/B)     13.15       12.68       12.67       12.08       11.79  
                         
    Total stockholders’ equity (A)   $ 4,042,555     $ 3,961,025     $ 3,959,789     $ 3,855,503     $ 3,811,401  
    End of period common shares outstanding (B)     198,206       198,882       198,879       199,746       200,797  
    Goodwill (C)     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
    Core deposit and other intangibles (D)     38,280       40,327       42,395       44,490       46,630  
                         
    TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS                    
    Equity to assets: (B/A)     17.58 %     17.61 %     17.35 %     16.82 %     16.69 %
    Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))     12.09 %     11.98 %     11.78 %     11.23 %     11.06 %
                         
    Total assets (A)   $ 22,992,203     $ 22,490,748     $ 22,823,117     $ 22,919,905     $ 22,835,721  
    Total stockholders’ equity (B)     4,042,555       3,961,025       3,959,789       3,855,503       3,811,401  
    Goodwill (C)     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
    Core deposit and other intangibles (D)     38,280       40,327       42,395       44,490       46,630  

    The MIL Network –

  • MIL-OSI Security: Fentanyl Distributor Gets 13 Years in Prison

    Source: Federal Bureau of Investigation FBI Crime News (b)

    GALVESTON, Texas – A 46-year-old Texas City resident has been ordered to federal prison for possession with intent to distribute fentanyl, announced U.S. Attorney Nicholas J. Ganjei.

    John Earl Edwards pleaded guilty Sept. 24, 2024.

    U.S. District Judge Jeffrey V. Brown has now ordered Edwards to serve 156 months to be immediately followed by three years of supervised release.

    “Taking fentanyl off the street is good, but taking a fentanyl dealer off the street is even better,” said Ganjei. “This is one less person who makes their living off of the misery of their fellow citizens.”

    On July 22, 2021, Edwards negotiated the sale of a small amount of fentanyl and arranged to have it delivered on July 22, 2021.

    The investigation revealed Edwards’ drug distribution also included cocaine, cocaine base and methamphetamine.

    He was permitted to remain on bond and voluntarily surrender to a Federal Bureau of Prisons facility to be determined in the near future.

    The FBI’s Safe Streets and Violent Crimes Task Force and the La Marque Police Department conducted the investigation. Assistant U.S. Attorney Kenneth A. Cusick prosecuted the case.

    MIL Security OSI –

  • MIL-OSI: Quorum Announces Q4 and Year End 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Adjusted EBITDA1up 18% to $8.3 Million for 2024

    Cash EBITDA2up 89% to $5.5 Million for 2024

    CALGARY, Alberta, April 16, 2025 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (TSX-V: QIS) (“Quorum”), a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, released its results today for the fourth quarter and fiscal year ended December 31, 2024. Financial references are expressed in Canadian dollars unless otherwise indicated. Please refer to the MD&A and Financial Statements posted onto SEDAR related to non-IFRS measures and risk factors.

    “The company achieved record Adjusted EBITDA of $8.3 million, an increase of 18% over the prior year, while revenue remained relatively consistent,” stated Maury Marks, President and CEO. “Our profitable growth strategy which commenced in 2023 delivered a Cash EBITDA margin of 14% in 2024. This improved profitability allowed us to strengthen our balance sheet by prepaying $4.8 million on our BDC Capital Facility reducing the balance from $9.1 million to $4.0 million. Our improved cash flow positions us to consider future strategic investment opportunities.”

    “I would like to sincerely express my appreciation to our employees, whose commitment to Quorum was crucial to achieving our 2024 plan and strong annual results,” said Mr. Marks. “Their hard work is enhanced by our integrated suite of 13 essential software solutions and services. This product suite is fundamental to our profitable growth strategy, as it facilitates product cross-selling and plays a vital role in driving the success of our dealerships, thereby increasing value for both Quorum and its customers.”

    Consolidated Results for Q4 2024 and Fiscal Year 2024

      Q4 2024 %Change Q4 2023
    		   2024 % Change 2023
    Total Revenue $10,008,563  1%  $9,920,932 
    		   $39,953,997 
    		 (1%)  $40,263,528 
    SaaS Revenue $7,183,148  2%  $7,017,756    $28,839,189  2%  $28,191,238 
    BDC Revenue $2,558,313  (1%)  $2,588,181    $9,973,810  (8%)  $10,880,534 
    Recurring Revenue $9,741,461  1%  $9,605,937    $38,812,999  (1%)  $39,071,772 
    Gross Margin $4,848,227  0%  $4,844,654    $19,810,340  3%  $19,262,519 
    Gross Margin % 48%    49%    50%    48% 
    Net Income (Loss) per Share $0.003    $(0.014)    $0.035    $0.003 
    Net Income (Loss) $244,754  123%  $(1,049,589)    $2,545,951  988%  $233,950 
    Adjusted EBITDA $1,960,886  (6%)  $2,084,217 
    		   $8,309,000 
    		 18%  $7,036,468 
    Adjusted EBITDA Margin 20    21% 
    		   21% 
    		   17% 
    Cash EBITDA $1,233,620  10%  $1,117,577 
    		   $5,457,906 
    		 89%  $2,889,317 
    Cash EBITDA Margin 12    11% 
    		   14% 
    		   1% 
     

    Fourth Quarter Results

    • Total revenue increased by 1% to $10.0 million in Q4 2024 compared to Q4 2023.
    • SaaS revenue increased by 2% to $7.2 million in Q4 2024 compared to Q4 2023.
    • BDC revenue decreased by 1% to $2.6 million in Q4 2024 compared to Q4 2023.
    • Gross margin remained consistent at $4.8 million in Q4 2024 compared to Q4 2023.
    • Adjusted EBITDA was $2.0 million in Q4 2024 compared to Q4 2023, a decrease of $0.1 million.
    • Cash EBITDA was $1.2 million in Q4 2024 compared to Q4 2023, an increase of $0.1 million.

    Fiscal Year 2024 Results

    • Total revenue decreased by 1% to $40.0 million in 2024 compared to 2023.
    • SaaS revenue increased by 2% to $28.8 million in 2024 compared to 2023.
    • BDC revenue decreased by 8% to $10.0 million in 2024 compared to 2023.
    • Gross margin increased by 3% to $19.8 million in 2024 compared to 2023.
    • Adjusted EBITDA was $8.3 million in 2024 compared to 2023, an increase of $1.3 million.
    • Cash EBITDA was $5.5 million in 2024 compared to 2023, an increase of $2.6 million.

    Quorum Q4 and Fiscal Year 2024 Results Conference Call Details and Investor Presentation

    Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Q4 and Fiscal Year 2024 Results at a conference call with concurrent audio webcast, scheduled for:

    An updated Investor Presentation, replay of the results conference call, and transcripts of the conference call, will also be available at www.QuorumInformationSystems.com.

    About Quorum Information Technologies Inc.

    Quorum is a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, including:

    • Quorum’s Dealership Management System (DMS), which automates, integrates, and streamlines key processes across departments in a dealership, and emphasizes revenue generation and customer satisfaction.
    • DealerMine CRM, a sales and service Customer Relationship Management (“CRM”) system and set of Business Development Centre services that drives revenue into the critical sales and service departments in a dealership.
    • Autovance, a modern retailing platform that helps dealerships attract more business through Digital Retailing, improve in-store profits and closing rates through its desking tool and maximize their efficiency and Customer Satisfaction Index through Autovance’s F&I menu solution.
    • Accessible Accessories, a digital retailing platform that allows franchised dealerships to efficiently increase their vehicle accessories revenue. 
    • VINN Automotive, a premier automotive marketplace that streamlines the vehicle research and purchase process for vehicle shoppers while helping retailers sell more efficiently.

    Contacts:

    Maury Marks
    President and Chief Executive Officer
    403-777-0036
    Maury.Marks@QuorumInfoTech.com

    Marilyn Bown
    Chief Financial Officer
    403-777-0036
    Marilyn.Bown@QuorumInfoTech.com

    Forward-Looking Information

    This press release may contain certain forward-looking statements and forward-looking information (“forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes. Quorum believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

    Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information.

    Quorum has filed its 2024 audited consolidated financial statements and notes thereto as at and for the year ended December 31, 2024, and accompanying management and discussion and analysis in accordance with National Instrument 51-102 – Continuous Disclosure Obligations adopted by the Canadian securities regulatory authorities.

    Quorum Information Technologies Inc. is traded on the Toronto Venture Exchange (TSX-V) under the symbol QIS. For additional information please go to www.QuorumInformationSystems.com.

    Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.

    1 Adjusted EBITDA (non-GAAP) – Net income (loss) before interest and financing costs, taxes, depreciation, amortization, stock-based compensation, impairment, gain on bargain purchase, one-time acquisition-related expenses and restructuring fees. 

    2 Cash EBITDA (non-GAAP) – Adjusted EBITDA less stock-based compensation, one-time acquisition-related expense, repayment of lease liability, purchase of property and equipment and software development costs.

    PDF available: http://ml.globenewswire.com/Resource/Download/9cb6bc7a-48bf-443f-8038-d58e125d5e99

    The MIL Network –

  • MIL-OSI USA: Cantwell Joins WA Small Business Owners at Port of Seattle to Explain Harms of Trump Trade Wars

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    04.16.25

    Cantwell Joins WA Small Business Owners at Port of Seattle to Explain Harms of Trump Trade Wars

    Trump’s chaotic tariffs drive up costs for local companies and threatens to put them out of business; “Congress needs to get back in the game,” says Cantwell; her bipartisan bill would reassert Congressional role in U.S. trade policy

    SEATTLE – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, joined nine local business owners and leaders at the Port of Seattle to push back against the Trump administration’s tariffs-first trade policy.

    “These businesses here today are reminding us what we already should know: that this kind of tariff policy disrupts an integrated economy, hurts small businesses, and basically disrupts what is an important opportunity for the United States to grow more jobs for the future,” said Sen. Cantwell. “Building alliances and [strengthening] our innovation economy is what we should be doing.”

    “In my 32 years of designing and manufacturing KAVU has survived tough times, but nothing close to this,” said Barry Barr, CEO of KAVU. “Due to the extreme spikes in prices, we are expecting that many if not all of our 2,000 independent outdoor retailers … will cancel their orders, leaving us with no sales and at the precipice of shutting down.”

    “I never thought geopolitics would get in the way of making delicious pizza, yet here were are,” said Joe Fugere, CEO of Tutta Bella. “People in the United States should not have to travel overseas to enjoy the religious experience of great Italian pizza. We can have it right here at home. But only if we’re smart about how we unlock access to the world’s best products.”

    “Last month we brought in a container with a value of about $200,000, and we had to pay an extra $20,000 to bring that in with the 10% [tariff],” said Jeff Demir, COO of SwaddleDesigns. “This month we’re bringing in another container, that container will cost us an extra $40,000 because the China tariffs went from 10% to 20%. … We have a container that’s right now sitting in China ready to ship, that container would cost us $300,000 of extra tariffs given the 145% [tariff]. Obviously that container is going to stay in China and it’s not going to be brought over here. Our company will have to operate with the product that we have until this gets resolved.”

    Also appearing at today’s event were: Northwest Seaport Alliance and Northwest Seaport Alliance Co-Chair and Port of Tacoma Commissioner John McCarthy; Port of Seattle Commissioner Sam Cho; Gordon Bluechel, CEO of Access Laser; Chris Stone, Deputy Director of the Washington State Wine Commission; Blas Alfaro, Partner at Fulcrum Coffee Roasters; and Molly Neitzel, CEO of Molly Moon’s.

    Sen. Cantwell recently introduced the bipartisan Trade Review Act of 2025 to reaffirm Congress’ key role in setting and approving U.S. trade policy, and reestablish limits on the president’s ability to impose unilateral tariffs. Since the introduction, Sen. Cantwell has appeared on CNN International, CNBC , CBS’s Face the Nation, MSNBC’s All In with Chris Hayes, MSNBC’s The Last Word with Lawrence O’Donnell, to discuss the bill.

    Sen. Cantwell’s bill has since picked up 12 additional cosponsors – an equal mix of Republicans and Democrats – and been endorsed by multiple major U.S. business organizations, including the National Retail Federation, which is the largest retail trade association in the world. Last week, a bipartisan House companion bill was introduced.

    In Washington state, two out of every five jobs are tied to trade and trade-related industries. More information about how those tariffs will affect consumers and businesses in the State of Washington can be found HERE.  

    For the past three months, President Trump has been sowing economic chaos across the country with unpredictable and ever-changing tariff announcements. His back-and-forth announcements and actions, which have whipsawed American businesses and consumers, as well as close neighbors and allies, include:

    • On January 31 — citing punishment for failing to crack down on fentanyl trafficking — the Trump administration announced plans to impose a 25% tax on many goods imported into the U.S. from Canada and Mexico and a 10% tax on goods imported from China, then abruptly postponed those tariffs.
    • In February, he doubled down, announcing an additional 25% tax on all steel and aluminum imports.
    • At 12:01 a.m. ET on March 4, President Trump’s long-promised 25% tariffs on goods from Mexico and Canada and 10% tariff increase on goods from China took effect, causing stock prices in the United States to plummet.
    • Then, on March 5, he announced that automobiles from Canada and Mexico would be exempt from his tariffs for one month.
    • The morning of March 6, he announced that he would suspend the tariffs for some products from Mexico. Then, later that same afternoon, he announced he was suspending most new tariffs on products from both Mexico and Canada until April 2.
    • On March 11, Trump threatened to double tariffs on Canadian steel and aluminum – increasing them to 50% – before reversing himself later the same day.
    • On March 13, he threatened 200% tariffs on alcoholic products from the European Union, including all wine and Champagne.
    • On March 27, he announced plans to impose a 25% tax on all imported sedans, SUVs, crossovers, minivans, cargo vans, and light trucks, as well as some auto parts, beginning on April 2.
    • On March 29, President Trump said, “I couldn’t care less,” if automakers raise the price of cars in response to his tariffs.
    • On April 2, he announced a “National Economic Emergency,” and signed an executive order declaring a 10% minimum baseline tariff on all countries as well as additional tariffs on nearly 60 countries.
    • On April 7, he threatened to impose an additional 50% tariff on China.
    • On April 9, he announced a rollback of his April 2 tariffs down to the 10% baseline across the board, with the exception of China, which he increased to 125%.
    • On April 11, the administration announced that electronics, including smartphones and laptops, would be exempt from the 125% rate.

    Video of today’s press conference is HERE; photos are HERE; video of Sen. Cantwell’s remarks is HERE; audio of Sen. Cantwell’s remarks is HERE; and a transcript of Sen. Cantwell’s remarks is HERE.

    MIL OSI USA News –

  • MIL-OSI: Athene Announces Fixed Income Investor Call

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, April 16, 2025 (GLOBE NEWSWIRE) — Athene Holding Ltd. (“Athene”), a subsidiary of Apollo Global Management, Inc. (NYSE:APO), announced it will host a Fixed Income Investor Call on Monday, May 12, 2025 at 10:00AM ET.

    The call will feature members of Athene’s senior management team, who will provide an update on current business trends, new business origination, the investment portfolio, and capital.

    An accompanying presentation, live webcast, and webcast replay will be available on the Investor Relations section of Athene’s website at ir.athene.com.

    Conference Call Details:
    Dial-in: Toll-free at 877-404-1236 (domestic) or + 1 215-268-9888 (international)

    About Athene
    Athene is the leading retirement services company with over $360 billion of total assets as of December 31, 2024, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

    Contact:
    Jeanne Hess
    Vice President, External Relations
    +1 646 768 7319
    jeanne.hess@athene.com

    The MIL Network –

  • MIL-OSI: DT Midstream to Announce First Quarter 2025 Financial Results, Schedules Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    DETROIT, April 16, 2025 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) plans to announce first quarter 2025 financial results before the market opens on Wednesday, April 30, 2025.

    DT Midstream has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) the same day. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 9881735. International access numbers are available here.

    The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

    About DT Midstream

    DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

    The MIL Network –