NewzIntel.com

Category: housing

  • MIL-OSI USA: Congressman Russell Fry (SC-07) Introduces Legislation to Codify President Trump’s Executive Order on Showerheads

    Source:

    Congressman Russell Fry (SC-07) Introduces Legislation to Codify President Trump’s Executive Order on Showerheads

    WASHINGTON, D.C. – Today, Congressman Russell Fry (SC-07) introduced the Saving Homeowners from Overregulation With Exceptional Rinsing (SHOWER) Act, a bill to codify President Trump’s clear and consistent definition of “showerhead” and put an end to the federal government’s overregulation of household water fixtures.

    Under the 2016 Trump Administration, the Department of Energy (DOE) rightly clarified that each nozzle in a multi-head shower system could be treated as a separate showerhead, each allowed to flow at up to 2.5 gallons per minute (GPM), consistent with the original intent of the 1992 Energy Policy Act.

    But in 2021, the Biden Administration reversed course, reinstating a burdensome interpretation that limited the combined flow of all nozzles in a system to 2.5 GPM—effectively reducing water pressure and restricting consumer choice. That rule was widely criticized as overreach and emblematic of a broader regulatory agenda targeting everyday household appliances.

    President Trump issued an Executive Order in April of 2025 directing DOE to eliminate the Biden-era rule, and DOE followed through in May by repealing the restrictive definition entirely. The SHOWER Act now ensures this rollback is enshrined in law and cannot be reversed by future administrations.

    Specifically, the bill:

    • Codifies the definition of “showerhead” using the ASME A112.18.1–2018 industry standard.

    • Clarifies that each individual nozzle in a multi-nozzle unit may operate independently at up to 2.5 GPM.

    • Excludes safety showerheads used for emergency purposes.

    • Directs the DOE to revise existing regulations within 180 days to reflect the updated statutory definition.

    • Prevents future reinterpretations that would restrict water flow and limit consumer options.

    “Washington bureaucrats have gone too far in dictating what happens in Americans’ own homes,” said Congressman Fry. “The SHOWER Act is a smart fix that reaffirms each shower nozzle is just that—its own showerhead—and should be treated accordingly under the law. This is about defending consumer choice, pushing back on regulatory overreach, and standing up for commonsense policy.”

    “For far too long federal regulations and red tape have limited consumer choice and forced Americans to live with limited water pressure,” said Chairman Guthrie. “Low pressure showers waste time and increase water usage. By codifying how different nozzles are categorized, the SHOWER Act offers a commonsense fix that will allow households to choose what meets their needs, not what Washington mandates.  Thank you to Representative Fry for leading this legislation and for your work to deliver results for consumers across the country.” 

    Full text of the bill can be found HERE.

    Congressman Fry serves on both the House Energy and Commerce Committee and the House Judiciary Committee. To stay up to date with Congressman Fry and his work for the Seventh District, follow his official Facebook, Instagram, and X pages and visit his website at fry.house.gov.

    MIL OSI USA News –

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

    Source: United Nations General Assembly and Security Council

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI United Nations News –

  • MIL-OSI USA: Tuberville Speaks with Pentagon Nominees During SASC Hearing

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) spoke with Vice Admiral Frank Bradley, President Trump’s nominee to be Admiral and Commander of U.S. Special Operations Command (SOCOM) and Lt. Gen. Dagvin Anderson, President Trump’s nominee to be General and Commander of U.S. Africa Command (AFRICOM) during their Senate Armed Services Committee (SASC) nomination hearing. They discussed SOCOM’s military operations in Panama and Latin America to combat narco-terrorism and secure our southern border, along with the strategic need for having a military presence in Africa.

    Read Sen. Tuberville’s remarks below or on YouTube or Rumble.

    TUBERVILLE: “Thank you, Mr. Chairman. Good morning.

    Thanks [to] both of you. Thanks for what you’ve done for our country over your careers—you and your family. What a sacrifice it’s been, but you’ve done an outstanding job.

    ON SOCOM EFFORTS TO COMBAT NARCO-TERRORISTS:

    “Admiral, I think [for] far too long, we’ve had our eyes on other things and not on our hemisphere—whether it’s illegal migrants, drugs, or both. So, what is [the] Special Operations community doing to assist the militaries and governments in our hemisphere like Panama to combat narco-terrorists?”

    BRADLEY: “Senator, in my current capacity, I’m not privy to all of the activities that SOCOM is engaged in, in the Southern Hemisphere. But in listening and watching General Fenton and his leadership over these last three years, I know that the partnerships that our teams have been engaging in and developing remain critical to being able to help them build capacity, to be able to defend themselves, but also to provide security locally, which, of course, helps to prevent and secure our Southern border as well.”

    TUBERVILLE: “Yeah, I’m sure you’re up on the point of the Darién Gap and the problems that’s caused over the years, and relationship with our Special Ops, down in that area—training people—that will probably be in your forte going forward. What’s your thoughts about cooperation activities with Latin America as [you’re] going into this job?”

    BRADLEY: “Yes, sir. I think as the counterterrorism fight informs us, it is far better to find the root of the problem well away from our borders than it is to have to defend them internal to the United States. And so, if confirmed, making it a priority to provide assistance to all of our combatant commanders as far forward as possible, and with those partnered forces to help them to be able to secure their own territory.”

    ON AMERICAN MILITARY PRESENCE IN AFRICA:

    TUBERVILLE: “Yeah, and we and we have problems all over the world. But if we don’t watch our back door, then we’re gonna [really have] problems within our country, which we already have. General, I think we need to be reinforcing our military presence in Africa. Unfortunately, under the previous administration, we seemed like we were doing just the opposite. Niger—you and I talked about this in a meeting in my office—the vacuum that was caused there. China, Russia, Iran, were all too happy to feel the things that we were doing there. What’s your assessment of our withdrawal from Airbase 201? And have we learned from these lessons? And your thoughts about maybe the future there?”

    ANDERSON: “Senator, I appreciate that question and there was a significant investment that went into that airbase. It was in a key area for us to be able to monitor the threat. So, the loss of that is one that we have to find creative ways to continue to get the indicators and warnings of what the terrorists are doing in that area. I think we also have to understand that there is some volatility across the continent. So how do we make smart investments with the partners that we can continue to sustain. I will say that the relationships that we built in Niger with the military over several decades are still there. There is—when the time is right—I believe there will be an opportunity, but that time will have to be determined. And if confirmed, I’ll look at what that is.”

    TUBERVILLE: “Yeah. After your confirmation, I guess, by telling committee and people even watching at home—why do we need to have [a] presence in Africa? What [are] your thoughts?”

    ANDERSON: “So, Africa is key to any strategy. It’s just on strategic terrain. It’s just the waterways that it forms between the Strait of Gibraltar all the way down to the Suez Canal and the Red Sea. It [has] critical minerals and resources that are on the continent that we need for the future economy. Both China and Russia see their strategies going through the continent, and they are going to engage there and so we can cede that ground or we can compete in that ground. And I think we have a very powerful tool to compete with. As Admiral Bradley mentioned, nobody brings more credibility to the counterterrorism fight than the U.S. As a matter of fact, when we rescued that hostage in Niger, the next morning [there was an] influential blogger that posted, ‘The Americans came like the lion in the night. They killed their enemies and rescued their own.’ No other nation on Earth could do that.And that is a powerful symbol across the continent and around the world of what our military and what the United States is capable of. And I do think that some level of engagement in Africa does matter. I’d agree it’s an economy of force, but a small investment goes a long way so that we don’t have a strategic surprise that then distracts the United States from focusing on the rising threats in the Pacific and other areas.”

    TUBERVILLE: “Thank you. Thanks Mr. Chairman.”

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI United Nations: ‘Perfect storm’ of global crises drove years of food price surges: FAO

    Source: United Nations 2

    The report, to be released later this month, reveals how between 2020 and 2024, the world experienced a dramatic increase in food prices driven by a combination of COVID-19 inflation, the war in Ukraine restricting movements on food and commodities, and increasing climate shocks.  

    “The episodes described in this publication bring up what we call a perfect storm,” said Mr. Torero Cullen.

    Máximo Torero Cullen speaks to journalists at the UN HQs via video link.

    First, he explained that during the COVID-19 pandemic, governments launched fiscal stimulus and relief packages, which increased demand and, thus, global inflation.

    Russia’s full-scale invasion of Ukraine compounded this crisis. Before the war began in 2022, Ukraine was a key exporter of wheat, sunflower oil and fertilisers. The war not only restricted these exports but disrupted trade routes and pushed up fuel and input costs, which amplified inflation across the world.

    Additionally, increasingly frequent and intense climate shocks in major producing regions – such as droughts, floods and heat waves – further aggravated food inflation.

    Worldwide impacts

    Only in 2024 did prices return to pre-COVID levels, meaning that households struggled for multiple years to afford food, with major consequences.

    As real wages fell while food prices increased, household purchasing power was eroded. Households responded by buying cheaper and less nutritious food, reducing meal frequency, and often prioritising meals for certain family members and reducing intake for women and children.

    Mr. Torero Cullen also explained that an increase in food prices directly correlates to an increase in moderate and severe food insecurity. The impacts of this were particularly harsh in Africa and Western Asia, where food imports, dependence and currency depreciation made food even more expensive.

    Moreover, as food prices increased, nutrition outcomes among children under five worsened. The SOFI report illustrated that a 10 per cent food price increase led to a 2.7 to 6.1 per cent increase in moderate to severe wasting, which has long-lasting effects on child development and public health systems.  

    Notably, these grave impacts were uneven, mostly affecting low-income and African countries – many of which are still seeing worsening figures. During the peak of the crisis in January 2023, some low-income countries experienced food price inflation of up to 30 per cent, compared to 13.6 per cent globally.

    Policy recommendations  

    Mr. Torero Cullen finished his briefing by outlining the policy prescriptions detailed in the SOFI report.  

    He first underscored targeted fiscal support. “Social protection measures are the most effective response to food price spikes,” he explained. “This will protect vulnerable populations without creating long-term fiscal risk or market distortions.”  

    He also highlighted avoiding trade disruptions, coordinating monetary and fiscal policies, improving market transparency, and institutional preparedness as essential components for avoiding future crises.

    “This SOFI underscores that inflation can undermine progress. It underlines our vulnerabilities, and it also brings the importance of strengthening resilience, inclusiveness and transparency to be able to avoid and minimize the risk of these problems,” he concluded.  

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Fast-track on track to help deliver infrastructure

    Source: New Zealand Government

    It’s been nearly six months since the Fast-track Approvals system opened for business, and updated statistics show the one-stop shop is on track to make it quicker and easier to build the projects New Zealand needs for economic growth, RMA Reform and Infrastructure Minister Chris Bishop and Regional Development Minister Shane Jones say. 

    “The Fast-track Approvals Act, part of the coalition agreement between National and NZ First, was signed into law just before Christmas and opened for project applications on 7 February this year,” Mr Bishop says.

    “The Act helps cut through the tangle of red and green tape and the jumble of approvals processes that has, until now, held New Zealand back from much-needed economic growth.

    “In Fast-track’s first six months, more than 50 projects have made applications. We expect the first eight projects to have completed the full end-to-end Fast-track process including final consent decisions by the end of this year.”

    Projects before Expert Panels

    “The Fast-track Approvals Act contains a list of 149 projects which, from 7 February, have been able to apply to the Environmental Protection Authority (EPA) for consideration by an expert panel. The expert panels consider each application, decide whether or not each project receives approval, and attach any necessary conditions to those approvals,” Mr Bishop says.

    “Since 7 February when the Fast-track one-stop shop approvals regime officially opened for project applications, we’ve seen good progress for a range of applications for projects that, if approved, will help address our infrastructure deficit, housing crisis, and energy shortage, instead of tying essential projects up in knots for years at a time as so often happens under the RMA.

    “Eight projects are now before expert panels for consideration, with the first expert panels’ final decisions expected by mid-September this year. These projects, if approved, will contribute billions of dollars to New Zealand’s economy and create thousands of jobs.”

    Projects before the Panel Convenor

    “The Panel Convenor will shortly establish expert panels for a further six projects that have lodged substantive applications,” Mr Jones says. 

    “Projects currently before the Panel Convenor include expansions to Kings Quarry and Drury Quarry. These quarries provide much-needed aggregate which supports the construction of major infrastructure projects. 

    “It is heartening to see applications for mining and quarrying projects working their way through the system.”

    Project referrals

    “Projects not listed in the Act can also apply for referral into the Fast-track process,” Mr Bishop says.

    “These applications go first to me as Infrastructure Minister for consideration, which includes inviting written comments from the Minister for the Environment and any other Ministers with relevant portfolios, before deciding whether to refer the project for Fast-track.

    “To date I have referred seven projects to the Fast-track process, meaning they can now submit substantive applications to the EPA. 

    “The latest three referrals are Stage 2 of the Auckland Surf Park community which would include a large artificial intelligence data centre, a residential development of about 400 homes, and a village centre; the Waitākere District Court’s new courthouse project; and The Point Mission Bay which would see 252 new retirement homes and amenities for residents and visitors.

    “Other projects have also applied to me for referral into Fast-track, including from the renewable energy, housing and infrastructure sectors. 16 of these applications are under consideration or being circulated to other Ministers for feedback. Decisions will be made in due course.”

    Note to editor:

    Fast-track project statuses to date:

    Expert Panels are currently considering:

    • Bledisloe North wharf and Fergusson North Berth Extension
    • Delmore (residential)
    • Maitahi Village (residential)     
    • Milldale (residential development)
    • Tekapo Power Scheme (power scheme consent renewal)
    • Waihi North (mining extension)
    • Drury Metropolitan centre
    • Sunfield (residential development) 

    Panel Convener will shortly appoint panels for: 

    • Drury Quarry
    • King’s Quarry extension
    • Rangitoopuni (residential and retirement units)
    • Ryans Road (industrial subdivision).
    • Stella Passage (wharf extension and related work)
    • Taranaki VTM (seabed mining) 

    Six projects have been ‘referred’ into the Fast-track process by the Minister for Infrastructure:

    • Auckland Surf Park
    • Waitākere District Court – New Courthouse Project
    • The Point Mission Bay (retirement village)
    • Ashbourne (residential and retirement units)
    • Ayrburn Screen Hub
    • Gordonton Country Estate Development
    • Grampians Solar Project

    MIL OSI New Zealand News –

  • MIL-OSI Security: Springfield Man Sentenced to 25 Years for Methamphetamine Trafficking, Illegal Firearms

    Source: Office of United States Attorneys

    SPRINGFIELD, Mo. – A Springfield, Mo., man was sentenced in federal court today for his role in a conspiracy to distribute large amounts of methamphetamine in Greene County, Mo., and possessing firearms.

    Russell Lee Deck, Jr., 47, was sentenced by U.S. District Court Judge Brian C. Wimes to a total sentence of 25 years in federal prison without parole, followed by three years of supervised release.

    On Nov. 8, 2024, Deck pleaded guilty to one count of conspiracy to distribute methamphetamine and one count of possessing a firearm in furtherance of a drug trafficking crime. Deck admitted he participated in a conspiracy to distribute methamphetamine in Greene County from June 1 to Aug. 25, 2022, and to possessing firearms.

    The drug trafficking conspiracy ended when a Springfield police officer attempted to conduct a traffic stop on Deck on Aug. 18, 2022. When the officer pulled behind Deck’s vehicle in a hotel parking lot and activated his lights, Deck put the car in reverse and rammed the officer’s vehicle. The officer got out of his vehicle, pulled his duty weapon, and ordered the vehicle’s occupants to stop. Instead, Deck drove forward, then put his vehicle in reverse and rammed the officer’s vehicle again before fleeing the parking lot.

    A police pursuit ensued, with Deck driving at a high rate of speed in a residential neighborhood, while Deck’s passenger shot at the officer’s vehicle. The pursuit ended when Deck crashed into a Jeep SUV at an intersection. While the Jeep suffered significant damage, the innocent driver appeared to be unharmed. Deck’s passenger fled the crash on foot and was arrested after Greene County deputies found the passenger hiding under a car. Shell casings and damage from gunfire were located throughout the neighborhood.

    Officers removed Deck from the wrecked vehicle and found two bags containing a total of 46.2 grams of methamphetamine in Deck’s pockets. Inside Deck’s vehicle, officers found two handguns on the front passenger side floorboard.

    Deck’s passenger who fired the shots during the pursuit, Blake Basten, was sentenced in federal court to a total sentence of 10 years for two counts of felon in possession of a firearm on Feb. 27, 2024.

    Deck’s co-defendant in the drug trafficking conspiracy, Justin Hollingsworth, was sentenced to a total sentence of 18 years for conspiracy to distribute methamphetamine and possession of a firearm in furtherance of a drug trafficking crime on June 24, 2024.

    This case was prosecuted by Assistant U.S. Attorney Stephanie Wan. It was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Federal Bureau of Investigation, and the Springfield, Mo., Police Department.

    Project Safe Neighborhoods

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI –

  • MIL-OSI Security: Springfield Man Sentenced to 25 Years for Methamphetamine Trafficking, Illegal Firearms

    Source: Office of United States Attorneys

    SPRINGFIELD, Mo. – A Springfield, Mo., man was sentenced in federal court today for his role in a conspiracy to distribute large amounts of methamphetamine in Greene County, Mo., and possessing firearms.

    Russell Lee Deck, Jr., 47, was sentenced by U.S. District Court Judge Brian C. Wimes to a total sentence of 25 years in federal prison without parole, followed by three years of supervised release.

    On Nov. 8, 2024, Deck pleaded guilty to one count of conspiracy to distribute methamphetamine and one count of possessing a firearm in furtherance of a drug trafficking crime. Deck admitted he participated in a conspiracy to distribute methamphetamine in Greene County from June 1 to Aug. 25, 2022, and to possessing firearms.

    The drug trafficking conspiracy ended when a Springfield police officer attempted to conduct a traffic stop on Deck on Aug. 18, 2022. When the officer pulled behind Deck’s vehicle in a hotel parking lot and activated his lights, Deck put the car in reverse and rammed the officer’s vehicle. The officer got out of his vehicle, pulled his duty weapon, and ordered the vehicle’s occupants to stop. Instead, Deck drove forward, then put his vehicle in reverse and rammed the officer’s vehicle again before fleeing the parking lot.

    A police pursuit ensued, with Deck driving at a high rate of speed in a residential neighborhood, while Deck’s passenger shot at the officer’s vehicle. The pursuit ended when Deck crashed into a Jeep SUV at an intersection. While the Jeep suffered significant damage, the innocent driver appeared to be unharmed. Deck’s passenger fled the crash on foot and was arrested after Greene County deputies found the passenger hiding under a car. Shell casings and damage from gunfire were located throughout the neighborhood.

    Officers removed Deck from the wrecked vehicle and found two bags containing a total of 46.2 grams of methamphetamine in Deck’s pockets. Inside Deck’s vehicle, officers found two handguns on the front passenger side floorboard.

    Deck’s passenger who fired the shots during the pursuit, Blake Basten, was sentenced in federal court to a total sentence of 10 years for two counts of felon in possession of a firearm on Feb. 27, 2024.

    Deck’s co-defendant in the drug trafficking conspiracy, Justin Hollingsworth, was sentenced to a total sentence of 18 years for conspiracy to distribute methamphetamine and possession of a firearm in furtherance of a drug trafficking crime on June 24, 2024.

    This case was prosecuted by Assistant U.S. Attorney Stephanie Wan. It was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Federal Bureau of Investigation, and the Springfield, Mo., Police Department.

    Project Safe Neighborhoods

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI –

  • MIL-OSI Security: Zuni Man Charged in Unprovoked Stabbing That Left Victim Seriously Injured

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Zuni man has been charged in federal court for allegedly stabbing another man without provocation, causing serious injuries.

    According to court documents, on the night of June 16, 2025, Adrian Cheama, 36, an enrolled member of the Zuni Pueblo, allegedly approached the victim while he was walking with a friend along a residential street in Zuni, New Mexico. Without provocation, Cheama stabbed the victim in the abdomen with a weapon described as either a circular metal pole or a knife, then walked away laughing. The victim sustained serious injuries as a result.

    Multiple witnesses placed Cheama at the scene and described him carrying a backpack and a baton-like object before and during the attack. The investigation revealed that Cheama had previously made statements suggesting he was looking for the victim.

    Cheama is charged with assault resulting in serious bodily injury and assault with a dangerous weapon. He will remain in custody pending trial, which has not yet been scheduled. If convicted of the current charges, Cheama faces up to 10 years in prison.

    U.S. Attorney Ryan Ellison and Philip Russell, Acting Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.

    The Gallup Resident Agency of the Federal Bureau of Investigation’s Albuquerque Field Office investigated this case with assistance from the Zuni Police Department. Assistant U.S. Attorney Aaron Jordan is prosecuting the case.

    A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

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

    Source: Office of United States Attorneys

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

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

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

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

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

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

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

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

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

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

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

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

    MIL Security OSI –

  • MIL-OSI Security: Felon Indicted for Illegal Possession of a Firearm Following Arrest in Northwest D.C.

    Source: Office of United States Attorneys

    Defendant Charged as Part of Make D.C. Safe and Beautiful Initiative

               WASHINGTON – David Oday Smith, 39, of the District of Columbia, has been charged in an indictment, unsealed today in U.S. District Court, on a federal firearms charge as part of the “Make D.C. Safe and Beautiful” initiative. 

               The indictment was announced by U.S. Attorney Jeanine Ferris Pirro, Special Agent in Charge Anthony Spotswood of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and Chief Pamela Smith of the Metropolitan Police Department (MPD).

               Smith is charged federally with one count of unlawful possession of a firearm and ammunition by a felon.

               According to court documents, on July 14, 2025, members of the MPD’s Fourth District Crime Suppression Team were on patrol on the 5700 block of Georgia Avenue Northwest, when they noticed Smith hiding behind a bus stop with a black satchel.

               As officers approached, Smith immediately fled and eventually discarded his black satchel. Officers searched the satchel and discovered a Glock 27 .40 caliber pistol, containing one .40 caliber round loaded in the chamber and 14 additional rounds in the magazine.

               Smith is prohibited from possession of a firearm and ammunition due to multiple prior felony convictions, including a 2009 second degree murder conviction in Prince George’s County, Maryland.

               This case is being prosecuted under the Make D.C. Safe and Beautiful initiative. Make D.C. Safe Again is a law enforcement initiative in support of President Trump’s Executive Order to Make D.C. Safe and Beautiful. Make D.C. Safe Again aims to crack down on gun violence, prioritize federal firearms violations, pursue tougher penalties for offenses, and seek detention for federal firearms violators.

               The case is being investigated by the ATF Washington Field Office and the Metropolitan Police Department. Special Assistant U.S. Attorney David B. Liss is prosecuting the case.

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

    25cr207

    MIL Security OSI –

  • MIL-OSI: Rate and Chicago White Sox to Host Tribute Honoring Military Families at Rate Field on July 25

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, July 22, 2025 (GLOBE NEWSWIRE) — Rate, a leading fintech company, will proudly honor America’s military families during its second annual Military Appreciation Game with the Chicago White Sox at Rate Field. Held on Friday, July 25, the event will be a powerful tribute to service, sacrifice, and the enduring spirit of the armed forces.

    A pregame “Take the Field” recognition will spotlight all seven Military Spouses of the Year, each representing a different branch of the U.S. military. They will be honored on the field as they meet with White Sox players at each defensive position in a moving pregame moment of appreciation and respect.

    The evening’s Hero of the Game will be Marine Corps Captain Riley Tejcek, an active-duty officer, Olympic bobsled hopeful, author, and rising digital voice, who embodies the strength and versatility of today’s military leaders.

    A highlight of the night will be a parachute jump into Rate Field, delivering the game ball into the hands of a military child who will throw out the ceremonial first pitch. Justin Holmes, a U.S. Air Force veteran and Nashville recording artist, will perform the National Anthem, bringing added meaning to this celebration of country and community.

    “This night, honoring the military is our way of saying thank you,” said Victor Ciardelli, CEO of Rate. “Military families are the backbone of this country, and we’re proud to celebrate and serve them.”

    Earlier in the day, Rate will host a brunch and service project at its Chicago headquarters to welcome the honorees and connect them with company employees and leadership. The gathering will include a hands-on volunteer initiative supporting military causes.

    On game day, attendees will also be able to connect with key organizations at Rate Field, including:

    • Marine Corps Recruiting Command
    • Hiring Our Heroes
    • United Through Reading
    • Veterans of Foreign Wars (VFW)

    The evening coincides with a crosstown matchup between the White Sox and the Cubs, adding even more excitement to what is expected to be a deeply memorable occasion.

    This celebration is part of Rate’s unwavering commitment to military families nationwide. Through its leading VA loan program, the company has waived more than $65 million in lender fees and actively supports military-focused nonprofits and educational initiatives throughout the year.

    About Rate
    Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington, D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans, refinances, and home equity loans. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Recent honors and awards include: a Best Mortgage Lender of 2025 by Fortune; Best Mortgage Lender of 2025 for First-Time Homebuyers by Forbes; a Best Mortgage Lender of 2025 for FHA Loans, Home Equity Loans, and Lower Credit Scores by NerdWallet; Best Mortgage Lender of 2025 for Digital Experience and Down Payment Assistance by Motley Fool; Chicago Agent Magazine’s Lender of the Year for seven consecutive years. Visit rate.com for more information.

    Media Contact:
    press@rate.com

    The MIL Network –

  • MIL-OSI: Rate and Chicago White Sox to Host Tribute Honoring Military Families at Rate Field on July 25

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, July 22, 2025 (GLOBE NEWSWIRE) — Rate, a leading fintech company, will proudly honor America’s military families during its second annual Military Appreciation Game with the Chicago White Sox at Rate Field. Held on Friday, July 25, the event will be a powerful tribute to service, sacrifice, and the enduring spirit of the armed forces.

    A pregame “Take the Field” recognition will spotlight all seven Military Spouses of the Year, each representing a different branch of the U.S. military. They will be honored on the field as they meet with White Sox players at each defensive position in a moving pregame moment of appreciation and respect.

    The evening’s Hero of the Game will be Marine Corps Captain Riley Tejcek, an active-duty officer, Olympic bobsled hopeful, author, and rising digital voice, who embodies the strength and versatility of today’s military leaders.

    A highlight of the night will be a parachute jump into Rate Field, delivering the game ball into the hands of a military child who will throw out the ceremonial first pitch. Justin Holmes, a U.S. Air Force veteran and Nashville recording artist, will perform the National Anthem, bringing added meaning to this celebration of country and community.

    “This night, honoring the military is our way of saying thank you,” said Victor Ciardelli, CEO of Rate. “Military families are the backbone of this country, and we’re proud to celebrate and serve them.”

    Earlier in the day, Rate will host a brunch and service project at its Chicago headquarters to welcome the honorees and connect them with company employees and leadership. The gathering will include a hands-on volunteer initiative supporting military causes.

    On game day, attendees will also be able to connect with key organizations at Rate Field, including:

    • Marine Corps Recruiting Command
    • Hiring Our Heroes
    • United Through Reading
    • Veterans of Foreign Wars (VFW)

    The evening coincides with a crosstown matchup between the White Sox and the Cubs, adding even more excitement to what is expected to be a deeply memorable occasion.

    This celebration is part of Rate’s unwavering commitment to military families nationwide. Through its leading VA loan program, the company has waived more than $65 million in lender fees and actively supports military-focused nonprofits and educational initiatives throughout the year.

    About Rate
    Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington, D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans, refinances, and home equity loans. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Recent honors and awards include: a Best Mortgage Lender of 2025 by Fortune; Best Mortgage Lender of 2025 for First-Time Homebuyers by Forbes; a Best Mortgage Lender of 2025 for FHA Loans, Home Equity Loans, and Lower Credit Scores by NerdWallet; Best Mortgage Lender of 2025 for Digital Experience and Down Payment Assistance by Motley Fool; Chicago Agent Magazine’s Lender of the Year for seven consecutive years. Visit rate.com for more information.

    Media Contact:
    press@rate.com

    The MIL Network –

  • MIL-Evening Report: The incredible impact of Ozzy Osbourne, from Black Sabbath to Ozzfest to 30 years of retirement tours

    Source: The Conversation (Au and NZ) – By Lachlan Goold, Senior Lecturer in Contemporary Music, University of the Sunshine Coast

    Ozzy Osbourne photographed in London in 1991. Martyn Goodacre/Getty Images

    Ozzy Osbourne, the “prince of darkness” and godfather of heavy metal, has died aged 76, just weeks after he reunited with Black Sabbath bandmates for a farewell concert in his hometown of Birmingham in England.

    His family posted a brief message overnight: “It is with more sadness than mere words can convey that we have to report that our beloved Ozzy Osbourne has passed away this morning.”

    John Michael Osbourne changed the sound of rock music and leaves behind a stellar career spanning six decades, numerous Grammy awards, multiple hall of fame inductions – and a wave of controversy.

    An agent of change

    In 1969, from the ashes of various bands, Geezer Butler (bass), Tony Iommi (guitar), Bill Ward (drums) and Osbourne formed the band Earth.

    Realising the name was taken, they quickly changed their name to Black Sabbath, an homage to the 1963 Italian horror anthology film.

    With the Summer of Love a recent memory, Black Sabbath were part of a heavy music revolution, providing an antidote to the free loving hippies of the late 60s period.

    Despite making their first two albums cheaply, Black Sabbath, released in February 1970, and Paranoid, released September that same year, they were a global success.

    Their approach was laden with sarcasm and irony. American audiences mistook this for satanic worship, positioning them as outsiders (albeit popular ones).

    Black Sabbath pose for a group portrait with gold discs, London, 1973, L-R Bill Ward, Ozzy Osbourne, Tony Iommi, Geezer Butler.
    Michael Putland/Getty Images

    After Black Sabbath’s early successes, they were managed by the notorious Don Arden, whose daughter Sharon Levy was the receptionist. More than any musical bond Osbourne had in his life, Sharon would be the most influential character throughout his life.

    Osbourne recorded eight albums with Black Sabbath (some to critical acclaim) and was then kicked out (by Sharon) due to his troubles with drugs and alcohol.

    Ozzy solo

    Osbourne’s solo career has always been managed by Sharon. While recording his second solo album, Diary of a Madman, guitarist Rhodes died in a tragic light plane crash. Osbourne was close to Rhodes and fell into a deep depression, after never having lost someone so close.

    Sharon and Osbourne married only months after this incident. His struggle with drug use did not stop him from making further solo records alongside various guitar players, continuing with moderate success throughout his career.

    On the road, Osbourne put the John Farnham’s last tour trope to shame.

    He held his last ever gig more times than one can count with names like No More Tours (1992–93), Retirement Sucks (1995–96) and No More Tours 2 (2018–19).

    Osbourne ‘retired’ many times over 30 years. Here he performs in California in 2022.
    Kevork Djansezian/Getty Images

    This lament for touring led to the most successful era of Osbourne’s career. After being rejected for the 1995 Lollapaloza festival bill, Sharon (and their son Jack) started Ozzfest; initially an annual two-day multiband festival headlined by Osbourne, held in Phoenix, Arizona, and Devore, California.

    Subsequently becoming a national – and then international – tour, Ozzfest led to a successful partnership with MTV, which led to the reality TV show The Osbournes premiering in 2002. Here, his previous and ongoing battle with drugs was obvious, proudly on display – and ridiculed – to huge global audiences.

    The spectacle of a rich rockstar and his family, featuring a constant barrage of swearing, battles with lavish TV remotes, canine therapy, never-ending chaos, and Osbourne constantly yelling “Sharrrooon” like a twisted maniacal loop of A Street Car Named Desire.

    Struggles and controversies

    Osbourne suffered multiple health conditions over the years, rarely concealing the state of his physical or mental wellbeing.

    Notably he’s struggled with drug and alcohol abuse his whole career with drug recovery centres using Osbourne as an exemplar. In 2007 he disclosed he suffered from the Parkinson’s adjacent condition Parkinsonian syndrome. In 2019 he was diagnosed with Parkinson’s disease.

    Black Sabbath photographed in the 1970s. Left to right: Geezer Butler, Tony Iommi, Bill Ward and Ozzy Osbourne.
    Chris Walter/WireImage

    This resulted in him being unable to walk for his final Back to the Beginning show in Birmingham on July 5 2025.

    And Osbourne’s career had more than its fair share of controversy. He bit the head off a dove and a bat (celebrated with a commemorative toy), and urinated on the Alamo cenotaph. He was taken to court multiple times, but was never convicted.

    Ozzy and me

    As a white middle-class boy growing up in the Brisbane suburbs in the 80s, heavy metal music appealed to my testosterone and pimple filled body.

    Exploring the secondhand record shops of Brisbane, I would’ve bought my first copy of Black Sabbath around 1985. The sound of thunder and a distant church bell before the first drop-D riff enters seemed like the antithesis to sunny Queensland and 80s pop.

    As my life became obsessed with the recording studio and the vociferous music scene in Brisbane in the post-Joh era, and those drop-D riffs influenced a new style that swept the world in the early 90s.

    Osbourne’s influence was huge and through grunge, his sound was reborn. Grunge was a marriage of the Sabbath-like drop-D riffs with the energy of punk and the melody of the Beatles.

    Listening to Black Sabbath and Ozzy records, equipped me with a sonic palette ready to capture the wave of alternative music emmerging from the Brisbane scene.

    While Ozzy’s death is no surprise (except for those who never thought he’d last this long), we should take pause and remember an icon with an endless energy for entertaining, a passion for music, and changing the expectations of popular culture for more than 50 years.

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

    – ref. The incredible impact of Ozzy Osbourne, from Black Sabbath to Ozzfest to 30 years of retirement tours – https://theconversation.com/the-incredible-impact-of-ozzy-osbourne-from-black-sabbath-to-ozzfest-to-30-years-of-retirement-tours-258820

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: 50 years lost: kiwi pukupuku found in the wild

    Source: NZ Department of Conservation

    Ranger Project Lead Iain Graham describes the moments leading to the monumental rediscovery of kiwi pukupuku in the West Coast wilderness.

    Iain Graham, kiwi conservation dog Brew, and the first wild kiwi pukupuku found on the mainland in nearly 50 years | Lucy Holyoake, DOC

    Kiwi pukupuku found only in predator free sanctuaries?

    Up until now, we believed kiwi pukupuku/little spotted kiwi had gone extinct from mainland New Zealand. Our smallest kiwi is particularly vulnerable to introduced predators, and the last known sighting of a kiwi pukupuku on the mainland was in 1978. In the years since, despite targeted searching, we haven’t found any others.

    We also thought all remaining kiwi pukupuku descended from five transferred to Kapiti Island from South Westland in 1912. The descendants of these birds now spread across several predator-free islands and sanctuaries.

    Then, back in April, I received an email from a hunter we contracted for tahr control in the Adams Wilderness Area on the West Coast. The email included a short, blurry video of a kiwi looking for its next meal in a bed of fallen Dracophyllum leaves.

    That video changed everything.

    Finding a kiwi

    A weather window opened for us in early May, and kiwi conservation dog Brew and I packed our bags for a week in the scrub to see if we could track down this mystery bird. Brew isn’t great at packing though, so I helped her out.

    Air New Zealand conservation dog Brew ready to find a kiwi | Iain Graham, DOC

    Brew is kiwi certified under DOC’s Air New Zealand-supported Conservation Dogs Programme, so she has a highly qualified nose for sniffing out our national bird. It’s rough country, and my job was trying to keep up with Brew through all the thick alpine scrub we were contending with. While Brew located kiwi scat (poo!), I was listening out. In the early hours, I heard a pair of kiwi duetting.

    Oh, I thought, there’s two of them!

    A rugged landscape for searching | Iain Graham, DOC

    What followed was two days of increasing frustration as Brew and I followed the calls, only to find our progress constantly blocked by geographic features. On day three, Brew dragged me up a spur near where we had marked the calls, and locked on a small hole in the side of a bank. This was the sign I had been waiting for.

    Brew looked on expectantly as I attempted to retrieve the kiwi, only to discover it must have snuck out another entrance. After Brew stared judgingly into my soul, radiating ‘I did my part’ energy, she huffed, put her nose down, and took off down the hill again.

    Brew locked hopefully onto a kiwi burrow | Iain Graham, DOC

    Plan B, stakeout.

    It was time for a kiwi stakeout. This sounds more fun than it is; we patiently sit outside a burrow entrance and wait for the bird to exit (in this case after blocking the other exit). There’s no noise and no movement, so it becomes a true battle of patience. These stakeouts can end in minutes or hours, and with either success or failure.

    I found a comfortable position in front of the burrow, wearing every layer of clothes I had with me, and sat there for 6 hours. Then, hearing a male calling not far down the hill, I realised he had somehow beat me at the patience game. Alright, I thought. No luck tonight, but tomorrow is another day.

    Tomorrow was also the last chance to find these birds before we flew out. Unfortunately, with the day came the rain. Brew and I were cooped up in our tent while the rain passed – as heavy rain prevents handling kiwi.

    The final chance

    The rain stopped at about 4pm. This would be our last chance to get hands on a bird not seen in the area in half a century, so luckily there was no pressure. That night we headed to the same area, this time deciding not to rely on a kiwi being in the burrow.

    Suddenly, a call came from above me, less than 10 metres away. This time it was the female and, instinct kicking in, my light came on and I darted up the hill towards her. She was still calling as I pushed through some flax and caught her in my torch beam. She clearly wasn’t expecting my kind of company; she stopped calling and hesitated, just long enough for me to dive towards her and get a hand around her ankles. Facedown on the damp forest floor, I finally exhaled.

    Gotcha!

    Success! Kiwi captured | Iain Graham, DOC

    After all that, she sat quietly in my lap as I put a transmitter onto her, collected some pin feathers for DNA analysis, took some morphometric measurements, and snapped a couple of photos. She looked to be an old battler; right eye missing, left eye clouded by a cataract, and missing the nail from her middle toe. Otherwise, she seemed to be in good condition and, as I released her, she sauntered away into the darkness, seemingly unfazed by her close encounter with me.

    It’s a kiwi pukupuku!

    We know kiwi pukupuku can interbreed with other species, but mixed genetics wouldn’t preserve the unique species history and adaptation. So we were really hoping this girl was a real, purebred kiwi pukupuku. It took a little while for the genetic analysis to come through, and felt like much longer. But when the results came in, the team was euphoric. Clean match. For the first time in nearly 50 years, we’d located a wild, pure kiwi pukupuku on the New Zealand mainland.

    Questions and the future

    The find is just the beginning, and now the real work begins. We’re still gathering information, and the questions keep mounting. How many are there? How have they survived? What does this mean for the future of kiwi pukupuku?

    Regardless, we’re thrilled to be working with Kāti Māhaki on future protection and management of these precious birds.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Congresswoman Cherfilus-McCormick Introduces African Diaspora Investment and Development Act (AIDA)

    Source: United States House of Representatives – Congresswoman Sheila Cherfilus-McCormick (D-Florida 20th district))

    Unlocking the development potential of diaspora communities and helping reduce reliance on foreign aid

    WASHINGTON, D.C. – Today, Rep. Sheila Cherfilus-McCormick (D-FL) and Rep. Jonathan J. Jackson (D-IL) introduced the African Diaspora Investment and Development Act (AIDA), groundbreaking legislation that harnesses the economic power of African and Caribbean diaspora communities to advance sustainable development, reduce remittance costs, and align U.S. foreign policy with grassroots investment. 

    Millions of Americans with heritage in Africa and the Caribbean send billions of dollars annually to support loved ones and communities in their countries of origin. Yet, they often face high transaction fees, limited investment tools, and few incentives to grow their impact. AIDA addresses these barriers head-on. 

    As highlighted in Realizing Africa’s Potential: A Journey to Prosperity by Professor Landry Signé, published by the Brookings Institution, the diaspora can be a powerful driver of development in their home countries—not just through remittances, but by fostering trade, investment, research, innovation, and the transfer of knowledge and technology. This dynamic strengthens U.S. interests by empowering African and Caribbean diaspora communities, who are an integral part of the American fabric, to spur economic growth and innovation both abroad and at home, reinforcing U.S. global partnerships and domestic prosperity. 

    The African Diaspora Investment and Development Act: 

    • Reduces the cost of remittances by promoting transparency, competition, and innovation in money transfers.
    • Creates tax incentives for diaspora investments that drive sustainable economic development in African and Caribbean countries.
    • Encourages financial inclusion through fintech and diaspora-owned money transfer platforms.
    • Supports diaspora-led investments with U.S. financial backing.
    • Advances U.S. development goals by strengthening diaspora engagement in entrepreneurship, infrastructure, and community development projects abroad. 

    “The African and Caribbean diasporas are economic engines that deserve recognition and support,” said Rep. Sheila Cherfilus-McCormick (D-FL). “This bill creates smart incentives that empower families, foster sustainable development, and reflect our values in U.S. foreign policy. AIDA is about unlocking diaspora investment potential. By empowering these communities, we can reduce reliance on foreign aid and embrace a model based on investment, dignity, and shared prosperity.” 

    “This bill is timely and vital, especially at a time when US policy towards Africa and the Diaspora is shifting from aid to trade,” said Rep. Jonathan L. Jackson (D-IL). “Remittances ($90 billion inflow to Africa in 2023) have surpassed both foreign assistance and direct investment in many countries in Africa and the Caribbean; a source for development and economic growth. AIDA strengthens the Diaspora contributions in GPD growth through investments and family support – food, housing, education, health care, etc.” 

    “Reducing remittance costs and eliminating taxes on remittances are critical measures that ensure every dollar sent goes further, directly benefiting health, education, small businesses, and local infrastructure,” said President of the Nigerian Physicians Advocacy Group, Susan Edionwe. “These changes will empower organizations like ours, whose work relies heavily on diaspora contributions, to expand our impact and better serve the people of Nigeria and beyond.” 

    “The proposed AIDA bill is a fundamental recognition that as a nation of immigrants the USA holds the ultimate power of transformation in the contributions of its diaspora to the rest of the world,” said Founder and CEO of Hamstrings, Inc., Eric V. Guichard. “AIDA is about leveraging these diaspora resources for good. It is a paradigm shift in development finance whose time has come.” 

    “Remittances from family and friends in the U.S. to these regions primarily address basic necessities for recipients including housing, food, education, services, small business support and humanitarian assistance,” said Haiti Renewal Alliance. “A framework for partnerships with the U.S. DFC and diasporas via the AIDA Act to channel remittances for coordinated and robust investments with people on the ground in African and Caribbean countries, ushers the U.S. leading the next generation of successful global development for inclusive growth, peace, stability and opportunity, appreciating diaspora from Africa and Caribbean as key contributors.” 

    During a time when development assistance from the United States in Africa and in the Caribbean, is being drastically curtailed or even eliminated, African and Caribbean countries will need to increasingly rely on remittances coming from the Diaspora to meet basic needs and to get by,” said President of Constituency for Africa (CFA), Melvin Foote. “The proposed AIDA legislation if passed, would certainly be a huge step in the right direction.” 

    The legislation has received early praise from diaspora organizations, development experts, and financial inclusion advocates. 

    ### 

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Andrea Salinas Introduces Legislation to Level the Playing Field for the Cider Industry

    Source: US Representative Andrea Salinas (OR-06)

    Today, U.S. Representative Andrea Salinas (OR-06), introduced the Bubble Tax Modernization Act, which would lower the tax rate for lower-alcohol wine, cider, and mead made with fruit.

    Washington, D.C. – Today, U.S. Representative Andrea Salinas (OR-06), introduced the Bubble Tax Modernization Act, which would lower the tax rate for lower-alcohol wine, cider, and mead made with fruit.

    Despite the popularity of bubbly beverages, the carbonation tax–colloquially called the ‘bubble tax’ on fruit wine, fruit cider, and fruit mead makes carbonating these agricultural products at sparkling levels cost prohibitive. Most craft beverage entrepreneurs can’t afford to carbonate these products at the level the market wants. The result is that an important American agricultural sector is falling flat.

    “Oregon has some of the highest quality fruit in the country, but red tape in our tax code makes it nearly impossible to use these products to make the fruited wines, ciders, and meads that people want,” said Rep. Salinas. “My bill levels the playing field for the cider industry and makes it more affordable to produce the sparkling, fruited drinks consumers want.”

    “Cidermakers should not be limited to just pears and apples in order to avoid a massive, unnecessary tax hike on their products,” said Rep. Van Orden. “This bill works for everyone – farmers, cidermakers, and consumers – by allowing any type of fruit to be added to cider and taxed at the standard rate.”

    Currently, the tax code dictates that if a sparkling cider, wine, or mead is made with fruits other than apples and pears, then it can only be minimally carbonated, often to the point that it tastes flat to most consumers. If cidermakers want to carbonate their fruited drinks to the same level as other, non-fruited ciders, taxes on these fruited ciders triple. Rep. Salinas’ legislation allows cidermakers to create and carbonate fruited beverages without this higher tax burden, granting them more freedom to produce drinks to match public demand.

    “The Bubble Tax Modernization Act is a critical, overdue fix that will finally bring fairness to how cider is taxed in the U.S.,” said Monica Cohen, CEO of the American Cider Association. “It eliminates outdated penalties on carbonated, fruit-forward ciders and gives small cidermakers the freedom to innovate without being punished. This bill supports American agriculture, strengthens rural economies, and helps keep cider accessible to consumers. It’s common-sense legislation and we applaud Representatives Salinas and Van Orden for moving this forward.”

    “The Pacific Northwest is home to some of the most innovative and orchard-driven cider producers in the country. Yet outdated federal tax rules have unfairly penalized craft cideries and restricted innovation and expansion into the fruited cider category,” said Emily Ritchie, Executive Director of the Northwest Cider Association. “The Bubble Tax Modernization Act is a common-sense update that will allow our producers to grow, hire more local workers, and invest back into our rural communities and vibrant apple and pear orchards. This is a crucial step toward fairness and opportunity for the Northwest cider industry.” 

    “New York’s cider industry has become a national leader—thanks to the innovation, resilience, and agricultural roots of our cider producers. But outdated carbonation tax thresholds are holding us back,” said Scott Ramsey, Executive Director of the New York Cider Association. “The Bubble Tax Modernization Act represents a long-overdue step toward fairness for cider makers in New York and across the country. By leveling the playing field, this bill will empower our producers to expand their offerings, hire more local workers, and reinvest in the rural communities and orchards that fuel our economy. We’re proud to support this effort to strengthen one of New York’s most dynamic and agricultural industries.”

    The Bubble Tax Modernization Act is endorsed by the American Cider Association, Northwest Cider Association, North Carolina Cider Association, New York Cider Association, and Pennsylvania Cider Guild.

    To read the full text of this legislation, click here. 

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Reps. Moore and Zinke Introduce Legislation to Codify Executive Order on National Parks

    Source: United States House of Representatives – Representative Riley Moore (WV-02)

    Washington, D.C. – Today, Congressman Riley M. Moore (WV-02) and Congressman Ryan Zinke (MT-01) introduced the PATRIOT Parks Act — which codifies President Trump’s Executive Order “Making America Beautiful Again by Improving Our National Parks.”

    Currently, the National Parks System faces more than $23 billion in deferred maintenance, including more than $200 million on parklands in West Virginia. This legislation implements increased entrance fees for foreign visitors at National Parks, with the additional funds being reinvested back into parks for maintenance and other basic operating costs. Senator Jim Banks of Indiana and Senator Tim Sheehy of Montana introduced companion legislation in the Senate.

    The bill is supported by the American Conservation Coalition Action (ACC Action) and the Property and Environment Research Center (PERC). Both organizations were instrumental in helping craft the President’s executive order. The Bull Moose Project and American Prairie are also supportive of the legislation.

    Congressman Moore issued the following statement:

    “From the New River Gorge in my home state to Shenandoah, the Great Smoky Mountains, the Everglades, and the Grand Canyon – God blessed our nation with a tremendous natural heritage. We owe it to future generations to ensure these natural marvels are protected.

    “Unfortunately, the National Park System currently faces a backlog of more than $23 billion in deferred maintenance, including more than $200 million on properties across the Mountain State. Our commonsense legislation keeps entry fees static for Americans while charging more for foreigners visiting our National Parks. This will allow us to finally start tackling this extensive maintenance backlog.”

    Here’s what others are saying:

    “National Parks are America’s best idea and maintaining that legacy for future generations means making smart investments in the management of the parks,” said Congressman Zinke. “Americans already pay for parks in our tax dollars as well as at the gates. It’s unfair to American taxpayers to foot the bill for millions of foreign visitors. Almost every other country charges foreign visitors more, it’s common sense. President Trump and Secretary Burgum did the right thing directing the National Park Service implement a foreign visitor fee. This legislation will codify the policy and ensure Americans are put First in our own parks.”

    “Americans already pay for our parks through federal taxes on top of standard admission fees, so it’s fair to ask foreign visitors to chip in more,” said Senator Banks. “This bill codifies President Trump’s executive order and helps protect our national treasures for future generations.”

    “Our national parks drive Montana’s tourism economy by bringing in visitors from all over the world and define our way life by offering an experience you can only find in America,” said Senator Sheehy. “Implementing a foreign visitor fee is an America First, commonsense way to secure affordable access for American families, improve our national parks for all visitors, and better manage our treasured public lands. It’s not too much for Americans to ask that their government puts them first, and that’s why I’m proud to support the PATRIOT Parks Act so more American families can enjoy our national parks for generations to come.”

    “Our national parks are America’s best idea and a crucial part of our natural heritage, but in recent decades, they have fallen into disrepair with a multibillion-dollar maintenance backlog,” said ACC Action President Chris Barnard.  “An increased entry fee for international visitors would raise needed revenue to steward our national treasures and ensure that everyone who enjoys them contributes to protecting them. The American Conservation Coalition Action and our thousands of members are proud to support this effort to bolster the National Park Service.”

    “Visitors from across the globe come to see the wonder of America’s national parks, and this proposal offers them a way to give back,” said PERC CEO Brian Yablonski. “Charging a modest fee to international tourists—something many countries already do—provides a steady source of funding to improve park infrastructure, enhance visitor experiences, and invest in long-overdue restoration. Drawing on years of PERC research, we’re grateful to Sen. Banks and Rep. Moore for championing efforts to conserve these iconic places for future generations.”

    ###

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

       Balance Sheet Highlights:

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

    Operating Results

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

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

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

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

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

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

    Balance Sheet Management

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

    Liquidity

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

    Loans

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

    Loan Portfolio
    ($ in thousands)
     
      June 30, 2025   March 31, 2025   June 30, 2024
      Amount   Percent   Amount   Percent   Amount   Percent
    Mortgage loans:                      
    One- to four-family (a) $317,574     21%     $315,421     21%     $288,611     19%  
    Multi-family   200,418     13       178,590     12       177,950     12  
    Commercial   607,924     40       602,248     40       597,865     40  
    Construction – custom and                      
    owner/builder   128,900     8       114,401     7       128,222     9
    Construction – speculative
    one-to four-family    		   9,595     1       9,791     1       11,441     1  
    Construction – commercial   15,992     1       22,352     1       32,130     2  
    Construction – multi-family   32,731     2       46,602     3       35,631     2  
    Construction – land                      
    development   15,461     1       15,032     1       19,104     1  
    Land   36,193     2       32,301     2       32,384     2  
    Total mortgage loans   1,364,788     89       1,336,738     88       1,323,338     88  
                           
    Consumer loans:                      
    Home equity and second                      
    mortgage   47,511     3       47,458     3       43,679     3  
    Other   2,176     —       2,375     —       3,121     —  
    Total consumer loans   49,687     3       49,833     3       46,800     3  
                           
    Commercial loans:                      
    Commercial business loans   126,497     8       131,243     9       136,213     9  
    SBA PPP loans   101     —       156     —       314     —  
    Total commercial loans   126,598     8       131,399     9       136,527     9  
    Total loans   1,541,073     100%       1,517,970     100%       1,506,665     100%  
    Less:                      
    Undisbursed portion of                      
    construction loans in                      
    process   (76,272)           (75,042)           (87,196)      
    Deferred loan origination                      
    fees   (5,427)           (5,329)           (5,404)      
    Allowance for credit losses   (17,878)           (17,525)           (17,046)      
    Total loans receivable, net $1,441,496         $1,420,074         $1,397,019      

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

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

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

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

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

    Deposits

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

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

    Borrowings

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

    Shareholders’ Equity and Capital Ratios

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

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

    New Stock Repurchase Program

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

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

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

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

    Non-Accrual Loans
    ($ in thousands)
     
      June 30, 2025   March 31, 2025   June 30, 2024
      Amount   Quantity   Amount   Quantity   Amount   Quantity
    Mortgage loans:                      
    One- to four-family $1,781   1   $47   1   $135   2
    Commercial   161   2     324   3     1,310   4
    Construction – custom and                      
    owner/builder   —   —     —   —     152   1
    Total mortgage loans   1,942   3     371   4     1,597   7
                           
    Consumer loans:                      
    Home equity and second                      
    mortgage   575   3     575   3     615   3
    Other   —   —     —   —     —   —
    Total consumer loans   575   3     575   3     615   3
                           
    Commercial business loans   1,326   9     1,381   11     1,908   8
    Total loans $3,843   15   $2,327   18   $4,120   18

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

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

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

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

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

    TIMBERLAND BANCORP INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF INCOME    		   Three Months Ended
    ($ in thousands, except per share amounts) (unaudited)   June 30,   March 31,   June 30,
          2025       2025       2024  
      Interest and dividend income            
      Loans receivable   $21,411     $20,896     $19,537  
      Investment securities     2,064       2,003       2,335  
      Dividends from mutual funds, FHLB stock and other investments     83       82       94  
      Interest bearing deposits in banks     1,986       1,884       2,173  
      Total interest and dividend income     25,544       24,865       24,139  
                   
      Interest expense            
      Deposits     7,721       7,454       7,938  
      Borrowings     201       198       220  
      Total interest expense     7,922       7,652       8,158  
      Net interest income     17,622       17,213       15,981  
      Provision for credit losses – loans     351       237       264  
      Recapture of credit losses – investment securities     (4)       (5)       (12)  
      Prov. for (recapture of ) credit losses – unfunded commitments     93       14       (8)  
      Net int. income after provision for (recapture of) credit losses     17,182       16,967       15,737  
                   
      Non-interest income            
      Service charges on deposits     966       959       1,014  
      ATM and debit card interchange transaction fees     1,262       1,176       1,297  
      Gain on sales of investment securities, net     24       —       —  
      Gain on sales of loans, net     138       122       68  
      Bank owned life insurance (“BOLI”) net earnings     171       165       158  
      Other     314       265       254  
      Total non-interest income, net     2,875       2,687       2,791  
                   
      Non-interest expense            
      Salaries and employee benefits     5,825       5,977       5,928  
      Premises and equipment     973       1,075       1,011  
      Gain on sale of premises and equipment, net     —       —       (3)  
      Advertising     182       189       211  
      OREO and other repossessed assets, net     8       9       —  
      ATM and debit card processing     658       521       580  
      Postage and courier     137       142       130  
      State and local taxes     570       335       335  
      Professional fees     341       431       335  
      FDIC insurance     211       219       208  
      Loan administration and foreclosure     99       155       156  
      Technology and communications     993       1,121       1,086  
      Deposit operations     345       319       450  
      Amortization of core deposit intangible (“CDI”)     45       45       56  
      Other, net     780       656       586  
      Total non-interest expense, net     11,167       11,194       11,069  
                   
      Income before income taxes     8,890       8,460       7,459  
      Provision for income taxes     1,790       1,705       1,535  
      Net income   $7,100     $6,755     $5,924  
                   
      Net income per common share:            
      Basic   $0.90     $0.85     $0.74  
      Diluted     0.90       0.85       0.74  
                   
      Weighted average common shares outstanding:            
      Basic     7,893,308       7,937,063       8,004,552  
      Diluted     7,921,762       7,968,632       8,039,345  
    TIMBERLAND BANCORP INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF INCOME    		   Nine Months Ended
    ($ in thousands, except per share amounts) (unaudited)   June 30,   June 30,
          2025       2024  
      Interest and dividend income        
      Loans receivable   $63,339     $56,841  
      Investment securities     6,205       6,892  
      Dividends from mutual funds, FHLB stock and other investments     252       266  
      Interest bearing deposits in banks     5,870       5,791  
      Total interest and dividend income     75,666       69,790  
               
      Interest expense        
      Deposits     23,259       21,383  
      Borrowings     602       787  
      Total interest expense     23,861       22,170  
      Net interest income     51,805       47,620  
      Provision for credit losses – loans     640       810  
      Recapture of credit losses – investment securities     (14)       (20)  
      Prov. for (recapture of) credit losses – unfunded commitments     87       (130)  
      Net int. income after provision for (recapture of) credit losses     51,092       46,960  
               
      Non-interest income        
      Service charges on deposits     2,924       3,024  
      ATM and debit card interchange transaction fees     3,706       3,773  
      Gain on sales of investment securities, net     24       —  
      Gain on sales of loans, net     303       188  
      Bank owned life insurance (“BOLI”) net earnings     503       470  
      Other     799       749  
      Total non-interest income, net     8,259       8,204  
               
      Non-interest expense        
      Salaries and employee benefits     17,893       17,863  
      Premises and equipment     2,998       3,065  
      Gain on sale of premises and equipment, net     —       (3)  
      Advertising     552       556  
      OREO and other repossessed assets, net     17       1  
      ATM and debit card processing     1,700       1,796  
      Postage and courier     401       401  
      State and local taxes     1,251       979  
      Professional fees     1,118       908  
      FDIC insurance     640       624  
      Loan administration and foreclosure     383       395  
      Technology and communications     3,253       3,101  
      Deposit operations     997       1,094  
      Amortization of core deposit intangible (“CDI”)     135       169  
      Other, net     2,090       1,735  
      Total non-interest expense, net     33,428       32,684  
               
      Income before income taxes     25,923       22,480  
      Provision for income taxes     5,208       4,552  
      Net income   $20,715     $17,928  
               
      Net income per common share:        
      Basic   $2.61     $2.22  
      Diluted     2.60       2.21  
               
      Weighted average common shares outstanding:        
      Basic     7,929,626       8,067,068  
      Diluted     7,963,412       8,109,043  
    TIMBERLAND BANCORP INC. AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS    		  
    ($ in thousands, except per share amounts) (unaudited)   June 30,   March 31,   June 30,
          2025       2025       2024  
    Assets            
    Cash and due from financial institutions   $32,532     $26,010     $25,566  
    Interest-bearing deposits in banks     161,095       165,201       133,347  
      Total cash and cash equivalents     193,627       191,211       158,913  
                   
    Certificates of deposit (“CDs”) held for investment, at cost     8,462       8,711       10,458  
    Investment securities:            
      Held to maturity, at amortized cost (net of ACL – investment securities)     141,570       140,954       176,787  
      Available for sale, at fair value     86,475       84,807       74,515  
    Investments in equity securities, at fair value     855       853       836  
    FHLB stock     2,045       2,045       2,037  
    Other investments, at cost     3,000       3,000       3,000  
    Loans held for sale     1,763       1,151       1,795  
                 
    Loans receivable     1,459,374       1,437,599       1,414,065  
    Less: ACL – loans     (17,878)       (17,525)       (17,046)  
      Net loans receivable     1,441,496       1,420,074       1,397,019  
                   
    Premises and equipment, net     21,490       21,436       21,558  
    OREO and other repossessed assets, net     221       221       —  
    BOLI     24,113       23,942       23,436  
    Accrued interest receivable     7,174       7,127       7,045  
    Goodwill     15,131       15,131       15,131  
    CDI     316       361       508  
    Loan servicing rights, net     911       1,051       1,526  
    Operating lease right-of-use assets     1,248       1,324       1,550  
    Other assets     7,295       9,331       4,515  
      Total assets   $1,957,192     $1,932,730     $1,900,629  
                   
    Liabilities and shareholders’ equity            
    Deposits: Non-interest-bearing demand   $406,222     $407,811     $407,125  
    Deposits: Interest-bearing     1,263,255       1,243,019       1,221,419  
      Total deposits     1,669,477       1,650,830       1,628,544  
                   
    Operating lease liabilities     1,350       1,426       1,649  
    FHLB borrowings     20,000       20,000       20,000  
    Other liabilities and accrued expenses     9,701       7,950       9,213  
      Total liabilities     1,700,528       1,680,206       1,659,406  
                 
    Shareholders’ equity            
    Common stock, $.01 par value; 50,000,000 shares authorized;
            7,876,853 shares issued and outstanding – June 30, 2025
            7,903,489 shares issued and outstanding – March 31, 2025
            7,953,431 shares issued and outstanding – June 30, 2024    		     27,226       28,028       30,681  
    Retained earnings     230,213       225,166       211,087  
    Accumulated other comprehensive loss     (775)       (670)       (545)  
      Total shareholders’ equity     256,664       252,524       241,223  
      Total liabilities and shareholders’ equity   $1,957,192     $1,932,730     $1,900,629  
      Three Months Ended
    PERFORMANCE RATIOS:   June 30, 2025   March 31, 2025   June 30, 2024
    Return on average assets (a)     1.47%       1.43%       1.25%  
    Return on average equity (a)     11.23%       10.95%       9.95%  
    Net interest margin (a)     3.80%       3.79%       3.53%  
    Efficiency ratio     54.48%       56.25%       58.97%  
                 
      Nine Months Ended
        June 30, 2025       June 30, 2024
    Return on average assets (a)     1.44%           1.27%  
    Return on average equity (a)     11.07%           10.10%  
    Net interest margin (a)     3.74%           3.53%  
    Efficiency ratio     55.65%           58.55%  
                 
      Three Months Ended
    ASSET QUALITY RATIOS AND DATA: ($ in thousands)   June 30, 2025   March 31, 2025   June 30, 2024
    Non-accrual loans   $3,843     $2,327     $4,120  
    Loans past due 90 days and still accruing     —       —       —  
    Non-performing investment securities     38       41       72  
    OREO and other repossessed assets     221       221       —  
    Total non-performing assets (b)   $4,102     $2,589     $4,192  
                 
    Non-performing assets to total assets (b)     0.21%       0.13%       0.22%  
    Net charge-offs (recoveries) during quarter   $(1)     $ —     $36  
    Allowance for credit losses – loans to non-accrual loans     465%       753%       414%  
    Allowance for credit losses – loans to loans receivable (c)     1.23%       1.22%       1.21%  
                 
                 
    CAPITAL RATIOS:            
    Tier 1 leverage capital     12.63%       12.55%       12.04%  
    Tier 1 risk-based capital     19.29%       19.04%       17.97%  
    Common equity Tier 1 risk-based capital     19.29%       19.04%       17.97%  
    Total risk-based capital     20.54%       20.29%       19.22%  
    Tangible common equity to tangible assets (non-GAAP)     12.42%       12.36%       11.97%  
                 
    BOOK VALUES:            
    Book value per common share   $32.58     $31.95     $30.33  
    Tangible book value per common share (d)     30.62       29.99       28.36  

    ________________________________________________

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

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

      For the Three Months Ended 
      June 30, 2025    March 31, 2025    June 30, 2024 
      Amount   Rate   Amount   Rate   Amount   Rate
                           
    Assets                      
    Loans receivable and loans held for sale $ 1,450,350     5.92 %   $ 1,435,999     5.90 %   $ 1,391,582     5.65 %
    Investment securities and FHLB stock (1)   232,272     3.71       232,532     3.64             268,954     3.63  
    Interest-earning deposits in banks and CDs   178,887     4.45       172,175     4.44       161,421     5.41  
    Total interest-earning assets   1,861,509     5.50       1,840,706     5.48            1,821,957     5.33  
    Other assets         79,715           77,563           82,008      
    Total assets $ 1,941,224         $ 1,918,269         $ 1,903,965      
                           
    Liabilities and Shareholders’ Equity                      
    NOW checking accounts $ 333,074     1.39 %   $ 328,115     1.32 %   $ 329,344     1.29 %
    Money market accounts   304,526     3.16       306,137     3.18       326,023     3.56  
    Savings accounts   205,592     0.35       206,054     0.28       208,488     0.27  
    Certificates of deposit accounts   363,342     3.77       343,945     3.82       311,545     4.21  
    Brokered CDs   48,028     4.83       50,104     4.85       45,442     5.32  
    Total interest-bearing deposits   1,254,562     2.47       1,234,355     2.45       1,220,842     2.62  
    Borrowings   20,002     4.03       20,000     4.04       20,001     4.42  
    Total interest-bearing liabilities   1,274,564     2.49       1,254,355     2.47       1,240,843     2.64  
                           
    Non-interest-bearing demand deposits   402,717           403,738           413,494      
    Other liabilities   10,266           10,064           10,245      
    Shareholders’ equity   253,677           250,112           239,383      
    Total liabilities and shareholders’ equity $ 1,941,224         $ 1,918,269         $ 1,903,965      
                           
    Interest rate spread     3.01 %       3.01 %       2.69 %
    Net interest margin (2)     3.80 %       3.79 %       3.53 %
    Average interest-earning assets to                      
    average interest-bearing liabilities   146.05 %         146.75 %         146.83 %    

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

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

      For the Nine Months Ended 
      June 30, 2025    June 30, 2024 
      Amount   Rate   Amount   Rate
                   
    Assets              
    Loans receivable and loans held for sale $ 1,441,506     5.87 %   $ 1,363,213     5.57 %
    Investment securities and FHLB stock (1)   237,400     3.81             294,789     3.24  
    Interest-earning deposits in banks and CDs       172,591     4.55       143,537     5.39  
    Total interest-earning assets        1,851,497     5.49            1,801,539     5.17  
    Other assets   77,595           81,650      
    Total assets $ 1,929,092         $ 1,883,189      
                   
    Liabilities and Shareholders’ Equity              
    NOW checking accounts $ 329,883     1.36 %   $ 358,052     1.48 %
    Money market accounts   311,762     3.26       273,683     3.09  
    Savings accounts   205,764     0.30       214,275     0.24  
    Certificates of deposit accounts   346,313     3.89       291,707     4.12  
    Brokered CDs   48,169     4.71       42,856     5.37  
    Total interest-bearing deposits   1,241,891     2.50       1,180,573     2.42  
    Borrowings   20,001     4.02       22,457     4.68  
    Total interest-bearing liabilities   1,261,892     2.53       1,203,030     2.46  
                   
    Non-interest-bearing demand deposits   406,906           431,849      
    Other liabilities             10,159           11,273      
    Shareholders’ equity   250,135           237,037      
    Total liabilities and shareholders’ equity $ 1,929,092         $ 1,883,189      
                   
    Interest rate spread     2.96 %       2.71 %
    Net interest margin (2)     3.74 %       3.53 %
    Average interest-earning assets to              
    average interest-bearing liabilities   146.72 %         149.75 %    

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

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

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

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

    ($ in thousands)   June 30, 2025   March 31, 2025   June 30, 2024
                 
    Shareholders’ equity   $ 256,664     $ 252,524     $ 241,223  
    Less goodwill and CDI     (15,447)       (15,492)       (15,639)  
    Tangible common equity   $ 241,217     $ 237,032     $ 225,584  
                 
    Total assets   $ 1,957,192     $ 1,932,730     $ 1,900,629  
    Less goodwill and CDI     (15,447)       (15,492)       (15,639)  
    Tangible assets   $ 1,941,745     $ 1,917,238     $ 1,884,990  

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

    The MIL Network –

  • MIL-OSI USA: SCHUMER ANNOUNCES MAJOR STEP FORWARD FOR BUILDING NEW CAPITAL DISTRICT ARMORY FOR NY ARMY NATIONAL GUARD’S 42ND INFANTRY DIVISION HEADQUARTERS

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Current 42nd Infantry Division HQ Armory Built in 1971 Has Long-Been Running Out Of Space, Technology, And Infrastructure Needed To Maintain US Army Division HQ And Support Training, Readiness, And Mission Requirements

    After Months Of Work, Schumer Just Secured New $90M Authorization – Unlocking The Funding Process – For Project In The FY 2026 Senate NDAA; Senator Is Pushing To Deliver $$ In Future Appropriations Bill For New, Consolidated National Guard Headquarters

    Schumer: NDAA Authorization Is A Major Step Forward For A New Armory For NY Army National Guard’s 42nd Infantry Division In Capital Region!

    U.S. Senator Chuck Schumer today announced a major step forward for building a new armory and readiness center for the NY Army National Guard’s 42nd Infantry Division Headquarters to be located in Colonie at the former site of the old Heritage Park minor league baseball stadium that was home to the Albany-Colonie Yankees. The long needed new HQ will also consolidate NY Army National Guard facilities currently located at Watervliet Arsenal, which is needed to maximize space and accommodate planned modernization and expansion projects at Watervliet Arsenal.

    Schumer explained the current armory does not meet Army division HQ requirements, and securing this authorization for funding in the Senate’s National Defense Authorization Act (NDAA) for Fiscal Year (FY) 2026 is a critical milestone that unlocks the funding process. The next step is to pursue funding in future appropriations. The $90 million authorization he secured to be eligible for the project in the Senate is a massive step forward for the NY Army National Guard which has long been pushing for a new modern expanded armory and readiness center.

    “This is a major step towards securing funding to build a new Armory for the 42nd Infantry Division, all while breathing new life into the former site of the Heritage Park minor league in Colonie. NY’s Army National Guard is critical to our national security, but the 42nd Infantry Division’s current headquarters was built over 50 years ago and needs more space to meet the Army’s growing requirements. When I heard the NY National Guard needed help to continue its vital mission and service in the Capital Region, I immediately got to work to secure this critical funding authorization so it can receive future appropriations funding in order to begin the process of building a new, modern facility,” said Senator Schumer. “This funding authorization in the Senate’s national defense bill is a major milestone for building a new state-of-the-art armory and readiness center for the Rainbow Division. I will continue to fight tooth and nail to secure this funding in future appropriations so we can get shovels in the ground for this new Armory.”

    Major General Ray Shields, Adjutant General, New York National Guard said, “Senator Schumer has delivered again for the New York Army National Guard – in the National Defense Authorization Act for FY2026 with $90M in authorized federal funds to build a new Readiness Center in Albany for the historic 42nd Infantry Division. Because of the Senator’s efforts to authorize this funding, we are one step closer to the construction of this new 140,000 square foot facility. The impact of this facility on the Division’s readiness will be significant and long lasting.”

    Schumer explained that the 42nd Infantry Division Armory in Troy was constructed in 1971 for a smaller organization, but the current Armory housing headquarters does not meet the Army’s minimum facility requirements, with the Division growing and needing a larger space. Simultaneously, the Watervliet Arsenal is modernizing its manufacturing facilities and production streams. However, as a result, this will displace the National Guard Division’s warehouses located on Watervliet Arsenal grounds by 2028. The New York Army National Guard will move the warehouses at Watervliet Arsenal to the site of the current Armory will continue to be used by the NYNG.

    Building a new, modernized Armory to house headquarters and consolidating warehouses, now at Watervliet, to the old Heritage Park site in Colonie would ensure that the 42nd Infantry Division has the centralization, resources, infrastructure, and capabilities needed to maintain the division’s mission readiness and its training and deployment activities.

    Albany County Executive Daniel P. McCoy said, “Building a new Capital District Armory on the former site of Heritage Park would be a win-win for both the NY Army National Guard’s 42nd Infantry Division and Albany County. A new division headquarters, on what has been a long vacant county-owned property, would accommodate the need for more space in a modern facility. It would also provide a nice shot in the arm for our restaurants and hotels in that area. I want to thank Senator Schumer for his continued efforts to move this forward and secure funding for what will be a transformational project. This state of the art center will keep the Division mission ready and be able to maintain vital training and preparation for deployments.” 

    Schumer took action to push for the federal funding needed to support the Army’s operations in the Capital Region. NY State has already provided $5 million to acquire a new Capital Region location for a headquarters facility near the Albany International Airport that is shovel-ready and capable of handling large military vehicles. The state has also delivered $10 million to advance design and has pledged to contribute an additional $30 million to bring this idea to life if the federal government is able to deliver the $90 million needed to complete the project.

    MIL OSI USA News –

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

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI USA News –

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

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI USA News –

  • MIL-OSI Canada: A new partnership for economic cooperation

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI USA: Case To Host Another Live District-Wide Tele-Talk Story July 29th

    Source: United States House of Representatives – Congressman Ed Case (Hawai‘i – District 1)

    (Washington, DC) – U.S. Representative Ed Case (HI-01), now in his sixth full term in the U.S. House, will host another live virtual Tele-Talk Story with constituents on Tuesday, July 29, 2025. The event will be broadcast live on his Facebook page at @repedcase and on his official web site at https://case.house.gov/events/.

    “It is critical to my representation of a very diverse district in Congress that I communicate openly and frequently with my over 700,000 constituents in all possible ways,” said Case. “My regular in-person and virtual live districtwide events, at which I report back from Congress, listen to concerns and guidance and answer questions, have been a central part of my connection with my district throughout my time on Capitol Hill.”

    Since returning to Congress in 2019 representing Hawaii’s First Congressional District (Honolulu from Makapu’u to Mililani and Kapolei), Case has held 55 live districtwide in-person and virtual Talk Story meetings with his constituents, including throughout COVID-19. Case also served in Congress representing Hawaii’s Second Congressional District (Windward, North Shore, West O’ahu and all other islands) from 2002 to 2007, during which he hosted 172 live in-person Talk Story community meetings throughout the islands in order to reach a far more dispersed constituency.

    To broaden his 1st Congressional community outreach, Case also this year initiated his Walk Stories, in which he spends a week home from Capitol Hill randomly walking communities throughout his district, talking with his constituents where they live, work and play. He has completed two Walk Stories, as follows:  

    1.   In July, Case walked the communities of Pālolo, Kaimukī , Mō‘ili‘ili, Kalihi, Salt Lake, Āliamanu, Foster Village, Moanalua, Hālawa and ‘Aiea.

    2.   In April, Case walked parts of Kalama Valley, Niu Valley, ‘Āina Haina, Wai‘alae, Nui Valley, McCully, Pearlridge, Waimalu, Pearl City, Pacific Palisades, Mililani Mauka, Waipi‘o Acres, Waipahu, ‘Ewa Beach, ‘Ewa Villages, Kalaeloa and Kapolei.

    To join Case’s July 29th Tele-Talk Story, constituents can call during the Talk Story at (855) 274-9528 or go to https://case.house.gov/live/ or https://www.facebook.com/RepEdCase/ for a live broadcast or anytime during the Talk Story.

    Questions can be submitted in advance by emailing the Congressman at ed.case@mail.house.gov or, during the Talk Story, on his Facebook page at https://www.facebook.com/RepEdCase/.

    ###

    MIL OSI USA News –

  • MIL-OSI Submissions: ‘Eat the rich’ — Why horror films are taking aim at the ultra-wealthy

    Source: The Conversation – Canada – By Heather Roberts, PhD Candidate in Screen Cultures and Curatorial Studies, Queen’s University, Ontario

    Samara Weaving in the horror film ‘Ready or Not.’ Weaving plays Grace, a bride who must survive until dawn on her wedding day as her in-laws hunt her down. (Searchlight Pictures)

    This story contains spoilers about ‘Ready or Not’ and ‘The Menu.’

    When Amazon founder Jeff Bezos and fiancée Lauren Sánchez held their lavish three-day wedding celebration in Venice recently, it wasn’t just a party — it was a spectacle of wealth, reportedly costing between US$47 million and US$56 million.

    Critics highlighted the environmental toll of such an event on the fragile, flood-prone city, while protesters took to the streets to condemn the wedding as a tone-deaf symbol of oligarchical wealth at a time when many can’t afford to pay rent, let alone rent an island.

    The excessive show of opulence felt like the opening of a horror film, and lately, that’s exactly what horror has been giving us. In films like Ready or Not (2019) and The Menu (2022), the rich aren’t simply out of touch; they’re portrayed as predators, criminals or even monsters.



    Read more:
    Horror comedy ‘The Menu’ delves into foodie snobbery when you’re dying for a cheeseburger

    These “eat-the-rich” films channel widespread anxieties about the current socioeconomic climate and increasing disillusionment with capitalist systems.

    In a world where the wealthy and powerful often seem to act with impunity, these films expose upper-class immorality and entitlement, and offer revenge fantasies where those normally crushed by the system fight back or burn it all down.

    Horror takes aim at the wealthy

    Originally a quote from social theorist Jean-Jacques Rousseau during the French Revolution, “eat the rich” has re-emerged in recent years in public protests and on social media in response to increasing socioeconomic inequality.

    In cinema, eat-the-rich films often use grotesque hyperbole or satire to reveal and critique capitalist systems and the behaviours of the wealthy elite.

    Film scholar Robin Wood argues that horror films enact a return of what is repressed by dominant bourgeois — that is, capitalist — ideology, typically embodied by the figure of the monster.

    He cites The Texas Chain Saw Massacre (1974), a classic example of anti-capitalist sentiment in horror that depicts Leatherface (Gunnar Hansen) and his working-class family as monstrous victims of the 1970s industrial collapse. Rather than accept repression, they return as cannibalistic monsters, making visible the brutality of capitalist systems that exploit and degrade people like obsolete commodities.

    But in eat-the-rich horror, it is the wealthy themselves who become the monsters. The locus of repression becomes their privilege, which is often built on exploitation, inequality and invisible or normalized forms of harm.

    These films render these abstract systems tangible by making the elite’s monstrosity visible, literal and grotesque.

    Revenge horror for the 99 per cent

    Recent horror films are increasingly using genre conventions to critique wealth, privilege and the systems that sustain them.

    Ready or Not turns the rich into bloodthirsty monsters who maintain their fortune through satanic rituals and human sacrifice. Grace (Samara Weaving) marries into the Le Domas family, board game magnates who initiate new family members with a deadly game of hide-and-seek. She must survive until dawn while her new in-laws hunt her down to fulfil a demonic pact.

    The film critiques the idea of inherited wealth as something earned or honourable, combining humour and horror to reflect anxieties about class entrenchment and the moral decay of the elite.

    Trailer for the 2019 horror film ‘Ready or Not.’

    The Le Domases are monstrous not only for their violence, but for how casually they justify it. When several maids are accidentally killed in the chaos, they react with self-pity, indifferent to who must be sacrificed to maintain their wealth.

    In The Menu, the rich are portrayed as monstrous not through physical violence, but through their moral failings — like financial crimes and infidelity — and their hollow consumption of culture.

    Celebrity chef Julian Slowik (Ralph Fiennes) lures wealthy foodies to his exclusive island restaurant, using food as a weaponized form of art to expose guests’ hypocrisy and misdeeds. In one scene, guests are served tortillas laser-printed with incriminating images, such as banking records and evidence of fraudulent activity.

    The tortilla scene from the 2022 horror film ‘The Menu.’

    The film criticizes consumption in an industry where food is no longer a source of enjoyment or sustenance, but a status symbol for the elite to display their wealth and taste.

    Why these films are striking a nerve now

    It’s no surprise that audiences are turning to horror to make sense of systems that feel increasingly bleak and inescapable. In Canada, the cost of living continues to outpace wages, housing affordability remains an issue for many, while grocery prices are a source of horror in their own right.

    A university degree, once considered a reliable path to stability, no longer guarantees the financial security of a salaried job. Many Canadians now rely on gig economy jobs as supplementary income.

    Meanwhile, the wealth gap is increasing and obscene displays of wealth — like a multi-million-dollar wedding — can feel disconnected, even offensive, to people experiencing financial precarity.

    Eat-the-rich films tap into this collective sense of injustice, transforming economic and social anxieties into a cathartic spectacle where ultra-wealthy villains are held accountable for their actions.

    Margot, played by Anya Taylor-Joy, and executive chef Julian Slowik, played by Ralph Fiennes, in ‘The Menu.’
    (Eric Zachanowich/Searchlight Pictures)

    At the end of Ready or Not, the members of the Le Domas family explode one by one and their mansion burns down. In The Menu, the guests are dressed up like s’mores and immolated. In both films, fire serves as a symbolic cleansing of the wealthy, their power and the systems that protect them.

    More than that, these films provide someone to root for: working-class protagonists who are targeted by the elite but ultimately survive. Former foster child Grace fights her way through a pack of murderous millionaires, while escort Margot/Erin (Anya Taylor-Joy) is spared when she rejects the pretentiousness of fine dining and orders a humble cheeseburger instead.

    In this way, horror becomes a form of narrative resistance, illustrating class rage through characters who refuse to be consumed by the systems trying to oppress them. While inequality and exploitation persist in reality, eat-the-rich films offer escape, and even justice, on screen.

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

    – ref. ‘Eat the rich’ — Why horror films are taking aim at the ultra-wealthy – https://theconversation.com/eat-the-rich-why-horror-films-are-taking-aim-at-the-ultra-wealthy-260550

    MIL OSI –

  • MIL-OSI Canada: Update 15: Alberta wildfire update (July 22, 3 p.m.)

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Canada: Saskatchewan Wildfire Update July 22

    Source: Government of Canada regional news

    Released on July 22, 2025

    As of 11:00 a.m. on Tuesday, July 22, there are 49 active wildfires in Saskatchewan. Of those active fires, one is categorized as contained, 14 are not contained, 17 are ongoing assessments and 17 are listed as protecting values. 

    Eleven communities are currently under an evacuation order: Resort Subdivision of Lac La Plonge, La Plonge Reserve, Northern Village of Beauval, Jans Bay, Patuanak/English River First Nation, Montreal Lake Cree Nation, Northern Village of Pinehouse, Canoe Lake Cree First Nation/Canoe Narrows, Île-à-la-Crosse, Resort Subdivision of Cole Bay and Resort Subdivision of Little Amyot Lake. 

    There are four active declarations of local emergency due to wildfire: Resort Subdivision of Lac La Plonge, Northern Village of Beauval, Resort Subdivision of Little Amyot Lake and Northern Hamlet of Cole Bay. 

    A full list of evacuated communities can be found on the Active Evacuations webpage. 

    The Saskatchewan Public Safety Agency (SPSA) reminds the public that it is important to be prepared should an evacuation alert or an evacuation order be issued for your community. An evacuation alert is to be prepared to leave on short notice while an evacuation order indicates that you are at risk and need to leave immediately using routes provided by officials. 

    Part of the preparation is being ready to leave, including:

    • keeping your vehicle fuelled;
    • being set to evacuate livestock or pets if needed; and
    • checking in on neighbours who may need assistance.

    More information on evacuation planning can be found in the Wildfire Emergency Planning fact sheet.  

    Any evacuees should register through the Sask Evac Web Application and then call 1-855-559-5502 between 8 a.m. and 5 p.m. to have their needs assessed for additional assistance. Individuals who need help registering through the application can call the 855 Line for assistance. 

    Evacuees supported by the Canadian Red Cross should call 1-800-863-6582. 

    As a reminder, there is a fire ban that is still in place due to the extreme fire risk. The ban encompasses the area north of the provincial forest boundary up to the Churchill River. The fire ban prohibits any open fires, controlled burns and fireworks in the designated boundary. This includes provincial parks, provincial recreation sites and the Northern Saskatchewan Administrative District within those boundaries. 

    The latest wildfire information, an interactive fire ban map, frequently asked questions, fire risk maps and fire prevention tips can be found at saskpublicsafety.ca. 

    Review the current fire bans and restrictions in provincial parks and recreation sites. 

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI: FS Bancorp, Inc. Reports Second Quarter Net Income of $7.7 Million or $0.99 Per Diluted Share and Declares 50th Consecutive Quarterly Cash Dividend in Addition to a Special Dividend 

    Source: GlobeNewswire (MIL-OSI)

    MOUNTLAKE TERRACE, Wash., July 22, 2025 (GLOBE NEWSWIRE) — FS Bancorp, Inc. (NASDAQ: FSBW) (the “Company”), the holding company for 1st Security Bank of Washington (the “Bank”) today reported 2025 second quarter net income of $7.7 million, or $0.99 per diluted share, compared to $9.0 million, or $1.13 per diluted share, for the comparable quarter one year ago. For the six months ended June 30, 2025, net income was $15.7 million, or $1.99 per diluted share, compared to net income of $17.4 million, or $2.20 per diluted share, for the comparable six-month period in 2024.

    “We are proud of the balance sheet growth this quarter driven by solid loan demand. Additionally, our share repurchase activity reflects our continued confidence and commitment to delivering long-term value to our shareholders,” stated Phillip Whittington, CFO.

    “We are pleased to announce that our Board of Directors has approved our 50th consecutive quarterly cash dividend of $0.28 per common share, demonstrating our continued commitment to delivering value to our shareholders. In recognition of this milestone, the Board also approved a special dividend of $0.22 per common share. Both dividends will be paid on August 21, 2025, to shareholders of record as of August 7, 2025,” noted Matthew Mullet, President.

    2025 Second Quarter Highlights

    • Net income was $7.7 million for the second quarter of 2025, compared to $8.0 million for the previous quarter, and $9.0 million for the comparable quarter one year ago;
    • Total deposits decreased $61.8 million, or 2.4%, to $2.55 billion at June 30, 2025, primarily due to a decrease of $59.1 million in brokered deposits, compared to $2.62 billion at March 31, 2025, and increased $170.6 million, or 7.2%, from $2.38 billion at June 30, 2024.  Noninterest-bearing deposits were $654.1 million at June 30, 2025, $676.7 million at March 31, 2025, and $623.3 million at June 30, 2024;
    • Borrowings increased $165.5 million, or 240.5% to $234.3 million at June 30, 2025, compared to $68.8 million at March 31, 2025, and increased $52.4 million, or 28.8%, from $181.9 million at June 30, 2024;
    • Loans receivable, net increased $81.2 million, or 3.2%, to $2.58 billion at June 30, 2025, compared to $2.50 billion at March 31, 2025, and increased $125.1 million, or 5.1%, from $2.46 billion at June 30, 2024;
    • Consumer loans were $606.3 million at June 30, 2025, a decrease of $2.6 million, or 0.4%, from $608.9 million in the previous quarter, and a decrease of $35.4 million, or 5.5%, from $641.7 million in the comparable quarter one year ago. During the three months ended June 30, 2025, consumer loan originations included 82.5% of home improvement loans originated with a Fair Isaac Corporation (“FICO”) score above 720;
    • Repurchased 132,282 shares of the Company’s common stock in the second quarter of 2025 at an average price of $38.92 per share with $725,000 remaining for future purchases under the existing share repurchase plan at June 30, 2025. In addition, as previously announced on July 9, 2025, the Board approved a new share repurchase plan authorizing the repurchase of up to $5.0 million in shares of the Company’s outstanding common stock;
    • Book value per share increased $0.43 to $39.55 at June 30, 2025, compared to $39.12 at March 31, 2025, and increased $2.40 from $37.15 at June 30, 2024.  Tangible book value per share (non-GAAP financial measure) increased $0.50 to $37.46 at June 30, 2025, compared to $36.96 at March 31, 2025, and increased $2.80 from $34.66 at June 30, 2024. See, “Non-GAAP Financial Measures;”
    • Segment reporting in the second quarter of 2025 reflected net income of $7.4 million for the Commercial and Consumer Banking segment and $351,000 for the Home Lending segment, compared to net income of $7.8 million and $242,000 in the prior quarter, and net income of $8.0 million and $1.0 million in the second quarter of 2024, respectively; and
    • Regulatory capital ratios at the Bank were 14.1% for total risk-based capital and 11.2% for Tier 1 leverage capital at June 30, 2025, compared to 14.4% for total risk-based capital and 11.3% for Tier 1 leverage capital at March 31, 2025.

    Segment Reporting

    The Company operates through two reportable segments: Commercial and Consumer Banking and Home Lending. The Commercial and Consumer Banking segment provides diversified financial products and services to our commercial and consumer customers. These products and services include deposit products; residential, consumer, business and commercial real estate lending and cash management services. This segment also manages the Bank’s investment portfolio and other assets. The Home Lending segment originates one-to-four-family residential mortgage loans primarily for sale in the secondary markets as well as loans held for investment.

    The tables below provide a summary of segment reporting at or for the three and six months ended June 30, 2025 and 2024 (dollars in thousands):

        At or For the Three Months Ended June 30, 2025  
    Condensed income statement:   Commercial and Consumer Banking     Home Lending     Total  
    Net interest income(1)   $ 29,179     $ 2,933     $ 32,112  
    Provision for credit losses     (1,849 )     (172 )     (2,021 )
    Noninterest income(2)     2,297       2,873       5,170  
    Noninterest expense(3)     (20,313 )     (5,189 )     (25,502 )
    Income before provision for income taxes     9,314       445       9,759  
    Provision for income taxes     (1,937 )     (94 )     (2,031 )
    Net income   $ 7,377     $ 351     $ 7,728  
    Total average assets for period ended   $ 2,466,917     $ 649,443     $ 3,116,360  
    Full-time employees (“FTEs”)     452       115       567  
        At or Three Months Ended June 30, 2024
    Condensed income statement:   Commercial and Consumer Banking   Home Lending   Total
    Net interest income(1)   $ 28,051     $ 2,350     $ 30,401  
    (Provision) recovery for credit losses     (1,214 )     137       (1,077 )
    Noninterest income(2)     2,269       3,599       5,868  
    Noninterest expense(3)     (19,043 )     (4,814 )     (23,857 )
    Income before provision for income taxes     10,063       1,272       11,335  
    Provision for income taxes     (2,113 )     (263 )     (2,376 )
    Net income   $ 7,950     $ 1,009     $ 8,959  
    Total average assets for period ended   $ 2,359,741     $ 588,090     $ 2,947,831  
    FTEs     450       121       571  
        At or For the Six Months Ended June 30, 2025  
    Condensed income statement:   Commercial and Consumer Banking     Home Lending     Total  
    Net interest income(1)   $ 57,586     $ 5,507     $ 63,093  
    Provision for credit losses     (3,170 )     (443 )     (3,613 )
    Noninterest income(2)     4,542       5,754       10,296  
    Noninterest expense(3)     (40,489 )     (10,067 )     (50,556 )
    Income before provision for income taxes     18,469       751       19,220  
    Provision for income taxes     (3,314 )     (157 )     (3,471 )
    Net income   $ 15,155     $ 594     $ 15,749  
    Total average assets for period ended   $ 2,440,654     $ 634,013     $ 3,074,667  
    FTEs     452       115       567  
        At or For the Six Months Ended June 30, 2024  
    Condensed income statement:   Commercial and Consumer Banking     Home Lending     Total  
    Net interest income(1)   $ 56,137     $ 4,610     $ 60,747  
    Provision for credit losses     (2,465 )     (11 )     (2,476 )
    Noninterest income(2)     4,662       6,317       10,979  
    Noninterest expense(3)     (38,051 )     (9,335 )     (47,386 )
    Income before provision for income taxes     20,283       1,581       21,864  
    Provision for income taxes     (4,182 )     (326 )     (4,508 )
    Net income   $ 16,101     $ 1,255     $ 17,356  
    Total average assets for period ended   $ 2,380,803     $ 572,386     $ 2,953,189  
    FTEs     450       121       571  

    __________________________

    (1)   Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of assigned liabilities to fund segment assets.
    (2)   Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the three and six months ended June 30, 2025, the Company recorded a net increase in fair value of $3,000 and $266,000, respectively, compared to a net increase in fair value of $184,000 and $186,000, respectively for the three and six months ended June 30, 2024. As of June 30, 2025 and 2024, there were $13.2 million and $13.9 million, respectively, in residential mortgage loans recorded at fair value as they were previously transferred from loans held for sale to loans held for investment.
    (3)   Noninterest expense includes allocated overhead expense from general corporate activities. Allocation is determined based on a combination of segment assets and FTEs.  For the three and six months ended June 30, 2025 and 2024, the Home Lending segment included allocated overhead expenses of $1.8 million and $3.7 million, compared to $1.5 million and $3.0 million, respectively.
         

    Asset Summary

    The following table presents the components and changes in total assets as of the dates indicated.

    ASSETS                           Linked Quarter     Prior Year  
    (Dollars in thousands)   June 30,     March 31,     June 30,     Change     Quarter Change  
        2025     2025     2024     $     %     $     %  
    Cash and due from banks   $ 15,168     $ 18,657     $ 20,005     $ (3,489 )     (19 )%   $ (4,837 )     (24 )%
    Interest-bearing deposits at other financial institutions     18,027       44,084       13,006       (26,057 )     (59 )     5,021       39  
    Total cash and cash equivalents     33,195       62,741       33,011       (29,546 )     (47 )     184       1  
    Certificates of deposit at other financial institutions     248       1,234       12,707       (986 )     (80 )     (12,459 )     (98 )
    Securities available-for-sale, at fair value     302,692       291,133       221,182       11,559       4       81,510       37  
    Securities held-to-maturity, net     31,562       10,434       8,455       21,128       202       23,107       273  
    Loans held for sale, at fair value     53,630       31,038       53,811       22,592       73       (181 )     —  
    Loans receivable, net     2,582,272       2,501,117       2,457,184       81,155       3       125,088       5  
    Accrued interest receivable     14,270       14,406       13,792       (136 )     (1 )     478       3  
    Premises and equipment, net     30,098       29,451       29,999       647       2       99       —  
    Operating lease right-of-use     7,969       4,979       5,784       2,990       60       2,185       38  
    Federal Home Loan Bank stock, at cost     11,579       5,256       10,322       6,323       120       1,257       12  
    Deferred tax asset, net     7,782       7,009       4,590       773       11       3,192       70  
    Bank owned life insurance (“BOLI”), net     38,262       38,778       38,201       (516 )     (1 )     61       —  
    MSRs, held at the lower of cost or fair value     8,652       8,926       9,352       (274 )     (3 )     (700 )     (7 )
    Goodwill     3,592       3,592       3,592       —       —       —       —  
    Core deposit intangible, net     12,071       12,879       15,483       (808 )     (6 )     (3,412 )     (22 )
    Other assets     38,139       43,105       23,912       (4,966 )     (12 )     14,227       59  
    TOTAL ASSETS   $ 3,176,013     $ 3,066,078     $ 2,941,377     $ 109,935       4 %   $ 234,636       8 %
                                                             

    The increase in total assets reflects the Company’s continued focus on balance sheet growth through loan origination and selective investment activity, funded by a combination of on-balance sheet liquidity and borrowings.

                                                                Prior  
    LOAN PORTFOLIO                                                   Linked     Year  
    (Dollars in thousands)                                                   Quarter     Quarter  
    COMMERCIAL REAL ESTATE   June 30, 2025     March 31, 2025     June 30, 2024     $     $  
    (“CRE”) LOANS   Amount     Percent     Amount     Percent     Amount     Percent     Change     Change  
    CRE owner occupied   $ 180,250       6.8 %   $ 164,911       6.5 %   $ 177,723       7.1 %   $ 15,339     $ 2,527  
    CRE non-owner occupied     171,979       6.6       174,188       6.9       181,681       7.3       (2,209 )     (9,702 )
    Commercial and speculative construction and development     300,723       11.5       288,978       11.4       220,793       8.9       11,745       79,930  
    Multi-family     263,185       10.1       244,940       9.7       239,675       9.6       18,245       23,510  
    Total CRE loans     916,137       35.0       873,017       34.5       819,872       32.9       43,120       96,265  
                                                                     
    RESIDENTIAL REAL ESTATE LOANS                                                                
    One-to-four-family (excludes HFS)     639,881       24.4       637,299       25.2       588,966       23.7       2,582       50,915  
    Home equity     85,613       3.3       73,846       2.9       73,749       3.0       11,767       11,864  
    Residential custom construction     54,024       2.1       48,810       1.9       53,416       2.1       5,214       608  
    Total residential real estate loans     779,518       29.8       759,955       30.0       716,131       28.8       19,563       63,387  
                                                                     
    CONSUMER LOANS                                                                
    Indirect home improvement     530,375       20.3       532,038       21.0       563,621       22.6       (1,663 )     (33,246 )
    Marine     72,765       2.8       73,737       2.9       74,627       3.0       (972 )     (1,862 )
    Other consumer     3,151       0.1       3,118       0.1       3,440       0.1       33       (289 )
    Total consumer loans     606,291       23.2       608,893       24.0       641,688       25.7       (2,602 )     (35,397 )
                                                                     
    COMMERCIAL BUSINESS LOANS                                                                
    Commercial and industrial (“C&I”)     294,563       11.3       274,956       10.9       285,183       11.6       19,607       9,380  
    Warehouse lending     17,952       0.7       15,949       0.6       25,548       1.0       2,003       (7,596 )
    Total commercial business loans     312,515       12.0       290,905       11.5       310,731       12.6       21,610       1,784  
    Total loans receivable, gross     2,614,461       100.0 %     2,532,770       100.0 %     2,488,422       100.0 %     81,691       126,039  
                                                                     
    Allowance for credit losses on loans     (32,189 )             (31,653 )             (31,238 )             (536 )     (951 )
    Total loans receivable, net   $ 2,582,272             $ 2,501,117             $ 2,457,184             $ 81,155     $ 125,088  
                                                                     

    The composition of CRE loans at the dates indicated were as follows:

    (Dollars in thousands)   June 30, 2025     March 31, 2025     June 30, 2024  
    CRE by Type:   Amount     Amount     Amount  
    CRE non-owner occupied:                        
    Office   $ 39,141     $ 39,406     $ 41,380  
    Retail     38,652       35,520       37,507  
    Hospitality/restaurant     26,489       27,377       28,314  
    Self-storage     19,075       19,092       19,141  
    Mixed use     18,387       18,868       18,062  
    Industrial     14,444       15,033       17,163  
    Senior housing/assisted living     7,448       7,506       7,675  
    Other     3,670       6,579       6,847  
    Land     2,206       2,314       3,021  
    Education/worship     2,467       2,493       2,571  
    Total CRE non-owner occupied     171,979       174,188       181,681  
    CRE owner occupied:                        
    Industrial     77,419       66,618       63,970  
    Office     40,156       40,447       41,978  
    Retail     19,470       20,535       20,885  
    Other     9,483       8,529       8,354  
    Hospitality/restaurant     7,230       7,306       10,800  
    Automobile related     7,215       7,266       8,200  
    Mixed use     5,548       5,579       5,680  
    Agriculture     4,652       3,990       3,639  
    Education/worship     4,630       4,641       4,610  
    Car wash     4,447       —       9,607  
    Total CRE owner occupied     180,250       164,911       177,723  
    Total   $ 352,229     $ 339,099     $ 359,404  
                             

    The following table includes CRE loans repricing or maturing within the next two years, excluding loans that reprice simultaneously with changes to the prime rate:

                                                              Current
    (Dollars in                                                         Weighted
    thousands)   For the Quarter Ended       Average
    CRE by type:   Sep 30, 2025   Dec 31, 2025   Mar 31, 2026   Jun 30, 2026   Sep 30, 2026   Dec 31, 2026   Mar 31, 2027   Jun 30, 2027   Total   Rate
    Agriculture   $ 716   $ 314   $ 178   $ 265   $ 287   $ —   $ —   $ —   $ 1,760   6.28 %
    Apartment     —     13,679     1,128     13,788     9,747     7,062     4,117     —     49,521   4.96 %
    Hotel / hospitality     2,393     —     113     1,243     —     —     103     —     3,852   5.26 %
    Industrial     —     10,002     976     586     1,578     —     13,412     263     26,817   5.12 %
    Mixed use     241     —     7,101     —     —     379     —     —     7,721   8.14 %
    Office     15,015     6,055     515     1,629     554     7,695     2,857     1,213     35,533   5.50 %
    Other     1,921     240     884     —     —     1,485     —     3,515     8,045   4.80 %
    Retail     1,020     —     421     3,448     —     3,399     3,027     2,801     14,116   4.26 %
    Education/worship     1,314     —     —     —     2,467     —     —     —     3,781   5.18 %
    Senior housing and assisted living     —     —     2,142     —     —     —     —     1,372     3,514   4.76 %
    Total   $ 22,620   $ 30,290   $ 13,458   $ 20,959   $ 14,633   $ 20,020   $ 23,516   $ 9,164   $ 154,660   5.22 %
                                                                 

    The composition of construction loans at the dates indicated were as follows:

    (Dollars in thousands)   June 30, 2025     March 31, 2025     June 30, 2024  
    Construction Types:   Amount     Percent     Amount     Percent     Amount     Percent  
    Commercial construction – retail   $ 8,447       2.4 %   $ 8,157       2.4 %   $ 8,698       3.2 %
    Commercial construction – office     9,083       2.6       6,487       1.9       4,737       1.7  
    Commercial construction – self storage     16,553       4.7       16,012       4.7       10,000       3.6  
    Commercial construction – hotel     3,673       1.0       402       0.1       7,807       2.8  
    Multi-family     23,119       6.5       31,275       9.3       30,960       11.3  
    Custom construction – single family residential and single family manufactured residential     45,570       12.8       41,143       12.2       46,106       16.8  
    Custom construction – land, lot and acquisition and development     8,454       2.4       7,667       2.3       7,310       2.7  
    Speculative residential construction – vertical     200,375       56.5       186,042       55.1       131,294       47.9  
    Speculative residential construction – land, lot and acquisition and development     39,473       11.1       40,603       12.0       27,297       10.0  
    Total   $ 354,747       100.0 %   $ 337,788       100.0 %   $ 274,209       100.0 %
                                                     

    Originations of one-to-four-family loans to purchase and refinance a home for the periods indicated were as follows:

    (Dollars in                                                 Prior Year  
    thousands)   For the Three Months Ended     Linked Quarter   Quarter  
        June 30, 2025     March 31, 2025     June 30, 2024     $   %   $     %  
        Amount   Percent     Amount   Percent     Amount   Percent     Change   Change   Change     Change  
    Purchase   $ 170,854   85.7 %   $ 120,719   83.0 %   $ 193,715   92.3 %   $ 50,135   41.5   $ (22,861 )   (11.8 )%
    Refinance     28,470   14.3       24,677   17.0       16,173   7.7       3,793   15.4     12,297     76.0 %
    Total   $ 199,324   100.0 %   $ 145,396   100.0 %   $ 209,888   100.0 %   $ 53,928   37.1   $ (10,564 )   (5.0 )%
    (Dollars in thousands)   For the Six Months Ended June 30,            
        2025     2024            
        Amount   Percent     Amount   Percent     $ Change   % Change  
    Purchase   $ 290,737   84.3 %   $ 329,292   90.5 %   $ (38,555 )   (11.7 ) %
    Refinance     53,983   15.7       34,545   9.5       19,438     56.3   %
    Total   $ 344,720   100.0 %   $ 363,837   100.0 %   $ (19,117 )   (5.3 ) %
                                             

    During the quarter ended June 30, 2025, the Company sold $127.1 million of one-to-four-family loans compared to $91.9 million during the previous quarter and $164.5 million during the same quarter one year ago. The increase in the volume of loans sold during the current quarter compared to the prior quarter was primarily due to seasonal factors, including the spring homebuying season. This increased demand for homes generally results in a higher volume of loan originations and, consequently, more loans available for sale. Gross margins on home loan sales decreased to 3.06% for the quarter ended June 30, 2025, compared to 3.26% in the previous quarter and increased from 2.96% in the same quarter one year ago. Gross margins are defined as the margin on loans sold (cash sales) without the impact of deferred costs.

    Liabilities and Equity Summary

    The following table summarizes the components and changes in deposits, borrowings, equity, and book value per common share at the dates indicated.

    (Dollars in thousands)                                                   Linked     Prior Year  
    Deposits   June 30, 2025     March 31, 2025     June 30, 2024     Quarter     Quarter  
    Transactional deposits:   Amount     Percent     Amount     Percent     Amount     Percent     $ Change     $ Change  
    Noninterest-bearing checking   $ 643,573       25.2 %   $ 659,417       25.2 %   $ 613,137       25.7 %   $ (15,844 )   $ 30,436  
    Interest-bearing checking:                                                                
    Retail deposits     181,240       7.1       171,396       6.6       166,839       7.0       9,844       14,401  
    Brokered deposits     30,020       1.2       30,073       1.1       —       —       (53 )     30,020  
    Total interest-bearing checking     211,260       8.3       201,469       7.7       166,839       7.0       9,791       44,421  
    Escrow accounts related to mortgages serviced(1)     10,496       0.4       17,289       0.7       10,212       0.4       (6,793 )     284  
    Subtotal     865,329       33.9       878,175       33.6       790,188       33.1       (12,846 )     75,141  
    Savings and money market:                                                                
    Savings     159,601       6.3       160,332       6.1       151,398       6.4       (731 )     8,203  
    Money market:                                                                
    Retail deposits     350,548       13.6       343,098       13.1       339,946       14.2       7,450       10,602  
    Brokered deposits     251       0.1       251       —       4,049       0.2       —       (3,798 )
    Total money market     350,799       13.7       343,349       13.1       343,995       14.4       7,450       6,804  
    Subtotal     510,400       20.0       503,681       19.2       495,393       20.8       6,719       15,007  
    Certificates of deposit:                                                                
    Retail CDs     891,355       34.9       881,630       33.7       823,866       34.6       9,725       67,489  
    Nonretail CDs:                                                                
    Online CDs     3,423       0.1       9,354       0.4       9,354       0.4       (5,931 )     (5,931 )
    Public CDs     2,114       0.1       2,440       0.1       2,983       0.1       (326 )     (869 )
    Brokered CDs     280,754       11.0       339,871       13.0       261,019       11.0       (59,117 )     19,735  
    Total nonretail CDs     286,291       11.2       351,665       13.5       273,356       11.5       (65,374 )     12,935  
    Subtotal     1,177,646       46.1       1,233,295       47.2       1,097,222       46.1       (55,649 )     80,424  
    Total deposits   $ 2,553,375       100.0 %   $ 2,615,151       100.0 %   $ 2,382,803       100.0 %   $ (61,776 )   $ 170,572  
    Borrowings(2)   $ 234,305             $ 68,805             $ 181,895             $ 165,500     $ 52,410  
    Equity   $ 297,203             $ 298,840             $ 284,026             $ (1,637 )   $ 13,177  
    Book value per common share   $ 39.55             $ 39.12             $ 37.15             $ 0.43     $ 2.40  

    __________________________

    (1)   Primarily noninterest-bearing accounts based on applicable state law.
    (2)   Comprised of FHLB advances and Federal Reserve Bank borrowings.
         

    At June 30, 2025, the Bank had uninsured deposits of approximately $677.2 million, compared to approximately $679.4 million at March 31, 2025, and $586.6 million at June 30, 2024.  The uninsured amounts are estimates based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements.

    In reference to the table above, the linked quarter decrease in stockholders’ equity at June 30, 2025, compared to March 31, 2025, was primarily due to share repurchases of $5.1 million, cash dividends paid of $2.1 million, and $525,000 in equity award compensation, partially offset by net income of $7.7 million. Stockholders’ equity was also impacted by a decline in unrealized fair value on securities available for sale of $1.2 million, net of tax, and fair value and cash flow hedges of $1.6 million, net of tax, reflecting changes in market interest rates during the quarter, resulting in a $2.8 million decrease in accumulated other comprehensive loss, net of tax.

    The Bank is considered “well capitalized” under the capital requirement established by the Federal Deposit Insurance Corporation (“FDIC”) and the Company exceeded all regulatory capital requirements. At June 30, 2025, capital ratios presented for the Bank and the Company were as follows:

        At June 30, 2025
        Bank   Company
    Total risk-based capital (to risk-weighted assets)   14.07 %   14.16 %
    Tier 1 leverage capital (to average assets)   11.18 %   9.65 %
    CET 1 capital (to risk-weighted assets)   12.82 %   11.07 %
                 

    Credit Quality

    The following table summarizes the changes in the ACL on loans, nonperforming loans, and substandard loans at the dates indicated.

    ACL ON LOANS   June 30,     March 31,     June 30,     Linked     Prior Year  
    (Dollars in thousands)   2025     2025     2024     Quarter     Quarter  
        Amount     Amount     Amount     $ Change     $ Change  
    Beginning ACL balance   $ (31,653 )   $ (31,870 )   $ (31,479 )   $ 217     $ (174 )
    Provision     (1,715 )     (1,505 )     (1,001 )     (210 )     (714 )
    Charge-offs                                        
    Indirect     1,555       1,579       825       (24 )     730  
    Marine     43       20       157       23       (114 )
    Other     42       37       33       5       9  
    Commercial business     —       433       733       (433 )     (733 )
    Subtotal     1,640       2,069       1,748       (429 )     (108 )
    Recoveries                                        
    Indirect     (330 )     (340 )     (307 )     10       (23 )
    Marine     (54 )     (3 )     (110 )     (51 )     56  
    Other     (7 )     (4 )     (4 )     (3 )     (3 )
    Commercial business     (70 )     —       (85 )     (70 )     15  
    Subtotal     (461 )     (347 )     (506 )     (114 )     45  
    Ending ACL balance   $ (32,189 )   $ (31,653 )   $ (31,238 )   $ (536 )   $ (951 )
    NONPERFORMING LOANS   June 30,   March 31,   June 30,   Linked   Prior Year
    (Dollars in thousands)   2025   2025   2024   Quarter   Quarter
    CRE LOANS   Amount   Amount   Amount   $ Change   $ Change
    CRE   $ 2,046   $ 1,196   $ 1,116   $ 850     $ 930  
    Commercial and speculative construction and development     9,083     6,487     4,737     2,596       4,346  
    Total CRE loans     11,129     7,683     5,853     3,446       5,276  
                                   
    RESIDENTIAL REAL ESTATE LOANS                              
    One-to-four-family (excludes HFS)     1,809     1,134     170     675       1,639  
    Home equity     251     252     156     (1 )     95  
    Total residential real estate loans     2,060     1,386     326     674       1,734  
                                   
    CONSUMER LOANS                              
    Indirect home improvement     3,365     2,821     2,319     544       1,046  
    Marine     567     648     327     (81 )     240  
    Other consumer     13     1     6     12       7  
    Total consumer loans     3,945     3,470     2,652     475       1,293  
                                   
    COMMERCIAL BUSINESS LOANS                              
    C&I     1,862     1,932     2,575     (70 )     (713 )
    Total nonperforming loans   $ 18,996   $ 14,471   $ 11,406   $ 4,525     $ 7,590  
                                       

    The increase in nonaccrual loans during the period was partly driven by a single commercial construction loan, which remains in active development. Ongoing construction disbursements on this loan contributed to a $2.6 million increase from the prior quarter and a $4.3 million increase compared to the same period last year. Increases in consumer loan delinquencies also contributed to the overall rise in nonaccrual loans between the periods. 

    CRITICIZED LOANS   June 30,   March 31,   June 30,   Linked   Prior Year
    (Dollars in thousands)   2025   2025   2024   Quarter   Quarter
    CRE LOANS   Amount   Amount   Amount   $ Change   $ Change
    CRE   $ 2,046   $ 2,040   $ 3,926   $ 6     $ (1,880 )
    Commercial and speculative construction and development     9,083     6,487     4,737     2,596       4,346  
    Total CRE loans     11,129     8,527     8,663     2,602       2,466  
                                   
    RESIDENTIAL REAL ESTATE LOANS                              
    One-to-four-family (excludes HFS)     4,383     3,728     2,854     655       1,529  
    Home equity     251     252     156     (1 )     95  
    Total residential real estate loans     4,634     3,980     3,010     654       1,624  
                                   
    CONSUMER LOANS                              
    Indirect home improvement     3,365     2,821     2,319     544       1,046  
    Marine     567     649     327     (82 )     240  
    Other consumer     13     1     6     12       7  
    Total consumer loans     3,945     3,471     2,652     474       1,293  
                                   
    COMMERCIAL BUSINESS LOANS                              
    C&I     5,220     7,524     9,954     (2,304 )     (4,734 )
    Total criticized loans   $ 24,928   $ 23,502   $ 24,279   $ 1,426     $ 649  
                                       

    Operating Results

    Net interest income increased $1.7 million to $32.1 million for the three months ended June 30, 2025, from $30.4 million for the three months ended June 30, 2024, primarily due to an increase in total interest income of $2.8 million, partially offset by an increase in interest expense of $1.1 million. The $2.8 million increase in total interest income was primarily due to an increase of $2.6 million in interest income on loans receivable, including fees, primarily as a result of net loan growth. The $1.1 million increase in total interest expense was primarily the result of higher average balances of deposits and borrowings to fund asset growth.

    For the six months ended June 30, 2025, net interest income increased $2.3 million to $63.1 million, from $60.7 million for the six months ended June 30, 2024, with a $4.7 million increase in total interest income, partially offset by a $2.3 million increase in interest expense for the same reasons mentioned above. 

    NIM (annualized) increased one basis point to 4.30% for the three months ended June 30, 2025, from 4.29% for the same period in the prior year and increased four basis points from 4.27% to 4.31% for the six months ended June 30, 2025. The change in NIM for the three and six months ended June 30, 2025, compared to the same period in 2024, reflects the increased yields on interest-earning assets, as a result of loan growth and repricing activity. The improvement also reflects a favorable shift in the asset mix and disciplined management of deposit and funding costs. 

    The average total cost of funds, including noninterest-bearing checking, increased one basis point to 2.39% for the three months ended June 30, 2025, from 2.38% for the three months ended June 30, 2024. This increase was predominantly due to higher average balances in borrowings. The average cost of funds increased eight basis points to 2.38% for the six months ended June 30, 2025, from 2.30% for the six months ended June 30, 2024, primarily for the same reason noted above as well as growth in the deposit mix from the prior year. 

    For the three and six months ended June 30, 2025, the provision for credit losses on loans was $2.0 million and $3.6 million, compared to $1.1 million and $2.5 million for the three and six months ended June 30, 2024, respectively. The provision for credit losses on loans reflects net loan growth and an increase in net charge-off activity.

    During the three months ended June 30, 2025, net charge-offs decreased $63,000 to $1.2 million, compared to the same period the prior year. During the six months ended June 30, 2025, net charge-offs increased $184,000, to $2.9 million, compared to $2.7 million during the six months ended June 30, 2024. The increase was primarily due to a $1.2 million increase in net charge-offs on indirect home improvement loans, partially offset by a $693,000 decrease in net charge-offs on commercial business loans and a $271,000 decrease in net charge-offs on marine loans. Management attributes the increase in net charge-offs for the current six month period to continued volatile economic conditions.

    Total noninterest income decreased $698,000 to $5.2 million for the three months ended June 30, 2025, from $5.9 million for the three months ended June 30, 2024. The decrease primarily reflects a $491,000 decrease in gain on sale of loans, primarily due to a decrease of loans available for sale, a $156,000 decrease in service charges and fee income and a $151,000 decrease in gain on sale of investment securities due to no sales activity in the current quarter compared to the same period last year. Total noninterest income decreased $683,000, to $10.3 million, for the six months ended June 30, 2025, from $11.0 million for the six months ended June 30, 2024. This decrease was primarily the result of a $629,000 decrease in gain on sale of loans, a $464,000 decrease in service charges and fee income, and a net decrease of $368,000 from no activity in gain on sales of MSRs and loss on sale of investment securities compared to an $8.2 million net gain on sale of MSRs, offset by the $7.8 million loss on sale of investment securities that occurred in the first half of 2024. These decreases in total noninterest income were partially offset by a $755,000 increase in other noninterest income as result of sales of nonmarketable equity securities at a $312,000 gain, bank owned life insurance proceeds of $195,000, and a $101,000 increase in brokered loans fees.

    Total noninterest expense was $25.5 million for the three months ended June 30, 2025, compared to $23.9 million for the three months ended June 30, 2024.  The $1.6 million increase was primarily due to a $710,000 increase in salaries and benefits, primarily due to competitive wage adjustments, a $305,000 increase in operations expense, and a $267,000 increase in professional and board fees.  Total noninterest expense increased $3.2 million to $50.6 million for the six months ended June 30, 2025, compared to $47.4 million for the six months ended June 30, 2024. Increases during the six month period ended June 30, 2025, compared to the same period last year included $1.7 million in salaries and benefits, $742,000 in operations expense, and $531,000 in professional and board fees.

    About FS Bancorp

    FS Bancorp, Inc., a Washington corporation, is the holding company for 1st Security Bank of Washington. The Bank offers a range of loan and deposit services primarily to small- and middle-market businesses and individuals in Washington and Oregon.  It operates through 27 bank branches, one headquarters office that provides loans and deposit services, and loan production offices in various suburban communities in the greater Puget Sound area, the Kennewick-Pasco-Richland metropolitan area of Washington, also known as the Tri-Cities, and in Vancouver, Washington. Additionally, the Bank services home mortgage customers across the Northwest, focusing on markets in Washington State including the Puget Sound, Tri-Cities, and Vancouver.

    Forward-Looking Statements

    When used in this press release and in other documents filed with or furnished to the Securities and Exchange Commission (the “SEC”), in press releases or other public stockholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases “believe,” “will,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “plans,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts but instead represent management’s current expectations and forecasts regarding future events, many of which are inherently uncertain and outside of our control. Actual results may differ, possibly materially from those currently expected or projected in these forward-looking statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements, include but are not limited to, the following: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels; labor shortages, the effects of inflation, recessionary pressures or slowing economic growth; changes in interest rates and the duration of such changes, including actions by the Federal Reserve, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and monetary and fiscal policy responses thereto and their impact on consumer and business behavior; geopolitical developments and international conflicts including but not limited to tensions or instability in Eastern Europe, the Middle east, and Asia, or the imposition of new or increased tariffs and trade restrictions, which may disrupt financial markets, global supply chains, energy prices, or economic activity in specific industry sectors; the effects of a federal government shutdown, debt ceiling standoff, or other fiscal policy uncertainty; increased competitive pressures, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan, and deposit products; adverse changes in the securities markets, the Company’s ability to execute its plans to grow its residential construction lending, mortgage banking, and warehouse lending operations, and the geographic expansion of its indirect home improvement lending; challenges arising from expanding into new geographic markets, products, or services; secondary market conditions for loans and the Company’s ability to originate loans for sale and sell loans in the secondary market; volatility in the mortgage industry; fluctuations in deposits; liquidity issues, including our ability to borrow funds or raise additional capital, if necessary; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; the ability to adapt to rapid technological changes, including advancements in artificial intelligence, digital banking, and cybersecurity; legislation or regulatory changes, including but not limited to shifts in capital requirements, banking regulation, tax laws, or consumer protection laws; vulnerabilities  in information systems or third-party service providers, including disruptions, breaches, or attacks; environmental, social and governance goals; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, domestic political unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other reports filed with or furnished to the SEC which are available on its website at www.fsbwa.com and on the SEC’s website at www.sec.gov.

    Any of the forward-looking statements that the Company makes in this press release and in the other public statements are based upon management’s beliefs and assumptions at the time they are made and may turn out to be incorrect because of the inaccurate assumptions the Company might make, because of the factors illustrated above or because of other factors that cannot be foreseen by the Company. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

     
    FS BANCORP, INC. AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands) (Unaudited)
                                         
                                Linked     Prior Year  
        June 30,     March 31,     June 30,     Quarter     Quarter  
    ASSETS   2025     2025     2024     % Change     % Change  
    Cash and due from banks   $ 15,168     $ 18,657     $ 20,005       (19 )     (24 )
    Interest-bearing deposits at other financial institutions     18,027       44,084       13,006       (59 )     39  
    Total cash and cash equivalents     33,195       62,741       33,011       (47 )     1  
    Certificates of deposit at other financial institutions     248       1,234       12,707       (80 )     (98 )
    Securities available-for-sale, at fair value     302,692       291,133       221,182       4       37  
    Securities held-to-maturity, net     31,562       10,434       8,455       202       273  
    Loans held for sale, at fair value     53,630       31,038       53,811       73       —  
    Loans receivable, net     2,582,272       2,501,117       2,457,184       3       5  
    Accrued interest receivable     14,270       14,406       13,792       (1 )     3  
    Premises and equipment, net     30,098       29,451       29,999       2       —  
    Operating lease right-of-use     7,969       4,979       5,784       60       38  
    Federal Home Loan Bank stock, at cost     11,579       5,256       10,322       120       12  
    Deferred tax asset, net     7,782       7,009       4,590       11       70  
    Bank owned life insurance (“BOLI”), net     38,262       38,778       38,201       (1 )     —  
    MSRs, held at the lower of cost or fair value     8,652       8,926       9,352       (3 )     (7 )
    Goodwill     3,592       3,592       3,592       —       —  
    Core deposit intangible, net     12,071       12,879       15,483       (6 )     (22 )
    Other assets     38,139       43,105       23,912       (12 )     59  
    TOTAL ASSETS   $ 3,176,013     $ 3,066,078     $ 2,941,377       4       8  
    LIABILITIES                                        
    Deposits:                                        
    Noninterest-bearing accounts   $ 654,069     $ 676,706     $ 623,349       (3 )     5  
    Interest-bearing accounts     1,899,306       1,938,445       1,759,454       (2 )     8  
    Total deposits     2,553,375       2,615,151       2,382,803       (2 )     7  
    Borrowings     234,305       68,805       181,895       241       29  
    Subordinated notes:                                        
    Principal amount     50,000       50,000       50,000       —       —  
    Unamortized debt issuance costs     (373 )     (389 )     (439 )     (4 )     (15 )
    Total subordinated notes less unamortized debt issuance costs     49,627       49,611       49,561       —       —  
    Operating lease liability     8,138       5,149       5,979       58       36  
    Other liabilities     33,365       28,522       37,113       17       (10 )
    Total liabilities     2,878,810       2,767,238       2,657,351       4       8  
    COMMITMENTS AND CONTINGENCIES                                        
    STOCKHOLDERS’ EQUITY                                        
    Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued or outstanding     —       —       —       —       —  
    Common stock, $.01 par value; 45,000,000 shares authorized; 7,618,543 shares issued and outstanding at June 30, 2025, 7,742,907 at March 31, 2025, and 7,742,607 at June 30, 2024     76       77       77       (1 )     (1 )
    Additional paid-in capital     48,418       52,806       55,834       (8 )     (13 )
    Retained earnings     268,509       262,945       243,651       2       10  
    Accumulated other comprehensive loss, net of tax     (19,800 )     (16,988 )     (15,536 )     17       27  
    Total stockholders’ equity     297,203       298,840       284,026       (1 )     5  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 3,176,013     $ 3,066,078     $ 2,941,377       4       8  
                                             
     
    FS BANCORP, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except per share amounts) (Unaudited)
                       
        Three Months Ended     Linked     Prior Year  
        June 30,     March 31,     June 30,     Quarter     Quarter  
    INTEREST INCOME   2025     2025     2024     % Change     % Change  
    Loans receivable, including fees   $ 45,038     $ 43,303     $ 42,406       4       6  
    Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions     3,665       3,485       3,534       5       4  
    Total interest and dividend income     48,703       46,788       45,940       4       6  
    INTEREST EXPENSE                                        
    Deposits     14,520       13,058       13,252       11       10  
    Borrowings     1,585       2,263       1,801       (30 )     (12 )
    Subordinated notes     486       485       486       —       —  
    Total interest expense     16,591       15,806       15,539       5       7  
    NET INTEREST INCOME     32,112       30,982       30,401       4       6  
    PROVISION FOR CREDIT LOSSES     2,021       1,592       1,077       27       88  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES     30,091       29,390       29,324       2       3  
    NONINTEREST INCOME                                        
    Service charges and fee income     2,323       2,244       2,479       4       (6 )
    Gain on sale of loans     1,972       1,700       2,463       16       (20 )
    Gain on sale of investment securities, net     —       —       151       NM       NM  
    Earnings on cash surrender value of BOLI     254       250       242       2       5  
    Other noninterest income     621       932       533       (33 )     17  
    Total noninterest income     5,170       5,126       5,868       1       (12 )
    NONINTEREST EXPENSE                                        
    Salaries and benefits     14,088       14,533       13,378       (3 )     5  
    Operations     3,824       3,445       3,519       11       9  
    Occupancy     1,780       1,717       1,669       4       7  
    Data processing     2,137       2,045       2,058       4       4  
    Loan costs     719       548       653       31       10  
    Professional and board fees     1,155       1,186       888       (3 )     30  
    FDIC insurance     554       538       450       3       23  
    Marketing and advertising     398       221       377       80       6  
    Amortization of core deposit intangible     809       831       919       (3 )     (12 )
    Impairment (recovery) of servicing rights     38       (9 )     (54 )     (522 )     (170 )
    Total noninterest expense     25,502       25,055       23,857       2       7  
    INCOME BEFORE PROVISION FOR INCOME TAXES     9,759       9,461       11,335       3       (14 )
    PROVISION FOR INCOME TAXES     2,031       1,440       2,376       41       (15 )
    NET INCOME   $ 7,728     $ 8,021     $ 8,959       (4 )     (14 )
    Basic earnings per share   $ 1.00     $ 1.02     $ 1.15       (2 )     (13 )
    Diluted earnings per share   $ 0.99     $ 1.01     $ 1.13       (2 )     (12 )
                                             
     
    FS BANCORP, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except per share amounts) (Unaudited)
                 
        Six Months Ended     Year  
        June 30,     June 30,     Over Year  
    INTEREST INCOME   2025     2024     % Change  
    Loans receivable, including fees   $ 88,340     $ 83,403       6  
    Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions     7,150       7,417       (4 )
    Total interest and dividend income     95,490       90,820       5  
    INTEREST EXPENSE                        
    Deposits     27,578       26,134       6  
    Borrowings     3,848       2,968       30  
    Subordinated note     971       971       —  
    Total interest expense     32,397       30,073       8  
    NET INTEREST INCOME     63,093       60,747       4  
    PROVISION FOR CREDIT LOSSES     3,613       2,476       46  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES     59,480       58,271       2  
    NONINTEREST INCOME                        
    Service charges and fee income     4,567       5,031       (9 )
    Gain on sale of loans     3,672       4,301       (15 )
    Gain on sale of MSRs     —       8,215       NM  
    Loss on sale of investment securities, net     —       (7,847 )     NM  
    Earnings on cash surrender value of BOLI     505       482       5  
    Other noninterest income     1,552       797       95  
    Total noninterest income     10,296       10,979       (6 )
    NONINTEREST EXPENSE                        
    Salaries and benefits     28,621       26,935       6  
    Operations     7,269       6,527       11  
    Occupancy     3,496       3,374       4  
    Data processing     4,182       4,016       4  
    Loan costs     1,267       1,238       2  
    Professional and board fees     2,342       1,811       29  
    FDIC insurance     1,092       982       11  
    Marketing and advertising     619       604       2  
    Amortization of core deposit intangible     1,639       1,860       (12 )
    Impairment of servicing rights     29       39       (26 )
    Total noninterest expense     50,556       47,386       7  
    INCOME BEFORE PROVISION FOR INCOME TAXES     19,220       21,864       (12 )
    PROVISION FOR INCOME TAXES     3,471       4,508       (23 )
    NET INCOME   $ 15,749     $ 17,356       (9 )
    Basic earnings per share   $ 2.02     $ 2.23       (9 )
    Diluted earnings per share   $ 1.99     $ 2.20       (10 )
                             

    KEY FINANCIAL RATIOS AND DATA (Unaudited)

        At or For the Three Months Ended  
        June 30,     March 31,     June 30,  
    PERFORMANCE RATIOS:   2025     2025     2024  
    Return on assets (ratio of net income to average total assets)(1)     0.99 %     1.07 %     1.22 %
    Return on equity (ratio of net income to average total stockholders’ equity)(1)     10.29       10.80       12.72  
    Yield on average interest-earning assets(1)     6.52       6.53       6.48  
    Average total cost of funds(1)     2.39       2.38       2.38  
    Interest rate spread information – average during period     4.13       4.15       4.10  
    Net interest margin(1)     4.30       4.32       4.29  
    Operating expense to average total assets(1)     3.28       3.35       3.26  
    Average interest-earning assets to average interest-bearing liabilities(1)     140.98       142.94       143.64  
    Efficiency ratio(2)     68.40       69.39       65.78  
    Common equity ratio (ratio of stockholders’ equity to total assets)     9.36       9.75       9.66  
    Tangible common equity ratio(3)     8.91       9.26       9.07  
        For the Six Months Ended  
        June 30,     June 30,  
    PERFORMANCE RATIOS:   2025     2024  
    Return on assets (ratio of net income to average total assets)     1.03 %     1.18 %
    Return on equity (ratio of net income to average total stockholders’ equity)     10.55       12.51  
    Yield on average interest-earning assets     6.52       6.39  
    Average total cost of funds     2.38       2.30  
    Interest rate spread information – average during period     4.14       4.09  
    Net interest margin     4.31       4.27  
    Operating expense to average total assets     3.32       3.23  
    Average interest-earning assets to average interest-bearing liabilities     141.93       144.07  
    Efficiency ratio(2)     68.89       66.07  
        June 30,     March 31,     June 30,  
    ASSET QUALITY RATIOS AND DATA:   2025     2025     2024  
    Nonperforming assets to total assets at end of period(4)     0.60 %     0.47 %     0.39 %
    Nonperforming loans to total gross loans (excluding loans HFS)(5)     0.73       0.57       0.46  
    Allowance for credit losses – loans to nonperforming loans(5)     168.89       219.08       273.95  
    Allowance for credit losses – loans to total gross loans (excluding loans HFS)     1.23       1.25       1.26  
        At or For the Three Months Ended    
        June 30,       March 31,       June 30,    
    PER COMMON SHARE DATA:   2025       2025       2024    
    Basic earnings per share   $ 1.00       $ 1.02       $ 1.15    
    Diluted earnings per share   $ 0.99       $ 1.01       $ 1.13    
    Weighted average basic shares outstanding     7,580,576         7,695,320         7,688,246    
    Weighted average diluted shares outstanding     7,698,173         7,805,728         7,796,253    
    Common shares outstanding at end of period     7,515,480   (6)     7,639,844   (7)     7,644,463   (8)
    Book value per share using common shares outstanding   $ 39.55       $ 39.12       $ 37.15    
    Tangible book value per share using common shares outstanding(9)   $ 37.46       $ 36.96       $ 34.66    

    __________________________

    (1)   Annualized.
    (2)   Total noninterest expense as a percentage of net interest income and total noninterest income.
    (3)   Represents a non-GAAP financial measure.  For a reconciliation to the most comparable GAAP financial measure, see “Non-GAAP Financial Measures” below.
    (4)   Nonperforming assets consist of nonperforming loans (which include nonaccruing loans and accruing loans more than 90 days past due), foreclosed real estate and other repossessed assets.
    (5)   Nonperforming loans consist of nonaccruing loans and accruing loans 90 days or more past due.
    (6)   Common shares were calculated using shares outstanding of 7,618,543 at June 30, 2025, less 103,063 unvested restricted stock shares.
    (7)   Common shares were calculated using shares outstanding of 7,742,907 at March 31, 2025, less 103,063 unvested restricted stock shares.
    (8)   Common shares were calculated using shares outstanding of 7,742,607 at June 30, 2024, less 98,144 unvested restricted stock shares.
    (9)   Tangible book value per share using outstanding common shares excludes intangible assets. This ratio represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” below.
         
    (Dollars in thousands)   For the Three Months Ended June 30,     For the Six Months Ended June 30,     QTR Over QTR     YTD Over YTD  
    Average Balances   2025     2024     2025     2024     $ Change     $ Change  
    Assets                                                
    Loans receivable, net(1)   $ 2,612,959     $ 2,511,326     $ 2,586,598     $ 2,487,964     $ 101,633     $ 98,634  
    Securities available-for-sale, at amortized cost     332,705       283,422       321,622       307,417       49,283       14,205  
    Securities held-to-maturity     21,401       8,500       15,063       8,500       12,901       6,563  
    Interest-bearing deposits and certificates of deposit at other financial institutions     8,775       41,613       10,353       50,563       (32,838 )     (40,210 )
    FHLB stock, at cost     19,502       7,040       17,840       4,607       12,462       13,233  
    Total interest-earning assets     2,995,342       2,851,901       2,951,476       2,859,051       143,441       92,425  
    Noninterest-earning assets     121,018       95,930       123,191       94,138       25,088       29,053  
    Total assets   $ 3,116,360     $ 2,947,831     $ 3,074,667     $ 2,953,189     $ 168,529     $ 121,478  
    Liabilities                                                
    Interest-bearing deposit accounts   $ 1,924,586     $ 1,794,966     $ 1,845,534     $ 1,813,865     $ 129,620     $ 31,669  
    Borrowings     150,492       140,964       184,377       121,057       9,528       63,320  
    Subordinated notes     49,617       49,550       49,608       49,542       67       66  
    Total interest-bearing liabilities     2,124,695       1,985,480       2,079,519       1,984,464       139,215       95,055  
    Noninterest-bearing deposit accounts     657,820       637,345       660,805       647,214       20,475       13,591  
    Other noninterest-bearing liabilities     32,700       41,785       33,218       42,516       (9,085 )     (9,298 )
    Total liabilities   $ 2,815,215     $ 2,664,610     $ 2,773,542     $ 2,674,194     $ 150,605     $ 99,348  

    __________________________

    (1)   Includes loans HFS.
         

    Non-GAAP Financial Measures:

    In addition to financial results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release presents non-GAAP financial measures that include tangible book value per share, and tangible common equity ratio. Management believes that providing the Company’s tangible book value per share and tangible common equity ratio is consistent with the capital treatment utilized by the investment community, which excludes intangible assets from the calculation of risk-based capital ratios and facilitates comparison of the quality and composition of the Company’s capital over time and to its competitors. Where applicable, the Company has also presented comparable GAAP information.

    These non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. They should not be considered in isolation or as a substitute for total stockholders’ equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

    Reconciliation of the GAAP book value per share and common equity ratio and the non-GAAP tangible book value per share and tangible common equity ratio is presented below.

    (Dollars in thousands, except share and per share amounts)   June 30,   March 31,   June 30,  
    Tangible Book Value Per Share:   2025   2025   2024  
    Stockholders’ equity (GAAP)   $ 297,203     $ 298,840     $ 284,026    
    Less: goodwill and core deposit intangible, net     (15,663 )     (16,471 )     (19,075 )  
    Tangible common stockholders’ equity (non-GAAP)   $ 281,540     $ 282,369     $ 264,951    
                         
    Common shares outstanding at end of period     7,515,480   (1)   7,639,844   (2)   7,644,463   (3)
                         
    Book value per share (GAAP)   $ 39.55     $ 39.12     $ 37.15    
    Tangible book value per share (non-GAAP)   $ 37.46     $ 36.96     $ 34.66    
                         
    Tangible Common Equity Ratio:                    
    Total assets (GAAP)   $ 3,176,013     $ 3,066,078     $ 2,941,377    
    Less: goodwill and core deposit intangible assets     (15,663 )     (16,471 )     (19,075 )  
    Tangible assets (non-GAAP)   $ 3,160,350     $ 3,049,607     $ 2,922,302    
                         
    Common equity ratio (GAAP)     9.36   %   9.75   %   9.66   %
    Tangible common equity ratio (non-GAAP)     8.91       9.26       9.07    

    _________________________

    (1)   Common shares were calculated using shares outstanding of 7,618,543 at June 30, 2025, less 103,063 unvested restricted stock shares.
    (2)   Common shares were calculated using shares outstanding of 7,742,907 at March 31, 2025, less 103,063 unvested restricted stock shares.
    (3)   Common shares were calculated using shares outstanding of 7,742,607 at June 30, 2024, less 98,144 unvested restricted stock shares.
         

    Contacts:
    Joseph C. Adams,
    Chief Executive Officer
    Matthew D. Mullet,
    President
    Phillip D. Whittington,
    Chief Financial Officer

    (425) 771-5299
    www.FSBWA.com

    The MIL Network –

  • MIL-OSI: First Bank Announces Second Quarter 2025 Net Income of $10.2 Million

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, N.J. , July 22, 2025 (GLOBE NEWSWIRE) — First Bank (Nasdaq Global Market: FRBA) (“the Bank”) today announced results for the second quarter of 2025. Net income for the second quarter of 2025 was $10.2 million, or $0.41 per diluted share, compared to $11.1 million, or $0.44 per diluted share, for the second quarter of 2024. Return on average assets, return on average equity and return on average tangible equityi for the second quarter of 2025 were 1.04%, 9.77% and 11.16%, respectively, compared to 1.23%, 11.52% and 13.40%, respectively, for the second quarter of 2024. 

    Second Quarter 2025 Performance Highlights:

    • Total loans of $3.33 billion at June 30, 2025 grew $91.2 million, or 11.3%, annualized, from the linked quarter ended March 31, 2025.
    • Total deposits were $3.17 billion at June 30, 2025, increasing $48.4 million, or 6.2% annualized, from the linked quarter ended March 31, 2025.
    • Net interest margin measured 3.65% for the second quarter of 2025, remaining stable compared to the first quarter of 2025.
    • Tangible book value per shareii grew to $14.87 at June 30, 2025, increasing 11.1%, annualized, from $14.47 at March 31, 2025.
    • Strong asset quality continued, with nonperforming assets decreasing to 0.40% of total assets at June 30, 2025, compared to 0.42% at March 31, 2025 and 0.56% at June 30, 2024. 

    “We are pleased to report growth in high-quality loans and deposits that continues to enhance our core earnings profile,” said Patrick L. Ryan, President and CEO of First Bank. “Our team’s robust performance in expanding commercial and industrial (“C&I”) loans and non-interest bearing deposits during the first half of 2025 demonstrates effective execution of our strategy to grow deep middle market commercial relationships. We have achieved substantial organic growth in our primary areas of focus while maintaining a stable net interest margin, solid asset quality, and an efficiency ratio that remained below 60% for the 24th consecutive quarter. These successes positioned First Bank to deliver an 11.1% annualized increase in tangible book value per share during the second quarter.”

    Mr. Ryan added, “We anticipate our pace of loan growth will likely moderate in the second half of 2025 as we continue to prioritize relationship-building and profitability over volume amid continued competition in the deposit market. With a focus on continuing to maximize our risk-adjusted returns on shareholders’ equity, we expect to realize additional benefits from the prudent management of our capital, such as the reduced debt costs afforded by our recent subordinated debt issuance, and by delivering enhanced returns to our shareholders through share buybacks. Furthermore, we remain committed to proactive investments designed to scale our business and achieve top quartile profitability relative to our peers.”

    Income Statement

    In the second quarter of 2025, the Bank’s net interest income increased to $34.0 million, growing $3.5 million, or 11.4%, compared to the same period in 2024. The increase was primarily driven by an increase of $3.6 million in interest income, reflecting higher average loan balances, which outpaced the $140,000 increase in interest expense. Net interest income increased $1.9 million, or 6.0%, over the linked quarter of 2025. This increase was primarily driven by a $3.4 million increase in interest income, primarily due to higher average loan balances and yields, partially offset by an increase of $1.5 million in interest expense, primarily resulting from higher average borrowings during the second quarter of 2025.

    The Bank’s tax equivalent net interest margin measured 3.65% for the second quarter of 2025, increasing by three basis points from 3.62% for the prior year quarter, and remaining stable as compared to the linked quarter ended March 31, 2025. The modest improvement from the prior year quarter was driven by an improved interest rate spread, reflecting declines in average rates on deposits and borrowings which outpaced the reduction in average rates on earning assets. The Bank’s net interest margin remained stable as compared to the linked quarter primarily due to a slight increase in average rates on loans and a slight decrease in average rate on deposits, offset by the increased cost on subordinated debt. The Bank’s tax equivalent net interest margin includes the impact of amortization and accretion of premiums and discounts from fair value measurements of assets acquired and liabilities assumed in acquisitions. The net impact of amortization of premiums and accretion of discounts from fair value measurements of assets acquired and liabilities assumed in acquisitions was a $2.7 million increase in net interest income during the second quarter of 2025, compared to $2.8 million for the quarter ended March 31, 2025.

    The Bank recorded a credit loss expense totaling $2.6 million during the second quarter of 2025, compared to credit loss expense totaling $1.5 million for the first quarter of 2025 and $63,000 for the second quarter of 2024. The increased credit loss expense for the second quarter of 2025 is primarily due to the Bank’s loan growth during the quarter, and to a lesser extent, slight increases in net charge-offs and specific reserves. The Bank’s credit loss expense for the second quarter of 2024 reflected the Bank’s strong and stable asset quality and modest loan growth during the quarter.

    In the second quarter of 2025, the Bank recorded non-interest income totaling $2.7 million, compared to $689,000 during the same period in 2024 and $2.0 million during the first quarter of 2025. Non-interest income increased from both periods primarily due to higher loan fee income and a $397,000 gain on the sale of a corporate facility acquired through Malvern acquisition. Additionally, during the second quarter of 2024, the Bank recorded approximately $900,000 in net realized losses on the sale of certain loans as part of its balance sheet repositioning initiatives taken following its acquisition of Malvern Bank in 2023.

    Non-interest expense for the second quarter of 2025 was $20.9 million, an increase of $2.9 million, or 16.2%, compared to $18.0 million for the prior year quarter. Higher non-interest expense was largely due to an increase of $1.1 million in salaries and employee benefits related to a larger employee base and $863,000 in one-time executive severance payments, a $429,000 increase in other expense primarily due to a settlement loss of $220,000 relating to a letter of credit commitment acquired through the Malvern Bank acquisition and other miscellaneous increases related to the Bank’s significant growth over the last twelve months, and $268,000 in higher occupancy and equipment costs due to ongoing branch network optimization initiatives and new branch locations added over the past year.

    On a linked quarter basis, non-interest expense increased $483,000 from $20.4 million for the first quarter of 2025. The linked quarter growth primarily reflects increases of $841,000 in salaries and employee benefits costs primarily related to the aforementioned executive severance payments and settlement loss during the second quarter. This was partially offset by a decrease in other real estate owned (“OREO”) expense due to an $815,000 impairment of an OREO asset recorded during the linked quarter and the subsequent $34,000 gain on the sale of that property during second quarter 2025.

    Income tax expense for the three months ended June 30, 2025 was $3.0 million with an effective tax rate of 22.9%, compared to $2.1 million with an effective tax rate of 16.2% for the second quarter of 2024. The effective tax rate for the second quarter of 2024 was lower due to the recognition of a $1.1 million tax benefit associated with the enactment of the New Jersey Corporate Transit Fee during that period and the related revaluation of the Bank’s deferred tax assets. Income tax expense for the six months ended June 30, 2025 was $5.8 million with an effective tax rate of 22.8%. We anticipate our future effective tax rate will be relatively stable and should not be significantly impacted by any recent legislative tax changes.

    On July 4, 2025, subsequent to the end of the Company’s second fiscal quarter, the one big beautiful bill (“OBBB”) was enacted into law. The legislation includes a number of significant tax-related provisions, including changes affecting corporate tax incentives, international tax provisions, and various business credits and deductions. Pursuant to ASC 740, Income Taxes, the Company will recognize the effects of the OBBB in the third fiscal quarter of 2025, the period in which the legislation was enacted. The Company is currently evaluating the potential impact of the OBBB on its financial statements and, based on its preliminary assessment, does not expect the legislation to have a material impact.

    Balance Sheet

    The Bank reported total assets of $4.02 billion as of June 30, 2025, an increase of $403.6 million, or 11.2%, from $3.62 billion at June 30, 2024. Total loans increased $329.3 million, or 11.0%, to $3.33 billion at June 30, 2025 compared to $3.00 billion at June 30, 2024. The increase reflects strong organic loan growth, particularly in the C&I and owner-occupied commercial real estate portfolios. 

    Total assets increased $239.0 million, or 6.3%, from December 31, 2024 to June 30, 2025. Total loans as of June 30, 2025 increased $183.0 million, or 5.8%, from $3.14 billion at December 31, 2024, reflecting strong organic loan growth, particularly in the C&I and owner-occupied commercial real estate portfolios. The Bank’s cash and cash equivalents increased by $73.0 million, or 26.8%, compared to December 31, 2024, as management continued to maintain adequate on-balance sheet liquidity. 

    The Bank reported total deposits of $3.17 billion as of June 30, 2025, an increase of $200.6 million, or 6.8%, from $2.97 billion at June 30, 2024. Deposit growth was primarily due to our team’s success in attracting new deposit relationships while also maintaining existing balances amid heightened industry-wide pricing competition. Total deposits as of June 30, 2025 increased by $112.3 million, or 3.7%, from $3.06 billion at December 31, 2024, due to a combination of in-market commercial and consumer balances, offset somewhat by a decline in government related deposit balances. Compared to December 31, 2024, non-interest bearing demand deposits increased by $70.9 million to comprise 18.6% of total deposits, up from 17.0%. Over the same period, interest-bearing demand deposits decreased by $75.2 million to comprise 17.5% of total deposits at June 30, 2025, down from 20.6% at December 31, 2024. Time deposits expanded by $73.4 million, or 10.3%, during the first half of 2025.

    During the six months ended June 30, 2025, stockholders’ equity increased by $13.2 million, or 3.2%, primarily due to net income, partially offset by dividends and share repurchases.

    As of June 30, 2025, the Bank continued to exceed all regulatory capital requirements to be considered well-capitalized. The tangible stockholders’ equity to tangible assets ratioiii measured 9.34% as of June 30, 2025 compared to 9.56% at December 31, 2024. The decline from December 31, 2024, was primarily due to the asset growth during the period.

    Asset Quality

    First Bank’s asset quality metrics remained favorable during the second quarter of 2025. Total nonperforming assets declined from $17.3 million at December 31, 2024 to $16.0 million at June 30, 2025, primarily due to the sale of the Bank’s OREO asset during the second quarter of 2025, partially offset by the addition of nonperforming loans. Total nonperforming loans increased from $11.7 million at December 31, 2024 to $16.0 million at June 30, 2025.

    The Bank recorded net charge-offs of $796,000 during the second quarter of 2025, compared to net recoveries of $15,000 in the first quarter of 2025 and net charge-offs of $175,000 in the second quarter of 2024. The allowance for credit losses on loans as a percentage of total loans measured 1.23% at June 30, 2025, compared to 1.21% at both March 31, 2025 and June 30, 2024.

    Liquidity and Borrowings

    Management believes the Bank’s current liquidity position, coupled with our various contingent funding sources, provides the Bank with a strong liquidity base and a diverse source of funding options. The Bank’s cash and cash equivalents increased by $56.8 million, or 19.7%, compared to March 31, 2025, ensuring adequate on-balance sheet liquidity. Borrowings increased by $44.9 million compared to March 31, 2025, as the Bank utilized Federal Home Loan Bank (“FHLB”) advances to support loan growth, while continuing to maintain adequate available borrowing capacity at the FHLB.

    Subordinated Debt Issuance

    On June 18, 2025, the Bank announced the closing of a $35.0 million private placement of fixed-to-floating rate subordinated notes with a maturity date of June 30, 2035 and a fixed rate of interest of 7.125% per annum for the first five years. Thereafter, the notes will pay interest at a floating rate, reset quarterly, equal to the then current three-month Secured Overnight Financing Rate (“SOFR”) plus 343 basis points. The notes may be redeemed at the option of the Bank, without penalty, on or after June 30, 2030. The Bank intends to use the proceeds of this issuance to redeem the Bank’s $30.0 million fixed-to-floating rate subordinated notes due June 1, 2030 (the “2020 notes”) on September 1, 2025, as well as for general corporate purposes. Previously, the 2020 notes carried a fixed rate of 5.50% per annum. On June 1, 2025, the 2020 notes began repricing quarterly at a rate equal to the current three-month term SOFR rate plus 538 basis points. The 2020 notes repriced to a rate of 9.704% per annum on June 1, 2025. The notes have been structured to qualify as Tier 2 capital for regulatory purposes.

    Cash Dividend Declared

    On July 15, 2025, the Bank’s Board of Directors declared a quarterly cash dividend of $0.06 per share to common stockholders of record at the close of business on August 8, 2025, payable on August 22, 2025.

    Share Repurchase Program

    During the second quarter of 2025 the Bank repurchased 193,185 shares of common stock at an average price of $14.71 per share, under the share repurchase program authorized in October 2024. Through June 30, 2025, 543,185 shares have been repurchased from the current share repurchase plan with a total cost of $8.0 million or $14.81 per share on average. The share repurchase program provides for the repurchase of up to 1.0 million shares of First Bank common stock with an aggregate repurchase amount of up to $16.0 million. The share repurchase program will expire on September 30, 2025.

    Conference Call and Earnings Release Supplement

    Additional details on the quarterly results and the Bank are included in the attached earnings release supplement. http://ml.globenewswire.com/Resource/Download/5917a538-bdcd-4a25-b364-99fd7d36addb

    First Bank will host its earnings call on Wednesday, July 23, 2025 at 9:00 AM Eastern Time. The direct dial toll free number for the live call is 1-800-715-9871 and the access code is 3909613. For those unable to participate in the call, a replay will be available by dialing 1-800-770-2030 (access code 3909613) from one hour after the end of the conference call until October 21, 2025. Replay information will also be available on First Bank’s website at www.firstbanknj.com under the “About Us” tab. Click on “Investor Relations” to access the replay of the conference call.

    About First Bank

    First Bank is a New Jersey state-chartered bank with 27 full-service branches in Cinnaminson, Delanco, Denville, Ewing, Fairfield, Flemington, Hamilton, Lawrence, Monroe, Morristown, Pennington, Randolph, Somerset, Summit, Trenton and Williamstown, New Jersey; Coventry, Devon, Doylestown, Lionville, Malvern, Media, Paoli, Trevose, Warminster and West Chester, Pennsylvania; and Palm Beach, Florida. With $4.02 billion in assets as of June 30, 2025, First Bank offers a full range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank’s common stock is listed on the Nasdaq Global Market under the symbol “FRBA.”

    Forward Looking Statements

    This press release contains certain forward-looking statements, either express or implied, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding First Bank’s future financial performance, business and growth strategy, projected plans and objectives, and related transactions, integration of acquired businesses, ability to recognize anticipated operational efficiencies, and other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions, current expectations, estimates and projections about First Bank, any of which may change over time and some of which may be beyond First Bank’s control. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Further, certain factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: whether First Bank can: successfully implement its growth strategy, including identifying acquisition targets and consummating suitable acquisitions, integrate acquired entities and realize anticipated efficiencies, sustain its internal growth rate, and provide competitive products and services that appeal to its customers and target markets; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; the impact of public health emergencies, on First Bank, its operations and its customers and employees; an increase in unemployment levels and slowdowns in economic growth; First Bank’s level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; changes in market interest rates may increase funding costs and reduce earning asset yields thus reducing margin; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Bank’s investment securities portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of First Bank’s operations, including changes in regulations affecting financial institutions and expenses associated with complying with such regulations; uncertainties in tax estimates and valuations, including due to changes in state and federal tax law; First Bank’s ability to comply with applicable capital and liquidity requirements, including First Bank’s ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; and possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies, and similar organizations. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Forward-Looking Statements” and “Risk Factors” in First Bank’s Annual Report on Form 10-K and any updates to those risk factors set forth in First Bank’s proxy statement, subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if First Bank’s underlying assumptions prove to be incorrect, actual results may differ materially from what First Bank anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and First Bank does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that First Bank or persons acting on First Bank’s behalf may issue.                                                                                                                                                  

    This press release contains “non-GAAP” financial measures, which management uses in its analysis of First Bank’s performance. Management believes these non-GAAP financial measures allow for better comparability of period to period operating performance. Additionally, First Bank believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of the non-GAAP measures used in this presentation to the most directly comparable GAAP measures is provided in the accompanying financial tables.

    i Return on average tangible equity is a non-GAAP financial measure and is calculated by dividing net income by average tangible equity (average equity minus average goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

    ii Tangible book value per share is a non-GAAP financial measure and is calculated by dividing common shares outstanding by tangible equity (equity minus goodwill and other intangible assets).  For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

    iii Tangible stockholders’ equity to tangible assets ratio is a non-GAAP financial measure and is calculated by dividing tangible equity (equity minus goodwill and other intangible assets) by tangible assets (total assets minus goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

    FIRST BANK
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (in thousands, except for share data, unaudited)
     
        June 30, 2025   December 31, 2024
    Assets            
    Cash and due from banks   $ 35,860     $ 18,252  
    Restricted cash     9,900       14,270  
    Interest bearing deposits with banks     299,131       239,392  
    Cash and cash equivalents     344,891       271,914  
    Interest bearing time deposits with banks     747       743  
    Investment securities available for sale, at fair value (amortized cost of $86,666 and $84,083, respectively)     81,891       77,413  
    Equity securities, at fair value     1,904       1,870  
    Investment securities held to maturity, net of allowance for credit losses of $203 and $206, respectively (fair value of $41,941 and $42,770, respectively)     45,749       47,123  
    Restricted investment in bank stocks     18,009       14,333  
    Other investments     13,556       11,612  
    Loans held for sale     2,127       –  
    Loans, net of deferred fees and costs     3,327,288       3,144,266  
    Less: Allowance for credit losses     (40,877)       (37,773)  
    Net loans     3,286,411       3,106,493  
    Premises and equipment, net     17,987       21,351  
    Other real estate owned, net     –       5,637  
    Accrued interest receivable     14,505       14,267  
    Bank-owned life insurance     86,980       85,553  
    Goodwill     44,166       44,166  
    Other intangible assets, net     7,860       8,827  
    Deferred income taxes, net     25,032       25,528  
    Other assets     27,520       43,516  
    Total assets   $ 4,019,335     $ 3,780,346  
                 
    Liabilities and Stockholders’ Equity            
    Liabilities:            
    Non-interest bearing deposits   $ 590,209     $ 519,320  
    Interest bearing deposits     2,578,004       2,536,576  
    Total deposits     3,168,213       3,055,896  
    Borrowings     326,802       246,933  
    Subordinated debentures     64,343       29,954  
    Accrued interest payable     4,443       3,820  
    Other liabilities     33,155       34,587  
    Total liabilities     3,596,956       3,371,190  
    Stockholders’ Equity:            
    Preferred stock, par value $2 per share; 10,000,000 shares authorized; no shares issued and outstanding     –       –  
    Common stock, par value $5 per share; 40,000,000 shares authorized; 27,630,039 shares issued and 24,905,790 shares outstanding and 27,375,439 shares issued and 25,100,829 shares outstanding, respectively     136,640       135,495  
    Additional paid-in capital     125,290       124,524  
    Retained earnings     193,395       176,779  
    Accumulated other comprehensive loss     (3,525)       (4,925)  
    Treasury stock, 2,724,249 and 2,274,610 shares, respectively     (29,421)       (22,717)  
    Total stockholders’ equity     422,379       409,156  
    Total liabilities and stockholders’ equity   $ 4,019,335     $ 3,780,346  
                     
    FIRST BANK
    CONSOLIDATED STATEMENTS OF INCOME
    (in thousands, except for share data, unaudited)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025     2024     2025     2024  
    Interest and Dividend Income                            
    Investment securities—taxable   $ 1,246     $ 1,278     $ 2,434     $ 2,460  
    Investment securities—tax-exempt     41       36       92       74  
    Interest bearing deposits with banks, Federal funds sold and other     3,487       3,482       6,484       6,507  
    Loans, including fees     54,394       50,763       105,946       100,082  
    Total interest and dividend income     59,168       55,559       114,956       109,123  
                                 
    Interest Expense                            
    Deposits     21,276       22,386       42,120       43,172  
    Borrowings     3,256       2,193       5,668       4,309  
    Subordinated debentures     627       440       1,067       784  
    Total interest expense     25,159       25,019       48,855       48,265  
    Net interest income     34,009       30,540       66,101       60,858  
    Credit loss expense (benefit)     2,558       63       4,102       (635)  
    Net interest income after credit loss expense (benefit)     31,451       30,477       61,999       61,493  
                                 
    Non-Interest Income                            
    Service fees on deposit accounts     382       350       738       694  
    Loan fees     568       117       894       219  
    Income from bank-owned life insurance     723       609       1,516       1,394  
    Gains on sale of loans, net     75       (900)       104       (671)  
    Gains on recovery of acquired loans     100       56       124       174  
    Gain on sale of other assets     397       –       397       –  
    Other non-interest income     457       457       900       843  
    Total non-interest income     2,702       689       4,673       2,653  
                                 
    Non-Interest Expense                            
    Salaries and employee benefits     11,959       9,968       23,077       20,006  
    Occupancy and equipment     2,350       2,082       4,814       4,108  
    Legal fees     279       240       647       556  
    Other professional fees     924       929       1,650       1,685  
    Regulatory fees     684       640       1,368       1,242  
    Directors’ fees     260       270       542       512  
    Data processing     893       749       1,698       1,555  
    Marketing and advertising     503       377       902       673  
    Travel and entertainment     251       285       487       529  
    Insurance     233       251       447       495  
    Other real estate owned expense, net     69       129       989       217  
    Other expense     2,462       2,033       4,630       4,185  
    Total non-interest expense     20,867       17,953       41,251       35,763  
    Income Before Income Taxes     13,286       13,213       25,421       28,383  
    Income tax expense     3,047       2,140       5,801       4,798  
    Net Income   $ 10,239     $ 11,073     $ 19,620     $ 23,585  
                                 
    Basic earnings per common share   $ 0.41     $ 0.44     $ 0.78     $ 0.94  
    Diluted earnings per common share   $ 0.41     $ 0.44     $ 0.77     $ 0.93  
                                 
    Basic weighted average common shares outstanding     25,029,164       25,129,199       25,073,368       25,084,558  
    Diluted weighted average common shares outstanding     25,234,120       25,258,785       25,335,743       25,228,888  
    FIRST BANK
    AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES
    (dollars in thousands, unaudited)
     
        Three Months Ended June 30,
        2025     2024  
        Average         Average   Average         Average
        Balance   Interest   Rate (5)   Balance   Interest   Rate (5)
    Interest earning assets                                    
    Investment securities (1) (2)   $ 135,094     $ 1,295       3.84 %   $ 146,289     $ 1,321       3.63 %
    Loans (3)     3,296,031       54,394       6.62 %     2,997,892       50,763       6.81 %
    Interest bearing deposits with banks,                                    
    Federal funds sold and other     276,488       3,079       4.47 %     224,503       3,101       5.56 %
    Restricted investment in bank stocks     17,960       276       6.16 %     11,178       243       8.74 %
    Other investments     15,402       132       3.44 %     12,136       138       4.57 %
    Total interest earning assets (2)     3,740,975       59,176       6.34 %     3,391,998       55,566       6.59 %
    Allowance for credit losses     (39,507)                   (36,784)              
    Non-interest earning assets     251,475                   263,698              
    Total assets   $ 3,952,943                 $ 3,618,912              
                                         
    Interest bearing liabilities                                    
    Interest bearing demand deposits   $ 606,838     $ 3,701       2.45 %   $ 591,222     $ 3,813       2.59 %
    Money market deposits     1,064,363       8,917       3.36 %     1,061,593       10,559       4.00 %
    Savings deposits     140,301       694       1.98 %     158,158       619       1.57 %
    Time deposits     781,299       7,964       4.09 %     678,197       7,395       4.39 %
    Total interest bearing deposits     2,592,801       21,276       3.29 %     2,489,170       22,386       3.62 %
    Borrowings     319,494       3,256       4.09 %     171,533       2,193       5.14 %
    Subordinated debentures     34,966       627       7.17 %     29,880       440       5.89 %
    Total interest bearing liabilities     2,947,261       25,159       3.42 %     2,690,583       25,019       3.74 %
    Non-interest bearing deposits     548,279                   497,205              
    Other liabilities     36,960                   44,480              
    Stockholders’ equity     420,443                   386,644              
    Total liabilities and stockholders’ equity   $ 3,952,943                 $ 3,618,912              
    Net interest income/interest rate spread (2)           34,017       2.92 %           30,547       2.85 %
    Net interest margin (2) (4)                 3.65 %                 3.62 %
    Tax equivalent adjustment (2)           (8)                   (7)        
    Net interest income         $ 34,009                 $ 30,540        
    (1) Average balance of investment securities available for sale is based on amortized cost.
    (2) Interest and average rates are presented on a tax equivalent basis using a federal income tax rate of 21%.
    (3) Average balances of loans include loans on nonaccrual status.
    (4) Net interest income divided by average total interest earning assets.
    (5) Annualized.
    FIRST BANK
    AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES
    (dollars in thousands, unaudited)
     
        Six Months Ended June 30,
        2025     2024  
        Average         Average   Average         Average
        Balance   Interest   Rate (5)   Balance   Interest   Rate (5)
    Interest earning assets                                    
    Investment securities(1) (2)   $ 134,686     $ 2,545       3.81 %   $ 146,719     $ 2,549       3.49 %
    Loans(3)     3,233,747       105,946       6.61 %     2,988,707       100,082       6.73 %
    Interest bearing deposits with banks,                                    
    Federal funds sold and other     255,378       5,654       4.46 %     213,831       5,811       5.46 %
    Restricted investment in bank stocks     16,059       576       7.23 %     10,800       442       8.23 %
    Other investments     14,731       254       3.48 %     12,003       254       4.26 %
    Total interest earning assets(2)     3,654,601       114,975       6.34 %     3,372,060       109,138       6.51 %
    Allowance for credit losses     (38,847)                   (37,196)              
    Non-interest earning assets     256,261                   262,465              
    Total assets   $ 3,872,015                 $ 3,597,329              
                                     
    Interest bearing liabilities                                    
    Interest bearing demand deposits   $ 625,682     $ 7,728       2.49 %   $ 605,081     $ 7,479       2.49 %
    Money market deposits     1,054,742       17,548       3.36 %     1,038,250       20,348       3.94 %
    Savings deposits     141,395       1,344       1.92 %     160,135       1,193       1.50 %
    Time deposits     749,765       15,500       4.17 %     674,872       14,152       4.22 %
    Total interest bearing deposits     2,571,584       42,120       3.30 %     2,478,338       43,172       3.50 %
    Borrowings     277,245       5,668       4.12 %     169,337       4,309       5.12 %
    Subordinated debentures     32,478       1,067       6.57 %     36,175       784       4.33 %
    Total interest bearing liabilities     2,881,307       48,855       3.42 %     2,683,850       48,265       3.62 %
    Non-interest bearing deposits     534,877                   489,353              
    Other liabilities     38,755                   42,534              
    Stockholders’ equity     417,076                   381,592              
    Total liabilities and stockholders’ equity   $ 3,872,015                 $ 3,597,329              
    Net interest income/interest rate spread(2)           66,120       2.92 %           60,873       2.89 %
    Net interest margin(2) (4)                 3.65 %                 3.63 %
    Tax equivalent adjustment(2)           (19)                   (15)        
    Net interest income         $ 66,101                 $ 60,858        

    (1) Average balance of investment securities available for sale is based on amortized cost.
    (2) Interest and average rates are presented on a tax equivalent basis using a federal income tax rate of 21%.
    (3) Average balances of loans include loans on nonaccrual status.
    (4) Net interest income divided by average total interest earning assets.
    (5) Annualized.

    FIRST BANK
    QUARTERLY FINANCIAL HIGHLIGHTS
    (in thousands, except for share and employee data, unaudited)
     
        As of or For the Quarter Ended
        6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
    EARNINGS                              
    Net interest income   $ 34,009     $ 32,092     $ 31,594     $ 30,094     $ 30,540  
    Credit loss expense     2,558       1,544       234       1,579       63  
    Non-interest income     2,702       1,971       2,176       2,479       689  
    Non-interest expense     20,867       20,384       19,124       18,644       17,953  
    Income tax expense     3,047       2,754       3,915       4,188       2,140  
    Net income     10,239       9,381       10,497       8,162       11,073  
                                   
    PERFORMANCE RATIOS                              
    Return on average assets(1)     1.04%       1.00%       1.10%       0.88%       1.23%  
    Return on average equity(1)     9.77%       9.20%       10.27%       8.15%       11.52%  
    Return on average tangible equity(1) (2)     11.16%       10.54%       11.82%       9.42%       13.40%  
    Net interest margin(1) (3)     3.65%       3.65%       3.54%       3.48%       3.62%  
    Yield on loans(1)     6.62%       6.59%       6.62%       6.73%       6.81%  
    Total cost of deposits(1)     2.72%       2.75%       2.89%       3.06%       3.01%  
    Efficiency ratio(2)     56.24%       57.65%       56.98%       58.49%       55.88%  
                                   
    SHARE DATA                              
    Common shares outstanding     24,905,790       25,045,612       25,100,829       25,186,920       25,144,983  
    Basic earnings per share   $ 0.41     $ 0.37     $ 0.42     $ 0.32     $ 0.44  
    Diluted earnings per share     0.41       0.37       0.41       0.32       0.44  
    Book value per share     16.96       16.57       16.30       15.96       15.61  
    Tangible book value per share(2)     14.87       14.47       14.19       13.84       13.46  
                                   
    MARKET DATA                              
    Market value per share   $ 15.47     $ 14.81     $ 14.07     $ 15.20     $ 12.74  
    Market value / Tangible book value(2)     104.03%       102.35%       99.16%       109.83%       94.65%  
    Market capitalization   $ 385,293     $ 370,926     $ 353,169     $ 382,841     $ 320,347  
                                   
    CAPITAL & LIQUIDITY                              
    Stockholders’ equity / assets     10.51%       10.69%       10.82%       10.70%       10.86%  
    Tangible stockholders’ equity / tangible assets(2)     9.34%       9.47%       9.56%       9.41%       9.50%  
    Loans / deposits     105.02%       103.73%       102.89%       101.23%       101.02%  
                                   
    ASSET QUALITY                              
    Net charge-offs (recoveries)   $ 796     $ (15)     $ (155)     $ 386     $ 175  
    Nonperforming loans     15,978       11,584       11,677       12,014       14,227  
    Nonperforming assets     15,978       16,406       17,314       17,651       20,226  
    Net charge offs (recoveries)/ average loans(1)     0.10%       (0.00%)       (0.02%)       0.05%       0.02%  
    Nonperforming loans / total loans     0.48%       0.36%       0.37%       0.39%       0.47%  
    Nonperforming assets / total assets     0.40%       0.42%       0.46%       0.47%       0.56%  
    Allowance for credit losses on loans / total loans     1.23%       1.21%       1.20%       1.21%       1.21%  
    Allowance for credit losses on loans / nonperforming loans     255.83%       338.60%       323.48%       311.59%       254.81%  
                                   
    OTHER DATA                              
    Total assets   $ 4,019,335     $ 3,880,759     $ 3,780,346     $ 3,757,653     $ 3,615,731  
    Total loans     3,327,288       3,236,039       3,144,266       3,087,488       2,998,029  
    Total deposits     3,168,213       3,119,794       3,055,896       3,050,070       2,967,634  
    Total stockholders’ equity     422,379       414,915       409,156       402,070       392,489  
    Number of full-time equivalent employees     335       315       318       313       294  

    (1) Annualized.
    (2) Non-U.S. GAAP financial measure that we believe provides management and investors with information that is useful in understanding our financial performance and condition. See accompanying table, “Non-U.S. GAAP Financial Measures,” for calculation and reconciliation.
    (3) Tax equivalent using a federal income tax rate of 21%.

    FIRST BANK
    QUARTERLY FINANCIAL HIGHLIGHTS
    (dollars in thousands, unaudited)
     
        As of the Quarter Ended
        6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
    LOAN COMPOSITION                              
    Commercial and industrial   $ 706,849     $ 651,690     $ 576,625     $ 546,541     $ 530,996  
    Commercial real estate:                              
    Owner-occupied     707,766       694,113       671,357       688,988       647,625  
    Investor     1,192,716       1,160,549       1,181,684       1,170,508       1,143,954  
    Construction and development     161,361       200,262       205,096       193,460       190,108  
    Multi-family     309,189       308,217       287,843       267,861       270,238  
    Total commercial real estate     2,371,032       2,363,141       2,345,980       2,320,817       2,251,925  
    Residential real estate:                              
    Residential mortgage and first lien home equity loans     160,935       142,298       142,769       144,081       144,978  
    Home equity–second lien loans and revolving lines of credit     62,738       52,438       51,020       49,763       46,882  
    Total residential real estate     223,673       194,736       193,789       193,844       191,860  
    Consumer and other     29,248       29,760       31,324       29,518       26,321  
    Total loans prior to deferred loan fees and costs     3,330,802       3,239,327       3,147,718       3,090,720       3,001,102  
    Net deferred loan fees and costs     (3,514)       (3,288)       (3,452)       (3,232)       (3,073)  
    Total loans   $ 3,327,288     $ 3,236,039     $ 3,144,266     $ 3,087,488     $ 2,998,029  
                                   
    LOAN MIX                              
    Commercial and industrial     21.2%       20.1%       18.3%       17.7%       17.7%  
    Commercial real estate:                              
    Owner-occupied     21.3%       21.5%       21.4%       22.3%       22.3%  
    Investor     35.8%       35.9%       37.6%       37.9%       37.9%  
    Construction and development     4.8%       6.2%       6.5%       6.3%       6.3%  
    Multi-family     9.3%       9.5%       9.1%       8.7%       8.7%  
    Total commercial real estate     71.3%       73.1%       74.6%       75.2%       75.2%  
    Residential real estate:                              
    Residential mortgage and first lien home equity loans     4.8%       4.4%       4.6%       4.7%       4.7%  
    Home equity–second lien loans and revolving lines of credit     1.9%       1.6%       1.6%       1.6%       1.6%  
    Total residential real estate     6.7%       6.0%       6.2%       6.3%       6.3%  
    Consumer and other     0.9%       0.9%       1.0%       0.9%       0.9%  
    Net deferred loan fees and costs     (0.1%)       (0.1%)       (0.1%)       (0.1%)       (0.1%)  
    Total loans     100.0%       100.0%       100.0%       100.0%       100.0%  
                                             
    FIRST BANK
    QUARTERLY FINANCIAL HIGHLIGHTS
    (dollars in thousands, unaudited)
     
        As of the Quarter Ended
        6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
    DEPOSIT COMPOSITION                              
    Non-interest bearing demand deposits   $ 590,209     $ 535,584     $ 519,320     $ 519,079     $ 499,765  
    Interest bearing demand deposits     553,909       629,974       629,099       597,802       574,515  
    Money market and savings deposits     1,241,277       1,197,517       1,198,039       1,235,637       1,199,382  
    Time deposits     782,818       756,719       709,438       697,552       693,972  
    Total Deposits   $ 3,168,213     $ 3,119,794     $ 3,055,896     $ 3,050,070     $ 2,967,634  
                                   
    DEPOSIT MIX                              
    Non-interest bearing demand deposits     18.6%       17.2%       17.0%       17.0%       16.8%  
    Interest bearing demand deposits     17.5%       20.2%       20.6%       19.6%       19.4%  
    Money market and savings deposits     39.2%       38.4%       39.2%       40.5%       40.4%  
    Time deposits     24.7%       24.2%       23.2%       22.9%       23.4%  
    Total Deposits     100.0%       100.0%       100.0%       100.0%       100.0%  
                                             
    FIRST BANK
    NON-GAAP FINANCIAL MEASURES
    (in thousands, except for share data, unaudited)
     
        As of or For the Quarter Ended
        6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
    Return on Average Tangible Equity                              
    Net income (numerator)   $ 10,239     $ 9,381     $ 10,497     $ 8,162     $ 11,073  
                                   
    Average stockholders’ equity   $ 420,443     $ 413,672     $ 406,579     $ 398,535     $ 386,644  
    Less: Average Goodwill and other intangible assets, net     52,301       52,805       53,278       53,823       54,347  
    Average Tangible stockholders’ equity (denominator)   $ 368,142     $ 360,867     $ 353,301     $ 344,712     $ 332,297  
                                   
    Return on average tangible equity(1)     11.16%       10.54%       11.82%       9.42%       13.40%  
                                   
    Tangible Book Value Per Share                              
    Stockholders’ equity   $ 422,379     $ 414,915     $ 409,156     $ 402,070     $ 392,489  
    Less: Goodwill and other intangible assets, net     52,026       52,507       52,993       53,484       54,026  
    Tangible stockholders’ equity (numerator)   $ 370,353     $ 362,408     $ 356,163     $ 348,586     $ 338,463  
                                   
    Common shares outstanding (denominator)     24,905,790       25,045,612       25,100,829       25,186,920       25,144,983  
                                   
    Tangible book value per share   $ 14.87     $ 14.47     $ 14.19     $ 13.84     $ 13.46  
                                   
    Tangible Equity / Tangible Assets                              
    Stockholders’ equity   $ 422,379     $ 414,915     $ 409,156     $ 402,070     $ 392,489  
    Less: Goodwill and other intangible assets, net     52,026       52,507       52,993       53,484       54,026  
    Tangible stockholders’ equity (numerator)   $ 370,353     $ 362,408     $ 356,163     $ 348,586     $ 338,463  
                                   
    Total assets   $ 4,019,335     $ 3,880,759     $ 3,780,346     $ 3,757,653     $ 3,615,731  
    Less: Goodwill and other intangible assets, net     52,026       52,507       52,993       53,484       54,026  
    Tangible total assets (denominator)   $ 3,967,309     $ 3,828,252     $ 3,727,353     $ 3,704,169     $ 3,561,705  
                                   
    Tangible stockholders’ equity / tangible assets     9.34%       9.47%       9.56%       9.41%       9.50%  
                                   
    Efficiency Ratio                              
    Non-interest expense   $ 20,867     $ 20,384     $ 19,124     $ 18,644     $ 17,953  
    Less: Other real estate owned write-down     –       815       –       362       –  
    Adjusted non-interest expense (numerator)   $ 20,867     $ 19,569     $ 19,124     $ 18,282     $ 17,953  
                                   
    Net interest income   $ 34,009     $ 32,092     $ 31,594     $ 30,094     $ 30,540  
    Non-interest income     2,702       1,971       2,176       2,479       689  
    Total revenue     36,711       34,063       33,770       32,573       31,229  
    Add: Losses on sale of investment securities, net     –       –       –       555       –  
    (Subtract) Add: (Gains) losses on sale of loans, net     (75)       (29)       (38)       (135)       900  
    (Subtract): Gain on sale of other assets     (397)       –       –       –       –  
    Less: Bank Owned Life Insurance Incentive     –       (88)       (168)       (1,116)       –  
    Add: Executive Officer Severance Benefits     863       –       –       –       –  
    Adjusted total revenue (denominator)   $ 37,102     $ 33,946     $ 33,564     $ 31,877     $ 32,129  
                                   
    Efficiency ratio     56.24%       57.65%       56.98%       57.35%       55.88%  
                                   

    (1) Annualized.

    The MIL Network –

  • MIL-OSI USA: Major Montana Wins Included in the FY26 Interior Appropriations Bill

    Source:

    Zinke’s requests for clean water infrastructure, ESA reform, and forest management pass full committee markup

    Washington, D.C. – Today, Western Montana Congressman and former Secretary of the Interior Ryan Zinke announced the inclusion of several key Montana priorities in the FY26 Interior, Environment, and Related Agencies Appropriations Bill. As a member of the subcommittee, Zinke has been fighting to ensure that Montanans’ voices are heard, and that critical funding and policies reflect the state’s unique needs. The FY26 Interior Appropriations Bill now heads to the House floor for a vote.

    “As a former Secretary of Interior, I’ve seen firsthand how mismanagement of our public lands from Washington can hurt our communities and how good policy can make a real difference on the ground,” said Zinke. “This bill gets us back to common sense management. It reverses years of top down bureaucratic regulation that choked our industries, hampered forest management and fire prevention, and shut off access to our lands. The infrastructure investments in this bill will go directly to our communities, funding clean water and allowing for growth. Montanans love our public lands and the outdoor experience; this bill supports multiple use and improves the quality of life for the people who live near and around those lands. It’s a science backed, community led piece of legislation, and I am proud to support it as it heads to the house floor.”

    The bill includes multiple Community Project Funding (CPF) requests from Congressman Zinke that will directly improve water infrastructure in rural communities. Community Project Funding is allocated from previously authorized grant accounts, allowing elected Members of Congress to direct grant funding would otherwise be decided by unelected officials in the federal government, without increasing spending. See all of Congressman Zinke’s FY26 CPF’s here.

    •  Granite County Clean Water Infrastructure Project – $1.75 million

    •  Alberton Clear Water Infrastructure Project – $1 million

    •  Lolo Water and Wastewater Treatment Plant Improvement Phase 1 – $1.75 million

    “I would like to thank Congressman Zinke and his team,” said Daniel Reddish, Mayor of Phillipsburg. “This reflects their total commitment to rural Montana. Promises made, promises kept! Bravo!”

    In addition to direct funding, Zinke successfully included several important policy provisions in the bill:

    •  Delisting 3 Grizzly Bear Populations – Requires the Department of the Interior to delist the recovered grizzly bear populations in the Greater Yellowstone, Northern Continental, and Bitterroot Ecosystems from the Endangered Species Act (ESA).

    •  The Cottonwood Fix – Reinstates a permanent fix to prevent litigious groups from abusing the ESA to delay or block forest management projects, a key victory for wildfire prevention and responsible land stewardship.

    •  Wolverine ESA Restriction – Prohibits funding to list the wolverine under the ESA, consistent with longstanding scientific and state management concerns.

    •  Canadian Lynx ESA Rolled Back – Blocks enforcement of ESA provisions for the Canadian lynx, allowing more flexibility in forest management and land use.

    •  Native American Ironworker Training Program – $5 million to reinstate the successful program under the Bureau of Indian Affairs (BIA), helping tribal members access skilled trades and employment opportunities.

    •  Forest Roads Access – Submits bill language to lift restrictions on construction and reconstruction of Forest Service roads to support timber harvest and firefighting operations.

    •  Good Neighbor Authority Expansion – Encourages the Forest Service to expand use of Good Neighbor Authority agreements with states and tribes to accelerate forest management and wildfire mitigation projects on federal lands.

    • Bison on Charles M. Russell (CMR) Refuge – Prohibits the introduction of bison on the CMR National Wildlife Refuge, protecting the land’s traditional multiple-use management and safeguarding ranching interests.

    “As someone who went through the Native American Ironworker Training Program , I’ve seen firsthand the impact it can have on individuals and on tribal communities,” said Tom Tanner, a graduate of the program with 32 years of experience in the ironworking trade. “This program is a smart investment in Americas future; backing the skilled workforce our country needs to rebuild roads, bridges, and energy infrastructure. It trains tribal members for careers that offer good pay, union benefits, and a path to long-term stability. This program’s inclusion in the Interior bill shows a real commitment to skilled trades and job creation and I appreciate Congressman Zinke’s work on this issue.”

    “As a retired wildlife biologist who lives within Montana’s wolverine biological range, I oppose any funding of efforts to list the wolverine under the Endangered Species Act and am glad this language is included in this year’s Interior Appropriations Bill,” said Montana State Representative Paul Fielder. “If the decision is based on wolverine biology alone, the wolverine should not qualify as either an Endangered or a Threatened species administered under the ESA.  Too often agencies use the ESA to try to carve out sub-sets of a plant or animal species home range into “distinct population segments”, “recovery zones” or some other sub-group.  The ESA refers to the Endangered Species Act, not the Endangered Distinct Population Segment Act and this language reflects that.”

    Read the full text of the bill HERE.

     

    ###

    MIL OSI USA News –

  • MIL-OSI USA: U.S. House Passes Rep. Lauren Boebert’s Bipartisan Zip Code Bill

    Source: United States House of Representatives – Representative Lauren Boebert (Colorado, 3)

    WASHINGTON, D.C.— Congresswoman Lauren Boebert (CO-04) successfully passed her bipartisan Zip Code bill, H.R. 3095, through the U.S. House of Representatives on Monday evening. The final recorded vote total was 278-121, a significant bipartisan victory for the Congresswoman and the multiple towns and communities in the 4th District included in the legislation. 

    H.R. 3095 directs the United States Postal Service to create unique zip codes for more than 65 cities, towns, and communities across the country. The bill, which includes 15 communities in Colorado and 33 cosponsors, is a reintroduction of the Congresswoman’s similar effort in the 118th Congress which passed through the U.S. House in December 2024.

    Cities and towns like Castle Pines, Lone Tree, and Severance all have their sales tax revenue, insurance rates, mail delivery rates, and response times for first responders negatively impacted by the lack of a unique zip code for their community. This legislation will address these issues and directly improve the quality of life for Coloradans and Americans living in these communities.

    “This is a tremendous, hard-fought victory for the cities, towns, and communities in Colorado’s 4th District and across our country who have called a unique zip code to improve the quality of life for our constituents,” said Congresswoman Boebert. “Zip code reform is not a partisan issue; it’s a unifying, fundamental need for the municipalities that have been denied their own zip code and have dealt with public safety issues, mail delivery problems for seniors and veterans, business permitting challenges, and the loss of revenue that leads to cutting public services. I am proud to have worked with leaders from across the aisle and across the country to get H.R. 3095 through the House; it’s time for the Senators who represent the many communities in this bill to step up and deliver this bill to President Trump’s desk.”

    “The City of Castle Pines is grateful for Congresswoman Boebert’s tireless efforts to secure a unique zip code for Castle Pines and dozens of communities across the nation,”said Castle Pines Mayor Tracy Engerman.“The passage of this bill by the House is a significant step in ensuring that residents in our communities receive their fair share of collected tax revenue and timely responses from emergency services.  The Congresswoman’s ability to work across the aisle on this bipartisan effort has been critical in moving the bill to the Senate. On behalf of the National Zip Code Advocacy Coalition, I want to thank her for her support and work on this important issue.”

    “The successful passage of Rep. Boebert’s Zip Code Bill is crucial and is the key to the success of ‘Small Town America’ in the future,”said Severance Mayor Matt Fries. “Every town in American deserves a unique zip code, especially when sales tax collection is 100% zip code identified, emergency responses is dependent on a correct zip code, and accurate insurance rates for citizens and businesses are tied to zip codes. I can’t understand why any person or organization would disagree with what this bill accomplishes. Congresswoman Boebert has fought like hell for small town America to maintain its own identity.  I call on the Senate to stand with her to get this common-sense legislation across the finish line. The citizens of Severance, Colorado deserve their own, unique zip code.”

    “The Zip Code bill is the solution to an issue that’s impacted communities like Lone Tree for far too long,” said Lone Tree Mayor Marissa Harmon. “This federal legislation is a critical step toward addressing an issue that has created unnecessary challenges for cities like Lone Tree with community identity, emergency management, public safety, business attraction and retention, insurance coverage, and mail delivery. With the passage of this legislation, we can improve service delivery, eliminate confusion, and better reflect the identity of the cities. I urge the U.S. Senate to act swiftly and support Colorado communities in doing what’s best for the people we serve.”

    BACKGROUND:

    The full text of Congresswoman Boebert’s H.R. 3095 can be read HERE. A shortened clip of the Congresswoman’s remarks from the House debate can be viewed HERE.

    The following news stories are a mixture of recent news articles and coverage on Congresswoman Boebert’s previous effort on zip codes in the 118th Congress:

    Washington Examiner: These 76 cities could receive new Zip Codes

    Fox 31: Proposed bill could give these Colorado areas a new zip code

    CBS News Colorado: New zip codes could improve Colorado towns’ income, safety

    9News: Colorado communities could receive new Zip Codes

    The Orange County Register: Could North Tustin get its own zip code? Proposed congressional effort underway to do that

    The Zip Code system was instituted in America in the 1960s. The Postal Service utilizes the zip code system to deliver mail, but it is also heavily used and relied on by economic developers, insurers and emergency personnel. 

    Communities that do not have a unique Zip Code often experience associated problems that include the loss of economic development, loss of sales tax, unjustifiably high insurance rates, tax remittance and commercial licensing issues, diminished public safety and reduced emergency response times, identity issues, and efficiency issues.

    For example, first responders often go to the wrong streets and people needing help experience delays due to Zip Code issues that would be addressed by this legislation.

    Small towns and cities can petition the Postal Service for a new Zip Code but it is rarely approved and if it is denied they cannot appeal this decision for up to 10 years. Congress has intervened on these matters and last passed a law enacting four new Zip Codes through the Post Accountability and Enhancement Act of 2006. 

    The current list of 33 cosponsors for H.R. 3095 includes Rep. Young Kim [CA-40], Rep. Brittany Pettersen [CO-07], Rep. Jason Crow [CO-06], Rep. Gabe Evans [CO-08], Rep. Joe Courtney [CT-02], Rep. Byron Donalds [FL-19], Rep. Mikie Sherrill [NJ-11], Rep. Nancy Mace [SC-01], Rep. Jared Moskowitz [FL-23], Rep. Keith Self [TX-03], Rep. Brandon Gill [TX-26], Rep. H. Morgan Griffith [VA-09], Rep. Bryan Steil [WI-01], Rep. Gwen Moore [WI-04], Rep. Scott Fitzgerald [WI-05], Rep. Harriet M. Hageman [WY-AL], Rep. Emilia Strong Sykes [OH-13], Rep. Andy Barr [KY-06], Rep. Nicholas A. Langworthy [NY-23], Rep. Nick LaLota [NY-01], Rep. Troy E. Nehls [TX-22], Rep. Mark Harris [NC-08], Rep. Pat Fallon [TX-04], Rep. Clay Higgins [LA-03], Rep. Mark E. Amodei [NV-02], Rep. Brad Finstad [MN-01], Rep. Sean Casten [IL-06], Rep. Gilbert Ray Cisneros [CA-31], Rep. Linda T. Sanchez [CA-38], Rep. Julia Letlow [LA-05], Rep. Brad Sherman [CA-32], Rep. William Timmons [SC-04], and Rep. Jeff Hurd [CO-03].

    The full list of communities included can be found below:

    (1) Canyon Lake, California.

    (2) Hidden Hills, California.

    (3) Industry, California.

    (4) North Tustin, California.

    (5) Tehachapi, California.

    (6) Castle Pines, Colorado.

    (7) Centennial, Colorado.

    (8) Cherry Hills Village, Colorado.

    (9) Greenwood Village, Colorado.

    (10) Highlands Ranch, Colorado.

    (11) Keystone, Colorado.

    (12) Lone Tree, Colorado.

    (13) Mountain Village, Colorado.

    (14) Mt. Crested Butte, Colorado.

    (15) Severance, Colorado.

    (16) Silver Cliff, Colorado.

    (17) Sterling Ranch, Colorado.

    (18) Superior, Colorado.

    (19) Telluride, Colorado.

    (20) Oakland Park, Florida.

    (21) Lighthouse Point, Florida.

    (22) Coconut Creek, Florida.

    (23) Parkland, Florida.

    (24) Deerfield Beach, Florida.

    (25) Wilton Manors, Florida.

    (26) Burr Ridge, Illinois.

    (27) Carmel, Indiana.

    (28) Noblesville, Indiana.

    (29) Westfield, Indiana.

    (30) Zionsville, Indiana.

    (31) Louisiana State University, Baton Rouge, Louisiana.

    (32) Montz, Louisiana.

    (33) Springwater Township, Minnesota.

    (34) Grass Valley, Nevada.

    (35) Swanzey, New Hampshire.

    (36) Kinnelon, New Jersey.

    (37) Flanders, New York.

    (38) Glendale, New York.

    (39) Riverside, New York.

    (40) Pendleton, New York.

    (41) Weddington, North Carolina.

    (42) Goose Creek, South Carolina.

    (43) Fairview, Texas.

    (44) Fate, Texas.

    (45) Heath, Texas.

    (46) Murphy, Texas.

    (47) Northlake, Texas.

    (48) Parker, Texas.

    (49) Sargent, Texas.

    (50) Fairlawn, Virginia.

    (51) Caledonia, Wisconsin.

    (52) Franklin, Wisconsin.

    (53) Glendale, Wisconsin.

    (54) Greenfield, Wisconsin.

    (55) Village of Mount Pleasant, Wisconsin.

    (56) Village of Somers, Wisconsin.

    (57) Village of Harrison, Wisconsin.

    (58) Hochatown, Oklahoma.

    (59) Green, Ohio.

    (60) Rochester, Wisconsin.

    (61) Quartzite Township, Minnesota.

    (62) Frederick, Colorado.

    (63) Camargo, Kentucky.

    (64) Wheatfield, New York.

    (65) Mauldin, South Carolina.

    (66) Josephine, Texas.

    MIL OSI USA News –