MIL-OSI USA: Reps. Chu, Jayapal, and Colleagues Demand Answers on Funding Delay for Low-Income Senior Employment Program

Source: United States House of Representatives – Representative Judy Chu (CA2-27)

WASHINGTON, DC – Reps. Judy Chu (CA-28) and Pramila Jayapal (WA-07) led 40 of their colleagues in a letter to the Trump Administration demanding the immediate release of federal funding for a vital senior jobs training and community service program. The current delay has left thousands of low-income older Americans without pay and deprived communities of needed services.

In their letter to Department of Labor (DOL) Secretary Lori Chavez-DeRemer and Office of Management and Budget (OMB) Director Russell Vought, the Members urged the immediate release of funding for national grantees of the Senior Community Service Employment Program (SCSEP). Through SCSEP, low-income seniors receive jobs training, earn a paycheck, and in return provide essential services to their communities. In Program Year (PY) 2022, over 42,000 seniors provided over 20.4 million hours of community service.

The letter emphasizes that SCSEP grantees rely on the DOL’s timely release of the Training and Employment Guidance Letter (TEGL), which provides annual allotments for grantees. Although the PY2025 TEGL for state and territorial grantees was published on July 1, 2025—the start of the Program Year—the DOL has still not published a TEGL for national grantees and has not provided a timeline for its publication.

This delay has impacted national grantees operating in California, Washington, Indiana, North Carolina, and Oklahoma, among others.

“We have already begun to see the devastating impacts of this delay,” wrote the Members. “For example, the National Asian Pacific Center on Aging (NAPCA), a 501(c)(3) nonprofit and SCSEP national grantee, based in Washington, which serves limited-English proficient older adults from various ethnic groups, has already furloughed 800 low-income seniors due to this funding uncertainty.”

“Because there is no clear timeline for when furloughs will end, this uncertainty is causing deep distress among program participants, many of whom live paycheck to paycheck and rely on the income they earn through SCSEP to make ends meet. The funding delay is also harming entire communities, as nonprofits and other local businesses are losing the critical support of SCSEP-supported trainees and volunteers due to furloughs,” the Members continued.

The letter concludes by urging DOL and OMB to expend PY25 SCSEP funds to national grantees immediately and make them retroactive to July 1, 2025.

This letter is endorsed by: the National Asian Pacific American Center for Aging, Easterseals, Goodwill Industries International, National Caucus & Center on Black Aging (NCBA), Life Skills of America, Inc., The WorkPlace, Easterseals-Goodwill Northern Rocky Mountain Inc., Diverse Elders Coalition, National Urban League, National Hispanic Council on Aging (NHCOA), National Council on Aging (NCOA), Institute for Indian Development, Inc., and the Asian & Pacific Islander American Health Forum (APIAHF).

Click here to access the full letter.

###

MIL OSI USA News –

July 23, 2025

MIL-OSI USA: Congressman Biggs Urges Senate Leadership to Preserve Spending Cuts in the House Rescission Package

Source: United States House of Representatives – Congressman Andy Biggs (AZ-05)

Today, Congressman Andy Biggs (R-AZ) led a letter to Senate Majority Leader John Thune urging the Senate to preserve the entire $9.4 billion in spending cuts contained in the House rescission package. The Senate has a chance to prove its commitment to President Trump’s America First mandate by passing the long-overdue cuts targeting wasteful bloat. Provisions in the House rescission package include:

$1.07 billion in cuts to National Public Radio (NPR) and Public Broadcasting Service (PBS);
$900 million in cuts to Global Health Programs promoting abortion pills, LGBTQ+ activism, and DEI dogma abroad;
$125 million in cuts to the Clean Technology Fund (CTF), a vehicle for funneling billions into Green New Deal-style projects in foreign nations.

“At $37+ trillion in debt, our nation is careening toward a financial cliff,” said Congressman Biggs.

“$9.4 billion is a small drop in the bucket of wasteful spending that must be reined in, but cutting taxpayer dollars to mouthpieces for the Left and radical, woke programs abroad is a commonsense start. If Congress refuses to support modest cuts like those included in the House’s rescission package, fiscal doom is inevitable.

“I urge the Senate to stand firm and reject the D.C. status quo. Preserve the cuts passed by the House.”

Cosigners of the letter include: Rep. Ralph Norman (R-SC), Rep. Mark Harris (R-NC), Rep. Clay Higgins (R-LA), Rep. Tom Tiffany (R-WI), Rep. Scott Perry (R-PA), Rep. Keith Self (R-TX), Rep. Michael Cloud (R-TX), Rep. Barry Moore (R-AL), Rep. Andy Ogles (R-TN), Rep. Josh Brecheen (R-OK), Rep. Andrew Clyde (R-GA), Rep. Sheri Biggs (R-SC), Rep. Eli Crane (R-AZ), and Rep. Andy Harris (R-MD).

Fox News covered the letter here.

The letter may be read here.

MIL OSI USA News –

July 23, 2025

MIL-OSI: Diversified Royalty Corp. Announces Filing of Final Short Form Base Shelf Prospectus

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, July 22, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) announced today that it has filed, and received receipt for, a final short form base shelf prospectus (the “Prospectus”). The Prospectus was filed with the securities regulatory authorities in each of the provinces and territories of Canada. DIV’s prior short form base shelf prospectus dated June 19, 2023, expired on July 19, 2025. Accordingly, DIV filed the Prospectus to maintain financial flexibility and efficient access to Canadian capital markets to pursue strategic initiatives. A copy of the Prospectus is available under DIV’s profile on SEDAR+ at www.sedarplus.ca.

The Prospectus is valid for a 25-month period during which time DIV may, from time to time, issue common shares, warrants, subscription receipts, debt securities, convertible securities or rights or any combination thereof, including in the form of units (collectively, the “Securities”). The specific terms of any offering of Securities will be described in one or more shelf prospectus supplements which will be filed at the time of the offering of such Securities. There is no certainty any Securities will be offered or sold under the Prospectus within the 25-month effective period.

About Diversified Royalty Corp.

DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions, BarBurrito and Cheba Hut trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada. Cheba Hut is a fast casual toasted sub sandwich franchise with locations in the United States.

DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

Forward-Looking Information

Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intends” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: the Prospectus being filed to provide DIV with financial flexibility

and efficient access to Canadian capital markets to pursue strategic initiatives; the specific terms of any offering of Securities will be described in one or more shelf prospectus supplements which will be filed at the time of the offering of such Securities; DIV’s objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information.

DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: DIV will complete any offerings of Securities under the Prospectus; DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release are not guarantees of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in its most recent Management’s Discussion and Analysis, copies of each of which are available under DIV’s profile on SEDAR+ at www.sedarplus.ca.

In formulating the forward-looking information contained herein, management has assumed that, among other things: DIV will complete one or more offerings of Securities under the Prospectus and one or more shelf prospectus supplements and DIV will successfully deploy the proceeds therefrom; DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

All of the forward-looking information in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking information included in this news release is presented as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

Additional Information

Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.ca.

Contact:
Sean Morrison, Chief Executive Officer and Director
Diversified Royalty Corp.
(236) 521-8470

Greg Gutmanis, President and Chief Financial Officer
Diversified Royalty Corp.
(236) 521-8471

The MIL Network –

July 23, 2025

MIL-Evening Report: Climate disasters are pushing people into homelessness – but there’s a lot we can do about it

Source: The Conversation (Au and NZ) – By Timothy Heffernan, Lecturer in Anthropology, Australian National University

Almost half of all Australian properties are at risk of bushfire, while 17,500 face risk of coastal erosion. By 2030, more than 3 million will face riverine flood risk.

Meanwhile, housing demand continues to outpace supply. With climate-related disasters projected to increase in frequency and severity, the task of ensuring safe and adequate housing for all Australians remains a challenge.

In other words, disasters are worsening the housing shortage, rendering more people at risk of homelessness.

There is growing consensus in the homelessness and emergency management sectors that Australia needs a national policy response.

We must ensure secure and safe housing options are a disaster planning priority.

Like ‘living a disaster every day’

Climate disasters displace 22,261 Australians on average each year. People with the lowest incomes make up 80% of this. The very poorest 3%, despite being small, make up 14% of displaced households.

Australia is not alone. Globally, 70% of internal displacement in 2024 resulted from disasters, often disproportionately affecting low socioeconomic areas.

Loss of housing affects everything from a person’s health and employment to education and relationships. One person who’d experienced disaster-related housing loss said it was like

living a disaster every day, but without the assistance and support given to most disaster survivors.

Renters, rough sleepers and people living in unattached dwellings are most vulnerable.

Slipping through the cracks

The catastrophic Northern Rivers floods in 2022 provide an instructive example.

The floods rendered over 3,500 homes uninhabitable and more than 8,000 were damaged. Over 1,400 people were displaced and offered emergency accommodation by the New South Wales government.

The total number of people experiencing homelessness post-floods remains unclear. This is due to existing overcrowding and because people left the area or became uncontactable.

Recent research colleagues and I conducted with homeowners and renters, commissioned by the Australian Housing and Urban Research Institute, examined 17 people’s experiences of securing shelter after disaster.

In Lismore, a key barrier was poor communication and increased competition for rental housing. One person told us:

The real estate basically dropped the ball after a month. I had to chase them up, and the return of my bond and all that. […] I applied for ten different properties and never heard back. […] I ended up sourcing my own accommodation, a camper trailer, and camped out at the local showgrounds.

For renters, the disaster couldn’t have come at a worse time. A preexisting rental crisis across the region meant the private market was already tight.

Homeowners, by contrast, were able to use insurance to cover transitional housing costs or were eligible for several funding sources to repair properties. This highlights a policy emphasis toward homeowners.

In this context, people can slip through the cracks, increasing the risk of homelessness.

Post-disaster housing can compound vulnerability

Temporary shelters – such as crisis shelters, motels, short-term rentals, pods, cabins and caravans – can be a stop-gap against the risk of homelessness after disaster. However, temporary shelter comes with trade-offs and downsides.

Crisis and commercial options can be damaged during disaster, limiting their use. Pod villages provide mass shelter but are costly, slow to deliver, and there’s often no meaningful plan for people to transition out of them.

Some 18 months after the 2022 Northern Rivers floods, 1,021 people were still living in temporary pod villages and 257 people remained in caravans.

Rent is not usually charged. When relied on beyond the immediate term, this can compound vulnerability by creating gaps in people’s rental history.

A NSW government audit found 724 households were on the waitlist for temporary housing a year after the floods, though this list was rarely updated.

Overall, relatively few households have secured long-term housing solutions. This year, four pod villages will be demobilised amid the region’s ongoing rental crisis.

This comes at a time when Australia is facing a shortfall of 640,000 social and affordable homes.

Around 110,000 requests for homelessness services go unassisted annually.

A national framework is needed

In 2024, a national symposium, convened by the Australian Red Cross, Homelessness Australia and UNSW Sydney’s HowWeSurvive initiative, brought together 125 professionals from the housing, homelessness, emergency management, government and academic sectors.

The report, released in June 2025, called for a national framework focused on disasters, housing and homelessness.

Several policies deal separately with these areas at the Commonwealth, state and territory levels. A unified approach, however, would reposition shelter after disaster from a stop-gap to a central part of disaster planning.

The aim is to strengthen housing options before a natural hazard occurs and prevent disaster-related homelessness.

Australia needs a coordinated strategy and taskforce to align housing, homelessness, and disaster policies and programs. Homelessness planning should be part of disaster planning, and vice versa, to ensure housing type and tenure does not place people at risk of homelessness when disaster strikes.

This requires going beyond just linking displaced households with crisis services.

We must plan for each stage of housing before and after a disaster and anticipate diverse needs, especially for renters and those at risk of homelessness.

Responses should be trauma-informed and able to adapt individual experiences.

Now is the time to act – before the next disaster strikes.

This article was developed with the Australian Red Cross and Homelessness Australia, co-facilitators of the Housing, Homelessness and Disasters National Symposium held in Melbourne in 2024. The symposium was supported by National Shelter and the Community Housing Industry Association, and event funding was provided by the Lord Mayor’s Charitable Foundation.

Timothy Heffernan has received funding from the Australian Housing and Urban Research Institute (AHURI), the NSW government and the National Health and Medical Research Council. He is an Honorary Research Fellow at HowWeSurvive, UNSW Sydney.

– ref. Climate disasters are pushing people into homelessness – but there’s a lot we can do about it – https://theconversation.com/climate-disasters-are-pushing-people-into-homelessness-but-theres-a-lot-we-can-do-about-it-259149

MIL OSI Analysis – EveningReport.nz –

July 23, 2025

MIL-OSI New Zealand: Local News – Volunteers celebrated at Wellington Airport Regional Community Awards – Porirua

Source: Porirua City Council

Ahu Charitable Trust (Pukerua Bay Hub) was crowned supreme Porirua winners at the 2025 Wellington Airport Regional Community Awards last night.

The event, held at Pātaka Art + Museum, highlighted outstanding volunteers and organisations making a difference in Porirua with their dedication and passion.

Category winners were:

Education and Child/Youth Development – 41 (City of Porirua) Squadron Air Training Corp (runner-up Holy Family Parish Youth Ministry)

Health and Wellbeing – Foundation for Equity and Research NZ (runner-up Waitangirua Market)

Arts and Culture – Ahu Charitable Trust (Pukerua Bay Hub) (runner-up Malaga Sā)

Sport and Leisure – Plimmerton Boating Club (runner-up Porirua City Aquatics Learn to Swim programme)

Heritage and Environment – Whitireia Park Restoration Group (runner-up Tū Matau Ora)

Rising Star – Heavy Hitterz (runner-up O Le Nu’u Trust)

Supreme Award – Ahu Charitable Trust (Pukerua Bay Hub)

Ahu Charitable Trust (Pukerua Bay Hub) was established in 2017 by locals wanting to bring the community together to share skills and build resilience. Last winter, their innovative ‘Pop-Up Parlour’ transformed St Marks Church into a central hub with 48 diverse events held over a five-week period.

Porirua City Council’s General Manager Community & Partnerships, Reuben Friend, said the awards are a chance to show off how diverse groups are making our a better place for us to live.

“Everyone nominated demonstrates their love for Porirua and its people through their ongoing commitment – they show innovation, effectiveness, perseverance, impact and activity within our communities,” he said.

Wellington Airport chief executive Matt Clarke said the airport was proud to celebrate the outstanding work of community groups in Porirua over the previous 12 months.

“These groups deserve recognition for the amazing and selfless work they do in the community. Congratulations to all nominees and winners, and best of luck for the Regional Community Awards finals later this year.”

MIL OSI New Zealand News –

July 23, 2025

MIL-OSI United Kingdom: Cutting-edge personalised treatments, made while you wait, will deliver specialised care to patients more quickly

Source: United Kingdom – Government Statements

Press release

Cutting-edge personalised treatments, made while you wait, will deliver specialised care to patients more quickly

New regulations effective today will make it faster and easier for cutting-edge cancer treatments and personalised gene therapies to be made right where patients are treated.

Patients will receive faster access to life-saving, personalised treatments made at their hospital, clinic or near their homes instead of waiting weeks for therapies manufactured hundreds of miles away, under new UK legislation that comes into force today (23 July).

This world first regulations, introduced by the Medicines and Healthcare products Regulatory Agency (MHRA), allows breakthrough personalised medicines to be prepared in small or individual batches – bringing care closer to the patient.

A cancer patient could now have their immune cells collected, modified to fight their specific cancer, and returned within days rather than months. A child with a rare genetic disorder could receive a freshly prepared therapy with only minutes of shelf life, made and given on the spot.

The change will cut waiting times where every hour counts, help free up NHS beds, and improve access to innovative therapies that were previously out of reach.

“This world-first legislation is a game-changer for patients. Cancer treatments tailored in days, not months. Life-saving therapies made at your bedside, not hundreds of miles away.

“Our Plan for Change promised to build an NHS fit for the future. Today we’re delivering on that pledge by bringing cutting-edge care directly to patients when they need it most.

“We are turning around our NHS with waiting lists at their lowest for two years – this type of therapy means patients can be treated and return home more quickly.”

Science Minister Lord Vallance said:

“This world-first framework gives the NHS and innovators a clear, safe way to bring advanced treatments from the lab to the patient’s bedside. It’s a powerful example of how smart regulation can help more patients benefit from the best of British science.

“We’re determined to clear the path for more health innovation of this sort. Our recently-published Life Sciences Sector Plan sets out our clear vision to do just that – with a view to unlocking growth, investment, and delivering a stronger, prevention-focused healthcare system.”

MHRA Chief Executive Lawrence Tallon said:

“Patients will now receive highly personalised treatments more quickly and nearer to their bedside, with the same rigorous standards as all medicines.

“This is especially important where every hour matters, or where a treatment is so specific it simply can’t be made in advance.

“It’s a landmark moment that opens the door to a future where highly personalised treatment – made for one person, in one place, at one time – becomes part of routine care.

“The UK is leading the world in this next generation of medical innovation, and as the UK regulator for medicines and medical devices, we’re determined to play our role in providing the supportive regulatory framework to help our health partners and medicines innovators bring can bring these new treatments to patients.”

From months to days

Until now, personalised treatments such as CAR-T cancer therapy had to be sent to specialised manufacturing facilities often far away, causing long delays. In some cases, patients became too unwell to receive the therapy in time, or the medicine’s short shelf life meant it couldn’t be delivered at all.

Hospitals were only able to offer these treatments through complicated, one-off arrangements, creating uncertainty for patients and doctors about whether treatment could go ahead.

From today, hospitals, ambulances and local care settings in the UK have a pathway to carry out the final manufacturing steps for these personalised or time-sensitive treatments on-site, using clear, regulated protocols. This mirrors how chemotherapy or antibiotics are prepared locally, but with the same strict safeguards for more advanced therapies. A central control site will provide detailed instructions and oversight, while hospitals complete the process closer to the patient.

Supporting care closer to home

The legislation also supports the use of mobile manufacturing units – offering a safer alternative for patients too unwell to travel, or whose weakened immune systems mean hospital visits carry extra risk.

This change enables care to be delivered where it’s most appropriate, including community settings or even at home, supporting the NHS ambition, as set out in the 10 Year Health Plan for England, to expand ‘hospital at home’ models such as virtual wards.

Backed by law – and leading the world

The legislation, known as The Human Medicines (Amendment) (Modular Manufacture and Point of Care) Regulations 2025, makes the UK the first country in the world to introduce a dedicated legal framework for medicines made at the point of care.

Following strong support during the public consultation, the framework covers a broad range of innovative products, including cell and gene therapies, tissue-engineered treatments, 3D printed products, blood products, and medicinal gases.

To support implementation, the MHRA published detailed guidance earlier this year and has worked closely with other UK regulators, the NHS, industry, academics and healthcare professionals to ensure clarity around how the legislation applies in practice. Today, the MHRA has added information on how to apply for a decentralised manufacture designation. Companies can also access MHRA scientific advice at any stage of development.

The move strengthens the UK’s leadership in safe, decentralised manufacturing and is expected to boost research, trials and patient access to cutting-edge treatments. The MHRA is also working internationally to support similar changes in other countries, recently being centrally involved in the first global workshop on point-of-care manufacturing, through the International Coalition of Medicines Regulatory Authorities (ICMRA).

Cell and Gene Therapy Catapult Chief Executive Matthew Durdy said:

“This change demonstrates how the MHRA is leading in the UK’s commitment to being at the forefront of modern healthcare, innovation and regulation. The MHRA has recognised that some practices are better with more flexibility, and that in a technology enabled world which allows better training, information and communication, flexibility can be enabled without compromising safety.

“This is not just a step forward for innovative medicines such as cell and gene therapies, it is a step towards enabling truly personalised medicine. We applaud this change introduced by the MHRA and look forward to a future where more patients can receive therapeutics tailored to their needs, quickly, cost-effectively and sustainably.”

NHS England National Director for Specialised Commissioning John Stewart said:

“The NHS in England was the first health system in Europe to adopt personalised cancer medicines and has since built a strong track record as an early leader in the use of potentially curative gene therapies.

“The advanced treatments of today, will become the everyday healthcare of tomorrow, and forward-thinking regulatory changes like this will help enable the NHS to evolve patient care to deliver complex treatments to more people, in more places.”

Notes to editors

The regulations will take effect across the UK from 23 July 2025. For more information, visit The Human Medicines (Amendment) (Modular Manufacture and Point of Care) Regulations 2025
Supporting guidance and updates can be accessed at Decentralised manufacture hub – GOV.UK
Products manufactured at the point of care are eligible for support through the MHRA ILAP pathway, which is in place to accelerate time to market and facilitate patient access.
Government response to consultation on proposals to support the regulation of medicines manufactured at the Point of Care – GOV.UK
The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe. All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks.
The MHRA is an executive agency of the Department of Health and Social Care.
For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651.

Published 23 July 2025

MIL OSI United Kingdom –

July 23, 2025

MIL-OSI United Kingdom: expert reaction to observational study of GLP-1 receptor agonists and metformin in people with type 2 diabetes and risk of dementia

Source: United Kingdom – Executive Government & Departments

July 22, 2025

An observational study published in BMJ Open Diabetes Research & Care looks at GLP-1 drugs vs metformin and the risk of dementia in people with type 2 diabetes.

Dr Richard Oakley, Associate Director of Research and Innovation, Alzheimer’s Society, said: 

“Dementia is the UK’s biggest killer and one in three people born today will go onto to develop the condition. So, it’s exciting to see more research which shows how drugs currently being used for diabetes and weight loss – which are relatively cheap and easy to use – may also reduce the risk of dementia.

“This study found that GLP1RAs may significantly reduce some people’s risk of developing Alzheimer’s disease, and more so than those taking a second diabetes drug called metformin.

“However, they’re not a silver bullet in the fight against dementia and this study had several limitations that mean we mustn’t rush to conclusions about the effectiveness of these drugs – clinical trials will tell us more.

“These treatments didn’t reduce people’s risk of developing other types of dementia, such as vascular dementia, and there was a significant difference in risk reduction depending on patients’ ethnicity, with White patients much more likely to have a reduced risk than other racial groups.

“The study was retrospective, meaning we don’t know participants’ long-term outcomes and how many went on to develop dementia beyond the lifespan of the study. We need more dedicated research to understand whether these drugs could be used to tackle dementia while also finding therapies that benefit people from all backgrounds.

“We’re not at the finish line by any means, but we’re heading in the right direction.”

Dr Sheona Scales, Director of Research, Alzheimer’s Research UK, said:

“Research shows that nearly half (45 %) of dementia cases are linked to 14 risk factors, including type 2 diabetes. Recent studies suggest that some commonly prescribed diabetes medicines could help reduce the risk of dementia, but it’s still unclear which treatments are most effective. This new study adds to a growing body of evidence that GLP-1 medicines may play a role in lowering dementia risk.

“This is the first major study to compare the effect of two common diabetes treatments — GLP-1 medicines and metformin — on dementia risk, using health records from more than 174,000 people. The findings suggest that people with type 2 diabetes taking GLP-1 medicines had a lower risk of developing dementia than those taking metformin.

“Using real health records helps us understand how these medicines might work in everyday life — not just in clinical trials. And the findings suggest a lower dementia risk in those taking GLP-1 medicines, but the study cannot tell us how these medicines affect the underlying biology that causes dementia. People with type 2 diabetes often have other health conditions, like high blood pressure or high cholesterol, which are also linked to dementia — so it’s hard to untangle what role these factors might have had on dementia risk in this study.

“The two-year follow-up period may also be too short to tell what longer-term benefits these medicines may have on the brain. To build on the findings, we will need longer studies and clinical trials to look in detail at how different medicines may affect the brain and risk of developing dementia, in people with and without diabetes.

“Anyone who has concerns or questions about their diabetes medications, brain health or dementia risk should speak to their GP.”

Prof Patrick Kehoe, Gestetner Professor of Translational Dementia Research and Director of the Elizabeth Blackwell Institute for Health Research, University of Bristol, said:

“This retrospective observational study gives more credence to the growing narrative about Alzheimer’s disease, as opposed to Vascular dementias, having a strong insulin resistance component, which happens in ageing but is thought to be more pronounced in Alzheimer’s disease.

“But, as the authors acknowledge, it would need a formal trial to prove. There are some other considerations to note from this study. Most of the GLP-1 drugs studied in this group, of which there are several, remain largely under patent protection. This means they are more expensive and therefore not as widely available in some countries, such as those with public health care systems – compared to insurance-funded healthcare provision. So there is a possibility the favourable findings for this group of drugs may relate to the people who take them having some additional socioeconomic advantages, including diet, greater or more frequent access to exercise, and maybe higher or longer levels of education, that have also offered some other forms of protection.

“A properly designed blinded randomised clinical trial could help address and counter these potential sources of bias, allowing a better head-to-head comparison. Such a trial would also enable the monitoring of drug side effects, which is also important. However, such robust research would be prohibitively costly and time-consuming, particularly when some of the GLP-1 drugs are already off patent or soon to be, making them less attractive to investigate in the commercial sector, and so it would fall to ever-tightening publicly-funded schemes, such as UKRI or Research Charities in the UK to fund them.

“It may be the case that over time, as more GLP-1 drugs fall off patent and become available in cheaper forms, doctors will prescribe more of them because they have more choice and additional evidence might have become available. They are fortunate to have several choices to treat the diabetes which would be the more immediate concern. Further evidence of benefit may emerge in a way similar to what seems to have happened when there was a huge and successful effort to improve the detection and treatment of high blood pressure, in other words hypertension, and so with the increased levels of prescribing those drugs it possibly provided some protection as well as some slowing. Accordingly, reduced rates of dementia were observed, as reported in a similar observational study reported in 2016.

“In the absence of clear findings in relation to these drugs, people still have some choices. Continued efforts to maintain a healthy diet and lifestyle, as well as body weight, will help not only to lessen the effects of diabetes but also improve cardiovascular health, all of which can do no harm to quality of life – and may offer additional protection against dementia.”

Dr Martin Whyte, Associate Professor in Metabolic Medicine, University of Surrey, said:

“Type 2 diabetes (T2D) is known to increase the risk of cognitive impairment and dementia. Two of the most commonly prescribed medications for T2D are metformin and GLP-1 receptor agonists (GLP-1 drugs), which are primarily used to control blood sugar. However, GLP-1 drugs are known to have additional effects beyond glucose lowering, including actions on inflammation and the central nervous system.

“There has been growing interest in whether GLP-1 drugs might help reduce the risk of dementia. The REWIND trial, which tested dulaglutide (a GLP-1 drug) versus placebo in people with T2D, reported a 14% reduction in the risk of significant cognitive decline, although it was not specifically designed to assess dementia risk.

“In a new observational study by Sun and colleagues, based on routinely collected healthcare data, GLP-1 use was associated with a 10% lower risk of developing dementia (of all types) compared to metformin use. Since GLP-1 receptors are present throughout the brain, it is possible that the effect is direct; or it may be indirect—for example, via reductions in systemic inflammation or metabolic risk factors.

“However, this was an observational study, which means it is subject to bias and confounding. Notably, the authors did not provide detailed information about the characteristics of patients in each group, either before or after statistical matching, and treatment duration for either GLP-1 drugs or metformin was not reported. These limitations make it difficult to draw firm conclusions, but the findings add to the growing interest in the potential cognitive benefits of GLP-1 drugs. A number of prospective randomised controlled trials are ongoing, to examine whether GLP-1 drugs can reduce the risk of dementia.”

Dr Craig Beall, Senior Lecturer, University of Exeter, said:

“It is important to note that people with diabetes have a 60% increased risk of dementia. Earlier separate studies using health records have shown that both metformin and GLP-1RAs are associated with reduced dementia risk. This study puts the two drugs head-to-head and shows that GLP-1RAs seem to be associated with a superior risk reduction for dementia.”

“However, whether these drugs only reduce the diabetes related dementia risk is not yet clear. Whether people without diabetes could benefit is still unknown. What we need to determine this are randomised control trials and there are three large randomised control trials currently running. In these trials people without diabetes but with mild cognitive impairment, are given metformin or GLP-1RAs, and metformin in Alzheimer’s disease trial and EVOKE and EVOKE+ trials. Results are not expected until 2026. These studies will give the best evidence of whether these two drugs can slow progression or prevent full blown dementia from becoming established.”

Prof Tara Spires-Jones, Director of the Centre for Discovery Brain Sciences at the University of Edinburgh, Group Leader in the UK Dementia Research Institute, and Past President of the British Neuroscience Association said:

“This study adds to a series of recent papers indicating GLP-1 receptor agonists likely protect people with diabetes from developing dementia. Lin and colleagues looked at medical records from over 170,000 people with diabetes, half of whom were treated with GLP-1 receptor agonists and half treated with metformin, and the GLP-1 receptor agonist treatment was associated with 10% lower risk of dementia than metformin over a four year follow up time. As the authors point out, this type of study cannot prove that the GLP-1 receptor agonist treatment directly lowered dementia risk. The study also has limitations of relatively short follow up time of 4 years and the types of dementia diagnosed rely on physician diagnosis and were not confirmed with brain scans or other biomarkers, meaning the data on which types of dementia were prevented are not very robust. Overall, this study and many others coming out recently indicate GLP-1 receptor agonists likely lower dementia risk in people with diabetes. Further work is needed including randomised clinical trials to confirm these drugs are protective in people with type 2 diabetes and whether these drugs will be protective in people who do not have type 2 diabetes.”

‘Evaluating GLP-1 receptor agonists versus metformin as first-line therapy for reducing dementia risk in type 2 diabetes’ by Mingyang Sun et al. was published in BMJ Open Diabetes Research & Care at 23:30 UK time on Tuesday 22^nd July.

DOI: doi:10.1136/ bmjdrc-2025-004902

Declared interests

Prof Patrick Kehoe: No interests to declare.

Dr Martin Whyte: “I am a site PI at King’s College Hospital for the FOCUS study which is examining the effect of semaglutide on retinopathy. I am not a grant holder for this.”

Dr Craig Beall: CB has previously collaborated with Rigel Pharmacuticals Inc. (CA, USA) on a JDRF/Breakthrough T1D-funded research project.

CB is currently studying the effects of both drug types brain cells, in the context of diabetes.

Prof Tara Spires-Jones: I have no conflicts with this study but have received payments for consulting, scientific talks, or collaborative research over the past 10 years from AbbVie, Sanofi, Merck, Scottish Brain Sciences, Jay Therapeutics, Cognition Therapeutics, Ono, and Eisai. I am also Charity trustee for the British Neuroscience Association and the Guarantors of Brain and serve as scientific advisor to several charities and non-profit institutions.

Dr Richard Oakley: None

Dr Sheona Scales: None

MIL OSI United Kingdom –

July 23, 2025

MIL-OSI USA: ICYMI: GOP Senator Reveals the ‘Dirty’ Secret to Trump’s Make America Healthy Again Movement

US Senate News:

Source: United States Senator for Kansas Roger Marshall

Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) sat down with Fox News Digital to discuss the nearly 30 bipartisan bills he has proposed for his Make America Healthy Again (MAHA) legislative package. Senator Marshall is the chairman of the MAHA Caucus.
Read the full article HERE or below:
GOP Senator Reveals the ‘Dirty’ Secret to Trump’s Make America Healthy Again Movement
Alex Miller
Fox News Digital
July 18, 2025
For one lawmaker, the path to making Americans healthier starts in the dirt.
Sen. Roger Marshall, R-Kan., has styled himself as an early adopter of the Make America Healthy Again movement, a political slogan born on the 2024 campaign trail that has since seen major companies tweak their products to nix artificial additives.
But Marshall sees the initiative, commonly known as MAHA, as one that can start sooner than switching the oil in deep friers or swapping out high-fructose corn syrup for cane sugar in soda.
He has his own four pillars of MAHA, which include dialing up efficiency in agriculture; healthier, more nutrient-rich food; affordable access to primary care healthcare; and addressing mental health challenges among young people.
But it all starts below the surface with soil health.
“Soil is a dirty topic, you know, pun intended,” Marshall told Fox News Digital in an interview.
MAHA diehards and farmers are, at a surface level, at odds with one another, he said. For example, returning to an entirely organic food production process devoid of fertilizers would create healthier food, but also crank up the costs on consumers and strain farmland.
Earlier in the week, Marshall held a roundtable with Agriculture Secretary Brooke Rollins and Secretary of Health and Human Services Robert F. Kennedy Jr. to try and bridge that gap.
“Soil health seems to be the common ground,” he said. “So healthy soil meets healthy food meets healthy people. Rather than MAHA telling these farmers what you can and can’t do, we wanted to say, ‘What’s our goal here?’ If we have the same goals, then we’re going to figure this out. Well, the goal is healthy soil.”
Getting those two in a room together, along with experts on regenerative agriculture, which is a more holistic approach to farming that targets soil health by restoring and enhancing ecosystems, is just a part of his plan.
He also intends to drop a massive package of bills that is divided up into categories that echo his four pillars, including legislation geared toward health care, mental health, nutrition and agriculture.
Among the nearly 30 bills and amendments in the package is one Marshall is particularly keen to see codified. The Plant Biostimulant Act would spur usage of organisms that can be placed into the soil and that latch onto the roots of plants that absorb nitrates and more water, he said.
The bill ties in directly with his passion for regenerative agriculture, which uses fewer fertilizers, water and other status-quo farming techniques to produce healthier foods on more sustainable farmland, which, in turn, would yield a cheaper, more nutritious diet for Americans.
“It’s growing more with less,” he said.
Among the various, bipartisan pieces of legislation from both chambers are bills that would push mobile cancer screenings with grant funding, add mental health warnings for kids scrolling through social media, require more transparency in food ingredients, expansion of employer healthcare coverage for chronic diseases, and measures that would allow bleeding edge soil health technology and processes to be considered conservation practices and eligible for Farm Bill funding, among others.
Most bills need to get 60 votes to pass in the Senate, Marshall noted, and that led to a desire to incorporate as many bipartisan measures in the package as possible. It’s also a topic that, in spite of the political polarization in Washington, “unites us, rather than divides us.”
Still, with President Donald Trump in office, he sees the chance for the measures to pass as a kind of now or never moment.
“We’re seeing a time in our lives where the incidence of cancer, the age of cancer, is growing younger and younger, the age of Alzheimer’s onset is growing younger and younger, and we believe it’s an inflammatory reaction to the food that we’re eating that leads to all that,” he said.
“We think heart disease, hypertension, is really an inflammatory reaction… to the food we’re eating and the constantly high sugar levels in our blood system,” he continued. “So absolutely, I think, seize the moment. This is it.”

MIL OSI USA News –

July 23, 2025

MIL-OSI United Nations: Noting Almost 3 Billion People Lack Safe Place to Live, Deputy Secretary-General Urges Investment in Adequate Housing as Both Development, Peace Infrastructure

Source: United Nations General Assembly and Security Council

Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the joint Economic and Social Council and the United Nations Human Settlements Programme (UN-Habitat) high-level dialogue on adequate housing, today:

It is a privilege to join you today for this important dialogue. I thank the President of the Economic and Social Council and UN-Habitat for convening us at such a critical moment.

Let me begin with a simple question: What did it take for us to be here today? We woke up somewhere safe. We had an address where documents could reach us, where our families knew to find us. We had a place to eat a meal, charge our phones and prepare for this day. For almost 3 billion people on our planet, none of that is guaranteed.

This is why today’s dialogue — at this critical moment during the High-Level Political Forum — matters so urgently. Housing is not simply about a roof over one’s head. It is a fundamental human right and the foundation upon which peace itself rests. Sustainable development and sustainable peace are inseparable.

Today, in an increasingly urbanized world, almost 3 billion people still live in inadequate conditions, in informal settlements, overcrowded housing or with no shelter at all. Among them are more than 120 million refugees and internally displaced persons — families torn from their homes by conflict, persecution and violence.

When homes are destroyed, when families are forced to flee, when communities are uprooted, we witness how housing becomes both a casualty and weapon of war. In Gaza, in Ukraine, in Sudan, in Yemen, in Myanmar and beyond, we have seen this time and again.

There is no safe housing in rubble, and without shelter, we lose the very basis of social cohesion and stability that makes peace possible. This crisis touches every Sustainable Development Goal we’ve committed to achieving by 2030.

We often say that home is where the heart is. Our work on housing sits at the very heart of the Sustainable Development Goals, and when we secure adequate housing for all, we nurture the conditions where every other goal can flourish.

We know that when people have access to safe, adequate, and affordable housing, children perform better in school. Workers are more productive. Health outcomes improve dramatically. Decent work becomes accessible. Communities become more resilient to the forces that fuel conflict and division. And while adequate housing cannot eliminate gender-based violence within the home, it reduces women and girls’ exposure to violence in public spaces.

So, the reality is that the ambition of the 2030 Agenda to leave no one behind begins with something as fundamental as a safe place to call home. By 2030, 60 per cent of the world’s population will live in cities, rising to nearly 70 per cent by 2050.

We have the tools and the commitment to grow cities, not slums, guided by the New Urban Agenda’s call for planned, inclusive urbanization that ensures housing, services and dignity for all. Success or failure to deliver on our commitments will depend on our ability to act urgently and work together.

At the Financing for Development Forum, Member States rightly called for bold reforms and investments to strengthen the social contract. That must include housing, not as a stand-alone project, but as a driver of inclusive development.

The Pact for the Future reaffirmed the 2030 Agenda and gave us a mandate to make multilateralism deliver in the lives of people, in the neighbourhoods where they live. It also gave us a mandate to prevent conflict and sustain peace — and housing sits at the intersection of both.

Later this year, the Second World Social Summit offers us an opportunity to reaffirm that housing is critical for social protection, decent work, access to services, and essential to building a just and cohesive society. It is also an opportunity to recognize housing as a pillar of conflict prevention and peacebuilding.

As Chair of the UN Sustainable Development Group, I see how country teams are working every day with governments, civil society and local and regional governments to advance these goals.

But we need to do more. Concretely, that means aligning political commitment and financing with the urgency and scale of the challenge. It means investing in adequate housing, not just as development infrastructure, but peace infrastructure.

We also need to bring to the centre those who are too often pushed to the margins: women, young people, older persons, persons with disabilities, Indigenous Peoples, displaced populations and people living in homelessness.

Their voices and experiences must inform the policies and solutions because they know what works, what’s missing, and they can inform the solutions we need to scale. They also know intimately the connections between displacement, insecurity and conflict. Their involvement is the best measure of our commitment to equity, dignity and human rights.

The first place where opportunity begins or where it is denied is not an office building or a school – it’s a home. Together, let’s deliver not only shelter, but lasting solutions that offer security and a path to prosperity. Not only four walls and a roof, but the opportunity to live in dignity.

MIL OSI United Nations News –

July 23, 2025

MIL-OSI Security: ‘We knocked her out with some gummies:’ trafficker sent to prison for conspiring to smuggle toddler from Mexico

Source: Office of United States Attorneys

LAREDO, Texas – A 23-year-old Laredo woman has been ordered to prison for her role in an unaccompanied minor smuggling ring, announced U.S. Attorney Nicholas J. Ganjei.

Vanessa Valadez pleaded guilty Sept. 20, 2024, admitting she smuggled a child into the United States for financial gain.

U.S. District Judge Keith P. Ellison has now ordered her to serve 18 months in federal prison to be immediately followed by three years of supervised release.

“Those that choose to engage in the human trafficking business are not good people. They aren’t motivated by altruism or sympathy. They are paid to traffic in human beings, and they treat people they smuggle as nothing more than cargo,” said Ganjei. “The Southern District of Texas will not rest until all such smuggling rings—particularly those that deal in children—are completely eradicated.”

“The sentencing of this individual underscores the serious consequences for those who exploit and endanger vulnerable populations, especially children,” said Immigration and Customs Enforcement – Homeland Security Investigations (ICE-HSI) San Antonio Special Agent in Charge Craig S. Larrabee. “Drugging children to facilitate human smuggling is not only criminal it’s inhumane. HSI is committed to identifying and dismantling the criminal networks behind these horrific acts and ensuring those responsible are brought to justice.”

From August to September 2023, Valadez and other family members operated a child smuggling ring working to bring young illegal minors from Nuevo Laredo, Mexico, into the United States. All the children were under the age of five.

On the night of Sept. 19, 2023, members of the smuggling ring retrieved a young girl from a stash house which the organization members operated. The co-conspirators smuggled the girl across the border and delivered her to Valadez in downtown Laredo. Co-conspirators then took the child further into the United States and delivered her to unknown people.

Two days later, the ring attempted to transport another young girl. However, law enforcement intercepted them following a routine border inspection at the Juarez Lincoln Bridge in Laredo. To carry out their scheme, co-conspirators had sedated the girl with melatonin gummies and used an unlawfully obtained birth certificate to deceive authorities into believing the girl was a family member.

The investigation revealed the smuggling ring had attempted to similarly transport at least four girls into the United States, three of whom remain unidentified and their whereabouts are unknown. Members of the smuggling ring obtained birth certificates of U.S. citizen children to pose as a family unit at ports of entry to the United States. At times, organization members used melatonin gummies to sedate at least one child to ensure a successful smuggling attempt.

One text message uncovered in the investigation showed an image depicting an unconscious child and a caption, “La noquiamos con unas gomitas,” translated in English as “we knocked her out with some gummies.”

Co-conspirators Ana Laura Bryand, 47, Dallas; her niece Kayla Marie Bryand, 20, Jose Eduardo Bryand, 43, and Nancy Guadalupe Bryand, 44, all of Laredo; and Lizeth Esmeralda Bryand Arredondo, 32, Mexico, previously pleaded guilty and have all already been sentenced to federal prison.

ICE-HSI conducted the investigation with Customs and Border Protection’s Office of Field Operations and assistance from Border Patrol, Laredo Police Department, Department of Health and Human Services – Office of the Inspector General and FBI. Assistant U.S. Attorney Michael Makens and former Special Assistant U.S. Attorney Terence A. Check Jr. prosecuted the case.

MIL Security OSI –

July 23, 2025

MIL-OSI: iDox.ai Announces Launch of iDox.ai Privacy Scout: AI-Powered Solution That Goes Beyond DLP to Protect Sensitive Data in Real Time

Source: GlobeNewswire (MIL-OSI)

Fremont, California , July 22, 2025 (GLOBE NEWSWIRE) — iDox.ai, a U.S.-based provider of AI-powered document compliance tools, announces the launch of iDox.ai Privacy Scout, an advanced Data Loss Prevention (DLP) solution engineered to detect and protect sensitive information in real time, particularly in environments deploying Generative AI.

iDox.ai

As organizations adopt artificial intelligence across industries, new challenges emerge in safeguarding Personally Identifiable Information (PII), Protected Health Information (PHI), and other confidential data. Privacy Scout responds to these challenges by offering an automated solution that monitors and intercepts sensitive information before it can be exposed or misused.

Importantly, iDox.ai Privacy Scout promotes the secure sharing of documents with AI tools while protecting the PII within them. Unlike traditional DLP tools, iDox.ai Privacy Scout doesn’t treat next-generation AI as a threat—it enables its safe use. This is a key differentiator that empowers organizations to embrace AI innovation without compromising on privacy.

Key capabilities of iDox.ai Privacy Scout include:

Real-Time Detection and Redaction: The system applies intelligent AI models to scan documents and files for sensitive content. It instantly redacts or restricts access to flagged data, preventing unauthorized disclosure.
Industry-Wide Compatibility: Built for seamless deployment across healthcare, finance, legal, corporate IT, and government sectors, iDox.ai Privacy Scout integrates effortlessly into existing workflows while strengthening your organization’s data protection framework. The application installs directly on employees’ devices, ensuring immediate protection at the endpoint. For enterprise environments, it includes a centralized management console for streamlined oversight, policy enforcement, and user activity monitoring.

Compliance Support: iDox.ai Privacy Scout helps organizations meet global data protection regulations such as HIPAA and GDPR, making it a strategic asset for businesses aiming to maintain data security and regulatory compliance.

“With the rise of Generative AI, businesses face new risks related to data privacy and unintentional information leaks,” said Jeremy Wei, CEO of iDox.ai. “iDox.ai Privacy Scout offers a reliable DLP solution that allows organizations to stay compliant while leveraging the advantages of AI.”

iDox.ai Privacy Scout joins iDox.ai’s suite of AI-driven compliance products, which includes tools for redaction, document comparison, and regulatory reporting. Together, these solutions help clients maintain secure information practices and implement effective Data Loss Prevention strategies.

The launch of iDox.ai Privacy Scout reinforces iDox.ai’s mission to develop technology that addresses evolving compliance challenges and strengthens trust in digital operations.

Organizations seeking early access or additional product details can visit: https://www.idox.ai/products/privacy-scout

About iDox.ai

Headquartered in Fremont, California, iDox.ai specializes in artificial intelligence tools for document management, redaction, and regulatory compliance. The company supports public and private sector organizations in securing data, reducing manual risk, and maintaining compliance in dynamic digital environments.

The MIL Network –

July 23, 2025

MIL-OSI USA: Frost and Cherfilus-McCormick Reintroduce Bill to Prevent Radioactive Materials from Being Used to Build Roads – the “No Radioactive Roads Act”

Source: United States House of Representatives – Representative Maxwell Frost Florida (10th District)

July 22, 2025

Frost’s Bill Would Prevent Cancer-Causing Fertilizer Byproduct from Being Used in Road Construction

WASHINGTON, D.C. — Today, Congressman Maxwell Alejandro Frost (D-FL) and Congresswoman Sheila Cherfilus-McCormick (D-FL) reintroduced the No Radioactive Roads Act, legislation to ensure the current Trump Administration or any future administration cannot allow for deadly, cancer-causing radioactive material, phosphogypsum (PG), to be used in road construction. Florida is the world’s largest PG producing area with 1 billion tons of PG stored in stacks, mainly in the Central Florida region.

The Biden-Harris Administration quickly reversed the first Trump Administration’s unscientific decision to allow PG in road construction in 2021. However, with Trump’s return to office, PG’s threat to people’s health is once again imminent.

In 2021, a tear at a PG stack facility allowed for millions of gallons of untreated wastewater to be released into Tampa Bay, devastating the clean waters of the bay and causing a red tide outbreak, killing millions of fish. Despite the environmental fallout, in 2023, Governor Ron DeSantis signed a bill into law to allow the cancer-causing material to be used in road construction. Most recently, ahead of the Trump Administration taking office, the Environmental Protection Agency authorized Mosaic’s pilot road project to use 1,200 tons of the hazardous material in Polk County, Florida.

Frost and Cherfilus-McCormick first introduced the bill in 2024.

“As Florida allows for PG to be used in our roads, endangering our workers, drivers, and entire communities, we need immediate federal action that puts public health over corporate profits,” said Congressman Maxwell Frost. “The science is abundantly clear—PG is a deadly, cancer-causing substance that harms our environment and puts lives at risk, and no administration should be able to permit its use without the highest safety standards. It’s unacceptable that the fertilizer industry is looking to offload toxic waste into our roads in order to boost their profits while leaders like DeSantis and Donald Trump enable it. The No Radioactive Roads Act puts our people, our planet, and our future over the profits of corporate polluters.”

“Protecting the health and safety of our communities must be our top priority. Using radioactive materials like phosphogypsum in road construction endangers our families, harms our environment, and puts our future at risk,” said Congresswoman Sheila Cherfilus-McCormick. “The No Radioactive Roads Act is a crucial step in preventing communities from facing the long-term dangers of toxic exposure. I am proud to partner with Congressman Maxwell Frost on this legislation to protect the well-being of every Floridian.”

“The EPA’s decision to weaken standards for phosphogypsum is both reckless and unfounded. We cannot allow the health and safety of our communities to be sacrificed for the financial interests of the fertilizer industry, which seeks to profit from incorporating this radioactive byproduct into our roads. The science is clear: exposure to phosphogypsum is directly linked to significantly increased cancer risk. We will not tolerate policies that endanger our residents and workers,” said Orange County Commissioner Kelly Martinez Semrad. “In Orange County, I am also introducing an accompanying resolution to prohibit the use of phosphogypsum in local roadway projects. Our stance is firm, and our message is clear: I fully support Congressman Frost’s bill on behalf of the people of our district, the state of Florida, and communities across the country.”

The No Radioactive Roads Act has been endorsed by the League of Conservation Voters, Center for Biological Diversity, Food & Water Watch, Surfrider Foundation, and the Save Split Oak Campaign.

“Representative Frost’s No Radioactive Roads Act will help protect the health and safety of communities as the Trump administration continues to roll back protections from toxic pollutants. Constructing roads with radioactive, cancer-causing phosphogypsum can harm workers, drivers, and nearby families who are already most impacted by environmental injustice and the climate crisis. We will continue to fight alongside our climate champions in Congress like Representative Frost to pass legislation to protect the health of our communities, our air and water, and our future generations,” said Madeleine Foote, Healthy Communities Program Director for League of Conservation Voters.

“The EPA made it clear decades ago that radioactive phosphogypsum has no place in our roads,” said J.W. Glass, EPA policy specialist at the Center for Biological Diversity. “While Rep. Frost shouldn’t have to introduce legislation just to get the EPA to follow its own rules, this bill provides clear direction the agency needs to keep our water, workers and wildlife safe from radiation and other pollutants tied to this toxic waste.”

“We sincerely thank Representative Frost for championing the No Radioactive Roads Act, which takes decisive action to safeguard our communities from the significant risks posed by phosphogypsum. Florida has experienced firsthand the devastating consequences of mismanaging this hazardous material, including the Piney Point disaster, where over 200 million gallons of contaminated wastewater spilled into Tampa Bay. Using phosphogypsum in road construction would endanger workers, drivers, drinking water supplies, and fragile ecosystems, not just in Florida but across the country. This legislation is a crucial step toward protecting public health and preserving the safety of our water resources. We are committed to working with Congress and communities to ensure this vital bill becomes law and helps prevent future disasters,” said Jim Walsh, Policy Director, Food & Water Watch.

“Clean water and resilient watersheds are the foundation of healthy coastal communities and strong economies. The use of radioactive waste in roads presents a serious risk that puts public health and the environment in jeopardy for generations to come. The ‘No Radioactive Roads Act’ introduces common-sense safeguards for protecting human health, requiring water quality monitoring, and ensuring transparency,” said Katie Bauman, Florida Policy Manager for Surfrider Foundation.

“On behalf of the Save Split Oak Forest campaign, we strongly support Congressman Frost’s No Radioactive Roads Act. This legislation is crucial for safeguarding Florida’s ecosystems from the dangers of radioactive road runoff, which can harm our waterways, soil, and wildlife. Protecting conservation lands like Split Oak Forest is essential for preserving biodiversity and ensuring smart, sustainable growth. We urge all members of Congress to back this act to prevent harmful pollution and promote a future where Florida’s natural environment and communities can thrive together,” said Lee Perry, Lead Volunteer of the Save Split Oak Campaign.

Additional Background:

For over 30 years, the Environmental Protection Agency (EPA) has prohibited the use of phosphogypsum (PG) for road construction because this fertilizer waste product emits deadly, cancer-causing radon gas and contains toxic heavy metals like arsenic, lead, mercury, and sulfur.

These toxins can become airborne or seep into the soil and groundwater. One of these elements, radium-226, has a 1,600-year half-life and will poison generations of people working on, living near, or traveling over any future radioactive roads.

Scientific research makes clear that phosphogypsum (PG) is not safe to use as a road building material, but just months before leaving office, the first Trump Administration green-lit PG to be used in road construction.

The Biden-Harris Administration quickly reversed the Trump Administration’s decision to allow PG in road construction but this means that PG’s threat to people’s health and safety can reemerge under the new Trump Administration.

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MIL OSI USA News –

July 23, 2025

MIL-OSI USA: Senate Intelligence Authorization Bill Advances with Key Provisions Authored by Senator Collins

US Senate News:

Source: United States Senator for Maine Susan Collins

July 22, 2025

Washington, D.C. – U.S. Senator Susan Collins, a member of the Senate Select Committee on Intelligence, announced that the Committee advanced the Intelligence Authorization Act (IAA) for Fiscal Year 2026 by a 15-2 vote. The bill authorizes funding, provides legal authorities, and enhances congressional oversight for the U.S. Intelligence Community, and includes multiple provisions authored by Senator Collins. The bill now awaits consideration by the full Senate.

“The Intelligence Authorization Act for Fiscal Year 2026 is critical for the Intelligence Community to defend U.S. interests and to arm policy and decision makers with critical information,” said Senator Collins. “This bipartisan bill would also build upon the effectiveness of the security clearance process, strengthen cybersecurity, and increase congressional oversight of the Intelligence Community.”

The provisions co-authored by Senator Collins address the following issues:

Requiring improvement to the security of our voting and election systems through cybersecurity penetration testing and accreditation, by amending the Help America Vote Act of 2002. This provision was co-authored with Chairman Warner, and was originally introduced as the SECURE IT Act (“Strengthening and Enhancing Cybersecurity by Using Research, Education, Information, and Technology” Act) in the FY24 and FY25 IAA.
Ensuring continued support for victims of Anomalous Health Incidents (AHIs) by mandating that the Intelligence Community support Department of Defense AHI medical research, along with a requirement for the ODNI to issue standard AHI reporting guidelines. This provision was co-sponsored with Senators Cotton, Warner and Gillibrand.
Extension of the Cybersecurity Information Sharing Act of 2015, to 2035. This provision was co-sponsored with Senators Warner, King, and Rounds.

Additional subjects of critical importance to Senator Collins which were included in this IAA were: AHI budget increase to military intelligence centers and health agencies for medical and mechanical research; new policy requirements to support biomedical and biotechnological research to defend against various threats; and multiple security clearance reform initiatives.

MIL OSI USA News –

July 23, 2025

MIL-OSI USA: Kelly highlights need for Medicare Advantage Prior Authorization reform during Ways & Means hearing

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

WASHINGTON, D.C. — Today, during a joint hearing of the Ways & Means Subcommittees on Health & Oversight, U.S. Rep. Mike Kelly (R-PA), a member of the Ways & Means Subcommittee on Health, renewed calls for Medicare Advantage Prior Authorization reform and highlighted his highly popular legislation, the bipartisan Improving Seniors’ Timely Access to Care Act.

“More than 33 million Americans, including more than 1.5 million Pennsylvanians, rely on Medicare Advantage as a part of their coverage. Patients, practitioners, and policymakers all agree — modernization of the prior authorization process is long overdue, and my legislation does just that,” said Rep. Kelly. “I am proud to reintroduce the Improving Seniors’ Timely Access to Care Act of 2025, which would move the health care sector into the 21st century by giving doctors and Medicare Advantage plans the tools to make health coverage decisions in a timely manner.”

During Tuesday’s hearing, which focused on Medicare Advantage, Kelly highlighted how the legislation would improve both patient costs and patient outcomes. Kelly’s legislation has 145 co-sponsors in the U.S. House during the 119th Congress.

You can watch his remarks from Tuesday’s hearing here.

BACKGROUND

The Improving Seniors’ Timely Access to Care Act would:

Establish an electronic prior authorization process for MA plans including a standardization for transactions and clinical attachments.
Increase transparency around MA prior authorization requirements and its use.
Clarify HHS’ authority to establish timeframes for e-prior authorization requests including expedited determinations, real-time decisions for routinely approved items and services, and other prior authorization requests.
Expand beneficiary protections to improve enrollee experiences and outcomes.
Require HHS and other agencies to report to Congress on program integrity efforts and other ways to further improve the e-PA process.
Previously, Rep. Kelly led similar legislation in the 118th Congress. The Improving Seniors’ Timely Access to Care Act unanimously passed the House in the 117th Congress and was cosponsored by a majority of members in the Senate and House of Representatives.

You can read the full bill text here and a section-by-section here.

MIL OSI USA News –

July 23, 2025

MIL-OSI: Timberland Bancorp Third Fiscal Quarter Net Income Increases to $7.10 Million

Source: GlobeNewswire (MIL-OSI)

Quarterly EPS Increases 22% to $0.90 from $0.74 One Year Ago
Quarterly Net Interest Margin Increases to 3.80%
Quarterly Return on Average Assets Increases to 1.47%
Quarterly Return on Average Equity Increases to 11.23%
Announces New Stock Repurchase Program

HOQUIAM, Wash., July 22, 2025 (GLOBE NEWSWIRE) — Timberland Bancorp, Inc. (NASDAQ: TSBK) (“Timberland” or “the Company”), the holding company for Timberland Bank (the “Bank”), today reported net income of $7.10 million, or $0.90 per diluted common share for the quarter ended June 30, 2025. This compares to net income of $6.76 million, or $0.85 per diluted common share for the preceding quarter and $5.92 million, or $0.74 per diluted common share, for the comparable quarter one year ago.

For the first nine months of fiscal 2025, Timberland’s net income increased 16% to $20.72 million, or $2.60 per diluted common share, from $17.93 million, or $2.21 per diluted common share for the first nine months of fiscal 2024.

“Timberland delivered solid third fiscal quarter results, driven by continued net interest margin expansion and steady balance sheet growth,” stated Dean Brydon, Chief Executive Officer. “Net income and earnings per share increased 20% and 22%, respectively, compared to the third fiscal quarter a year ago. Compared to the prior quarter, net income and earnings per share increased 5% and 6%, respectively, primarily due to higher net interest income and non-interest income. We also posted year-over-year improvements across all key profitability metrics, and our tangible book value per share (non-GAAP) continued its upward trend. Looking ahead we believe our strong capital position, solid earnings, and continued focus on disciplined growth position us well to navigate the current environment and drive long-term shareholder value.”

“As a result of Timberland’s strong earnings and sound capital position, our Board of Directors announced a quarterly cash dividend to shareholders of $0.26 per share, payable on August 22, 2025, to shareholders of record on August 8, 2025,” stated Jonathan Fischer, President and Chief Operating Officer. “This represents the 51st consecutive quarter Timberland will have paid a cash dividend. In addition, the Company also announced the adoption of a new stock repurchase program. We believe Timberland stock presents a strong investment opportunity, and buying back shares is a strategy to enhance long-term value for shareholders. Under the new repurchase program, the Company may repurchase up to 5% of the outstanding shares, or 393,842 shares. The new stock repurchase program replaces our existing stock repurchase program, which had 31,762 shares available to be repurchased.”

“Our net interest margin continued to show positive momentum in the third fiscal quarter, expanding to 3.80%,” said Marci Basich, Chief Financial Officer. “This represents a one basis point increase from the prior quarter and a 27 basis point improvement compared to the same period last year, reflecting our disciplined asset-liability management and favorable shift in earning asset yields. Total deposits grew by $19 million, or 1%, during the quarter, driven primarily by higher balances in certificates of deposit. This growth highlights the continued strength of our customer relationships and the effectiveness of our deposit-gathering strategies. We remain focused on maintaining a well-balanced funding mix while sustaining stable margin performance going forward.”

“The loan portfolio continues to expand at a steady pace, with growth of 2% over the prior quarter and 3% year-over year,” Brydon continued. “Credit quality remains an area we are monitoring closely, as we are seeing a mix of stable-to-positive trends alongside a few metrics that have shown modest deterioration. Net charge-offs continue to be minimal, with net recoveries of $1,000 during the third quarter. Our non-performing assets (“NPA”) ratio increased to 0.21% at June 30, 2025, compared to 0.13% at the end of the prior quarter. However, it remains a slight improvement from the 0.22% reported a year ago. Although non-accrual loans increased this quarter primarily due to a single matured loan, total non-accrual balances remain modestly below year-ago levels.”

Earnings and Balance Sheet Highlights (at or for the periods ended June 30, 2025, compared to June 30, 2024, or March 31, 2025):

Earnings Highlights:

Earnings per diluted common share (“EPS”) increased 6% to $0.90 for the current quarter from $0.85 for the preceding quarter and increased 22% from $0.74 for the comparable quarter one year ago; EPS increased 18% to $2.60 for the first nine months of fiscal 2025 from $2.21 for the first nine months of fiscal 2024;
Net income increased 5% to $7.10 million for the current quarter from $6.76 million for the preceding quarter and increased 20% from $5.92 million for the comparable quarter one year ago; Net income increased 16% to $20.72 million for the first nine months of fiscal 2025 from $17.93 million for the first nine months of fiscal 2024;
Return on average equity (“ROE”) and return on average assets (“ROA”) for the current quarter were 11.23% and 1.47%, respectively;
Net interest margin (“NIM”) for the current quarter expanded to 3.80% from 3.79% for the preceding quarter and 3.53% for the comparable quarter one year ago; and
The efficiency ratio for the current quarter improved to 54.48% from 56.25% for the preceding quarter and 58.97% for the comparable quarter one year ago.

Balance Sheet Highlights:

Total assets increased 1% from the prior quarter and increased 3% year-over-year;
Net loans receivable increased 2% from the prior quarter and increased 3% year-over-year;
Total deposits increased 1% from the prior quarter and increased 3% year-over-year;
Total shareholders’ equity increased 2% from the prior quarter and increased 6% year-over-year; 34,236 shares of common stock were repurchased during the current quarter for $1.02 million;
Non-performing assets to total assets ratio was 0.21% at June 30, 2025 compared to 0.13% at March 31, 2025 and 0.22% at June 30, 2024;
Book and tangible book (non-GAAP) values per common share increased to $32.58 and $30.62 respectively, at June 30, 2025; and
Liquidity (both on-balance sheet and off-balance sheet) remained strong at June 30, 2025 with only $20 million in borrowings and additional secured borrowing line capacity of $674 million available through the Federal Home Loan Bank (“FHLB”) and the Federal Reserve.

Operating Results

Operating revenue (net interest income before the provision for credit losses plus non-interest income) for the current quarter increased 3% to $20.50 million from $19.90 million for the preceding quarter and increased 9% from $18.77 million for the comparable quarter one year ago. The increase in operating revenue compared to the preceding quarter was primarily due to increases in total interest and dividend income and non-interest income, which were partially offset by an increase in total funding costs. Operating revenue increased 8% to $60.06 million for the first nine months of fiscal 2025 from $55.82 million for the first nine months of fiscal 2024, primarily due to an increase in total interest and dividend income, which was partially offset by an increase in funding costs.

Net interest income increased $409,000, or 2%, to $17.62 million for the current quarter from $17.21 million for the preceding quarter and increased $1.64 million, or 10%, from $15.98 million for the comparable quarter one year ago. The increase in net interest income compared to the preceding quarter was primarily due to a $20.80 million increase in the average balance of total interest-earning assets and, to a lesser extent, a two-basis point increase in the weighted average yield on total interest-earning assets to 5.50% from 5.48%. These increases were partially offset by a $20.21 million increase in the average balance of interest-bearing liabilities and a two-basis point increase in the weighted average cost of interest-bearing liabilities. Timberland’s NIM for the current quarter expanded to 3.80% from 3.79% for the preceding quarter and 3.53% for the comparable quarter one year ago. The NIM for the current quarter was increased by approximately four basis points due to the collection of $102,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $68,000 of the fair value discount on acquired loans. The NIM for the preceding quarter was increased by approximately five basis points due to the collection of $201,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $17,000 of the fair value discount on acquired loans. The NIM for the comparable quarter one year ago was increased by approximately three basis points due to the collection of $124,000 in pre-payment penalties, non-accrual interest, and late fees, and the accretion of $9,000 of the fair value discount on acquired loans. Net interest income for the first nine months of fiscal 2025 increased $4.19 million, or 9%, to $51.81 million from $47.62 million for the first nine months of fiscal 2024, primarily due to a 32 basis point increase in the weighted average yield of total interest-earning assets to 5.49% from 5.17% and a $49.96 million increase in the average balance of total interest-earning assets. These increases to net interest income were partially offset by a seven basis point increase in the weighted average cost of interest-bearing liabilities to 2.53% from 2.46% and a $58.86 million increase in the average balance of total interest-bearing liabilities. Timberland’s NIM expanded to 3.74% for the first nine months of fiscal 2025 from 3.53% for the first nine months of fiscal 2024.

A $351,000 provision for credit losses on loans was recorded for the quarter ended June 30, 2025. The provision was primarily due to loan portfolio growth and changes in the composition of the loan portfolio. This compares to a $237,000 provision for credit losses on loans for the preceding quarter and a $264,000 provision for credit losses on loans for the comparable quarter one year ago. In addition, a $93,000 provision for credit losses on unfunded commitments and a $4,000 recapture of credit losses on investment securities were recorded for the current quarter.

Non-interest income increased $188,000, or 7%, to $2.88 million for the current quarter from $2.69 million for the preceding quarter and increased $84,000, or 3%, from $2.79 million for the comparable quarter one year ago. The increase in non-interest income compared to the preceding quarter was primarily due to an increase in ATM and debit card interchange transaction fees and smaller changes in several other categories. Fiscal year-to-date non-interest income increased by 1%, to $8.26 million from $8.20 million for the first nine months of fiscal 2024.

Total operating (non-interest) expenses for the current quarter decreased $27,000 (less than 1%), to $11.17 million from $11.19 million for the preceding quarter and increased $98,000, or 1%, from $11.07 million for the comparable quarter one year ago. The decrease in operating expenses compared to the preceding quarter was primarily due to decreases in salaries and employee benefits, premises and equipment, technology and communications, professional fees, and smaller decreases in several other expense categories. These decreases were partially offset by increases in state and local taxes and smaller increases in several other expense categories. The efficiency ratio for the current quarter improved to 54.48% from 56.25% for the preceding quarter and 58.97% for the comparable quarter one year ago. Fiscal year-to-date operating expenses increased 2% to $33.43 million from $32.68 million for the first nine months of fiscal 2024. The efficiency ratio for the first nine months of fiscal 2025 improved to 55.65% from 58.55% for the first nine months of fiscal 2024.

The provision for income taxes for the current quarter increased $85,000, or 5%, to $1.79 million from $1.71 million for the preceding quarter, primarily due to higher taxable income. Timberland’s effective income tax rate was 20.1% for the quarter ended June 30, 2025, compared to 20.2% for the quarter ended March 31, 2025 and 20.6% for the quarter ended June 30, 2024. Timberland’s effective income tax rate was 20.1% for the first nine months of fiscal 2025 compared to 20.2% for the first nine months of fiscal 2024.

Balance Sheet Management

Total assets increased $24.46 million, or 1%, during the quarter to $1.96 billion at June 30, 2025 from $1.93 billion at March 31, 2025 and increased $56.56 million, or 3%, from $1.90 billion one year ago. The increase during the current quarter was primarily due to a $21.42 million increase in net loans receivable and smaller increases in several other categories.

Liquidity

Timberland has continued to maintain a strong liquidity position, both on-balance sheet and off-balance sheet. Liquidity, as measured by the sum of cash and cash equivalents, CDs held for investment, and available for sale investment securities, was 17.0% of total liabilities at June 30, 2025, compared to 16.9% at March 31, 2025, and 14.7% one year ago. Timberland also had secured borrowing line capacity of $674 million available through the FHLB and the Federal Reserve at June 30, 2025. With a strong and diversified deposit base, only 17% of Timberland’s deposits were uninsured or uncollateralized at June 30, 2025. (Note: This calculation excludes public deposits that are fully collateralized.)

Loans

Net loans receivable increased $21.42 million, or 2%, during the quarter to $1.44 billion at June 30, 2025 from $1.42 billion at March 31, 2025. This increase was primarily due to a $21.83 million increase in multi-family loans, a $5.67 million increase in commercial real estate loans, a $3.89 million increase in land loans and smaller increases in several other loan categories. These increases were partially offset by a $5.50 million decrease in construction loans, a $4.80 million decrease in commercial business loans, and smaller decreases in several other loan categories. The increase in multi-family loans was, in large part, due to several multi-family construction projects being completed and converting to permanent financing during the quarter.

Loan Portfolio ($ in thousands)

	June 30, 2025			March 31, 2025				June 30, 2024
	Amount		Percent	Amount		Percent		Amount		Percent
Mortgage loans:
One- to four-family (a)	$317,574		21%	$315,421		21%		$288,611		19%
Multi-family		200,418	13		178,590	12			177,950	12
Commercial		607,924	40		602,248	40			597,865	40
Construction – custom and
owner/builder		128,900	8		114,401		7		128,222	9
Construction – speculative one-to four-family		9,595	1		9,791	1			11,441	1
Construction – commercial		15,992	1		22,352	1			32,130	2
Construction – multi-family		32,731	2		46,602	3			35,631	2
Construction – land
development		15,461	1		15,032	1			19,104	1
Land		36,193	2		32,301	2			32,384	2
Total mortgage loans		1,364,788	89		1,336,738	88			1,323,338	88

Consumer loans:
Home equity and second
mortgage		47,511	3		47,458	3			43,679	3
Other		2,176	—		2,375	—			3,121	—
Total consumer loans		49,687	3		49,833	3			46,800	3

Commercial loans:
Commercial business loans		126,497	8		131,243	9			136,213	9
SBA PPP loans		101	—		156	—			314	—
Total commercial loans		126,598	8		131,399	9			136,527	9
Total loans		1,541,073	100%		1,517,970	100%			1,506,665	100%
Less:
Undisbursed portion of
construction loans in
process		(76,272)			(75,042)				(87,196)
Deferred loan origination
fees		(5,427)			(5,329)				(5,404)
Allowance for credit losses		(17,878)			(17,525)				(17,046)
Total loans receivable, net	$1,441,496			$1,420,074				$1,397,019

_______________________
(a) Does not include one- to four-family loans held for sale totaling $1,763, $1,151, and $1,795 at June 30, 2025, March 31, 2025, and June 30, 2024, respectively.

The following table provides a breakdown of commercial real estate (“CRE”) mortgage loans by collateral type as of June 30, 2025:

CRE Loan Portfolio Breakdown by Collateral ($ in thousands)
Collateral Type	Balance		Percent of CRE Portfolio	Percent of Total Loan Portfolio	Average Balance Per Loan		Non- Accrual
Industrial warehouses	$128 822		21%	8%	$1 301		$161
Medical/dental offices		81 238	13	5		1 269		—
Office buildings		68 916	11	5		801		—
Other retail buildings		54 472	9	3		567		—
Mini-storage		38 483	6	2		1 539		—
Hotel/motel		31 656	5	2		2 638		—
Restaurants		27 485	5	2		585		—
Gas stations/conv. stores		24 359	4	2		1 015		—
Churches		14 690	3	1		918		—
Nursing homes		13 532	2	1		2 255		—
Shopping centers		10 507	2	1		1 751		—
Mobile home parks		8 882	2	1		444		—
Additional CRE		104 882	17	7		760		—
Total CRE	$607 924		100%	40%	$951		$161

Timberland originated $81.99 million in loans during the quarter ended June 30, 2025, compared to $56.76 million for the preceding quarter and $74.32 million for the comparable quarter one year ago. Timberland continues to originate fixed-rate one- to four-family mortgage loans, a portion of which are sold into the secondary market for asset-liability management purposes and to generate non-interest income. During the current quarter, fixed-rate one- to four-family mortgage loans totaling $5.11 million were sold compared to $5.17 million for the preceding quarter and $3.05 million for the comparable quarter one year ago.

Investment Securities

Timberland’s investment securities and CDs held for investment increased $2.04 million, or 1%, to $237.36 million at June 30, 2025, from $235.33 million at March 31, 2025. The increase was primarily due to the purchase of additional U.S. government agency mortgage-backed investment securities and U.S. Treasury investment securities. Partially offsetting these increases was the sale of $13.49 million available for sale investment securities, which resulted in a net gain of $24,000.

Deposits

Total deposits increased $18.65 million, or 1%, during the quarter to $1.67 billion at June 30, 2025, from $1.65 billion at March 31, 2025. The quarter’s increase consisted of a $16.01 million increase in certificates of deposit account balances, a $4.66 million increase in money market account balances, and a $1.60 million increase in NOW checking account balances. These decreases were partially offset by a $2.03 million decrease in savings account balances and a $1.59 million decrease in non-interest-bearing checking account balances.

Deposit Breakdown ($ in thousands)

	June 30, 2025		March 31, 2025		June 30, 2024
	Amount	Percent	Amount	Percent	Amount	Percent
Non-interest-bearing demand	$406,222	24%	$407,811	25%	$407,125	25%
NOW checking	334,922	20	333,325	20	324,795	20
Savings	205,829	12	207,857	13	207,921	13
Money market	305,207	18	300,552	18	327,162	20
Certificates of deposit under $250	244,063	15	227,137	14	195,022	12
Certificates of deposit $250 and over	126,254	8	124,009	7	117,788	7
Certificates of deposit – brokered	46,980	3	50,139	3	48,731	3
Total deposits	$1,669,477	100%	$1,650,830	100%	$1,628,544	100%

Borrowings

Total borrowings were $20.00 million at both June 30, 2025 and March 31, 2025. At June 30, 2025, the weighted average rate on the borrowings was 3.97%.

Shareholders’ Equity and Capital Ratios

Total shareholders’ equity increased $4.14 million, or 2%, to $256.66 million at June 30, 2025, from $252.52 million at March 31, 2025, and increased $15.44 million, or 6%, from $241.22 million at June 30, 2024. The increase in shareholders’ equity during the quarter was primarily due to net income of $7.10 million, which was partially offset by the payment of $2.05 million in dividends to shareholders and the repurchase of 34,236 shares of common stock for $1.02 million (an average price of $29.74 per share).

Timberland remains well capitalized with a total risk-based capital ratio of 20.54%, a Tier 1 leverage capital ratio of 12.63%, a tangible common equity to tangible assets ratio (non-GAAP) of 12.42%, and a shareholders’ equity to total assets ratio of 13.11% at June 30, 2025. Timberland’s held to maturity investment securities were $141.57 million at June 30, 2025, with a net unrealized loss of $5.99 million (pre-tax). Although not permitted by U.S. Generally Accepted Accounting Principles (“GAAP”), including these unrealized losses in accumulated other comprehensive income (loss) (“AOCI”) would result in a ratio of shareholders’ equity to total assets of 12.90%, compared to 13.11%, as reported.

New Stock Repurchase Program

The Company announced a new stock repurchase program today. Under the repurchase program, the Company may repurchase up to 5% of the Company’s outstanding shares, or 393,842 shares. The new stock repurchase program replaces the existing stock repurchase program which had 31,762 shares available to be repurchased.

The repurchase program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission (“SEC”). Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interest of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the SEC and other applicable legal requirements. The repurchase program may be suspended, terminated, or modified at any time for any reason, including market conditions, the cost of repurchasing the shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.

Asset Quality
Timberland’s non-performing assets to total assets ratio was 0.21% at June 30, 2025, compared to 0.13% at March 31, 2025 and 0.22% at June 30, 2024. Net recoveries totaled $1,000 for the current quarter compared to net charge-offs of less than $1,000 for the preceding quarter and net charge-offs of $36,000 for the comparable quarter one year ago. During the current quarter, provisions for credit losses of $351,000 on loans and $93,000 unfunded commitments were made, which was partially offset by a $4,000 recapture of credit losses on investment securities. The allowance for credit losses (“ACL”) for loans as a percentage of loans receivable was 1.23% at June 30, 2025, compared to 1.22% at March 31, 2025 and 1.21% one year ago.

Total delinquent loans (past due 30 days or more) and non-accrual loans increased $2.86 million or 86%, to $6.18 million at June 30, 2025, from $3.32 million at March 31, 2025 and increased $1.95 million, or 46%, from $4.23 million at June 30, 2024. Non-accrual loans increased $1.52 million, or 65%, to $3.84 million at June 30, 2025 from $2.33 million at March 31, 2025 and decreased $277,000, or 7%, from $4.12 million at March 31, 2024. The quarterly increase in non-accrual loans was primarily due to one loan (secured by several single family homes) being past maturity. The loan is well collateralized (based on recent appraisals) and the Bank is working with the borrower to renew the loan. Loans graded “Substandard” totaled $32.37 million (or 2% of total loans receivable) at June 30, 2025.

Non-Accrual Loans ($ in thousands)

	June 30, 2025			March 31, 2025			June 30, 2024
	Amount		Quantity	Amount		Quantity	Amount		Quantity
Mortgage loans:
One- to four-family	$1,781		1	$47		1	$135		2
Commercial		161	2		324	3		1,310	4
Construction – custom and
owner/builder		—	—		—	—		152	1
Total mortgage loans		1,942	3		371	4		1,597	7

Consumer loans:
Home equity and second
mortgage		575	3		575	3		615	3
Other		—	—		—	—		—	—
Total consumer loans		575	3		575	3		615	3

Commercial business loans		1,326	9		1,381	11		1,908	8
Total loans	$3,843		15	$2,327		18	$4,120		18

Timberland had two properties classified as other real estate owned (“OREO”) at June 30, 2025:

	June 30, 2025			March 31, 2025			June 30, 2024
	Amount		Quantity	Amount		Quantity	Amount		Quantity
Other real estate owned:
Commercial	$221		1	$221		1	$	—	—
Land		—	1		—	1		—	1
Total mortgage loans	$221		2	$221		2	$	—	1

About Timberland Bancorp, Inc.
Timberland Bancorp, Inc., a Washington corporation, is the holding company for Timberland Bank. The Bank opened for business in 1915 and primarily serves consumers and businesses across Grays Harbor, Thurston, Pierce, King, Kitsap and Lewis counties, Washington with a full range of lending and deposit services through its 23 branches (including its main office in Hoquiam).

Disclaimer
Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to our financial condition, results of operations, plans, objectives, future performance or business. Forward-looking statements are not statements of historical fact, are based on certain assumptions and often include the words “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the results anticipated or implied by our forward-looking statements, including, but not limited to: potential adverse impacts to economic conditions in our local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; continuing elevated levels of inflation and the impact of current and future monetary policies of the Board of Governors of the Federal Reserve System (“Federal Reserve”) in response thereto; the effects of any federal government shutdown; credit risks of lending activities, including any deterioration in the housing and commercial real estate markets which may lead to increased losses and non-performing loans in our loan portfolio resulting in our ACL not being adequate to cover actual losses and thus requiring us to materially increase our ACL through the provision for credit losses; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas; secondary market conditions for loans and our ability to sell loans in the secondary market; results of examinations of us by the Federal Reserve and of our bank subsidiary by the Federal Deposit Insurance Corporation (“FDIC”), the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, institute a formal or informal enforcement action against us or our bank subsidiary which could require us to increase our ACL, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits or impose additional requirements or restrictions on us, any of which could adversely affect our liquidity and earnings; 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; legislative or regulatory changes that adversely affect our business including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; our ability to attract and retain deposits; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risks associated with the loans in our consolidated balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to implement our business strategies; our ability to manage loan delinquency rates; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; our ability to pay dividends on our common stock; the quality and composition of our securities portfolio and the impact if any adverse changes in the securities markets, including on market liquidity; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board (“FASB”), including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the economic impact of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services; and other risks described elsewhere in this press release and in the Company’s other reports filed with or furnished to the Securities and Exchange Commission.

Any of the forward-looking statements that we make in this press release and in the other public statements we make are based upon management’s beliefs and assumptions at the time they are made. We do not undertake and specifically disclaim any obligation to publicly update or revise any forward-looking statements included in this press release to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this document might not occur and we caution readers not to place undue reliance on any forward-looking statements. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of, us, and could negatively affect the Company’s consolidated financial condition and results of operations as well as its stock price performance.

TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME		Three Months Ended
($ in thousands, except per share amounts) (unaudited)		June 30,		March 31,		June 30,
			2025		2025		2024
	Interest and dividend income
	Loans receivable	$21,411		$20,896		$19,537
	Investment securities		2,064		2,003		2,335
	Dividends from mutual funds, FHLB stock and other investments		83		82		94
	Interest bearing deposits in banks		1,986		1,884		2,173
	Total interest and dividend income		25,544		24,865		24,139

	Interest expense
	Deposits		7,721		7,454		7,938
	Borrowings		201		198		220
	Total interest expense		7,922		7,652		8,158
	Net interest income		17,622		17,213		15,981
	Provision for credit losses – loans		351		237		264
	Recapture of credit losses – investment securities		(4)		(5)		(12)
	Prov. for (recapture of ) credit losses – unfunded commitments		93		14		(8)
	Net int. income after provision for (recapture of) credit losses		17,182		16,967		15,737

	Non-interest income
	Service charges on deposits		966		959		1,014
	ATM and debit card interchange transaction fees		1,262		1,176		1,297
	Gain on sales of investment securities, net		24		—		—
	Gain on sales of loans, net		138		122		68
	Bank owned life insurance (“BOLI”) net earnings		171		165		158
	Other		314		265		254
	Total non-interest income, net		2,875		2,687		2,791

	Non-interest expense
	Salaries and employee benefits		5,825		5,977		5,928
	Premises and equipment		973		1,075		1,011
	Gain on sale of premises and equipment, net		—		—		(3)
	Advertising		182		189		211
	OREO and other repossessed assets, net		8		9		—
	ATM and debit card processing		658		521		580
	Postage and courier		137		142		130
	State and local taxes		570		335		335
	Professional fees		341		431		335
	FDIC insurance		211		219		208
	Loan administration and foreclosure		99		155		156
	Technology and communications		993		1,121		1,086
	Deposit operations		345		319		450
	Amortization of core deposit intangible (“CDI”)		45		45		56
	Other, net		780		656		586
	Total non-interest expense, net		11,167		11,194		11,069

	Income before income taxes		8,890		8,460		7,459
	Provision for income taxes		1,790		1,705		1,535
	Net income	$7,100		$6,755		$5,924

	Net income per common share:
	Basic	$0.90		$0.85		$0.74
	Diluted		0.90		0.85		0.74

	Weighted average common shares outstanding:
	Basic		7,893,308		7,937,063		8,004,552
	Diluted		7,921,762		7,968,632		8,039,345

TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME		Nine Months Ended
($ in thousands, except per share amounts) (unaudited)		June 30,		June 30,
			2025		2024
	Interest and dividend income
	Loans receivable	$63,339		$56,841
	Investment securities		6,205		6,892
	Dividends from mutual funds, FHLB stock and other investments		252		266
	Interest bearing deposits in banks		5,870		5,791
	Total interest and dividend income		75,666		69,790

	Interest expense
	Deposits		23,259		21,383
	Borrowings		602		787
	Total interest expense		23,861		22,170
	Net interest income		51,805		47,620
	Provision for credit losses – loans		640		810
	Recapture of credit losses – investment securities		(14)		(20)
	Prov. for (recapture of) credit losses – unfunded commitments		87		(130)
	Net int. income after provision for (recapture of) credit losses		51,092		46,960

	Non-interest income
	Service charges on deposits		2,924		3,024
	ATM and debit card interchange transaction fees		3,706		3,773
	Gain on sales of investment securities, net		24		—
	Gain on sales of loans, net		303		188
	Bank owned life insurance (“BOLI”) net earnings		503		470
	Other		799		749
	Total non-interest income, net		8,259		8,204

	Non-interest expense
	Salaries and employee benefits		17,893		17,863
	Premises and equipment		2,998		3,065
	Gain on sale of premises and equipment, net		—		(3)
	Advertising		552		556
	OREO and other repossessed assets, net		17		1
	ATM and debit card processing		1,700		1,796
	Postage and courier		401		401
	State and local taxes		1,251		979
	Professional fees		1,118		908
	FDIC insurance		640		624
	Loan administration and foreclosure		383		395
	Technology and communications		3,253		3,101
	Deposit operations		997		1,094
	Amortization of core deposit intangible (“CDI”)		135		169
	Other, net		2,090		1,735
	Total non-interest expense, net		33,428		32,684

	Income before income taxes		25,923		22,480
	Provision for income taxes		5,208		4,552
	Net income	$20,715		$17,928

	Net income per common share:
	Basic	$2.61		$2.22
	Diluted		2.60		2.21

	Weighted average common shares outstanding:
	Basic		7,929,626		8,067,068
	Diluted		7,963,412		8,109,043

TIMBERLAND BANCORP INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS
($ in thousands, except per share amounts) (unaudited)		June 30,		March 31,		June 30,
			2025		2025		2024
Assets
Cash and due from financial institutions		$32,532		$26,010		$25,566
Interest-bearing deposits in banks			161,095		165,201		133,347
	Total cash and cash equivalents		193,627		191,211		158,913

Certificates of deposit (“CDs”) held for investment, at cost			8,462		8,711		10,458
Investment securities:
	Held to maturity, at amortized cost (net of ACL – investment securities)		141,570		140,954		176,787
	Available for sale, at fair value		86,475		84,807		74,515
Investments in equity securities, at fair value			855		853		836
FHLB stock			2,045		2,045		2,037
Other investments, at cost			3,000		3,000		3,000
Loans held for sale			1,763		1,151		1,795

Loans receivable			1,459,374		1,437,599		1,414,065
Less: ACL – loans			(17,878)		(17,525)		(17,046)
	Net loans receivable		1,441,496		1,420,074		1,397,019

Premises and equipment, net			21,490		21,436		21,558
OREO and other repossessed assets, net			221		221		—
BOLI			24,113		23,942		23,436
Accrued interest receivable			7,174		7,127		7,045
Goodwill			15,131		15,131		15,131
CDI			316		361		508
Loan servicing rights, net			911		1,051		1,526
Operating lease right-of-use assets			1,248		1,324		1,550
Other assets			7,295		9,331		4,515
	Total assets	$1,957,192		$1,932,730		$1,900,629

Liabilities and shareholders’ equity
Deposits: Non-interest-bearing demand		$406,222		$407,811		$407,125
Deposits: Interest-bearing			1,263,255		1,243,019		1,221,419
	Total deposits		1,669,477		1,650,830		1,628,544

Operating lease liabilities			1,350		1,426		1,649
FHLB borrowings			20,000		20,000		20,000
Other liabilities and accrued expenses			9,701		7,950		9,213
	Total liabilities		1,700,528		1,680,206		1,659,406

Shareholders’ equity
Common stock, $.01 par value; 50,000,000 shares authorized; 7,876,853 shares issued and outstanding – June 30, 2025 7,903,489 shares issued and outstanding – March 31, 2025 7,953,431 shares issued and outstanding – June 30, 2024			27,226		28,028		30,681
Retained earnings			230,213		225,166		211,087
Accumulated other comprehensive loss			(775)		(670)		(545)
	Total shareholders’ equity		256,664		252,524		241,223
	Total liabilities and shareholders’ equity	$1,957,192		$1,932,730		$1,900,629

	Three Months Ended
PERFORMANCE RATIOS:		June 30, 2025		March 31, 2025		June 30, 2024
Return on average assets (a)			1.47%		1.43%		1.25%
Return on average equity (a)			11.23%		10.95%		9.95%
Net interest margin (a)			3.80%		3.79%		3.53%
Efficiency ratio			54.48%		56.25%		58.97%

	Nine Months Ended
		June 30, 2025				June 30, 2024
Return on average assets (a)			1.44%				1.27%
Return on average equity (a)			11.07%				10.10%
Net interest margin (a)			3.74%				3.53%
Efficiency ratio			55.65%				58.55%

	Three Months Ended
ASSET QUALITY RATIOS AND DATA: ($ in thousands)		June 30, 2025		March 31, 2025		June 30, 2024
Non-accrual loans		$3,843		$2,327		$4,120
Loans past due 90 days and still accruing			—		—		—
Non-performing investment securities			38		41		72
OREO and other repossessed assets			221		221		—
Total non-performing assets (b)		$4,102		$2,589		$4,192

Non-performing assets to total assets (b)			0.21%		0.13%		0.22%
Net charge-offs (recoveries) during quarter		$(1)		$	—	$36
Allowance for credit losses – loans to non-accrual loans			465%		753%		414%
Allowance for credit losses – loans to loans receivable (c)			1.23%		1.22%		1.21%


CAPITAL RATIOS:
Tier 1 leverage capital			12.63%		12.55%		12.04%
Tier 1 risk-based capital			19.29%		19.04%		17.97%
Common equity Tier 1 risk-based capital			19.29%		19.04%		17.97%
Total risk-based capital			20.54%		20.29%		19.22%
Tangible common equity to tangible assets (non-GAAP)			12.42%		12.36%		11.97%

BOOK VALUES:
Book value per common share		$32.58		$31.95		$30.33
Tangible book value per common share (d)			30.62		29.99		28.36

________________________________________________

(a) Annualized
(b) Non-performing assets include non-accrual loans, loans past due 90 days and still accruing, non-performing investment securities and OREO and other repossessed assets.
(c) Does not include loans held for sale and is before the allowance for credit losses.
(d) Tangible common equity divided by common shares outstanding (non-GAAP).

AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
($ in thousands)
(unaudited)

	For the Three Months Ended
	June 30, 2025					March 31, 2025					June 30, 2024
	Amount			Rate		Amount			Rate		Amount			Rate

Assets
Loans receivable and loans held for sale	$	1,450,350		5.92	%	$	1,435,999		5.90	%	$	1,391,582		5.65	%
Investment securities and FHLB stock (1)		232,272		3.71			232,532		3.64			268,954		3.63
Interest-earning deposits in banks and CDs		178,887		4.45			172,175		4.44			161,421		5.41
Total interest-earning assets		1,861,509		5.50			1,840,706		5.48			1,821,957		5.33
Other assets		79,715					77,563					82,008
Total assets	$	1,941,224				$	1,918,269				$	1,903,965

Liabilities and Shareholders’ Equity
NOW checking accounts	$	333,074		1.39	%	$	328,115		1.32	%	$	329,344		1.29	%
Money market accounts		304,526		3.16			306,137		3.18			326,023		3.56
Savings accounts		205,592		0.35			206,054		0.28			208,488		0.27
Certificates of deposit accounts		363,342		3.77			343,945		3.82			311,545		4.21
Brokered CDs		48,028		4.83			50,104		4.85			45,442		5.32
Total interest-bearing deposits		1,254,562		2.47			1,234,355		2.45			1,220,842		2.62
Borrowings		20,002		4.03			20,000		4.04			20,001		4.42
Total interest-bearing liabilities		1,274,564		2.49			1,254,355		2.47			1,240,843		2.64

Non-interest-bearing demand deposits		402,717					403,738					413,494
Other liabilities		10,266					10,064					10,245
Shareholders’ equity		253,677					250,112					239,383
Total liabilities and shareholders’ equity	$	1,941,224				$	1,918,269				$	1,903,965

Interest rate spread				3.01	%				3.01	%				2.69	%
Net interest margin (2)				3.80	%				3.79	%				3.53	%
Average interest-earning assets to
average interest-bearing liabilities		146.05	%				146.75	%				146.83	%

           _____________________________________
(1) Includes other investments
(2) Net interest margin = annualized net interest income /
      average interest-earning assets

AVERAGE BALANCES, YIELDS, AND RATES
($ in thousands)
(unaudited)

	For the Nine Months Ended
	June 30, 2025					June 30, 2024
	Amount			Rate		Amount			Rate

Assets
Loans receivable and loans held for sale	$	1,441,506		5.87	%	$	1,363,213		5.57	%
Investment securities and FHLB stock (1)		237,400		3.81			294,789		3.24
Interest-earning deposits in banks and CDs		172,591		4.55			143,537		5.39
Total interest-earning assets		1,851,497		5.49			1,801,539		5.17
Other assets		77,595					81,650
Total assets	$	1,929,092				$	1,883,189

Liabilities and Shareholders’ Equity
NOW checking accounts	$	329,883		1.36	%	$	358,052		1.48	%
Money market accounts		311,762		3.26			273,683		3.09
Savings accounts		205,764		0.30			214,275		0.24
Certificates of deposit accounts		346,313		3.89			291,707		4.12
Brokered CDs		48,169		4.71			42,856		5.37
Total interest-bearing deposits		1,241,891		2.50			1,180,573		2.42
Borrowings		20,001		4.02			22,457		4.68
Total interest-bearing liabilities		1,261,892		2.53			1,203,030		2.46

Non-interest-bearing demand deposits		406,906					431,849
Other liabilities		10,159					11,273
Shareholders’ equity		250,135					237,037
Total liabilities and shareholders’ equity	$	1,929,092				$	1,883,189

Interest rate spread				2.96	%				2.71	%
Net interest margin (2)				3.74	%				3.53	%
Average interest-earning assets to
average interest-bearing liabilities		146.72	%				149.75	%

_____________________________________
(1) Includes other investments
(2) Net interest margin = annualized net interest income /
average interest-earning assets

Non-GAAP Financial Measures
In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures. Timberland believes that certain non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance; however, readers of this report are urged to review these non-GAAP financial measures in conjunction with GAAP results as reported.

Financial measures that exclude intangible assets are non-GAAP measures. To provide investors with a broader understanding of capital adequacy, Timberland provides non-GAAP financial measures for tangible common equity, along with the GAAP measure. Tangible common equity is calculated as shareholders’ equity less goodwill and CDI. In addition, tangible assets equal total assets less goodwill and CDI.

The following table provides a reconciliation of ending shareholders’ equity (GAAP) to ending tangible shareholders’ equity (non-GAAP) and ending total assets (GAAP) to ending tangible assets (non-GAAP).

($ in thousands)	June 30, 2025		March 31, 2025		June 30, 2024

Shareholders’ equity	$	256,664	$	252,524	$	241,223
Less goodwill and CDI		(15,447)		(15,492)		(15,639)
Tangible common equity	$	241,217	$	237,032	$	225,584

Total assets	$	1,957,192	$	1,932,730	$	1,900,629
Less goodwill and CDI		(15,447)		(15,492)		(15,639)
Tangible assets	$	1,941,745	$	1,917,238	$	1,884,990

Contact: Dean J. Brydon, CEO
Jonathan A. Fischer, President & COO
Marci A. Basich, CFO
(360) 533-4747
www.timberlandbank.com

The MIL Network –

July 23, 2025

MIL-OSI USA: SCHUMER SECURES PROVISION IN SENATE NATIONAL DEFENSE AUTHORIZATION BILL TO ADDRESS FORT DRUM’S LONG-NEEDED EXPANSION FOR MATERNAL HEALTH CARE TO SUPPORT MILITARY MOMS & FAMILIES ON BASE – AND AT RURAL…

US Senate News:

Source: United States Senator for New York Charles E Schumer

Fort Drum Has History Of OB/GYN Staffing Shortage & Relying on Local Hospitals & Providers For Maternal Care; Amid Nationwide OB/GYN Shortage, Senator Says Department of Defense Needs To Boost Access To Maternal Health Care At Fort Drum & In Watertown, As Well As Military Installations Across The U.S.

After Months Of Work, Schumer Just Secured Language In The Senate NDAA To Address The Longstanding Maternal Healthcare Issues At Fort Drum, Directing The DoD To Develop A Comprehensive Plan & Study Of The OB/GYN Shortage In The Greater Watertown Area

Schumer: Fort Drum’s Military Moms & Families Deserve The Very Best When It Comes To HealthCare

U.S. Senator Chuck Schumer today announced he has secured legislation in the Senate’s National Defense Authorization Act (NDAA) for Fiscal Year 2026 (FY26) to begin to address the long standing shortage of Obstetrician-Gynecologists (OB/GYNs) at Fort Drum. For years, Fort Drum has faced shortages of OB/GYNs, forcing soldiers and military families in need of maternal health care to seek care from local hospitals off base or to drive for hours when local care is unavailable.

Schumer said if this language passes into the final NDDA it would require the Department of Defense (DoD) and the Defense Health Agency (DHA) to immediately begin work to create a comprehensive plan to expand OB/GYN care serving Fort Drum and the surrounding Watertown area.

“Our Fort Drum military moms & families, who serve our nation proudly, deserve better access to vital maternal healthcare. But right now, our servicemembers at Fort Drum and their families often have to leave base to access the basic maternal healthcare they need. The bottom line is that we need to take better care of our brave military moms,” said Senator Schumer. “The North Country already experiences major shortages when it comes to recruiting OB/GYNs, and we can’t be forcing our military families who sacrifice so much to be stuck without the proper care they need when they move to our community in service to our country. That is why I am proud to have secured a provision in the Senate NDAA to put Fort Drum’s military moms & families’ first. This is a massive step in the right direction, and we need DoD to immediately address this urgent need to expand OB/GYN care at military installations and make sure families—both at Fort Drum and around the country—have what they need to be safe and healthy. Fort Drum is woven in the very fabric of the North Country, and our military families, military moms and those on the base deserve only the best when it comes to health care.”

Fort Drum has a history of relying on the civilian healthcare network for primary health care, as well as specialty care provided by OB/GYNs. When Camp Drum became Fort Drum in 1974, the decision was made to not build a hospital on-post, and to instead only have a clinic, in order to integrate Fort Drum families with the local network in Watertown.

Shortages of OB/GYN providers on base force those in need of maternal health care to seek care in the community for a multitude of reasons, which can range in urgency from routine check-ups to emergency childbirth. Samaritan Medical Center and Carthage Area Hospital serve Fort Drum soldiers and families with incredible dedication and top-notch medical care, but when their OB/GYNs are spread too thin, soldiers and families must travel over an hour and a half to Syracuse or farther for care. Schumer said this not only increases the risk to patients unnecessarily, but it also saddles soldiers with expenses that they are not eligible to be compensated for under the Department of Defense’s Joint Travel Regulation (JTR).

To help fix the situation, Schumer proudly pushed for and successfully secured language in the Senate version of the NDAA to develop a plan & study the administrative and cost barriers to expanding OB/GYN care specifically in the Watertown area and to create a comprehensive plan to expand OB/GYN care serving Fort Drum. The provision also directs the Secretary of Defense to brief Congress on the plan December 1 of this year to ensure that there is no more delay in providing the Fort Drum community with reliable, high-quality maternal health care close to home.

Schumer said the shortage of OB/GYNs at Fort Drum is part of a nationwide shortage, with particularly low access in rural areas. OB/GYNs have one of the highest attrition rates compared to most medical professions, and increased threats to OB/GYN safety driven by anti-abortion politics. Labor and delivery units, especially in rural areas, are currently closing nationwide due to low reimbursement, and with Medicaid paying for more than 40% of births across the country, even more L&D units are at risk. The recent GOP cuts to Medicaid – the largest in history – will force more units in rural parts of the country to close. This will exacerbate the already dire situation of limited access to critical OB/GYN care for those living on bases in rural America.

Erika Flint, Executive Director, Fort Drum Regional Health Planning Organization, said “Ensuring access to high-quality OBGYN care for military members and their families continues to be a key focus for the local healthcare community. Maintaining this standard of care—locally and consistently—reflects a deep commitment to the well-being of those who serve. We appreciate the support and attention given to this issue by Senator Schumer, which affects our North Country families, both civilian and military alike.”