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  • MIL-OSI USA: In Senate Floor Speech, Senator Murray Calls Out Trump’s Staggeringly Lawless and Inhumane Immigration Policy

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    60 Minutes: U.S. sent 238 migrants to Salvadoran mega-prison; documents indicate most have no apparent criminal records

    ***WATCH: Senator Murray’s remarks on the Senate Floor***

    Washington, D.C. – Today U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, took to the Senate floor to deliver a speech on President Trump’s lawless immigration policy. Senator Murray highlighted the absence of any semblance of due process for—in many cases—legal residents with no criminal record being detained and deported—and even sent to a prison in El Salvador with no outside contact and no end date. She also discussed how Trump’s crackdown has caused confusion for international students, fear among farmworkers, and led to U.S. citizens being detained, having their homes raided, and even to some U.S. citizens who are children being deported with their parents.

    Emphasizing the complete lack of transparency from the Trump administration on why the people sent to El Salvador are being detained and what is being done to bring them home, Senator Murray demanded more information from the Trump administration about its recent actions—from the full details of the secret agreement with El Salvador, to the names of all the individuals sent to El Salvador, their current status, what sort of evidence and process has been afforded them, and what sort of contact they can make with lawyers and family. She also pressed for a good faith effort to follow Supreme Court orders, to return everyone wrongly sent to El Salvador, and to establish lines of communication for individuals to speak with their lawyers and families.

    “I heard from one of my Republican colleagues say last week ‘I don’t see any pattern here.’ Well, I ask him now—I ask everyone now—to pay attention to the full picture. Because of course you won’t see the pattern if you just look at one case and you ignore the many, many others,” said Senator Murray. “There is the case of Andry Hernandez Romero, he’s a barber who came here legally, he has no criminal record. There is the case of Arturo Suárez Trejo, he’s a musician, he came here legally, he has no criminal record. There is the case of Merwil Gutiérrez, who—you guessed it—came here legally, no criminal record. In fact, he was apparently grabbed by mistake. One officer reportedly said ‘No, he’s not the one,’ and another said, ‘Take him anyway.’ Trump sent them all to a maximum-security prison in El Salvador—with no trial. Disappeared. They have no contact with their lawyer. No contact with family. We do not know if they are alive, and they don’t know if anyone is even advocating for them. How hopeless that must feel. How dark. So, is that enough of a pattern for my Republican colleagues? Do you still need more?”

    Senator Murray has championed comprehensive and humane immigration reform throughout her Senate career, repeatedly pushing for legislative solutions that would offer a fair pathway to citizenship for the more than 11 million undocumented immigrants living in America, including Dreamers, farmworkers, and those with Temporary Protected Status. During Trump’s first administration, Senator Murray helped lead the charge in pushing back against Trump’s appalling treatment of migrant children and families at the southern border— cosponsoring the Fair Day in Court for Kids Act, which would require unaccompanied children and vulnerable individuals to be provided with legal assistance during immigration court proceedings, the Stop Cruelty to Migrant Children Act to end family separations at the border, and legislation to prevent the separation of families at sensitive locations such as schools, religious institutions, and hospitals, among many other efforts.

    Senator Murray’s remarks, as delivered, are below, and video is HERE:

    “Thank you, M. President.

    “Over the past month we have seen a wave of righteous outrage across the country in response to President Trump’s completely lawless move to disappear hundreds of people to a notorious mega-prison in El Salvador, without even the barest semblance of due process.

    “And as I join my colleagues in calling for the Trump Administration to abide by the Supreme Court ruling, and facilitate the release of Kilmar Abrego Garcia—a man they said, in court, was sent to El Salvador by mistake—I have to emphasize, his case is one of many where Trump has completely shredded our norms and laws. In addition to Garcia, Trump sent off some two hundred people—including innocent people who were in our country legally—to a foreign prison without any due process whatsoever.

    “And they did it all on the basis of some arrangement negotiated in secret and paid for with millions of taxpayer dollars. What we do know, is that many of these people were sent there without any criminal conviction—the Administration actually admitted that! In their own court filing the Trump Administration acknowledged that many of these people have no criminal records in the U.S. And yet, all of these people have now been imprisoned in a foreign country with no end date in sight—unconstitutional doesn’t even begin to cover that.

    “There are so many questions, basic questions, about this that we all should be demanding answers to. At the barest, smallest, slimmest minimum, and I mean as a starting point, the Administration must release more details about this secret agreement where it is paying El Salvador with our taxpayer dollars to imprison people without a trial. Details like: who all is being imprisoned, how long is El Salvador holding these people with  Trump’s orders, how many people is El Salvador going to imprison under this agreement, what outside contact is possible for those people, and how do we learn their status and condition—are they alive, are they healthy? What are those details?

    “Most of these details we do have are from reporting—and news reports say the deal was only for El Salvador to take convicted criminals—so why did Trump send people with no criminal record? And importantly: where in the world is this money coming from? Does anyone here remember voting to pass a single dollar in appropriations to fund a torture prison in El Salvador? Because I sure don’t! And last I checked Congress has the power of the purse.

    “You know what else we don’t know? We still don’t know the names of everyone they did this to. Think about that. We don’t even have their names! That information should be released immediately. Today. Because there are families who still have no confirmation where their loved ones are, and the only list we have right now was not even released by the Administration! It was reported by the press.

    “Some families only learned their son was gone, their husband was gone, their father was gone, through photos of them being marched into a torture prison. This is the first, last, and only update we have on just about all of those people. We don’t know if they are alive. We don’t know if they are being treated decently. We don’t even know if they have been moved. Even their lawyers can’t reach them.

    “Here’s what we do know: there are many names on the El Salvador list of people who were here legally, who had no criminal record. That seems to be getting lost in the debate for some of my Republican colleagues. This is not about any one case, or any one person, it is about a lawless system for the President to deny due process. And when you cut out due process, you put innocent people in harm’s way.

    “I heard from one of my Republican colleagues say last week ‘I don’t see any pattern here.’ Well, I ask him now—I ask everyone now—to pay attention to the full picture. Because of course you won’t see the pattern if you just look at one case and you ignore the many, many others.

    “There is the case of Andry Hernandez Romero, he’s a barber who came here legally, he has no criminal record.

    “There is the case of Arturo Suárez Trejo, he’s a musician, he came here legally, he has no criminal record.

    “There is the case of Merwil Gutiérrez, who—you guessed it—came here legally, no criminal record. In fact, he was apparently grabbed by mistake. One officer reportedly said ‘No, he’s not the one,’ and another said, ‘Take him anyway.’

    “Trump sent them all to a maximum-security prison in El Salvador—with no trial. Disappeared. They have no contact with their lawyer. No contact with family. We do not know if they are alive, and they don’t know if anyone is even advocating for them. How hopeless that must feel. How dark. 

    “So, is that enough of a pattern for my Republican colleagues? Do you still need more?

    “Because there’s also Jerce Reyes Barrios, he’s a soccer player, he came here legally. Again—no criminal record.

    “There’s Gustavo Aguilera, a food delivery driver. Legally here. No criminal record.

    “Or Anyelo Sarabia. Here legally. No criminal record.

    “I mean, how many more before my colleagues can actually admit this is a pattern? How many people have to be disappeared with no due process before it becomes a problem? Because for me—one is too many. And the pattern isn’t even over yet. Trump was reportedly ready to disappear even more people to El Salvador—before the Supreme Court put its foot down. In this latest round, the Trump Administration was preparing to disappear a man who came here legally, had no record, except traffic violations!

    “Another was a young man accused of being a gang member because of a photo with a toy water gun. That is the level of so-called ‘evidence’ that gets you locked away in a foreign torture prison under President Trump. And I will keep saying it Mr. President, most of the people they disappeared have no criminal records, and many were even here legally. They came here for a better life, and Trump disappeared them based on nothing more than tattoos that say ‘mom’ and ‘dad,’ or that they celebrate soccer teams, or a daughter’s birth, or autism awareness.

    “And Mr. President, I realize, I keep hammering home that—many of these people are not criminals—and many of these people came here legally. But I do want to remind my colleagues, this question is not whether someone who was vanished to El Salvador without a trace is good or bad, the question is whether everyone in this country—including American citizens—have the rights they were promised in our Constitution.

    “At the end of the day, this is not about who these people are, it is about who we are—whether we are a country of due process, or not. A country of laws, or not.

    “Trump has said where he stands. He literally said ‘We don’t have time’ to give them due process. If the Trump Administration think’s someone is a criminal, if they are really bad and dangerous, prove it in court. Prove it! Just simply prove it! It shouldn’t be hard. That is how this works. Everyone in this country understands that.

    “You can’t just say ‘criminals don’t get due process’—when due process is how you determine who is a criminal in the first place! I mean, in the case of one person they sent to El Salvador, not only did the government’s file against him show no criminal record, it also got his name wrong several times, and used two different identification numbers! Those are pretty major errors to make when you are locking someone away. The kind of errors that due process helps to avoid.

    “That’s not some theory—we are seeing that happen in another case right now. There is a couple that Trump is saying are part of a gang, but instead of just disappearing them with no trial to speak of, the Administration was forced to prove it, to prove it in court. And you know what happened? The government failed. The judge found the government’s claims, ‘completely and wholly unsubstantiated’ and ordered the couple to be released.

    “That just goes to show, if we ignore our laws, if we tear down the guardrails that saved that couple, it’s not criminals who pay the price, it is innocent people. Because due process protects them too! Due process allows us to confirm whether people are lawfully present. Due process lets us confirm whether Trump is about to send them to a foreign prison. Due process lets us confirm whether people are guilty—instead of going off how they look, or what tattoo they have.

    “And at the end of the day, due process means they get an actual determination of guilt or innocence, instead of getting disappeared with a question mark. But no one here was told they are facing ‘X’ years in a foreign prison.

    “There is no end date in El Salvador! Because there was no sentence! Because there was no trial! There was just Trump, ignoring our laws, ignoring our courts, and sending people to gulags to rot, to die, to never be heard from again. How can anyone ignore that outrageous breach of our laws—of our values!

    “And M. President—as a co-equal branch of this government, I want to impress upon my colleagues: It is not just due process that is getting trampled here, it is basic checks and balances. Trump is imprisoning these people under the Alien Enemies Act. He is using a war power. We are not at war! Everyone here should know that. After all, Congress, we, have to vote to declare war. I remember every war vote we have taken in my time here in Congress—and I can tell you—there has never been a vote on this so-called war Trump declared all on his own.

    “As if that weren’t enough, earlier this month the National Intelligence Council, the National Intelligence Council, determined that Venezuela is not directing an ‘invasion’ by gangs. That directly undercuts what Trump claimed when he announced his illegal end run around Congress. Here’s a simple question for everyone, there is no invasion, there is no war, so why is Trump invoking a wartime authority?

    “But add on top of that—that Trump has reached some secret, multi-million-dollar deal to pay El Salvador to imprison these people without a trial. I’m Vice Chair of the Appropriations Committee—I can tell you, we did not include a single cent—not one penny!—for running torture prisons in El Salvador in our last funding bill.

    “Congress has the power of the purse, but Trump is picking our pockets to fund his own personal gulag. And by the way, while we talk about checks and balances, let’s not forget how the Trump Administration is arresting judges, his allies and advisors are attacking judges publicly and calling to impeach those who disagree with him, and of course, Trump is blatantly ignoring the courts. And worse than that, the White House is in open defiance of the Supreme Court.

    “The Supreme Court wrote the Administration must facilitate Mr. Garcia’s release. The White House wrote that he is never coming back.

    “The Supreme Court wrote people being targeted under the Alien Enemies Act must have a reasonable opportunity to file for habeas corpus. The Trump Administration said, ‘no—we will give them 12 hours.’

    “Foreign policy is not an end run around the courts or the constitution. The President cannot just be given unilateral authority to cut completely unethical deals with foreign nations. What happens when a President negotiates in secret to have his political rivals detained abroad? Is that allowed? Can he argue the courts can’t require him to call such a deal off? Or maybe he just denies it and says any agreements are state secrets? Does that work?

    “If President Trump said he would pay El Salvador $6 million to assassinate his rivals—I think we would all agree that is blatantly unconstitutional. And if the court said he had to facilitate a reversal of that deal, and he said ‘well.. it’s a sovereign nation… I can’t stop them from assassinating anyone,’—I think we all would have a huge problem with that. So, do we want to say that is wrong now—or are we going to have to wait until he tries it?

    “What are we waiting for? We cannot just all stand by silent as the President pries open a pandora’s box that is all together unprecedented—and that poses a direct threat to our Republic. And let’s cut through this BS where Trump and El Salvador are both trying to pretend there is no way to facilitate the return of people sent there wrongly.

    “Cause here’s the thing: El Salvador has already sent back people that Trump tried to disappear. El Salvador immediately sent back a Nicaraguan individual. And they sent back women—yeah, Trump tried to disappear women to their all-male torture prison in El Salvador. If anyone wants to try and pretend this was some careful vetting process, pleaseexplain that to me. So it’s not like El Salvador can’t send people back—they have already done that.

    “The Administration should be making clear—one: that these people were wrongly sent, and two: that, as with others wrongly sent, they need to be returned. Though, I want to keep in mind of course, that ‘wrongly sent’ is still an enormous understatement. The reality is these people were completely denied due process. The reality is President Trump is not just disappearing these people to El Salvador, he is disappearing our most basic constitutional rights, and he is doing it in plain sight.

    “Not just in El Salvador either! Right here, in America, his immigration crackdown is upturning lives, and overturning some of our most basic values, like freedom of speech. We have people who are here legally—who are being detained and threatened with deportation. Not for any crime, not for any violence, but for speech, for protest, for things as simple and fundamental as writing an op-ed the Administration disagreed with.

    “In America, the land of the free and the land of free speech, is dissent the bar for deportation now? Is that what this country has come to? What next? How far does Trump’s new standard apply? Can you get deported for saying we shouldn’t invade Canada? Can you get detained for an op-ed saying Greenland is not going to be a state? Are you going to have legal status revoked for admitting Biden won the 2020 election?

    “Because that may seem outrageous—but it also seems perfectly in line with Trump’s new policy which amounts to—disagree with the President and your rights are gone. That is fundamentally un-American.

    “And beyond people who are being targeted for protest, there are thousands of students in this country, that Trump is trying to push out over minor issues; fishing citations, jay walking, speeding tickets, even charges that were dismissed. So far, some 1,800 foreign students are having their visa revoked with little to no explanation, to say nothing of due process.

    “That includes students in Washington state, my homes state, at the UW, at Gonzaga, at Shoreline Community College—where I once worked—my alma mater WSU, and more! It’s not clear whether these students have done anything wrong, and it’s not clear in some cases—what exactly they are supposed to do next. Because when the Administration can’t revoke visas—it has been trying to remove students’ records—something courts have already ruled against.

    “One of the judges really put it best. And I want to read this and quote it to you. This is a judge. ‘I’ve got two experienced immigration lawyers on behalf of a client who is months away from graduation, who has done nothing wrong, who has been terminated from a system that you all keep telling me has no effect on his immigration status, although that clearly is BS. And now, his two very experienced lawyers can’t even tell him whether or not he’s here legally, because the court can’t tell him whether or not he’s here legally, because the government’s counsel can’t tell him if he’s here legally.’

    “M. President, the point seems to be, if we can’t deport you, we can scare and confuse you. And to add even more confusion, DOJ announced they were reversing course on some of this, only to then say they are still working on a plan to push out all these students. And by the way, we are only still scratching the surface of just how inhumane Trump’s immigration crackdown has become.

    “Trump is slashing funds to ensure 26,000 migrant kids have legal assistance—meaning more four-year-olds are being marched in front of immigration judges, expected to make their own legal case with a plushy toy. Trump is also trying to mass cancel protected status for people who came here who were fleeing harsh conditions and dictators. Trump is sending Christian refugees and women back to live under the Taliban—where they will face near certain persecution. Trump is sending ICE officials to elementary schools, where they have tried to gain access by lying about having permission from parents to speak with their kids.

    “ICE officials are arresting people with maximum violence and lawlessness—showing up without a judicial warrant, since the Trump Administration says it is fine to storm into someone’s house without one, showing up in masks, grabbing people off the streets without any badge or identification to distinguish them from a kidnapper, whisking people away in unmarked cars, and even smashing in windshields.

    “M. President, back in my home state of Washington—I have heard from folks who saw that firsthand. Last month, ICE aggressively detained Lelo, a farmworker in my state—and it appears he may have even been targeted because of his advocacy for better working conditions for his fellow farmworkers. They are still denying him bond—despite no criminal charges. I spoke with his wife last week—who watched in horror as they arrested her husband shortly after he dropped her off at work. She told me through tears about how officers broke his window and pushed him against the car. And how, Lelo wants to be free so he can take care of his brothers and sisters and work so they can study. He wants to continue doing his work in the community and with the union. And they are working right now to try and get bond—something I strongly support. This is not someone M. President, with a dangerous record—it is someone with a record of hard work, and of trying to make his community better.

    “Skagit County is known for its agricultural industry—and that industry doesn’t survive without the immigrant farmworkers who help power that local economy. Period.

    “More than that, we are talking about many families who have been here for decades. They are part of our community—they’re not just the people who feed this country. These people work hard, they follow the law. They should not be terrorized as if they were violent criminals. Last week, I met with farmworkers there who told me there have been days they have been afraid to go to work, because an unmarked vehicle was seen in their neighborhood. They are absolutely terrified of being grabbed off the street by ICE and locked up with no semblance of due process, regardless of their legal status.

    “And this situation is not unique to Skagit County or even to my state. It’s happening across the country. Let’s not forget, Trump is trying to deport a cancer researcher to Russia where she fears retaliation for protesting the war in Ukraine. Sending her away would both put her in danger and completely upend groundbreaking cancer research—her colleagues say her role is irreplaceable.

    “But it’s not just cancer research, Trump also deported a little girl, a U.S. citizen, who was on her way to get cancer treatment! She was with her mother, an undocumented immigrant—who was forced to choose between being separated from her 10-year-old daughter or being sent away together. What an unthinkable choice to force on a mother. What an unthinkable thing to do to a child, a citizen, a citizen who is fighting cancer.

    “And Trump has done that twice. That’s right twice, he has deported a mother—along with a kid who is fighting cancer—a kid who is an American citizen. And he is doing that without giving these parents any meaningful time to talk to a lawyer, or a spouse, to figure out what is best for their child. We know that because Trump deported another U.S. citizen last week—that’s right another one. Trump deported a two-year-old, an American citizen. They refused to tell this kids’ father where his wife and kid were being held. They refused to let him talk to his wife for more than a minute. They even forced him to hang up the phone when he tried to give his wife their lawyer’s number. And then, as the judge put it, they seem to have ‘deported a U.S. citizen with no meaningful process.’

    “And now we are hearing about a family in Oklahoma—U.S. citizens who recently moved in who had their home raided by ICE. A mom and her daughters—forced out of their house, in the rain, in underwear. ICE agents seized phones, laptops, even their full life savings—and didn’t leave so much as a number they could call to get their stuff back. That happened to U.S. citizens, who did nothing but move into a new house.

    “These horror stories underscore something important—Trump’s cruel war on immigrants is hurting American citizens too. U.S. citizens are having their spouses ripped away, even servicemembers are seeing their families targeted. They are having their parents ripped away. They are having their lives turned upside down.

    “And—let’s not forget—U.S. citizens are even being detained by this administration. We have several instances now—where American citizens have been caught up in Trump’s immigration crackdown. American citizens have been detained and wrongly locked up—even after someone showed them their birth certificates. Even for days! And let’s keep in mind—if you are a citizen who is mistakenly detained, and you are being denied due process, and you can’t reach someone to show your birth certificate, how are you supposed to get released? What if you are put on the next plane to El Salvador before you get the chance to set the record straight? And let’s not pretend that’s far-fetched.

    “Not when citizens havealready been mistakenly detained. Not when the government hasalready admitted it sent some people to El Salvador by mistake. Now when Trump has already disappeared some people who were here legally, and many people who had no criminal record—with no due process. And not when Trump hasalreadysaid he wants to send U.S. citizens to El Salvador prisons. He was caught on mic telling the President of El Salvador he needs to build more jails, telling him the ‘homegrowns’ are next. What happens when you get sent there, and you can’t contact a lawyer? These are serious questions—what happens? Because if there is nothing we can do for the people there now, what precedent does that set for the people that are sent there next?

    “M. President—I’ve been speaking for a while now and I’ve posed a lot of questions, and I hope my colleagues think about this carefully. So, I am going to wrap it up, but I will end now with just one more.

    “Where will Republicans draw the line? Because we are well past the bounds of law—and we are well past the bounds of basic humanity. So, I hope more of my colleagues will join me in saying enough is enough. And in demanding transparency, accountability, and justice from the Trump Administration. That starts with some very basic things.

    “First—accurate, up-to-date information on the names of people who are being detained in, and deported from, ICE facilities across the country—including by the way, the Northwest ICE Detention Center in Tacoma, so that their loved ones and community members can at least know where they are!

    “And we need a clear list of every person who was disappeared to El Salvador, along with what evidence—if any—the government has. As well as the full terms of whatever agreement the Trump administration has negotiated with El Salvador’s dictator.

    “But it doesn’t stop there. We need to see clear, good faith efforts to abide by court orders, and to bring back everyone wrongfully, unjustly sent to a foreign prison. We need to have lines of communication so these people can talk to their lawyers, or talk to their loved ones, and let us know if they are okay.

    “And we need due process—with evidence, with judges, and a meaningful opportunity for people to present a defense. Let’s be clear we are not saying everyone is innocent. We are saying no more than what the constitution says, no more than what the courts have said time and again: Everyone, in the United States of America, gets due process.

    “Thank you.”

    MIL OSI USA News –

  • MIL-OSI USA: Cotton, Colleagues Reintroduce the Living Donor Protection Act

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton
     
    FOR IMMEDIATE RELEASEContact: Caroline Tabler or Patrick McCann (202) 224-2353April 30, 2025
    Cotton, Gillibrand, and Colleagues Reintroduce the Living Donor Protection Act 
    Washington, D.C. — Senator Tom Cotton (R-Arkansas) and Senator Kristen Gillibrand (D-New York) today reintroduced the Living Donor Protection Act, legislation that will protect the rights of living organ donors. The Living Donor Protection Act would ensure living donors do not face discrimination from insurance companies, codify Department of Labor (DOL) guidance that covers living donors under the Family Medical Leave Act (FMLA) in the private and civil service, remove barriers to organ donation, and provide certainty to donors and recipients. 
    Co-sponsoring the legislation are Senators Marsha Blackburn (R-Tennessee), Richard Blumenthal (D-Connecticut), Shelley Moore Capito (R-West Virginia), Chris Coons (D-Delaware), Dick Durbin (D-Illinois), Kristen Gillibrand (D-New York), Cindy Hyde-Smith (R-Mississippi), Tim Kaine (D-Virginia), Mark Kelly (D-Arizona), Angus King (I-Maine), Amy Klobuchar (D-Minnesota), Ben Ray Luján (D-New Mexico), Jeff Merkley (D-Oregon), Pete Ricketts (R-Nebraska), Jacky Rosen (D-Nevada), Jeanne Shaheen (D-New Hampshire), Tina Smith (D-Minnesota), Thom Tillis (R-North Carolina), Raphael Warnock (D-Georgia), Sheldon Whitehouse (D-Rhode Island), and Ron Wyden (D-Oregon). Representatives Jerrold Nadler (New York-12) and Don Bacon (Nebraska-02) are introducing companion legislation in the House. 
    “Organ donors make an extraordinary sacrifice so someone else can have a new chance at life,” said Senator Cotton. “The Living Donor Protection Act would encourage more donors to step forward by protecting them from adverse consequences like denial of coverage and job loss.” 
    “It’s a tragedy that so many people die while waiting for life-saving organ donations. We must do more to remove the barriers that keep Americans from donating,” said Senator Gillibrand. “The Living Donor Protection Act would help ensure that the individuals who are willing to save someone’s life through an organ donation can do so without worrying that they’ll face insurance discrimination or that they could lose their job as they recover. I am proud to be introducing this bipartisan legislation and will keep fighting to finally get it passed.”
    “Our state is fortunate to have Nebraska Medicine, which has a robust living donor kidney exchange program, performing more kidney chains which involves anonymous donors donating to someone without a compatible living donor, than almost any hospital nationwide. However, some living donors are discriminated against when it comes to rates and provision of life insurance and disability insurance,” said Representative Bacon. “They also don’t always receive adequate time to recover from the surgeries related to their selfless gift. This legislation will help open the doors to more living donors so we can save more lives.”
    “When an organ donor decides to donate one of their organs to someone else, they aren’t just saving someone’s life—they’re making one of the most selfless, difficult decisions anyone could ever make. The last thing they need in the midst of that challenging process is to be confronted by needless roadblocks or insurance discrimination,” said Representative Nadler. “These roadblocks can make it economically impossible for potential donors to make that choice and, simply put, they are costing lives. April is National Donate Life Month, and I’m proud to introduce the Living Donor Protection Act to bring awareness to this issue and knock down these needless barriers to lifesaving organ donation.”
    Full text of the bill may be found here.
     The Living Donor Protection Act would:  
    Prohibit life, disability, and long-term care insurance companies from denying or limiting coverage and from charging higher premiums for living organ donors. 
    Amend the Family and Medical Leave Act of 1993 to specifically include living organ donation as a serious health condition for private and civil service employees.
    Direct the U.S. Department of Health and Human Services (HHS) to update their material on live organ donation to reflect these new protections and encourage more individuals to consider donating an organ.

    MIL OSI USA News –

  • MIL-OSI USA: Cornyn, Colleagues’ Resolution Recognizing April as National Child Abuse Prevention Month Passes Senate

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – Last night, the Senate resolution introduced by U.S. Senators John Cornyn (R-TX), Lisa Blunt Rochester (D-DE), Marsha Blackburn (R-TN), Maggie Hassan (D-NH), John Hickenlooper (D-CO), and Angela Alsobrooks (D-MD) designating April as National Child Abuse Prevention Month passed the Senate unanimously. This resolution is endorsed by more than 20 national and state organizations, including Prevent Child Abuse America, Buckner International, Child Sexual Abuse Prevention Now, Children At Risk, Children’s Trust Fund Alliance, Dallas CASA (Court Appointed Special Advocates), Family Compass, First3Years, Healthy Families America, Illuminate Colorado, National Association of Counsel for Children, Tennessee Voices, TexProtects, The Kempe Foundation, United Way of Metropolitan Dallas, United Ways of Texas, and Zero to Three. Text is below, and the full resolution can be viewed here.
    “Whereas children are fundamental to the success of the United States and will shape the future of the United States;
    Whereas elected representatives and leaders in the communities of the United States must be ever vigilant and proactive in support of evidence-based means to prevent child abuse and neglect, and to support families;
    Whereas adverse childhood experiences (referred to in this preamble as ‘ACEs’) are traumatic experiences that occur during childhood with lasting effects and include experiences of violence, abuse, or neglect;
    Whereas at least 5 of the top 10 leading causes of death are associated with ACEs;
    Whereas preventing ACEs could reduce many health conditions and long-term negative effects on life, opportunity, and well-being, including—
    (1) up to 21,000,000 cases of depression;
    (2) up to 1,900,000 cases of heart disease; and
    (3) up to 2,500,000 cases of overweight and obesity;
    Whereas every child is filled with tremendous promise, and we all have a collective responsibility to prevent ACEs, foster the potential of every child, and promote positive childhood experiences;
    Whereas preventing child abuse and neglect can reduce the costly lifetime economic burden associated with child maltreatment;
    Whereas, in 2023, an estimated 7,782,000 children were referred to child protective services agencies, alleging maltreatment;
    Whereas each year approximately 1 in 7 children in the United States experiences child abuse, neglect, or both;
    Whereas reports indicate that 1 in 4 girls and 1 in 13 boys will become victims of child sexual abuse before their 18th birthday;
    Whereas 93 percent of child sexual abuse victims are abused by a person they know and trust;
    Whereas children who are sexually abused, especially when not provided appropriate treatment and support, often suffer lifelong consequences, such as physical and mental health challenges and higher risk of drug and alcohol misuse and suicide;
    Whereas, in 2023, the National Center for Missing and Exploited Children’s CyberTipline received nearly 36,200,000 reports of suspected online child sexual exploitation, a 12-percent increase from 2022, the highest number of reports ever received in 1 year;
    Whereas education and awareness of possible signs of child abuse and neglect should be prioritized for purposes of prevention; and
    Whereas, by intervening to prevent adversity and build resilience during the most critical years of development of a child, voluntary, evidence-based, home-visiting programs have shown positive impact on—
    (1) reducing the recurrence of child abuse and neglect;
    (2) decreasing the incidence of low-birthweight babies;
    (3) improved school readiness for children; and
    (4) increased high school graduation rates: Now, therefore, be it
    Resolved, That the Senate—
    (1) supports the designation of April 2025 as ‘National Child Abuse Prevention Month’;
    (2) expresses support for the goals and ideals of National Child Abuse Prevention Month;
    (3) recognizes that child abuse and neglect and child sexual abuse are preventable, and that a healthy and prosperous society depends on strong families and communities;
    (4) supports efforts to increase the awareness of, and provide education for, the general public of the United States, with respect to preventing child abuse and neglect and building protective factors for families;
    (5) supports the efforts to help survivors of childhood sexual abuse heal;
    (6) supports justice for victims of childhood sexual abuse; and
    (7) recognizes the need for prevention, healing, and justice efforts related to childhood abuse, neglect, and sexual abuse.”

    MIL OSI USA News –

  • MIL-OSI Security: Honduran Citizen Indicted for Illegal Firearm Possession, Possession with Intent to Distribute Narcotics, and Possession of Firearm to Further Drug Trafficking Crime

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – Acting United States Attorney Michael M. Simpson announced that JUAN JOSUE CUEVAR-ALVARADO (“CUEVAR-ALVARADO “), 20, a native of Honduras, was indicted in a three-count superseding indictment on April 24, 2025, for being an illegal alien in possession of a firearm, in violation of Title 18, United States Code, Section 922(g)(5)(A) (Count 1), possession with the intent to distribute controlled substances, in violation of 21, United States Code, Sections 841(a)(1), 841(b)(1)(C), and 841(b)(1)(D) (Count 2); and possession of a firearm, in furtherance of a drug trafficking crime, in violation of 18, United States Code, Section 924(c)(1)(A)(i) (Count 3).

    According to the superseding indictment, on or about September 15, 2023, CUEVAR-ALVARADO, an alien present illegally in the United States, was found in possession of a .22 caliber revolver and a nine-millimeter semi-automatic pistol, as well as  a quantity of marijuana.

    As to Count 1, CUEVAR-ALVARADO faces up to 15 years in prison, up to 3 years of supervised release, and up to a $250,000 fine.  As to Count 2, he faces up to 5 years in prison, up to 3 years of supervised release, and up to a $250,000 fine.  As to Count 3, he faces a prison term of 5 years consecutive to any other prison term he receives, up to 3years of supervised release, and up to a fine of $250,000.  Each count also carries a mandatory special assessment fee of $100. The defendant also faces deportation to his home country of Honduras after serving any prison sentence.

    Acting U.S. Attorney Simpson praised the work of United States Department of Homeland Security and the Kenner Police Department in investigating this matter. Assistant United States Attorneys Spiro G. Latsis and Paul J. Hubbell of the General Crimes Unit are in charge of the prosecution.

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

    *       *      *

    MIL Security OSI –

  • MIL-OSI Security: Lapwai Man Sentenced to 19 Years in Prison for Murder

    Source: Office of United States Attorneys

    COEUR D’ALENE – William Oliver Eyle, 21, of Lapwai, was sentenced to 19 years in federal prison for second degree murder, Acting U.S. Attorney Justin Whatcott announced today.

    According to court records, on May 12, 2023, Eyle murdered Elias Albert Spencer on the Nez Perce Indian Reservation.  There was no fight or disagreement between the two individuals. Eyle’s car broke down in front of Elias’ home and when Elias went to see what was going on, Eyle shot him five times.  Elias’ family found his body on the sidewalk in front of the home. According to the statements from the sentencing, Eyle fled the area, destroyed evidence and remained a fugitive for months.  He was finally located by the Federal Bureau of Investigation and the U.S. Marshals Service toward the end of November 2023.  Eyle was 19 years at the time he murdered Elias.

    Eyle pleaded guilty to second degree murder on January 29, 2025. United States District Judge Amanda K. Brailsford also ordered Eyle to serve five years of supervised release following his prison sentence.  Eyle’s mother, Jacinta Wheeler, pleaded guilty to misprision of a felony and was sentenced to 30 months in federal prison on November 14, 2024, due to her failure to report the murder and her advice to Eyle to flee.

    “The murder of Elias Albert Spencer was a senseless act of violence.”  Acting U.S. Attorney Whatcott said.  “My heart goes out to Elias’ family, whose strength and resolve during this tragedy has been inspiring.  While this sentence cannot bring Elias back, hopefully it provides them some measure of closure, while also preventing future acts of violence by this defendant for a lengthy time.”

    “William Eyle’s actions profoundly impacted not only the victim’s family but the community’s sense of safety,” said Special Agent in Charge Mehtab Syed of the Salt Lake City FBI.  “While nothing will bring their loved one back, we hope the sentence provides some sense of justice to Elias Spencer’s family and friends.  The FBI is committed to working with our partners to solve MMIP cases and ensure safety on reservations.”

    Acting U.S. Attorney Whatcott commended the work of the Federal Bureau of Investigation and the Nez Perce Tribal Police, which led to the charges.  Assistants U.S. Attorneys Traci Whelan and Adam Johnson prosecuted the case.

    ###

    MIL Security OSI –

  • MIL-OSI: Business First Bancshares, Inc. Appoints Alejandro M. Sanchez to its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    BATON ROUGE, La., April 30, 2025 (GLOBE NEWSWIRE) — Business First Bancshares Inc. (Nasdaq: BFST), the holding company for b1BANK, has announced the appointment of Alejandro M. Sanchez to the Business First Bancshares, Inc. Board of Directors and b1BANK Board of Directors, effective March 27, 2025.

    Sanchez is the president and CEO of Salva Financial Group of Florida, a consulting group advising financial institutions on strategic planning, regulatory compliance and crisis management. He also serves as an executive advisor to Nasdaq and holds board positions with Popular, Inc. (Nasdaq: BPOP), the holding company for Popular Bank and Republic Bancorp, Inc. (Nasdaq: RBCAA), the holding company for Republic Bank & Trust, contributing expertise in governance, risk management and audit oversight.

    Sanchez led the Florida Bankers Association as president and CEO from 1998 to 2023, advocating for the state’s banking industry. He was nominated by President George W. Bush as one of three Presidential appointees for the Federal Retirement Thrift Investment Board from 2002 to 2010 and was invited by President Obama to serve an additional two years.

    “Alex’s deep experience guiding financial institutions through complex regulatory environments and strategic transformations aligns closely with our growth strategy and governance objectives,” said Jude Melville, chairman and CEO of b1BANK. “His leadership and seasoned perspective will help us thoughtfully navigate opportunities and challenges, enhancing our capacity to serve our clients and communities effectively.”

    “It is an honor to join the Business First Bancshares board,” said Sanchez. “I look forward to contributing to the company’s strategic vision and ongoing success.”

    Sanchez holds a Doctorate from the University of Iowa College of Law and a Bachelor of Science from Troy University. He served in the U.S. Air Force from 1976 to 1981.

    About Business First Bancshares Inc.

    As of March 31, 2025, Business First Bancshares, Inc., (Nasdaq: BFST) through its banking subsidiary b1BANK, has $7.8 billion in assets, $7.1 billion in assets under management through b1BANK’s affiliate Smith Shellnut Wilson, LLC (SSW) (excludes $0.9 billion of b1BANK assets managed by SSW) and operates Banking Centers and Loan Production Offices in markets across Louisiana and Texas providing commercial and personal banking products and services. b1BANK is a 2024 Mastercard “Innovation Award” winner and multiyear winner of American Banker Magazine’s “Best Banks to Work For.” Visit b1BANK.com for more information.

    Media Contact: Misty Albrecht
    b1BANK
    225.286.7879
    Misty.Albrecht@b1BANK.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1b9e3cc0-4786-4497-9e7c-ce188ece6be6

    The MIL Network –

  • MIL-OSI Economics: China VC funding value down by more than 50% YoY in Q1 2025, finds GlobalData

    Source: GlobalData

    China VC funding value down by more than 50% YoY in Q1 2025, finds GlobalData

    Posted in Business Fundamentals

    The venture capital (VC) funding landscape in China has experienced a notable contraction in the first quarter (Q1) of 2025 wherein deal volume and value have both seen significant declines compared to the same period in previous year. China recorded a year-on-year (YoY) decrease of around 18% in VC deal volume in Q1 2025. The value of VC funding has YoY plummeted even more drastically at more than 50%, according to GlobalData, a leading data and analytics company.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The contraction highlights the challenges startups are facing in securing funding for growth and innovation. The downturn could be attributed to several factors, including increased regulatory scrutiny, slowdown in economy, and geopolitical tensions that have made investors more cautious. Although the recent downturn raises concerns related to investor sentiments, the country still holds a significant share of global VC activity.”

    An analysis of GlobalData’s Deals Database revealed that despite the decline, China’s share of global deal volume remains substantial, accounting for more than 15% of the total number of VC deals announced globally during the quarter.

    But on the other hand, this sharp drop in funding value has resulted in China’s share of global deal value fall from 21.8% in Q1 2024 to 9.3% in Q1 2025. In contrast, the US has seen a remarkable increase in VC funding value, further widening the gap between these two economic powerhouses.

    Bose concludes: “While the country remains a vital hub for venture capital, the current environment reflects a recalibration of investor sentiment. The decline in both deal volume and value indicates that investors are becoming more selective, focusing on sectors or start-ups with clear growth potential and sustainable business models.”

    Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

    MIL OSI Economics –

  • MIL-OSI USA: Congressman Russell Fry (SC-07) Introduces House Bill to Expand Nationwide Background Checks for Contractors Working with Children

    Source:

    Congressman Russell Fry (SC-07) Introduces House Bill to Expand Nationwide Background Checks for Contractors Working with Children

    Washington, D.C. – Today, Congressman Russell Fry (SC-07) introduced the Comprehensive Health & Integrity in Licensing and Documentation Act (CHILD Act) of 2025, along with Congressman Jared Moskowitz (D-FL). This bill ensures that all individuals with unsupervised access to children— whether full-time employees or independent contractors—are eligible for nationwide background checks.

    The CHILD Act of 2025 aims to close a dangerous loophole created by the Child Protection Improvements Act of 2018, which inadvertently limited access to FBI background checks for contractors working in schools and other child-focused settings.

    The National Child Protection Act (NCPA) of 1993 encouraged states to use federal background checks for people working with vulnerable groups like children, the elderly, or those with disabilities. In 2018, a law was introduced that narrowed who could be checked, leaving out many contractors—including those working directly with kids. The CHILD Act of 2025 fixes this by allowing schools, afterschool programs, and similar organizations to run full federal background checks on anyone, including contractors, who may have access to children and vulnerable groups.

    In South Carolina, independent contractors who work with children are typically required to pass FBI and SLED background checks. However, some states lack the NCPA statute, and contractors can’t directly access the federal system unless they work through a state agency or local school district—leading to confusion, inconsistency, and potential risk. Other states have even weaker protections, with some relying only on name-based checks or allowing individual school districts to decide for themselves.

    “This is about consistency and accountability,” said Congressman Fry. “Parents shouldn’t have to wonder if individuals who have unsupervised contact with their kids, such as after-school tutors, nurses, school bus drivers, transportation providers, or other contracted personnel, have been fully vetted or not. The CHILD Act would fix this loophole and provide parents with peace of mind and students with a safe environment.”

    “Parents shouldn’t have any question that the teachers, staff, and other personnel taking care of their kids at school have been thoroughly vetted,” said Congressman Moskowitz. “That’s why I’m helping lead the CHILD Act, a bipartisan bill to fix an oversight in the law and ensure contractors who work with kids are subject to nationwide background checks. It’s the right thing to do for our kids and a commonsense fix to help keep our schools safe.”

    This is the House companion bill to legislation introduced in the Senate by the Chairman of the Senate Judiciary Committee Chuck Grassley (R-IA) and Ranking Member Dick Durbin (D-IL).

    “Parents should feel more confident that every individual who works with their children has been properly and thoroughly vetted,” said Senator Grassley. “My bipartisan legislation with Senator Durbin would amend the Child Protection Improvements Act to help ensure all child care workers, including contractors, undergo nationwide background checks,” Grassley said. “Our legislative fix will help keep kids safe and give parents greater peace of mind.”

    “When parents drop their kids off at school, they shouldn’t have to worry if their children are safe in the care of the school’s faculty,” said Senator Durbin. “While the Child Protection Improvements Act was passed with the intent of keeping children safe, it created an inadvertent complication in securing nationwide background checks for all personnel with unsupervised access to children, namely contractors hired by schools. Schools often rely on contractors for a number of services geared toward children, including providing safe transportation. Today, I’m introducing bipartisan legislation with Senator Grassley to correct the current patchwork approach to securing nationwide background checks for those who work with children.”

    The CHILD Act of 2025 is supported by HopSkipDrive, the National District Attorneys Association, Students Against Destructive Decisions, Student Transportation & Education Equity, Roundtable, Parents Helping Parents, Inc., National Diversity Coalition, RaisingHOPE, Inc., National Center on Adoption and Permanency, and Streets Are For Everyone (SAFE).

    “Safety has always been, and will always be, our top priority at HopSkipDrive and background checks are an integral component of our 15-step certification process,” said Joanna McFarland, Co-Founder and CEO of HopSkipDrive. “We are proud to support the bipartisan CHILD Act to amend the National Child Protection Act and enhance access to safe, reliable student transportation. This crucial amendment will help ensure the highest standards of safety are met nationwide, and we extend our gratitude to the bill sponsors for their leadership on this important issue.”

    “NDAA is happy to support the CHILD Act of 2025, which safeguards our most vulnerable populations by allowing businesses and organizations to conduct thorough background checks of individuals that are under contract with a qualified entity,” said Nelson Bunn, Executive Director of the National District Attorneys Association.

    The supporting organizations also submitted this letter.

    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 USA: Ernst Works to Expand Military Recruitment

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    WASHINGTON – U.S. Senator Joni Ernst (R-Iowa), a combat veteran, introduced the Service Enlistment and Recruitment of Valuable Engagement (SERVE) Act to enhance military recruitment by promoting the benefits of service and expanding access for high school students. Representatives Jen Kiggans (R-Va.), Chrissy Houlahan (D-Pa.), and Lance Gooden (R-Texas) are leading this bipartisan effort in the House of Representatives.
    After reports that Army recruitment is making historic gains this year, the legislators are working to build on that progress and keep numbers up across the service branches.
    “For me, choosing to serve our country opened the door for the American Dream, allowed me to afford college, and paved the way for a life committed to service,” said Senator Joni Ernst, a combat veteran who served in the military for 23 years. “By increasing avenues to the benefits and pathways of a career in the military, we can unlock even more opportunities and brighter futures for our next generation. The call to service is loud and clear, and through the SERVE Act, our nation can bolster recruitment efforts and build the most lethal, efficient, and effective force in the world.”
    “America’s military is only as strong as the young men and women who step forward to serve,” said Rep. Kiggans. “Right now, many students aren’t being provided information about the amazing opportunities and experiences military service can offer. The SERVE Act is about turning that around by reconnecting our youth with a powerful call to service and opening doors to leadership, education, and purpose. This bipartisan, bicameral bill sends a clear message that we believe in our next generation, and we’re ready to invest in their future and the future security of our nation.”
    “As someone who has proudly served in uniform, I understand the transformative power of military service. The SERVE Act will ensure that all students, regardless of their background, have the opportunity to learn about the benefits and responsibilities of serving our nation. By enhancing access to military recruiters and expanding programs like JROTC, we’re not only strengthening our armed forces but also investing in the leadership potential of our youth. This bipartisan effort reflects our commitment to national security and to providing young Americans with pathways to personal and professional growth,” said Rep. Houlahan.
    “The SERVE Act restores a culture of service and ensures that every young American can understand the benefits of military life. By giving recruiters meaningful access to our schools, we strengthen national security and give students a shot at purpose, higher education, and a future filled with opportunity,” said Rep. Gooden.
    Specifically, the SERVE Act:

    Increases recruiter access in high schools,
    Expands opportunities for students to get involved in JROTC even if they don’t have a program housed at their high school,
    Incentivizes schools by designating those with military enlistment rates above the state average as “HERO schools,”
    Supports pathways towards a military career by prioritizing graduates from high-enlistment schools for service academies, and
    Creates a “National Week of Military Recruitment” to further promote and engage on the benefits of military service.

    Background:
    Ernst has worked to support our military men and women receive the benefits they have earned, including by exposing that the Biden administration’s student loan “cancellation” undermined G.I. benefits earned from service, holding the VA accountable for misusing taxpayer dollars, stopping Big Tech from shadow banning military recruitment content, and ensuring junior servicemembers receive proportional pay raises to strengthen our nation’s fighting force.

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Blumenthal, 39 Colleagues Reintroduce Assault Weapons Ban

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    April 30, 2025

    WASHINGTON—U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) on Wednesday joined 39 of their Senate colleagues in reintroducing the Assault Weapons Ban of 2025, legislation to revive a nationwide ban on assault weapons two decades after the original ban expired. The bill would ban the sale, transfer, manufacture, and import of military-style assault weapons, high-capacity magazines, and other high-capacity ammunition feeding devices. 

    While the 1994 ban was in place, the United States saw gun massacres decline by 37% and mass shooting fatalities were 70% less likely. When the ban expired, deaths in a gun massacre rose 239%. A ban on assault-style weapons is not only common-sense legislation, it’s widely supported by Americans, and Congress has failed to keep up with the American people on this issue. 

    “Assault weapons are designed for one thing: to kill as many people as possible, as quickly as possible. These are weapons of war that have no place in our communities, and it’s long past time we treated them that way. A majority of Americans support an assault weapons ban, and it’s time for Republicans to get on board and pass this bill before more lives are lost,” said Murphy. 

    “Assault weapons have only one practical purpose – to slaughter human beings. These military-style combat weapons are designed to maximize death and destruction. No self-respecting hunter uses one. Assault weapons have brought bloodshed and carnage to our streets and our schools. Guns don’t respect state boundaries, which is why we need a national solution to restricting the ownership and use of the mass shooter’s weapon of choice,” said Blumenthal. 

    Murphy and Blumenthal joined gun safety advocates and organizations from across the nation earlier in the day for a press conference introducing the legislation.

    U.S. Senators Adam Schiff (D-Calif.), Alex Padilla (D-Calif.), Chuck Schumer (D-N.Y.), Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawai’i), Tim Kaine (D-Va.), Andy Kim (D-N.J.), Amy Klobuchar (D-Minn.), Ben Ray Lujan (D-N.M.), Edward Markey (D-Mass.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.) also co-sponsored the bill.

    Brady: United Against Gun Violence, GIFFORDS, Newtown Action Alliance, Everytown for Gun Safety, March for Our Lives, Sandy Hook Promise, and the National Parent Teacher Association endorsed the legislation. 

    Full text of the bill is available HERE.  

    MIL OSI USA News –

  • MIL-OSI Australia: Screen Australia empowers 100+ distinctive Australian narratives

    Source: AMP Limited

    01 05 2025 – Media release

    All The Boys Are Here writer/director Goran Stolevski and It’s All Going Very Well No Problems At All writer/director/producer/star Tilda Cobham-Hervey (Tilda photo credit Matt Loxton).  
    Screen Australia has today announced a significant investment for local scripted projects, reflecting the agency’s commitment to rich Australian narrative content and meaningful creator pathways.
    Across feature film, television and online, $7.6 million has been shared across more than 100 projects, contributing a substantial amount to the overall direct production and development funding provided in the 24/25 financial year so far. The mix of projects showcases a wide range of themes and formats, speaking to the evolving scripted landscape and highlighting the importance of reaching Australian audiences where they are watching.
    Among the projects is the debut feature film from writer/director/producer/star Tilda Cobham-Hervey set in an aged care home, It’s All Going Very Well No Problems At All; animated children’s series Jidoo & Ibis, about the relationship between a grumpy Grandpa and Australia’s beloved bin chicken; comedy series for TikTok CEEBS about two friends on a mission to save their local youth centre from imminent closure; and a series inspired by a true story, DIVA, about 21-year-old Elly who balances his strict, religious Samoan life with ambitions of becoming a professional wrestler in drag.
    Screen Australia Director of Narrative Content Louise Gough said, “Screen Australia is uniquely positioned to support a thriving pipeline of Australian stories that connect with audiences across multiple platforms and genres. This funding reflects our commitment to both emerging and established creatives, reinforcing the strength and diversity of our industry.”
    “Demand on Screen Australia funding remains high, and our recent survey was a reminder of the value that the sector places on our direct funding. In an ever-changing landscape, one thing remains constant – Australian screen storytelling is a vital cultural force that continues to resonate with audiences here at home and across the world. We’re proud to back this extensive collection of distinct and ambitious projects,” said Gough.
    Screen Australia has also supported 11 major television series for production to be announced in coming months, sharing in $12 million of direct funding and with a total production value of over $117 million. The agency has recently supported Stan Original Series’ He Had it Coming and comedy-horror Gnomes. Also recently announced is Bus Stop Films’ first feature film Boss Cat, beginning production in June and starring Olivia Hargroder, Penny Downie and Julia Savage.
    The supported projects include:

    It’s All Going Very Well No Problems At All: This drama is the debut feature film from writer/director Tilda Cobham-Hervey (A Field Guide to Being a 12 Year Old Girl, I am Woman) and is produced by Liam Heyen (Jimpa, Latecomers), Dev Patel (Lion, Monkey Man), Jomon Thomas (Hotel Mumbai, Monkey Man) and Cobham-Hervey, with Natalya Pavchinskaya and Cyna Strachan executive producing. The film follows Audrey (Cobham-Hervey), a young artist teetering on the edge of a quiet collapse, who finds solace and understanding through a profound connection with Harold, an elderly resident at the care home where she works. Major production investment from Screen Australia and S’ya Concept in association with the South Australian Film Corporation, with support from the Adelaide Film Festival Investment Fund. Local distribution by Kismet. The film is a Mad Ones and Minor Realm production.
    Jidoo & Ibis: Inspired by the real-life shenanigans between the creator’s father and the hungry bin chickens who flock to his garden, Jidoo & Ibis is from writer/producer Wendy Hanna (Beep & Mort) with writers Michael Drake (Beep & Mort) and Clare Madsen (Little J & Big Cuz). It is a 40-part animated series in development for young pre-schoolers about unexpected problems and unexpected friendships – told through the relationship between grumpy Grandpa Jidoo and an all too familiar larrikin, Ibis.
    CEEBS: This 18-part comedy for TikTok is from director Harry Lloyd (Rock Island Mysteries) and writers Betiel Beyin and Leigh Lule, some of the team behind Turn up the Volume. Nikki Tran (Girl, Interpreted) and Amie Batalibasi (Blackbird) are producing. CEEBS follows recent high-school graduates, Zion and Ruby, as they run for ‘Youth President’ to save their local youth centre from imminent closure – all while trying to ensure their lifelong friendship doesn’t get caught in the crossfire. It has received principal production funding from Screen Australia in association with VicScreen.
    DIVA: Inspired by a true story, DIVA is created by producer Jessica Magro (Bad Ancestors) and executive producer Jason Dewhurst, working alongside producer Lauren Brown (Thou Shalt Not Steal) and writer Nick Coyle (Bump, It’s Fine, I’m Fine). It is also executive produced by Charlie Aspinwall and Daley Pearson. This eight-part series in development from Ludo Studio and Purple Carrot Entertainment follows 21-year-old Elly as he attempts to balance his strict, religious Samoan life and his secret queer identity as a professional wrestler in drag.
    Dreamboat: A feature comedy in development celebrating the enduring power of BFFs, second chances, and embracing life’s next chapter, from writer Joan Sauers (Ladies in Black, Wakefield), producers Courtney Botfield and Kate Riedl, script editor Megan Simpson Huberman and script consultant Zoë Coombs Marr. In Dreamboat, Suzy’s plans for a cruisy retirement are capsized when best friend, Val, takes her on a cruise to Antarctica.
    All The Boys Are Here: From Causeway Films (Talk to Me), this queer romance feature film is created by writer/director Goran Stolevski (Of An Age, You Won’t Be Alone) and produced by Kristina Ceyton and Samantha Jennings of Talk to Me. It is about a New York novelist who, while attending a family funeral in Vienna, discovers a German relative’s illicit queer love affair with a Jewish man during WW2 – sending him on a journey through the past that changes his future. It has received major production investment from Screen Australia in association with the Polish Film Institute, with Maslow Entertainment distributing and New Europe Film Sales and Charades managing international sales.
    A Model Family: A 10-part comedy in development for the whole family from some of the team behind The Disposables, including creator/writers Keir Wilkins and Sonia Whiteman, creator/writer/producer Renny Wijeyamohan, creator/producer/executive producer Karen Radzyner, producer Linda Micsko (The Office Australia) and executive producer Oliver Lawrance, with Guy Edmonds (Spooky Files) and Emmanuelle Mattana (Fwends) attached as writers. In A Model Family, five ultra-lifelike AIs have escaped from a secret research facility in the Australian countryside and must pass for a human ‘nuclear’ family to survive.
    Fear is the Rider: This horror-thriller is from the team behind The Forgiven, including writer/director/producer John Michael McDonagh, producers Elizabeth Eves, Kate Glover, Nick Gordon and Trevor Matthews, and executive producer Natalie Coleman. In Fear is the Rider, a lone woman searching for her missing mother is pursued into the Australian Outback by a terrifying family of cannibalistic serial killers, with only an ex-con and a young girl willing to help her. Major production investment from Screen Australia and financed with support from Screen NSW’s Made in NSW Fund. Local distribution by Umbrella Entertainment, with international sales by Film Constellation and CAA.
    After All: From writer/director/producer Jess Murray (Moments of Clarity) and writers Tom Ward and Declan O’Byrne-Inglis, After All is a six-part comedic adult YouTube animation set against a post-apocalyptic wasteland. After living in a bunker for most of their lives, mutant filmmakers Flynn and Marshall venture out to make “the best movie ever made”, but quickly realise that stardom is not as important as friendship. It has received principal production funding from Screen Australia and financed with assistance from Screen Tasmania.
    Bluebottle: A thriller-comedy feature film from director Jim Weir and writer/director Jack Clark of Birdeater, producers Gal Greenspan (Moja Vesna), Rachel Forbes (Strange Creatures) and Ryan Bartecki (The Novice), and executive producers Joel Edgerton (Boy Swallows Universe), Ari Harrison (Lesbian Space Princess, The Moogai) and Jane Badler. During the final night of ‘Schoolies’ in an isolated coastal town, three local dropouts battle three handsome older men for the affection of three private school girls – tackling social issues of class, consent and identity. Major production investment from Screen Australia, with Co Created Media co-financing and Umbrella Entertainment distributing locally.

    CEEBS
    For the list of announced projects funded across the Narrative Content Department this financial year, visit:

    For more information about Screen Australia funding and to apply, click here.
    Download PDF
    Media enquiries
    Maddie Walsh | Publicist
    + 61 2 8113 5915  | [email protected]
    Jessica Parry | Senior Publicist (Mon, Tue, Thu)
    + 61 428 767 836  | [email protected]
    All other general/non-media enquiries
    Sydney + 61 2 8113 5800  |  Melbourne + 61 3 8682 1900 | [email protected]

    MIL OSI News –

  • MIL-OSI USA: Pressley Applauds Release of Mohsen Mahdawi, Renews Call for Release of Rümeysa Öztürk, Mahmoud Khalil, and Others

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Yesterday, Pressley Rallied With Colleagues at State Dept. to Demand Mahdawi’s Release and Due Process for All

    Pressley Recently Met with Constituent Rümeysa Öztürk, Mahmoud Khalil at ICE Detention Centers in Louisiana

    WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07) issued the following statement applauding the release of Mohsen Mahdawi, Columbia University student and lawful permanent resident who was detained on April 14 after his naturalization interview in Vermont. Yesterday, at a rally outside the State Department, Congresswoman Pressleyjoined Congresswoman Becca Balint (VT-AL)and their colleagues to call for Mahdawi’s immediate release and demand due process for all. Congresswoman Pressley recently met with constituent Rümeysa Öztürk and Mahmoud Khalil, two students who have been unlawfully detained by ICE and transported to Louisiana from their homes in retaliation for their protected speech.

    “Mohsen’s release is an encouraging step in the fight to defend our democracy and the constitutional rights that Donald Trump is working overtime to rip away,” said Rep. Ayanna Pressley. “Due process and free speech are fundamental rights. I am relieved and encouraged that Mohsen was released from detention today, and I continue to demand the immediate release of my constituent Rümeysa Öztürk, as well as Mahmoud Khalil, and the residents across the nation who may not have made headlines but similarly have been unjustly detained by this hostile administration. We have not forgotten about you and we will fight for your rights daily.”

    Mahdawi, a Vermont permanent resident for the last ten years, was abruptly arrested earlier this month by masked, hooded ICE agents without being charged with a crime. In response to his arrest, Rep. Balint, Rep. Pressley, and 66 other House Democrats demanded to know the Administration’s alleged reason for his arrest from Secretaries Rubio and Noem and received no response. 

    A full transcript of her remarks at yesterday’s rally is available below and video is available here.

    Transcript: Pressley Colleagues Demand Due Process for All at “Free Mohsen Mahdawi” Rally
    U.S. State Department
    April 29, 2025

    We keep using the word shame, and this is a shame that we find ourselves here. 

    And it is also a sham. 

    These extremist acts to disappear people from society have nothing to do with immigration. They have nothing to do with law and order. They have everything to do with power.

    And Donald Trump is abusing power. That is what dictators do. Dictators mean to silence any dissenting voices – and the only way to beat a dictator is with defiance, and that’s what brings us all here today. 

    I’m so glad that you all are awake. The other side wants you to be asleep. They’re anti-woke because they want a citizenry that is ignorant and uninformed, that is indifferent to the suffering of their neighbors, and that is inactive. 

    So you’re already winning, and you give me hope and make it easier to practice the discipline of hope – because you could have been anywhere else today, but you chose to be here to say that these abuses of power will not go unchecked.

    I know that I am speaking to the choir as I go to refer to my notes and enumerate these facts, but I preach to the choir for one reason, because I need the choir to sing. 

    When you leave here, I need you to sing about these injustices. I need you to sing about the fact that this is not about whether or not we can weather the next four years, that this is about shaping the next one hundred.

    I need you to sing about the fact that this is the moment and the opportunity to be better ancestors than descendants. 

    Who is Mohsen?

    Mohsen was raised in a Palestinian refugee camp in the occupied West Bank. He is a man who loves and is loved, who is connected to family, who is connected to community.

    Mohsen is a green card holder and lawful permanent resident of the United States.

    Mohsen is a scholar, a senior at Columbia University and co-founder of Columbia’s Palestinian Student Union.

    And now, shamefully, Mohsen is a political prisoner. 

    Instead of celebrating his graduation and preparing for his Master’s program in the fall, he was on the verge of becoming a US citizen, after 10 years of living and learning and contributing in the United States. 

    Instead, his life has been upended, and he is awaiting his future from the confines of a detention center. Shameful.

    In Donald Trump’s America, Mohsen’s story is becoming shamefully all too familiar to all of us. 

    He was whisked away and disappeared off of the streets, just like my constituent, Somerville resident and PhD student, Rümeysa Öztürk.

    Make no mistake, these abductions are not isolated. 

    They are part and parcel of Trump’s precise, intentional, and coordinated attack on our democracy and our constitutional rights. 

    They serve no purpose other than to silence dissent, restrict due process, and to sow fear in our communities – which is exactly how a dictator operates. 

    But again, we will not allow these abuses of power to go unchecked or unanswered. 

    Last week, I went to conduct some real-time oversight. I visited our sister Rümeysa Öztürk and our brother Mahmoud Khalil in Louisiana at the ICE detention facilities where they are being held. 

    Allow me to digress for a moment to remind people that this is a for-profit carceral system, and the same way that there are billionaire corporations that benefit from for-profit prisons and mass incarceration, the same billionaire corporations are benefiting from for-profit detention centers and the disappearing of immigrants. These things are all connected. 

    So if someone at home is saying, “Why should I care about this?”

    If you care about mass incarceration, you need to care about mass deportation. If you care about mass deportation, you need to care about mass incarceration. 

    So last week, I went for a wellness check, which also again, was real-time congressional oversight. What I saw and heard from Rümeysa and Mahmoud was harrowing, heartbreaking, and infuriating. 

    Mahmoud spoke of growing up in Syria under Assad. He said, “I know what an authoritarian regime looks like – and this is it.”

    Rümeysa thanked me for being there, along with my colleagues in our CODEL and said the women at this detention facility have questioned if God has forgotten about us, if the world has forgotten about us.

    They are being denied proper medical care, deprived of sleep. They’re not receiving nutritious meals, no religious accommodation. A nurse, without consent, removed Rümeysa’s hijab.

    The cruelty is the point. 

    Look family, what’s happening to Mohsen, Rümeysa, Mahmoud and so many others is a damning injustice. They’ve been charged with no crimes, and are being detained simply for exercising their right to free speech, for speaking out about the Israeli government’s genocide in Gaza. 

    Now let me be clear, regardless of your position on that issue or any other, this should outrage everyone and anyone with a moral conscience. 

    I do not journey to rural Louisiana because I am a Democrat. I journeyed to rural Louisiana because I’m a human being who gives a damn about other human beings. 

    In America we have a fundamental right to freedom of speech, and that’s what makes us who we are. So this blatant, flagrant violation of our First Amendment rights through these abductions should outrage everyone, regardless of your personal beliefs. 

    And as I close, because our freedoms and our destinies are tied, in his letter to Angela Y. Davis, James Baldwin wrote, “If they take you in the morning, dear sister, they will surely be coming for us that night.” And that is the truth. 

    Today, it is Mohsen, it is Rümeysa, it is Mahmoud, and tomorrow it could be you. 

    It could be you for reading a banned book. It could be you for suffering a miscarriage. It could be you for practicing Diversity Equity and Inclusion. 

    So today, we refuse to accept these abuses as inevitable. We demand due process and accountability for all, and we will keep working to protect our Constitution and everyone who calls this country home. 

    Free Mohsen Mahdawi. Free Rümeysa Öztürk. Free Mahmoud Khalil. Save our democracy.

    This is not about weathering the next four years. This is about shaping the next one hundred.

    MIL OSI USA News –

  • MIL-OSI USA: TOMORROW: First Partner Siebel Newsom to celebrate Move Your Body, Calm Your Mind Day with Boys & Girls Club in Bay Area

    Source: US State of California Governor

    Apr 30, 2025

    SAN MATEO COUNTY — California First Partner Jennifer Siebel Newsom will team up with Olympic and World Cup Champion Brandi Chastain and nearly 250 kids at a local Boys & Girls Club to celebrate Move Your Body, Calm Your Mind Day, a statewide day of action embracing the importance of movement, mindfulness, and play. The interactive celebration will feature opportunities for kids to move their bodies as they choose from pickleball, soccer, and Zumba. The event will also feature calming activities like mindfulness crafts and yoga.

    WHEN: Thursday, May 1 at 3:50 p.m.

    **NOTE: This in-person event will not be streamed and will be open to credentialed media only. Media interested in attending must RSVP by clicking here no later than 1 p.m., May 1. Location information will be provided upon confirmation.

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    MIL OSI USA News –

  • MIL-Evening Report: Feuding mob families, mind control and a murder at the White House: what to watch in May

    Source: The Conversation (Au and NZ) – By Alexa Scarlata, Lecturer, Digital Communication, RMIT University

    Disney+/Prime/Netflix/Paramount+/The Conversation

    It’s May! Where did the year go? It must be all the amazing TV we’re watching that’s making the time whiz by. This month’s lineup of expert picks is packed with standout shows across all genres.

    Whether you’re in the mood for laugh-out-loud comedies, powerful historical fiction, or sci-fi that will leave your brain rattling for days, there’s something binge-worthy waiting for you.

    MobLand

    Paramount+

    Lately, I’ve found myself counting down the days each week for a new episode of MobLand to drop on Paramount+ on Sunday afternoon. The crime series is executive produced (and the first two episodes directed) by Guy Ritchie, and stars Tom Hardy, Pierce Brosnan and Helen Mirren – along with a heavyweight supporting cast – in a story about two rival mob families in London.

    When tensions escalate after a night out, Hardy’s “fixer” character, Harry, works to keep the peace between the Harrigans and the Stevensons – be it with a quiet word or brutal force.

    MobLand is as twisty, gruesome and fun as we’ve come to expect from Ritchie’s popular gangster titles. But while others have been regularly criticised for their lack or limited portrayal of female characters, MobLand benefits from the scheming and swearing of the inimitable Helen Mirren as matriarch Maeve Harrigan, and the quiet fury of Joanne Froggatt as Harry’s wife, Jan, as she tries to force the enforcer into marriage counselling.

    The series has been a huge success for Paramount+ in Australia – becoming the largest launch in the platform’s history. And while some may find the weekly episode drop frustrating, for me it adds to the suspense.

    – Alexa Scarlata

    The Residence

    Netflix

    Faced with Donald Trump, show makers turn to alternative visions of leadership. The latest: a gay president, who is only a bit of a player, in a ridiculously entertaining picture of a crime within the White House.

    At a US state dinner for visiting Australian Prime Minister Stephen Roos (Julian McMahon), the dead body of the chief usher is discovered, and the world’s greatest detective, Cordelia Cupp (Uzo Aduba), is called in. Not only is Cupp an avid bird-watcher, she is also an Agatha Christie devotee who likes to assemble all her suspects for a prolonged denouement.

    The Residence is full of oblique references to current US politics. One former senator, Al Franken, plays a fictional senator named Aaron Filkins. And Tripp Morgan (Jason Lee), US President Perry Morgan’s odious brother, has several real-life precursors.

    The series is also a guide to the White House itself, complete with the sort of lavish detail we’d expect from Shondaland productions. And it’s nice to see Netflix acknowledging Australians. Even if they couldn’t persuade Hugh Jackman to actually show up, there’s plenty of other home-grown talent – including cameos by Kylie Minogue.

    – Dennis Altman

    Last One Laughing UK

    Prime Video

    Last One Laughing is a battle royale for stand-ups. Ten comedians, one room, surrounded by cameras. Laugh once and they’re warned. Laugh again, and they’re out. Last comic left wins.

    An international TV phenomenon in 29 countries, the latest season is from the United Kingdom, hosted by Jimmy Carr and featuring comedians like Bob Mortimer, Sara Pascoe and Joe Lycett.

    Comedy takes time, but laughter can take less than a moment. Richard Ayoade nearly catches out two players when, asked what his childhood hobbies were, he replies: “I don’t know. I cried a lot?”

    Last One Laughing doubles our laughs. We watch the actual joke, we get it, we laugh. And then we see comedians desperately trying not to laugh – but we know that they get the joke too! And so we get an unexpected second look at the joke.

    Last One Laughing helps us understand why we laugh at our own jokes, why we can’t always explain what’s funny, and why gags don’t need words. We’re watching professional comedians get the joke (as we do!) without laughing (as we expect?) but we know that it’s all OK. And, however briefly, we glimpse the world anew.

    – Fergus Edwards



    Read more:
    We’re hardwired to laugh – this is why watching comedians try to be the ‘Last One Laughing’ is so funny

    Dying for Sex

    Disney+

    Based on a popular podcast by Molly Kochan and Nicki Boyer, Dying for Sex is a funny, raunchy, heartfelt exploration of pleasure and death.

    When Molly (Michelle Williams) finds out her cancer is back and this time it is terminal, she seeks out sexual desire and satisfaction in unusual places, making profound discoveries along the way.

    The show is rated R for good reason: the depiction of sexual acts is graphic, but not exploitative or voyeuristic. Rather it embraces the messiness of having a body that is dying but seeking joy.

    While Molly’s sexual adventures feature heavily (and explicitly), the heart of the show is Molly’s friendship with Nicki (Jenny Slate), which feels achingly real. Molly and Nicki are long-term friends, as such they adore and encourage each other’s idiosyncrasies and perceived flaws.

    Williams is luminous and well-matched with Slate, who brings a levity and longing to caring for her best friend and supporting her new goals. Despite its relatively short runtime of just eight 30 minute episodes, we are treated to nuanced renderings of Molly’s complex relationships with her mother (Sissy Spacek), husband (Jay Duplass) and neighbour (Rob Delaney).

    Dying for Sex is infuriating and heartbreaking, as well as absurdly funny – kinda like death.

    – Jessica Ford

    Black Mirror, season seven

    Netflix

    The seventh season of Black Mirror is an ominous return to the dark world of modern technology. This season comprises six new episodes, two of which are sequels to episodes from previous seasons.

    Common People is a powerful opening to the season, starring two of the most famous actors to appear throughout. Amanda (Rashida Jones) and Mike (Chris O’Dowd) are an ordinary suburban couple struck by tragedy in the form of a serious medical emergency – a narrative turn that is compounded by an unexpected departure from Jones and O’Dowd’s comedic reputations. The collapse of their life reaches greater and greater depths, before culminating in a horrifying final scene.

    The other five episodes of the season are not as dismal. USS Callister: Into Infinity, in particular, provides some resolution that the earlier episode USS Callister had not. Plaything, the sequel to the interactive film Bandersnatch, echoes USS Callister’s interest in video gaming, but takes its invasion of human life to an even more powerful conclusion. Bête Noire similarly toys with the idea of mind control.

    Hotel Reverie and Eulogy are quieter episodes, and not as overtly critical of technological advance as the others. Both are very moving, and like Common People, are interested in the lengths one might go to for the people they love.

    Black Mirror’s seventh season is both a warning and a guide for how to be human – and how not to.

    – Jessica Gildersleeve

    The Wheel of Time, season three

    Prime Video

    The Wheel of Time is Prime’s most recent entry into the increasingly popular epic fantasy genre. Despite a lacklustre first two seasons, season three finally rewards fans for their patience.

    Adapted from Robert Jordan’s sprawling 14-book series, the new season begins full throttle with a violent battle between the all-female One Power-wielding Aes Sedai. While some episodes lag due to overly complicated exposition and agonising character development (just embrace the wolf already, Perrin), for the most part showrunner Rafe Judkins maintains the propulsive momentum established in the spectacular opening.

    Episode four, The Road to the Spear, is a standout sure to please die-hard Jordan fans and new audiences alike. Cinematic in scope, the episode faithfully recounts Rand (Josha Stradowski) and Moiraine’s (Rosamund Pike) journey to Rhuidean in the Aiel Waste where Rand is confirmed as the Dragon Reborn.

    Pike continues to provide much-needed gravitas as the steely Moiraine and Stradowski is a revelation. It doesn’t hurt that the episode makes good use of its deliciously vampy leather-clad villain Lanfear (Natasha O’Keeffe).

    No doubt references to Jordan’s expansive lore might continue to baffle some viewers. However, the sumptuous costumes, increasingly assured performances and modernised relationships suggest the series has finally found its footing.

    Long may The Wheel of Time continue to turn.

    – Rachel Williamson

    The Narrow Road to the Deep North

    Prime Video

    The Narrow Road to the Deep North stands as some of the most visceral and moving television produced in Australia in recent memory, marking a new accessibility and confidence to director Justin Kurzel.

    Dorrigo Evans (Jacob Elordi/Ciarán Hinds) is a doctor sent to World War II. Captured during the Battle of Java he is taken as a prisoner of war (POW), where he is forced to lead his Australian soldiers on the building of the Burma-Thailand Railway.

    Rather than an executor of violence, he is a pacifist and victim. Ultimately he has to make peace with his own trauma and guilt of survival when many around him perished – some of whom he knowingly sent to their inevitable death to ensure his own survival.

    Faithfully adapted from Richard Flanagan’s novel in a screenplay by Shaun Grant, this production effectively creates interchanging timelines (seamlessly edited by Alexandre de Francesch) including prewar, war and postwar, and then flashes forward to Dorrigo in his mid-70s.

    Structurally immaculate, The Narrow Road to the Deep North is not defined by its brutal torture of the POWs or comradeship of the starving soldiers (though they are powerful to watch). Instead, it points us towards the quieter visions of characters having to sit alone with their distorted memories.

    Contemporary television is rarely this good.

    – Stephen Gaunson



    Read more:
    Contemporary television is rarely as good as The Narrow Road to the Deep North

    Andor, season two

    Disney+

    Andor returns for a second season, as we follow the early days of the Rebel Alliance leading up to events in Rogue One.

    One year after the events of season one, we open with Cassian (Diego Luna) impersonating an Imperial test pilot so he can steal a prototype Imperial ship. After stealing the ship, he must navigate a ragtag brigade whose infighting becomes violent.

    Elsewhere on planet Mina-Rau, Bix (Adria Arjona) and other undocumented farm workers await Cassian’s arrival with the ship. Over on Chandrila, Imperial Senator Mon (Genevieve O’Reilly) navigates the diplomacy of her daughter’s wedding while continuing to discreetly support the rebellion.

    The most chilling scenes in the opening episodes are perhaps those that show Imperial supervisor Dedra Meero (Denise Gough) attend a top-secret meeting where they strategise how best to cleanse the population of Gorman so they can mine a rare mineral.

    As film academic Daniel Golding notes in an article about how Andor takes on the era of Trump 2.0, showrunner Tony Gilroy takes inspiration from several real world revolutionary events. Given Russia’s invasion of Ukraine, Israel’s assault on Gaza and Trump’s increasing authoritarianism, it will be interesting to see how the revolution in this season continues to reflect real-world precarity.

    I recommend refreshing your memory of season one before diving in, as the new season’s complexity relies on considerable assumed knowledge.

    – Stuart Richards

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Feuding mob families, mind control and a murder at the White House: what to watch in May – https://theconversation.com/feuding-mob-families-mind-control-and-a-murder-at-the-white-house-what-to-watch-in-may-255222

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Are side hustles really a way to escape the rat race, or just passion projects for a privileged few?

    Source: The Conversation (Au and NZ) – By David Farrugia, ARC Future Fellow, School of Education, Deakin University

    PeopleImages.com – Yuri A/Shutterstock

    Is a “side hustle” really the only thing separating you from the life you desire? Listening to some influencers on social media could certainly have you thinking so.

    Side hustles encompass a range of self-directed entrepreneurial activities undertaken while also working a job. For young people with limited access to capital, they’re the most accessible opportunity to engage in entrepreneurship.

    Yet, we still know very little about who takes them on and why, and what kind of impact they have on working life in economies like Australia.

    Our new report – Side Hustles – How Young People Are Redefining Work – presents the first wave of findings from an ongoing three-year, mixed-methods study that seeks to answer these questions.

    In our first year of data collection, we surveyed 1,497 side hustlers aged 18-34 and interviewed a further 68. Our findings raise questions about the merits of entrepreneurship as a solution to youth unemployment or a pathway to financial freedom.

    What makes a side hustle?

    To be included in our project, a young person had to be employed, but also carrying out some form of entrepreneurship.

    We defined entrepreneurship as self-directed economic activity, where the side hustler has some measure of control over when they work, who they work for and what they charge.

    The most popular side hustle among participants was selling goods (42.9%). Others included:

    • services such as gardening, dog-walking or moving furniture (29.2%)
    • creating media content (16.5%)
    • creative work such as graphic design or photography (11.3%).

    Side hustling could include some “gig work” through online platforms, but only when these platforms allow workers to negotiate prices with clients and make choices about their work. As such, we excluded rideshare and food delivery drivers from the project.

    Gardening services were one common side hustle.
    Ultraskrip/Shutterstock

    Projects for the privileged

    While some people may assume that young people start a side hustle out of financial stress, we found side hustlers are actually a relatively privileged cohort.

    They are a well-educated group. Almost two-thirds of our sample had university degrees and many of the remainder were studying. They also generally report their financial wellbeing as comfortable.

    Why is this? Side hustles often don’t make much money, cost money to set up, and carry risk – all of the hallmarks of entrepreneurship.

    Median hourly earnings from their side hustles are less than what they would make working in retail or hospitality, and on average they are about 50% what they make in their main job.

    As one e-commerce side-hustler put it:

    If I really put my time and energy into the consideration, I would say we’re not making much money at all […] It’s just something I enjoy doing in my free time.

    Their side-hustle earnings are also uncertain: 65% say they are unsure what their earnings will look like in three months.

    In other words, you need to be financially secure already to even contemplate a side hustle.

    Passion over pay

    Side hustles don’t make enough to help someone who is really financially struggling, and they are unlikely to be a pathway out of the employment “rat race”.

    Despite this, our participants are overwhelmingly satisfied with their side hustles and say they have good work-life balance. So what motivates them?

    Side hustlers often earned less than they would taking on a second job.
    BAZA Production/

    The top motivation reported in our study is passion and enjoyment. Side hustlers say they want work that relates to their interests and enjoy the autonomy and flexibility that a side hustle allows.

    Even though side hustles are often less profitable than a second job, the second-highest motivation was still money.

    That’s likely because they offer a way of making some supplementary income in a way that is flexible and autonomous.

    They’re often a source of “play money”. One 33-year-old man with an e-commerce side hustle told us:

    If I was to pick up a second job, like […] Uber driving at night time, I won’t be happy, I’ll be tired, I’ll be stressed out trying to do that

    Whereas, I think because I’ve got the passion for it here, I’m happy to do it because, like I said, I’m doing it at my own pace.

    Pressure to be productive

    Our research suggests that rather than being a pathway out of unemployment, side hustles actually represent a broader social and economic trend: more and more of young people’s lives are being encompassed by work.

    Interviewees frequently talked about feeling like they needed to make their time outside of work productive in some way. For some, it was as though they could not justify leisure time unless it was financially profitable.

    One participant told us:

    You obviously want to enjoy life and have a bit of a chill time, but some days you just go like, “What am I doing? Just sitting at home and just relaxing watching Netflix or whatever. I should probably be out there making more money”.

    Blurring work life boundaries?

    Most participants were also not very concerned about growing their side hustles into businesses.

    Instead, they aspired for balanced working lives with a side hustle offering passion, flexibility and autonomous work, and paid employment supporting them financially and offering the option of a traditional career.

    They also did not necessarily see the time spent on their side hustles as work, being much more personally invested and self-directed in their side hustles than in their paid jobs.

    But this means that much of their “leisure” time looks very much like work, and more and more of their lives are dedicated to being productive.

    David Farrugia receives funding from the Australian Research Council.

    Brendan Churchill receives funding from the Australian Research Council.

    Kim Allen receives funding from the ESRC

    Stephanie Patouras 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. Are side hustles really a way to escape the rat race, or just passion projects for a privileged few? – https://theconversation.com/are-side-hustles-really-a-way-to-escape-the-rat-race-or-just-passion-projects-for-a-privileged-few-255002

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: B.C. streamlines permitting for renewable-energy projects

    Source: Government of Canada regional news

    The Province is taking action to speed up permitting for renewable-energy projects to meet growing demand for clean power, address climate change and secure energy independence for British Columbians in the face of unprecedented trade threats.

    Government introduced the renewable energy projects (streamlined permitting) act to the legislative assembly on Wednesday, April 30, 2025. If passed, the act will expand the authority of the BC Energy Regulator (BCER) to oversee renewable-energy projects, building on the Province’s investments to generate the clean power needed to create a healthier environment and sustainable future for British Columbians.

    “B.C. has a once-in-a-generation opportunity to become a world leader in clean-energy production and we will take every action possible to see that all British Columbians benefit from this opportunity,” said Adrian Dix, Minister of Energy and Climate Solutions. “Renewable energy projects like wind and solar are urgently needed to provide affordable clean power, create jobs, and strengthen and diversify our economy, especially during this period of global market uncertainty.”

    If approved, these changes will establish the BCER as the primary permitting agency for renewable-energy projects and transmission lines. The legislation will help simplify the approvals process for these projects, eliminating the need for cross-ministry and agency permitting, by establishing the BCER as the single window for permitting in accordance with strict environmental standards. This will be completed in a staged approach through regulation.

    The BCER’s initial focus will be on the North Coast Transmission Line (NCTL) project and the wind- and solar-power projects in BC Hydro’s 2024 call for power. This will help accelerate the expansion of British Columbia’s electricity grid and meet the demand in growth arising from critical-mineral and metal mining, port electrification, hydrogen and fuel processing, and shipping projects under consideration.

    The proposed legislation would also:

    • exempt the NCTL project and the nine wind projects selected in the 2024 call for power from the environmental assessment processes and allow government to do the same for other wind-power projects in the future; and
    • enable the BCER to establish a new rigorous regulatory framework for renewable-energy projects through consultation with First Nations, ensuring that environmental standards are upheld.

    “The BC Energy Regulator is pleased to see the introduction of this legislation and has been engaging with ministries and others to prepare for this expanded mandate that will include permitting processes and engagement functions,” said Michelle Carr, CEO and commissioner, BC Energy Regulator. “Our staff are working across seven regional offices to ensure energy activities are carried out safely, responsibly and in alignment with provincial goals and BCER’s vision for a resilient energy future.”

    The Province is committed to accelerating decisions on renewable-energy projects responsibly.

    The BCER has demonstrated expertise at getting projects moving quickly, while providing robust regulatory oversight through the lifecycle of projects. This is a natural evolution of the BCER’s role, which initially focused on oil, gas and geothermal development, then expanded to include hydrogen and now, renewable energy.

    Quotes:

    Doug Slater, vice-president, Indigenous relations and regulatory affairs, FortisBC —

    “Our focus is on delivering safe, reliable and affordable energy to the families and businesses we serve. Collaborating with local power providers and Indigenous organizations helps us meet the energy demands of homes and businesses in the southern Interior while supporting regional development. Our hope is that these legislative and regulatory changes will help streamline processes and accelerate projects to efficiently deliver power to our customers, including our plans to add up to 1,100 GWh of energy supply as soon as 2030.”

    Kwatuuma Cole Sayers, executive director, Clean Energy Association of British Columbia —

    “This legislation is an important step toward a balanced regulatory framework that encourages responsible clean-energy development at a critical time for our communities, our economy and our climate. The Clean Energy Association of British Columbia is proud to work with the Province and the BC Energy Regulator to help build a framework that is efficient, transparent and aligned with the Declaration on the Rights of Indigenous Peoples Act. Together, we can build a cleaner, stronger and more resilient future.”

    Quick Facts:

    • Under the renewable energy projects (streamlined permitting) act, a renewable or clean resource means biomass, biogas, geothermal heat, hydro, solar, ocean, wind or any other clean-energy resource.
    • The BCER has a team of more than 300 employees in seven offices throughout B.C.
    • The BCER’s staff includes biologists, engineers, hydrologists, agrologists, compliance and enforcement officers, First Nations liaison officers, heritage conservation officers and archeologists.
    • The BCER will hire additional staff and subject-matter experts to support the additional responsibilities.
    • In 2024, FortisBC issued a request for expression of interest for new power to identify projects from lower-carbon and renewable sources in British Columbia that could add up to 1,100 gigawatt hours (GWh) of energy supply for its approximately 190,000 electricity customers in the south Okanagan by 2030.

    Learn More:

    To learn more about the BC Energy Regulator, visit: https://www.bc-er.ca/

    For more information about B.C. legislation, visit: https://strongerbc.gov.bc.ca/Legislation

    A backgrounder follows.

    MIL OSI Canada News –

  • MIL-OSI: Landmark Bancorp, Inc. Announces Growth in First Quarter 2025 Net Earnings of 43.2%. Declares Cash Dividend of $0.21 per Share

    Source: GlobeNewswire (MIL-OSI)

    Manhattan, KS, April 30, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.81 for the three months ended March 31, 2025, compared to $0.57 per share in the fourth quarter of 2024 and $0.48 per share in the same quarter last year. Net income for the first quarter totaled $4.7 million, compared to $3.3 million in the prior quarter and $2.8 million in the first quarter of 2024. For the three months ended March 31, 2025, the return on average assets was 1.21%, the return on average equity was 13.71% and the efficiency ratio(1) was 64.1%.

    First Quarter 2025 Performance Highlights

    • Loan growth totaled $22.6 million or an annualized increase of 8.7% over the prior quarter.
    • Net interest margin improved 25 basis points to 3.76% compared to 3.51% in prior quarter.
    • Deposits increased $42.3 million, or 3.3%, from the same quarter last year and $7.1 million, or 2.2%, from prior quarter.
    • Other borrowed funds decreased $11.8 million compared to the prior quarter.
    • Non-interest expenses declined $1.1 million compared to the prior quarter.
    • Credit quality remained stable with net charge-offs totaling $23,000 in the first quarter.
    • Ratio of equity to assets increased to 9.04% this quarter.

    In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “I am pleased to report strong growth in net income this quarter driven by growth in net interest income, lower expenses and excellent credit quality. We continued to experience solid loan demand in the first quarter 2025, especially for commercial real estate and residential mortgage loans. In the first quarter 2025, total gross loans increased by $22.6 million or 8.7% (annualized) with growth in most loan categories. Total deposits also increased in the first quarter by $7.1 million, exceeding the typical seasonal decline in money market and interest checking accounts. Over the last two quarters, deposits have increased over $60 million. Other borrowed funds declined by $11.8 million, which reduced interest expense and improved our net interest margin. Growth in our balance sheet, plus the shift in our funding position led to net interest income growth of 22.1% over the previous year and net interest margin expansion of 25 basis points to 3.76%. Non-interest expense also declined this quarter by $1.1 million compared to the prior quarter. Credit quality remained solid overall with minimal net charge-offs, and no provision for credit losses was taken this quarter. These strong results are a tribute to the associates who work hard every day to make Landmark the bank of choice for our customers and stockholders.”

    Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid June 4, 2025, to common stockholders of record as of the close of business on May 21, 2025.

    Management will host a conference call to discuss the Company’s financial results at 9:30 a.m. (Central time) on Thursday, May 1, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 866149. A replay of the call will be available through May 8, 2025, by dialing (866) 813-9403 and using access code 282640.

    Net Interest Income

    Net interest income in the first quarter of 2025 amounted to $13.1 million representing an increase of $720,000, or 5.8%, compared to the previous quarter. The increase in net interest income resulted from a combination of both higher interest income on loans and lower interest expense on deposits and other borrowed funds (FHLB, repurchase agreements and other debt). Net interest margin increased to 3.76% during the first quarter from 3.51% during the prior quarter. Compared to the previous quarter, interest income on loans increased $440,000 to $16.4 million due to higher average balances combined with higher yields on loans. Average loan balances increased $38.4 million, while the average tax-equivalent yield on the loan portfolio increased 6 basis points to 6.34%. Interest on investment securities declined slightly due to lower balances, partially offset by higher earning rates. Compared to the fourth quarter of 2024, interest on deposits decreased $114,000, or 2.1%, due to lower rates as average interest-bearing deposit balances increased by $34.8 million. Interest on other borrowed funds declined by $216,000, due to lower rates and average balances. The average rate on interest-bearing deposits decreased 8 basis points to 2.17% while the average rate on other borrowed funds decreased 15 basis points to 5.09% in the first quarter.

    Non-Interest Income

    Non-interest income totaled $3.4 million for the first quarter of 2025, a decrease of $13,000 from the previous quarter. The decrease in non-interest income during the first quarter of 2025 was primarily due to a $704,000 decline in bank owned life insurance income relating to one-time benefits recorded in the fourth quarter, coupled with a $322,000 decline in fees and service charges relating to lower deposit related fee income, partially due to fewer days in the quarter. Partially offsetting those declines was a $1.0 million loss on the sales of lower yielding investment securities in the fourth quarter of 2024, compared to a loss of only $2,000 in the first quarter of 2025.

    (1) Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation.

    Non-Interest Expense

    During the first quarter of 2025, non-interest expense totaled $10.8 million, a decrease of $1.1 million compared to the prior quarter. The decrease in non-interest expense was primarily due to decreases of $350,000 in other non-interest expense, $298,000 in occupancy and equipment and $298,000 in professional fees. The decreases in other non-interest expenses and occupancy and equipment were primarily related to branch closures in 2024 and associated cost savings in 2025. The decrease in professional fees this quarter was primarily due to higher consulting costs in the prior quarter related to several initiatives.

    Income Tax Expense (Benefit)

    Landmark recorded income tax expense of $1.0 million in the first quarter of 2025 compared to an income tax benefit of $886,000 in the fourth quarter of 2024. The effective tax rate was 17.8% in the first quarter of 2025. The fourth quarter of 2024 included the recognition of $1.0 million of previously unrecognized tax benefits, which significantly reduced the effective tax rate.

    Balance Sheet Highlights

    As of March 31, 2025, gross loans totaled $1.1 billion, an increase of $22.6 million, or 8.7% annualized since December 31, 2024. During the quarter, loan growth was primarily comprised of commercial real estate (growth of $14.4 million), one-to-four family residential real estate (growth of $3.4 million) and construction and land loans (growth of $3.3 million). Investment securities decreased $16.5 million during the first quarter of 2025 mainly due to maturities. Pre-tax unrealized net losses on the investment securities portfolio decreased from $20.9 million at December 31, 2024, to $17.1 million at March 31, 2025, mainly due to lower market rates for these securities at March 31, 2025.

    Period end deposit balances increased $7.1 million to $1.3 billion at March 31, 2025. The increase in deposits was driven by increases in non-interest-bearing demand deposits (increase of $16.9 million), certificates of deposit (increase of $10.0 million) and savings (increase of $3.7 million), partially offset by a decline in money market and checking accounts (decrease of $23.5 million). The decrease in money market and checking accounts was mainly driven by a seasonal decline in public fund deposit account balances. Total borrowings decreased $11.8 million during the first quarter 2025. At March 31, 2025, the loan to deposits ratio was 79.5% compared to 78.2% in the prior quarter.

    Stockholders’ equity increased to $142.7 million (book value of $24.69 per share) as of March 31, 2025, from $136.2 million (book value of $23.59 per share) as of December 31, 2024. The increase in stockholders’ equity was due mainly to a decrease in accumulated other comprehensive losses (lower unrealized net losses on investment securities) along with net earnings from the quarter. The ratio of equity to total assets increased to 9.04% on March 31, 2025, from 8.65% on December 31, 2024.

    The allowance for credit losses totaled $12.8 million, or 1.19% of total gross loans on March 31, 2025, compared to $12.8 million, or 1.22% of total gross loans on December 31, 2024. Net loan charge-offs totaled $23,000 in the first quarter of 2025, compared to $219,000 during the fourth quarter of 2024. No provision for credit losses on loans was recorded in the first quarter of 2025 compared to a provision of $1.5 million recorded in the fourth quarter of 2024.

    Non-performing loans totaled $13.3 million, or 1.24% of gross loans, at March 31, 2025, compared to $13.1 million, or 1.25% of gross loans, at December 31, 2024. Loans 30-89 days delinquent totaled $10.0 million, or 0.93% of gross loans, as of March 31, 2025, compared to $6.2 million, or 0.59% of gross loans, as of December 31, 2024.

    About Landmark

    Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

    Contact:
    Mark A. Herpich
    Chief Financial Officer
    (785) 565-2000
     

    Special Note Concerning Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies and financial markets, including the effects of inflationary pressures and future monetary policies of the Federal Reserve in response thereto; (ii) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business, including changes in interpretation or prioritization of such laws, regulations and policies; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders, including tariffs, immigration policy, regulatory and other governmental agencies, foreign policy and tax regulations; (x) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, concentration large loans to certain borrowers, and large deposits from certain clients (including commercial real estate loans); (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxvi) the Company’s success at managing and responding to the risks involved in the foregoing items; and (xxvii) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

    LANDMARK BANCORP, INC. AND SUBSIDIARIES  
    Consolidated Balance Sheets (unaudited)  
                                   
    (Dollars in thousands)   March 31,     December 31,     September 30,     June 30,     March 31,  
        2025     2024     2024     2024     2024  
    Assets                              
    Cash and cash equivalents   $ 21,881     $ 20,275     $ 21,211     $ 23,889     $ 16,468  
    Interest-bearing deposits at other banks     3,973       4,110       4,363       4,881       4,920  
    Investment securities available-for-sale, at fair value:                                        
    U.S. treasury securities     58,424       64,458       83,753       89,325       93,683  
    Municipal obligations, tax exempt     101,812       107,128       112,126       114,047       118,445  
    Municipal obligations, taxable     70,614       71,715       75,129       74,588       75,371  
    Agency mortgage-backed securities     125,142       129,211       140,004       142,499       149,777  
    Total investment securities available-for-sale     355,992       372,512       411,012       420,459       437,276  
    Investment securities held-to-maturity     3,701       3,672       3,643       3,613       3,584  
    Bank stocks, at cost     6,225       6,618       7,894       9,647       7,850  
    Loans:                                        
    One-to-four family residential real estate     355,632       352,209       344,380       332,090       312,833  
    Construction and land     28,645       25,328       23,454       30,480       24,823  
    Commercial real estate     359,579       345,159       324,016       318,850       323,397  
    Commercial     190,881       192,325       181,652       178,876       181,945  
    Agriculture     101,808       100,562       91,986       84,523       86,808  
    Municipal     7,082       7,091       7,098       6,556       5,690  
    Consumer     31,297       29,679       29,263       29,200       28,544  
    Total gross loans     1,074,924       1,052,353       1,001,849       980,575       964,040  
    Net deferred loan (fees) costs and loans in process     (426 )     (307 )     (63 )     (583 )     (578 )
    Allowance for credit losses     (12,802 )     (12,825 )     (11,544 )     (10,903 )     (10,851 )
    Loans, net     1,061,696       1,039,221       990,242       969,089       952,611  
    Loans held for sale, at fair value     2,997       3,420       3,250       2,513       2,697  
    Bank owned life insurance     39,329       39,056       39,176       38,826       38,578  
    Premises and equipment, net     19,886       20,220       20,976       20,986       20,696  
    Goodwill     32,377       32,377       32,377       32,377       32,377  
    Other intangible assets, net     2,426       2,578       2,729       2,900       3,071  
    Mortgage servicing rights     3,045       3,061       3,041       2,997       2,977  
    Real estate owned, net     167       167       428       428       428  
    Other assets     24,894       26,855       23,309       28,149       29,684  
    Total assets   $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754     $ 1,553,217  
                                             
    Liabilities and Stockholders’ Equity                                        
    Liabilities:                                        
    Deposits:                                        
    Non-interest-bearing demand     368,480       351,595       360,188       360,631       364,386  
    Money market and checking     613,459       636,963       565,629       546,385       583,315  
    Savings     149,223       145,514       145,825       150,996       154,000  
    Certificates of deposit     204,660       194,694       203,860       192,470       191,823  
    Total deposits     1,335,822       1,328,766       1,275,502       1,250,482       1,293,524  
    FHLB and other borrowings     48,767       53,046       92,050       131,330       74,716  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     6,256       13,808       9,528       8,745       15,895  
    Accrued interest and other liabilities     23,442       20,656       25,229       20,292       20,760  
    Total liabilities     1,435,938       1,437,927       1,423,960       1,432,500       1,426,546  
    Stockholders’ equity:                                        
    Common stock     58       58       55       55       55  
    Additional paid-in capital     95,148       95,051       89,532       89,469       89,364  
    Retained earnings     60,422       56,934       60,549       57,774       55,912  
    Treasury stock, at cost     –       –       (396 )     (330 )     (249 )
    Accumulated other comprehensive loss     (12,977 )     (15,828 )     (10,049 )     (18,714 )     (18,411 )
    Total stockholders’ equity     142,651       136,215       139,691       128,254       126,671  
    Total liabilities and stockholders’ equity   $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754     $ 1,553,217  
    LANDMARK BANCORP, INC. AND SUBSIDIARIES  
    Consolidated Statements of Earnings (unaudited)  
       
    (Dollars in thousands, except per share amounts)   Three months ended,  
        March 31,     December 31,     March 31,  
        2025     2024     2024  
    Interest income:                        
    Loans   $ 16,395     $ 15,955     $ 14,490  
    Investment securities:                        
    Taxable     2,180       2,210       2,428  
    Tax-exempt     719       738       764  
    Interest-bearing deposits at banks     48       49       63  
    Total interest income     19,342       18,952       17,745  
    Interest expense:                        
    Deposits     5,236       5,350       5,457  
    FHLB and other borrowings     565       737       1,022  
    Subordinated debentures     357       389       412  
    Repurchase agreements     65       77       107  
    Total interest expense     6,223       6,553       6,998  
    Net interest income     13,119       12,399       10,747  
    Provision for credit losses     –       1,500       300  
    Net interest income after provision for credit losses     13,119       10,899       10,447  
    Non-interest income:                        
    Fees and service charges     2,388       2,710       2,461  
    Gains on sales of loans, net     562       522       512  
    Bank owned life insurance     272       976       245  
    Losses on sales of investment securities, net     (2 )     (1,031 )     –  
    Other     138       194       182  
    Total non-interest income     3,358       3,371       3,400  
    Non-interest expense:                        
    Compensation and benefits     6,154       6,264       5,532  
    Occupancy and equipment     1,252       1,550       1,390  
    Data processing     396       452       481  
    Amortization of mortgage servicing rights and other intangibles     239       240       412  
    Professional fees     745       1,043       647  
    Valuation allowance on real estate held for sale     –       –       129  
    Other     1,975       2,325       1,960  
    Total non-interest expense     10,761       11,874       10,551  
    Earnings before income taxes     5,716       2,396       3,296  
    Income tax expense (benefit)     1,015       (886 )     518  
    Net earnings   $ 4,701     $ 3,282     $ 2,778  
                             
    Net earnings per share (1)                        
     Basic   $ 0.81     $ 0.57     $ 0.48  
     Diluted     0.81       0.57       0.48  
    Dividends per share (1)     0.21       0.20       0.20  
    Shares outstanding at end of period (1)     5,778,610       5,775,198       5,747,560  
    Weighted average common shares outstanding – basic (1)     5,777,593       5,775,227       5,743,452  
    Weighted average common shares outstanding – diluted (1)     5,814,650       5,789,764       5,748,595  
                             
    Tax equivalent net interest income   $ 13,291     $ 12,574     $ 10,925  
                             
    (1) Share and per share values at or for the periods ended March 31, 2024 and December 31, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.
    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Select Ratios and Other Data (unaudited)
                 
    (Dollars in thousands, except per share amounts)   As of or for the
    three months ended,
        March 31,   December 31,   March 31,
        2025   2024   2024
    Performance ratios:                        
    Return on average assets (1)     1.21 %     0.83 %     0.72 %
    Return on average equity (1)     13.71 %     9.54 %     8.88 %
    Net interest margin (1)(2)     3.76 %     3.51 %     3.12 %
    Effective tax rate     17.8 %     -37.0 %     15.7 %
    Efficiency ratio (3)     64.1 %     70.8 %     72.1 %
    Non-interest income to total income (3)     20.4 %     25.0 %     24.1 %
                             
    Average balances:                        
    Investment securities   $ 377,845     $ 409,648     $ 456,933  
    Loans     1,048,585       1,010,153       945,737  
    Assets     1,574,295       1,568,821       1,555,662  
    Interest-bearing deposits     979,787       944,969       935,417  
    FHLB and other borrowings     48,428       57,507       72,618  
    Subordinated debentures     21,651       21,651       21,651  
    Repurchase agreements     8,634       12,212       14,371  
    Stockholders’ equity   $ 139,068     $ 136,933     $ 125,846  
                             
    Average tax equivalent yield/cost (1):                        
    Investment securities     3.29 %     3.03 %     2.96 %
    Loans     6.34 %     6.28 %     6.16 %
    Total interest-bearing assets     5.53 %     5.34 %     5.11 %
    Interest-bearing deposits     2.17 %     2.25 %     2.35 %
    FHLB and other borrowings     4.73 %     5.10 %     5.66 %
    Subordinated debentures     6.69 %     7.15 %     7.65 %
    Repurchase agreements     3.05 %     2.51 %     2.99 %
    Total interest-bearing liabilities     2.38 %     2.52 %     2.70 %
                             
    Capital ratios:                        
    Equity to total assets     9.04 %     8.65 %     8.16 %
    Tangible equity to tangible assets (3)     6.99 %     6.58 %     6.01 %
    Book value per share   $ 24.69     $ 23.59     $ 22.04  
    Tangible book value per share (3)   $ 18.66     $ 17.53     $ 15.87  
                             
    Rollforward of allowance for credit losses (loans):                        
    Beginning balance   $ 12,825     $ 11,544     $ 10,608  
    Charge-offs     (108 )     (246 )     (141 )
    Recoveries     85       27       134  
    Provision for credit losses for loans     —       1,500       250  
    Ending balance   $ 12,802     $ 12,825     $ 10,851  
                             
    Allowance for unfunded loan commitments   $ 150     $ 150     $ 300  
                             
    Non-performing assets:                        
    Non-accrual loans   $ 13,280     $ 13,115     $ 3,621  
    Accruing loans over 90 days past due     —       —       —  
    Real estate owned     167       167       428  
     Total non-performing assets   $ 13,447     $ 13,282     $ 4,049  
                             
    Loans 30-89 days delinquent   $ 9,977     $ 6,201     $ 4,064  
                             
    Other ratios:                        
    Loans to deposits     79.48 %     78.21 %     73.64 %
    Loans 30-89 days delinquent and still accruing to gross loans outstanding     0.93 %     0.59 %     0.42 %
    Total non-performing loans to gross loans outstanding     1.24 %     1.25 %     0.38 %
    Total non-performing assets to total assets     0.85 %     0.84 %     0.26 %
    Allowance for credit losses to gross loans outstanding     1.19 %     1.22 %     1.13 %
    Allowance for credit losses to total non-performing loans     96.40 %     97.79 %     299.67 %
    Net loan charge-offs to average loans (1)     0.01 %     0.09 %     0.00 %
                             
    (1) Information is annualized.  
    (2) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
    (3) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.
    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Finacials Measures (unaudited)
                 
    (Dollars in thousands, except per share amounts)   As of or for the
    three months ended,
        March 31,   December 31,   March 31,
        2025   2024   2024
                 
    Non-GAAP financial ratio reconciliation:                        
    Total non-interest expense   $ 10,761     $ 11,874     $ 10,551  
    Less: foreclosure and real estate owned expense     (50 )     (13 )     (50 )
    Less: amortization of other intangibles     (152 )     (151 )     (170 )
    Less: valuation allowance on real estate held for sale     —       —       (129 )
    Adjusted non-interest expense (A)     10,559       11,710       10,202  
                             
    Net interest income (B)     13,119       12,399       10,747  
                             
    Non-interest income     3,358       3,371       3,400  
    Less: losses on sales of investment securities, net     2       1,031       —  
    Less: gains on sales of premises and equipment and foreclosed assets     —       (273 )     9  
    Adjusted non-interest income (C)   $ 3,360     $ 4,129     $ 3,409  
                             
    Efficiency ratio (A/(B+C))     64.1 %     70.8 %     72.1 %
    Non-interest income to total income (C/(B+C))     20.4 %     25.0 %     24.1 %
                             
    Total stockholders’ equity   $ 142,651     $ 136,215     $ 126,671  
    Less: goodwill and other intangible assets     (34,803 )     (34,955 )     (35,448 )
    Tangible equity (D)   $ 107,848     $ 101,260     $ 91,223  
                             
    Total assets   $ 1,578,589     $ 1,574,142     $ 1,553,217  
    Less: goodwill and other intangible assets     (34,803 )     (34,955 )     (35,448 )
    Tangible assets (E)   $ 1,543,786     $ 1,539,187     $ 1,517,769  
                             
    Tangible equity to tangible assets (D/E)     6.99 %     6.58 %     6.01 %
                             
    Shares outstanding at end of period (F)     5,778,610       5,775,198       5,747,560  
                             
    Tangible book value per share (D/F)   $ 18.66     $ 17.53     $ 15.87  

    The MIL Network –

  • MIL-OSI: Sharc Energy Announces 2024 Year End Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, April 30, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) is pleased to announce it has filed financial results for the year ended December 31, 2024. All figures are in Canadian Dollars and in accordance with IFRS unless otherwise stated.

    Fourth Quarter and Year-end Financial Highlights:

    • Revenue for the year ended December 31, 2024 (“YE 2024”) is $2.17M representing a 36% increase over the $1.59M of revenue reported in the year ended December 31, 2023 (“YE 2023”).
    • As of April 30, 2025, the Company has a Sales Pipeline1 of 16.8 million (M) and Sales Order Backlog2of $3.0M. This represents a $0.5M increase or 20% growth in Sales Order Backlog since November 27, 2024 disclosure. Sales Pipeline saw a marginal decrease of 2% since November 27, 2024 disclosure reflecting the deliberate efforts by the Company to refill the pipeline once projects convert to the order book. The combined pipeline showed an aggregate growth of 1% or $0.1M from the previous disclosure on November 27, 2024. Entering 2025, the $3.0M Sales Order Backlog, which is estimated to be converted to revenue within an average of 12 months from disclosure, represents a 38% improvement compared to YE 2024 revenue of $2.17M. The Company continues to observe the maturity of its Sales Pipeline providing the Company’s revenue more consistency and with reduced volatility, providing a solid platform to scale and grow.
    • During the three months ended December 31, 2024 (“Q4 2024”), the Company reported revenues of $(0.18M), a loss of $1.41M and an Adjusted EBITDA3 loss of $0.9M. In the same period in the prior year (“Q4 2023”) the company reported revenues of $(0.14M), a loss of $1.34M and an Adjusted EBITDA loss of $0.85M.
    • During YE 2024, the Company reported revenues of $2.17M, a loss of $3.72M and an Adjusted EBITDA loss of $2.57M. Revenue increased 36% over revenue comparative in 2023 of $1.59M, the loss decreased 5% over comparative in 2023 of $3.9M and Adjusted EBITDA loss increased 5% over 2023 comparative of $2.45M.
    • Gross margins for YE 2024 were 42% compared to 43% in YE 2023. Management remains optimistic that this margin range aligns with our expectations for the coming quarters but the margin percentage varies dependent on sales mix and stage of completion of each project.

    Michael Albertson, Chief Executive Officer and President of SHARC Energy, said, “2024 was a strong growth year for the Company with revenues growing by 36% from $1.59M in 2023 to $2.17M in 2024. We enter 2025 poised to continue revenue growth momentum with nearly $3.0M in purchase orders, or Sales Order Backlog, to fulfil which would represent a 38% improvement over 2024 revenue if all realized within the year. This is without consideration of jobs that will purchase order during 2025.”

    “SHARC Energy’s pipeline has reached a key maturity milestone as Sales Order Backlog averaged approximately $2.75 million in each disclosure since April 29, 2024 despite recognizing year over year revenue growth. Sales Order Backlog currently contains 9 projects made up of 3 SHARC projects and 6 PIRANHA projects. This compares to 9 projects being included in Sales Order Backlog as of April 29, 2024, consisting of 4 SHARC projects and 5 PIRANHA projects. We see this as a strong indication that the Company’s future revenue is not only growing but diversifying & stabilizing. There are several projects, including larger SHARC supported Thermal Energy Network projects, indicating signs of conversion from Sales Pipeline to Sales Order Backlog which should affirm continued stability and growth of revenue in the near and long term.”

    Mr. Albertson continues, “Thermal Energy Networks, commonly referred to as TENs or District Energy Systems, is a growing solution for managing small to large scale thermal energy loads efficiently and cost-effectively. WET supported solutions continue to grow in awareness and acceptance with the Company learning of projects in planning across North America and globally. In the Greater Vancouver, British Columbia region alone, there are several municipal or utility supported TENs ranging in size and scale, similar to the False Creek Neighborhood Energy Utility or leləm̓ projects, in different stages of development that will increase SHARC Energy’s local footprint over the next few years. In the United States, legislation allowing or mandating utilities to develop thermal energy network demonstration projects or pilots have been passed in eight states, including the State of New York and recently added California, where the Company has installations in progress, projects in design and a growing list of leads looking to implement Wastewater Energy Transfer with District Energy Systems and TENs.”

    “We are continuing to progress into new sectors for the SHARC and PIRANHA with promising opportunities developing within wastewater treatment facilities, universities, water utilities, correctional facilities and the design & build/energy sectors. These sectors are increasingly receptive to SHARC Energy’s offerings which is promising as these sectors can provide fewer regulatory hurdles, long-term customer relationships, shorter sales cycles, and the potential for larger-scale projects. The Company anticipates the closing of new business in these adjacent sectors as early as this year.”

    “Furthermore, SHARC Energy is gearing up to launch new products in its portfolio which will be introduced to the market soon. With the support of original equipment manufacturer relationships SHARC Energy has, we feel there is significant opportunity to better serve more customers and increase our revenue and margin dollars earned going forward. SHARC Energy’s tailwinds are strong and set to propel the Company to profitability in the coming years. We are very excited about our position in the thermal energy market!” stated Mr. Albertson.

    Q4 2024 Highlights and Subsequent Events

    • Michael Albertson appointed CEO, President and Director. On December 12, 2024, the Company announced the appointment of Michael Albertson as the new Chief Executive Officer, President and Director. Lynn Mueller has led SHARC Energy as CEO, President and Chairman of the Board since 2014 and will stay on as Executive Chairman of SHARC Energy’s Board of Directors.
    • Fred Andriano appointed to the Board of Directors. The Company announced the appointment of Fred Andriano to its Board of Directors on November 7, 2024. Mr. Andriano was previously CFO at WaterFurnace International, where his leadership was critical in strategic acquisitions, international joint ventures and impressive growth, with revenues doubling from $65M to $130M culminating in a $364M acquisition by NIBE Group in 2014. He continued as CFO and eventually moving to Vice President of Financial and Administrative Services for NIBE North America. During this time, Mr. Andriano played a pivotal role in securing major acquisitions, such as Enertech and The Climate Control Group, expanding NIBE’s footprint in the renewable energy space. 
    • Closing of $2 Million 8.0% Debenture financing. The Company closed a non-brokered private placement of debenture units of the Company (“Debenture units”) at a price of $1,000 per Debenture Unit, for gross proceeds of $2,000,000. Each Debenture Unit will be comprised of: (i) a $1,000 principal amount of 8.0% unsecured debenture of the Company (the “Debenture”); and (ii) 5,000 common share purchase warrants of the Company (the “Warrants”). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (each, a “Share”) at an exercise price of $0.20 per Share for a period of 36 months from the date of issuance.
    • False Creek Neighbourhood Energy Utility (“NEU”) Expansion. The Company continued work on the supply and maintenance agreement with the City of Vancouver for the provision and maintenance of five SHARC systems for the False Creek NEU Expansion. During the period, the Company completed and billed milestone 3.5 of 5 of the agreement, where all components have been delivered to site. The remaining milestones were achieved in Q1 and Q2 2025.
    • SHARC WET system key in Whitney Young retrofit featured in NYSERDA Empire Building Challenge. The Company shipped a SHARC WET system for the Whitney Young Manor recapitalization project in Yonkers, New York during Q1 2024. The Whitney Young Manor will undergo a $22 million renovation, with nearly $12 million allocated to the project’s decarbonization effort, inclusive of all energy efficiency measures. The retrofit project will highlight how to leverage a recapitalization opportunity to comprehensively retrofit energy systems and modernize an affordable housing complex.
    • Insiders, including management and directors, have purchased 5,653,396 common shares of the Company during YE 2024. Insider ownership represents 16% of the current outstanding float.

    For complete financial information for the year ended December 31, 2024, please see the Audited Annual Financial Statements and Management Discussion and Analysis (“MD&A”) filed on SEDAR at www.sedar.com.

    About SHARC Energy  

    SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential, and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

    SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

    Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC

    The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

    Forward-Looking Statements 

    Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation. 

    _______________________________________

    1 Sales Pipeline is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year End 2024 MD&A.
    2 Sales Order Backlog is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year End 2024 MD&A.
    3 Adjusted EBITDA is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year end 2024 MD&A.

    The MIL Network –

  • MIL-OSI: First Mid Bancshares, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MATTOON, Ill., April 30, 2025 (GLOBE NEWSWIRE) — First Mid Bancshares, Inc. (NASDAQ: FMBH) (the “Company”) today announced its financial results for the quarter ended March 31, 2025.

    Highlights

    • Record high quarterly net income of $22.2 million, or $0.93 diluted EPS, an increase of $0.13
    • Adjusted net income (non-GAAP*) of $23.1 million, or $0.96 diluted EPS, an increase of $0.09 for the quarter
    • Net interest margin tax equivalent (non-GAAP*) expands to 3.60% helping drive fourth consecutive quarter of growth in net interest income
    • Tangible book value per share (non-GAAP*) increased 4.4% during the quarter
    • Board of Directors declares regular quarterly dividend of $0.24 per share

    “We kicked off 2025 with a record high quarterly net income that reflects our strategic focus on driving a higher return on assets,” said Joe Dively, Chairman and Chief Executive Officer. “We delivered growth in both loans and deposits in what is typically a seasonally pressured quarter, and we significantly expanded our net interest margin through both an increase in earning asset yields and a decrease in the average cost of funds. In addition, we successfully completed our retail online system conversion during the quarter providing a better overall product for our customers and an improved platform to grow relationships across business lines.”

    “Lastly, while we recognize the uncertainty that exists in the macro environment, we are well-prepared with a disciplined credit culture and diversified revenue sources that position us to weather economic disruptions and continue to deliver exceptional service to our customers and communities,” Dively concluded.

    Net Interest Income
    Net interest income for the first quarter of 2025 increased by $0.5 million, or 0.8% compared to the fourth quarter of 2024. The increase was primarily the result of interest expense declining at a faster pace than interest income. Less days in the quarter drove declines in both interest income and expense. The decline in interest income included $0.5 million in lower accretion income, which totaled $2.9 million compared to $3.4 million of accretion income in the fourth quarter.

    In comparison to the first quarter of 2024, net interest income increased $3.9 million, or 7.1%. Interest income was lower by $0.1 million, inclusive of a decline in accretion income of $0.7 million compared to the first quarter last year. Interest expense was lower by $4.1 million compared to the same period last year.

    Net Interest Margin
    Net interest margin, on a tax equivalent basis (non-GAAP), was 3.60% for the first quarter of 2025 representing an increase of 19 basis points over the prior quarter driven by both an increase to earning asset yields and a decrease to funding costs. Excluding the decline in accretion income, the net interest margin increased 23 basis points in the period. Beginning with the first quarter of 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets. This change added five-basis points to the net interest margin in the first quarter 2025 compared to the fourth quarter of 2024.

    In comparison to the first quarter of last year, the net interest margin increased 35 basis points, with an average earning asset increase of 13 basis points, despite a five-basis point reduction to accretion income.

    Loan Portfolio
    Total loans ended the quarter at $5.70 billion, representing an increase of $26.4 million, or 0.5%, from the prior quarter, despite elevated payoffs during the period.   The increase was primarily in construction and land development, multifamily residential properties, and agriculture operating loans. The largest declines were in commercial real estate and commercial and industrial loans. The average loan balance for the quarter declined compared to the fourth quarter, as a majority of the net loan growth occurred in March 2025.

    In comparison to the first quarter last year, loan growth increased $199.6 million, or 3.6%. The largest increases were in construction and development, agriculture operating lines, and commercial and industrial loans.

    Asset Quality
    The first quarter was another solid performance with respect to the Company’s asset quality metrics. The allowance for credit losses (“ACL”) ended the period at $70.1 million and the ACL to total loans ratio was 1.23%. In addition to the ACL, an unearned discount of $32.6 million remains at quarter end. Provision expense was recorded in the amount of $1.7 million with net charge-offs of $1.8 million in the quarter. Also, at the end of the first quarter, the ratio of non-performing loans to total loans was 0.47%, the ACL to non-performing loans was 263.4%, and the ratio of nonperforming assets to total assets was 0.38%. Nonperforming loans declined by $3.2 million to $26.6 million at quarter end. Special mention loans increased by $16.2 million to $74.0 million and substandard loans decreased $1.6 million to $33.9 million.

    Deposits
    Total deposits ended the quarter at $6.13 billion, which represented an increase of $73.3 million, or 1.2%, from the prior quarter. Noninterest bearing and time deposits were the primary drivers of the increase with growth of $65.4 million and $75.4 million for the period, respectively. The increase in time deposits was driven by a combination of the Company retaining a vast majority of customers with maturing CD’s, gaining new customers with its promotional offerings, and the addition of $52.0 million in brokered deposits as rates declined and the wholesale market became attractive. With the Company’s strong liquidity position, it was able to reduce outstanding FHLB borrowings and subordinated debt during the quarter by a combined $55.5 million helping lower overall funding costs.

    Noninterest Income
    Noninterest income for the first quarter of 2025 was $24.9 million compared to $26.4 million in the fourth quarter of 2024.   The decline was primarily driven by a $1.3 million gain on the sale of property in the fourth quarter. The current quarter included losses on securities sales of $0.2 million. Excluding those two items, noninterest income was flat versus the prior period. The decline of $0.5 million in wealth management revenue was as expected given the seasonal nature of farmland sales. Overall Ag Services revenue was $2.6 million in the period.   Insurance revenues achieved a record high quarter of revenue, despite a challenging operating environment for the industry. Debit card fee income was down $0.6 million primarily driven by less usage due to a pullback in consumer spending.

    In comparison to the first quarter of 2024, noninterest income increased $0.4 million, or 1.6%, with increases in wealth management and insurance as the key drivers. The combined increase for these two business lines was 8.2% year-over-year. Debit card fee income reflected the largest decline from lower consumer spending in the first quarter of 2025.

    Noninterest Expenses
    Noninterest expense for the first quarter of 2025 totaled $54.5 million compared to $56.3 million in the prior quarter. The current quarter included $1.0 million of nonrecurring expenses primarily related to the Company’s technology initiatives, including the successful conversion of its retail online platform during the first quarter, versus $2.2 million in nonrecurring costs in the prior quarter. Excluding these items, noninterest expenses were down $0.6 million with the largest decreases in salaries and benefits and debit card expenses.

    In comparison to the first quarter of 2024, noninterest expenses increased $1.1 million. The increase was primarily driven by annual compensation increases and a $0.9 million credit in the first quarter of last year for a debit card fee negotiated settlement agreement with its primary provider.

    The Company’s efficiency ratio, as adjusted in the non-GAAP reconciliation table herein, for the first quarter 2025 was 58.9% compared to 58.8% in the prior quarter and 59.1% for the same period last year.

    Capital Levels and Dividend
    The Company’s capital levels remained strong and above the “well capitalized” levels. Capital levels ended the period as follows:

    Total capital to risk-weighted assets 15.59%
    Tier 1 capital to risk-weighted assets 13.13%
    Common equity tier 1 capital to risk-weighted assets 12.73%
    Leverage ratio 10.73%
       

    Tangible book value per share (non-GAAP) increased $1.07, or 4.4% during the first quarter of 2025. The increase was driven primarily by earnings growth, which accounted for $0.79 of the increase. The remaining increase of $0.28 was the result of improvement in accumulated other comprehensive income from a lower unrealized loss position in the investment portfolio.

    The Company’s Board of Directors approved a regular quarterly dividend of $0.24 payable on May 30, 2025, for shareholders of record on May 15, 2025.

    About First Mid: First Mid Bancshares, Inc. (“First Mid”) is the parent company of First Mid Bank & Trust, N.A., First Mid Insurance Group, Inc., and First Mid Wealth Management Co. First Mid is a $7.6 billion community-focused organization that provides a full-suite of financial services including banking, wealth management, brokerage, Ag services, and insurance through a sizeable network of locations throughout Illinois, Missouri, Texas, and Wisconsin and a loan production office in the greater Indianapolis area. Together, our First Mid team takes great pride in providing solutions and services to the customers and communities and has done so over the last 160 years. More information about the Company is available on our website at www.firstmid.com.

    *Non-GAAP Measures: In addition to reports presented in accordance with generally accepted accounting principles (“GAAP”), this release contains certain non-GAAP financial measures. The Company believes that such non-GAAP financial measures provide investors with information useful in understanding the Company’s financial performance. Readers of this release, however, are urged to review these non-GAAP financial measures in conjunction with the GAAP results as reported. These non-GAAP financial measures are detailed as supplemental tables and include “Adjusted Net Earnings,” “Adjusted Diluted EPS,” “Efficiency Ratio,” “Net Interest Margin, tax equivalent,” “Tangible Book Value per Common Share,” “Adjusted Tangible Book Value per Common Share,” “Adjusted Return on Assets,” and “Adjusted Return on Average Common Equity”. While the Company believes these non-GAAP financial measures provide investors with a broader understanding of the capital adequacy, funding profile and financial trends of the Company, this information should be considered as supplemental in nature and not as a substitute to the related financial information prepared in accordance with GAAP. These non-GAAP financial measures may also differ from the similar measures presented by other companies.

    Forward Looking Statements
    This document may contain certain forward-looking statements about First Mid, such as discussions of First Mid’s pricing and fee trends, credit quality and outlook, liquidity, new business results, expansion plans, anticipated expenses and planned schedules. First Mid intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of First Mid are identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. Actual results could differ materially from the results indicated by these statements because the realization of those results is subject to many risks and uncertainties, including, among other things, changes in interest rates; general economic conditions and those in the market areas of First Mid; legislative and/or regulatory changes; monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality or composition of First Mid’s loan or investment portfolios and the valuation of those investment portfolios; demand for loan products; deposit flows; competition, demand for financial services in the market areas of First Mid; accounting principles, policies and guidelines; and the impact of pandemics on First Mid’s businesses. Additional information concerning First Mid, including additional factors and risks that could materially affect First Mid’s financial results, are included in First Mid’s filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date they are made. Except as required under the federal securities laws or the rules and regulations of the SEC, we do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise.

    Investor Contact:
    Austin Frank
    SVP, Shareholder Relations
    217-258-5522
    afrank@firstmid.com

    Matt Smith
    Chief Financial Officer
    217-258-1528
    msmith@firstmid.com

    – Tables Follow –

               
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Balance Sheets
    (In thousands, unaudited)
     
      As of
      March 31,   December 31,   March 31,
      2025   2024   2024
               
    Assets          
    Cash and cash equivalents $ 201,470     $ 121,216     $ 355,701  
    Investment securities   1,049,003       1,073,510       1,149,752  
    Loans (including loans held for sale)   5,698,858       5,672,462       5,499,295  
    Less allowance for credit losses   (70,051 )     (70,182 )     (67,936 )
    Net loans   5,628,807       5,602,280       5,431,359  
    Premises and equipment, net   97,446       100,234       101,666  
    Goodwill and intangibles, net   258,671       261,906       260,699  
    Bank Owned Life Insurance   171,127       170,854       167,247  
    Other assets   166,164       189,734       211,822  
    Total assets $ 7,572,688     $ 7,519,734     $ 7,678,246  
               
    Liabilities and Stockholders’ Equity          
    Deposits:          
    Non-interest bearing $ 1,394,590     $ 1,329,155     $ 1,448,299  
    Interest bearing   4,735,790       4,727,941       4,794,637  
    Total deposits   6,130,380       6,057,096       6,242,936  
    Repurchase agreements with customers   219,772       204,122       210,719  
    Other borrowings   195,000       242,520       238,761  
    Junior subordinated debentures   24,335       24,280       24,113  
    Subordinated debt   79,535       87,472       106,862  
    Other liabilities   52,717       57,853       56,903  
    Total liabilities   6,701,739       6,673,343       6,880,294  
               
    Total stockholders’ equity   870,949       846,391       797,952  
    Total liabilities and stockholders’ equity $ 7,572,688     $ 7,519,734     $ 7,678,246  
               
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data, unaudited)
           
      Three Months Ended
      March 31,
      2025   2024
    Interest income:      
    Interest and fees on loans $ 79,918     $ 77,823  
    Interest on investment securities   6,777       7,405  
    Interest on federal funds sold & other deposits   864       2,444  
    Total interest income   87,559       87,672  
    Interest expense:      
    Interest on deposits   23,722       26,096  
    Interest on securities sold under agreements to repurchase   1,180       2,056  
    Interest on other borrowings   1,831       2,314  
    Interest on jr. subordinated debentures   468       542  
    Interest on subordinated debt   949       1,194  
    Total interest expense   28,150       32,202  
    Net interest income   59,409       55,470  
    Provision for credit losses   1,652       (357 )
    Net interest income after provision for credit losses   57,757       55,827  
    Non-interest income:      
    Wealth management revenues   5,800       5,322  
    Insurance commissions   9,925       9,213  
    Service charges   2,901       2,956  
    Net securities gains/(losses)   (181 )     0  
    Mortgage banking revenues   711       706  
    ATM/debit card revenue   3,646       4,055  
    Other   2,062       2,226  
    Total non-interest income   24,864       24,478  
    Non-interest expense:      
    Salaries and employee benefits   31,748       30,448  
    Net occupancy and equipment expense   8,479       7,560  
    Net other real estate owned (income) expense   101       (21 )
    FDIC insurance   849       869  
    Amortization of intangible assets   3,231       3,497  
    Stationary and supplies   431       391  
    Legal and professional expense   3,076       2,449  
    ATM/debit card expense   1,831       1,191  
    Marketing and donations   852       862  
    Other   3,874       6,116  
    Total non-interest expense   54,472       53,362  
    Income before income taxes   28,149       26,943  
    Income taxes   5,978       6,440  
    Net income $ 22,171     $ 20,503  
           
    Per Share Information      
    Basic earnings per common share $ 0.93     $ 0.86  
    Diluted earnings per common share   0.93       0.86  
           
    Weighted average shares outstanding   23,858,817       23,872,731  
    Diluted weighted average shares outstanding   23,959,228       23,960,335  
           
    FIRST MID BANCSHARES, INC.
    Condensed Consolidated Statements of Income
    (In thousands, except per share data, unaudited)
                       
      For the Quarter Ended
      March 31,   December 31,   September 30,   June 30,   March 31,
      2025     2024     2024   2024   2024
    Interest income:                  
    Interest and fees on loans $ 79,918     $ 81,288     $ 81,775     $ 79,560     $ 77,823  
    Interest on investment securities   6,777       6,990       7,036       7,405       7,405  
    Interest on federal funds sold & other deposits   864       1,564       2,371       1,718       2,444  
    Total interest income   87,559       89,842       91,182       88,683       87,672  
    Interest expense:                  
    Interest on deposits   23,722       26,144       28,341       26,338       26,096  
    Interest on securities sold under agreements to repurchase   1,180       1,333       1,444       1,615       2,056  
    Interest on other borrowings   1,831       1,917       2,195       2,248       2,314  
    Interest on jr. subordinated debentures   468       510       567       537       542  
    Interest on subordinated debt   949       988       1,092       1,180       1,194  
    Total interest expense   28,150       30,892       33,639       31,918       32,202  
    Net interest income   59,409       58,950       57,543       56,765       55,470  
    Provision for credit losses   1,652       3,643       1,266       1,083       (357 )
    Net interest income after provision for credit losses   57,757       55,307       56,277       55,682       55,827  
    Non-interest income:                  
    Wealth management revenues   5,800       6,275       5,816       5,405       5,322  
    Insurance commissions   9,925       6,805       6,003       6,531       9,213  
    Service charges   2,901       3,058       3,121       3,227       2,956  
    Net securities gains/(losses)   (181 )     0       (277 )     (156 )     0  
    Mortgage banking revenues   711       1,104       1,109       1,038       706  
    ATM/debit card revenue   3,646       4,204       4,267       4,281       4,055  
    Other   2,062       4,917       2,984       2,096       2,226  
    Total non-interest income   24,864       26,363       23,023       22,422       24,478  
    Non-interest expense:                  
    Salaries and employee benefits   31,748       31,957       31,565       30,164       30,448  
    Net occupancy and equipment expense   8,479       7,285       8,055       7,507       7,560  
    Net other real estate owned (income) expense   101       240       107       85       (21 )
    FDIC insurance   849       863       829       902       869  
    Amortization of intangible assets   3,231       3,314       3,405       3,340       3,497  
    Stationary and supplies   431       642       482       370       391  
    Legal and professional expense   3,076       5,386       2,573       2,536       2,449  
    ATM/debit card expense   1,831       2,043       1,869       1,281       1,191  
    Marketing and donations   852       906       836       814       862  
    Other   3,874       3,661       4,212       4,392       6,116  
    Total non-interest expense   54,472       56,297       53,933       51,391       53,362  
    Income before income taxes   28,149       25,373       25,367       26,713       26,943  
    Income taxes   5,978       6,205       5,885       6,968       6,440  
    Net income $ 22,171     $ 19,168     $ 19,482     $ 19,745     $ 20,503  
                       
    Per Share Information                  
    Basic earnings per common share $ 0.93     $ 0.80     $ 0.81     $ 0.83     $ 0.86  
    Diluted earnings per common share   0.93       0.80       0.81       0.82       0.86  
                       
    Weighted average shares outstanding   23,858,817       23,818,806       23,905,099       23,896,210       23,872,731  
    Diluted weighted average shares outstanding   23,959,228       23,908,340       24,006,647       23,998,152       23,960,335  
                       
    FIRST MID BANCSHARES, INC.
    Consolidated Financial Highlights and Ratios
    (Dollars in thousands, except per share data)
    (Unaudited)
     
        As of and for the Quarter Ended
        March 31,   December 31,   September 30,   June 30,   March 31,
        2025   2024   2024   2024   2024
                         
    Loan Portfolio                    
    Construction and land development   $ 269,148     $ 236,093     $ 190,857     $ 195,389     $ 186,851  
    Farm real estate loans     373,413       390,760       384,620       387,015       388,941  
    1-4 Family residential properties     488,139       496,597       505,342       507,517       518,641  
    Multifamily residential properties     356,858       332,644       338,167       334,446       312,758  
    Commercial real estate     2,397,985       2,417,585       2,440,120       2,406,955       2,396,092  
    Loans secured by real estate     3,885,543       3,873,679       3,859,106       3,831,322       3,803,283  
    Agricultural operating loans     296,811       239,671       233,414       213,997       213,217  
    Commercial and industrial loans     1,303,712       1,335,920       1,283,631       1,268,646       1,227,906  
    Consumer loans     47,220       53,960       63,222       70,841       79,569  
    All other loans     165,572       169,232       175,218       175,811       175,320  
    Total loans     5,698,858       5,672,462       5,614,591       5,560,617       5,499,295  
                         
    Deposit Portfolio                    
    Non-interest bearing demand deposits   $ 1,394,590     $ 1,329,155     $ 1,387,290     $ 1,393,336     $ 1,448,299  
    Interest bearing demand deposits     1,814,427       1,907,733       1,834,123       1,909,993       1,974,857  
    Savings deposits     643,289       636,427       648,582       673,381       704,777  
    Money Market     1,215,420       1,196,537       1,183,594       1,127,699       1,107,177  
    Time deposits     1,062,654       987,244       1,035,245       1,011,370       1,007,826  
    Total deposits     6,130,380       6,057,096       6,088,834       6,115,779       6,242,936  
                         
    Asset Quality                    
    Non-performing loans   $ 26,598     $ 29,835     $ 18,242     $ 19,079     $ 20,064  
    Non-performing assets     28,703       32,030       20,076       20,557       21,471  
    Net charge-offs (recoveries)     1,783       2,235       804       708       381  
    Allowance for credit losses to non-performing loans     263.36 %     235.23 %     377.01 %     358.05 %     338.60 %
    Allowance for credit losses to total loans outstanding     1.23 %     1.24 %     1.22 %     1.23 %     1.24 %
    Nonperforming loans to total loans     0.47 %     0.53 %     0.32 %     0.34 %     0.36 %
    Nonperforming assets to total assets     0.38 %     0.43 %     0.27 %     0.27 %     0.28 %
    Special Mention loans     74,019       57,848       38,151       30,767       65,693  
    Substandard and Doubtful loans     33,884       35,516       29,037       27,594       29,296  
                         
    Common Share Data                    
    Common shares outstanding     23,981,916       23,895,807       23,904,051       23,895,868       23,888,929  
    Book value per common share   $ 36.32     $ 35.42     $ 35.91     $ 34.05     $ 33.40  
    Tangible book value per common share (1)     25.53       24.46       24.82       23.28       22.49  
    Tangible book value per common share excluding other comprehensive income at period end (1)     31.21       30.42       29.70       29.43       28.67  
    Market price of stock     34.90       36.82       38.91       32.88       32.68  
                         
    Key Performance Ratios and Metrics                    
    End of period earning assets   $ 6,844,096     $ 6,775,075     $ 6,786,458     $ 6,812,574     $ 6,923,742  
    Average earning assets     6,769,858       6,884,303       6,857,070       6,815,932       6,884,855  
    Average rate on average earning assets (tax equivalent)     5.29 %     5.24 %     5.35 %     5.27 %     5.16 %
    Average rate on cost of funds     1.74 %     1.83 %     2.00 %     1.91 %     1.91 %
    Net interest margin (tax equivalent) (1)(2)     3.60 %     3.41 %     3.35 %     3.36 %     3.25 %
    Return on average assets     1.19 %     1.01 %     1.03 %     1.05 %     1.07 %
    Adjusted return on average assets (1)     1.23 %     1.10 %     1.05 %     1.07 %     1.17 %
    Return on average common equity     10.35 %     9.04 %     9.40 %     9.92 %     10.37 %
    Adjusted return on average common equity (1)     10.78 %     9.80 %     9.58 %     10.11 %     11.28 %
    Efficiency ratio (tax equivalent) (1)     58.88 %     58.76 %     61.33 %     59.61 %     59.09 %
    Full-time equivalent employees     1,194       1,198       1,207       1,185       1,188  
                         
                         
    1 Non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.
    2 During the first quarter 2025, the Company changed the methodology utilized for the calculation of net interest margin to be more consistent with what is typically used by peer banks and research analysts. The calculation now is the annualized net interest income on a tax equivalent basis divided by average interest earning assets.
                     
    FIRST MID BANCSHARES, INC.
    Net Interest Margin
    (In thousands, unaudited)
     
      For the Quarter Ended March 31, 2025
      QTD Average       Average
      Balance   Interest   Rate
    INTEREST EARNING ASSETS          
    Interest bearing deposits $ 70,701     $ 827       4.74 %
    Federal funds sold   75       1       5.41 %
    Certificates of deposits investments   3,162       36       4.62 %
    Investment Securities   1,090,099       7,254       2.66 %
    Loans (net of unearned income)   5,605,821       80,194       5.80 %
               
    Total interest earning assets   6,769,858       88,312       5.29 %
               
    NONEARNING ASSETS          
    Other nonearning assets   777,177          
    Allowance for loan losses   (70,620 )        
               
    Total assets $ 7,476,415          
               
    INTEREST BEARING LIABILITIES          
    Demand deposits $ 3,039,621     $ 14,900       1.99 %
    Savings deposits   640,687       164       0.10 %
    Time deposits   1,022,200       8,658       3.44 %
    Total interest bearing deposits   4,702,508       23,722       2.05 %
    Repurchase agreements   201,679       1,180       2.37 %
    FHLB advances   194,324       1,807       3.77 %
    Federal funds purchased   –       –       0.00 %
    Subordinated debt   82,608       949       4.66 %
    Jr. subordinated debentures   24,306       468       7.81 %
    Other debt   1,467       24       6.63 %
    Total borrowings   504,384       4,428       3.56 %
    Total interest bearing liabilities   5,206,892       28,150       2.19 %
               
    NONINTEREST BEARING LIABILITIES          
    Demand deposits   1,370,107     Average cost of funds   1.74 %
    Other liabilities   42,946          
    Stockholders’ equity   856,470          
               
    Total liabilities & stockholders’ equity $ 7,476,415          
               
    Net Interest Earnings / Spread     $ 60,162       3.10 %
               
    Tax effected yield on interest earning assets         3.60 %
               
    Tax equivalent net interest margin is a non-GAAP financial measure. Refer to reconciliation to the comparable GAAP measure.
               
    FIRST MID BANCSHARES, INC.
    Reconciliation of Non-GAAP Financial Measures
    (In thousands, unaudited)
                       
      As of and for the Quarter Ended
      March 31,   December 31,   September 30,
    		   June 30,   March 31,
      2025   2024   2024   2024   2024
                       
    Net interest income as reported $ 59,409     $ 58,950     $ 57,543     $ 56,765     $ 55,470  
    Net interest income, (tax equivalent)   60,162       59,717       58,627       57,361       56,086  
    Average earning assets   6,769,858       6,884,303       6,857,070       6,815,932       6,884,855  
    Net interest margin (tax equivalent)   3.60 %     3.41 %     3.35 %     3.36 %     3.25 %
                       
                       
    Common stockholder’s equity $ 870,949     $ 846,391     $ 858,497     $ 813,645     $ 797,952  
    Goodwill and intangibles, net   258,671       261,906       265,139       257,377       260,699  
    Common shares outstanding   23,982       23,896       23,904       23,896       23,889  
    Tangible Book Value per common share $ 25.53     $ 24.46     $ 24.82     $ 23.28     $ 22.49  
    Accumulated other comprehensive loss (AOCI)   (136,097 )     (142,383 )     (116,692 )     (146,998 )     (147,667 )
    Adjusted tangible book value per common share $ 31.21     $ 30.42     $ 29.70     $ 29.43     $ 28.67  
                       
    FIRST MID BANCSHARES, INC.
    Reconciliation of Non-GAAP Financial Measures
    (In thousands, except per share data, unaudited)
                       
      As of and for the Quarter Ended
      March 31,   December 31,   September 30, June 30,   March 31,
      2025   2024   2024   2024   2024
    Adjusted earnings Reconciliation                  
    Net Income – GAAP $ 22,171     $ 19,168     $ 19,482     $ 19,745     $ 20,503  
    Adjustments (post-tax): (1)                  
    Nonrecurring technology project expenses   728       1,710       –       –       –  
    Net (gain)/loss on securities sales   143       –       219       123       –  
    Integration and acquisition expenses   41       –       137       250       1,804  
    Total non-recurring adjustments (non-GAAP) $ 912     $ 1,710     $ 356     $ 373     $ 1,804  
                       
    Adjusted earnings – non-GAAP $ 23,083     $ 20,878     $ 19,838     $ 20,118     $ 22,307  
    Adjusted diluted earnings per share (non-GAAP) $ 0.96     $ 0.87     $ 0.83     $ 0.84     $ 0.93  
    Adjusted return on average assets – non-GAAP   1.23 %     1.10 %     1.05 %     1.07 %     1.17 %
    Adjusted return on average common equity – non-GAAP   10.78 %     9.80 %     9.58 %     10.11 %     11.28 %
                       
                       
    Efficiency Ratio Reconciliation                  
    Noninterest expense – GAAP $ 54,472     $ 56,297     $ 53,933     $ 51,391     $ 53,362  
    Other real estate owned property income (expense)   (101 )     (240 )     (107 )     (85 )     21  
    Amortization of intangibles   (3,231 )     (3,314 )     (3,405 )     (3,340 )     (3,497 )
    Nonrecurring technology project expense   (921 )     (2,164 )     –       –       –  
    Integration and acquisition expenses   (52 )     –       (174 )     (316 )     (2,283 )
    Adjusted noninterest expense (non-GAAP) $ 50,167     $ 50,579     $ 50,247     $ 47,650     $ 47,603  
                       
    Net interest income -GAAP $ 59,409     $ 58,950     $ 57,543     $ 56,765     $ 55,470  
    Effect of tax-exempt income (1)   753       767       1,084       596       616  
    Adjusted net interest income (non-GAAP) $ 60,162     $ 59,717     $ 58,627     $ 57,361     $ 56,086  
                       
    Noninterest income – GAAP $ 24,864     $ 26,363     $ 23,023     $ 22,422     $ 24,478  
    Net (gain)/loss on securities sales   181       0       277       156       0  
    Adjusted noninterest income (non-GAAP) $ 25,045     $ 26,363     $ 23,300     $ 22,578     $ 24,478  
                       
    Adjusted total revenue (non-GAAP) $ 85,207     $ 86,080     $ 81,927     $ 79,939     $ 80,564  
                       
    Efficiency ratio (non-GAAP)   58.88 %     58.76 %     61.33 %     59.61 %     59.09 %
                       
    (1) Nonrecurring items (post-tax) and tax-exempt income are calculated using an estimated effective tax rate of 21%.

    The MIL Network –

  • MIL-OSI: FHLBank San Francisco’s 2025 AHEAD Program to Award $8 Million in Grants for Economic Development Initiatives in Arizona, California, and Nevada

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, April 30, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced it is making a total of $8 million in funding available for its 2025 AHEAD Program that provides economic development grants, with the maximum grant per project increased to $150,000 this year, up from $50,000 in 2024.

    Since 2004, the AHEAD Program has awarded over $32 million in grants to more than 880 projects across FHLBank San Francisco’s three-state district of Arizona, California, and Nevada. AHEAD grants support innovative initiatives that expand economic opportunity in lower-income communities.

    “For more than two decades, our AHEAD Program has delivered vital funding to spark economic opportunity for communities in need across our district of Arizona, California, and Nevada,” said Joseph Amato, interim president and chief executive officer of FHLBank San Francisco. “We’re pleased to increase both the total allocation and the individual grant amount for AHEAD grants in 2025. This voluntary program continues to support the transformative work of community organizations that are changing lives and strengthening communities.”

    FHLBank San Francisco’s AHEAD Program is designed to foster strong partnerships between its member financial institutions and community-based organizations that specialize in building economic and community development initiatives that:

    • Create or preserve jobs
    • Deliver job training or educational programs
    • Support small business, microlending, and microenterprise incubation for low-income entrepreneurs.

    In 2024, FHLBank San Francisco and its members awarded $7.3 million in AHEAD Program funds – an 82% increase above 2023 – to 84 recipients, including:

    Western Alliance Bank – Surprise, Arizona
    Native American Connections partnered with member Western Alliance Bank to receive a $100,000 AHEAD grant award to fund the Surprise Bridge Housing project that houses previously homeless individuals and families, helping them build stability, create positive rental history and improve their credit.

    Mission Federal Credit Union – San Diego, California
    City Heights Community Development Corporation partnered with Mission Federal Credit Union to fund the Chopped project, an eight-week business training program for micro-enterprise, home kitchen operators, sidewalk vendors, pop-ups, caterers, and start-up restaurateurs.

    Toyota Financial Savings Bank – Henderson, Nevada
    HopeLink of Southern Nevada, in partnership with Toyota Financial Savings Bank, received a grant award to support its Homeless and Low-Income Household Employment program, which helps newly housed clients prepare for and obtain employment through a local community partner.

    The window for FHLBank San Francisco members to submit applications for AHEAD grants in partnership with nonprofit organizations, government agencies, or community groups is now open and all applications must be submitted by May 28, 2025. The Bank expects to announce 2025 AHEAD Program grant winners in September.

    To learn more about the AHEAD Program and how to apply, please visit fhlbsf.com.

    About Federal Home Loan Bank of San Francisco
    The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions — propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient.

    The MIL Network –

  • MIL-OSI USA: Wyden, Colleagues Introduce Bipartisan Bill to Tackle Housing Affordability Crisis

    US Senate News:

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

    April 30, 2025

    Washington D.C.—U.S. Senator Ron Wyden, D-Ore today joined Senate colleagues in reintroducing a bipartisan bill that would expand the existing, successful Low-Income Housing Tax Credit and increase the supply of affordable housing units in Oregon and nationwide.

    “It’s time for Congress to meet the housing crisis with the bold solutions it demands and that starts with increasing housing supply,” said Wyden, Ranking Member of the Senate Finance Committee. “Our bill will deliver some much-needed relief to families by supporting existing, successful federal housing programs and building over one million new units of affordable housing. I am all in to bring down costs and make housing more affordable for everyone no matter your zip code.” 

    Since 1986, the Housing Credit has paid for 90% of the federally-funded affordable housing construction across the country, and has financed 4 million affordable homes. The National Association of Homebuilders reports that building materials have increased in cost by an average of 5.5% due to enacted or anticipated tariffs since January 2025, underscoring the urgent need for this legislation.  Moreover, according to the association, 60% of builders reported that as a result of tariffs, their suppliers have already increased or announced increases of material prices – with tariffs increasing the cost of a typical home by $10,900.

    The Affordable Housing Credit Improvement Act would support the financing of new affordable homes by:

    • Increasing the amount of credits allocated to each state. The legislation would increase the number of credits available to states by 50 percent for the next two years and make permanent the temporary 12.5 percent increase secured in 2018 —which has already helped build more than 59,000 additional affordable housing units nationwide. 
    • Increasing the number of affordable housing projects that can be built using private activity bonds. This provision would stabilize financing for workforce housing projects built using private activity bonds by decreasing the amount of private activity bonds needed to secure the Housing Credit. As a result, projects would have to carry less debt, and more projects would be eligible to receive the credit. 
    • Improving the Housing Credit program to better serve at-risk and underserved communities. The legislation would also make improvements to better serve veterans, victims of domestic violence, formerly homeless students, Native American communities, and rural Americans. 

    This legislation builds on Wyden’s long history of working to address the national housing crisis. In 2023, he introduced his comprehensive Decent, Affordable, Safe Housing for All (DASH) Act, which would expand essential services to ensure permanent housing stability, create a new down payment tax credit for first-time homebuyers, and expand the production of affordable housing for low-income and middle-income families.

    In addition to Wyden, the bill was co-led by Sens. Maria Cantwell, D-Wash., Todd Young, R-Ind., and Marsha Blackburn, R-Tenn. It has 30 total original cosponsors, with an equal split of Democrats and Republicans.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Lamont and Secretary Beckham Statements on April 2025 Consensus Revenue Forecast

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont and Office of Policy and Management Secretary Jeffrey Beckham released the following statements in response to the April 30, 2025, consensus revenue forecast that was jointly issued today by the Office of Policy and Management and the Office of Fiscal Analysis:

    Governor Lamont said, “Connecticut’s current fiscal year outlook remains positive, but there are troubling signs for fiscal years 2026 and 2027. The economic policies coming out of Washington are directly impacting our state’s economic future, as evidenced by leading indicators such as consumer confidence, which is already causing a downward revision in sales tax revenue. Over the coming weeks, I will be working with legislative leaders to pass an honestly balanced budget that protects Connecticut’s core values, provides flexibility for inevitable federal cuts, and adheres to our statutory and constitutional budget obligations.”

    Secretary Beckham said, “Our fiscal house has been rebuilt to weather an economic downturn. Now is not the time to tear it down; we must protect what we have long fought to achieve and provide a balanced state budget for the next two years. When we passed the largest income tax cut in state history, we did so with the intent that it be sustainable. The budget we will be working on over the next few weeks must ensure that state spending is sustainable and will not lead to future tax increases or service cuts.”

     

    MIL OSI USA News –

  • MIL-OSI: FinWise Bancorp Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    – Loan Originations of $1.3 Billion –

    – Net Income of $3.2 Million –

    – Diluted Earnings Per Share of $0.23 –

    MURRAY, Utah, April 30, 2025 (GLOBE NEWSWIRE) — FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent company of FinWise Bank (the “Bank”), today announced results for the quarter ended March 31, 2025.

    First Quarter 2025 Highlights

    • Loan originations totaled $1.3 billion, compared to $1.3 billion for the quarter ended December 31, 2024, and $1.1 billion for the first quarter of the prior year
    • Net interest income was $14.3 million, compared to $15.5 million for the quarter ended December 31, 2024, and $14.0 million for the first quarter of the prior year
    • Net income was $3.2 million, compared to $2.8 million for the quarter ended December 31, 2024, and $3.3 million for the first quarter of the prior year
    • Diluted earnings per share (“EPS”) were $0.23 for the quarter, compared to $0.20 for the quarter ended December 31, 2024, and $0.25 for the first quarter of the prior year
    • Efficiency ratio1 was 64.8%, compared to 64.2% for the quarter ended December 31, 2024, and 61.0% for the first quarter of the prior year
    • Nonperforming loan balances were $29.9 million as of March 31, 2025, compared to $36.5 million as of December 31, 2024, and $26.0 million as of March 31, 2024. Nonperforming loan balances guaranteed by the Small Business Administration (“SBA”) were $15.1 million, $19.2 million, and $14.8 million as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively

    “Our business model remained resilient in the first quarter, even amidst a more uncertain macro environment,” said Kent Landvatter, Chairman and CEO of FinWise. “We posted solid loan originations and encouraging credit quality metrics, as both non-performing loan balances and net charge-offs declined sequentially. Furthermore, we continued to migrate our loan portfolio to a lower risk profile while still growing profitably and increasing tangible book value. Subsequent to the end of the first quarter, we also announced a new strategic program agreement where FinWise will provide both lending and our Credit Enhanced Balance Sheet product. While we will continue to closely monitor the economic environment, we remain excited about the outlook for our business and will maintain our focus on executing our business strategy to continue to position the Company for long-term growth and shareholder value creation.”

    ________________
    1 See “Reconciliation of Non-GAAP to GAAP Financial Measures” for a reconciliation of this non-GAAP measure.


    Selected Financial and Other Data

      As of and for the Three Months Ended
    ($ in thousands, except per share amounts) 3/31/2025   12/31/2024   3/31/2024
    Amount of loans originated $ 1,264,604     $ 1,305,028     $ 1,091,479  
    Net income $ 3,189     $ 2,793     $ 3,315  
    Diluted EPS $ 0.23     $ 0.20     $ 0.25  
    Return on average assets   1.7 %     1.6 %     2.2 %
    Return on average equity   7.4 %     6.5 %     8.4 %
    Yield on loans   12.31 %     14.01 %     14.80 %
    Cost of interest-bearing deposits   4.01 %     4.30 %     4.71 %
    Net interest margin   8.27 %     10.00 %     10.12 %
    Efficiency ratio(1)   64.8 %     64.2 %     61.0 %
    Tangible book value per share(2) $ 13.42     $ 13.15     $ 12.70  
    Tangible shareholders’ equity to tangible assets(2)   22.0 %     23.3 %     26.6 %
    Leverage ratio (Bank under CBLR)   18.8 %     20.6 %     20.6 %
    Full-time equivalent employees   196       196       175  
                           

    (1)   This measure is not a measure recognized under United States generally accepted accounting principles, or GAAP, and is therefore considered to be a non-GAAP financial measure. See “Reconciliation of Non-GAAP to GAAP Financial Measures” for a reconciliation of this measure to its most comparable GAAP measure. The efficiency ratio is defined as total non-interest expense divided by the sum of net interest income and non-interest income. The Company believes this measure is important as an indicator of productivity because it shows the amount of revenue generated for each dollar spent.
    (2)   Tangible shareholders’ equity to tangible assets is considered a non-GAAP financial measure. Tangible shareholders’ equity is defined as total shareholders’ equity less goodwill and other intangible assets. The most directly comparable GAAP financial measure is total shareholder’s equity to total assets. The Company had no goodwill or other intangible assets at the end of any period indicated. The Company has not considered loan servicing rights or loan trailing fee assets as intangible assets for purposes of this calculation. As a result, tangible shareholders’ equity is the same as total shareholders’ equity at the end of each of the periods indicated.

    Net Interest Income
    Net interest income was $14.3 million for the first quarter of 2025, compared to $15.5 million for the prior quarter and $14.0 million for the prior year period. The decrease from the prior quarter was primarily due to a decrease in yields and a seasonal decline in origination volume on the three highest yielding programs in the held-for-sale portfolio of $0.5 million, a decrease in yield offset in part by an increase in volume on the remaining held-for-sale portfolio of $0.3 million, and a decrease in yields offset in part by the increase in volume of the held-for-investment portfolio as variable rate loans were repriced to reflect the decrease in the prime rate of $0.5 million. The increase from the prior year period was primarily due to an increase in average interest-earning assets of $143.7 million, partially offset by lower yields on interest-earning assets and an increase in the average interest-bearing liabilities of $119.6 million.

    Loan originations totaled $1.3 billion for the first quarter of 2025, compared to $1.3 billion for the prior quarter and $1.1 billion for the prior year period.

    Net interest margin for the first quarter of 2025 was 8.27%, compared to 10.00% for the prior quarter and 10.12% for the prior year period. The decrease in net interest margin from the prior quarter and prior year period is attributable to the seasonal decline in originations of the three highest yielding held-for-sale programs, the repricing of our variable rate loan portfolio as interest rates have declined, and the Company’s strategy to reduce the average credit risk in the loan portfolio by increasing its investment in higher quality but lower yielding loans offset by a reduction in the costs of funds.

    Provision for Credit Losses
    The Company’s provision for credit losses was $3.3 million for the first quarter of 2025, compared to $3.9 million for the prior quarter and $3.2 million for the prior year period. The decrease in the provision for credit losses from the prior quarter was mainly due to lower net charge-offs of $1.0 million predominately in the non-SP loan portfolio offset in part by increased reserves for the held-for-investment loan portfolio growth, net of changes in modeling assumptions of $0.5 million. The increase in the provision for credit losses from the prior year period was primarily due to growth in the loans held-for-investment portfolio.

    Non-interest Income

      Three Months Ended
    ($ in thousands) 3/31/2025   12/31/2024   3/31/2024
    Non-interest income          
    Strategic Program fees $ 4,962     $ 4,899     $ 3,965  
    Gain on sale of loans   846       872       415  
    SBA loan servicing fees, net   178       181       664  
    Change in fair value on investment in BFG   400       (200 )     (124 )
    Credit enhancement income   85       25       —  
    Other miscellaneous income   1,339       (174 )     742  
    Total non-interest income $ 7,810     $ 5,603     $ 5,662  
                           

    The increase in non-interest income from the prior quarter was due to an increase in other miscellaneous income resulting from a charge in the prior quarter of $0.9 million to remove unamortized premiums upon calling $160.0 million of callable certificates of deposits, growth in the Company’s operating lease portfolio, and an increased distribution received from BFG during the quarter. The Company also benefited from a favorable change in the fair value of our investment in BFG.

    The increase in non-interest income from the prior year period was primarily due to an increase in Strategic Program fees primarily due to higher originations, a favorable change in the fair value of our investment in BFG, and an increase in other miscellaneous income. The increase in other miscellaneous income from the prior year period was the result of increased revenue from growth in the Company’s operating lease portfolio and increased distributions received from BFG.

    Non-interest Expense

      Three Months Ended
    ($ in thousands) 3/31/2025   12/31/2024   3/31/2024
    Non-interest expense          
    Salaries and employee benefits $ 9,826     $ 9,375     $ 7,562  
    Professional services   907       556       1,567  
    Occupancy and equipment expenses   543       533       544  
    Credit enhancement expense   11       5       —  
    Other operating expenses   3,031       3,094       2,332  
    Total non-interest expense $ 14,318     $ 13,563     $ 12,005  
                           

    The increase in non-interest expense from the prior quarter resulted from increases in salaries and employee benefits and professional services. The salaries and employee benefits increase pertained mainly to an increase in federal employer payroll taxes of $0.4 million while the increase in professional services resulted from the reversal of over-accruals during the fourth quarter of 2024. The increase in non-interest expense from the prior year period was primarily due to an increase in salaries and employee benefits due mainly to increasing headcount and stock based compensation expense and other operating expenses driven by increased spending to support the growth in the Company’s business infrastructure.

    Reflecting the decreased net interest income and increase in operating expenses, the Company’s efficiency ratio was 64.8% for the first quarter of 2025, compared to 64.2% for the prior quarter and 61.0% for the prior year period. The Company anticipates the efficiency ratio will level off then begin to decline as revenues are realized in future periods from the credit enhanced loan, BIN sponsorship and payments initiatives developed during 2023 and 2024.

    Tax Rate
    The Company’s effective tax rate was 28.1% for the first quarter of 2025, compared to 24.3% for the prior quarter and 26.5% for the prior year period. The increases from the prior quarter and prior year period were due primarily to estimated permanent differences related to officer compensation.

    Net Income
    Net income was $3.2 million for the first quarter of 2025, compared to $2.8 million for the prior quarter and $3.3 million for the prior year period. The changes in net income for the three months ended March 31, 2025 compared to the prior quarter and prior year period are the result of the factors discussed above.

    Balance Sheet
    The Company’s total assets were $804.1 million as of March 31, 2025, an increase from $746.0 million as of December 31, 2024 and $610.8 million as of March 31, 2024. The increase in total assets from December 31, 2024 was primarily due to continued growth in the Company’s loans held-for-investment, net, and loans held-for-sale portfolios of $24.6 million and $27.2 million, respectively, as well as an increase of $12.6 million in interest-bearing cash deposits. The increase in total assets compared to March 31, 2024 was primarily due to increases in the Company’s loans held-for-investment, net, and loans held-for-sale portfolios of $95.3 million and $63.8 million, respectively, as well as an increase in investment securities available-for-sale of $30.1 million. The increased loan balances are consistent with our strategy to grow the loan portfolio with higher quality lower risk assets.

    The following table shows the gross loans held-for-investment (“HFI”) balances as of the dates indicated:

      3/31/2025   12/31/2024   3/31/2024
    ($ in thousands) Amount   % of total
    loans    		   Amount   % of total
    loans    		   Amount   % of total
    loans
    SBA $ 246,004     50.0 %   $ 255,056     54.8 %   $ 247,810     63.4 %
    Commercial leases   76,823     15.6 %     70,153     15.1 %     46,690     11.9 %
    Commercial, non-real estate   3,550     0.7 %     3,691     0.8 %     2,077     0.5 %
    Residential real estate   55,814     11.3 %     51,574     11.1 %     39,006     10.0 %
    Strategic Program loans   19,916     4.1 %     20,122     4.3 %     17,216     4.4 %
    Commercial real estate:                      
    Owner occupied   65,920     13.4 %     41,046     8.8 %     21,300     5.4 %
    Non-owner occupied   1,390     0.3 %     1,379     0.3 %     2,155     0.6 %
    Consumer   22,806     4.6 %     22,212     4.8 %     14,689     3.8 %
    Total period end loans $ 492,223     100.0 %   $ 465,233     100.0 %   $ 390,943     100.0 %
                                             

    Note: SBA loans as of March 31, 2025, December 31, 2024 and March 31, 2024 include $150.0 million, $158.7 million and $141.7 million, respectively, of SBA 7(a) loan balances that are guaranteed by the SBA. The HFI balance on Strategic Program loans with annual interest rates below 36% as of March 31, 2025, December 31, 2024 and March 31, 2024 was $3.8 million, $3.1 million and $2.7 million, respectively.

    Total gross loans HFI as of March 31, 2025 increased $27.0 million and $101.3 million compared to December 31, 2024 and March 31, 2024, respectively. The Company experienced growth primarily in its commercial real estate – owner occupied, commercial leases, and residential real estate loan portfolios, consistent with its strategy to increase its loan portfolio with higher quality, lower rate loans.

    The following table shows the Company’s deposit composition as of the dates indicated:

      As of
    ​ 3/31/2025   12/31/2024   3/31/2024
    ($ in thousands) Amount   Percent   Amount   Percent   Amount   Percent
    Noninterest-bearing demand deposits $ 123,322     20.4 %   $ 126,782     23.3 %   $ 107,076     25.3 %
    Interest-bearing deposits:                      
    Demand   83,410     13.8 %     71,403     13.1 %     48,279     11.4 %
    Savings   8,888     1.5 %     9,287     1.7 %     11,206     2.6 %
    Money market   17,939     2.9 %     16,709     3.0 %     9,935     2.3 %
    Time certificates of deposit   372,200     61.4 %     320,771     58.9 %     247,600     58.4 %
    Total period end deposits $ 605,759     100.0 %   $ 544,952     100.0 %   $ 424,096     100.0 %
                                             

    The increase in total deposits at March 31, 2025 from December 31, 2024 and March 31, 2024 was driven primarily by increases in brokered time certificates of deposits, which were added to fund loan growth and increase balance sheet liquidity. The increase in total deposits from March 31, 2024 was also driven primarily by an increase in noninterest-bearing demand deposits and interest-bearing demand deposits, primarily due to growth from new and existing customer relationships.

    Total shareholders’ equity as of March 31, 2025 increased $3.6 million to $177.4 million from $173.7 million at December 31, 2024. Compared to March 31, 2024, total shareholders’ equity increased by $14.9 million from $162.5 million. The increase from December 31, 2024 was primarily due to the Company’s net income and stock-based compensation. The increase from March 31, 2024 was primarily due to the Company’s net income as well as the additional capital issued in exchange for the Company’s increased ownership in BFG and stock-based compensation partially offset by the repurchase of common stock under the Company’s share repurchase program.

    Bank Regulatory Capital Ratios
    The following table presents the leverage ratios for the Bank as of the dates indicated as determined under the Community Bank Leverage Ratio Framework of the Federal Deposit Insurance Corporation:

      As of    
    Capital Ratios 3/31/2025   12/31/2024   3/31/2024   Well-Capitalized Requirement
    Leverage ratio 18.8%   20.6%   20.6%   9.0%
                   

    The decrease in the leverage ratio from the prior quarter and the prior year period primarily results from the growth in the loan portfolio exceeding the relative growth in capital from earnings. The Bank’s capital levels remain significantly above the regulatory well-capitalized guidelines as of March 31, 2025.

    Share Repurchase Program
    Since the share repurchase program’s inception in March 2024, the Company has repurchased and subsequently retired a total of 44,608 shares for $0.5 million. There were no shares repurchased during the first quarter of 2025.

    Asset Quality
    The recorded balances of nonperforming loans were $29.9 million, or 6.1% of total loans held-for-investment, as of March 31, 2025, compared to $36.5 million, or 7.8% of total loans held-for-investment, as of December 31, 2024 and $26.0 million, or 6.6% of total loans held-for-investment, as of March 31, 2024. The balances of nonperforming loans guaranteed by the SBA were $15.1 million, $19.2 million, and $14.8 million as of March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The decrease in nonperforming loans from the prior quarter was primarily attributable to an increase in principal repayments and payoffs. The increase in nonperforming loans from the prior year period was primarily attributable to loans in the SBA 7(a) loan portfolio being classified as non-accrual mainly due to the negative impact of elevated interest rates on the Company’s small business borrowers. The Company’s allowance for credit losses to total loans held-for-investment was 2.9% as of March 31, 2025 compared to 2.8% as of December 31, 2024 and 3.2% as of March 31, 2024. The slight increase in the ratio from the prior quarter was primarily due to growth in the allowance for credit losses attributable to the retained Strategic Program loans while the actual retained Strategic Program loan balances decreased from the prior quarter. The decrease in the ratio from the prior year period was primarily due to the respective balances of the guaranteed portion of the SBA 7(a) program loans, growth in the balances of lower risk owner-occupied CRE, leasing and other held-for-investment loan portfolios, and the shift in our Strategic Program held-for-investment loan balances to programs with lower historical losses.

    The Company’s net charge-offs were $2.2 million, $3.2 million and $3.4 million for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The decrease from the prior quarter is primarily due to prior quarter charge-offs of the unguaranteed portion of SBA loans as well as decreased net charge-offs in the Strategic Program loans portfolio. The decrease from the prior year period is primarily due to a decrease in charge-offs in the Strategic Program loans portfolio as well as increased recoveries during the first quarter of 2025.

    The following table presents a summary of changes in the allowance for credit losses and credit quality data for the periods indicated:

      Three Months Ended
    ​($ in thousands) 3/31/2025   12/31/2024   3/31/2024
    Allowance for credit losses:          
    Beginning balance $ 13,176     $ 12,661     $ 12,888  
    Provision for credit losses(1)   3,307       3,766       3,145  
    Charge offs          
    Construction and land development   —       —       —  
    Residential real estate   (7 )     (206 )     (64 )
    Residential real estate multifamily   —       —       —  
    Commercial real estate:          
    Owner occupied   (68 )     (411 )     (525 )
    Non-owner occupied   —       —       —  
    Commercial and industrial   (83 )     (555 )     (54 )
    Consumer   (11 )     (60 )     (41 )
    Lease financing receivables   (36 )     —       (111 )
    Strategic Program loans   (2,384 )     (2,528 )     (2,946 )
    Recoveries          
    Construction and land development   —       —       —  
    Residential real estate   3       6       53  
    Residential real estate multifamily   —       —       —  
    Commercial real estate:          
    Owner occupied   16       112       3  
    Non-owner occupied   —       —       —  
    Commercial and industrial   14       —       —  
    Consumer   3       1       —  
    Lease financing receivables   (33 )     77       —  
    Strategic Program loans   338       313       284  
    Ending Balance $ 14,235     $ 13,176     $ 12,632  
               
    Credit Quality Data As of and For the Three Months Ended
    ($ in thousands) 3/31/2025   12/31/2024   3/31/2024
    Nonperforming loans:          
    Guaranteed $ 15,147     $ 19,203     $ 14,765  
    Unguaranteed   14,737       17,281       11,231  
    Total nonperforming loans $ 29,884     $ 36,484     $ 25,996  
    Allowance for credit losses $ 14,235     $ 13,176     $ 12,632  
    Net charge offs $ 2,248     $ 3,249     $ 3,401  
    Total loans held-for-investment $ 492,223     $ 465,233     $ 390,943  
    Total loans held-for-investment less guaranteed balances $ 342,259     $ 306,483     $ 249,229  
    Average loans held-for-investment $ 485,780     $ 454,474     $ 387,300  
    Nonperforming loans to total loans held-for-investment   6.1 %     7.8 %     6.6 %
    Net charge offs to average loans held-for-investment (annualized)   1.9 %     2.8 %     3.5 %
    Allowance for credit losses to loans held-for-investment   2.9 %     2.8 %     3.2 %
    Allowance for credit losses to loans held-for-investment less guaranteed balances   4.2 %     4.3 %     5.1 %
                           

    (1)   Excludes the provision for unfunded commitments.

    Webcast and Conference Call Information
    FinWise will host a conference call today at 5:30 PM ET to discuss its financial results for the first quarter. A simultaneous audio webcast of the conference call will be available at https://investors.finwisebancorp.com/.

    The dial-in number for the conference call is (877) 423-9813 (toll-free) or (201) 689-8573 (international). The conference ID is 13752183. Please dial the number 10 minutes prior to the scheduled start time.

    A webcast replay of the call will be available at investors.finwisebancorp.com for six months following the call.

    Website Information
    The Company intends to use its website, www.finwisebancorp.com, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Such disclosures will be included in the Company’s website’s Investor Relations section. Accordingly, investors should monitor the Investor Relations portion of the Company’s website, in addition to following its press releases, filings with the Securities and Exchange Commission (“SEC”), public conference calls, and webcasts. To subscribe to the Company’s e-mail alert service, please click the “Email Alerts” link in the Investor Relations section of its website and submit your email address. The information contained in, or that may be accessed through, the Company’s website is not incorporated by reference into or a part of this document or any other report or document it files with or furnishes to the SEC, and any references to the Company’s website are intended to be inactive textual references only.

    About FinWise Bancorp
    FinWise Bancorp is a Utah bank holding company headquartered in Murray, Utah which wholly owns FinWise Bank, a Utah chartered state bank, and FinWise Investment LLC (together “FinWise”). FinWise provides Banking and Payment Solutions to fintech brands. The Company is expanding and diversifying its business model by incorporating Payments (MoneyRailsTM) and BIN Sponsorship offerings. Its existing Strategic Program Lending business, conducted through scalable API-driven infrastructure, powers deposit, lending and payments programs for leading fintech brands. In addition, FinWise manages other Lending programs such as SBA 7(a), Owner Occupied Commercial Real Estate, and Leasing, which provide flexibility for disciplined balance sheet growth. Through its compliance oversight and risk management-first culture, the Company is well positioned to guide fintechs through a rigorous process to facilitate regulatory compliance. For more information about FinWise visit https://investors.finwisebancorp.com.

    Contacts
    investors@finwisebank.com
    media@finwisebank.com

    “Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995
    This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current views with respect to, among other things, future events and its financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “projection,” “forecast,” “budget,” “goal,” “target,” “would,” “aim” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about the Company’s industry and management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond the Company’s control. The inclusion of these forward-looking statements should not be regarded as a representation by the Company or any other person that such expectations, estimates and projections will be achieved. Accordingly, the Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

    There are or will be important factors that could cause the Company’s actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following: (a) the success of the financial technology and banking-as-a-service (“BaaS”) industries, as well as the continued evolution of the regulation of these industries; (b) the ability of the Company’s Fintech Banking and Payment Solutions service providers to comply with regulatory regimes, and the Company’s ability to adequately oversee and monitor its Fintech Banking and Payment Solutions service providers; (c) the Company’s ability to maintain and grow its relationships with its service providers; (d) changes in the laws, rules, regulations, interpretations or policies relating to financial institutions, accounting, tax, trade, tariffs, monetary and fiscal matters, including the application of interest rate caps or maximums; (e) the Company’s ability to keep pace with rapid technological changes in the industry or implement new technology effectively; (f) system failure or cybersecurity breaches of the Company’s network security; (g) potential exposure to fraud, negligence, computer theft and cyber-crime and other disruptions in the Company’s computer systems relating to its development and use of new technology platforms; (h) the Company’s reliance on third-party service providers for core systems support, informational website hosting, internet services, online account opening and other processing services; (i) general economic, political and business conditions, either nationally or in the Company’s market areas; (j) increased national or regional competition in the financial services industry; (k) the Company’s ability to measure and manage its credit risk effectively and the potential deterioration of the business and economic conditions in the Company’s primary market areas; (l) the adequacy of the Company’s risk management framework; (m) the adequacy of the Company’s allowance for credit losses (“ACL”); (n) the financial soundness of other financial institutions; (o) changes in Small Business Administration (“SBA”) rules, regulations and loan products, including specifically the Section 7(a) program or changes to the status of the Bank as an SBA Preferred Lender; (p) changes in the existing regulatory framework for brokered deposits and potential reclassification of certain BaaS deposits as brokered deposits in light of proposed rulemaking or application of the current deposit framework by the Federal Deposit Insurance Corporation (“FDIC”) to the Bank’s BaaS deposits; (q) the value of collateral securing the Company’s loans; (r) the Company’s levels of nonperforming assets; (s) losses from loan defaults; (t) the Company’s ability to protect its intellectual property and the risks it faces with respect to claims and litigation initiated against the Company; (u) the Company’s ability to implement its growth strategy; (v) the Company’s ability to continue to launch new products or services successfully; (w) the concentration of the Company’s lending and depositor relationships through Strategic Programs in the financial technology industry generally; (x) interest rate, volatility and liquidity risks; (y) the effectiveness of the Company’s internal control over financial reporting and its ability to remediate any future material weakness in its internal control over financial reporting; (z) dependence on the Company’s management team and changes in management composition; (aa) the sufficiency of the Company’s capital; (bb) compliance with laws and regulations, supervisory actions, the Dodd-Frank Act, capital requirements, the Bank Secrecy Act and other anti-money laundering laws, predatory lending laws, and other statutes and regulations; (cc) the Company’s ability to maintain a strong core deposit base or other low-cost funding sources; (dd) results of examinations of the Company by its regulators; (ee) the Company’s involvement from time to time in legal proceedings; (ff) natural disasters and adverse weather, acts of terrorism, pandemics, an outbreak of hostilities or other international or domestic calamities, and other matters beyond the Company’s control; (gg) future equity and debt issuances; (hh) that the anticipated benefits of new lines of business that the Company may enter or investments or acquisitions the Company may make are not realized within the expected time frame or at all as a result of such things as the strength or weakness of the economy and competitive factors in the areas where the Company and such other businesses operate; (ii) further negative ratings outlooks or downgrades of the U.S.’s long-term credit rating, (jj) changes in legislative, regulatory or tax priorities, (kk) reductions in staffing at U.S. governmental agencies, (ll) potential government shutdowns or political impasses, including with respect to the U.S. debt ceiling and federal budget; and (mm) other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports on Form 10-Q and Form 8-K.

    The timing and amount of purchases under the Company’s share repurchase program will be determined by the Share Repurchase Committee based upon market conditions and other factors. Purchases may be made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The program does not require the Company to purchase any specific number or amount of shares and may be suspended or reinstated at any time in the Company’s discretion and without notice.

    Any forward-looking statement speaks only as of the date of this release, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, whether because of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence. In addition, the Company cannot assess the impact of each risk and uncertainty on its business or the extent to which any risk or uncertainty, or combination of risks and uncertainties, may cause actual results to differ materially from those contained in any forward-looking statements.

     
    FINWISE BANCORP
    CONSOLIDATED BALANCE SHEETS
    ($ in thousands; Unaudited)
     
      3/31/2025   12/31/2024   3/31/2024
    ASSETS          
    Cash and cash equivalents          
    Cash and due from banks $ 8,155     $ 9,600     $ 3,944  
    Interest-bearing deposits   112,117       99,562       111,846  
    Total cash and cash equivalents   120,272       109,162       115,790  
    Investment securities available-for-sale, at fair value   30,138       29,930       —  
    Investment securities held-to-maturity, at cost   12,008       12,565       14,820  
    Investment in Federal Home Loan Bank (“FHLB”) stock, at cost   440       349       349  
    Strategic Program loans held-for-sale, at lower of cost or fair value   118,769       91,588       54,947  
    Loans held-for-investment, net   472,402       447,812       377,101  
    Credit enhancement asset   195       111       —  
    Premises and equipment, net   3,123       3,548       6,665  
    Accrued interest receivable   2,708       3,566       3,429  
    Deferred taxes, net   290       —       —  
    SBA servicing asset, net   3,331       3,273       4,072  
    Investment in Business Funding Group (“BFG”), at fair value   8,100       7,700       8,200  
    Operating lease right-of-use (“ROU”) assets   3,555       3,564       4,104  
    Income tax receivable, net   3,353       8,868       2,400  
    Other assets   25,445       23,939       18,956  
    Total assets $ 804,129     $ 745,976     $ 610,833  
    ​          
    LIABILITIES AND SHAREHOLDERS’ EQUITY          
    Liabilities          
    Deposits          
    Noninterest-bearing $ 123,322     $ 126,782     $ 107,076  
    Interest-bearing   482,437       418,170       317,020  
    Total deposits   605,759       544,952       424,096  
    Accrued interest payable   2,750       1,494       588  
    Income taxes payable, net   962       4,423       3,207  
    Deferred taxes, net   —       899       508  
    Operating lease liabilities   5,226       5,302       6,046  
    Other liabilities   12,071       15,186       13,906  
    Total liabilities   626,768       572,256       448,351  
               
    Shareholders’ equity          
    Common stock   13       13       13  
    Additional paid-in-capital   57,548       56,926       55,304  
    Retained earnings   119,781       116,594       107,165  
    Accumulated other comprehensive income, net of tax   19       187       —  
    Total shareholders’ equity   177,361       173,720       162,482  
    Total liabilities and shareholders’ equity $ 804,129     $ 745,976     $ 610,833  
     
    FINWISE BANCORP
    CONSOLIDATED STATEMENTS OF INCOME
    ($ in thousands, except per share amounts; Unaudited)
     
      Three Months Ended
      3/31/2025   12/31/2024   3/31/2024
    Interest income          
    Interest and fees on loans $ 17,155     $ 18,388     $ 16,035  
    Interest on securities   390       401       101  
    Other interest income   991       573       1,509  
    Total interest income   18,536       19,362       17,645  
               
    Interest expense          
    Interest on deposits   4,256       3,833       3,639  
    Total interest expense   4,256       3,833       3,639  
    Net interest income   14,280       15,529       14,006  
               
    Provision for credit losses   3,336       3,878       3,154  
    Net interest income after provision for credit losses   10,944       11,651       10,852  
               
    Non-interest income          
    Strategic Program fees   4,962       4,899       3,965  
    Gain on sale of loans, net   846       872       415  
    SBA loan servicing fees, net   178       181       664  
    Change in fair value on investment in BFG   400       (200 )     (124 )
    Credit enhancement income   85       25       —  
    Other miscellaneous (loss) income   1,339       (174 )     742  
    Total non-interest income   7,810       5,603       5,662  
               
    Non-interest expense          
    Salaries and employee benefits   9,826       9,375       7,562  
    Professional services   907       556       1,567  
    Occupancy and equipment expenses   543       533       544  
    Credit enhancement expense   11       5       —  
    Other operating expenses   3,031       3,094       2,332  
    Total non-interest expense   14,318       13,563       12,005  
    Income before income taxes   4,436       3,691       4,509  
               
    Provision for income taxes   1,247       897       1,194  
    Net income $ 3,189     $ 2,794     $ 3,315  
               
    Earnings per share, basic $ 0.24     $ 0.21     $ 0.26  
    Earnings per share, diluted $ 0.23     $ 0.20     $ 0.25  
               
    Weighted average shares outstanding, basic   12,716,155       12,659,986       12,502,448  
    Weighted average shares outstanding, diluted   13,483,647       13,392,411       13,041,605  
    Shares outstanding at end of period   13,216,903       13,211,640       12,793,555  
     
    FINWISE BANCORP
    AVERAGE BALANCES, YIELDS, AND RATES
    ($ in thousands; Unaudited)
     
    ​ Three Months Ended
    ​ 3/31/2025   12/31/2024   3/31/2024
      Average
    Balance    		   Interest   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest   Average
    Yield/
    Rate
    Interest earning assets:                                  
    Interest-bearing deposits $ 92,794   $ 991   4.33 %   $ 52,375   $ 573   4.35 %   $ 111,911   $ 1,509   5.42 %
    Investment securities   42,314     390   3.74 %     43,212     401   3.69 %     15,174     101   2.67 %
    Strategic Program loans held-for-sale   79,612     4,264   21.72 %     67,676     5,040   29.63 %     42,452     3,475   32.93 %
    Loans held-for-investment   485,780     12,891   10.76 %     454,474     13,348   11.68 %     387,300     12,560   13.04 %
    Total interest earning assets   700,500     18,536   10.73 %     617,737     19,362   12.47 %     556,837     17,645   12.74 %
    Noninterest-earning assets   54,184             55,767             39,123        
    Total assets $ 754,684           $ 673,504           $ 595,960        
    Interest-bearing liabilities:                                  
    Demand $ 76,403   $ 670   3.56 %   $ 57,305   $ 617   4.28 %   $ 51,603   $ 503   3.92 %
    Savings   9,247     7   0.30 %     9,192     9   0.40 %     9,301     19   0.83 %
    Money market accounts   17,884     163   3.70 %     15,726     147   3.73 %     10,200     66   2.60 %
    Certificates of deposit   326,920     3,416   4.24 %     272,799     3,060   4.46 %     239,577     3,051   5.12 %
    Total deposits   430,454     4,256   4.01 %     355,022     3,833   4.30 %     310,681     3,639   4.71 %
    Other borrowings   48     —   0.35 %     79     —   0.35 %     172     —   0.35 %
    Total interest-bearing liabilities   430,502     4,256   4.01 %     355,101     3,833   4.29 %     310,853     3,639   4.71 %
    Noninterest-bearing deposits   119,501             119,945             100,507        
    Noninterest-bearing liabilities   29,644             27,636             25,446        
    Shareholders’ equity   175,037             170,823             159,154        
    Total liabilities and shareholders’ equity $ 754,684           $ 673,505           $ 595,960        
    Net interest income and interest rate spread     $ 14,280   6.72 %       $ 15,529   8.18 %       $ 14,006   8.03 %
    Net interest margin         8.27 %           10.00 %           10.12 %
    Ratio of average interest-earning assets to average interest- bearing liabilities         162.72 %           173.96 %           179.13 %
     
    Reconciliation of Non-GAAP to GAAP Financial Measures
    (Unaudited)
     
    Efficiency ratio Three Months Ended
    ​($ in thousands) 3/31/2025   12/31/2024   3/31/2024
    Non-interest expense $ 14,318     $ 13,563     $ 12,005  
               
    Net interest income   14,280       15,529       14,006  
    Total non-interest income   7,810       5,603       5,662  
    Adjusted operating revenue $ 22,090     $ 21,132     $ 19,668  
    Efficiency ratio   64.8 %     64.2 %     61.0 %
                           

    FinWise has entered into agreements with certain of its Strategic Program service providers pursuant to which they provide credit enhancement on loans which protects the Bank by indemnifying or reimbursing the Bank for incurred credit and fraud losses. We estimate and record a provision for expected losses for these Strategic Program loans in accordance with GAAP, which requires estimation of the provision without consideration of the credit enhancement. When the provision for expected losses over the life of the loans that are subject to such credit enhancement is recorded, a credit enhancement asset reflecting the potential future recovery of those losses is also recorded on the balance sheet in the form of non-interest income (credit enhancement income). Reimbursement or indemnification for incurred losses is provided for in the form of a deposit reserve account that is replenished periodically by the respective Strategic Program service provider. Any remaining income on such loans in excess of the amounts retained by FinWise and placed in the deposit reserve account are paid to the Strategic Program service provider. Income on such loans in excess of amounts retained by FinWise are expensed for services provided by the Strategic Program service provider including its legal commitment to indemnify or reimburse all credit or fraud losses pursuant to credit enhancement agreements. The credit enhancement asset is reduced as credit enhancement payments and recoveries are received from the Strategic Program service provider or taken from its cash reserve account. If the Strategic Program service provider is unable to fulfill its contracted obligations under its credit enhancement agreement, then the Bank could be exposed to the loss of the reimbursement and credit enhancement income as a result of this counterparty risk. See the following reconciliations of non-GAAP measures for the impact of the credit enhancement on our financial condition and results. Note that these amounts are supplemental and are not a substitute for an analysis based on GAAP measures. Similar amounts for periods prior to the quarter ended December 31, 2024 were immaterial and therefore not separately disclosed.

    The following non-GAAP measures are presented to illustrate the impact of certain credit enhancement expenses on total interest income on loans held-for-investment and average yield on loans held-for-investment:

      As of and for the Three Months Ended   As of and for the Three Months Ended
    ($ in thousands; unaudited) 3/31/2025   12/31/2024
      Total
    Average
    Loans HFI    		   Total
    Interest
    Income on
    Loans HFI    		   Average
    Yield on
    Loans HFI    		   Total
    Average
    Loans HFI    		   Total
    Interest
    Income on
    Loans HFI    		   Average
    Yield on
    Loans HFI
    Before adjustment for credit enhancement $ 485,780     $ 12,891     10.76 %   $ 454,474     $ 13,348     11.68 %
    Less: credit enhancement expense       (11 )             (5 )    
    Net of adjustment for credit enhancement expenses $ 485,780     $ 12,880     10.76 %   $ 454,474     $ 13,343     11.68 %
                                               

    Total interest income on loans held-for-investment net of credit enhancement expense and the average yield on loans held-for-investment net of credit enhancement expense are non-GAAP measures that include the impact of credit enhancement expense on total interest income on loans held-for-investment and the respective average yield on loans held-for-investment, the most directly comparable GAAP measures.

    The following non-GAAP measures are presented to illustrate the impact of certain credit enhancement expenses on net interest income and net interest margin:

      As of and for the Three Months Ended   As of and for the Three Months Ended
      3/31/2025   12/31/2024
    ($ in thousands; unaudited) Total Average Interest-Earning Assets   Net Interest Income   Net Interest Margin   Total Average Interest-Earning Assets   Net Interest Income   Net Interest Margin
    Before adjustment for credit enhancement $ 700,500     $ 14,280     8.27 %   $ 617,737     $ 15,529     10.00 %
    Less: credit enhancement expense       (11 )             (5 )    
    Net of adjustment for credit enhancement expenses $ 700,500     $ 14,269     8.27 %   $ 617,737     $ 15,524     10.00 %
                                               

    Net interest income and net interest margin net of credit enhancement expense are non-GAAP measures that include the impact of credit enhancement expenses on net interest income and net interest margin, the most directly comparable GAAP measures.

    Non-interest expenses less credit enhancement expenses is a non-GAAP measure presented to illustrate the impact of credit enhancement expense on non-interest expense:

    ($ in thousands; unaudited) Three Months Ended
    March 31, 2025    		   Three Months Ended
    December 31, 2024
    Total non-interest expense $ 14,318     $ 13,564  
    Less: credit enhancement expense   (11 )     (5 )
    Total non-interest expense less credit enhancement expenses $ 14,307     $ 13,559  
                   

    Total non-interest expense less credit enhancement expense is a non-GAAP measure that illustrates the impact of credit enhancement expenses on non-interest expense, the most directly comparable GAAP measure.

    Total non-interest income less credit enhancement income is a non-GAAP measure to illustrate the impact of credit enhancement income resulting from credit enhanced loans on non-interest income:

    ($ in thousands; unaudited) Three Months Ended
    March 31, 2025    		   Three Months Ended
    December 31, 2024
    Total non-interest income $ 7,810     $ 5,603  
    Less: credit enhancement income   (85 )     (25 )
    Total non-interest income less credit enhancement income $ 7,725     $ 5,578  
                   

    Total non-interest income less indemnification income is a non-GAAP measure that illustrates the impact of credit enhancement income on non-interest income. The most directly comparable GAAP measure is non-interest income.

    The following non-GAAP measure is presented to illustrate the effect of the credit enhancement program that creates the credit enhancement on the allowance for credit losses:

    ($ in thousands; unaudited)   As of March 31, 2025   As of December 31, 2024
    Allowance for credit losses   $ (14,235 )   $ (13,176 )
    Less: allowance for credit losses related to credit enhanced loans     (195 )     (111 )
    Allowance for credit losses excluding the effect of the allowance for credit losses related to credit enhanced loans   $ (14,040 )   $ (13,065 )
                     

    The allowance for credit losses excluding the effect of the allowance for credit losses related to credit enhanced loans is a non-GAAP measure that reflects the effect of the credit enhancement program on the allowance for credit losses. The total outstanding balance of loans held-for-investment with credit enhancement as of March 31, 2025 and December 31, 2024 was approximately $1.3 million and $0.9 million, respectively.

    The MIL Network –

  • MIL-OSI: NCS Multistage Holdings, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Results

    • Total revenues of $50.0 million, a 14% year-over-year improvement
    • Gross margin improved to 42% from 39%; adjusted gross margin improved to 44% from 40% in the first quarter of 2024
    • Net income of $4.1 million and diluted earnings per share of $1.51, an improvement compared to $2.1 million and diluted earnings per share of $0.82 one year ago
    • Adjusted EBITDA of $8.2 million, a $2.1 million year-over-year improvement
    • $23.0 million in cash and $7.6 million of total debt as of March 31, 2025

    HOUSTON, April 30, 2025 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (Nasdaq: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies, today announced its results for the quarter ended March 31, 2025.

    Review and Outlook

    NCS’s Chief Executive Officer, Ryan Hummer commented, “NCS had a strong start to 2025, with total revenues and Adjusted EBITDA for the first quarter exceeding our expectations as provided in the last earnings call, led by our performance in Canada.

    Total revenues of $50.0 million increased by 14% year-over-year and 11% sequentially and represents our highest quarterly revenue since the first quarter of 2020. This is reflective of the consistent efforts of our team to deliver differentiated performance through the implementation of our core strategies.

    Our adjusted gross margin improved to 44% for the quarter, compared to 40% for the same period one year ago, as we benefitted from the higher revenue, including higher-margin international work in both the Middle East and the North Sea.

    Our Adjusted EBITDA was $8.2 million for the first quarter, an improvement of $2.1 million, or 35%, year-over-year. This demonstrates the operating leverage in our business and the benefits of our capital light operating model, as our Adjusted EBITDA margin for the first quarter of 2025 of 16% improved from 14% in the first quarter of 2024.

    This improved operating performance resulted in net income attributable to NCS of $4.1 million, or $1.51 per diluted share for the first quarter of 2025, a meaningful improvement as compared to $2.1 million and $0.82 per diluted share, respectively, for the same period in 2024.

    Our cash balance as of March 31, 2025, totaled $23.0 million and our net cash position was $15.4 million. Total liquidity was $49.8 million as of March 31, 2025, inclusive of our cash balance and availability under our undrawn revolving credit facility, an increase of $15.4 million compared to one year ago.

    We have not experienced a significant impact on our business from escalating global trade tensions, and we expect that to continue to be the case in the second quarter of 2025. However, such global trade tensions and potential additional U.S. tariffs — along with retaliatory measures by other countries — present risks to commodity prices that could result in lower drilling and completions activity as compared to our initial expectations for both the second half and full year in 2025. If sustained, such conditions may result in a more pronounced decrease in drilling and completion activity across these markets. In addition, we are evaluating options to mitigate the impact of potential cost increases from tariffs that have been imposed by the U.S. on products from China and on steel imports, in particular.

    I want to express my continued appreciation to our team at NCS and Repeat Precision. Our accomplishments and our upcoming opportunities reflect the talent, effort and dedication of our outstanding teams. We have the right people, the right technology, and the right strategies in place to deliver extraordinary outcomes to our customers, drive innovation in the industry and create value for our shareholders. We’ve had a good start for the year and remain cautiously optimistic about the remainder of 2025. Our strong balance sheet remains a strategic asset for NCS and we will react swiftly and decisively in response to changing market conditions and opportunities.”

    Financial Review

    Total revenues were $50.0 million for the quarter ended March 31, 2025 compared to $43.9 million for the first quarter of 2024. Revenue growth was driven primarily by an increase in Canadian product sales and increases in services revenue across all of our geographic regions, partially offset by a decline in U.S. product sales attributed to certain project delays. The increase in product and service sales for Canada reflects robust activity levels, particularly for fracturing systems completions, a trend that began in the fourth quarter of 2024 and continued throughout the first quarter. The increase in international service revenues was driven by Middle East tracer diagnostics projects and North Sea fracturing systems product sales and services. 

    Compared to the fourth quarter of 2024, total revenues increased by 11%, with an increase in Canada of 26% due to continued strong activity levels. This increase was partially offset by a decline of 34% in international revenues, primarily associated with the timing of tracer service work in the Middle East, and a 13% decline in U.S. revenues.

    Gross profit was $21.1 million, with a gross margin of 42%, for the first quarter of 2025, compared to $17.0 million, with a gross margin of 39%, for the first quarter of 2024. Gross margin for 2025 improved due to an increase in higher-margin international work in both the Middle East and North Sea, and increased product sales in Canada. We also benefitted from efficiencies related to our supply chain and our manufacturing/assembly operations, leveraging certain fixed costs and capitalizing on lean manufacturing strategies implemented over the last year. Adjusted gross profit, which we define as total revenues less total cost of sales, exclusive of depreciation and amortization (“DD&A”), was $21.9 million, or an adjusted gross margin of 44%, for the first quarter of 2025, compared to $17.6 million, or 40%, for the first quarter of 2024.

    Selling, general and administrative (“SG&A”) expenses totaled $16.2 million for the first quarter of 2025, an increase of $2.4 million compared to the same period in 2024. This increase in expense reflects a higher annual incentive bonus accrual year-over-year, higher professional fees and an increase in share-based compensation expense attributable to cash settled awards, which are remeasured at the balance sheet date based on the price of our common stock.

    Other income was $0.9 million for the first quarter of 2025 compared to $1.1 million for the first quarter of 2024. The decline in other income reflects the absence of a contribution from a technical services and assistance agreement with our local partner in Oman for the first quarter of 2025, as that program ended in November 2024. Partially offsetting this year-over year decrease was an increase in the royalty income earned from licensees for these periods.

    Net income was $4.1 million, or $1.51 per diluted share, for the quarter ended March 31, 2025 compared to net income of $2.1 million, or $0.82 per diluted share for the quarter ended March 31, 2024.

    Adjusted EBITDA was $8.2 million for the quarter ended March 31, 2025, an increase of $2.1 million compared to the same period a year ago. This improvement is primarily the result of an increase in Canada revenues and higher-margin international projects partially offset by an increase in SG&A expenses due to higher annual incentive bonus accruals. Adjusted EBITDA margin of 16% for the quarter ended March 31, 2025, compared to 14% for the same period a year ago. 

    Cash flow from operating activities for the three months ended March 31, 2025 was a use of cash of $(1.6) million, a $0.2 million improvement compared to the same period in 2024. For the three months ended March 31, 2025, free cash flow less distributions to non-controlling interest was a use of cash of $(2.1) million compared to a use of cash of $(2.5) million for the same period in 2024. The overall change in free cash flow was largely attributed to our operating results, change in net working capital including payment of incentive bonuses and cash-settled awards remeasured based on the price of our stock in the first quarter of 2025, and the absence of a distribution to our non-controlling interest in 2025, partially offset by an increase in net cash invested in capital expenditures.

    Liquidity and Capital Expenditures

    As of March 31, 2025, NCS had $23.0 million in cash, $7.6 million in total indebtedness related to finance lease obligations, and a borrowing base under the undrawn asset-based revolving credit facility (“ABL Facility”) of $26.8 million. Our working capital, defined as current assets minus current liabilities, was $85.2 million and $80.2 million as of March 31, 2025 and December 31, 2024, respectively.

    Net working capital, calculated as working capital, less cash and excluding the current maturities of long-term debt, was $64.4 million and $56.4 million as of March 31, 2025 and December 31, 2024, respectively. The increase in our net working capital was primarily attributable to an increase in accounts receivable and a decrease in accrued expenses due in part to payment of our 2024 incentive bonus in the first quarter of 2025, partially offset by an increase in accounts payable. 

    NCS incurred capital expenditures, net of proceeds from the sale of property and equipment, of $0.5 million and $0.1 million for the three months ended March 31, 2025 and 2024, respectively.

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are non-GAAP financial measures. For an explanation of these measures and a reconciliation, refer to “Non-GAAP Financial Measures” below.

    Conference Call

    The Company will host a conference call to discuss its first quarter 2025 results and updated guidance on Thursday, May 1, 2025 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). For those participants who wish to ask questions, please dial (800) 715-9871 (U.S. toll-free) or +1 (646) 307-1963 (international) and enter the Conference ID: 7182351. A listen-only option is also available through this link. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investors section of the Company’s website, www.ncsmultistage.com.

    The replay will be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

    About NCS Multistage Holdings, Inc.

    NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: declines in the level of oil and natural gas exploration and production activity in Canada, the United States and internationally; oil and natural gas price fluctuations; significant competition for our products and services that results in pricing pressures, reduced sales, or reduced market share; inability to successfully implement our strategy of increasing sales of products and services into the U.S. and international markets; loss of significant customers; losses and liabilities from uninsured or underinsured business activities and litigation; change in trade policy, including the impact of tariffs; our failure to identify and consummate potential acquisitions; the financial health of our customers including their ability to pay for products or services provided; our inability to integrate or realize the expected benefits from acquisitions; our inability to achieve suitable price increases to offset the impacts of cost inflation; loss of any of our key suppliers or significant disruptions negatively impacting our supply chain; risks in attracting and retaining qualified employees and key personnel; risks resulting from the operations of our joint venture arrangement; currency exchange rate fluctuations; impact of severe weather conditions; our inability to accurately predict customer demand, which may result in us holding excess or obsolete inventory; failure to comply with or changes to federal, state and local and non-U.S. laws and other regulations, including anti-corruption and environmental regulations, guidelines and regulations for the use of explosives; impairment in the carrying value of long-lived assets including goodwill; system interruptions or failures, including complications with our enterprise resource planning system, cybersecurity breaches, identity theft or other disruptions that could compromise our information; our inability to successfully develop and implement new technologies, products and services that align with the needs of our customers, including addressing the shift to more non-traditional energy markets as part of the energy transition and the adoption of artificial intelligence and machine learning; our inability to protect and maintain critical intellectual property assets, the inability to protect our current royalty income, or the losses and liabilities from adverse decisions in intellectual property disputes; loss of, or interruption to, our information and computer systems; our failure to establish and maintain effective internal control over financial reporting; restrictions on the availability of our customers to obtain water essential to the drilling and hydraulic fracturing processes; changes in legislation or regulation governing the oil and natural gas industry, including restrictions on emissions of greenhouse gases; our inability to meet regulatory requirements for use of certain chemicals by our tracer diagnostics business; the reduction in our ABL Facility borrowing base or our inability to comply with the covenants in our debt agreements; and our inability to obtain sufficient liquidity on reasonable terms, or at all and other factors discussed or referenced in our filings made from time to time with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Contact

    Mike Morrison
    Chief Financial Officer and Treasurer
    (281) 453-2222
    IR@ncsmultistage.com 

       
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)    		  
       
        Three Months Ended  
        March 31,  
        2025     2024  
    Revenues                
    Product sales   $ 35,066     $ 31,758  
    Services     14,939       12,100  
    Total revenues     50,005       43,858  
    Cost of sales                
    Cost of product sales, exclusive of depreciation and amortization expense shown below     20,352       19,692  
    Cost of services, exclusive of depreciation and amortization expense shown below     7,798       6,595  
    Total cost of sales, exclusive of depreciation and amortization expense shown below     28,150       26,287  
    Selling, general and administrative expenses     16,195       13,830  
    Depreciation     1,204       1,073  
    Amortization     167       167  
    Income from operations     4,289       2,501  
    Other income (expense)                
    Interest expense, net     (42 )     (100 )
    Other income, net     883       1,137  
    Foreign currency exchange loss, net     (3 )     (498 )
    Total other income     838       539  
    Income before income tax     5,127       3,040  
    Income tax expense     673       487  
    Net income     4,454       2,553  
    Net income attributable to non-controlling interest     398       483  
    Net income attributable to NCS Multistage Holdings, Inc.   $ 4,056     $ 2,070  
    Earnings per common share                
    Basic earnings per common share attributable to NCS Multistage Holdings, Inc.   $ 1.58     $ 0.83  
    Diluted earnings per common share attributable to NCS Multistage Holdings, Inc.   $ 1.51     $ 0.82  
    Weighted average common shares outstanding                
    Basic     2,568       2,508  
    Diluted     2,686       2,539  
       
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except share data)
    (Unaudited)    		  
                 
        March 31,     December 31,  
        2025     2024  
    Assets                
    Current assets                
    Cash and cash equivalents   $ 22,997     $ 25,880  
    Accounts receivable—trade, net     38,403       31,513  
    Inventories, net     40,756       40,971  
    Prepaid expenses and other current assets     1,852       2,063  
    Other current receivables     5,033       5,143  
    Total current assets     109,041       105,570  
    Noncurrent assets                
    Property and equipment, net     20,477       21,283  
    Goodwill     15,222       15,222  
    Identifiable intangibles, net     3,523       3,690  
    Operating lease assets     5,773       5,911  
    Deposits and other assets     660       712  
    Deferred income taxes, net     422       424  
    Total noncurrent assets     46,077       47,242  
    Total assets   $ 155,118     $ 152,812  
    Liabilities and Stockholders’ Equity                
    Current liabilities                
    Accounts payable—trade   $ 11,751     $ 8,970  
    Accrued expenses     5,348       8,351  
    Income taxes payable     1,103       683  
    Operating lease liabilities     1,676       1,602  
    Current maturities of long-term debt     2,250       2,141  
    Other current liabilities     1,737       3,672  
    Total current liabilities     23,865       25,419  
    Noncurrent liabilities                
    Long-term debt, less current maturities     5,370       6,001  
    Operating lease liabilities, long-term     4,662       4,891  
    Other long-term liabilities     207       206  
    Deferred income taxes, net     178       186  
    Total noncurrent liabilities     10,417       11,284  
    Total liabilities     34,282       36,703  
    Commitments and contingencies                
    Stockholders’ equity                
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2025 and December 31, 2024     —       —  
    Common stock, $0.01 par value, 11,250,000 shares authorized, 2,607,362 shares issued and 2,540,849 shares outstanding at March 31, 2025 and 2,563,979 shares issued and 2,507,430 shares outstanding at December 31, 2024     26       26  
    Additional paid-in capital     447,936       447,384  
    Accumulated other comprehensive loss     (87,615 )     (87,604 )
    Retained deficit     (254,968 )     (259,024 )
    Treasury stock, at cost, 66,513 shares at March 31, 2025 and 56,549 shares at December 31, 2024     (2,211 )     (1,943 )
    Total stockholders’ equity     103,168       98,839  
    Non-controlling interest     17,668       17,270  
    Total equity     120,836       116,109  
    Total liabilities and stockholders’ equity   $ 155,118     $ 152,812  
       
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)    		  
       
      Three Months Ended  
      March 31,  
      2025   2024  
    Cash flows from operating activities            
    Net income $ 4,454   $ 2,553  
    Adjustments to reconcile net income to net cash used in operating activities:            
    Depreciation and amortization   1,371     1,240  
    Amortization of deferred loan costs   52     51  
    Share-based compensation   1,445     902  
    Provision for inventory obsolescence   (35 )   316  
    Deferred income tax expense   1     5  
    Gain on sale of property and equipment   (36 )   (172 )
    Provision for credit losses   42     —  
    Net foreign currency unrealized loss (gain)   (849 )   373  
    Proceeds from note receivable   —     61  
    Changes in operating assets and liabilities:            
    Accounts receivable—trade   (6,978 )   (10,282 )
    Inventories, net   200     1,521  
    Prepaid expenses and other assets   890     29  
    Accounts payable—trade   3,742     2,355  
    Accrued expenses   (3,003 )   130  
    Other liabilities   (3,273 )   (1,339 )
    Income taxes receivable/payable   332     377  
    Net cash used in operating activities   (1,645 )   (1,880 )
    Cash flows from investing activities            
    Purchases of property and equipment   (464 )   (299 )
    Purchase and development of software and technology   —     (13 )
    Proceeds from sales of property and equipment   13     176  
    Net cash used in investing activities   (451 )   (136 )
    Cash flows from financing activities            
    Payments on finance leases   (522 )   (449 )
    Line of credit borrowings   1,963     1,158  
    Payments of line of credit borrowings   (1,963 )   (602 )
    Treasury shares withheld   (268 )   (237 )
    Distribution to noncontrolling interest   —     (500 )
    Net cash used in financing activities   (790 )   (630 )
    Effect of exchange rate changes on cash and cash equivalents   3     (70 )
    Net change in cash and cash equivalents   (2,883 )   (2,716 )
    Cash and cash equivalents beginning of period   25,880     16,720  
    Cash and cash equivalents end of period $ 22,997   $ 14,004  
    Noncash investing and financing activities            
    Assets obtained in exchange for new finance lease liabilities $ —   $ 696  
    Assets obtained in exchange for new operating lease liabilities $ 244   $ —  
    NCS MULTISTAGE HOLDINGS, INC.
    REVENUES BY GEOGRAPHIC AREA
    (In thousands)
    (Unaudited)    		  
       
        Three Months Ended  
        March 31,  
        2025     2024  
    United States                
    Product sales   $ 6,867     $ 7,767  
    Services     2,505       2,244  
    Total United States     9,372       10,011  
    Canada                
    Product sales     26,843       22,675  
    Services     10,875       8,994  
    Total Canada     37,718       31,669  
    Other Countries                
    Product sales     1,356       1,316  
    Services     1,559       862  
    Total other countries     2,915       2,178  
    Total                
    Product sales     35,066       31,758  
    Services     14,939       12,100  
    Total revenues   $ 50,005     $ 43,858  

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    Non-GAAP Financial Measures 

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital (our “non-GAAP financial measures”) are not defined under generally accepted accounting principles (“GAAP”), are not measures of net income, income from operations, gross profit and gross margin (inclusive of DD&A), cash provided by (used in) operating activities, working capital or any other performance measure derived in accordance with GAAP, and are subject to important limitations. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies in our industry and are not measures of performance calculated in accordance with GAAP. Our non-GAAP financial measures have important limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our financial performance as reported under GAAP, and they should not be considered as alternatives to net income, income from operations, gross profit, gross margin, cash provided by (used in) operating activities, working capital or any other performance measures derived in accordance with GAAP as measures of operating performance or as alternatives to cash flow from operating activities as measures of our liquidity.

    However, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are key metrics that management uses to assess the period-to-period performance of our core business operations or metrics that enable investors to assess our performance from period to period relative to the performance of other companies that are not subject to such factors, or who may provide similar non-GAAP measures in their public disclosures.

    The tables below set forth reconciliations of our non-GAAP financial measures to the most directly comparable measures of financial performance calculated under GAAP:

    NET WORKING CAPITAL

    Net working capital is defined as total current assets, excluding cash and cash equivalents, minus total current liabilities, excluding current maturities of long-term debt. Net working capital excludes cash and cash equivalents and current maturities of long-term debt in order to evaluate the investments in working capital that we believe are required to support our business. We believe that net working capital is useful in analyzing the cash flow and working capital needs of the Company, including determining the efficiencies of our operations and our ability to readily convert assets into cash.

        March 31,     December 31,  
        2025     2024  
    Working capital   $ 85,176     $ 80,151  
    Cash and cash equivalents     (22,997 )     (25,880 )
    Current maturities of long term debt     2,250       2,141  
    Net working capital   $ 64,429     $ 56,412  

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN

    Adjusted gross profit is defined as total revenues minus cost of sales, exclusive of depreciation and amortization expense, which we present as a separate line item in our statement of operations. Adjusted gross margin represents adjusted gross profit as a percentage of total revenues.

        Three Months Ended  
        March 31,  
        2025     2024  
    Total revenues   $ 50,005     $ 43,858  
    Total cost of sales, exclusive of depreciation and amortization expense     28,150       26,287  
    Total depreciation and amortization associated with cost of sales     715       616  
    Gross Profit   $ 21,140     $ 16,955  
    Gross Margin     42 %     39 %
    Exclude total depreciation and amortization associated with cost of sales     (715 )     (616 )
    Adjusted Gross Profit   $ 21,855     $ 17,571  
    Adjusted Gross Margin     44 %     40 %

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN, AND ADJUSTED EBITDA LESS SHARE-BASED COMPENSATION

    EBITDA is defined as net income before interest expense, net, income tax expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items which we believe are not reflective of ongoing operating performance or which, in the case of share-based compensation, is non-cash in nature. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of total revenues. Adjusted EBITDA Less Share-Based Compensation is defined as Adjusted EBITDA minus share-based compensation expense. We believe that Adjusted EBITDA is an important measure that excludes costs that do not reflect the Company’s ongoing operating performance, legal proceedings for intellectual property as further described below, and certain costs associated with our capital structure. We believe that Adjusted EBITDA Less Share-Based Compensation presents our financial performance in a manner that is comparable to the presentation provided by many of our peers.

    We periodically incur legal costs associated with the assertion of, or defense of, intellectual property, which we exclude from our definition of Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation, unless we believe that settlement will occur prior to any material legal spend (included in the table below as “Professional Fees”). Although these costs may recur between periods, depending on legal matters then outstanding or in process, we believe the timing of when these costs are incurred does not typically match the settlement or recoveries associated with such matters, and therefore, can distort our operating results. Similarly, we exclude from Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation the one-time settlement or recovery payment associated with these excluded legal matters when realized but would not exclude any go forward royalties or payments, if applicable. We expect to continue to incur these legal costs for current matters under appeal and for any future cases that may go to trial, provided that the amount will vary by period. 

        Three Months Ended  
        March 31,  
        2025     2024  
    Net income   $ 4,454     $ 2,553  
    Income tax expense     673       487  
    Interest expense, net     42       100  
    Depreciation     1,204       1,073  
    Amortization     167       167  
    EBITDA     6,540       4,380  
    Share-based compensation (a)     552       766  
    Professional fees (b)     989       253  
    Foreign currency exchange loss (c)     3       498  
    Other (d)     130       180  
    Adjusted EBITDA   $ 8,214     $ 6,077  
    Adjusted EBITDA Margin     16 %     14 %
    Adjusted EBITDA Less Share-Based Compensation   $ 7,662     $ 5,311  

    ___________________

    (a) Represents non-cash compensation charges related to share-based compensation granted to our officers, employees and directors.
    (b) Represents non-capitalizable costs of professional services primarily incurred or reversed in connection with our legal proceedings associated with the assertion of, or defense of, intellectual property as further described above as well as the cost incurred for the evaluation of potential strategic transactions. 
    (c) Represents realized and unrealized foreign currency exchange gains and losses primarily due to movement in the foreign currency exchange rates during the applicable periods.
    (d) Represents the impact of a research and development subsidy that is included in income tax expense in accordance with GAAP along with other charges and credits.

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    FREE CASH FLOW AND FREE CASH FLOW LESS DISTRIBUTIONS TO NON-CONTROLLING INTEREST

    Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment (inclusive of the purchase and development of software and technology) plus proceeds from sales of property and equipment, as presented in our consolidated statement of cash flows. We define free cash flow less distributions to non-controlling interest as free cash flow less amounts reported in the financing activities section of the statement of cash flows as distributions to non-controlling interest. We believe free cash flow is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures and other investment needs. We believe that free cash flow less distributions to non-controlling interest is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures, other investment needs, and cash distributions to our joint venture partner.

        Three Months Ended  
        March 31,  
        2025     2024  
    Net cash used in operating activities   $ (1,645 )   $ (1,880 )
    Purchases of property and equipment     (464 )     (299 )
    Purchase and development of software and technology     —       (13 )
    Proceeds from sales of property and equipment     13       176  
    Free cash flow   $ (2,096 )   $ (2,016 )
    Distributions to non-controlling interest     —       (500 )
    Free cash flow less distributions to non-controlling interest   $ (2,096 )   $ (2,516 )

    The MIL Network –

  • MIL-OSI: Enact Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    GAAP Net Income of $166 million, or $1.08 per diluted share
    Adjusted Operating Income of $169 million, or $1.10 per diluted share
    Return on Equity of 13.1% and Adjusted Operating Return on Equity of 13.4%
    Primary Insurance in-force of $268 billion, a 2% increase from first quarter 2024
    PMIERs Sufficiency of 165% or approximately $2.0 billion
    Book Value Per Share of $33.96 and Book Value Per Share excluding AOCI of $34.97

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

    “We had a strong start to 2025 and continue to make progress against our priorities,” stated Rohit Gupta, President and CEO of Enact. “We continued to prudently underwrite new business, invest in our business, maintain expense discipline, and return substantial capital to our shareholders. Looking ahead, Enact is well positioned to navigate an uncertain economic backdrop. We are committed to executing against all aspects of our strategy and are doing so from a position of robust liquidity and financial strength. We believe the long-term drivers of housing demand remain in place, and we look forward to continuing to create value for all our stakeholders.”

    Key Financial Highlights

    (In millions, except per share data or otherwise noted) 1Q25 4Q24 1Q24
    Net Income (loss) $166 $163 $161
    Diluted Net Income (loss) per share $1.08 $1.05 $1.01
    Adjusted Operating Income (loss) $169 $169 $166
    Adj. Diluted Operating Income (loss) per share $1.10 $1.09 $1.04
    NIW ($B) $10 $13 $11
    Primary Persistency Rate 84% 82% 85%
    Primary IIF ($B) $268 $269 $264
    Net Premiums Earned $245 $246 $241
    Losses Incurred $31 $24 $20
    Loss Ratio 12% 10% 8%
    Operating Expenses $53 $58 $53
    Expense Ratio 21% 24% 22%
    Net Investment Income $63 $63 $57
    Net Investment gains (losses) $(3) $(7) $(7)
    Return on Equity 13.1% 13.0% 13.8%
    Adjusted Operating Return on Equity 13.4% 13.5% 14.2%
    PMIERs Sufficiency ($) $1,966 $2,052 $1,883
    PMIERs Sufficiency (%) 165% 167% 163%
           

    First Quarter 2025 Financial and Operating Highlights

    • Net income was $166 million, or $1.08 per diluted share, compared with $163 million, or $1.05 per diluted share, for the fourth quarter of 2024 and $161 million, or $1.01 per diluted share, for the first quarter of 2024. Adjusted operating income was $169 million, or $1.10 per diluted share, compared with $169 million, or $1.09 per diluted share, for the fourth quarter of 2024 and $166 million, or $1.04 per diluted share, for the first quarter of 2024.
    • New insurance written (NIW) was approximately $10 billion, down 26% from the fourth quarter of 2024 primarily from seasonality in the purchase origination market and down 7% from the first quarter of 2024 primarily driven by lower estimated market share. NIW for the current quarter was comprised of 94% monthly premium policies and 93% purchase originations.
    • Persistency remained elevated at 84%, up from 82% in the fourth quarter of 2024 and down from 85% in the first quarter of 2024. Approximately 8% of the mortgages in our portfolio had rates at least 50 basis points above March 2025’s average mortgage rate of 6.7%.
    • Primary insurance in-force (IIF) was $268 billion, relatively flat from $269 billion in the fourth quarter of 2024 and up 2% from $264 billion in the first quarter of 2024.
    • Net premiums earned were $245 million, relatively flat from $246 million in the fourth quarter of 2024 and up 2% from $241 million in the first quarter of 2024. The year-over-year increase is primarily driven by premium growth from attractive adjacencies and growth in primary insurance in-force, partially offset by higher ceded premiums.
    • Losses incurred for the first quarter of 2025 were $31 million and the loss ratio was 12%, compared to $24 million and 10%, respectively, in the fourth quarter of 2024 and $20 million and 8%, respectively, in the first quarter of 2024. The current quarter reserve release of $47 million from favorable cure performance and loss mitigation activities compares to a reserve release of $56 million and $54 million in the fourth quarter of 2024 and first quarter of 2024, respectively. The sequential and year-over-year increase in losses and the loss ratio were primarily driven by the lower reserve release in the quarter.
    • Operating expenses in the current quarter were $53 million and the expense ratio was 21%. This compared to $58 million and 24%, respectively, in the fourth quarter of 2024 and $53 million and 22%, respectively in the first quarter of 2024. The sequential decrease was primarily driven by lower incentive-based compensation.
    • Net investment income was $63 million, flat from $63 million in the fourth quarter of 2024 and up from $57 million in the first quarter of 2024, driven by the continuation of elevated interest rates and higher average invested assets.
    • Net investment gains (losses) in the quarter were $(3) million, as compared to $(7) million sequentially and $(7) million in the same period last year. The activity is primarily driven by the identification of assets that upon selling allow us to recoup losses through higher net investment income.
    • Annualized return on equity for the first quarter of 2025 was 13.1% and annualized adjusted operating return on equity was 13.4%. This compares to fourth quarter 2024 results of 13.0% and 13.5%, respectively, and to first quarter 2024 results of 13.8% and 14.2%, respectively.

    Capital and Liquidity

    • Fitch Ratings upgraded the Insurer Financial Strength rating for EMICO to A from A- and also upgraded Enact’s senior debt rating to BBB. The outlook for both ratings is stable.
    • We announced two excess-of-loss reinsurance agreements with a panel of highly-rated reinsurers that will provide approximately $225 million and approximately $260 million of coverage on a portion of expected new insurance written for the 2025 and 2026 book years, respectively.
    • We paid approximately $28 million, or $0.185 per share, dividend in the first quarter.
    • EMICO completed a dividend of approximately $200 million in the first quarter that will primarily be used to support our ability to return capital to shareholders and bolster financial flexibility.
    • Enact Holdings, Inc. held $356 million of cash and cash equivalents plus $292 million of invested assets as of March 31, 2025. Combined cash and invested assets increased $108 million from the prior quarter, primarily due to a contribution from EMICO, partially offset by share buybacks and our quarterly dividend.
    • PMIERs sufficiency was 165% and $2.0 billion above the PMIERs requirements, compared to 167% and $2.1 billion above the PMIERs requirements in the fourth quarter of 2024.

    Recent Events

    • We repurchased approximately 2.0 million shares at an average price of $33.38 for a total of approximately $66 million in the quarter. Additionally, through April 25, 2025, we repurchased 0.6 million shares at an average price of $34.53 for a total of $21 million and approximately $6 million remains of our $250 million repurchase authorization.
    • We announced today that the Company’s Board of Directors approved a new share repurchase program with authorization to purchase up to $350 million of common stock.
    • Additionally, the Board of Directors declared a 14% increase to our quarterly dividend from $0.185 to $0.21 per common share, payable on June 11, 2025, to shareholders of record on May 19, 2025.

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

    Enact will discuss first quarter financial results in a conference call tomorrow, Thursday, May 1, 2025, at 8:00 a.m. (Eastern). Participants interested in joining the call’s live question and answer session are required to pre-register by clicking here to obtain your dial-in number and unique PIN. It is recommended to join at least 15 minutes in advance, although you may register ahead of the call and dial in at any time during the call. If you wish to join the call but do not plan to ask questions, a live webcast of the event will be available on our website, https://ir.enactmi.com/news-and-events/events.

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

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

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

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

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

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

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

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

      1Q25 4Q24 1Q24
    REVENUES:      
    Premiums $244,786 $245,735 $240,747
    Net investment income 63,037 62,624 57,111
    Net investment gains (losses) (3,243) (7,167) (6,684)
    Other income 2,196 584 402
    Total revenues 306,776 301,776 291,576
           
    LOSSES AND EXPENSES:      
    Losses incurred 30,541 23,813 19,501
    Acquisition and operating expenses, net of deferrals 50,094 55,325 50,934
    Amortization of deferred acquisition costs and intangibles 2,429 2,522 2,259
    Interest expense 12,291 12,262 12,961
    Total losses and expenses 95,355 93,922 85,655
           
    INCOME BEFORE INCOME TAXES 211,421 207,854 205,921
    Provision for income taxes 45,643 45,116 44,933
    NET INCOME $165,778 $162,738 $160,988
           
    Net investment (gains) losses 3,243 7,167 6,684
    Costs associated with reorganization 629 411 (42)
    Taxes on adjustments (813) (1,591) (1,395)
    Adjusted Operating Income $168,837 $168,725 $166,235
           
    Loss ratio (1) 12% 10% 8%
    Expense ratio (2) 21% 24% 22%
    Earnings Per Share Data:      
    Net Income per share      
    Basic $1.09 $1.06 $1.01
    Diluted $1.08 $1.05 $1.01
    Adj operating income per share      
    Basic $1.11 $1.10 $1.05
    Diluted $1.10 $1.09 $1.04
    Weighted-average common shares outstanding      
    Basic 151,831 153,537 158,818
    Diluted 152,907 154,542 160,087
           
    (1) The ratio of losses incurred to net earned premiums.  
       
    (2) The ratio of acquisition and operating expenses, net of deferrals, and amortization of deferred acquisition costs and intangibles to net earned premiums. Expenses associated with strategic transaction preparations and restructuring costs increased the expense ratio by zero percentage points for the three-month period ended March 31, 2025, one percentage point for the three-month period ended December 31, 2024, and zero percentage points for the three-month period ended March 31, 2024.
     

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

    Assets 1Q25 4Q24 1Q24
    Investments:      
    Fixed maturity securities available-for-sale, at fair value $5,815,337 $5,624,773 $5,351,138
    Short term investments 3,696 3,367 9,963
    Total investments 5,819,033 5,628,140 5,361,101
    Cash and cash equivalents 635,269 599,432 614,330
    Accrued investment income 49,654 49,595 43,450
    Deferred acquisition costs 23,322 23,771 24,861
    Premiums receivable 46,451 53,031 43,927
    Other assets 103,351 102,549 126,644
    Deferred tax asset 44,440 65,013 89,370
    Total assets $6,721,520 $6,521,531 $6,303,683
           
    Liabilities and Shareholders’ Equity      
    Liabilities:      
    Loss reserves $542,528 $524,715 $531,443
    Unearned premiums 107,519 114,680 138,886
    Other liabilities 208,667 142,990 173,500
    Long-term borrowings 743,399 743,050 746,090
    Total liabilities 1,602,113 1,525,435 1,589,919
    Equity:      
    Common stock 1,508 1,523 1,577
    Additional paid-in capital 2,007,776 2,076,788 2,264,198
    Accumulated other comprehensive income (152,482) (207,455) (237,477)
    Retained earnings 3,262,605 3,125,240 2,685,466
    Total equity 5,119,407 4,996,096 4,713,764
    Total liabilities and equity $6,721,520 $6,521,531 $6,303,683
           
    Book value per share $33.96 $32.80 $29.89
    Book value per share excluding AOCI $34.97 $34.16 $31.40
           
    U.S. GAAP ROE (1) 13.1% 13.0% 13.8%
    Net investment (gains) losses 0.3% 0.6% 0.6%
    Costs associated with reorganization 0.0% 0.0% 0.0%
    (Gains) losses on early extinguishment of debt 0.0% 0.0% 0.0%
    Taxes on adjustments (0.1)% (0.1)% (0.1)%
    Adjusted Operating ROE(2) 13.4% 13.5% 14.2%
           
    Debt to Capital Ratio 13% 13% 14%
           
    (1) Calculated as annualized net income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
    (2) Calculated as annualized adjusted operating income for the period indicated divided by the average of current period and prior periods’ ending total stockholders’ equity
           

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

    The MIL Network –

  • MIL-OSI USA: Following Push From Luján and Ag Committee Democrats, Trump Administration Releases $1.3 Billion for Specialty Crop Producers

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján
    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), Ranking Member of the Subcommittee on Food and Nutrition, Specialty Crops, Organics, and Research, issued the following statement after the U.S. Department of Agriculture (USDA) released $1.3 billion in assistance for specialty crop producers that was previously withheld:
    “Our specialty crop producers provide high-quality, nutritious produce that feeds our nation and the world. Yet the Trump administration and Elon Musk recklessly suspended critical assistance that our producers rely on. This halt in funding was a direct blow to our agricultural industry and should never have happened.
    “I called on the Trump administration to ensure our farmers, ranchers, and producers receive the support they need — and now, the administration has heeded that call. New Mexico’s specialty crop producers work tirelessly to put food on tables and support our signature crops, from pecans to chile. I’m relieved they will now regain access to the resources they need and deserve. Specialty crop producers are the backbone of U.S. agriculture, and I will continue defending them from attacks by this administration.”
    Background on Senator Luján’s efforts to ensure assistance for New Mexico specialty crop producers, farmers, and ranchers:
    Senator Luján and Agriculture Committee Democrats sent a letter to then-USDA Acting Secretary Gary Washington asking for clarity and to raise concerns regarding the impact of recent Executive Orders and Presidential Memo on the U.S. Department of Agriculture. 
    “Farmers, ranchers, schools, and state governments have contacted my office in search of clarity on programs, websites, offices, and activities impacted by these orders. Conflicting information from the administration has added to the uncertainty, costing those who depend on the Department time and money,” said Senator Luján and Agriculture Committee Democrats. “The farmers, rural families, and businesses that depend on the Department need certainty to plan ahead for this growing season.”
    Senator Luján and Agriculture Committee Democrats urged USDA Secretary Brooke Rollins to ensure the timely delivery of economic and disaster assistance to farmers, ranchers, and producers.
    “Farmers of fruits, vegetables, and other specialty crops have also experienced difficult economic conditions and high input prices. Specialty crop producers have already applied for and received initial payment under the Marketing Assistance for Specialty Crops (MASC), and USDA should make the planned additional payments before we get into the growing season,” said Senator Luján and Agriculture Committee Democrats.

    MIL OSI USA News –

  • MIL-OSI Australia: Stay well this summer

    Source: Northern Territory Police and Fire Services

    Staying well-hydrated is essential in hot weather.

    In brief:

    • Hot weather can bring a range of health concerns.
    • There are ways to prepare and protect yourself against getting sick.
    • Read on for advice on health issues commonly experienced in summer.

    From sunburn to salmonella, hot weather can present a range of health concerns.

    Seek medical help if you or someone you know becomes unwell.

    Beat the heat

    Signs of heat exhaustion include nausea and vomiting, dizziness, fainting, and headaches.

    In extreme heat, be sure to do the following.

    • Wear sunscreen and a hat.
    • Plan your day around the heat. Stay out of the sun between 11am and 3pm.
    • Drink plenty of water. Talk to your GP about how much water you should drink in hot weather if they normally limit your fluid intake.
    • Pack a drink bottle. Remember there are water refill stations in public places like shopping centres and parks.
    • Go somewhere where there is air conditioning. If it’s too hot at home, ACT libraries are a great place to stay cool while also keeping young ones entertained. You could also consider shopping centres or museums.
    • Check in with friends and family.

    Who is at higher risk?

    Some people are at higher risk of heat-related illness. These include babies, young children, those who are older, pregnant or have medical conditions and people who work outdoors. Don’t forget to look out for your pets too.

    If you’re at higher risk, talk to your GP about how to prepare for extreme heat.

    Find more tips on the ACT Health website.

    Keep aware of air quality

    In the warmer months, air quality can decrease due to bushfire and grassfire smoke, dust storms and elevated pollen levels.

    Some people are more sensitive to dust and smoke, including:

    • people with a heart or lung condition
    • people with diabetes
    • babies and children
    • older people
    • pregnant people.

    Prepare by chatting to your GP. Make sure your prescription medicines are up to date and to have an action plan in case your symptoms flare up.

    Stay indoors and close your doors and windows during periods of poor air quality.

    Take note of prescribed burns

    It’s worth noting the ACT Government conducts several prescribed burns each year to manage fire risk across the region. Plan ahead and find out when prescribed burns are happening in your area. Check the ESA website to see a list of active incidents. And if you see a fire unattended, call triple-zero (000).

    You can check Canberra’s current air quality on the ACT Health website.

    You can also monitor pollen levels by downloading the free AirRater app or by visiting the Canberra Pollen Count and Forecast Service website.

    Be aware of thunderstorm asthma

    If you have asthma, or even hay fever, you’re probably aware of thunderstorm asthma.

    While rare, it can sudden, serious and even life-threatening. Thunderstorms can cause some people to develop severe asthma symptoms very quickly.

    To be as prepared as possible, ensure your hay fever and /or asthma action plan is up to date. If you have asthma or have had it in the past, always carry a reliever (puffer).

    Protect against mosquito bites

    To protect yourself against mozzie bites and reduce the risk of exposure to the diseases they may carry:

    • cover up with a light-coloured, loose-fitting long-sleeved shirt, long pants and covered shoes when outside
    • apply mosquito repellent and reapply it regularly
    • take special care during peak mosquito biting hours (in the ACT most mosquitoes become active at dawn and dusk, and into the evening)
    • remove potential mosquito breeding sites from around the home
    • use flyscreens on windows and doors.

    Learn more about mosquito risk and prevention.

    Be mindful of food preparation and storage safety

    The risk of food poisoning is higher in summer. Many Canberrans entertain outdoors, attend barbecues away from home and enjoy festive leftovers.

    Bacteria in food multiply faster in warm environments. Refrigerating and disposing of food appropriately is important to reduce the chance of becoming unwell.

    Christmas ham, for example, lasts up to 14 days (depending on how you store it). It also takes up precious room in your fridge, so be sure to bin it once it’s past its prime.

    Prevent illness by keeping hands and utensils clean, cooking foods, like meats, thoroughly and discarding food that has been left out for more than four hours.

    View the ACT Health’s Food safety in hot weather web page for more details.

    Check recreational water quality

    It’s important to check the conditions of recreational waterways before swimming or playing in lakes and ponds.

    Microorganisms like bacteria, viruses, parasites and algae are often found in waterways.

    If you or your family drink water in recreational waterways while swimming or camping, for example, you can become sick.

    The most common illness from poor water quality is gastroenteritis.

    More information

    Visit the ACT Government website for health advice during spring and summer.

    If you feel unwell, or are concerned about your health, see your GP, visit a Walk-in Centre or consult another healthcare professional.

    Get ACT news and events delivered straight to your inbox, sign up to our email newsletter:


    MIL OSI News –

  • MIL-OSI USA: TOMORROW: First Partner Siebel Newsom to celebrate Move Your Body, Calm Your Mind Day with students in Pasadena

    Source: US State of California Governor

    Apr 30, 2025

    PASADENA — California First Partner Jennifer Siebel Newsom will join mental health professionals, athletes, and more than 600 students from two Pasadena Unified School District schools for a rally to celebrate Move Your Body, Calm Your Mind Day – a statewide day of action embracing the importance of movement, mindfulness, and play. The event will feature an action-packed morning of dancing, yoga, meditation, and drumboxing. 

    WHEN: Thursday, May 1 at 10:30 a.m.

    **NOTE: This in-person event will not be streamed and will be open to credentialed media only. Media interested in attending must RSVP by clicking here no later than 8:30 a.m., May 1. Location information will be provided upon confirmation.

    Media Advisories, Recent News

    Recent news

    Apr 30, 2025

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring April 30, 2025, as “Apprenticeship Day.”The text of the proclamation and a copy can be found below. PROCLAMATIONNational Apprenticeship Day is a nationwide celebration…

    Apr 30, 2025

    News What you need to know: The state of California is providing LA City and County a new AI-powered e-check software free of charge to speed the pace at which local governments are approving building permits. LOS ANGELES – Leveraging the power of private sector…

    Apr 30, 2025

    News What you need to know: Governor Gavin Newsom and the Department of Housing and Community Development today announced the awards of $118.9 million in federal funding for 29 California rural and tribal communities to create more affordable housing and supportive…

    MIL OSI USA News –

  • MIL-OSI Security: Cumberland County Drug and Alcohol Rehabilitation Center Agrees to Pay $19.75 Million to Resolve False Claims Act Allegations

    Source: Office of United States Attorneys

    Camden, N.J. – Summit BHC New Jersey, LLC, d/b/a Seabrook, a drug and alcohol rehabilitation facility in Bridgeton, New Jersey, has agreed to pay $19.75 million to resolve allegations that it violated the federal False Claims Act, U.S. Attorney Alina Habba announced today. As alleged, Seabrook submitted claims to the Community Care Program of Veterans Health Administration (“VHA”) and New Jersey’s Medicaid program for short-term residential treatment and partial hospitalization care for which it was not properly licensed or contracted and misled State inspectors.

    The settlement resolves allegations relating to the care provided and billed by Seabrook, principally to the VHA Community Care Program.  The United States alleged that, during the period from January 1, 2022 through December 31, 2024, Seabrook provided services for which it had no license; sought to conceal those improperly performed services from state inspectors; failed to employ a sufficient number of properly-credentialed caregivers; failed to employ a sufficient number of caregivers credentialed in treating patients with both mental health and addiction issues; provided the same care to veterans it provided to other patients, while claiming to be providing specialized care; and kept false, inconsistent, and inadequate records of the care provided to veterans and other patients.

    “Today’s resolution demonstrates once again this Office’s commitment to ensure that America’s veterans receive the care they deserve and for which the government has paid.  Veterans and Medicaid recipients must receive care from fully qualified, licensed providers in facilities that meet state law in all respects.  We stand ready to enforce these standards and protect the Americans who need this care.” 

    – U.S. Attorney Alina Habba

    “This civil settlement reinforces the VA OIG’s commitment to safeguarding the integrity of VA’s healthcare programs and preserving taxpayer funds,” said Special Agent in Charge Christopher Algieri with the Department of Veterans Affairs Office of Inspector General’s Northeast Field Office. “Providers who participate in the VA Community Care Program must be licensed and follow state and federal law when billing the VA. The VA OIG will continue to work with the U.S. Attorney’s Office and other law enforcement partners to thoroughly investigate providers who fail to meet these standards in providing healthcare to our nation’s veterans.”

    “Our federal health care systems serve vulnerable populations, and by not providing the level of care they deserve that purpose is undermined,” stated Special Agent in Charge Naomi Gruchacz with the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG).  “HHS-OIG, together with our law enforcement partners, will continue to vigorously pursue those who exploit government health programs.”

    The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by a former Seabrook employee. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery.  In this matter, the relator is receiving at least approximately $3,555,137.28 as her share of the recovery in this case.

    Seabrook cooperated in the investigation and resolution of this matter, including by independently investigating the matter, implementing remedial measures, and disciplining responsible individuals.

    The resolution was the result of efforts by the United States Attorney’s Office for the District of New Jersey and the Offices of Inspectors General for the Department of Veterans Affairs and Department of Health and Human Services.

    The investigation and resolution of this matter illustrates the government’s emphasis on combating health care fraud.  Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).

    The matter was handled by Assistant U.S. Attorney Paul W. Kaufman of the Health Care Fraud Unit in the U.S. Attorney’s Office for the District of New Jersey.

    The case is captioned United States ex rel. Coulter and the State of New Jersey v. Seabrook House, Inc., et al., Civil Action No. 23-cv-00451 (D.N.J.).

    The claims resolved by the settlement are allegations only.  There has been no determination of liability.

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    Counsel for Seabrook: Richard Westling, Epstein Becker Green, P.C. and Matthew Curley, Bass, Berry, & Sims, PLC

    Counsel for Relator Jennifer Coulter: Ross Begelman and Marc Orlow, Javerbaum Wurgaft Hicks Kahn Wikstrom & Sinins, P.C.

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  • MIL-OSI Security: Cherokee, Iowa, Man Pleads Guilty to Possession of Child Pornography

    Source: Office of United States Attorneys

    Roger Strickland, age 62, from Cherokee, Iowa, pled guilty on April 25, 2025, to two counts of possession of child pornography in federal court in Sioux City, Iowa. 

    Evidence at the plea hearing showed that from June 2022, through May 2023, Strickland received and possessed child pornography.  Agents searched Strickland’s home on May 25, 2023, and seized several pieces of evidence.  Agents asked to speak to whomever at the home was downloading child pornography and Strickland replied, “It’s me.”  Then, while agents were awaiting results of the forensic analysis of Strickland’s electronic devices, law enforcement was again notified Strickland was receiving and possessing child pornography.  Strickland admitted that between August 2023, through February 2024, Strickland received and possessed more child pornography despite knowing he was actively being investigated.  In total, over 225 videos and 8,000 images of child pornography were discovered on his electronic devices.  Strickland further admitted that the images and videos involved material portraying sadistic or masochistic conduct as well as prepubescent children, infants, and toddlers.  

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse.  Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue victims.  For more information about Project Safe Childhood, please visit www.usdoj.gov/psc.  For more information about Internet safety education, please visit www.usdoj.gov/psc and click on the tab “resources.”

    Sentencing before United States District Court Judge Leonard T. Strand will be set after a presentence report is prepared.  Strickland remains in custody of the U.S. Marshals Service pending sentencing.  On each count, Strickland faces a possible maximum sentence of not more than 20 years’ imprisonment, a $250,000 fine, and at least five years of supervised release following any imprisonment.

    The case was investigated by the Iowa Division of Criminal Investigation and the Cherokee Police Department and is being prosecuted by Assistant United States Attorney Kraig R. Hamit.

    Court file information at https://ecf.iand.uscourts.gov/cgi-bin/login.pl.

    The case file number is CR24-4067.  Follow us on X @USAO_NDIA.

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