housing – Page 634 – NewzIntel.com

MIL-OSI Security: Mason City Man Pleads Guilty to Possession of Child Pornography

Source: Office of United States Attorneys

Cleon Mitchell, Jr., 46, from Mason City, Iowa, pled guilty April 30, 2025, in federal court in Sioux City to possession of child pornography.

At the plea hearing, Mitchell admitted that from August 2022, through April 2024, he used the Kik and Snapchat applications to receive and possess visual depictions of child pornography which involved a prepubescent minor or minor under the age of 12. Snapchat reported Mitchell’s account to the National Center for Missing and Exploited Children who in turn reported the information to law enforcement. Law enforcement connected the account back to Mitchell and obtained a search warrant for his home and electronics. During the execution of the search warrant, Mitchell admitted he had received and possessed child pornography, and it would be located on his phone. Forensic analysis of his electronics showed that Mitchell possessed 30 videos and 50 images of child pornography including materials that portrayed sadistic or masochistic conduct as well as prepubescent children 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. Mitchell, Jr. remains in custody of the United States Marshal pending sentencing. Mitchell, Jr. faces a possible maximum sentence of 20 years’ imprisonment, a $250,000 fine, and at least five years of supervised release following any imprisonment.

The case was investigated by the Mason City Police Department and the Iowa Division of Criminal Investigations 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 24-3038. Follow us on X @USAO_NDIA.

MIL Security OSI –

May 1, 2025

MIL-OSI: Medallion Bank Reports 2025 First Quarter Results and Declares Series F Preferred Stock Dividend

Source: GlobeNewswire (MIL-OSI)

SALT LAKE CITY, April 30, 2025 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKP, the “Bank”), an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners, announced today its results for the quarter ended March 31, 2025. The Bank is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

2025 First Quarter Highlights

Net income of $15.6 million, compared to $14.5 million in the prior year quarter.
Net interest income of $52.2 million, compared to $48.2 million in the prior year quarter.
Net interest margin of 8.35%, compared to 8.59% in the prior year quarter.
Total provision for credit losses was $19.0 million, compared to $17.0 million in the prior year quarter.
Annualized net charge-offs were 3.41% of average loans outstanding, compared to 3.38% in the prior year quarter.
Annualized return on assets and return on equity were 2.51% and 16.49%, respectively, compared to 2.59% and 16.47%, respectively, for the prior year period.
The total loan portfolio grew 6% from March 31, 2024 to $2.2 billion as of March 31, 2025.
Total assets were $2.5 billion and the Tier 1 leverage ratio was 16.0% at March 31, 2025.

Donald Poulton, President and Chief Executive Officer of Medallion Bank, stated, “Our performance was strong in the first quarter. Our earnings were $15.6 million, which was 8% higher than the prior year quarter and in line with the fourth quarter 2024. Economic uncertainty reduced demand in both recreation and home improvement lending, while strategic partnership volumes grew to $136 million from $124 million in the fourth quarter as those relationships continued to mature. Charge-offs and delinquencies were down from their year-end peaks, but given recent market volatility, and potential tariff and economic changes, we added qualitative factors to our reserve that increased credit loss provisions. Following the end of the quarter, we completed an initial sale of $53 million in recreation loans at a premium to par value. We were pleased with the execution of this sale and continue to monitor the market for potential loan sale opportunities. Overall, we view the quarter as a good mix of conservative origination volume and improving credit performance to start 2025.”

Recreation Lending Segment

Excluding loans held for sale, the Bank’s recreation loan portfolio grew 5% to $1.432 billion as of March 31, 2025, compared to $1.365 billion at March 31, 2024. Loan originations were $86.8 million, compared to $105.8 million in the prior year quarter.
Recreation loans were 64% of loans receivable as of March 31, 2025, essentially unchanged from 64% at March 31, 2024.
Net interest income was $39.2 million, compared to $35.6 million in the prior year quarter.
Delinquencies 30 days or more past due were $68.2 million, or 4.76%, of recreation loans as of March 31, 2025, compared to $55.5 million, or 4.06%, at March 31, 2024.
Annualized net charge-offs were 4.67% of average recreation loans outstanding, compared to 4.36% in the prior year quarter.
The provision for recreation credit losses was $16.9 million and the allowance for credit losses was 5.00% of the outstanding balance, compared to $17.0 million and 4.40% of the outstanding balance in the prior year quarter.

Home Improvement Lending Segment

The Bank’s home improvement loan portfolio grew 8% to $812.4 million as of March 31, 2025, compared to $752.3 million at March 31, 2024. Loan originations were $48.8 million, compared to $51.6 million in the prior year quarter.
Home improvement loans were 36% of loans receivable as of March 31, 2025, compared to 35% at March 31, 2024.
Net interest income was $13.3 million, compared to $12.4 million in the prior year quarter.
Delinquencies 30 days or more past due were $8.3 million, or 1.02%, of home improvement loans as of March 31, 2025, compared to $6.5 million, or 0.87%, at March 31, 2024.
Annualized net charge-offs were 1.55% of average home improvement loans outstanding, compared to 2.12% in the prior year quarter.
The provision for home improvement credit losses was $2.8 million and the allowance for credit losses was 2.49% of the outstanding balance, compared to $0.9 million and 2.38% of the outstanding balance in the prior year quarter.

Series F Preferred Stock Dividend

On April 24, 2025, the Bank’s Board of Directors declared a quarterly cash dividend of $0.67982 per share on the Bank’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, which trades on the Nasdaq Capital Market under the ticker symbol “MBNKP.” The dividend is based on the dividend rate of 10.75761%, as determined by the Bank’s calculation agent, and is payable on July 1, 2025, to holders of record at the close of business on June 16, 2025.

About Medallion Bank

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

For more information, visit www.medallionbank.com

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

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

MEDALLION BANK STATEMENTS OF OPERATIONS (UNAUDITED)
	Three Months Ended March 31,
(In thousands)		2025		2024
Interest income
Loan interest including fees	$	70,617	$	61,424
Investments		1,217		1,544
Total interest income		71,834		62,968
Interest expense		19,617		14,753
Net interest income		52,217		48,215
Provision for credit losses		19,038		17,002
Net interest income after provision for credit losses		33,179		31,213
Other non-interest income		1,681		602
Non-interest expense
Salaries and benefits		5,348		4,984
Loan servicing		3,154		2,867
Collection costs		1,492		1,404
Regulatory fees		821		977
Professional fees		610		432
Information technology		322		267
Occupancy and equipment		727		207
Other		910		752
Total non-interest expense		13,384		11,890
Income before income taxes		21,476		19,925
Provision for income taxes		5,837		5,445
Net income	$	15,639	$	14,480
Less: Preferred stock dividends		1,512		1,512
Net income attributable to common shareholder	$	14,127	$	12,968

MEDALLION BANK
BALANCE SHEETS

	(UNAUDITED)						(UNAUDITED)

(In thousands)	March 31, 2025			December 31, 2024			March 31, 2024
Assets
Cash and federal funds sold	$	115,108		$	126,196		$	136,705
Investment securities, available-for-sale		60,424			54,805			53,038
Loans held for sale, at the lower of amortized cost or fair value		124,733			128,226			—

Loan receivables, inclusive of net deferred loan acquisition cost and fees		2,243,991			2,249,614			2,121,180
Allowance for credit losses		(91,807	)		(91,638	)		(78,648	)
Loans, net		2,152,184			2,157,976			2,042,532
Loan collateral in process of foreclosure		3,174			3,326			3,263
Fixed assets and right-of-use lease assets, net		8,543			9,126			8,417
Deferred tax assets		13,860			14,036			12,500
Accrued interest receivable		14,339			15,083			13,405
Other assets		38,598			40,325			36,656
Total assets	$	2,530,963		$	2,549,099		$	2,306,516
Liabilities and Shareholders’ Equity
Liabilities
Deposits and other funds borrowed	$	2,087,828		$	2,125,071		$	1,899,061
Accrued interest payable		4,557			5,586			4,191
Income tax payable		23,853			17,951			26,336
Other liabilities		22,702			17,204			17,837
Due to affiliates		881			910			481
Total liabilities		2,139,821			2,166,722			1,947,906
Shareholder’s Equity
Series E Preferred stock		26,303			26,303			26,303
Series F Preferred stock		42,485			42,485			42,485
Common stock		1,000			1,000			1,000
Additional paid in capital		77,500			77,500			77,500
Accumulated other comprehensive loss, net of tax		(3,842	)		(4,480	)		(4,680	)
Retained earnings		247,696			239,569			216,002
Total shareholders’ equity		391,142			382,377			358,610
Total liabilities and shareholders’ equity	$	2,530,963		$	2,549,099		$	2,306,516

The MIL Network –

May 1, 2025

MIL-OSI: Credit Acceptance Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Southfield, Michigan, April 30, 2025 (GLOBE NEWSWIRE) — Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) today announced consolidated net income of $106.3 million, or $8.66 per diluted share, for the three months ended March 31, 2025. Adjusted net income, a non-GAAP financial measure, for the three months ended March 31, 2025 was $114.8 million, or $9.35 per diluted share. The following table summarizes our financial results:

(In millions, except per share data)	For the Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
GAAP net income	$	106.3	$	151.9	$	64.3
GAAP net income per diluted share	$	8.66	$	12.26	$	5.08

Adjusted net income	$	114.8	$	126.0	$	117.4
Adjusted net income per diluted share	$	9.35	$	10.17	$	9.28

Our results and achievements for the first quarter of 2025 included the following:

A modest decline in forecasted collection rates, which decreased forecasted net cash flows from our loan portfolio by $20.9 million, or 0.2%, and slower forecasted net cash flow timing.
An 11.0% increase in the average balance of our loan portfolio from the first quarter of 2024 to $7.9 billion, which is our largest ever.
A decline in Consumer Loan assignment unit and dollar volumes of 10.1% and 15.5%, respectively, as compared to the first quarter of 2024.
The repurchase of approximately 329,000 shares, or 2.7% of the shares outstanding at the beginning of the quarter.
The enrollment of 1,617 new dealers with 10,789 active dealers during the quarter.
$68.0 million in dealer holdback and accelerated dealer holdback payments to dealers.
Maintained a strong liquidity position, with over $2.2 billion in unrestricted cash and cash equivalents and unused and available revolving lines of credit as of March 31, 2025.
Named a Top Workplaces USA award winner for the fifth year in a row, with a #2 ranking among companies of our size.

Consumer Loan Metrics

Dealers assign retail installment contracts (referred to as “Consumer Loans”) to Credit Acceptance. At the time a Consumer Loan is submitted to us for assignment, we forecast future expected cash flows from the Consumer Loan. Based on the amount and timing of these forecasts and expected expense levels, an advance or one-time purchase payment is made to the related dealer at a price designed to maximize economic profit, a non-GAAP financial measure that considers our return on capital, our cost of capital, and the amount of capital invested.

We use a statistical model to estimate the expected collection rate for each Consumer Loan at the time of assignment. We continue to evaluate the expected collection rate for each Consumer Loan subsequent to assignment. Our evaluation becomes more accurate as the Consumer Loans age, as we use actual performance data in our forecast. By comparing our current expected collection rate for each Consumer Loan with the rate we projected at the time of assignment, we are able to assess the accuracy of our initial forecast. The following table compares our aggregated forecast of Consumer Loan collection rates as of March 31, 2025, with the aggregated forecasts as of December 31, 2024, and at the time of assignment, segmented by year of assignment:

	Forecasted Collection Percentage as of (1)						Current Forecast Variance from
Consumer Loan Assignment Year	March 31, 2025		December 31, 2024		Initial Forecast		December 31, 2024		Initial Forecast
2016	63.9	%	63.9	%	65.4	%	0.0	%	-1.5	%
2017	64.8	%	64.7	%	64.0	%	0.1	%	0.8	%
2018	65.5	%	65.5	%	63.6	%	0.0	%	1.9	%
2019	67.2	%	67.2	%	64.0	%	0.0	%	3.2	%
2020	67.9	%	67.7	%	63.4	%	0.2	%	4.5	%
2021	63.9	%	63.8	%	66.3	%	0.1	%	-2.4	%
2022	60.0	%	60.2	%	67.5	%	-0.2	%	-7.5	%
2023	64.3	%	64.3	%	67.5	%	0.0	%	-3.2	%
2024	66.3	%	66.5	%	67.2	%	-0.2	%	-0.9	%
2025	66.0	%	—		66.2	%	—		-0.2	%

^{(1) Represents the total forecasted collections we expect to collect on the Consumer Loans as a percentage of the repayments that we were contractually owed on the Consumer Loans at the time of assignment. Contractual repayments include both principal and interest. Forecasted collection rates are negatively impacted by canceled Consumer Loans as the contractual amount owed is not removed from the denominator for purposes of computing forecasted collection rates.}

For the three months ended March 31, 2025, forecasted collection rates improved for Consumer Loans assigned in 2020, declined for Consumer Loans assigned in 2022, 2024, and 2025, and were generally consistent with expectations at the start of the period for all other assignment years presented.

The changes to our forecast of future net cash flows from our Loan portfolio (forecasted collections less forecasted dealer holdback payments) for each of the last five quarters are shown in the following table:

(Dollars in millions)	Decrease in Forecasted Net Cash Flows
Three Months Ended	Total Loans		% Change from Forecast at Beginning of Period
March 31, 2024	$	(30.8)	-0.3	%
June 30, 2024		(189.3)	-1.7	%
September 30, 2024		(62.8)	-0.6	%
December 31, 2024		(31.1)	-0.3	%
March 31, 2025		(20.9)	-0.2	%

The following table presents information on Consumer Loan assignments for each of the last 10 years:

	Average					Total Assignment Volume
Consumer Loan Assignment Year	Consumer Loan (1)		Advance (2)		Initial Loan Term (in months)	Unit Volume	Dollar Volume (2) (in millions)
2016	$	18,218	$	7,976	53	330,710	$	2,635.5
2017		20,230		8,746	55	328,507		2,873.1
2018		22,158		9,635	57	373,329		3,595.8
2019		23,139		10,174	57	369,805		3,772.2
2020		24,262		10,656	59	341,967		3,641.2
2021		25,632		11,790	59	268,730		3,167.8
2022		27,242		12,924	60	280,467		3,625.3
2023		27,025		12,475	61	332,499		4,147.8
2024		26,497		11,961	61	386,126		4,618.4
2025 (3)		25,188		11,096	60	100,278		1,112.7

^{(1)   Represents the repayments that we were contractually owed on Consumer Loans at the time of assignment, which include both principal and interest.}
^{(2)   Represents advances paid to dealers on Consumer Loans assigned under the portfolio program and one-time payments made to dealers to purchase Consumer Loans assigned under the purchase program. Payments of dealer holdback and accelerated dealer holdback are not included.}
^{(3)   Represents activity for the three months ended March 31, 2025. Information in this table for each of the years prior to 2025 represents activity for all 12 months of that year.}

The profitability of our loans is primarily driven by the amount and timing of the net cash flows we receive from the spread between the forecasted collection rate and the advance rate, less operating expenses and the cost of capital. Forecasting collection rates accurately at loan inception is difficult. With this in mind, we establish advance rates that are intended to allow us to achieve acceptable levels of profitability across our portfolio, even if collection rates are less than we initially forecast.

The following table presents aggregate forecasted Consumer Loan collection rates, advance rates, and spreads (the forecasted collection rate less the advance rate), and the percentage of the forecasted collections that had been realized as of March 31, 2025, as well as forecasted collection rates and spreads at the time of assignment. All amounts, unless otherwise noted, are presented as a percentage of the initial balance of the Consumer Loan (principal + interest). The table includes both dealer loans and purchased loans.

	Forecasted Collection % as of						Spread % as of
Consumer Loan Assignment Year	March 31, 2025		Initial Forecast		Advance % (1)		March 31, 2025		Initial Forecast		% of Forecast Realized (2)
2016	63.9	%	65.4	%	43.8	%	20.1	%	21.6	%	99.6	%
2017	64.8	%	64.0	%	43.2	%	21.6	%	20.8	%	99.3	%
2018	65.5	%	63.6	%	43.5	%	22.0	%	20.1	%	98.8	%
2019	67.2	%	64.0	%	44.0	%	23.2	%	20.0	%	97.5	%
2020	67.9	%	63.4	%	43.9	%	24.0	%	19.5	%	93.9	%
2021	63.9	%	66.3	%	46.0	%	17.9	%	20.3	%	86.3	%
2022	60.0	%	67.5	%	47.4	%	12.6	%	20.1	%	70.6	%
2023	64.3	%	67.5	%	46.2	%	18.1	%	21.3	%	49.3	%
2024	66.3	%	67.2	%	45.1	%	21.2	%	22.1	%	22.9	%
2025	66.0	%	66.2	%	44.2	%	21.8	%	22.0	%	2.5	%

^{(1) Represents advances paid to dealers on Consumer Loans assigned under the portfolio program and one-time payments made to dealers to purchase Consumer Loans assigned under the purchase program as a percentage of the initial balance of the Consumer Loans. Payments of dealer holdback and accelerated dealer holdback are not included.}
^{(2) Presented as a percentage of total forecasted collections.}

The risk of a material change in our forecasted collection rate declines as the Consumer Loans age. For 2020 and prior Consumer Loan assignments, the risk of a material forecast variance is modest, as we have currently realized in excess of 90% of the expected collections. Conversely, the forecasted collection rates for more recent Consumer Loan assignments are less certain as a significant portion of our forecast has not been realized.

The spread between the forecasted collection rate as of March 31, 2025 and the advance rate ranges from 12.6% to 24.0%, on an annual basis, for Consumer Loans assigned over the last 10 years. The spreads with respect to 2019 and 2020 Consumer Loans have been positively impacted by Consumer Loan performance, which has exceeded our initial estimates by a greater margin than the other years presented. The spreads with respect to 2021 through 2023 Consumer Loans have been negatively impacted by Consumer Loan performance, which has been lower than our initial estimates by a greater margin than the other years presented. The higher spread for 2025 Consumer Loans relative to 2024 Consumer Loans as of March 31, 2025 was primarily a result of Consumer Loan performance, as the performance of 2024 Consumer Loans has been lower than our initial estimates by a greater margin than 2025 Consumer Loans.

The following table compares our forecast of aggregate Consumer Loan collection rates as of March 31, 2025 with the forecasts at the time of assignment, for dealer loans and purchased loans separately:

	Dealer Loans						Purchased Loans
	Forecasted Collection Percentage as of (1)						Forecasted Collection Percentage as of (1)
Consumer Loan Assignment Year	March 31, 2025		Initial Forecast		Variance		March 31, 2025		Initial Forecast		Variance
2016	63.1	%	65.1	%	-2.0	%	66.1	%	66.5	%	-0.4	%
2017	64.1	%	63.8	%	0.3	%	66.4	%	64.6	%	1.8	%
2018	64.9	%	63.6	%	1.3	%	66.8	%	63.5	%	3.3	%
2019	66.9	%	63.9	%	3.0	%	67.9	%	64.2	%	3.7	%
2020	67.7	%	63.3	%	4.4	%	68.1	%	63.6	%	4.5	%
2021	63.6	%	66.3	%	-2.7	%	64.4	%	66.3	%	-1.9	%
2022	59.2	%	67.3	%	-8.1	%	61.9	%	68.0	%	-6.1	%
2023	63.0	%	66.8	%	-3.8	%	67.7	%	69.4	%	-1.7	%
2024	65.2	%	66.3	%	-1.1	%	70.6	%	70.7	%	-0.1	%
2025	64.7	%	64.9	%	-0.2	%	70.5	%	70.7	%	-0.2	%

^{(1) The forecasted collection rates presented for dealer loans and purchased loans reflect the Consumer Loan classification at the time of assignment. The forecasted collection rates represent the total forecasted collections we expect to collect on the Consumer Loans as a percentage of the repayments that we were contractually owed on the Consumer Loans at the time of assignment. Contractual repayments include both principal and interest. Forecasted collection rates are negatively impacted by canceled Consumer Loans as the contractual amount owed is not removed from the denominator for purposes of computing forecasted collection rates.}

The following table presents aggregate forecasted Consumer Loan collection rates, advance rates, and spreads (the forecasted collection rate less the advance rate) as of March 31, 2025 for dealer loans and purchased loans separately. All amounts are presented as a percentage of the initial balance of the Consumer Loan (principal + interest).

	Dealer Loans						Purchased Loans
Consumer Loan Assignment Year	Forecasted Collection % (1)		Advance % (1)(2)		Spread %		Forecasted Collection % (1)		Advance % (1)(2)		Spread %
2016	63.1	%	42.1	%	21.0	%	66.1	%	48.6	%	17.5	%
2017	64.1	%	42.1	%	22.0	%	66.4	%	45.8	%	20.6	%
2018	64.9	%	42.7	%	22.2	%	66.8	%	45.2	%	21.6	%
2019	66.9	%	43.1	%	23.8	%	67.9	%	45.6	%	22.3	%
2020	67.7	%	43.0	%	24.7	%	68.1	%	45.5	%	22.6	%
2021	63.6	%	45.1	%	18.5	%	64.4	%	47.7	%	16.7	%
2022	59.2	%	46.4	%	12.8	%	61.9	%	50.1	%	11.8	%
2023	63.0	%	44.8	%	18.2	%	67.7	%	49.8	%	17.9	%
2024	65.2	%	44.1	%	21.1	%	70.6	%	48.9	%	21.7	%
2025	64.7	%	42.8	%	21.9	%	70.5	%	49.1	%	21.4	%

^{(1) The forecasted collection rates and advance rates presented for dealer loans and purchased loans reflect the Consumer Loan classification at the time of assignment.}
^{(2) Represents advances paid to dealers on Consumer Loans assigned under the portfolio program and one-time payments made to dealers to purchase Consumer Loans assigned under the purchase program as a percentage of the initial balance of the Consumer Loans. Payments of dealer holdback and accelerated dealer holdback are not included.}

Although the advance rate on purchased loans is higher as compared to the advance rate on dealer loans, purchased loans do not require us to pay dealer holdback.

The spread as of March 31, 2025 on 2025 dealer loans was 21.9%, as compared to a spread of 21.1% on 2024 dealer loans. The increase was primarily a result of Consumer Loan performance, as the performance of 2024 dealer loans has been lower than our initial estimates by a greater margin than 2025 dealer loans.

The spread as of March 31, 2025 on 2025 purchased loans was 21.4%, as compared to a spread of 21.7% on 2024 purchased loans. The decrease was primarily a result of a lower initial spread on 2025 purchased loans, due to a higher advance rate.

Consumer Loan Volume

The following table summarizes changes in Consumer Loan assignment volume in each of the last five quarters as compared to the same period in the previous year:

	Year over Year Percent Change
Three Months Ended	Unit Volume		Dollar Volume (1)
March 31, 2024	24.1	%	20.2	%
June 30, 2024	20.9	%	16.3	%
September 30, 2024	17.7	%	12.2	%
December 31, 2024	0.3	%	-4.9	%
March 31, 2025	-10.1	%	-15.5	%

^{(1) Represents advances paid to dealers on Consumer Loans assigned under the portfolio program and one-time payments made to dealers to purchase Consumer Loans assigned under the purchase program. Payments of dealer holdback and accelerated dealer holdback are not included.}

Consumer Loan assignment volumes depend on a number of factors including (1) the overall demand for our financing programs and (2) the amount of capital available to fund new loans. Our pricing strategy is intended to maximize the amount of economic profit we generate, within the confines of capital constraints.

Unit and dollar volumes declined 10.1% and 15.5%, respectively, during the first quarter of 2025 as the number of active dealers declined 0.1% and the average unit volume per active dealer declined 9.7%. Dollar volume declined by more than unit volume during the first quarter of 2025 due to a decrease in the average advance paid, resulting from decreases in the average size of Consumer Loans assigned and the average advance rate. Unit volume for the 28-day period ended April 28, 2025 decreased 9.8% compared to the same period in 2024.

The following table summarizes the changes in Consumer Loan unit volume and active dealers:

	For the Three Months Ended March 31,
	2025	2024	% Change
Consumer Loan unit volume	100,278	111,488	-10.1	%
Active dealers (1)	10,789	10,805	-0.1	%
Average volume per active dealer	9.3	10.3	-9.7	%

Consumer Loan unit volume from dealers active both periods	80,926	93,406	-13.4	%
Dealers active both periods	7,067	7,067	—
Average volume per dealer active both periods	11.5	13.2	-13.4	%

Consumer loan unit volume from dealers not active both periods	19,352	18,082	7.0	%
Dealers not active both periods	3,722	3,738	-0.4	%
Average volume per dealer not active both periods	5.2	4.8	8.3	%

^{(1) Active dealers are dealers who have received funding for at least one Consumer Loan during the period.}

The following table provides additional information on the changes in Consumer Loan unit volume and active dealers:

	For the Three Months Ended March 31,
	2025		2024		% Change
Consumer Loan unit volume from new active dealers	4,229		5,193		-18.6	%
New active dealers (1)	1,195		1,310		-8.8	%
Average volume per new active dealer	3.5		4.0		-12.5	%

Attrition (2)	-16.2	%	-16.0	%

^{(1) New active dealers are dealers who enrolled in our program and have received funding for their first dealer loan or purchased loan from us during the period.}
^{(2) Attrition is measured according to the following formula: decrease in Consumer Loan unit volume from dealers who have received funding for at least one dealer loan or purchased loan during the comparable period of the prior year but did not receive funding for any dealer loans or purchased loans during the current period divided by prior year comparable period Consumer Loan unit volume.}

The following table shows the percentage of Consumer Loans assigned to us as dealer loans and purchased loans for each of the last five quarters:

	Unit Volume				Dollar Volume (1)
Three Months Ended	Dealer Loans		Purchased Loans		Dealer Loans		Purchased Loans
March 31, 2024	78.2	%	21.8	%	76.6	%	23.4	%
June 30, 2024	78.5	%	21.5	%	77.3	%	22.7	%
September 30, 2024	79.5	%	20.5	%	78.4	%	21.6	%
December 31, 2024	78.7	%	21.3	%	77.7	%	22.3	%
March 31, 2025	77.0	%	23.0	%	75.1	%	24.9	%

^{(1) Represents advances paid to dealers on Consumer Loans assigned under the portfolio program and one-time payments made to dealers to purchase Consumer Loans assigned under the purchase program. Payments of dealer holdback and accelerated dealer holdback are not included.}

As of March 31, 2025 and December 31, 2024, the net dealer loans receivable balance was 72.7% and 72.3%, respectively, of the total net loans receivable balance.

Financial Results

(Dollars in millions, except per share data)	For the Three Months Ended March 31,
		2025		2024	% Change
GAAP average debt	$	6,398.3	$	5,306.8	20.6	%
GAAP average shareholders’ equity		1,782.0		1,678.5	6.2	%
Average capital	$	8,180.3	$	6,985.3	17.1	%
GAAP net income	$	106.3	$	64.3	65.3	%
Diluted weighted average shares outstanding		12,279,446		12,646,529	-2.9	%
GAAP net income per diluted share	$	8.66	$	5.08	70.5	%

The increase in GAAP net income for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily a result of the following:

An increase in finance charges of 12.3% ($57.5 million), primarily due to an increase in the average balance of our loan portfolio.
A decrease in provision for credit losses of 13.0% ($24.1 million), due to:
- A decrease in provision for credit losses on forecast changes of $10.9 million, due to a smaller decline in Consumer Loan performance.
- A decrease in provision for credit losses on new Consumer Loan assignments of $13.2 million, due to a 10.1% decrease in Consumer Loan assignment unit volume and a 3.7% decrease in the average provision per Consumer Loan assignment. The decrease in average provision per new Consumer Loan assignment was primarily due to a decrease in the average advance rate for 2025 Consumer Loans.
An increase in operating expenses of 7.5% ($9.4 million), primarily due to an increase in salaries and wages expense of 12.9% ($10.1 million), primarily due to increases in (i) the number of team members as we are investing in our business with the goal of increasing the speed at which we enhance our product for dealers and consumers, (ii) stock-based compensation expense, primarily due to equity awards granted to our executive officers and senior leaders, and (iii) fringe benefits, primarily due to higher medical claims.
An increase in provision for income taxes of 60.2% ($13.3 million), primarily due to an increase in pre-tax income.
An increase in interest expense of 24.0% ($22.2 million), primarily due to an increase in our average outstanding debt balance, primarily due to borrowings used to fund the growth of our loan portfolio and stock repurchases.

Adjusted financial results are provided to help shareholders understand our financial performance. The financial data below is non-GAAP, unless labeled otherwise. We use adjusted financial information internally to measure financial performance and to determine certain incentive compensation. We also use economic profit as a framework to evaluate business decisions and strategies, with the objective to maximize economic profit over the long term. In addition, certain debt facilities utilize adjusted financial information for the determination of loan collateral values and to measure financial covenants. The table below shows our results following adjustments to reflect non-GAAP accounting methods. Material adjustments are explained in the table footnotes and the subsequent “Floating Yield Adjustment” and “Senior Notes Adjustment” sections. Measures such as adjusted average capital, adjusted net income, adjusted net income per diluted share, adjusted interest expense (after-tax), adjusted net income plus adjusted interest expense (after-tax), adjusted return on capital, adjusted revenue, operating expenses, adjusted loans receivable, economic profit, and economic profit per diluted share are non-GAAP financial measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP.

Adjusted financial results for the three months ended March 31, 2025, compared to the same period in 2024, include the following:

(Dollars in millions, except per share data)	For the Three Months Ended March 31,
		2025			2024		% Change
Adjusted average capital	$	8,882.6		$	7,507.8		18.3	%
Adjusted net income	$	114.8		$	117.4		-2.2	%
Adjusted interest expense (after-tax)	$	88.3		$	71.2		24.0	%
Adjusted net income plus adjusted interest expense (after-tax)	$	203.1		$	188.6		7.7	%
Adjusted return on capital		9.2	%		10.1	%	-8.9	%
Cost of capital		7.6	%		7.3	%	4.1	%
Economic profit	$	35.3		$	51.4		-31.3	%
Diluted weighted average shares outstanding		12,279,446			12,646,529		-2.9	%
Adjusted net income per diluted share	$	9.35		$	9.28		0.8	%
Economic profit per diluted share	$	2.87		$	4.06		-29.3	%

Economic profit decreased 31.3% for the three months ended March 31, 2025, as compared to the same period in 2024. Economic profit is a function of the return on capital in excess of the cost of capital and the amount of capital invested in the business. The following table summarizes the impact each of these components had on the changes in economic profit for the three months ended March 31, 2025, as compared to the same period in 2024:

(In millions)	Year over Year Change in Economic Profit
	For the Three Months Ended March 31, 2025
Decrease in adjusted return on capital	$	(20.0)
Increase in cost of capital		(5.5)
Increase in adjusted average capital		9.4
Decrease in economic profit	$	(16.1)

The decrease in economic profit for the three months ended March 31, 2025, as compared to the same period in 2024, was primarily a result of the following:

A decrease in our adjusted return on capital of 90 basis points, primarily due to:
- A decrease in the yield used to recognize adjusted finance charges on our loan portfolio decreased our adjusted return on capital by 140 basis points, primarily due to both a decline in forecasted collection rates and slower forecasted net cash flow timing throughout 2024 and the first quarter of 2025. The slower forecasted net cash flow timing was primarily due to lower-than-expected Consumer Loan prepayments, which remain below historical averages.
- Slower growth in operating expenses increased our adjusted return on capital by 50 basis points as operating expenses grew by 7.5% while adjusted average capital grew by 18.3%.
An increase in adjusted average capital of 18.3%, primarily due to an increase in the average balance of our loan portfolio.

The following table shows adjusted revenue and operating expenses as a percentage of adjusted average capital, the adjusted return on capital, and the percentage change in adjusted average capital for each of the last eight quarters, compared to the same period in the prior year:

	For the Three Months Ended
	Mar. 31, 2025		Dec. 31, 2024		Sept. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sept. 30, 2023		Jun. 30, 2023
Adjusted finance charges as a percentage of adjusted average loans receivable (1)	16.7	%	16.5	%	16.4	%	17.8	%	17.6	%	17.9	%	18.5	%	19.3	%
Adjusted revenue as a percentage of adjusted average capital (1)	18.0	%	18.4	%	18.2	%	19.6	%	19.8	%	20.2	%	20.7	%	21.2	%
Operating expenses as a percentage of adjusted average capital (1)	6.1	%	5.6	%	6.2	%	6.2	%	6.7	%	6.3	%	6.3	%	6.9	%
Adjusted return on capital (1)	9.2	%	9.8	%	9.3	%	10.3	%	10.1	%	10.6	%	11.1	%	11.1	%
Percentage change in adjusted average capital compared to the same period in the prior year	18.3	%	19.3	%	19.4	%	17.6	%	14.6	%	11.5	%	8.8	%	6.2	%

^{(1) Annualized.}

The decrease in adjusted return on capital for the three months ended March 31, 2025, as compared to the three months ended December 31, 2024, was primarily due to:

Faster growth in operating expenses, which decreased adjusted return on capital by 40 basis points, as operating expenses increased by 11.4% while adjusted average capital grew 2.9%. The $13.9 million increase in operating expenses was primarily due to the seasonal impact of the following:
- An increase in fringe benefits, primarily due to an increase in accrued paid time off.
- An increase in payroll taxes as a result of both taxes that are subject to income limitations and the taxes on the annual vesting of equity awards during the first quarter of the year.
- An increase in sales commissions driven by higher unit volume during the first quarter of the year.
A decrease in adjusted revenue as a percentage of adjusted average capital, primarily due to adjusted average capital growing faster than adjusted average loans receivable due to an increase in cash and cash equivalents, partially offset by an increase in the yield on our adjusted loan portfolio. The increase in cash and cash equivalents was primarily due to the timing of recently completed debt issuances and a decline in Consumer Loan assignment volume.

The following tables provide a reconciliation of non-GAAP measures to GAAP measures. Certain amounts do not recalculate due to rounding.

(Dollars in millions, except per share data)	For the Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Sept. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sept. 30, 2023			Jun. 30, 2023
Adjusted net income
GAAP net income (loss)	$	106.3		$	151.9		$	78.8		$	(47.1)		$	64.3		$	93.6		$	70.8		$	22.2
Floating yield adjustment (after-tax)		(118.9)			(116.8)			(115.1)			(96.1)			(92.4)			(83.9)			(76.4)			(73.9)
GAAP provision for credit losses (after-tax)		124.6			95.0			142.2			246.9			143.2			126.1			142.1			192.9
Loss on sale of building (after-tax) (1)		—			—			—			18.3			—			—			—			—
Senior notes adjustment (after-tax)		—			—			—			—			—			(2.6)			(0.5)			(0.6)
Income tax adjustment (2)		2.8			(4.1)			3.2			4.4			2.3			(4.1)			3.5			(0.6)
Adjusted net income	$	114.8		$	126.0		$	109.1		$	126.4		$	117.4		$	129.1		$	139.5		$	140.0

Adjusted net income per diluted share (3)	$	9.35		$	10.17		$	8.79		$	10.29		$	9.28		$	10.06		$	10.70		$	10.69
Diluted weighted average shares outstanding		12,279,446			12,388,072			12,415,143			12,282,174			12,646,529			12,837,181			13,039,638			13,099,961

Adjusted revenue
GAAP total revenue	$	571.1		$	565.9		$	550.3		$	538.2		$	508.0		$	491.6		$	478.6		$	477.9
Floating yield adjustment		(154.5)			(151.8)			(149.4)			(124.8)			(120.0)			(108.9)			(99.3)			(96.1)
GAAP provision for claims		(16.1)			(17.7)			(18.5)			(20.3)			(17.0)			(16.6)			(16.5)			(19.7)
Adjusted revenue	$	400.5		$	396.4		$	382.4		$	393.1		$	371.0		$	366.1		$	362.8		$	362.1

Adjusted average capital
GAAP average debt	$	6,398.3		$	6,202.5		$	6,071.1		$	5,818.2		$	5,306.8		$	4,986.3		$	4,831.4		$	4,730.3
Deferred debt issuance adjustment		—			—			—			—			—			20.9			24.5			24.0
Senior notes debt adjustment		—			—			—			—			—			2.8			3.4			3.4
Adjusted average debt		6,398.3			6,202.5			6,071.1			5,818.2			5,306.8			5,010.0			4,859.3			4,757.7
GAAP average shareholders’ equity		1,782.0			1,712.3			1,594.2			1,623.5			1,678.5			1,734.3			1,731.3			1,752.6
Senior notes equity adjustment		—			—			—			—			—			2.0			2.9			3.4
Income tax adjustment (4)		(118.5)			(118.5)			(118.5)			(118.5)			(118.5)			(118.5)			(118.5)			(118.5)
Floating yield adjustment		820.8			837.0			840.8			710.1			641.0			606.5			548.9			433.9
Adjusted average equity		2,484.3			2,430.8			2,316.5			2,215.1			2,201.0			2,224.3			2,164.6			2,071.4
Adjusted average capital	$	8,882.6		$	8,633.3		$	8,387.6		$	8,033.3		$	7,507.8		$	7,234.3		$	7,023.9		$	6,829.1
Adjusted revenue as a percentage of adjusted average capital (5)		18.0	%		18.4	%		18.2	%		19.6	%		19.8	%		20.2	%		20.7	%		21.2	%

Adjusted loans receivable
GAAP loans receivable, net	$	7,978.2		$	7,850.3		$	7,781.5		$	7,547.7		$	7,345.6		$	6,955.3		$	6,780.5		$	6,610.3
Floating yield adjustment		1,079.8			1,072.4			1,100.8			1,065.6			869.7			803.8			748.9			663.7
Adjusted loans receivable	$	9,058.0		$	8,922.7		$	8,882.3		$	8,613.3		$	8,215.3		$	7,759.1		$	7,529.4		$	7,274.0

Adjusted loan yield
GAAP finance charges	$	526.7		$	518.2		$	507.6		$	497.7		$	469.2		$	451.6		$	441.7		$	441.0
Floating yield adjustment		(154.5)			(151.8)			(149.4)			(124.8)			(120.0)			(108.9)			(99.3)			(96.1)
Adjusted finance charges	$	372.2		$	366.4		$	358.2		$	372.9		$	349.2		$	342.7		$	342.4		$	344.9

GAAP average loans receivable, net	$	7,882.4		$	7,831.4		$	7,690.9		$	7,499.2		$	7,101.3		$	6,867.8		$	6,690.8		$	6,596.6
Average floating yield adjustment		1,048.9			1,071.4			1,072.2			903.2			819.7			775.6			701.0			552.8
Adjusted average loans receivable	$	8,931.3		$	8,902.8		$	8,763.1		$	8,402.4		$	7,921.0		$	7,643.4		$	7,391.8		$	7,149.4
Adjusted finance charges as a percentage of adjusted average loans receivable (5)		16.7	%		16.5	%		16.4	%		17.8	%		17.6	%		17.9	%		18.5	%		19.3	%

^{(1)   The sale of one of our two office buildings in June 2024 resulted in a loss on the sale of the asset. As this transaction is both unusual and infrequent in nature, we applied this adjustment to remove the impact of the loss on sale of building from our adjusted net income.}
^{(2)   Adjustment to record taxes at our estimated long-term effective income tax rate of 23%.}
^{(3)   Net income per diluted share is computed independently for each of the quarters presented. Therefore, the sum of quarterly net income per diluted share information may not equal year-to-date net income per diluted share.}
^{(4)   The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in the reversal of $118.5 million of provision for income taxes to reflect the new federal statutory income tax rate. This adjustment removes the impact of this reversal from adjusted average capital. We believe the income tax adjustment provides a more accurate reflection of the performance of our business as we are recognizing provision for income taxes at the applicable long-term effective tax rate for the period.}
^{(5)   Annualized.}

(Dollars in millions)	For the Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Sept. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sept. 30, 2023			Jun. 30, 2023
Adjusted interest expense (after-tax)
GAAP interest expense	$	114.7		$	111.3		$	111.2		$	104.5		$	92.5		$	78.8		$	70.5		$	62.8
Senior notes adjustment		—			—			—			—			—			3.5			0.7			0.7
Adjusted interest expense (pre-tax)		114.7			111.3			111.2			104.5			92.5			82.3			71.2			63.5
Adjustment to record tax effect (1)		(26.4)			(25.6)			(25.6)			(24.0)			(21.3)			(18.9)			(16.4)			(14.6)
Adjusted interest expense (after-tax)	$	88.3		$	85.7		$	85.6		$	80.5		$	71.2		$	63.4		$	54.8		$	48.9

Adjusted return on capital (2)
Adjusted net income	$	114.8		$	126.0		$	109.1		$	126.4		$	117.4		$	129.1		$	139.5		$	140.0
Adjusted interest expense (after-tax)		88.3			85.7			85.6			80.5			71.2			63.4			54.8			48.9
Adjusted net income plus adjusted interest expense (after-tax)	$	203.1		$	211.7		$	194.7		$	206.9		$	188.6		$	192.5		$	194.3		$	188.9

Reconciliation of GAAP return on equity to adjusted return on capital (5)
GAAP return on equity (3)		23.9	%		35.5	%		19.8	%		-11.6	%		15.3	%		21.6	%		16.4	%		5.1	%
Non-GAAP adjustments		-14.7	%		-25.7	%		-10.5	%		21.9	%		-5.2	%		-11.0	%		-5.3	%		6.0	%
Adjusted return on capital (2)		9.2	%		9.8	%		9.3	%		10.3	%		10.1	%		10.6	%		11.1	%		11.1	%

Economic profit
Adjusted return on capital		9.2	%		9.8	%		9.3	%		10.3	%		10.1	%		10.6	%		11.1	%		11.1	%
Cost of capital (4) (5)		7.6	%		7.4	%		7.3	%		7.5	%		7.3	%		7.6	%		7.1	%		6.7	%
Adjusted return on capital in excess of cost of capital		1.6	%		2.4	%		2.0	%		2.8	%		2.8	%		3.0	%		4.0	%		4.4	%
Adjusted average capital	$	8,882.6		$	8,633.3		$	8,387.6		$	8,033.3		$	7,507.8		$	7,234.3		$	7,023.9		$	6,829.1
Economic profit	$	35.3		$	51.3		$	41.4		$	56.2		$	51.4		$	55.9		$	69.1		$	74.1

Reconciliation of GAAP net income (loss) to economic profit
GAAP net income (loss)	$	106.3		$	151.9		$	78.8		$	(47.1)		$	64.3		$	93.6		$	70.8		$	22.2
Non-GAAP adjustments		8.5			(25.9)			30.3			173.5			53.1			35.5			68.7			117.8
Adjusted net income		114.8			126.0			109.1			126.4			117.4			129.1			139.5			140.0
Adjusted interest expense (after-tax)		88.3			85.7			85.6			80.5			71.2			63.4			54.8			48.9
Adjusted net income plus adjusted interest expense (after-tax)		203.1			211.7			194.7			206.9			188.6			192.5			194.3			188.9
Less: cost of capital		167.8			160.4			153.3			150.7			137.2			136.6			125.2			114.8
Economic profit	$	35.3		$	51.3		$	41.4		$	56.2		$	51.4		$	55.9		$	69.1		$	74.1

Economic profit per diluted share (6)	$	2.87		$	4.14		$	3.33		$	4.58		$	4.06		$	4.35		$	5.30		$	5.66
Operating expenses as a percentage of adjusted average capital (5)		6.1	%		5.6	%		6.2	%		6.2	%		6.7	%		6.3	%		6.3	%		6.9	%
Percentage change in adjusted average capital compared to the same period in the prior year		18.3	%		19.3	%		19.4	%		17.6	%		14.6	%		11.5	%		8.8	%		6.2	%

^{(1)   Adjustment to record taxes at our estimated long-term effective income tax rate of 23%.}
^{(2)   Adjusted return on capital is defined as adjusted net income plus adjusted interest expense (after-tax) divided by adjusted average capital.}
^{(3) Calculated by dividing GAAP net income (loss) by GAAP average shareholders’ equity.}^{(4)   The cost of capital includes both a cost of equity and a cost of debt.  The cost of equity capital is determined based on a formula that considers the risk of the business and the risk associated with our use of debt.  The formula utilized for determining the cost of equity capital is as follows: (the average 30-year Treasury rate + 5%) + [(1 – tax rate) x (the average 30-year Treasury rate + 5% – pre-tax average cost of debt rate) x average debt/(average equity + average debt x tax rate)].  For the periods presented, the average 30-year Treasury rate and the adjusted pre-tax average cost of debt were as follows:}

	For the Three Months Ended
	Mar. 31, 2025		Dec. 31, 2024		Sept. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sept. 30, 2023		Jun. 30, 2023
Average 30-year Treasury rate	4.7	%	4.4	%	4.3	%	4.6	%	4.3	%	4.7	%	4.2	%	3.8	%
Pre-tax average cost of debt (5)	7.2	%	7.2	%	7.3	%	7.2	%	7.0	%	6.3	%	5.9	%	5.3	%

^{(5) Annualized.}
^{(6) Economic profit per diluted share is computed independently for each of the quarters presented. Therefore, the sum of quarterly economic profit per diluted share information may not equal year-to-date economic profit per diluted share.}

Floating Yield Adjustment

The net loan income (finance charge revenue less provision for credit losses expense) that we recognize over the life of a loan equals the cash we collect from the underlying Consumer Loan less the cash we pay to the dealer. We believe the economics of our business are best exhibited by recognizing loan revenue on a level-yield basis over the life of the loan based on expected future net cash flows. The purpose of this non-GAAP adjustment is to provide insight into our business by showing this level yield measure of income. Under GAAP, contractual amounts due in excess of the loan receivable balance at the time of assignment will be reflected as interest income, while contractual amounts due that are not expected to be collected are reflected in the provision for credit losses. Our non-GAAP floating yield adjustment recognizes the net effects of contractual interest income and expected credit losses in a single measure of finance charge revenue, consistent with how we manage our business. The floating yield adjustment recognizes revenue on a level-yield basis based upon expected future net cash flows, with any changes in expected future net cash flows, which are recognized immediately under GAAP as provision for credit losses, recognized over the remaining forecast period (up to 120 months after the origination date of the underlying Consumer Loans) for each individual dealer loan and purchased loan. The floating yield adjustment does not accelerate revenue recognition. Rather, it reduces revenue by taking amounts that are reported under GAAP as provision for credit losses and instead treating them as reductions of revenue over time.

Under the GAAP methodology we employ, which is known as the current expected credit loss model, or CECL, we are required to recognize:

a significant provision for credit losses expense at the time of the loan’s assignment to us for contractual net cash flows we do not expect to realize; and
finance charge revenue in subsequent periods that is significantly in excess of our expected yield.

Due to the GAAP treatment of contractual net cash flows we do not expect to realize at the time of loan assignment (i.e. significant expense at the time of loan assignment, which is offset by higher revenue in subsequent periods), we do not believe the GAAP methodology we employ provides sufficient transparency into the economics of our business, including our results of operations, financial condition, and financial leverage. Our floating yield adjustment enables us to provide measures of income that are not impacted by GAAP’s treatment of contractual net cash flows we do not expect to realize at the time of loan assignment. We believe the floating yield adjustment is presented in a manner which reflects both the economic reality of our business and how the business is managed and provides valuable supplemental information to help investors better understand our business, executive compensation, liquidity, and capital resources.

Senior Notes Adjustment (applied in periods prior to December 31, 2023)

This non-GAAP adjustment modifies our GAAP financial results to treat the issuance of certain senior notes as a refinancing of certain previously issued senior notes. Our historical adjusted financial information reflects application of the senior notes adjustment as described below in connection with (i) the issuance by us in 2014 of $300.0 million principal amount of 6.125% senior notes due 2021 (the “2021 senior notes”) and the related retirement of our 9.125% senior notes due 2017 (the “2017 senior notes”) and (ii) the issuance by us in 2019 of $400.0 million principal amount of 5.125% senior notes due 2024 (the “2024 senior notes”) and the related retirement of the 2021 senior notes and our 7.375% senior notes due 2023 (the “2023 senior notes”).

We issued the 2024 senior notes on December 18, 2019. We used a portion of the net proceeds from the 2024 senior notes to repurchase or redeem all of the $300.0 million outstanding principal amount of the 2021 senior notes, of which $148.2 million was repurchased on December 18, 2019 and the remaining $151.8 million was redeemed on January 17, 2020. We used the remaining net proceeds from the 2024 senior notes, together with borrowings under our revolving credit facility, to redeem in full the $250.0 million outstanding principal amount of the 2023 senior notes on March 15, 2020. Under GAAP, the fourth quarter of 2019 included (i) a pre-tax loss on extinguishment of debt of $1.8 million related to the repurchase of 2021 senior notes in the fourth quarter of 2019 and the redemption of the remaining 2021 senior notes in the first quarter of 2020 and (ii) additional interest expense of $0.3 million on $160.0 million of additional outstanding debt caused by the one month lag from the issuance of the 2024 senior notes and repurchase of 2021 senior notes in the fourth quarter of 2019 to the redemption of the remaining 2021 senior notes in the first quarter of 2020. Under GAAP, the first quarter of 2020 included (i) a pre-tax loss on extinguishment of debt of $7.4 million related to the redemption of 2023 senior notes in the first quarter of 2020 and (ii) additional interest expense of $0.4 million on $160.0 million of additional outstanding debt caused by the one month lag from the issuance of the 2024 senior notes and repurchase of 2021 senior notes in the fourth quarter of 2019 to the redemption of the remaining 2021 senior notes in the first quarter of 2020.

We issued the 2021 senior notes on January 22, 2014. On February 21, 2014, we used the net proceeds from the 2021 senior notes, together with borrowings under our revolving credit facilities, to redeem in full the $350.0 million outstanding principal amount of the 2017 senior notes. Under GAAP, the first quarter of 2014 included (i) a pre-tax loss on extinguishment of debt of $21.8 million related to the redemption of the 2017 senior notes in the first quarter of 2014 and (ii) additional interest expense of $1.4 million on $276.0 million of additional outstanding debt caused by the one month lag from the issuance of the 2021 senior notes to the redemption of the 2017 senior notes.

Under our non-GAAP approach, the loss on extinguishment of debt and additional interest expense that were recognized for GAAP purposes were in each case deferred as debt issuance costs to be recognized ratably as interest expense over the term of the newly issued notes. In addition, for adjusted average capital purposes, the impact of additional outstanding debt related to the lag from the issuance of the new notes to the redemption of the previously issued notes was in each case deferred to be recognized ratably over the term of the newly issued notes. Upon the issuance of the 2024 senior notes in the fourth quarter of 2019, the outstanding unamortized balances of the non-GAAP adjustments related to the 2021 senior notes were deferred and were recognized ratably over the term of the 2024 senior notes, until the repurchase and redemption of the 2024 senior notes in December 2023.

We believe the application of the senior notes adjustment as described above provides a more accurate reflection of the performance of our business, since we were recognizing the costs incurred with these transactions in a manner consistent with how we recognize the costs incurred when we periodically refinance our other debt facilities. We have determined not to apply the senior notes adjustments in connection with (i) the issuance by us in December 2023 of our 9.250% senior notes due 2028 and the related retirement of the 2024 senior notes or (ii) the issuance by us in February 2025 of our 6.625% senior notes due 2030 and the related retirement of the 2026 senior notes, because the adjustments would not be material.

Cautionary Statement Regarding Forward-Looking Information

We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all of our forward-looking statements. Statements in this release that are not historical facts, such as those using terms like “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “assume,” “forecast,” “estimate,” “intend,” “plan,” “target,” or similar expressions, and those regarding our future results, plans, and objectives, are “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements represent our outlook only as of the date of this release. Actual results could differ materially from these forward-looking statements since the statements are based on our current expectations, which are subject to risks and uncertainties. Factors that might cause such a difference include, but are not limited to, the factors set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) on February 12, 2025, and Item 1A in Part II of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the SEC on April 30, 2025, and other risk factors discussed herein or listed from time to time in our reports filed with the SEC and the following:

Industry, Operational, and Macroeconomic Risks

Our inability to accurately forecast and estimate the amount and timing of future collections could have a material adverse effect on results of operations.
Due to competition from traditional financing sources and non-traditional lenders, we may not be able to compete successfully.
Adverse changes in economic conditions, the automobile or finance industries, or the non-prime consumer market could adversely affect our financial position, liquidity, and results of operations, the ability of key vendors that we depend on to supply us with services, and our ability to enter into future financing transactions.
Reliance on third parties to administer our ancillary product offerings could adversely affect our business and financial results.
We are dependent on our senior management, and the loss of any of these individuals or an inability to hire additional team members could adversely affect our ability to operate profitably.
Our reputation is a key asset to our business, and our business may be affected by how we are perceived in the marketplace.
An outbreak of contagious disease or other public health emergency could materially and adversely affect our business, financial condition, liquidity, and results of operations.
The concentration in several states of automobile dealers who participate in our programs could adversely affect us.
Reliance on our outsourced business functions could adversely affect our business.
Our ability to hire and retain foreign engineering personnel could be hindered by immigration restrictions.
We may be unable to execute our business strategy due to current economic conditions.
Natural disasters, climate change, military conflicts, acts of war, terrorist attacks and threats, or the escalation of military activity in response to terrorist attacks or otherwise may negatively affect our business, financial condition, and results of operations.
Governmental or market responses to climate change and related environmental issues could have a material adverse effect on our business.
A small number of our shareholders have the ability to significantly influence matters requiring shareholder approval and such shareholders have interests which may conflict with the interests of our other security holders.

Capital and Liquidity Risks

We may be unable to continue to access or renew funding sources and obtain capital needed to maintain and grow our business.
The terms of our debt limit how we conduct our business.
A violation of the terms of our asset-backed secured financings or revolving secured warehouse facilities could have a material adverse impact on our operations.
Our substantial debt could negatively impact our business, prevent us from satisfying our debt obligations, and adversely affect our financial condition.
We may not be able to generate sufficient cash flows to service our outstanding debt and fund operations and may be forced to take other actions to satisfy our obligations under such debt.
Interest rate fluctuations may adversely affect our borrowing costs, profitability, and liquidity.
Reduction in our credit rating could increase the cost of our funding from, and restrict our access to, the capital markets and adversely affect our liquidity, financial condition, and results of operations.
We may incur substantially more debt and other liabilities. This could exacerbate further the risks associated with our current debt levels.
The conditions of the U.S. and international capital markets may adversely affect lenders with which we have relationships, causing us to incur additional costs and reducing our sources of liquidity, which may adversely affect our financial position, liquidity, and results of operations.

Technology and Cybersecurity Risks

Our dependence on technology could have a material adverse effect on our business.
We depend on secure information technology, and a breach of our systems or those of our third-party service providers could result in our experiencing significant financial, legal, and reputational exposure and could materially adversely affect our business, financial condition, and results of operations.
Our use of electronic contracts could impact our ability to perfect our ownership or security interest in Consumer Loans.
Failure to properly safeguard our proprietary business information or confidential consumer and team member personal information could subject us to liability, decrease our profitability, and damage our reputation.
The development and use of artificial intelligence presents risks and challenges that may adversely impact our business.

Legal and Regulatory Risks

Litigation we are involved in from time to time may adversely affect our financial condition, results of operations, and cash flows.
Changes in tax laws and the resolution of uncertain income tax matters could have a material adverse effect on our results of operations and cash flows from operations.
The regulations to which we are or may become subject could result in a material adverse effect on our business.

Other factors not currently anticipated by management may also materially and adversely affect our business, financial condition, and results of operations. We do not undertake, and expressly disclaim any obligation, to update or alter our statements, whether as a result of new information or future events or otherwise, except as required by applicable law.

Webcast Details

We will host a webcast on April 30, 2025 at 5:00 p.m. Eastern Time to discuss our first quarter results. The webcast can be accessed live by visiting the “Investor Relations” section of our website at ir.creditacceptance.com or by telephone as described below. Only persons accessing the webcast by telephone will be able to pose questions to the presenters during the webcast. A replay and transcript of the webcast will be archived in the “Investor Relations” section of our website.

To participate in the webcast by telephone, you must pre-register at https://register.vevent.com/register/BI27a0a72b8917474a9a1c5c1f1a465ad7, or through the link posted on the “Investor Relations” section of our website at ir.creditacceptance.com. Upon registration you will be provided with the dial-in number and a unique PIN to access the webcast by telephone.

Description of Credit Acceptance Corporation

We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.

Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit creditacceptance.com.

CREDIT ACCEPTANCE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

(Dollars in millions, except per share data)	For the Three Months Ended March 31,
		2025		2024
Revenue:
Finance charges	$	526.7	$	469.2
Premiums earned		23.5		21.9
Other income		20.9		16.9
Total revenue		571.1		508.0
Costs and expenses:
Salaries and wages		88.6		78.5
General and administrative		22.1		23.7
Sales and marketing		24.8		23.9
Total operating expenses		135.5		126.1

Provision for credit losses on forecast changes		76.3		87.2
Provision for credit losses on new Consumer Loan assignments		85.6		98.8
Total provision for credit losses		161.9		186.0

Interest		114.7		92.5
Provision for claims		16.1		17.0
Loss on extinguishment of debt		1.2		—
Total costs and expenses		429.4		421.6
Income before provision for income taxes		141.7		86.4
Provision for income taxes		35.4		22.1
Net income	$	106.3	$	64.3

Net income per share:
Basic	$	8.79	$	5.15
Diluted	$	8.66	$	5.08

Weighted average shares outstanding:
Basic		12,091,027		12,481,139
Diluted		12,279,446		12,646,529

CREDIT ACCEPTANCE CORPORATION
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

(Dollars in millions, except per share data)	As of
	March 31, 2025		December 31, 2024
ASSETS:
Cash and cash equivalents	$	528.8	$	343.7
Restricted cash and cash equivalents		591.8		501.3
Restricted securities available for sale		109.0		106.4

Loans receivable		11,476.7		11,289.1
Allowance for credit losses		(3,498.5)		(3,438.8)
Loans receivable, net		7,978.2		7,850.3

Property and equipment, net		13.7		14.7
Income taxes receivable		6.4		4.2
Other assets		30.1		34.0
Total assets	$	9,258.0	$	8,854.6

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Liabilities:
Accounts payable and accrued liabilities	$	377.0	$	315.8
Revolving secured lines of credit		1.4		0.1
Secured financing		5,618.0		5,361.5
Senior notes		1,085.8		991.3
Deferred income taxes, net		320.9		319.1
Income taxes payable		144.0		117.2
Total liabilities		7,547.1		7,105.0

Shareholders’ Equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized, none issued		—		—
Common stock, $.01 par value, 80,000,000 shares authorized, 11,747,851 and 12,048,151 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively		0.1		0.1
Paid-in capital		351.7		335.1
Retained earnings		1,358.5		1,414.7
Accumulated other comprehensive income (loss)		0.6		(0.3)
Total shareholders’ equity		1,710.9		1,749.6
Total liabilities and shareholders’ equity	$	9,258.0	$	8,854.6

The MIL Network –

May 1, 2025

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

Source: GlobeNewswire (MIL-OSI)

NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) — Medallion Financial Corp. (NASDAQ: MFIN, “Medallion” or the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, along with offering loan origination services to fintech strategic partners, announced today its results for the quarter ended March 31, 2025.

March 31, 2025 First Quarter Highlights

Net income grew 20% to $12.0 million, or $0.50 per share, compared to $10.0 million, or $0.42 per share, in the prior year quarter.
Net interest income grew 7% to $51.4 million from $47.9 million in the prior year quarter.
Net interest margin on net loans was 8.25%, compared to 8.39% in the prior year quarter, and on gross loans it was 7.94%, compared to 8.10% in the prior year quarter.
Loan originations grew to $281.6 million, compared to $173.1 million in the prior year quarter, and included $136.2 million of strategic partnership loans in the current quarter compared to $15.7 million in the prior year quarter.
Loans grew 12% to $2.5 billion as of March 31, 2025, compared to $2.2 billion a year ago.
Credit loss provision increased to $22.0 million from $17.2 million in the prior year quarter.
The Company declared and paid a quarterly cash dividend of $0.11 per share.
Subsequent to March 31, 2025, the Board of Directors increased the quarterly cash dividend to $0.12 per share.

Executive Commentary – Andrew Murstein, President of Medallion

“Once again we are pleased with our bottom-line performance and the $0.50 per share earnings this quarter. We have done a great job pivoting fully away from our legacy taxi medallion lending business. Our consumer lending businesses continue to perform well. Our commercial division, Medallion Capital, which we acquired for approximately 1.1 million MFIN shares back in 1998, had another greater quarter and generated strong equity gains. Since 2015, Medallion Capital has generated $67 million of earnings for our shareholders.

We originated more than $280 million of loans during the quarter, with strategic partnership loans accounting for nearly half. Strategic partnership loan volume increased to $136 million this quarter up from just $16 million one year ago. We saw delinquencies in both of our consumer loan portfolios improve from a quarter ago.

Lastly, we are happy to announce that our board of directors has increased our quarterly dividend to $0.12 per share. We look forward to a bright future for our Company and continuing to deliver positive returns to our shareholders.”

Business Segment Highlights

Recreation Lending Segment

Originations were $86.8 million during the quarter, compared to $105.8 million a year ago.
Recreation loans, including loans held for investment and loans held for sale, grew 13% to $1.5 billion, or 62% of total loans, as of March 31, 2025, compared to $1.4 billion a year ago.
Interest income grew 15% to $50.5 million for the quarter, from $43.9 million in the prior year quarter.
The average interest rate was 15.01% at quarter-end, 15.10% excluding loans held sale, compared to 14.80% a year ago.
Recreation loans 90 days or more past due were $7.1 million, or 0.48% of gross recreation loans, as of March 31, 2025, compared to $6.4 million, or 0.48%, a year ago.
Allowance for credit loss was 5.00% at quarter-end for loans held for investment, compared to 4.40% a year ago.

Home Improvement Lending Segment

Originations were $48.8 million during the quarter, compared to $51.6 million a year ago.
Home improvement loans grew 8% to $812.4 million, or 33% of total loans, as of March 31, 2025, compared to $752.3 million a year ago.
Interest income grew 13% to $19.8 million for the quarter, from $17.4 million in the prior year quarter.
The average interest rate was 9.83% at quarter-end, compared to 9.60% a year ago.
Home improvement loans 90 days or more past due were $1.5 million, or 0.19% of gross home improvement loans, as of March 31, 2025, compared to $1.4 million, or 0.18%, a year ago.
Allowance for credit loss was 2.49% at quarter-end, compared to 2.38% a year ago.

Commercial Lending Segment

Commercial loans were $116.1 million at March 31, 2025, compared to $106.6 million a year ago.
The average interest rate on the portfolio was 13.14%, compared to 13.00% a year ago.

Taxi Medallion Lending Segment

The Company collected $2.6 million of cash on taxi medallion-related assets during the quarter.
Total net taxi medallion assets declined to $6.8 million, a 37% reduction from a year ago, and represented less than 0.5% of the Company’s total assets, as of March 31, 2025.

Capital Allocation

Quarterly Dividend

The Board of Directors declared a quarterly dividend of $0.12 per share, payable on May 30, 2025, to shareholders of record at the close of business on May 15, 2025.

Stock Repurchase Plan

During the first quarter of 2025, the Company repurchased 60,185 shares of its common stock at an average cost of $8.83 per share for $0.5 million.
As of March 31, 2025, the Company had $14.9 million remaining under its $40 million stock repurchase program.

Conference Call Information

The Company will host a conference call to discuss its first quarter financial results tomorrow, Thursday, May 1, 2025, at 9:00 a.m. Eastern time.

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

How to Participate

Date: Thursday, May 1, 2025
Time: 9:00 a.m. Eastern time
U.S. dial-in number: (833) 816-1412
International dial-in number: (412) 317-0504
Live webcast: Link to Webcast of 1Q25 Earnings Call

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

Replay Information

The webcast replay will be available at the Company’s IR website until the next quarter’s results are announced.

The conference call replay will be available following the end of the call through Thursday, May 8, 2025

U.S. dial-in number: (844) 512-2921
International dial-in number: (412) 317-6671
Passcode: 1019 8552

About Medallion Financial Corp.

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

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

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



MEDALLION FINANCIAL CORP. CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Dollars in thousands, except share and per share data)	March 31, 2025			December 31, 2024			March 31, 2024
Assets
Cash, cash equivalents, and federal funds sold	$	157,994		$	169,572		$	169,125
Investment securities		60,424			54,805			53,038
Equity investments		8,997			9,198			16,374
Loans held for sale, at lower of amortized cost or fair value		124,733			128,226			—
Loans		2,361,700			2,362,796			2,228,426
Allowance for credit losses		(100,366	)		(97,368	)		(83,827	)
Net loans receivable		2,261,334			2,265,428			2,144,599
Goodwill and intangible assets, net		169,588			169,949			171,033
Property, equipment, and right-of-use lease asset, net		12,814			13,756			14,024
Accrued interest receivable		14,437			15,314			12,673
Loan collateral in process of foreclosure		9,183			9,932			10,198
Other assets		28,234			32,426			27,698
Total assets	$	2,847,738		$	2,868,606		$	2,602,388
Liabilities
Deposits	$	2,022,828		$	2,090,071		$	1,879,061
Long-term debt		199,665			232,159			225,558
Short-term borrowings		111,750			49,000			32,500
Deferred tax liabilities, net		21,538			20,995			24,846
Operating lease liabilities		4,528			5,128			6,710
Accrued interest payable		6,610			8,231			6,077
Accounts payable and accrued expenses		31,807			24,064			26,186
Total liabilities		2,398,726			2,429,648			2,200,938
Total stockholders’ equity		380,224			370,170			349,036
Non-controlling interest in consolidated subsidiaries		68,788			68,788			68,788
Total equity		449,012			438,958			417,824
Total liabilities and equity	$	2,847,738		$	2,868,606		$	2,618,762
Number of shares outstanding		23,235,030			23,135,624			23,377,564
Book value per share	$	16.36		$	16.00		$	14.93


MEDALLION FINANCIAL CORP.‌ CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)‌

	Three Months Ended March 31,
(Dollars in thousands, except share and per share data)	2025		2024
Total interest income	$	75,425	$	67,070
Total interest expense		24,013		19,153
Net interest income		51,412		47,917
Provision for credit losses		22,014		17,201
Net interest income after provision for credit losses		29,398		30,716
Other income
Gain on equity investments, net		9,430		4,167
Gain on taxi medallion assets, net		843		629
Strategic partnership fees		685		326
Other income		641		281
Total other income, net		11,599		5,403
Other expenses
Salaries and employee benefits		9,993		9,457
Loan servicing fees		2,817		2,470
Collection costs		1,537		1,467
Regulatory fees		821		977
Professional fee costs, net		1,750		771
Rent expense		675		657
Amortization of intangible assets		361		361
Other expenses		2,804		2,065
Total other expenses		20,758		18,225
Income before income taxes		20,239		17,894
Income tax provision		6,713		6,358
Net income after taxes		13,526		11,536
Less: income attributable to the non-controlling interest		1,512		1,512
Total net income attributable to Medallion Financial Corp.	$	12,014	$	10,024
Basic net income per share	$	0.53	$	0.44
Diluted net income per share	$	0.50	$	0.42
Weighted average common shares outstanding
Basic		22,570,797		22,641,385
Diluted		23,897,167		23,765,045
Dividends declared per common share	$	0.12	$	0.10

The MIL Network –

May 1, 2025

MIL-OSI: Pathfinder Bancorp, Inc. Announces Financial Results for First Quarter 2025

Source: GlobeNewswire (MIL-OSI)

OSWEGO, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — Pathfinder Bancorp, Inc. (“Pathfinder” or the “Company”) (NASDAQ: PBHC) announced its financial results for the first quarter ended March 31, 2025.

The holding company for Pathfinder Bank (“the Bank”) earned net income attributable to common shareholders of $3.0 million or $0.41 per diluted share in the first quarter of 2025, compared to $2.1 million or $0.34 per share in the first quarter of 2024. In the fourth quarter of 2024, the Company reported net income attributable to common shareholders of $3.9 million or $0.63 per share, and included a benefit of approximately $1.4 million from a gain on the sale of its insurance agency, net of taxes and transaction-related expenses.

First Quarter 2025 Highlights and Key Developments

Total deposits were $1.26 billion at period end, and grew by 5.0% in the first quarter and 10.3% from March 31, 2024. Core deposits also grew to 78.31% of total deposits at period end from 76.86% on December 31, 2024 and 69.17% on March 31, 2024. In addition to funding lending activity in the quarter, the Company’s low-cost deposits enabled reductions in higher-cost borrowings to $44.6 million at period end, down 49.3% in the first quarter and 67.5% from March 31, 2024.
Total loans were $912.2 million at period end, compared to $919.0 million on December 31, 2024 and $891.5 million on March 31, 2024. Commercial loans were $542.7 million or 59.5% of total loans at period end, compared to $539.7 million on December 31, 2024 and $525.6 million on March 31, 2024.
Nonperforming loans declined to $13.2 million at period end, and improved by 40.1% during the first quarter and 32.7% from March 31, 2024. Nonperforming loans also declined to 1.45% of total loans at period end, and improved from 2.40% on December 31, 2024 and 2.20% on March 31, 2024.
Net interest income was $11.4 million, and increased $1.0 million from the linked quarter and $2.0 million from the first quarter of 2024, while net interest margin (“NIM”) expanded to 3.31% from 3.02% in the fourth quarter of 2024 and 2.75% in the year-ago period. Approximately $347,000 of net interest income and 10 basis points of NIM in the first quarter of 2025 reflected 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees.
Pre-tax, pre-provision (“PTPP”) net income grew to $4.2 million, and increased 26.0% from the linked quarter and 16.9% from the year-ago period. PTPP net income, which is not a financial metric under generally accepted accounting principles (“GAAP”), is a measure that the Company believes is helpful to understanding profitability without giving effect to income taxes and provision for credit losses.
The efficiency ratio improved to 66.84%, down from 72.01% in the linked quarter and 68.29% in the year-ago period. The efficiency ratio, which is not a financial metric under GAAP, is a measure that the Company believes is helpful to understanding its level of non-interest expense as a percentage of total revenue.

“Pathfinder’s solid first quarter results reflect the strength of our balance sheet and our growing core deposit franchise. Our continued focus on disciplined loan and deposit pricing has helped expand net interest margin in a challenging economic environment while our efforts toward optimizing non-interest expenses have improved our efficiency measures,” said President and Chief Executive Officer James A. Dowd. “We remain deeply committed to strengthening our proactive credit risk management practices and view our current efforts as the beginning of a sustained, long-term strategy to enhance the quality of our loan portfolio.”

Dowd added, “Our strong results this year and the close relationships we’ve built with businesses and neighbors throughout Central New York give us good reason to feel optimistic. Major investments in our region’s growing tech sector are creating new opportunities, and we’re proud to be part of that momentum. At the same time, we’re staying close to our customers and keeping a careful eye on how recent economic changes and national policy decisions are affecting families and local businesses across our communities.”

Net Interest Income and Net Interest Margin
First quarter 2025 net interest income was $11.4 million, an increase of $1.0 million, or 10.0%, from the fourth quarter of 2024. A decrease in interest and dividend income of $85,000 from the linked quarter was primarily attributed to average yield decreases of 43 basis points on tax-exempt investment securities and 25 basis points on taxable investment securities, partially offset by a 10 basis points increase in the average yield on loans that included 15 basis points from 2024 interest recovered from loans removed from nonaccrual status and income from prepayment fees. The corresponding decreases in income from tax-exempt and taxable investment securities from the linked quarter were $43,000 and $198,000, respectively. The increase in interest from loans of $149,000 from the prior quarter reflected a benefit of approximately $347,000, including $247,000 of 2024 interest recovered from loans removed from nonaccrual status and $100,000 of first quarter 2025 prepayment fees.

A decrease in interest expense of $1.1 million from the linked quarter was primarily attributed to average cost decreases of 36 basis points for interest-bearing deposits and 143 basis points for borrowings. The corresponding decreases in deposits and borrowings expense from the linked quarter were $878,000 and $226,000, respectively. These reductions reflect continued changes in the Bank’s funding mix, including growing core deposits, as well as deliberate deposit pricing adjustments and significant reductions in borrowings.

Net interest margin was 3.31% in the first quarter of 2025 compared to 3.02% in the linked quarter. The increase reflected significant reductions in deposit and borrowing costs, as well as a benefit of 10 basis points from 2024 recovered interest and first quarter 2025 prepayment fees.

Noninterest Income
First quarter 2025 noninterest income totaled $1.2 million and no longer includes contributions from the insurance agency business sold in October 2024. Linked quarter noninterest income totaled $4.9 million, including $3.2 million in non-recurring pre-tax gains and revenues associated with the sale of the Company’s insurance agency in 2024. First quarter 2024 noninterest income totaled $1.7 million, including $397,000 in insurance revenue.

Compared to the linked quarter, first quarter 2025 noninterest income reflected a reduction of $264,000 in debit card interchange fees driven by $158,000 of non-recurring catch up expenses and seasonal reductions estimated at $100,000, as well as decreases of $31,000 in service charges on deposit accounts and $7,000 in earnings and gain on bank owned life insurance (“BOLI”). Compared to the linked quarter, first quarter 2025 noninterest income also reflected increases of $52,000 in net realized gains on sales of marketable equity securities and $26,000 in gains on sales of loans and foreclosed real estate, as well as a decrease of $257,000 in net realized gains on sales and redemptions of investment securities.

Compared to the year-ago period, first quarter 2025 noninterest income included increases of $65,000 in service charges on deposit accounts, $13,000 in loan servicing fees, and $5,000 in earnings and gain on BOLI, as well as a decline of $118,000 in debit card interchange fees driven by $158,000 of non-recurring catch up expenses related to prior periods. Noninterest income growth from the year-ago quarter also reflected a $140,000 decrease in net realized losses on sales and redemptions of investment securities and increases of $110,000 in net realized gains on sales of marketable equity securities and $47,000 in gains on sales of loans and foreclosed real estate.

Noninterest Expense
Noninterest expense totaled $8.4 million in the first quarter of 2025 and no longer includes costs for the insurance agency business sold in October 2024. Noninterest expense was $8.5 million in the linked quarter and $7.7 million in the year-ago period, including expenses associated with the insurance agency of $456,000 and $285,000, respectively.

Salaries and benefits were $4.5 million in the first quarter of 2025, increasing $327,000 from the linked quarter and $121,000 from the year-ago period. The increase from the linked quarter reflected a $174,000 increase in stock-based compensation and a $96,000 increase in payroll tax. The increase from the first quarter of 2024 was primarily attributed to a $95,000 increase in stock-based compensation and $123,000 in other salary and benefits expenses associated with personnel in the East Syracuse branch acquired in July 2024.

Building and occupancy was $1.3 million in the first quarter of 2025, increasing $93,000 and $531,000 from the linked and year-ago quarters, respectively. The increase from the linked quarter reflected an $89,000 seasonal increase in utilities and snow removal expenses. The increase from the first quarter of last year was primarily due to ongoing facilities-related costs associated with operating the East Syracuse branch acquired in July 2024.

Data processing expense was $666,000 in the first quarter of 2025, decreasing $55,000 from the linked quarter and increasing $138,000 from the year-ago period. The decrease from the fourth quarter of 2024 was primarily attributed to a $42,000 ATM processing expense for new customer card issuances. The increase from the first quarter of 2024 was primarily attributed to the ongoing operations of the East Syracuse branch acquired in July 2024.

Annualized noninterest expense represented 2.33% of average assets in the first quarter of 2025, compared to 2.33% and 2.16% in the linked and year-ago periods, including costs associated with transactions of the divested insurance agency business. The efficiency ratio was 66.84% in the first quarter of 2025, compared to 72.01% and 68.29% in the linked and year-ago periods. The efficiency ratio, which is not a financial metric under GAAP, is a measure that the Company believes is helpful to understanding its level of non-interest expense as a percentage of total revenue.

Net Income
For the first quarter of 2025, net income attributable to common shareholders was $3.0 million, or $0.48 per basic share and $0.41 per diluted share. The difference between basic and diluted earnings per share reflects the accounting impact of restricted stock units granted to senior executive officers during the period under the 2024 Equity Incentive Plan, which was approved by shareholders at the 2024 annual meeting. Linked quarter net income was $3.9 million, including a net benefit of approximately $1.4 million from the gain on the sale of its insurance agency, or $0.63 per basic and diluted share. First quarter 2024 net income totaled $2.2 million or $0.34 per basic and diluted share.

Statement of Financial Condition
As of March 31, 2025, the Company’s statement of financial condition reflects total assets of $1.50 billion, compared to $1.47 billion and $1.45 billion recorded on December 31, 2024 and March 31, 2024, respectively.

Loans totaled $912.2 million on March 31, 2025, decreasing 0.7% during the first quarter and increasing 2.3% from one year prior. Consumer and residential loans totaled $371.0 million on March 31, 2025, decreasing 2.6% during the first quarter and increasing 1.2% from one year prior. Commercial loans totaled $542.7 million on March 31, 2025, increasing 0.6% during the first quarter and 3.3% from one year prior.

With respect to liabilities, deposits totaled $1.26 billion on March 31, 2025, increasing 5.0% during the first quarter and 10.3% from one year prior. The Company also utilized its lower cost liquidity to reduce total borrowings, which were $44.6 million on March 31, 2025 as compared to $88.1 million on December 31 and $137.4 million on March 31, 2024.

Shareholders’ equity totaled $124.9 million on March 31, 2025, increasing $3.4 million or 2.8% in the first quarter and increasing $3.1 million or 2.5% from one year prior. Compared to the prior quarter, the first quarter 2025 increase primarily reflects a $2.3 million increase in retained earnings, a $712,000 decrease in accumulated other comprehensive loss (“AOCL”), and a $353,000 increase in additional paid in capital. The noncontrolling interest, previously included in equity on the Statements of Financial Condition, was eliminated in October 2024 upon the sale of the Company’s 51% ownership interest in the insurance agency.

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

Nonperforming loans were $13.2 million or 1.45% of total loans on March 31, 2025, improving from $22.1 million or 2.40% of total loans on December 31, 2024 and $19.7 million or 2.20% of total loans on March 31, 2024.

Net charge offs (“NCOs”) after recoveries were $340,000 or an annualized 0.15% of average loans in the first quarter of 2025, with gross charge offs for consumer loans, purchased loan pools, and commercial loans offsetting recoveries in each of these categories. NCOs were $1.0 million or an annualized 0.44% of average loans in the linked quarter and $30,000 or 0.01% in the prior year period.

Provision for credit loss expense was $457,000 in the first quarter of 2025 reflecting lower levels of nonperforming loans and NCOs in the period and qualitative factors in the Company’s reserve model. The provision was $988,000 and $726,000 in the linked and year-ago quarters, respectively.

The Company believes it is sufficiently collateralized and reserved, with an Allowance for Credit Losses (“ACL”) of $17.4 million on March 31, 2025, compared to $17.2 million on December 31, 2024 and $16.7 million on March 31, 2024. As a percentage of total loans, ACL represented 1.91% on March 31, 2025, 1.88% on December 31, 2024, and 1.87% on March 31, 2024.

Liquidity
The Company has diligently ensured a strong liquidity profile as of March 31, 2025 to meet its ongoing financial obligations. The Bank’s liquidity management, as evaluated by its cash reserves and operational cash flows from loan repayments and investment securities, remains robust and is effectively managed by the institution’s leadership.

The Bank’s analysis indicates that expected cash inflows from loans and investment securities are more than sufficient to meet all projected financial obligations. Total deposits were $1.26 billion on March 31, 2025, $1.20 billion on December 31, 2024, and $1.15 billion on March 31, 2024. Core deposits represented 78.31% of total deposits on March 31, 2025, 76.86% on December 31, 2024, and 69.17% on March 31, 2024. The Bank continues to implement strategic initiatives to enhance its core deposit franchise, including targeted marketing campaigns and customer engagement programs aimed at deepening banking relationships and enhancing deposit stability.

At the end of the current quarter, Pathfinder Bancorp had an available additional funding capacity of $133.3 million with the Federal Home Loan Bank of New York, which complements its liquidity reserves. Moreover, the Bank maintains additional unused credit lines totaling $46.6 million, which provide a buffer for additional funding needs. These facilities, including access to the Federal Reserve’s Discount Window, are part of a comprehensive liquidity strategy that ensures flexibility and readiness to respond to any funding requirements.

Cash Dividend Declared
On March 31, 2025, Pathfinder’s Board of Directors declared a cash dividend of $0.10 per share for holders of both voting common and non-voting common stock.

In addition, this dividend also extends to the notional shares of the Company’s warrants. Shareholders registered by April 18, 2025 will be eligible for the dividend, which is scheduled for disbursement on May 9, 2025. This distribution aligns with Pathfinder Bancorp’s philosophy of consistent and reliable delivery of shareholder value.

Evaluating the Company’s market performance, the closing stock price as of March 31, 2025 stood at $16.44 per share. This positions the annualized dividend yield at 2.43%.

About Pathfinder Bancorp, Inc.

Pathfinder Bancorp, Inc. (NASDAQ: PBHC) is the commercial bank holding company for Pathfinder Bank, which serves Central New York customers throughout Oswego, Syracuse, and their neighboring communities. Strategically located branches averaging over $100 million in deposits per location, as well as diversified consumer, mortgage, and commercial loan portfolios, reflect the state-chartered Bank’s commitment to in-market relationships and local customer service. The Company also offers investment services to individuals and businesses. At March 31, 2025, the Oswego-headquartered Company had assets of $1.50 billion, loans of $912.2 million, and deposits of $1.26 billion. More information is available at pathfinderbank.com and ir.pathfinderbank.com.

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

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

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

PATHFINDER BANCORP, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands, except per share amounts)

	2025			2024
SELECTED BALANCE SHEET DATA:	March 31,			December 31,			September 30,			June 30,			March 31,
ASSETS:
Cash and due from banks	$	18,606		$	13,963		$	18,923		$	12,022		$	13,565
Interest-earning deposits		32,862			17,609			16,401			19,797			15,658
Total cash and cash equivalents		51,468			31,572			35,324			31,819			29,223
Available-for-sale securities, at fair value		284,051			269,331			271,977			274,977			279,012
Held-to-maturity securities, at amortized cost		155,704			158,683			161,385			166,271			172,648
Marketable equity securities, at fair value		4,401			4,076			3,872			3,793			3,342
Federal Home Loan Bank stock, at cost		2,906			4,590			5,401			8,702			7,031
Loans		912,150			918,986			921,660			888,263			891,531
Less: Allowance for credit losses		17,407			17,243			17,274			16,892			16,655
Loans receivable, net		894,743			901,743			904,386			871,371			874,876
Premises and equipment, net		19,233			19,009			18,989			18,878			18,332
Assets held-for-sale		–			–			–			3,042			3,042
Operating lease right-of-use assets		1,356			1,391			1,425			1,459			1,493
Finance lease right-of-use assets		16,478			16,676			16,873			4,004			4,038
Accrued interest receivable		6,748			6,881			6,806			7,076			7,170
Foreclosed real estate		–			–			–			60			82
Intangible assets, net		5,832			5,989			6,217			76			80
Goodwill		5,056			5,056			5,752			4,536			4,536
Bank owned life insurance		24,889			24,727			24,560			24,967			24,799
Other assets		22,472			25,150			20,159			25,180			23,968
Total assets	$	1,495,337		$	1,474,874		$	1,483,126		$	1,446,211		$	1,453,672

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Deposits:
Interest-bearing deposits	$	1,061,166		$	990,805		$	986,103		$	932,132		$	969,692
Noninterest-bearing deposits		203,314			213,719			210,110			169,145			176,421
Total deposits		1,264,480			1,204,524			1,196,213			1,101,277			1,146,113
Short-term borrowings		27,000			61,000			60,315			127,577			91,577
Long-term borrowings		17,628			27,068			39,769			45,869			45,869
Subordinated debt		30,156			30,107			30,057			30,008			29,961
Accrued interest payable		844			546			236			2,092			1,963
Operating lease liabilities		1,560			1,591			1,621			1,652			1,682
Finance lease liabilities		16,655			16,745			16,829			4,359			4,370
Other liabilities		12,118			11,810			16,986			9,203			9,505
Total liabilities		1,370,441			1,353,391			1,362,026			1,322,037			1,331,040
Shareholders’ equity:
Voting common stock shares issued and outstanding		4,761,182			4,745,366			4,719,788			4,719,788			4,719,788
Voting common stock		48			47			47			47			47
Non-Voting common stock		14			14			14			14			14
Additional paid in capital		53,103			52,750			53,231			53,182			53,151
Retained earnings		80,163			77,816			73,670			78,936			77,558
Accumulated other comprehensive loss		(8,432	)		(9,144	)		(6,716	)		(8,786	)		(8,862	)
Unearned ESOP shares		–			–			–			(45	)		(90	)
Total Pathfinder Bancorp, Inc. shareholders’ equity		124,896			121,483			120,246			123,348			121,818
Noncontrolling interest		–			–			854			826			814
Total equity		124,896			121,483			121,100			124,174			122,632
Total liabilities and shareholders’ equity	$	1,495,337		$	1,474,874		$	1,483,126		$	1,446,211		$	1,453,672

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

		2025		2024
SELECTED INCOME STATEMENT DATA:	Q1			Q4			Q3			Q2			Q1
Interest and dividend income:
Loans, including fees	$	13,672		$	13,523		$	14,425		$	12,489		$	12,268
Debt securities:
Taxable		5,185			5,312			5,664			5,736			5,607
Tax-exempt		402			445			469			498			508
Dividends		93			164			149			178			129
Federal funds sold and interest-earning deposits		89			82			492			121			98
Total interest and dividend income		19,441			19,526			21,199			19,022			18,610
Interest expense:
Interest on deposits		6,945			7,823			7,633			7,626			7,411
Interest on short-term borrowings		545			700			1,136			1,226			1,114
Interest on long-term borrowings		65			136			202			201			194
Interest on subordinated debt		475			490			496			489			491
Total interest expense		8,030			9,149			9,467			9,542			9,210
Net interest income		11,411			10,377			11,732			9,480			9,400
Provision for (benefit from) credit losses:
Loans		504			988			9,104			304			710
Held-to-maturity securities		–			(5	)		(31	)		(74	)		15
Unfunded commitments		(47	)		5			(104	)		60			1
Total provision for credit losses		457			988			8,969			290			726
Net interest income after provision for credit losses		10,954			9,389			2,763			9,190			8,674
Noninterest income:
Service charges on deposit accounts		374			405			392			330			309
Earnings and gain on bank owned life insurance		162			169			361			167			157
Loan servicing fees		101			96			79			112			88
Net realized (losses) gains on sales and redemptions of investment securities		(8	)		249			(188	)		16			(148	)
Gain on asset sale ^{1 & 2}		–			3,169			–			–			–
Net realized gains (losses) on sales of marketable equity securities		218			166			62			(139	)		108
Gains on sales of loans and foreclosed real estate		65			39			90			40			18
Loss on sale of premises and equipment		–			–			(36	)		–			–
Debit card interchange fees		1			265			300			191			119
Insurance agency revenue ¹		–			49			367			260			397
Other charges, commissions & fees		284			299			280			234			689
Total noninterest income		1,197			4,906			1,707			1,211			1,737
Noninterest expense:
Salaries and employee benefits		4,450			4,123			4,959			4,399			4,329
Building and occupancy		1,347			1,254			1,134			914			816
Data processing		666			721			672			550			528
Professional and other services		606			608			1,820			696			562
Advertising		141			218			165			116			105
FDIC assessments		229			231			228			228			229
Audits and exams		114			123			123			123			170
Insurance agency expense ¹		–			456			308			232			285
Community service activities		11			19			20			39			52
Foreclosed real estate expenses		21			20			27			30			25
Other expenses		691			771			803			581			605
Total noninterest expense		8,433			8,544			10,259			7,908			7,706
Income (loss) before provision for income taxes		3,718			5,751			(5,789	)		2,493			2,705
Provision (benefit) for income taxes		744			492			(1,173	)		481			532
Net income (loss) attributable to noncontrolling interest and Pathfinder Bancorp, Inc.		2,974			5,259			(4,616	)		2,012			2,173
Net income attributable to noncontrolling interest ¹		–			1,352			28			12			53
Net income (loss) attributable to Pathfinder Bancorp Inc.	$	2,974		$	3,907		$	(4,644	)	$	2,000		$	2,120
Voting Earnings per common share – basic	$	0.48		$	0.63		$	(0.75	)	$	0.32		$	0.34
Voting Earnings per common share – diluted	$	0.41		$	0.63		$	(0.75	)	$	0.32		$	0.34
Series A Non-Voting Earnings per common share- basic	$	0.48		$	0.63		$	(0.75	)	$	0.32		$	0.34
Series A Non-Voting Earnings per common share- diluted	$	0.41		$	0.63		$	(0.75	)	$	0.32		$	0.34
Dividends per common share (Voting and Series A Non-Voting)	$	0.10		$	0.10		$	0.10		$	0.10		$	0.10

¹ Although the Company owned 51% of its membership interest in FitzGibbons Agency, LLC (“Agency”) the Company is required to consolidate 100% of the Agency within the consolidated financial statements. The Company sold its 51% membership interest in the Agency in October 2024.
² The $3,169,000 consolidated gain on asset sale equals $1,616,000 associated with the Company’s 51% interest in the Agency plus $1,553,000 associated with the 49% noncontrolling interest.

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

		2025		2024
FINANCIAL HIGHLIGHTS:	Q1			Q4			Q3			Q2			Q1
Selected Ratios:
Return on average assets		0.81	%		1.07	%		-1.25	%		0.56	%		0.59	%
Return on average common equity		9.64	%		12.85	%		-14.79	%		6.49	%		7.01	%
Return on average equity		9.64	%		12.85	%		-14.79	%		6.49	%		7.01	%
Return on average tangible common equity ¹		10.52	%		14.17	%		-15.28	%		6.78	%		7.32	%
Net interest margin		3.31	%		3.02	%		3.34	%		2.78	%		2.75	%
Loans / deposits		72.14	%		76.29	%		77.05	%		80.66	%		77.79	%
Core deposits/deposits ²		78.31	%		76.86	%		77.45	%		67.98	%		69.17	%
Annualized non-interest expense / average assets		2.33	%		2.33	%		2.75	%		2.19	%		2.16	%
Commercial real estate / risk-based capital ³		182.62	%		186.73	%		189.47	%		169.73	%		163.93	%
Efficiency ratio ¹		66.84	%		72.01	%		75.28	%		74.08	%		68.29	%

Other Selected Data:
Average yield on loans		5.97	%		5.87	%		6.31	%		5.64	%		5.48	%
Average cost of interest bearing deposits		2.76	%		3.12	%		3.11	%		3.21	%		3.07	%
Average cost of total deposits, including non-interest bearing		2.29	%		2.59	%		2.59	%		2.72	%		2.61	%
Deposits/branch ⁴	$	105,373		$	100,377		$	99,684		$	100,116		$	104,192
Pre-tax, pre-provision net income ¹	$	4,183		$	3,321		$	3,368		$	2,767		$	3,579
Total revenue ¹	$	12,616		$	11,865		$	13,627		$	10,675		$	11,285

Share and Per Share Data:
Cash dividends per share	$	0.10		$	0.10		$	0.10		$	0.10		$	0.10
Book value per common share	$	20.33		$	19.83		$	19.71		$	20.22		$	19.97
Tangible book value per common share ¹	$	18.56		$	18.03		$	17.75		$	19.46		$	19.21
Basic and diluted weighted average shares outstanding – Voting		4,749			4,733			4,714			4,708			4,701
Basic earnings per share – Voting ⁵	$	0.48		$	0.63		$	(0.75	)	$	0.32		$	0.34
Diluted earnings per share – Voting ⁵	$	0.41		$	0.63		$	(0.75	)	$	0.32		$	0.34
Basic and diluted weighted average shares outstanding – Series A Non-Voting		1,380			1,380			1,380			1,380			1,380
Basic earnings per share – Series A Non-Voting ⁵	$	0.48		$	0.63		$	(0.75	)	$	0.32		$	0.34
Diluted earnings per share – Series A Non-Voting ⁵	$	0.41		$	0.63		$	(0.75	)	$	0.32		$	0.34
Common shares outstanding at period end		6,144			6,126			6,100			6,100			6,100

Pathfinder Bancorp, Inc. Capital Ratios:
Company tangible common equity to tangible assets ¹		7.68	%		7.54	%		7.36	%		8.24	%		8.09	%
Company Total Core Capital (to Risk-Weighted Assets)		15.89	%		15.66	%		15.55	%		16.19	%		16.23	%
Company Tier 1 Capital (to Risk-Weighted Assets)		12.24	%		12.00	%		11.84	%		12.31	%		12.33	%
Company Tier 1 Common Equity (to Risk-Weighted Assets)		11.75	%		11.51	%		11.33	%		11.83	%		11.85	%
Company Tier 1 Capital (to Assets)		8.82	%		8.64	%		8.29	%		9.16	%		9.16	%

Pathfinder Bank Capital Ratios:
Bank Total Core Capital (to Risk-Weighted Assets)		14.86	%		14.65	%		14.52	%		16.04	%		15.65	%
Bank Tier 1 Capital (to Risk-Weighted Assets)		13.61	%		13.40	%		13.26	%		14.79	%		14.39	%
Bank Tier 1 Common Equity (to Risk-Weighted Assets)		13.61	%		13.40	%		13.26	%		14.79	%		14.39	%
Bank Tier 1 Capital (to Assets)		9.80	%		9.64	%		9.13	%		10.30	%		10.13	%

¹ Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.
² Non-brokered deposits excluding certificates of deposit of $250,000 or more.
³ Construction and development, multifamily, and non-owner occupied CRE loans as a percentage of Pathfinder Bank total capital.
⁴ Includes 11 full-service branches and one motor bank for December 31 and September 30, 2024, respectively. Includes 10 full-service branches and one motor bank for all periods prior.
⁵ Basic and diluted earnings per share are calculated based upon the two-class method. Weighted average shares outstanding do not include unallocated ESOP shares.

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

		2025		2024
ASSET QUALITY:	Q1			Q4			Q3			Q2			Q1
Total loan charge-offs	$	508		$	1,191		$	8,812		$	112		$	68
Total recoveries		168			171			90			46			38
Net loan charge-offs		340			1,020			8,722			66			30
Allowance for credit losses at period end		17,407			17,243			17,274			16,892			16,655
Nonperforming loans at period end		13,232			22,084			16,170			24,490			19,652
Nonperforming assets at period end	$	13,232		$	22,084		$	16,170		$	24,550		$	19,734
Annualized net loan charge-offs to average loans		0.15	%		0.44	%		3.82	%		0.03	%		0.01	%
Allowance for credit losses to period end loans		1.91	%		1.88	%		1.87	%		1.90	%		1.87	%
Allowance for credit losses to nonperforming loans		131.55	%		78.08	%		106.83	%		68.98	%		84.75	%
Nonperforming loans to period end loans		1.45	%		2.40	%		1.75	%		2.76	%		2.20	%
Nonperforming assets to period end assets		0.88	%		1.50	%		1.09	%		1.70	%		1.36	%

	2025			2024
LOAN COMPOSITION:	March 31,			December 31,			September 30,			June 30,			March 31,
1-4 family first-lien residential mortgages	$	243,854		$	251,373		$	255,235		$	250,106		$	252,026
Residential construction		3,162			4,864			4,077			309			1,689
Commercial real estate		381,479			377,619			378,805			370,361			363,467
Commercial lines of credit		65,074			67,602			64,672			62,711			67,416
Other commercial and industrial		91,644			89,800			88,247			90,813			91,178
Paycheck protection program loans		96			113			125			136			147
Tax exempt commercial loans		4,446			4,544			2,658			3,228			3,374
Home equity and junior liens		52,315			51,948			52,709			35,821			35,723
Other consumer		71,681			72,710			76,703			75,195			77,106
Subtotal loans		913,751			920,573			923,231			888,680			892,126
Deferred loan fees		(1,601	)		(1,587	)		(1,571	)		(417	)		(595	)
Total loans	$	912,150		$	918,986		$	921,660		$	888,263		$	891,531

	2025		2024
DEPOSIT COMPOSITION:	March 31,		December 31,		September 30,		June 30,		March 31,
Savings accounts	$	129,898	$	128,753	$	129,053	$	106,048	$	111,465
Time accounts		349,673		360,716		352,729		368,262		378,103
Time accounts in excess of $250,000		149,922		142,473		140,181		117,021		114,514
Money management accounts		10,774		11,583		11,520		12,154		11,676
MMDA accounts		306,281		239,016		250,007		193,915		215,101
Demand deposit interest-bearing		109,941		101,080		97,344		128,168		134,196
Demand deposit noninterest-bearing		203,314		213,719		210,110		169,145		176,434
Mortgage escrow funds		4,677		7,184		5,269		6,564		4,624
Total deposits	$	1,264,480	$	1,204,524	$	1,196,213	$	1,101,277	$	1,146,113

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

		2025		2024
SELECTED AVERAGE BALANCES:	Q1			Q4			Q1
Interest-earning assets:
Loans	$	916,207		$	920,855		$	895,335
Taxable investment securities		416,558			412,048			431,114
Tax-exempt investment securities		34,475			34,918			29,171
Fed funds sold and interest-earning deposits		12,939			5,115			13,873
Total interest-earning assets		1,380,179			1,372,936			1,369,493
Noninterest-earning assets:
Other assets		114,882			112,654			94,677
Allowance for credit losses		(17,413	)		(17,145	)		(16,081	)
Net unrealized losses on available-for-sale securities		(9,947	)		(8,534	)		(11,187	)
Total assets	$	1,467,701		$	1,459,911		$	1,436,902
Interest-bearing liabilities:
NOW accounts	$	111,643		$	102,862		$	99,688
Money management accounts		10,906			11,371			11,653
MMDA accounts		256,186			257,429			213,897
Savings and club accounts		129,769			128,169			112,719
Time deposits		498,963			504,009			524,368
Subordinated loans		30,123			30,076			29,930
Borrowings		70,575			68,391			137,882
Total interest-bearing liabilities		1,108,165			1,102,307			1,130,137
Noninterest-bearing liabilities:
Demand deposits		206,137			206,521			169,748
Other liabilities		29,961			29,494			15,986
Total liabilities		1,344,263			1,338,322			1,315,871
Shareholders’ equity		123,438			121,589			121,031
Total liabilities & shareholders’ equity	$	1,467,701		$	1,459,911		$	1,436,902

		2025		2024
SELECTED AVERAGE YIELDS:	Q1			Q4			Q1
Interest-earning assets:
Loans		5.97	%		5.87	%		5.48	%
Taxable investment securities		5.07	%		5.32	%		5.32	%
Tax-exempt investment securities		4.66	%		5.10	%		6.97	%
Fed funds sold and interest-earning deposits		2.75	%		6.41	%		2.83	%
Total interest-earning assets		5.63	%		5.69	%		5.44	%
Interest-bearing liabilities:
NOW accounts		1.07	%		1.19	%		1.06	%
Money management accounts		0.11	%		0.11	%		0.10	%
MMDA accounts		3.06	%		3.23	%		3.61	%
Savings and club accounts		0.25	%		0.26	%		0.26	%
Time deposits		3.69	%		4.25	%		3.92	%
Subordinated loans		6.31	%		6.52	%		6.56	%
Borrowings		3.46	%		4.89	%		3.79	%
Total interest-bearing liabilities		2.90	%		3.32	%		3.26	%
Net interest rate spread		2.73	%		2.37	%		2.18	%
Net interest margin		3.31	%		3.02	%		2.75	%
Ratio of average interest-earning assets to average interest-bearing liabilities		124.55	%		124.55	%		121.18	%

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

		2025		2024
NON-GAAP RECONCILIATIONS:	Q1			Q4			Q3			Q2			Q1
Tangible book value per common share:
Total equity	$	124,896		$	121,483		$	120,246		$	123,348		$	121,818
Intangible assets		(10,888	)		(11,045	)		(11,969	)		(4,612	)		(4,616	)
Tangible common equity (non-GAAP)		114,008			110,438			108,277			118,736			117,202
Common shares outstanding		6,144			6,126			6,100			6,100			6,100
Tangible book value per common share (non-GAAP)	$	18.56		$	18.03		$	17.75		$	19.46		$	19.21
Tangible common equity to tangible assets:
Tangible common equity (non-GAAP)	$	114,008		$	110,438		$	108,277		$	118,736		$	117,202
Tangible assets		1,484,449			1,463,829			1,471,157			1,441,599			1,449,056
Tangible common equity to tangible assets ratio (non-GAAP)		7.68	%		7.54	%		7.36	%		8.24	%		8.09	%
Return on average tangible common equity:
Average shareholders’ equity	$	123,438		$	121,589		$	125,626		$	123,211		$	121,031
Average intangible assets		10,991			11,907			4,691			4,614			4,619
Average tangible equity (non-GAAP)		112,447			109,682			120,935			118,597			116,412
Net income (loss)		2,974			3,907			(4,644	)		2,000			2,120
Net income (loss), annualized	$	11,831		$	15,543		$	(18,475	)	$	8,044		$	8,527
Return on average tangible common equity (non-GAAP)¹		10.52	%		14.17	%		-15.28	%		6.78	%		7.32	%
Revenue, pre-tax, pre-provision net income, and efficiency ratio:
Net interest income	$	11,411		$	10,377		$	11,732		$	9,480		$	9,400
Total noninterest income		1,197			4,906			1,707			1,211			1,737
Net realized (gains) losses on sales and redemptions of investment securities		(8	)		249			(188	)		16			(148	)
Gain on asset sale		–			3,169			–			–			–
Revenue (non-GAAP)²		12,616			11,865			13,627			10,675			11,285
Total non-interest expense		8,433			8,544			10,259			7,908			7,706
Pre-tax, pre-provision net income (non-GAAP)³	$	4,183		$	3,321		$	3,368		$	2,767		$	3,579
Efficiency ratio (non-GAAP)⁴		66.84	%		72.01	%		75.28	%		74.08	%		68.29	%

¹ Return on average tangible common equity equals annualized net income (loss) divided by average tangible equity
² Revenue equals net interest income plus total noninterest income less net realized gains or losses on sales and redemptions of investment securities and gain on sale of insurance agency
³ Pre-tax, pre-provision net income equals revenue less total non-interest expense
⁴ Efficiency ratio equals noninterest expense divided by revenue

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

The MIL Network –

May 1, 2025

MIL-OSI: Columbia Financial, Inc. Announces Financial Results for the First Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

FAIR LAWN, N.J., April 30, 2025 (GLOBE NEWSWIRE) — Columbia Financial, Inc. (the “Company”) (NASDAQ: CLBK), the mid-tier holding company for Columbia Bank (“Columbia”), reported net income of $8.9 million, or $0.09 per basic and diluted share, for the quarter ended March 31, 2025, as compared to a net loss of $1.2 million, or $0.01 per basic and diluted share, for the quarter ended March 31, 2024. Earnings for the quarter ended March 31, 2025 reflected higher net interest income due to both an increase in interest income and a decrease in interest expense, lower provision for credit losses and a decrease in non-interest expense, partially offset by higher income tax expense.

Mr. Thomas J. Kemly, President and Chief Executive Officer, commented: “During the first quarter of 2025, the Company was able to increase earnings, expand our net interest margin and reduce overall funding costs mainly due to a balance sheet repositioning strategy implemented in the fourth quarter of 2024. We also experienced solid loan growth and an increase in deposits while reducing our overall operating costs. It continues to be challenging to operate in such a volatile economic environment, but we are focused on managing the balance sheet mix and controlling operating expenses while remaining committed to investments in talent and systems that will support future growth.”

Results of Operations for the Three Months Ended March 31, 2025 and March 31, 2024

Net income of $8.9 million was recorded for the quarter ended March 31, 2025, an increase of $10.1 million, compared to a net loss of $1.2 million for the quarter ended March 31, 2024. The increase in net income was primarily attributable to an $8.1 million increase in net interest income, a $2.3 million decrease in provision for credit losses and a $1.8 million decrease in non-interest expense, partially offset by a $3.2 million increase in income tax expense.

Net interest income was $50.3 million for the quarter ended March 31, 2025, an increase of $8.1 million, or 19.3%, from $42.2 million for the quarter ended March 31, 2024. The increase in net interest income was primarily attributable to a $3.5 million increase in interest income and a $4.6 million decrease in interest expense on deposits and borrowings. The increase in interest income was primarily due to an increase in the average balance of loans coupled with an increase in average yields on loans and securities. During the fourth quarter of 2024 the Company implemented a balance sheet repositioning transaction which resulted in an increase in the average yield on securities and a decrease in the cost of borrowings, which had a notable impact on net interest income for the quarter ended March 31, 2025. The 100 basis point decrease in market interest rates during the last four months of 2024 contributed to a decrease in interest expense on borrowings during the quarter ended March 31, 2025. Prepayment penalties, which are included in interest income on loans, totaled $257,000 for the quarter ended March 31, 2025, compared to $268,000 for the quarter ended March 31, 2024.

The average yield on loans for the quarter ended March 31, 2025 increased 10 basis points to 4.89%, as compared to 4.79% for the quarter ended March 31, 2024. Interest income on loans increased due to an increase in both the average balance and yield on loans. The average yield on securities for the quarter ended March 31, 2025 increased 80 basis points to 3.45%, as compared to 2.65% for the quarter ended March 31, 2024. This was a result of lower yielding securities sold as part of the balance sheet repositioning transaction implemented in the fourth quarter of 2024, being replaced with higher yielding securities purchased in 2024 and the quarter ended March 31, 2025. The average yield on other interest-earning assets for the quarter ended March 31, 2025 decreased 31 basis points to 5.75%, as compared to 6.06% for the quarter ended March 31, 2024, due to a decrease in average interest rates received on cash balances, and a decrease in the dividend rate received on Federal Home Loan Bank stock.

Total interest expense was $61.8 million for the quarter ended March 31, 2025, a decrease of $4.6 million, or 6.9%, from $66.4 million for the quarter ended March 31, 2024. The decrease in interest expense was primarily attributable to a 1 basis point decrease in the average cost of interest-bearing deposits along with a 54 basis point decrease in the average cost of borrowings, coupled with a decrease in the average balance of borrowings, partially offset by an increase in the average balance of interest-bearing deposits. Interest expense on deposits increased $1.7 million, or 3.6%, and interest expense on borrowings decreased $6.3 million, or 35.1%.

The Company’s net interest margin for the quarter ended March 31, 2025 increased 36 basis points to 2.11%, when compared to 1.75% for the quarter ended March 31, 2024. The net interest margin increased for the quarter ended March 31, 2025 due to an increase in the average yield on interest-earning assets coupled with a decrease in the average cost of interest-bearing liabilities. The weighted average yield on interest-earning assets increased 19 basis points to 4.69% for the quarter ended March 31, 2025 as compared to 4.50% for the quarter ended March 31, 2024. The average cost of interest-bearing liabilities decreased 17 basis points to 3.21% for the quarter ended March 31, 2025 as compared to 3.38% for the quarter ended March 31, 2024.

The provision for credit losses for the quarter ended March 31, 2025 was $2.9 million, a decrease of $2.3 million, from $5.3 million for the quarter ended March 31, 2024. The decrease in provision for credit losses during the quarter was primarily due to a decrease in net charge-offs, which totaled $857,000 for the quarter ended March 31, 2025 as compared to $5.0 million for the quarter ended March 31, 2024.

Non-interest income was $8.5 million for the quarter ended March 31, 2025, an increase of $1.0 million, or 13.7%, from $7.5 million for the quarter ended March 31, 2024. The increase was primarily attributable to the loss on securities transactions of $1.3 million included in the 2024 period, and an increase of $475,000 in fees related to commercial account treasury services.

Non-interest expense was $43.8 million for the quarter ended March 31, 2025, a decrease of $1.8 million, or 4.0%, from $45.7 million for the quarter ended March 31, 2024. The decrease was primarily attributable to a decrease in professional fees of $2.1 million, as legal, regulatory and compliance-related costs decreased in the 2025 period, and a decrease in federal deposit insurance premiums of $475,000.

Income tax expense was $3.1 million for the quarter ended March 31, 2025, an increase of $3.2 million, as compared to an income tax benefit of $129,000 for the quarter ended March 31, 2024, mainly due to an increase in pre-tax income. The Company’s effective tax rate was 25.9% and 10.0% for the quarters ended March 31, 2025 and 2024, respectively. The effective tax rate for the 2024 period was primarily impacted by permanent income tax differences.

Balance Sheet Summary

Total assets increased $132.4 million, or 1.3%, to $10.6 billion at March 31, 2025 as compared to $10.5 billion at December 31, 2024. The increase in total assets was primarily attributable to an increase in debt securities available for sale of $51.4 million, and an increase in loans receivable, net, of $108.3 million, partially offset by a decrease in cash and cash equivalents of $33.1 million.

Cash and cash equivalents decreased $33.1 million, or 11.5%, to $256.1 million at March 31, 2025 from $289.2 million at December 31, 2024. The decrease was primarily attributable to purchases of securities of $84.7 million, and origination of loans receivable, partially offset by proceeds from principal repayments on securities of $41.2 million, and repayments on loans receivable.

Debt securities available for sale increased $51.4 million, or 5.0%, to $1.1 billion at March 31, 2025 from $1.0 billion at December 31, 2024. The increase was attributable to purchases of securities of $64.8 million, consisting primarily of U.S. government obligations and mortgage-backed securities, and a decrease in the gross unrealized loss on securities of $15.9 million, partially offset by repayments on securities of $29.1 million, and a partial call of a security of $756,000.

Loans receivable, net, increased $108.3 million, or 1.4%, to $8.0 billion at March 31, 2025 from $7.9 billion at December 31, 2024. Multifamily loans and commercial real estate loans increased $107.2 million and $89.5 million, respectively, partially offset by decreases in one-to-four family real estate loans, construction loans, commercial business loans, and home equity loans and advances of $34.4 million, $36.5 million, $8.0 million, and $5.6 million, respectively. The allowance for credit losses for loans increased $2.1 million to $62.0 million at March 31, 2025 from $60.0 million at December 31, 2024, primarily due to an increase in the outstanding balance of loans.

Total liabilities increased $112.4 million, or 1.2%, to $9.5 billion at March 31, 2025 from $9.4 billion at December 31, 2024. The increase was primarily attributable to an increase in total deposits of $98.8 million, or 1.2%, and an increase in borrowings of $27.0 million, or 2.5%, partially offset by a decrease in other liabilities of $15.2 million. The increase in total deposits consisted of increases in non-interest-bearing demand deposits, money market accounts and certificates of deposit of $52.2 million, $92.0 million, and $41.3 million, respectively, partially offset by decreases in interest-bearing demand deposits and savings and club accounts of $85.9 million and $788,000, respectively. The $27.0 million increase in borrowings was driven by a net increase in short-term borrowings of $67.0 million, coupled with new long-term borrowings of $20.0 million, partially offset by repayments of $60.0 million in maturing long-term borrowings.

Total stockholders’ equity increased $20.0 million, or 1.8%, with a balance of $1.1 billion at both March 31, 2025 and December 31, 2024. The increase in total stockholders’ equity was primarily attributable to net income of $8.9 million, and an increase of $9.3 million in other comprehensive income, which includes changes in unrealized losses on debt securities available for sale and unrealized gains on swap contracts, net of taxes, included in other comprehensive income.

Asset Quality

The Company’s non-performing loans at March 31, 2025 totaled $24.9 million, or 0.31% of total gross loans, as compared to $21.7 million, or 0.28% of total gross loans, at December 31, 2024. The $3.2 million increase in non-performing loans was primarily attributable to a $5.9 million construction loan designated as non-performing during the 2025 period, an increase in non-performing one-to-four family real estate loans of $835,000, and an increase in non-performing commercial real estate loans of $452,000, partially offset by a decrease in non-performing commercial business loans of $4.4 million. The $5.9 million non-performing construction loan represents the construction of a mixed use five-story building with both commercial space and apartments. The increase in non-performing one-to-four family real estate loans was due to an increase in the number of loans from 32 non-performing loans at December 31, 2024 to 38 loans at March 31, 2025. The increase in non-performing commercial real estate loans was due to an increase in the number of loans from four non-performing loans at December 31, 2024 to seven loans at March 31, 2025. The decrease in non-performing commercial business loans was primarily attributable to one loan with an outstanding balance of $4.3 million which was paid in full during the 2025 period. Non-performing assets as a percentage of total assets totaled 0.25% at March 31, 2025, as compared to 0.22% at December 31, 2024.

For the quarter ended March 31, 2025, net charge-offs totaled approximately $857,000, as compared to $5.0 million in net charge-offs recorded for the quarter ended March 31, 2024.

The Company’s allowance for credit losses on loans was $62.0 million, or 0.78% of total gross loans, at March 31, 2025, compared to $60.0 million, or 0.76% of total gross loans, at December 31, 2024. The increase in the allowance for credit losses for loans was primarily due to an increase in the outstanding balance of loans.

Additional Liquidity, Loan, and Deposit Information

The Company services a diverse retail and commercial deposit base through its 69 branches. With over 207,000 accounts, the average deposit account balance was approximately $40,000 at March 31, 2025.

Deposit balances are summarized as follows:

	At March 31, 2025				At December 31, 2024
	Balance		Weighted Average Rate		Balance		Weighted Average Rate
	(Dollars in thousands)

Non-interest-bearing demand	$	1,490,243	—	%	$	1,438,030	—	%
Interest-bearing demand		1,935,384	2.08			2,021,312	2.19
Money market accounts		1,333,668	2.84			1,241,691	2.82
Savings and club deposits		651,713	0.70			652,501	0.75
Certificates of deposit		2,783,927	4.08			2,742,615	4.24
Total deposits	$	8,194,935	2.40	%	$	8,096,149	2.47	%

The Company continues to maintain strong liquidity and capital positions. The Company had no outstanding borrowings from the Federal Reserve Discount Window at March 31, 2025. As of March 31, 2025, the Company had immediate access to approximately $2.8 billion of funding, with additional unpledged loan collateral of approximately $2.2 billion.

At March 31, 2025, the Company’s non-performing commercial real estate loans totaled $3.4 million, or 0.04%, of total loans receivable.

The following table presents multifamily real estate, owner occupied commercial real estate, and the components of investor owned commercial real estate loans included in the real estate loan portfolio.

	At March 31, 2025
	(Dollars in thousands)
	Balance		% of Gross Loans		Weighted Average Loan to Value Ratio		Weighted Average Debt Service Coverage
Multifamily Real Estate	$	1,567,862	19.6	%	58.0	%	1.58	x

Owner Occupied Commercial Real Estate	$	689,509	8.6	%	53.7	%	2.23	x

Investor Owned Commercial Real Estate:
Retail / Shopping centers	$	518,841	6.5	%	53.4	%	1.50	x
Mixed Use		220,391	2.8		58.0		1.57
Industrial / Warehouse		423,634	5.3		54.8		1.65
Non-Medical Office		189,617	2.4		51.1		1.65
Medical Office		118,547	1.5		60.0		1.46
Single Purpose		95,041	1.2		54.8		3.14
Other		173,849	2.2		51.3		1.75
Total	$	1,739,920	21.9	%	54.4	%	1.67	x

Total Multifamily and Commercial Real Estate Loans	$	3,997,291	50.1	%	55.7	%	1.73	x

As of March 31, 2025, the Company had less than $1.0 million in loan exposure to office or rent stabilized multifamily loans in New York City.

About Columbia Financial, Inc.

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

Forward Looking Statements

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

Non-GAAP Financial Measures

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

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

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


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Financial Condition (In thousands)

	March 31,		December 31,
	2025		2024
Assets	(Unaudited)
Cash and due from banks	$	255,978	$	289,113
Short-term investments		111		110
Total cash and cash equivalents		256,089		289,223

Debt securities available for sale, at fair value		1,077,331		1,025,946
Debt securities held to maturity, at amortized cost (fair value of $364,428, and $350,153 at March 31, 2025 and December 31, 2024, respectively)		400,975		392,840
Equity securities, at fair value		6,981		6,673
Federal Home Loan Bank stock		61,628		60,387

Loans receivable		8,027,308		7,916,928
Less: allowance for credit losses		62,034		59,958
Loans receivable, net		7,965,274		7,856,970

Accrued interest receivable		41,902		40,383
Office properties and equipment, net		82,592		81,772
Bank-owned life insurance		276,767		274,908
Goodwill and intangible assets		120,487		121,008
Other real estate owned		1,334		1,334
Other assets		316,490		324,049
Total assets	$	10,607,850	$	10,475,493

Liabilities and Stockholders’ Equity
Liabilities:
Deposits	$	8,194,935	$	8,096,149
Borrowings		1,107,588		1,080,600
Advance payments by borrowers for taxes and insurance		47,275		45,453
Accrued expenses and other liabilities		157,709		172,915
Total liabilities		9,507,507		9,395,117

Stockholders’ equity:
Total stockholders’ equity		1,100,343		1,080,376
Total liabilities and stockholders’ equity	$	10,607,850	$	10,475,493


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Consolidated Statements of Income (Loss) (In thousands, except per share data)

	Three Months Ended March 31,
	2025		2024
Interest income:	(Unaudited)
Loans receivable	$	95,110	$	92,949
Debt securities available for sale and equity securities		9,742		7,785
Debt securities held to maturity		2,811		2,369
Federal funds and interest-earning deposits		2,858		3,563
Federal Home Loan Bank stock dividends		1,642		1,961
Total interest income		112,163		108,627
Interest expense:
Deposits		50,145		48,418
Borrowings		11,693		18,009
Total interest expense		61,838		66,427

Net interest income		50,325		42,200

Provision for credit losses		2,933		5,278

Net interest income after provision for credit losses		47,392		36,922

Non-interest income:
Demand deposit account fees		1,888		1,413
Bank-owned life insurance		1,859		1,780
Title insurance fees		646		503
Loan fees and service charges		1,056		961
Loss on securities transactions		—		(1,256	)
Change in fair value of equity securities		308		351
Gain on sale of loans		515		185
Other non-interest income		2,199		3,515
Total non-interest income		8,471		7,452

Non-interest expense:
Compensation and employee benefits		28,583		27,513
Occupancy		6,185		5,973
Federal deposit insurance premiums		1,880		2,355
Advertising		531		626
Professional fees		2,515		4,634
Data processing and software expenses		4,061		3,967
Merger-related expenses		—		22
Other non-interest expense, net		90		568
Total non-interest expense		43,845		45,658

Income (loss) before income tax expense (benefit)		12,018		(1,284	)

Income tax expense (benefit)		3,118		(129	)

Net income (loss)	$	8,900	$	(1,155	)

Earnings (loss) per share-basic	$	0.09	$	(0.01	)
Earnings (loss) per share-diluted	$	0.09	$	(0.01	)
Weighted average shares outstanding-basic		101,816,716		101,746,740
Weighted average shares outstanding-diluted		101,816,716		101,988,425


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Average Balances/Yields

	For the Three Months Ended March 31,
		2025							2024
	Average Balance			Interest and Dividends		Yield / Cost		Average Balance			Interest and Dividends		Yield / Cost
	(Dollars in thousands)
Interest-earnings assets:
Loans	$	7,894,561		$	95,110	4.89	%	$	7,802,865		$	92,949	4.79	%
Securities		1,477,537			12,553	3.45	%		1,543,734			10,154	2.65	%
Other interest-earning assets		317,433			4,500	5.75	%		366,343			5,524	6.06	%
Total interest-earning assets		9,689,531			112,163	4.69	%		9,712,942			108,627	4.50	%
Non-interest-earning assets		873,451							855,618
Total assets	$	10,562,982						$	10,568,560

Interest-bearing liabilities:
Interest-bearing demand	$	2,060,528		$	13,172	2.59	%	$	1,998,749		$	13,384	2.69	%
Money market accounts		1,282,241			7,606	2.41	%		1,234,943			8,769	2.86	%
Savings and club deposits		649,257			1,108	0.69	%		688,535			1,236	0.72	%
Certificates of deposit		2,756,895			28,259	4.16	%		2,516,323			25,029	4.00	%
Total interest-bearing deposits		6,748,921			50,145	3.01	%		6,438,550			48,418	3.02	%
FHLB advances		1,060,911			11,554	4.42	%		1,447,143			17,847	4.96	%
Junior subordinated debentures		7,040			139	8.01	%		7,018			162	9.28	%
Total borrowings		1,067,951			11,693	4.44	%		1,454,161			18,009	4.98	%
Total interest-bearing liabilities		7,816,872		$	61,838	3.21	%		7,892,711		$	66,427	3.38	%

Non-interest-bearing liabilities:
Non-interest-bearing deposits		1,432,837							1,392,274
Other non-interest-bearing liabilities		222,604							240,798
Total liabilities		9,472,313							9,525,783
Total stockholders’ equity		1,090,669							1,042,777
Total liabilities and stockholders’ equity	$	10,562,982						$	10,568,560

Net interest income				$	50,325						$	42,200
Interest rate spread						1.48	%						1.12	%
Net interest-earning assets	$	1,872,659						$	1,820,231
Net interest margin						2.11	%						1.75	%
Ratio of interest-earning assets to interest-bearing liabilities		123.96	%						123.06	%


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Components of Net Interest Rate Spread and Margin

	Average Yields/Costs by Quarter
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Yield on interest-earning assets:
Loans	4.89	%	4.88	%	5.00	%	4.93	%	4.79	%
Securities	3.45		2.99		2.90		2.89		2.65
Other interest-earning assets	5.75		6.00		6.72		6.30		6.06
Total interest-earning assets	4.69	%	4.61	%	4.70	%	4.64	%	4.50	%

Cost of interest-bearing liabilities:
Total interest-bearing deposits	3.01	%	3.13	%	3.21	%	3.14	%	3.02	%
Total borrowings	4.44		4.65		4.87		4.92		4.98
Total interest-bearing liabilities	3.21	%	3.38	%	3.52	%	3.49	%	3.38	%

Interest rate spread	1.48	%	1.23	%	1.18	%	1.15	%	1.12	%
Net interest margin	2.11	%	1.88	%	1.84	%	1.81	%	1.75	%

Ratio of interest-earning assets to interest-bearing liabilities	123.96	%	124.02	%	123.06	%	123.03	%	123.06	%


COLUMBIA FINANCIAL, INC. AND SUBSIDIARIES Selected Financial Highlights

	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
SELECTED FINANCIAL RATIOS ⁽¹⁾:
Return on average assets	0.34	%	(0.79	)%	0.23	%	0.17	%	(0.04	)%
Core return on average assets	0.35	%	0.42	%	0.23	%	0.20	%	0.02	%
Return on average equity	3.31	%	(7.86	)%	2.32	%	1.77	%	(0.45	)%
Core return on average equity	3.37	%	4.09	%	2.29	%	2.06	%	0.18	%
Core return on average tangible equity	3.78	%	4.74	%	2.58	%	2.34	%	0.20	%
Interest rate spread	1.48	%	1.23	%	1.18	%	1.15	%	1.12	%
Net interest margin	2.11	%	1.88	%	1.84	%	1.81	%	1.75	%
Non-interest income to average assets	0.33	%	(0.88	)%	0.33	%	0.35	%	0.28	%
Non-interest expense to average assets	1.68	%	1.73	%	1.60	%	1.74	%	1.74	%
Efficiency ratio	74.57	%	205.17	%	78.95	%	86.83	%	91.96	%
Core efficiency ratio	74.20	%	73.68	%	79.14	%	85.34	%	88.39	%
Average interest-earning assets to average interest-bearing liabilities	123.96	%	124.02	%	123.06	%	123.03	%	123.06	%
Net charge-offs to average outstanding loans	0.04	%	0.07	%	0.14	%	0.03	%	0.26	%

⁽¹⁾ Ratios are annualized when appropriate.


ASSET QUALITY DATA:
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(Dollars in thousands)

Non-accrual loans	$	24,856		$	21,701		$	28,014		$	25,281		$	22,935
90+ and still accruing		—			—			—			—			—
Non-performing loans		24,856			21,701			28,014			25,281			22,935
Real estate owned		1,334			1,334			1,974			1,974			—
Total non-performing assets	$	26,190		$	23,035		$	29,988		$	27,255		$	22,935

Non-performing loans to total gross loans		0.31	%		0.28	%		0.36	%		0.33	%		0.30	%
Non-performing assets to total assets		0.25	%		0.22	%		0.28	%		0.25	%		0.22	%
Allowance for credit losses on loans (“ACL”)	$	62,034		$	59,958		$	58,495		$	57,062		$	55,401
ACL to total non-performing loans		249.57	%		276.29	%		208.81	%		225.71	%		241.56	%
ACL to gross loans		0.78	%		0.76	%		0.75	%		0.73	%		0.71	%


LOAN DATA:
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(In thousands)
Real estate loans:
One-to-four family	$	2,676,566		$	2,710,937		$	2,737,190		$	2,764,177		$	2,778,932
Multifamily		1,567,862			1,460,641			1,399,000			1,409,316			1,429,369
Commercial real estate		2,429,429			2,339,883			2,312,759			2,316,252			2,318,178
Construction		437,081			473,573			510,439			462,880			437,566
Commercial business loans		614,049			622,000			586,447			554,768			538,260
Consumer loans:
Home equity loans and advances		253,439			259,009			261,041			260,427			260,786
Other consumer loans		2,547			3,404			2,877			2,689			2,601
Total gross loans		7,980,973			7,869,447			7,809,753			7,770,509			7,765,692
Purchased credit deteriorated loans		10,395			11,686			11,795			12,150			14,945
Net deferred loan costs, fees and purchased premiums and discounts		35,940			35,795			35,642			36,352			34,992
Allowance for credit losses		(62,034	)		(59,958	)		(58,495	)		(57,062	)		(55,401	)
Loans receivable, net	$	7,965,274		$	7,856,970		$	7,798,695		$	7,761,949		$	7,760,228


CAPITAL RATIOS:
	March 31,		December 31,
	2025 ⁽¹⁾		2024
Company:
Total capital (to risk-weighted assets)	14.12	%	14.20	%
Tier 1 capital (to risk-weighted assets)	13.30	%	13.40	%
Common equity tier 1 capital (to risk-weighted assets)	13.21	%	13.31	%
Tier 1 capital (to adjusted total assets)	10.29	%	10.02	%

Columbia Bank:
Total capital (to risk-weighted assets)	14.37	%	14.41	%
Tier 1 capital (to risk-weighted assets)	13.51	%	13.56	%
Common equity tier 1 capital (to risk-weighted assets)	13.51	%	13.56	%
Tier 1 capital (to adjusted total assets)	9.88	%	9.64	%

⁽¹⁾ Estimated ratios at March 31, 2025


Reconciliation of GAAP to Non-GAAP Financial Measures

Book and Tangible Book Value per Share
	March 31,			December 31,
	2025			2024
	(Dollars in thousands)

Total stockholders’ equity	$	1,100,343		$	1,080,376
Less: goodwill		(110,715	)		(110,715	)
Less: core deposit intangible		(8,443	)		(8,964	)
Total tangible stockholders’ equity	$	981,185		$	960,697

Shares outstanding		104,930,900			104,759,185

Book value per share	$	10.49		$	10.31
Tangible book value per share	$	9.35		$	9.17


Reconciliation of Core Net Income
	Three Months Ended March 31,
		2025		2024
	(In thousands)

Net income (loss)	$	8,900	$	(1,155	)
Add: loss on securities transactions, net of tax		—		1,130
Add: FDIC special assessment, net of tax		—		393
Add: severance expense, net of tax		163		67
Add: merger-related expenses, net of tax		—		20
Core net income	$	9,063	$	455

Return on Average Assets
	Three Months Ended March 31,
	2025			2024
	(Dollars in thousands)

Net income (loss)	$	8,900		$	(1,155	)

Average assets	$	10,562,982		$	10,568,560

Return on average assets		0.34	%	(0.04		)%

Core net income	$	9,063		$	455

Core return on average assets		0.35	%		0.02	%


Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Return on Average Equity
	Three Months Ended March 31,
	2025			2024
	(Dollars in thousands)

Total average stockholders’ equity	$	1,090,669		$	1,042,777
Add: loss on securities transactions, net of tax		—			1,130
Add: FDIC special assessment, net of tax		—			393
Add: severance expense, net of tax		163			67
Add: merger-related expenses, net of tax		—			20
Core average stockholders’ equity	$	1,090,832		$	1,044,387

Return on average equity		3.31	%	(0.45		)%

Core return on core average equity		3.37	%		0.18	%


Return on Average Tangible Equity
	Three Months Ended March 31,
	2025			2024
	(Dollars in thousands)

Total average stockholders’ equity	$	1,090,669		$	1,042,777
Less: average goodwill		(110,715	)		(110,715	)
Less: average core deposit intangible		(8,784	)		(10,956	)
Total average tangible stockholders’ equity	$	971,170		$	921,106

Core return on average tangible equity		3.78	%		0.20	%


Reconciliation of GAAP to Non-GAAP Financial Measures (continued)

Efficiency Ratios
	Three Months Ended March 31,
	2025			2024
	(Dollars in thousands)

Net interest income	$	50,325		$	42,200
Non-interest income		8,471			7,452
Total income	$	58,796		$	49,652

Non-interest expense	$	43,845		$	45,658

Efficiency ratio		74.57	%		91.96	%

Non-interest income	$	8,471		$	7,452
Add: loss on securities transactions		—			1,256
Core non-interest income	$	8,471		$	8,708

Non-interest expense	$	43,845		$	45,658
Less: FDIC special assessment, net		—			(565	)
Less: severance expense		(220	)		(74	)
Less: merger-related expenses		—			(22	)
Core non-interest expense	$	43,625		$	44,997

Core efficiency ratio		74.20	%		88.39	%

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

The MIL Network –

May 1, 2025

MIL-OSI: Bogota Financial Corp. Reports Results for the Three Months Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

TEANECK, N.J., April 30, 2025 (GLOBE NEWSWIRE) — Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended March 31, 2025 of $731,000, or $0.06 per basic and diluted share, compared to a net loss of $441,000, or $0.03 per basic and diluted share, for the comparable prior year period. The increase in net income was primarily due to a decrease in deposit costs and increases in the yield on loans and security income, which resulted in a $942,000 increase in net interest income over the previous year. The Company also recorded a one-time death benefit accrual from its bank-owned life insurance policy for a former employee of approximately $543,000.

The Bank has completed its previous repurchase program and has no repurchase program outstanding. As of March 31, 2025, 238,258 shares had been repurchased pursuant to the previous program at a cost of $1.7 million.

Other Financial Highlights:

Total assets decreased $41.3 million, or 4.3%, to $930.2 million at March 31, 2025 from $971.5 million at December 31, 2024, due to a decrease in cash and cash equivalents, loans and securities.
Cash and cash equivalents decreased $26.6 million, or 51.0%, to $25.6 million at March 31, 2025 from $52.2 million at December 31, 2024 as excess funds were used to pay down borrowings.
Securities decreased $2.6 million, or 1.8%, to $137.7 million at March 31, 2025 from $140.3 million at December 31, 2024.
Net loans decreased $10.2 million, or 1.4%, to $701.5 million at March 31, 2025 from $711.7 million at December 31, 2024.
Total deposits at March 31, 2025 were $633.0 million, decreasing $9.2 million, or 1.4%, as compared to $642.2 million at December 31, 2024, due to a $9.5 million decrease in interest-bearing deposits, primarily due to a $17.3 million decrease in certificates of deposit, and a $1.2 million decrease in money market accounts, offset by a $6.6 million increase in NOW accounts and a $2.4 million increase in savings accounts. The average cost of deposits increased 13 basis points to 3.55% for the first quarter of 2025 from 3.42% for the three months ended December 31, 2024.
Federal Home Loan Bank advances decreased $32.4 million, or 18.8% to $139.8 million at March 31, 2025 from $172.2 million as of December 31, 2024.

Kevin Pace, President and Chief Executive Officer, said “We continue to have a positive outlook on achieving the long-term goals we have set. We have also experienced immediate improvements from the balance sheet restructuring completed at the end of 2024. With a full quarter completed, the positive impact of the restructuring is reflected on our financials. The current market turmoil has created uncertainty around rates. We remain very mindful of this as we project our growth and look to improve our net interest margin.”

“Credit quality remains a focus, as it has historically, while we anticipate modest loan growth in the short term. Growth and diversification of our assets are a priority of our strategic plan and we remain dedicated to that vision.”

Income Statement Analysis

Comparison of Operating Results for the Three Months Ended March 31, 2025 and March 31, 2024

Net income increased by $1.2 million to net income of $731,000 for the three months ended March 31, 2025 compared to a net loss of $441,000 for the three months ended March 31, 2024. This increase was primarily due to an increase of $942,000 in net interest income, and a $590,000 increase in non-interest income, partially offset by an increase of $300,000 in occupancy and equipment costs, and a decrease of $259,000 in income tax benefit.

Interest income increased $862,000, or 8.6%, from $10.1 million for the three months ended March 31, 2024 to $10.9 million for the three months ended March 31, 2025 primarily due to higher yields on interest-earning assets, offset by a decrease in interest-earning assets.

Interest income on cash and cash equivalents increased $115,000, or 76.7%, to $265,000 for the three months ended March 31, 2025 from $150,000 for the three months ended March 31, 2024 due to a $6.7 million increase in the average balance to $16.6 million for the three months ended March 31, 2025 from $9.9 million for the three months ended March 31, 2024, reflecting the decrease in loans and securities. The increase was augmented by a 27 basis point increase in the average yield from 6.10% for the three months ended March 31, 2024 to 6.37% for the three months ended March 31, 2025 due to the higher interest rate environment.

Interest income on loans increased $396,000, or 4.8%, to $8.6 million for the three months ended March 31, 2025 compared to $8.2 million for the three months ended March 31, 2024 due primarily to a 27 basis point increase in the average yield from 4.61% for the three months ended March 31, 2024 to 4.88% for the three months ended March 31, 2025, which was offset by a $8.3 million decrease in the average balance to $705.1 million for the three months ended March 31, 2025 from $713.4 million for the three months ended March 31, 2024.

Interest income on securities increased $304,000, or 19.9%, to $1.8 million for the three months ended March 31, 2025 from $1.5 million for the three months ended March 31, 2024 primarily due to a 138 basis point increase in the average yield from 3.67% for the three months ended March 31, 2024 to 5.05% for the three months ended March 31, 2025 due to the rebalancing of the balance sheet in the fourth quarter of 2024. This was partially offset by a $21.4 million decrease in the average balance to $145.3 million for the three months ended March 31, 2025 from $166.7 million for the three months ended March 31, 2024.

Interest expense decreased $80,000, or 1.1%, from $7.4 million for the three months ended March 31, 2024 to $7.3 million for the three months ended March 31, 2025 due to lower average balances on certificates of deposits, offset by an increase in the cost of funds. During the three months ended March 31, 2025, the use of hedges reduced the interest expense on the Federal Home Loan Bank and brokered deposit advances by $177,000. At March 31, 2025, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value.

Interest expense on interest-bearing deposits decreased $208,000, or 3.5%, to $5.8 million for the three months ended March 31, 2025 from $6.0 million for the three months ended March 31, 2024. The average balances of certificates of deposit decreased $32.2 million to $484.3 million for the three months ended March 31, 2025 from $516.5 million for the three months ended March 31, 2024 while the average balance of NOW/money market accounts and savings accounts increased $10.0 million and $2.5 million for the three months ended March 31, 2025, respectively, compared to the three months ended March 31, 2024.

Interest expense on Federal Home Loan Bank advances increased $128,000, or 8.9%, from $1.4 million for the three months ended March 31, 2024 to $1.6 million for the three months ended March 31, 2025. The increase was primarily due to an increase in the average cost of borrowings of 24 basis points to 4.02% for the three months ended March 31, 2025 from 3.78% for the three months ended March 31, 2024 due to new borrowings being at shorter durations. The increase was also due to an increase in the average balance of $4.8 million to $158.1 million for the three months ended March 31, 2025 from $153.3 million for the three months ended March 31, 2024.

Net interest income increased $942,000, or 35.5%, to $3.6 million for the three months ended March 31, 2025 from $2.7 million for the three months ended March 31, 2024. The increase reflected a 44 basis point increase in our net interest rate spread to 1.12% for the three months ended March 31, 2025 from 0.68% for the three months ended March 31, 2024. Our net interest margin increased 48 basis points to 1.66% for the three months ended March 31, 2025 from 1.18% for the three months ended March 31, 2024.

We recorded a recovery for credit losses for the three months ended March 31, 2025 of $80,000 compared to a provision for credit losses of $35,000 for the three months ended March 31, 2024 due to decreases in loan balances and unfunded commitments.

Non-interest income increased by $590,000, or 197.4%, to $889,000 for the three months ended March 31, 2025 from $299,000 for the three months ended March 31, 2024. Bank-owned life insurance income increased $550,000, or 259.5%, due to a death benefit received related to a former employee. Gain on sale of loans increased $29,000 compared to no gain on sale of loans for the comparable period last year.

For the three months ended March 31, 2025, non-interest expense increased $217,000, or 5.9%, over the comparable 2024 period. This was due to a $300,000, or 80.9% increase in occupancy and equipment costs, which increased as we began leasing certain offices as part of the sale-leaseback transaction completed in the fourth quarter of 2024, which was offset by a $78,000, or 3.6%, decrease in salaries and employee benefit costs, which decreased as a result of reduced headcount, taxes and a reduction in stock-based compensation expense.

Income tax benefit decreased $259,000, to a benefit of $28,000 for the three months ended March 31, 2025 from a $287,000 benefit for the three months ended March 31, 2024. The decrease was due to an increase of $1.4 million in taxable income, offset by the benefits of income from bank-owned life insurance, which is tax free.

Balance Sheet Analysis

Total assets were $930.2 million at March 31, 2025, representing a decrease of $41.3 million, or 4.3%, from December 31, 2024. Cash and cash equivalents decreased $26.6 million during the period primarily due to the paydown of borrowings and decrease in deposits. Net loans decreased $10.2 million, or 1.44%, due to a $6.6 million decrease in the balance of residential loans, as well as a $9.7 million decrease in the balance of construction loans and a decrease of $1.1 million in commercial and industrial loans. The decrease was partially offset by new production of $7.8 million of commercial real estate loans. Due to the interest rate environment, we have experienced a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods. Securities available for sale decreased $2.6 million, or 1.8%.

Delinquent loans decreased $842,000 to $13.5 million, or 1.92% of total loans, at March 31, 2025, compared to $14.3 million, or 2.01% of total loans, at December 31, 2024. The decrease was mostly due to the payoff of one commercial real estate loan with a balance of $455,000 and residential loans totaling $387,000 being brought current. During the same timeframe, non-performing assets decreased from $14.0 million at December 31, 2024 to $13.9 million, which represented 1.49% of total assets at March 31, 2025. No loans were charged-off during the three months ended March 31, 2025 or March 31, 2024. The Company’s allowance for credit losses related to loans was 0.37% of total loans and 18.65% of non-performing loans at March 31, 2025 compared to 0.37% of total loans and 21.81% of non-performing loans at December 31, 2024. The Bank does not have any exposure to commercial real estate loans secured by office space.

Total liabilities decreased $42.3 million, or 5.1%, to $791.9 million mainly due to a $32.4 million decrease in borrowings and a $9.2 million decrease in total deposits. The decrease in deposits reflected a decrease in certificate of deposit accounts, which decreased by $17.3 million to $476.0 million from $493.3 million at December 31, 2024, and a $1.2 million, or 8.3%, decrease in money market accounts. This was offset by an increase in NOW deposit accounts, which increased by $6.6 million to $62.0 million from $55.4 million at December 31, 2024, and by an increase in savings accounts, which increased by $2.4 million from $46.9 million at December 31, 2024 to $49.3 million at March 31, 2025. At March 31, 2025, brokered deposits were $94.2 million or 14.9% of deposits and municipal deposits were $39.2 million or 6.2% of deposits. At March 31, 2025, uninsured deposits represented 7.9% of the Bank’s total deposits. Federal Home Loan Bank advances decreased $32.4 million, or 18.8%, due to paydown of existing borrowings. Total borrowing capacity at the Federal Home Loan Bank is $261.9 million of which $139.8 million has been advanced.

Total stockholders’ equity increased $965,000 to $138.3 million, due to net income of $731,000 and a decrease in accumulated other comprehensive loss of $360,000. At March 31, 2025, the Company’s ratio of average stockholders’ equity-to-average total assets was 14.59%, compared to 13.99% at December 31, 2024.

About Bogota Financial Corp.

Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey.

Forward-Looking Statements

This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions including potential recessionary conditions, the imposition of tariffs or other domestic or international governmental policies, conditions within the securities markets, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology for calculating our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.


BOGOTA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)

	As of			As of
	March 31, 2025			December 31, 2024
Assets
Cash and due from banks	$	8,304,517		$	18,020,527
Interest-bearing deposits in other banks		17,305,310			34,211,681
Cash and cash equivalents		25,609,827			52,232,208
Securities available for sale, at fair value		137,732,521			140,307,447
Loans, net of allowance for credit losses of $2,590,950 and $2,620,949, respectively		701,484,425			711,716,236
Premises and equipment, net		4,662,435			4,727,302
Federal Home Loan Bank (FHLB) stock and other restricted securities		7,343,700			8,803,000
Accrued interest receivable		4,151,280			4,232,563
Core deposit intangibles		140,827			152,893
Bank-owned life insurance		31,112,915			31,859,604
Right of use asset		10,624,725			10,776,596
Other assets		7,329,182			6,682,035
Total Assets	$	930,191,837		$	971,489,884
Liabilities and Equity
Non-interest bearing deposits	$	32,983,669		$	32,681,963
Interest bearing deposits		600,051,531			609,506,079
Total deposits		633,035,200			642,188,042
FHLB advances-short term		24,500,000			29,500,000
FHLB advances-long term		115,273,377			142,673,182
Advance payments by borrowers for taxes and insurance		2,707,508			2,809,205
Lease liabilities		10,667,946			10,780,363
Other liabilities		5,754,000			6,249,932
Total liabilities		791,938,031			834,200,724

Stockholders’ Equity
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at March 31, 2025 and December 31, 2024		—			—
Common stock $0.01 par value, 30,000,000 shares authorized, 13,008,964 issued and outstanding at March 31, 2025 and 13,059,175 at December 31, 2024		130,089			130,592
Additional paid-in capital		55,068,598			55,269,962
Retained earnings		90,737,595			90,006,648
Unearned ESOP shares (376,338 shares at March 31, 2025 and 382,933 shares at December 31, 2024)		(4,445,293	)		(4,520,594	)
Accumulated other comprehensive loss		(3,237,183	)		(3,597,448	)
Total stockholders’ equity		138,253,806			137,289,160
Total liabilities and stockholders’ equity	$	930,191,837		$	971,489,884


BOGOTA FINANCIAL CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended
	March 31,
	2025			2024
Interest income
Loans, including fees	$	8,603,129		$	8,207,392
Securities
Taxable		1,830,394			1,516,343
Tax-exempt		2,895			13,148
Other interest-earning assets		487,171			324,304
Total interest income		10,923,589			10,061,187
Interest expense
Deposits		5,762,324			5,969,881
FHLB advances		1,568,027			1,440,069
Total interest expense		7,330,351			7,409,950
Net interest income		3,593,238			2,651,237
(Recovery) provision for credit losses		(80,000	)		35,000
Net interest income after (recovery) provision for credit losses		3,673,238			2,616,237
Non-interest income
Fees and service charges		55,819			58,587
Gain on sale of loans		29,062			—
Bank-owned life insurance		762,231			211,959
Other		42,260			28,532
Total non-interest income		889,372			299,078
Non-interest expense
Salaries and employee benefits		2,080,199			2,158,565
Occupancy and equipment		671,469			371,117
FDIC insurance assessment		106,586			100,597
Data processing		315,697			303,605
Advertising		105,500			110,100
Director fees		159,444			155,700
Professional fees		198,730			196,785
Other		222,045			246,622
Total non-interest expense		3,859,670			3,643,091
Income (loss) before income taxes		702,940			(727,776	)
Income tax benefit		(28,007	)		(286,796	)
Net income (loss)	$	730,947		$	(440,980	)
Earnings (loss) per Share – basic	$	0.06		$	(0.03	)
Earnings (loss) per Share – diluted	$	0.06		$	(0.03	)
Weighted average shares outstanding – basic		12,649,573			12,852,930
Weighted average shares outstanding – diluted		12,650,520			12,852,930


BOGOTA FINANCIAL CORP. SELECTED RATIOS (unaudited)

	At or For the Three Months
	Ended March 31,
	2025			2024
Performance Ratios (1):
Return (loss) on average assets (2)		0.08	%		(0.19	)%
Return (loss) on average equity (3)		0.53	%		(1.29	)%
Interest rate spread (4)		1.12	%		0.68	%
Net interest margin (5)		1.66	%		1.18	%
Efficiency ratio (6)		86.10	%		137.41	%
Average interest-earning assets to average interest-bearing liabilities		114.03	%		114.57	%
Net loans to deposits		110.81	%		106.42	%
Average equity to average assets (7)		14.59	%		14.36	%
Capital Ratios:
Tier 1 capital to average assets		15.00	%		13.23	%
Asset Quality Ratios:
Allowance for credit losses as a percent of total loans		0.37	%		0.40	%
Allowance for credit losses as a percent of non-performing loans		18.65	%		22.69	%
Net charge-offs to average outstanding loans during the period		—	%		—	%
Non-performing loans as a percent of total loans		1.97	%		1.75	%
Non-performing assets as a percent of total assets		1.49	%		1.30	%

(1)		Certain performance ratios for the three months ended March 31, 2025 and 2024 are annualized.
(2)		Represents net income (loss) divided by average total assets.
(3)		Represents net income (loss) divided by average stockholders’ equity.
(4)		Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2025 and 2024.
(5)		Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2025 and 2024.
(6)		Represents non-interest expenses divided by the sum of net interest income and non-interest income.
(7)		Represents average stockholders’ equity divided by average total assets.

LOANS

Loans are summarized as follows at March 31, 2025 and December 31, 2024:

	March 31,			December 31,
	2025			2024
	(unaudited)
Real estate:
Residential First Mortgage	$	466,177,175		$	472,747,542
Commercial Real Estate		125,783,750			118,008,866
Multi-Family Real Estate		73,465,142			74,152,418
Construction		33,501,463			43,183,657
Commercial and Industrial		5,070,847			6,163,747
Consumer		76,998			80,955
Total loans		704,075,375			714,337,185
Allowance for credit losses		(2,590,950	)		(2,620,949	)
Net loans	$	701,484,425		$	711,716,236

The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated:

	At March 31,								At December 31,
	2025								2024
	Amount		Percent			Average Rate			Amount		Percent			Average Rate

	(unaudited)
Noninterest bearing demand accounts	$	32,983,669		5.21	%		—	%	$	32,681,963		5.09	%		—	%
NOW accounts		61,950,627		9.79	%		2.61			55,378,051		8.62	%		2.53
Money market accounts		12,835,160		2.03	%		0.50			13,996,460		2.18	%		0.58
Savings accounts		49,281,181		7.78	%		1.96			46,851,793		7.30	%		1.90
Certificates of deposit		475,984,563		75.19	%		4.17			493,279,775		76.81	%		4.37
Total	$	633,035,200		100.00	%		3.55	%	$	642,188,042		100.00	%		3.42	%

Average Balance Sheets and Related Yields and Rates

The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material.

	Three Months Ended March 31,
	2025								2024
	Average Balance			Interest and Dividends		Yield/ Cost (1)			Average Balance			Interest and Dividends		Yield/ Cost (1)
	(Dollars in thousands)
Assets:	(unaudited)
Cash and cash equivalents	$	16,601		$	265		6.37	%	$	9,865		$	150		6.10	%
Loans		705,095			8,603		4.88	%		713,430			8,207		4.61	%
Securities		145,280			1,833		5.05	%		166,666			1,529		3.67	%
Other interest-earning assets		8,305			222		10.72	%		8,101			175		8.63	%
Total interest-earning assets		875,281			10,923		4.99	%		898,062			10,061		4.49	%

Non-interest-earning assets		68,251								55,694
Total assets	$	943,532							$	953,756
Liabilities and equity:
NOW and money market accounts	$	79,400		$	458		2.34	%	$	69,450		$	334		1.94	%
Savings accounts		45,832			225		1.99	%		43,348			198		1.84	%
Certificates of deposit (1)		484,253			5,079		4.25	%		516,496			5,438		4.23	%
Total interest-bearing deposits		609,485			5,762		3.83	%		629,294			5,970		3.82	%

Federal Home Loan Bank advances (1)		158,116			1,568		4.02	%		153,269			1,440		3.78	%
Total interest-bearing liabilities		767,601			7,330		3.87	%		782,563			7,410		3.81	%
Non-interest-bearing deposits		32,763								30,018
Other non-interest-bearing liabilities		5,463								4,175
Total liabilities		805,827								816,756

Total equity		137,705								136,810
Total liabilities and equity	$	943,532							$	953,566
Net interest income				$	3,593							$	2,651
Interest rate spread (2)							1.12	%							0.68	%
Net interest margin (3)							1.66	%							1.18	%
Average interest-earning assets to average interest-bearing liabilities		114.03	%							114.76	%

1.		Cash flow and fair value hedges are used to manage interest rate risk. During the three months ended March 31, 2025 and 2024, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of $177,000 and $288,000, respectively.
2.		Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
3.		Net interest margin represents net interest income divided by average total interest-earning assets.

Rate/Volume Analysis

The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.

	Three Months Ended March 31, 2025
	Compared to
	Three Months Ended March 31, 2024
	Increase (Decrease) Due to
	Volume			Rate		Net
	(In thousands)
Interest income:	(unaudited)
Cash and cash equivalents	$	108		$	7	$	115
Loans receivable		(575	)		971		396
Securities		(1,093	)		1,397		304
Other interest earning assets		4			43		47
Total interest-earning assets		(1,555	)		2,417		862

Interest expense:
NOW and money market accounts		51			73		124
Savings accounts		11			16		27
Certificates of deposit		(526	)		167		(359	)
Federal Home Loan Bank advances		43			85		128
Total interest-bearing liabilities		(421	)		341		(80	)
Net decrease in net interest income	$	(1,134	)	$	2,076	$	942

Contacts
Kevin Pace – President & CEO, 201-862-0660 ext. 1110

The MIL Network –

May 1, 2025

MIL-OSI: Enact Announces 14% Increase to Quarterly Dividend and New $350 Million Share Repurchase Program

Source: GlobeNewswire (MIL-OSI)

RALEIGH, N.C., April 30, 2025 (GLOBE NEWSWIRE) — Enact Holdings, Inc. (Nasdaq: ACT) announced that its Board of Directors declared a quarterly dividend of $0.21 per common share, an increase of 14% from the prior quarter’s dividend. This dividend will be payable on June 11, 2025, to shareholders of record on May 19, 2025.

Additionally, Enact’s Board of Directors authorized a new share repurchase program under which the company may purchase up to $350 million of its common stock. The new share repurchase authorization is in addition to the company’s current $250 million share repurchase program, of which $6 million remains as of April 25, 2025.

“Our increased dividend and new share repurchase program reflect our continued commitment to creating value for our shareholders,” said Rohit Gupta, Enact’s President and Chief Executive Officer. “With today’s announcement, we have raised our quarterly dividend every year since its inception three years ago, underscoring the strength of our financial performance and confidence in our business. Going forward we will continue to take a thoughtful and disciplined approach to our capital allocation priorities.”

Enact’s new share repurchase program authorizes the purchase of up to $350 million of the company’s common stock utilizing a variety of methods, including open market purchases, and privately negotiated transactions, and may be made under Rule 10b5-1 and Rule 10b-18 trading plans, at such times and in such amounts as management deems appropriate. In support, Enact has entered into an agreement with Genworth Holdings, Inc. to repurchase its Enact shares as part of the program to maintain Genworth’s current ownership interest in Enact.

Enact expects the timing and amount of any share repurchases will be opportunistic and will depend on a variety of factors, including Enact’s share price, capital availability, business and market conditions, regulatory requirements, and debt covenant restrictions. The program does not obligate Enact to acquire any amount of common stock, it may be suspended or terminated at any time at the Company’s discretion without prior notice, and it does not have a specified expiration date.

About Enact Holdings, Inc.
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.

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

The MIL Network –

May 1, 2025

MIL-OSI: National Bank Holdings Corporation Announces 3.4% Increase to Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

DENVER, April 30, 2025 (GLOBE NEWSWIRE) — National Bank Holdings Corporation (NYSE: NBHC) announced today that its Board of Directors approved a cash dividend to shareholders. The quarterly cash dividend will increase 3.4% from twenty-nine cents ($0.29) to thirty cents ($0.30) per share of common stock. The dividend will be payable on June 13, 2025 to shareholders of record at the close of business on May 30, 2025.

“We are pleased to deliver another increase to our quarterly dividend. Over the last five years, the quarterly dividend per common share has increased by 50%, which demonstrates our commitment to drive meaningful shareholder returns as a result of our strong balance sheet, solid capital position, and diversified funding sources,” said Chairman and CEO, Tim Laney.

About National Bank Holdings Corporation

National Bank Holdings Corporation is a bank holding company created to build a leading community bank franchise delivering high quality client service and committed to stakeholder results. Through its bank subsidiaries, NBH Bank and Bank of Jackson Hole Trust, National Bank Holdings Corporation operates a network of over 85 banking centers, serving individual consumers, small, medium and large businesses, and government and non-profit entities. Its banking centers are located in its core footprint of Colorado, the greater Kansas City region, Utah, Wyoming, Texas, New Mexico and Idaho. Its comprehensive residential mortgage banking group primarily serves the bank’s core footprint. Its trust and wealth management business is operated in its core footprint under the Bank of Jackson Hole Trust charter. NBH Bank operates under a single state charter through the following brand names as divisions of NBH Bank: in Colorado, Community Banks of Colorado and Community Banks Mortgage; in Kansas and Missouri, Bank Midwest and Bank Midwest Mortgage; in Texas, Utah, New Mexico and Idaho, Hillcrest Bank and Hillcrest Bank Mortgage; and in Wyoming, Bank of Jackson Hole and Bank of Jackson Hole Mortgage. Additional information about National Bank Holdings Corporation can be found at www.nationalbankholdings.com.

For more information visit: cobnks.com, bankmw.com, hillcrestbank.com, bankofjacksonhole.com, or nbhbank.com, or connect with any of our brands on LinkedIn.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements contain words such as “anticipate,” “believe,” “can,” “would,” “should,” “could,” “may,” “predict,” “seek,” “potential,” “will,” “estimate,” “target,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” or similar expressions that relate to the Company’s strategy, plans or intentions. Forward-looking statements involve certain important risks, uncertainties and other factors, any of which could cause actual results to differ materially from those in such statements. Such factors include, without limitation, the “Risk Factors” referenced in our most recent Form 10-K filed with the Securities and Exchange Commission (SEC), and other risks and uncertainties listed from time to time in our reports and documents filed with the SEC. The Company can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this press release, and the Company does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.

Contact:

Analysts/Institutional Investors:
Emily Gooden, 720-554-6640
Chief Accounting Officer and Investor Relations Director
ir@nationalbankholdings.com

Nicole Van Denabeele, 720-529-3370,
Chief Financial Officer ir@nationalbankholdings.com

or

Media:
Jody Soper, 303-784-5925
Chief Marketing Officer
Jody.Soper@nbhbank.com

Source: National Bank Holdings Corporation

The MIL Network –

May 1, 2025

MIL-Evening Report: Playing politics with AI: why NZ needs rules on the use of ‘fake’ images in election campaigns

Source: The Conversation (Au and NZ) – By Bronwyn Isaacs, Lecturer, Anthropology, University of Waikato

Laurence Dutton/Getty Images

Seeing is no longer believing in the age of images and videos generated by artificial intelligence (AI), and this is having an impact on elections in New Zealand and elsewhere.

Ahead of the 2025 local body elections, voters are being warned by overseas politicians and local experts not to automatically trust that what they are looking at is real.

Deepfakes – images or video created with the use of AI to mislead or spread false information – were used in last year’s United States presidential election. Early in the campaign, a deepfake voice clip impersonating then president Joe Biden told voters not to cast a ballot vote in New Hampshire’s primaries.

There have also been concerns about the role of deepfakes on the campaign trail in Australia. The Labor Party, for example, released an AI-generated video of opposition leader Peter Dutton dancing on its TikTok account.

But the worry is not just that deepfakes will spread lies about politicians or other real people. AI is also used to create “synthetic deepfakes” – images of fake people who do not exist.

Using artificially generated images and videos of both real and fake people raises questions around transparency and the ethical treatment of cultural and ethnic groups.

Cultural offence with AI isn’t a hypothetical concern. Australian voters have found some AI used in political advertising to be “cringe” and culturally clumsy, with one white female politician using auto-tuned rapping in her campaign.

Australians have also reported an increase in deepfake political content. The majority were unable to detect AI content.

Several countries including Australia and Canada are considering laws to manage the harms of AI use in political messaging.

Others have already passed legislation banning or limiting AI in elections. South Korea for example, banned the use of deepfakes in political advertising 90 days before an election. Singapore has banned digitally-altered material misrepresenting political candidates.

While New Zealand has several voluntary frameworks to address the growing use of AI in media, there are no explicit rules to prevent its use in political campaigns. To avoid cultural offence and to offer transparency, it is crucial for political parties to establish and follow clear ethical standards on AI use in their messaging.

Existing frameworks

The film industry is a good starting point for policymakers looking to establish a clear framework for AI in political messaging.

In my ongoing research about culture and technology in film production, industry workers have spoken about New Zealand’s world-leading standards on culturally aware film production processes and the positive impact this had on shaping AI standards.

Released in March 2025, the New Zealand Film Commission’s Artificial Intelligence Guiding Principles takes a “people first” approach to AI which prioritises the needs, wellbeing and empowerment of individuals when developing and implementing AI systems.

The principles also stress respect for matauranga Māori and transparency in the use of AI so that audiences are “informed about the use of AI in screen content they consume”.

The government’s Public Service AI framework, meanwhile, requires government agencies to publicly disclose how AI systems are used and to practice human-centred values such as dignity and self-determination.

AI in NZ politics

Meanwhile, the use of AI by some of New Zealand’s political parties has already raised concerns.

During the 2023 election campaign, the National Party admitted using AI in their attack advertisements. And recent social media posts using AI by New Zealand’s ACT party were criticised for their lack of transparency and cultural sensitivity.

An ACT Instagram post about interest rate cuts featured an AI generated image of a Māori couple from the software company Adobe’s stock photo collection.

Act whip Todd Stephenson responded that using stock imagery or AI-generated imagery was not inherently misleading. But he said that the party “would never use an actor or AI to impersonate a real person”.

My own search of the Adobe collection came up with other images used by ACT in its Instagram posts, including an AI generated image labelled as “studio photography portrait of a 40 years old Polynesian woman”.

There are two key concerns with using AI like this. The first is that ACT didn’t declare the use of AI in its Instagram posts. A lack of transparency around the use of deepfakes of any kind can undermine trust in the political system. Voters end up uncertain about what is real and what is fake.

Secondly, the images were synthetic fakes of ethnic minorities in New Zealand. There have long been concerns from academics and technology experts that AI generated images reproduce harmful stereotypes of diverse communities.

Legislation needed

While the potential for cultural offence and misinformation with faked content is not new, AI alters the scale at which such fakes can be created. It makes it easier and quicker to produce manipulative, fake and culturally offensive images.

At a minimum, New Zealand needs to introduce legalisation that requires political parties to acknowledge the use of AI in their advertising. And as the country moves into a new election season, political parties should commit to combating misinformation and cultural misrepresentation.

Bronwyn Isaacs is a member of the Association of Social Anthropologists of Aotearoa/New Zealand.

– ref. Playing politics with AI: why NZ needs rules on the use of ‘fake’ images in election campaigns – https://theconversation.com/playing-politics-with-ai-why-nz-needs-rules-on-the-use-of-fake-images-in-election-campaigns-255415

MIL OSI Analysis – EveningReport.nz –

May 1, 2025

MIL-OSI USA: Governor Polis Unveils New Housing In Castle Rock, Celebrates Women in the Trades Who Strengthen Colorado’s Economy

Source: US State of Colorado

CASTLE ROCK/DENVER – Today, Governor Polis unveiled 200 new homes for hardworking Coloradans at the Meadowmark community in Castle Rock. Last year, Governor Polis signed legislation to create more transit-oriented communities, eliminate discriminatory occupancy limits, get rid of costly parking restrictions, and give Coloradans the freedom to build Accessory Dwelling Units on their property. These efforts to break down government barriers to new housing continue to help bring more homes that Coloradans can afford to communities across the state.

“Each grand opening of new homes proves that by removing unnecessary government barriers, the market is responding to the deep need for more housing Coloradans can afford across the state. Today we unveiled 200 new homes in Castle Rock for hardworking Coloradans and families, and I look forward to building on our progress, making more housing for Coloradans and our families,” said Governor Polis.

Now, building on last year’s success, Governor Polis is supporting legislation to break down barriers for modular housing, allow communities to build more single-stair buildings that will save Coloradans money on housing, support the construction of more condos that Coloradans can afford, and support schools and churches in using their lands to build more homes for Coloradans.

Governor Polis also attended the Emily Griffith Women in the Trades Celebration to highlight the importance of Colorado women in the trades and Colorado’s emphasis on creating pathways to opportunity for everyone that strengthen Colorado’s workforce and economy.

“Today’s celebration confirms that in Colorado, the trades are for everyone. We are focused on connecting Coloradans, no matter who you are, with the skills needed to get a good-paying job. Our workforce and economy are made stronger by our efforts to create new opportunities and pathways for women to join the trades,” said Governor Polis.

Earlier this month, Governor Polis signed bipartisan legislation to create a new Associate of Applied Science degree at Emily Griffith Technical College, creating new opportunities for students of all backgrounds to participate in apprenticeships in HVAC, plumbing, electrical work, and more.

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MIL OSI USA News –

May 1, 2025

MIL-OSI Security: Jury convicts conspirator involved in transporting aliens shot en route to Houston

Source: Office of United States Attorneys

HOUSTON – A 21-year-old New Orleans, Louisiana, resident has been found guilty for conspiracy to transport illegal aliens, announced U.S. Attorney Nicholas J. Ganjei.

Mailon Almendares-Martinez, 21, New Orleans, was convicted of one count of conspiracy to transport aliens.

The jury deliberated for less than an hour before returning the guilty verdict following a three-day trial.

The jury heard how Almendares-Martinez conspired with others from Oct. 30 – Nov. 2, 2022, to transport aliens from the South Texas border to Houston.

The jury heard testimony that Almendares-Martinez recruited friends and conspirators from New Orleans to carry out the scheme. Witnesses testified that Almendares-Martinez and others offered to pay them $1,000 to $2,000 per alien they transported.

Evidence revealed he had directed them as to where to pick up the aliens through WhatsApp messages and phone calls.

After picking up the aliens near the border, the conspirators headed back to Houston. En route, individuals believed to be a part of a rival alien smuggling and transporting organization had shot at them. Two of the aliens suffered gunshot wounds to the arm and leg. One was a native of Honduras who had recently crossed the Rio Grande River and entered the United States illegally.

After the shooting, Almendares-Martinez told the co-conspirators to return to Houston and not seek medical attention for the two wounded aliens.

Co-conspirators then brought the aliens to a motel in Houston Nov. 1, 2022. The next day, the illegal aliens had escaped. Law enforcement arrived at the scene and took four people in custody, to include Jonathan Melendez-Merino, Oscar Melendez-Sosa, Cristian Mencias-Padilla and Cesar Monge-Milla.

The defense attempted to convince the jury Almendares-Martinez was not part of the conspiracy and someone else was using his WhatsApp account to communicate with co-conspirators. They did not believe those claims and found Almendares-Martinez guilty as charged.

“This case demonstrates—like so many cases before it—that human smuggling is an inhumane, dangerous, and sometimes fatal business,” said Ganjei. “Those that smuggle human beings for profit deserve prosecution, and those that would willingly place themselves in a situation to be smuggled need to think twice. Stay home, stay safe.”

U.S. District Judge Kenneth Hoyt presided over trial and set sentencing for Aug. 11. At that time, Almendares-Martinez faces up to 10 years in federal prison as well as a possible $250,000 maximum fine.

Previously released on bond, Almendares-Martinez was taken into custody following the verdict where he will remain pending that hearing.

Seven others, all from New Orleans, Louisiana, previously pleaded guilty in the case – Melendez-Merino, 32, Melendez-Sosa, 22, Mencias-Padilla, 21, and Monge-Milla, 25, along with Yunior Sorto-Ramirez, 23, Bayron Pineda-Alvarado, and Alan Galvez-Baquedano, 22.

Immigration and Customs Enforcement – Homeland Security Investigations conducted the investigation with the assistance of Houston Police Department. Assistant U.S. Attorneys Michael Day and Anthony Franklyn prosecuted the case.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations 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 and Project Safe Neighborhood.

MIL Security OSI –

May 1, 2025

MIL-OSI Africa: Informal workers in Ghana’s chop bars get no benefit from foreign aid: donors are getting it wrong

Source: The Conversation – Africa – By Matteo Rizzo, Senior Lecturer in Development Studies, SOAS, University of London

Informal street food caterers, popularly known as chop bars, are a key feature of Ghanaian city life. They offer the urban poor the cheapest food.

A 2016 survey by the Food and Agriculture Organization estimated there were about 3,300 chop bars in the capital, Accra, employing almost 4,300 workers. This figure is likely to be much higher now due to rapid urban growth in the last decade. Ghana’s urban population increased from 50.9% in 2010 to 56.7% in 2021. By the same year the Greater Accra region was home to 91.7% of the urban population in the country.

Street food caterers in Accra face a number of problems, including insecurity of land tenure, inadequate knowledge of food hygiene, harassment from local authorities, cut-throat competition, and low returns from work.

Foreign donors have over the years stepped in to attempt to address these problems. A flagship of this assistance has been a programme funded by Danish trade unions and the Danish Federation of Small and Medium-sized Enterprises. Under its aegis, Ghana’s Trades Union Congress was able to support workers in chop bars.

Drawing on our expertise on trade unions in Ghana and on the informal economy, we assessed the effectiveness and strategic relevance of this aid.

The aid focused on entrepreneurial skills and micro-credit. This overlooks some of the real problems in the sector. It leaves wage workers in a precarious position and does nothing to boost demand for what the sector supplies. We argue that to be more effective, foreign aid should address these gaps.

Entrepreneurial pipe dreams

Increased donor attention to workers in the informal economy and trade unions could be seen as a positive trend. After all, this is where the majority of workers in African cities are to be found. Ghana’s official statistical service places the size of the country’s informal sector between 70% and 80% of the working populace in its reports from 2024.

However, close examination of the type of support given, and its results, yields a more sobering picture.

Aid focused firstly on capacity building and entrepreneurship. This aimed at boosting skills such as financial literacy and capacity to care for customers. The programme’s own evaluation highlights the increased confidence that chop bar operators gained through this training. Important as this might be, increased confidence can do very little to overcome structural challenges, like intense competition in an oversupplied sector and the insecurity of land tenure.

A second area of support was the provision of micro-credit via the Trades Union Congress (Ghana). One could argue that it boosted the creditworthiness of informal economy operators. But there is evidence, including our study, that credit can often result in a spiral of debt and “poverty finance”.

Donors chose to focus on small-scale entrepreneurs as the only economic actors in the informal economy. This reflects an ideological, and market fundamentalist, understanding of the informal economy as inhabited only by small enterprises and self-employed workers, and the challenge as one of making the market work better for the poor.

The blind spots of donors’ support to the informal economy

This approach by donors neglects informal and highly precarious wage workers within the chop bar sector. Our research shows that the chop bar industry is stratified in terms of class. Within it, alongside genuine self-employed workers, there are people who own relatively small-scale capital (cooking assets and in some cases the land and buildings in which the bars are based) and who employ informal wage workers.

The informal workforce is by and large made up of migrant female workers with relatively low education and skill. They work without contracts, for very long hours and very low wages, and face the risk of sudden dismissal and harassment from employers. Such poor working conditions stem from the lack of contracts, and of the rights that come with them. This is the weakest category of workers in the industry – yet they have no place in donors’ and trade unions’ activities to support workers.

The main limitation of donors’ aid to the chop bar sector is that it focuses exclusively on supply-side interventions. It is based on the idea that improving skills and access to finance will result in increased demand for the services of small-scale entrepreneurs. Many aid programmes on employment make this mistake and suffer from so called “employment dementia” .

This type of aid doesn’t ask where the stimulus to increase demand for street food will come from, or what the structural roots of urban employment challenges are. It doesn’t consider why African cities have large informal economies and poor-quality jobs.

Aid priorities

Donors should re-think their aid priorities, and put informal wage workers at their centre. This would entail moving away from the current focus on micro-solutions for job creation, and instead supporting policies to promote structural change, to tighten labour markets and increase the demand for good-quality jobs within them.

This article was co-authored with Dr Prince Asafu-Adjaye, an associate of Labour Research Service.

– Informal workers in Ghana’s chop bars get no benefit from foreign aid: donors are getting it wrong
– https://theconversation.com/informal-workers-in-ghanas-chop-bars-get-no-benefit-from-foreign-aid-donors-are-getting-it-wrong-253633

MIL OSI Africa –

May 1, 2025

MIL-OSI USA News: In Primetime Interview, President Trump Highlights America’s Comeback

Source: The White House

In a commanding primetime interview on ABC, President Donald J. Trump delivered a powerful recap of his first 100 days in office — showcasing his transformative achievements and confronting the mainstream media’s distortions head-on. From securing the border to slashing billions in waste, President Trump laid out why the nation is rallying behind the America First agenda.

Here’s what you missed:

President Trump highlighted the single biggest accomplishment of his first 100 days: “The border is the most significant because our country was really going bad … You had murderers coming in, you had everybody coming in … Now, it’s totally closed down … Nobody thought that could happen, and it happened quickly.”
President Trump roasted the media for covering up Biden’s decline: “We had a President that couldn’t walk up a flight of stairs, couldn’t walk down a flight of stairs, couldn’t walk across the stage without falling. We had a President that was grossly incompetent. You knew it, I knew it, and everybody knew it, but you guys didn’t want to write it because you’re fake news — and, by the way, ABC is one of the worst.”
President Trump distilled his first 100 days to a single statement: “I’m doing one thing: I’m Making America Great Again … Our country suffered greatly — and now, our country is coming back like nobody can believe.”
President Trump noted prices are already moderating in his first 100 days: “Our country had inflation that was worse than they’ve ever had it before … Why don’t you mention that? … Now, grocery prices are coming down, the energy prices are coming down…”
President Trump fact checked the interviewer on deported criminal illegal immigrant Kilmar Abrego Garcia: “This is an MS-13 gang member … Beat the hell out of his wife … This is not an ‘innocent, wonderful gentleman from Maryland … He came into our country ILLEGALLY!”
President Trump outlined the stakes of his trade policy: “This is what I campaigned on. I said that we’ve been abused by other countries at levels that nobody’s ever seen before … I could’ve left it that way — and at some point, there would’ve been an implosion … but I said, ‘No. We have to fix it.’”
President Trump discussed his success in securing the homeland: “We’re doing something that has to be done … They’ve allowed 21 million people to pour into our country. Many of these people are criminals … We’re getting them out, and I was elected to get them out.”
President Trump described meeting with Ukrainian President Zelenskyy at the Vatican: “The moment was a moment of solace in a sense because tremendous numbers of people are dying … and I feel very badly about it. That’s a war that would’ve never happened if I were president.”
President Trump praised DOGE: “We saved $150 billion — BILLION. That’s a lot of money … There are things that I’m considering right now putting back, but overall, we saved hundreds of billions of dollars … We also found tremendous waste, fraud, and abuse.”
President Trump addressed the measles vaccine: “I recommend it. Do I mandate it? No.”

MIL OSI USA News –

May 1, 2025

MIL-OSI USA: Commencement Student Speaker Spotlight: Daniella Dennis

Source: US State of Connecticut

Meet Daniella Dennis of New Britain. Her parents were born and raised in Jamaica and immigrated to America in the late 1990s. The youngest of four siblings, her mother as a Certified Nursing Assistant introduced her to the medical field. Before matriculating at UConn School of Medicine she was an EMT and a patient care technician during the COVID-19 pandemic. After graduation, she will be entering emergency medicine residency at UConn and will be a proud first-generation college graduate and first doctor in her family. Her advice to all students: no matter what stage you are at, you can never have too many mentors.

Why did you choose the UConn School of Medicine?

I was born and raised in Connecticut so UConn growing up was a dream school for me. Something I’ve loved about UConn is its Team Based Learning curriculum which makes it very unique compared to other medical schools and its cohesiveness between faculty and students.

Tell us more about your path to medical school.

After New Britain High School, I attended Central Connecticut State University where I was a biomolecular science major with a minor in community engagement and graduated in 2018. Following graduation, I took two gap years where I worked as an EMT and as a patient care tech over at Hartford Hospital and then matriculated at the University of Connecticut School of Medicine in the fall of 2021.

What activities were you involved with as a student?

I was involved in a multitude of different leadership positions including being secretary of the Student National Medical Association, a part of the Gold Humanism Society, in various surgical student groups and participated as a mentor as part of the Health Career Opportunities Programs — a pipeline program created by Dr. Marja Hurley here at UConn Health that helps students from high school who come from underrepresented backgrounds including those who are first-generation college students to be able to get into college and then furthermore get into medical and dental school.

What’s one thing that surprised you about UConn?

How willing faculty are open to listening to student feedback and always looking for different ways to improve the curriculum and always looking for other new ways to improve student wellness.

What’s one thing every student should do during their time at UConn?

One of my favorite events that UConn has every single year is Culture Shock which is run in collaboration with the Student National Medical Association, the Latino Medical Association, and the Student National Dental Association. Culture shock is essentially our version of a school-wide talent show where we have students showcase their various talents and their cultures and most importantly it’s a great time to have the entire student body and faculty be around for a great night of celebration. The event raises money for various charities within the Greater Hartford Area. This event takes place every December and I’m glad to have been able to participate in Culture Shock and be able to attend the event every single year since my first year of medical school. I absolutely love seeing people in my class and even upper-class students be involved. Whether it’s my peers showcasing their singing skills, dancing, or most importantly the most famous part of the night is our fashion show where you get to showcase various pieces and clothing from your particular culture.

Who inspired you to enter health care?

It started with my mother who was a certified nursing assistant at a rehabilitation center and in elementary school after school I would visit her at work and be around various health care professionals including physicians, nurses, and physician assistants and I became very curious at that time at an early age about becoming a doctor. It wasn’t really until high school where we had a Health Academy that’s focused on helping students go into health care professionals that I really started to think more about becoming a physician. Furthermore I had a great relationship with my pediatrician growing up who became one of my first mentors in the field of medicine that I made the final decision to go to medical school after my sophomore year of college where during that summer between freshman and sophomore year I did a six-week program at Columbia University focused on first generation college students who were interested in going into health professional careers. During that program, I was able to shadow various physicians and different medical sub-specialties which really gave me the confidence and knowledge to go into medicine. From that experience I decided to go on the pathway of becoming a doctor and I’ve had a multitude of other great inspiration and mentors along the way that helped guide me on this path.

What are your plans after graduation?

I’ll be continuing my journey here at UConn as an Emergency Medicine resident physician.

What’s one thing that will always make you think of UConn?

The people! The faculty, friends, and mentors are what makes UConn have its collaborative feel and most importantly always making you feel comfortable and welcomed.

What does being a part of UConn mean to you?

I love being at UConn! Being at UConn feels at home. I think most importantly the reason that I love being here is that it feels like a community. I’m very thankful for my colleagues who’ve helped me throughout my entire medical school time. I really do love the faculty who also have been very supportive and very attentive to student wellness. These are the characteristics and traits that I want to continue to have as I transition in the next part of my journey of becoming a resident.

What’s it going to be like to walk across the Commencement stage and get your degree?

It’s going to be a huge accomplishment for me, especially in my case being a first-generation college student and now to be the first person in my family to become a doctor. It’s going to be an amazing accomplishment to share this moment with friends and family watching me on the stage and I’m super thankful for their support in terms of this entire journey to be able to get to this point.

Any final words of wisdom for incoming students?

Get involved and explore as early as you possibly can and most importantly you can never have too many mentors there’s always something that you can learn and grow from someone no matter what field that they come from. Always take advantage of the ability to ask for help.

MIL OSI USA News –

May 1, 2025

MIL-OSI Security: Hutchinson Man Sentenced for Child Pornography Distribution

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

WICHITA, KAN. – A Kansas man was sentenced to 151 months in prison for distributing child exploitation sexual abuse materials.

According to court documents, Zachary Charles Hiskey, 27, of Hutchinson pleaded guilty to one count of distribution of child pornography.

In June 2021, Hiskey used his account on a messaging app called Kik to share videos depicting adult males engaged in sexually explicit activities with prepubescent children. Kik detected the videos and reported the account to law enforcement through a cyber tipline. This led to the discovery of other child exploitation sexual abuse materials connected to Hiskey’s email account and to IP logs at his home in Hutchinson.

While executing a search warrant at Hiskey’s home, investigators found an electronic device with an Internet browser thumbnail of recently viewed child exploitation sexual abuse materials. A forensic examination revealed the Kik account in question had been installed and then deleted on his cell phone.

The Federal Bureau of Investigation (FBI) investigated the case.

Assistant U.S. Attorney Jason Hart prosecuted the case.

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

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MIL Security OSI –

May 1, 2025

MIL-OSI Security: Mavillette — Meteghan RCMP investigating shots fired at a residence in Mavillette

Source: Royal Canadian Mounted Police

Meteghan RCMP Detachment is seeking information in relation to shots fired in Mavillette.

On April 28, Meteghan RCMP received a report of shots fired at a residence on C Boudeau Rd. As the house is believed to have been unoccupied at the time that this incident occurred, there were no injuries reported but it did result in damage to the home.

The investigation is ongoing, led by Meteghan RCMP with assistance from the RCMP Forensic Identification Section.

Anyone with information about this incident is asked to contact Meteghan RCMP at 902-645-2326. To remain anonymous, call Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

MIL Security OSI –

May 1, 2025

MIL-OSI Security: Kingsville business owner pleads guilty to tax fraud

Source: Office of United States Attorneys

CORPUS CHRISTI, Texas – A local resident has admitted to failing to pay employment taxes, announced U.S. Attorney Nicholas J. Ganjei.

Timothy Gaines Pollard owned and operated Tim Pollard Construction, a residential remodeling and fence installation business in Bishop and Kingsville.

He admitted that from 2019 through 2021, he was responsible for collecting and withholding employment taxes from his employees’ paychecks. These included federal income, Social Security and Medicare taxes.

Pollard admitted he withheld those monies from his employees but failed to pay them to the United States, as the law requires. Instead, Pollard used the funds to cover personal expenses.

In total, Pollard’s scheme resulted in a total tax loss of over $400,000.

U.S. District Judge David S. Morales will impose sentencing July 30. At that time, Pollard faces up to five years in prison and a possible $250,000 maximum fine.

He was permitted to remain on bond pending that hearing.

IRS-Criminal Investigation conducted the investigation. Assistant U.S. Attorneys Tyler Foster and John Marck are prosecuting the case.

MIL Security OSI –

May 1, 2025

MIL-OSI Africa: Operation Shanela nets more than 600 suspects in North West

Source: South Africa News Agency

Over 600 suspects were arrested in Operation Shanela in the North West, said the South African Police Service (SAPS).

Police operations in collaboration with other law enforcement agencies that ran from 21-27 April, led to the arrest of 667 suspects.

“The operations, which were conducted under Operation Shanela resulted in the arrest of 667 suspects and recoveries of among others, 12 rounds of ammunition, drugs, three shotguns, 57 cell phones, liquor and other contraband such as cigarettes.

“Out of the 667 suspects, 35 were nabbed for driving under influence of alcohol or drugs, seven for illegal possession of firearms and ammunition, 56 for possession of drugs, 17 for illegal dealing in liquor, 69 for assault with intent to do grievous bodily harm (GBH), 41 for common assault, five for murder and 14 for burglaries at residential and business premises,” said the Office of the Provincial Commissioner of the North West.

The operations covered all the province’s districts and included the setting of roadblocks on all the national and provincial arterial roads, tracing of wanted suspects, stop and searches and compliance inspections at liquor selling outlets and closing of unlicensed liquor premises.

The Anti-Gang Unit arrested three Lesotho foreign nationals on Friday, 25 April 2025, after being found in possession of unlicensed firearms and ammunition.

The first suspect was arrested for illegal possession of a Norinco firearm with eight rounds of ammunition.

The other two suspects, Seronthe Thipe, and Thabo Mphinyame, were found in possession of an unlicensed revolver, four rounds of ammunition and spent 9mm cartridge.

All three accused: Rethabile Ntoyi, 39, Nthipu, 30, and Thabo Mphinyame, 40 appeared in the Orkney Magistrates’ Court on Tuesday, 29 April 2025.

“They were all remanded in custody until Friday, 09 May 2025, for further investigation,” said the SAPS.

The Acting Provincial Commissioner of Police in the North West, Major General Patrick Asaneng has called on communities in the Matlosana Municipality including community policing forums and ward councillors not to harbour illegal foreigners who are in the main involved is serious violent crimes such as murders, robberies and damage of essential infrastructure.

“These suspects are often arrested in possession of illegal firearms including automatic rifles smuggled into area and which are not traceable due to them not being in the Central Registry database,” said Asaneng. –SAnews.gov.za

MIL OSI Africa –

May 1, 2025

MIL-OSI Africa: Government affirms commitment to dignified sanitation facilities

Source: South Africa News Agency

Water and Sanitation Minister, Pemmy Majodina, has affirmed government’s commitment to provide dignified sanitation facilities to communities of Chris Hani District Municipality, Eastern Cape.

As part of the government’s ongoing efforts to ensure sanitation dignity for all citizens, the Department of Water and Sanitation, officially handed over 403 newly constructed Ventilated Improved Pit (VIP) toilet structures for households in three villages within the Emalahleni Local Municipality, Chris Hani District Municipality.

Majodina, alongside the Eastern Cape Premier, Oscar Mabuyane, officially handed over the VIP toiles to the residents in Fani, Ntsinga, and Maqhubela villages.

The R11 million project was funded through the Department of Water and Sanitation’s Regional Bulk Infrastructure Grant (RBIG), as part of the department’s role to support municipalities to meet their constitutional obligations of provision of dignified sanitation and accelerate the eradication of sanitation backlog.

The sanitation project, implemented by Chris Hani District, which is the Water Services Authority, commenced in November 2023 and concluded in May 2024.

The construction of the VIP toilets underscores the department’s unwavering commitment to restoring dignity, protecting public health, and advancing equitable access to basic sanitation services, particularly in rural and historically underserved communities.

The project included floor slab, galvanised steel door, pedestal, vent pipe, and hand-wash facility.

Speaking at the handover ceremony, Majodina raised concerns over the lack of proper planning for the project, forcing the department to return to the area to ensure the completion of other ongoing projects, so that the residents finally receive fully functioning flushing toilets in their homes.

The Minister also emphasised the need for intergovernmental working relations with other departments to take a holistic approach to home building.

She underscored a need for the Departments of Water and Sanitation, Human Settlements, and Cooperative Governance and Traditional Affairs (CoGTA), to work together to assist municipalities to ensure that the erected houses have adequate infrastructure for water supply that will “eventually guarantee that the houses have waterborne toilets.”

“Having enough water in the dam does not mean there’s water coming out of the taps in some communities if the value chain is not aligned. The communities are asking for water, and that is why we are working together to ensure that there is service delivery,” Majodina said.

Xonxa pump station repairs near completion

Meanwhile, the Xonxa Pump Station is nearing completion, with repair works currently at 73% and expected to be completed by June 2025.

Ahead of the formal VIP toilet handover ceremony, the Minister conducted an oversight visit to the Xonxa Pump Station, as well as the Machibini and Ilinge Reticulation Projects.

These projects are integral to the broader strategy to enhance water security and ensure a more reliable and consistent water supply for the residents of Emalahleni Municipality, and the surrounding areas.

The upgrades to the Machibini and Ilinge water reticulation systems were completed in January 2025.

During the visit, the Minister expressed satisfaction with the overall progress but raised concerns over the continued lack of water access for residents living near major dams.

She urged the Chris Hani District Municipality to prioritise the next phase of water reticulation projects in the area, to ensure that all residents receive adequate water supply in their homes.

Mabuyane echoed the Ministers sentiments, adding that the projects should start and finish on time, and be within budget.

The Premier said the project delays only lead to a lack of service delivery to the communities.

“We are quite happy with the progress made. I am quite happy with the innovation and creativity. But as the Minister says, it is not always an issue of water resource availability, sometimes it is an issue of capacity to reticulate.

“There is however progress on implementing reticulation projects that will ensure sustainable water supply to communities,” the Premier said.

The day concluded with an engagement with the community of Indwe, where the Minister listened and responded to concerns about lack of water and proper toilet facilities. – SAnews.gov.za

MIL OSI Africa –

May 1, 2025

MIL-OSI Africa: SA ready to welcome visitors for G20 summit

Source: South Africa News Agency

By Sandile Nene

The eyes of the world are firmly focused on South Africa as President of the G20 and the host nation of the G20 Summit in November.

This gathering will see the country welcoming over 40 global heads of state to our shores. The G20 accounts for 85 percent of the global economy, 75 percent of international trade, and about two-thirds of the world population.

The summit will be held under the theme “Solidarity, Equality and Sustainability”, which aligns with our vision of inclusive growth, where all individuals and nations benefit from economic progress.

As the first African nation to host the G20, South Africa will highlight issues such as economic inequality, development, climate change, and fair-trade practices. The platform of the G20 will also help to further connect countries on the continent and beyond.

The G20 is centred on creating a secure foundation for global economic stability, which is a vital catalyst for economic development and in implementing far-reaching global commitments such as the Pact for the Future and the 2030 Agenda for Sustainable Development (Agenda 2030).

Our hosting of the G20 Summit is an opportunity to showcase all that South Africa offers to the world. This includes strengthening our brand as a tourism and business events destination.

The latest International Congress and Conventions Association (ICCA) rankings affirmed South Africa, as the leading business events destination in Africa and the Middle East. South Africa is renowned for its exceptional ability of hosting world-class, high-profile international events, such as the BRICS Summit. In 2023 we hosted the Netball World Cup, and in 2010 we become the first African nation to host the FIFA World Cup. These and a myriad of other successful events have cemented our reputation of being able to host safe and successful global events.

We have also worked to make our country more accessible to international and continental visitors. South Africa has visa waivers for travellers from 132 countries for periods of between 30 and 90 days and our e-Visa system is available to travellers from 34 countries. The Department of Home Affairs also introduced an online e-Visa application system which has simplified the visa process for travellers from eligible countries.

Speaking at the World Tradeshow 2024, the Minister of Tourism Patricia de Lille, emphasised that travellers to the country will be greeted by world class travel infrastructure with active international routes connecting 72 cities worldwide, serviced by 55 airlines, offering over 7,8million seats across over 52,000 flights scheduled for 2024.

The attention generated by the G20 is expected to attract visitors from around the world and will boost international tourism in the years to come. Over 200 meetings are expected to take place in South Africa which present opportunities for the country’s tourism, manufacturing, trade and other investment growth. The approximately 200 meetings will be spread across the different provinces of the country, and the tourism industry will see direct benefits with increased bookings for meeting venues and private tours.

The G20 Summit promises to have an economic ripple effect as local businesses will also receive a boost – contributing to sustaining jobs and growth in the tourism sector and other sectors. Furthermore, South Africa is an attractive destination for business services, and has sophisticated digital infrastructure, including mobile networks and high-speed broadband.

Our hosting of the G20 will reinforce the country’s stature as an attractive and reliable destination for tourism related to Meetings, Incentives, Conferences, and Exhibitions (MICE). This will boost not only business events sector but also the greater South African tourism sector. The South African MICE industry was valued at R121.8 billion in 2023, and it is projected to grow fourfold over the next eight years, reaching R477.9 billion by 2032.

A number of successful G20 meetings have already been held, including the high profile first Foreign Ministers Meeting, and the first Finance and Central Bank Ministerial Meeting. As part of efforts to showcase our nation to the world, G20 meetings are being hosted across the country.

Recently South Africa was crowned the friendliest country in the world according to a global study by international money transfer service Remitly. In its report Remitly said: “Residents are known for being warm and welcoming, making it easy for travellers and visitors to feel at ease around them.”

Let us therefore continue to live up to this reputation by welcoming visitors from around the world with our unique brand of home-grown hospitality. Let us show visitors all that our beautiful country has to offer, and make sure that every visitor leaves our shores with cherished memories and joyful hearts.

*Sandile Nene is the Acting Deputy Director-General for Content Processing and Dissemination in the Government Communication and Information System (GCIS).

MIL OSI Africa –

May 1, 2025

MIL-OSI Africa: Budget to be re-tabled on 21 May 2025

Source: South Africa News Agency

Finance Minister Enoch Godongwana is expected to re-table the 2025 Budget Review on 21 May 2025.

This after National Treasury announced that it has withdrawn the proposed 0.5% Value-Added Tax (VAT) increase which was to be implemented on 1 May 2025.

Godongwana announced the date of the new budget review during a media briefing in Pretoria, on Wednesday.

The Minister described the ensuing debate following the announcement of the budget tabled on 12 March 2025 as “rigorous, as is right in a healthy democracy”.

“Today, there’s a clarity [that] VAT will remain at 15%. This decision was shaped not only by political debates but importantly, by the voices of South Africans.

“When people speak, we must also listen, and I’m encouraged by the passion shown. It reflects the seriousness with which we approach the hard choices needed to place our finances on a sustainable path, protect the vulnerable and accelerate growth,” he said.
Godongwana said he was “pleased” that the budget will be balanced “without raising VAT while protecting vital services like education, health and social grants.”

Three-pronged approach

The Minister said going forward, National Treasury’s focus will be threefold starting with balancing the budget by managing costs better.

“Raising other taxes besides VAT was not an option [as] it would harm growth, savings and jobs. Borrowing more would worsen our debt crisis. We already spend more than R1 billion servicing debt. We must do more with less, review government spending critically, root out waste, every cent of public money must be spent wisely.

“The second issue, we must strengthen revenue collection. In the [March] budget, we made provisions for SARS [the South African Revenue Service] to collect more particularly for those who still owe SARS and to deal with illicit trading,” he said.
The third area that Treasury will home in on is laying “strong foundations for economic growth”.

“Job creation is the number one priority. We must remove barriers to investment, unlock private sector capital and expand opportunities for all South Africans. Through Operation Vulindlela, we have already seen what focused collaboration can achieve and we will now accelerate these reforms.

“The challenges ahead are serious but not insurmountable. If we work together, stay focused and persevere, we can chart a better course for our economy and our people. That is my commitment to South Africans and that is what we aim to achieve when we table the new Budget on the 21st of May 2025,” he said. – SAnews.gov.za

MIL OSI Africa –

May 1, 2025

MIL-OSI USA: Booker Joins House and Senate Democrats in Reintroducing Historic Equality Act to Ban Discrimination Against LGBTQ+ Americans

US Senate News:

Source: United States Senator for New Jersey Cory Booker
WASHINGTON, D.C. – Today, U.S. Senator Cory Booker (D-NJ) joined a group of House and Senate Democrats led by U.S. Senator Jeff Merkley (D-OR) and U.S. Representative Mark Takano (D-CA-39), Chair of the Congressional Equality Caucus, to announce the bicameral reintroduction of the Equality Act in an effort to push back against escalated attacks from the Trump Administration, MAGA Republicans, and state legislatures on the rights and freedoms of LGBTQ+ Americans nationwide.
In states across the country, over 850 anti-LGBTQ+ bills have been filed so far this year—the most in U.S. history. The Equality Act is historic, comprehensive legislation to enshrine civil rights protections for our LGBTQ+ friends and neighbors in federal law.
The Equality Act amends landmark federal anti-discrimination laws to explicitly add sexual orientation and gender identity to longstanding bans on discrimination in employment, housing, public accommodations, jury service, access to credit, federal funding, and more. It would also add protections against sex discrimination in parts of anti-discrimination laws where these protections had not been included previously, such as public accommodations and federal funding.
Despite major advances in equality for LGBTQ+ Americans in recent years, including codifying federal protections for same-sex and interracial marriages, the majority of states still do not have explicit LGBTQ+ non-discrimination protection laws. The Equality Act would finally enshrine protections into federal law under all areas of potential discrimination, protecting the rights and freedoms of all LGBTQ+ Americans for generations to come.
“As the Trump Administration dismantles the civil liberties and legal protections of LGBTQ+ folks nationwide––progress that was hard-won and that we are still fighting to maintain––lawmakers in Congress must act to pass the bicameral Equality Act,” said Senator Booker. “This legislation would finally make clear that LGBTQ+ people in this country cannot be denied entry into a restaurant, be denied federal housing and benefits, or be discriminated against simply because of who they are and who they love. This legislation is long overdue, and I will work tirelessly with my colleagues to ensure the Equality Act becomes the law of the land.”
“Generations of Americans have marched, voted, organized, and raised their voices to fully realize the vision of America as a land of freedom and equality for all,” said Senator Merkley. “As MAGA extremists attack the rights and freedoms of our LGBTQ+ friends and neighbors, I am fighting to end this hateful discrimination, expand freedom, and open the doors of opportunity for everyone. Back in 2007, I led the fight to secure this vision for Oregonians, and it is way past time for Congress to do the same for all LGBTQ+ Americans by passing my Equality Act.”
“Across the country, LGBTQI+ and trans Americans are being targeted and attacked, but we refuse to be cowed or intimidated by their hate. Instead, we reintroduce the Equality Act as our declaration that freedom and dignity are the birthright of every American. We will not rest until full equality is the law of the land,” said Congressional Equality Caucus Chair Takano.
“The Equality Act simply puts into law what we all believe: that every American is created equal and should be treated equally under the law. But, for too many LGBTQ+ Americans in states across the country, equality under the law is not the reality, and they are harassed at work, denied a place to live, and discriminated against just for being who they are,” said Senator Baldwin. “The Equality Act makes clear that in the United States, we can live up to our nation’s highest ideals and we will not tolerate discrimination based on sexual orientation or gender identity – just like religion, race, or ethnicity. Equality is not a privilege, it’s what we’re all owed as American citizens, and I’m committed to making that promise a reality.”
“The Equality Act is necessary, urgent, and long overdue,” said Senate Democratic Leader Chuck Schumer (D-NY). “As the Trump administration and dangerously conservative Supreme Court threaten the safety and security of LGBTQ+ individuals in the United States, it is the obligation of the Senate to ensure that everyone is treated equally under the law – a standard that the United States has long strived for but failed to perfectly meet. I am honored to help lead the reintroduction of the Equality Act and stand with the LGBTQ+ community as we continue to fight for a more equal, just, and loving world.”
“Across the country, from city councils to Congress, state legislatures to 1600 Pennsylvania Avenue, freedom is under attack. The Equality Act will make sure that members of the LGBTQ community can live free from discrimination and pursue the American dream in every single zip code. House Democrats will continue to show up, speak up and stand up until this legislation is the law of the land,” said House Democratic Leader Hakeem Jeffries (D-NY).
“As Republicans across the country continue their assault on LGBTQ+ Americans – particularly the trans community – the fight against bigotry and discrimination remains as urgent as ever,” said Speaker Emerita Nancy Pelosi (D-CA). “The landmark Equality Act – twice passed by the Democratic House but blocked by Senate Republicans – would extend the crucial protections of the Civil Rights Act to all LGBTQ+ Americans, in the workplace and in every place. Today, it was my privilege to join Congressional Democrats in proudly reintroducing our Equality Act to continue our fight for a future of equality and dignity for all.”
“Not only is freedom the birthright of every person; we can only defend ours if we defend everyone’s,” said House Democratic Whip Katherine Clark (D-MA). “That’s the basis of the Equality Act. Republicans’ rejection of such a basic truth tells you everything you need to know about the broken state of their party. While they work to strip away equality, freedom, health care, and housing, we are fighting for a future that is worthy of all our children.”
The Equality Act is supported by 47 U.S. Senators and 214 U.S. Representatives. A full list of the 600+ organizations endorsing the Equality Act can be found by clicking here.
“Everyone, no matter who they are or who they love, deserves the right to live free from discrimination and harassment. But LGBTQ+ people, who go to school, run small businesses, raise kids and work hard to put food on the table just like everyone else, still don’t have the federal nondiscrimination protections that others have enjoyed for decades. In some parts of the country, we can still be evicted from our homes, kicked out of a public business, or denied government services simply because of who we are. As the Trump administration works to erode civil rights protections across the board and state legislatures continue their onslaught against equality, it has never been more important to safeguard the basic protections that are a central part of the American Dream. It is time to pass the Equality Act,” said Jay Brown, Human Rights Campaign Chief of Staff.
“This moment demands action. The reintroduction of the Equality Act comes as the Trump administration and state governments across the country launch aggressive attacks on LGBTQIA+ Americans, especially trans youth. These aren’t abstract policy debates – they are coordinated efforts to erode civil rights and protections, criminalize LGBTQIA+ existence, and erase communities. Trans youth deserve to be protected by their governments, they shouldn’t have to be protected from their governments. It’s long past time our federal laws reflect and protect the reality and dignity of all people,” said Olivia Hunt, Director of Federal Policy for Advocates for Trans Equality (A4TE).
“In Oregon we are lucky to have state protections that prohibit discrimination based on sexual or gender identity. But those protections are feeling pretty shaking these days, considering the series of Executive Orders following inauguration day. There has not been a more critical time to protect the most marginalized within our communities. Without federal protections, states with progressive and inclusive discrimination policies are at risk of losing them. Thank you to Senator Merkley for taking a stand for our communities,” said Kyndall Mason, Executive Director of Basic Rights Oregon.
“With the LGBTQ+ community under attack from the Trump Administration—and anti-LGBTQ+ bills once again rearing their heads in statehouses across the country—the reintroduction of the Equality Act could not be more prescient. We all deserve to be treated with dignity and respect, regardless of who we are, who we love, or where we call home. The Equality Act provides common sense nondiscrimination protections for LGBTQ+ people—protections that a majority of Americans agree should already be available. We are grateful to Rep. Takano for leading the charge on this critical bill, and look forward to working with him and other members of California’s Congressional delegation throughout the process,” said Tony Hoang, Executive Director of Equality California.
Stories in support of the Equality Act and the protections it would enshrine into federal law can be found by clicking here.
A summary of the Equality Act can be found by clicking here.
To read the full text of the bill, click here.

MIL OSI USA News –

May 1, 2025

MIL-OSI USA: Sens. Wicker, Bennet Introduce the LOCAL Infrastructure Act

US Senate News:

Source: United States Senator for Mississippi Roger Wicker
WASHINGTON – U.S. Senators Roger Wicker, R-Miss., and Michael Bennet, D-Colo., introduced the Lifting Our Communities through Advance Liquidity for Infrastructure (LOCAL Infrastructure) Act of 2025. The legislation would amend the federal tax code to restore state and local governments’ ability to use advance refunding to manage bond debt and reduce borrowing costs for public infrastructure projects.
“The LOCAL Infrastructure Act would amend the federal tax code to give more financial flexibility to state and local governments. Restoring advance refunding would help community leaders manage their existing debts and allow for more investment to improve their existing infrastructure. Local leaders know what their states need best, and it’s important to give them the resources to ensure their community’s success,” said Senator Wicker.
“As state and local governments work to improve their communities and plan for the future, our bipartisan bill will support their efforts to revitalize infrastructure, create jobs, and improve quality of life for all Coloradans,” said Senator Bennet. “From improving our roads and bridges to modernizing our hospitals and schools, this legislation will help create stronger and more resilient communities.”
“SIFMA would like to thank Senator Roger Wicker (R-MS) and Senator Michael Bennet (D-CO) for their continued leadership on municipal bonds. Advance refunding is an important tool which permits state and local governments to save billions of dollars in interest costs by refinancing their outstanding debt to a lower interest rate. Our nation benefits by allowing for a robust capital market to flourish, which in turn helps local communities build affordable infrastructure specifically related to their needs. Reinstating the prior tax-exemption for advance refunding bonds is essential to making that happen and the LOCAL Infrastructure Act does just that,” said SIFMA President Kenneth E. Bentsen, Jr.
“Tax-exempt municipal bonds are a critical tool enabling counties to finance infrastructure projects for our communities” said National Association of Counties Executive Director Matthew Chase. “The LOCAL Infrastructure Act would restore the tax-exemption of advance refunding bonds and give counties the flexibility to respond to market conditions and lower borrowing costs for residents. Counties applaud Senators Wicker and Bennet for their bipartisan leadership and urge swift passage of this legislation.”
Advance refunding allows state and local governments to refinance outstanding municipal bonds to more favorable borrowing rates or conditions before the end of the initial bond term on a tax-exempt basis. This process is very similar to how a homeowner may refinance the mortgage on their property to lock in a lower interest rate. The federal tax-exempt debt could be refinanced only once, but local communities would be able to take advantage of the lower interest rates to generate additional savings on existing bonds. Local governments could reinvest these savings to fund infrastructure, education, health care, or other capital improvement projects. Advance refunding has saved state and local governments billions of dollars over decades, but has been unavailable to state and local governments since 2017.
Click here to read a one-page outline of the legislation.
Click here to view the full text of the legislation.

MIL OSI USA News –

May 1, 2025

MIL-OSI USA: Hoyer, Norton, Van Hollen Lead Bicameral Letter on Cuts to Medicaid in District of Columbia

Source: United States House of Representatives – Congresswoman Jennifer McClellan (Virginia 4th District)

WASHINGTON, DC – Amid reports that House Republicans plan to reduce the Federal Medical Assistance Percentage (FMAP) in the District of Columbia, Congressman Steny H. Hoyer (MD-05), Congresswoman Eleanor Holmes Norton (D-DC), and Senator Chris Van Hollen (D-MD) led 15 Members in sending a letter to leaders on the House Committee on Energy & Commerce decrying the proposed cuts to Medicaid in the District. The letter is signed by all Democrats in the National Capital Region, including Senators Mark Warner (D-VA), Tim Kaine (D-VA), and Angela Alsobrooks (D-MD), and Representatives Robert “Bobby” Scott (VA-03), Gerry Connolly (VA-11), Donald Beyer, Jr. (VA-08), Jamie Raskin (MD-08), Kweisi Mfume (MD-07), Glenn Ivey (MD-04), Jennifer L. McClellan (VA-04), Eugene Vindman (VA-07), Suhas Subramanyam (VA-10), Johnny Olszewski (MD-02), Sarah Elfreth (MD-03), and April McClain Delaney (MD-06).

In 2024, 264,332 people enrolled in Medicaid in the District, including 3 in every 7 children, 4 in every 5 nursing home residents, and 1 in every 2 working-age adults with disabilities. Many of these Americans risk losing coverage if D.C.’s FMAP is reduced. A lower FMAP would also force hospitals, clinics, and local health centers to close their doors, undermining care for everyone in the region.

“It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care,” the Members wrote in their letter. “Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers.”

“Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day,” the Members continued.

“As a top children’s hospital and the region’s only Pediatric Level 1 Trauma Center, we are deeply concerned that the proposed cuts to D.C. Medicaid will have unintended consequences and will put critical health care for children at risk,” said Michelle Riley-Brown, President and CEO of Children’s National Hospital. “These proposals would force us to immediately scale back the specialized care that hundreds of thousands of families from all 50 states and D.C. rely on each year, including the 55 percent of our patients who are covered by Medicaid.”

“Cutting DC’s Medicaid funding would decimate health care, emergency preparedness, and public safety in the city, impacting not only DC residents but those who work and visit the city,” said Jacqueline Bowens, President and CEO of DC Hospital Association. “Cuts would force reductions in services at hospitals and have a ripple effect on the city budget and essential public safety services, including police, fire, education, and substance abuse, mental health, and homeless services.”

The full text of the letter is included below:

Dear Chairman Guthrie, Ranking Member Pallone, Chairman Carter, and Ranking Member DeGette:

We write in strong opposition to the proposals contemplated in the FY25 Budget Resolution to cut Medicaid. It is imperative that our constituents, and those who seek care within our jurisdictions, have reliable access to health care. Cuts to Medicaid will have devastating impacts regionally and nationwide, decreasing the availability of providers and services, forcing millions of American families to lose coverage, and increasing wait times for patients in need. Moreover, cuts threaten our region’s health centers, hospitals, nursing homes, home and community-based care providers, and behavioral health providers. These indispensable providers serve low-income, military-connected, and disabled children and adults, and play a unique role in our nation’s capital.

We write with particular concern regarding proposals to reduce the Federal Medical Assistance Percentage (FMAP) for the District of Columbia. Such a change would be catastrophic, destabilizing the health care system of the Washington, D.C. metropolitan region and beyond and impacting the hundreds of thousands of constituents who live, work, travel through, or receive care in D.C. each day. Notably, this includes Members of Congress and their staff, members of the administration, visiting dignitaries, and their families, as well as families across the country who rely on D.C.’s specialized care. We all depend on and expect our nation’s capital to have a quality, responsive health care system. Efforts to weaken that system through cuts to Medicaid undermine the stability and resilience our region requires and would have reverberating effects across the country.

In 1997, a Republican Congress passed the National Capital Revitalization and Self-Government Improvement Act of 1997 (Revitalization Act), which established the current 70 percent D.C. FMAP and transferred certain functions and costs from the D.C. government to the federal government. Congress passed the Revitalization Act in part because it recognized that it imposes unique revenue limitations on D.C., which operates as a state, county, and city. Congress imposes three main revenue limitations on D.C.: D.C. cannot tax income earned in D.C. by nonresidents, depriving D.C. of more than $3 billion in revenue per year; D.C. cannot permit buildings to exceed certain height limitations; and D.C. cannot tax its sizable federal property.

As it currently stands, other jurisdictions are entitled to a higher FMAP than D.C. The Consolidated Appropriations Act, 2023 set the FMAP for American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands permanently at 83% and set the FMAP for Puerto Rico at 76% through FY 2027. Five states (Mississippi, West Virginia, Alabama, New Mexico, and Kentucky) have FMAPs that are higher than D.C.

Reducing D.C.’s FMAP would weaken care for all in the Washington, D.C. metropolitan region, regardless of insurance status. Medicaid supports nearly a quarter of D.C.’s population, including 3 in 7 children and 4 in 5 nursing home residents. For example, proposals to reduce D.C.’s FMAP from 70 percent to 50 percent would create a $1.1 billion annual hole in local funds and ultimately result in a total loss of $2.1 billion per year in program funds to local hospitals, universities, and providers. This equates to a 40 percent cut in funding directly impacting health care providers. Hospitals in the region project at least $232 million in uncompensated care due to D.C.’s FMAP reductions, with at least one medical system expecting to close altogether. Impacts would reverberate across fire and emergency services, police recruitment and retention, and behavioral health resources and threaten the ability of hospitals and other safety net providers to stay open. Community-based providers in Virginia and Maryland risk being overwhelmed, as demand rises from D.C. residents seeking timely care.

Further, without corresponding funding or infrastructure support, it would be challenging for the rest of the region to shoulder the responsibility for regional emergency response. D.C.’s four Level I trauma centers, including those at Children’s National Hospital and MedStar Washington Hospital Center, provide vital care for patients in major incidents or emergency situations, including those involving Members of Congress, federal employees, and visitors. Reducing D.C.’s FMAP would have a particularly disproportionate impact on the provision of trauma and specialty capacities, principally for burn and pediatric patients.

Reductions to D.C.’s FMAP would adversely limit regional access to life-saving and specialized pediatric care. We note with particular alarm the potential impacts on Children’s National, which provides specialized care to patients from all 50 states, including West Virginia, Pennsylvania, Florida, and North Carolina. 73% of hospital stays and emergency department visits at Children’s National are covered by Medicaid. Reductions in Medicaid funding would likely result in the hospital making significant cuts to primary care, behavioral health, and outpatient subspecialty services, with families having to travel further to obtain such care or going without it. Further, local federally qualified health centers (FQHCs) anticipate that a change to D.C.’s FMAP would result in a loss of coverage for more than 33,000 adult health center patients and a loss of $58 million in payments, leaving them unable to serve over 24,000 of their current patients.

Reductions to D.C.’s FMAP would be catastrophic for our local providers and pose grave challenges to ensuring patients in the mid-Atlantic region and beyond receive necessary care. As you consider potential policy options through Budget Reconciliation, we urge you to strongly oppose all cuts to Medicaid and to protect the current FMAP for the District of Columbia.

MIL OSI USA News –

May 1, 2025

MIL-OSI USA: Kamlager-Dove, Lee Introduce Bipartisan Fresh Start Act

Source: United States House of Representatives – Congresswoman Sydney Kamlager California (37th District)

WASHINGTON, D.C.– Today, Representatives Sydney Kamlager-Dove (D, CA-37) and Laurel Lee (R, FL-15) introduced the Fresh Start Act, a bipartisan bill to provide support for rehabilitated individuals to have access to employment, housing, and educational opportunities.

“No one should be denied a job, housing, or education because of bureaucratic red tape,” said Rep. Kamlager-Dove. “Millions of Americans have arrest or conviction records that are eligible to be sealed or expunged, yet many are blocked by confusing, burdensome, and costly processes. I’m proud to cosponsor the bipartisan Fresh Start Act, which helps individuals who have been exonerated or who have paid their debts to society get a chance to contribute to their communities. This legislation will give states the resources they need to implement automatic record clearance systems that offer people a fresh start.”

Approximately one-third of Americans have criminal records that can hinder their ability to secure employment, housing, or educational opportunities. While many of them qualify for record-sealing or expungement under state laws, the process is frequently complicated, time-consuming, and costly.

The Fresh Start Act would allow states that have enacted automated record-sealing or expungement laws to apply for federal infrastructure grants to help streamline the process. This federal legislation builds on the momentum of Clean Slate policies enacted in 2018 by a diverse group of 12 states including California, Colorado, Connecticut, Delaware, Michigan, Minnesota, New Jersey, New York, Oklahoma, Pennsylvania, Utah, and Virginia.

“People who have worked to turn their lives around after a criminal conviction deserve the opportunity to move forward, not be held back by administrative barriers. Today, nearly one-third of Americans have a criminal record that can prevent them from getting a job, finding housing, or pursuing education—even when they qualify for record-sealing or expungement. The Fresh Start Act of 2025 modernizes and streamlines these processes for states, helping more individuals access the opportunities they’ve earned. I look forward to seeing my colleagues come together to pass this important legislation and ensure that everyone who deserves a second chance has the opportunity to build a better future,” said Congresswoman Laurel Lee.

Sheena Meade, CEO of The Clean Slate Initiative, said, “The Fresh Start Act recognizes what we’ve seen on the ground: Clean Slate has the power to change lives. This legislation is an essential component of modernizing state infrastructure, making sure federal support is spent on common-sense solutions that are serious about safety and benefit communities across the country. A fresh start should be more than a promise; it should be a reality. With the Fresh Start Act, it can be.”

Jason Pye, Executive Director of the Due Process Institute, said, “The Fresh Start Act is a commonsense policy solution to help improve states’ record-sealing laws. The bill crucially allocates already existing funding to help with the implementation of proven recidivism reduction strategies that result in better economic outcomes and safer communities for us all. We urge members of Congress to join in cosponsoring and supporting this bipartisan legislation.”

Akua Amaning, Director of Criminal Justice Reform, Center for American Progress said, “Everyone deserves the opportunity to unlock their full potential. Yet, for far too many people who have been impacted by America’s criminal legal system, a second chance can be hard to achieve with an arrest or conviction record. The Fresh Start Act will provide important resources to states that are working to remove unnecessary barriers to employment, housing, education, and other critical life resources due to having a record. In helping to create pathways to automatic record expungement at the state level, The Fresh Start Act will not only help individuals transform their lives, but will also improve economic security and public safety outcomes for all. We applaud the bipartisan support for this measure and urge Congress to swiftly pass the Fresh Start Act.”

Patrick Plein, Director of CPAC’s Nolan Center for Justice, said, “Communities are safer when individuals returning from prison are given a fair chance to reintegrate into society and rebuild their lives. The Fresh Start Act recognizes that people are more than their past mistakes—they are hard working parents, employees, and neighbors with the potential to prosper. By removing barriers to opportunity, these bills strengthen families, boost our economy, and promote public safety.”

“The Fresh Start Act is a common sense measure that will help give people who have fulfilled their justice system obligations a second chance,” said Nan Gibson, Executive Director of the JPMorganChase Policy Center. “The bill would make federal grants available to states to upgrade their justice system infrastructure so that states can implement Clean Slate legislation and strengthen their workforce. Over the last six years, our firm has hired more than 21,000 people with a record whose history had no bearing on the requirements of their job, because we know implementing fair chance hiring practices is good for our business and the economy. This measure will enable companies like ours to continue to connect individuals to meaningful career pathways, opening doors to opportunities that transform lives, lift up communities and strengthen the workforce.”

Summary:

Amends 34 U.S.C. §40302 (National Criminal History Improvement Program, or NCHIP) to include funding for covered automatic expungement and record sealing laws.
Covered Expungement Law—The term “automatic” is defined as expungement or sealing that does not require any action on the part of the eligible individual. The term “covered expungement law” is defined as a law of a State that provides for the automatic expungement or sealing of a criminal record, subject to requirements imposed by the State.
Reporting Requirements—A State that receives a grant under the Fresh Start Act of 2025 is required to produce and send a report to the Attorney General, under the guidelines established by the Attorney General, that provides information on:
- the number of individuals eligible for automatic expungement or sealing disaggregated by race, ethnicity, and gender;
- the number of individuals whose records have been expunged or sealing disaggregated by race, ethnicity, and gender;
- and the number of individuals who application for expungement or sealing are still pending disaggregated by race, ethnicity, and gender;
Inaccessibility of Data for Reporting—If data required for reporting are not available, the State is required to develop and report a plan to obtain as much of the data as possible no later than one (1) year after the first year the grant is awarded.
Publication—The Attorney General is required to publish and make publicly available a report containing data collected under the reporting requirements.

Read the bill text here.

MIL OSI USA News –

May 1, 2025

MIL-OSI USA: LOCAL SPOTLIGHT: Cassidy Wishes Louise “Sammie” McClelland a Happy 105th Birthday

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) wished Louise “Sammie” McClelland a happy 105th birthday for his inaugural Local Spotlight. Each month, Cassidy will highlight a local story that truly reflects Louisiana values of humility, respect, and resiliency.
Read his full April 2025 Local Spotlight below:
Mr. President, I celebrate Louise “Sammie” McClelland, who turned 105 years old this month on April 14th. She still lives on her own and spends her days reading, swimming, and attending Mass. You would hardly guess she is Jefferson Davis Parish’s oldest resident!
Her joy and adventurous spirit have not dimmed despite living through some of the most difficult periods in American history. During the Great Depression, Mrs. McClelland helped her family by sewing clothes, gardening, fishing, cooking, and caring for her younger siblings.
Mrs. McClelland later left home to pursue a degree at LSU and, subsequently, an impressive teaching career. She served her community for 35 years as a teacher, educating the next generation of Louisiana’s leaders.
Now living in Elton, Louisiana, Mrs. McClelland remains steadfast in her faith and thankful that the Lord continues to bless her with the things and people she needs to live well. Mrs. McClelland’s fearlessness and hard work, combined with her deep faith in God, make her a true embodiment of what makes Louisiana so wonderful, and we could all learn from her example.
When asked the secret to her long life, she replied, “Eat right, follow God’s rule, and exercise.” What great advice.
Happy 105th birthday, Louise!

MIL OSI USA News –

May 1, 2025

MIL-OSI Russia: Dmitry Chernyshenko outlined plans for the development of children’s camps in the Zaporizhia region

Translation. Region: Russian Federal

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Deputy Prime Minister Dmytro Chernyshenko, during a working visit to Zaporizhia Oblast, assessed the readiness of the Krasnaya Gvozdika children’s center, a branch of the Artek International Children’s Center, for the summer health campaign. The events were also attended by the Governor of Zaporizhia Oblast Yevgeny Balitsky.

By the beginning of the summer children’s holiday, a range of repair and improvement works had been carried out here. It is expected that in 2025 the children’s center will accept more than 1.5 thousand children from the DPR, LPR, Kherson and Zaporizhia regions.

Dmitry Chernyshenko emphasized the importance of creating a modern and comfortable infrastructure for children’s recreation, and also noted the need not only for the reconstruction of existing facilities, but also for finding new sites for the construction of children’s camps.

Organizing summer recreation for children is one of the priority areas of the national project “Youth and Children”.

“We must provide children with quality recreation, and the Zaporizhia region with its climate, sea, and logistics is well suited for this. Our task is not just to restore, but also to significantly improve the infrastructure of children’s camps, using effective practices, such as the work of the “Red Carnation” center. It is necessary to conduct an inventory of all potential sites, including abandoned objects, to develop a mathematical model for the development of a network of children’s camps taking into account the demand,” said Dmitry Chernyshenko.

He also noted that work on developing the camp network should take into account seasonal factors, and special working groups could be created to check compliance with safety standards.

At the Mayak Creation Center in Berdyansk, the Deputy Prime Minister spoke with participants in the action as part of the All-Russian Week of Cleanup Days “We are for Cleanliness.” The action at the center brought together more than 200 volunteers from different regions of Russia, including Donbass and Novorossiya, who were cleaning the territory and planting an alley of eucalyptus trees. This initiative, organized by Rosmolodezh together with the Ecosystem movement with the support of Dobro.RF, became part of an all-Russian movement that united more than 500 thousand people in the improvement of memorial sites and cities.

Summing up the results of the Week of Subbotniks, the Deputy Prime Minister congratulated the children on the upcoming Victory Day: “Victory Day is one of the most important holidays in our country, which is honored by generations. We pay special attention to it this year, which our President declared the Year of the Defender of the Fatherland. Everything that we do every day, approaching this holiday, we must do not 100%, but 200%.”

The Deputy Prime Minister also visited the Azov State Pedagogical University, a branch of the Sevastopol State University, which is actively participating in the Priority 2030 program. During the military actions, the infrastructure of the Azov University was seriously damaged. In less than a year, thanks to the support of the Government, the university facilities were completely restored. In total, 7 facilities with an area of about 12 thousand square meters were restored. Today, it is a modern campus with the latest equipment and exercise machines. Dmitry Chernyshenko presented the university staff with a certificate for the purchase of a minibus, and also took part in the opening of a memorial plaque to Hero of the Soviet Union Polina Osipenko.

In addition, in Berdyansk, the Deputy Prime Minister, together with the Governor of the Zaporizhia region, inspected the Omore Hotel, where they discussed the prospects for developing tourism in the Zaporizhia region and the implementation of the Five Seas and Lake Baikal project.

“We inspected how the resort investment project for the creation of modular non-capital accommodation facilities is being implemented. The hotel complex includes 25 assembled houses on the territory of the facility, the installation of the verandas of the houses is being completed, temporary access roads have been equipped, and a box for an electrical substation has been installed. Finishing work and landscaping of the territory are currently underway,” noted Evgeny Balitsky.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

May 1, 2025

MIL-OSI Asia-Pac: SCST continues visit to UAE

Source: Hong Kong Government special administrative region

The Secretary for Culture, Sports and Tourism, Miss Rosanna Law, continued her visit to the United Arab Emirates (UAE).

Miss Law met with the Undersecretary of the Ministry of Culture of the UAE, HE Mubarak Al Nakhi, today (April 30, Abu Dhabi time). She highlighted Hong Kong’s ongoing efforts to strengthen international cultural exchanges, expressing strong interest in collaborations with the UAE, a key partner under the Belt and Road Initiative. Miss Law looked forward to establishing closer cultural links and was glad to have identified new opportunities for cooperation on performing arts with the country.

Earlier, on April 29 (Dubai time), Miss Law met the Chief Executive Officer of the Dubai Future Foundation (the Foundation) and Vice Chairman of Dubai Sports Council, HE Khalfan Belhoul. She was impressed by Dubai’s visionary initiatives, such as the Foundation’s projects in artificial intelligence, robotics, and sustainability, as well as the government’s forward-thinking approach in shaping a sustainable and better future for the world. On the sports development front, discussions focused on integrating creativity, innovation, and technology into youth education, with both parties noted the shared aspirations of Hong Kong and Dubai. Miss Law highlighted the similarities in both regions’ sports landscapes, emphasising opportunities for collaboration.

In that afternoon, Miss Law met with the Chief Executive Officer of Dubai Corporation for Tourism and Commerce Marketing at Dubai Department of Economy and Tourism, HE Issam Kazim. The discussions underscored shared goals of enhancing tourism through innovative collaboration. Miss Law also noted how Hong Kong is actively promoting tailor-made, high-end travel packages to attract the Middle East tourists.

Miss Law also paid a courtesy call on and attended a dinner hosted by the Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the UAE, Mr Zhang Yiming last night (April 29, Abu Dhabi time). Ambassador Zhang highlighted Hong Kong’s unique strengths as a global hub for business, culture, and tourism. He also underlined the importance of and expressed optimism about the city’s promising future in engaging the Middle East. Miss Law remarked that through the visit, she gained a deeper understanding of the UAE’s proactive and ambitious vision, affirming that Hong Kong and the UAE share many parallels in their development strategies. She emphasised the importance of leveraging these synergies to foster stronger ties between the two regions and expressed her gratitude to the Embassy for its strong support to Hong Kong.

While in the UAE, Miss Law visited a number of iconic historical and tourist attractions, taking herself in the country’s vibrant cultural and architectural marvels. These included the Burj Khalifa and the Museum of the Future in Dubai (April 29, Dubai time), as well as the Sheikh Zayed Grand Mosque, the national and cultural landmark; the Qasr Al Watan, the Presidential Palace; and the Louvre Abu Dhabi Museum, in Abu Dhabi (April 30, Abu Dhabi time) to gain insights into their operations, tourism appeal and the possible collaboration of cultural exchanges.

Miss Law will conclude her visit to the UAE and depart for Riyadh, Saudi Arabia tonight (April 30, Abu Dhabi time).

MIL OSI Asia Pacific News –

May 1, 2025

MIL-OSI Asia-Pac: Countdown begins for the maiden edition of WAVES – World Audio Visual & Entertainment Summit

Source: Government of India

Countdown begins for the maiden edition of WAVES – World Audio Visual & Entertainment Summit

Mumbai is all set to host WAVES 2025

Four days of knowledge exchange, dialogue, and collaboration between Indian and global M & E stakeholders

WAVES to make waves in India’s Creative Economy

Posted On: 30 APR 2025 4:46PM by PIB Mumbai

Mumbai, 30 April 2025

The countdown for the much-anticipated milestone event for the Media & Entertainment (M&E) sector -WAVES (World Audio-Visual & Entertainment Summit 2025) has begun. This groundbreaking four-day event, starting tomorrow at Jio World Convention Centre in Mumbai is designed to propel India’s Media & Entertainment industry to even greater heights.

As Mumbai, the entertainment capital of India, is gearing up to welcome the who’s who of Media & Entertainment sector who shall delve into engaging panel discussions, thought-provoking and inspiring discourses, knowledge-sharing in-conversation and interactive sessions, enriching master-classes by the industry luminaries et al, the multi-dimensional takeaways over the coming four days for the stakeholders look promising for a future-ready M & E sector in the country.

This is because WAVE Summit is meant to amplify India’s Voice as a Global Powerhouse. WAVES, from its debut year, will provide a platform to showcase India’s vibrant creative industry and its immense potential within the global M&E landscape. Adding to the same, WAVES will also promote knowledge exchange, dialogue, and collaboration between Indian and global stakeholders. This pioneering initiative by the Ministry of Information & Broadcasting, Government of India is envisioned for gainfully leveraging India’s rich spiritual legacy for global harmony and propel the Creator’s economy in the right direction.

The Four Pillars of WAVES

The mega-event encompassing the entire gamut of M & E sector has been broadly divided into four pillars.

One: Broadcasting & Infotainment – Encompassing the traditional and evolving landscape of information and entertainment delivery, this focus area aims at prioritizing information, empowering citizens, and going global by adapting to the challenges of the 21^st Century. It includes the following areas of the creative economy:

Broadcast: Television, Radio, Podcasts, Sports Broadcasting
Content Creation: Print Media, Music
Delivery Platforms: Carriage (Cable & Satellite), DTH (Direct-to-Home)
Advertising & Marketing: Leading professionals shaping brand strategies within the M&E space.

Two: AVGC-XR – This segment explores the cutting-edge world of immersive storytelling and interactive experience powered by a combination of artistry, entertainment and technology. It encompasses the following specific areas:

Animation
Visual Effects
E-Sports
Comics
Augmented Reality/ Virtual Reality (AR/ VR)
Metaverse & Extended Reality (XR)

Three: Digital Media & Innovation: This segment explores the ever-evolving digital landscape and its impact on entertainment consumption. It includes:

Digital Media & App Economy
OTT Platforms
Social Media Platforms
Generative AI & Emerging Technology
Influencers & Content Creators

Four: Films: This segment explores the world of filmmaking, production and globalization.

Films, Documentaries, Shorts, Videos
Film Technology (Shooting, Post-Production)
Globalization of Indian Cinema
Co-Production
Film Incentives
Audio-Visual Services

Create in India Challenge and Creatosphere: Launched as part of WAVES, the Create in India Challenge (CIC) Season-1, has achieved a milestone of crossing 85,000 registrations including 1,100 International participants. Over 750 finalists have been selected after a meticulous selection process, from across 32 diverse challenges. These talented creative minds will get a unique opportunity in the Creatosphere to showcase the outcome and output of their individual talent and skills, apart from networking opportunities with business leaders from their respective sector including pitching sessions, and learn from global stalwarts through masterclasses and panel discussions.

The Creatosphere at WAVES will offer immersive experiences with masterclasses, workshops, a gaming arena, and the Grand Finale of the Create in India Challenges, culminating in the WAVES CIC Awards.

Global Media Dialogue, to be held at WAVES on 2^nd May 2025, is yet another segment that aims to bring together global leaders, policymakers, industry stakeholders, media professionals, and artists to engage in a constructive and dynamic dialogue aimed at shaping the future of the audio-visual and entertainment sectors with a focus on international collaboration, technological innovation, and ethical practices.

Thought Leaders Track: Through plenary sessions, conference sessions and breakout sessions, top CEOs and global leaders will provide insights and diverse perspectives, while also undertaking strategic discussions for collaborations.

WaveXcelerator will connect M&E startups with investors and mentors through live pitching sessions to foster innovation and funding. It will act as a catalyst for Indian startups to lead this transformation, ensuring they receive the right exposure, and investment to scale up their businesses.

WAVES Bazaar is a premier global marketplace for the media and entertainment industry that offers filmmakers and industry professionals the opportunity to engage with buyers, sellers, and a wide range of projects and profiles. The Viewing Room is a dedicated physical platform set up at Waves Bazaar, open from May 1^st to 4th, 2025. For the first ever WAVES Bazaar, a total of 100 films from 8 countries namely India, Sri Lanka, USA, Switzerland, Bulgaria, Germany, Mauritius and UAE will be available to watch in the Viewing Room Library.

Bharat Pavilion: Guided by the theme “Kala to Code” the Bharat Pavilion will celebrate India’s spirit of Vasudhaiva Kutumbakam — the world is one family — and showcase how the country’s artistic traditions have long been a beacon of creativity, harmony and cultural diplomacy. At the core of the Bharat Pavilion are four immersive zones that will take visitors through the continuum of India’s storytelling traditions, named Shruti, Kriti, Drishti, and Creator’s Leap.

Exhibition Pavilion: A dynamic showcase of imagination meeting innovation, from cutting-edge tech to future-forward trends, the pavilion exhibits Indian and Global breakthroughs in the Media & Entertainment sector.

National Sammelan on Community Radio will also be held as part of WAVES which will deliberate and focus on issues related to latest trends, policies and programmes for empowering abilities to strengthen engagement with the local community through the powerful platform of community radio.

WAVES Culturals will be showcasing diverse performances and presentations, blending Indian and international talent. The event aims to recognize the transformative power of media and entertainment in fostering cultural exchange and harmony.

Hence, whether you’re an industry professional, investor, creator, or innovator, the first edition of the Summit offers the ultimate global platform to connect, collaborate, innovate and contribute to the M&E landscape.

WAVES is set to magnify India’s creative strength, amplifying its position as a hub for content creation, intellectual property, and technological innovation. Industries and sectors in focus include Broadcasting, Print Media, Television, Radio, Films, Animation, Visual Effects, Gaming, Comics, Sound and Music, Advertising, Digital Media, Social Media Platforms, Generative AI, Augmented Reality (AR), Virtual Reality (VR), and Extended Reality (XR).

For details, visit https://wavesindia.org/

To know about the schedule of the 4-day mega event, click here

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MIL OSI Asia Pacific News –

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Countdown begins for the maiden edition of WAVES – World Audio Visual & Entertainment SummitMumbai is all set to host WAVES 2025

Countdown begins for the maiden edition of WAVES – World Audio Visual & Entertainment Summit

Mumbai is all set to host WAVES 2025