NewzIntel.com

Category: housing

  • MIL-OSI USA News: H.R. 1815 Signed into Law

    Source: US Whitehouse

    On Wednesday, July 30, 2025, the President signed into law:
     
    H.R. 1815, “VA Home Loan Program Reform Act”, which amends title 38, United States Code, to authorize the Secretary of Veterans Affairs to take certain actions in the case of a default on a home loan guaranteed by the Secretary, and for other purposes.

    MIL OSI USA News –

  • MIL-OSI Canada: Province, Powell River work together to address homelessness

    Source: Government of Canada regional news

    More support is on the way for people experiencing homelessness as the Province and the City of Powell River partner on a new temporary shelter.

    “We’re focused on bringing people indoors, keeping people safe and building strong communities where no one is left behind,” said Christine Boyle, Minister of Housing and Municipal Affairs. “Addressing homelessness is a complex challenge, but the work we’re doing is starting to make real progress. We’re helping people move indoors so they can access the supports that help stabilize their lives.”

    The Province, through BC Housing, the City of Powell River and Lift Community Services, are working together to support people sheltering outdoors and in encampments, prioritizing their health and safety.

    A proposed new 40-bed temporary shelter at 7104 Barnet St. will replace the 20-bed emergency shelter at 4746 Joyce Ave. that closed in March, doubling available shelter capacity in the community. The shelter will be operated by Lift and will offer 24/7 staffing, meals, laundry, showers and storage, as well as connections to housing and support services. It will also have security measures in place, including fenced grounds, controlled access, security cameras and lighting. If approved by city council, it is expected to open this winter as the Province works to deliver more housing options in the community.

    In addition, in response to the toxic-drug crisis, the qathet overdose prevention service, previously at 4752 Joyce Ave., will also be located at the temporary shelter site. Funded by Vancouver Coastal Health and operated by Lift, the site will provide life-saving services, including a stand-alone trailer, outdoor inhalation support and a peer-recovery navigator to connect people with recovery services.

    “This response reflects the collaboration we need to address complex challenges like homelessness,” said Ron Woznow, mayor of Powell River. “The Province, through BC Housing, is leading the delivery and funding of the shelter, Vancouver Coastal Health is providing funding for vital health services, Lift Community Services will operate the site and the city will provide the land. Together, we will provide opportunities for Powell River residents to have the accommodation and medical support they require.”

    This initiative reflects a shared commitment between the Province and the city to intensify efforts and bring more resources, helping people who are sheltering outdoors transition into safe, indoor spaces. The commitment supports a more co-ordinated response to homelessness and encampments, focusing on outreach and the rapid delivery of temporary housing so people can access support as quickly as possible.

    Building on progress made in Abbotsford, Campbell River, Chilliwack, Duncan, Kamloops, Kelowna, Nanaimo, Prince George, Vancouver, and Victoria, Powell River will be the first of a second group of local governments partnering with the Province to put in place homeless and encampment responses and temporary housing solutions.

    This work is part of the Province’s Belonging in B.C. plan to help prevent homelessness and bring more people indoors quickly. Since 2017, the Province has more than 93,250 homes delivered or underway, including more than 230 homes in Powell River.

    Quotes:

    Randene Neill, MLA for Powell River-Sunshine Coast –

    “These new shelter spaces will offer safety, dignity and a path toward stability for people experiencing homelessness. I’m proud to see Powell River taking action to ensure everyone has access to the supports they need in the community they call home.”

    Jeremy Valeriote, MLA for West Vancouver-Sea to Sky, and interim BC Green leader –

    “Smaller communities in B.C. are often underserved when it comes to appropriate housing options, which only compounds economic and social challenges. We’re pleased to see the Province supporting Powell River through the HEART and HEARTH fund to advance housing models that meet local needs. We’re hopeful that more communities will gain access to these funds to support those most at risk of homelessness.”

    Kim Markel, executive director, Lift Community Services –

    “We’re very grateful for the collaborative action being taken to provide vital, life-saving services in qathet. Everyone, no matter their life circumstances, has a right to shelter and health care, and we’re proud to be part of the team providing these services to community members.”

    Quick Facts:

    • The Province, through BC Housing, is providing $4.6 million toward construction of the shelter through the Homeless Encampment Action Response Temporary Housing (HEARTH) program and $1.6 million in annual operating funding.
    • The City of Powell River will lease the land for the project to BC Housing.
    • Vancouver Coastal Health is funding the relocation and operation of the overdose prevention service.
    • The Province, through BC Housing, Lift Community Services and the city, are also partnering to implement Powell River Homeless Encampment Action Response Teams (HEART), a multidisciplinary outreach partnership that includes local governments, Indigenous partners, health-care agencies and non-profit organizations.  
    • The program is designed to rapidly respond to encampments of people sheltering outdoors, assess their needs and better support people to move indoors.

    Learn More:   

    To read the Belonging in B.C. plan, visit: https://news.gov.bc.ca/files/BelongingStrategy.pdf 

    For information about the HEART and HEARTH programs, visit: https://www.bchousing.org/housing-assistance/homelessness-services/HEART-HEARTH 

    To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://strongerbc.gov.bc.ca/housing/

    To see a map showing the location of all announced provincially funded housing projects in B.C., visit: https://www.bchousing.org/homes-for-BC

    MIL OSI Canada News –

  • MIL-OSI Security: Collin County felon sentenced to 19 years in federal prison for drug trafficking and firearms violations

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    SHERMAN, Texas – A Princeton man has been sentenced to 19 years in federal prison for drug trafficking and firearms violations in the Eastern District of Texas, announced Acting U.S. Attorney Jay R. Combs.

    Larry Wayne Culverhouse, 39, pleaded guilty to possession of a firearm in furtherance of a drug trafficking crime; felon in possession of a firearm; and possession of methamphetamine with intent to distribute and was sentenced to 228 months in federal prison by U.S. District Judge Amos L. Mazzant, III, on July 30, 2025.

    According to information presented in court, on August 30, 2023, Culverhouse was found in possession of 504.3 grams of methamphetamine and a firearm.  Further investigation revealed Culver was a convicted felon and prohibited from owning or possessing firearms.

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

    This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives and prosecuted by Acting U.S. Attorney Jay R. Combs.

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    MIL Security OSI –

  • MIL-OSI Security: Dauphin County Man Sentenced To 115 Months’ Imprisonment For Firearm Offense

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    HARRISBURG – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Philip Shearer, age 49, of Harrisburg, Pennsylvania, was sentenced on July 14, 2025, to 115 months’ imprisonment and three years of supervised release by United States District Judge Karoline Mehalchick for one count of possession of an unregistered firearm.

    According to Acting United States Attorney John Gurganus, Shearer previously pled guilty to possession of an unregistered firearm—specifically, a privately-manufactured short-barrel rifle.  Shearer further admitted to possessing over 1,000 rounds of ammunition, several high-capacity magazines, and other tactical gear including night vision goggles and a ghillie suit, all of which were found in Shearer’s Harrisburg home. Shearer had 14 prior criminal convictions, including five driving under the influence convictions, an indecent assault conviction, and a domestic violence conviction. Shearer also attempted to purchase a firearm twice but was denied based on his background check. He then turned to making the firearms himself.

    “The sentencing of Philip Shearer emphasizes the serious dangers posed by felons who unlawfully possess and manufacture firearms,” said Special Agent in Charge of HSI Philadelphia Edward V. Owens. “Homeland Security Investigations is dedicated to collaborating with our law enforcement partners, like ATF and the U.S. Attorney’s Office for the Middle District of Pennsylvania, to ensure that dangerous criminals with a history of violence are not allowed to possess firearms.”

    “Protecting our communities from dangerous criminals like Philip Shearer is a top ATF priority,” said Eric DeGree, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Philadelphia Field Division. “With 14 criminal convictions, including multiple driving under the influence, indecent assault, and a domestic violence conviction, the law duly prohibits him from owning the unregistered short-barrel rifle he manufactured for himself after he was prevented from buying a firearm. Working with Homeland Security Investigations and the United States Attorney’s Office, we are making our communities safer one case at a time.”

    The matter was investigated by Homeland Security Investigations, the Bureau of Alcohol, Tobacco, Firearms and Explosives.  Assistant United States Attorney Stephen Dukes prosecuted the case.

    This case is part of Operation Take Back America (https://www.justice.gov/dag/media/1393746/dl?inline), a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

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    MIL Security OSI –

  • MIL-OSI Security: Two teenagers convicted after fatal stabbing of Daejaun Campbell

    Source: United Kingdom London Metropolitan Police

    Two teenagers have been convicted of murder and manslaughter in relation to the death of a 15-year-old boy in Woolwich, in an unprovoked attack – the exact motive for the attack remains unclear. A third teenager was acquitted of murder.

    Two appeared at the Old Bailey today and the jury returned their verdicts after a six week trial.

    Marko Balaz, 19 (20.12.2005) of Sewell Road, SE2, was convicted of manslaughter and a 17-year-old boy was convicted of murder.

    Jacob Losiewicz, 18 (22.07.2006) of Church Manorway, SE2, was acquitted of murder on Tuesday, 30 July.

    The victim, 15-year-old Daejaun Campbell, was fatally stabbed following a disturbance on Eglington Road, SE18.

    Detective Chief Inspector Kate Blackburn said: “Daejaun’s murder shocked the local community and will forever impact his grieving family and those who loved him.

    “I commend the strength of Daejaun’s family, in particular his mother, throughout this awful ordeal. She has demonstrated exceptional courage and composure throughout this trial and has become an advocate to raise awareness of the dangers of young people carrying knives and the devastation that knife violence causes.”

    A murder investigation was launched on Sunday, 22 September 2024 after police were called to reports of the stabbing of a boy on Eglington Road, SE18.

    Witnesses called the police at around 18:30hrs to reports of a boy screaming for help and being chased down the street before being attacked with what looked like a machete. Brave members of the public ran to help Daejaun, who was lying on the floor after sustaining multiple stab wounds.

    London Ambulance Service and HEMS attended the scene but sadly Daejaun died a short time later in the road where he had been stabbed.

    A murder investigation commenced, quickly identifying a car which had been used to bring the defendants to the scene. CCTV footage including doorbell camera footage was identified which showed the teenagers leaving a property to attack Daejaun. The identities of the group were soon established.

    Losiewicz was arrested the following day with the distinctive top he was wearing during the murder being recovered on his bedroom floor, but his tracksuit bottoms and sliders were missing. During his interview, Losiewicz denied being involved in Daejaun’s murder and claimed to be a witness who ran from the scene after being scared. He claimed to have been unable to stop the attack.

    Balaz was arrested at his home address on 25 September where he denied any involvement, claimed to have been at home during the offence and denied any prior knowledge of Daejaun or his murder. Balaz was, however on an electronically monitored tag which demonstrated he was lying and had travelled to Eglinton Road at the time of the murder. Officers were to later find multiple internet searches on Balaz’s phone around relating to Daejaun’s murder.

    The 17-year-old boy was arrested on 27 September. His phone was analysed and messages were found which showed he was worried about spending 20 years in prison after killing someone and joking with friends that his life was “about to take a massive turn”. Losiewicz sliders were found in the 17 year old’s house and Daejaun’s blood was found on them. At trial he admitted to stabbing Daejaun but claimed he did so in self defence, as Daejaun also had a knife.

    All three were charged with murder and remanded into custody.

    DCI Kate Blackburn added: “We have never fully established why Daejaun was murdered in such a brutal way. I believe it is likely because he did not live in the area and had been exploited into dealing drugs there. It is possible that the defendant’s were linked to an opposing drugs line.

    “This group were willing to bring a machete out in broad daylight and use it to kill a 15-year-old boy who, when challenged, threw his knife away and ran in the opposite direction.

    “Today’s convictions conclude a lengthy and emotional investigation, and we can expect the two convicted teenagers to spend a considerable time in prison. However, they will still be able to have lives after their incarceration, Daejaun was not given that opportunity.

    “I hope that the conviction today provides some sense of justice to Deajuan’s family.”

    The pair will be sentenced at the same court on Monday, 6 October.

    MIL Security OSI –

  • MIL-OSI USA: Padilla Questions 9th Circuit Nominee Eric Tung on Sexist Comments, Narrow Legal Experience

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla Questions 9th Circuit Nominee Eric Tung on Sexist Comments, Narrow Legal Experience

    WATCH: Padilla warns of Trump’s pattern of nominating extremely partisan ideologues to the bench

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), a member of the Senate Judiciary Committee, pressed Eric Tung, nominee to the U.S. Court of Appeals for the Ninth Circuit, headquartered in San Francisco, on his extreme conservative ideology, including his past public comments decrying “radical feminists try[ing] to blur gender roles” and his role leading anti-labor protests pushing messages including “end mandatory maternity leave.”

    During Tung’s nomination hearing, Padilla underscored the concerning pattern of Republicans confirming partisan ideologues as the Supreme Court and conservative judges continue to erode public trust through extreme rulings that break longstanding legal precedent.

    Both Padilla and Senator Adam Schiff (D-Calif.) previously opposed the nomination of Tung, and instead recommended Republican judges previously nominated by President Trump to the district court. The Trump Administration’s refusal to meaningfully consult with home‑state Senators on these nominees follows a pattern of bypassing of the Senate’s advice‑and‑consent duty, including Trump’s recent power grab to keep Bill Essayli empowered as top prosecutor for the Central District of California.

    Padilla also slammed Tung for lacking the necessary trial litigation experience to serve a lifetime appointment as a judge. Tung has never served as the sole or lead counsel in a case tried to verdict or to judgment from the bench, and he estimates that only 10 percent of his work has been on criminal cases.

    • “I’m opposed because Mr. Tung believes in a conception of the Constitution that rejects equality and liberty, and that would turn back the clock and continue to exclude vast sections of the American public from enjoying equal justice under the law.”
    • “In just the last few years, we’ve seen what extreme, conservative ideology has done to erode public trust in institutions like the judiciary, including and especially the Supreme Court, as long-established legal precedents have taken a back seat to whatever novel conservative legal approach accomplishes the desired political outcome. By continuing to confirm extreme ideologues to the federal bench, the Senate would be doing California and the American people a deep disservice.”
    • “During the first six months in office, Donald Trump has mounted a historic attack on our nation’s justice system. He’s tried to remake the Department of Justice and even the federal bench in his own image, rewarding those who have demonstrated their loyalty to him over the rule of law.”

    In his questioning, Padilla blasted Tung for his past sexist comments and criticism of the “welfare state” and “dissolution of the family.” Tung has said he believes “in gender roles and that women are simply better than men at some things. When these radical feminists try to blur gender roles, they undermine institutions like marriage — institutions which hold society together.” Tung dodged Padilla’s questioning on his past comments and refused to say when his viewpoints changed on women’s role in the workplace.

    • PADILLA: Mr. Tung, can you list for us the things that you believe women are “simply better at than men?”
    • TUNG: Senator, again, the comments you’re referencing, and captured by a Yale Daily News reporter, were captured over 20 years ago when I was an undergraduate in college.
    • PADILLA: I understand that, but that was 2006 not 1956. Even the year 2006, I don’t think the country’s mood level and the law was what you’re suggesting here. … Do you still believe that women should stay home and not go out into the workplace?
    • TUNG: Senator, the suggestion that I think women should not be provided with the same professional opportunities as men is inaccurate.
    • PADILLA: So at what point in the last 20 years, not 50 or 60, just in the last 20 years, did your mind change on this?
    • TUNG: Senator, my views on policy matters and sociological matters that you’re referencing again, are the subject of wide debate, and for that reason, as a nominee sitting here today before the committee, I cannot answer under judicial canons.

    Padilla also questioned Tung on his leadership of an anti-Labor Day protest and attacks against workers. At Yale, Tung was the president of a group called “the Committee for Freedom” that organized a protest on Labor Day, with protesters pushing messages including “end mandatory maternity leave — it hurts women,” and “workers of the world, get back to work!” Tung told the Yale campus that “unionized labor hurts consumers,” while proudly holding a sign that read “Union NO.” Padilla questioned how individuals with questions about labor law could trust Tung as a judge given his harsh anti-labor viewpoints.

    MIL OSI USA News –

  • MIL-OSI USA: WATCH: Padilla Exposes Alarming Surge in Voter Suppression, Republican Push for Racial Gerrymandering in Texas During Spotlight Forum

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    WATCH: Padilla Exposes Alarming Surge in Voter Suppression, Republican Push for Racial Gerrymandering in Texas During Spotlight Forum

    Padilla: “Instead of running on a record of clawing away health care coverage to pay for tax cuts for billionaires, they’re trying to rig the rules of the game.”

    WATCH: Padilla: “The Trump Administration is not focused on protecting your right to vote. They’re focused on denying it.”

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla (D-Calif.), Ranking Member of the Senate Committee on Rules and Administration and California’s former Secretary of State, and Dick Durbin (D-Ill.), Ranking Member of the Senate Judiciary Committee, convened a Rules and Judiciary Committee Democrats spotlight forum titled “Protecting the Future of American Democracy: Fighting a Surge in Voter Suppression.”

    Padilla’s remarks at the forum focused on recent trends in disturbing voter suppression tactics, including:

    • The Trump Administration’s efforts to pressure Texas and other states to undertake mid-decade racial redistricting for partisan political purposes;
    • The six-month long effort to overturn the election for the State Supreme Court in North Carolina by the targeted disenfranchisement of eligible voters after they cast their ballots, including military voters serving our country overseas; and
    • The change in mission of the DOJ Civil Rights Division’s Voting Section to focus on unsubstantiated voter fraud claims, and the DOJ’s demands for multiple states’ sensitive voter information.

    During the forum, Padilla uncovered recently received DOJ requests to Los Angeles, San Diego, and San Francisco for their voter data, setting up a potential purge of voter rolls.

    Padilla also shed light on potential violations of the Hatch Act committed by senior Trump Administration political appointees regarding their partisan redistricting efforts in Texas. He highlighted his letter to the independent Office of Special Counsel requesting an investigation into senior Trump Administration officials for any role they are playing in carrying out the president’s partisan scheme to racially gerrymander Texas and other states, calling it “a clear violation of the Hatch Act.”

    Democratic Senators heard from former U.S. Attorney General Eric Holder, North Carolina Supreme Court Associate Justice Allison Riggs, LMU Loyola Law School Professor Justin Levitt, and Vet Voice Foundation Chief Executive Officer Janessa Goldbeck on systematic attacks on the right to vote.

    Key excerpts from Senator Padilla’s opening remarks are included below:

    Key Excerpts

    • “Today, just one week ahead of the 60th anniversary of the Voting Rights Act of 1965, we’re witnessing a disturbing trend, a coordinated campaign frankly, of voter suppression led by the Trump Administration. Their goal is to amplify their false narrative of insecure elections, to justify their power grabs and to make it harder to register to vote, to stay on the rolls, and to actually cast your ballot.”
    • “What started with the Trump Executive Order on Election Integrity and the Republicans’ SAVE Act has now moved on to the wholesale weaponization of the Department of Justice: The Department of Justice’s Voting Section has reversed their mission statement to drop voting rights protection and prioritize alleged voter fraud. And now, all across the country, the Department of Justice is demanding that states turn over voter rolls — not just a list of names, but a lot of sensitive, private, and confidential information for folks that are registered to vote.”
    • “The last few months, Trump and his Republican allies have seen the thin margins in the House and can feel the political winds shifting. Instead of running on a record of clawing away health care coverage to pay for tax cuts for billionaires, they’re trying to rig the rules of the game. From the South Lawn of the White House, Donald Trump has directed the Department of Justice and state officials to redraw congressional maps in Republicans’ favor.”
    • “The Trump Administration is not focused on protecting your right to vote. They’re focused on denying it.”
    • “Colleagues, if we want to defend the future of American democracy, we can’t afford to wait until election season rolls around to act. We’ve got to raise the alarm today by shining a spotlight on the shocking voter suppression efforts coming out of the White House.”

    Senator Padilla has led the charge in fighting back against the Trump Administration’s unprecedented efforts to suppress the right to vote. Earlier this month, Padilla, Durbin, and Senator Peter Welch (D-Vt.) led 13 Senators in raising the alarm on the DOJ Civil Rights Division’s policy shift to focus on unsubstantiated voter fraud investigations. Padilla and Senators Gary Peters (D-Mich.) and Jeff Merkley (D-Ore.) also recently expressed serious concerns that recent changes to and the expanded use of the insufficiently tested Department of Homeland Security’s (DHS) Systematic Alien Verification for Entitlements (SAVE) program could purge eligible citizens from state voter rolls. Previously, Padilla led 11 Senators in introducing the Defending America’s Future Elections Act to repeal Trump’s illegal anti-voter executive order and prevent the Department of Government Efficiency (DOGE) from accessing sensitive voter registration data and state records. He also led 14 Democratic Senators in calling on Trump to revoke his illegal anti-voter executive order and issued a statement slamming the order when it was announced.

    This spotlight forum is the second in a series of Rules Committee Democrats’ forums focused on protecting the future of America’s elections.

    The series continues to underscore the dangers of the Trump Administration’s unprecedented attacks on election security, integrity, and funding required to smoothly administer elections and protect American democracy. The first spotlight forum in May focused on Congressional Republicans’ Safeguard American Voter Eligibility (SAVE) Act and Trump’s illegal anti-voter executive order, both of which threaten to disenfranchise millions of eligible American citizens.

    Padilla’s full remarks, as delivered, are available below:

    Good afternoon and thank you all for being here for today’s spotlight forum on “Protecting the Future of American Democracy: Fighting a Surge in Voter Suppression.”

    I’m Senator Alex Padilla, Ranking Member of the Rules and Administration Committee here in the Senate. Joined by my colleage, Senator Dick Durbin, Ranking Member of the Judiciary Committee. I’m still getting used to that. I’m used to just calling you Chairman. I was spoiled for the prior four years.

    And just one quick word of housekeeping as we set the stage for the hearing, our Senate Democratic Caucus lunch is a few minutes from adjourning, so you’ll see an influx of members during either our opening statements or your opening statements. There’s a lot of interest in the conversation today, one that the majority has no interest in holding at the subcommittee level or at the committee level in either of our committees. But the issues are important to make sure we shed light on them. So looking forward to your testimony, the question, answer, discussion portion of it, and a lot of engagement from our colleagues.

    Today, just one week ahead of the 60th anniversary of the Voting Rights Act of 1965, we’re witnessing a disturbing trend, a coordinated campaign frankly, of voter suppression led by the Trump Administration.

    Their goal is to amplify their false narrative of insecure elections, to justify their power grabs and to make it harder to register to vote, to stay on the rolls, and to actually cast your ballot.

    What started with the Trump Executive Order on Election Integrity and the Republicans’ SAVE Act has now moved on to the wholesale weaponization of the Department of Justice:

    The Department of Justice’s Voting Section has reversed their mission statement to drop voting rights protection and prioritize alleged voter fraud.

    And now, all across the country, the Department of Justice is demanding that states turn over voter rolls — not just a list of names, but a lot of sensitive, private, and confidential information for folks that are registered to vote.

    In fact, this month, Los Angeles, San Diego, and San Francisco, counties, local jurisdictions, were also hit with those requests — a move that looks a lot like they’re laying the groundwork for mass voter purges.

    Their actions are also helping to embolden election deniers outside of the federal government.

    Just look to this past November, when even after leading her opponent by over 700 votes and winning two separate recounts, North Carolina Supreme Court Justice candidate Allison Riggs was forced to defend her victory in court for six months before taking office.

    Now, taking a page from Trump’s playbook, her Republican challenger sought to undo the votes of over 65,000 North Carolinians — many of which were cast by military voters serving overseas.

    Today, even after Justice Riggs has taken her seat, the Trump Administration has now taken up the cause and sued North Carolina, threatening to disenfranchise around 100,000 previously registered voters.

    But the last few months, Trump and his Republican allies have seen the thin margins in the House and can feel the political winds shifting.

    Instead of running on a record of clawing away health care coverage to pay for tax cuts for billionaires, they’re trying to rig the rules of the game.

    From the South Lawn of the White House, Donald Trump has directed the Department of Justice and state officials to redraw congressional maps in Republicans’ favor.

    Earlier today, I wrote to the Office of Special Counsel requesting an investigation into senior officials for any role they are playing in carrying out the president’s partisan scheme.

    It’s a clear violation of the Hatch Act in my view.

    So no, the Trump Administration is not focused on protecting your right to vote. They’re focused on denying it.

    Colleagues, if we want to defend the future of American democracy, we can’t afford to wait until election season rolls around to act.

    We’ve got to raise the alarm today by shining a spotlight on the shocking voter suppression efforts coming out of the White House.

    And for that reason, I’m looking forward to hearing more about each of our witnesses’ experiences.

    With that, let me recognize Senator Dick Durbin.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Maternal mental health boost for four regions

    Source: New Zealand Government

    More women and families in need of specialist mental health support during and after pregnancy will soon have better access to care, with new investment being directed to Waikato, Hawke’s Bay, Mid Central, and the Wellington region. 

    Pregnancy and early parenthood can be a challenging time. This funding will mean more women can access the right care when they need it. These services can be life-changing not only for mothers but also for their babies and wider families,” Mr Doocey says.

    “While becoming a parent is often a time of great joy, it can also bring real challenges for some. This funding will enable those who need extra support, whether they are facing mental health challenges during pregnancy or postpartum, to access the care they need.

    “It will also provide support for those experiencing distress following birth trauma or stillbirth.

    “The additional $4.9 million announced today targets four regions identified as having lower levels of investment in maternal mental health. This new funding will help ensure more equitable access across the country.

    “The investment will create more clinical and non-clinical roles within community-based specialist infant and maternal mental health services. It will also fund intensive home-based care packages for those with higher needs. Evidence shows these measures make a significant difference for pregnant women, mothers, their babies, and families.

    “We’re turning the corner on reducing wait times and increasing the workforce. Recent data shows Health New Zealand’s frontline mental health workforce has grown around 10% since we came into Government and over 80% of people are being seen within three weeks for specialist services.

    “When someone reaches out for help whether it’s you, your child, a friend or family member this Government is committed to ensuring support is available. Today’s announcement will continue with the progress being made in ensuring that support is there.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: Feenstra Applauds President Trump for Signing Legislation to Keep Veterans in their Homes

    Source: United States House of Representatives – Representative Randy Feenstra (IA-04)

    HULL, IOWA – Today, U.S. Rep. Randy Feenstra (R-Hull) issued the following statement praising President Trump for signing into law the VA Home Loan Program Reform Act:

    “I thank President Trump for signing into law the VA Home Loan Program Reform Act, which will help keep veterans in their homes and alleviate financial stress. This law ensures that veterans who have fallen on tough times can receive relief on late mortgage payments and avoid foreclosure. Our veterans are true American heroes, and this law represents a small token of our gratitude and appreciation for their service.”

    The U.S. House of Representatives unanimously approved this legislation in May.

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    MIL OSI USA News –

  • MIL-OSI USA: Wyden Calls for Investigation Into Reported Diversion of Resources From Child Exploitation and Human Trafficking Investigations By Department of Homeland Security

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    July 30, 2025

    Washington, D.C. — U.S. Senator Ron Wyden, D-Ore., called for an immediate investigation of reports the Department of Homeland Security (DHS) has drastically diverted resources away from investigations into serious crimes against children, including child sexual abuse and human trafficking, in order to devote more resources to rounding up immigrants.

    “Instead of locking up rapists, child predators and other violent criminals, Trump appears to be diverting investigators to target cooks, farm workers and students. Congress and the American people will not tolerate the Trump administration ignoring the ongoing sexual abuse of vulnerable children,” wrote Wyden in the letter to DHS Inspector General Joseph Cuffari.

    Homeland Security Investigations (HSI) at DHS is responsible for investigating serious crimes, and is one of the leading agencies charged with investigating child sexual abuse materials online. The 7,000 HSI agents are supposed to focus on investigating drug smuggling, human trafficking, and child sex trafficking, among other crossborder criminal activities. According to DHS, HSI arrested over 3,000 individuals for crimes against children and rescued over 1,000 victims of child exploitation in 2020 alone.

    Wyden’s letter cites a recent report published by the Atlantic, which stated that HSI “supervisors have waved agents off new cases so they have more time to make immigration-enforcement arrests,” and quoted one agent describing the impact: “No drug cases, no human trafficking, no child exploitation.” 

    Wyden has been a staunch advocate in the Senate for increasing resources for investigating sex trafficking and prosecuting predators to protect vulnerable children. In January 2024, Wyden introduced bipartisan legislation to protect children from online exploitation. In June 2024, he released information from his investigation into child abuse and neglect in youth residential treatment facilities across the United States. In September 2024, he urged existing authorities to protect and strengthen services for children susceptible to abuse enrolled in Medicaid in the child welfare program.

    The full text of the letter is here.

    MIL OSI USA News –

  • MIL-OSI USA: Senate Democrat Blocks Five Bipartisan Local Law Enforcement Bills

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) today joined Sen. Catherine Cortez Masto (D-Nev.) on the Senate floor to request unanimous passage of seven bipartisan law enforcement bills, which were passed out of the Judiciary Committee by a unanimous voice vote in May as part of Police Week.

    Sen. Cory Booker (D-N.J.), a member of the Senate Judiciary Committee, objected to Cortez Masto and Grassley’s request to pass the bipartisan law enforcement package. Booker did not previously object to the bills in committee and today objected in an effort to force federal dollars to sanctuary cities that blatantly violate federal immigration law.

    In response to Booker’s objection, Cortez Masto requested unanimous passage of two of the Police Week bills, including the Chief Herbert D. Proffitt Act and the Improving Police CARE Act. Booker allowed these bills to pass, but blocked the five remaining Police Week bills.

    The five local law enforcement bills blocked today include:

    Video and a transcript of Grassley’s remarks regarding the Police Week bills are below.

    [embedded content]

    VIDEO 

    Law enforcement [officers] across the country put their lives on the line every day.

    We see examples of the dangers they face on the news and in our communities on a daily basis.

    This month, Immigration and Customs Enforcement (ICE) reported an 830 percent increase in assaults on their officers and agents during the course of their enforcement duties.

    Agents and officers had rocks and other projectiles thrown at them causing injury to persons and property.

    These agents and officers have been doxed and had their home addresses, family member names and other personal information posted on social media for anyone to see, which has resulted in an increased number of threats and intimidation to them.

    We had the opportunity to hear firsthand from three federal law enforcement officers during a Judiciary Committee hearing on cartels last month about the ongoing risks and dangers to law enforcement.

    Special Agent in Charge, Matthew Allen, of the Los Angeles Field Office of DEA testified that his agents are oftentimes surveilled by cartel members and other bad actors.

    He further testified that he has lost several friends and fellow law enforcement officers as a result of their law enforcement duties.

    And just recently, we learned that an off-duty Customs and Border Protection (CBP) officer was shot in the face in New York City during an attempted robbery by a previously deported illegal alien.

    Thankfully, the officer is expected to survive.

    According to the Fraternal Order of Police, as of June 30, 2025, 166 officers were shot in the line of duty. 21 of them were killed.

    While these numbers are lower than from the previous year, the shooting this weekend is yet another example of the threats and dangers our men and women in blue face daily, both on and off duty.

    Earlier this year, Senator Durbin and I led a resolution honoring 234 officers who made the ultimate sacrifice and are being recognized as line-of-duty deaths. It passed with over 80 cosponsors.

    We worked together across the aisle to report these seven bipartisan bills out of committee on Police Week.

    The seven bills are part of the largest Police Week Package in over 15 years.

    The package of seven bills passed the Committee with bipartisan support and unanimous vote.

    They provide a good example of the extensive problems facing our law enforcement community.

    For example, one bill deals with recruitment and retention issues to ensure our law enforcement is well staffed.

    Other bills deal with protecting law enforcement from the dangers of fentanyl and providing law enforcement with the equipment they need to serve our communities.

    Lastly, the bills provide protection to the families of first responders and provide the much-needed resources for the mental health of law enforcement.

    Simply stated, these bills strengthen our law enforcement community to help keep our citizens safe.

    It’s time to send these bills to the House and then to President Trump.

    Each helps law enforcement and first responders across our country.

    These folks are true heroes, and they deserve our strong support.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: NCDHHS Announces First West Nile Case of 2025

    Source: US State of North Carolina

    Headline: NCDHHS Announces First West Nile Case of 2025

    NCDHHS Announces First West Nile Case of 2025
    jawerner

    The North Carolina Department of Health and Human Services has announced the state’s first case of disease associated with West Nile virus in 2025. The case occurred in a resident of Durham County. To protect the patient’s privacy, no further information will be provided.

    West Nile virus-infected mosquitoes were also recently identified through routine monitoring in Pitt County. This mosquito testing is part of a collaboration between Pitt County Vector Control and NCDHHS to prevent transmission of West Nile virus and other mosquito-borne diseases.

    “This is the time of year when West Nile virus activity typically increases across North Carolina,” said Emily Herring, NCDHHS Public Health Veterinarian. “This recent case highlights the importance of preventing mosquito bites to reduce the risk of infection.” 

    West Nile virus is a mosquito-borne virus that can cause serious, life-altering disease or death. Only cases of neurologic illness are reportable in North Carolina. The virus is carried by wild birds and can be transmitted to people through the bite of an infected mosquito. It does not spread from person to person.

    Most people infected with West Nile virus will not experience any symptoms, but about one in five people infected will develop a fever and other symptoms such as headache, body aches and joint pain. About one in 150 people will develop a serious neurologic illness and symptoms may include high fever, headache, neck stiffness, disorientation, seizures, and paralysis. Elderly people and people with weakened immune systems are at higher risk of developing severe illness due to West Nile virus infection. If you are ill and suspect you may be infected with West Nile virus, contact your health care provider.

    Not all mosquitoes can infect people with West Nile virus, but the mosquitoes that most commonly transmit the virus can be found statewide and are most active between dusk and dawn. Follow these tips to prevent mosquito bites and reduce your risk of exposure to West Nile virus: 

    • When spending time outdoors, use an EPA-registered insect repellent and wear clothing and gear treated with permethrin. Remember to always follow label instructions when using these products.
    • Wear loose-fitting, long-sleeved shirts and pants when outdoors.
    • Prevent water from collecting in containers around your home. After every rainfall, tip out any containers that can hold water, even a small amount, such as saucers under flowerpots. Cover, turn over or throw away items like toys, buckets and tires. Change the water in birdbaths and pet bowls at least twice a week.
    • Keep gutters clean and in good repair and replace corrugated downspout extensions with smooth extensions to prevent mosquito larvae from growing.
    • Make sure rain barrels have tight-fitting screens or lids.
    • Treat standing water in containers and low areas around the home with EPA-approved larvicides. Many options are available that last for weeks to months.
    • When possible, drain any standing water on your property such as puddles and ditches that hold water for more than four days after rain.
    • Use screened windows and doors, and make sure screens fit tightly and are not torn. 

    For more information, visit the NCDHHS West Nile Virus webpage or the CDC West Nile virus webpage and learn more about preventing mosquito bites.

    El Departamento de Salud y Servicios Humanos de Carolina del Norte ha anunciado el primer caso de enfermedad asociada con el virus del Nilo Occidental en 2025. El caso ocurrió en un habitante del condado de Durham. Para proteger la privacidad del paciente, no se proporcionará más información.

    Los mosquitos infectados por el virus del Nilo Occidental también se identificaron recientemente a través del monitoreo de rutina en el condado de Pitt. Esta prueba de mosquitos es parte de una colaboración entre Control de Vectores del condado Pitt y el Departamento de Salud y Servicios Humanos de Carolina del Norte (NCDHHS, por sus siglas en inglés) para prevenir la transmisión del virus del Nilo Occidental y otras enfermedades transmitidas por mosquitos.

    “Esta es la época del año en que la actividad del virus del Nilo Occidental generalmente aumenta en Carolina del Norte”, dijo Emily Herring, veterinaria de salud pública del NCDHHS. “Este caso reciente destaca la importancia de prevenir las picaduras de mosquitos para reducir el riesgo de infección”.

    El virus del Nilo Occidental es un virus transmitido por mosquitos que puede causar enfermedades graves que alteran la vida, o la muerte. En Carolina del Norte solo se reportan los casos de enfermedades neurológicas. El virus es transmitido por aves silvestres y puede transmitirse a las personas a través de la picadura de un mosquito infectado. No se transmite de persona a persona.

    La mayoría de las personas infectadas con el virus del Nilo Occidental no experimentarán ningún síntoma, pero aproximadamente una de cada cinco personas infectadas desarrollará fiebre y otros síntomas como dolor de cabeza, dolores corporales y dolor en las articulaciones. Aproximadamente una de cada 150 personas desarrollará una enfermedad neurológica grave y los síntomas pueden incluir fiebre alta, dolor de cabeza, rigidez en el cuello, desorientación, convulsiones y parálisis. Las personas mayores y las personas con sistemas inmunitarios debilitados corren un mayor riesgo de desarrollar enfermedades graves debido a la infección por el virus del Nilo Occidental. Si está enfermo y sospecha que puede estar infectado con el virus del Nilo Occidental, comuníquese con su proveedor de atención médica.

    No todos los mosquitos pueden infectar a las personas con el virus del Nilo Occidental, pero los mosquitos que transmiten el virus con mayor frecuencia se pueden encontrar en todo el estado y son más activos entre el anochecer y el amanecer. Siga estos consejos para prevenir las picaduras de mosquitos y reducir el riesgo de exposición al virus del Nilo Occidental: 

    • Cuando pase tiempo al aire libre, use un repelente de insectos registrado por la Agencia de Protección Ambiental (EPA, por sus siglas en inglés) y use ropa y equipo tratado con permetrina. Recuerde seguir siempre las instrucciones de la etiqueta cuando utilice estos productos.
    • Use camisas y pantalones holgados de manga larga cuando esté al aire libre.
    • Evite que el agua se acumule en contenedores alrededor de su hogar. Después de cada lluvia, vierta cualquier recipiente que pueda contener agua, incluso una pequeña cantidad, como platillos debajo de macetas. Cubra, dé la vuelta o deseche artículos como juguetes, cubos, baldes y neumáticos. Cambie el agua en baños para pájaros y tazones para mascotas al menos dos veces por semana.
    • Mantenga las canaletas limpias y en buen estado y reemplace las extensiones de canalón corrugadas (bajantes de agua ondulados) con extensiones suaves para evitar que crezcan las larvas de mosquitos.
    • Asegúrese de que los barriles de lluvia tengan mallas o tapas ajustadas.
    • Trate el agua estancada en recipientes y áreas bajas alrededor de la casa con larvicidas aprobados por la EPA. Hay muchas opciones disponibles que duran de semanas a meses.
    • Cuando sea posible, drene cualquier agua estancada en su propiedad, como charcos y zanjas que retengan agua durante más de cuatro días después de la lluvia.
    • Utilice ventanas y puertas con mosquiteros, y asegúrese de que las mallas de los mosquiteros encajen bien y no estén rotas.

    Para obtener más información, visite la página web del NCDHHS sobre el virus del Nilo Occidental o la página web de los Centros para el Control y la Prevención de Enfermedades (CDC, por sus siglas en inglés) sobre el virus del Nilo Occidental y obtenga más información sobre la prevención de las picaduras de mosquitos.

    Jul 30, 2025

    MIL OSI USA News –

  • MIL-OSI: Sleep Lean 2025: How SleepLean Supplement Helps You To Lose Weight While Sleeping – Here’s What Sleep Lean Reports Say

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, July 30, 2025 (GLOBE NEWSWIRE) — As the connection between quality sleep and body composition becomes more widely recognized, a new supplement is drawing attention for its unique nighttime approach: Sleep Lean. Early adopters and wellness insiders alike are calling it a promising advancement in aligning sleep patterns with body balance goals — all without disrupting rest.

    In recent years, wellness has become more than just daytime habits and fitness trackers — it’s now encompassing what happens after dark. This evolving awareness has led to increased interest in nighttime formulations like Sleep Lean, which offer support during one of the body’s most crucial regenerative phases: sleep.
    Historically, weight-related products were focused on daytime activity — with emphasis on energy output, dietary routines, or caloric adjustment. However, new insights into circadian biology and hormonal cycles have made it clear: what happens during sleep profoundly affects how the body functions during the day.
    This is where Sleep Lean enters the discussion. It’s not a quick-action formula or a disruptive sleep aid. Instead, it’s designed to work alongside the body’s built-in rhythm — allowing rest, regulation, and renewal to occur without interruption.
    Industry analysts are watching this space closely. According to wellness trend trackers, the demand for evening-based supplements has surged over the past 18 months, especially among those in midlife wellness communities. As interest in sleep as a foundational pillar of health continues to grow, products like Sleep Lean are no longer fringe — they’re becoming central to how people manage body balance over time.

    Why Sleep Lean Is Drawing Attention in 2025: A New Take on Rest and Body Balance

    As the global wellness industry continues to evolve, a quiet but significant shift is underway: people are starting to value sleep not just for energy restoration, but as a critical window for internal balance. At the center of this shift is Sleep Lean, a new entry into the nighttime support space that’s gaining traction among individuals seeking a gentler, more natural path to wellness.

    Unlike traditional approaches that rely on daytime energy enhancers or restrictive regimens, Sleep Lean offers something different — support that works in harmony with the body’s natural overnight functions. Early interest in the product isn’t coming from hype alone; it’s being driven by word-of-mouth, wellness forums, and growing reports of improved rest patterns combined with subtle body recalibration.

    Wellness professionals are calling this the “rest revolution” — a shift from doing more to doing smarter. Sleep Lean taps directly into this trend by focusing on metabolic support when the body is already designed to recover: during sleep.

    With interest growing across the U.S. and abroad, Sleep Lean is emerging not as a fad, but as a reflection of changing priorities. In a market crowded with overstimulating solutions, this product is helping users reconnect with one of the most powerful — and often overlooked — tools in wellness: sleep itself.

    Visit Official Website To Get More Information

    The Science of Sleep and Metabolism: Why Nighttime May Be the Missing Piece

    Modern research continues to affirm that sleep and metabolism are deeply interconnected — yet the wellness space has traditionally focused on daytime strategies. This is precisely where Sleep Lean finds its relevance in 2025: bridging the overlooked link between restorative rest and internal balance.

    During sleep, the body doesn’t shut down — it shifts gears. Hormonal activity changes, repair functions intensify, and energy regulation mechanisms subtly adjust. Growth hormone, for instance, is more active during deep sleep, supporting tissue recovery and nutrient distribution. Cortisol, the hormone tied to stress and fat storage, also resets itself during the night — particularly in well-rested individuals.

    Poor sleep disrupts these processes, leading to imbalances that can affect energy levels, cravings, and weight patterns. Sleep Lean is formulated to work with — not against — these rhythms. It supports deeper rest while allowing internal systems the environment they need to function optimally.

    By prioritizing nighttime support, Sleep Lean aligns with a growing body of research that recognizes the rest window as a critical opportunity for wellness. This new approach resonates with users looking for more than short-term fixes — they want alignment with how the body naturally operates.

    How Sleep Lean Works Without Relying on Harsh Stimulants

    Sleep Lean has entered the spotlight for one reason: it focuses on supporting natural processes during rest hours. While most wellness products operate during active hours, Sleep Lean’s formulation is built around the concept of restorative metabolism — the body’s subtle overnight balancing mechanisms.

    Rather than rely on intense energy boosters or crash-inducing compounds, Sleep Lean offers a gentler path. Its ingredients are designed to help users fall asleep more easily while also nudging internal systems that manage how nutrients are processed and stored.

    This dual-action approach — supporting both restful sleep and metabolic function — is gaining traction among individuals who prefer non-disruptive solutions. Early consumer feedback highlights improved sleep quality alongside gradual body composition improvements.

    Wellness professionals monitoring this trend note that sleep remains a critical yet overlooked factor in metabolic health. With Sleep Lean, that gap may finally be addressed.

    Visit Official Website To Get More Information including pricing and availability

    What Are the Key Ingredients Behind Sleep Lean’s Growing Popularity?

    Behind the rising interest in Sleep Lean lies a carefully formulated combination of ingredients designed to support both restorative rest and overnight metabolic activity — without overstimulation.

    One of the core components includes natural adaptogens, known for helping the body stay balanced during stressful cycles. These adaptogens are included not to sedate but to promote a smoother transition into rest, creating an optimal environment for the body to carry out internal maintenance.

    Alongside that, Sleep Lean incorporates amino acid compounds that are closely linked to neurotransmitter function. These compounds work quietly in the background, helping regulate the body’s natural circadian patterns and enabling deeper rest phases. During these phases, the body is better able to support internal processes such as nutrient breakdown and energy management.

    Another noteworthy inclusion is a botanical complex rich in antioxidant properties. This complex is selected not only for its calming effects but also for its role in supporting the body’s nightly recovery and renewal efforts.

    Together, these ingredients do not force a sedative effect. Instead, they align with the body’s inherent rhythm — a key reason why Sleep Lean is being welcomed by those looking for non-disruptive, holistic nighttime support.

    What Makes Sleep Lean Different from Daytime Weight Support Products?

    According to official website, While most wellness supplements focus on energy, thermogenesis, or appetite control during the day, Sleep Lean takes a contrasting path. It works while the user is at rest, aligning its support with the body’s natural recovery window — nighttime.

    Daytime formulations often aim to stimulate. They’re crafted to deliver short bursts of energy or heightened alertness, which may help with motivation but can also interfere with rest if taken late. Sleep Lean avoids this entirely. There are no jitter-causing compounds, no sharp crashes, and no impact on the body’s cortisol curve.

    Instead, the formulation is structured to support what the body is naturally inclined to do after sundown: reset, repair, and rebalance. Reports suggest that during sleep, the body engages in complex metabolic activities — including nutrient utilization and cellular housekeeping. Sleep Lean is designed to assist those processes, not override them.

    This difference is why Sleep Lean is increasingly favored by individuals seeking long-term wellness support without compromising sleep quality. It doesn’t compete with energy levels — it complements circadian biology. In a world where overstimulation is common, a nighttime-focused strategy is refreshing — and increasingly embraced.

    Who Is Using Sleep Lean in 2025? A Look at the Growing Audience

    Across wellness communities in 2025, a quiet shift is taking place. Individuals are no longer viewing rest as passive downtime — but as a key component of overall body harmony. This shift is reflected in the growing user base of Sleep Lean.

    The audience ranges widely. Professionals facing long workdays are turning to it as part of their evening routine to promote deeper rest and balance. Individuals navigating midlife changes — particularly where sleep patterns and metabolism begin to shift — are adopting Sleep Lean for its gentle support. Even younger wellness enthusiasts, who once overlooked nighttime supplementation, are exploring its benefits as part of a more rounded approach to daily self-care.

    Social media conversations and wellness podcasts are increasingly referencing the “rest and reset” model. Rather than chasing overnight transformations, users are aligning with strategies that feel sustainable. Sleep Lean fits into this narrative — a non-intrusive, steady companion that works behind the scenes.

    What unites this diverse group is a shared value: consistency without compromise. In a marketplace full of products promising instant shifts, Sleep Lean appeals to those who prefer subtle, sustainable progress grounded in how the body naturally works.

     Visit Official Website To Get More Information

    Is Sleep Lean Safe for Nighttime Use? What the Formulation Tells Us

    In 2025, safety remains a top priority for consumers — especially with supplements taken before rest. Sleep Lean has garnered attention not only for its unique purpose but also for how it approaches nighttime support responsibly.

    The formulation is developed without ingredients that commonly disrupt rest, such as high-dose stimulants, synthetic relaxants, or habit-forming agents. Instead, its blend focuses on naturally derived compounds known for their role in regulating circadian patterns, nervous system balance, and gentle metabolic support.

    Each ingredient has been selected for its compatibility with evening use. Instead of triggering abrupt physiological shifts, the goal is to support a smoother transition into deeper rest. Reports from users highlight feelings of calm without grogginess the next morning — a rare balance in this product category.

    In addition, the product’s composition avoids artificial dyes, major allergens, and unnecessary additives. This makes Sleep Lean a viable option for a wide range of wellness-conscious individuals looking to integrate a nighttime formula without compromising safety or quality.

    As interest in sleep-focused metabolic support grows, Sleep Lean positions itself as a responsible entry in this space — prioritizing harmony over force.

    Where to Buy Sleep Lean in 2025: Access, Authenticity & Advisory Notes

    Due to its rising popularity, questions about where to safely access Sleep Lean are becoming more common. The official source for authentic supply remains the product’s official website — a secure platform that ensures formula integrity, proper storage, and full customer support.

    Purchasing directly not only guarantees that users receive the original formulation, but also provides access to updated information, current usage guidelines, and any ongoing offers. Given the emergence of unauthorized listings and imitations on third-party marketplaces, wellness advisors encourage consumers to verify sourcing before purchase.

    Another key reason to go through official channels is safety. With wellness products, particularly those taken during rest, quality control is non-negotiable. Temperature-sensitive ingredients and precise dosing require careful handling from manufacturer to doorstep — something not always ensured by unverified resellers.

    For those considering adding Sleep Lean to their routine, the brand also offers structured packages that support consistent use over several weeks — often preferred by those looking for longer-term body balance support.

    What Wellness Experts Are Saying About Sleep Lean

    As interest in restorative wellness continues to grow, health advisors and holistic practitioners are taking note of formulations like Sleep Lean that emphasize rhythm, not force. While traditional daytime supplements still have a role, the wellness industry is beginning to recognize that rest itself is an active part of balance.

    Experts observing the market see Sleep Lean’s success as part of a wider shift. More individuals are choosing supplements based not only on ingredients, but on when and how they work in the body. With its nighttime focus, Sleep Lean offers a fresh alternative to solutions that rely on daytime energy expenditure.

    Several nutrition consultants have remarked that the ingredients used in Sleep Lean are aligned with current understanding of safe, non-sedating nighttime support. The absence of synthetic relaxants or high-intensity stimulants is frequently mentioned as a key differentiator.

    Sleep Lean appears to have positioned itself not just as a supplement, but as a tool in the broader strategy of metabolic support through rest.

    Final Insights: Where Sleep Lean Fits in 2025’s Wellness Landscape

    With thousands of supplements entering the wellness space each year, only a few manage to break through and redefine how people think about body balance. Sleep Lean, in 2025, is emerging as one of those few — not because of bold promises, but because of its timely alignment with how consumers are rethinking wellness.

    It doesn’t try to overtake the body’s systems. It doesn’t fight biology. Instead, Sleep Lean works in tandem with how the body is naturally designed to recover — quietly, gently, and during rest.

    Its rise reflects a shift in mindset. More individuals are embracing long-view approaches. They are seeking out options that fit into their lives, not products that demand dramatic lifestyle changes. With Sleep Lean, this integration is simple — a capsule, a routine, a commitment to restful evenings and balanced mornings.

    As awareness grows, Sleep Lean’s role in the wellness landscape becomes clearer: it isn’t about chasing faster outcomes, but supporting smarter habits. And in an increasingly overstimulated world, that calm, supportive approach may be what sets it apart.

    For the most accurate and current product details, including pricing and availability, always refer to the official product website.

    Contact: SleepLean
    Address: Jetpack 285 Northeast Ave Tallmadge,
    OH 44278
    United States

    Support Email: info@sleeplean.net 
    Website: www.sleeplean.net
    Disclaimer and Disclosure
    The information presented in this article is for informational and educational purposes only and is not intended as a substitute for advice from a qualified healthcare professional. No material in this content is intended to diagnose, treat, cure, or prevent any disease or health condition. Individuals should always consult with a physician or other licensed healthcare provider before starting any new dietary supplement, wellness program, or health regimen, particularly if they are pregnant, nursing, have a known medical condition, or are taking medications.
    All product details, including pricing, ingredients, availability, and usage instructions, are subject to change by the manufacturer at any time without notice. While the article aims to provide accurate and up-to-date information at the time of publication, there is no guarantee that the content is free from typographical errors, outdated details, or other inaccuracies. Readers are encouraged to verify all information directly with the official product website or the manufacturer.
    The publisher, writers, syndication partners, and all affiliated distribution platforms disclaim any liability for any loss, harm, or adverse effects resulting from the use or misuse of any product or information presented herein. The content is published as-is and without warranties of any kind-either expressed or implied.
    By reading this content, the reader acknowledges full responsibility for their own health decisions and agrees not to hold the publisher or any affiliated parties liable for outcomes related to the information presented.

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    The MIL Network –

  • MIL-OSI: Medallion Bank Reports 2025 Second Quarter Results and Declares Series G Preferred Stock Dividend

    Source: GlobeNewswire (MIL-OSI)

    SALT LAKE CITY, July 30, 2025 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKO, the “Bank”), an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners, announced today its results for the quarter ended June 30, 2025. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

    2025 Second Quarter Highlights

    • Net income of $17.3 million, compared to $15.0 million in the prior year quarter.
    • Net interest income of $53.9 million, compared to $50.2 million in the prior year quarter. Total non-interest income of $2.7 million, compared to $0.9 million in the prior year quarter.
    • Net interest margin of 8.54%, compared to 8.55% in the prior year quarter.
    • Total provision for credit losses was $18.7 million, compared to $18.2 million in the prior year quarter.
    • Annualized net charge-offs were 2.66% of average loans outstanding, compared to 2.31% in the prior year quarter.
    • Annualized return on assets and return on equity were 2.75% and 16.11%, respectively, compared to 2.57% and 16.77%, respectively, for the prior year period.
    • The total loan portfolio grew 1% from June 30, 2024 to $2.3 billion as of June 30, 2025.
    • Closed a public offering of 3,100,000 shares of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, par value $1.00 per share, with a liquidation amount of $25 per share and an aggregate liquidation amount of $77.5 million.
    • Total assets were $2.6 billion and the Tier 1 leverage ratio was 19.3% at June 30, 2025. The Series F preferred stock, which was redeemed on July 1, 2025, contributed 171 basis points to the Tier 1 leverage ratio as of June 30, 2025.

    Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “Earnings grew to $17.3 million in the second quarter, but the highlight for the quarter was secondary and capital market activity. As previously reported, we completed an initial sale of recreation loans, then completed a $77.5 million Series G preferred stock offering and announced the redemption of $46 million of our Series F preferred securities.

    While demand for both recreation and home improvement loans recovered slightly from the first quarter, overall volumes remained moderate. Strategic partnership volumes continued to grow, reaching $169 million in the second quarter, 24% higher than the first quarter’s $136 million. Charge-offs were up from the prior year quarter and delinquency fell consistent with our seasonal pattern. Notably, the delinquency rate in our home improvement loan portfolio is now at its lowest level since the second quarter of 2023. We are pleased with our second quarter results and believe the added capital establishes a solid foundation for the rest of 2025 and beyond.”

    Recreation Lending Segment

    • Excluding loans held for sale, the Bank’s recreation loan portfolio size fell 0.8% to $1.486 billion as of June 30, 2025, compared to $1.497 billion at June 30, 2024. Loan originations were $142.8 million, compared to $209.6 million in the prior year quarter.
    • On April 30, 2025, the Bank closed a sale of $52.8 million in recreation loans held for sale. The total proceeds received, which included the principal amount outstanding, a purchase premium and accrued but unpaid interest, were $55.9 million.
    • Recreation loans were 65% of loans receivable as of June 30, 2025, compared to 66% at June 30, 2024.
    • Net interest income was $39.8 million, compared to $37.6 million in the prior year quarter.
    • Delinquencies 30 days or more past due were $65.7 million, or 4.42%, of recreation loans as of June 30, 2025, compared to $54.3 million, or 3.63%, at June 30, 2024.
    • Annualized net charge-offs were 3.25% of average recreation loans outstanding, compared to 2.99% in the prior year quarter.
    • The provision for recreation credit losses was $15.3 million and the allowance for credit losses was 5.05% of the outstanding balance, compared to $15.8 million and 4.35% of the outstanding balance in the prior year quarter.

    Home Improvement Lending Segment

    • The Bank’s home improvement loan portfolio grew 4% to $803.5 million as of June 30, 2025, compared to $773.2 million at June 30, 2024. Loan originations were $54.3 million, compared to $68.0 million in the prior year quarter.
    • Home improvement loans were 35% of loans receivable as of June 30, 2025, compared to 34% at June 30, 2024.
    • Net interest income was $13.6 million, compared to $12.1 million in the prior year quarter.
    • Delinquencies 30 days or more past due were $6.9 million, or 0.86%, of home improvement loans as of June 30, 2025, essentially unchanged from $6.9 million, or 0.90%, at June 30, 2024.
    • Annualized net charge-offs were 1.87% of average home improvement loans outstanding, compared to 1.49% in the prior year quarter.
    • The provision for home improvement credit losses was $3.9 million and the allowance for credit losses was 2.54% of the outstanding balance, compared to $3.3 million and 2.38% of the outstanding balance in the prior year quarter.

    Series F Preferred Stock Dividend

    The Series F Preferred Stock was fully redeemed on July 1, 2025, and no further dividends will be paid.

    Series G Preferred Stock Dividend

    On July 24, 2025, the Bank’s Board of Directors declared a quarterly cash dividend of $0.80625 per share (calculated from date of issuance on May 22, 2025 through September 30, 2025) on the Bank’s Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKO.” The dividend is payable on October 1, 2025, to holders of record at the close of business on September 15, 2025.

    About Medallion Bank

    Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

    For more information, visit www.medallionbank.com

    Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales (including loan sales), net investment income, earnings, returns and growth. These statements are often, but not always, made through the use of words or phrases such as “remains,” “anticipated,” “continue,” “expect,” “may,” “maintain,” “potential” or the negative versions of these words or other comparable words or phrases of a future or forward-looking nature. These statements may relate to our future earnings, returns, capital levels, sources of funding, growth prospects, asset quality and pursuit and execution of our strategy. Medallion Bank’s actual results may differ significantly from the results discussed in such forward-looking statements. For a description of certain risks to which Medallion Bank is or may be subject, please refer to the factors discussed under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” included in Medallion Bank’s Form 10-K for the year ended December 31, 2024, and in its Quarterly Reports on Form 10-Q, filed with the FDIC. Medallion Bank’s Form 10-K, Form 10-Qs and other FDIC filings are available in the Investor Relations section of Medallion Bank’s website. Medallion Bank’s financial results for any period are not necessarily indicative of Medallion Financial Corp.’s results for the same period.

    Company Contact:
    Investor Relations
    212-328-2176
    InvestorRelations@medallion.com

    MEDALLION BANK
    STATEMENTS OF OPERATIONS
    (UNAUDITED)
      Three Months Ended June 30,   Six Months Ended June 30,
    (In thousands)   2025       2024       2025       2024  
    Interest income              
    Loan interest including fees $ 71,688     $ 65,213     $ 142,305     $ 126,637  
    Investments   1,824       1,546       3,041       3,090  
    Total interest income   73,512       66,759       145,346       129,727  
    Interest expense   19,608       16,524       39,225       31,277  
    Net interest income   53,904       50,235       106,121       98,450  
    Provision for credit losses   18,697       18,190       37,735       35,192  
    Net interest income after provision for credit losses   35,207       32,045       68,386       63,258  
    Strategic partnership fees   787       480       1,472       806  
    Gain on sale of loans   1,304       —       1,304       —  
    Other non-interest income   603       389       1,599       665  
    Total non-interest income   2,694       869       4,375       1,471  
    Non-interest expense              
    Salaries and benefits   5,297       4,953       10,645       9,937  
    Loan servicing   3,293       3,049       6,447       5,916  
    Collection costs   1,697       1,569       3,189       2,974  
    Regulatory fees   1,109       888       1,930       1,865  
    Professional fees   592       385       1,202       817  
    Information technology   324       273       646       541  
    Occupancy and equipment   724       226       1,451       433  
    Other   1,093       1,059       2,003       1,809  
    Total non-interest expense   14,129       12,402       27,513       24,292  
    Income before income taxes   23,772       20,512       45,248       40,437  
    Provision for income taxes   6,468       5,476       12,305       10,922  
    Net income $ 17,304     $ 15,036     $ 32,943     $ 29,515  
    Less: Preferred stock dividends   2,598       1,512       4,110       3,024  
    Net income attributable to common shareholder $ 14,706     $ 13,524     $ 28,833     $ 26,491  
    MEDALLION BANK
    BALANCE SHEETS
      (UNAUDITED)       (UNAUDITED)
    (In thousands) June 30, 2025   December 31, 2024   June 30, 2024
    Assets          
    Cash and federal funds sold $ 117,345     $ 126,196     $ 119,457  
    Investment securities, available-for-sale   61,529       54,805       55,830  
    Loans held for sale, at the lower of amortized cost or fair value   72,490       128,226       —  
               
    Loan receivables, inclusive of net deferred loan acquisition cost and fees   2,289,583       2,249,614       2,274,740  
    Allowance for credit losses   (95,462 )     (91,638 )     (84,213 )
    Loans, net   2,194,121       2,157,976       2,190,527  
    Loan collateral in process of foreclosure   3,414       3,326       3,103  
    Fixed assets and right-of-use lease assets, net   7,972       9,126       8,850  
    Deferred tax assets   14,647       14,036       12,866  
    Accrued interest receivable   15,124       15,083       13,203  
    Other assets   85,417       40,325       39,556  
    Total assets         $ 2,572,059     $ 2,549,099     $ 2,443,392  
    Liabilities and Shareholders’ Equity          
    Liabilities          
    Deposits $ 2,009,176     $ 2,090,071     $ 2,006,782  
    Short-term borrowings   40,000       35,000       25,000  
    Accrued interest payable   3,065       5,586       5,281  
    Income tax payable (1)   26,734       17,951       21,127  
    Other liabilities   18,406       17,204       17,983  
    Due to affiliates   1,037       910       983  
    Total liabilities           2,098,418       2,166,722       2,077,156  
    Shareholders’ Equity          
    Series E preferred stock           26,303       26,303       26,303  
    Series F preferred stock   42,485       42,485       42,485  
    Series G preferred stock   73,126       —       —  
    Common stock   1,000       1,000       1,000  
    Additional paid in capital   77,500       77,500       77,500  
    Accumulated other comprehensive loss, net of tax   (3,931 )     (4,480 )     (4,578 )
    Retained earnings   257,158       239,569       223,526  
    Total shareholders’ equity   473,641       382,377       366,236  
    Total liabilities and shareholders’ equity $ 2,572,059     $ 2,549,099     $ 2,443,392  
    (1)      The majority of income tax payable is payable to Medallion Financial Corp.

    The MIL Network –

  • MIL-OSI: Reliance Global Group Reports Second Quarter 2025 Financial Results and Provides Business Update

    Source: GlobeNewswire (MIL-OSI)

    Reduces Debt by 50%, Strengthens Balance Sheet, and Refocuses Strategic Priorities

    Company to Host Conference Call Today at 4:30 PM Eastern Time

    LAKEWOOD, N.J., July 30, 2025 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today provided a business update and reported financial results for the quarter ended June 30, 2025.

    “During the second quarter, we made meaningful progress toward our long-term strategic objectives, continuing to execute with discipline across both operational and financial fronts,” said Ezra Beyman, Chairman and CEO of Reliance Global Group. “While revenue was modestly lower compared to the prior year period, this was primarily due to a shift in our medical/health client base but offset by an 8% increase in our property and casualty (P&C) revenue stream. Importantly, our core business remained stable, and we continued to drive improvements across the organization. A key pillar of our transformation remains our OneFirm strategy, which unifies our agency operations under a cohesive, integrated model. We believe this approach is driving greater internal efficiency, enhancing collaboration across our teams, and delivering improved service experiences for clients and agents alike. It also positions us to scale more effectively and expand margins as we grow.”

    “As part of this strategy, the recent sale of Fortman Insurance Services marked a key step in streamlining our portfolio. By monetizing this asset, we’ve not only strengthened our balance sheet but also reinforced our focus on tech-enabled, high-growth areas that align with our long-term vision for sustainable, innovation-driven growth.”

    “From the sale proceeds, we took a major step to strengthen our financial position by repaying approximately $5.6 million—about half of our long-term debt, which reduced our annual debt service by over $1.8 million and meaningfully improved our cash flow and financial flexibility.”

    “Another exciting development this quarter was the launch of RELI Auto Leasing, which empowers our RELI Exchange Agency Partners to connect their clients with great auto leasing options. This unique platform not only creates a new revenue stream for our agents—who earn commissions on both the leasing referral and the accompanying insurance—but also delivers a high-convenience experience for consumers, with nationwide delivery available. By integrating leasing solutions into the RELI Exchange platform, we are continuing to strengthen our value proposition and expand the tools our agents can use to grow their businesses,” concluded Mr. Beyman.

    2025 Second Quarter Financial Highlights

    (approximate figures)

    • Commission income was $3.1 million in Q2 2025, compared to $3.2 million in Q2 2024. The swing was primarily due to a shift in our medical/health client base but offset by an 8% increase in our property and casualty (P&C) revenue stream.
    • Commission expense was $989,000 in Q2 2025, compared to $886,000 in Q2 2024 with the swing primarily attributed to the 8% growth in P&C revenues.
    • Salaries and wages were $2.6 million in Q2 2025, compared to $2.0 million in Q2 2024, with the increase due to non-cash share-based compensation, offset by OneFirm efficiencies and overall leaner operations.
    • General and administrative expenses were $1.5 million in Q2 2025, compared to $1.0 million in Q2 2024, with the flux being driven by acquisition related cash and non-cash costs offset by OneFirm efficiencies and overall leaner operations.
    • Net loss for the quarter was $2.7 million, compared to $1.5 million in Q2 2024, reflecting the impacts of non-cash equity compensation and acquisition cash and non-cash related costs.
    • Adjusted EBITDA (“AEBITDA”) (Non-GAAP measure) loss for the quarter was $382,000 compared to $178,000 in Q2 2024. The increase was driven primarily by the fluctuations affecting the commission income and commission expense accounts offset by improvements in the general expense accounts pursuant to OneFirm efficiencies and overall leaner operations.

    “Following the sale of Fortman Insurance Services, we expect to recognize a gain on sale of approximately $3.0 million in the third quarter,” said Joel Markovits, Chief Financial Officer of Reliance Global Group. “Combined with our debt reduction efforts, we’ve significantly deleveraged our balance sheet and lowered our annual debt service obligations by approximately 61%. Our outlook remains strong as we continue to move forward with a focus on disciplined financial management, whilst making strides forward in our pursuit of innovation and expansion of our market footprint.”

    Conference Call

    Reliance Global Group will host a conference call today at 4:30 PM Eastern Time to discuss the Company’s financial results for the quarter ended June 30, 2025, as well as the Company’s corporate progress and other developments.

    The conference call will be available via telephone by dialing toll-free +1 888-506-0062 for U.S. callers or +1 973-528-0011 for international callers and entering access code 627850. A webcast of the call may be accessed at https://www.webcaster4.com/Webcast/Page/2381/52790 or on the investor relations section of the Company’s website, https://relianceglobalgroup.com/events-and-presentations/.

    A webcast replay will be available on the investor relations section of the Company’s website at https://relianceglobalgroup.com/events-and-presentations/ through May 13, 2026. A telephone replay of the call will be available approximately one hour following the call, through May 27, 2025, and can be accessed by dialing +1 877-481-4010 for U.S. callers or +1 919-882-2331 for international callers and entering access code 52473.

    About Reliance Global Group, Inc.

    Reliance Global Group, Inc. (NASDAQ: RELI) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance. In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by terminology such as “may,” “should,” “could,” “would,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “continue,” “potential,” and similar expressions. Forward-looking statements in this press release include, without limitation, statements regarding:

    • Our expectations regarding the financial and operational benefits of our recent debt reduction, including reduced annual debt service obligations, improved cash flow, and enhanced financial flexibility;
    • Our belief that the OneFirm strategy is enhancing internal efficiency, enabling scalability, and positioning us for sustainable margin expansion;
    • Our intention to continue realigning our portfolio and operations around high-growth, tech-enabled assets, including through the sale of Fortman Insurance Services and the expansion of the RELI Exchange platform;
    • Our expectation that RELI Auto Leasing will generate new revenue opportunities for our agency partners and increase customer convenience and engagement;
    • Our outlook regarding the anticipated gain on the Fortman sale and our ability to continue deleveraging and improving our financial condition; and
    • Other statements relating to our future growth, financial performance, business strategy, and operational execution.

    These forward-looking statements are based on a number of assumptions, including that our OneFirm strategy will continue to drive efficiencies, the RELI Exchange and RELI Auto Leasing platforms will gain market traction as expected, the anticipated gain on the Fortman sale will be recognized, and market, economic, and regulatory conditions will remain favorable. There can be no assurance that these assumptions will prove accurate.

    Actual results could differ materially from those anticipated due to a variety of risks and uncertainties, including: our ability to successfully integrate new business initiatives such as RELI Auto Leasing; challenges in realizing anticipated cost savings, cash flow improvements, or strategic benefits from our restructuring efforts; competitive pressures in the InsurTech and insurance agency markets; adverse economic or regulatory developments; and other factors described under “Risk Factors” in our Annual Report on Form 10-K and other filings made with the Securities and Exchange Commission.

    You are encouraged to carefully review our Annual Report on Form 10-K for the year ended December 31, 2024, as amended, as well as other SEC filings, for a more complete discussion of these and other risks and uncertainties. Except as required by law, Reliance Global Group, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact:

    Crescendo Communications, LLC
    Tel: +1 (212) 671-1020
    Email: RELI@crescendo-ir.com

    INFORMATION REGARDING A NON-GAAP FINANCIAL MEASURE

    The Company believes certain financial measures which meet the definition of non-GAAP financial measures, as defined in Regulation G of the SEC rules, provide important supplemental information. Namely our key financial performance metric Adjusted EBITDA (“AEBITDA”) is a non-GAAP financial measure that is not in accordance with, or an alternative to, measures prepared in accordance with GAAP. “AEBITDA” is defined as earnings before interest, taxes, depreciation, and amortization (EBITDA) with additional adjustments as further outlined below, to result in Adjusted EBITDA (“AEBITDA”). The Company considers AEBITDA an important financial metric because it provides a meaningful financial measure of the quality of the Company’s operational, cash impacted and recurring earnings and operating performance across reporting periods. Other companies may calculate Adjusted EBITDA differently than we do, which might limit its usefulness as a comparative measure to other companies in the industry. AEBITDA is used by management in addition to and in conjunction (and not as a substitute) with the results presented in accordance with GAAP. Management uses AEBITDA to evaluate the Company’s operational performance, including earnings across reporting periods and the merits for implementing cost-cutting measures. We have presented AEBITDA solely as supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Consistent with Regulation G, a description of such information is provided below herein and tabular reconciliations of this supplemental non-GAAP financial information to our most comparable GAAP information are contained below.

    We exclude the following items when calculating Adjusted EBITDA, and the following items define our non-GAAP financial measure “AEBITDA”:

    • Interest and related party interest expense: Unrelated to core Company operations and excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Depreciation and amortization: Non-cash charge, excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Goodwill and/or asset impairments: Non-cash charge, excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Equity-based compensation: Non-cash compensation provided to employees and service providers, excluded to provide more meaningful supplemental information regarding the Company’s core cash impacted operational performance.
    • Change in estimated acquisition earn-out payables: An earn-out liability is a liability to the seller upon an acquisition which is contingent on future earnings. These liabilities are valued at each reporting period and the changes are reported as either a gain or loss in the change in estimated acquisition earn-out payables account in the consolidated statements of operations. The gain or loss is non-cash, can be highly volatile and overall is not deemed relevant to ongoing operations, thus, it is excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Recognition and change in fair value of warrant liabilities: This account includes changes to derivative warrant liabilities which are valued at each reporting period and could result in either a gain or loss. The period changes do not impact cash, can be highly volatile, and are unrelated to ongoing operations, and thus are excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Other income (expense), net: Includes certain non-routine income or expenses and other individually de minimis items and is thus excluded as unrelated to core operations of the company.
    • Transactional costs: This includes expenses related to mergers, acquisitions, financings and refinancings, and amendments or modification to indebtedness. These costs are unrelated to primary Company operations and are excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Non-standard costs: This account includes non-standard non-operational items, related to costs incurred for a legal suit the Company has filed against one of the third parties involved in the discontinued operations and was excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.
    • Loss from discontinued operations before tax: This account includes the net results from discontinued operations, and since discontinued, are unrelated to the Company’s ongoing operations and thus excluded to provide more meaningful supplemental information regarding the Company’s core operational performance.

    The following table provides a reconciliation from net loss to AEBITDA for the 3 month and 6 month periods ended June 30, 2025 and 2024, respectively:

                             
      The Period Ended June 30,
    		   Six Months Ended June 30,
    		  
      2025   2024   2025   2024  
            As reported on10-Q2’24           As reported on10-Q2’24    
    Net income (loss) (2,710,901 )   (1,489,395 )   (4,447,786 )   (6,836,057 )  
    Adjustments:                        
    Interest and related party interest expense 318,988     403,495     644,230     813,780    
    Depreciation and amortization 346,151     469,788     706,746     1,003,941    
    Asset impairment –     –     –     3,922,110    
    –  –     –                
    Share based compensation employees directors and third parties 1,479,557     333,897     2,504,542     488,808    
    Change in estimated acquisition earn-out payables –     –     –     47,761    
    Other (income) expense, net –     (11 )   24,598     (22 )  
    Transactional costs 248,049     119,203     391,236     373,096    
    Non-standard costs (63,534 )   45,724     (35,254 )   90,963    
    Recognition and change in fair value of warrant liabilities –     (60,667 )   –     (156,000 )  
    Total adjustments 2,329,211     1,311,429     4,236,098     6,584,437    
                             
    AEBITDA  (381,690 )   (177,966 )   (211,688 )   (251,620 )  
                             
                             

    The MIL Network –

  • MIL-OSI: Columbia Financial, Inc. Announces Financial Results for the Second Quarter Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    FAIR LAWN, N.J., July 30, 2025 (GLOBE NEWSWIRE) — Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (“Columbia”), reported net income of $12.3 million, or $0.12 per basic and diluted share, for the quarter ended June 30, 2025, as compared to $4.5 million, or $0.04 per basic and diluted share, for the quarter ended June 30, 2024. Earnings for the quarter ended June 30, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, higher non-interest income and a decrease in non-interest expense, partially offset by higher income tax expense.

    For the six months ended June 30, 2025, the Company reported net income of $21.2 million, or $0.21 per basic and diluted share, as compared to $3.4 million, or $0.03 per basic and diluted share, for the six months ended June 30, 2024. Earnings for the six months ended June 30, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, a decrease in provision for credit losses and higher non-interest income, and a decrease in non-interest expense, partially offset by higher income tax expense.

    Mr. Thomas J. Kemly, President and Chief Executive Officer commented: “We are pleased with our results for the second quarter of 2025, which reflect a substantial increase in earnings and the continued expansion of our net interest margin resulting from our previously announced strategies. During the quarter, we also experienced solid loan growth, complemented by the purchase of approximately $130.9 million in commercial equipment finance loans. Assets and deposits continued to increase throughout the 2025 period, and we reduced our overall operating costs.”

    Results of Operations for the Three Months Ended June 30, 2025 and June 30, 2024

    Net income of $12.3 million was recorded for the quarter ended June 30, 2025, an increase of $7.8 million, as compared to net income of $4.5 million for the quarter ended June 30, 2024. The increase in net income was primarily attributable to a $9.6 million increase in net interest income, a $993,000 increase in non-interest income and a $1.3 million decrease in non-interest expense, partially offset by a $3.9 million increase in income tax expense.

    Net interest income was $53.7 million for the quarter ended June 30, 2025, an increase of $9.6 million, or 21.8%, from $44.1 million for the quarter ended June 30, 2024. The increase in net interest income was primarily attributable to a $3.2 million increase in interest income and a $6.4 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the quarter ended June 30, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to lower interest rates paid on new and repricing deposits and borrowings during the quarter ended June 30, 2025. Prepayment penalties, which are included in interest income on loans, totaled $615,000 for the quarter ended June 30, 2025, compared to $436,000 for the quarter ended June 30, 2024.

    The average yield on loans for the quarter ended June 30, 2025 increased 3 basis points to 4.96%, as compared to 4.93% for the quarter ended June 30, 2024. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the quarter ended June 30, 2025 increased 66 basis points to 3.55%, as compared to 2.89% for the quarter ended June 30, 2024. This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being replaced with higher yielding securities purchased in 2024 and throughout the six months ended June 30, 2025. The average yield on other interest-earning assets for the quarter ended June 30, 2025 decreased 114 basis points to 5.16%, as compared to 6.30% for the quarter ended June 30, 2024, mainly due to a 150 basis point decrease in the dividend rate received on Federal Home Loan Bank stock.

    Total interest expense was $62.8 million for the quarter ended June 30, 2025, a decrease of $6.4 million, or 9.3%, from $69.2 million for the quarter ended June 30, 2024. The decrease in interest expense was primarily attributable to a 19 basis point decrease in the average cost of interest-bearing deposits along with a 52 basis point decrease in the average cost of borrowings, coupled with a decrease in the average balance of borrowings, partially offset by an increase in the average balance of interest-bearing deposits. Interest expense on deposits decreased $482,000, or 1.0%, and interest expense on borrowings decreased $5.9 million, or 30.6% for the quarter ended June 30, 2025 as compared to the quarter ended June 30, 2024.

    The Company’s net interest margin for the quarter ended June 30, 2025 increased 38 basis points to 2.19% when compared to 1.81%, due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 11 basis points to 4.75% for the quarter ended June 30, 2025 as compared to 4.64% for the quarter ended June 30, 2024. The average cost of interest-bearing liabilities decreased 31 basis points to 3.18% for the quarter ended June 30, 2025 as compared to 3.49% for the quarter ended June 30, 2024.

    Non-interest income was $10.2 million for the quarter ended June 30, 2025, an increase of $993,000, or 10.8%, from $9.2 million for the quarter ended June 30, 2024. The increase was primarily attributable to an increase of $425,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $366,000 in loan fees and service charges related to swap income, gains on securities transactions of $336,000, and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $693,000 in other non-interest income. The gain on the sale of other real estate owned resulted from the sale of a commercial real estate property acquired by foreclosure in 2024 with a book value of $1.3 million which was sold in June 2025.

    Non-interest expense was $44.9 million for the quarter ended June 30, 2025, a decrease of $1.3 million, or 2.9%, from $46.2 million for the quarter ended June 30, 2024. The decrease was primarily attributable to a decrease in professional fees of $1.0 million, as legal, regulatory, and compliance-related costs were higher in the 2024 period, a decrease in merger-related expenses of $692,000, and a decrease in other non-interest expense of $798,000.

    Income tax expense was $4.2 million for the quarter ended June 30, 2025, an increase of $3.9 million, as compared to income tax expense of $279,000 for the quarter ended June 30, 2024, mainly due to an increase in pre-tax income. The Company’s effective tax rate was 25.4% and 5.8% for the quarters ended June 30, 2025 and 2024, respectively. The effective tax rate for the 2024 period was primarily impacted by permanent income tax differences.

    Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024

    Net income of $21.2 million was recorded for the six months ended June 30, 2025, an increase of $17.8 million, or 526.4%, compared to net income of $3.4 million for the six months ended June 30, 2024. The increase in net income was primarily attributable to a $17.7 million increase in net interest income, a $2.1 million decrease in provision for credit losses, a $2.0 million increase in non-interest income and a $3.2 million decrease in non-interest expense, partially offset by a $7.2 million increase in income tax expense.

    Net interest income was $104.0 million for the six months ended June 30, 2025, an increase of $17.7 million, or 20.6%, from $86.3 million for the six months ended June 30, 2024. The increase in net interest income was primarily attributable to a $6.7 million increase in interest income and a $11.0 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in the average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the six months ended June 30, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to a decrease in interest rates paid on new and repricing deposits and borrowings during the six months ended June 30, 2025. The decrease in interest expense on borrowings was also impacted by a decrease in the average balance of borrowings and the decrease in the cost of new borrowings. Prepayment penalties, which are included in interest income on loans, totaled $872,000 for the six months ended June 30, 2025, compared to $703,000 for the six months ended June 30, 2024.

    The average yield on loans for the six months ended June 30, 2025 increased 6 basis points to 4.92%, as compared to 4.86% for the six months ended June 30, 2024. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the six months ended June 30, 2025 increased 73 basis points to 3.50%, as compared to 2.77% for the six months ended June 30, 2024. This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024 being replaced with higher yielding securities purchased in 2024 and throughout the six months ended June 30, 2025. The average yield on other interest-earning assets for the six months ended June 30, 2025 decreased 72 basis points to 5.47%, as compared to 6.19% for the six months ended June 30, 2024, due to lower dividends received on Federal Home Loan Bank stock.

    Total interest expense was $124.6 million for the six months ended June 30, 2025, a decrease of $11.0 million, or 8.1%, from $135.6 million for the six months ended June 30, 2024. The decrease in interest expense was primarily attributable to a 10 basis point decrease in the average cost of interest-bearing deposits along with a 53 basis point decrease in the average cost of borrowings coupled with a decrease in the average balance of borrowings. Interest expense on deposits increased $1.2 million, or 1.3%, and interest expense on borrowings decreased $12.3 million, or 32.8% for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

    The Company’s net interest margin for the six months ended June 30, 2025 increased 37 basis points to 2.15%, when compared to 1.78% for the six months ended June 30, 2024. The net interest margin increased for the six months ended June 30, 2025, due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 15 basis points to 4.72% for the six months ended June 30, 2025, as compared to 4.57% for the six months ended June 30, 2024. The average cost of interest-bearing liabilities decreased 25 basis points to 3.19% for the six months ended June 30, 2025, as compared to 3.44% for the six months ended June 30, 2024.

    The provision for credit losses for the six months ended June 30, 2025 was $5.4 million, a decrease of $2.1 million, or 27.7% from $7.5 million for the six months ended June 30, 2024. The decrease in provision for credit losses was primarily attributable to a decrease in net charge-offs, which totaled $4.1 million for the six months ended June 30, 2025 as compared to $5.5 million for the six months ended June 30, 2024, and a decrease in quantitative loss rates based on the evaluation of current and projected economic conditions.

    Non-interest income was $18.6 million for the six months ended June 30, 2025, an increase of $2.0 million, or 12.1%, from $16.6 million for the six months ended June 30, 2024. The increase was primarily attributable to an increase in gain on securities transactions of $1.6 million, an increase of $900,000 in demand deposit account fees mainly related to commercial account treasury services, an increase of $461,000 in loan fees and service charges related to swap income and a $281,000 gain on the sale of real estate owned, partially offset by a decrease of $2.0 million in other non-interest income.

    Non-interest expense was $88.8 million for the six months ended June 30, 2025, a decrease of $3.2 million, or 3.4% from $91.9 million for the six months ended June 30, 2024. The decrease was primarily attributable to a decrease in federal deposit insurance premiums of $615,000, a decrease in professional fees of $3.1 million, a decrease in merger-related expenses of $714,000 and a decrease in other non-interest expense of $1.3 million, partially offset by an increase in compensation and employee benefits expense of $2.3 million. Professional fees for legal, regulatory and compliance-related costs decreased in the 2025 period.

    Income tax expense was $7.3 million for the six months ended June 30, 2025, an increase of $7.2 million, as compared to income tax expense of $150,000 for the six months ended June 30, 2024, mainly due to an increase in pre-tax income. The Company’s effective tax rate was 25.6% and 4.2% for the six months ended June 30, 2025 and 2024, respectively. The effective tax rate for the 2024 period was impacted by permanent income tax differences.

    Balance Sheet Summary

    Total assets increased $263.5 million, or 2.5%, to $10.7 billion at June 30, 2025 as compared to $10.5 billion at December 31, 2024. The increase in total assets was primarily attributable to an increase in debt securities available for sale of $31.0 million, and an increase in loans receivable, net, of $254.1 million, partially offset by a decrease in cash and cash equivalents of $41.0 million.

    Cash and cash equivalents decreased $41.0 million, or 14.2%, to $248.2 million at June 30, 2025 from $289.2 million at December 31, 2024. The decrease was primarily attributable to purchases of securities of $159.3 million, purchases of loans of $150.9 million and the origination of loans receivable, partially offset by proceeds from principal repayments on securities of $98.5 million, and repayments on loans receivable.

    Debt securities available for sale increased $31.0 million, or 3.0%, to $1.1 billion at June 30, 2025 from $1.0 billion at December 31, 2024. The increase was attributable to purchases of securities of $126.0 million, consisting primarily of U.S. government obligations and mortgage-backed securities, and a decrease in the gross unrealized loss on securities of $22.1 million, partially offset by maturities on securities of $28.5 million, repayments on securities of $73.6 million, and the sale of securities of $15.7 million.

    Loans receivable, net, increased $254.1 million, or 3.2%, to $8.1 billion at June 30, 2025 from $7.9 billion at December 31, 2024. Multifamily loans, commercial real estate loans and commercial business loans increased $118.1 million, $177.8 million, and $104.5 million, respectively, partially offset by decreases in one-to-four family real estate loans, construction loans and home equity loans and advances of $81.6 million, $58.2 million, and $2.6 million, respectively. The increase in commercial business loans was primarily due to the purchase of $130.9 million in equipment finance loans from a third party in May 2025, at a $3.2 million discount, which included $5.1 million of purchased credit deteriorated loans (“PCD”). The principal balance of the PCD loans was charged-off by $3.2 million. The allowance for credit losses for loans increased $4.5 million to $64.5 million at June 30, 2025 from $60.0 million at December 31, 2024, primarily due to an increase in the outstanding balance of loans.

    Total liabilities increased $223.2 million, or 2.4%, to $9.6 billion at June 30, 2025 from $9.4 billion at December 31, 2024. The increase was primarily attributable to an increase in total deposits of $39.3 million, or 0.5%, and an increase in borrowings of $192.0 million, or 17.8%, partially offset by a decrease in other liabilities of $12.2 million. The increase in total deposits consisted of increases in non-interest-bearing demand deposits, money market accounts and certificates of deposit of $1.9 million, $114.0 million, and $80.2 million, respectively, partially offset by decreases in interest-bearing demand deposits and savings and club accounts of $149.0 million and $7.7 million, respectively. The $192.0 million increase in borrowings was driven by a net increase in short-term borrowings of $122.0 million, coupled with new long-term borrowings of $130.0 million, partially offset by repayments of $60.0 million in maturing long-term borrowings. Proceeds from borrowings were utilized to fund the purchase of $130.9 million in equipment finance loans from a third party in May 2025.

    Total stockholders’ equity increased $40.3 million, or 3.7%, with a balance of $1.1 billion at both June 30, 2025 and December 31, 2024. The increase in total stockholders’ equity was primarily attributable to net income of $21.2 million, and an increase of $15.3 million in other comprehensive income, which includes changes in unrealized losses on debt securities available for sale and unrealized gains on swap contracts, net of taxes, included in other comprehensive income.

    Asset Quality

    The Company’s non-performing loans at June 30, 2025 totaled $39.5 million, or 0.49% of total gross loans, as compared to $21.7 million, or 0.28% of total gross loans, at December 31, 2024. The $17.8 million increase in non-performing loans was primarily attributable to a $5.9 million construction loan designated as non-performing during the 2025 period, an increase in non-performing one-to-four family real estate loans of $2.6 million, an increase in non-performing commercial real estate loans of $7.5 million, and an increase in non-performing commercial business loans of $1.3 million. The $5.9 million non-performing construction loan represents the construction of a mixed use five-story building with both commercial space and apartments. The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 32 non-performing loans at December 31, 2024 to 43 loans at June 30, 2025. The increase in non-performing commercial real estate loans was due to an increase in the number of loans from four non-performing loans at December 31, 2024 to 14 loans at June 30, 2025. The increase in non-performing commercial business loans was due to an increase in the number of loans from 11 non-performing loans at December 31, 2024 to 16 loans at June 30, 2025. Non-performing assets as a percentage of total assets totaled 0.37% at June 30, 2025, as compared to 0.22% at December 31, 2024.

    For the quarter ended June 30, 2025, net charge-offs totaled approximately $3.2 million, as compared to $533,000 in net charge-offs recorded for the quarter ended June 30, 2024. For the six months ended June 30, 2025, net charge-offs totaled $4.1 million as compared to $5.5 million in net charge-offs recorded for the six months ended June 30, 2024. Charge-offs for the three and six months ended June 30, 2025 included $3.2 million in charge-offs related to PCD loans included in the equipment finance loan purchase noted above.

    The Company’s allowance for credit losses on loans was $64.5 million, or 0.79% of total gross loans, at June 30, 2025, compared to $60.0 million, or 0.76% of total gross loans, at December 31, 2024. The increase in the allowance for credit losses for loans was primarily due to an increase in the outstanding balance of loans.

    About Columbia Financial, Inc.

    The consolidated financial results include the accounts of Columbia Financial, Inc., its wholly-owned subsidiary Columbia Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 69 full-service banking offices and offers traditional financial services to consumers and businesses in its market area.

    Forward Looking Statements

    Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “projects,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on the Company’s business activities; changes in interest rates, higher inflation and their impact on national and local economic conditions; changes in monetary and fiscal policies of the U.S. Treasury, the Board of Governors of the Federal Reserve System and other governmental entities; the impact of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the impact of legal, judicial and regulatory proceedings or investigations, competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which the Company operates, including changes that adversely affect a borrowers’ ability to service and repay the Company’s loans; the effect of acts of terrorism, war or pandemics, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; changes in the value of securities in the Company’s portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and securities; legislative changes and changes in government regulation; changes in accounting standards and practices; the risk that goodwill and intangibles recorded in the Company’s consolidated financial statements will become impaired; cyber-attacks, computer viruses and other technological risks that may breach the security of our systems and allow unauthorized access to confidential information; the inability of third party service providers to perform; demand for loans in the Company’s market area; the Company’s ability to attract and maintain deposits and effectively manage liquidity; risks related to the implementation of acquisitions, dispositions, and restructurings; the successful implementation of our December 2024 balance sheet repositioning transaction; the risk that the Company may not be successful in the implementation of its business strategy, or its integration of acquired financial institutions and businesses, and changes in assumptions used in making such forward-looking statements which are subject to numerous risks and uncertainties, including but not limited to, those set forth in Item 1A of the Company’s Annual Report on Form 10-K and those set forth in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as required by law.

    Non-GAAP Financial Measures

    Reported amounts are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release also contains certain supplemental non-GAAP information that the Company’s management uses in its analysis of the Company’s financial results. Specifically, the Company provides measures based on what it believes are its operating earnings on a consistent basis and excludes material non-routine operating items which affect the GAAP reporting of results of operations. The Company’s management believes that providing this information to analysts and investors allows them to better understand and evaluate the Company’s core financial results for the periods presented. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    The Company also provides measurements and ratios based on tangible stockholders’ equity. These measures are commonly utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, the Company’s management believes that such information is useful to investors.

    A reconciliation of GAAP to non-GAAP financial measures are included at the end of this press release. See “Reconciliation of GAAP to Non-GAAP Financial Measures”.

           
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Consolidated Statements of Financial Condition
    (In thousands)
           
      June 30,   December 31,
      2025   2024
    Assets (Unaudited)    
    Cash and due from banks $ 248,113     $ 289,113  
    Short-term investments   111       110  
    Total cash and cash equivalents   248,224       289,223  
           
    Debt securities available for sale, at fair value   1,056,950       1,025,946  
    Debt securities held to maturity, at amortized cost (fair value of $368,232, and $350,153 at June 30, 2025 and December 31, 2024, respectively)   402,159       392,840  
    Equity securities, at fair value   7,253       6,673  
    Federal Home Loan Bank stock   68,663       60,387  
           
    Loans receivable   8,175,499       7,916,928  
    Less: allowance for credit losses   64,467       59,958  
    Loans receivable, net   8,111,032       7,856,970  
           
    Accrued interest receivable   41,161       40,383  
    Office properties and equipment, net   82,176       81,772  
    Bank-owned life insurance   278,756       274,908  
    Goodwill and intangible assets   120,003       121,008  
    Other real estate owned   —       1,334  
    Other assets   322,651       324,049  
    Total assets $ 10,739,028     $ 10,475,493  
           
    Liabilities and Stockholders’ Equity      
    Liabilities:      
    Deposits $ 8,135,483     $ 8,096,149  
    Borrowings   1,272,578       1,080,600  
    Advance payments by borrowers for taxes and insurance   49,525       45,453  
    Accrued expenses and other liabilities   160,734       172,915  
    Total liabilities   9,618,320       9,395,117  
           
    Stockholders’ equity:      
    Total stockholders’ equity   1,120,708       1,080,376  
    Total liabilities and stockholders’ equity $ 10,739,028     $ 10,475,493  
           
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Consolidated Statements of Income
    (In thousands, except per share data)
           
      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
      2025   2024   2025   2024
    Interest income: (Unaudited)   (Unaudited)
    Loans receivable $ 99,646     $ 95,252     $ 194,756     $ 188,201  
    Debt securities available for sale and equity securities   10,301       9,241       20,043       17,026  
    Debt securities held to maturity   2,922       2,502       5,733       4,871  
    Federal funds and interest-earning deposits   2,443       4,459       5,301       8,022  
    Federal Home Loan Bank stock dividends   1,179       1,832       2,821       3,793  
    Total interest income   116,491       113,286       228,654       221,913  
    Interest expense:              
    Deposits   49,344       49,826       99,489       98,244  
    Borrowings   13,444       19,380       25,137       37,389  
    Total interest expense   62,788       69,206       124,626       135,633  
                   
    Net interest income   53,703       44,080       104,028       86,280  
                   
    Provision for credit losses   2,468       2,194       5,401       7,472  
                   
    Net interest income after provision for credit losses   51,235       41,886       98,627       78,808  
                   
    Non-interest income:              
    Demand deposit account fees   2,015       1,590       3,903       3,003  
    Bank-owned life insurance   1,990       1,804       3,849       3,584  
    Title insurance fees   861       744       1,507       1,247  
    Loan fees and service charges   1,744       1,378       2,800       2,339  
    Gain (loss) on securities transactions   336       —       336       (1,256 )
    Change in fair value of equity securities   272       101       580       452  
    (Loss) gain on sale of loans   (15 )     181       500       366  
    Gain on sale of other real estate owned   281       —       281       —  
    Other non-interest income   2,689       3,382       4,888       6,897  
    Total non-interest income   10,173       9,180       18,644       16,632  
                   
    Non-interest expense:              
    Compensation and employee benefits   28,933       27,659       57,516       55,172  
    Occupancy   5,968       6,054       12,153       12,027  
    Federal deposit insurance premiums   1,739       1,879       3,619       4,234  
    Advertising   563       661       1,094       1,287  
    Professional fees   3,519       4,509       6,034       9,143  
    Data processing and software expenses   4,103       3,914       8,164       7,881  
    Merger-related expenses   —       692       —       714  
    Other non-interest expense, net   81       879       171       1,447  
    Total non-interest expense   44,906       46,247       88,751       91,905  
                   
    Income before income tax expense   16,502       4,819       28,520       3,535  
                   
    Income tax expense   4,197       279       7,315       150  
                   
    Net income $ 12,305     $ 4,540     $ 21,205     $ 3,385  
                   
    Earnings per share-basic $ 0.12     $ 0.04     $ 0.21     $ 0.03  
    Earnings per share-diluted $ 0.12     $ 0.04     $ 0.21     $ 0.03  
    Weighted average shares outstanding-basic   101,985,784       101,651,511       101,898,636       101,699,126  
    Weighted average shares outstanding-diluted   101,985,784       101,651,511       101,898,636       101,804,386  
                                   
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Average Balances/Yields
       
      For the Three Months Ended June 30,
      2025   2024
      Average
    Balance    		   Interest
    and
    Dividends    		   Yield / Cost   Average
    Balance    		   Interest
    and
    Dividends    		   Yield / Cost
      (Dollars in thousands)
    Interest-earnings assets:                      
    Loans $ 8,059,332     $ 99,646       4.96 %   $ 7,774,052     $ 95,252       4.93 %
    Securities   1,493,913       13,223       3.55 %     1,633,801       11,743       2.89 %
    Other interest-earning assets   281,611       3,622       5.16 %     401,633       6,291       6.30 %
    Total interest-earning assets   9,834,856       116,491       4.75 %     9,809,486       113,286       4.64 %
    Non-interest-earning assets   860,948               871,525          
    Total assets $ 10,695,804             $ 10,681,011          
                           
    Interest-bearing liabilities:                      
    Interest-bearing demand $ 1,938,459     $ 10,898       2.25 %   $ 1,948,389     $ 13,708       2.83 %
    Money market accounts   1,332,835       9,424       2.84 %     1,220,774       8,323       2.74 %
    Savings and club deposits   645,167       1,114       0.69 %     674,793       1,370       0.82 %
    Certificates of deposit   2,788,547       27,908       4.01 %     2,545,967       26,425       4.17 %
    Total interest-bearing deposits   6,705,008       49,344       2.95 %     6,389,923       49,826       3.14 %
    FHLB advances   1,218,442       13,303       4.38 %     1,576,514       19,219       4.90 %
    Junior subordinated debentures   7,045       141       8.03 %     7,023       161       9.22 %
    Total borrowings   1,225,487       13,444       4.40 %     1,583,537       19,380       4.92 %
    Total interest-bearing liabilities   7,930,495     $ 62,788       3.18 %     7,973,460     $ 69,206       3.49 %
                           
    Non-interest-bearing liabilities:                      
    Non-interest-bearing deposits   1,443,627               1,416,047          
    Other non-interest-bearing liabilities   215,390               260,107          
    Total liabilities   9,589,512               9,649,614          
    Total stockholders’ equity   1,106,292               1,031,397          
    Total liabilities and stockholders’ equity $ 10,695,804             $ 10,681,011          
                           
    Net interest income     $ 53,703             $ 44,080      
    Interest rate spread           1.57 %             1.15 %
    Net interest-earning assets $ 1,904,361             $ 1,836,026          
    Net interest margin           2.19 %             1.81 %
    Ratio of interest-earning assets to interest-bearing liabilities   124.01 %             123.03 %        
                                   
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Average Balances/Yields
       
      For the Six Months Ended June 30,
      2025   2024
      Average
    Balance    		   Interest
    and
    Dividends    		   Yield / Cost   Average
    Balance    		   Interest
    and
    Dividends    		   Yield / Cost
      (Dollars in thousands)
    Interest-earnings assets:                      
    Loans $ 7,977,402     $ 194,756       4.92 %   $ 7,788,459     $ 188,201       4.86 %
    Securities   1,485,771       25,776       3.50 %     1,588,767       21,897       2.77 %
    Other interest-earning assets   299,424       8,122       5.47 %     383,989       11,815       6.19 %
    Total interest-earning assets   9,762,597       228,654       4.72 %     9,761,215       221,913       4.57 %
    Non-interest-earning assets   866,499               861,632          
    Total assets $ 10,629,096             $ 10,622,847          
                           
    Interest-bearing liabilities:                      
    Interest-bearing demand $ 1,999,157     $ 22,438       2.26 %   $ 1,973,569     $ 27,092       2.76 %
    Money market accounts   1,307,676       18,662       2.88 %     1,227,857       17,093       2.80 %
    Savings and club deposits   647,201       2,221       0.69 %     681,664       2,607       0.77 %
    Certificates of deposit   2,772,808       56,168       4.08 %     2,531,145       51,452       4.09 %
    Total interest-bearing deposits   6,726,842       99,489       2.98 %     6,414,235       98,244       3.08 %
    FHLB advances   1,140,113       24,857       4.40 %     1,511,830       37,067       4.93 %
    Junior subordinated debentures   7,041       280       8.02 %     7,020       322       9.22 %
    Total borrowings   1,147,154       25,137       4.42 %     1,518,850       37,389       4.95 %
    Total interest-bearing liabilities   7,873,996     $ 124,626       3.19 %     7,933,085     $ 135,633       3.44 %
                           
    Non-interest-bearing liabilities:                      
    Non-interest-bearing deposits   1,438,262               1,404,161          
    Other non-interest-bearing liabilities   218,314               248,514          
    Total liabilities   9,530,572               9,585,760          
    Total stockholders’ equity   1,098,524               1,037,087          
    Total liabilities and stockholders’ equity $ 10,629,096             $ 10,622,847          
                           
    Net interest income     $ 104,028             $ 86,280      
    Interest rate spread           1.53 %             1.13 %
    Net interest-earning assets $ 1,888,601             $ 1,828,130          
    Net interest margin           2.15 %             1.78 %
    Ratio of interest-earning assets to interest-bearing liabilities   123.99 %             123.04 %        
                                   
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Components of Net Interest Rate Spread and Margin
       
      Average Yields/Costs by Quarter
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Yield on interest-earning assets:                  
    Loans   4.96 %     4.89 %     4.88 %     5.00 %     4.93 %
    Securities   3.55       3.45       2.99       2.90       2.89  
    Other interest-earning assets   5.16       5.75       6.00       6.72       6.30  
    Total interest-earning assets   4.75 %     4.69 %     4.61 %     4.70 %     4.64 %
                       
    Cost of interest-bearing liabilities:                  
    Total interest-bearing deposits   2.95 %     3.01 %     3.13 %     3.21 %     3.14 %
    Total borrowings   4.40       4.44       4.65       4.87       4.92  
    Total interest-bearing liabilities   3.18 %     3.21 %     3.38 %     3.52 %     3.49 %
                       
    Interest rate spread   1.57 %     1.48 %     1.23 %     1.18 %     1.15 %
    Net interest margin   2.19 %     2.11 %     1.88 %     1.84 %     1.81 %
                       
    Ratio of interest-earning assets to interest-bearing liabilities   124.01 %     123.96 %     124.02 %     123.06 %     123.03 %
                                           
    COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES
    Selected Financial Highlights
       
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    SELECTED FINANCIAL RATIOS (1):                  
    Return on average assets   0.46 %     0.34 %   (0.79 )%     0.23 %     0.17 %
    Core return on average assets   0.47 %     0.35 %     0.42 %     0.23 %     0.20 %
    Return on average equity   4.46 %     3.31 %   (7.86 )%     2.32 %     1.77 %
    Core return on average equity   4.58 %     3.37 %     4.09 %     2.29 %     2.06 %
    Core return on average tangible equity   5.14 %     3.78 %     4.74 %     2.58 %     2.34 %
    Interest rate spread   1.57 %     1.48 %     1.23 %     1.18 %     1.15 %
    Net interest margin   2.19 %     2.11 %     1.88 %     1.84 %     1.81 %
    Non-interest income to average assets   0.38 %     0.33 %   (0.88 )%     0.33 %     0.35 %
    Non-interest expense to average assets   1.68 %     1.68 %     1.73 %     1.60 %     1.74 %
    Efficiency ratio   70.30 %     74.57 %     205.17 %     78.95 %     86.83 %
    Core efficiency ratio   69.41 %     74.20 %     73.68 %     79.14 %     85.34 %
    Average interest-earning assets to average interest-bearing liabilities   124.01 %     123.96 %     124.02 %     123.06 %     123.03 %
    Net charge-offs to average outstanding loans (2)   0.04 %     0.04 %     0.07 %     0.14 %     0.03 %
                       
    (1) Ratios are annualized when appropriate.
    (2) The June 30, 2025 ratio includes $3.2 million of non-annualized PCD charge-offs related to the purchased commercial equipment finance loans.
     
    ASSET QUALITY DATA:  
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
      (Dollars in thousands)
                       
    Non-accrual loans $ 39,545     $ 24,856     $ 21,701     $ 28,014     $ 25,281  
    90+ and still accruing   —       —       —       —       —  
    Non-performing loans   39,545       24,856       21,701       28,014       25,281  
    Real estate owned   —       1,334       1,334       1,974       1,974  
    Total non-performing assets $ 39,545     $ 26,190     $ 23,035     $ 29,988     $ 27,255  
                       
    Non-performing loans to total gross loans   0.49 %     0.31 %     0.28 %     0.36 %     0.33 %
    Non-performing assets to total assets   0.37 %     0.25 %     0.22 %     0.28 %     0.25 %
    Allowance for credit losses on loans (“ACL”) $ 64,467     $ 62,034     $ 59,958     $ 58,495     $ 57,062  
    ACL to total non-performing loans   163.02 %     249.57 %     276.29 %     208.81 %     225.71 %
    ACL to gross loans   0.79 %     0.78 %     0.76 %     0.75 %     0.73 %
                                           
    LOAN DATA:  
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
      (In thousands)
    Real estate loans:          
    One-to-four family $ 2,629,372     $ 2,676,566     $ 2,710,937     $ 2,737,190     $ 2,764,177  
    Multifamily   1,578,733       1,567,862       1,460,641       1,399,000       1,409,316  
    Commercial real estate   2,517,693       2,429,429       2,339,883       2,312,759       2,316,252  
    Construction   415,403       437,081       473,573       510,439       462,880  
    Commercial business loans   726,526       614,049       622,000       586,447       554,768  
    Consumer loans:                  
    Home equity loans and advances   256,384       253,439       259,009       261,041       260,427  
    Other consumer loans   2,602       2,547       3,404       2,877       2,689  
    Total gross loans   8,126,713       7,980,973       7,869,447       7,809,753       7,770,509  
    Purchased credit deteriorated loans   11,998       10,395       11,686       11,795       12,150  
    Net deferred loan costs, fees and purchased premiums and discounts   36,788       35,940       35,795       35,642       36,352  
    Allowance for credit losses   (64,467 )     (62,034 )     (59,958 )     (58,495 )     (57,062 )
    Loans receivable, net $ 8,111,032     $ 7,965,274     $ 7,856,970     $ 7,798,695     $ 7,761,949  
                                           
      At June 30, 2025
      (Dollars in thousands)
      Balance   % of Gross Loans   Weighted Average
    Loan to Value Ratio    		   Weighted
    Average
    Debt Service
    Coverage
    Multifamily Real Estate $ 1,578,733       19.8 %     59.0 %     1.86 x
                       
    Owner Occupied Commercial Real Estate $ 686,005       8.6 %     53.1 %     2.23 x
                       
    Investor Owned Commercial Real Estate:                  
    Retail / Shopping centers $ 544,476       6.8 %     54.2 %     1.45 x
    Mixed Use   209,619       2.6       58.5       2.52  
    Industrial / Warehouse   435,261       5.5       54.4       1.60  
    Non-Medical Office   167,986       2.1       51.6       1.69  
    Medical Office   98,801       1.2       61.0       1.49  
    Single Purpose   43,332       0.5       60.7       1.44  
    Other   332,213       4.2       50.4       1.85  
    Total $ 1,831,688       23.0 %     54.3 %     1.70 x
                       
    Total Multifamily and Commercial Real Estate Loans $ 4,096,426       51.3 %     55.9 %     1.85  
                                   
    DEPOSIT DATA:  
      June 30, 2025   March 31, 2025   December 31, 2024
      Balance   Weighted
    Average Rate    		   Balance   Weighted
    Average Rate    		   Balance   Weighted
    Average Rate
      (Dollars in thousands)
           
    Non-interest-bearing demand $ 1,439,951       — %   $ 1,490,243       — %   $ 1,438,030       — %
    Interest-bearing demand   1,872,265       2.03       1,935,384       2.08       2,021,312       2.19  
    Money market accounts   1,355,682       2.79       1,333,668       2.84       1,241,691       2.82  
    Savings and club deposits   644,761       0.70       651,713       0.70       652,501       0.75  
    Certificates of deposit   2,822,824       3.96       2,783,927       4.08       2,742,615       4.24  
    Total deposits $ 8,135,483       2.36 %   $ 8,194,935       2.40 %   $ 8,096,149       2.47 %
                                                   
    CAPITAL RATIOS:      
      June 30,   December 31,
      2025 (1)   2024
    Company:      
    Total capital (to risk-weighted assets)   14.18 %     14.20 %
    Tier 1 capital (to risk-weighted assets)   13.35 %     13.40 %
    Common equity tier 1 capital (to risk-weighted assets)   13.27 %     13.31 %
    Tier 1 capital (to adjusted total assets)   10.37 %     10.02 %
           
    Columbia Bank:      
    Total capital (to risk-weighted assets)   14.40 %     14.41 %
    Tier 1 capital (to risk-weighted assets)   13.53 %     13.56 %
    Common equity tier 1 capital (to risk-weighted assets)   13.53 %     13.56 %
    Tier 1 capital (to adjusted total assets)   9.95 %     9.64 %
           
    (1) Estimated ratios at June 30, 2025      
           
    Reconciliation of GAAP to Non-GAAP Financial Measures
           
    Book and Tangible Book Value per Share
      June 30,   December 31,
      2025   2024
      (Dollars in thousands)
       
    Total stockholders’ equity $ 1,120,708     $ 1,080,376  
    Less: goodwill   (110,715 )     (110,715 )
    Less: core deposit intangible   (7,933 )     (8,964 )
    Total tangible stockholders’ equity $ 1,002,060     $ 960,697  
           
    Shares outstanding   104,927,137       104,759,185  
           
    Book value per share $ 10.68     $ 10.31  
    Tangible book value per share $ 9.55     $ 9.17  
                   
    Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
                   
    Reconciliation of Core Net Income              
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
      (In thousands)
                   
    Net income $ 12,305     $ 4,540     $ 21,205     $ 3,385  
    Less/add: (gain) loss on securities transactions, net of tax   (251 )     —       (251 )     1,130  
    Add: FDIC special assessment, net of tax   —       97       —       490  
    Add: severance expense, net of tax   354       —       517       67  
    Add: merger-related expenses, net of tax   —       652       —       672  
    Add: litigation expenses, net of tax   242       —       242       —  
    Core net income $ 12,650     $ 5,289     $ 21,713     $ 5,744  
                                   
    Return on Average Assets              
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
      (Dollars in thousands)
                   
    Net income $ 12,305     $ 4,540     $ 21,205     $ 3,385  
                   
    Average assets $ 10,695,804     $ 10,681,011     $ 10,629,096     $ 10,622,847  
                   
    Return on average assets   0.46 %     0.17 %     0.40 %     0.06 %
                   
    Core net income $ 12,650     $ 5,289     $ 21,713     $ 5,744  
                   
    Core return on average assets   0.47 %     0.20 %     0.41 %     0.11 %
                                   
    Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
                   
    Return on Average Equity              
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
      (Dollars in thousands)
                   
    Total average stockholders’ equity $ 1,106,292     $ 1,031,397     $ 1,098,524     $ 1,037,087  
    Less/add: (gain)loss on securities transactions, net of tax   (251 )     —       (251 )     1,130  
    Add: FDIC special assessment, net of tax   —       97       —       490  
    Add: severance expense, net of tax   354       —       517       67  
    Add: merger-related expenses, net of tax   —       652       —       672  
    Add: litigation expenses, net of tax   242       —       242       —  
    Core average stockholders’ equity $ 1,106,637     $ 1,032,146     $ 1,099,032     $ 1,039,446  
                   
    Return on average equity   4.46 %     1.77 %     3.89 %     0.66 %
                   
    Core return on core average equity   4.58 %     2.06 %     3.98 %     1.11 %
                                   
    Return on Average Tangible Equity        
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
      (Dollars in thousands)
                   
    Total average stockholders’ equity $ 1,106,292     $ 1,031,397     $ 1,098,524     $ 1,037,087  
    Less: average goodwill   (110,715 )     (110,715 )     (110,715 )     (110,715 )
    Less: average core deposit intangible   (8,241 )     (10,381 )     (8,511 )     (10,668 )
    Total average tangible stockholders’ equity $ 987,336     $ 910,301     $ 979,298     $ 915,704  
                   
    Core return on average tangible equity   5.14 %     2.34 %     4.47 %     1.26 %
                                   
    Reconciliation of GAAP to Non-GAAP Financial Measures (continued)
                   
    Efficiency Ratios              
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
      (Dollars in thousands)
                   
    Net interest income $ 53,703     $ 44,080     $ 104,028     $ 86,280  
    Non-interest income   10,173       9,180       18,644       16,632  
    Total income $ 63,876     $ 53,260     $ 122,672     $ 102,912  
                   
    Non-interest expense $ 44,906     $ 46,247     $ 88,751     $ 91,905  
                   
    Efficiency ratio   70.30 %     86.83 %     72.35 %     89.30 %
                   
    Non-interest income $ 10,173     $ 9,180     $ 18,644     $ 16,632  
    Less /add: (gain) loss on securities transactions   (336 )     —       (336 )     1,256  
    Core non-interest income $ 9,837     $ 9,180     $ 18,308     $ 17,888  
                   
    Non-interest expense $ 44,906     $ 46,247     $ 88,751     $ 91,905  
    Less: FDIC special assessment, net   —       (103 )     —       (565 )
    Less: severance expense   (475 )     —       (695 )     (74 )
    Less: merger-related expenses   —       (692 )     —       (714 )
    Less: litigation expenses   (325 )     —       (325 )     —  
    Core non-interest expense $ 44,106     $ 45,452     $ 87,731     $ 90,552  
                   
    Core efficiency ratio   69.41 %     85.34 %     71.71 %     86.93 %
                                   

    Columbia Financial, Inc.
    Investor Relations Department
    (833) 550-0717

    The MIL Network –

  • MIL-OSI: Medallion Financial Corp. Reports 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    Reports 56% Increase in Net Income as Compared to the Prior Year Quarter
    Announces Third Quarter 2025 Dividend of $0.12 Per Share

    NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) — Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its financial results for the second quarter ended June 30, 2025.

    2025 Second Quarter Highlights

    • Net income grew 56% to $11.1 million, or $0.46 per share, compared to $7.1 million, or $0.30 per share, in the prior year quarter.
    • Net interest income grew 7% to $53.4 million from $49.9 million in the prior year quarter.
    • Net interest margin (“NIM”) on net loans was 8.42%, consistent with 8.42% in the prior year quarter, and NIM on gross loans was 8.09%, compared to 8.12% in the prior year quarter.
    • Loan originations grew to $375.0 million, compared to $309.1 million in the prior year quarter, and included $168.6 million of strategic partnership loan originations in the current quarter compared to $24.3 million in the prior year quarter.
    • The loan portfolio as of June 30, 2025 was $2.485 billion, up 4% compared to $2.386 billion a year ago.
    • Credit loss provision increased to $21.6 million from $18.6 million in the prior year quarter.
    • Net book value per share as of June 30, 2025 was $16.77 per share, up 10% from $15.25 a year ago.
    • The Company declared and paid a quarterly cash dividend of $0.12 per share.
    • The Company repurchased 48,166 shares of its common stock at an average cost of $9.44 per share for $0.5 million.

    Executive Commentary

    Andrew Murstein, President and Chief Operating Officer of Medallion Financial, commented, “We are pleased with the strong results we delivered in the second quarter of 2025, with a 56% increase in net income year-over-year. This performance reflects the strength of our core lending businesses and disciplined execution across our business lines.

    During the quarter, we saw meaningful contributions from our recreation, home improvement and commercial lending segments, supported by solid portfolio originations and higher interest income. Over the past eight quarters, our commercial division has consistently generated net gains from equity investments, totaling $27.6 million for the two-year period, with six of the past eight quarters having significant gains. These equity gains are a result of years of strategic investment and highlight the long-term value embedded in our commercial portfolio. Although we cannot predict when and if these gains will occur, with a portfolio of more than 30 equity investments, represented by $8.1 million on our balance sheet, we believe we will experience additional gains in the future. In addition, we are pleased that our strategic partners loan program in Medallion Bank continues to grow with $169 million in loan originations in the quarter compared to $24 million a year ago.

    Overall, we are encouraged by the momentum in our business. With the recent preferred offering at Medallion Bank, we believe we are well-positioned for growth and to continue generating strong returns for our shareholders.”

    Business Segment Highlights

    Recreation Lending Segment

    • Originations were $142.8 million during the quarter, compared to $209.6 million a year ago.
    • Recreation loans, including loans held for investment and loans held for sale, grew 3% to $1.546 billion, or 62% of total loans, as of June 30, 2025, compared to $1.497 billion a year ago.
    • Average loan size was $21,000 with a weighted average FICO score, measured at the time of loan origination, of 684.
    • Interest income grew 8% to $51.1 million for the quarter, from $47.5 million in the prior year quarter.
    • The average interest rate was 15.12% at quarter-end, 15.10% excluding loans held for sale, compared to 14.80% a year ago.
    • Recreation loans 90 days or more past due were $7.3 million, or 0.49% of gross recreation loans, as of June 30, 2025, compared to $5.9 million, or 0.41%, a year ago.
    • Allowance for credit loss was 5.05% at quarter-end for loans held for investment, compared to 4.35% a year ago.

    Home Improvement Lending Segment

    • Originations were $54.3 million during the quarter, compared to $68.0 million a year ago.
    • Home improvement loans grew 4% to $803.5 million, or 32% of total loans, as of June 30, 2025, compared to $773.2 million a year ago.
    • Average loan size was $22,000 with a weighted average FICO score, measured at the time of loan origination, of 769.
    • Interest income grew 14% to $20.1 million for the quarter, from $17.7 million in the prior year quarter.
    • The average interest rate was 9.87% at quarter-end, compared to 9.71% a year ago.
    • Home improvement loans 90 days or more past due were $1.3 million, or 0.16% of gross home improvement loans, as of June 30, 2025, compared to $1.3 million, or 0.17%, a year ago.
    • Allowance for credit loss was 2.54% at quarter-end, compared to 2.38% a year ago.

    Commercial Lending Segment

    • Originations were $9.4 million during the quarter.
    • Commercial loans grew to $121.4 million at June 30, 2025, compared to $110.2 million a year ago.
    • Average loan size was $3.6 million, invested in 34 portfolio companies.
    • For the quarter ended June 30, 2025, net gains recognized with respect to equity investments were $6.1 million.
    • The average interest rate on the portfolio was 13.43%, compared to 13.05% a year ago.

    Strategic Partnerships

    • Originations were $168.6 million during the quarter, compared to $24.3 million a year ago.
    • Total strategic partnership loans held as of quarter end were $12.3 million.
    • Fees generated from strategic partnerships totaled $0.8 million for the quarter, as compared to $0.5 million for the quarter ended June 30, 2024.
    • Average loan holding period of strategic partnership loans was 5 days.

    Taxi Medallion Lending Segment

    • The Company collected $2.3 million of cash on taxi medallion-related assets during the quarter, which resulted in net recoveries and gains of $1.4 million.
    • Total net taxi medallion assets declined to $5.9 million, a 41% reduction from a year ago, and represented less than 0.3% of the Company’s total assets, as of June 30, 2025.

    Loan Portfolio

    The following table provides information regarding the composition of our loan portfolio for the periods presented:

        June 30, 2025     December 31, 2024  
    (Dollars in thousands)   Amount   As a
    Percent of
    Total Loans    		     Amount   As a
    Percent of
    Total Loans    		  
    Loans held for investment:                    
    Recreation   $ 1,486,047   60 %   $ 1,422,403   57 %
    Home improvement     803,535   32       827,211   33  
    Commercial     121,415   5       111,273   4  
    Taxi medallion     1,564   *       1,909   *  
    Total loans     2,412,561   97       2,362,796   95  
    Loans held for sale, at lower of amortized cost or fair value:                    
    Recreation     60,205   2       120,840   5  
    Strategic partnership     12,285   *       7,386   *  
    Total loans held for sale, at lower of amortized cost or fair value     72,490   3       128,226   5  
    Total loans and loans held for sale   $ 2,485,051   100 %   $ 2,491,022   100 %

    (*) Less than 1%.

    Balance Sheet

    • Cash and cash equivalents, including investment securities, at June 30, 2025 were $213.5 million, compared to $213.8 million at June 30, 2024.
    • As of June 30, 2025, total assets amounted to $2.880 billion, up from $2.761 billion at June 30, 2024. The increase is largely due to an increase in prepaid expense which is a result of the redemption of Medallion Bank’s Series F preferred stock on July 1, 2025.
    • As of June 30, 2025, total liabilities amounted to $2.347 billion, up slightly from $2.338 billion a year ago.

    Capital Allocation

    Quarterly Dividend

    • The Board of Directors declared a quarterly dividend of $0.12 per share, payable on August 29, 2025, to shareholders of record at the close of business on August 15, 2025. This dividend amount remains unchanged from the $0.12 per share paid in the second quarter of 2025, and 20% higher than the same quarter last year.
    Dividends Announced   Amount
    Per Share    		   Record
    Date    		   Payment
    Date
    Q3 2025   $ 0.12   8/15/2025   8/29/2025
    Q2 2025     0.12   5/15/2025   5/30/2025
    Q1 2025     0.11   3/17/2025   3/31/2025
    Total: Year 2025 (Year to Date)     0.35        
    Total: Year 2024     0.41        
    Total: Year 2023     0.34        
    Total: Year 2022 *     0.32        

    (*) Dividend reinstated in Q1 2022.

    Stock Repurchase Plan

    • During the three months ended June 30, 2025, the Company repurchased 48,166 shares of its common stock at an average cost of $9.44 per share for $0.5 million.
    • As of June 30, 2025, the Company had $14.4 million remaining under its $40 million stock repurchase program.

    Conference Call Information

    The Company will host a conference call to discuss its second quarter financial results tomorrow, Thursday, July 31, 2025, at 9:00 a.m. Eastern time.

    In connection with its earnings release, the Company has updated its quarterly supplement presentation, which is now available at www.medallion.com.

    How to Participate

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

    Replay Information

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

    • Dial-in: (412) 317-6671
    • Passcode: 1020 1134

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

    About Medallion Financial Corp.

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

    Forward-Looking Statements
    Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, net interest income and expenses, other expenses, earnings, growth, and our growth strategy. These statements are often, but not always, made using words or phrases such as “will” and “continue” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These statements relate to future public announcements of our earnings, expectations regarding our loan portfolio, including collections on our taxi medallion loans, the potential for future asset growth, and market share opportunities. Medallion’s actual results may differ significantly from the results discussed in such forward-looking statements. For example, statements about the effects of the current economy, whether inflation or the risk of recession, the effects of tariffs, operations, financial performance and prospects constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond Medallion’s control. In addition to risks relating to the current economy, for a description of certain risks to which Medallion is or may be subject, please refer to the factors discussed under the heading “Risk Factors” in Medallion’s 2024 Annual Report on Form 10-K.

    Company Contact:

    Investor Relations
    InvestorRelations@medallion.com
    212-328-2176

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

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

                       
    MEDALLION FINANCIAL CORP.
    CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)
                       
    (Dollars in thousands, except share and per share data)   June 30,
    2025    		     December 31,
    2024    		     June 30,
    2024    		  
    Assets                  
    Cash, cash equivalents, and federal funds sold   $ 151,994     $ 169,572     $ 157,961  
    Investment securities     61,529       54,805       55,830  
    Equity investments     8,097       9,198       10,795  
    Loans held for sale, at lower of amortized cost or fair value     72,490       128,226       —  
    Loans     2,412,561       2,362,796       2,385,590  
    Allowance for credit losses     (106,896 )     (97,368 )     (89,788 )
    Net loans receivable     2,305,665       2,265,428       2,295,802  
    Goodwill and intangible assets, net     169,227       169,949       170,672  
    Property, equipment, and right-of-use lease asset, net     11,890       13,756       14,094  
    Accrued interest receivable     15,294       15,314       13,299  
    Loan collateral in process of foreclosure     9,007       9,932       9,359  
    Other assets     74,801       32,426       33,064  
    Total assets   $ 2,879,994     $ 2,868,606     $ 2,760,876  
    Liabilities                  
    Deposits   $ 2,009,176     $ 2,090,071     $ 2,006,782  
    Long-term debt     199,928       232,159       230,803  
    Short-term borrowings     86,750       49,000       37,500  
    Deferred tax liabilities, net     19,261       20,995       22,394  
    Operating lease liabilities     4,041       5,128       6,071  
    Accrued interest payable     5,746       8,231       7,945  
    Accounts payable and accrued expenses     22,527       24,064       26,592  
    Total liabilities     2,347,429       2,429,648       2,338,087  
    Total stockholders’ equity     389,896       370,170       354,001  
    Non-controlling interest in consolidated subsidiaries     142,669       68,788       68,788  
    Total equity     532,565       438,958       422,789  
    Total liabilities and equity   $ 2,879,994     $ 2,868,606     $ 2,760,876  
    Number of shares outstanding     23,246,593       23,135,624       23,211,990  
                             
    Book value per share   $ 16.77     $ 16.00     $ 15.25  
                             
    MEDALLION FINANCIAL CORP.‌
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED)‌
               
        Three Months Ended June 30,     Six Months Ended June 30,
    (Dollars in thousands, except share and per share data)   2025   2024     2025   2024
    Total interest income   $ 77,442   $ 70,704     $ 152,867   $ 137,774
    Total interest expense     24,072     20,836       48,085     39,989
    Net interest income     53,370     49,868       104,782     97,785
    Provision for credit losses     21,562     18,577       43,576     35,778
    Net interest income after provision for credit losses     31,808     31,291       61,206     62,007
    Other income                  
    Gain (loss) on equity investments, net     6,096     (512 )     15,526     3,655
    Gain on sale of recreation loans     1,304     —       1,304     —
    Gain on taxi medallion assets, net     749     242       1,592     830
    Strategic partnership fees     787     480       1,472     806
    Other income     273     889       914     1,211
    Total other income, net     9,209     1,099       20,808     6,502
    Other expenses                  
    Salaries and employee benefits     10,148     9,435       20,141     18,892
    Loan servicing fees     2,899     2,692       5,716     5,162
    Collection costs     1,749     1,659       3,286     3,126
    Regulatory fees     1,109     888       1,930     1,865
    Professional fee costs, net     1,187     1,845       2,937     2,616
    Rent expense     683     698       1,358     1,355
    Amortization of intangible assets     362     362       723     723
    Other expenses     3,408     2,416       6,212     4,481
    Total other expenses     21,545     19,995       42,303     38,220
    Income before income taxes     19,472     12,395       39,711     30,289
    Income tax provision     5,805     3,782       12,518     10,140
    Net income after taxes     13,667     8,613       27,193     20,149
    Less: income attributable to the non-controlling interest     2,598     1,512       4,110     3,024
    Total net income attributable to Medallion Financial Corp.   $ 11,069   $ 7,101     $ 23,083   $ 17,125
    Basic net income per share   $ 0.49   $ 0.31     $ 1.02   $ 0.76
    Diluted net income per share   $ 0.46   $ 0.30     $ 0.96   $ 0.73
    Weighted average common shares outstanding                  
    Basic     22,783,947     22,598,102       22,677,961     22,619,743
    Diluted     24,058,084     23,453,162       23,978,214     23,609,104
    Dividends declared per common share   $ 0.12   $ 0.10     $ 0.24   $ 0.20

    The MIL Network –

  • MIL-OSI USA: Coons, Schumer, Murray, Shaheen, Reed, Warner, Schatz, Kaine, Duckworth, Kelly, Bennet, Slotkin, Kim release joint statement to raise alarm about President Trump’s steep concessions to Beijing

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – Today, Ranking Senate Defense Appropriator Chris Coons (D-Del.), Senate Minority Leader Chuck Schumer (D-N.Y.), Senate Appropriations Vice Chair Patty Murray (D-Wash.), Senate Foreign Relations Committee Ranking Member Jeanne Shaheen (D-N.H.), Senate Armed Services Ranking Member Jack Reed (D-R.I.), Senate Intelligence Committee Vice Chairman Mark Warner (D-Va.), Senate Appropriations Subcommittee on State and Foreign Operations Ranking Member Brian Schatz (D-Hawaii), Senate Foreign Relations Committee member Tim Kaine (D-Va.), Senate Foreign Relations Committee member Tammy Duckworth (D-Ill.), Senate Armed Services Committee member Mark Kelly (D-Ariz.), Senate Intelligence Committee member Michael Bennet (D-Colo.), Senate Armed Services Committee member Elissa Slotkin (D-Mich.), and Senate Subcommittee on National Security and International Trade and Finance Ranking Member Andy Kim (D-N.J.) released the following statement about public reporting that President Trump is pausing export controls on critical technology sold to China as part of an effort to secure a trade deal with Beijing:

    “President Trump has spent the past six months eroding our advantages over China, but recent developments make clear how willing his administration is to sacrifice American economic and technological leadership for symbolic “wins” with China in its self-inflicted trade war.

    “In just the last two days, we have seen reporting that the Trump administration has cancelled a long-planned high-level security dialogue with Taiwan and denied the president of Taiwan the ability to transit the United States—a longstanding tradition respected by administrations of both parties. These developments come right on the heels of a decision to pave the way for the sale of advanced AI chips to China and to freeze export controls on additional American technologies enabling them to now flow to China, even as Beijing tightens export controls on the United States. Independent media reports today suggest these moves are an attempt to secure trade concessions, curry favor with President Xi Jinping, and ensure President Trump gets a visit to China. The president is demonstrating to Beijing that he can be cajoled into giving up America’s core interests.

    “In the face of lackluster domestic economic forecasts and anemic interest from Beijing in achieving a real breakthrough in talks, President Trump and his economic team have ceded leverage and negotiating power to Beijing in a desperate attempt to lure President Xi to a meeting with President Trump. Even more dangerously, they risk putting American national security, technological advantage, and economic prosperity on the chopping block in order to do so.

    “President Trump is handing our primary geopolitical adversary the keys to the castle of 21st century global technological dominance. Doing so will enable Chinese leadership in artificial intelligence, infusing the Chinese military with the technological advantage it needs to continue hostile operations across the globe. He is signaling his ambivalence about standing with Taiwan, our long-term partner in the region and a powerhouse of the global economy. And he is emboldening Beijing to take aggressive actions and seek even more aggressive concessions in whatever trade negotiations may follow.

    “President Trump and this administration must reset their dangerously weak approach to China and make clear they will no longer accept symbolic wins in exchange for steep American concessions. An administration convinced it can renegotiate the world order needs to stop negotiating against itself.”

    MIL OSI USA News –

  • MIL-OSI USA: Senators Coons, Cornyn’s bill to equip law enforcement with trauma kits passes Senate

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons (D-Del.), John Cornyn (R-Texas), Sheldon Whitehouse (D-R.I.), Thom Tillis (R-N.C.), Mike Rounds (R-S.D.), and Dick Durbin (D-Ill.) released the following statements after their Improving Police Critical Aid for Responding to Emergencies (CARE) Act, which would equip law enforcement officers with quality trauma kits so they can respond immediately if a civilian or fellow officer experiences a traumatic injury during a call, passed the Senate:

    “Our nation’s law enforcement officers keep our communities safe, and all Americans are better off when they have the resources they need to do their jobs when emergencies strike,” said Senator Coons. “As co-chair of the Senate Law Enforcement Caucus, I’m proud that my colleagues passed this bipartisan, commonsense legislation so that police officers have the trauma kits they need to save lives.”

    “When responding to medical emergencies, time and access to the right tools can mean the difference between life and death,” said Senator Cornyn. “This legislation would equip law enforcement officers with high-quality trauma kits to prevent deaths due to blood loss and give patients the best chance of survival.”

    “Police officers serve on the frontlines in their communities every day, and they are often first on the scene in medical emergencies,” said Senator Whitehouse. “Our bipartisan legislation would provide officers in the field with emergency trauma kits, and fund standardized training to allow them to better protect the public and save lives.”

    “As a strong supporter of our brave men and women in law enforcement, I am proud to co-introduce the Improving Police CARE Act which would equip them with the tools they need to keep our communities safe,” said Senator Tillis. “Ensuring law enforcement officers have effective trauma kits will save countless law enforcement and civilian lives.”

    “As the first people to arrive at the scene of an emergency, law enforcement officers must be prepared for anything and properly equipped to respond,” said Senator Rounds. “Our legislation would support equipping officers with trauma kits to control life-threatening hemorrhages in an emergency situation. This bill has the potential to save lives, and I’m pleased that it has passed the Senate.”

    “It is imperative that law enforcement officers have the resources and training they need to save lives,” said Senator Durbin. “Blood loss injuries are too often deadly, especially in rural areas where it can take longer for patients to receive emergency medical care. The bipartisan Improving Police CARE Act will establish standards for trauma kits used by law enforcement, ensuring that our officers have the right tools to respond to injuries immediately and continue to serve our communities.”

    U.S. Senators Ashley Moody (R-Fla.) and Maggie Hassan (D-N.H.) are cosponsors of the legislation.

    Background:

    Trauma kits play a vital role in preventing deaths due to blood loss. Between 30-40% of trauma-related deaths are caused by hemorrhaging, or uncontrolled bleeding, with 33-56% of them occurring before the patient arrives at the hospital. During the Iraq and Afghanistan conflicts, tourniquets and tourniquet training were widely adopted by the military for their lifesaving potential in combat. This practice has since been embraced in civilian populations given its clear survival benefit. In fact, one study found that patient survival was six times more likely when a tourniquet was used, underscoring the critical need for timely bleeding control. This is especially true in rural areas where the average EMS response time is typically double that of urban areas. Having access to a trauma kit and early bleeding control can help bridge this gap and mean the difference between life and death.

    The effectiveness of a law enforcement trauma kit program depends in part on the contents and the quality of the kits. Medical professionals recommend that a kit include bleeding control supplies like tourniquets, bandages, non-latex gloves, scissors, and instructions. However, there is enormous variation in the products available on the market.

    The Improving Police Critical Aid for Responding to Emergencies (CARE) Act would:

    • Establish baseline standards in consultation with law enforcement and medical professionals for trauma kits purchased using grant funding under the Edward Byrne Memorial Justice Assistance Grant (JAG)
    • And require the development of optional best practices that law enforcement agencies can adapt for training law enforcement officers to use trauma kits, and for deployment and maintenance of the kits in vehicles and government facilities

    The legislation is endorsed by the National Association of Police Organizations (NAPO), International Association of Chiefs of Police (IACP), Major County Sheriffs of America (MCSA), Federal Law Enforcement Officers Association (FLEOA), NYPD Sergeants Benevolent Association (SBA), National Fraternal Order of Police (FOP), the Society of Trauma Nurses, the American College of Surgeons (ACS), and the American Trauma Society.

    MIL OSI USA News –

  • MIL-OSI USA: Senate Banking Committee Unanimously Advances Comprehensive Housing Legislation

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–The U.S. Senate Committee on Banking, Housing, and Urban Affairs, of which U.S. Senator Mike Crapo (R-Idaho) is a senior member, unanimously advanced the Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025. Senator Crapo is a co-sponsor of the legislation, which was led by Committee Chairman Tim Scott (R-South Carolina) and Ranking Member Elizabeth Warren (D-Massachusetts).

    “Homes are the foundation for economic success, family stability and community cohesiveness,” said Crapo. “Unfortunately, lack of affordable housing is routinely the number one concern I hear from Idahoans. We must reform inefficient segments of U.S. housing across all markets to make the American dream of homeownership more attainable.”

    The comprehensive housing package would take various steps to increase access to affordable housing for Americans across the country by expanding and preserving the housing supply, improving housing affordability, and increasing oversight and efficiency of federal regulators and housing programs. The measure contains several provisions Senator Crapo co-sponsored as standalone bills, including:

    Text of the bill is available here, and a section-by-section summary is available here.

    MIL OSI USA News –

  • MIL-OSI United Nations: Haitians in ‘despair’ following abrupt suspension of US humanitarian support

    Source: United Nations 2

    The cancellation of most US funding in January means many services to the most vulnerable people have been cut or put on hold.

    Multiple political, security and socio-economic crises have led to 5.7 million people suffering from a lack of food and have forced 1.3 million people to flee their homes.

    With a dramatic reduction in funding Haiti faces a crucial “turning point.”

    UN News spoke to OCHA’s country director, Modibo Traore, about the current situation.

    UN News: What is the current state of humanitarian funding in Haiti?

    Humanitarian funding in Haiti is going through a critical phase, marked by a growing gap between the needs and available resources. As of 1 July, only around 8 per cent of the $908 million required had been mobilized.

    This partial coverage only allows a fraction of the 3.6 million people targeted to be reached.

    © UNICEF/Maxime Le Lijour

    UN aid agencies continue to support Haitian people with humanitarian aid.

    The sectors most affected are food security, access to drinking water, primary healthcare, education and protection.

    This contraction in international support is part of a global context of multiple competing crises – Ukraine, Gaza, Sudan – but also reflects a loss of political interest in the Haitian issue.

    UN News: What conditions in Haiti have led to such significant funding needs?

    The growing humanitarian needs observed in Haiti are the result of an accumulation of structural and cyclical factors. On the socioeconomic front, multidimensional poverty affects a large part of the population.

    Haiti’s exposure to natural hazards is an aggravating factor.

    The country has experienced several major hurricanes that struck the southern region less than a week after an earthquake that severely affected the area, not to mention repeated droughts that have had a major impact on agriculture and livestock farming.

    © UNOCHA/Giles Clarke

    The downtown area of Port-au-Prince remains extremely dangerous due to gang activity.

    Since 2019, a new dimension has emerged; chronic insecurity caused by the proliferation of armed groups, particularly in the capital, Port-au-Prince, and now in the Centre and Artibonite departments.

    In 2024, the multidimensional crisis that has been shaking Haiti for years has become catastrophic.

    The level of violence and insecurity remains high, with devastating consequences for the population, including massive displacement of people who were already in vulnerable situations.

    UN News: How has the growing control of armed groups affected donor confidence?

    The rise of armed groups in Haiti and their increasing control of strategic locations, particularly major roads and ports of entry to the capital, is a major obstacle to the safe and efficient delivery of humanitarian aid.

    This dynamic has an impact on the risk perception of international donors, who now assess Haiti as a high-threat environment for intervention. Access to beneficiaries has become irregular in many areas.

    The deterioration of the security situation represents a major challenge for mobilizing and maintaining financial commitments.

    Donors have expressed concerns about operational risks, particularly regarding securing supply chains, preventing exploitation and ensuring accountability.

    The operational cost of aid has also increased.

    UN News: What is the impact of the new approach taken by the US administration?

    On 20 January, 2025, President Donald Trump signed Executive Order 14169, which imposed an immediate suspension of all new foreign funding by US federal agencies, including humanitarian programs run by USAID and multilateral partners.

    In the case of Haiti, the effects were felt through the sudden halt of approximately 80 per cent of US-funded programmes. NGO partner staff were laid off, payments were suspended, and supply chains were disrupted.

    © WFP/Theresa Piorr

    US food aid is prepared for delivery following floods in Haiti in 2022.

    Beyond the structural effects, this suspension created profound uncertainty in the Haitian humanitarian system. This situation not only weakened the continuity of essential services but also affected trust between beneficiary communities and humanitarian actors.

    UN News: To what extent is the current situation unprecedented?

    The year 2025 marks a turning point in humanitarian aid in Haiti. This crisis is not the result of a single or isolated event, but rather a series of deteriorating situations in the context of gradually waning international attention.

    The interruption of US programmes has acted as a catalyst for the crisis. USAID’s technical partners, many of whom managed community health programmes in vulnerable neighbourhoods, have ceased operations, depriving hundreds of thousands of people of vital services.

    US-co-funded health centres have closed, leaving pregnant women and children without assistance.

    The current crisis demonstrates the country’s growing isolation.

    While previous crises had prompted rapid international solidarity, the humanitarian response to the situation in 2025 has been slow and partial.

    UN News: What difficult decisions have had to be made regarding cutting aid?

    The interruption of funding has forced humanitarian organizations to make ethically complex and often painful trade-offs.

    In the area of protection, for example, safe spaces for women and girls have been drastically reduced.

    © MINUSTAH/Logan Abassi

    The long-term development of Haiti is at risk as funding decreases.

    Cash transfer programmes, widely used in urban areas since 2021, have also been suspended. These programmes enabled vulnerable households to maintain a minimum level of food security. Their suspension has led to a resurgence of coping mechanisms such as child labour, less food and children being taken out of school.

    Resilience-building activities have also been affected. Programmes combining food security, urban agriculture, and access to water—often co-financed by USAID and UN funds—have been frozen.

    This compromises not only the immediate response but also the development of medium-term solutions.

    UN News: How are Haitians being affected?

    Children are among the hardest hit. UNICEF and its partners have treated more than 4,600 children suffering from severe acute malnutrition, representing only 3.6 per cent of the 129,000 children expected to need treatment this year.

    The proportion of institutional maternal deaths has also increased from 250 to 350 per 100,000 live births between February 2022 and April 2025.

    © PAHO/WHO/David Lorens Mentor

    A survivor of rape rests at a site for internally displaced people in Port-au-Prince.

    In terms of security, the effects are equally worrying. Gender-based sexual violence (GBV) has increased in neighbourhoods controlled by armed groups.

    In short, the withdrawal of US funding has led to a multidimensional regression in the rights of women and girls in Haiti, with consequences that are likely to last for several years.

    UN News: How have people in Haiti reacted?

    Beneficiaries expressed a sense of despair at the sudden suspension of the services.

    In working-class neighbourhoods of Port-au-Prince as well as in remote rural areas, the cessation of food distributions, community healthcare, and cash transfers was experienced as a breach of the moral contract between communities and humanitarian institutions.

    Humanitarian partners communicate transparently about the reduction of support, so communities are, to some extent, aware of the financial constraints.

    MIL OSI United Nations News –

  • MIL-OSI: Orange County Bancorp, Inc. Announces Record Second Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    • Net Income increased $2.3 million, or 27.4%, to $10.5 million for the quarter ended June 30, 2025 from $8.2 million for the quarter ended June 30, 2024
    • Net Interest Income grew $1.0 million, or 4.2%, to $25.1 million for the quarter ended June 30, 2025, as compared to $24.1 million for the quarter ended June 30, 2024
    • Total Deposits rose $123.4 million, or 5.7%, to $2.3 billion at June 30, 2025, from $2.2 billion at year-end 2024
    • Total Loans increased $102.1 million, or 5.6%, to $1.9 billion at June 30, 2025, from $1.8 billion at year-end 2024
    • Book value per share increased $2.55, or 15.6%, to $18.90 at June 30, 2025, from $16.35 at December 31, 2024
    • Trust and investment advisory income rose 14.8%, to $3.4 million for the quarter ended June 30, 2025, from $3.0 million for the quarter ended June 30, 2024

    MIDDLETOWN, N.Y., July 30, 2025 (GLOBE NEWSWIRE) — Orange County Bancorp, Inc. (the “Company” – Nasdaq: OBT), parent company of Orange Bank & Trust Company (the “Bank”) and Hudson Valley Investment Advisors, Inc. (“HVIA”), today announced net income of $10.5 million, or $0.87 per basic and diluted share, for the three months ended June 30, 2025. This compares with net income of $8.2 million, or $0.73 per basic and diluted share, for the three months ended June 30, 2024. The increase in earnings per share, basic and diluted, was due primarily to increases in net interest income and total noninterest income partially offset by an increase in non-interest expense during the current period. For the six months ended June 30, 2025, net income reached $19.2 million, or $1.64 per basic and diluted share, as compared to $17.5 million, or $1.55 per basic and diluted share, for the six months ended June 30, 2024.

    Book value per share rose $2.55, or 15.6%, from $16.35 at December 31, 2024, to $18.90 at June 30, 2025. Tangible book value per share increased $2.65, or 16.8%, from $15.80 at December 31, 2024, to $18.45 at June 30, 2025 (see “Non-GAAP Financial Measure Reconciliation” below for additional detail). These increases were due to increased earnings during the six months ended June 30, 2025 and a reduction of unrealized losses in the available for sale securities (“AFS”) portfolio coupled with net proceeds of approximately $43 million from completion of a follow-on common stock offering during the second quarter of 2025.

    “I am pleased to report Orange County Bank had a very productive and successful second quarter,” said Company President and CEO Michael Gilfeather. “Nearly every segment of the Bank turned in strong financial performance, yielding $10.5 million of net income for the period, a $2.3 million, or 27% increase over the same quarter last year. These results include several one-time gains but also reflect continued strength in financial performance as we execute on our full-service, business banking strategy.

    We also completed a $46 million follow-on common stock offering during the quarter, strengthening our financial position and giving us the flexibility to continue to expand our lending business in a prudent manner while improving trading liquidity in our stock. On a per share basis, we earned $0.87 a share for the quarter ended June 30, 2025, versus $0.73 for the same quarter last year.

    Key to our strong financial performance was continued growth of our loan portfolio. Year to date, total loans increased $102.1 million, or 5.6%, to $1.9 billion at quarter end. Despite uncertainty surrounding tariff policy, loan demand and economic activity in the communities we serve remains strong, but we continue to exercise prudence in underwriting. Year-to-date, we have grown our loan portfolio without a significant change in loan yields. The average yield on our loan portfolio was 6.02% for the first half of 2025, down modestly from 6.06% for the first half of the prior year.

    Deposit growth also remains robust, with total deposits up $123.4 million year-to-date to $2.3 billion, a 5.7% increase over year end 2024. These new deposits were organically sourced, enabling us to replace $74 million of higher cost brokered deposits with lower cost Bank client funds. Our cost of deposits for the three months ended June 30, 2025 was 1.30%. We consider our low-cost deposit base a key competitive advantage of the Bank, and while there is some seasonality to these numbers, we have been highly intentional in growing this important driver of our success.

    Given that rates on both deposits and loans remained largely unchanged through the first half of the year, it stands to reason net interest margin remained stable as well. For the three months ended June 30, 2025, our net interest margin stood at an impressive 4.06%.

    Our Wealth Management division also continued its run of increasing contributions to performance with nearly 15% growth, to $3.4 million for the current quarter from $3.0 million for the same period last year. Earnings from Wealth Management, which is comprised of Trust and Investment Advisory Services, is an important source of revenue for the Company. Orange Wealth Management represents a value-added expansion of our traditional banking business which provides greater service and leads to the creation of more fees and revenues per client. In addition, many of the group’s clients are also borrowers and/or depositors of the Bank.

    Given our successful capital raise and further growth in loans, deposits, and wealth management, we had a strong second quarter. I want to once again acknowledge that none of this could happen without the experience, expertise and commitment from our employees. I thank them and our customers and shareholders for their continued confidence and support.”

    Second Quarter 2025 Financial Review

    Net Income

    Net income for the second quarter of 2025 was $10.5 million, an increase of $2.3 million, or 27.4%, from net income of $8.2 million for the second quarter of 2024. The increase represents a combination of increased net interest income and non-interest income over the same quarter last year. Net income for the six months ended June 30, 2025 was $19.2 million, as compared to $17.5 million for the same period in 2024. The increase reflects the effect of net interest income growth combined with increased non-interest income during the first six months of 2025 as compared to the prior year period. These improvements were partially offset by higher provision for credit losses in the first half of 2025 as compared to a $1.9 million recovery recognized through the provision during the first half of 2024 and associated with Signature Bank subordinated debt. The increase in non-interest income includes the recognition of gain associated with the sale of a branch location coupled with a Bank Owned Life Insurance gain related to policy proceeds from a death benefit.

    Net Interest Income

    For the three months ended June 30, 2025, net interest income rose $1.0 million, or 4.2%, to $25.1 million, versus $24.1 million during the same period last year. The increase was driven primarily by a $712 thousand increase in interest and fees combined with a $309 thousand reduction in interest expense during the current period. For the six months ended June 30, 2025, net interest income reached $48.8 million representing an increase of $3.0 million, or 6.7%, over the first half of 2024.

    Total interest income rose $712 thousand, or 2.2%, to $33.2 million for the three months ended June 30, 2025, compared to $32.5 million for the three months ended June 30, 2024. The increase was driven mainly by 5.0% growth in interest and fees associated with loans. For the six months ended June 30, 2025, total interest income rose $1.6 million, or 2.4%, to $65.1 million as compared to $63.6 million for the six months ended June 30, 2024.

    Total interest expense decreased $309 thousand during the second quarter of 2025, to $8.1 million, as compared to $8.4 million in the second quarter of 2024. The decrease was primarily due to the reduction of interest costs associated with FHLB advances and borrowings as a result of increased deposit levels during the quarter. Interest expense associated with FHLB advances drawn and other borrowings during the current quarter totaled $375 thousand as compared to $890 thousand during the second quarter of 2024. During the six months ended June 30, 2025, total interest expense fell $1.5 million, to $16.4 million, as compared to $17.9 million for the same period last year.

    Provision for Credit Losses

    The Company recognized a provision for credit losses of $2.1 million for the three months ended June 30, 2025, as compared to $2.2 million for the three months ended June 30, 2024. This current quarter provision was primarily driven by reserves associated with a specific non-accrual loan as well as the impact of the methodology associated with estimated lifetime losses and the types of loans closed during the quarter. The allowance for credit losses to total loans was 1.48% as of June 30, 2025 versus 1.44% as of December 31, 2024. For the six months ended June 30, 2025, the provision for credit losses totaled $2.3 million as compared to $570 thousand, net of recovery, for the six months ended June 30, 2024. No reserves for investment securities were recorded during the first half of 2025 or 2024, respectively.

    Non-Interest Income

    Non-interest income rose $3.5 million, or 92.2%, to $7.3 million for the three months ended June 30, 2025 as compared to $3.8 million for the three months ended June 30, 2024. The growth included the continued increased fee income within each of the Company’s fee income categories, including investment advisory income, trust income, and service charges on deposit accounts, as well as certain one-time items during the quarter. These items represented the recognition of a $1.2 million gain associated with the sale of a branch location and approximately $2.4 million of income associated with BOLI payments related to a death benefit offset by a tactical loss of approximately $727 thousand recorded on the sale of certain securities to reposition a small portion of the portfolio and replace with higher yielding securities. For the six months ended June 30, 2025, non-interest income increased approximately $4.2 million, to $11.7 million, as compared to $7.5 million for the six months ended June 30, 2024.

    Non-Interest Expense

    Non-interest expense was $16.8 million for the second quarter of 2025, reflecting an increase of $1.3 million, or 8.2%, as compared to $15.5 million for the same period in 2024. The increase in non-interest expense for the current three-month period continues to reflect the Company’s commitment to growth. This investment consists primarily of increases in occupancy costs, information technology, and professional fees. Our efficiency ratio improved to 51.6% for the three months ended June 30, 2025, from 55.5% for the same period in 2024. For the six months ended June 30, 2025, our efficiency ratio decreased to 55.0% from 57.9% for the same period in 2024. Non-interest expense for the six months ended June 30, 2025 reached $33.3 million, reflecting a $2.5 million increase over non-interest expense of $30.8 million for the six months ended June 30, 2024.

    Income Tax Expense

    Provision for income taxes for the three months ended June 30, 2025 was $3.1 million, compared to $2.0 million for the same period in 2024. The increase was directly related to provisions associated with higher levels of pre-tax income as well as the effect of certain tax adjustments for the quarter. For the six months ended June 30, 2025, the provision for income taxes was $5.7 million as compared to $4.3 million for the six months ended June 30, 2024. Our effective tax rate for the three-month period ended June 30, 2025 was 23.0%, as compared to 19.7% for the same period in 2024. Our effective tax rate for the six-month period ended June 30, 2025 was 23.0%, as compared to 19.9% for the same period in 2024.

    Financial Condition

    Total consolidated assets increased $96.3 million, or 3.8%, to $2.6 billion at June 30, 2025 from $2.5 billion at December 31, 2024. The growth of the balance sheet included increases in cash, loans, and deposits as well as paydowns of borrowings during the current six-month period.

    Total cash and due from banks increased from $150.3 million at December 31, 2024, to $175.6 million at June 30, 2025, an increase of approximately $25.3 million, or 16.8%. This increase resulted primarily from higher levels of deposit balances and the completion of the common stock offering which increased cash and due from banks.

    Total investment securities fell $37.1 million, or 8.2%, from $453.5 million at December 31, 2024 to $416.4 million at June 30, 2025. The decrease was driven primarily by investment maturities during the first six months of 2025 combined with the sale of approximately $15.0 million in securities at quarter end. The portfolio sale was a strategic initiative to offset a portion of the increases in non-interest income and replaced the investments with higher yielding securities.

    Total loans increased $102.1 million, or 5.6%, from $1.8 billion at December 31, 2024 to $1.9 billion at June 30, 2025. The increase was driven by $72.4 million of growth in commercial real estate loans, $30.5 million of increased commercial real estate construction loans, $6.5 million of increased commercial and industrial loans, and $1.8 million of growth in home equity loans. These increases were offset by decreases within the residential real estate and consumer loan segments.

    Total deposits increased $123.4 million, to $2.3 billion at June 30, 2025, from $2.2 billion at December 31, 2024. This increase was due primarily to $36.0 million of growth in noninterest-bearing demand accounts; $98.2 million of growth in interest bearing demand accounts; $14.1 million of growth in money market accounts; and $51.8 million of growth in savings accounts. The increases in deposit accounts were offset by a $76.7 million decrease in certificates of deposit, mainly associated with brokered deposits utilized by the Bank for short term funding purposes. Deposit composition at June 30, 2025 included 49.0% in demand deposit accounts (including NOW accounts) as a percentage of total deposits. Uninsured deposits, net of fully collateralized municipal relationships, remain stable and represent approximately 43% of total deposits at June 30, 2025 as compared to 39% of total deposits at December 31, 2024.

    FHLBNY short-term borrowings were $21.0 million at June 30, 2025 down from $113.5 million at December 31, 2024. The decrease in borrowings continues to be driven by increased deposits which outpaced loan growth during the first half of 2025 and allowed for paydowns of borrowings while maintaining higher levels of cash at June 30, 2025. The decrease in borrowings reflects a strategic decision to manage liquidity sources and take advantage of opportunities to reduce funding costs.

    Stockholders’ equity experienced an increase of approximately $67.1 million during the first half of 2025, reaching $252.6 million at June 30, 2025 from $185.5 million at December 31, 2024. The increase was due to the combination of a completed common stock offering which netted approximately $43 million, earnings of approximately $19.2 million, and a decrease in unrealized losses of approximately $6.3 million on the market value of investment securities within the Company’s equity as accumulated other comprehensive income (loss) (“AOCI”), net of taxes.

    At June 30, 2025, the Bank maintained capital ratios in excess of regulatory standards for well capitalized institutions. The Bank’s Tier 1 capital to average assets ratio was 12.40%, both common equity and Tier 1 capital to risk weighted assets were 16.36%, and total capital to risk weighted assets was 17.61%.

    Wealth Management

    At June 30, 2025, our Wealth Management Division, which includes trust and investment advisory, totaled $1.8 billion in assets under management or advisory, a 2.5% increase over December 31, 2024. Trust and investment advisory income for the quarter ended June 30, 2025 reached $3.4 million, a $437 thousand, or 14.8%, increase as compared to $3.0 million for the quarter ended June 30, 2024.

    The breakdown of trust and investment advisory assets as of June 30, 2025 and December 31, 2024, respectively, is as follows:

     
    ORANGE COUNTY BANCORP, INC.
    SUMMARY OF AUM/AUA
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At June 30, 2025   At December 31, 2024
      Amount   Percent   Amount   Percent
    Investment Assets Under Management & Advisory $ 1,170,808   64.05 %   $ 1,105,143   61.99 %
    Trust Asset Under Administration & Management   657,181   35.95 %     677,723   38.01 %
    Total $ 1,827,989   100.00 %   $ 1,782,866   100.00 %
                   

    Loan Quality

    At June 30, 2025, the Bank had total non-performing loans of $11.7 million, or 0.61% of total loans. Total non-accrual loans represented approximately $11.7 million at June 30, 2025 compared to $6.3 million at December 31, 2024. The increase in non-accrual loans represents several different loans that have experienced payment disruption during the quarter and are at various stages of collection.

    Liquidity

    Management believes the Bank has the necessary liquidity to meet normal business needs. The Bank uses a variety of resources to manage its liquidity position. These include short term investments, cash from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits exceeding $250,000, brokered deposits, FHLBNY advances, and other borrowings. As of June 30, 2025, the Bank’s cash and due from banks totaled $175.6 million. The Bank maintains an investment portfolio of securities available for sale, comprised mainly of US Government agency and treasury securities, Small Business Administration loan pools, mortgage-backed securities, corporate bonds, and municipal bonds. Although the portfolio generates interest income for the Bank, it also serves as an available source of liquidity and funding. As of June 30, 2025, the Bank’s investment in securities available for sale was $410.8 million, of which $66.8 million was not pledged as collateral and additional $74.3 million with the Federal Reserve which is not specifically designated to any borrowings. Additionally, as of June 30, 2025, the Bank’s overnight advance line capacity at the Federal Home Loan Bank of New York was $628.2 million, of which $76.4 million was used to collateralize municipal deposits and $10.0 million was utilized for long term advances. As of June 30, 2025, the Bank’s unused borrowing capacity at the FHLBNY was $541.8 million. The Bank also maintains additional borrowing capacity of $20 million with other correspondent banks. Additional funding is available to the Bank through the discount window lending by the Federal Reserve. At June 30, 2025, the Bank also held $74.3 million of collateral at the Federal Reserve Bank which could be utilized to provide additional funding through the discount window.

    The Bank also considers brokered deposits an element of its deposit strategy. As of June 30, 2025, the Bank had brokered deposit arrangements with various terms totaling $106.5 million.

           
    Non-GAAP Financial Measure Reconciliations      
    The following table reconciles, as of the dates set forth below, stockholders’ equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share.
           
      June 30, 2025   December 31, 2024
      (Dollars in thousands except for share data)
    Tangible Common Equity:      
    Total stockholders’ equity $ 252,589     $ 185,531  
    Adjustments:      
    Goodwill   (5,359 )     (5,359 )
    Other intangible assets   (678 )     (821 )
    Tangible common equity $ 246,552     $ 179,351  
    Common shares outstanding   13,362,912       11,350,158  
    Book value per common share $ 18.90     $ 16.35  
    Tangible book value per common share $ 18.45     $ 15.80  
           
    Tangible Assets      
    Total assets $ 2,606,263     $ 2,509,927  
    Adjustments:      
    Goodwill   (5,359 )     (5,359 )
    Other intangible assets   (678 )     (821 )
    Tangible assets $ 2,600,226     $ 2,503,747  
    Tangible common equity to tangible assets   9.48 %     7.16 %
           
    NOTE: Share data and related information has been adjusted for the effect of the 2 for 1 stock split in January 2025
           

    About Orange County Bancorp, Inc

    Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.6 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012.

    Forward Looking Statements

    Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, tariffs, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, geopolitical conflicts, public health issues, the financial and securities markets and the availability of and costs associated with sources of liquidity.

    The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    For further information:
    Michael Lesler
    EVP & Chief Financial Officer
    mlesler@orangebanktrust.com
    Phone: (845) 341-5111

     
    ORANGE COUNTY BANCORP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
           
      June 30, 2025   December 31, 2024
           
    ASSETS      
           
    Cash and due from banks $ 175,606     $ 150,334  
    Investment securities – available-for-sale   410,814       443,775  
    (Amortized cost $478,824 at June 30, 2025 and $519,567 at December 31, 2024)    
    Restricted investment in bank stocks   5,618       9,716  
    Loans   1,917,802       1,815,751  
    Allowance for credit losses   (28,408 )     (26,077 )
    Loans, net   1,889,394       1,789,674  
           
    Premises and equipment, net   14,949       15,808  
    Accrued interest receivable   10,465       6,680  
    Bank owned life insurance   35,398       42,257  
    Goodwill   5,359       5,359  
    Intangible assets   678       821  
    Other assets   57,982       45,503  
           
    TOTAL ASSETS $ 2,606,263     $ 2,509,927  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
           
    Deposits:      
    Noninterest bearing $ 687,120     $ 651,135  
    Interest bearing   1,589,603       1,502,224  
    Total deposits   2,276,723       2,153,359  
           
    FHLB advances, short term   21,000       113,500  
    FHLB advances, long term   10,000       10,000  
    Subordinated notes, net of issuance costs   19,626       19,591  
    Accrued expenses and other liabilities   26,325       27,946  
           
    TOTAL LIABILITIES   2,353,674       2,324,396  
           
    STOCKHOLDERS’ EQUITY      
           
    Common stock, $0.25 par value; 30,000,000 shares authorized;
    13,370,929 and 11,366,608 issued; 13,362,912 and 11,350,158 outstanding,
    at June 30, 2025 and December 31, 2024, respectively    		   3,343       2,842  
    Surplus   164,752       120,896  
    Retained Earnings   146,129       129,919  
    Accumulated other comprehensive income (loss), net of taxes   (61,436 )     (67,751 )
    Treasury stock, at cost; 8,017 and 16,450 shares at June 30,
    2025 and December 31, 2024, respectively    		   (199 )     (375 )
    TOTAL STOCKHOLDERS’ EQUITY   252,589       185,531  
           
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,606,263     $ 2,509,927  
           
           
    Share data has been adjusted to reflect the effect of the two-for-one stock split paid during January 2025
           
     
    ORANGE COUNTY BANCORP, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
      For Three Months Ended June 30,   Six Months Ended June 30,
        2025       2024       2025       2024  
    INTEREST INCOME              
    Interest and fees on loans $ 28,103     $ 26,778       55,417     $ 52,392  
    Interest on investment securities:              
    Taxable   2,731       3,105       5,395       6,331  
    Tax exempt   561       581       1,137       1,149  
    Interest on Federal funds sold and other   1,829       2,048       3,182       3,713  
                   
    TOTAL INTEREST INCOME   33,224       32,512       65,131       63,585  
                   
    INTEREST EXPENSE              
    Savings and NOW accounts   5,256       5,158       10,150       9,735  
    Time deposits   2,222       2,114       4,446       4,528  
    FHLB advances and borrowings   375       890       1,306       3,141  
    Subordinated notes   231       231       461       461  
    TOTAL INTEREST EXPENSE   8,084       8,393       16,363       17,865  
                   
    NET INTEREST INCOME   25,140       24,119       48,768       45,720  
                   
    Provision (recovery) for credit losses – investments   –       –       –       (1,900 )
    Provision for credit losses – loans   2,113       2,210       2,315       2,470  
    NET INTEREST INCOME AFTER              
    PROVISION FOR CREDIT LOSSES   23,027       21,909       46,453       45,150  
                   
    NONINTEREST INCOME              
    Service charges on deposit accounts   334       232       624       467  
    Trust income   1,573       1,309       3,247       2,621  
    Investment advisory income   1,823       1,650       3,589       3,225  
    Investment securities gains(losses)   (727 )     –       (727 )     –  
    Earnings on bank owned life insurance   234       270       493       512  
    Gain on sale of assets   3,635       –       3,635       –  
    Other   444       346       811       668  
    TOTAL NONINTEREST INCOME   7,316       3,807       11,672       7,493  
                   
    NONINTEREST EXPENSE              
    Salaries   6,813       6,873       13,718       13,611  
    Employee benefits   2,338       2,304       4,788       4,426  
    Occupancy expense   1,299       1,164       2,576       2,325  
    Professional fees   1,666       1,337       3,013       2,773  
    Directors’ fees and expenses   319       (125 )     625       197  
    Computer software expense   2,117       1,430       4,099       2,665  
    FDIC assessment   330       350       660       768  
    Advertising expenses   481       438       870       802  
    Advisor expenses related to trust income   22       32       44       65  
    Telephone expenses   203       188       410       375  
    Intangible amortization   72       71       143       143  
    Other   1,094       1,425       2,302       2,647  
    TOTAL NONINTEREST EXPENSE   16,754       15,487       33,248       30,797  
                   
    Income before income taxes   13,589       10,229       24,877       21,846  
                   
    Provision for income taxes   3,128       2,016       5,712       4,343  
    NET INCOME $ 10,461     $ 8,213       19,165     $ 17,503  
                   
    Basic and diluted earnings per share $ 0.87     $ 0.73     $ 1.64     $ 1.55  
                   
    Weighted average shares outstanding   11,994,815       11,282,868       11,665,181       11,276,370  
                   
                   
    Share data has been adjusted to reflect the effect of the two-for-one stock split paid during January 2025
                   
     
    ORANGE COUNTY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (UNAUDITED)
    (Dollar Amounts in thousands)
                           
      Three Months Ended June 30,
        2025       2024  
      Average Balance   Interest   Average Rate   Average Balance   Interest   Average Rate
    Assets:                      
    Loans Receivable (net of PPP) $ 1,879,606     $ 28,100   6.00 %   $ 1,728,195 $ 26,778   6.21 %
    PPP Loans   152       3   7.92 %     197       –   0.00 %
    Investment securities   432,657       3,083   2.86 %     467,308       3,364   2.89 %
    Due from banks   167,987       1,829   4.37 %     160,498       2,048   5.12 %
    Other   5,773       209   14.52 %     5,343       322   24.17 %
    Total interest earning assets   2,486,175       33,224   5.36 %     2,361,541       32,512   5.52 %
    Non-interest earning assets   104,019               99,032          
    Total assets $ 2,590,194             $ 2,460,573          
                           
    Liabilities and equity:                      
    Interest-bearing demand accounts $ 397,476     $ 489   0.49 %   $ 394,697     $ 485   0.49 %
    Money market accounts   702,607       3,721   2.12 %     666,460       3,796   2.28 %
    Savings accounts   301,586       1,046   1.39 %     254,188       877   1.38 %
    Certificates of deposit   221,363       2,222   4.03 %     184,363       2,114   4.60 %
    Total interest-bearing deposits   1,623,032       7,478   1.85 %     1,499,708       7,272   1.94 %
    FHLB Advances and other borrowings   34,341       375   4.38 %     76,923       890   4.64 %
    Subordinated notes   19,615       231   4.72 %     19,544       231   4.74 %
    Total interest bearing liabilities   1,676,988       8,084   1.93 %     1,596,175       8,393   2.11 %
    Non-interest bearing demand accounts   670,150               667,455          
    Other non-interest bearing liabilities   27,436               25,717          
    Total liabilities   2,374,574               2,289,347          
    Total shareholders’ equity   215,620               171,226          
    Total liabilities and shareholders’ equity $ 2,590,194             $ 2,460,573          
                           
    Net interest income     $ 25,140           $ 24,119    
    Interest rate spread1         3.43 %           3.41 %
    Net interest margin2         4.06 %           4.10 %
    Average interest earning assets to interest-bearing liabilities   148.3 %             148.0 %        
                           
    Notes:                      
    1The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
    2Net interest margin is the annualized net interest income divided by average interest-earning assets          
                           
     
    ORANGE COUNTY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (UNAUDITED)
    (Dollar Amounts in thousands)
                           
      Six Months Ended June 30,
        2025       2024  
      Average Balance   Interest   Average Rate   Average Balance   Interest   Average Rate
    Assets:                      
    Loans Receivable (net of PPP) $ 1,854,899     $ 55,411   6.02 %   $ 1,733,197 $ 52,389   6.06 %
    PPP Loans   157       6   7.71 %     203       3   2.96 %
    Investment securities   437,191       6,205   2.86 %     474,419       6,796   2.87 %
    Due from banks   157,381       3,182   4.08 %     155,047       3,713   4.80 %
    Other   6,871       327   9.60 %     8,119       684   16.90 %
    Total interest earning assets   2,456,499       65,131   5.35 %     2,370,985       63,585   5.38 %
    Non-interest earning assets   102,995               96,839          
    Total assets $ 2,559,494             $ 2,467,824          
                           
    Liabilities and equity:                      
    Interest-bearing demand accounts $ 377,378     $ 891   0.48 %   $ 377,492     $ 922   0.49 %
    Money market accounts   694,263     $ 7,356   2.14 %     643,244       7,151   2.23 %
    Savings accounts   285,393     $ 1,903   1.34 %     245,009       1,662   1.36 %
    Certificates of deposit   222,173       4,446   4.04 %     197,003       4,528   4.61 %
    Total interest-bearing deposits   1,579,207       14,596   1.86 %     1,462,748       14,263   1.96 %
    FHLB Advances and other borrowings   59,536       1,306   4.42 %     122,203       3,141   5.15 %
    Subordinated notes   19,606       461   4.74 %     19,535       461   4.73 %
    Total interest bearing liabilities   1,658,349       16,363   1.99 %     1,604,486       17,865   2.23 %
    Non-interest bearing demand accounts   668,864               667,947          
    Other non-interest bearing liabilities   28,665               27,081          
    Total liabilities   2,355,878               2,299,514          
    Total shareholders’ equity   203,616               168,310          
    Total liabilities and shareholders’ equity $ 2,559,494             $ 2,467,824          
                           
    Net interest income     $ 48,768           $ 45,720    
    Interest rate spread1         3.36 %           3.15 %
    Net interest margin2         4.00 %           3.87 %
    Average interest earning assets to interest-bearing liabilities   148.1 %             147.8 %        
                           
    Notes:                      
    1The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
    2Net interest margin is the annualized net interest income divided by average interest-earning assets            
                           
     
    ORANGE COUNTY BANCORP, INC.
    SELECTED RATIOS AND OTHER DATA
    (UNAUDITED)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024   2025   2024
    Performance Ratios:              
    Return on average assets (1) 1.62 %   1.34 %   1.50 %   1.42 %
    Return on average equity (1) 19.41 %   19.19 %   18.82 %   20.80 %
    Interest rate spread (2) 3.43 %   3.41 %   3.36 %   3.15 %
    Net interest margin (3) 4.06 %   4.10 %   4.00 %   3.87 %
    Dividend payout ratio (4) 14.91 %   15.80 %   15.83 %   14.82 %
    Non-interest income to average total assets 1.13 %   0.62 %   0.91 %   0.61 %
    Non-interest expenses to average total assets 2.59 %   2.52 %   2.60 %   2.50 %
    Average interest-earning assets to average interest-bearing liabilities 148.25 %   147.95 %   148.13 %   147.77 %
                     
        At   At        
        June 30, 2025   June 30, 2024        
    Asset Quality Ratios:              
    Non-performing assets to total assets 0.45 %   0.64 %        
    Non-performing loans to total loans 0.61 %   0.92 %        
    Allowance for credit losses to non-performing loans   242.51 %   173.95 %        
    Allowance for credit losses to total loans 1.48 %   1.60 %        
                     
    Capital Ratios (5):              
    Total capital (to risk-weighted assets) 17.61 %   15.09 %        
    Tier 1 capital (to risk-weighted assets) 16.36 %   13.84 %        
    Common equity tier 1 capital (to risk-weighted assets) 16.36 %   13.84 %        
    Tier 1 capital (to average assets) 12.40 %   10.04 %        
                     
    Notes:              
    (1)  Annualized for the three and six month periods ended June 30, 2025 and 2024, respectively.
    (2)  Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the periods.
    (3)  The net interest margin represents net interest income as a percent of average interest-earning assets for the periods.
    (4)  The dividend payout ratio represents dividends paid per share divided by net income per share.
    (5)  Ratios are for the Bank only.
                     
     
    ORANGE COUNTY BANCORP, INC.
    SELECTED OPERATING DATA
    (UNAUDITED)
    (Dollar Amounts in thousands except per share data)
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
    Interest income $ 33,224   $ 32,512   $ 65,131   $ 63,585
    Interest expense   8,084     8,393     16,363     17,865
    Net interest income   25,140     24,119     48,768     45,720
    Provision for credit losses   2,113     2,210     2,315     570
    Net interest income after provision for credit losses   23,027     21,909     46,453     45,150
    Noninterest income   7,316     3,807     11,672     7,493
    Noninterest expenses   16,754     15,487     33,248     30,797
    Income before income taxes   13,589     10,229     24,877     21,846
    Provision for income taxes   3,128     2,016     5,712     4,343
    Net income $ 10,461   $ 8,213   $ 19,165   $ 17,503
                   
    Basic and diluted earnings per share $ 0.87   $ 0.73   $ 1.64   $ 1.55
    Weighted average common shares outstanding   11,994,815     11,282,868     11,665,181     11,276,370
                   
      At   At        
      June 30, 2025   December 31, 2024        
    Book value per share $ 18.90   $ 16.35        
    Net tangible book value per share (1) $ 18.45   $ 15.80        
    Outstanding common shares   13,362,912     11,350,158        
                   
    Notes:              
    (1)  Net tangible book value represents the amount of total tangible assets reduced by our total liabilities. Tangible assets are calculated by reducing total assets, as defined by GAAP, by $5,359 in goodwill and $678, and $821 in other intangible assets for June 30, 2025 and December 31, 2024, respectively.
                   
     
    ORANGE COUNTY BANCORP, INC.
    LOAN COMPOSITION
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At June 30, 2025   At December 31, 2024
      Amount   Percent   Amount   Percent
    Commercial and industrial (a) $ 248,838   12.98 %   $ 242,390   13.35 %
    Commercial real estate   1,434,414   74.79 %     1,362,054   75.01 %
    Commercial real estate construction   111,483   5.81 %     80,993   4.46 %
    Residential real estate   71,169   3.71 %     74,973   4.13 %
    Home equity   19,142   1.00 %     17,365   0.96 %
    Consumer   32,756   1.71 %     37,976   2.09 %
    Total loans   1,917,802   100.00 %     1,815,751   100.00 %
    Allowance for loan losses   28,408         26,077    
    Total loans, net $ 1,889,394       $ 1,789,674    
                   
    (a) – Includes PPP loans of: $ 147       $ 170    
                   
     
    ORANGE COUNTY BANCORP, INC.
    DEPOSITS BY ACCOUNT TYPE
    (UNAUDITED)
    (Dollar Amounts in thousands)
      At June 30, 2025   At December 31, 2024
      Amount   Percent   Average Rate   Amount   Percent   Average Rate
    Noninterest-bearing demand accounts $ 687,120   30.18 %   0.00 %   $ 651,135   30.24 %   0.00 %
    Interest bearing demand accounts   429,330   18.86 %   0.52 %     331,115   15.38 %   0.42 %
    Money market accounts   693,148   30.44 %   2.08 %     679,082   31.54 %   2.15 %
    Savings accounts   322,832   14.18 %   1.40 %     271,014   12.59 %   1.25 %
    Certificates of Deposit   144,293   6.34 %   3.69 %     221,013   10.26 %   3.97 %
    Total $ 2,276,723   100.00 %   1.17 %   $ 2,153,359   100.00 %   1.31 %
                           
     
    ORANGE COUNTY BANCORP, INC.
    NON-PERFORMING ASSETS
    (UNAUDITED)
    (Dollar Amounts in thousands)
           
      June 30, 2025   December 31, 2024
           
    Non-accrual loans:      
    Commercial and industrial $ 2,372     $ 293  
    Commercial real estate   8,414       6,000  
    Commercial real estate construction   –       –  
    Residential real estate   100       6  
    Home equity   828       –  
    Consumer   –       –  
    Total non-accrual loans   11,714       6,299  
    Accruing loans 90 days or more past due:      
    Commercial and industrial   –       –  
    Commercial real estate   –       –  
    Commercial real estate construction   –       –  
    Residential real estate   –       –  
    Home equity   –       –  
    Consumer   –       –  
    Total loans 90 days or more past due   –       –  
    Total non-performing loans   11,714       6,299  
    Other real estate owned   –       –  
    Other non-performing assets   –       –  
    Total non-performing assets $ 11,714     $ 6,299  
           
    Ratios:      
    Total non-performing loans to total loans   0.61 %     0.35 %
    Total non-performing loans to total assets   0.45 %     0.25 %
    Total non-performing assets to total assets   0.45 %     0.25 %
    Net-chargeoffs to total loans, YTD   0.01 %     0.48 %
           

    The MIL Network –

  • MIL-OSI: Brag House Announces Closing of $15 Million Private Placement

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) — Brag House Holdings, Inc. (NASDAQ: TBH) (“Brag House” or the “Company”) the Gen Z engagement platform operating at the intersection of gaming, college sports, and digital media, announces today that it has closed the previously announced private investment in public equity (“PIPE”) financing. The Company received gross proceeds of approximately $15 million, before deducting placement agent fees and offering expenses.

    The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital.

    Pursuant to the terms of the securities purchase agreement, the Company sold an aggregate of 15,000 shares of its Series B Convertible Preferred Stock convertible into 15,923,567 shares of common stock, at a conversion price of $0.942 per share of Series B Convertible Stock and an aggregate of 15,923,567 warrants to acquire up to 15,923,567 shares of common stock. The purchase price for one unit (consisting of one share of Series B Convertible Preferred Stock convertible into approximately 1,061 shares and the same number of warrants) was $1,000. The warrants issued in the offering are exercisable immediately upon issuance at an exercise price of $0.817 per share and will expire five years from the date of issuance.

    Revere Securities LLC acted as the sole placement agent for the PIPE financing.

    The securities being offered and sold by the Company in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. The Company has agreed to file one or more registration statements with the SEC covering the resale of the unregistered shares issuable upon the conversion of the Series B Preferred Stock and the shares issuable upon exercise of the unregistered warrants.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Brag House

    Brag House is a leading media technology gaming platform dedicated to transforming casual college gaming into a vibrant, community-driven experience. By seamlessly merging gaming, social interaction, and cutting-edge technology, the Company provides an inclusive and engaging environment for casual gamers while enabling brands to authentically connect with the influential Gen Z demographic. The platform offers live-streaming capabilities, gamification features, and custom tournament services, fostering meaningful engagement between users and brands. For more information, please visit www.braghouse.com.

    Caution Regarding Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. These statements are subject to uncertainties and risks including, but not limited to, the risk factors discussed in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Forms 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law.

    Media Contact
    Fatema Bhabrawala
    Director of Media Relations
    fbhabrawala@allianceadvisors.com

    Investor Relations Contact
    Adele Carey
    VP, Investor Relations
    ir@thebraghouse.com

    The MIL Network –

  • MIL-OSI: Enact Reports Second Quarter 2025 Results; Announces $0.21 Per Share Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    GAAP Net Income of $168 million, or $1.11 per diluted share
    Adjusted Operating Income of $174 million, or $1.15 per diluted share
    Return on Equity of 13.0% and Adjusted Operating Return on Equity of 13.4%
    Primary Insurance in-force of $270 billion, a 1% increase from second quarter 2024
    PMIERs Sufficiency of 165% or approximately $2.0 billion
    Book Value Per Share of $35.20 and Book Value Per Share excluding AOCI of $35.90
    Increased Full-Year Capital Return Guidance to Approximately $400 million

    RALEIGH, N.C., July 30, 2025 (GLOBE NEWSWIRE) — Enact Holdings, Inc. (Nasdaq: ACT) today announced financial results for the second quarter of 2025.

    “Our strong second quarter results underscore the resilience of our business model and the consistency of our execution,” stated Rohit Gupta, President and CEO of Enact. “We continue to navigate an evolving market, grow our insurance in-force, maintain robust risk and expense management and deliver strong capital returns while also investing in our business. As we look ahead, we remain confident in the fundamentals of the housing market and our ability to deliver long-term value for all stakeholders while helping more people responsibly achieve and sustain homeownership.”

    Key Financial Highlights

    (In millions, except per share data or otherwise noted) 2Q25 1Q25 2Q24
    Net Income (loss) $168 $166 $184
    Diluted Net Income (loss) per share $1.11 $1.08 $1.16
    Adjusted Operating Income (loss) $174 $169 $201
    Adj. Diluted Operating Income (loss) per share $1.15 $1.10 $1.27
    NIW ($B) $13 $10 $14
    Primary Persistency Rate 82% 84% 83%
    Primary IIF ($B) $270 $268 $266
    Net Premiums Earned $245 $245 $245
    Losses Incurred $25 $31 $(17)
    Loss Ratio 10% 12% (7)%
    Operating Expenses $53 $53 $56
    Expense Ratio 22% 21% 23%
    Net Investment Income $66 $63 $60
    Net Investment gains (losses) $(7) $(3) $(8)
    Return on Equity 13.0% 13.1% 15.4%
    Adjusted Operating Return on Equity 13.4% 13.4% 16.9%
    PMIERs Sufficiency ($) $1,961 $1,966 $2,057
    PMIERs Sufficiency (%) 165% 165% 169%
           

    Second Quarter 2025 Financial and Operating Highlights

    • Net income was $168 million, or $1.11 per diluted share, compared with $166 million, or $1.08 per diluted share, for the first quarter of 2025 and $184 million, or $1.16 per diluted share, for the second quarter of 2024. Adjusted operating income was $174 million, or $1.15 per diluted share, compared with $169 million, or $1.10 per diluted share, for the first quarter of 2025 and $201 million, or $1.27 per diluted share, for the second quarter of 2024.
    • New insurance written (NIW) was approximately $13 billion, up 35% from the first quarter of 2025, primarily from seasonality in the purchase origination market, and modestly down from the second quarter of 2024. NIW for the current quarter was comprised of 96% monthly premium policies and 93% purchase originations.
    • Persistency remained elevated at 82%, down from 84% in the first quarter of 2025 and down from 83% in the second quarter of 2024. Approximately 7% of the mortgages in our portfolio had rates at least 50 basis points above June 2025’s average mortgage rate of 6.8%.
    • Primary insurance in-force (IIF) was $270 billion, up approximately 1% from $268 billion in the first quarter of 2025 and up approximately  1% from $266 billion in the second quarter of 2024.
    • Net premiums earned were $245 million, approximately flat from the first quarter of 2025 and modestly increased from the second quarter of 2024. The year-over-year increase is primarily driven by premium growth from attractive adjacencies and growth in primary insurance in-force, mostly offset by higher ceded premiums.
    • Losses incurred for the second quarter of 2025 were $25 million and the loss ratio was 10%, compared to $31 million and 12%, respectively, in the first quarter of 2025 and $(17) million and (7)%, respectively, in the second quarter of 2024. The current quarter’s reserve release of $48 million from favorable cure performance and loss mitigation activities compares to a reserve release of $47 million and $77 million in the first quarter of 2025 and second quarter of 2024, respectively. The reserve release in the second quarter of 2024 benefited from reduction of claim rate from 10% to 9%.
    • Operating expenses in the current quarter were $53 million, and the expense ratio was 22%. This compared to $53 million and 21%, respectively, in the first quarter of 2025 and $56 million and 23%, respectively in the second quarter of 2024. The year-over-year decrease was primarily driven by the prior year restructuring costs of $3 million from a voluntary separation program.
    • Net investment income was $66 million, up from $63 million in the first quarter of 2025 and up from $60 million in the second quarter of 2024, driven by the continuation of elevated interest rates and higher average invested assets.
    • Net investment gains (losses) in the quarter were $(7) million, as compared to $(3) million sequentially and $(8) million in the same period last year. The activity is primarily driven by the identification of assets that upon selling allow us to recoup losses through higher net investment income.
    • Annualized return on equity for the second quarter of 2025 was 13.0% and annualized adjusted operating return on equity was 13.4%. This compares to the first quarter of 2025 results of 13.1% and 13.4%, respectively, and to second quarter 2024 results of 15.4% and 16.9%, respectively.

    Capital and Liquidity

    • We paid approximately $31 million, or $0.21 per share, dividend in the second quarter.
    • EMICO completed a dividend of approximately $130 million in the second quarter that will primarily be used to support our ability to return capital to shareholders and bolster financial flexibility.
    • Enact Holdings, Inc. held $345 million in cash and cash equivalents plus $306 million of invested assets as of June 30, 2025. Combined cash and invested assets decreased $3 million from the prior quarter, primarily due to  share buybacks, our quarterly dividend and interest payment on our debt mostly offset by the contribution from EMICO.
    • PMIERs sufficiency was 165% and $2.0 billion above the PMIERs requirements, compared to 165% and $2.0 billion above the PMIERs requirements in the first quarter of 2025.

    Recent Events

    • We repurchased approximately 2.4 million shares at an average price of $35.45 for a total of approximately $85 million in the quarter. Additionally, through July 25, 2025, we repurchased 0.8 million shares at an average price of $35.86 for a total of $30 million. During the quarter we completed our $250 million share repurchase authorization announced May 1, 2024,  and as of July 25, 2025, there was approximately $262 million remaining of our previously announced $350 million repurchase authorization.
    • We announced today that the Board of Directors declared a quarterly dividend of $0.21 per share, payable on September 8, 2025, to shareholders of record on August 18, 2025.
    • We now anticipate a total 2025 capital return of approximately  $400 million; the final amount and form of capital returned to shareholders will depend on business performance, market conditions, and regulatory approvals.

    Conference Call and Financial Supplement Information
    This press release, the second quarter 2025 financial supplement and earnings presentation are now posted on the Company’s website, https://ir.enactmi.com. Investors are encouraged to review these materials.

    Enact will discuss second quarter financial results in a conference call tomorrow, Thursday, July 31, 2025, at 8:00 a.m. (Eastern). Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain your dial-in number and unique PIN.  It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call.  If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, https://ir.enactmi.com/news-and-events/events.

    The webcast will also be archived on the Company’s website for one year.

    About Enact
    Enact (Nasdaq: ACT), operating principally through its wholly owned subsidiary Enact Mortgage Insurance Corporation since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders’ businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.

    Safe Harbor Statement
    This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, our expected financial and operational results, the related assumptions underlying our expected results, guidance concerning the future return of capital and the quotations of management. These forward-looking statements are distinguished by use of words such as “will,” “may,” “would,” “anticipate,” “expect,” “believe,” “designed,” “plan,” “predict,” “project,” “target,” “could,” “should,” or “intend,” the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, our actual results may differ materially from the results discussed in our forward-looking statements. Our forward-looking statements contained herein speak only as of the date of this press release. Factors or events that we cannot predict, including risks related to an economic downturn or a recession in the United States and in other countries around the world; changes in political, business, regulatory, and economic conditions; changes in or to Fannie Mae and Freddie Mac (the “GSEs”), whether through Federal legislation, restructurings or a shift in business practices; failure to continue to meet the mortgage insurer eligibility requirements of the GSEs; competition for customers; lenders or investors seeking alternatives to private mortgage insurance; an increase in the number of loans insured through Federal government mortgage insurance programs, including those offered by the Federal Housing Administration; and other factors described in the risk factors contained in our most recent Annual Report on Form 10-K and other filings with the SEC, may cause our actual results to differ from those expressed in forward-looking statements. Although Enact believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Enact can give no assurance that its expectations will be achieved and it undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

    GAAP/Non-GAAP Disclosure Discussion
    This communication includes the non-GAAP financial measures entitled “adjusted operating income (loss),” “adjusted operating income (loss) per share,” and “adjusted operating return on equity.” Enact Holdings, Inc. (the “Company”) defines adjusted operating income (loss) as net income (loss) excluding the after-tax effects of net investment gains (losses), restructuring costs and infrequent or unusual non-operating items, and gain (loss) on the extinguishment of debt. The Company excludes net investment gains (losses), gains (losses) on the extinguishment of debt and infrequent or unusual non-operating items because the Company does not consider them to be related to the operating performance of the Company and other activities. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities or exposure management. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized gains and losses. We do not view them to be indicative of our fundamental operating activities. Therefore, these items are excluded from our calculation of adjusted operating income. In addition, adjusted operating income (loss) per share is derived from adjusted operating income (loss) divided by shares outstanding. Adjusted operating return on equity is calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity.

    While some of these items may be significant components of net income (loss) in accordance with U.S. GAAP, the Company believes that adjusted operating income (loss) and measures that are derived from or incorporate adjusted operating income (loss), including adjusted operating income (loss) per share on a basic and diluted basis and adjusted operating return on equity, are appropriate measures that are useful to investors because they identify the income (loss) attributable to the ongoing operations of the business. Management also uses adjusted operating income (loss) as a basis for determining awards and compensation for senior management and to evaluate performance on a basis comparable to that used by analysts. Adjusted operating income (loss) and adjusted operating income (loss) per share on a basic and diluted basis are not substitutes for net income (loss) available to Enact Holdings, Inc.’s common stockholders or net income (loss) available to Enact Holdings, Inc.’s common stockholders per share on a basic and diluted basis determined in accordance with U.S. GAAP. In addition, the Company’s definition of adjusted operating income (loss) may differ from the definitions used by other companies.

    Adjustments to reconcile net income (loss) available to Enact Holdings, Inc.’s common stockholders to adjusted operating income (loss) assume a 21% tax rate.

    The tables at the end of this press release provide a reconciliation of net income (loss) to adjusted operating income (loss) and U.S. GAAP return on equity to adjusted operating return on equity for the three months ended June 30, 2025 and 2024, as well as for the three months ended March 31, 2025.

    Exhibit A: Consolidated Statements of Income (amounts in thousands, except per share amounts)

      2Q25 1Q25 2Q24
    REVENUES:      
    Premiums $245,289 $244,786 $244,567
    Net investment income 65,884 63,037 59,773
    Net investment gains (losses) (7,343) (3,243) (7,713)
    Other income 1,060 2,196 2,207
    Total revenues 304,890 306,776 298,834
           
    LOSSES AND EXPENSES:      
    Losses incurred 25,289 30,541 (16,821)
    Acquisition and operating expenses, net of deferrals 50,598 50,094 53,960
    Amortization of deferred acquisition costs and intangibles 2,205 2,429 2,292
    Interest expense 12,296 12,291 13,644
    Loss on debt extinguishment 0 0 10,930
    Total losses and expenses 90,388 95,355 64,005
           
    INCOME BEFORE INCOME TAXES 214,502 211,421 234,829
    Provision for income taxes 46,694 45,643 51,156
    NET INCOME $167,808 $165,778 $183,673
           
    Net investment (gains) losses 7,343 3,243 7,713
    Costs associated with reorganization (24) 629 3,435
    Loss on debt extinguishment 0 0 10,930
    Taxes on adjustments (1,537) (813) (4,636)
    Adjusted Operating Income $173,590 $168,837 $201,115
           
    Loss ratio(1) 10% 12% (7)%
    Expense ratio(2) 22% 21% 23%
    Earnings Per Share Data:      
    Net Income per share      
    Basic $1.12 $1.09 $1.17
    Diluted $1.11 $1.08 $1.16
    Adj operating income per share      
    Basic $1.16 $1.11 $1.28
    Diluted $1.15 $1.10 $1.27
    Weighted-average common shares outstanding      
    Basic 149,940 151,831 157,193
    Diluted 150,729 152,907 158,571
           
    (1)The ratio of losses incurred to net earned premiums.
    (2)The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by zero percentage points for the three-month periods ended June 30, 2025 and March 31, 2025, one percentage point for the three-month period ended June 30, 2024.
     

    Exhibit B: Consolidated Balance Sheets (amounts in thousands, except per share amounts)

    Assets 2Q25 1Q25 2Q24
    Investments:      
    Fixed maturity securities available-for-sale, at fair value $5,896,818 $5,815,337 $5,331,345
    Short term investments 3,001 3,696 12,313
    Total investments 5,899,819 5,819,033 5,343,658
    Cash and cash equivalents 612,967 635,269 699,035
    Accrued investment income 53,259 49,654 45,317
    Deferred acquisition costs 22,910 23,322 24,619
    Premiums receivable 44,091 46,451 48,698
    Other assets 107,882 103,351 98,929
    Deferred tax asset 32,545 44,440 89,116
    Total assets $6,773,473 $6,721,520 $6,349,372
           
    Liabilities and Shareholders’ Equity      
    Liabilities:      
    Loss reserves $551,940 $542,528 $508,138
    Unearned premiums 101,205 107,519 129,870
    Other liabilities 153,447 208,667 143,167
    Long-term borrowings 743,753 743,399 742,368
    Total liabilities 1,550,345 1,602,113 1,523,543
    Equity:      
    Common stock 1,484 1,508 1,561
    Additional paid-in capital 1,927,372 2,007,776 2,220,903
    Accumulated other comprehensive income (104,342) (152,482) (236,305)
    Retained earnings 3,398,614 3,262,605 2,839,670
    Total equity 5,223,128 5,119,407 4,825,829
    Total liabilities and equity $6,773,473 $6,721,520 $6,349,372
           
    Book value per share $35.20 $33.96 $30.91
    Book value per share excluding AOCI $35.90 $34.97 $32.43
           
    U.S. GAAP ROE(1) 13.0% 13.1% 15.4%
    Net investment (gains) losses 0.6% 0.3% 0.6%
    Costs associated with reorganization 0.0% 0.0% 0.3%
    (Gains) losses on early extinguishment of debt 0.0% 0.0% 0.9%
    Taxes on adjustments (0.1)% (0.1)% (0.4)%
    Adjusted Operating ROE(2) 13.4% 13.4% 16.9%
           
    Debt to Capital Ratio 12% 13% 13%
           
    (1)Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
    (2)Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
     

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI USA News: “Absolute Blockbuster”: New GDP Report Shows Explosive Growth in Trump’s Economy

    Source: US Whitehouse

    With U.S. economic growth surging in the second quarter, President Donald J. Trump has proven the so-called “experts” wrong once again as he presides over tame inflation, blue-collar wage growth, explosive job creation, and a “Made in America” boom.

    Here’s what they’re saying about today’s GDP report:

    Economist E.J. Antoni: “This GDP report, I mean, really, is an absolute blockbuster. It completely defies expectation. It is not only a good headline number, it has good internals, as well.”

    Economist Steve Moore: “This is an amazing number … We’re seeing lots of jobs. We’re seeing tame inflation. It is really a beautiful picture … It’s hard to see anything to complain about. I’m sure Democrats will find something they don’t like.”

    Bullseye Brief author Adam Johnson: “The GDP Price Index was only 2% and the expectation was 2.2%. In other words, we have an economy growing at 3%; we have inflation at 2%. That’s the best of both words, so I’m very positive on that report.”

    Job Creators Network CEO Alfredo Ortiz: “The U.S. economy grew by an annualized 3% in the second quarter of the year—yet another data point that supports an interest rate cut by the Fed. Trump’s three-legged stool is working: balancing trade, cutting taxes, and slashing regulations are creating an economic boom.”

    Navy Federal Credit Union Chief Economist Heather Long: “The word of the summer for the economy is ‘resilient.’”

    CNN’s Wolf Blitzer: “Welcome news for the U.S. economy.”

    CNN’s Matt Egan: “GDP, the broadest measure of the U.S. economy, it did rebound in the second quarter. Three percent — that is a solid number and it also beat expectations.”

    Benzinga’s Piero Cingari: “The U.S. economy roared back robustly in the second quarter, with gross domestic product rebounding well above expectations—offering President Donald Trump a timely economic victory to celebrate.”

    CNBC’s Joe Kernen: “This three percent, with the market at new highs and, really, we haven’t seen inflation go up … none of these ‘horrible things’ have happened.”

    CNBC’s Rick Santelli: “There’s no doubt that this is some success. We’re seeing more horsepower. We’re seeing better equities. Inflation? Inflation really hasn’t changed much in the last year or so.”

    Politico: “The surge in growth is a win for an administration that’s been battling widespread perceptions that Trump’s economic agenda is causing more harm than good … But for now, the GDP — the total value of all goods and services produced in the U.S. — is expanding at a healthy clip.”

    USA TODAY columnist Nicole Russell: “Thanks to President Donald Trump’s bold policies, it appears that the United States will avoid a recession this year − one that so many liberals were predicting only months ago. Will Democrats put politics aside and applaud as the American economy shows a strength and resilience that so many of them doubted? Probably not.”

    CBS News: “The number represents a surprising turnaround from the first three months of 2025 … The new data also shows consumers increased spending since the last quarter, with a growth of 1.4%, up from 0.5% from January to March.”

    ABC News: “The U.S. economy expanded more than expected as President Donald Trump’s tariffs took hold over recent months, federal government data on Wednesday showed … The reading amounted to sturdy economic growth, suggesting the economy has continued to avert a significant tariff-induced cooldown. A boost in consumer spending helped propel the economic surge.”

    CNBC: “The U.S. economy grew at a much stronger-than-expected pace in the second quarter, powered by a turnaround in the trade balance and renewed consumer strength.”

    Bloomberg: US Economy Rebounds With 3% GDP Growth

    The Wall Street Journal: “The U.S. economy grew at a 3.0% annual rate in the second quarter, exceeding expectations … Trump’s priorities, including tariffs and deportations, haven’t had a major [negative] economic impact thus far.”

    President Donald J. Trump: “2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED! ‘Too Late’ MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!”

    Vice President JD Vance: “Trump economy keeps defying the experts. Strong growth!”

    Secretary of the Treasury Scott Bessent: “Real GDP grew 3% in Q2, surpassing expectations. Consumer spending is up, and inflation is cooling. This is what an America First economy looks like, and the best is yet to come.”

    Secretary of Commerce Howard Lutnick: “GDP just surged to 3% and the Trump Economy has officially arrived. Biden’s first quarter is behind us, and growth is already accelerating. President Trump’s tariff policies have drawn historic investments and opened up global markets for U.S. businesses. Congratulations America: 3 percent today, and we’re just getting started.”

    Secretary of Labor Lori Chavez-DeRemer: “Thanks to @POTUS, working families are thriving and our economy is booming”

    National Economic Council Director Kevin Hassett: “There’s really strong growth, really strong income growth, we’ve got a huge reduction in government spending … Every single thing about this GDP release has shown strength.”

    Press Secretary Karoline Leavitt: “Today, GDP growth came in above market expectations, and yesterday, consumer confidence rose. Americans trust in President Trump’s America First economic agenda that continues to prove the so-called ‘experts’ wrong. President Trump has reduced America’s reliance on foreign products, boosted investment in the US, and created thousands of jobs — delivering on his promise to Make America Wealthy Again. The data is clear and there are no more excuses, now is the time for ‘too late’ Powell to cut the rates!”

    Counselor to the Secretary of the Treasury Joseph Lavorgna: “Q2 real #GDP expands 3.0%, above consensus expectations! Passage of the #OBBB and the CapEx comeback which is already underway will power a second half boom and beyond.”

    MIL OSI USA News –

  • MIL-OSI USA News: Suspending Duty-Free De Minimis Treatment for All Countries

    Source: US Whitehouse

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), and section 301 of title 3, United States Code, it is hereby ordered:

    Section 1.  Background.  In Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Canada to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) and section 2(b) of that order.  In Executive Order 14226 of March 2, 2025 (Amendment to Duties To Address the Flow of Illicit Drugs Across Our Northern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary of Commerce (Secretary) that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    In Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), I declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Mexico to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order.  In Executive Order 14227 of March 2, 2025 (Amendment to Duties To Address the Situation at Our Southern Border), I paused the suspension of duty-free de minimis treatment on such articles until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    In Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), I declared a national emergency regarding the unusual and extraordinary threat from the failure of the Government of the People’s Republic of China (PRC) to arrest, seize, detain, or otherwise intercept chemical precursor suppliers, money launderers, other transnational criminal organizations, criminals at large, and illicit drugs.  In that order, I determined that it was necessary and appropriate to, among other things, suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order.  In Executive Order 14200 of February 5, 2025 (Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China), I paused the suspension of duty-free de minimis treatment for articles described in section 2(a) of Executive Order 14195 until I received a notification from the Secretary that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free de minimis treatment.

    I subsequently received notification from the Secretary that adequate systems have been established to process and collect duties for articles of the PRC and Hong Kong that would otherwise be eligible for duty-free de minimis treatment, and in Executive Order 14256 of April 2, 2025 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China as Applied to Low-Value Imports), I suspended duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for products of the PRC and Hong Kong described in section 2(a) of Executive Order 14195, as amended by Executive Order 14228 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China).  In addition, I instructed the Secretary to submit a report regarding the impact of Executive Order 14256 on American industries, consumers, and supply chains and to make recommendations for further action as he deems necessary.

    In Executive Order 14257 of April 2, 2025 (Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits), I declared a national emergency with respect to underlying conditions indicated by the large and persistent annual U.S. goods trade deficits.  I also provided that duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) would remain available for products described in section 3(a) of that order until I received a notification by the Secretary that adequate systems are in place to fully and expeditiously process and collect duties applicable for articles otherwise eligible for duty-free de minimis treatment.

    The Secretary has notified me that adequate systems are now in place to fully and expeditiously process and collect duties for articles otherwise eligible for duty-free de minimis treatment on a global basis, including for products described in section 2(a) and section 2(b) of Executive Order 14193, section 2(a) of Executive Order 14194, and section 3(a) of Executive Order 14257.

    In my judgment, I determine that it is still necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) in the manner and for the articles described below to deal with the unusual and extraordinary threats, which have their source in whole or substantial part outside the United States, to the national security, foreign policy, and economy of the United States. 

    I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Canadian goods to deal with the emergency declared in Executive Order 14193, as amended.  In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14193, as amended, are effective in addressing the emergency declared in Executive Order 14193 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14193 is not undermined.  For example, many shippers go to great lengths to evade law enforcement and hide illicit substances in imports that go through international commerce.  These shippers conceal the true contents of shipments sent to the United States through deceptive shipping practices.  Some of the techniques employed by these shippers to conceal the true contents of the shipments, the identity of the distributors, and the country of origin of the imports include the use of re-shippers in the United States, false invoices, fraudulent postage, and deceptive packaging.  The risks of evasion, deception, and illicit-drug importation are particularly high for low-value articles that have been eligible for duty-free de minimis treatment.

    Independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain Mexican goods to deal with the emergency declared in Executive Order 14194, as amended.  In my judgment, and for substantially similar reasons as above, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14194, as amended, are effective in addressing the emergency declared in Executive Order 14194 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14194 is not undermined.

    Independently, and after considering information newly provided by the Secretary, among other things, I determine that it is still necessary and appropriate to continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) for certain goods of the PRC and Hong Kong to deal with the emergency declared in Executive Order 14195, as amended.  In my judgment, and for substantially similar reasons as above, this suspension is still necessary and appropriate to ensure that the tariffs imposed by Executive Order 14195, as amended, are effective in addressing the emergency declared in Executive Order 14195 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14195 is not undermined.

    Also independently, I determine that it is necessary and appropriate to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) on a global basis to deal with the emergency declared in Executive Order 14257, as amended.  In my judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14257, as amended, are not evaded and are effective in addressing the emergency declared in Executive Order 14257 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14257 is not undermined.

    Each of my determinations to suspend or continue to suspend duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) are independent from the other.  And each determination is made only for the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency.

    Sec. 2.  Suspension of Duty-Free de minimis Treatment.  (a)  The duty-free de minimis exemption provided under 19 U.S.C. 1321(a)(2)(C) shall no longer apply to any shipment of articles not covered by 50 U.S.C. 1702(b), regardless of value, country of origin, mode of transportation, or method of entry.  Accordingly, all such shipments, except those sent through the international postal network, shall be subject to all applicable duties, taxes, fees, exactions, and charges.  International postal shipments not covered by 50 U.S.C. 1702(b) shall be subject to the duty rates described in section 3 of this order.  Entry for all shipments that — prior to the effective date of this order — qualified for the de minimis exemption, except for shipments sent through the international postal network, shall be filed using an appropriate entry type in the Automated Commercial Environment (ACE) by a party qualified to make such entry.

    (b)  Shipments sent through the international postal network that would otherwise qualify for the de minimis exemption under 19 U.S.C. 1321(a)(2)(C) shall pass free of any duties except those specified in section 3 of this order, and without the preparation of an entry by U.S. Customs and Border Protection (CBP), until such time as CBP establishes a new entry process and publishes that process in the Federal Register.  

    Sec. 3.  Duty Rates for International Postal Shipments.  (a)  Transportation carriers delivering shipments to the United States through the international postal network, or other parties if qualified in lieu of such transportation carriers, must collect and remit duties to CBP using the methodology described in either subsection (b) or (c) of this section.  Each transportation carrier shall apply the same methodology across all covered shipments during any given period but may change its methodology no more than once per calendar month, or on another schedule determined to be appropriate by CBP, upon providing at least 24 hours’ notice to CBP.

    (b)  A duty equal to the effective IEEPA tariff rate applicable to the country of origin of the product shall be assessed on the value of each dutiable postal item (package) containing goods entered for consumption.

    (c)  A specific duty shall be assessed on each package containing goods entered for consumption, based on the effective IEEPA tariff rate applicable to the country of origin of the product as follows:

    (i)    Countries with an effective IEEPA tariff rate of less than 16 percent:  $80 per item;

    (ii)   Countries with an effective IEEPA tariff rate between 16 and 25 percent (inclusive):  $160 per item; and

    (iii)  Countries with an effective IEEPA rate above 25 percent:  $200 per item.

    (d)  For all international postal shipments subject to the methodologies described in subsections (b) and (c) of this section, the country of origin of the article must be declared to CBP.

    (e)  The specific duty methodology provided for in subsection (c) of this section shall be available for transportation carriers to select for a period of 6 months from the effective date of this order.  After such time all shipments to the United States through the international postal network must comply with the ad valorem duty methodology in subsection (b) of this section.

    (f)  Shipments sent through the international postal network that are subject to antidumping and countervailing duties or a quota must continue to be entered under an appropriate entry type in ACE to the extent required by all applicable regulations.

    Sec. 4.  Implementation.  (a)  The requirements and procedures established by sections 2 and 3 of this order shall be effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

    (b)  The provisions of this order supersede section 2 of Executive Order 14256, as amended, with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern daylight time on August 29, 2025.

    (c)  Consistent with applicable law, the Secretary of Homeland Security is directed and authorized to take all necessary actions to implement and effectuate this order — including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order.  The Secretary of Homeland Security, in consultation with the United States International Trade Commission (ITC), shall determine whether modifications to the Harmonized Tariff Schedule of the United States are necessary to effectuate this order and may make such modifications through notice in the Federal Register.  The Secretary of Homeland Security shall consult with the Secretary of State, the Secretary of the Treasury, the Attorney General, the Secretary of Commerce, the United States Trade Representative, the ITC, and the Postmaster General, where appropriate.  The Secretary of Homeland Security may, consistent with applicable law, redelegate any of these functions within the Department of Homeland Security.  All executive departments and agencies shall take all appropriate measures within their authority to implement this order.

    (d)  To ensure remittance of duties in accordance with this order, and to assure compliance with other legal requirements, CBP is authorized to require a basic importation and entry bond as described in 19 C.F.R. 113.62 for informal entries valued at or less than $2,500.  Any carrier that transports international postal shipments to the United States, by any mode of transportation, must have an international carrier bond as described in 19 C.F.R. 113.64 to ensure payment of the duties described in section 3 of this order.  CBP is authorized to ensure that the international carrier bonds required by this subsection are sufficient to account for the duties described in section 3 of this order.

    Sec. 5.  Definition.  As used in this order, the term “effective IEEPA tariff rate” means the total duty rate imposed on articles to address a national emergency declared under IEEPA, including Executive Order 14257, as amended; Executive Order 14193; as amended, Executive Order 14194, as amended; and Executive Order 14195, as amended, in accordance with the stacking rules set out in Executive Order 14289 of April 29, 2025 (Addressing Certain Tariffs on Imported Articles), and any subsequent order or proclamation addressing stacking or the applicability of tariffs imposed under IEEPA.

    Sec. 6.  Severability.  (a)  If any provision of this order or the application of any provision of this order to any individual or circumstance is held to be invalid, the remainder of this order and the application of its provisions to any other individuals or circumstances shall not be affected.

    (b)(i)  If the additional duties imposed under Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended, are held to be invalid, the suspension of, or continued suspension of, duty-free de minimis treatment, as detailed in this order, shall not be affected.  Duty-free de minimis treatment would still be suspended, whether pursuant to my authority under 50 U.S.C. 1702(a)(1)(B) to “regulate . . . importation” or my authority under that provision to “nullify” or “void” “exercising any right . . . or privilege with respect to . . . any property,” in the way and to the extent explained in this order, to deal with the emergencies declared in Executive Order 14193, as amended, Executive Order 14194, as amended, Executive Order 14195, as amended, or Executive Order 14257, as amended.  Such suspensions are still necessary and appropriate to address the unusual and extraordinary threats to the national security, foreign policy, and economy of the United States.  Each determination to suspend or continue to suspend duty-free de minimis treatment is still independent from the other determination and made only with the purpose to deal with the respective emergency and not for the purpose of dealing with another emergency.  CBP is directed and authorized to take all necessary actions consistent with applicable law to implement and effectuate this order in line with this section ‑- including through temporary suspension or amendment of regulations or through notices in the Federal Register and by adopting rules, regulations, or guidance — and to employ all powers granted to the President by IEEPA as may be necessary to implement and effectuate this order in line with this section.

    (ii)  Duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall remain available for postal shipments until notification by the Secretary to the President that adequate systems are in place to fully and expeditiously process and collect duties applicable for postal shipments otherwise eligible for duty-free de minimis treatment.  After such notification, duty-free de minimis treatment under 19 U.S.C. 1321(a)(2)(C) shall not be available for postal shipments.

    Sec. 7.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

    (i)   the authority granted by law to an executive

    department or agency, or the head thereof; or

    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

    (d)  The costs for publication of this order shall be borne by the Department of Homeland Security.

                                 DONALD J. TRUMP

    THE WHITE HOUSE,

        July 30, 2025.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Mike Levin Honors Michael Meyers as July 2025 Constituent of the Month

    Source: United States House of Representatives – Representative Mike Levin (CA-49)

    July 30, 2025

    Michael Meyers

    Carlsbad, Calif. – Today, Rep. Mike Levin (CA-49) recognized Michael Meyers, a Carlsbad native and founder of North County San Diego’s first local goalball team for the blind and visually impaired, as his July 2025 Constituent of the Month. 

    Michael was diagnosed with retinitis pigmentosa, a degenerative eye disease, during high school and turned his disability into a force for local advocacy. While attending a rehabilitation program in Colorado, he discovered goalball, a team sport designed specifically for visually impaired athletes. After returning home to Carlsbad, he learned there were no local teams or programs that offered the sport. Michael worked with family and friends to launch a North County San Diego Goalball team earlier this year to provide this unique sporting opportunity to members of the community.  

    In just a few months, the team has grown to include more than 30 players and has drawn support from national leaders in adaptive sports, including Paralympic silver medalist Joseph Hamilton and former U.S. Men’s National Goalball Team head coach Matt Boyle.  

    Rep. Levin recognized Michael for his inspiring leadership and commitment to accessibility, health, and community inclusion.  

    See below for Rep. Levin’s statement recognizing Michael Meyers in the Congressional Record: 

    “Mr. Speaker, I am proud to recognize Michael Meyers as my July 2025 Constituent of the Month.  

    “Michael represents the best in our community. He is resilient, innovative, and committed to making our district more inclusive for individuals with disabilities. Michael saw a lack of recreational opportunities for people with visual impairments in our region and took it upon himself to create a solution. The goalball team he founded in North County San Diego is now helping dozens of visually impaired residents stay active, build confidence, and connect with one another.  

    “Michael’s work ensures that people who are blind or visually impaired have the chance to be part of a team, to challenge themselves, and to not sit on the sidelines. That spirit of inclusion and determination is exactly what makes our district special, and it is why I am honored to recognize Michael as my Constituent of the Month.” 

    ABOUT THE CONSTITUENT OF THE MONTH PROGRAM:  

    Rep. Levin’s Constituent of the Month program recognizes outstanding North County San Diego and South Orange County residents who have gone above and beyond to help their neighbors, give back to their community, and represent the best of our country. Rep Levin’s?June 2025 Constituent of the Month was Nani Love, a case manager and victim’s advocate at the North County LGBTQ Resource Center, and his May 2025 Constituent of the Month was Rohen Vargo, the founder of a student-run blood pressure screening clinic.  

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    MIL OSI USA News –

  • MIL-OSI USA: Rep. Mike Levin, Health Leaders & Patients Expose Devastating Medicaid Cuts That Threaten Access to Health Care

    Source: United States House of Representatives – Representative Mike Levin (CA-49)

    July 29, 2025

    Rep. Levin, health leaders & patients discuss impacts of devastating Medicaid cuts

    View full press conference here

    Vista, CA — On the eve of the 60th anniversary of Medicaid becoming law, Rep. Mike Levin (CA-49), health leaders, and patients condemned deep Medicaid and health care cuts enacted under the Republican budget law that threaten access to health care services for millions of Americans. The Republican budget will harm seniors, low-income families, and California’s health care system.

    President Trump signed into law the Republican budget, also called the One Big Beautiful Bill Act, on July 4th. The law makes the largest cuts to Medicaid in the program’s history and puts hospitals, emergency care, and Medicaid coverage at risk for nearly 15 million people, including two million people in California. The state expects billions in projected revenue losses?for health care providers, which is expected to reduce access to care. 

    “Medicaid has given millions of Americans access to care for six decades, but today, that promise is being broken,” said Rep. Levin. “This reckless law is a disaster for public health that will force millions of people off their insurance, raise premiums, and shut down hospitals and clinics. These cuts aren’t just numbers on a page, they’re real people who will lose access to life saving care and we can’t allow that to happen.” 

    The Republican budget law will:

    • Cut $1 trillion to Medicaid; 
    • Kick 15 million Americans off their health care coverage; 
    • Defund Planned Parenthood and impact over 1 million women;  
    • Increase premiums and copays for families nationwide; 
    • Impose paperwork requirements that could lock people out of coverage;  
    • Cut billions from hospital and clinics.  

    “This law rips health care away from families so billionaires can get tax breaks. We won’t stand for it, and I will continue fighting to protect Medicaid to ensure every American gets the care they deserve,” said Rep. Levin.

    Local health professionals on the ground described how the law puts critical services and patients at serious risk.   

    “At Gary and Mary West PACE, over 90% of the older adults we serve rely on Medicaid to access critical services that keep them health and independent in their homes,” said West PACE Community Engagement Director, Mary Jurgensen. “Across California, PACE programs serve nearly 22,000 seniors annually, each one counting on coordinated care, meals, therapy, and transportation that Medicaid funds support. The proposed Medicaid cuts in HR 1 threaten our ability to deliver these essential services and will place people at risk of losing access to life-sustaining care.” 

    Health leaders noted that in California, premiums are expected to soar. For those insured under Covered California, insurers are already seeking rate increases over 20%. Data from the House Budget Committee shows that more than 2 million people across California could lose health insurance, including children and seniors.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta Throws Support Behind Case Challenging Trump Administration’s Illegal Tariffs

    Source: US State of California

    Wednesday, July 30, 2025

    Contact: (916) 210-6000, agpressoffice@doj.ca.gov

    Continues fighting on all fronts for businesses and consumers 

    OAKLAND — California Attorney General Rob Bonta today filed an amicus brief in Learning Resources, Inc. v. Trump, a lawsuit challenging the tariffs President Trump imposed under the International Emergency Economic Powers Act (IEEPA). In April, Attorney General Bonta and Governor Newsom filed a lawsuit challenging President Trump’s unlawful use of power to levy tariffs via over a dozen executive orders under IEEPA. In the brief filed today in the U.S. Court of Appeals for the District of Columbia, Attorney General Bonta and Governor Newsom argue that the U.S. District Court for the District of Columbia was correct in holding that the Trump Administration’s interpretation of its authority under IEEPA is incorrect, that IEEPA’s language does not provide the authority to impose tariffs, and that President Trump’s IEEPA tariffs are unlawful (and that, much like California’s own case, the plaintiffs’ case was properly filed in district court, not the Court of International Trade). The brief urges the Court of Appeals to affirm the District Court’s decision.

    “As the country braces for continuous chaos from President Trump’s illegal tariffs, standing united to fight for American consumers and businesses is more important than ever,” said Attorney General Bonta. “Today, I urge the U.S. Court of Appeals for the District of Columbia to affirm the District Court’s decision that President Trump’s chaotic tariffs are unlawful — not one word in the International Emergency Economic Powers Act, the Trump Administration’s vehicle for these tariffs, authorizes tariffs. These illegal tariffs will affect everything from the cost of essential household items like food and toilet paper to the cost of housing. The tariff chaos is a man-made crisis, and California families and industries will pay the price.”

    The case in question involves two family-owned educational-toy companies challenging the Trump Administration’s tariffs under IEEPA. In May, the U.S. District Court for the District of Columbia denied the Trump Administration’s motion to transfer the case to the Court of International Trade and instead retained jurisdiction, held that IEEPA does not authorize tariffs and that the Trump Administration’s IEEPA tariffs were unlawful, and granted the plaintiffs’ motion for an injunction. In the brief, Attorney General Bonta agrees and argues that the Court of Appeals should affirm the District Court’s well-reasoned decision. 

    Attorney General Bonta is committed to challenging the illegal tariffs that threaten California jobs, businesses, and consumers and has held roundtables in San Francisco and Los Angeles to learn about the impact of tariffs on California industry.

    On April 16, Attorney General Bonta and Governor Newsom filed a lawsuit challenging President Trump’s unlawful use of IEEPA to impose tariffs without the consent of Congress. In May, California filed a motion for a preliminary injunction with the U.S. District Court for the Northern District of California to stop the Trump Administration’s illegal tariffs while litigation in its case proceeds and filed an amicus brief in the Court of International Trade in Oregon v. Trump, another case also challenging President Trump’s illegal imposition of tariffs. In June, a judge granted California’s request for dismissal to allow the state to appeal its case challenging the Trump Administration’s illegal tariffs after the Administration asked that the case be transferred to the Court of International Trade — a motion that California opposed. The dismissal kept the case in California and allowed California to appeal to the Ninth Circuit. California’s case remains ongoing.

    A copy of the amicus brief can be found here.

    # # #

    MIL OSI USA News –

  • MIL-OSI: Pathfinder Bancorp, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    OSWEGO, N.Y., July 30, 2025 (GLOBE NEWSWIRE) — Pathfinder Bancorp, Inc. (“Pathfinder” or the “Company”) (NASDAQ: PBHC) announced its financial results for the second quarter ended June 30, 2025.

    The holding company for Pathfinder Bank (“the Bank”) reported net income attributable to common shareholders of $31,000, or less than $0.01 per diluted share in the second quarter of 2025, compared to $3.0 million or $0.47 per diluted share in the first quarter of 2025 and $2.0 million or $0.32 per share in the second quarter of 2024.

    Second Quarter 2025 Highlights and Key Developments

    • The Company continued to undertake proactive measures in the second quarter to mitigate credit risk and enhance asset quality metrics for the long term. These included the July 2025 sale of $9.3 million in nonperforming and classified loans associated with one local commercial relationship for a pre-tax loss of $3.1 million recorded as a second quarter 2025 lower of cost or market adjustment to loans held for sale (“LOCOM HFS adjustment”), representing $0.40 per diluted share net of tax, as well as $2.6 million in net charge offs (“NCOs”) that are reflected in provision expense of $1.2 million.
    • Nonperforming loans declined to $11.7 million at period end, improving by 11.7% during the second quarter and 52.3% from June 30, 2024. Nonperforming loans also declined to 1.28% of total loans at period end, improving from 1.45% on March 31, 2025 and 2.76% on June 30, 2024.
    • Total deposits were $1.22 billion at period end, compared to $1.26 billion on March 31, 2025 and $1.10 billion on June 30, 2024. During the second quarter of 2025, total balances declined on reductions in higher-cost time and money market accounts, as well as regular municipal deposit seasonality. Core deposits grew to 78.47% of total deposits at period end from 78.31% on March 31, 2025 and 67.98% on June 30, 2024.
    • Total loans were $909.7 million at period end, reflecting the move of $3.2 million in balances to held-for-sale status for the July 2025 sale of nonperforming and classified loans, compared to $912.2 million on March 31, 2025 and $888.3 million on June 30, 2024. Commercial loans grew to $549.1 million or 60.4% of total loans at period end, compared to $542.7 million on March 31, 2025 and $527.2 million on June 30, 2024.
    • Net interest income was $10.8 million and net interest margin (“NIM”) was 3.11% in the second quarter of 2025. Linked quarter results reflected 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees, adding approximately $347,000 to net interest income of $11.4 million and 10 basis points to NIM of 3.31%. Second quarter 2024 net interest income was $9.5 million and NIM was 2.78%.
    • The efficiency ratio was 65.66%, compared to 67.19% in the linked quarter and 74.36% in the year-ago period. The efficiency ratio, which is not a financial metric under generally accepted accounting principles (“GAAP”), is a measure that the Company believes is helpful to understanding its level of non-interest expense as a percentage of total revenue.
    • Pre-tax, pre-provision (“PTPP”) net income was $4.2 million, compared to $4.2 million in the linked quarter and $2.8 million in the year-ago period. PTPP net income, which is not a financial metric under GAAP, is a measure that the Company believes is helpful to understanding profitability without giving effect to income taxes and provision for credit losses.  

    “Pathfinder’s more exacting approach to proactive credit risk mitigation continues to be implemented, with measures taken to proactively address certain loans experiencing credit deterioration resulting in elevated charge offs and the sale of nonperforming and classified commercial loans associated with a single in-market commercial relationship,” said President and Chief Executive Officer James A. Dowd. “These steps were taken as part of our ongoing efforts to enhance Pathfinder’s asset quality and resilience over the long term.”

    Dowd added, “Growing our Central New York core deposit franchise remains an ongoing area of focus, as it continues to serve as a valuable source of low-cost funding for local, relationship-based lending opportunities with small- and middle-market businesses and consumers in our attractive regional markets.”

    Net Interest Income and Net Interest Margin
    Second quarter 2025 net interest income was $10.8 million, a decrease of $597,000, or 5.2%, from the first quarter of 2025. The decrease from the linked quarter was due in part to approximately $347,000 of first quarter 2025 net interest income attributed to 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees.

    A decrease in interest and dividend income of $259,000 from the linked quarter was attributed to average yield decreases of 22 basis points on loans, which benefited by 15 basis points from 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees in the first quarter of 2025. The interest and dividend income decrease was also attributed to 5 basis points on fed funds sold and interest-earning deposits, and 11 basis points on all interest-earning assets, partially offset by average yield increases on taxable and tax-exempt securities of 3 and 76 basis points, respectively. In addition, average loan balances declined by $4.9 million, while average balances of lower-yielding taxable securities increased by $18.5 million. The corresponding decrease in loan interest income and federal funds sold and interest-earning deposits was $566,000 and $21,000, respectively, partially offset by increases in taxable and tax-exempt securities income of $337,000 and $63,000, respectively. An increase in interest expense from the first quarter of 2025 of $338,000 was primarily attributed to a 5 basis point increase in the average cost of interest bearing deposits.

    Net interest margin was 3.11% in the second quarter of 2025 compared to 3.31% in the first quarter 2025. The decrease of 20 basis points reflected lower average loan yields and higher average interest bearing deposit costs in the second quarter of 2025, as well as approximately 10 basis points of first quarter 2025 margin attributed to 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees.

    Second quarter 2025 net interest income was $10.8 million, an increase of $1.3 million, or 14.1%, from the second quarter of 2024. An increase in interest and dividend income of $160,000 was primarily attributed to average yield increases of 11 basis points on loans and a $25.9 million increase in average loan balances. The corresponding increase in loan interest income was $617,000. A decrease in interest expense of $1.2 million was attributed to reductions in the average cost of interest bearing deposits and total interest-bearing liabilities of 40 basis points and 45 basis points, respectively, as well as reductions in brokered deposits and short-term borrowings expense associated with paydowns of brokered deposits and borrowings utilizing a portion of the low-cost liquidity provided by core deposit growth.

    Net interest margin was 3.11% in the second quarter of 2025 compared to 2.78% in the second quarter of 2024. The increase of 33 basis points reflected higher average loan yields and lower average deposit and borrowing costs in the second quarter of 2025, as compared to the year-ago period.

    Noninterest Income
    Second quarter 2025 noninterest income includes the $3.1 million LOCOM HFS adjustment, with an after-tax effect of $2.5 million or $0.40 per diluted share. Nonperforming and classified loans associated with one local commercial relationship dating back to 2013, with an original principal balance of $9.3 million and a June 30, 2025 principal balance of $6.3 million were sold in July 2025 for $3.2 million to an undisclosed financial buyer.

    Second quarter 2025 noninterest income totaled negative $1.5 million, reflecting the $3.1 million LOCOM HFS adjustment, and no longer includes contributions from the insurance agency business sold in October 2024. Noninterest income was $1.2 million in the linked quarter and $1.2 million, including $260,000 in insurance revenue, in the year-ago period.

    Compared to the linked quarter, second quarter 2025 noninterest income reflected increases of $179,000 in debit card interchange fees and $6,000 in service charges on deposit accounts, as well as a decrease of $6,000 in earnings and gain on bank owned life insurance (“BOLI”). Compared to the linked quarter, second quarter 2025 noninterest income also reflected increases of $202,000 in net unrealized gains on marketable equity securities, as well as decreases of $8,000 in net realized losses on sales and redemptions of investment securities and $4,000 in loan servicing fees.

    Compared to the year-ago period, second quarter 2025 noninterest income included increases of $50,000 in service charges on deposit accounts, as well as decreases of $11,000 in earnings and gain on BOLI, and $11,000 in debit card interchange fees. Compared to the year-ago period, second quarter 2025 noninterest income also reflected an increase of $559,000 in net unrealized gains on marketable equity securities, as well as decreases of $16,000 in net realized gains on sales and redemptions of investment securities and $15,000 in loan servicing fees.

    Noninterest Expense
    Noninterest expense totaled $8.1 million in the second quarter of 2025, including $595,000 in costs associated with the East Syracuse branch acquired in July 2024 and excluding costs for the insurance agency business sold in October 2024. Noninterest expense was $8.4 million in the linked quarter, including East Syracuse branch costs of $577,000, and $7.9 million in the year-ago period, including insurance agency costs of $232,000.

    Salaries and benefits were $4.5 million in the second quarter of 2025, in line with the linked quarter and increased $126,000 from the year-ago period. The increase from the second quarter of 2024 was primarily attributed to the July 2024 East Syracuse Branch Acquisition, which had $116,000 of total salary and benefit expenses in the second quarter of 2025. Excluding the East Syracuse branch, salaries and benefits increased $10,000 from the year-ago period. This increase from the second quarter of 2024 was primarily attributed to a $183,000 increase in stock-based compensation, partially offset by a $106,000 decrease in employee benefits, a $51,000 decrease in salaries and benefits expenses, and a $16,000 decrease in director compensation.  

    Building and occupancy was $1.2 million in the second quarter of 2025, decreasing $117,000 from the linked quarter and increasing $316,000 from the year-ago quarter. The decrease from the linked quarter reflected lower costs associated with building maintenance primarily related to snow removal. The increase from the first quarter of last year was primarily due to ongoing facilities-related costs associated with operating the East Syracuse branch acquired in July 2024.

    Data processing expense was $667,000 in the second quarter of 2025, in line with the linked quarter and increasing $117,000 from the year-ago period. The increase from the second quarter of 2024 was primarily attributed to the ongoing operations of the East Syracuse branch acquired in July 2024.

    No FDIC assessment expense was recorded in the second quarter of 2025, due to modest over-accruals in prior periods, compared to $229,000 and $228,000 in the linked and year-ago periods, respectively. The Company anticipates more normalized FDIC assessments in the future and expects this expense to range between $220,000 to $230,000 per quarter in the second half of 2025.

    Annualized noninterest expense represented 2.18% of average assets in the second quarter of 2025, compared to 2.33% and 2.19% in the linked and year-ago periods. The efficiency ratio was 65.66%, compared to 67.19% and 74.36% in the linked and year-ago periods, respectively. The efficiency ratio, which is not a financial metric under GAAP, is a measure that the Company believes is helpful to understanding its level of non-interest expense as a percentage of total revenue.

    Net Income
    For the second quarter of 2025, net income attributable to common shareholders was $31,000, or less than $0.01 per basic and diluted share. Linked quarter net income was $3.0 million, or $0.48 per basic share and $0.47 per diluted share. Second quarter 2024 net income totaled $2.0 million or $0.32 per basic and diluted share.

    Statement of Financial Condition
    As of June 30, 2025, the Company’s statement of financial condition reflects total assets of $1.51 billion, compared to $1.50 billion and $1.45 billion recorded on March 31, 2025 and June 30, 2024, respectively.

    Loans totaled $909.7 million on June 30, 2025, after $3.2 million in balances were moved to held-for-sale status for the July 2025 sale of nonperforming and classified loans, resulting in a decrease of $2.4 million or 0.3% from March 31, 2025. Total loans increased $21.5 million or 2.4% from one year prior. Consumer and residential loans totaled $362.1 million, decreasing 2.4% during the second quarter and increasing 0.2% from one year prior. Commercial loans totaled $549.1 million, increasing 1.2% during the second quarter and 4.1% from one year prior, despite the recent loan sale.

    With respect to liabilities, deposits totaled $1.22 billion on June 30, 2025, decreasing 3.4% on reductions in higher-cost time and money market accounts, as well as regular municipal deposit seasonality, during the second quarter and increasing 11.0% from one year prior. 

    Shareholders’ equity totaled $124.4 million on June 30, 2025, decreasing $483,000 or 0.4% in the second quarter and increasing $1.1 million or 0.9% from one year prior. The second quarter 2025 decrease primarily reflects a $599,000 decrease in retained earnings, a $426,000 decrease in accumulated other comprehensive loss (“AOCL”), and a $542,000 increase in additional paid in capital. Noncontrolling interest, previously included in equity on the Statements of Financial Condition, was eliminated in October 2024 upon the sale of the Company’s 51% insurance agency ownership interest.

    Asset Quality
    The Company’s asset quality metrics reflect ongoing efforts the Bank is undertaking as part of its commitment to continuously improve its credit risk management approach.

    Nonperforming loans were $11.7 million, or 1.28% of total loans on June 30, 2025, compared to $13.2 million or 1.45% on March 31, 2025 and $24.5 million or 2.76% on June 30, 2024. Continued improvement in nonperforming loans in the second quarter of 2025 primarily resulted from the recent sale of loans associated with one local commercial relationship dating to 2013.

    NCOs after recoveries were $2.6 million or an annualized 1.14% of average loans in the second quarter of 2025, with gross charge offs for consumer loans, purchased loan pools, and commercial loans, offsetting recoveries in each of these categories. NCOs were $340,000 or an annualized 0.15% of average loans in the linked quarter and $66,000 or 0.03% in the prior year period.

    Provision for credit loss expense was $1.2 million in the second quarter of 2025 primarily reflecting NCOs in the period, partially offset by reductions related to quantitative and qualitative factors in the Company’s reserve model. The provision was $457,000 and $290,000 in the linked and year-ago quarters, respectively.

    The Company believes it is sufficiently collateralized and reserved, with an Allowance for Credit Losses (“ACL”) of $16.0 million on June 30, 2025, compared to $17.4 million on March 31, 2025 and $16.9 million on June 30, 2024. As a percentage of total loans, ACL represented 1.76% on June 30, 2025, 1.91% on March 31, 2025, and 1.90% on June 30, 2024.

    Liquidity
    The Company has diligently ensured a strong liquidity profile as of June 30, 2025 to meet its ongoing financial obligations. The Bank’s liquidity management, as evaluated by its cash reserves and operational cash flows from loan repayments and investment securities, remains robust and is effectively managed by the institution’s leadership.

    The Bank’s analysis indicates that expected cash inflows from loans and investment securities are more than sufficient to meet all projected financial obligations. Total deposits were $1.22 billion on June 30, 2025, compared to $1.26 billion on March 31, 2025 and $1.10 billion on June 30, 2024. Decreases in total deposits primarily reflect reductions in higher-cost time and money market accounts, as well as regular municipal deposit seasonality. Core deposits grew to 78.47% of total deposits on June 30, 2025, compared to 78.31% on March 31, 2025 and 67.98% on June 30, 2024. The Bank continues to implement strategic initiatives to enhance its core deposit franchise, including targeted marketing campaigns and customer engagement programs aimed at deepening banking relationships and enhancing deposit stability.

    On June 30, 2025, Pathfinder Bancorp had an available additional funding capacity of $124.5 million with the Federal Home Loan Bank of New York, which complements its liquidity reserves. Moreover, the Bank maintains additional unused credit lines totaling $46.5 million, which provide a buffer for additional funding needs. These facilities, including access to the Federal Reserve’s Discount Window, are part of a comprehensive liquidity strategy that ensures flexibility and readiness to respond to any funding requirements.

    Cash Dividend Declared
    On June 30, 2025, Pathfinder’s Board of Directors declared a cash dividend of $0.10 per share for holders of both voting common and non-voting common stock.

    In addition, this dividend also extends to the notional shares of the Company’s warrants. Shareholders registered by July 18, 2025 will be eligible for the dividend, which is scheduled for disbursement on August 8, 2025. This distribution aligns with Pathfinder Bancorp’s philosophy of consistent and reliable delivery of shareholder value.

    Evaluating the Company’s market performance, the closing stock price as of June 30, 2025 stood at $15.34 per share. This positions the annualized dividend yield at 2.61%.

    About Pathfinder Bancorp, Inc.
    Pathfinder Bancorp, Inc. (NASDAQ: PBHC) is the bank holding company for Pathfinder Bank, which serves Central New York customers throughout Oswego, Syracuse, and their neighboring communities. Strategically located branches, as well as diversified consumer, mortgage, and commercial loan portfolios, reflect the state-chartered Bank’s commitment to in-market relationships and local customer service. The Company also offers investment services to individuals and businesses. More information is available at pathfinderbank.com and ir.pathfinderbank.com.

    Forward-Looking Statements
    Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project” or similar expressions, or future or conditional verbs, such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are based on current beliefs and expectations of the Company’s and the Bank’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s and the Bank’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: risks related to the real estate and economic environment, particularly in the market areas in which the Company and the Bank operate; fiscal and monetary policies of the U.S. Government; inflation; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of the allowance for credit losses; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission, which are available at the SEC’s website, www.sec.gov. 

    This release contains non-GAAP financial measures. For purposes of Regulation G, a non-GAAP financial measure is a numerical measure of a registrant’s historical or future financial performance, financial position, or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet, or statement of cash flows (or equivalent statements) of the registrant; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this regard, GAAP refers to generally accepted accounting principles in the United States. Pursuant to the requirements of Regulation G, the Company has provided reconciliations within the release of the non-GAAP financial measures to the most directly comparable GAAP financial measure.

    PATHFINDER BANCORP, INC.                              
    Selected Financial Information (Unaudited)                              
    (Amounts in thousands, except per share amounts)                              
                                   
        2025     2024  
    SELECTED BALANCE SHEET DATA:   June 30,     March 31,     December 31,     September 30,     June 30,  
    ASSETS:                              
    Cash and due from banks   $ 16,183     $ 18,606     $ 13,963     $ 18,923     $ 12,022  
    Interest-earning deposits     15,292       32,862       17,609       16,401       19,797  
    Total cash and cash equivalents     31,475       51,468       31,572       35,324       31,819  
    Available-for-sale securities, at fair value     300,951       284,051       269,331       271,977       274,977  
    Held-to-maturity securities, at amortized cost     157,892       155,704       158,683       161,385       166,271  
    Marketable equity securities, at fair value     4,881       4,401       4,076       3,872       3,793  
    Federal Home Loan Bank stock, at cost     5,278       2,906       4,590       5,401       8,702  
    Loans held-for-sale     3,161       –       –       –       –  
    Loans, net of deferred fees     909,723       912,150       918,986       921,660       888,263  
    Less: Allowance for credit losses     15,983       17,407       17,243       17,274       16,892  
    Loans receivable, net     893,740       894,743       901,743       904,386       871,371  
    Premises and equipment, net     19,047       19,233       19,009       18,989       18,878  
    Assets held-for-sale     –       –       –       –       3,042  
    Operating lease right-of-use assets     1,115       1,356       1,391       1,425       1,459  
    Finance lease right-of-use assets     16,280       16,478       16,676       16,873       4,004  
    Accrued interest receivable     6,889       6,748       6,881       6,806       7,076  
    Foreclosed real estate     83       –       –       –       60  
    Intangible assets, net     5,675       5,832       5,989       6,217       76  
    Goodwill     5,056       5,056       5,056       5,752       4,536  
    Bank owned life insurance     31,045       24,889       24,727       24,560       24,967  
    Other assets     22,551       22,472       25,150       20,159       25,180  
    Total assets   $ 1,505,119     $ 1,495,337     $ 1,474,874     $ 1,483,126     $ 1,446,211  
                                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY:                              
    Deposits:                              
    Interest-bearing deposits   $ 1,030,155     $ 1,061,166     $ 990,805     $ 986,103     $ 932,132  
    Noninterest-bearing deposits     191,732       203,314       213,719       210,110       169,145  
    Total deposits     1,221,887       1,264,480       1,204,524       1,196,213       1,101,277  
    Short-term borrowings     75,500       27,000       61,000       60,315       127,577  
    Long-term borrowings     20,977       17,628       27,068       39,769       45,869  
    Subordinated debt     30,206       30,156       30,107       30,057       30,008  
    Accrued interest payable     813       844       546       236       2,092  
    Operating lease liabilities     1,313       1,560       1,591       1,621       1,652  
    Finance lease liabilities     16,566       16,655       16,745       16,829       4,359  
    Other liabilities     13,444       12,118       11,810       16,986       9,203  
    Total liabilities     1,380,706       1,370,441       1,353,391       1,362,026       1,322,037  
    Shareholders’ equity:                              
    Voting common stock shares issued and outstanding     4,788,109       4,761,182       4,745,366       4,719,788       4,719,788  
    Voting common stock   $ 48     $ 48     $ 47     $ 47     $ 47  
    Non-voting common stock     14       14       14       14       14  
    Additional paid in capital     53,645       53,103       52,750       53,231       53,182  
    Retained earnings     79,564       80,163       77,816       73,670       78,936  
    Accumulated other comprehensive loss     (8,858 )     (8,432 )     (9,144 )     (6,716 )     (8,786 )
    Unearned ESOP shares     –       –       –       –       (45 )
    Total Pathfinder Bancorp, Inc. shareholders’ equity     124,413       124,896       121,483       120,246       123,348  
    Noncontrolling interest     –       –       –       854       826  
    Total equity     124,413       124,896       121,483       121,100       124,174  
    Total liabilities and shareholders’ equity   $ 1,505,119     $ 1,495,337     $ 1,474,874     $ 1,483,126     $ 1,446,211  
                                             

    The above information is unaudited and preliminary, based on the Company’s data available at the time of presentation.

        Six Months Ended June 30,     2025     2024  
    SELECTED INCOME STATEMENT DATA:   2025     2024     Q2     Q1     Q4     Q3     Q2  
    Interest and dividend income:                                          
    Loans, including fees   $ 26,778     $ 24,757     $ 13,106     $ 13,672     $ 13,523     $ 14,425     $ 12,489  
    Debt securities:                                          
    Taxable     10,707       11,343       5,522       5,185       5,312       5,664       5,736  
    Tax-exempt     867       1,006       465       402       445       469       498  
    Dividends     114       307       21       93       164       149       178  
    Federal funds sold and interest-earning deposits     157       219       68       89       82       492       121  
    Total interest and dividend income     38,623       37,632       19,182       19,441       19,526       21,199       19,022  
    Interest expense:                                          
    Interest on deposits     14,263       15,037       7,318       6,945       7,823       7,633       7,626  
    Interest on short-term borrowings     1,040       2,340       495       545       700       1,136       1,226  
    Interest on long-term borrowings     137       395       72       65       136       202       201  
    Interest on subordinated debt     958       980       483       475       490       496       489  
    Total interest expense     16,398       18,752       8,368       8,030       9,149       9,467       9,542  
    Net interest income     22,225       18,880       10,814       11,411       10,377       11,732       9,480  
    Provision for (benefit from) credit losses:                                          
    Loans     1,677       1,014       1,173       504       988       9,104       304  
    Held-to-maturity securities     5       (59 )     5       –       (5 )     (31 )     (74 )
    Unfunded commitments     (28 )     61       19       (47 )     5       (104 )     60  
    Total provision for credit losses     1,654       1,016       1,197       457       988       8,969       290  
    Net interest income after provision for credit losses     20,571       17,864       9,617       10,954       9,389       2,763       9,190  
    Noninterest income:                                          
    Service charges on deposit accounts     754       639       380       374       405       392       330  
    Earnings and gain on bank owned life insurance     318       324       156       162       169       361       167  
    Loan servicing fees     198       200       97       101       96       79       112  
    Net realized (losses) gains on sales and redemptions of investment securities     (8 )     (132 )     –       (8 )     249       (188 )     16  
    Gain on asset sale 1 & 2     –       –       –       –       3,169       –       –  
    Net unrealized gains (losses) on marketable equity securities     638       (31 )     420       218       166       62       (139 )
    Gains on sales of loans and foreclosed real estate     148       58       83       65       39       90       40  
    LOCOM HFS adjustment 3     (3,064 )     –       (3,064 )     –       –       –       –  
    Loss on sale of premises and equipment     –       –       –       –       –       (36 )     –  
    Debit card interchange fees     181       310       180       1       265       300       191  
    Insurance agency revenue 1     –       657       –       –       49       367       260  
    Other charges, commissions & fees     514       923       230       284       299       280       234  
    Total noninterest (loss) income     (321 )     2,948       (1,518 )     1,197       4,906       1,707       1,211  
    Noninterest expense:                                          
    Salaries and employee benefits     8,975       8,728       4,525       4,450       4,123       4,959       4,399  
    Building and occupancy     2,577       1,730       1,230       1,347       1,254       1,134       914  
    Data processing     1,333       1,078       667       666       721       672       550  
    Professional and other services     1,384       1,258       778       606       608       1,820       696  
    Advertising     218       221       77       141       218       165       116  
    FDIC assessments     229       457       –       229       231       228       228  
    Audits and exams     174       293       60       114       123       123       123  
    Amortization expense     314       8       157       157       27       124       5  
    Insurance agency expense 1     –       517       –       –       456       308       232  
    Community service activities     39       91       28       11       19       20       39  
    Foreclosed real estate expenses     50       55       29       21       20       27       30  
    Other expenses     1,201       1,178       510       691       744       679       576  
    Total noninterest expense     16,494       15,614       8,061       8,433       8,544       10,259       7,908  
    Income (loss) before provision for income taxes     3,756       5,198       38       3,718       5,751       (5,789 )     2,493  
    Provision (benefit) for income taxes     751       1,013       7       744       492       (1,173 )     481  
    Net income (loss) attributable to noncontrolling interest and Pathfinder Bancorp, Inc.     3,005       4,185       31       2,974       5,259       (4,616 )     2,012  
    Net income attributable to noncontrolling interest 1     –       65       –       –       1,352       28       12  
    Net income (loss) attributable to Pathfinder Bancorp Inc.   $ 3,005     $ 4,120     $ 31     $ 2,974     $ 3,907     $ (4,644 )   $ 2,000  
    Voting Earnings per common share – basic   $ 0.48     $ 0.66     $ –     $ 0.48     $ 0.63     $ (0.75 )   $ 0.32  
    Voting Earnings per common share – diluted 4   $ 0.47     $ 0.66     $ –     $ 0.47     $ 0.63     $ (0.75 )   $ 0.32  
    Series A Non-Voting Earnings per common share- basic   $ 0.48     $ 0.66     $ –     $ 0.48     $ 0.63     $ (0.75 )   $ 0.32  
    Series A Non-Voting Earnings per common share- diluted 4   $ 0.47     $ 0.66     $ –     $ 0.47     $ 0.63     $ (0.75 )   $ 0.32  
    Dividends per common share (Voting and Series A Non-Voting)   $ 0.20     $ 0.20     $ 0.10     $ 0.10     $ 0.10     $ 0.10     $ 0.10  
                                                             

    1 Although the Company owned 51% of its membership interest in FitzGibbons Agency, LLC (“Agency”) the Company is required to consolidate 100% of the Agency within the consolidated financial statements.  The Company sold its 51% membership interest in the Agency in October 2024.
    2 The $3,169,000 consolidated gain on asset sale equals $1,616,000 associated with the Company’s 51% interest in the Agency plus $1,553,000 associated with the 49% noncontrolling interest.
    3 The loss reflects a valuation adjustment “Lower-of-cost-or-market” adjustment on loans held for sale to their estimated market value based on active sale negotiations.
    4 Diluted earnings per share for the first quarter of 2025 has been updated to $0.47, from the $0.41 reported previously.

    The above information is unaudited and preliminary, based on the Company’s data available at the time of presentation.

        Six Months Ended June 30,     2025     2024  
    FINANCIAL HIGHLIGHTS:   2025     2024     Q2     Q1     Q4     Q3     Q2  
    Selected Ratios:                                          
    Return on average assets     0.41 %     0.58 %     0.01 %     0.81 %     1.07 %     -1.25 %     0.56 %
    Return on average common equity     4.83 %     6.74 %     0.10 %     9.64 %     12.85 %     -14.79 %     6.49 %
    Return on average equity     4.83 %     6.74 %     0.10 %     9.64 %     12.85 %     -14.79 %     6.49 %
    Return on average tangible common equity 1     5.34 %     7.05 %     0.11 %     10.52 %     14.17 %     -15.28 %     6.78 %
    Net interest margin     3.21 %     2.77 %     3.11 %     3.31 %     3.02 %     3.34 %     2.78 %
    Loans / deposits     74.45 %     80.66 %     74.45 %     72.14 %     76.29 %     77.05 %     80.66 %
    Core deposits/deposits 2     78.47 %     67.98 %     78.47 %     78.31 %     76.86 %     77.45 %     67.98 %
    Annualized non-interest expense / average assets     2.26 %     2.20 %     2.18 %     2.33 %     2.33 %     2.75 %     2.19 %
    Commercial real estate / risk-based capital 3     183.34 %     169.73 %     183.34 %     182.62 %     186.73 %     189.47 %     169.73 %
    Efficiency ratio 1     66.43 %     71.29 %     65.66 %     67.19 %     72.25 %     75.78 %     74.36 %
                                               
    Other Selected Data:                                          
    Average yield on loans     5.86 %     5.56 %     5.75 %     5.97 %     5.87 %     6.31 %     5.64 %
    Average cost of interest bearing deposits     2.78 %     3.14 %     2.81 %     2.76 %     3.12 %     3.11 %     3.21 %
    Average cost of total deposits, including non-interest bearing     2.33 %     2.67 %     2.37 %     2.29 %     2.59 %     2.59 %     2.72 %
    Deposits/branch 4   $ 101,824     $ 100,116     $ 101,824     $ 105,373     $ 100,377     $ 99,684     $ 100,116  
    Pre-tax, pre-provision net income 1   $ 8,334     $ 6,288     $ 4,216     $ 4,183     $ 3,321     $ 3,368     $ 2,767  
    Total revenue 1   $ 24,828     $ 21,902     $ 12,277     $ 12,616     $ 11,865     $ 13,627     $ 10,675  
                                               
    Share and Per Share Data:                                          
    Cash dividends per share   $ 0.20     $ 0.20     $ 0.10     $ 0.10     $ 0.10     $ 0.10     $ 0.10  
    Book value per common share   $ 20.17     $ 20.22     $ 20.17     $ 20.33     $ 19.83     $ 19.71     $ 20.22  
    Tangible book value per common share 1   $ 18.43     $ 19.46     $ 18.43     $ 18.56     $ 18.03     $ 17.75     $ 19.46  
    Basic and diluted weighted average shares outstanding – Voting     4,759       4,704       4,769       4,749       4,733       4,714       4,708  
    Basic earnings per share – Voting  5   $ 0.48     $ 0.66     $ –     $ 0.48     $ 0.63     $ (0.75 )   $ 0.32  
    Diluted earnings per share – Voting  5 & 6   $ 0.47     $ 0.66     $ –     $ 0.47     $ 0.63     $ (0.75 )   $ 0.32  
    Basic and diluted weighted average shares outstanding – Series A Non-Voting     1,380       1,380       1,380       1,380       1,380       1,380       1,380  
    Basic earnings per share – Series A Non-Voting  5   $ 0.48     $ 0.66     $ –     $ 0.48     $ 0.63     $ (0.75 )   $ 0.32  
    Diluted earnings per share – Series A Non-Voting  5 & 6   $ 0.47     $ 0.66     $ –     $ 0.47     $ 0.63     $ (0.75 )   $ 0.32  
    Common shares outstanding at period end     6,168       6,100       6,168       6,141       6,126       6,100       6,100  
                                               
    Pathfinder Bancorp, Inc. Capital Ratios:                                          
    Company tangible common equity to tangible assets 1     7.61 %     8.24 %     7.61 %     7.68 %     7.54 %     7.36 %     8.24 %
    Company Total Core Capital (to Risk-Weighted Assets)     15.97 %     16.19 %     15.97 %     15.89 %     15.66 %     15.55 %     16.19 %
    Company Tier 1 Capital (to Risk-Weighted Assets)     12.31 %     12.31 %     12.31 %     12.24 %     12.00 %     11.84 %     12.31 %
    Company Tier 1 Common Equity (to Risk-Weighted Assets)     11.81 %     11.83 %     11.81 %     11.75 %     11.51 %     11.33 %     11.83 %
    Company Tier 1 Capital (to Assets)     8.75 %     9.16 %     8.75 %     8.82 %     8.64 %     8.29 %     9.16 %
                                               
    Pathfinder Bank Capital Ratios:                                          
    Bank Total Core Capital (to Risk-Weighted Assets)     14.87 %     16.04 %     14.87 %     14.86 %     14.65 %     14.52 %     16.04 %
    Bank Tier 1 Capital (to Risk-Weighted Assets)     13.62 %     14.79 %     13.62 %     13.61 %     13.40 %     13.26 %     14.79 %
    Bank Tier 1 Common Equity (to Risk-Weighted Assets)     13.62 %     14.79 %     13.62 %     13.61 %     13.40 %     13.26 %     14.79 %
    Bank Tier 1 Capital (to Assets)     9.68 %     10.30 %     9.68 %     9.80 %     9.64 %     9.13 %     10.30 %
                                                             

    1 Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.
    2 Non-brokered deposits excluding certificates of deposit of $250,000 or more.
    3 Construction and development, multifamily, and non-owner occupied CRE loans as a percentage of Pathfinder Bank total capital.
    4 Includes 11 full-service branches and one motor bank for periods after June 30, 2024. Includes 10 full-service branches and one motor bank for all periods prior.
    5 Basic and diluted earnings per share are calculated based upon the two-class method. Weighted average shares outstanding do not include unallocated ESOP shares.
    6 Diluted earnings per share for the first quarter of 2025 has been updated to $0.47, from the $0.41 reported previously.

    The above information is unaudited and preliminary, based on the Company’s data available at the time of presentation.

        Six Months Ended June 30,     2025     2024  
    ASSET QUALITY:   2025     2024     Q2     Q1     Q4     Q3     Q2  
    Total loan charge-offs   $ 3,352     $ 180     $ 2,844     $ 508     $ 1,191     $ 8,812     $ 112  
    Total recoveries     415       84       247       168       171       90       46  
    Net loan charge-offs     2,937       96       2,597       340       1,020       8,722       66  
    Allowance for credit losses at period end     15,983       16,892       15,983       17,407       17,243       17,274       16,892  
    Nonperforming loans at period end     11,689       24,490       11,689       13,232       22,084       16,170       24,490  
    Nonperforming assets at period end   $ 11,772     $ 24,550     $ 11,772     $ 13,232     $ 22,084     $ 16,170     $ 24,550  
    Annualized net loan charge-offs to average loans     0.64 %     0.02 %     1.14 %     0.15 %     0.44 %     3.82 %     0.03 %
    Allowance for credit losses to period end loans     1.76 %     1.90 %     1.76 %     1.91 %     1.88 %     1.87 %     1.90 %
    Allowance for credit losses to nonperforming loans     136.74 %     68.98 %     136.74 %     131.55 %     78.08 %     106.83 %     68.98 %
    Nonperforming loans to period end loans     1.28 %     2.76 %     1.28 %     1.45 %     2.40 %     1.75 %     2.76 %
    Nonperforming assets to period end assets     0.78 %     1.70 %     0.78 %     0.88 %     1.50 %     1.09 %     1.70 %
                                                             
        2025     2024  
    LOAN COMPOSITION:   June 30,     March 31,     December 31,     September 30,     June 30,  
    1-4 family first-lien residential mortgages   $ 240,833     $ 243,854     $ 251,373     $ 255,235     $ 250,106  
    Residential construction     3,520       3,162       4,864       4,077       309  
    Commercial real estate     381,575       381,479       377,619       378,805       370,361  
    Commercial lines of credit     75,487       65,074       67,602       64,672       62,711  
    Other commercial and industrial     85,578       91,644       89,800       88,247       90,813  
    Paycheck protection program loans     85       96       113       125       136  
    Tax exempt commercial loans     6,349       4,446       4,544       2,658       3,228  
    Home equity and junior liens     49,339       52,315       51,948       52,709       35,821  
    Other consumer     68,439       71,681       72,710       76,703       75,195  
    Subtotal loans     911,205       913,751       920,573       923,231       888,680  
    Deferred loan fees     (1,482 )     (1,601 )     (1,587 )     (1,571 )     (417 )
    Total loans   $ 909,723     $ 912,150     $ 918,986     $ 921,660     $ 888,263  
                                             
        2025     2024  
    DEPOSIT COMPOSITION:   June 30,     March 31,     December 31,     September 30,     June 30,  
    Savings accounts   $ 129,252     $ 129,898     $ 128,753     $ 129,053     $ 106,048  
    Time accounts     341,063       349,673       360,716       352,729       368,262  
    Time accounts in excess of $250,000     144,355       149,922       142,473       140,181       117,021  
    Money management accounts     9,902       10,774       11,583       11,520       12,154  
    MMDA accounts     278,919       306,281       239,016       250,007       193,915  
    Demand deposit interest-bearing     120,083       109,941       101,080       97,344       128,168  
    Demand deposit noninterest-bearing     191,732       203,314       213,719       210,110       169,145  
    Mortgage escrow funds     6,581       4,677       7,184       5,269       6,564  
    Total deposits   $ 1,221,887     $ 1,264,480     $ 1,204,524     $ 1,196,213     $ 1,101,277  
                                             

    The above information is unaudited and preliminary, based on the Company’s data available at the time of presentation.

        Six Months Ended June 30,     2025       2024  
    SELECTED AVERAGE BALANCES:   2025     2024     Q2     Q1     Q2  
    Interest-earning assets:                              
    Loans   $ 913,658     $ 889,988     $ 911,347     $ 916,207     $ 885,384  
    Taxable investment securities     425,841       433,156       435,022       416,558       434,572  
    Tax-exempt investment securities     34,394       29,053       34,314       34,475       28,944  
    Fed funds sold and interest-earning deposits     11,497       8,669       10,070       12,939       13,387  
    Total interest-earning assets     1,385,390       1,360,866       1,390,753       1,380,179       1,362,287  
    Noninterest-earning assets:                              
    Other assets     116,590       96,772       118,280       114,882       98,746  
    Allowance for credit losses     (17,377 )     (16,498 )     (17,342 )     (17,413 )     (16,905 )
    Net unrealized losses on available-for-sale securities     (10,395 )     (10,701 )     (10,838 )     (9,947 )     (10,248 )
    Total assets   $ 1,474,208     $ 1,430,439     $ 1,480,853     $ 1,467,701     $ 1,433,880  
    Interest-bearing liabilities:                              
    NOW accounts   $ 112,720     $ 97,213     $ 113,994     $ 111,643     $ 92,918  
    Money management accounts     10,602       11,759       10,302       10,906       12,076  
    MMDA accounts     277,664       212,693       298,907       256,186       214,364  
    Savings and club accounts     129,752       110,119       129,736       129,769       107,558  
    Time deposits     494,200       525,767       489,490       498,963       524,276  
    Subordinated loans     30,149       29,954       30,173       30,123       29,977  
    Borrowings     66,165       133,894       61,803       70,575       141,067  
    Total interest-bearing liabilities     1,121,252       1,121,399       1,134,405       1,108,165       1,122,236  
    Noninterest-bearing liabilities:                              
    Demand deposits     199,123       170,313       192,186       206,137       171,135  
    Other liabilities     29,497       16,542       29,037       29,961       17,298  
    Total liabilities     1,349,872       1,308,254       1,355,628       1,344,263       1,310,669  
    Shareholders’ equity     124,336       122,185       125,225       123,438       123,211  
    Total liabilities & shareholders’ equity   $ 1,474,208     $ 1,430,439     $ 1,480,853     $ 1,467,701     $ 1,433,880  
                                             
        Six Months Ended June 30,     2025       2024  
    SELECTED AVERAGE YIELDS:   2025     2024     Q2     Q1     Q2  
    Interest-earning assets:                              
    Loans     5.86 %     5.56 %     5.75 %     5.97 %     5.64 %
    Taxable investment securities     5.08 %     5.38 %     5.10 %     5.07 %     5.44 %
    Tax-exempt investment securities     5.04 %     6.93 %     5.42 %     4.66 %     6.88 %
    Fed funds sold and interest-earning deposits     2.73 %     5.05 %     2.70 %     2.75 %     3.62 %
    Total interest-earning assets     5.58 %     5.53 %     5.52 %     5.63 %     5.59 %
    Interest-bearing liabilities:                              
    NOW accounts     1.16 %     1.08 %     1.25 %     1.07 %     1.14 %
    Money management accounts     0.09 %     0.11 %     0.12 %     0.11 %     0.10 %
    MMDA accounts     3.16 %     3.70 %     3.25 %     3.06 %     3.74 %
    Savings and club accounts     0.25 %     0.26 %     0.25 %     0.25 %     0.26 %
    Time deposits     3.66 %     3.97 %     3.64 %     3.69 %     4.03 %
    Subordinated loans     6.36 %     6.54 %     6.40 %     6.31 %     6.53 %
    Borrowings     3.56 %     4.09 %     3.67 %     3.46 %     4.05 %
    Total interest-bearing liabilities     2.92 %     3.34 %     2.95 %     2.90 %     3.40 %
    Net interest rate spread     2.66 %     2.19 %     2.57 %     2.73 %     2.19 %
    Net interest margin     3.21 %     2.77 %     3.11 %     3.31 %     2.78 %
    Ratio of average interest-earning assets to average interest-bearing liabilities     123.56 %     121.35 %     122.60 %     124.55 %     121.39 %
                                             

    The above information is unaudited and preliminary based on the Company’s data available at the time of presentation.

        Six Months Ended June 30,     2025     2024  
    NON-GAAP RECONCILIATIONS:   2025     2024     Q2     Q1     Q4     Q3     Q2  
    Tangible book value per common share:                                          
    Total equity               $ 124,413     $ 124,896     $ 121,483     $ 120,246     $ 123,348  
    Intangible assets                 (10,731 )     (10,888 )     (11,045 )     (11,969 )     (4,612 )
    Tangible common equity (non-GAAP)                 113,682       114,008       110,438       108,277       118,736  
    Common shares outstanding                 6,168       6,144       6,126       6,100       6,100  
    Tangible book value per common share (non-GAAP)               $ 18.43     $ 18.56     $ 18.03     $ 17.75     $ 19.46  
    Tangible common equity to tangible assets:                                          
    Tangible common equity (non-GAAP)               $ 113,682     $ 114,008     $ 110,438     $ 108,277     $ 118,736  
    Tangible assets                 1,494,388       1,484,449       1,463,829       1,471,157       1,441,599  
    Tangible common equity to tangible assets ratio (non-GAAP)                 7.61 %     7.68 %     7.54 %     7.36 %     8.24 %
    Return on average tangible common equity:                                          
    Average shareholders’ equity   $ 124,336     $ 122,185     $ 125,225     $ 123,438     $ 121,589     $ 125,626     $ 123,211  
    Average intangible assets     10,912       4,617       10,834       10,991       11,907       4,691       4,614  
    Average tangible equity (non-GAAP)     113,424       117,568       114,391       112,447       109,682       120,935       118,597  
    Net income (loss)     3,005       4,120       31       2,974       3,907       (4,644 )     2,000  
    Net income (loss), annualized   $ 6,060     $ 8,285     $ 124     $ 11,831     $ 15,543     $ (18,475 )   $ 8,044  
    Return on average tangible common equity (non-GAAP) 1     5.34 %     7.05 %     0.11 %     10.52 %     14.17 %     -15.28 %     6.78 %
    Revenue, pre-tax, pre-provision net income, and efficiency ratio:                                          
    Net interest income   $ 22,225     $ 18,880     $ 10,814     $ 11,411     $ 10,377     $ 11,732     $ 9,480  
    Total noninterest income     (321 )     2,948       (1,518 )     1,197       4,906       1,707       1,211  
    Net realized (gains) losses on sales and redemptions of investment securities     (8 )     (132 )     –       (8 )     249       (188 )     16  
    Gains on sales of loans and foreclosed real estate     148       58       83       65       39       90       40  
    LOCOM HFS adjustment 2     (3,064 )     –       (3,064 )     –       –       –       –  
    Gain on asset sale     –       –       –       –       3,169       –       –  
    Revenue (non-GAAP) 3     24,828       21,902       12,277       12,551       11,826       13,537       10,635  
    Total non-interest expense     16,494       15,614       8,061       8,433       8,544       10,259       7,908  
    Pre-tax, pre-provision net income (non-GAAP) 4   $ 8,334     $ 6,288     $ 4,216     $ 4,183     $ 3,321     $ 3,368     $ 2,767  
    Efficiency ratio (non-GAAP) 5     66.43 %     71.29 %     65.66 %     67.19 %     72.25 %     75.78 %     74.36 %
                                                             

    1 Return on average tangible common equity equals annualized net income (loss) divided by average tangible equity
    2 The loss reflects a valuation adjustment “Lower-of-cost-or-market” adjustment on loans held for sale to the estimated market value based on sale negotiation terms.
    3 Revenue equals net interest income plus total noninterest income less net realized gains or losses on sales and redemptions of investment securities, sales of loans and foreclosed real estate, and a gain on the October 2024 sale of the Company’s insurance agency asset
    4 Pre-tax, pre-provision net income equals revenue less total non-interest expense
    5 Efficiency ratio equals noninterest expense divided by revenue

    The above information is unaudited and preliminary based on the Company’s data available at the time of presentation.

    Investor/Media Contacts
    James A. Dowd, President, CEO
    Justin K. Bigham, Senior Vice President, CFO
    Telephone: (315) 343-0057

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