Category: housing

MIL-OSI USA: Senator Marshall: 100 Days of Promises Made, Promises Kept by President Trump

US Senate News:

Source: United States Senator for Kansas Roger Marshall

Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) released a video today highlighting the wins President Trump has delivered for Kansans – and Americans nationwide – in his first 100 days.

Click HERE to watch Senator Marshall’s video.
Transcript of Senator Marshall’s remarks:
“Well, folks, I don’t know about you, but these first 100 days with President Trump [have] been nothing but a bold blur. At the same time, though, these have been some of the most consequential days in American history. And as I think back on them, there’s one theme: promises made, promises kept.
“You know, more than anything else, President Trump campaigned to secure your border. Now think about this, under Joe Biden, there [were] over 10,000 crossings in a day on many days, but under President Trump, he’s now averaging under 300 per day. That’s a drop from 10,000 per day to 300 per day. Promise made, promise kept.
“President Trump also said he’s going to make your family safer. To that end, he’s deported over 130,000 violent criminal aliens. All over the state of Kansas, when I talk to law enforcement officers, they tell me that crime is coming down, and the fentanyl poisoning is coming down as well. Another promise made and another promise kept.
“President Trump also said he would bring down the price of gas and groceries. Now, it wasn’t too long ago here in DC that gas was over $5 a gallon, and back home, it was typically over $4 a gallon. Today, all over the state of Kansas, the price of gasoline is approaching two and a half dollars a gallon. Again, this went from $5, $4 a gallon down to two and a half dollars a gallon. That’s another promise made, and another promise kept.
“Well, what else did President Trump promise? Well, he also said that he was going to take care of the EV mandate. He’s going to slow the green energy transition and end boys in girls’ sports. All those he’s accomplished, and through DOGE, he saved Americans billions of dollars. On the world stage, he’s withdrawn us from the World Health Organization and the Paris Climate Agreement – both of those, again, putting America first.
“But what I’m really, really, really excited about in these first 100 days, President Trump has secured a $7 trillion investment in America… And what that means to me is more jobs, more good jobs for hard-working Americans. Again, the first 100 days… promises made, promises kept.”

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: Gillibrand, Sanders, Wyden, Baldwin Slam Trump Administration’s Plan To Dismantle Federal Agency That Helps Seniors Live Independently, Stay In Their Homes As They Age
US Senate News:
Source: United States Senator for New York Kirsten Gillibrand

Administration For Community Living Provides Assistance To Senior Citizens And Americans With Disabilities To Age In Place

Today, U.S. Senators Kirsten Gillibrand, Bernie Sanders, Ron Wyden, and Tammy Baldwin led a group of 22 senators in slamming Secretary of Health and Human Services Robert F. Kennedy Jr.’s decision to dismantle the Administration for Community Living (ACL), a critical federal agency that helps seniors and people with disabilities live independently and fully participate in their communities. ACL provides home-delivered and congregate meals for older adults, Medicare enrollment assistance, peer supports, community living activities, and support for family caregivers, among other functions. The Trump administration recently announced that it would dismantle the agency, fire over half its workforce, and scatter its functions across several different agencies. The lawmakers are calling on Secretary Kennedy to halt this shortsighted effort that will cause tangible and enduring harm to older adults and people with disabilities.

“For over a decade, ACL and its expert staff have coordinated services across federal, state, and local governments to ensure that older adults and people with disabilities live healthy, connected, independent lives in the community,” wrote the senators. “In fact, ACL saves the Federal government and taxpayers money by keeping older adults and people with disabilities out of institutions; for example, it costs less to feed a senior for an entire year through the Older Americans Act than it does for a senior to spend one night in a hospital. Transferring ACL programs to the Administration for Children and Families, Assistant Secretary for Planning and Evaluation, and Centers for Medicare & Medicaid Services—also reeling from your devastating staffing reductions— will create havoc and disrupt delivery of bipartisan supported programs such as home-delivered and congregate meals for older adults, Medicare enrollment assistance, peer supports, community living activities, and interventions to support family caregivers.”

The senators added, “Interruption to nutrition programs means millions of older adults may go hungry without the over 220 million meals they rely on. 53 million family caregivers will be left without support, forcing some to leave the workforce to care for their loved ones. Vital evidence-based research and services for people with developmental disabilities will be in jeopardy. Your illegal attempt to dismantle ACL will have far-reaching implications…We strongly urge HHS to consider the needs of seniors, people with disabilities, and those who care for them, and halt this effort to dismantle ACL.”

The letter was signed by Senators Chuck Schumer (D-NY), Bernie Sanders (D-VT), Ron Wyden (D-OR), Tammy Baldwin (D-WI), Amy Klobuchar (D-MN), Mazie Hirono (D-HI), Lisa Blunt Rochester (D-DE), Chris Coons (D-DE), Tammy Duckworth (D-IL), Jeff Merkley (D-OR), Jack Reed (D-RI), Mark Kelly (D-AZ), Angela Alsobrooks (D-MD), Andy Kim (D-NJ), John Fetterman (D-PA), Ruben Gallego (D-AZ), Richard Blumenthal (D-CT), Tim Kaine (D-VA), Elizabeth Warren (D-MA), Raphael Warnock (D-GA), and Mark Warner (D-VA).

The full text of the letter to Secretary Kennedy is available here or below:

Dear Secretary Kennedy,

We are writing in opposition to the proposed dismantling of the Administration for Community Living (ACL) as outlined in the Department of Health and Human Services (HHS) fact sheet on March 26, 2025. ACL is essential to administering the critical programs established and funded by Congress that ensure older adults and people with disabilities can live in their communities with the dignity, security, and independence they deserve. Scattering its functions among several different agencies and firing over half of its workforce is in direct conflict with the fiscal year 2025 appropriations bill that Congress just passed and will cause tangible and enduring harm to older adults and people with disabilities.

The vague proposal to improve “efficiency” by shuttering ACL will achieve the exact opposite. ACL was created in 2012 to bring together the Administration on Aging, the Office on Disability, and the Administration on Developmental Disabilities to enhance coordination of services.

For over a decade, ACL and its expert staff have coordinated services across federal, state, and local governments to ensure that older adults and people with disabilities live healthy, connected, independent lives in the community. In fact, ACL saves the Federal government and taxpayers money by keeping older adults and people with disabilities out of institutions; for example, it costs less to feed a senior for an entire year through the Older Americans Act than it does for a senior to spend one night in a hospital. Transferring ACL programs to the Administration for Children and Families, Assistant Secretary for Planning and Evaluation, and Centers for Medicare & Medicaid Services—also reeling from your devastating staffing reductions— will create havoc and disrupt delivery of bipartisan supported programs such as home-delivered and congregate meals for older adults, Medicare enrollment assistance, peer supports, community living activities, and interventions to support family caregivers.

ACL was created to further the fundamental principle that older adults and people with disabilities should be able to live independently and fully participate in their communities. ACL has grown significantly since its creation in 2012 as it took on programs Congress transferred from other agencies. These functions include a research institute, independent living, assistive technology, and traumatic brain injury programs; paralysis and limb-loss resource centers; and programs to assist in the navigation of Medicare benefits and the health care system.

Last month Congress passed a fiscal year 2025 appropriations bill that provides funding for ACL to continue to carry out these important functions and programs. The proposed reorganization is a brazen disregard of that law. HHS has always worked closely with Congress on reorganizations such as this, including in the establishment of ACL. This time, HHS has refused to provide any information to Congress or the American people regarding exactly how these changes would take place, and how they would be enacted without resulting in delays in the implementation of programs, activities, and functions Congress just funded and tasked ACL with carrying out. There have been reports that the Department fired the entire staff of the Office of Grants Management, which raises additional concerns about how funding will reach the thousands of community-based organizations that rely on it. The obvious conclusion is these are haphazard changes, and HHS has not considered the impact they will have on older Americans and people with disabilities. You claim a mission of making Americans healthier and a commitment to “radical transparency” but both of those assertions fall flat with this proposal.

Any interruption to the effective delivery of programs administered by ACL will have detrimental consequences. For example, a breakdown in adult protective services, long-term care ombudsman programs, and other protection and advocacy programs means that older adults and people with disabilities will be more vulnerable to abuse and neglect. Interruption to nutrition programs means millions of older adults may go hungry without the over 220 million meals they rely on. 53 million family caregivers will be left without support, forcing some to leave the workforce to care for their loved ones. Vital evidence-based research and services for people with developmental disabilities will be in jeopardy. Your illegal attempt to dismantle ACL will have far-reaching implications.

ACL is critical to safeguarding the self-determination of older adults and people with disabilities. These populations should not have their decision-making power undermined and government programs they depend on put at risk simply because you decided that burying these programs within other agencies would be “more efficient.” An overwhelming majority of people prefer to live and age in their own homes where they can continue to be active members of their communities. The resources and programs administered by ACL are critical to achieving that goal, and dismantling ACL will undoubtedly harm efforts to ensure that people with disabilities and older adults can maintain and accomplish such goals.

We strongly urge HHS to consider the needs of seniors, people with disabilities, and those who care for them, and halt this effort to dismantle ACL. While we strongly oppose the decision to dismantle ACL, it is critical that HHS be transparent and provide information to Congress and the American public about the steps it is taking and plans to take with regard to ACL and all of its functions. Please respond to the following questions by April 30, 2025.
1. How many ACL employees have been fired, put on administrative leave, accepted the deferred resignation program offer, or accepted the VERA/VSIP offer since January 20, 2025?
  
  Please provide a complete breakdown by office and position. For each category of employee at each office, provide information on GS level and veteran status, and clearly state the justification for termination. Include employees who have since been reinstated or placed on administrative leave, noting that change in status. Please provide the latest data available.
  
  How many ACL employees remain in force as of April 21, 2025? How many ACL employees were fired on April 1 and have subsequently been rehired?
1. Several positions at ACL are required in statute, including the Assistant Secretary on Aging and the Administrator of ACL. Please explain how HHS will remain in compliance with relevant statutes, including but not limited to the Older Americans Act and the Rehabilitation Act of 1973, following the restructuring of the agency.
1. Provide a detailed list of all programs implemented by ACL in fiscal year 2024 and either the agency or office that HHS proposes to transfer them to or whether the program will be eliminated entirely. Include an explanation for each, addressing HHS’s decision to either eliminate a program, or to transfer a program to a new agency or office, including HHS’s reasoning on why the chosen agency or office should administer it and how that will improve the delivery of services for older Americans and people with disabilities.
  
  If changes will be made to any program (e.g., reduction of scope, cancellation of grants, contracts, or cooperative agreements) describe the consultation process HHS conducted with stakeholders, including career subject matter experts within HHS, organizations representing older adults and people with disabilities, and the expected consequences of such changes to the program.
  
  Did HHS consult with subject matter experts and external stakeholders before changing the structure of ACL? If so, what concerns did HHS career subject matter experts and external stakeholders raise about cancelling, transferring, or changing programs implemented by ACL? If not, why did HHS not engage in a transparent process to seek comment on such a significant restructuring that would dissolve ACL into other HHS agencies or offices? Please provide unredacted copies of any written documents detailing concerns about transferring, cancelling, or changing ACL programs as a consequence of HHS’s planned reorganization, including e-mails, texts, letters, memorandums, and other documents with HHS subject matter experts and external stakeholders.
1. For ACL programs that HHS proposes to transfer to another agency or office, describe how HHS would uphold all the statutory requirements currently under ACL’s purview once its functions are transferred to other agencies or offices.
1. For ACL programs that HHS proposes to transfer to another agency or office, describe how the receiving agency or office will find the necessary expertise to ensure effective operation of programs, including:
1. Existing content expertise of the program at the receiving agency or office.
2. Expertise at the receiving agency or office in coordination between stakeholders and state and local government and any other partners.
3. Any feedback that career employees at the receiving agency have provided regarding their capacity to take over the transferred programs, especially in light of recent, or planned, reduction in force efforts including firings, resignations, and buy-outs.
1. Explain how your decision to decimate ACL—the agency created to reduce duplication of programmatic efforts—will increase efficiency.
1. Which organizations representing older adults, people with disabilities, and state and local governments did HHS consult with to reach its determination that eliminating ACL would increase efficiency?
2. If HHS did not consult with groups representing older adults, people with disabilities, and state and local governments before reaching its determination that ACL would increase efficiency, please explain why HHS did not engage in a transparent process with impacted stakeholders before dissolving ACL.
1. How will you monitor the impact of transitioning programs on the lives of older adults and people with disabilities? Please include:
1. Variables to be measured and methods for assessment.
2. How HHS will include feedback, when determining the impact of its changes, from older adults and people with disabilities, and the organizations that represent them.
3. How HHS will include feedback, when determining the impact of its changes, from state and local governments and the organizations that represent them.
1. We understand that HHS will eliminate all ACL staff from HHS regional offices.
2. Can HHS confirm that there will be no ACL staff at HHS regional offices?
3. How does HHS intend to replace or address the critical functions of ACL regional staff, including technical expertise, support, and administration of Older Americans Act State and Tribal grant programs, and disaster response coordination, with the elimination or reduction in ACL regional staff?
4. How will HHS execute ACL’s fiscal year 2025 appropriations, given it explicitly funded ACL to carry out specific authorized activities, programs, and functions? Does HHS proposed reorganization include any transfer of funds?
MIL OSI USA News –
April 30, 2025
MIL-OSI New Zealand: We want to be here long-term: A 20-year journey towards sustainable dairy farming
Source: Environment Canterbury Regional Council
Reducing nitrate in the water

And slowly but surely, it’s paid off. The 221ha property with 630 cows, located on the outskirts of Culverden in the Amuri Basin, had seen a significant reduction in nitrate in the water and a dramatic improvement to the health of its ecosystem. But those results didn’t come overnight.

The team at Pukatea Dairy Farm had spent the last two decades investing in:
- draining systems
- sediment traps
- riparian planting, particularly around the wetlands.
Water testing showed that the level of nitrogen that came into the farm was reduced by 95 per cent after it was filtered through the drains and wetland.

Stuart said they wanted to be sustainable, resilient and offer a meaningful experience for everyone involved in the operation.

“I think sometimes there’s a bit too much focus on short-term profit in farming and I get that, I used to be a sharemilker, but what we’ve learnt is you can forgo a little profit to make yourself more resilient later.”

In the last few years, the weather demonstrated that. The farm produced results even in years with challenging conditions.

The farm was fortunate to have heavier soils than other parts of the basin, which meant they had greater drought resilience. But heavier soils meant keeping a careful balance with soil moisture monitoring.

“We worked out that our pasture doesn’t like being wet all the time,” Stuart said.

Reducing the farm’s carbon emissions

Another significant change was steering away from a more intensive farm system. This move was driven by a desire to prioritise animal welfare and create a more enjoyable work environment. In return, it has improved both the herd’s health and the farm’s overall sustainability.

Stuart said one of the big issues with dairy farming was intensity, which translated to how many cows and how much brought-in feed you had in your system.

“[It’s] about your carbon footprint, your environmental effects and what we are trying to do is run within the capacity of the land. I think the data is showing that we are not far away.”

Over the last ten years, Stuart reduced the number of cows in his paddock from 700 to 630. Three years ago, he took deintensification further by decreasing the number of weekly milkings from 14 to ten.

In turn, this decreased his replacement rate (the number of cows he kept as a buffer to replace the cows that couldn’t get pregnant) from 25 to 18 per cent and halved the farm’s empty cow rate.

Recognition for sustainable and ethical farming

Ballance Farm Environment Awards (BFEA) judges commended Stuart and his team for creating an outstanding operation that consistently chose the right path over the easy one.

The judges said the farm’s long-term environmental initiatives, strategic grazing practices, and unwavering commitment to ethical, sustainable farming served as an inspiration to others in the industry.

Stuart also took home:
- The Environment Canterbury Water Quality Award
- The Dairynz Sustainability and Stewardship Award
- The FMG Risk Management Award.
Our Water and Land Northern Team Leader, Andrew Arps, said what stood out to him was the enduring nature of their efforts, as it hadn’t been a quick or easy journey.

“It’s been about consistent, thoughtful improvements, with a focus on sustainable land management that goes well beyond regulatory requirements.”

“One of the powerful things about Stuart’s approach is that it recognises how small actions, when done collectively and consistently, can make a real and lasting difference for water quality and land health. It’s a mindset that doesn’t chase short-term fixes but looks at the bigger picture, and it’s clear that this way of working is paying off.”

Award winner Stuart Neill, Water and Land Northern Team Leader Andrew Arps, Mike Hennessy from Amuri Irrigation and Ross Bishop from DairyNZ at the Pukatea Dairy Farm

Andrew said Stuart’s success reflected the input of those around him as he was open to advice, willing to consider different perspectives, and not afraid of robust discussions to find the best way forward.

“That kind of leadership and collaboration is exactly what we need more of across the region.

“All of this made Stuart a very deserving recipient of our water quality award. His work sets a great example for others.”

Further reading

MIL OSI New Zealand News –
April 30, 2025

MIL-OSI: GBank Financial Holdings Inc. Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

LAS VEGAS, April 29, 2025 (GLOBE NEWSWIRE) — GBank Financial Holdings Inc. (the “Company”) (OTCQX: GBFH), the parent company of GBank (the “Bank”), today reported net income for the quarter ended March 31, 2025 of $4.5 million, or $0.31 per diluted share, compared to $5.2 million, or $0.37 per diluted share during the fourth quarter of 2024, and $3.7 million, or $0.29 per diluted share, for the first quarter of 2024.

First Quarter 2025 Financial Highlights (Unaudited)

Net income of $4.5 million and diluted earnings per share of $0.31

Net revenue⁽¹⁾of $17.4 million, an increase of 31.4% compared to the first quarter of 2024

SBA Lending and Commercial Banking loan originations of $133.0 million, compared to $136.6 million for the first quarter of 2024

Gain on sale of loans of $2.5 million on loans sold of $68.7 million, compared to gain on sale of loans of $2.1 million on loans sold of $68.6 million for the first quarter of 2024

Credit card charge transactions of $105.6 million and net interchange fees of $2.0 million, compared to $1.1 million and $20 thousand, respectively, for the first quarter of 2024

Non-interest expenses include legal, professional, and audit fees from registration on Forms S-1 and S-1A, which total approximately $1.1 million to date

Net interest margin of 4.47%

Total deposit growth of $189.0 million, or 23.4% compared to March 31, 2024

Total on-balance sheet guaranteed loans of $245.6 million, compared to $263.5 million as of March 31, 2024

Non-performing assets, excluding guaranteed portions, of $5.7 million, representing 0.48% of total assets

Edward M. Nigro, Executive Chairman, stated, “While quarterly net revenues⁽¹⁾ increased 31% over the first quarter of 2024, our first quarter noninterest income, driven by the increased monetization of Gaming FinTech operations, increased 51% year-over-year with noninterest revenue exceeding $5 million. And in just these last two weeks, GBFH received SEC approval of its S-1 filing and was approved to commence trading on NASDAQ – we have been busy.”

Registration Statement on Form S-1

On April 16, 2025, the Company announced that the U.S. Securities and Exchange Commission declared effective the Company’s Registration Statement on Form S-1 (the “Form S-1”) related to registration and resale of 1,081,081 shares of common stock, currently held by existing stockholders and issued in the Company’s Private Placement Offering (the “Offering”) which closed on October 11, 2024.

The Company is not currently offering or selling new shares of common stock, and there will be no change to the issued and outstanding number of shares of common stock of the Company in connection with the Form S-1. Copies of the prospectus included in the Registration Statement may be obtained from the Company by request or by visiting
https://www.sec.gov/Archives/edgar/data/1791145/000147793225002363/gbfh_s1.htm.

Financial Results

Income Statement

Net interest income totaled $11.9 million for the first quarter of 2025, reflecting an increase of $105 thousand, or 0.9%, compared to $11.8 million for the fourth quarter of 2024, and an increase of $1.1 million, or 10.1%, compared to the first quarter of 2024.

The increase in net interest income from the fourth quarter was driven by a favorable reduction in the cost of deposits, partially offset by lower interest income on loans. The favorable decrease in the cost of deposits of $305 thousand was the result of (i) the redemption of $20 million of certain higher-cost callable brokered deposits during the quarter having a weighted-average interest rate of 4.95%, (ii) rate decreases on interest-bearing deposits resulting from the 50 basis point decrease in the federal funds rate enacted during the fourth quarter 2024 by the Federal Open Market Committee (“FOMC”), and (iii) the non-recurring effect of accelerated recognition of certain premiums on brokered certificates of deposits during the fourth quarter of 2024 totaling $170 thousand. The favorable decrease in the cost of deposits was partially offset by a decrease in interest income on loans of $395 thousand primarily due to the full-quarter impact of the previously mentioned 50 basis point decrease in the federal funds rate on the Bank’s variable rate loan portfolio. Interest income for the first quarter of 2025 reflects the net effect of the reversal of $100 thousand of interest accruals, deferred fees, and deferred costs attributable to $2.8 million of commercial loans placed on nonaccrual status during the first quarter of 2025. Comparatively, the fourth quarter of 2024 reflects the net effect of the reversal of $342 thousand of interest accruals, deferred fees, and deferred costs attributable to $12.4 million of commercial loans placed on nonaccrual status.

The increase in net interest income when compared to the first quarter of 2024 was primarily volume driven, as higher interest income from growth in average loan and interest-bearing cash balances more than offset increases in interest expense resulting from higher average balances of interest-bearing deposits.

Investment securities yield was 4.94% for the first quarter of 2025, compared to 4.74% for the fourth quarter of 2024 and 4.16% for the first quarter of 2024. The increase in investment securities yield when compared to the previous linked quarter and to the same quarter of 2024 was driven by the purchase of $72.9 million of investment securities over the previous twelve months to replace certain lower-yielding U.S. Treasury securities that matured during 2024.

The Company’s net interest margin for the first quarter of 2025 decreased to 4.47%, compared to 4.53% for the fourth quarter of 2024 and 4.85% for the first quarter of 2024. The decrease in net interest margin when compared to the fourth and first quarters of 2024 is reflective of the full-quarter impact of the 50 basis point decrease in the federal funds rate enacted in during the fourth quarter of 2024 by the FOMC on variable rate loans, investment securities, and interest bearing cash balances and interest income reversals relating to loans placed on nonaccrual status during the quarter.

The Company recorded a provision for credit losses on loans of $710 thousand for the first quarter of 2025, a decrease of $627 thousand compared to $1.3 million for the fourth quarter of 2024. No provision for credit losses on loans was recorded during the first quarter of 2024. The provision for credit losses on loans recorded in the first quarter of 2025 reflects quarterly growth in non-guaranteed loans of $24.4 million.

Non-interest income was $5.5 million for the first quarter of 2025, compared to $5.8 million for the fourth quarter of 2024, and $2.4 million for the first quarter of 2024. The $301 thousand decrease in non-interest income when compared to the fourth quarter of 2024 was driven by a $1.5 million decrease in income from gain on sale of loans due to a decrease in average pretax gain on sale margin and lower sales volume quarter-over-quarter. The decrease in gain on sale of loans was partially offset by an increase in credit card net interchange fees of $1.1 million quarter-over-quarter due to increased credit card transaction volume. The $3.1 million increase in non-interest income when compared to the first quarter of 2024 was driven by (i) an increase in credit card net interchange fees of $2.0 million, (ii) a $643 thousand increase in loan servicing income as the first quarter of 2024 reflected the write-off of certain loan servicing assets totaling $401 thousand relating to the repurchase of the guaranteed portion of previously sold SBA loans, and (iii) a $454 thousand increase in income from gain on sale of loans.

Net revenue⁽¹⁾ totaled $17.4 million for the first quarter of 2025, representing a decrease of $196 thousand, or 1.1%, compared to $17.6 million for the fourth quarter of 2024. Net revenue⁽¹⁾ for the first quarter of 2025 increased $4.2 million, or 31.4%, when compared to $13.2 million for the first quarter of 2024.

Non-interest expense was $10.9 million during the first quarter of 2025, compared to $9.7 million for the fourth quarter of 2024 and $8.4 million for the first quarter of 2024. The Company’s efficiency ratio was 62.8%, compared to 55.4% for the fourth quarter of 2024 and 63.4% for the first quarter of 2024. The increase in non-interest expense from the fourth quarter of 2024 is primarily due to an increase of $587 thousand in employee compensation costs attributable to higher commission expenses related to loan production. The increase in non-interest expense also reflects extraordinary legal, professional, and audit fees incurred to date totaling $1.1 million associated with the preparation and filing of the registration statement with the Securities and Exchange Commission on Forms S-1 and S-1/A, approximately $786 thousand of these expenses were incurred during the first quarter of 2025. Additionally, data processing expenses increased $201 thousand when compared to the fourth quarter of 2024 related mainly to higher credit card volume. The increase in non-interest expense from the first quarter of 2024 was driven by a $1.1 million increase in employee compensation costs due to increased staffing levels, as well as a $1.5 million increase in other expenses due to the previously mentioned legal, professional, and audit fees associated with the registration statement filing and increases in data processing, supplies, and other non-interest expenses to support the growth of the organization.

Income tax expense was $1.2 million for each of the quarters ended March 31, 2025 and December 31, 2024, and $1.1 million for the first quarter of 2024. The Company’s effective tax rate was 21.4% for the quarter ended March 31, 2025 compared to 19.1% for the quarter ended December 31, 2024 and 23.1% for the quarter ended March 31, 2024. The fluctuations in the effective tax rate are largely driven by the timing and volume of certain stock-based compensation transactions resulting in tax benefits to the Company, as well as the timing and volume of state tax adjustments.

Net income was $4.5 million for the first quarter of 2025, a decrease of $774 thousand from $5.2 million for the fourth quarter of 2024, and an increase of $769 thousand from $3.7 million for the first quarter of 2024. Diluted earnings per share totaled $0.31 for the first quarter of 2025, compared to $0.37 for the fourth quarter of 2024 and $0.29 for the first quarter of 2024. Earnings per share and other share-based metrics have been impacted by the shares issued in the previously mentioned Offering.

The Company had 175 full-time equivalent employees as of March 31, 2025, compared to 169 full-time equivalent employees as of December 31, 2024, and 150 full-time equivalent employees as of March 31, 2024.

Balance Sheet

Total loans, net of deferred fees and costs were $843.4 million as of March 31, 2025, compared to $816.0 million as of December 31, 2024, and $733.6 million as of March 31, 2024. Loans, net of deferred fees and costs increased $27.4 million during the first quarter of 2025 as increases in commercial real estate loans more than offset decreases in commercial and industrial and residential loans. The increase in loans, net of deferred fees and costs of $109.8 million from March 31, 2024 was primarily driven by increases of $97.7 million in commercial real estate loans. Total guaranteed loans as a percentage of loans⁽¹⁾ were 24.2% as of March 31, 2025, compared to 24.7% as of December 31, 2024, and 29.8% as of March 31, 2024.

The Company’s allowance for credit losses totaled $9.0 million as of March 31, 2025, compared to $9.1 million as of December 31, 2024 and $7.1 million as of March 31, 2024. The allowance for credit losses as a percentage of total loans was 1.07% as of March 31, 2025, compared to 1.12% as of December 31, 2024, and 0.97% as of March 31, 2024. The allowance for loan losses as a percentage of total loans, excluding guaranteed portions⁽¹⁾, was 1.41% as of March 31, 2025, compared to 1.48% as of December 31, 2024, and 1.38% as of March 31, 2024.

Deposits totaled $995.9 million as of March 31, 2025, an increase of $60.9 million from $935.1 million as of December 31, 2024, and an increase of $189.0 million from $806.9 million as of March 31, 2024. By deposit type, the increase from the prior quarter was driven by an increase of $40.7 million in certificates of deposit and a $23.3 million increase in savings and money market accounts. From March 31, 2024, certificates of deposit increased by $83.9 million, and savings and money market accounts increased by $80.5 million. Noninterest-bearing deposits totaled $242.7 million as of March 31, 2025, an increase of $3.0 million from $239.7 million as of December 31, 2024, and an increase of $26.3 million from $216.3 million as of March 31, 2024.

The Company’s ratio of loans to deposits was 84.7% as of March 31, 2025, compared to 87.3% as of December 31, 2024, and 90.9% as of March 31, 2024.

The Company held no short-term borrowings as of March 31, 2025 or December 31, 2024, compared to short term borrowings of $10.0 million as of March 31, 2024. As of March 31, 2025, the Company had approximately $488.3 million in available borrowing capacity from the Federal Reserve Bank, the Federal Home Loan Bank, and through its various Fed Funds lines.

Subordinated notes totaled $26.1 million as of March 31, 2025 and December 31, 2024, compared to $26.0 million as of March 31, 2024.

Stockholders’ equity was $146.6 million as of March 31, 2025, compared to $140.7 million as of December 31, 2024, and $102.6 million as of March 31, 2024. The increase in stockholders’ equity from December 31, 2024 is attributable to increases in retained earnings resulting from net income earned during the quarter. The increase in stockholders’ equity since March 31, 2024 was driven by the previously mentioned Offering, net income earned during the previous twelve months, as well as an increase in capital resulting from the issuance of non-voting common shares related to the Company’s investment in BankCard Services, LLC (“BCS“) during the second quarter of 2024.

The Company’s common equity to tangible assets ratio was 12.3% as of March 31, 2025, compared to 12.5% as of December 31, 2024, and 10.6% as of March 31, 2024. The Bank’s Tier 1 leverage ratio was 14.2% as of March 31, 2025, compared to 12.9% as of December 31, 2024, and 13.0% as of March 31, 2024. The increase in the Bank’s Tier 1 leverage ratio was the result of the downstream of $15.0 million in additional capital from the holding company to the Bank during the first quarter of 2025. The Company’s book value per share was $10.27 as of March 31, 2025, an increase of 4.1% from $9.87 as of December 31, 2024, and an increase of 28.4% from $8.00 as of March 31, 2024. The increase in tangible book value per share from December 31, 2024 is attributable to net income and increases in additional paid in capital resulting from certain stock-based compensation activity during the quarter. The increase since March 31, 2024 is attributable to net income, the Offering, and the increases in capital resulting from the issuance of non-voting common shares related to the Company’s investment in BCS during the second quarter of 2024.

Total assets increased 6.0% to $1.190 billion as of March 31, 2025, from $1.122 billion as of December 31, 2024, and increased 23.5% from $963.4 million as of March 31, 2024. The increase in total assets from December 31, 2024 was primarily driven by increases in loans and interest-bearing deposits with banks. The increase in total assets from March 31, 2024 was primarily driven by increases in loans, interest bearing deposits with banks, and investment securities.

Asset Quality

The provision for credit losses on loans totaled $710 thousand for the first quarter of 2025, compared to $1.3 million for the fourth quarter of 2024. No provision for credit losses on loans was recorded during the first quarter of 2024. Net loan charge-offs in the first quarter of 2025 totaled $828 thousand, or 0.39% of average net loans (annualized), compared to net loan charge-offs of $157 thousand, or 0.07% of average net loans (annualized) in the fourth quarter of 2024 and no net loan charge-offs or recoveries during the first quarter of 2024.

Nonaccrual loans increased $5.1 million during the quarter to $19.2 million as of March 31, 2025, and increased $13.1 million from $6.1 million as of March 31, 2024. Loans past due 90 days and accruing interest totaled $1.2 million as of March 31, 2025, compared to $40 thousand as of December 31, 2024, and $33 thousand as of March 31, 2024. The balance of loans past due 90 days and accruing of $1.2 million at March 31, 2025 was comprised of one commercial real estate loan totaling $1.1 million and certain credit card balances totaling $49 thousand.

The Company held no other real estate owned as of March 31, 2025 or 2024, or December 31, 2024.

Total non-performing assets totaled $20.4 million as of March 31, 2025, an increase of $6.2 million from $14.2 million as of December 31, 2024, and an increase of $14.2 million from $6.1 million as of March 31, 2024. Non-performing assets, excluding guaranteed portions, totaled $5.7 million as of March 31, 2025, an increase of $839 thousand from $4.8 million as of December 31, 2024 and an increase of $4.1 million from $1.6 million as of March 31, 2024.

Loans past due between 30 and 89 days and accruing interest totaled $14.9 million as of March 31, 2025, an increase of $3.0 million from $11.8 million as of December 31, 2024, and an increase of $11.4 million from $3.4 million as of March 31, 2024. The guaranteed portion of loans past due between 30 and 89 days and accruing interest totaled $11.9 million as of March 31, 2025.

The ratio of total non-performing assets to total assets was 1.71% as of March 31, 2025, compared to 1.26% as of December 31, 2024, and 0.64% as of March 31, 2024. The ratio of non-performing assets, excluding guaranteed portions, to total assets⁽¹⁾ was 0.48% as of March 31, 2025, compared to 0.43% as of December 31, 2024, and 0.16% as of March 31, 2024.

Other Financial Highlights

SBA Lending and Commercial Banking

SBA Lending and Commercial Banking loan originations totaled $133.0 million for the first quarter of 2025, compared to $120.0 million for the fourth quarter of 2024 and $136.6 million for the first quarter of 2024. Loan sale volume decreased to $68.7 million during the first quarter of 2025, compared to $98.5 million for the fourth quarter of 2024, and increased slightly from $68.6 million during the first quarter of 2024. Gain on sale of loans decreased 36.5% to $2.5 million, compared to $4.0 million for the fourth quarter of 2024, and increased 21.8% from $2.1 million for the first quarter of 2024. The average pretax gain on sale of loans margin was 3.69% for the first quarter of 2025, compared to 4.06% for the fourth quarter of 2024 and 3.04% for the first quarter of 2024.

Gaming FinTech

GBank’s partner, BCS, has been actively developing its pipeline of Pooled Player and Pooled Consumer Accounts “Powered by PIMS and CIMS”™. BCS is currently onboarding three new programs. BCS is working with two gaming operators as a part of the latest Product Express partnership with MasterCard and i2c announced during the third quarter of 2024. One client is a cash access service provider in the casino industry and the other is a social gaming operator. Both are working to onboard their prepaid issuing program through this partnership. These programs are expected to be active early in the second quarter of 2025. BCS has executed an additional card issuing agreement with a client offering prepaid access services for cashless venues nationwide. This program went live in the first quarter of 2025. Additionally, the BoltBetz slot machine application is now expected to be fully live in the second quarter of 2025.

BCS and GBank now have seventeen active payment and PPA/PCA clients. Currently, BCS and GBank are conducting due diligence for three new clients, with anticipated onboarding in future quarters. Gaming FinTech deposits averaged $37.1 million for the first quarter of 2025, compared to $30.5 million for the fourth quarter of 2024.

The Bank launched its GBank Visa Signature® Card in the second quarter of 2023 for prime and super-prime consumers, offering one percent cash rewards on gaming transactions and two percent cash rewards on all other purchases.

Credit card charge transactions were $105.6 million for the first quarter of 2025, compared to $51.7 million for the fourth quarter of 2024 and $1.1 million for the first quarter of 2024. Credit card balances were $2.3 million as of March 31, 2025, compared to $1.6 million as of December 31, 2024 and $542 thousand as of March 31, 2024. Through March 31, 2025, and since launch, the Bank has processed over $172 million in gaming transactions through its credit card product.

GBank continues to develop and improve its operational credit card systems, including the internal implementation of application landing pages and internal customer service resources. These efforts are a continuation of the Company’s ongoing strategy to ultimately manage all systems directly as opposed to relying on outsourced third parties. Direct control over these critical resources has become more important as we focus are executing on new marketing agreements, create significant additional social media presence, and require related product systems with the ability to perform on a mass scale. Implementation and testing of these initiatives is currently underway with completion anticipated during the third quarter of 2025, which is expected to cause slowing growth in credit card transactions and growth over the short-term.

Non-Voting Equity Investment in BankCard Services, LLC

On June 26, 2024, the Company announced the acquisition of a 32.99% non-voting equity interest in BCS. This acquisition was completed by exchanging 231,508 shares of restricted, non-voting GBFH common stock for 143,371 shares of non-voting BCS common stock. The GBFH non-voting stock must be held by BCS for a minimum of one year and can only be converted into voting shares upon a disposition by BCS, in accordance with applicable Federal Reserve regulations.

Earnings Call

The Company will host its first quarter 2025 earnings call on Wednesday, April 30, 2025, at 10:00 a.m. PST. Interested parties can participate remotely via Internet connectivity. There will be no physical location for attendance.

Interested parties may join online, via the ZOOM app on their smartphones, or by telephone:

ZOOM Conference ID 826 3030 7240
Passcode: 549549

Joining by ZOOM Conference (audio only):

Log in on your computer at
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or use the ZOOM app on your smartphone.

Joining by Telephone

Dial (408) 638-0968. The conference ID is 826 3030 7240. Passcode: 549549.

Click here to learn more about GBank Financial Holdings Inc.

Notice Regarding Disclosures and Forward-Looking Statements

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (“Securities Act”). This announcement is being issued in accordance with Rule 135 under the Securities Act.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding certain of the Company’s goals and expectations with respect to future events that are subject to various risks and uncertainties, and statements preceded by, followed by, or that include the words “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,” and similar expressions. These statements are based upon the current belief and expectations of the Company’s management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). Factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations include, but are not limited to: the impact on us or our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from bank failures and any continuation of uncertainty in the banking industry, including the associated impact to the Company and other financial institutions of any regulatory changes or other mitigation efforts taken by government agencies in response thereto; increased competition for deposits and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to continued elevated interest rates or potential reductions in interest rates and a resulting decline in net interest income; the persistence of the inflationary pressures, or the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; effects of declines in housing prices in the United States and our market areas; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; regulatory considerations; our ability to recognize the expected benefits and synergies of our completed acquisitions; the maintenance and development of well-established and valued client relationships and referral source relationships; acquisition or loss of key production personnel; changes in tax laws; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential increased regulatory requirements and costs related to the transition and physical impacts of climate change; and current or future litigation, regulatory examinations or other legal and/or regulatory actions. These forward-looking statements are based on current information and/or management’s good faith belief as to future events. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The forward-looking statements are made as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

GBank Financial Holdings Inc.
9115 West Russell Road, Suite 110
Las Vegas, Nevada 89148
https://www.gbankfinancialholdings.com/

FIRST QUARTER 2025 FINANCIAL RESULTS (UNAUDITED)

Quarter Highlights:
Net Income	Earnings per diluted share	Net revenue⁽¹⁾	Net interest margin	On-balance sheet guaranteed loans	Book value per common share
$4.5 million	$0.31	$17.4 million	4.47%	$245.6 million	$10.27

CEO COMMENTARY:

“Our results reflect a continuation of strong earnings, with Company revenues absorbing elevated one-time costs, including SEC related audit, accounting, and legal expenses, which have now totaled approximately $1.1 million to date,” stated T. Ryan Sullivan, President/CEO

LINKED QUARTER BASIS

QTD YEAR-OVER-YEAR

FINANCIAL HIGHLIGHTS:
Net income of $4.5 million and earnings per diluted share of $0.31, compared to $5.2 million and $0.37, respectively Net interest income of $11.9 million, an increase of 0.9%, or $105 thousand	Net income of $4.5 million and earnings per diluted share of $0.31, compared to $3.7 million and $0.29, respectively Net interest income of $11.9 million, an increase of 10.1%, or $1.1 million
Gain on sale of loans of $2.5 million, a decrease of 36.5%, or $1.5 million	Gain on sale of loans of $2.5 million, an increase of 21.8%, or $454 thousand
Noninterest income of $5.5 million, a decrease of 5.2%, or $301 thousand	Noninterest income of $5.5 million, an increase of 127.2%, or $3.1 million
Net revenue⁽¹⁾ of $17.4 million, a decrease of 1.1%, or $196 thousand	Net revenue⁽¹⁾ of $17.4 million, an increase of 31.4%, or $4.2 million
Noninterest expense of $10.9 million, an increase of 12.2%, or $1.2 million	Noninterest expense of $10.9 million, an increase of 30.2%, or $2.5 million

FINANCIAL POSITION RESULTS:
On-balance sheet guaranteed loans of $245.6 million, an increase of 5.0%, or $11.6 million	On-balance sheet guaranteed loans of $245.6 million, a decrease of 6.8%, or $18.0 million
Total deposits of $996.0 million, an increase of 6.5%, or $60.9 million	Total deposits of $996.0 million, an increase of 23.4%, or $189.0 million
Stockholders’ equity of $146.6 million, an increase of 4.2%, or $5.9 million	Stockholders’ equity of $146.6 million, an increase of 42.9%, or $44.0 million

LOANS AND ASSET QUALITY:
Nonperforming assets (nonaccrual loans, accruing loans past due 90 days or more, and OREO) to total assets of 1.71%, compared to 1.26% Nonperforming assets, excluding guaranteed balances, to total assets of 0.48%, compared to 0.43%	Nonperforming assets (nonaccrual loans, accruing loans past due 90 days or more, and OREO) to total assets of 1.71%, compared to 0.64% Nonperforming assets, excluding guaranteed balances, to total assets of 0.48%, compared to 0.16%
ACL to loans, excluding guaranteed balances, of 1.41%, compared to 1.48%	ACL to loans, excluding guaranteed balances, of 1.41%, compared to 1.38%

KEY PERFORMANCE METRICS:
Net interest margin decreased to 4.47%, compared to 4.53%	Net interest margin decreased to 4.47%, compared to 4.85%
Loan originations of $133.0 million, an increase of 10.9%, or $13.0 million	Loan originations of $133.0 million, a decrease of 2.7%, or $3.6 million
Return on average assets and equity was 1.61% and 12.59%, compared to 1.93% and 15.13%, respectively	Return on average assets and equity was 1.61% and 12.59%, compared to 1.59% and 14.67%, respectively
Book value per share of $10.27, an increase of 4.1% from $9.87	Book value per share of $10.27, an increase of 28.4% from $8.00

GBank Financial Holdings Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

																Linked Quarter					Quarter YOY
																3/31/25 vs. 12/31/24					3/31/25 vs. 3/31/24
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			$ Var			% Var		$ Var			% Var
Assets
Cash and Due From Banks	$	6,701		$	9,262		$	5,798		$	5,409		$	8,334		$	(2,561	)	-27.6	%	$	(1,633	)	-19.6	%
Interest-Bearing Deposits With Other Financial Institutions		140,270			114,860			65,160			82,749			45,844			25,410		22.1	%		94,426		206.0	%
Total Cash and Cash Equivalents		146,971			124,122			70,958			88,158			54,178			22,849		18.4	%		92,793		171.3	%

Investment Securities:
Available For Sale, at Fair Value		71,468			65,609			39,381			2,330			2,588			5,859		8.9	%		68,880		2661.5	%
Held to Maturity, at Amortized Cost		39,903			40,569			46,043			56,520			86,999			(666	)	-1.6	%		(47,096	)	-54.1	%

Loans Held For Sale		41,313			32,649			68,317			40,489			44,901			8,664		26.5	%		(3,588	)	-8.0	%
Loans, Net of Deferred Fees and Costs:
Commercial and Industrial		56,885			64,000			53,490			50,498			46,863			(7,115	)	-11.1	%		10,022		21.4	%
Commercial Real Estate – Non-owner Occupied		672,379			630,551			607,864			583,463			546,408			41,828		6.6	%		125,971		23.1	%
Commercial Real Estate – Owner Occupied		81,768			88,802			86,785			106,595			110,065			(7,034	)	-7.9	%		(28,297	)	-25.7	%
Construction and Land Development		3,201			2,934			2,161			529			386			267		9.1	%		2,815		729.3	%
Multifamily		19,011			17,374			17,398			17,420			17,037			1,637		9.4	%		1,974		11.6	%
Residential		7,619			10,584			12,025			13,443			12,281			(2,965	)	-28.0	%		(4,662	)	-38.0	%
Consumer		2,502			1,713			1,276			909			549			789		46.1	%		1,953		355.7	%
Total Loans, Net of Deferred Fees and Costs		843,365			815,958			780,999			772,857			733,589			27,407		3.4	%		109,776		15.0	%
Less: Allowance for Credit Losses		(8,997	)		(9,114	)		(7,934	)		(7,342	)		(7,088	)		117		-1.3	%		(1,909	)	26.9	%
Total Net Loans		834,368			806,844			773,065			765,515			726,501			27,524		3.4	%		107,867		14.8	%

Loan Servicing Asset		9,231			8,976			8,046			7,698			7,124			255		2.8	%		2,107		29.6	%
Restricted Investment in Bank Stock		4,652			4,652			4,652			4,652			3,222			–		0.0	%		1,430		44.4	%
All Other Assets		42,106			38,943			37,540			43,992			37,937			3,163		8.1	%		4,169		11.0	%
Total Assets	$	1,190,012		$	1,122,364		$	1,048,002		$	1,009,354		$	963,450		$	67,648		6.0	%	$	226,562		23.5	%
Liabilities
Non-Interest Bearing Demand	$	242,650		$	239,672		$	229,875		$	220,438		$	216,307		$	2,978		1.2	%	$	26,343		12.2	%
Interest Bearing Demand		62,035			68,132			65,623			65,120			63,740			(6,097	)	-8.9	%		(1,705	)	-2.7	%
Savings and Money Market		280,056			256,724			244,091			222,115			199,549			23,332		9.1	%		80,507		40.3	%
Certificates of Deposit		411,201			370,552			343,931			332,695			327,326			40,649		11.0	%		83,875		25.6	%
Total Deposits		995,942			935,080			883,520			840,368			806,922			60,862		6.5	%		189,020		23.4	%

Short-Term Borrowings		–			–			–			12,000			10,000			–		0.0	%		(10,000	)	-100.0	%
Subordinated Debt		26,107			26,088			26,070			26,051			26,032			19		0.1	%		75		0.3	%
Operating Lease Liability		6,299			4,839			5,032			5,221			5,409			1,460		30.2	%		890		16.5	%
Other Liabilities		15,048			15,657			16,997			14,769			12,521			(609	)	-3.9	%		2,527		20.2	%
Total Liabilities		1,043,396			981,664			931,619			898,409			860,884			61,732		6.3	%		182,512		21.2	%

Equity
Common Stock		1			1			1			1			1			–		0.0	%		–		0.0	%
Additional Paid-in Capital		78,718			77,571			57,287			56,966			53,322			1,147		1.5	%		25,396		47.6	%
Retained Earnings		68,906			64,437			59,192			54,177			49,501			4,469		6.9	%		19,405		39.2	%
Accumulated Other Comprehensive Loss		(1,009	)		(1,309	)		(97	)		(199	)		(258	)		300		-22.9	%		(751	)	291.1	%
Total Stockholders’ Equity		146,616			140,700			116,383			110,945			102,566			5,916		4.2	%		44,050		42.9	%
Total Liabilities & Stockholders’ Equity	$	1,190,012		$	1,122,364		$	1,048,002		$	1,009,354		$	963,450		$	67,648		6.0	%	$	226,562		23.5	%

Book Value Per Common Share	$	10.27		$	9.87		$	8.91		$	8.49		$	8.00		$	0.40		4.1	%	$	2.27		28.4	%

GBank Financial Holdings Inc.
Condensed Consolidated Income Statements
(Unaudited)

	Three Months Ended
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Interest Income
Loans	$	16,836		$	17,231		$	17,347		$	16,360		$	15,330
Deposits With Other Financial Institutions		1,192			1,099			1,367			1,165			972
Investment Securities		1,281			1,177			924			868			1,014
Other Interest Bearing Balances		100			103			102			96			74
Total Interest Income		19,409			19,610			19,740			18,489			17,390

Interest Expense
Deposits		7,230			7,535			7,194			6,848			6,198
Short-term Borrowings and Subordinated Debt		285			286			287			293			390
Total Interest Expense		7,515			7,821			7,481			7,141			6,588

Net Interest Income		11,894			11,789			12,259			11,348			10,802
Provision for Credit Losses – Loans		(710	)		(1,337	)		(570	)		(283	)		–
Provision for Credit Losses – Unfunded Commitments		(11	)		(13	)		(8	)		(12	)		(20	)
Net Interest Income after Provision for Credit Losses		11,173			10,439			11,681			11,053			10,782

Other Income
Gain on Sales of Loans		2,537			3,998			2,838			3,163			2,083
Loan Servicing Income		703			597			566			534			60
Service Charges and Fees		56			54			48			41			41
Net Interchange Fees		2,003			947			284			146			20
Other Income		164			168			166			282			201
Total Other Income		5,463			5,764			3,902			4,166			2,405

Noninterest Expenses
Salaries and Employee Benefits		6,400			5,813			5,495			5,752			5,290
Occupancy Expenses		392			398			404			417			447
Other Expenses		4,115			3,509			3,156			2,963			2,637
Total Noninterest Expenses		10,907			9,720			9,055			9,132			8,374

Income Before Provision For Income Taxes		5,729			6,483			6,528			6,087			4,813
Provision For Income Taxes		(1,224	)		(1,239	)		(1,513	)		(1,411	)		(1,112	)
Net Income Before Equity Investment Loss		4,505			5,244			5,015			4,676			3,701
Net Loss Attributable to Equity Investment		(35	)		–			–			–			–
Net Income	$	4,470		$	5,244		$	5,015		$	4,676		$	3,701

Earnings Per Share	$	0.31		$	0.37		$	0.38		$	0.36		$	0.29
Earnings Per Share (Diluted)	$	0.31		$	0.37		$	0.38		$	0.36		$	0.29

GBank Financial Holdings Inc.
Average Balances, Rates, and Interest Income and Expense
(Unaudited)

				For the Three Months Ended
				March 31, 2025						December 31, 2024						March 31, 2024
(Dollars in thousands)				Average				Yield/		Average				Yield/		Average				Yield/
				Balance		Interest		Rate⁽²⁾		Balance		Interest		Rate⁽²⁾		Balance		Interest		Rate⁽²⁾
ASSETS:
	Interest Bearing Deposits			$	102,628	$	1,192	4.71	%	$	85,424	$	1,099	5.12	%	$	66,100	$	972	5.91	%
	Investment Securities:
		Taxable			105,222		1,281	4.94	%		98,712		1,177	4.74	%		98,084		1,014	4.16	%
	Loans and Loans Held For Sale				866,690		16,836	7.88	%		846,583		17,231	8.10	%		727,786		15,330	8.47	%
	Restricted Investment in Bank Stock				4,652		100	8.72	%		4,652		103	8.81	%		3,222		74	9.24	%
		Total Earning Assets			1,079,192		19,409	7.29	%		1,035,371		19,610	7.53	%		895,192		17,390	7.81	%

	Cash and Due From Banks				6,216						5,938						5,935
	Other Assets				39,177						38,753						33,602
			Total Assets	$	1,124,585					$	1,080,062					$	934,729

LIABILITIES & SHAREHOLDERS’ EQUITY
	Deposits:
		Interest-bearing Demand		$	65,693	$	355	2.19	%	$	64,453	$	385	2.38	%	$	65,303	$	393	2.42	%
		Money Market and Savings			264,085		2,411	3.70	%		255,068		2,496	3.89	%		186,372		1,759	3.80	%
		Certificates of Deposit			385,704		4,464	4.69	%		359,285		4,654	5.15	%		309,221		4,046	5.26	%
			Total Interest-Bearing Deposits		715,482		7,230	4.10	%		678,806		7,535	4.42	%		560,896		6,198	4.44	%

	Short-Term Borrowings				–		–	0.00	%		2		–	0.00	%		7,583		104	5.52	%
	Subordinated Debt				26,095		285	4.43	%		26,076		286	4.36	%		26,021		286	4.42	%
			Total Interest-Bearing Liabilities		741,577		7,515	4.11	%		704,884		7,821	4.41	%		594,500		6,588	4.46	%

	Noninterest-bearing Deposits				218,874						214,880						220,767
	Other Liabilities				20,139						22,403						18,003
	Shareholders’ Equity				143,995						137,895						101,459
			Total Liabilities & Shareholders’ Equity	$	1,124,585					$	1,080,062					$	934,729

	Net Interest Income					$	11,894					$	11,789					$	10,802

	Total Yield on Earning Assets							7.29	%					7.53	%					7.81	%
	Cost on Interest-Bearing Liabilities							4.11	%					4.41	%					4.46	%
	Average Interest Spread							3.18	%					3.12	%					3.35	%
	Net Interest Margin							4.47	%					4.53	%					4.85	%
	Net Interest Margin (Bank Only)							4.58	%					4.64	%					4.98	%

GBank Financial Holdings Inc.
Additional Financial Information
(Unaudited)

	Three Months Ended
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024

Key Performance Metrics
Return on Average Assets-Net Income ⁽²⁾		1.61	%		1.93	%		1.96	%		1.90	%		1.59	%
Return on Average Stockholders’ Equity⁽²⁾		12.59	%		15.13	%		17.29	%		17.59	%		14.67	%
Efficiency Ratio		62.84	%		55.38	%		56.03	%		58.86	%		63.41	%
Net Interest Margin⁽²⁾		4.47	%		4.53	%		5.00	%		4.82	%		4.85	%
Net Revenue⁽¹⁾	$	17,357		$	17,553		$	16,161		$	15,514		$	13,207
Common Equity / Assets		12.3	%		12.5	%		11.1	%		11.0	%		10.6	%
Tier 1 Leverage Ratio – Bank		14.23	%		12.90	%		13.08	%		12.88	%		13.03	%

Selected Loan Metrics
Guaranteed Portion of Loans Held for Sale	$	41,313		$	32,649		$	68,317		$	40,489		$	44,901
Guaranteed Portion of Loans Held for Investment		204,239			201,267			203,027			215,382			218,619
Total Guaranteed Loans		245,552			233,916			271,344			255,871			263,520
Guaranteed Loans as a Percent of Loans⁽¹⁾		24.2	%		24.7	%		26.0	%		27.9	%		29.8	%

Asset Quality
Total nonaccrual loans	$	19,220		$	14,128		$	5,381		$	6,470		$	6,096
Loans past due 90 days and still accruing		1,153			40			27			1,142			33
Other real estate owned		–			–			–			–			–
Total non-performing assets		20,373			14,168			5,408			7,612			6,129
Non-performing assets: guaranteed portion		14,687			9,321			3,838			5,396			4,572
Non-performing assets: non-guaranteed portion		5,686			4,847			1,570			2,216			1,557

Non-performing assets to total assets		1.71	%		1.26	%		0.52	%		0.75	%		0.64	%
Non-performing assets, excluding guaranteed, to total assets⁽¹⁾		0.48	%		0.43	%		0.15	%		0.22	%		0.16	%
Net charge-offs (recoveries)	$	828		$	157		$	(22	)	$	29		$	–

Loans past due 30-89 days and accruing	$	14,853		$	11,822		$	12,390		$	1,054		$	3,428
Loans past due 30-89 days and accruing: guaranteed portion	$	11,915		$	8,713		$	8,535		$	–		$	1,028
Loans past due 30-89 days and accruing: non-guaranteed portion	$	2,938		$	3,109		$	3,855		$	1,054		$	2,400

Allowance for Credit Losses (ACL)	$	8,997		$	9,114		$	7,934		$	7,342		$	7,088
Nonaccrual loans	$	19,220		$	14,128		$	5,381		$	6,470		$	6,096
ACL to nonaccrual loans		47	%		65	%		147	%		113	%		116	%
ACL to nonaccrual loans, excluding guaranteed⁽¹⁾		168	%		190	%		514	%		130	%		465	%
ACL to loans		1.07	%		1.12	%		1.02	%		0.95	%		0.97	%
ACL to loans, excluding guaranteed⁽¹⁾		1.41	%		1.48	%		1.37	%		1.32	%		1.38	%

Book Value
Stockholders’ Equity	$	146,616		$	140,700		$	116,383		$	110,945		$	102,566
Common shares outstanding		14,271			14,252			13,067			13,061			12,824
Book value per common share	$	10.27		$	9.87		$	8.91		$	8.49		$	8.00
Employees – FTE		175			169			159			155			150

GBank Financial Holdings Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

	Three Months Ended
($’s in 000, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024

Net Revenue⁽³⁾
Net Interest Income	$	11,894		$	11,789		$	12,259		$	11,348		$	10,802
Non-Interest Income		5,463			5,764			3,902			4,166			2,405
Net Revenue	$	17,357		$	17,553		$	16,161		$	15,514		$	13,207

Guaranteed Loans as a Percent of Loans⁽⁴⁾
SBA and USDA Guaranteed Loans	$	204,239		$	201,267		$	203,027		$	215,382		$	218,619
Loans, Net of Deferred Fees and Costs		843,365			815,958			780,999			772,857			733,589
Guaranteed Loans as a % of Loans		24.2	%		24.7	%		26.0	%		27.9	%		29.8	%

Non-performing assets, excluding guaranteed, to total assets⁽⁴⁾
Non-performing assets	$	20,373		$	14,168		$	5,408		$	7,612		$	6,129
Less: SBA and USDA guaranteed portions of non-performing assets		14,687			9,321			3,838			5,396			4,572
Non-performing assets, excluding guaranteed portions		5,686			4,847			1,570			2,216			1,557
Total assets		1,190,012			1,122,364			1,048,002			1,009,354			963,450
Non-performing assets, excluding guaranteed, to total assets		0.48	%		0.43	%		0.15	%		0.22	%		0.16	%

Allowance for credit losses (ACL) to nonaccrual loans, excluding guaranteed⁽⁴⁾
Nonaccrual loans	$	19,220		$	14,128		$	5,381		$	6,470		$	6,096
Less: SBA and USDA guaranteed portions of nonaccrual loans		13,859			9,321			3,838			833			4,572
Nonaccrual loans, excluding guaranteed portions		5,361			4,807			1,543			5,637			1,524
ACL to nonaccrual loans, excluding guaranteed		168	%		190	%		514	%		130	%		465	%

ACL to loans, excluding guaranteed⁽⁴⁾
Loans, net of deferred fees and costs	$	843,365		$	815,958		$	780,999		$	772,857		$	733,589
Less: SBA and USDA guaranteed portions of loans		204,239			201,267			203,027			215,382			218,619
Loans, excluding guaranteed		639,126			614,691			577,972			557,475			514,970
ACL to loans, excluding guaranteed		1.41	%		1.48	%		1.37	%		1.32	%		1.38	%

	⁽¹⁾	See Reconciliation of Non-GAAP Financial Measures
	⁽²⁾	Ratios are annualized on an actual/actual basis
	⁽³⁾	We believe this non-GAAP measurement presents trends in income generation of the Company.
	⁽⁴⁾	We believe these non-GAAP measurements provide useful metrics regarding the at-risk assets of the Company.

The MIL Network –

April 30, 2025

MIL-OSI New Zealand: Man sentenced after Operation Barber cuts at West Coast drug supply

Source: New Zealand Police (National News)

Attributable to Detective Constable Mat Wood:

Police acknowledge the sentencing handed down in the Christchurch District Court this week in relation to the supply of drugs on the West Coast.

Leo Smith, aged 22, was on Tuesday (29 April) sentenced to 10 months home detention.

Operation Barber started in 2023 after Police received information relating to the supply of class B drugs across the wider region.

Smith was identified as a person of interest, and Police conducted search warrants on 8 March 2024 at two addresses he was connected to.

Police located and seized drugs, instruments, and cash, as well as his mobile devices.

The operation has been hugely successful thanks to the dedication of the West Coast Tactical Crime Unit who were greatly assisted over the last 18 months by Christchurch Criminal Investigations Branch.

As a result of our investigations, we have been able to uncover a number of associates working with Smith.

Several other people were involved in the supply chain and supplying class A-C illicit drugs across the Greymouth and Canterbury regions.

These offenders were unidentified previously, with little to no criminal history. They have now been convicted and more than $90,000 in cash has been forfeited across the wider operation.

Police will continue to hold people to account who are supplying drugs and causing harm to our community.

If you have concerns about illegal drug use in your community, please call 111 if there is an immediate public safety risk, or contact us via 105 online, or by phone, to make a report.

You can also report information anonymously to Crime Stoppers on 0800 555 111.

ENDS

Issued by the Police Media Centre

MIL OSI New Zealand News –

April 30, 2025
MIL-OSI New Zealand: Government to reinstate prisoner voting ban

Source: New Zealand Government

The Government has agreed to reinstate a total ban on prisoner voting, Justice Minister Paul Goldsmith says.
“Cabinet’s decision will reverse the changes made by the previous government in 2020, which allowed prisoners serving sentences of less than three years to vote.
“Restoring prisoner voting was typical of the previous government’s soft-on-crime approach; we don’t agree with it.
“Citizenship brings rights and responsibilities. People who breach those responsibilities to the extent that they are sentenced to jail temporarily lose some of their rights, including the right to vote.
“The proposed change will establish a consistent approach to prisoner voting, regardless of the length of sentence.
“The Government is committed to restoring law and order, and part of the response is to place a greater emphasis on personal responsibility and accountability.
“A total prison voting ban for all sentenced prisoners underlines the importance that New Zealanders afford to the rule of law, and the civic responsibility that goes hand-in-hand with the right to participate in our democracy through voting.
“The voting ban will be progressed as part of an electoral amendment bill announced in April and set for introduction later this year.
“When prisoners have served their time, they will enjoy the full restoration of electoral rights. The Department of Corrections and the Electoral Commission currently coordinate to support prisoners with re-enrolment upon their release, and this work will continue.”
The ban will not be retrospective, meaning prisoners already serving sentences of less than three years at the time the ban comes into force before the 2026 General Election will retain the ability to vote.
The voting ban will not apply to people detained on remand or serving sentences of home detention.

MIL OSI New Zealand News –

April 30, 2025
MIL-OSI New Zealand: Protecting New Zealand’s energy infrastructure

Source: New Zealand Government

Improving the current system to better protect power lines from falling trees will protect the security of New Zealand’s electricity infrastructure, says Energy Minister Simon Watts.
“Secure electricity lines are critical to electrifying New Zealand’s economy and delivering the resilient and reliable electricity supply we need to power economic growth,” Mr Watts says.
“Cyclone Gabrielle and Cyclone Tam highlighted the vulnerability of our infrastructure to severe weather events like storms and floods. During Cyclone Gabrielle alone, trees outside the Growth Limit Zone caused power outages that left 68,000 households without heating, lighting, internet, and access to essential appliances.”
The Government has now agreed to amendments to the Electricity (Hazards from Trees) Regulations 2003, that will lower the risk to power lines from trees that are close to but aren’t immediately beside the line.
“We’re taking action to deal with the increasing risk of damaged infrastructure and support our adaptation to the changing climate,” Mr Watts says.
The amendments introduce two key measures:

Enabling lines owners to assess the likelihood and potential impact of a fall for trees they consider could be a risk to lines, then issue a Treefall Hazard Notice for moderate- and high-risk trees.
Restricting the planting of new trees on land that is not already forested outside of urban areas.

“We have worked closely with lines owners and other impacted stakeholders to ensure we struck the right balance between security of our electricity supply, protecting property rights, and making sure the forestry sector’s Emissions Trading Scheme-related revenues are not unduly impacted,” Mr Watts says.
“This Government has made it clear that we are committed to unleashing transmission and distribution infrastructure on our mission to electrify the New Zealand economy. Ensuring the security of our network infrastructure is essential to delivering reliable electricity to all New Zealanders.”

MIL OSI New Zealand News –

April 30, 2025
MIL-OSI USA: Warren Warns Walgreens Buyout by Private Equity May Lead to Pharmacy Closures, Lost Jobs in Massachusetts, Limit Access to Medication

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
April 29, 2025
Warren seeks assurances from Sycamore Partners that its heavily-leveraged, debt-fueled acquisition of Walgreens will not lead to layoffs, store closures
After private equity looted Steward Health Care hospitals, Warren concerned that Walgreens could be next: “These private equity buyouts of companies facing financial hardship…frequently lead to worse outcomes for employees and consumers.”
Text of Letter (PDF)
Washington D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, wrote to private equity firm Sycamore Partners (Sycamore) regarding concerns that the firm’s proposed acquisition of retail pharmacy chain Walgreens may cost hardworking Massachusetts residents their jobs and create difficulties for patients who need access to lifesaving medications.
Sycamore’s multi-billion-dollar takeover of Walgreens has been touted as an attempt to keep the struggling retail pharmacy chain alive. However, private equity buyouts have a record of running already-struggling companies into the ground and producing devastating consequences for workers and communities, as witnessed by private equity’s looting of Steward Health Care, which resulted in two shuttered hospitals in Massachusetts.
“My primary concern is that Sycamore’s acquisition of Walgreens may lead to restructuring of the company that results in layoffs and pharmacy closures in the Commonwealth,” said Senator Warren.
Walgreens has already announced plans to close nine locations across Massachusetts, in addition to the six stores closed in the state within the past year. Many of the shuttered Walgreens stores are located in vulnerable communities, leaving thousands of residents without reliable pharmacy access.
Sycamore has a troubling history of leading the companies it acquires into bankruptcy, further harming already-struggling communities.
“These private equity buyouts…frequently lead to worse outcomes for employees and consumers: private equity firms sell off assets and close locations, employees lose their jobs, and consumers lose access to essential goods and services,” wrote Senator Warren.
A review by the Private Equity Stakeholder Project (PESP) revealed that the Walgreens buyout will be heavily leveraged with debt, heightening the risk of bankruptcy and threatening the availability of critical services to customers and patients.
“These are deeply troubling conclusions, suggesting that yet another private equity firm might leverage a failing health care chain to turn a profit at the expense of Massachusetts’ patients, providers, and taxpayers,” wrote Senator Warren.
Millions of customers across the United States rely on Walgreens for primary care, essential medications, and household items, and if the Walgreens-Sycamore deal leads to even more store closures, customers could be left in “pharmacy deserts” without access to necessities.
“I seek assurances that Sycamore’s buyout of Walgreens will not damage the company further, and will not cost hardworking Americans their jobs or create difficulties for patients who need access to lifesaving medications,” concluded Senator Warren.
Senator Warren requested a response identifying the impact Sycamore’s acquisition of Walgreens will have on workers and communities by May 13, 2025.
Senator Warren has repeatedly called out the harms of private equity ownership on health care costs and quality of care and has fought to prevent companies from taking advantage of the bankruptcy system:
In February 2025, Senator Warren questioned private equity executive Stephen Feinberg, President of Cerberus Capital Management and nominee for Deputy Secretary of Defense, on his actions to enrich himself and his investors at the expense of Steward Health Care patients and workers.
In October 2024, Senator Warren led colleagues in reintroducing the Stop Wall Street Looting Act, comprehensive legislation to fundamentally reform the private equity industry and level the playing field by forcing private investment firms to take responsibility for the outcomes of companies they take over, empowering workers and protecting investors. This reintroduction comes after private equity firm Cerberus looted Steward Health Care, leaving hospitals, patients, and workers hanging out to dry.
In September 2024, Senators Warren and Markey (D-Mass.), alongside Representatives Auchincloss and Lynch, sent a letter to RHG raising concerns over its proposed acquisition of Steward Health Care’s physician group, Stewardship Health.
In September 2024, Senator Warren urged the IRS to crack down on Real Estate Investment Trusts (REITs) squeezing the health care industry.
In August 2024, Senators Warren and Markey requested information from private equity firm Apollo Global Management (Apollo) on the company’s role in Steward’s bankruptcy, and urged Apollo to work in good faith to facilitate the sale of Steward’s Massachusetts hospitals.
In July 2024, Senators Warren and Markey wrote to Medical Properties Trust and Macquarie Infrastructure Partners, owners of Steward’s eight Massachusetts hospitals, urging them to offer lease concessions to keep the hospitals open and viable.
In June 2024, Senator Warren, Representative Chu, and Representative Nadler urged CMS to increase oversight of artificial intelligence (AI) and algorithmic software tools used to guide coverage decisions in Medicare Advantage (MA) plans, citing the NaviHealth scandal as cause for concern.
In June 2024, Senators Warren and Markey introduced the Corporate Crimes Against Health Care Act of 2024 to root out corporate greed and private equity abuse in the health care system, specifically preventing what happened with Steward from happening again.
In June 2024, Senator Warren wrote to the DOJ, FTC, and HHS calling out high health care costs due to vertically-integrated insurers, private equity companies, and pharmaceutical companies that are driving health care consolidation.
In June 2024, Senators Warren, Brown (D-Ohio), and Markey wrote to the Director of the U.S. Trustee Program (USTP), calling for USTP to move to appoint a Chapter 11 trustee to run the company in place of Steward’s current management, and to monitor the hospitals’ bankruptcy proceedings to protect patients and local communities.
In May 2024, Senator Warren sent a letter to the U.S. Department of Health and Human Services and the U.S. Centers for Medicare & Medicaid Services, urging them to support communities and health care providers affected by the crisis caused by Steward’s financial mismanagement.
In April 2024, Senators Warren and Senator Markey (D-Mass.) sent a letter to six private credit funds that are holders of Steward’s debt, asking them a series of questions about their loans and calling on them to offer loan modifications that could potentially help keep the hospitals afloat.
In April 2024, Senators Warren and Markey called out Medical Properties Trust and Macquarie Infrastructure Partners for exploiting Steward Hospitals, and urged them to help keep the hospitals open.
In April 2024, Senators Warren, Markey, and the rest of the MA delegation urged the FTC and DOJ to closely scrutinize UnitedHealth Group’s proposed acquisition of Steward Health Care’s physician group, Stewardship Health.
In April 2024, Senator Warren delivered remarks at a Senate hearing in Boston titled, “When Health Care Becomes Wealth Care: How Corporate Greed Puts Patient Care and Health Workers at Risk,” which centered on Steward Health Care’s Massachusetts hospitals.
In April 2024, Senators Warren and Ed Markey (D-Mass.) called out private equity firm Cerberus Capital Management (Cerberus) for its role in creating Steward Health Care’s financial challenges, following Cerberus’s reply to the Massachusetts congressional delegation’s February 2024 probe.
In February 2024, Senator Warren slammed UnitedHealth Group for leveraging NaviHealth’s unregulated artificial intelligence algorithm to unlawfully deny health care to seniors with severe injuries.
In March 2024, Senator Warren released a statement about Steward’s plan to sell its physician group Stewardship Health to UnitedHealth Group’s subsidiary Optum.
In March 2024, Senators Warren and Markey sent a letter to Steward CEO and Chairman Dr. Ralph de la Torre, calling on him to testify at a congressional hearing in Boston.
In March 2024, Senators Warren and Markey sent a letter to Dr. de la Torre, blasting him for years of financial mismanagement, private equity schemes, and executive profiteering that have led to Steward Health Care’s financial crisis.
In February 2024, Senators Warren and Markey, along with all nine members of the Massachusetts congressional delegation, sent a letter to Cerberus seeking answers from the private equity firm for its role in creating the current financial challenges at Steward hospitals.
In January 2024, Senator Warren released a statement about Steward’s financial situation and allegations of patient neglect at Steward facilities.
In January 2024, Senator Warren led the Massachusetts congressional delegation in a letter to the CEO of Steward Health Care pressing the company to brief them on Steward’s financial position, the status of their Massachusetts facilities, and their plans to ensure the communities they serve are not abandoned.

MIL OSI USA News –

April 30, 2025

MIL-OSI: Lake Shore Bancorp, Inc. Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

DUNKIRK, N.Y., April 29, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), reported unaudited net income of $1.1 million, or $0.19 per diluted share, for the first quarter of 2025 compared to net income of $1.0 million, or $0.17 per diluted share, for the first quarter of 2024. The Company’s financial performance for the first quarter of 2025 was positively impacted by an increase in net interest income along with a decrease in non-interest expenses because of efforts to optimize operating expenses while continuing to reduce its reliance on wholesale Federal Home Loan Bank of New York (“FHLBNY”) funding by $6.3 million.

“Given the ongoing economic uncertainty, I am pleased with our first quarter 2025 performance,” stated Kim C. Liddell, President, CEO, and Director. “We continue to focus efforts on improving the efficiency of our core operations while maintaining a disciplined approach to balance sheet management.”

First Quarter 2025 Financial Highlights:

Net income increased to $1.1 million during the first quarter of 2025, an increase of $43,000, or 4.2%, when compared to the first quarter of 2024. Net income was positively impacted by an increase in net interest income of $332,000, or 6.5%, when compared to the first quarter of 2024;
Net interest margin increased to 3.49% during the first quarter of 2025, an increase of 18 basis points when compared to net interest margin of 3.31% during the fourth quarter of 2024 and an increase of 39 basis points when compared to net interest margin of 3.10% during the first quarter of 2024;
Reduced reliance on wholesale funding by repaying $6.3 million of FHLBNY borrowings during the first quarter of 2025;
At March 31, 2025 and December 31, 2024, the Company’s percentage of uninsured deposits to total deposits was 11.8% and 13.5%, respectively;
Book value per share increased 0.4% to $15.74 per share at March 31, 2025 as compared to $15.67 per share at December 31, 2024; and
The Bank’s capital position remains “well capitalized” with a Tier 1 Leverage ratio of 14.31% and a Total Risk-Based Capital ratio of 18.67% at March 31, 2025.

Net Interest Income

Net interest income for the first quarter of 2025 increased by $124,000, or 2.3%, to $5.5 million as compared to $5.3 million for the fourth quarter of 2024 and increased $332,000, or 6.5%, as compared to $5.1 million for the first quarter of 2024. Net interest margin and interest rate spread were 3.49% and 2.94%, respectively, for the first quarter of 2025 as compared to 3.31% and 2.72%, respectively, for the fourth quarter of 2024 and 3.10% and 2.55%, respectively, for the first quarter of 2024.

Interest income for the first quarter of 2025 was $8.4 million, a decrease of $223,000, or 2.6%, compared to $8.6 million for the fourth quarter of 2024, and a decrease of $242,000, or 2.8%, compared to $8.6 million for the first quarter of 2024.

The decrease in interest income from the prior quarter was primarily due to a decrease in the average balance of interest-earning assets of $18.0 million, or 2.8%. Interest earned on interest-earning deposits decreased by $265,000, or 53.1%, due to a 63 basis points decrease in average yield and a $19.8 million decrease in the average balance of interest-earning deposits during the first quarter of 2025 as compared to the prior quarter.

The decrease in interest income from the prior year quarter was primarily due to a decrease in the average balance of interest-earning assets of $35.0 million, or 5.3%. The decrease was partially offset by a 14 basis points increase in the average yield on interest-earning assets. During the first quarter of 2025 as compared to the same period in 2024, there was a $364,000 decrease in interest earned on interest-earning deposits due to a decrease in the average balance and yield of interest-earning deposits of $20.5 million, or 46.5%, and 146 basis points, respectively. Additionally, during the first quarter of 2025 as compared to the same period in 2024, there was a $44,000 decrease in interest earned on securities due to a decrease in the average balance and yield of securities of $3.9 million, or 6.4%, and 11 basis points, respectively. These decreases were partially offset by a $166,000 increase in interest income on loans due to a 22 basis points increase in the average yield on loans.

Interest expense for the first quarter of 2025 was $2.9 million, a decrease of $347,000, or 10.7%, from the fourth quarter of 2024, and a decrease of $574,000, or 16.5%, from $3.5 million for the first quarter of 2024.

The decrease in interest expense when compared to the previous quarter was primarily due to a 21 basis points decrease in the average interest rate paid on interest-bearing liabilities and a $14.1 million, or 2.8%, decrease in the average balance of interest-bearing liabilities. During the first quarter of 2025 as compared to the previous quarter, interest expense on deposits decreased by $301,000, or 9.6%, due to a $9.7 million decrease in the average balance of deposits and a 20 basis points decrease in the average interest rate paid on deposit accounts. The decrease in the average interest rate paid on deposit accounts was primarily due to the decrease in market interest rates and time deposit repricing. Average interest-bearing deposit balances were $477.8 million, a 2.0% decrease during the first quarter of 2025 when compared to the previous quarter due to a decrease in the average balance of all deposit categories. Interest expense on borrowed funds and other interest-bearing liabilities decreased by $46,000 primarily due to a $4.4 million, or 41.4%, decrease in the average balance of borrowed funds and other interest-bearing liabilities due to the repayment of $6.3 million of our FHLBNY borrowings during the first quarter of 2025.

The decrease in interest expense when compared to the prior year quarter was primarily due to a 25 basis points decrease in average interest rate paid on interest-bearing liabilities and a $39.9 million, or 7.6%, decrease in the average balance of interest-bearing liabilities. During the first quarter of 2025 as compared to the same period in 2024, interest expense on deposits decreased by $402,000, or 12.4%, due to a 24 basis points decrease in the average interest rate paid on deposit accounts and a $16.6 million, or 3.4%, decrease in the average balance of deposits. The decrease in the average interest rate paid on deposit accounts was primarily due to the decrease in market interest rates and time deposit repricing. Average interest-bearing deposit balances decreased 3.4% during the first quarter of 2025 from the first quarter of 2024 due to a decrease in all deposit categories except money market accounts. During the first quarter of 2025, interest expense on borrowed funds and other interest-bearing liabilities decreased by $172,000, or 74.1%, compared to the first quarter of 2024, primarily due to a $23.3 million, or 78.9%, decrease in average borrowed funds and other interest-bearing liabilities outstanding due to the repayment of $25.0 million of FHLBNY borrowings during 2024 and $6.3 million during the first quarter of 2025.

Non-Interest Income

Non-interest income was $724,000 for the first quarter of 2025, a decrease of $344,000, or 32.2%, as compared to $1.1 million for the fourth quarter of 2024, and an increase of $17,000, or 2.4%, as compared to $707,000 for the first quarter of 2024. The decrease from the prior quarter was primarily due to a $139,000 decrease in earnings on annuity assets in connection with the purchase of annuities during the fourth quarter of 2024, a $135,000 decrease in earnings on bank-owned life insurance during the first quarter of 2025 as the result of the recognition of a death benefit in the fourth quarter of 2024, and a decrease of $31,000 in service charges and fees. The increase from the prior year quarter was primarily due to a $35,000 increase in unrealized gain on equity securities and a $22,000 increase in earnings on annuity assets in connection with the purchase of annuities during the fourth quarter of 2024.

Non-Interest Expense

Non-interest expense was $4.9 million for the first quarter of 2025, a decrease of $397,000, or 7.5%, as compared to $5.3 million for the fourth quarter of 2024, and a decrease of $117,000, or 2.3%, as compared to $5.0 million for the first quarter of 2024. The decrease from the prior quarter was primarily due to a decrease in salaries and employee benefits expense of $382,000, or 11.6%, along with a decrease in professional services expense of $50,000, or 13.7%. The decrease from the first quarter of 2024 was primarily related to a decrease in FDIC insurance of $207,000, or 74.2%.

Income Tax Expense

Income tax expense was $206,000 for the first quarter of 2025, a decrease of $72,000, or 25.9%, as compared to $278,000 for the fourth quarter of 2024, and an increase of $23,000, or 12.6%, as compared to $183,000 for the first quarter of 2024. The decrease in income tax expense from the prior quarter was primarily related to the decrease in pre-tax income earned during the current quarter, partially offset by an increase in the effective tax rate during the first quarter of 2025. The increase in income tax expense from the prior year quarter was due to an increase in pre-tax income earned during the current quarter along with an increase in the effective tax rate in the first quarter of 2025. The effective tax rate was 16.3% for the first quarter of 2025 as compared to 15.9% for the fourth quarter of 2024 and 15.3% for the first quarter of 2024.

Credit Quality

The Company’s allowance for credit losses on loans was $5.2 million as of March 31, 2025 as compared to $5.1 million as of December 31, 2024. The Company’s allowance for credit losses on unfunded commitments was $323,000 as of March 31, 2025 as compared to $314,000 as of December 31, 2024. Non-performing assets as a percent of total assets decreased to 0.50% at March 31, 2025 as compared to 0.55% at December 31, 2024, primarily due to a decrease in non-performing assets of $332,000, or 8.7%. On March 26, 2025, one commercial relationship with two loans representing a total amortized cost of $1.2 million on non-accrual status was sold at foreclosure. Subject to customary foreclosure proceedings, the Bank expects the sale to close during the second quarter of this year. The Company’s allowance for credit losses on loans as a percent of loans at amortized cost was 0.93% at March 31, 2025 and December 31, 2024.

The Company recorded a provision for credit losses of $48,000 for the first quarter of 2025, of which $39,000 related to the loan portfolio and $9,000 related to the reserve for unfunded commitments.

The increase in the allowance for credit losses on loans and unfunded commitments and the corresponding provision for credit losses recognized during the first quarter of 2025 was the result of an increase to the quantitative estimated loss calculation inclusive of forecasted economic trends, primarily related to the mortgage loan pools, including residential mortgages and commercial real estate mortgages.

Balance Sheet Summary

Total assets at March 31, 2025 were $689.0 million, a $3.5 million increase, or 0.5%, as compared to $685.5 million at December 31, 2024. Cash and cash equivalents decreased by $2.7 million, or 8.2%, from $33.1 million at December 31, 2024 to $30.4 million at March 31, 2025. The decrease in cash and cash equivalents was primarily due to an increase in loans receivable, net of $7.0 million, or 1.3%, and a decrease in long-term debt due to the repayment of FHLBNY borrowings of $6.3 million in the first quarter of 2025. These decreases were partially offset by an increase in total deposits of $9.8 million, or 1.7%. Securities available for sale were $55.8 million at March 31, 2025 as compared to $56.5 million at December 31, 2024 which decrease was primarily due to repayments during the first quarter of 2025. Net loans receivable at March 31, 2025 and December 31, 2024 were $551.6 million and $544.6 million, respectively. Total deposits at March 31, 2025 were $582.7 million, an increase of $9.8 million, or 1.7%, compared to $573.0 million at December 31, 2024. Total borrowings decreased to $4.0 million at March 31, 2025, a decrease of $6.3 million, or 61.0%, as compared to $10.3 million as of December 31, 2024.

Stockholders’ equity at March 31, 2025 was $90.7 million, a $794,000, or 0.9%, increase as compared to $89.9 million at December 31, 2024. The increase in stockholders’ equity was primarily attributed to $1.1 million in net income earned during the first quarter of 2025.

About Lake Shore

Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.

Safe-Harbor

This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, tariffs, unanticipated changes in our liquidity position, climate change, public health issues, geopolitical conflict, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

Source: Lake Shore Bancorp, Inc.
Category: Financial

Investor Relations/Media Contact
Kim C. Liddell
President, CEO, and Director
Lake Shore Bancorp, Inc.
31 East Fourth Street
Dunkirk, New York 14048
(716) 366-4070 ext. 1012

Selected Financial Condition Data

		March 31,		December 31,
		2025		2024
		(Unaudited)
		(Dollars in thousands)

Total assets	$	688,996	$	685,504
Cash and cash equivalents		30,428		33,131
Securities, at fair value		55,801		56,495
Loans receivable, net		551,640		544,620
Deposits		582,730		572,978
Long-term debt		4,000		10,250
Stockholders’ equity		90,662		89,868

Statements of Income

		Three Months Ended
		March 31,
		2025			2024
	(Unaudited)
	(Dollars in thousands, except per share amounts)
Interest income	$	8,367		$	8,609
Interest expense		2,902			3,476
Net interest income		5,465			5,133
Provision (credit) for credit losses		48			(352	)
Net interest income after provision (credit) for credit losses		5,417			5,485
Total non-interest income		724			707
Total non-interest expense		4,878			4,995
Income before income taxes		1,263			1,197
Income tax expense		206			183
Net income	$	1,057		$	1,014
Basic and diluted earnings per share	$	0.19		$	0.17

Selected Financial Ratios
Return on average assets⁽¹⁾		0.62	%		0.57	%
Return on average equity⁽¹⁾		4.65	%		4.69	%
Average interest-earning assets to average interest-bearing liabilities		129.52	%		126.33	%
Interest rate spread⁽¹⁾		2.94	%		2.55	%
Net interest margin⁽¹⁾		3.49	%		3.10	%
Efficiency ratio		78.82	%		85.53	%

(1) Annualized.

Average Balance Sheets, Interest, and Rates (Quarterly Comparison)

	For the Three Months Ended						For the Three Months Ended
	March 31, 2025						March 31, 2024
	Average		Interest Income/		Yield/		Average		Interest Income/		Yield/
	Balance		Expense		Rate⁽²⁾		Balance		Expense		Rate⁽²⁾
	(Unaudited)
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits & federal funds sold	$	23,562	$	234	3.97	%	$	44,038	$	598	5.43	%
Securities⁽¹⁾		57,804		381	2.64	%		61,728		425	2.75	%
Loans, including fees		545,561		7,752	5.68	%		556,151		7,586	5.46	%
Total interest-earning assets		626,927		8,367	5.34	%		661,917		8,609	5.20	%
Other assets		51,656						50,866
Total assets	$	678,583					$	712,783

Interest-bearing liabilities
Demand & NOW accounts	$	62,784	$	15	0.10	%	$	69,753	$	17	0.10	%
Money market accounts		152,680		867	2.27	%		139,794		966	2.76	%
Savings accounts		53,541		9	0.07	%		62,684		11	0.07	%
Time deposits		208,804		1,951	3.74	%		222,179		2,250	4.05	%
Borrowed funds & other interest-bearing liabilities		6,237		60	3.85	%		29,556		232	3.14	%
Total interest-bearing liabilities		484,046		2,902	2.40	%		523,966		3,476	2.65	%
Other non-interest bearing liabilities		103,593						102,299
Stockholders’ equity		90,944						86,518
Total liabilities & stockholders’ equity	$	678,583					$	712,783
Net interest income			$	5,465					$	5,133
Interest rate spread					2.94	%					2.55	%
Net interest margin					3.49	%					3.10	%

(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of 21%, results in rates of 3.04% and 3.13% for the three months ended March 31, 2025 and 2024, respectively. Yields above are not presented on a tax equivalent basis.
(2) Annualized.

Average Balance Sheets, Interest, and Rates (Prior Quarter Comparison)

	For the Three Months Ended						For the Three Months Ended
	March 31, 2025						December 31, 2024
	Average		Interest Income/		Yield/		Average		Interest Income/		Yield/
	Balance		Expense		Rate⁽²⁾		Balance		Expense		Rate⁽²⁾
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits & federal funds sold	$	23,562	$	234	3.97	%	$	43,366	$	499	4.60	%
Securities⁽¹⁾		57,804		381	2.64	%		61,137		388	2.54	%
Loans, including fees		545,561		7,752	5.68	%		540,376		7,703	5.70	%
Total interest-earning assets		626,927		8,367	5.34	%		644,879		8,590	5.33	%
Other assets		51,656						49,207
Total assets	$	678,583					$	694,086

Interest-bearing liabilities
Demand & NOW accounts	$	62,784	$	15	0.10	%	$	64,465	$	15	0.09	%
Money market accounts		152,680		867	2.27	%		153,407		912	2.38	%
Savings accounts		53,541		9	0.07	%		55,451		9	0.06	%
Time deposits		208,804		1,951	3.74	%		214,150		2,207	4.12	%
Borrowed funds & other interest-bearing liabilities		6,237		60	3.85	%		10,641		106	3.98	%
Total interest-bearing liabilities		484,046		2,902	2.40	%		498,114		3,249	2.61	%
Other non-interest bearing liabilities		103,593						105,881
Stockholders’ equity		90,944						90,091
Total liabilities & stockholders’ equity	$	678,583					$	694,086
Net interest income			$	5,465					$	5,341
Interest rate spread					2.94	%					2.72	%
Net interest margin					3.49	%					3.31	%

(1) The tax equivalent adjustment for bank qualified tax exempt municipal securities, using a federal statutory rate of 21%, results in rates of 3.04% and 2.91% for the three months ended March 31, 2025 and December 31, 2024, respectively. Yields above are not presented on a tax equivalent basis.
(2) Annualized.

Selected Quarterly Financial Data

	As of or For the Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(Unaudited)
	(Dollars in thousands, except per share amounts)
Selected Financial Condition Data:
Total assets	$	688,996		$	685,504		$	697,596		$	711,042		$	717,582
Cash and cash equivalents		30,428			33,131			49,981			60,987			54,953
Securities, at fair value		55,801			56,495			58,782			57,309			58,682
Loans receivable, net		551,640			544,620			539,005			544,337			555,455
Deposits		582,730			572,978			587,563			589,395			594,704
Long-term debt		4,000			10,250			10,250			23,250			25,250
Stockholders’ equity		90,662			89,868			89,877			86,932			86,510

Condensed Statements of Income:
Interest income	$	8,367		$	8,590		$	8,851		$	8,754		$	8,609
Interest expense		2,902			3,249			3,468			3,548			3,476
Net interest income		5,465			5,341			5,383			5,206			5,133
Provision (credit) for credit losses		48			(613	)		(229	)		(285	)		(352	)
Net interest income after provision (credit) for credit losses		5,417			5,954			5,612			5,491			5,485
Total non-interest income		724			1,068			791			738			707
Total non-interest expense		4,878			5,275			4,813			4,897			4,995
Income before income taxes		1,263			1,747			1,590			1,332			1,197
Income tax expense		206			278			258			216			183
Net income	$	1,057		$	1,469		$	1,332		$	1,116		$	1,014
Basic and diluted earnings per share	$	0.19		$	0.26		$	0.24		$	0.19		$	0.17

Selected Financial Ratios:
Return on average assets⁽¹⁾		0.62	%		0.85	%		0.76	%		0.63	%		0.57	%
Return on average equity⁽¹⁾		4.65	%		6.52	%		6.03	%		5.19	%		4.69	%
Average interest-earning assets to average interest-bearing liabilities		129.52	%		129.46	%		128.81	%		127.00	%		126.33	%
Interest rate spread⁽¹⁾		2.94	%		2.72	%		2.67	%		2.56	%		2.55	%
Net interest margin⁽¹⁾		3.49	%		3.31	%		3.28	%		3.14	%		3.10	%
Efficiency ratio		78.82	%		82.30	%		77.96	%		82.39	%		85.53	%

Asset Quality Ratios:
Non-performing loans as a percent of loans at amortized cost		0.62	%		0.69	%		0.74	%		0.73	%		0.71	%
Non-performing assets as a percent of total assets		0.50	%		0.55	%		0.57	%		0.56	%		0.55	%
Allowance for credit losses on loans as a percent of loans at amortized cost		0.93	%		0.93	%		1.01	%		1.08	%		1.12	%
Allowance for credit losses on loans as a percent of non-performing loans		148.89	%		134.91	%		137.03	%		148.20	%		157.62	%

Share Information:
Common stock, number of shares outstanding		5,760,272			5,735,226			5,737,036			5,737,036			5,684,784
Treasury stock, number of shares held		1,076,242			1,101,288			1,099,478			1,099,478			1,151,730
Book value per share	$	15.74		$	15.67		$	15.67		$	15.15		$	15.22
Tier 1 leverage ratio		14.31	%		13.83	%		13.37	%		13.02	%		12.87	%
Total risk-based capital ratio		18.67	%		18.79	%		18.85	%		18.64	%		18.13	%

(1) Annualized

The MIL Network –

April 30, 2025

MIL-OSI: Sound Financial Bancorp, Inc. Q1 2025 Results

Source: GlobeNewswire (MIL-OSI)

SEATTLE, April 29, 2025 (GLOBE NEWSWIRE) — Sound Financial Bancorp, Inc. (the “Company”) (Nasdaq: SFBC), the holding company for Sound Community Bank (the “Bank”), today reported net income of $1.2 million for the quarter ended March 31, 2025, or $0.45 diluted earnings per share, as compared to net income of $1.9 million, or $0.74 diluted earnings per share, for the quarter ended December 31, 2024, and $770 thousand, or $0.30 diluted earnings per share, for the quarter ended March 31, 2024. The Company also announced today that its Board of Directors declared a cash dividend on the Company’s common stock of $0.19 per share, payable on May 23, 2025 to stockholders of record as of the close of business on May 9, 2025.

Comments from the President / Chief Executive Officer and Chief Financial Officer

“Despite ongoing economic uncertainty, we remained focused on lowering our cost of deposits and originating new loans at higher rates, which contributed to a 12-basis point improvement in our net interest margin compared to the prior quarter. This reflects the team’s strong efforts to build full banking relationships by addressing both the lending and deposit needs of our consumer and business clients,” remarked Laurie Stewart, President and Chief Executive Officer.

“We continue to prioritize expense management, even though expenses increased compared to the previous quarter. The quarter-over-quarter increase was largely due to typical year-end accrual adjustments and annual expenses that are recognized in the first quarter. However, when compared to the first quarter of 2024, we have seen reductions in combined salaries and benefits, and operational expenses, thanks to our investments in technology. We also expect the year-over-year growth in data processing costs to moderate as the year progresses,” explained Wes Ochs, Executive Vice President and Chief Financial Officer.

Mr. Ochs continued, “While we did see an increase in nonperforming loans this quarter mainly due to two specific credits, one of which has since been repaid, we have not observed broader signs of stress in the loan portfolio. Importantly, we also successfully exited a $17 million loan that had been rated as special mention, which contributed to the decline in overall loan balances. Notably, 83% of our nonperforming loans are tied to just four loans, each with its own unique circumstances. These loans are well-secured, and we are actively working toward resolutions in the near-term.”


Q1 2025 Financial Performance
Total assets increased $75.6 million or 7.6% to $1.07 billion at March 31, 2025, from $993.6 million at December 31, 2024, and decreased $17.5 million or 1.6% from $1.09 billion at March 31, 2024.				Net interest income decreased $149 thousand or 1.8% to $8.1 million for the quarter ended March 31, 2025, from $8.2 million for the quarter ended December 31, 2024, and increased $611 thousand or 8.2% from $7.5 million for the quarter ended March 31, 2024.

Loans held-for-portfolio decreased $13.9 million or 1.5% to $886.2 million at March 31, 2025, compared to $900.2 million at December 31, 2024, and decreased $11.7 million or 1.3% from $897.9 million at March 31, 2024.				Net interest margin (“NIM”), annualized, was 3.25% for the quarter ended March 31, 2025, compared to 3.13% for the quarter ended December 31, 2024 and 2.95% for the quarter ended March 31, 2024.

Total deposits increased $72.5 million or 8.7% to $910.3 million at March 31, 2025, from $837.8 million at December 31, 2024, and decreased $6.5 million or 0.7% from $916.9 million at March 31, 2024. Noninterest-bearing deposits decreased $5.8 million or 4.4% to $126.7 million at March 31, 2025 compared to $132.5 million at December 31, 2024, and decreased $2.0 million or 1.5% compared to $128.7 million at March 31, 2024.				A $203 thousand release of provision for credit losses was recorded for the quarter ended March 31, 2025, compared to a $14 thousand provision and a $33 thousand release of provision for credit losses for the quarters ended December 31, 2024 and March 31, 2024, respectively. At March 31, 2025, the allowance for credit losses on loans to total loans outstanding was 0.95%, compared to 0.94% at December 31, 2024 and 0.96% at March 31, 2024.

The loans-to-deposits ratio was 98% at March 31, 2025, compared to 108% at December 31, 2024 and 98% at March 31, 2024.				Total noninterest income decreased $62 thousand or 5.3% to $1.1 million for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024, and was virtually unchanged compared to the quarter ended March 31, 2024.

Total nonperforming loans increased $2.2 million or 28.9% to $9.7 million at March 31, 2025, from $7.5 million at December 31, 2024, and increased $600 thousand or 6.6% from $9.1 million at March 31, 2024. Nonperforming loans to total loans was 1.09% and the allowance for credit losses on loans to total nonperforming loans was 86.95% at March 31, 2025.				Total noninterest expense increased $856 thousand or 12.1% to $7.9 million for the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024, and increased $258 thousand or 3.4% compared to the quarter ended March 31, 2024.

				The Bank continued to maintain capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at March 31, 2025.

Operating Results

Net Interest Income after (Release of) Provision for Credit Losses

	For the Quarter Ended								Q1 2025 vs. Q4 2024					Q1 2025 vs. Q1 2024
	March 31, 2025			December 31, 2024		March 31, 2024			Amount ($)			Percentage (%)		Amount ($)			Percentage (%)
	(Dollars in thousands, unaudited)
Interest income	$	13,706		$	14,736	$	13,760		$	(1,030	)	(7.0)	%	$	(54	)	(0.4)	%
Interest expense		5,635			6,516		6,300			(881	)	(13.5)	%		(665	)	(10.6)	%
Net interest income		8,071			8,220		7,460			(149	)	(1.8)	%		611		8.2	%
(Release of) provision for credit losses		(203	)		14		(33	)		(217	)	(1550.0)	%		(170	)	515.2	%
Net interest income after (release of) provision for credit losses		8,274			8,206		7,493			68		0.8	%		781		10.4	%

Q1 2025 vs Q4 2024

The decrease in interest income from the prior quarter was primarily due to a lower average balance of loans, investments and interest-earning cash, an eight basis point decline in the average yield on loans, a 41 basis point decline in the average yield on interest-bearing cash, and a 57 basis point decline in the average yield on investments.

Interest income on loans decreased $482 thousand, or 3.7%, to $12.6 million for the quarter ended March 31, 2025, compared to $13.1 million for the quarter ended December 31, 2024. The average balance of total loans was $896.8 million for the quarter ended March 31, 2025, down from $900.8 million for the quarter ended December 31, 2024. The decrease in the average balance of total loans was primarily due to declines in construction and land loans and one-to-four family loans, offset by growth in commercial and multifamily loans and home equity loans. The average balances for manufactured home loans, floating home loans, commercial business loans, and other consumer loans remained relatively flat from the fourth quarter of 2024. The average yield on total loans was 5.69% for the quarter ended March 31, 2025, down from 5.77% for the quarter ended December 31, 2024. The decline was primarily due to interest that was reversed on nonaccrual loans during the first quarter, as well as interest that had been recognized on those loans in the fourth quarter. This was partly offset by new loans being made at higher interest rates and some variable-rate loans adjusting upward. Interest income on investments was $108 thousand for the quarter ended March 31, 2025, compared to $132 thousand for the quarter ended December 31, 2024. Interest income on interest-bearing cash decreased $524 thousand to $1.0 million for the quarter ended March 31, 2025, compared to $1.5 million for the quarter ended December 31, 2024. This decrease was a result of both lower average yields and average balances during the quarter.

The decrease in interest expense during the current quarter from the prior quarter was primarily the result of lower average balances and rates paid on all categories of interest-bearing deposits. The average cost of deposits was 2.37% for the quarter ended March 31, 2025, down from 2.58% for the quarter ended December 31, 2024 as higher costing deposits repriced lower due to market interest rate cuts beginning in September 2024. The average cost of FHLB advances was 4.25% for the quarter ended March 31, 2025, down from 4.31% for the quarter ended December 31, 2024.

A release of provision for credit losses of $203 thousand was recorded for the quarter ended March 31, 2025, consisting of a release of provision for credit losses on loans of $85 thousand and a release of provision for credit losses on unfunded loan commitments of $118 thousand. This compared to a provision for credit losses of $14 thousand for the quarter ended December 31, 2024, consisting of a release of provision for credit losses on loans of $73 thousand and a provision for credit losses on unfunded loan commitments of $87 thousand. The decrease in the provision for credit losses for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 resulted primarily from a smaller loan portfolio and a reduced balance of unfunded commitments, partially offset by an additional qualitative adjustment applied to certain loan segments, specifically consumer and construction loans, reflecting increased uncertainty in market conditions tied to the impact of tariffs and other external factors affecting our clients. Expected credit loss estimates consider various factors, including market conditions, borrower-specific information, projected delinquencies, and anticipated effects of economic trends on borrowers’ ability to repay.

Q1 2025 vs Q1 2024

Interest income on loans increased $355 thousand, or 2.9%, to $12.6 million for the quarter ended March 31, 2025, compared to $12.2 million for the quarter ended March 31, 2024. The average balance of total loans was $896.8 million for the quarter ended March 31, 2025, up from $895.4 million for the quarter ended March 31, 2024. The average yield on total loans was 5.69% for the quarter ended March 31, 2025, up from 5.49% for the quarter ended March 31, 2024. The increase in the average loan yield during the current quarter, compared to the same quarter in 2024, was primarily due to the origination of new loans at higher interest rates. Additionally, variable-rate loans resetting to higher rates contributed to the increase in average yield compared to the first quarter of 2024. Interest income on investments was $108 thousand for the quarter ended March 31, 2025, compared to $111 thousand for the quarter ended March 31, 2024. Interest income on interest-bearing cash decreased $406 thousand to $1.0 million for the quarter ended March 31, 2025, compared to $1.4 million for the quarter ended March 31, 2024. The decrease was a result of both a lower average yield and average balance.

The decrease in interest expense during the current quarter from the same quarter a year ago was primarily the result of a $18.9 million decrease in the average balance of interest-bearing demand and NOW accounts, a $25.5 million decrease in the average balance of certificate accounts, and a $15.0 million decrease in the average balance of FHLB advances, as well as lower average rates paid on all categories of interest-bearing deposits; resulting from lower market interest rates generally. These average-balance decreases were partially offset by a $51.0 million increase in the average balance of savings and money market accounts. The average cost of deposits was 2.37% for the quarter ended March 31, 2025, down from 2.57% for the quarter ended March 31, 2024. The average cost of FHLB advances was 4.25% for the quarter ended March 31, 2025, down from 4.31% for the quarter ended March 31, 2024.

Noninterest Income

	For the Quarter Ended								Q1 2025 vs. Q4 2024					Q1 2025 vs. Q1 2024
	March 31, 2025			December 31, 2024		March 31, 2024			Amount ($)			Percentage (%)		Amount ($)			Percentage (%)
	(Dollars in thousands, unaudited)
Service charges and fee income	$	684		$	619	$	612		$	65		10.5	%	$	72		11.8	%
Earnings on bank-owned life insurance (“BOLI”)		195			127		177			68		53.5	%		18		10.2	%
Mortgage servicing income		269			277		282			(8	)	(2.9)	%		(13	)	(4.6)	%
Fair value adjustment on mortgage servicing rights		(99	)		77		(65	)		(176	)	(228.6)	%		(34	)	52.3	%
Net gain on sale of loans		49			53		90			(4	)	(7.5)	%		(41	)	(45.6)	%
Other income		—			7		—			(7	)	(100.0)	%		—		100.0	%
Total noninterest income	$	1,098		$	1,160	$	1,096		$	(62	)	(5.3)	%	$	2		0.2	%

Q1 2025 vs Q4 2024

The decrease in noninterest income during the current quarter compared to the quarter ended December 31, 2024 was primarily related to

a $176 thousand downward adjustment in fair value of mortgage servicing rights due to a smaller servicing portfolio, partially offset by :
an increase of $68 thousand in earnings from BOLI primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter, offset by fluctuations in financial markets which decreased the values of policies; and
a $65 thousand increase in service charges and fee income due to a volume incentive paid by Mastercard in the first quarter of 2025 and higher interchange income.

Loans sold during the quarter ended March 31, 2025, totaled $2.0 million, compared to $3.5 million and $4.2 million of loans sold during the quarters ended December 31, 2024 and March 31, 2024, respectively.

Q1 2025 vs Q1 2024

The increase in noninterest income during the current quarter compared to the quarter ended March 31, 2024 was primarily due to

a $72 thousand increase in service charges and fee income primarily due to the reasons noted above, and
an $18 thousand increase in earnings from BOLI primarily due to the strategic decision to surrender and exchange existing policies into higher yielding policies in the first quarter, offset by fluctuations in financial markets, which reduced the values of policies. The increases in service charges and fee income and in earnings from BOLI were partially offset by
a $13 thousand decrease in mortgage servicing income as a result of the portfolio paying down at a faster rate than originations replace repayments;
a $34 thousand decrease in the fair value adjustment on mortgage servicing rights due to a smaller servicing portfolio; and
a $41 thousand decrease in net gain on sale of loans due to fewer loans sold.

Noninterest Expense

	For the Quarter Ended							Q1 2025 vs. Q4 2024				Q1 2025 vs. Q1 2024
	March 31, 2025		December 31, 2024			March 31, 2024		Amount ($)		Percentage (%)		Amount ($)			Percentage (%)
	(Dollars in thousands, unaudited)
Salaries and benefits	$	4,595	$	3,920		$	4,543	$	675	17.2	%	$	52		1.1	%
Operations		1,365		1,329			1,457		36	2.7	%		(92	)	(6.3)	%
Regulatory assessments		221		189			189		32	16.9	%		32		16.9	%
Occupancy		437		409			444		28	6.8	%		(7	)	(1.6)	%
Data processing		1,293		1,232			1,017		61	5.0	%		276		27.1	%
Net loss (gain) on OREO and repossessed assets		3		(21	)		6		24	(114.3)	%		(3	)	(50.0)	%
Total noninterest expense	$	7,914	$	7,058		$	7,656	$	856	12.1	%	$	258		3.4	%

Q1 2025 vs Q4 2024

The increase in noninterest expense during the current quarter from the quarter ended December 31, 2024 was primarily a result of:

a $675 thousand increase in salaries and benefits related to higher salaries expense, partially due to accrual reversals in the fourth quarter 2024, along with an annual deferred compensation contribution for key executives made in the first quarter of each year, higher 401(k) contributions, and higher payroll taxes related to annual bonus payments;
a $32 thousand increase in regulatory assessments due to a higher estimated accrual for exam costs;
a $28 thousand increase in occupancy due to higher annual property charges and maintenance fees recognized in the first quarter;
a $61 thousand increase in data processing due to higher vendor fees associated with annual subscription renewals; and
a $24 thousand increase in OREO and repossessed assets due to the addition of a new property in the first quarter of 2025 and the absence of property sales in the prior quarter.

Q1 2025 vs Q1 2024

The increase in noninterest expense during the current quarter from the quarter ended March 31, 2024 was primarily a result of:

a $276 thousand increase in data processing expenses due to various project implementations that began amortizing in the third quarter of 2024 and the reimbursement of expenses by a software vendor in the first quarter of 2024;
a $32 thousand increase in regulatory assessment expenses due to a higher estimated accrual for exam costs.

These increases were partially offset by a $92 thousand decrease in operations expense, primarily due to the recognition of annual fee reimbursements from Mastercard beginning in the first quarter of 2025 and lower expenses across various accounts resulting from ongoing cost saving initiatives and process improvements.

Balance Sheet Review, Capital Management and Credit Quality

Assets at March 31, 2025 totaled $1.07 billion, up from $993.6 million at December 31, 2024 and down from $1.09 billion at March 31, 2024. The increase in total assets from December 31, 2024 was primarily due to an increase in cash and cash equivalents, partially offset by a lower balance of loans held-for-portfolio. The decrease from one year ago was primarily a result of lower balances of cash and cash equivalents and loans held-for-portfolio.

Cash and cash equivalents increased $87.9 million, or 201.3%, to $131.5 million at March 31, 2025, compared to $43.6 million at December 31, 2024, and decreased $6.5 million, or 4.7%, from $138.0 million at March 31, 2024. The increased cash and cash equivalents from the prior quarter-end was primarily due to the strategic decision to sell reciprocal deposits at the end of 2024, which reduced our cash balances. These reciprocal deposits returned to our balance sheet in the first quarter of 2025.

Investment securities decreased $110 thousand, or 1.1%, to $9.8 million at March 31, 2025, compared to $9.9 million at December 31, 2024, and decreased $462 thousand, or 4.5%, from $10.3 million at March 31, 2024, as pay-offs and paydowns of investments exceeded new purchases. Held-to-maturity securities totaled $2.1 million at both March 31, 2025 and December 31, 2024, and totaled $2.2 million at March 31, 2024. Available-for-sale securities totaled $7.7 million at March 31, 2025, compared to $7.8 million at December 31, 2024 and $8.1 million at March 31, 2024.

Loans held-for-portfolio were $886.2 million at March 31, 2025, compared to $900.2 million at December 31, 2024 and $897.9 million at March 31, 2024. The decrease from both prior dates was primarily due to the payoff during the first quarter of 2025 of one $17.0 million loan that was risk rated special mention.

Nonperforming assets (“NPAs”), which are comprised of nonaccrual loans (including nonperforming modified loans), other real estate owned (“OREO”) and other repossessed assets, increased $2.2 million, or 29.4%, to $9.7 million at March 31, 2025, from $7.5 million at December 31, 2024 and decreased $49 thousand, or 0.5%, from $9.7 million at March 31, 2024. The increase in NPAs from December 31, 2024 was primarily due to the addition of six loans totaling $2.4 million to nonaccrual status, including two commercial real estate loans of $1.1 million and $988 thousand. The increase also included $41 thousand of other real estate owned properties. These additions were partially offset by $207 thousand in regular loan payments. Subsequent to quarter-end, the $988 thousand commercial real estate loan added during the quarter was paid-off. The decrease in NPAs from one year ago was primarily due to payoffs totaling $2.1 million, the return of $522 thousand of loans to accrual status, the sale of two other real estate owned properties for $690 thousand, and regular loan payments. These decreases were partially offset by the placement of an additional $3.6 million of loans on nonaccrual status, which included the two commercial real estate loans noted above.

NPAs to total assets were 0.91%, 0.75% and 0.90% at March 31, 2025, December 31, 2024 and March 31, 2024, respectively. The allowance for credit losses on loans to total loans outstanding was 0.95% at March 31, 2025, compared to 0.94% at December 31, 2024 and 0.96% at March 31, 2024. Net loan charge-offs for the first quarter of 2025 totaled $21 thousand, compared to $13 thousand for the fourth quarter of 2024, and $56 thousand for the first quarter of 2024.

The following table summarizes our NPAs at the dates indicated (dollars in thousands):

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Nonperforming Loans:
One-to-four family	$	762		$	537		$	745		$	822		$	835
Home equity loans		368			298			338			342			83
Commercial and multifamily		5,627			3,734			4,719			5,161			4,747
Construction and land		22			24			25			28			29
Manufactured homes		501			521			230			136			166
Floating homes		2,363			2,363			2,377			2,417			3,192
Commercial business		—			11			23			—			—
Other consumer		10			3			32			3			1
Total nonperforming loans		9,653			7,491			8,489			8,909			9,053
OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			—			—			575
Manufactured homes		41			—			115			115			115
Total OREO and repossessed assets		41			—			115			115			690
Total NPAs	$	9,694		$	7,491		$	8,604		$	9,024		$	9,743

Percentage of Nonperforming Loans:
One-to-four family		7.9	%		7.3	%		8.7	%		9.1	%		8.5	%
Home equity loans		3.8			4.0			3.9			3.8			0.9
Commercial and multifamily		58.0			49.8			54.8			57.2			48.7
Construction and land		0.2			0.3			0.3			0.3			0.3
Manufactured homes		5.2			7.0			2.7			1.5			1.7
Floating homes		24.4			31.5			27.6			26.8			32.8
Commercial business		—			0.1			0.3			—			—
Other consumer		0.1			—			0.4			—			—
Total nonperforming loans		99.6			100.0			98.7			98.7			92.9
Percentage of OREO and Other Repossessed Assets:
Commercial and multifamily		—			—			—			—			5.9
Manufactured homes		0.4			—			1.3			1.3			1.2
Total OREO and repossessed assets		0.4			—			1.3			1.3			7.1
Total NPAs		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

The following table summarizes the allowance for credit losses at the dates and for the periods indicated (dollars in thousands, unaudited):

	At or For the Quarter Ended:
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Allowance for Credit Losses on Loans
Balance at beginning of period	$	8,499		$	8,585		$	8,493		$	8,598		$	8,760
(Release of) provision for credit losses during the period		(85	)		(73	)		106			(88	)		(106	)
Net charge-offs during the period		(21	)		(13	)		(14	)		(17	)		(56	)
Balance at end of period	$	8,393		$	8,499		$	8,585		$	8,493		$	8,598
Allowance for Credit Losses on Unfunded Loan Commitments
Balance at beginning of period	$	234		$	147		$	245		$	266		$	193
Provision for (release of) provision for credit losses during the period		(118	)		87			(98	)		(21	)		73
Balance at end of period		116			234			147			245			266
Allowance for Credit Losses	$	8,509		$	8,733		$	8,732		$	8,738		$	8,864
Allowance for credit losses on loans to total loans		0.95	%		0.94	%		0.95	%		0.96	%		0.96	%
Allowance for credit losses to total loans		0.96	%		0.97	%		0.97	%		0.98	%		0.99	%
Allowance for credit losses on loans to total nonperforming loans		86.95	%		113.46	%		101.13	%		95.33	%		94.97	%
Allowance for credit losses to total nonperforming loans		88.15	%		116.58	%		102.86	%		98.08	%		97.91	%

Total deposits increased $72.5 million, or 8.7%, to $910.3 million at March 31, 2025, from $837.8 million at December 31, 2024 and decreased $6.5 million, or 0.7%, from $916.9 million at March 31, 2024. The increase in total deposits compared to the prior quarter-end was primarily a result of the movement of reciprocal deposits off balance sheet for strategic objectives at year-end, followed by the return of those deposits to our balance sheet in the first quarter of 2025, and a decrease in one high cost money market deposit relationship as part of our strategic decision to decrease our overall cost of funds. Noninterest-bearing deposits decreased $5.8 million, or 4.4%, to $126.7 million at March 31, 2025, compared to $132.5 million at December 31, 2024 and decreased $2.0 million, or 1.5%, from $128.7 million at March 31, 2024. Noninterest-bearing deposits represented 13.9%, 15.8% and 14.0% of total deposits at March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

FHLB advances totaled $25.0 million at March 31, 2025, compared to $25.0 million at both December 31, 2024, and March 31, 2024. FHLB advances are primarily used to support organic loan growth and to maintain liquidity ratios in line with our asset/liability objectives. FHLB advances outstanding at March 31, 2025 had maturities ranging from early 2026 through early 2028. Subordinated notes, net totaled $11.8 million at both March 31, 2025 and December 31, 2024, and $11.7 million at March 31, 2024.

Stockholders’ equity totaled $104.4 million at March 31, 2025, an increase of $765 thousand, or 0.7%, from $103.7 million at December 31, 2024, and an increase of $3.4 million, or 3.4%, from $101.0 million at March 31, 2024. The increase in stockholders’ equity from December 31, 2024 was primarily the result of $1.2 million of net income earned during the current quarter, $81 thousand in share-based compensation, and $21 thousand in common stock options exercised, partially offset by a $17 thousand increase in accumulated other comprehensive loss, net of tax and the payment of $487 thousand in cash dividends to the Company’s stockholders.

Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, which is headquartered in Seattle, Washington and has full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one loan production office located in the Madison Park neighborhood of Seattle. For more information, please visit www.soundcb.com.

Forward-Looking Statements Disclaimer

When used in this press release and in documents filed or furnished by Sound Financial Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events and may turn out to be wrong because of inaccurate assumptions we might make, because of the factors listed below or because of other factors that we cannot foresee that could cause our actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

Factors which could cause actual results to differ materially, include, but are not limited to: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation or deflation, a recession or slowed economic growth, as well as supply chain disruptions; changes in the interest rate environment, including increases and decreases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and the duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; changes in consumer spending, borrowing and savings habits; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; secondary market conditions for loans;expectations regarding key growth initiatives and strategic priorities; environmental, social and governance goals and targets; results of examinations of the Company or the Bank by their regulators; increased competition; changes in management’s business strategies; legislative changes; changes in the regulatory and tax environments in which the Company operates; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on our third-party vendors; the potential for new or increased tariffs, trade restrictions, or geopolitical tensions that could affect economic activity or specific industry sectors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with or furnished to the SEC, which are available at www.soundcb.com and on the SEC’s website at www.sec.gov. The risks inherent in these factors could cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company and could negatively affect the Company’s operating and stock performance.

The Company does not undertake—and specifically disclaims any obligation—to revise any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.

CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, unaudited)

	For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024		June 30, 2024			March 31, 2024
Interest income	$	13,706		$	14,736		$	14,838	$	14,039		$	13,760
Interest expense		5,635			6,516			6,965		6,591			6,300
Net interest income		8,071			8,220			7,873		7,448			7,460
(Release of) provision for credit losses		(203	)		14			8		(109	)		(33	)
Net interest income after (release of) provision for credit losses		8,274			8,206			7,865		7,557			7,493
Noninterest income:
Service charges and fee income		684			619			628		761			612
Earnings on bank-owned life insurance		195			127			186		134			177
Mortgage servicing income		269			277			280		279			282
Fair value adjustment on mortgage servicing rights		(99	)		77			101		(116	)		(65	)
Net gain on sale of loans		49			53			40		74			90
Other income		—			7			—		30			—
Total noninterest income		1,098			1,160			1,235		1,162			1,096
Noninterest expense:
Salaries and benefits		4,595			3,920			4,469		4,658			4,543
Operations		1,365			1,329			1,540		1,569			1,457
Regulatory assessments		221			189			189		220			189
Occupancy		437			409			414		397			444
Data processing		1,293			1,232			1,067		910			1,017
Net (gain) loss on OREO and repossessed assets		3			(21	)		—		(17	)		6
Total noninterest expense		7,914			7,058			7,679		7,737			7,656
Income before provision for income taxes		1,458			2,308			1,421		982			933
Provision for income taxes		291			389			267		187			163
Net income	$	1,167		$	1,919		$	1,154	$	795		$	770

CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
ASSETS
Cash and cash equivalents	$	131,494		$	43,641		$	148,930		$	135,111		$	137,977
Available-for-sale securities, at fair value		7,689			7,790			8,032			7,996			8,115
Held-to-maturity securities, at amortized cost		2,121			2,130			2,139			2,147			2,157
Loans held-for-sale		2,267			487			65			257			351
Loans held-for-portfolio		886,226			900,171			901,733			889,274			897,877
Allowance for credit losses – loans		(8,393	)		(8,499	)		(8,585	)		(8,493	)		(8,598	)
Total loans held-for-portfolio, net		877,833			891,672			893,148			880,781			889,279
Accrued interest receivable		3,540			3,471			3,705			3,413			3,617
Bank-owned life insurance, net		22,685			22,490			22,363			22,172			22,037
Other real estate owned (“OREO”) and other repossessed assets, net		41			—			115			115			690
Mortgage servicing rights, at fair value		4,688			4,769			4,665			4,540			4,612
Federal Home Loan Bank (“FHLB”) stock, at cost		1,734			1,730			2,405			2,406			2,406
Premises and equipment, net		4,591			4,697			4,807			4,906			6,685
Right-of-use assets		3,546			3,725			3,779			4,020			4,259
Other assets		6,957			7,031			6,777			6,995			4,500
TOTAL ASSETS	$	1,069,186		$	993,633		$	1,100,930		$	1,074,859		$	1,086,685
LIABILITIES
Interest-bearing deposits	$	783,660		$	705,267		$	800,480		$	781,854		$	788,217
Noninterest-bearing deposits		126,687			132,532			129,717			124,915			128,666
Total deposits		910,347			837,799			930,197			906,769			916,883
Borrowings		25,000			25,000			40,000			40,000			40,000
Accrued interest payable		586			765			908			760			719
Lease liabilities		3,828			4,013			4,079			4,328			4,576
Other liabilities		10,774			9,371			9,711			9,105			9,578
Advance payments from borrowers for taxes and insurance		2,450			1,260			2,047			812			2,209
Subordinated notes, net		11,770			11,759			11,749			11,738			11,728
TOTAL LIABILITIES		964,755			889,967			998,691			973,512			985,693
STOCKHOLDERS’ EQUITY:
Common stock		25			25			25			25			25
Additional paid-in capital		28,515			28,413			28,296			28,198			28,110
Retained earnings		76,952			76,272			74,840			74,173			73,907
Accumulated other comprehensive loss, net of tax		(1,061	)		(1,044	)		(922	)		(1,049	)		(1,050	)
TOTAL STOCKHOLDERS’ EQUITY		104,431			103,666			102,239			101,347			100,992
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,069,186		$	993,633		$	1,100,930		$	1,074,859		$	1,086,685

KEY FINANCIAL RATIOS
(unaudited)

	For the Quarter Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Annualized return on average assets	0.45	%	0.70	%	0.42	%	0.30	%	0.29	%
Annualized return on average equity	4.53	%	7.40	%	4.50	%	3.17	%	3.06	%
Annualized net interest margin⁽¹⁾	3.25	%	3.13	%	2.98	%	2.92	%	2.95	%
Annualized efficiency ratio⁽²⁾	86.31	%	75.25	%	84.31	%	89.86	%	89.48	%

(1)	Net interest income divided by average interest earning assets.
(2)	Noninterest expense divided by total revenue (net interest income and noninterest income).

PER COMMON SHARE DATA
(unaudited)

	At or For the Quarter Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Basic earnings per share	$	0.45	$	0.75	$	0.45	$	0.31	$	0.30
Diluted earnings per share	$	0.45	$	0.74	$	0.45	$	0.31	$	0.30
Weighted-average basic shares outstanding		2,554,265		2,547,210		2,544,233		2,540,538		2,539,213
Weighted-average diluted shares outstanding		2,578,609		2,578,771		2,569,368		2,559,015		2,556,958
Common shares outstanding at period-end		2,566,069		2,564,907		2,564,095		2,557,284		2,558,546
Book value per share	$	40.70	$	40.42	$	39.87	$	39.63	$	39.47

AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE RATE PAID
(Dollars in thousands, unaudited)

The following table presents, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Income and yields on tax-exempt obligations have not been computed on a tax equivalent basis. All average balances are daily average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield for the period they have been on nonaccrual (dollars in thousands).

	Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
	Average Outstanding Balance			Interest Earned/Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/Paid		Yield/Rate		Average Outstanding Balance			Interest Earned/Paid		Yield/Rate
Interest-Earning Assets:
Loans receivable	$	896,822		$	12,588	5.69	%	$	900,832		$	13,070	5.77	%	$	895,430		$	12,233	5.49	%
Interest-earning cash		95,999			1,010	4.27	%		130,412			1,534	4.68	%		107,361			1,416	5.30	%
Investments		12,924			108	3.39	%		13,263			132	3.96	%		14,038			111	3.18	%
Total interest-earning assets	$	1,005,745			13,706	5.53	%		1,044,507		$	14,736	5.61	%	$	1,016,829			13,760	5.44	%
Interest-Bearing Liabilities:
Savings and money market accounts	$	335,419			2,058	2.49	%	$	350,495			2,476	2.81	%	$	284,455			1,866	2.64	%
Demand and NOW accounts		140,905			108	0.31	%		144,470			128	0.35	%		159,762			141	0.35	%
Certificate accounts		289,960			3,039	4.25	%		301,293			3,413	4.51	%		315,495			3,696	4.71	%
Subordinated notes		11,766			168	5.79	%		11,756			168	5.69	%		11,724			168	5.76	%
Borrowings		25,000			262	4.25	%		30,546			331	4.31	%		40,000			429	4.31	%
Total interest-bearing liabilities	$	803,050			5,635	2.85	%	$	838,560			6,516	3.09	%	$	811,436			6,300	3.12	%
Net interest income/spread				$	8,071	2.68	%				$	8,220	2.52	%				$	7,460	2.32	%
Net interest margin						3.25	%						3.13	%						2.95	%

Ratio of interest-earning assets to interest-bearing liabilities		125	%						125	%						125	%
Noninterest-bearing deposits	$	126,215						$	130,476						$	132,438
Total deposits		892,499		$	5,205	2.37	%		926,734		$	6,017	2.58	%		892,150		$	5,703	2.57	%
Total funding ⁽¹⁾		929,265			5,635	2.46	%		969,036			6,516	2.68	%		943,874			6,300	2.68	%

(1)	Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding.

LOANS
(Dollars in thousands, unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Real estate loans:
One-to-four family	$	262,457		$	269,684		$	271,702		$	268,488		$	279,213
Home equity		28,112			26,686			25,199			26,185			24,380
Commercial and multifamily		392,798			371,516			358,587			342,632			324,483
Construction and land		42,492			73,077			85,724			96,962			111,726
Total real estate loans		725,859			740,963			741,212			734,267			739,802
Consumer Loans:
Manufactured homes		42,448			41,128			40,371			38,953			37,583
Floating homes		86,626			86,411			86,155			81,622			84,237
Other consumer		18,224			17,720			18,266			18,422			18,847
Total consumer loans		147,298			145,259			144,792			138,997			140,667
Commercial business loans		14,690			15,605			17,481			17,860			19,075
Total loans		887,847			901,827			903,485			891,124			899,544
Less:
Premiums		688			718			736			754			808
Deferred fees, net		(2,309	)		(2,374	)		(2,488	)		(2,604	)		(2,475	)
Allowance for credit losses – loans		(8,393	)		(8,499	)		(8,585	)		(8,493	)		(8,598	)
Total loans held-for-portfolio, net	$	877,833		$	891,672		$	893,148		$	880,781		$	889,279

DEPOSITS
(Dollars in thousands, unaudited)

	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Noninterest-bearing demand	$	126,687	$	132,532	$	129,717	$	124,915	$	128,666
Interest-bearing demand		143,595		142,126		148,740		152,829		159,178
Savings		63,533		61,252		61,455		63,368		65,723
Money market		287,058		206,067		285,655		253,873		241,976
Certificates		289,474		295,822		304,630		311,784		321,340
Total deposits	$	910,347	$	837,799	$	930,197	$	906,769	$	916,883

CREDIT QUALITY DATA
(Dollars in thousands, unaudited)

	At or For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Total nonperforming loans	$	9,653		$	7,491		$	8,489		$	8,909		$	9,053
OREO and other repossessed assets		41			—			115			115			690
Total nonperforming assets	$	9,694		$	7,491		$	8,604		$	9,024		$	9,743
Net charge-offs during the quarter	$	(21	)	$	(13	)	$	(14	)	$	(17	)	$	(56	)
Provision for (release of) credit losses during the quarter		(203	)		14			8			(109	)		(33	)
Allowance for credit losses – loans		8,393			8,499			8,585			8,493			8,598
Allowance for credit losses – loans to total loans		0.95	%		0.94	%		0.95	%		0.96	%		0.96	%
Allowance for credit losses – loans to total nonperforming loans		86.95	%		113.46	%		101.13	%		95.33	%		94.97	%
Nonperforming loans to total loans		1.09	%		0.83	%		0.94	%		1.00	%		1.01	%
Nonperforming assets to total assets		0.91	%		0.75	%		0.78	%		0.84	%		0.90	%

OTHER STATISTICS
(Dollars in thousands, unaudited)

	At or For the Quarter Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024

Total loans to total deposits		97.53	%		107.64	%		97.13	%		98.27	%		98.11	%
Noninterest-bearing deposits to total deposits		13.92	%		15.82	%		13.95	%		13.78	%		14.03	%

Average total assets for the quarter	$	1,051,135		$	1,089,067		$	1,095,404		$	1,070,579		$	1,062,036
Average total equity for the quarter	$	104,543		$	103,181		$	102,059		$	100,961		$	101,292

Contact

Financial:
Wes Ochs
Executive Vice President/CFO
(206) 436-8587

Media:
Laurie Stewart
President/CEO
(206) 436-1495

The MIL Network –

April 30, 2025

MIL-OSI USA: Congresswoman Lauren Boebert Announces May Staff Mobile Office Hours

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

EATON, CO– Staff from Congresswoman Lauren Boebert’s (CO-04) office will be holding Mobile Office Hours in May across the district to connect with constituents within their communities. In addition to the Congresswoman’s congressional offices in Eaton and Lone Tree, the Mobile Office Hours aim to provide services to constituents who need in-person guidance.

“Our Congressional Mobile Office Hours provide an opportunity for constituents from across the 4th District to get the assistance they need from our staffers who can help them in a variety of ways,” stated Congresswoman Boebert. “Meeting Coloradans where they are is a critical part of the work our office does, and I know our Mobile Office Hours will be a huge help to constituents of all backgrounds and locations.”

Staff from Congresswoman Boebert’s office will be available to help constituents who aren’t getting answers from federal agencies, like veterans seeking to get the care they earned from the VA, travelers that need expedited assistance to receive a passport on short notice, taxpayers being harassed by the IRS, and senior citizens having issues with the Social Security Administration or Medicare. Additionally, constituents are invited to come to the office hours to express their viewpoints on legislative issues or request special Congressional Commendations from the Congresswoman recognizing outstanding public achievements.

Since the beginning of her tenure as Representative for the 4th Congressional District on January 3rd, 2025, Congresswoman Boebert’s office has returned $1,352,970.62 to constituents.

Mobile Office Hours will be available at the following times and locations:

WEDNESDAY, MAY 7, 2025

Morgan County Mobile Office Hours

City Hall, Meeting Room

315 Emerson Street

Hillrose, CO

12:00-1:00pm

THURSDAY, MAY 8, 2025

Washington County Mobile Office Hours

County Courthouse Annex Building

181 Birch Avenue

Akron, CO

10:00-11:00am

Yuma County Mobile Office Hours

Quintech, Conference Room

529 N. Albany St

Yuma, CO

2:00-3:00pm



TUESDAY, MAY 20, 2025

Weld County Mobile Office Hours

Town Hall, Boardroom

185 Lincoln Ave.

Nunn, CO

10:00-11:00am

Arapahoe County Mobile Office Hours

Anythink Library

495 7th Street

Bennett, CO

3:30-5:00pm

WEDNESDAY, MAY 28, 2025

Douglas County Mobile Office Hours

Town Hall, Conference Room

8720 Spruce Mountain Road

Larkspur, CO

10:00-11:30am

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: 100 Days, 100 Stories

Source: United States House of Representatives – Representative Mike Johnson (LA-04)

WASHINGTON — Today, Speaker Johnson released a list of 100 American citizens who have felt the benefits from President Trump’s historic first 100 days in office. Speaker Johnson highlighted citizens who were unjustly detained abroad, business owners who will benefit from new apprenticeship opportunities, and families devastated by previous open borders policies, among many others.

Click here to read the full list

“President Donald J. Trump entered the White House with the most decisive mandate in modern history. In just 100 days, he’s done more for America than Joe Biden managed in four years,” Speaker Johnson said. “The American people can feel the tangible impact of President Trump’s swift and decisive action. From coast to coast, North to South, the American First agenda is helping Americans from across our great country.

“Republicans in Congress are proud to stand with the President as he secures our border, restores accountability in government, fights for common sense, and defends the liberty and prosperity of generations of Americans to come,” Speaker Johnson continued. “Today, as we mark 100 historic days, we celebrate the many ways President Trump has delivered for the American people.”

Since his inauguration on January 20th, President Trump has taken bold action to secure the border, drive down inflation, restore American strength on the world stage, clean up our communities, secure trillions of dollars in new investments and jobs, and return common sense to Washington. These 100 American stories illustrate that.

Read 20 stories below, and the full list here.

Alexis Nungaray, Angel Mother – Alexis Nungaray is the mother of Jocelyn Nungaray, a 12-year-old girl who was tragically murdered by illegal aliens in June of 2024. Jocelyn’s life was tragically cut short because of the Biden Administration’s failure to close our borders and protect American citizens from dangerous illegal aliens. On March 5, 2025, President Trump signed an executive order honoring her life by renaming Anahuac National Wildlife Refuge to Jocelyn Nungaray Wildlife Refuge in Anahuac, Texas. Since Jocelyn’s murder, her mother Alexis has been advocating alongside the Trump Administration and Senator Ted Cruz for stronger immigration laws.

Marianna Montoya, Florida Resident – During President Trump’s first 100 days, Marianna was able to open up her very first Roth IRA and begin contributing on a monthly basis. President Trump’s work to reverse the devastating consequences of Bidenomics has given her hope that she and her husband will be able to retire peacefully.

Frank Windsor, Rinnai America President – In late 2024, the Biden Administration issued a rule that effectively banned an entire niche of American manufacturing: non-condensing tankless water heaters. The rule specifically targeted Rinnai America Corporation, the only U.S. facility producing these water heaters. Thanks to President Trump’s leadership, the House passed a Congressional Review Act resolution to overturn the rule, keeping Rinnai’s doors open and protecting nearly 300 American jobs.

Sarah Taylor, Iowa Parent – Sarah and her husband, Dan, both attended private Catholic elementary schools and knew they wanted the same faith-based education for their daughters, Hannah and Millie. Thanks to expanding educational freedom and school choice, the Taylors were empowered to choose the school that best fit their family’s values. For the Taylor family, school choice has meant more than access. It’s meant opportunity. Their story is one of many that show the power of giving parents the freedom to choose what’s best for their children.

Kelly Wilson, Small Business Owner – Kelly Wilson’s family has owned and operated a small business in Colorado for 80 years, but after mass flows of illegal aliens began arriving in Denver under the Biden Administration, her family discussed moving to another state. In the face of budget cuts to Denver’s police force and sanctuary city policies that have failed Denver families, Kelly began speaking out for her community. Since day one, the Trump Administration has made cracking down on sanctuary cities and states a top priority. Today, communities like Kelly’s are safer, thanks to President Trump’s work to restore the rule of law.

Jim Chilton, Rancher – The Chilton Ranch has been operated within the Chilton family for generations, a family legacy that Jim and Sue Chilton have preserved mere miles away from the Southern Border. However, under the Biden Administration, they were forced to shoulder the consequences of President Biden’s border crisis. During April of 2024 alone, the Chiltons experienced 5,640 immigrant encounters on their ranch. The last time they checked with the Border Patrol, in April of this year, there were zero crossers over the course of three weeks. Thanks to President Trump’s work to reverse the Biden administration’s radical open-border policies, the Chilton family’s beloved ranch and livelihood are no longer under threat.

Ben Paulding, CPA – Ben hosts South Dakota’s first federally subsidized CPA Apprenticeship Program. After navigating months of red tape under the Biden Administration, he can finally onboard his first interns. Thankfully, President Trump has ended burdensome mandates on programs like Ben’s, enabling him to refocus his attention on merit-based, equal opportunity hiring without the DEI red tape.

George Glezmann, Former Hostage – George Glezmann, a Georgia native and Delta Airlines mechanic, was arrested by the Taliban in 2022 during a planned tourist visit. Despite no formal charges being filed, Glezmann was held for over 2 years in an Afghanistan prison. On March 20, 2025, he was released as a gesture of “goodwill” by the Taliban following trilateral negotiations between Qatar, the U.S., and the Taliban. Upon returning to the U.S., he said, “I feel like I’m born again, I’m in debt to President Trump. Thank God he’s in the White House and thank God he got me out.”

Michelle Root, Angel Mother – Michelle Root is the mother of Sarah Root, a 21-year-old Iowan who was killed by an illegal alien drunk driving in 2016. Instead of answering for his crimes, the illegal alien posted bail, was released from jail, and was never seen again. Fortunately, this criminal was found in Honduras and the Trump Administration worked with Honduran authorities to extradite him to the United States to face justice. President Trump also signed the Laken Riley Act, which included Sarah’s Law – introduced by Congressman Randy Feenstra from Iowa – to ensure that any illegal alien who harms or kills an American citizen is swiftly detained and prosecuted to the fullest extent of the law. The Root Family is grateful to President Trump and Congressman Feenstra for honoring their precious daughter’s memory.

Marc Fogel, Schoolteacher/Former Hostage – Marc Fogel, an American schoolteacher, was wrongfully detained by Russian authorities in 2021 after being arrested on drug charges related to medical marijuana. Despite having a valid prescription in the U.S., he was sentenced to 14 years in a Russian prison. However, on February 11, 2025, Fogel was released and returned to the United States through a diplomatic deal negotiated by President Trump. He was warmly greeted by the President upon his arrival back to the United States and expressed his gratitude, saying, “I feel like the luckiest man alive.”

Tony Campbell, East KY Power Cooperative CEO – Tony Campbell serves as the CEO and President of East Kentucky Power Cooperative. He and his colleagues have faced significant challenges under burdensome regulations that targeted the coal industry—an industry that has powered American homes and cities for generations. Through executive action, President Trump strengthened the reliability and affordability of American energy, safeguarded American jobs, and preserved critical coal plants, delivering on his promise to create jobs and uphold America’s energy independence.

Joseph Knowles, Detroit Autoworker – Joseph Knowles is a Detroit autoworker for Stellantis who was laid off during the Biden Administration and later reinstated after President Trump’s election victory. After attending President Trump’s Joint Address to Congress, Knowles declared he had left the Democratic Party for good. “I got very good hope for the Republican Party,” Knowles said, “More and more people are seeing the true colors of the Democrats.”

Lawrence Rosen, Cra-Z-Art Founder – Lawrence Rosen is the owner of Cra-Z-Art, the largest toy maker in the United States. Since Liberation Day, Lawrence has seen the benefits of President Trump’s tariffs firsthand on domestic manufacturing. Because of President Trump’s decisive action in the first 100 days, Rosen is expanding their domestic production by 50% and investing millions of dollars into factories across the country.

Elliston Berry, Texas High School Student – Elliston Berry was only 14-years-old when one of her classmates took an innocent selfie of her and ran it through AI to make a deep-fake pornographic image, which was later circulated throughout her school. Her painful experience motivated her to become an advocate against deepfake pornography, with her efforts leading to legislative action by Senator Ted Cruz. The “Take it Down Act”, which First Lady Melania Trump has championed, protects victims, enhances protections for users, and introduces accountability for AI platforms passed the House in April.

Kirk Davis, Bob Davis Electric CEO – Kirk Davis, owner of Bob Davis Electric, is one of many business leaders benefiting from President Trump’s action to tackle America’s workforce challenges. Thanks to the President’s Executive Order on apprenticeships, Kirk has been able to recruit, train, and retrain the skilled electricians needed to meet rising power demands and grow his business.

Dakota Meyer, U.S. Marine – President Trump’s Department of Defense has championed a warrior culture in America’s armed forces that has generated massive results for military recruiting. In April, Secretary Hegseth announced the U.S. Army had surpassed its 2025 reenlistment goal six months early. Dakota Meyer, a Marine Corps veteran and Medal of Honor recipient, is just one of the many brave Americans who have reenlisted, deciding to reenter the Army after a 15-year hiatus. “I’m damn proud of the men and women who are standing in uniform,” said Meyer, “and I’m so proud I get to be one of them again.”

Steven McCain, Sheriff – In Grant Parish, illegal aliens are using drones to drop off drugs and other paraphernalia at a large federal prison. It’s been a significant problem for the prison, but now that President Trump has returned to the White House, the situation has changed. Sheriff McCain has noticed a sharp increase in cooperation from ICE, the United States Attorney’s Office, and other local officials. Working together, law enforcement from all levels will be able to crack down on these drones.

Brian Riley, CEO of Guardian Bikes – Citing his support for President Trump’s tariffs, Brian announced a $19 million investment to move Guardian’s bike production out of China and into Seymour, Indiana.

Dino Mavrookas, CEO of Saronic – President Trump has called for the restoration of America’s maritime dominance, and Dino Mavrookas, CEO of the defense startup Saronic, has been a leader in answering this call. To help build the next-generation of autonomous vessels, Saronic acquired Gulf Craft, a Louisiana-based shipbuilder. By preserving Gulf Craft’s skilled workforce, creating hundreds of new, good-paying jobs, and investing over $2.5 billion to develop Port Alpha, Saronic is strengthening our economy, rebuilding America’s maritime strength, and supporting our national defense.

Gary Hamrick, Senior Pastor – Senior Pastor Gary Hamrick became the target of anti-Christian bias when he and his church were charged by the IRS for so-called Johnson Amendment violations. Under President Trump, the Department of Justice has established a task force to eradicate anti-Christian bias in the federal government and safeguard the religious liberty of all Americans.

###

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: RELEASE: 100 Days – Promises Made, Promises Kept

US Senate News:

Source: United States Senator MarkWayne Mullin (R-Oklahoma)
Washington, D.C. – U.S. Senator Markwayne Mullin (R-OK) released the following statement to mark President Trump’s first 100 days in office:
“100 days ago, President Trump returned to Washington, D.C. to shake things up and get this country back on track. All 77 counties in Oklahoma, and Americans across the country, voted overwhelmingly for his bold America First agenda. And after four disastrous years of the Biden Administration, President Trump is delivering on the promises he made to the American people.”
“Under President Trump, we have seen win after win. Safety and security are being restored as violent, illegal, criminals are finally being deported. Companies and countries around the world recognize that America is the place to do business with over $5 trillion in new investments pouring in. President Trump is unleashing American energy by eliminating burdensome regulations, supporting energy independence, and strengthening energy security.”
“Senate and House Republicans are in constant communication with the White House, working in lockstep to implement the President’s policies. The Senate has now confirmed 55 nominees at record pace for President Trump’s all-star team. And we’re just getting started.”
100 Days of Wins:
Secure border.
Lower costs.
Historic investments.
Huge deportation operation.
Energy dominance.
DEI is OVER in the military.
Protecting women’s sports.
Historic government transparency.
Bringing hostages home.
Critical DOGE savings.
Record-breaking recruitment for the military.
Background:
To watch Senator Mullin’s video on President Trump’s first 100 days, click HERE.

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: Governor Josh Stein Announces 30 More Counties to Receive High-Speed Internet
Source: US State of North Carolina

Headline: Governor Josh Stein Announces 30 More Counties to Receive High-Speed Internet

Governor Josh Stein Announces 30 More Counties to Receive High-Speed Internet
lsaito
Tue, 04/29/2025 – 16:28

Raleigh, NC
Governor Josh Stein announced today more than $63 million in Completing Access to Broadband (CAB) program projects to connect 18,889 households and businesses in 30 counties to high-speed internet.

“North Carolinians’ need access to high-speed internet to connect them with friends and family, business opportunities, telehealth, and more,” said Governor Josh Stein. “Broadband is key 21st Century infrastructure, and these partnerships between counties across the state and internet providers will help connect more North Carolinians.”

“Access to high-speed internet is not just about connectivity; it’s about empowering individuals and communities to thrive in the digital age,” said NCDIT Secretary and State Chief Information Officer Teena Piccione. “We will continue collaborating with counties and internet service providers to fund projects to expand high-speed internet access to all North Carolinians.”

These projects will be awarded by NCDIT and are funded by more than $44 million from the federal American Rescue Plan and nearly $19 million from selected broadband providers:
- Alamance: Connect Holding II, LLC (Brightspeed) and Spectrum Southeast, LLC These awards will provide high-speed internet access to 469 homes and businesses (20.51% of the county’s 2,287 eligible locations).
- Alexander: Yadkin Valley Telephone Membership Corporation (Zirrus) This award will provide high-speed internet access to 394 homes and businesses (14.78% of the county’s 2,665 eligible locations).
- Bertie: Roanoke Connect Holdings, LLC (Fybe) This award will provide high-speed internet access to 1,380 homes and businesses (91.39% of the county’s 1,510 eligible locations).
- Brunswick: Atlantic Telephone Membership Cooperative (FOCUS Broadband) This award will provide high-speed internet access to 192 homes and businesses (57.31% of the county’s 335 eligible locations).
- Burke: Connect Holding II, LLC (Brightspeed) This award will provide high-speed internet access to 82 homes and businesses (3.32% of the county’s 2,473 eligible locations).
- Camden: Wilkes Telephone Membership Corporation (RiverStreet Networks) This award will provide high-speed internet access to 921 homes and businesses (82.97% of the county’s 1,110 eligible locations).
- Catawba: Connect Holding II, LLC (Brightspeed) This award will provide high-speed internet access to 648 homes and businesses (28.38% of the county’s 2,283 eligible locations).
- Chowan: Atlantic Telephone Membership Cooperative (FOCUS Broadband) This award will provide high-speed internet access to 132 homes and businesses (91.67% of the county’s 144 eligible locations).
- Columbus: Atlantic Telephone Membership Cooperative (FOCUS Broadband) This award will provide high-speed internet access to 108 homes and businesses (14.86% of the county’s 727 eligible locations).
- Currituck: Connect Holding II, LLC (Brightspeed) This award will provide high-speed internet access to 1,354 homes and businesses (83.94% of the county’s 1,613 eligible locations).
- Durham: Frontier Communications of the Carolinas, LLC This award will provide high-speed internet access to 123 homes and businesses (22.49% of the county’s 547 eligible locations).
- Franklin: Connect Holding II, LLC (Brightspeed) This award will provide high-speed internet access to 1,415 homes and businesses (53.80% of the county’s 2,630 eligible locations).
- Granville: Roanoke Connect Holdings, LLC (Fybe) This award will provide high-speed internet access to 2,164 homes and businesses (90.96% of the county’s 2,379 eligible locations).
- Harnett: Spectrum Southeast, LLC This award will provide high-speed internet access to 300 homes and businesses (7.87% of the county’s 3,810 eligible locations).
- Jackson: ERC Broadband, LLC This award will provide high-speed internet access to 570 homes and businesses (12.63% of the county’s 4,512 eligible locations).
- Johnston: Connect Holding II, LLC (Brightspeed) This award will provide high-speed internet access to 1,439 homes and businesses (24.10% of the county’s 5,970 eligible locations).
- Martin: Roanoke Connect Holdings, LLC (Fybe) This award will provide high-speed internet access to 215 homes and businesses (35.66% of the county’s 603 eligible locations).
- Montgomery: Connect Holding II, LLC (Brightspeed)This award will provide high-speed internet access to 1,661 homes and businesses (73.40% of the county’s 2,263 eligible locations).
- Northampton: Roanoke Connect Holdings, LLC (Fybe) This award will provide high-speed internet access to 288 homes and businesses (73.47% of the county’s 392 eligible locations).
- Perquimans: Atlantic Telephone Membership Cooperative (FOCUS Broadband) This award will provide high-speed internet access to 121 homes and businesses (77.07% of the county’s 157 eligible locations).
- Person: Spectrum Southeast, LLC This award will provide high-speed internet access to 240 homes and businesses (9.34% of the county’s 2,189 eligible locations).
- Rockingham: Spectrum Southeast, LLC This award will provide high-speed internet access to 198 homes and businesses (13.24% of the county’s 1,495 eligible locations).
- Rowan: Windstream North Carolina, LLC This award will provide high-speed internet access to 507 homes and businesses (17.51% of the county’s 2,896 eligible locations).
- Scotland: Spectrum Southeast, LLC This award will provide high-speed internet access to 135 homes and businesses (20.06% of the county’s 673 eligible locations).
- Union: Windstream North Carolina, LLC and Spectrum Southeast, LLC These awards will provide high-speed internet access to 1,189 homes and businesses (28.94% of the county’s 4,108 eligible locations).
- Watauga: SkyBest Communications, LLC This award will provide high-speed internet access to 178 homes and businesses (67.94% of the county’s 262 eligible locations).
- Washington: Connect Holding II, LLC (Brightspeed) This award will provide high-speed internet access to 1,043 homes and businesses (96.48% of the county’s 1,081 eligible locations).
- Warren: Connect Holding II, LLC (Brightspeed) This award will provide high-speed internet access to 793 homes and businesses (66.86% of the county’s 1,186 eligible locations).
- Wayne: Spectrum Southeast, LLC This award will provide high-speed internet access to 420 homes and businesses (13.96% of the county’s 3,008 eligible locations).
- Yadkin: Yadkin Valley Telephone Membership Corporation (Zirrus) This award will provide high-speed internet access to 210 homes and businesses (88.61% of the county’s 237 eligible locations).
The CAB program’s procurement process creates a partnership between counties and NCDIT to identify areas that need access, solicit proposals from prequalified internet service providers, and quickly make awards. Awardees must agree to provide high-speed service that reliably meets or exceeds speeds of 100 Mbps download and 100 Mbps upload.

Governor Stein is committed to closing the digital divide. Today’s awards add to the $533 million in Growing Rural Economies with Access to Technology (GREAT) grants and previous CAB projects that will connect more than 211,000 North Carolina households and businesses to high-speed internet. See progress here.

For more information about the NCDIT Division of Broadband and Digital Opportunity, visit ncbroadband.gov.
Apr 29, 2025

MIL OSI USA News –
April 30, 2025
MIL-OSI USA: CLARKE INTRODUCES BILL TO BAN FACIAL RECOGNITION & BIOMETRIC IDENTIFICATION TECHNOLOGY IN PUBLIC HOUSING

Source: United States House of Representatives – Congresswoman Yvette D Clarke (9th District of New York)

FOR IMMEDIATE RELEASE:

April 29, 2025

MEDIA CONTACT:

e: jessica.myers@mail.house.gov

c: 202.913.0126

WASHINGTON, DC – Today, Congresswoman Yvette D. Clarke (NY-09), along with Congresswomen Ayanna Pressley (MA-07) and Rashida Tlaib (MI-12), reintroduced the No Biometric Barriers to Housing Act. This legislation would prohibit the usage of facial and biometric recognition technology in most federally funded public housing and require the Department of Housing and Urban Development (HUD) to submit a comprehensive report to Congress about how this emerging technology impacts the public housing sector and its tenants.

“Despite the usage of facial recognition technology growing more common year after year, it remains too inaccurate and too defective for Americans to trust it will function properly whenever and wherever it confronts them in their daily lives. Far too many people of color, women, and other vulnerable groups have been victimized by this flawed technology for Congress to stand by and allow this unacceptable status quo to continue. We have a responsibility to implement meaningful regulations that address the biases inherent to facial recognition and protect the people who are at risk of being harmed by it, and I am proud to lead this legislative solution that will fulfill that duty,” said Congresswoman Clarke.

“Facial recognition technology is flawed, biased and exacerbates the surveillance and criminalization people of color already face,” said Congresswoman Pressley. “I am proud to reintroduce the No Biometric Barriers to Housing Act with Representatives Clarke and Tlaib to ban the use of facial recognition and other biometric technologies in HUD-funded properties. Tenants in public housing deserve to have their civil rights and liberties protected, and this bill would help to do just that.”

“Biometric technologies like facial recognition have been found to be inaccurate, disproportionately target women and people of color, and violate basic privacy protections,” said Congresswoman Tlaib. “HUD properties should be focused on providing permanent, safe, and affordable housing to every resident who needs it – not fueling the overcriminalization of marginalized communities. This technology has no place in public housing.”

Read the full bill text here.

###

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: Jayapal, Sanders, Dingell, Hundreds of Health Care Workers Introduce Medicare for All

Source: United States House of Representatives – Congresswoman Pramila Jayapal (7th District of Washington)

WASHINGTON – U.S. Representative Pramila Jayapal (WA-07), U.S. Senator Bernie Sanders (VT), and U.S. Representative Debbie Dingell (MI-06) today introduced the Medicare for All Act with hundreds of nurses, health care providers and workers from around the country at a press conference in front of the Capitol.

In America today, despite spending twice as much per person on health care as other wealthy nations, more than 85 million Americans are uninsured or underinsured, one out of every four Americans cannot afford their prescription drugs, over half a million people go bankrupt due to medically-related debt, and more than 60,000 die because they cannot afford to go to a doctor.

“It is a travesty when 85 million people are uninsured or underinsured and millions more are drowning in medical debt in the richest nation on Earth,” said Jayapal. “We don’t suffer from scarcity in America, we suffer from greed. That’s most clear in our broken health care system, which is why we need Medicare for All. People deserve and want comprehensive health care that covers mental health, long-term care, reproductive care, dental, vision and hearing, all without copays, private insurance premiums, sky-high deductibles or other hidden fees. Health care is a human right, that is exactly why it’s time to pass Medicare for All.”

“The American people understand, as I do, that health care is a human right, not a privilege and that we must end the international embarrassment of the United States being the only major country on earth that does not guarantee health care to all of its citizens,” said Sanders. “It is not acceptable to me, nor to the American people, that over 85 million people today are either uninsured or underinsured. Today, there are millions of people who would like to go to a doctor but cannot afford to do so. This is an outrage. In America, your health and your longevity should not be dependent on your wealth. Health care is a human right that all Americans, regardless of income, are entitled to and they deserve the best health care that our country can provide.”

“Every American has the right to health care, period. If you’re sick, you should be able to go to the doctor without being worried about the cost of treatment or prescription medicine. Too many families must decide between putting food on the table and getting medical care that they desperately need,” said Dingell. “A health care system that ties coverage to employment will always leave patients vulnerable. It’s flat-out wrong and Medicare for All would put a stop to it. We’ve been fighting this fight since the 1940s, when my father-in-law helped author the first universal health care bill. It’s time to get this done.”

Under this legislation, Medicare would provide comprehensive health care to every American with no premiums, no co-payments and no deductibles. It would also expand Medicare to include dental, hearing, and vision care, and it would give every American the freedom to choose their doctors without endless paperwork or fighting their insurance company. The Congressional Budget Office has estimated that Medicare for All would save our health care system $650 billion a year. Further, researchers at Yale University have estimated that Medicare for All would save 68,000 lives a year.

This legislation would also create a health care system that finally puts people over profits. In fact, since 2001, the top health care companies in America spent 95 percent of their profits, $2.6 trillion, not to make Americans healthy but to make their CEOs and stockholders obscenely rich. While nearly one out of four Americans cannot afford the life-saving medicine their doctors prescribe, ten top pharma companies made $102 billion in profits in 2024. Meanwhile, the CEOs of just 4 prescription drug companies – Pfizer, Johnson & Johnson, Eli Lilly, and Merck – together made over $100 million last year.

“Nurses see the failure of our country’s profit-driven health care system every time we clock in to work,” said Nancy Hagans, President of National Nurses United. “In the richest country on earth, nobody should be forced to choose between taking their medications and putting food on the table. Yet countless families are pushed to the breaking point while greedy corporations charge astronomical, ludicrous fees for care that our patients have every right to receive. Nurses are fighting for a future in which our patients’ health is put first always and that’s why we are proud to continue our support for Medicare for All. When we guarantee health care for all, corporations and billionaires will no longer be able to deny anyone the care that they need.”

“We are long overdue for a universal health care system that guarantees care for all — free of copays, deductibles, and job-based coverage restrictions,” said Dr. Diljeet K. Singh, M.D., Dr.P.H., and President of Physicians for a National Health Program. “With the passage of the Medicare for All Act, physicians can focus on healing patients, not battling insurers over denials and delays. Patients will finally be able to seek care without the constant fear of crushing medical bills. Physicians for a National Health Program proudly stands with our legislators in the fight to make excellent health care a reality for everyone in America.”

“As Donald Trump, Robert Kennedy and Congressional Republicans rush to strip health care from millions of Americans, we know this: We must not only block their cruel cuts but move America to a system that provides health care to everyone as a matter of right,” said Robert Weissman, co-president of Public Citizen. “America spends much more than other wealthy countries on health care only to have the worst health outcomes. The system works for health insurers, Big Pharma, hospital chains and private equity firms – but no one else. Medicare for All would ensure everyone in America can get the care they need throughout their lives. It is the realistic, humane, just and efficient reform we need.”

“Postal workers know the value of affordable, universal services, grounded in a commitment to putting people over profits. That’s the type of service we are committed to provide communities across the country, day in and day out,” said Mark Dimondstein, President of American Postal Workers Union. “For too long, greedy corporations and their Wall Street investors have been able to deny the people of the country the quality, affordable, universal health care working people deserve. Medicare for All, health care as a human right, will make us all healthier and financially better off. A health care system that works for working people, not the profits of the insurance companies, is long overdue. It’s time for Medicare for All.”

“Health care should be a human right. But every time we negotiate with a boss for the right to see a doctor, they nickel and dime us until people have to choose between their health and putting food on the table,” said Shawn Fain, President of the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW). “We’re sick of having to go on strike just to have decent health care. We’re sick of corporate America asking us to give up raises, retirement security, or work-life balance at the bargaining table so working-class people can avoid medical bankruptcy. Our current health care system is a con job that only works for the billionaire class. Medicare for All is common sense, and it’s what the working class needs. The UAW is proud to support this bill.”

“If you want to renew the public’s faith in our political system, pass the Medicare for All Act of 2025,” said Alan Minsky, Executive Director, Progressive Democrats of America. “This one piece of legislation will instantly end the era, which has lasted far too long, when profits and wealth accumulation are more important than human life, including yours. MFA will return the general welfare, and the well-being of every individual, to the heart of our social contract. That will renew faith in America.”

“Health care is a right, not a privilege. The reintroduction of the Medicare for All Act is a crucial step toward ending a system that profits from people’s pain,” said Analilia Mejia and DaMareo Cooper, Co-Executive Directors of Popular Democracy. “Too many Americans are forced to choose between paying their rent and paying for life-saving medication, while corporations rake in billions. Medicare for All isn’t just a policy—it’s the lifeline working families desperately need. Our communities deserve a health care system that prioritizes people over profits. We will fight until we win the health care we deserve.”

“Health care is a human right and a basic need. Yet instead of getting health care, Americans get delays, denials, and bills they cannot afford. Today, predatory insurance CEOs are poised to reap the windfall from the tax scam giveaways earmarked for billionaires and corporations. The oligarchs that put Donald Trump and Dr. Oz in power want everything we have. We get sicker, make impossible choices, and go broke. They boost the stock prices of corporations – like UnitedHealth – that profit off our pain, and buy more mansions and yachts. We can put an end to those warped priorities through Medicare for All,” said Sulma Arias, executive director of People’s Action Institute. “Working people have made this the wealthiest nation in the history of the world, and there is more than enough if we don’t let the corporate crooks and billionaires steal it. So it’s time to choose: Our health care or their greed?”

The legislation has an additional 102 cosponsors in the House: Alma Adams (NC-12), Yassamin Ansari (AZ-03), Becca Balint (VT-AL), Nanette Diaz Barragán (CA-44), Wesley Bell (MO-01), Donald S. Beyer Jr. (VA-08), Suzanne Bonamici (OR-01), Brendan Boyle (PA-02), Shontel Brown (OH-11), Salud Carbajal (CA-24), André Carson (IN-7), Troy Carter (LA-02), Greg Casar (TX-35), Sheila Cherfilus-McCormick (FL-20), Judy Chu (CA-28), Yvette Clarke (NY-09), Emanuel Cleaver, II (MO-05), Steve Cohen (TN-09), Jasmine Crockett (TX-30), Danny K. Davis (IL-07), Diana DeGette (CO-01), Chris Deluzio (PA-17), Mark DeSaulnier (CA-10), Maxine Dexter (OR-03), Lloyd Doggett (TX-37), Veronica Escobar (TX-16), Adriano Espaillat (NY-13), Valerie Foushee (NC-04), Lois Frankel (FL-22), Laura Friedman (CA-30), Maxwell Frost (FL-10), John Garamendi (CA-08), Robert Garcia (CA-42), Jesús “Chuy” García (IL-04), Dan Goldman (NY-10), Jimmy Gomez (CA-34), Al Green (TX-09), Josh Harder (CA-09), Jahana Hayes (CT-05), Val Hoyle (OR-04), Jared Huffman (CA-02), Jonathan Jackson (IL-01), Sara Jacobs (CA-51), Henry C. “Hank” Johnson, Jr. (GA-04), Sydney Kamlager-Dove (CA-37), William Keating (MA-09), Robin Kelly (IL-02), Tim Kennedy (NY-26), Ro Khanna (CA-17), Summer Lee (PA-12), Teresa Leger Fernandez (NM-03), Mike Levin (CA-49), Ted W. Lieu (CA-36), Zoe Lofgren (CA-18), Betty McCollum (MN-04), Morgan McGarvey (KY-03), James P. McGovern (MA-02), LaMonica McIver (NJ-10), Gregory Meeks (NY-05), Grace Meng (NY-06), Kweisi Mfume (MD-07), Dave Min (CA-47), Kevin Mullin (CA-15), Jerrold Nadler (NY-12), Joe Neguse (CO-02), Eleanor Holmes Norton (DC-AL), Alexandria Ocasio-Cortez (NY-14), Ilhan Omar (MN-05), Frank Pallone (NJ-06), Jimmy Panetta (CA-19), Chellie Pingree (ME-01), Mark Pocan (WI-02), Ayanna Pressley (MA-07), Mike Quigley (IL-05), Delia Ramirez (IL-03), Emily Randall (WA-06), Jamie Raskin (MD-08), Luz Rivas (CA-29), Andrea Salinas (OR-06), Linda T. Sánchez (CA-38), Jan Schakowsky (IL-09), Robert C. “Bobby” Scott (VA-03), Brad Sherman (CA-32), Lateefah Simon (CA-12), Adam Smith (WA-09), Melanie Stansbury (NM-01), Eric Swalwell (CA-14), Mark Takano (CA-39), Shri Thanedar (MI-13), Bennie G. Thompson (MS-02), Mike Thompson (CA-04), Dina Titus (NV-01), Rashida Tlaib (MI-12), Jill Tokuda (HI-02), Paul Tonko (NY-20), Lori Trahan (MA-03), Juan Vargas (CA-52), Nydia Velázquez (NY-07), Maxine Waters (CA-43), Bonnie Watson Coleman (NJ-12), Nikema Williams (GA-05), and Frederica S. Wilson (FL-24).

The legislation also has an additional 15 cosponsors in the Senate: Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Kirsten Gillibrand (D-N.Y.), Martin Heinrich (D-N.M.), Mazie Hirono (D-Hawaii), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Alex Padilla (D-Calif.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.) and Sheldon Whitehouse (D-R.I.).

It is also endorsed by dozens of organizations, which can be found here.

Issues: Health Care

MIL OSI USA News –

April 30, 2025
MIL-OSI NGOs: Greenpeace USA’s response to TMC’s push to fast-track deep sea mining in the High Seas under the U.S. Seabed Mining Code

Source: Greenpeace Statement –

Greenpeace International activists from around the world have paddled and protested around MV COCO, a specialized offshore drilling vessel currently collecting data for deep sea mining frontrunner, The Metals Company, on its last expedition before it files the world’s first ever application to mine the seabed in the Pacific Ocean. © Martin Katz / Greenpeace

In response to The Metals Company’s push to fast-track deep-sea mining in the High Seas under the U.S. Seabed Mining Code, Arlo Hemphill, Greenpeace USA’s Deep Sea Mining Campaign Lead, stated: “Greenpeace USA condemns this reckless attempt by The Metals Company (TMC) to bypass international law and commercialize mining in the high seas and US-adjacent waters. It is nothing less than the plunder of the Pacific once again being pursued without the consent of Pacific Peoples. We cannot allow another dangerous extension of corporate greed and neo-colonialism, sacrificing ocean health, Indigenous rights, and future generations for the short-term gain of a few corporations to repeat itself in the deep sea.”

TMC’s application comes as Congress meets today, Tuesday, April 29, in a hearing requested by the House Natural Resources Committee, to explore the Potential of Deep-Sea Mining to expand American Mineral production. The application for mining TMC USA-A_2 in the Clarion Clipperton Zone attempts to exploit the U.S. legal system to advance mining operations in areas it was already licensed to explore under Nauru’s sponsorship through the International Seabed Authority processes. It disregards the multilateral process agreed upon by 170 countries and the European Union under UNCLOS. The company has faced opposition in that body from 32 countries and several Indigenous Pacific groups that have called for a ban, pause, or moratorium on deep sea mining.

Solomon P. Kaho’ohalahala, chair of the Pacific Island Heritage Coalition, said: “The people of the Pacific have a cultural connection to the deep sea. It is the birthplace of our ancestors, and of all life. Deep sea mining is an assault on our cultural heritage, and it is being rushed forward without our consultation. We call on Congress to stop this assault on the ocean we know as home, and to respect the values of Hawaiians and people from across the Pacific who will be on the frontlines should this industry take hold.”

Hemphill continued: “We urge congressional leaders to defend democratic oversight, reject corporate shortcuts, and protect the deep ocean. Greenpeace USA stands with Pacific communities, Indigenous leaders, scientists, and governments worldwide calling for a moratorium on this dangerous industry. We must defend the oceans, uphold international law, and reject a broken system that gambles our planet’s future for corporate profit.”

Louisa Casson, Greenpeace International Senior Campaigner, said: “The first application to commercially mine the seabed will be remembered as an act of total disregard for international law and scientific consensus. This unilateral US effort to carve up the Pacific Ocean already faces fierce international opposition. Governments around the world must now step up to defend international rules and cooperation against rogue deep sea mining. Leaders will be meeting at the UN Oceans Conference in Nice in June, where they must speak with one voice in support of a moratorium on this reckless industry.”

President Trump’s recent executive order promoting U.S. plans to initiate deep-sea mining in both U.S. and international waters has faced widespread criticism from several environmental NGOs, and state actors, including France, China, and the European Commission who have condemned it as a unilateral action that undermines multilateral cooperation and the United Nations. While the U.S. never ratified UNCLOS, bypassing the international system violates global norms that safeguard the deep ocean as the “common heritage of humankind,” setting a dangerous precedent for the management of all global commons.

Contact: Tanya Brooks, Senior Communications Specialist at Greenpeace USA, [email protected]

Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

MIL OSI NGO –

April 30, 2025
MIL-OSI Global: Mark Carney won: Here are the key economic priorities for his new government

Source: The Conversation – Canada – By Berhane Elfu, Lecturer in Finance, Northern Alberta Institute of Technology

The Liberal Party led by Mark Carney has secured a fourth consecutive term in government. This victory has come at a time when Canada is facing an unprecedented threat to its economic security and sovereignty from United States President Donald Trump.

In an election defined by concerns over Trump’s erratic tariff policy and talk of making Canada a 51st state, voters decided Carney was the leader best equipped to deal with these challenges.

Carney previously served as governor of the Bank of Canada, where he guided the country through the 2008 global financial crisis. He later became the first non-British person to head the Bank of England, helping guide the United Kingdom through Brexit, one of the biggest shocks to the British economy in decades.

Read more:
Game change Canadian election: Mark Carney leads Liberals to their fourth consecutive win

Now the world is facing similar financial shocks from Trump’s trade war. The on-again, off-again nature of Trump’s tariff policy could inflict significant damage to the global economy — even more to the American economy — and cause irreparable damage to its reputation as a rational entity in international trade.

In the face of the ill-advised and self-defeating U.S. tariffs, the new Canadian government should take prudent, urgent and bold steps to strengthen the nation’s economy. Here are major and important economic priorities for the government to reshape the economy and spur much-needed economic growth.

Stabilize and strengthen the national economy

As a primary act, the new government should stabilize the Canadian economy from the tariff shocks. It must continue to develop carefully calibrated retaliations to Trump’s tariffs.

The revenue raised from the tariffs should be used to compensate those directly affected by them, using a multi-pronged mechanism that includes training, increased employment insurance benefits and additional transfers to low-income households to reduce the impact of tariffs on food costs.

Read more:
U.S. tariffs are about to trigger the greatest trade diversion the world has ever seen

Currently, a series of provincial regulations restrict the goods and services that cross Canada’s provincial borders daily. The new government should urgently remove longstanding interprovincial trade barriers.

According to a report by the Canadian Federation of Independent Business, removing these impediments could boost the economy by up to $200 billion annually. Similarly, a study by the International Monetary Fund indicates the effect of these barriers is equivalent to a 21 per cent tariff.

Removing interprovincial trade barriers would significantly offset the negative effects of Trump’s tariffs on the Canadian economy, and provide a boost to the “Buy Canadian” movement.

Carney seems to have made this a priority already, which is promising. In March, he said he aims to have “free trade by Canada Day” among provinces and territories.

Streamlining natural resource projects

Canada is a natural resource superpower. However, for natural resources and critical minerals to be extracted efficiently, regulatory processes need to be streamlined by cutting red tape and duplicative assessments.

The federal government and the provinces should agree to a single environmental assessment that meets the standards of both jurisdictions.

Additionally and importantly, respectful, genuine and meaningful consultations must be undertaken by project proponents and governments with the relevant Indigenous communities to address their concerns, respect their rights and safeguard their economic well-being in the development of the natural resources projects.

Carney has said he will uphold the principle of free, prior and informed consent when it comes to initiating resource extraction projects and make it easier for Indigenous communities to become owners of said projects.

A similar approach should also guide the construction of infrastructure projects such as pipelines and ports, which play a crucial role in facilitating Canada’s exports.

Boost Canada’s productivity through innovation

A country’s ability to raise living standards for its people mostly depends on its capacity to improve its productivity. Economist Paul Krugman once stated, “productivity is not everything, but, in the long run, it is almost everything.”

Canada’s productivity is lagging, according to the Organization for Economic Co-operation and Development.

Read more:
Canada is lagging in innovation, and that’s a problem for funding the programs we care about

The new Canadian government should take steps to boost the nation’s productivity by increasing direct expenditures on research and development. Additional funding should be allocated to higher institutions of learning, and incentivizing businesses to spend more on research and development through significant tax credits.

Although research and development spending continues to grow in Canada, as a percentage to GDP, it is the second lowest among G7 nations. Boosting investments will drive innovation, spur economic growth and ensure Canada remains competitive on the global stage.

Dealing with U.S. tariffs

One of the government’s primary tasks will be preparing meticulously for trade negotiations with the U.S. to address the threat of tariffs and reach a “win-win” trade deal. Given Trump’s highly unpredictable nature, negotiations will not be easy.

Although Trump could have withdrawn from the Canada-US-Mexico Agreement (CUSMA), he has not done so, and zero-tariffs remain in effect for products that are certified as being North American origin under the CUSMA rules. This could be a solid starting point for future trade negotiations.

At the same time, Carney and his team must work to stabilize the Canadian economy against the unprecedented threat of Trump’s tariffs by strengthening the domestic economy, diversifying Canada’s exports and reducing the country’s dependence on the U.S.

Pulling away from the world’s largest economy will not be easy for Canadian businesses, given the deep integration of Canada’s economy with that of the U.S.

Still, expanding trade with the European Union, the U.K., Africa and the Association of Southeast Asian Nations — and exploring other opportunities to reducing trade barriers with nations in Asia, the Middle East and Latin America — will enlarge Canada’s export market.

By doing all this, Canada can not only prepare for a tough round of U.S. trade talks but also position itself as a stronger, more self-reliant global trading partner.

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

– ref. Mark Carney won: Here are the key economic priorities for his new government – https://theconversation.com/mark-carney-won-here-are-the-key-economic-priorities-for-his-new-government-255477

MIL OSI – Global Reports –

April 30, 2025
MIL-OSI Russia: On the eve of the 80th anniversary of the Victory in the Great Patriotic War, Dmitry Chernyshenko met with volunteers from 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, as part of a working visit to the city of Melitopol in the Zaporizhia region, held a meeting with representatives of the 80th Anniversary of Victory volunteer corps and activists of the “Volunteers of Victory” movement at the Youth Center. The event was also attended by the Governor of the Zaporizhia region Yevhen Balitsky.

The meeting took place in the Year of the Defender of the Fatherland and on the eve of the celebration of the 80th anniversary of the Victory in the Great Patriotic War. The Deputy Prime Minister discussed with the volunteers their participation in the preparation for the celebration, assistance to veterans, and the projects that the guys plan to implement.

Dmitry Chernyshenko emphasized the importance of the volunteer movement in the country and noted the contribution of volunteers to preserving historical memory and supporting veterans.

He spoke about his personal involvement in the creation of the volunteer movement in Russia and its role in the 2014 Winter Olympics in Sochi.

“Now volunteers have even more responsibility on their shoulders. You are helping our country cope with the difficulties its residents are facing. I would like to thank you for giving the most precious thing you have, an irreplaceable resource – time. I am sure that by giving, you also get satisfaction from what you do, you feel a sense of involvement in a great cause. And the only way to repay volunteers in a good way is recognition,” he added.

At the Youth Center, the Deputy Prime Minister got acquainted with the eco-workshop, the creative project “Art-Yug”, the work of the regional headquarters “We are together”, the media studio and the center for preparation for the celebration of the 80th anniversary of Victory. Since the opening of the Youth Center, about 12 thousand people have taken part in its events.

Dmitry Chernyshenko also visited a number of sports and educational facilities in Melitopol, where significant transformations took place with the support of the Government.

One of them, the Spartak stadium, is being built practically from scratch. The first stage of work has been completed, and the second stage will begin soon – the arrangement of stands, installation of lighting poles, installation of video surveillance and utility networks. It is expected that the Spartak stadium will become one of the largest football grounds in Donbass and Novorossiya.

The Deputy Prime Minister spoke with the young football players and presented his team with a certificate for the development of the material and technical base.

“This year, declared the Year of the Defender of the Fatherland, we are approaching a significant date – May 9. Every family keeps the memory of their grandfathers and great-grandfathers who fought for their native land. Today, our brothers continue this fight in the special military operation zone. We remember and honor their feat. As a sign of support and respect, we have brought you a gift that we hope will help you in your training. We wish you to grow up to be strong athletes, achieve success in the Russian Football Premier League and take worthy places,” he said.

In addition, Dmitry Chernyshenko met with the students of the Children’s and Youth Sports School No. 1 and presented the team with a certificate for the purchase of sports equipment and gear.

The school was launched in September last year by President Vladimir Putin.

“In less than a year, a major overhaul of the building and premises was carried out here: the gyms, locker rooms, showers, utility rooms were completely renovated, the ventilation was replaced, a new fire-fighting system and new sports equipment were installed. The territory was also improved. More than 6 thousand children are involved in the system of children’s and youth sports schools of the region, and this number is constantly growing. Only at the Melitopol Youth Sports School No. 1, about a thousand children are involved in sports,” said the governor of the Zaporizhia region, Yevgeny Balitsky.

At Melitopol State University (MelSU), Dmitry Chernyshenko assessed the progress of major repairs. The comprehensive program for modernizing MelSU infrastructure includes academic buildings, student dormitory buildings, gyms, canteens, a library, boiler houses and other facilities. By September 1, 2025, it is planned to complete major repairs of four academic buildings.

“More than 13 thousand students receive higher education at Melitopol State University, last year more than 5.5 thousand students from 73 regions of Russia entered MelSU, which once again demonstrates the demand and development of education in the Zaporizhzhya region, which is fully integrated into the educational field of the Russian Federation,” added Evgeniy Balitsky.

Dmitry Chernyshenko presented Melitopol University with a certificate for the purchase of printing equipment. The Deputy Prime Minister laid flowers at the monuments to Hero of the Soviet Union Nikolai Malyuga and twice Hero of Socialist Labor Dmitry Motorny.

In Melitopol, Dmitry Chernyshenko also got acquainted with the multimedia historical park “Russia – My History”. He paid special attention to the exhibition dedicated to the celebration of Victory Day.

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 –

April 30, 2025
MIL-OSI USA: Dingell, Jayapal, Sanders Introduce Medicare for All

Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

U.S. Representatives Debbie Dingell (MI-06) and Pramila Jayapal (WA-07), and U.S. Senator Bernie Sanders (I-VT) are today introducing the Medicare for All Act of 2025.

“Every American has the right to health care, period. If you’re sick, you should be able to go to the doctor without being worried about the cost of treatment or prescription medicine. Too many families must decide between putting food on the table and getting medical care that they desperately need,” said Dingell. “A health care system that ties coverage to employment will always leave patients vulnerable. It’s flat-out wrong and Medicare for All would put a stop to it. We’ve been fighting this fight since the 1940s, when my father-in-law helped author the first universal health care bill. It’s time to get this done.”

“It is a travesty when 85 million people are uninsured or underinsured and millions more are drowning in medical debt in the richest nation on Earth,” said Jayapal. “We don’t suffer from scarcity in America, we suffer from greed. That’s most clear in our broken healthcare system, which is why we need Medicare for All. People deserve and want comprehensive health care that covers mental health, long-term care, reproductive care, dental, vision and hearing, all without copays, private insurance premiums, sky high deductibles or other hidden fees. Health care is a human right, that is exactly why it’s time to pass Medicare for All.”

“The American people understand, as I do, that health care is a human right, not a privilege and that we must end the international embarrassment of the United States being the only major country on earth that does not guarantee health care to all of its citizens,” said Sanders.“It is not acceptable to me, nor to the American people, that over 85 million people today are either uninsured or underinsured. Today, there are millions of people who would like to go to a doctor but cannot afford to do so. This is an outrage. In America, your health and your longevity should not be dependent on your wealth. Health care is a human right that all Americans, regardless of income, are entitled to and they deserve the best health care that our country can provide.”

Dingell has long led the fight for universal health care coverage, introducing Medicare for All every Congress since she was elected. Her father-in-law, John Dingell Sr., drafted the first legislation that ultimately led to the creation of Medicare and her husband, John Dingell Jr., introduced a single-payer healthcare plan every session he served in Congress.

The Medicare for All Act builds upon and expands Medicare to provide comprehensive benefits to every person in the United States. This includes primary care, vision, dental, prescription drugs, mental health, substance abuse, long-term services and supports, reproductive health care, and more. The Medicare for All Act of 2025 also includes universal coverage of long-term care with no cost-sharing for older Americans and individuals with disabilities, and prioritizes home and community-based care over institutional care. Additionally, patients have the freedom to choose the doctors, hospitals, and other providers they wish to see without worrying about whether a provider is in-network. Importantly, the legislation streamlines the health care system to negotiate drug prices and reduce exorbitant administrative waste.

This legislation comes at a critical time when vital lifesaving health care programs, like Medicaid and Veterans Health Administration benefits, are at risk of being completely gutted by the Trump Administration. Currently, 85 million people in America are either uninsured or underinsured, and if the Trump Administration succeeds at completely privatizing our health care infrastructure, the number of uninsured and uninsured people will grow exponentially. The legislation has 104 original cosponsors in the House and 16 original cosponsors in the Senate.

View a video of the introduction press conference here.

“Nurses see the failure of our country’s profit-driven health care system every time we clock in to work,” said Nancy Hagans, President of National Nurses United. “In the richest country on earth, nobody should be forced to choose between taking their medications and putting food on the table. Yet countless families are pushed to the breaking point while greedy corporations charge astronomical, ludicrous fees for care that our patients have every right to receive. Nurses are fighting for a future in which our patients’ health is put first always and that’s why we are proud to continue our support for Medicare for All. When we guarantee health care for all, corporations and billionaires will no longer be able to deny anyone the care that they need.”

“We are long overdue for a universal health care system that guarantees care for all — free of copays, deductibles, and job-based coverage restrictions,” said Dr. Diljeet K. Singh, M.D., Dr.P.H., and President of Physicians for a National Health Plan. With the passage of the Medicare for All Act, physicians can focus on healing patients, not battling insurers over denials and delays. Patients will finally be able to seek care without the constant fear of crushing medical bills. Physicians for a National Health Program proudly stands with our legislators in the fight to make excellent health care a reality for everyone in America.”

“Postal workers know the value of affordable, universal services, grounded in a commitment to putting people over profits. That’s the type of service we are committed to provide communities across the country, day in and day out,” said APWU President Mark Dimondstein. “For too long, greedy corporations and their Wall Street investors have been able to deny the people of the country the quality, affordable, universal healthcare working people deserve. “Medicare for All,” healthcare as a human right, will make us all healthier and financially better off. A healthcare system that works for working people, not the profits of the insurance companies, is long overdue. It’s time for Medicare for All.”

“Medicaid is a life and death issue for tens of millions of people,” said Jaron Benjamin, Deputy Chief of Campaigns at Popular Democracy in Action. “For years, our network has fought for programs like Medicaid and Medicare that keep families whole: elders aging with dignity, children getting the care they need, people with disabilities living full lives. Instead of protecting what works, Republicans in Congress are pushing cuts to Medicaid so they can hand more money to their billionaire backers. We won’t stand by while our communities are sacrificed for tax giveaways.”

“As Donald Trump, Robert Kennedy and Congressional Republicans rush to strip health care from millions of Americans, we know this: We must not only block their cruel cuts but move America to a system that provides health care to everyone as a matter of right,” said Robert Weissman, co-president, Public Citizen. “America spends much more than other wealthy countries on health care only to have the worst health outcomes. The system works for health insurers, Big Pharma, hospital chains and private equity firms – but no one else. Medicare for All would ensure everyone in America can get the care they need throughout their lives. It is the realistic, humane, just and efficient reform we need.”

“If you want to renew the public’s faith in our political system, pass The Medicare for All Act of 2025,” said Alan Minsky, Executive Director, Progressive Democrats of America. “This one piece of legislation will instantly end the era, which has lasted far too long, when profits and wealth accumulation are more important than human life, including yours. MFA will return the general welfare, and the well-being of every individual, to the heart of our social contract. That will renew faith in America.”

“Health care is a human right and a basic need. Yet instead of getting health care, Americans get delays, denials, and bills they cannot afford. Today, predatory insurance CEOs are poised to reap the windfall from the tax scam giveaways earmarked for billionaires and corporations. The oligarchs that put Donald Trump and Dr. Oz in power want everything we have. We get sicker, make impossible choices, and go broke. They boost the stock prices of corporations – like UnitedHealth – that profit off our pain, and buy more mansions and yachts. We can put an end to those warped priorities through Medicare for All,” said Sulma Arias, executive director of People’s Action Institute. “Working people have made this the wealthiest nation in the history of the world, and there is more than enough if we don’t let the corporate crooks and billionaires steal it. So it’s time to choose: Our health care or their greed?”

“Health care should be a human right. But every time we negotiate with a boss for the right to see a doctor, they nickel and dime us until people have to choose between their health and putting food on the table. We’re sick of having to go on strike just to have decent health care,” said Shawn Fain, President of the UAW. “We’re sick of corporate America asking us to give up raises, retirement security, or work-life balance at the bargaining table so working-class people can avoid medical bankruptcy. Our current health care system is a con job that only works for the billionaire class. Medicare for All is common sense, and it’s what the working class needs. The UAW is proud to support this bill.”

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: Larsen Releases Statement on Trump’s First 100 Days
Source: United States House of Representatives – Congressman Rick Larsen (2nd Congressional District Washington)

Larsen Releases Statement on Trump’s First 100 Days

Washington, D.C., April 29, 2025
Today, Rep. Rick Larsen released a statement on President Trump’s first 100 days in office:

“Let’s look at some numbers to judge the President’s performance.
- 5.5% – the increase in the cost of eggs in Everett since Trump took office. (Source: comparing prices in Everett grocery stores.)
- 8.91% – the increase in the cost of gas in Washington state since Trump took office. (Source: U.S. Energy Information Administration)
- $4,600 – the increased costs each year that the average family will face because of Trump’s reckless trade war. (Source: Center for American Progress)
- 65,000 – the decrease in the number of border crossings from Canada into Whatcom County compared to the same time in March 2024. (Source: NBC News)
- $9.6 trillion – the stock market value that has been wiped out since Trump took office. (Source: MarketWatch)
- 60,000 – the number of federal workers fired by Musk and DOGE (Source: Seattle Times)
- $4.5 trillion – the amount of tax cuts over ten years in the Republican Rip-Off budget, paid for by slashing health care, education, food assistance and other critical services people in Northwest Washington rely on. (Source: Center on Budget and Policy Priorities)
- 210 – the number of lawsuits filed by Americans across the country in the past 14 weeks directly challenging Trump’s orders. (Source: House Judiciary Committee)
- 108 – the number of court orders from federal judges to block or pause Trump’s lawless and unconstitutional actions. (Source: House Judiciary Committee)
“In his first 100 days, President Trump has driven costs up, cut critical services and trampled on the Constitution. Alongside House Democrats, I am pushing back on the Trump administration in Congress, in the courts and in our communities to protect my friends and neighbors in Northwest Washington.

“Your first-hand experiences are essential in this fight. I need to hear from you about how the Trump administration has impacted your life, your job and your loved ones. You can share your story here: https://democraticleader.house.gov/shareyourstory.”

###
MIL OSI USA News –
April 30, 2025
MIL-OSI Africa: Secretary-General’s remarks to the General Assembly event in Commemoration of His Holiness Pope Francis [trilingual, as delivered; scroll down for All-English and All-French versions]

Source: United Nations – English

xcellencies, ladies and gentlemen,

His Holiness Pope Francis was a man of faith — and a bridge-builder among all faiths.

He was a champion of the most marginalized people on earth.

He was a voice of community in a world of division…

A voice of mercy in a world of cruelty…

A voice of peace in a world of war.

And he was a steadfast friend of the United Nations, addressing Member States from this very podium in 2015.

During that historic visit, he also spoke of our organization’s ideal of a “united human family living in harmony, working not only for peace, but in peace, working not only for justice, but in a spirit of justice.”

On behalf of our UN family, I extend by deepest condolences to the Catholic community and to so many others around the world grieving this tremendous loss.

Excellencies,

Pope Francis was at the helm of the Roman Catholic Church for a dozen years — but that was preceded by decades of service and good works.

As a young man, Pope Francis found his calling in the slums of Buenos Aires, where his dedication to serving the poor earned him the title “Bishop of the Slums.”

These early experiences sharpened his conviction that faith must be an engine of action and change.

Pope Francis put that engine into overdrive as an unstoppable voice for social justice and equality.

His 2020 encyclical, Fratelli Tutti, drew a straight line between greed and poverty, hunger, inequality and suffering.

While decrying the inequality that defines our globalized economy, he also warned against what he called “globalization of indifference.”

I will never forget the first official visit he undertook as Pope, at a time when I served as High Commissioner for Refugees.

Pope Francis chose to go to the Mediterranean island of Lampedusa in 2013 — to put a global spotlight on the desperate plight of asylum seekers and migrants.

He warned against “the culture of comfort, which makes us think only of ourselves, makes us insensitive to the cries of other people.”

And on last year’s World Refugee Day, he called on all countries “to welcome, promote, accompany and integrate those who knock on our doors.”

When I met with him at the Vatican as Secretary-General in 2019, I was struck by his humanity and his humility.

He always saw challenges through the eyes of those on the peripheries of life.

And he said we can never look away from injustice and inequality — or close our eyes to those suffering from conflict or acts of violence.

Always a pilgrim for peace, Pope Francis ventured to war-torn countries around the world — from Iraq to South Sudan to the Democratic Republic of Congo and beyond — decrying bloodshed and violence, and pushing for reconciliation.

He stood with conviction for innocents caught in war zones such as Ukraine and Gaza.

He did it with his global platform — but he also did it in much more personal and profound ways.

Every day without fail, precisely at 7:00 p.m., he would quietly call the Church of the Holy Family in Gaza City.

As someone at the Church said, “He would ask us how we were, what did we eat, did we have clean water, was anyone injured? It was never diplomatic or a matter of obligation. It was the questions a father asks to their son.”

And in his final message on Easter Sunday, Pope Francis underscored the vital importance of ending these conflicts.

Jusqu’au bout, le pape François aura incarné l’appel à la justice – pour les peuples et pour la planète.

Grâce à son encyclique Laudato Si publiée en 2015, il a contribué à l’adoption de l’Accord de Paris en appelant les dirigeants à protéger « notre maison commune ».

Il a également mis en évidence les liens manifestes entre la dégradation de l’environnement et la dégradation de la condition humaine.

Le pape François comprenait que ceux qui avaient le moins contribué à la crise climatique en subissaient les conséquences les plus graves – et que nous avons le devoir spirituel et moral d’agir.

Excelencias:

En el mundo actual de división y discordia, es particularmente significativo que el Papa Francisco haya proclamado 2025 como el año de la esperanza.

Él fue siempre un mensajero de esperanza.

Ahora nos corresponde a todos nosotros llevar adelante esta esperanza.

En su funeral del sábado, me conmovió profundamente ver a líderes de todas las religiones y tendencias políticas unirse en solidaridad para honrar la vida y los logros del Papa Francisco – un raro espíritu de unidad y reflexión solemne que necesitamos ahora más que nunca.

Nuestro mundo sería un lugar mucho mejor si siguiéramos su ejemplo de unidad, compasión y comprensión mutua a través de nuestras propias palabras y acciones.

Mientras lloramos la muerte del Papa Francisco, renovemos nuestro compromiso con la paz, la dignidad humana y la justicia social – las causas a las que dedicó cada momento de su extraordinaria vida.

Muchas gracias.

***
[All-English]

Excellencies, ladies and gentlemen,

His Holiness Pope Francis was a man of faith — and a bridge-builder among all faiths.

He was a champion of the most marginalized people on earth.

He was a voice of community in a world of division…

A voice of mercy in a world of cruelty…

A voice of peace in a world of war.

And he was a steadfast friend of the United Nations, addressing Member States from this very podium in 2015.

During that historic visit, he also spoke of our organization’s ideal of a “united human family living in harmony, working not only for peace, but in peace, working not only for justice, but in a spirit of justice.”

On behalf of our UN family, I extend by deepest condolences to the Catholic community and to so many others around the world grieving this tremendous loss.

Excellencies,

Pope Francis was at the helm of the Roman Catholic Church for a dozen years — but that was preceded by decades of service and good works.

As a young man, Pope Francis found his calling in the slums of Buenos Aires, where his dedication to serving the poor earned him the title “Bishop of the Slums.”

These early experiences sharpened his conviction that faith must be an engine of action and change.

Pope Francis put that engine into overdrive as an unstoppable voice for social justice and equality.

His 2020 encyclical, Fratelli Tutti, drew a straight line between greed and poverty, hunger, inequality and suffering.

While decrying the inequality that defines our globalized economy, he also warned against what he called “globalization of indifference.”

I will never forget the first official visit he undertook as Pope, at a time when I served as High Commissioner for Refugees.

Pope Francis chose to go to the Mediterranean island of Lampedusa in 2013 — to put a global spotlight on the desperate plight of asylum seekers and migrants.

He warned against “the culture of comfort, which makes us think only of ourselves, makes us insensitive to the cries of other people.”

And on last year’s World Refugee Day, he called on all countries “to welcome, promote, accompany and integrate those who knock on our doors.”

When I met with him at the Vatican as Secretary-General in 2019, I was struck by his humanity and his humility.

He always saw challenges through the eyes of those on the peripheries of life.

And he said we can never look away from injustice and inequality — or close our eyes to those suffering from conflict or acts of violence.

Always a pilgrim for peace, Pope Francis ventured to war-torn countries around the world — from Iraq to South Sudan to the Democratic Republic of Congo and beyond — decrying bloodshed and violence, and pushing for reconciliation.

He stood with conviction for innocents caught in war zones such as Ukraine and Gaza.

He did it with his global platform — but he also did it in much more personal and profound ways.

Every day without fail, precisely at 7:00 p.m., he would quietly call the Church of the Holy Family in Gaza City.

As someone at the Church said, “He would ask us how we were, what did we eat, did we have clean water, was anyone injured? It was never diplomatic or a matter of obligation. It was the questions a father asks to their son.”

And in his final message on Easter Sunday, Pope Francis underscored the vital importance of ending these conflicts.

Throughout, Pope Francis was a clear voice of justice for people and planet.

He helped secure the adoption of the Paris Agreement with his 2015 encyclical Laudato Si that called on leaders to protect “our common home.”

He also highlighted the clear ties between environmental degradation and the degradation of humanity.

Pope Francis understood that those who contributed the least to the climate crisis suffered the most — and that we have a spiritual and moral duty to act.

Excellencies,

In today’s world of division and discord, it is particularly meaningful that Pope Francis proclaimed 2025 to be the year of hope.

He was forever a messenger of hope.

Now it falls to all of us to carry this hope forward.

At his funeral on Saturday, I was deeply moved to see leaders from across all faiths and political stripes come together in solidarity to honour the life and achievements of Pope Francis — a rare spirit of unity and solemn reflection that we need now, more than ever.
Our world would be a much better place if we followed his lifelong example of unity, compassion and mutual understanding through our own words and actions.

As we mourn the passing of Pope Francis, let us renew our pledge to peace, human dignity and social justice — the causes for which he dedicated every moment of his most extraordinary life.

Thank you.

***
[All-French]

Excellences, Mesdames et Messieurs,

Sa Sainteté le pape François était un homme de foi – et un bâtisseur de ponts entre toutes les religions.

Il s’était fait le champion des personnes les plus marginalisées sur Terre.

Il était une voix de solidarité dans un monde de clivages…

Une voix de compassion dans un monde de cruauté…

Une voix de paix dans un monde de guerre.

C’était aussi un grand ami de l’Organisation des Nations Unies et il s’était exprimé en 2015 devant les États Membres depuis cette même tribune.

Lors de cette visite historique, il avait évoqué l’idéal de notre Organisation, à savoir « une famille humaine unie, vivant en harmonie, travaillant non seulement pour la paix, mais dans la paix ; travaillant non seulement pour la justice, mais dans un esprit de justice. »

Au nom de notre famille, celle des Nations Unies, j’adresse mes plus sincères condoléances à l’ensemble des catholiques et aux nombreuses autres personnes qui, partout dans le monde, souffrent de cette terrible perte.

Excellences,

Le pape François a été à la tête de l’Église catholique romaine pendant 12 ans, mais son pontificat a été précédé par des décennies de service et de bonnes œuvres.

Jeune homme, il a trouvé sa vocation dans les quartiers défavorisés de Buenos Aires, où son dévouement au service des pauvres lui a ensuite valu le titre « d’évêque des bidonvilles ».

Ces premières expériences ont renforcé sa conviction que la foi devait être un moteur d’action et de changement.

Restant fidèle à cette conviction, il a défendu sans relâche la cause de la justice sociale et de l’égalité.

Dans son encyclique de 2020, Fratelli Tutti, François a établi un lien direct entre la cupidité, d’une part, et la pauvreté, la faim, l’inégalité et la souffrance, d’autre part.

Tout en dénonçant les inégalités qui caractérisent notre économie mondialisée, il a également mis en garde contre ce qu’il appelait la « mondialisation de l’indifférence ».

Je n’oublierai jamais sa première visite officielle en tant que pape, à une époque où j’étais Haut‑Commissaire pour les réfugiés.

En 2013, François avait choisi de se rendre sur l’île méditerranéenne de Lampedusa pour appeler l’attention du monde entier sur la situation désespérée des demandeurs d’asile et des migrants.

Il avait alors mis en garde contre « la culture du bien-être, qui nous amène à penser à nous-même, nous rend insensibles aux cris des autres ».

L’année dernière, à l’occasion de la Journée mondiale des réfugiés, il a exhorté tous les pays à « accueillir, promouvoir, accompagner et intégrer ceux qui frappent à nos portes ».

Quand je l’ai rencontré au Vatican en 2019 en ma qualité de Secrétaire général, j’ai été frappé par son humanité et son humilité.

Il voyait toujours les problèmes à travers les yeux de celles et ceux qui sont relégués aux périphéries.

Il disait qu’il ne fallait jamais détourner le regard de l’injustice et de l’inégalité, ni fermer les yeux sur celles et ceux qui subissent les conséquences d’un conflit ou d’actes de violence.

Infatigable pèlerin de la paix, le pape François s’est rendu dans des pays déchirés par la guerre – de l’Iraq au Soudan du Sud, en passant par la République démocratique du Congo – pour dénoncer la violence et les affrontements sanglants et prôner la réconciliation.

Il défendait avec conviction les innocents qui se trouvent dans des zones de guerre, comme en Ukraine et dans la bande de Gaza.

Il le faisait depuis sa tribune, mais aussi à un niveau beaucoup plus personnel.

Tous les jours sans exception, à 19 heures précises, il se retirait pour appeler l’église de la Sainte-Famille, à Gaza.

L’un de ses interlocuteurs a raconté ces conversations : « François nous demandait : “comment allez-vous ? Qu’avez-vous mangé ? Avez-vous de l’eau ? Y-a-t-il des blessés parmi vous ?” Il ne le faisait pas pour des raisons diplomatiques ou par obligation. C’était le genre de questions qu’un père aurait posées ».

Et, dans son tout dernier message, le dimanche de Pâques, le pape François a souligné à quel point il était vital de mettre fin à tous ces conflits.

Jusqu’au bout, le pape François aura incarné l’appel à la justice – pour les peuples et pour la planète.

Grâce à son encyclique Laudato Si publiée en 2015, il a contribué à l’adoption de l’Accord de Paris en appelant les dirigeants à protéger « notre maison commune ».

Il a également mis en évidence les liens manifestes entre la dégradation de l’environnement et la dégradation de la condition humaine.

Le pape François comprenait que ceux qui avaient le moins contribué à la crise climatique en subissaient les conséquences les plus graves – et que nous avons le devoir spirituel et moral d’agir.

Excellences,

Dans ce monde de division et de discorde, le fait que le pape François ait proclamé 2025 année de l’espérance revêt une signification particulière.

Il aura été jusqu’au bout un messager de l’espérance.

Et c’est à nous qu’il revient maintenant de continuer de faire vivre cette espérance.

À ses funérailles, samedi, j’ai été profondément ému de voir des dirigeants de toutes confessions et toutes tendances politiques réunis dans la solidarité pour rendre hommage à la vie et à l’œuvre du pape François, dans un esprit d’unité et de réflexion solennelle rares dont nous avons plus que jamais besoin aujourd’hui.

Notre monde serait bien meilleur si nous suivions, dans nos propres paroles et actions, l’exemple d’unité, de compassion et de compréhension mutuelle qu’il a donné tout au long de sa vie.

Que ce deuil soit l’occasion de renouveler notre engagement en faveur de la paix, de la dignité humaine et de la justice sociale, causes pour lesquelles le pape François a consacré chaque instant d’une vie pour le moins extraordinaire.

Je vous remercie.

MIL OSI Africa –

April 30, 2025
MIL-OSI USA: NEWS: Sanders, Jayapal, Dingell, Hundreds of Health Care Workers Introduce Medicare for All

US Senate News:

Source: United States Senator for Vermont – Bernie Sanders
WASHINGTON, April 29 – Sen. Bernie Sanders (I-Vt.), Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions (HELP), alongside Rep. Pramila Jayapal (D-Wash.) and Rep. Debbie Dingell (D-Mich.), today introduced the Medicare for All Act. Hundreds of nurses, health care providers and workers from around the nation joined the lawmakers for a press conference in front of the Capitol.
In America today, despite spending twice as much per person on health care as other wealthy nations, more than 85 million Americans are uninsured or underinsured, one out of every four Americans cannot afford their prescription drugs, over half a million people go bankrupt due to medically-related debt, and more than 60,000 die because they cannot afford to go to a doctor.
“The American people understand, as I do, that health care is a human right, not a privilege and that we must end the international embarrassment of the United States being the only major country on earth that does not guarantee health care to all of its citizens,” said Sanders. “It is not acceptable to me, nor to the American people, that over 85 million people today are either uninsured or underinsured. Today, there are millions of people who would like to go to a doctor but cannot afford to do so. This is an outrage. In America, your health and your longevity should not be dependent on your wealth. Health care is a human right that all Americans, regardless of income, are entitled to and they deserve the best health care that our country can provide.”
“It is a travesty when 85 million people are uninsured or underinsured and millions more are drowning in medical debt in the richest nation on Earth,” said Jayapal. “We don’t suffer from scarcity in America, we suffer from greed. That’s most clear in our broken health care system, which is why we need Medicare for All. People deserve and want comprehensive health care that covers mental health, long-term care, reproductive care, dental, vision and hearing, all without copays, private insurance premiums, sky-high deductibles or other hidden fees. Health care is a human right, that is exactly why it’s time to pass Medicare for All.”
“Every American has the right to health care, period. If you’re sick, you should be able to go to the doctor without being worried about the cost of treatment or prescription medicine. Too many families must decide between putting food on the table and getting medical care that they desperately need,” said Dingell. “A health care system that ties coverage to employment will always leave patients vulnerable. It’s flat-out wrong and Medicare for All would put a stop to it. We’ve been fighting this fight since the 1940s, when my father-in-law helped author the first universal health care bill. It’s time to get this done.”
Under this legislation, Medicare would provide comprehensive health care to every American with no premiums, no co-payments and no deductibles. It would also expand Medicare to include dental, hearing, and vision care, and it would give every American the freedom to choose their doctors without endless paperwork or fighting their insurance company. The Congressional Budget Office has estimated that Medicare for All would save our health care system $650 billion a year. Further, researchers at Yale University have estimated that Medicare for All would save 68,000 lives a year.
This legislation would also create a health care system that finally puts people over profits. In fact, since 2001, the top health care companies in America spent 95 percent of their profits, $2.6 trillion, not to make Americans healthy but to make their CEOs and stockholders obscenely rich. While nearly one out of four Americans cannot afford the life-saving medicine their doctors prescribe, ten top pharma companies made $102 billion in profits in 2024. Meanwhile, the CEOs of just 4 prescription drug companies – Pfizer, Johnson & Johnson, Eli Lilly, and Merck – together made over $100 million last year.
The legislation has 104 cosponsors in the House and has 16 cosponsors in the Senate – an increase in the number of Senate cosponsors from last Congress – including Sens. Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Kirsten Gillibrand (D-N.Y.), Martin Heinrich (D-N.M.), Mazie Hirono (D-Hawaii), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Alex Padilla (D-Calif.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.) and Sheldon Whitehouse (D-R.I.).
“Nurses see the failure of our country’s profit-driven health care system every time we clock in to work,” said Nancy Hagans, President of National Nurses United. “In the richest country on earth, nobody should be forced to choose between taking their medications and putting food on the table. Yet countless families are pushed to the breaking point while greedy corporations charge astronomical, ludicrous fees for care that our patients have every right to receive. Nurses are fighting for a future in which our patients’ health is put first always and that’s why we are proud to continue our support for Medicare for All. When we guarantee health care for all, corporations and billionaires will no longer be able to deny anyone the care that they need.”
“We are long overdue for a universal health care system that guarantees care for all — free of copays, deductibles, and job-based coverage restrictions,” said Dr. Diljeet K. Singh, M.D., Dr.P.H., and President of Physicians for a National Health Program. “With the passage of the Medicare for All Act, physicians can focus on healing patients, not battling insurers over denials and delays. Patients will finally be able to seek care without the constant fear of crushing medical bills. Physicians for a National Health Program proudly stands with our legislators in the fight to make excellent health care a reality for everyone in America.”
“As Donald Trump, Robert Kennedy and Congressional Republicans rush to strip health care from millions of Americans, we know this: We must not only block their cruel cuts but move America to a system that provides health care to everyone as a matter of right,” said Robert Weissman, co-president of Public Citizen. “America spends much more than other wealthy countries on health care only to have the worst health outcomes. The system works for health insurers, Big Pharma, hospital chains and private equity firms – but no one else. Medicare for All would ensure everyone in America can get the care they need throughout their lives. It is the realistic, humane, just and efficient reform we need.”
“Postal workers know the value of affordable, universal services, grounded in a commitment to putting people over profits. That’s the type of service we are committed to provide communities across the country, day in and day out,” said Mark Dimondstein, President of American Postal Workers Union. “For too long, greedy corporations and their Wall Street investors have been able to deny the people of the country the quality, affordable, universal health care working people deserve. Medicare for All, health care as a human right, will make us all healthier and financially better off. A health care system that works for working people, not the profits of the insurance companies, is long overdue. It’s time for Medicare for All.”
“Health care should be a human right. But every time we negotiate with a boss for the right to see a doctor, they nickel and dime us until people have to choose between their health and putting food on the table,” said Shawn Fain, President of the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW). “We’re sick of having to go on strike just to have decent health care. We’re sick of corporate America asking us to give up raises, retirement security, or work-life balance at the bargaining table so working-class people can avoid medical bankruptcy. Our current health care system is a con job that only works for the billionaire class. Medicare for All is common sense, and it’s what the working class needs. The UAW is proud to support this bill.”
“If you want to renew the public’s faith in our political system, pass the Medicare for All Act of 2025,” said Alan Minsky, Executive Director, Progressive Democrats of America. “This one piece of legislation will instantly end the era, which has lasted far too long, when profits and wealth accumulation are more important than human life, including yours. MFA will return the general welfare, and the well-being of every individual, to the heart of our social contract. That will renew faith in America.”
“Health care is a right, not a privilege. The reintroduction of the Medicare for All Act is a crucial step toward ending a system that profits from people’s pain,” said Analilia Mejia and DaMareo Cooper, Co-Executive Directors of Popular Democracy. “Too many Americans are forced to choose between paying their rent and paying for life-saving medication, while corporations rake in billions. Medicare for All isn’t just a policy—it’s the lifeline working families desperately need. Our communities deserve a health care system that prioritizes people over profits. We will fight until we win the health care we deserve.”
“Health care is a human right and a basic need. Yet instead of getting health care, Americans get delays, denials, and bills they cannot afford. Today, predatory insurance CEOs are poised to reap the windfall from the tax scam giveaways earmarked for billionaires and corporations. The oligarchs that put Donald Trump and Dr. Oz in power want everything we have. We get sicker, make impossible choices, and go broke. They boost the stock prices of corporations – like UnitedHealth – that profit off our pain, and buy more mansions and yachts. We can put an end to those warped priorities through Medicare for All,” said Sulma Arias, executive director of People’s Action Institute. “Working people have made this the wealthiest nation in the history of the world, and there is more than enough if we don’t let the corporate crooks and billionaires steal it. So it’s time to choose: Our health care or their greed?”
Read the bill text here.

MIL OSI USA News –

April 30, 2025
MIL-OSI Global: The impact of strategic voting in Canada

Source: The Conversation – Canada – By Terri Givens, Professor, Political Science, University of British Columbia

Initially expected to result in a decisive Conservative victory, the Canadian federal election took a dramatic turn as Mark Carney led the Liberals to victory. It also offered an important lesson in the power of strategic voting — driven not just by domestic politics but by external pressures from the United States and a re-energized Liberal campaign.

In December 2024, the Conservative Party was leading the Liberal Party by more than 20 points in the polls. But Justin Trudeau’s resignation, combined with U.S. President Donald Trump’s antagonistic stance towards Canada, triggered a sharp shift in public opinion.

When Carney stepped in as prime minister and party leader, the stage was set for a Liberal comeback. But what had been seen as a referendum on the 10-year rule of the Liberal Party ended up being focused on the existential threat posed by Trump’s tariffs and his calls to turn Canada into the 51st state.

During the campaign, many voters discussed their intention to switch from the Conservatives to the Liberals.

The pushback against the Conservatives, and in particular their leader, Pierre Poilievre, led to him losing in his own riding, although the Conservatives gained more seats overall.

The Liberals benefited from strategic voting, but it was the NDP that appeared to lose the most from this strategy.

The NDP went from winning 25 seats in the previous election to only seven, while their leader Jagmeet Singh also lost in his riding, leading to his resignation as party leader.

Strategic voting on display

My first book, Voting Radical Right in Western Europe (2009), focused on the impact of strategic voting. At the time, I observed that political parties would often try to induce voters to vote strategically for a party or candidate that might not otherwise be their first choice.

This type of strategic voting was clearly on display in the second round of the French presidential election in 2002, when Jean-Marie Le Pen of the far right National Front faced Jacques Chirac in the second round.

Some left-leaning voters went to the polls with clothespins on their noses or latex gloves on to vote for Chirac and keep Le Pen out of the presidency.

This strategy worked again in the July 2024 legislative elections in France, where the left and mainstream right-leaning parties came together to make sure that they didn’t split the vote in districts where it could lead to a win by the far-right Rassemblement National (National Rally). In both cases, voters chose more moderate candidates, reducing the influence of the far right.

Electoral systems are often designed to encourage voters to choose a more moderate candidate. This approach includes putting electoral hurdles in place. For example, parties in Germany have to win at least five per cent of the vote or win three district seats to enter the legislature.

This approach had been successful since the Second World War in keeping far right parties out of the legislature — that is until the recent success of the Alternative for Germany party.

The ability of that party to gain votes in the former East Germany has been the main reason for its success.

Winners and losers in Canada

Canada presents an interesting case for strategic voting. In the lead-up to the federal election, many voters were posting suggestions for strategic voting in districts where the vote was being split between parties, particularly on the left.

For example, there was a close race in a riding in British Columbia between the Green and Conservative candidates. I noticed social media posts in which voters were encouraged to shift their vote from the NDP or Liberal candidates to give the Green candidate a better chance of winning the riding.

As of April 25, Conservatives were expected to win the riding, but on election night, Elizabeth May from the Green Party won with 39 per cent of the vote, with the Conservative candidate falling to third place behind the Liberals.

Given the fact that the Canadian electoral system is winner-take-all in each riding, it’s important that voters understand the broader impact of their vote on the national outcome.

It’s likely that many voters switched their votes from their smaller, preferred party — particularly the NPD — to one of the main parties, depending on the kind of poll projections they might have been seeing in their ridings.

This situation exemplifies the importance of parties providing clear information on potential outcomes to encourage voters to use their vote strategically to get a desired outcome at the national level.

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

– ref. The impact of strategic voting in Canada – https://theconversation.com/the-impact-of-strategic-voting-in-canada-255489

MIL OSI – Global Reports –

April 30, 2025
MIL-OSI USA: Cortez Masto Joins Senators Pressing Administration on How Mass CFPB Firings Will Hurt Working Nevadans

US Senate News:

Source: United States Senator for Nevada Cortez Masto

Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) joined 40 Democratic Senators in a letter to Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought outlining more than 80 congressionally mandated functions of the CFPB and pressing for answers on how the agency would be able to protect hardworking Americans from scams and fraud after firing almost the entire staff.

Senator Cortez Masto has been a longstanding champion for the CFPB and has consistently fought to protect Nevadans from fraud. Last year, she called out the Navy Federal Credit Union for its racial disparities in mortgage lending. Following a push from Cortez Masto, the CFPB created new consumer protections for homeowners who apply for Property Assessed Clean Energy loans to help them make energy-efficient upgrades to their homes. She has also introduced legislation to incentivize whistleblowers to report consumer fraud to the CFPB.

“Last week, you tried to fire nearly all of the agency’s remaining 1,700 employees—the staff responsible for fulfilling the CFPB’s mission and statutory requirements to prevent Americans from getting scammed by big banks and giant corporations,” wrote the senators. “Your hasty and unjustified mass firings are an illegal shutdown of the CFPB that will leave it unable to conduct agency actions that are required by law.”

“You directed the gutting of entire divisions—including departments created by Congress to protect servicemembers and older Americans—attempting to leave a shell of only 200 employees to supervise and examine large financial institutions across the country, respond to millions of consumer complaints, answer the phone for hundreds of thousands of people seeking help, monitor emergency financial risks, and run all of the agency’s other operations,” they continued.

The Senators laid out in detail the impact the mass layoffs would have on specific functions of the CFPB––including firing all but one employee helping victims of scams in the offices focused on our nation’s two million servicemembers and tens of millions of older Americans.

“We request that you provide—by April 30, 2025—a detailed accounting of each of the more than 80 statutory obligations of the CFPB, the number of employees assigned to each of those functions as of December 2024, the number of employees who would be assigned to each function if your rushed reduction in force were to go into effect, the immediate impact of such a reduction on the agency’s ability to perform each function consistent with federal law and federal court orders, and copies of any individualized or particularized analysis of those planned reductions on the agency’s work,” they concluded.

The full text of the letter can be found here.

Senator Cortez Masto has pushed multiple Departments under the Trump Administration for detailed, public information regarding the impacts of President Trump’s federal funding freeze, hiring freeze, and terminations on Nevada – including to the Department of the Interior, the U.S. Forest Service, the National Nuclear Security Administration, the Department of Veterans Affairs, Department of Agriculture, General Services Administration, and Department of Health and Human Services.

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: Cortez Masto, Cassidy Introduce Bipartisan Legislation to Help Working Families Afford Their First Homes
US Senate News:
Source: United States Senator for Nevada Cortez Masto

Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Bill Cassidy (R-La.) reintroduced the bipartisan Affordable Housing Bond Enhancement Act, which would make homeownership more accessible and sustainable for working families. The bill would update and expand the Mortgage Revenue Bond (MRB) and Mortgage Credit Certificates (MCC) programs that have helped more than four million working-class families purchase their first home. The legislation would also help homeowners disaster-proof their houses to mitigate damage from increasingly common fires, devastating storms, and other natural disasters and would permit homeowners to refinance to a lower-cost mortgage.

“Hardworking families deserve the safety and security of a roof over their heads, said Senator Cortez Masto. “These tax credits and interest rate reductions will give working Nevadans a meaningful break as they take the important step of buying a first home. I will continue working in a bipartisan way to make sure that Nevadans have access to secure, affordable housing.”

“Buying a home is increasingly out of reach for first-time buyers. This addresses that issue,” said Dr. Cassidy. “By giving them a boost, we get them on the ladder of homeownership.”

Families with incomes of 115% of Area Median Income or less are able to receive discounted interest rates when they buy a home with an MRB. They also may be able to utilize an MCC that helps families qualify to buy a home and allows them to sustain homeownership over time. Cortez Masto and Cassidy’s bipartisan legislation makes updates and reforms to the MRB and MCC programs to better serve working families. Specifically, the Affordable Housing Bond Enhancement Act would:
- Simplify the administration of both MRB and MCC programs and make commonsense changes to ensure the tax benefits will aid working families.
- Add additional flexibility for homeowners, including allowing homeowners to refinance their mortgages.
- Increase the amount of money homeowners with MRB loans can direct towards making home health and safety improvements—including adding accessible bathrooms and ramps to help older and disabled Americans remain in their home, as well as supporting energy efficiency upgrades and disaster mitigation renovations. The bill raises the current funding limit of $15,000 to $75,000 and indexes it for inflation.
- Provide housing finance agencies with flexibility to extend loan and credit periods to account for delays due to supply chain issues or construction shortages.
You can find a one-pager about the bill here and the full bill text here.

Senator Cortez Masto has been a leader working to lower costs and build more housing supply. Recently, she reintroduced the HOME and PRICE Acts to increase the supply of and access to affordable housing. Last year she secured $9.4 million from the Federal Home Loan Bank of San Francisco’s targeted Nevada fund — almost twice as much as Nevada received the previous year — to build more middle-class homes, and she’s pushing to reform the FHLB system.
MIL OSI USA News –
April 30, 2025
MIL-OSI USA: Cassidy Introduces Bill to Help Working Families Afford Their First Homes

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) introduced the Affordable Housing Bond Enhancement Act to make homeownership more accessible for working families by improving tax credits for first-time homebuyers. The bill improves access to affordable home ownership by expanding tax credits for first-time buyers and making it easier for MRB borrowers to finance home improvements.
“Buying a home is increasingly out of reach for first-time buyers. This addresses that issue,” said Dr. Cassidy. “By giving them a boost, we get them on the ladder of homeownership.”
“The National Council of State Housing Agencies (NCSHA) thanks Senators Bill Cassidy and Cortez Masto for introducing the Affordable Housing Bond Enhancement Act, which will expand access to homeownership for low- and moderate-income home buyers,” said Stockton Williams, executive director of NCSHA. “Mortgage Revenue Bonds and Mortgage Credit Certificates historically have been the state housing finance agencies’ primary tool for financing affordable homeownership opportunities for working families, having helped nearly four million home buyers combined. This legislation will enact a series of simple, commonsense reforms to the MRB and MCC programs that will allow HFAs to better stretch their resources and help more underserved households.”
Cassidy was joined by U.S. Senator Catherine Cortez Masto (D-NV) in reintroducing the legislation.
Specifically, the Affordable Housing Bond Enhancement Act would:

Simplify the application process for MRB and MCC programs and make commonsense changes to use tax benefits to aid working families and add additional flexibility for borrowers.
Allow homeowners to refinance their mortgages with MRB loans, lowering costs for homeowners.
Increase the amount of money homeowners with MRB loans can direct towards making home health and safety improvements, including possibly adding accessible bathrooms and ramps to help older and disabled Americans remain in their homes, as well as supporting energy efficiency upgrades or disaster mitigation renovations. The bill raises the current limit of $15,000 to $75,000.
Provide housing finance agencies with the flexibility to extend loan and credit periods to account for delays due to the pandemic, supply chain issues, or construction shortages.
Only require the issuers, not the lenders, to report MCC recipients to the IRS for tax accuracy and shorten the lengthy 90-day public notice requirement to 30 days to encourage more widespread use of the MCC program.

This legislation is endorsed by the National Council of State Housing Agencies, LISC, National Association of REALTORS, National Association of Homebuilders, and the Mortgage Bankers Association.

MIL OSI USA News –

April 30, 2025
MIL-OSI Russia: Marat Khusnullin: Russians have built more than 170 thousand private houses since the beginning of the year

Translation. Region: Russian Federal

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

Since the beginning of 2025, residents of the country have built and registered 170.4 thousand individual residential buildings. This was reported by Deputy Prime Minister Marat Khusnullin.

At the April 15 meeting of the State Council Presidium on the development of infrastructure for life, Russian President Vladimir Putin noted that individual housing construction is the most important area in demand among citizens. The head of state also emphasized that it is necessary to expand this segment of housing, pay special attention to the provision of land plots, their provision with infrastructure and the creation of reliable mechanisms so that people can invest their funds in individual construction.

“A number of measures have been taken to develop housing construction, including the individual housing construction sector. In recent years, interest in individual housing construction has grown significantly. Since the beginning of 2025, citizens have built and registered 170.4 thousand private houses with a total area of 24.7 million square meters in the Rosreestr, which is almost 17% more than in the same period of 2024,” said Marat Khusnullin.

Today, individual housing construction accounts for more than half of the housing commissioning in the country. In 2024, 62.3 million square meters of private housing were commissioned in Russia, which became a record figure in the entire history of Russia.

“The leader in this segment is the Central Federal District. Since the beginning of 2025, 36.6 thousand individual houses with a total area of 7.2 million square meters have been built here, or 29% of the total individual housing construction fund built since the beginning of 2025. Including in the Moscow Region, more than 14 thousand individual housing construction objects have been built and registered with the cadastral register, which is 38.2% of the total number in the Central Federal District,” commented Oleg Skufinsky, head of Rosreestr.

Almost as in the Central Federal District, private construction is popular in the Volga region, where from January to March of this year, almost 31.7 thousand individual houses with a total area of 4.2 million square meters were built. The Republic of Tatarstan is the leader here with 10.5 thousand houses. At the same time, according to the results of 2024, the Republic of Bashkortostan became the leader in the number of private houses commissioned in the Volga Federal District (19.8 thousand houses).

The Southern Federal District rounds out the top three, where 23.2 thousand individual housing construction objects with an area of 3.2 million square meters have been built since the beginning of 2025. This is 20% more than the figure for the same period in 2024. The best indicators in the district are in Krasnodar Krai – 10.8 thousand private houses.

The main building material in the period under review was wood. According to the Unified State Register of Real Estate, 55.5 thousand individual housing construction objects with an area of 7 million square meters were built from it, which is 22% more than at the beginning of 2024. Slightly less often, citizens built houses from brick – 31.4 thousand houses with an area of 5 million square meters. The least amount of panel houses were erected – only 1.7 thousand buildings on 214 thousand square meters.

As for the number of storeys, in most cases Russians built single-storey houses, 100 thousand of which were registered – this is 16% more than at the beginning of 2024. Two-storey buildings were erected in 65.1 thousand, three-storey buildings – 4.8 thousand.

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 –

April 30, 2025
MIL-OSI Russia: Yuri Trutnev: The forest in Russia, like all other resources, should be used as efficiently as possible

Translation. Region: Russian Federal

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

Deputy Prime Minister and Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev held a working meeting with timber industry workers from Primorsky Krai in Vladivostok.

“We will discuss the use of forest resources. Unfortunately, forests in the Russian Federation are used to a much lesser extent than in other forest countries. In addition, there is a certain downward trend. In the first quarter of this year, timber harvesting in Primorsky Krai decreased by 11%, and exports decreased even more. Accordingly, tax revenues from industry enterprises to the regional budget amounted to 3%. There were a number of speeches on the topic of, say, more effective regulation of the industry. So far, there have been no major changes here. We need to ensure that forests in Russia, like all other resources, are used as efficiently as possible,” Yuri Trutnev opened the meeting.

The issues discussed included the implementation of forest management activities in the Primorsky Krai, the work of the Federal State Information System of the Forestry Complex, and support by forestry enterprises of the Primorsky Krai for the special military operation.

According to Primorsky Krai Governor Oleg Kozhemyako, since the beginning of the SVO, forestry companies operating in the region have transferred more than 16 thousand cubic meters of timber, more than 50 units of equipment, supplied equipment, weapons, medicines and provided other assistance to military units. During the period of partial mobilization, they equipped and provided military training grounds and tent cities with the necessary materials entirely at their own expense.

“We have always provided and continue to provide large-scale, free assistance to the families of military personnel – tens of thousands of cubic meters of firewood, money. Their fellow countrymen who serve on the front lines contact their leaders directly. And they never get a refusal – on any issues. Now our enterprises have organized a rhythmic and regular free supply of lumber to the troops, to the SVO zone. Despite the sanctions, the decline in revenue and the difficult economy, assistance to the army is being scaled up,” said Oleg Kozhemyako.

The meeting discussed the work of the Primorsky branch of the Federal State Budgetary Institution “Roslesinforg”. The previous management of the branch concluded 19 contracts with forest lessees of Primorsky Krai on forest management (forest taxation) on an area of 330 thousand hectares, for which obligations were overdue. The work was not completed, the funds were spent, and an irreparable cash gap was actually formed. The work was either not started, or it needs to be completely redone.

In addition to unfulfilled obligations to businesses, the Primorsky branch of Roslesinforg has had debts to the region since 2020 under a contract for the establishment of rural forests on an area of 50 thousand hectares. These works were ordered at the expense of their own budget. The forest management work carried out under the 2023 state assignment in the Ussuri forestry on an area of 127 thousand hectares requires a complete review and large-scale adjustment.

Currently, the Primorsky branch is fulfilling overdue obligations through current business and financial activities with an acute shortage of tax engineers and funds allocated for the fulfillment of the state assignment: the branch is forced to spend a significant portion of the funds received from new customers to fulfill overdue obligations and fulfill the state assignment for 2024 and 2025.

The new head of the branch takes a set of measures aimed at independently resolving the current situation (an agreement is reached with the tenants of forest areas on extending the terms of execution of contracts, new employees are actively hired, including those with remote employment from other regions, new contracts are concluded, etc.). But the measures taken are clearly insufficient due to the scale of the problem; intervention by the federal center is required to correct the current situation with forest management in the Primorsky Territory, as well as a deep analysis of this area as a whole, including an assessment of the effectiveness of the decisions taken on federalization and monopolization of these powers.

Yuri Trutnev instructed the Ministry of Natural Resources to develop and submit proposals for remote forestry accounting.

“A number of unqualified management actions have led to people not being able to obtain forest plots and even information, or build a timber processing plant. We have promoted a clear way to solve this problem – forest management based on space images and aerial photographs. We can keep records of forests based on remote methods. The Ministry of Natural Resources supports this solution. We discussed this together with the minister. Therefore, we need to switch to remote methods as quickly as possible and restore order in the forest,” said Yuri Trutnev.

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 –

April 30, 2025
MIL-OSI Russia: Dmitry Patrushev: Rosprirodnadzor to inspect enterprises without comprehensive environmental permits

Translation. Region: Russian Federal

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

Deputy Prime Minister Dmitry Patrushev held a meeting on issues of obtaining comprehensive environmental permits. It was attended by heads of relevant departments, regions and representatives of the offices of the plenipotentiary representatives of the President of Russia in the federal districts.

“Our task is to increase the level of environmental responsibility of business. Enterprises must systematically abandon outdated and resource-intensive technologies in favor of more modern and environmentally friendly ones, safe for the environment and for people. Among the debtors are socially significant facilities, which is of the greatest concern. The Government has provided all the necessary conditions for obtaining comprehensive environmental permits, including halving the time frame for their issuance,” said Dmitry Patrushev.

On January 1, a law came into force requiring large enterprises, including those operating in the industrial sector, the fuel and energy complex, housing and communal facilities, and agricultural enterprises that have a significant negative impact on the environment, to obtain comprehensive environmental permits. Such permits confirm compliance with environmental requirements or the existence of plans to modernize production.

Dmitry Patrushev noted that most of the facilities that did not submit applications are concentrated in the Republic of Dagestan, Saratov and Moscow regions. In the Kaliningrad region, the republics of Ingushetia and North Ossetia-Alania, not a single facility received permission.

The Deputy Prime Minister instructed Rosprirodnadzor to conduct unscheduled inspections of facilities that did not receive comprehensive environmental permits on time. The absence of these permits will result in a hundredfold increase in the fee for negative impact on the environment, as well as fines.

In addition, Dmitry Patrushev ordered the updating of reference books containing technological indicators of the best available technologies.

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 –

April 30, 2025

Category: housing

Reducing nitrate in the water

Reducing the farm’s carbon emissions

Recognition for sustainable and ethical farming

Further reading

Stabilize and strengthen the national economy

Streamlining natural resource projects

Boost Canada’s productivity through innovation

Dealing with U.S. tariffs

Larsen Releases Statement on Trump’s First 100 Days

Strategic voting on display

Winners and losers in Canada