Category: housing

  • MIL-OSI: ESFI Kicks Off 2025 National Electrical Safety Month Campaign with Battery Safety Message

    Source: GlobeNewswire (MIL-OSI)

    ARLINGTON, Va., April 29, 2025 (GLOBE NEWSWIRE) — Each year in May, the Electrical Safety Foundation International (ESFI) spearheads National Electrical Safety Month, a national campaign to educate key audiences on how to avoid electrically related fires, fatalities, and injuries. Now in its 28th year, a key focus for this year’s National Electrical Safety Month is lithium-ion battery safety. ESFI is debuting new materials to help raise awareness of electrical hazards to the public.

    Lithium-ion batteries are ubiquitous in the modern world. Nearly every rechargeable device is powered by them. When used and sourced properly, these batteries are safe. However, if used, charged, or disposed of incorrectly, these batteries can cause significant damage. Lithium-ion batteries are responsible for thousands of fires and dozens of deaths each year, with incidents steadily on the rise. “As we continue to rely on lithium-ion batteries to power our lives, it is crucial that consumers have access to up-to-date information about how to buy and use them properly,” said ESFI Executive Director, Jennifer LeFevre.

    Lithium-ion battery safety starts well before a device or battery is plugged into a charger. ESFI continues to emphasize the importance of purchasing batteries and rechargeable devices from reputable retailers and looking for certification by Nationally Recognized Testing Labs, such as UL and CSA.

    The second piece of lithium-ion battery safety is proper use, which includes storage and charging, and knowing how to spot a problem. ESFI’s materials provide guidance to consumers and workers about safe operation, emphasizing strategies such as avoiding charging devices near hallways or doors that might block exits and unplugging devices once they are fully charged. ESFI also advises that batteries should be discarded properly at end of life or if problems are detected such as changes in battery color, sweet burning odors emitted from a device or battery, or a change in a battery or device’s usual shape.

    ESFI’s data shows that there continues to be a gap in proper battery disposal understanding. For example, among the respondents in a recent survey by ESFI, of those who have disposed of a damaged lithium-ion battery, half reported using a household trash can or recycling bin. ESFI works to bridge this gap by promoting best practices in videos, infographics, and on social media, including two new videos on battery disposal for the 2025 National Electrical Safety Month campaign. These materials encourage individuals to find a battery disposal center or receptacle by visiting call2recycle.org or contacting their local municipality or local retailers.

    New National Electrical Safety Month resources for this year’s campaign include:

    ABOUT ESFI

    The Electrical Safety Foundation International (ESFI) is the trusted voice for electrical safety. The mission of ESFI is to prevent electrically related injuries, deaths, and fires. ESFI’s work saves lives and property through public education and outreach. For free safety materials from this year’s National Electrical Safety Month Campaign that you can share throughout your community, visit esfi.org/nesm.

    Contact:
    Evan Jones
    Electrical Safety Foundation International
    703.841.3247
    evan.jones@esfi.org 

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0d6f2e69-f2e3-4bfb-843f-1162cd148197

    The MIL Network

  • MIL-OSI Africa: Western Cape residents urged to comment on proposed vehicle licence fee increases

    Source: South Africa News Agency

    The Western Cape Government (WCG) is inviting residents to provide feedback on the proposed increases to motor vehicle licence (MVL) fees. 

    These proposals were published in the Provincial Gazette Extraordinary 9057 on 17 April 2025.

    The proposed fee increases are set to take effect on 1 August 2025 and are open for public comment until Saturday, 17 May 2025.

    “The Western Cape is home to over two million registered vehicles, and the condition of our roads is consistently rated among the best in the country.

    “This is largely due to the provincial government’s commitment to ringfencing MVL revenue to maintain, upgrade, and expand our road network,” the WCG said in a statement.  

    According to the Western Cape Mobility Department, paying vehicle licence fees is not just a legal requirement — it is an important contribution to keeping roads safe, efficient, and reliable for everyone. 

    “These fees are directly reinvested into the Western Cape’s road infrastructure, helping to build and maintain the roads that connect our communities, support economic activity, and enable daily life,” the department explained. 

    MVL fees are primarily used to build, upgrade, and maintain the provincially owned road network. They also assist municipalities in maintaining their more strategic roads and ensure continued safe mobility for all road users, including residents, freight operators, tourists, and public transport passengers.

    “The Western Cape’s road network is a vital provincial asset that supports commerce, tourism, service delivery and job creation. By ensuring that our roads remain in optimal condition, the province safeguards economic competitiveness and enhances quality of life,” the WCG said.

    The draft regulation is available on this link: https://www.westerncape.gov.za/mobility/files/wcg-blob-files?file=2025-04/9057-wc-registration-licence-fees-2025-1.pdf&type=file  

    Western Cape residents are encouraged to review the draft regulation and submit comments before the closing date.

    Email, post, or deliver comments to:
    •    Email – Robyn.Titus@westerncape.gov.za.
    •    Post – Mr Darryl Jacobs, Head of Department, Attention Ms Robyn Titus, Western Cape Mobility Department, PO Box 2603, Cape Town 8000. 
    •    Deliver – Mr Darryl Jacobs, Head of Department, Attention Ms Robyn Titus, Western Cape Mobility Department, Ground Floor, 34 Roeland Street, Cape Town. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Africa: Police Minister attends bail hearing of suspect in GBV case 

    Source: South Africa News Agency

    Tuesday, April 29, 2025

    Police Minister Senzo Mchunu is today attending the bail hearing of a suspect charged with assault with intent to commit grievous bodily harm (GBH) and attempted murder.

    This follows a harrowing case of gender-based violence in the Maswazini area, Richmond, KwaZulu-Natal.

    “On 16 April 2025, a woman was allegedly attacked by her ex-boyfriend while at home with her mother. The suspect reportedly assaulted the mother before proceeding to violently attack the young woman, allegedly gouging both of her eyes with a screwdriver. She is currently receiving treatment at the Harry Gwala District Hospital,” the Ministry of Police said ahead of Monday’s bail hearing.

    The accused was traced and arrested soon after the incident and is set to appear in the Richmond Magistrate Court.

    “The Minister is attending the court proceedings in support of the victim and her family. His attendance follows a personal visit to the family on Sunday where he extended his sympathies and reaffirmed the Ministry’s commitment to the fight against gender-based violence and Femicide (GBVF), a national priority,” the police said. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Africa: Easter Weekend road crashes decline by 32.5%

    Source: South Africa News Agency

    This year’s Easter Weekend Road Safety Report shows that South recorded the lowest number of crashes and fatalities in the last three years.

    “Crashes were reduced from 209 in 2024 to 141 in 2025, which is a 32.5% overall decrease compared to 2024,” Transport Minister Barbara Creecy said on Tuesday.

    According to the Minister, all provinces recorded decreases except the Eastern Cape and Mpumalanga, which both recorded an increase.

    “Fatalities were reduced from 307 in 2024 to 167 in 2025, which is a 45.6% decrease. All provinces recorded decreases in fatalities except Mpumalanga, which recorded a 27.3% increase compared to 2024. 

    “Twenty-eight fatalities were recorded in Mpumalanga compared to 22 in 2024,” Creecy said in Pretoria during a media briefing.

    The 2025 Easter Season Road Safety Arrive Alive campaign was launched on 20 March and will run until 2 May 2025, under the theme: “It begins with Me”.

    Government has attributed the overall decrease in both accidents and fatalities to widespread and consistent law enforcement operations across all nine provinces; coordinated action by national, provincial and local government authorities, and significant partnerships between civil society and government.

    “Long weekends are a period when the risk of fatal crashes and fatalities increase because of drunken driving, increased pedestrian movements, sports and social events, including increase traffic volumes on national and provincial routes.

    “These statistics tell us that there is a benefit when we start our communication and education campaign earlier than the travel period. It shows that the involvement of civil society organisation and collaboration of all law enforcement agencies is pivotal in impacting on road user behaviour.

    “Furthermore, joint planning by law enforcement agencies from national, provincial, and municipal level increases the impact of operations,” she said.

    The Minister said Easter weekend statistics are reflective or a broader downward trend in road accidents and accident related fatalities. 

    “From January to March, we have seen a 16% decline in the number of fatalities and a 13% decrease in the total number of road accidents.

    “Crashes decreased in eight provinces except Mpumalanga which recorded the same number of crashes as in the previous year,” she said.

    Fatalities decreased in seven provinces except Free State, which had a 5% increase, and Mpumalanga had a 1% increase.

    Fatalities involving pedestrians now account for 47% or almost half of all road deaths. 

    “This shocking reality indicates that our message to pedestrians is not reaching home and we have to do much more work at a local level where these accidents occur.

    “Overall, we now belief that it will be possible to meet our target to reduce crashes and fatalities by at least 50% by 2029. Our challenge is to sustain this achievement daily, weekly and monthly,” the Minister said. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Global: Game change Canadian election: Mark Carney leads Liberals to their fourth consecutive win consécutive

    Source: The Conversation – Global Perspectives – By Fiona MacDonald, Associate Professor, Political Science, University of Northern British Columbia

    Canada’s 2025 federal election will be remembered as a game-changer. Liberal Leader Mark Carney pulled off a dramatic reversal of political fortunes after convincing voters he was the best candidate to fight annexation threats from United States President Donald Trump.

    “We are over the shock of the American betrayal; we have to take care of each other,” he told cheering supporters in his victory speech in Ottawa.

    “Together we will build a Canada worthy of our values. Canada strong, Canada free, Canada forever, vive le Canada!”

    Canadians gave the Liberals their fourth mandate since 2015, although the race against the Conservatives was much closer than polls predicted.

    Nonetheless, only four months ago, Conservative Leader Pierre Poilievre had a 25-point lead in public opinion polls and a fairly secure path to victory.

    Yet Poilievre’s lead soon vanished due to shifting voter sentiments defined less by the official campaign period and more by the months that preceded it. Justin Trudeau’s early January resignation announcement and Carney’s confirmation that he was officially in the Liberal leadership race dramatically changed the political landscape.




    Read more:
    After stunning comeback, centre-left Liberals likely to win majority of seats at Canadian election


    Within a matter of weeks, Liberal support surged when Carney became party leader and Trump continued to make threats about Canada becoming a 51st American state — and to levy punishing on-again, off-again tariffs against the country.

    The party went from being 20 percentage points behind the Conservatives to overtaking them, putting the party on track to secure its fourth consecutive victory. A shift described by longtime pollster Frank Graves as “unprecedented.”

    Poilievre’s messaging

    The emerging “Canada Strong” and “Elbows Up” narratives, linked to the widespread anti-Trump sentiment, proved a major advantage for the Liberals, who made the most out of this political gift.

    This shift, alongside Carney’s elimination of the carbon tax, left Poilievre on the back foot as his longstanding messaging on Trudeau and his “axe the tax” slogan became largely irrelevant. Poilievre also lost his Ottawa-area seat to a Liberal.




    Read more:
    Who really killed Canada’s carbon tax? Friends and foes alike


    The impact of these shifts in electoral fortunes extended beyond the two main parties. As the election became increasingly a two-party race between the Liberals and Conservatives, the smaller parties struggled for relevance.

    Election campaign polling and early results indicated steep losses for the NDP, with Jagmeet Singh losing his own seat in Burnaby, B.C. and then resigning as party leader. This could be due to voters on the left responding to calls to vote strategically to prevent Conservative victories in various ridings.

    The Bloc Québecois also lost ground, as did the Green Party of Canada and the People’s Party of Canada (PPC). Neither the Greens nor the PPC fielded full slates of candidates or participated in the leaders’ debates and therefore played comparatively limited roles in this election.

    Advance voting in a gendered election

    Another notable feature of this election was the record advance voting turnout, which surged to 7.3 million Canadians, up sharply from 5.8 million in 2021.

    Early voting has now become a central part of party campaign strategy, with campaigns “getting out the vote” at every opportunity, not just on Election Day. This trend raises questions not only about whether overall turnout will rise, but also whether party platforms remain as influential given so many votes were cast before all parties released their platforms.

    While many Canadians take in elections with a focus on party leaders and seat counts, there are other important ways to contemplate election outcomes in terms of inclusion and voice. What does this election tell us about gender and diversity representation in Canada’s Parliament?

    This was a deeply gendered election. The major party leaders are all men, with the exception of Elizabeth May, the Green Party co-leader.

    Preliminary candidate data showed a decrease in the number of women candidates compared to 2021.

    The NDP nominated the highest proportion of women candidates — the majority of its candidates are women — and fielded the most diverse slate of candidates in terms of Indigenous people, Black people, racialized people and LGBTQ+ candidates. But the party’s dramatic losses mean these gains will not translate into more diverse representation in Parliament.

    Furthermore, one of Carney’s first actions as prime minister was to eliminate the sex-balanced cabinet and to reduce the size of the cabinet. He eliminated the Ministry of Women and Gender Equality (WAGE) as well as ministerial portfolios focused on youth, official languages, diversity, inclusion, disability and seniors.

    These decisions reverse previous efforts taken to institutionalize gender and diversity leadership in Canada’s Parliament.

    Party platforms also reflected diverging approaches when it came to women. The Conservative platform only mentioned women four times, and three of those mentions were in the context of opposition to transgender rights.




    Read more:
    Pierre Poilievre’s ‘More Boots, Less Suits’ election strategy held little appeal to women


    The role of young working-class men

    Polling also revealed intersections of generation, gender and class are increasingly relevant. Like the last federal election, young working-class men are increasingly drawn to the Conservatives. This trend appears to be driven less by fiscal conservatism and more by concerns about rapid social change, a trend also observed in the 2024 American presidential election.

    Many of these young men are expressing frustrations over housing affordability and job security, and what they view as the Liberal and NDP’s “woke culture,” which they regard as eroding traditional values that have traditionally benefited men. In contrast, Canadian women of all ages continue to favour parties they view as more progressive — the Liberals and the NDP.

    Theoretical explanations for this include young men feeling left behind by the Liberals, while the Conservatives have seemingly figured out a way to connect with them.

    This may reflect campaign rhetoric about returning to traditional expectations and values around gender roles and men’s rights to well-paying jobs, an affordable home and taking care of their families.

    Electoral reform needed?

    In the aftermath of the election, there are avenues through which current gaps in representation can be addressed. Organizations like the United Nations’ Inter-parliamentary Union and the Commonwealth Parliamentary Association, as well as gender and politics scholarship, propose various reforms to continue to strengthen diversity in Parliament.

    These reforms are understood to be essential for enhancing the legitimacy, responsiveness and effectiveness of Canada’s parliamentary system. Research on gender-and diversity-sensitive parliaments consistently shows that when legislative bodies reflect the diversity of the societies they govern, they are more likely to produce policies that are equitable, inclusive and trusted by the public.

    Overall, this Canadian election was characterized by transformative twists and turns that shed more light on important ongoing questions about representation and the potential need for democratic reform if Canadians want to avoid a two-party system.

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

    ref. Game change Canadian election: Mark Carney leads Liberals to their fourth consecutive win consécutive – https://theconversation.com/game-change-canadian-election-mark-carney-leads-liberals-to-their-fourth-consecutive-win-consecutive-253721

    MIL OSI – Global Reports

  • MIL-OSI Africa: US-China trade war could hurt Nigerian entrepreneurs: why, and how they should prepare

    Source: The Conversation – Africa – By Tolu Olarewaju, Economist and Lecturer in Management, Keele University

    As China and the United States lock horns in a trade war, slamming tariffs on each other, entrepreneurs in Nigeria are vulnerable to the fallout. In 2024, 27.8% of imports into Nigeria came from China. In the same year, US exports to Nigeria reached US$4.2 billion. Economist and entrepreneurship researcher Tolu Olarewaju unpacks what could happen if Chinese products destined for the American market were diverted to developing economies, including Nigeria.

    What dangers do the tariff tensions pose to Nigeria’s entrepreneurs?

    China is the world’s biggest manufacturing nation, producing far more than its population consumes domestically. It is already running an almost US$1 trillion goods surplus, meaning it exports more goods than it imports.

    China is often producing those goods at below the true cost of production due to domestic subsidies and state financial support, like cheap loans for favoured firms.

    If the goods it currently exports are unable to enter the US because tariffs have made them too expensive, Chinese firms could seek to divert them to other countries. This could be beneficial for some consumers. But it could undercut entrepreneurs who make competing products in these countries and threaten jobs and wages.

    Looking at the past profile of Chinese exports to Nigeria, these are some Nigerian goods that could be replaced by cheaper goods from China:

    Textiles and garments: Nigeria is the largest producer of textiles in west Africa. The Nigerian textile, apparel, and footwear sector contributed 2.97% to Nigeria’s GDP in 2023 and contracted by 1.75% in the first quarter of 2024. Locally made fabrics, garments and leather goods can easily be replaced by Chinese products, especially in the low-cost and mass-market segment. This is because China is one of the sector’s largest producers globally and can export at low cost.

    In 2024, the US was the top destination for China’s textiles exports.

    Furniture and home décor: Nigerian artisans are skilled at producing wooden furniture, home décor items, and other interior products. However, China is a global leader in furniture manufacturing. It offers mass-produced, inexpensive items. The wide variety and affordability could displace Nigerian furniture makers. The furniture market in Nigeria is expected to generate revenue of US$5.11 billion in 2025 and experience an annual growth rate of 2.93% between 2025 and 2029.

    Footwear: The Nigerian footwear market is valued at US$2.57 billion in 2025 and is expected to grow annually by 9.83%. The Nigerian footwear industry produces around 50 million pairs of shoes annually and employs over 500,000 people. China is one of the largest producers of footwear. In the US, 61.9% of all shoes are imported from China. Nigerian shoe manufacturers may find it difficult to compete with the flood of affordable Chinese-made footwear.

    Beauty, cosmetic, and skincare products: The Nigerian soap market is growing. It generated revenue of US$660.5 million in 2024 and is expected to reach US$1.07 billion by 2030. With a population of over 200 million, the demand for soap products is increasing. China is a major supplier of inexpensive, mass-produced beauty products.

    What are the biggest challenges holding back Nigerian entrepreneurs?

    Weak infrastructure: Frequent power outages make it difficult for businesses to operate and distribute their products. This is a significant barrier, especially in the age of digital technologies, machine learning and artificial intelligence. Poor road conditions also make it difficult to transport goods.

    High inflation: Nigeria’s headline inflation rate on a year-on-year basis stood at 24.48% in January 2025, and 29.90% in January 2024. High inflation raises the cost of raw materials, fuel, utilities and transport.

    Inflation also means a reduction in the purchasing power of consumers. While inflation should make Nigeria a less attractive market, Chinese goods are typically cheaper than local or western alternatives, even when inflation affects import costs.

    Interest rates for business loans are high in Nigeria. This reduces profit margins and makes it harder to maintain affordable prices for consumers.

    A poor business environment: Nigeria’s unpredictable political and economic landscape, characterised by shifting policies, and inconsistent regulations, makes it difficult for entrepreneurs to plan. They need to be able to forecast expenses, set pricing strategies or invest in long-term projects.

    Corruption also increases the costs of doing business and makes the business environment more uncertain.

    While it might seem logical for the government to protect the domestic business environment with blanket tariffs as suggested by the Lagos Chamber of Commerce and Industry, a more strategic approach is needed, one that focuses on targeted tariffs and investing in sectors with strong growth potential.

    Limited access to finance and high interest rates: Access to finance is a major barrier due to high interest rates and unreasonable collateral requirements for business credit.

    Currency depreciation and exchange rate volatility: The Nigerian naira has depreciated against foreign currencies in recent years. Entrepreneurs who rely on imports for raw materials or equipment have been hit hard by fluctuating exchange rates. Rising import costs can lead to even higher production costs. For businesses looking to export, this volatility can reduce the profitability of foreign sales, discouraging expansion into international markets.

    What should Nigeria’s entrepreneurs do to prepare for any potential fallout from the China-US trade war?

    Identify niche market needs: They should identify a market need that is not being met or that is under-served and cannot easily be met by Chinese goods.

    Focus on customer service: This way, entrepreneurs can build customer loyalty and reputation despite the influx of cheap goods.

    Embrace innovation: Nigerian entrepreneurs should be open to new ideas and technologies that can help them create new products and services, increase efficiency and reduce costs.

    Diversify supply chains: Relying heavily on imports from one country, especially raw materials, machinery, or electronics, can lead to shortages and price hikes if trade tensions escalate. Businesses should identify alternative suppliers, explore local sourcing options, and build stockpiles of essential inputs.

    Explore new export markets: Nigerian entrepreneurs should exploit regional trade agreements like the African Continental Free Trade Area for easier access to African markets.

    Adaptability and value creation: Businesses that focus on value creation are best positioned not just to survive but to thrive amid global shifts. Raw material exporters (for example, cashew and cocoa) may be vulnerable to price shocks. Value-added products offer better margins and greater market protection. Entrepreneurs should consider investing in light manufacturing or local processing, such as turning cocoa into chocolate.

    – US-China trade war could hurt Nigerian entrepreneurs: why, and how they should prepare
    – https://theconversation.com/us-china-trade-war-could-hurt-nigerian-entrepreneurs-why-and-how-they-should-prepare-254840

    MIL OSI Africa

  • MIL-OSI Europe: ASIA/INDIA – Kashmir: Catholics pray for peace between India and Pakistan

    Source: Agenzia Fides – MIL OSI

    Tuesday, 29 April 2025

    WikiCommons – Nichalp

    Jammu (Fides Agency) – “The Catholic faithful of Kashmir are praying incessantly for peace in Kashmir. They pray in churches and homes. And they are marching the streets alongside other people of good will, carrying lit torches to shine the light of God and the flame of reconciliation and peace,” said Bishop Ivan Pereira of the Indian diocese of Jammu-Srinagar in an interview with Fides Agency. The small Catholic community (about 9,000 faithful out of a population of 13 million) carries its message of peace in the only Indian state with a Muslim majority, the state of Jammu and Kashmir, where, on April 22, a serious attack was carried out by Pakistani extremist groups, killing 26 Indian tourists. The attack caused a political crisis between India and Pakistan, the neighboring nations that have been fighting over the Kashmir region since 1947, when they went to war three times.“We are experiencing a moment of tension and fear that is affecting the entire population,” the bishop told Fides. ‘We know that there are violations of the ceasefire in the border area. And according to widespread reports, the Indian police have destroyed several houses belonging to militants and terrorists. This is not an easy time for us here, and many are reliving the nightmare of conflict,’ he said, expressing his concern.“The massacre,” the bishop continued, ”has truly shocked us. It was a serious and cowardly attack on the sanctity of life, perpetrated against innocent people who were enjoying their vacation. It was terrible. We are convinced that justice must be done, and we believe that the government will work even harder to dismantle terrorist organizations.”Monsignor Pereira condemns “the attempt by those who want to destabilise the situation and relations between India and Pakistan,” and recalls the mission of the Catholic community in the northwestern Indian state: “To bring peace, harmony, brotherhood, and promote the dignity of every human being, regardless of culture or religion.”The various Christian denominations are also actively involved, particularly through the schools that have existed in India for over a century and which welcome 99% Muslim students. Founded in 1893, the Catholic Institute of the Church of the Holy Family in Srinagar is one of around 40 Catholic schools in the state that continue to provide an education inspired by Christian values and promote brotherhood and social harmony.“Our community,” Bishop Pereira concluded, ”is celebrating this jubilee of hope and placing its hope in God’s work. Today, therefore, at this truly special time, we feel in full communion with the universal Church, which is praying for and electing the new successor of Peter through the work of the cardinals. In this troubled region, we are and feel ourselves to be part of the one Church. This spiritual communion gives us the strength to move forward.”(PA) (Fides Agency 29/4/2025)
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    MIL OSI Europe News

  • MIL-OSI USA: Reed Denounces Trump’s Disjointed International Student Visa Revocations That Drives Away Top Talent

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – Earlier this month, the Trump Administration abruptly and arbitrarily removed thousands of international students from the Student and Exchange Visitor Information Systems (SEVIS) database, which schools and the federal government use to monitor visa compliance.  Students at Brown University and the Rhode Island School of Design were among those reported to be impacted.

    Multi-state litigation was launched on behalf of students and communities nationwide affected by the revocations, and those fearful they could be next, and the courts sided with the international students, forcing the Trump Administration to halt and reverse its wave of visa revocations.  But with uncertainty and concern still high among families and schools, 35 U.S. Senators are taking action to help impacted foreign students and local schools and universities and warning that President Trump is driving away top talent and harming U.S. interests.

    Today, U.S. Senator Jack Reed (D-RI) joined with Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, and 33 of their Senate colleagues in pressing the Trump Administration to reconsider recent decisions to revoke student visas in a letter to Department of Homeland Security (DHS) Secretary Kristi Noem, Secretary of State Marco Rubio, and Immigration and Customs Enforcement (ICE) Acting Director Todd Lyons.

    The 35 U.S. Senators began by urging the Administration to undo unlawful student visa revocations, writing: “We recently learned that your agencies have been revoking student visas and terminating Student Exchange and Visitor Information System (SEVIS) records across the country. These actions to end student status reflected an unannounced change in policy and were inconsistent with existing laws, regulations, policies, and agency guidance governing the maintenance and termination of student status—that is why we welcomed the news late last week that in response to litigation around the country, ICE has reversed these SEVIS terminations. We now urge you to undo other actions to end student status that are inconsistent with such laws, regulations, and agency guidance and ensure that all future actions to end student status fully comply with the law.”

    The Senators continued by highlighting the lack of reasoning provided in many of these visa revocations, writing: “[S]tudents across the country—who by all accounts appear to have followed all of the applicable laws and agency guidance—have reported visa revocations with no clear explanation as to the basis to terminate status. SEVP has completed at least 4,736 total terminations of student visa holders’ SEVIS records. By DHS’s own admission, the statute and regulations do not provide SEVP the authority to terminate nonimmigrant status by terminating a SEVIS record. Your decision to reverse such terminations is therefore prudent and required by law.”

    The Senators then outlined the Trump Administration’s apparent violation of federal law in revoking these visas, writing: “Current laws, regulations, and agency guidance also require notice to be provided when a student’s status is being terminated or revoked. Here, it is not clear that students were provided the notice required by law. Many students were notified by universities that they have lost their student status when their SEVIS records have been terminated, without being provided any information about potential reinstatement. Some students received emails that their visas were revoked and were directed to self-deport, with no clear information as to the basis for their revocation or means by which they can appeal the revocation. Some students only learned about losing status when arrested by masked federal agents. These reports suggest that students were not given notice of the termination of their status in a manner consistent with existing laws, regulations, and agency guidance.”

    The Senators conclude with an appeal to the Administration to reconsider these visa revocations and warning to adhere to federal law, before making a series of immigration requests, writing: “Students who have entered through our legal immigration system and followed the law remain unsure of what, if any, steps they may take to maintain their status and safeguard themselves from immigration enforcement. While we are relieved that ICE has reversed these SEVIS terminations, we now urge you to undo other actions to end student status that are inconsistent with such laws, regulations, and agency guidance. Finally, we understand that you are contemplating additional actions to end student status. Any such changes must be consistent with applicable statutes, including requirements for notice with respect to changes that would deprive a student of their status and ability to live and study in the United States and place them at risk of detention.”

    In addition to Reed and Durbin, the letter is signed by U.S. Senators Tammy Baldwin (D-WI), Michael Bennett (D-CO), Richard Blumenthal (D-CT), Lisa Blunt Rochester (D-DE), Cory Booker (D-NJ), Chris Coons (D-DE), Catherine Cortez Masto (D-NV), Tammy Duckworth (D-IL), Ruben Gallego (D-AZ), Maggie Hassan (D-NH), Martin Heinrich (D-NM), Mazie Hirono (D-HI), Tim Kaine (D-VA), Mark Kelly (D-AZ), Andy Kim (D-NJ), Amy Klobuchar (D-MN), Ben Ray Luján (D-NM), Jeff Merkley (D-OR), Patty Murray (D-WA), Jon Ossoff (D-GA), Alex Padilla (D-CA), Jacky Rosen (D-NV), Bernie Sanders (I-VT), Brian Schatz (D-HI), Adam Schiff (D-CA), Jeanne Shaheen (D-NH), Tina Smith (D-MN), Chris Van Hollen (D-MD), Mark Warner (D-VA), Raphael Warnock (D-GA), Elizabeth Warren (D-MA), Peter Welch (D-VT), Sheldon Whitehouse (D-RI), and Ron Wyden (D-OR).

    Full text of the letter follows:

    Dear Secretary Noem, Secretary Rubio, and Acting Director Lyons:

    We recently learned that your agencies have been revoking student visas and terminating Student Exchange and Visitor Information System (SEVIS) records across the country. These actions to end student status reflected an unannounced change in policy and were inconsistent with existing laws, regulations, policies, and agency guidance governing the maintenance and termination of student status—that is why we welcomed the news late last week that in response to litigation around the country, ICE has reversed these SEVIS terminations.  We now urge you to undo other actions to end student status that are inconsistent with such laws, regulations, and agency guidance and ensure that all future actions to end student status fully comply with the law.

    Foreign students must navigate a complicated mix of agencies to maintain their status. Under current regulations and policy, students who enter into the United States on an F-1 student visa or J-1 exchange visitor visa are admitted to the United States for “duration of status.”  This essentially means that F-1 and J-1 visa holders may be in good standing as long as they comply with the terms and conditions of their status, even if their visa has expired.  Students who enter on an M-1 visa for vocational education are admitted for a fixed time period to complete their course of study.  The Office of Student Exchange and Visitor Programs (SEVP), within the Department of Homeland Security (DHS) Immigration and Customs Enforcement (ICE), works with universities and program administrators to determine whether F-1 and M-1 students are meeting requirements for their visas and terminate SEVIS records as appropriate under SEVP regulations.  The Department of State (DOS) Bureau of Educational and Cultural Affairs administers the J-1 exchange visitor visa, but their records are maintained by SEVIS. Existing regulations and agency guidance inform students and other visa holders of how they might lose their student status, including that they cannot be convicted of serious crimes, cannot work unless authorized by DHS, and must be completing the education or program related to their visa. However, students across the country—who by all accounts appear to have followed all of the applicable laws and agency guidance—have reported visa revocations with no clear explanation as to the basis to terminate status. SEVP has completed at least 4,736 total terminations of student visa holders’ SEVIS records. By DHS’s own admission, the statute and regulations do not provide SEVP the authority to terminate nonimmigrant status by terminating a SEVIS record. Your decision to reverse such terminations is therefore prudent and required by law.

    Current laws, regulations, and agency guidance also require notice to be provided when a student’s status is being terminated or revoked. Here, it is not clear that students were provided the notice required by law. Many students were notified by universities that they have lost their student status when their SEVIS records have been terminated, without being provided any information about potential reinstatement. Some students received emails that their visas were revoked and were directed to self-deport, with no clear information as to the basis for their revocation or means by which they can appeal the revocation. Some students only learned about losing status when arrested by masked federal agents.  These reports suggest that students were not given notice of the termination of their status in a manner consistent with existing laws, regulations, and agency guidance.

    Once a student’s visa is revoked, although their status is not automatically terminated, removal proceedings may be initiated against them, allowing them to be detained at the discretion of DHS. Similarly, when a student’s SEVIS record is terminated, the student is no longer in an authorized period of stay in the United States, and students and their universities cannot regularly maintain student records in SEVIS, as is required to maintain student status. In addition, upon SEVIS record termination, the student must depart the United States or take other action to restore legal status, and DHS “may investigate to confirm the departure of the student.”

    Students who have entered through our legal immigration system and followed the law remain unsure of what, if any, steps they may take to maintain their status and safeguard themselves from immigration enforcement. While we are relieved that ICE has reversed these SEVIS terminations, we now urge you to undo other actions to end student status that are inconsistent with such laws, regulations, and agency guidance. Finally, we understand that you are contemplating additional actions to end student status. Any such changes must be consistent with applicable statutes, including requirements for notice with respect to changes that would deprive a student of their status and ability to live and study in the United States and place them at risk of detention.

    We also request information to better understand how your departments are implementing any new, unannounced policies with respect to identifying students for status revocation. Please provide the following information by May 12, 2025:

    1. Any guidance issued by DOS and/or DHS governing the revocations of nonimmigrant visas, issued from January 20, 2025 to date.

    2. Any guidance issued by DOS and/or DHS governing how nonimmigrants are to be notified of visa revocations, issued from January 20, 2025 to date.

    3. Any guidance issued by DOS and/or DHS governing the terminations of SEVIS records, issued from January 20, 2025 to April 25, 2025.

    4. Any guidance issued by DOS and/or DHS governing how student visa holders are to be notified of SEVIS terminations, issued from January 20, 2025 to April 25, 2025.

    5. Any guidance issued by DOS, DHS, and/or the Department of Justice governing the initiation of removal proceedings or immigration enforcement against student visa holders and other nonimmigrants, issued from January 20, 2025 to date.

    6. Any guidance issued by DOS and/or DHS regarding the use of artificial intelligence to search national databases, criminal records, and social media to identify nonimmigrants for visa revocation or to otherwise end status, issued from January 20, 2025 to date.

    7. The total number of student visas (F-1, M-1, or J-1 visas) that have been revoked since January 20, 2025 to date, disaggregated by:

    a. Student’s country of origin;

    b. Consulate or embassy that issued the visa;

    c. Visa category/Optional Practical Training (OPT);

    d. Date of revocation;

    e. University of study;

    f. Type of degree or field of study;

    g. Notice provided;

    h. Legal basis for revocation;

    i. Any grace period to allow students to make travel or other arrangements; and

    j. Whether the student’s SEVIS record was also terminated.

    8. The total number of SEVIS record terminations that have been issued since January 20, 2025 to April 25, 2025, disaggregated by—

    a. Student’s country of origin;

    b. Visa category/Optional Practical Training (OPT);

    c. Date of revocation;

    d. University of study;

    e. Type of degree or field of study;

    f. Whether the termination was initiated by the university or by DHS;

    g. Basis for termination;

    h. Notice provided;

    i. Any grace period to allow students to make travel or other arrangements; and

    j. Whether the student’s visa was revoked.

    9. The number of student visa holders on F-1, M-1, J-1 nonimmigrant status issued Form I862, Notice to Appear, initiating removal proceedings.

    Thank you for your prompt attention to this critical matter.

    Sincerely,

    MIL OSI USA News

  • MIL-OSI Security: Former Chief Operating Officer Sentenced for Stealing from Morgantown Medical Practice

    Source: Office of United States Attorneys

    CLARKSBURG, WEST VIRGINIA – Francisco Ortiz, age 50, the former chief operating officer of a Morgantown medical practice, was sentenced today to 36 months in federal prison for bank fraud.

    According to court documents and statements made in court, Ortiz, of Vacaville, California, defrauded Wedgewood Physicians, Inc. by diverting more than $650,000 for his own benefit. Ortiz used the funds to pay for personal items such as travel, home improvements, and online purchases. Ortiz also diverted some of the money for the benefit of co-defendant, James Mersing, a physician formerly employed by the practice. Mersing pled guilty to his role and was sentenced in October 2024.

    Ortiz was ordered to pay restitution in the amount of $692,176.19.

    Ortiz will serve five years of supervised release following his prison sentence.

    The Federal Bureau of Investigation investigated.

    Assistant U.S. Attorney Andrew Cogar prosecuted the case on behalf of the government.

    Chief U.S. District Judge Thomas S. Kleeh presided.

    MIL Security OSI

  • MIL-OSI Global: US-China trade war could hurt Nigerian entrepreneurs: why, and how they should prepare

    Source: The Conversation – Africa – By Tolu Olarewaju, Economist and Lecturer in Management, Keele University

    As China and the United States lock horns in a trade war, slamming tariffs on each other, entrepreneurs in Nigeria are vulnerable to the fallout. In 2024, 27.8% of imports into Nigeria came from China. In the same year, US exports to Nigeria reached US$4.2 billion. Economist and entrepreneurship researcher Tolu Olarewaju unpacks what could happen if Chinese products destined for the American market were diverted to developing economies, including Nigeria.

    What dangers do the tariff tensions pose to Nigeria’s entrepreneurs?

    China is the world’s biggest manufacturing nation, producing far more than its population consumes domestically. It is already running an almost US$1 trillion goods surplus, meaning it exports more goods than it imports.

    China is often producing those goods at below the true cost of production due to domestic subsidies and state financial support, like cheap loans for favoured firms.

    If the goods it currently exports are unable to enter the US because tariffs have made them too expensive, Chinese firms could seek to divert them to other countries. This could be beneficial for some consumers. But it could undercut entrepreneurs who make competing products in these countries and threaten jobs and wages.

    Looking at the past profile of Chinese exports to Nigeria, these are some Nigerian goods that could be replaced by cheaper goods from China:

    Textiles and garments: Nigeria is the largest producer of textiles in west Africa. The Nigerian textile, apparel, and footwear sector contributed 2.97% to Nigeria’s GDP in 2023 and contracted by 1.75% in the first quarter of 2024. Locally made fabrics, garments and leather goods can easily be replaced by Chinese products, especially in the low-cost and mass-market segment. This is because China is one of the sector’s largest producers globally and can export at low cost.

    In 2024, the US was the top destination for China’s textiles exports.

    Furniture and home décor: Nigerian artisans are skilled at producing wooden furniture, home décor items, and other interior products. However, China is a global leader in furniture manufacturing. It offers mass-produced, inexpensive items. The wide variety and affordability could displace Nigerian furniture makers. The furniture market in Nigeria is expected to generate revenue of US$5.11 billion in 2025 and experience an annual growth rate of 2.93% between 2025 and 2029.

    Footwear: The Nigerian footwear market is valued at US$2.57 billion in 2025 and is expected to grow annually by 9.83%. The Nigerian footwear industry produces around 50 million pairs of shoes annually and employs over 500,000 people. China is one of the largest producers of footwear. In the US, 61.9% of all shoes are imported from China. Nigerian shoe manufacturers may find it difficult to compete with the flood of affordable Chinese-made footwear.

    Beauty, cosmetic, and skincare products: The Nigerian soap market is growing. It generated revenue of US$660.5 million in 2024 and is expected to reach US$1.07 billion by 2030. With a population of over 200 million, the demand for soap products is increasing. China is a major supplier of inexpensive, mass-produced beauty products.

    What are the biggest challenges holding back Nigerian entrepreneurs?

    Weak infrastructure: Frequent power outages make it difficult for businesses to operate and distribute their products. This is a significant barrier, especially in the age of digital technologies, machine learning and artificial intelligence. Poor road conditions also make it difficult to transport goods.

    High inflation: Nigeria’s headline inflation rate on a year-on-year basis stood at 24.48% in January 2025, and 29.90% in January 2024. High inflation raises the cost of raw materials, fuel, utilities and transport.

    Inflation also means a reduction in the purchasing power of consumers. While inflation should make Nigeria a less attractive market, Chinese goods are typically cheaper than local or western alternatives, even when inflation affects import costs.

    Interest rates for business loans are high in Nigeria. This reduces profit margins and makes it harder to maintain affordable prices for consumers.

    A poor business environment: Nigeria’s unpredictable political and economic landscape, characterised by shifting policies, and inconsistent regulations, makes it difficult for entrepreneurs to plan. They need to be able to forecast expenses, set pricing strategies or invest in long-term projects.

    Corruption also increases the costs of doing business and makes the business environment more uncertain.

    While it might seem logical for the government to protect the domestic business environment with blanket tariffs as suggested by the Lagos Chamber of Commerce and Industry, a more strategic approach is needed, one that focuses on targeted tariffs and investing in sectors with strong growth potential.

    Limited access to finance and high interest rates: Access to finance is a major barrier due to high interest rates and unreasonable collateral requirements for business credit.

    Currency depreciation and exchange rate volatility: The Nigerian naira has depreciated against foreign currencies in recent years. Entrepreneurs who rely on imports for raw materials or equipment have been hit hard by fluctuating exchange rates. Rising import costs can lead to even higher production costs. For businesses looking to export, this volatility can reduce the profitability of foreign sales, discouraging expansion into international markets.

    What should Nigeria’s entrepreneurs do to prepare for any potential fallout from the China-US trade war?

    Identify niche market needs: They should identify a market need that is not being met or that is under-served and cannot easily be met by Chinese goods.

    Focus on customer service: This way, entrepreneurs can build customer loyalty and reputation despite the influx of cheap goods.

    Embrace innovation: Nigerian entrepreneurs should be open to new ideas and technologies that can help them create new products and services, increase efficiency and reduce costs.

    Diversify supply chains: Relying heavily on imports from one country, especially raw materials, machinery, or electronics, can lead to shortages and price hikes if trade tensions escalate. Businesses should identify alternative suppliers, explore local sourcing options, and build stockpiles of essential inputs.

    Explore new export markets: Nigerian entrepreneurs should exploit regional trade agreements like the African Continental Free Trade Area for easier access to African markets.

    Adaptability and value creation: Businesses that focus on value creation are best positioned not just to survive but to thrive amid global shifts. Raw material exporters (for example, cashew and cocoa) may be vulnerable to price shocks. Value-added products offer better margins and greater market protection. Entrepreneurs should consider investing in light manufacturing or local processing, such as turning cocoa into chocolate.

    Tolu Olarewaju 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. US-China trade war could hurt Nigerian entrepreneurs: why, and how they should prepare – https://theconversation.com/us-china-trade-war-could-hurt-nigerian-entrepreneurs-why-and-how-they-should-prepare-254840

    MIL OSI – Global Reports

  • MIL-OSI United Nations: Secretary-General’s remarks to the Security Council – on the Middle East [as delivered; scroll down for all-English and all-French]

    Source: United Nations secretary general

    Monsieur le Président, Excellences,

    Je remercie la présidence française d’organiser cette réunion au niveau ministériel sur le Moyen-Orient, y compris la question palestinienne.

    La région traverse des bouleversements fondamentaux, marqués par la violence et la volatilité, mais également porteurs d’opportunités et de potentiel.

    Au Liban, le cessez-le-feu et l’intégrité territoriale doivent être respectés et tous les engagements doivent être mis en œuvre.

    En Syrie, nous devons poursuivre nos efforts pour accompagner le pays sur la voie d’une transition politique inclusive de toutes les composantes de la population syrienne – une transition qui garantisse la reddition de comptes, favorise la réconciliation nationale, et jette les bases du redressement à long terme de la Syrie ainsi que de son intégration future au sein de la communauté internationale. 

    Cela inclut la situation dans le Golan syrien occupé, qui demeure précaire en raison de violations majeures de l’Accord de désengagement des forces de 1974 – notamment la présence continue des Forces de défense israéliennes dans la zone de séparation, ainsi que leurs multiples frappes contre des sites au-delà de la ligne de cessez-le-feu.

    À travers le Moyen-Orient, les populations réclament et méritent un avenir meilleur – et non des conflits et des souffrances sans fin.

    Nous devons agir ensemble pour faire en sorte que cette période de turbulences et de transition réponde à ces aspirations – et qu’elle apporte justice, dignité, droits, sécurité, et une paix durable.

    Cela commence par la reconnaissance de deux faits fondamentaux : 

    Premièrement, la région se trouve à un moment charnière de son histoire. 

    Et, deuxièmement, que toute paix vraiment durable au Moyen-Orient dépend d’une question centrale.

    Un élément essentiel que ce Conseil de sécurité a affirmé et réaffirmé, année après année, décennie après décennie : une solution à deux États, Israël et la Palestine, vivant côte-à-côte dans la paix et la sécurité, avec Jérusalem comme capitale des deux États.

    Mr. President,

    Today, the promise of a two-State solution is at risk of dwindling to the point of disappearance. 

    The political commitment to this long-standing goal is farther than it has ever been.

    As a result, the rights of both Israelis and Palestinians to live and peace and security have been undermined – and the legitimate national aspirations of the Palestinians have been denied – while they endure Israel’s continued presence that the International Court of Justice has found unlawful. 

    And since the horrific 7 October terror attacks by Hamas, it has gotten worse on every front.

    First, the unrelenting conflict and devastation in Gaza – including the utterly inhumane conditions of life imposed on its people who are repeatedly coming under attack, confined to smaller and smaller spaces, and deprived of lifesaving relief. 

    In line with international law, the Security Council has rejected any attempt at demographic or territorial change in the Gaza Strip, including any actions that reduce its territory. 

    Gaza is — and must remain — an integral part of a future Palestinian state.

    Second, in the occupied West Bank, including East Jerusalem, Israeli military operations and the use of heavy weaponry in residential areas, forcible displacement, demolitions, movement restrictions, and settlement expansion are dramatically altering demographic and geographic realities. 

    Palestinians are being contained and coerced.  Contained in areas that are subject to increasing military operations and where the Palestinian Authority is under growing pressure – and coerced out of areas where settlements are expanding. 

    Third, settler violence continues at alarmingly high levels in a climate of impunity, with entire Palestinian communities facing repeated assaults and destruction, sometimes abetted by Israeli soldiers.

    Palestinian attacks against Israelis in both Israel and the occupied West Bank also continue.

    Mr. President,

    The world cannot afford to watch the two-State solution disappear. 

    Political leaders face clear choices — the choice to be silent, the choice to acquiesce, or the choice to act.

    Mr. President,

    In Gaza, there is no end in sight to the killing and misery.

    The ceasefire had brought a glimmer of hope – the long-sought release of hostages and delivery of lifesaving humanitarian relief.

    But those embers of opportunity were cruelly extinguished with the shattering of the ceasefire on 18 March. 

    Since then, almost 2,000 Palestinians have been killed in Gaza by Israeli strikes and military operations – including women, children, journalists, and humanitarians.

    Hamas also continues to fire rockets towards Israel indiscriminately – while the hostages continue to be held in appalling conditions. 

    The humanitarian situation throughout the Gaza Strip has gone from bad … to worse … to beyond imagination.   

    For nearly two full months, Israel has blocked food, fuel, medicine and commercial supplies, depriving more than two million people of lifesaving relief. 

    All while the world watches.

    I am alarmed by statements by Israeli government officials about the use of humanitarian aid as a tool for military pressure.

    Aid is non-negotiable. 

    Israel must protect civilians and must agree to relief schemes and facilitate them.

    I salute the women and men of the United Nations and all other humanitarian workers – especially our Palestinian colleagues — who continue to work under fire and in incomprehensibly difficult conditions.

    And I mourn all of the women and men of the United Nations who were killed – including some with their families.

    The entry of assistance must be restored immediately — the safety of UN personnel and humanitarian partners must be guaranteed – and UN agencies must be allowed to work in full respect of humanitarian principles:  humanity, impartiality, neutrality and independence.

    There must be no hindrance in humanitarian aid – including through the vital work of UNRWA.

    We need the immediate and unconditional release of all hostages.

    And we need a permanent ceasefire.

    It’s time to stop the repeated displacement of the Gaza population – along with any question of forced displacement outside of Gaza.

    And the trampling of international law must end.

    I call on Member States to use their leverage to ensure that international law is respected and impunity does not prevail.

    This includes for the 19 March incident for which Israel has now acknowledged responsibility in firing on a UN guesthouse, killing one colleague and injuring six others … the 23 March killing of paramedics and other rescue workers in Rafah … as well as many other cases.

    There must be accountability across the board.

    Mr. President,

    Advisory proceedings are ongoing at the International Court of Justice on the obligations of Israel, as an occupying Power and a Member of the United Nations, in relation to the presence and activities of the United Nations in and in relation to the Occupied Palestinian Territory.

    In February, the United Nations Legal Counsel submitted a written statement to the Court – and yesterday, she made an oral statement before the Court – both of which on my behalf.

    The statement to the Court includes points that I have made on a number of occasions.

    Specifically, that all parties to conflict must comply with all their obligations under international law, including international human rights law and international humanitarian law.

    That Israel, as an occupying Power, is under an obligation to ensure food and medical supplies of the population.

    That Israel has an obligation to agree to and facilitate relief schemes in the Occupied Palestinian Territory.

    That humanitarian, medical and United Nations personnel must be respected and protected.

    And I emphasize the obligation under international law to respect the privileges and immunities of the United Nations and its personnel, including the absolute inviolability of United Nations premises, property and assets – and the immunity from legal process of the United Nations. 

    Such immunity applies to all UN entities in the Occupied Palestinian Territory – including UNRWA – a subsidiary organ of the General Assembly.
    I call on Member States to fully support all of these efforts. 

    Mr. President,

    In this period of turmoil and transition for the region, Member States must spell out how they will realize the commitment and promise of a two-State solution.

    This is not a time for ritualistically expressing support, ticking a box, and moving on.

    We are past the stage of ticking boxes – the clock is ticking.

    The two-State solution is near a point of no return. 

    The international community has a responsibility to prevent perpetual occupation and violence.

    My call to Member States is clear and urgent:

    Take irreversible action towards implementing a two-State solution.

    Do not let extremists on any side undermine what remains of the peace process.

    The High-Level Conference in June, co-chaired by France and the Kingdom of Saudi Arabia, is an important opportunity to revitalize international support.

    I encourage Member States to go beyond affirmations, and to think creatively about the concrete steps they will take to support a viable two-State solution before it is too late.

    At the same time, the Palestinian Authority needs stepped-up and sustained support – politically and financially.  This is crucial to ensure the continued viability of Palestinian institutions, consolidate ongoing reforms, and enable the PA to resume its full responsibilities in Gaza.

    Mr. President,

    At this hinge point of history for the people of the Middle East – and on this issue on which so much hinges – leaders must stand and deliver. 

    Show the political courage and exercise the political will to make good on this central question for peace for Palestinians, Israelis, the region and humanity.

    Thank you.

    ***
    [all-English]

    Mr. President, Excellencies,

    I thank the French presidency for convening this ministerial-level meeting on the Middle East, including the Palestinian question.

    The region is undergoing fundamental shifts, marked by violence and volatility but also opportunity and potential.

    In Lebanon, the ceasefire and territorial integrity must be respected and all commitments implemented.

    In Syria, we must keep working to support the country’s path towards a political transition that is inclusive of all segments of the Syrian population – one that ensures accountability, fosters national healing, and lays the foundation for Syria’s long-term recovery and further integration into the international community. 

    This includes the situation in the occupied Syrian Golan — which remains precarious with significant violations of the 1974 Disengagement of Forces Agreement, with the continued presence of the Israel Defense Forces into the area of separation and their several strikes targeting locations across the ceasefire line.

    Across the Middle East, people demand and deserve a better future, not endless conflict and suffering.

    We must collectively work to ensure that this turbulent and transitional period meets those aspirations — and delivers justice, dignity, rights, security and lasting peace.

    It starts by recognizing two fundamental facts: 

    First, that the region is at a hinge-point in history. 

    And, second, that truly sustainable Middle East peace hinges on one central question.

    On a core issue that this Security Council has affirmed and re-affirmed decade after decade, year after year:  a two-state solution, Israel and Palestine, living side-by-side in peace and security, with Jerusalem as the capital of both states.

    Mr. President,

    Today, the promise of a two-State solution is at risk of dwindling to the point of disappearance. 

    The political commitment to this long-standing goal is farther than it has ever been.

    As a result, the rights of both Israelis and Palestinians to live and peace and security have been undermined – and the legitimate national aspirations of the Palestinians have been denied – while they endure Israel’s continued presence that the International Court of Justice has found unlawful. 

    And since the horrific 7 October terror attacks by Hamas, it has gotten worse on every front.

    First, the unrelenting conflict and devastation in Gaza – including the utterly inhumane conditions of life imposed on its people who are repeatedly coming under attack, confined to smaller and smaller spaces, and deprived of lifesaving relief. 

    In line with international law, the Security Council has rejected any attempt at demographic or territorial change in the Gaza Strip, including any actions that reduce its territory. 

    Gaza is — and must remain — an integral part of a future Palestinian state.

    Second, in the occupied West Bank, including East Jerusalem, Israeli military operations and the use of heavy weaponry in residential areas, forcible displacement, demolitions, movement restrictions, and settlement expansion are dramatically altering demographic and geographic realities. 

    Palestinians are being contained and coerced.  Contained in areas that are subject to increasing military operations and where the Palestinian Authority is under growing pressure – and coerced out of areas where settlements are expanding. 

    Third, settler violence continues at alarmingly high levels in a climate of impunity, with entire Palestinian communities facing repeated assaults and destruction, sometimes abetted by Israeli soldiers.

    Palestinian attacks against Israelis in both Israel and the occupied West Bank also continue.

    Mr. President,

    The world cannot afford to watch the two-State solution disappear. 

    Political leaders face clear choices — the choice to be silent, the choice to acquiesce, or the choice to act.

    Mr. President,

    In Gaza, there is no end in sight to the killing and misery.

    The ceasefire had brought a glimmer of hope – the long-sought release of hostages and delivery of lifesaving humanitarian relief.

    But those embers of opportunity were cruelly extinguished with the shattering of the ceasefire on 18 March. 

    Since then, almost 2,000 Palestinians have been killed in Gaza by Israeli strikes and military operations – including women, children, journalists, and humanitarians.

    Hamas also continues to fire rockets towards Israel indiscriminately – while the hostages continue to be held in appalling conditions. 

    The humanitarian situation throughout the Gaza Strip has gone from bad … to worse … to beyond imagination.   

    For nearly two full months, Israel has blocked food, fuel, medicine and commercial supplies, depriving more than two million people of lifesaving relief. 

    All while the world watches.

    I am alarmed by statements by Israeli government officials about the use of humanitarian aid as a tool for military pressure.

    Aid is non-negotiable. 

    Israel must protect civilians and must agree to relief schemes and facilitate them.

    I salute the women and men of the United Nations and all other humanitarian workers – especially our Palestinian colleagues — who continue to work under fire and in incomprehensibly difficult conditions.

    And I mourn all of the women and men of the United Nations who were killed – including some with their families.

    The entry of assistance must be restored immediately — the safety of UN personnel and humanitarian partners must be guaranteed – and UN agencies must be allowed to work in full respect of humanitarian principles:  humanity, impartiality, neutrality and independence.

    There must be no hindrance in humanitarian aid – including through the vital work of UNRWA.

    We need the immediate and unconditional release of all hostages.

    And we need a permanent ceasefire.

    It’s time to stop the repeated displacement of the Gaza population – along with any question of forced displacement outside of Gaza.

    And the trampling of international law must end.

    I call on Member States to use their leverage to ensure that international law is respected and impunity does not prevail.

    This includes for the 19 March incident for which Israel has now acknowledged responsibility in firing on a UN guesthouse, killing one colleague and injuring six others … the 23 March killing of paramedics and other rescue workers in Rafah … as well as many other cases.

    There must be accountability across the board.

    Mr. President,

    Advisory proceedings are ongoing at the International Court of Justice on the obligations of Israel, as an occupying Power and a Member of the United Nations, in relation to the presence and activities of the United Nations in and in relation to the Occupied Palestinian Territory.

    In February, the United Nations Legal Counsel submitted a written statement to the Court – and yesterday, she made an oral statement before the Court – both of which on my behalf.

    The statement to the Court includes points that I have made on a number of occasions.

    Specifically, that all parties to conflict must comply with all their obligations under international law, including international human rights law and international humanitarian law.

    That Israel, as an occupying Power, is under an obligation to ensure food and medical supplies of the population.

    That Israel has an obligation to agree to and facilitate relief schemes in the Occupied Palestinian Territory.

    That humanitarian, medical and United Nations personnel must be respected and protected.

    And I emphasize the obligation under international law to respect the privileges and immunities of the United Nations and its personnel, including the absolute inviolability of United Nations premises, property and assets – and the immunity from legal process of the United Nations. 

    Such immunity applies to all UN entities in the Occupied Palestinian Territory – including UNRWA – a subsidiary organ of the General Assembly.

    I call on Member States to fully support all of these efforts. 

    Mr. President,

    In this period of turmoil and transition for the region, Member States must spell out how they will realize the commitment and promise of a two-State solution.

    This is not a time for ritualistically expressing support, ticking a box, and moving on.

    We are past the stage of ticking boxes – the clock is ticking.

    The two-State solution is near a point of no return. 

    The international community has a responsibility to prevent perpetual occupation and violence.

    My call to Member States is clear and urgent:

    Take irreversible action towards implementing a two-State solution.

    Do not let extremists on any side undermine what remains of the peace process.

    The High-Level Conference in June, co-chaired by France and the Kingdom of Saudi Arabia, is an important opportunity to revitalize international support.

    I encourage Member States to go beyond affirmations, and to think creatively about the concrete steps they will take to support a viable two-State solution before it is too late.

    At the same time, the Palestinian Authority needs stepped-up and sustained support – politically and financially.  This is crucial to ensure the continued viability of Palestinian institutions, consolidate ongoing reforms, and enable the PA to resume its full responsibilities in Gaza.

    Mr. President,

    At this hinge point of history for the people of the Middle East – and on this issue on which so much hinges – leaders must stand and deliver. 

    Show the political courage and exercise the political will to make good on this central question for peace for Palestinians, Israelis, the region and humanity.

    Thank you.

    ***
    [all-French]

    Monsieur le Président, Excellences,

    Je remercie la présidence française d’organiser cette réunion au niveau ministériel sur le Moyen-Orient, y compris la question palestinienne.

    La région traverse des bouleversements fondamentaux, marqués par la violence et la volatilité, mais également porteurs d’opportunités et de potentiel.

    Au Liban, le cessez-le-feu et l’intégrité territoriale doivent être respectés et tous les engagements doivent être mis en œuvre.

    En Syrie, nous devons poursuivre nos efforts pour accompagner le pays sur la voie d’une transition politique inclusive de toutes les composantes de la population syrienne – une transition qui garantisse la reddition de comptes, favorise la réconciliation nationale, et jette les bases du redressement à long terme de la Syrie ainsi que de son intégration future au sein de la communauté internationale. 

    Cela inclut la situation dans le Golan syrien occupé, qui demeure précaire en raison de violations majeures de l’Accord de désengagement des forces de 1974 – notamment la présence continue des Forces de défense israéliennes dans la zone de séparation, ainsi que leurs multiples frappes contre des sites au-delà de la ligne de cessez-le-feu.

    À travers le Moyen-Orient, les populations réclament et méritent un avenir meilleur – et non des conflits et des souffrances sans fin.

    Nous devons agir ensemble pour faire en sorte que cette période de turbulences et de transition réponde à ces aspirations – et qu’elle apporte justice, dignité, droits, sécurité, et une paix durable.

    Cela commence par la reconnaissance de deux faits fondamentaux : 

    Premièrement, la région se trouve à un moment charnière de son histoire. 
    Et, deuxièmement, que toute paix vraiment durable au Moyen-Orient dépend d’une question centrale.

    Un élément essentiel que ce Conseil de sécurité a affirmé et réaffirmé, année après année, décennie après décennie : une solution à deux États, Israël et la Palestine, vivant côte-à-côte dans la paix et la sécurité, avec Jérusalem comme capitale des deux États.

    Monsieur le Président,

    Aujourd’hui, la promesse de la solution des deux États court le risque de s’effilocher au point de disparaître.

    L’engagement politique en faveur de cet objectif de longue date n’a jamais été aussi ténu.

    De ce fait, les droits des Israéliens et des Palestiniens de vivre en paix et sécurité ont été mis à mal – et les aspirations nationales légitimes des Palestiniens ont été niées – alors qu’ils continuent de subir une présence israélienne que la Cour internationale de justice a jugée illicite.

    Depuis les effroyables attaques terroristes perpétrées par le Hamas le 7 octobre, la situation s’est aggravée sur tous les fronts.

    Premièrement, avec le conflit incessant et la dévastation que subit la bande de Gaza : les conditions de vie sont absolument inhumaines, les habitants sont la cible d’attaques à répétition et sont confinés dans des espaces de plus en plus réduits et privés d’une aide vitale.

    S’appuyant sur le droit international, le Conseil de sécurité a rejeté toute tentative de changement démographique ou territorial dans la bande de Gaza, y compris tout acte visant à réduire le territoire.

    Gaza fait partie intégrante d’un futur État palestinien et doit le rester.

    Deuxièmement, en Cisjordanie occupée, y compris Jérusalem-Est, les opérations militaires israéliennes et l’emploi d’armes lourdes dans des zones résidentielles, les déplacements forcés, les démolitions, les restrictions de circulation et l’expansion des colonies transforment radicalement les réalités démographiques et géographiques.

    Les Palestiniens sont cantonnés dans certains endroits et contraints d’en quitter d’autres. Ils sont cantonnés dans des zones où les opérations militaires se multiplient et où l’Autorité palestinienne est soumise à des pressions croissantes, et contraints de quitter les zones où les colons étendent leur emprise.

    Troisièmement, la violence exercée par les colons se poursuit dans un climat d’impunité, parfois avec la complicité de soldats israéliens, et atteint des niveaux alarmants : des communautés palestiniennes tout entières sont agressées et victimes de destructions à répétition.

    Les attaques menées par des Palestiniens contre des Israéliens en Israël et en Cisjordanie occupée se poursuivent également.

    Monsieur le Président,

    Le monde ne peut pas se permettre de voir la solution des deux États s’évanouir.

    Les dirigeants politiques ont le choix : se taire, acquiescer ou agir.

    Monsieur le Président,

    À Gaza, rien ne laisse entrevoir la fin de la tuerie et des souffrances.

    Le cessez-le-feu avait apporté une lueur d’espoir : la libération des otages, tant attendue, et l’acheminement d’une aide humanitaire vitale.
    Hélas, cette lueur d’espoir s’est éteinte avec la rupture du cessez-le-feu le 18 mars.

    Depuis, les frappes et les opérations militaires israéliennes ont fait près de 2000 morts parmi les Palestiniens dans la bande de Gaza, y compris des femmes, des enfants, des journalistes et du personnel humanitaire.

    Le Hamas continue également de tirer des roquettes sur Israël sans discernement – tandis que les otages sont toujours détenus dans des conditions épouvantables.

    Déjà mauvaise, la situation humanitaire dans la bande de Gaza n’a fait qu’empirer et dépasse aujourd’hui l’entendement.

    Depuis près de deux mois, Israël bloque les livraisons de nourriture, de carburant, de médicaments et de marchandises, privant ainsi plus de deux millions de personnes d’une aide vitale.

    Et ce, au vu et au su du monde entier.

    Je suis alarmé par les déclarations de représentants d’Israël concernant l’utilisation de l’aide humanitaire comme moyen de pression militaire.

    L’aide humanitaire n’est pas négociable.

    Israël est tenu de protéger les civils ; il doit accepter les programmes d’aide et en faciliter l’exécution.

    Je rends hommage au personnel des Nations Unies, femmes et hommes, ainsi qu’à tous les autres agents humanitaires, en particulier à nos collègues palestiniens, qui continuent à travailler malgré les frappes et dans des conditions inouïes.

    Et je pleure toutes les femmes et tous les hommes des Nations Unies qui ont été tués – y compris certains avec leurs familles.

    L’acheminement de l’aide doit être rétabli immédiatement, la sécurité du personnel des Nations Unies et des partenaires humanitaires doit être garantie et les entités des Nations Unies doivent pouvoir travailler dans le plein respect des principes humanitaires : humanité, impartialité, neutralité et indépendance.

    Il ne doit y avoir aucune entrave à l’aide humanitaire, notamment au travail vital que fait l’UNRWA.

    Il faut que tous les otages soient libérés immédiatement et sans conditions.

    Et il faut un cessez-le-feu permanent.

    Il est temps de mettre un terme aux déplacements répétés de la population de Gaza, ainsi qu’à la question des déplacements forcés en dehors de Gaza.

    Et il faut cesser de bafouer le droit international.

    J’engage tous les États Membres à user de leur influence pour que le droit international soit respecté et que l’impunité ne l’emporte pas.

    Je veux parler notamment de la frappe du 19 mars contre une résidence des Nations Unies, qui a fait un mort et six blessés parmi nos collègues et pour laquelle Israël a désormais reconnu sa responsabilité … de l’attaque du 23 mars, dans laquelle du personnel paramédical et d’autres secouristes ont trouvé la mort à Rafah … et de bien d’autres encore.

    Aucun acte ne saurait rester impuni.

    Monsieur le Président,

    Une procédure consultative a été engagée à la Cour internationale de Justice sur les obligations d’Israël, Puissance occupante et membre de l’ONU, en ce qui concerne la présence et les activités des entités des Nations Unies dans le Territoire palestinien occupé et en lien avec celui-ci.

    En février, la Conseillère juridique de l’ONU a soumis en mon nom une déclaration écrite à la Cour, et hier, elle a fait une déclaration orale devant la Cour, également en mon nom.

    Cette déclaration reprend des points que j’ai soulevés à plusieurs reprises.

    En particulier, le fait que toutes les parties au conflit sont tenues de s’acquitter des obligations que leur impose le droit international, y compris le droit international humanitaire et le droit international des droits humains.

    Qu’Israël, Puissance occupante, est tenu d’assurer l’approvisionnement de la population en produits alimentaires et fournitures médicales.

    Qu’il est tenu d’accepter les programmes d’aide et d’en faciliter l’exécution dans le Territoire palestinien occupé.

    Que le personnel humanitaire et médical, ainsi que le personnel des Nations Unies, doit être respecté et protégé.

    Je tiens à insister sur l’obligation faite en droit international de respecter les privilèges et immunités des Nations Unies et de leur personnel, y compris l’inviolabilité absolue des locaux, des biens et des avoirs des Nations Unies, ainsi que l’immunité de juridiction des Nations Unies.

    Cette immunité s’applique à toutes les entités des Nations Unies dans le Territoire palestinien occupé, y compris l’UNRWA, organe subsidiaire de l’Assemblée générale.

    J’engage les États Membres à soutenir tous ces efforts.

    Monsieur le Président,

    En cette période de tourmente et de transition pour la région, les États Membres doivent énoncer clairement comment ils concrétiseront l’engagement qu’ils ont pris et la promesse qu’ils ont faite quant à la solution des deux États.

    Ce n’est pas le moment d’exprimer rituellement son soutien, de cocher une case et de passer à autre chose.

    Nous avons dépassé le stade des cases à cocher : le temps presse.

    Pour la solution des deux États, le glas a presque sonné.

    La communauté internationale a la responsabilité d’empêcher l’occupation et la violence perpétuelles.

    L’appel que je leur lance est urgent et sans équivoque :

    Prenez des mesures irréversibles pour concrétiser la solution des deux États.

    Ne laissez pas les extrémistes de tout bord saper ce qu’il reste du processus de paix.

    La Conférence de haut niveau qui se tiendra en juin, co-présidée par la France et le Royaume d’Arabie saoudite, est une véritable occasion de revitaliser le soutien international.

    J’encourage les États membres à aller au-delà des affirmations et à réfléchir de manière créative aux mesures concrètes qu’ils prendront pour soutenir une solution viable à deux États avant qu’il ne soit trop tard.

    J’encourage les États Membres à traduire les paroles en actes et à réfléchir de manière créative pour déterminer les mesures concrètes qu’ils prendront pour soutenir une solution viable de deux États – avant qu’il ne soit trop tard.

    Parallèlement, l’Autorité palestinienne a besoin d’un soutien accru et durable, tant sur le plan politique que financièrement parlant. C’est une condition essentielle pour garantir la viabilité des institutions palestiniennes, asseoir les réformes engagées et permettre à l’Autorité palestinienne d’exercer de nouveau toutes ses responsabilités dans la bande de Gaza.

    Monsieur le Président,

    À ce moment charnière de l’histoire pour les peuples du Moyen-Orient – et vis-à-vis de cette question dont dépendent tant de choses – les dirigeants doivent concrétiser leur promesse.

    Faites preuve de courage et de volonté politiques, tenez vos engagements vis-à-vis de cette question centrale pour la paix : pour les Palestiniens, les Israéliens, la région et l’humanité tout entière.

    Je vous remercie.

    MIL OSI United Nations News

  • MIL-OSI Australia: Making it easier for victim-survivors to leave

    Source: Northern Territory Police and Fire Services

    New ACT laws aim to support tenants experiencing domestic or family violence.

    In brief:

    • New ACT rental laws aim to help victim-survivors leave abusive situations.
    • The laws allow tenants experiencing domestic or family violence to break their lease.
    • This article explains what the new laws mean for tenants.

    New ACT rental laws to help victim-survivors leave abusive situations are now in place.

    The new laws allow tenants who have experienced domestic and family violence to break a lease immediately.

    To give their landlord a family violence termination notice, tenants need to provide supporting evidence.

    This could include a declaration from a specified list of professionals or a relevant legal order.

    Relevant professionals include:

    • social workers
    • doctors
    • nurses
    • community support workers at family violence or child welfare services.

    The legislation also seeks to ensure victim-survivors’ confidentiality by preventing landlords or agents from sharing tenants’ sensitive information.

    Other reforms include new provisions to protect tenants by:

    • limiting rent increases
    • mandating break-lease fee caps
    • simplifying property condition reports for tenants signing on for a new tenancy at the same rental property.

    Further rental reforms to come

    From 9 January 2025 landlords will need to provide tenants with:

    • safety information about any swimming pools or spas at the rental property
    • a unit title rental certificate, if the property is a unit.

    The unit title rental certificate provides tenants with important information about the owner’s corporation and the common property of their unit’s complex.

    These reforms progress the ACT’s commitment to the ‘Better Deal for Renters’ agreed by the National Cabinet. It aims to strengthen renters’ rights across Australia.

    For more information about the changes to residential tenancy laws, visit the Justice and Community Safety website.

    Read more like this:


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


    MIL OSI News

  • MIL-OSI Security: Memphis Woman Sentenced in Health Care Fraud Scheme and Schemes to Defraud COVID-19 Relief Program

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Memphis, TN – A federal judge has sentenced Nakita Cannady, 49, to 14 months in federal prison to be followed by two years of supervised release for healthcare fraud and making false statements in connection with loan applications for the Covid-19 Relief Program.  The final sentencing hearing was concluded on April 4, 2025, with the entry of an order by Senior United States District Judge John T. Fowlkes, Jr. directing the defendant to pay more than $500,000.00 dollars in restitution to the victims.  Joseph C. Murphy, Jr., Interim United States Attorney for the Western District of Tennessee, announced the sentence today.

    According to the original federal indictment in the healthcare fraud case, Cannady owned and operated What About Us In-Home Healthcare, a home healthcare services business that purported to provide custodial healthcare services 24-hours a day, 7 days a week to mostly elderly patients. From May 29, 2017 through December 23, 2019, Cannady fraudulently billed Cigna Insurance for 24 hours a day of home healthcare when she knew the patients had only received 8 or 12 hours a day of home healthcare. Cannady was ordered to make restitution to Cigna Insurance in the amount of $193,508.10.

    According to the second federal indictment, from June 17, 2020 through April 15, 2021, Cannady submitted six fraudulent Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) applications for four purported businesses she controlled, specifically: What About Us Childcare, What About Us Foundation, What About Us Adult Daycare, and What About Us In-Home Healthcare. Cannady’s loan applications contained false information concerning the dates of operation, gross revenues, costs of goods sold, number of employees, and amount of payroll related to the businesses. Cannady was ordered to make restitution to the Small Business Administration in the amount of $346,882.13.   

    “Those who exploit health care programs for personal gain will be held accountable to the fullest extent of the law,” said Special Agent in Charge Joseph E. Carrico of the Federal Bureau of Investigation (FBI) Nashville Field Office. “Health care fraud is a priority for the FBI, and we will continue to work with our partners to investigate those who prioritize greed over the well-being of others.”

    Interim United States Attorney Joseph C. Murphy, Jr. and Assistant United States Attorney Raney Irwin prosecuted this case on behalf of the United States. Assistant United States Attorney Christopher Cotten and former Assistant United States Attorneys Courtney Lewis and Murrell Foster also assisted in the prosecution of this case.  The FBI Nashville Field Office – Memphis Resident Agency and the Tennessee Bureau of Investigation investigated this case.

    ###

    For more information, please contact the media relations team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

    MIL Security OSI

  • MIL-OSI Security: Prolific Fraudster Sentenced to 10 Years for Series of Schemes Costing Victims Millions

    Source: Federal Bureau of Investigation (FBI) State Crime News

    HOUSTON – A 39-year-old Manvel resident who used his veteran status to perpetuate several financial crimes has been ordered to federal prison, announced U.S. Attorney Nicholas J. Ganjei.

    Antonio Jackson Jr. pleaded guilty Feb. 4.

    U.S. District Judge Lee Rosenthal has now ordered Jackson to serve 120 months in federal prison to be immediately followed by three years of supervised release. The court also ordered Jackson to pay a total of $1,974,145.63 in restitution to four different victims.     

    At the hearing, the court heard additional evidence about the various methods Jackson used to exploit his victims, including creating fake companies, submitting bogus tax records and even faking signatures of government officials and copying official government seals and emblems. In handing down the sentence, Judge Rosenthal highlighted Jackson’s wide-ranging criminal conduct and his ongoing commitment to defrauding both public and private victims. The court also noted that Jackson exploited his brief stint in the U.S. Army, which ended in a court-martial, as a way to deceive others under the guise of service.  

    From July 2020 to May 2021, Jackson submitted four false Paycheck Protection Program (PPP) loan applications. He claimed his business earned millions in revenue and paid hundreds of thousands in wages to more than 20 employees. In reality, Jackson fabricated tax returns, bank statements and other business records to support his false claims. The scheme resulted in losses of approximately $480,000.

    While awaiting trial, authorities uncovered three additional schemes Jackson committed. As part of his plea agreement, he admitted to defrauding a Washington D.C.-based federal credit union through a series of scam home improvement loans. Jackson also made false statements to obtain a Department of Veteran’s Affairs (VA)-backed loan. In addition, he defrauded Brazoria County taxpayers by falsely claiming disabled veteran status to receive property tax relief on his Manvel residence.

    He will remain in custody pending transfer to a Federal Bureau of Prisons facility to be determined in the near future.

    The Small Business Administration and the Department of Veteran’s Affairs- Office of Inspector General conducted the investigation with the assistance of several local police departments. Assistant U.S. Attorneys Andrew Swartz and Thomas Carter prosecuted the case.

    MIL Security OSI

  • MIL-OSI: BloFin Surpasses Top Exchange Standards in Performance, Liquidity, and Broker Integration

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, April 29, 2025 (GLOBE NEWSWIRE) — BloFin, a futures-focused trading platform and Title Sponsor of TOKEN2049 Dubai 2025, is accelerating the next generation of trading infrastructure.

    According to its April 2025 technical performance report, BloFin’s trading system outperforms many top-tier global exchanges in key areas, including speed, stability, efficiency, and automation. From ultra-low-latency execution to industry-leading memory and CPU optimization, and the highest level of broker integration and API openness, BloFin is building an infrastructure designed for professional traders and institutions.

    Low-Latency Performance Across Devices: BloFin Delivers Seamless Trading on Both Web and Mobile with Institutional-Grade Speed and Stability

    BloFin Outperforms Top Exchanges with Best-in-Class Homepage, Spot, and Futures Trading Performance. According to real-user data and Google PageSpeed testing, BloFin’s homepage scored 86, outperforming OKX (79), Binance (71), Bitget (60), and Bybit (54), which deliver faster loading, smoother interaction, and a superior first impression for users.

    On the trading side, BloFin’s spot page achieved a score of 66, and its futures page reached 63, both surpassing major competitors.

    These results highlight BloFin’s commitment to offering traders a consistently faster, more stable, and more reliable experience, even under heavy trading loads.

    – Data Source: Google PageSpeed Insights – Core Web Vitals (CWV) performance data

    Ranking Top 3: BloFin Among the Best-in-Class Exchanges for Mobile App Efficiency

    BloFin also continues to lead in mobile performance, ranking among the top three exchanges for app speed and efficiency. With a startup time of just 1.57 seconds, BloFin outperforms BingX, Bybit, and Bitget, allowing traders to access the platform quickly without delay. BloFin also maintains a low stutter rate (68 times), closely following Binance and significantly outperforming Bybit, Bitget, and OKX for a smoother and more stable experience.

    In addition, it demonstrates industry-leading memory efficiency, using only 354 MB compared to Binance (732 MB) and Bitget (832 MB), and achieves the lowest CPU usage at just 17%, which minimizes device strain and maximizes battery life during trading.

    BloFin leads top-tier exchanges in broker integrations, with over 30 external partners, far ahead of Bybit, BingX, MEXC, and others.

    Additionally, BloFin leads the industry with 30 broker integrations, far surpassing other exchanges. Major partners include CCXT, CoinStats, Tuleep Trade, Alertatron, and Crypto OS, giving users unparalleled access to external trading tools and ecosystems. BloFin stands out with clear, verifiable partnerships with top broker platforms.

    The platform currently supports full public API access for futures trading, including copy trading strategies. More than 30 external brokers, including CCXT, CoinStat, and Compendium, are already integrated, making it easy for institutional traders, quants, and strategy providers to connect and operate at scale.

    Additionally, BloFin has introduced direct support for high-frequency bots and automated strategy deployment, allowing users to execute, optimize, and scale their trading operations seamlessly. This infrastructure not only boosts platform liquidity but also promotes organic, strategy-driven growth.

    As BloFin continues to scale its infrastructure and expand its global presence, the platform is setting a new benchmark for speed, strategy, and institutional-grade trading.

    With a commitment to technical excellence and continuous innovation, BloFin is shaping the future of professional crypto trading — staying true to its mission of being Where Whales Are Made.

    Follow BloFin X(Twitter)|TelegramInstagramYouTube

    About BloFin

    ​BloFin is a top-tier cryptocurrency exchange that specializes in futures trading. The platform offers 480+ USDT-M perpetual pairs, spot trading, copy trading, API access, unified account management, and advanced sub-account solutions. Committed to security and compliance, BloFin integrates Fireblocks and Chainalysis to ensure robust asset protection. By partnering with top affiliates, BloFin delivers scalable trading solutions, efficient fund management, and enhanced flexibility for professional traders. ​As the constant sponsor of TOKEN2049, BloFin continues to expand its global presence, reinforcing its position as the place “WHERE WHALES ARE MADE.” For more information, visit BloFin’s official website at https://www.blofin.com.

    Contact:
    Annio W.
    annio@blofin.io

    Disclaimer: This is a paid post and is provided by BloFin. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/e0e64264-68ce-464a-a4c8-4a0d541f1cb6

    https://www.globenewswire.com/NewsRoom/AttachmentNg/8d004181-f257-4e19-9c20-f50ef6939963

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    https://www.globenewswire.com/NewsRoom/AttachmentNg/f68c4b0e-83da-4f4d-afc2-33b1780fa42d

    The MIL Network

  • MIL-OSI Security: Coast Guard responds to vessel collision, sunken barge on Lower Mississippi River near New Orleans

    Source: United States Coast Guard

    News Release  

    U.S. Coast Guard 8th District Heartland
    Contact: 8th District Public Affairs
    Office: 504-671-2020
    After Hours: 618-225-9008
    Eighth District online newsroom

     

    Port conditions change based on weather forecasts, and current port conditions can be viewed on the following Coast Guard homeport webpages:

    For more information follow us on Facebook and Twitter.

    MIL Security OSI

  • MIL-OSI: Eagle Bancorp Montana Earns $3.2 Million, or $0.41 per Diluted Share, in the First Quarter of 2025; Declares Quarterly Cash Dividend of $0.1425 Per Share and Renews Stock Repurchase Plan

    Source: GlobeNewswire (MIL-OSI)

    HELENA, Mont., April 29, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana (the “Bank”), today reported net income of $3.2 million, or $0.41 per diluted share, in the first quarter of 2025, compared to $3.4 million, or $0.44 per diluted share, in the preceding quarter, and $1.9 million, or $0.24 per diluted share, in the first quarter of 2024.

    Eagle’s board of directors declared a quarterly cash dividend of $0.1425 per share on April 24, 2025. The dividend will be payable June 6, 2025, to shareholders of record May 16, 2025. The current dividend represents an annualized yield of 3.43% based on recent market prices.

    “We produced solid first quarter 2025 operating results, reflecting quarterly deposit growth, a reduction in operating expenses and net interest margin expansion,” said Laura F. Clark, President and CEO. “We are making progress in building our community bank franchise across the state of Montana, highlighted by a steady core deposit base and a well-balanced loan portfolio. We are one of only three publicly traded financial institutions based in Montana, and while market volatility and interest rate cycles continue to impact the overall economy, we remain well positioned in our markets to continue to grow.”

    First Quarter 2025 Highlights (at or for the three-month period ended March 31, 2025, except where noted):

    • Net income was $3.2 million, or $0.41 per diluted share, in the first quarter of 2025, compared to $3.4 million, or $0.44 per diluted share, in the preceding quarter, and increased 70.7% compared to $1.9 million, or $0.24 per diluted share, in the first quarter a year ago.
    • Net interest margin (“NIM”) was 3.74% in the first quarter of 2025, a 15-basis point increase compared to 3.59% in the preceding quarter and a 41-basis point increase compared to the first quarter a year ago.
    • Net interest income, before the provision for credit losses, increased 0.7% to $16.9 million in the first quarter of 2025, compared to $16.8 million in the fourth quarter of 2024, and increased 11.1% compared to $15.2 million in the first quarter of 2024.
    • Revenues (net interest income before the provision for credit losses, plus noninterest income) decreased 2.1% to $20.9 million in the first quarter of 2025, compared to $21.4 million in the preceding quarter and increased 9.1% compared to $19.2 million in the first quarter a year ago.
    • Total loans increased 1.7% to $1.52 billion, at March 31, 2025, compared to $1.50 billion a year earlier, and remained unchanged compared to $1.52 billion at December 31, 2024.
    • Total deposits increased $54.4 million or 3.3% to $1.69 billion at March 31, 2025, compared to a year earlier, and increased $8.7 million or 0.5%, compared to December 31, 2024.
    • The allowance for credit losses represented 1.10% of portfolio loans and 313.1% of nonperforming loans at March 31, 2025, compared to 1.10% of total portfolio loans and 227.6% of nonperforming loans at March 31, 2024.
    • The Company paid a quarterly cash dividend in the first quarter of $0.1425 per share on March 7, 2025, to shareholders of record February 14, 2025.
    • The Company’s available borrowing capacity was approximately $437.4 million at March 31, 2025, compared to $404.0 million at December 31, 2024.
      March 31, 2025 December 31, 2024
    (Dollars in thousands) Borrowings Outstanding Remaining Borrowing Capacity Borrowings Outstanding Remaining Borrowing Capacity
    Federal Home Loan Bank advances $ 124,952 $ 310,857 $ 140,930 $ 276,664
    Federal Reserve Bank discount window     26,509     27,349
    Correspondent bank lines of credit     100,000     100,000
    Total $ 124,952 $ 437,366 $ 140,930 $ 404,013
                     

    Balance Sheet Results

    Total assets were $2.09 billion at March 31, 2025, compared to $2.08 billion a year ago, and $2.10 billion three months earlier. The investment securities portfolio totaled $291.7 million at March 31, 2025, compared to $311.2 million a year ago, and $292.6 million at December 31, 2024.

    Eagle originated $43.2 million in new residential mortgages during the quarter and sold $42.8 million in residential mortgages, with an average gross margin on sale of mortgage loans of approximately 3.15%. This production compares to residential mortgage originations of $68.1 million in the preceding quarter with sales of $64.0 million and an average gross margin on sale of mortgage loans of approximately 3.18%. Mortgage volumes remain low as rates have continued to be elevated relative to rates on existing mortgages.

    Total loans increased $26.1 million, or 1.7%, compared to a year ago, and increased $2.9 million, or 0.2%, from three months earlier. Commercial real estate loans increased 5.3% to $666.3 million at March 31, 2025, compared to $632.5 million a year earlier. Commercial real estate loans were comprised of 71.9% non-owner occupied and 28.1% owner occupied at March 31, 2025. Agricultural and farmland loans increased 10.7% to $284.6 million at March 31, 2025, compared to $257.0 million a year earlier. Residential mortgage loans decreased 4.9% to $149.7 million, compared to $157.4 million a year earlier. Commercial loans increased 1.5% to $139.7 million, compared to $137.6 million a year ago. Commercial construction and development loans decreased 25.5% to $110.1 million, compared to $147.7 million a year ago. Home equity loans increased 11.3% to $100.7 million, residential construction loans increased 1.1% to $45.5 million, and consumer loans decreased 9.1% to $27.0 million, compared to a year ago.

    “Our deposit mix has shifted over the last several quarters towards higher yielding deposits due to the higher interest rate environment, a trend that has affected most community banks. However, we have started to experience an ease in deposit pricing following the Fed rate cuts in the second half of 2024, and we anticipate this will continue as CDs continue to reprice,” said Miranda Spaulding, CFO.

    Total deposits increased to $1.69 billion at March 31, 2025, compared to $1.64 billion at March 31, 2024, and $1.68 billion at December 31, 2024. Noninterest-bearing checking accounts represented 24.3%, interest-bearing checking accounts represented 12.5%, savings accounts represented 12.6%, money market accounts comprised 23.5% and time certificates of deposit made up 27.1% of the total deposit portfolio at March 31, 2025. Time certificates on deposits include $6.2 million in brokered certificates at March 31, 2025, compared to $50.0 million at March 31, 2024 and no brokered certificates at December 31, 2024. The average cost of total deposits was 1.67% in the first quarter of 2025, compared to 1.71% in the preceding quarter and 1.62% in the first quarter of 2024. The estimated amount of uninsured deposits was approximately $309.0 million, or 18% of total deposits, at March 31, 2025, compared to $323.0 million, or 19% of total deposits, at December 31, 2024.

    FHLB advances and other borrowings decreased to $125.0 million at March 31, 2025, compared to $177.5 million at March 31, 2024, and $140.9 million at December 31, 2024. The average cost of FHLB advances and other borrowings was 4.75% in the first quarter of 2025, compared to 5.02% in the preceding quarter and 5.53% in the first quarter of 2024.
    Shareholders’ equity was $177.6 million at March 31, 2025, compared to $168.9 million a year earlier and $174.8 million three months earlier. Book value per share increased to $22.26 at March 31, 2025, compared to $21.07 a year earlier and $21.77 three months earlier. Tangible book value per share, a non-GAAP financial measure calculated by dividing shareholders’ equity, less goodwill and core deposit intangible, by common shares outstanding, increased to $17.38 at March 31, 2025, compared to $16.05 a year earlier and $16.88 three months earlier.

    Operating Results

    “As anticipated, the higher yields on interest earning assets combined with a lower cost of funds contributed to our 15-basis point NIM expansion during the quarter, compared to the preceding quarter,” said Spaulding. “We anticipate continued improvement in our cost of funds based on current Fed rates.”

    Eagle’s NIM was 3.74% in the first quarter of 2025, a 15-basis point increase compared to 3.59% in the preceding quarter and a 41-basis point improvement compared to the first quarter a year ago. The interest accretion on acquired loans totaled $172,000 and resulted in a four basis-point increase in the NIM during the first quarter of 2025, compared to $161,000 and a four basis-point increase in the NIM during the preceding quarter. Average yields on interest earning assets for the first quarter of 2025 increased to 5.76%, compared to 5.70% in the fourth quarter of 2025 and 5.47% in the first quarter a year ago. Funding costs for the first quarter of 2025 were 2.54%, compared to 2.69% in the fourth quarter of 2024 and 2.67% in the first quarter of 2024.

    Net interest income, before the provision for credit losses, increased 0.7% to $16.9 million in the first quarter of 2025, compared to $16.8 million in the fourth quarter of 2024, and increased 11.1% compared to $15.2 million in the first quarter of 2024.

    Total noninterest income decreased 12.2% to $4.0 million in the first quarter of 2025, compared to $4.6 million in the preceding quarter, and unchanged compared to $4.0 million in the first quarter a year ago. Net mortgage banking income, the largest component of noninterest income, totaled $2.1 million in the first quarter of 2025, compared to $2.8 million in the preceding quarter and $2.2 million in the first quarter a year ago. This decrease compared to the preceding quarter was largely driven by a decline in net gain on sale of mortgage loans, which was impacted by lower mortgage loan volumes.

    Eagle’s first quarter noninterest expense was $17.0 million, a decrease of 3.9% compared to $17.7 million in the preceding quarter and unchanged compared to $17.0 million in the first quarter a year ago. Contract changes led to lower data processing expense, which contributed to the quarter-over-quarter decrease.

    For the first quarter of 2025, the Company recorded income tax expense of $631,000. This compared to income tax expense of $269,000 in the preceding quarter and $370,000 in the first quarter of 2024. The effective tax rate for the first quarter of 2025 was 16.3%, which was unchanged compared to 16.3% for the first quarter of 2024. The preceding quarter’s effective tax rate was 7.3%. The effective tax rate has been impacted by an increase in the proportion of tax-exempt income compared to pretax earnings, as well as tax credits from investments in low-income housing tax credit projects.  

    Credit Quality

    During the first quarter of 2025, Eagle recorded a $42,000 provision for credit losses. This compared to a $36,000 recapture in the provision for credit losses in the preceding quarter and a $135,000 recapture in the provision for credit losses in the first quarter a year ago. The allowance for credit losses represented 313.1% of nonperforming loans at March 31, 2025, compared to 437.7% three months earlier and 227.6% a year earlier. Nonperforming loans were $5.3 million at March 31, 2025, $3.9 million at December 31, 2024, and $7.2 million a year earlier. Net loan charge-offs totaled $2,000 in the first quarter of 2025, compared to net loan charge-offs of $44,000 in the preceding quarter and net loan recoveries of $65,000 in the first quarter a year ago. The allowance for credit losses was $16.7 million, or 1.10% of total loans, at March 31, 2025, compared to $16.9 million, or 1.11% of total loans, at December 31, 2024, and $16.4 million, or 1.10% of total loans, a year ago.

    Capital Management

    The ratio of tangible common shareholders’ equity (shareholders’ equity, less goodwill and core deposit intangible) to tangible assets (total assets, less goodwill and core deposit intangible) was 6.77% at March 31, 2025, up from 6.32% a year ago and 6.57% three months earlier. This ratio is a non-GAAP financial measure. For the most comparable GAAP financial measure, see “Reconciliation of Non-GAAP Financial Measures” below. As of March 31, 2025, the Bank’s regulatory capital was in excess of all applicable regulatory requirements and is deemed well capitalized. The Bank’s Tier 1 capital to adjusted total average assets was 10.29% as of March 31, 2025.

    Stock Repurchase Authority

    Eagle announced that its Board of Directors has authorized the repurchase of up to 400,000 shares of its common stock beginning May 1, 2025, representing approximately 5.0% of outstanding shares. Under the plan, shares may be purchased by the Company on the open market or in privately negotiated transactions. The extent to which the Company repurchases its shares and the timing of such repurchase will depend upon market conditions and other corporate considerations. The plan is expected to be in place for approximately 12 months, but may be suspended, terminated or modified by the Company’s Board of Directors at any time. The plan does not obligate the Company to purchase any particular number of shares.

    About the Company

    Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana, and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 30 banking offices. Additional information is available on the Bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”

    Forward Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and may be identified by the use of such words as “believe,” “will” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” These forward-looking statements include, but are not limited to statements of our goals, intentions, expectations and anticipations; statements regarding our business plans, prospects, mergers, growth and operating strategies; statements regarding the asset quality of our loan and investment portfolios; and estimates of our risks and future costs and benefits. These forward-looking statements are based on current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. These factors include, but are not limited to, changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements; general economic conditions and political events, either nationally or in our market areas, that are worse than expected; the emergence or continuation of widespread health emergencies or pandemics, including but not limited to vaccine efficacy and immunization rates, new variants, steps taken by governmental and other authorities to contain, mitigate and combat the pandemic, adverse effects on our employees, customers and third-party service providers, the increase in cyberattacks in the current work-from-home environment; the impact of volatility in the U.S. banking industry, including the associated impact of any regulatory changes or other mitigation efforts taken by governmental agencies in response thereto; the impact of any new regulatory, policy or enforcement developments resulting from the change in U.S. presidential administration, including the implantation of tariffs and other protectionist trade policies; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions, customer behavior, adverse developments with respect to U.S. economic conditions and other uncertainties, including the impact of supply chain disruptions, inflationary pressures and labor shortages on economic conditions and our business; an inability to access capital markets or maintain deposits or borrowing costs; competition among banks, financial holding companies and other traditional and non-traditional financial service providers; loan demand or residential and commercial real estate values in Montana; the concentration of our business in Montana; our ability to continue to increase and manage our commercial real estate, commercial business and agricultural loans; the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, bank operations, consumer or employee litigation); inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments; adverse changes in the securities markets that lead to impairment in the value of our investment securities and goodwill; other economic, governmental, competitive, regulatory and technological factors that may affect our operations; our ability to implement new technologies and maintain secure and reliable technology systems including those that involve the Bank’s third-party vendors and service providers; cyber incidents, or theft or loss of Company or customer data or money; the effects of any U.S. federal government shutdown, or closures or significant staff reductions in agencies regulating our business; our ability to navigate differing social, environmental, and sustainability concerns among governmental administrations, our stakeholders and other activists that may arise from our business activities; the effect of our recent or future acquisitions, including the failure to achieve expected revenue growth and/or expense savings, the failure to effectively integrate their operations, the outcome of any legal proceedings and the diversion of management time on issues related to the integration.

    Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. All information set forth in this press release is current as of the date of this release and the company undertakes no duty or obligation to update this information.

    Use of Non-GAAP Financial Measures

    In addition to results presented in accordance with generally accepted accounting principles utilized in the United States, or GAAP, in this release, including the Financial Ratios and Other Data contains non-GAAP financial measures. Non-GAAP financial measures include: 1) core efficiency ratio, 2) tangible book value per share and 3) tangible common equity to tangible assets. The Company uses these non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance, performance trends and financial condition, and to enhance investors’ overall understanding of such financial performance. In particular, the use of tangible book value per share and tangible common equity to tangible assets is prevalent among banking regulators, investors and analysts.

    The numerator for the core efficiency ratio is calculated by subtracting acquisition costs and intangible asset amortization from noninterest expense. Tangible assets and tangible common shareholders’ equity are calculated by excluding intangible assets from assets and shareholders’ equity, respectively. For these financial measures, our intangible assets consist of goodwill and core deposit intangible. Tangible book value per share is calculated by dividing tangible common shareholders’ equity by the number of common shares outstanding. We believe that this measure is consistent with the capital treatment by our bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios and present this measure to facilitate the comparison of the quality and composition of our capital over time and in comparison, to our competitors.

    Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. Further, the non-GAAP financial measure of tangible book value per share should not be considered in isolation or as a substitute for book value per share or total shareholders’ equity determined in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Eagle strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Reconciliation of the GAAP and non-GAAP financial measures are presented below.

    Balance Sheet          
    (Dollars in thousands, except per share data)     (Unaudited)  
            March 31, December 31, March 31,
            2025 2024 2024
                 
    Assets:        
      Cash and due from banks   $ 21,360   $ 29,824   $ 19,479  
      Interest bearing deposits in banks     1,445     1,735     1,438  
        Total cash and cash equivalents     22,805     31,559     20,917  
      Securities available-for-sale, at fair value     291,661     292,590     311,227  
      Federal Home Loan Bank (“FHLB”) stock     7,101     7,778     8,449  
      Federal Reserve Bank (“FRB”) stock     4,131     4,131     4,131  
      Mortgage loans held-for-sale, at fair value     6,223     13,368     9,612  
      Loans:        
      Real estate loans:        
      Residential 1-4 family     149,699     153,721     157,414  
      Residential 1-4 family construction     45,508     45,701     45,026  
      Commercial real estate     666,265     645,962     632,452  
      Commercial construction and development     110,107     124,211     147,740  
      Farmland     153,456     146,610     140,246  
      Other loans:        
      Home equity     100,665     97,543     90,418  
      Consumer     26,978     28,513     29,677  
      Commercial     139,668     144,039     137,640  
      Agricultural     131,162     134,346     116,775  
        Total loans     1,523,508     1,520,646     1,497,388  
      Allowance for credit losses     (16,720 )   (16,850 )   (16,410 )
        Net loans     1,506,788     1,503,796     1,480,978  
      Accrued interest and dividends receivable     13,271     12,890     12,038  
      Mortgage servicing rights, net     15,282     15,376     15,738  
      Assets held-for-sale, at cost     960     960      
      Premises and equipment, net     101,759     101,540     97,643  
      Cash surrender value of life insurance, net     53,573     53,232     48,218  
      Goodwill     34,740     34,740     34,740  
      Core deposit intangible, net     4,181     4,499     5,514  
      Other assets     25,941     26,631     26,869  
        Total assets   $ 2,088,416   $ 2,103,090   $ 2,076,074  
                 
    Liabilities:        
      Deposit accounts:        
      Noninterest bearing   $ 411,272   $ 419,211   $ 408,781  
      Interest bearing     1,278,694     1,262,017     1,226,818  
        Total deposits     1,689,966     1,681,228     1,635,599  
      Accrued expenses and other liabilities     36,739     47,018     34,950  
      FHLB advances and other borrowings     124,952     140,930     177,540  
      Other long-term debt, net     59,186     59,149     59,037  
        Total liabilities     1,910,843     1,928,325     1,907,126  
                 
    Shareholders’ Equity:        
      Preferred stock (par value $0.01 per share; 1,000,000 shares      
      authorized; no shares issued or outstanding)              
      Common stock (par value $0.01; 20,000,000 shares authorized;      
      8,507,429 shares issued; 7,977,177, 8,027,177 and 8,016,784      
      shares outstanding at March 31, 2025, December 31, 2024, and      
      March 31, 2024, respectively     85     85     85  
      Additional paid-in capital     108,451     108,334     108,893  
      Unallocated common stock held by Employee Stock Ownership Plan   (3,867 )   (4,011 )   (4,440 )
      Treasury stock, at cost (530,252, 480,252 and 490,645 shares at      
      March 31, 2025, December 31, 2024 and March 31, 2024, respectively)   (11,517 )   (10,761 )   (11,124 )
      Retained earnings     103,366     101,264     96,797  
      Accumulated other comprehensive loss, net of tax     (18,945 )   (20,146 )   (21,263 )
        Total shareholders’ equity     177,573     174,765     168,948  
        Total liabilities and shareholders’ equity $ 2,088,416   $ 2,103,090   $ 2,076,074  
                 
    Income Statement     (Unaudited)  
    (Dollars in thousands, except per share data)   Three Months Ended
            March 31, December 31, March 31,
            2025 2024 2024
    Interest and dividend income:        
      Interest and fees on loans   $ 23,320 $ 23,756   $ 21,942  
      Securities available-for-sale     2,451   2,475     2,724  
      FRB and FHLB dividends     260   308     247  
      Other interest income     38   148     29  
        Total interest and dividend income     26,069   26,687     24,942  
    Interest expense:        
      Interest expense on deposits     6,871   7,216     6,548  
      FHLB advances and other borrowings     1,626   2,005     2,497  
      Other long-term debt     670   676     683  
        Total interest expense     9,167   9,897     9,728  
    Net interest income     16,902   16,790     15,214  
    Provision (recapture) for credit losses     42   (36 )   (135 )
        Net interest income after provision for credit losses     16,860   16,826     15,349  
                 
    Noninterest income:        
      Service charges on deposit accounts     389   387     400  
      Mortgage banking, net     2,125   2,818     2,177  
      Interchange and ATM fees     593   675     563  
      Appreciation in cash surrender value of life insurance     350   408     288  
      Net loss on sale of available-for-sale securities       (141 )    
      Other noninterest income     559   425     524  
        Total noninterest income     4,016   4,572     3,952  
                 
    Noninterest expense:        
      Salaries and employee benefits     9,664   9,830     9,718  
      Occupancy and equipment expense     2,302   2,194     2,099  
      Data processing     1,330   1,715     1,525  
      Software subscriptions     658   576     528  
      Advertising     232   466     253  
      Amortization     320   337     369  
      Loan costs     372   372     398  
      FDIC insurance premiums     231   287     299  
      Professional and examination fees     520   596     484  
      Other noninterest expense     1,377   1,323     1,360  
        Total noninterest expense     17,006   17,696     17,033  
                 
    Income before provision for income taxes     3,870   3,702     2,268  
    Provision for income taxes     631   269     370  
    Net income   $ 3,239 $ 3,433   $ 1,898  
                 
    Basic earnings per common share   $ 0.41 $ 0.44   $ 0.24  
    Diluted earnings per common share   $ 0.41 $ 0.44   $ 0.24  
                 
    Basic weighted average shares outstanding     7,812,248   7,862,279     7,824,928  
                 
    Diluted weighted average shares outstanding     7,823,636   7,868,507     7,835,304  
                 
    ADDITIONAL FINANCIAL INFORMATION   (Unaudited)  
    (Dollars in thousands, except per share data) Three Months Ended or Years Ended
          March 31, December 31, March 31
           2025  2024  2024
               
    Mortgage Banking Activity (For the quarter):      
      Net gain on sale of mortgage loans $ 1,349   $ 2,036   $ 1,414  
      Net change in fair value of loans held-for-sale and derivatives   (115 )   (3 )   (173 )
      Mortgage servicing income, net   891     785     936  
        Mortgage banking, net $ 2,125   $ 2,818   $ 2,177  
               
    Performance Ratios (For the quarter):      
      Return on average assets   0.62 %   0.65 %   0.37 %
      Return on average equity   7.66 %   8.12 %   4.67 %
      Yield on average interest earning assets   5.76 %   5.70 %   5.47 %
      Cost of funds   2.54 %   2.69 %   2.67 %
      Net interest margin   3.74 %   3.59 %   3.33 %
      Core efficiency ratio*   79.77 %   81.26 %   86.95 %
               
    Asset Quality Ratios and Data: As of or for the Three Months Ended
          March 31, December 31, March 31,
           2025  2024  2024
               
      Nonaccrual loans $ 2,701   $ 3,227   $ 5,231  
      Loans 90 days past due and still accruing   2,638     623     1,979  
        Total nonperforming loans   5,339     3,850     7,210  
      Other real estate owned and other repossessed assets   46     45      
        Total nonperforming assets $ 5,385   $ 3,895   $ 7,210  
               
      Nonperforming loans / portfolio loans   0.35 %   0.25 %   0.48 %
      Nonperforming assets / assets   0.26 %   0.19 %   0.35 %
      Allowance for credit losses / portfolio loans   1.10 %   1.11 %   1.10 %
      Allowance for credit losses/ nonperforming loans   313.17 %   437.66 %   227.60 %
      Gross loan charge-offs for the quarter $ 6   $ 51   $ 1  
      Gross loan recoveries for the quarter $ 4   $ 7   $ 66  
      Net loan charge-offs (recoveries) for the quarter $ 2   $ 44   $ (65 )
               
               
          March 31, December 31, March 31,
           2025  2024  2024
    Capital Data (At quarter end):      
      Common shareholders’ equity (book value) per share $ 22.26   $ 21.77   $ 21.07  
      Tangible book value per share** $ 17.38   $ 16.88   $ 16.05  
      Shares outstanding   7,977,177     8,027,177     8,016,784  
      Tangible common equity to tangible assets***   6.77 %   6.57 %   6.32 %
               
    Other Information:      
      Average investment securities for the quarter $ 293,273   $ 300,088   $ 314,129  
      Average investment securities year-to-date $ 293,273   $ 306,538   $ 314,129  
      Average loans for the quarter **** $ 1,526,774   $ 1,533,686   $ 1,499,293  
      Average loans year-to-date **** $ 1,526,774   $ 1,523,384   $ 1,499,293  
      Average earning assets for the quarter $ 1,835,210   $ 1,858,078   $ 1,830,316  
      Average earning assets year-to-date $ 1,835,210   $ 1,850,120   $ 1,830,316  
      Average total assets for the quarter $ 2,079,142   $ 2,107,357   $ 2,066,579  
      Average total assets year-to-date $ 2,079,142   $ 2,092,051   $ 2,066,579  
      Average deposits for the quarter $ 1,671,349   $ 1,671,653   $ 1,625,770  
      Average deposits year-to-date $ 1,671,349   $ 1,636,390   $ 1,625,770  
      Average equity for the quarter $ 169,088   $ 169,054   $ 162,637  
      Average equity year-to-date $ 169,088   $ 164,591   $ 162,637  
               
    * The core efficiency ratio is a non-GAAP ratio that is calculated by dividing non-interest expense, exclusive of acquisition
    costs and intangible asset amortization, by the sum of net interest income and non-interest income.
    ** The tangible book value per share is a non-GAAP ratio that is calculated by dividing shareholders’ equity,
    less goodwill and core deposit intangible, by common shares outstanding.
    *** The tangible common equity to tangible assets is a non-GAAP ratio that is calculated by dividing shareholders’
    equity, less goodwill and core deposit intangible, by total assets, less goodwill and core deposit intangible.
    **** Includes loans held for sale
               
    Reconciliation of Non-GAAP Financial Measures      
               
    Core Efficiency Ratio (Unaudited)
    (Dollars in thousands) Three Months Ended
          March 31, December 31, March 31,
          2025 2024 2024
    Calculation of Efficiency Ratio:      
      Noninterest expense – efficiency ratio numerator $ 17,006   $ 17,696   $ 17,033  
               
      Net interest income   16,902     16,790     15,214  
      Noninterest income   4,016     4,572     3,952  
        Efficiency ratio denominator   20,918     21,362     19,166  
               
      Efficiency ratio (GAAP)   81.30 %   82.84 %   88.87 %
               
    Calculation of Core Efficiency Ratio:      
      Noninterest expense $ 17,006   $ 17,696   $ 17,033  
      Intangible asset amortization   (320 )   (337 )   (369 )
        Core efficiency ratio numerator   16,686     17,359     16,664  
               
      Net interest income   16,902     16,790     15,214  
      Noninterest income   4,016     4,572     3,952  
        Core efficiency ratio denominator   20,918     21,362     19,166  
               
      Core efficiency ratio (non-GAAP)   79.77 %   81.26 %   86.95 %
               
    Tangible Book Value and Tangible Assets (Unaudited)
    (Dollars in thousands, except per share data) March 31, December 31, March 31,
          2025 2024 2024
    Tangible Book Value:      
      Shareholders’ equity $ 177,573   $ 174,765   $ 168,948  
      Goodwill and core deposit intangible, net   (38,921 )   (39,239 ) $ (40,254 )
        Tangible common shareholders’ equity (non-GAAP) $ 138,652   $ 135,526   $ 128,694  
               
      Common shares outstanding at end of period   7,977,177     8,027,177     8,016,784  
               
      Common shareholders’ equity (book value) per share (GAAP) $ 22.26   $ 21.77   $ 21.07  
               
      Tangible common shareholders’ equity (tangible book value)      
        per share (non-GAAP) $ 17.38   $ 16.88   $ 16.05  
               
    Tangible Assets:      
      Total assets $ 2,088,416   $ 2,103,090   $ 2,076,074  
      Goodwill and core deposit intangible, net   (38,921 )   (39,239 )   (40,254 )
        Tangible assets (non-GAAP) $ 2,049,495   $ 2,063,851   $ 2,035,820  
               
      Tangible common shareholders’ equity to tangible assets      
        (non-GAAP)   6.77 %   6.57 %   6.32 %
               
    Contacts: Laura F. Clark, President and CEO
    (406) 457-4007
    Miranda J. Spaulding, SVP and CFO
    (406) 441-5010

    The MIL Network

  • MIL-OSI: Growers Edge Raises $25M to Build First Full-Service Fintech Platform for Agriculture

    Source: GlobeNewswire (MIL-OSI)

    JOHNSTON, Iowa, April 29, 2025 (GLOBE NEWSWIRE) — Growers Edge, which provides modern financial products and data-driven tools for agricultural retailers, manufacturers, and lenders, today announced a first close of a new financing round. The round was co-led by S2G Investments, Cibus Capital, and Lowercarbon Capital, with additional participation by Otter Creek, iSelect, and Jeff Ubben, founder of ValueAct Capital.

    The new funding will enable Growers Edge to scale its financial solutions and expand its reach with more ag retailers and lenders, while driving greater adoption of climate-smart agricultural products and practices across the U.S.

    “This milestone is a testament to the creativity and tenacity of our incredible team,” said Matt Hansen, CEO of Growers Edge. “They’re the true innovators who continue to transform complex challenges into real-world solutions for growers, retailers, and lenders.”

    Growers Edge offers a suite of financial products that reduce risk and promote ag innovation, including its Crop Plan Warranty Program, land and climate intelligence solutions, digital mortgage lending products, and input lending tools. As a full-service fintech platform, Growers Edge delivers data-backed products that help agricultural businesses reduce risk and drive growth.

    “Growers Edge is tackling one of the most critical barriers to agricultural innovation – financial risk,” said Ubben. “Their solutions provide ag retailers, lenders, and growers with the critical tools they need to embrace sustainability at scale, creating a clear path to profitability and innovation.”

    The company partners directly with manufacturers, retailers, and industry groups to help growers adopt innovative practices with confidence, and has worked with five of the top ten largest ag retailers and leading organizations, including Nutrien, PepsiCo, Mondelez, Helena Agri-Enterprises, and The Nature Conservancy.

    “Cibus is excited to invest in Growers Edge, who are leading the financial digital disruption of US agriculture with a focus on enabling sustainable farming practices,” said Alastair Cooper, Partner and Head of Venture at Cibus Capital.

    “Farmers want what’s best for their land. But too often, the risk of trying something new means sticking with business as usual,” said Eric Helfgott, Principal at Lowercarbon Capital, known for investing in “better, faster, and cheaper” technologies that also significantly reduce carbon emissions. “By enabling new, sustainable ag practices without the financial risk, Growers Edge is helping climate-smart farming take root.”

    The investment follows several recent milestones for Growers Edge, including acquiring AQUAOSO Technologies, expanding its farmland valuation tool to over 144 million acres, and surpassing one million acres protected through its Crop Plan Warranty program.

    For more information, visit www.growersedge.com.

    About Growers Edge

    Growers Edge provides modern financial products and data-driven tools that help forward-thinking agriculture retailers, manufacturers, and lenders reduce their growers’ risks and costs when adopting newer innovative solutions and practices. The company’s crop plan warranty and input financing solutions are trusted by dozens of retailers and manufacturers to assist hundreds of growers affordably purchase their products and guarantee yields on over one million acres of cropland. For more information, visit growersedge.com.

    John Strackhouse, Vice Chairman of Caldwell, led the recruitment for the CEO of Growers Edge.

    About S2G Investments

    S2G is a multi-stage investment firm focused on venture and growth-stage businesses across food & agriculture, oceans, and energy. The firm provides capital and value-added resources to companies and leadership teams pursuing market-based solutions designed to deliver greater value, improved outcomes, and enhanced performance over traditional alternatives. With a commitment to creating long-term, measurable outcomes, S2G structures flexible capital solutions that can range from venture funding through growth equity to debt and infrastructure financing. For more information about S2G, visit s2ginvestments.com.

    About Cibus Capital LLP

    Cibus Capital LLP is the London-based investment advisor to the Cibus funds. The Cibus funds partner with food and agriculture companies that provide investors with a risk-adjusted return on capital and a sustainable competitive advantage. Cibus has raised over USD 1bn to invest in two strategies: mid-market growth/buyout investments in food production and processing businesses and late-stage agrifood technology companies. For more information, visit cibusfund.com.

    About Lowercarbon Capital

    Lowercarbon Capital is a multibillion-dollar venture capital firm founded by Chris and Crystal Sacca that backs kickass companies making real money slashing CO2 emissions, sucking carbon out of the sky, and buying us time to unf**k the planet. For more information, visit www.lowercarboncapital.com.

    The MIL Network

  • MIL-OSI: Glowforge Selects Mulberry to Redefine Product Protection for Creators

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) — Mulberry, the people-first product protection platform, and Glowforge, the creator of the award-winning 3D laser printer, have announced a new partnership to deliver smarter, more comprehensive protection plans to Glowforge customers — designed for real-world use and real-life accidents.

    “At Glowforge, we’re always seeking out the best solutions for our customers, from precision laser-cutting technology to simple product set-up through warranty coverage,” said Dan Shapiro, CEO and co-founder of Glowforge. “We switched to Mulberry because our customers need more than just extended manufacturer’s warranties — they need enhanced product protection that covers real accidents. Mulberry delivers that.”

    Unlike traditional extended warranty providers that only cover manufacturing defects, Mulberry’s protection plans include accidental damage coverage — a major upgrade and necessity for Glowforge customers who push the limits of innovation in their home and studio spaces.

    “We’re proud to support Glowforge’s mission by offering protection that’s as forward-thinking as their technology,” said Chinedu Eleanya, CEO of Mulberry. “Coverage should be as reliable and creative as the people using the product. That’s why we continue to innovate and push the boundaries with our protection plans.”

    Glowforge customers can now add Mulberry protection seamlessly throughout the purchase process, backed by Mulberry’s AI-powered platform that delivers real-time, personalized coverage recommendations at industry-low prices. Mulberry integrates deep into the Glowforge customer experience, simplifying the claims process so customers can get back to creating faster.

    Mulberry delivers a 90%+ claim approval rate and has been shown to drive an average order value increase of 10% for partners, helping brands build lasting trust with their customers. With this partnership, Glowforge users can innovate with confidence — knowing their investment is protected not just from manufacturer defects, but from the everyday accidents that come with creative experimentation.

    To learn more about Mulberry’s product protection solutions, visit getmulberry.com

    About Glowforge

    Glowforge is the creator of the award-winning 3D laser printer that cuts, engraves, and scores hundreds of materials so you can make magical things. It was founded in 2015 by Chief Executive Officer, Dan Shapiro and Chief Technology Officer, Mark Gosselin, and launched with the world’s largest crowdfunding campaign, raising more than $27 million in pre-orders in 30 days. The company has since secured more than $115 million in funding from some of Silicon Valley’s most prominent investors including the Foundry Group, True Ventures, DFJ Growth, and Revolution Growth. Unlike 3D printers that use additive technology to build objects out of plastic, Glowforge uses subtractive technology to laser cut, engrave, and score products from beautiful materials like wood, leather, acrylic, paper, fabric – even chocolate. A sleek and efficient design makes this industrial-grade technology beautiful and affordable while its cloud-based app makes it easy for anyone to create magical things at the touch of a button.

    About Mulberry
    Mulberry is a people-first product protection platform that offers solutions for retail partners and consumers. Mulberry product protection plans can be purchased directly from Mulberry or through qualified retail partners. Mulberry protects customer purchases from accidental damages and losses with a best-in-class solution that offers simple claims-filing and fast resolutions. To learn more about Mulberry, visit https://www.getmulberry.com.

    Press contact:

    press@getmulberry.com

    The MIL Network

  • MIL-Evening Report: 50 years after the ‘fall’ of Saigon – from triumph to Trump

    30 April 1975. Saigon Fell, Vietnam Rose. The story of Vietnam after the US fled the country is not a fairy tale, it is not a one-dimensional parable of resurrection, of liberation from oppression, of joy for all — but there is a great deal to celebrate.

    After over a century of brutal colonial oppression by the French, the Japanese, and the Americans and their various minions, the people of Vietnam won victory in one of the great liberation struggles of history.

    It became a source of inspiration and of hope for millions of people oppressed by imperial powers in Central & South America, Asia, Africa, the Middle East and Eastern Europe.

    Civil war – a war among several
    The civil war in Vietnam, coterminous with the war against the Western powers, pitted communists and anti-communists in a long and pitiless struggle.

    Within that were various strands — North versus South, southern communists and nationalists against pro-Western forces, and so on. As various political economists have pointed out, all wars are in some way class wars too — pitting the elites against ordinary people.

    As has happened repeatedly throughout history, once one or more great power becomes involved in a civil war it is subsumed within that colonial war. The South’s President Ngô Đình Diệm, for example, was assassinated on orders of the Americans.

    By 1969, US aid accounted for 80 percent of South Vietnam’s government budget; they effectively owned the South and literally called the shots.

    Donald Trump declared April 2 “Liberation Day” and imposed some of the heaviest tariffs on Vietnam because they didn’t buy enough U.S. goods! Image: www.solidarity.co.nz

    US punishes its victims
    This month, 50 years after the Vietnamese achieved independence from their colonial overlords, US President Donald Trump declared April 2 “Liberation Day” and imposed some of the heaviest tariffs on Vietnam because they didn’t buy enough US goods!

    As economist Joseph Stiglitz pointed out, they don’t yet have enough aggregate demand for the kind of goods the US produces. That might have something to do with the decades it has taken to rebuild their lives and economy from the Armageddon inflicted on them by the US, Australia, New Zealand and other unindicted war criminals.

    Straight after they fled, the US declared themselves the victims of the Vietnamese and imposed punitive sanctions on liberated Vietnam for decades — punishing their victims.

    Under Gerald Ford (1974–1977), Jimmy Carter (1977–1981), Ronald Reagan (1981–1989), George H.W. Bush (1989–1993) right up to Bill Clinton (1993–2001), the US enforced the Trading with the Enemy Act (TWEA) of 1917.

    The US froze the assets of Vietnam at the very time it was trying to recover from the wholesale devastation of the country.

    Tens of millions of much-needed dollars were captured in US banks, enforced by the International Emergency Economic Powers Act (IEEPA). The US also took advantage of its muscle to veto IMF and World Bank loans to Vietnam.

    Countries like Australia and New Zealand, to their eternal shame, took part in both the war, the war crimes, and imposing sanctions and other punitive measures subsequently.

    The ‘Boat People’ refugee crisis
    While millions celebrated the victory in 1975, millions of others were fearful. The period of national unification and economic recovery was painful, typically repressive — when one militarised regime replaces another.

    This triggered flight: firstly among urban elites — military officers, government workers, and professionals who were most closely-linked to the US-run regime.

    You can blame the Commies for the ensuing refugee crisis but by strangling the Vietnamese economy, refusing to return Vietnamese assets held in the US, imposing an effective blockade on the economy via sanctions, the US deepened the crisis, which saw over two million flee the country between 1975 and the 1980s.

    More than 250,000 desperate people died at sea.

    Đổi Mới: the move to a socialist-market economy
    In 1986, to energise the economy, the government moved away from a command economy and launched the đổi mới reforms which created a hybrid socialist-market economy.

    They had taken a leaf out of the Chinese playbook, which under the leadership of Deng Xiaoping (1978 –1989), had moved towards a market economy through its “Reform and Opening Up” policies.  Vietnam saw the “economic miracle” of its near neighbour and its leaders sought something similar.

    Vietnam’s economy boomed and GDP grew from $18.1 billion in 1984 to $469 billion by 2024, with a per capita GDP at purchasing power parity (PPP) of $15,470 (up from about $300 per capita in the 1970s).

    After a sluggish start, literacy rates soared to 96.1 percent by 2023, and life expectancy reached 73.7 years, only a few short of the USA.  GDP growth is around 7 percent, according to the OECD.

    An unequal society
    Persistent inequality suggests the socialist vision has partially faded. A rural-urban divide and a rich-poor divide underlines ongoing injustices around quality of life and access to services but Vietnam’s Gini coefficient — a measure of income inequality — puts it only slightly more “unequal” as a society than New Zealand or Germany.

    Corruption is also an issue in the country.

    Press controls and political repression
    As in China, political power resides with the Party. Freedom of expression — highlighted by press repression — is severely limited in Vietnam and nothing to celebrate.

    Reporters Without Borders (RSF) rates Vietnam as 174th out of 180 countries for press freedom and regularly excoriates its strongmen as press “predators”.  In its country profile, RSF says of Vietnam: “Independent reporters and bloggers are often jailed, making Vietnam the world’s third largest jailer of journalists”.

    Vietnam is forging its own destiny
    What is well worth celebrating, however, is that Vietnam successfully got the imperial powers off its back and out of its country. It is well-placed to play an increasingly prosperous and positive role in the emerging multipolar world.

    It is part of the World Trade Organisation (WTO), and the ASEAN network, and borders China, giving Vietnam the opportunity to weather any storms coming from the continent of America.

    Vietnam today is united and free and millions of ordinary people have achieved security, health, education and prosperity vastly better than their parents and grandparents’ generations were able to.

    In the end the honour and glory go to the Vietnamese people.

    Ho Chi Minh, the great leader of the Vietnamese people who reached out to the United States, and sought alliance not conflict. Image: www.solidarity.co.nz

    I’ll give the last word to Ho Chi Minh, the great leader of the Vietnamese people who reached out to the United States, and sought alliance not conflict. He was rebuffed by the super-power which had a different agenda.

    On September 2, 1945, Ho Chi Minh proclaimed the independent Democratic Republic of Vietnam in Hanoi’s Ba Dinh square:

    “‘All men are created equal. They are endowed by their Creator with certain inalienable rights, among them are Life, Liberty, and the pursuit of Happiness.’

    “This immortal statement was made in the Declaration of Independence of the United States of America in 1776. In a broader sense, this means: All the peoples on the earth are equal from birth, all the peoples have a right to live, to be happy and free.

    “… A people who have courageously opposed French domination for more than eight years, a people who have fought side by side with the Allies against the Fascists during these last years, such a people must be free and independent.

    “For these reasons, we, members of the Provisional Government of the Democratic Republic of Vietnam, solemnly declare to the world that Vietnam has the right to be a free and independent country — and in fact is so already. The entire Vietnamese people are determined to mobilise all their physical and mental strength, to sacrifice their lives and property in order to safeguard their independence and liberty.”

    And, my god, they did.

    To conclude, a short poem attributed to Ho Chi Minh:

    “After the rain, good weather.

    “In the wink of an eye,

    the universe throws off its muddy clothes.”

    Eugene Doyle is a community organiser and activist in Wellington, New Zealand. He received an Absolutely Positively Wellingtonian award in 2023 for community service. His first demonstration was at the age of 12 against the Vietnam War. This article was first published at his public policy website Solidarity and is republished here with permission.

    Article by AsiaPacificReport.nz

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI United Kingdom: Aberdeen City & Aberdeenshire Archives re-open to public

    Source: Scotland – City of Aberdeen

    Local history enthusiasts are being encouraged to book a visit to ‘Explore Your Archive’ as Aberdeen City & Aberdeenshire Archives re-opens today (29 April) for in-person research visits at the Town House on Broad Street.
     
    The Archives have been closed to the public for almost a year to allow the team to carry out a major collection move from Old Aberdeen House to the Town House. Preparations began in November 2023 with a huge stocktake of the collection, when staff and a group of 20 volunteers recorded details of every item in every storeroom. One of the most formidable tasks was labelling over 7,000 individual boxes. The preparations also included checking that delicate items would be suitable for transportation, and wrapping and protecting a wide variety of materials, including glass slides from Second World War Red Cross hospitals, maps, oversized volumes and ledgers, and thousands of architectural plans.

    Over 9,000 individual items, including archive boxes, bankers boxes, crates, wrapped volumes and plans, were moved over 20 days of heavy lifting, multiple trolley loads and several flights of stairs – all fuelled by 136 packs of biscuits! Volunteers logged 1,549 hours helping with the move.

    The largest tasks for volunteers was an appraisal of 120 files of Aberdeen School Board correspondence sent from teachers and Aberdeen residents in the late 19th and early 20th centuries. Volunteers reviewed and listed the bundles of letters, reducing the collection from seven storage shelves to two, using professional criteria to weed out items of little historic value. Detailed information on the collection of letters has been recorded in the Archives catalogue and the material is available to researchers.

    A new storeroom at the Town House is now home to several core collections, such as the school admission registers and logbooks, building warrants, council minutes for Aberdeenshire and the Port of Aberdeen records (Aberdeen Harbour Board). A selection of photographic images from this collection showing the technological changes that have taken place on the quayside over the past 100 years will be going on display at the Art Gallery from Saturday 7 June.  

    Councillor Martin Greig, Aberdeen City Council culture spokesman, said, “The Archives are a valuable resource for all kinds of research. It’s a tremendous source of pride for us in Aberdeen that we care for the oldest and most complete collection of burgh records in Scotland, dating back to 1398. They are recognised by UNESCO as being of outstanding historical importance to the United Kingdom. It’s very exciting that the Archives team has set up a new storeroom at the Town House where the public can access these remarkable collections, which really are a the gateway to the written history of the north-east of Scotland.”
      
    A new Access Guide to the Archives at the Town House is now available, along with a new Visual Guide containing details of what to expect on a visit to the Archives at the Town House. Both can be found on the Plan Your Visit pages of the Archives, Gallery & Museums website https://www.aberdeencity.gov.uk/AAGM/plan-your-visit/town-house-archives 

    Phil Astley, Team Leader – Aberdeen City & Aberdeenshire Archives, will be giving a free lunchtime talk on the Port of Aberdeen archives – ‘A Haven for History’ on Wednesday 7 May at 12.30pm. 
    https://www.aberdeencity.gov.uk/AAGM/whats-aberdeen-art-galleries-and-museums/lunchtime-talk-haven-history-port-aberdeen-archives 

    From the Archive: Aberdeen Harbour opens at Aberdeen Art Gallery on 7 June. The exhibition continues until 11 January, open daily, admission free https://www.aberdeencity.gov.uk/AAGM/whats-aberdeen-art-galleries-and-museums/archive-aberdeen-harbour

    The collections of Aberdeen City and Aberdeenshire Archives contain a wealth of documents and records dating from the 12th century to the present day, relating to the rich history and heritage of the City of Aberdeen and the three ancient counties of Aberdeen, Banff and Kincardine. They include burgh records, burial records, church records, business records and school records. 
     
    Visits to the Archives should be booked in advance by emailing archives@aberdeencity.gov.uk. More information can be found at: https://www.aberdeencity.gov.uk/services/libraries-and-archives/aberdeen-city-and-aberdeenshire-archives/visitor-information  
      
    Read about the Archives move at https://aberdeenarchives.blogspot.com/

    Follow Aberdeen City and Aberdeenshire Archives on Facebook and Instagram for all the latest news about reopening. 

    Image: Phil Astley, Team Leader – Aberdeen City & Aberdeenshire Archives, and  Councillor Martin Greig, pictured in the Charter Room at the Town House
     

    MIL OSI United Kingdom

  • MIL-OSI Security: Prolific board game shoplifter sentenced following Met Police investigation

    Source: United Kingdom London Metropolitan Police

    A prolific shoplifter who stole more than £3,000 worth of board games, books and toys from a shop in Haringey has been convicted following a Met Police investigation.

    Paul Mangal, 58 (30.03.67), of Hornsey Rise Gardens in Haringey, repeatedly targeted a Waterstones store on The Broadway in Crouch End between April 2023 and February this year.

    He appeared at Highbury Corner Magistrates’ Court on Tuesday, 29 April, where he was sentenced to 12 months’ imprisonment, suspended for two years.

    He was also issued with conditions not to enter Crouch End or Hornsey for two years, and is banned from being in possession of a suitcase in these areas.

    In September last year, officers from the local policing team in north London increased patrols in The Broadway, regularly visiting staff and security teams at large retailers and independent shops.

    It was through these relationships they were made aware of Mangal, with staff at Waterstones informing officers of the many thefts he was committing.

    Working with the store, officers carried out a month-long operation throughout January to gather CCTV footage and other evidence to identify Mangal.

    The officers were alerted by staff on Sunday, 23 February, when he’d again entered the store and made off with several items in a suitcase.

    He was arrested a short distance from his home in Hornsey and charged the following day.

    He appeared at Highbury Corner Magistrates’ Court on Monday, 24 February, where he pleaded guilty to a total of 23 charges of theft and was bailed.

    Sergeant James Elliott, of the local policing team in north London, who led the investigation, said:

    “We’ve recognised that shoplifting is something local people and businesses in Haringey are concerned about, and we are stepping up our efforts to tackle it.

    “Through building strong relationships with staff at this branch of Waterstones, we were able to identify Mangal by assessing his patterns of offending, which appeared to ramp up before, during and immediately after Christmas, then almost daily up until his arrest.

    “Sadly, we know some businesses on The Broadway are being targeted so often, many have stopped reporting thefts to police, so I hope the success of this case will encourage more to work closely with us so we can remove the most prolific shoplifters from our streets.”

    As well as relationship building and doubling the number of officers on the ward since February, Sergeant Elliott and his team are visiting retailers daily to offer reassurance and ensure they feel more confident when it comes to reporting incidents.

    Through these proactive measures, the number of thefts in the area has reduced by 35 per cent since December last year.

    There are now plans to introduce Live Facial Recognition (LFR) patrols to identify offenders, and during the summer months, officers will be out on bicycles so they’re able to react quicker to shoplifting incidents when they occur.

    MIL Security OSI

  • MIL-OSI Russia: For the benefit of the capital: GUU will help the Management Center of the Moscow City Economy Complex

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    On April 28, at the invitation of the Director of the Management Center of the Moscow City Economy Complex (MCCMC) Evgeny Balashov, a working meeting was held between the Vice-Rector of the State University of Management Maria Karelina and the MCCMC team.

    The Center combines many years of experience in the field of municipal services with new developing areas of activity. The employees of the Central Control Center of the City Housing and Utilities Department work to promptly respond to the tasks related to monitoring the operation of housing and utilities facilities in Moscow. Analysts monitor the dynamics of processes, analyze the causes of incidents and make forecast estimates. The Center, as a single technological platform, unites all key sources of information, which facilitates the process of making strategic management decisions online.

    Colleagues from the Central Control Center of the KGH demonstrated the center’s business processes and introduced current and future tasks.

    The meeting resulted in the definition of the main vectors of interaction between the State University of Management and the Control Center. On the educational track, this is the organization of a basic department, the preparation and implementation of additional professional education and professional retraining programs. In the field of scientific research, the parties expressed mutual interest in joint research in the field of software modeling of various critical situations in the field of urban economy and their consequences.

    Taking into account the experience of the SMU scientists in the field of work on making management decisions under conditions of uncertainty (the head of the scientific school is Doctor of Technical Sciences, Professor Alexey Terentyev), the cooperation promises to be productive and will allow obtaining practical results in the interests of the Moscow City Economy Complex.

    Subscribe to the TG channel “Our GUU” Date of publication: 04/29/2025

    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

  • MIL-OSI: Changes in the Management Board of Coop Kindlustusmaakler AS

    Source: GlobeNewswire (MIL-OSI)

    The Supervisory Board of Coop Kindlustusmaakler AS, a subsidiary of Coop Pank AS, decided today, 29 April 2025, to appoint Marko Privoi as a new member of the Management Board of Coop Kindlustusmaakler AS. Privoi’s term of office will commence on 12 May 2025 and will last for three years.

    Marko Privoi has been working in the insurance sector since 1997. For the past 19 years, he has held various positions at the Estonian branch of ADB Gjensidige, and prior to that, he worked for 8 years at ERGO Insurance SE. Marko Privoi graduated from TTK University of Applied Sciences in 1988.

    Marko Privoi does not hold any shares or bonds of Coop Pank.

    Raivo Piibor will continue as a member of the Management Board of Coop Kindlustusmaakler AS.

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank serves 213,000 daily banking customers. Coop Pank leverages the synergy between retail and banking sectors, bringing everyday banking services closer to home. The bank’s strategic owner is the domestic retail chain Coop Eesti, which operates a network of 320 stores.

    Additional information:
    Katre Tatrik
    Head of Communications
    Phone: +372 5151 859
    E-mail: katre.tatrik@cooppank.ee

    The MIL Network

  • MIL-OSI Video: Department of State Press Briefing – April 28, 2025 – 2:00 PM

    Source: United States of America – Department of State (video statements)

    Spokesperson Tammy Bruce leads the Department Press Briefing, at the Department of State, on April 28, 2025.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    X: https://x.com/StateDept
    Instagram: https://www.instagram.com/statedept
    Flickr: https://flickr.com/photos/statephotos/

    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: https://www.state.gov/department-email-updates/

    State Department website: https://www.state.gov/
    Careers website: https://careers.state.gov/
    White House website: https://www.whitehouse.gov/
    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=O3xtRxszZ3w

    MIL OSI Video

  • MIL-OSI United Kingdom: Latest statement on electrical substation fire | Westminster City Council

    Source: City of Westminster

    A Westminster City Council spokesperson said:

    “We have been supporting around 40 residents since they were evacuated from their homes early this morning. Two rest centres were immediately set up to provide residents with refreshments and support from housing and welfare officers. We will continue to offer support until those affected can return to their homes.”

     Information about road closures and available support can be found here.

    MIL OSI United Kingdom

  • MIL-OSI Security: Three Fugitives Arrested in San Juan and Carolina, Puerto Rico

    Source: Federal Bureau of Investigation (FBI) State Crime News

    SAN JUAN, Puerto Rico – Three individuals who were fugitives since December 2024 were arrested today in the municipalities of San Juan and Carolina, PR, on criminal charges related to their alleged participation on drug trafficking and violent crimes associated to a drug trafficking organization that operated in San Juan, Carolina, and other areas nearby, from in or about 2021 through December 2024, when the arrest operation took place. The three fugitives had been charged in the case of United States v. Victor J. Pérez-Fernández, a.k.a. “La Cone/Vitu/Vitikin/Enano,” et al., Case No. 24-453 (MAJ).

    Defendants [10] Gerald O. Rodríguez-Rodríguez, a.k.a. “Patrón;” [18] Ángel L. Sanjurjo, a.k.a. “Vaca;” and [33] Ramsell Maldonado-Tatis, a.k.a. “R” were arrested by FBI special agents, Puerto Rico Police Bureau and the Carolina Municipal Police Department. They are charged with conspiracy to possess with intent to distribute controlled substances; possession and distribution of heroin, cocaine base (crack), cocaine, marijuana, and fentanyl; and possession of firearms in furtherance of a drug trafficking crime. Defendant Maldonado-Tatis is also facing one count for possession of a machine gun in furtherance of a drug trafficking crime.

    “As alleged in the indictment, these individuals were engaged in violent crime and spread deadly drugs through our communities,” said U.S. Attorney Muldrow.  “Today’s arrests make clear that this Office will work tirelessly to keep the law-abiding residents of Puerto Rico safe and hold accountable those who bring violence to our streets.”

    “The arrests carried out this morning reaffirm our unwavering commitment to dismantling criminal organizations. The message is clear: if you’re part of a violent criminal enterprise, the FBI will work relentlessly to find you and bring you to justice,” said Devin J. Kowalski, Special Agent in Charge of the FBI’s San Juan Field Office. “The residents of Puerto Rico deserve safe communities, and through close collaboration with our local and federal partners, we will continue to bring fugitives to justice and restore peace where it is most needed.”

    According to the charging documents, the drug trafficking organization distributed heroin, fentanyl, crack, cocaine, marijuana, Tramadol, and Clonazepam within 1,000 feet of the Sabana Abajo Public Housing Project (PHP), the Luis Lloréns Torres PHP, the Los Mirtos PHP, the Lagos de Blasina PHP, the La Esmeralda PHP, the El Coral PHP, the Monte Hatillo PHP, and other areas near those locations, all for significant financial gain and profit. The drug trafficking organizations that operated in and around these areas (known as The Alliance) reached an agreement to conduct their drug trafficking operations as allies, which they referred to as “La Paz” (The Peace). At that time, each housing project organization was controlled by their own leadership and structure. As part of The Alliance, there would not be war between these organizations and members would be able to rely on each other for protection, drugs, and weapons.

    Assistant United States Attorney (AUSA) and Chief of the Gang Section Alberto López-Rocafort; Deputy Chief of the Gang Section, AUSA Teresa Zapata-Valladares; and AUSAs Laura Díaz-González, R. Vance Eaton, and Joseph Russell are prosecuting the case.

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

    ###

    MIL Security OSI

  • MIL-OSI: cBrain aims to create and lead two new global solution niches

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement no. 05/2025

    cBrain aims to create and lead two new global solution niches

    Copenhagen, April 29, 2025

    The faster-than-anticipated shift in the government IT market toward COTS government software presents new strategic opportunities for cBrain. As a result, cBrain (NASDAQ: CBRAIN) has announced to adjust its growth strategy during the first half of 2025 to capitalize on these market changes.

    Consequently, the growth strategy is extended by adding a focus on two market niches with global potential. Utilizing a strong financial position, cBrain is now building two new units, dedicated to achieving global leadership in two global solution areas, referred to as Paperless Ministry and Environmental Permitting.

    Solid development in Denmark and internationally

    cBrain has entered the year as planned with continued development in Denmark and international markets.

    In January, cBrain announced an agreement to deliver the F2 Digital platform for the new Danish Ministry of Resilience and Preparedness. The F2 solution was configured for the ministerial work, ready-to-go-live, in 3 weeks.

    In March cBrain announced the successful delivery of the F2 Digital platform for the Danish Energy Agency. F2 has been configured as a grant management solution to support the heat pump subsidy program. At launch the agency said the new solution exceeded all expectations, with almost 70% of all applications being processed fully automatically, and the first 930 citizen applications approved within only minutes of launching the subsidy program.

    In Germany, cBrain continues deploying F2 with the agency that administrates public pensions. Several thousand users have gone live during the first months of the year, and cBrain has won a new tender extending the scope of work.

    In Romania, cBrain’s partner has won a public tender to deliver a new national platform for administrating citizen pensions. F2 is now being configured as the case management and processing kernel, supporting close to 100 different administrative processes and integrating with multiple other systems. cBrain sees the project as a milestone both technically and strategically, demonstrating the power of the F2 Service Builder and the early success of the F2-for-Partner strategy.

    Taking leadership within Paperless Ministry and Environmental Permitting

    The long-term cBrain growth strategy is founded on a vision and a business case to provide standard software for government. Working in close collaboration with Danish government for 15 years, cBrain has invested more than 450,000 hours in developing the F2 platform.

    Today, almost all Danish ministries, and more than 75 Danish authorities in total, use F2 as their digital platform. Internationally, cBrain has delivered F2 to government organizations across five continents. With Denmark ranked number one in the United Nations E-Government Survey for the past eight years, this offers cBrain a strong first-mover advantage and a solid reference position.

    Leveraging the F2 software platform, cBrain is executing an ambitious international growth plan with the aim of becoming a global leader in the fast emerging market for Commercial Off-The-Shelf (COTS) software built for government.

    With the 2024 Annual Report, cBrain stated that the transition from custom-built IT solutions to standardized platforms seems to emerge faster than anticipated. This assumption seems to be continuously validated throughout the spring. An increasing number of competitors are repositioning themselves as COTS suppliers, and the White House issued an executive order in April directing the administration to prioritize the procurement of commercial off-the-shelf solutions rather than procuring custom products and developing systems.

    The faster-than-anticipated shift in the government IT market toward COTS government software presents new strategic opportunities for cBrain. As a result, cBrain has announced an adjustment to its growth strategy during the first half of 2025 to capitalize on these market changes.

    The core of cBrain’s growth strategy is built on serving large government clients, securing steady, sustainable growth through long-term software subscriptions, and accelerating international growth through the F2-for-Partners concept.

    The growth strategy is now being extended by adding a focus on two market niches with global potential. Utilizing a strong financial position, cBrain is now building two new units, dedicated to achieving global leadership in two global solution areas, referred to as Paperless Ministry and Environmental Permitting.

    The F2 Paperless Ministry Solution

    cBrain has built a strong home market position in Denmark. This position has been achieved by taking leadership as the supplier of the F2 Paperless Ministry solution, which today is the digital platform for almost all Danish ministries.

    In the autumn 2024 the Danish government announced 3 new ministries, and in January cBrain announced that all 3 new ministries have now chosen F2 as their digital platform. The F2 ministry solution was installed and configured, ready to go live within only 3 weeks. The new ministerial projects demonstrate the power of Commercial Off-The-Shelf (COTS) for government solutions and consolidate cBrains unique position in the Danish market.

    Building from the paperless ministry leadership position, cBrain has successfully been able to expand outside the ministerial solution niche into the broad Danish government market. Today serving more than 75 Danish government organizations with a large catalog of citizen-facing solutions, from tax solutions and auditing to grants management, inspections, licensing, and family affairs.

    A key pillar of the expanded growth strategy is to replicate the Danish success by establishing bridgeheads in new international markets, based on a focused, vertical go-to-market approach centered around the Paperless Ministry offering. The ultimate goal is to achieve global niche leadership, thereby securing a strong foundation for future growth.

    cBrain is currently testing and validating the new strategic Paperless Ministry initiative, with market initiatives in Europe and Africa.

    In Europe, cBrain is still working to establish contacts with ministries in selected countries. In Africa, the initial market activities have led to a pilot project, where the Danish Paperless Ministry solution was configured and made ready to go live for a Kenyan ministry in just 10 weeks.

    cBrain is now developing a go-to-market plan for the African region, working closely with Danish embassies in Africa and aligning with the UNDP Digital Offer for Africa strategy. This builds on the partnership with UNDP announced in November 2024. cBrain sees the African Paperless Ministry solution, leveraging Danish government experience, as a unique tool to help African governments achieve fast digital transformation.

    Environmental Permitting

    As a second pillar of its expanded growth strategy, and in parallel with the Paperless Ministry initiative, cBrain has launched an ambitious initiative to position the F2 Environmental Permitting solution as a strategic niche offering, aiming to take a leading international market position.

    The importance of environmental assessment and permitting is growing worldwide. Government review and permitting processes are required for many infrastructure projects, including roads, bridges, mines, factories, and power plants. In April 2025, the White House issued an executive order stating that executive departments and agencies shall make maximum use of technology in environmental review and permitting processes for infrastructure projects of all kinds.

    In close collaboration with the Danish Environmental Protection Agency (EPA), cBrain has developed an F2 based Environmental Permitting solution that eliminates the use of paper-based applications and accelerates case processing time and quality.

    In July 2024, the White House Council on Environmental Quality (CEQ) issued a report to Congress that assesses and recommends technologies to improve environmental reviews and permitting processes. In this report, the cBrain F2 Platform is highlighted as a successful process and AI tool for environmental permitting.

    cBrain therefore views environmental permitting as a potential niche entry point into the U.S. market, at both the federal and state levels, supporting its decision to invest in this area as the second pillar of its expanded growth strategy.

    cBrain maintains its financial guidance for 2025

    cBrain has provided financial guidance for the year, with an expected revenue growth of 10-15% and EBT (Earnings Before Tax) of 18-23%. cBrain maintains its financial guidance for 2025.

    The allocation of leadership and delivery resources to support the new niche initiatives may temporarily slow current activities. However, the expanded growth strategy is expected to drive new business and accelerate overall growth over time. Depending on the pace of success, executing the expanded growth strategy therefore introduces uncertainty to the 2025 revenue outlook, both on the upside and downside.

    In the 2025 budget cBrain has allocated extra one-time costs to market expansion of approximately 4 million Euro to support the revised strategy. These costs are fully included in the financial outlook for 2025 but are conditional on the validation to ensure disciplined growth.

    Best regards

    Per Tejs Knudsen, CEO

    Inquiries regarding this Company Announcement may be directed to

    Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

    Attachment

    The MIL Network

  • MIL-OSI: Coastal Financial Corporation Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    EVERETT, Wash., April 29, 2025 (GLOBE NEWSWIRE) — Coastal Financial Corporation (Nasdaq: CCB) (the “Company”, “Coastal”, “we”, “our”, or “us”), the holding company for Coastal Community Bank (the “Bank”), through which it operates a community-focused bank segment (“community bank”) with an industry leading banking as a service (“BaaS”) segment (“CCBX”), today reported unaudited financial results for the quarter ended March 31, 2025, including net income of $9.7 million, or $0.63 per diluted common share, compared to $13.4 million, or $0.94 per diluted common share, for the three months ended December 31, 2024 and $6.8 million, or $0.50 per diluted common share, for the three months ended March 31, 2024.

    Management Discussion of the First Quarter Results

    “First quarter of 2025 was impacted by elevated expenses related to the onboarding and implementation costs of several new partnerships and products within CCBX and investments in technology, however, we anticipate that the revenue and earnings from these investments will be highly valuable over the long-term,” stated CEO Eric Sprink. “We saw high quality deposit growth of $205.9 million during the first quarter, and our CCBX program fee income continued to increase, up 55.2% compared to the same period in 2024.”

    Key Points for First Quarter and Our Go-Forward Strategy

    • Positive Growth Trends within CCBX Continue. As of March 31, 2025 we had two partners in testing, three in implementation/onboarding, one signed LOI and have an active pipeline of new partners and new products with existing partners for the balance of 2025 and into 2026. Total BaaS program fee income was $6.3 million for the three months ended March 31, 2025, an increase of $724,000, or 13.0%, from the three months ended December 31, 2024. We remain fully indemnified against fraud and 98.8% indemnified against credit risk with our CCBX partners as of March 31, 2025.
    • Investments for Growth Continues. Total noninterest expense of $72.0 million was up $4.6 million, or 6.8%, as compared to $67.4 million in the quarter ended December 31, 2024, mainly driven by higher salaries and employee benefits, legal and professional expenses and BaaS loan expense partially offset by lower BaaS fraud expense. As we increase the number of new CCBX partners and products with existing partners launching in 2025, we expect that expenses will tend to be front-loaded with a focus on compliance and operational risk before any new programs or products generate significant revenues. We remain focused on building our future revenue sources.
    • Strong Deposit Growth, Off Balance Sheet Activity Update. Total deposits of $3.79 billion, an increase of $205.9 million, or 5.7%, over the quarter ended December 31, 2024, driven primarily by growth in CCBX partner programs. On April 1, 2025 we launched the T-Mobile deposit program and those deposits will be reflected in the second quarter deposit totals. During the first quarter of 2025, we sold $744.6 million of loans, the majority of which were credit card receivables. We retain a portion of the fee income on sold credit card loans. As of March 31, 2025 there were 237,024 credit cards with fee earning potential, an increase of 54,575 compared to the quarter ended December 31, 2024 and an increase of 210,723 from March 31, 2024.

    First Quarter 2025 Financial Highlights

    The tables below outline some of our key operating metrics.

      Three Months Ended
    (Dollars in thousands, except share and per share data; unaudited) March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
    Income Statement Data:                  
    Interest and dividend income $ 104,907     $ 102,448     $ 105,165     $ 97,422     $ 91,742  
    Interest expense   28,845       30,071       32,892       31,250       29,536  
    Net interest income   76,062       72,377       72,273       66,172       62,206  
    Provision for credit losses   55,781       61,867       70,257       62,325       83,158  
    Net interest (expense)/ income after provision for credit losses   20,281       10,510       2,016       3,847       (20,952 )
    Noninterest income   63,477       74,100       78,790       69,138       86,176  
    Noninterest expense   71,989       67,411       64,424       57,964       56,509  
    Provision for income tax   2,039       3,832       2,926       3,425       1,915  
    Net income   9,730       13,367       13,456       11,596       6,800  
                       
      As of and for the Three Month Period
      March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
    Balance Sheet Data:                  
    Cash and cash equivalents $ 624,302     $ 452,513     $ 484,026     $ 487,245     $ 515,128  
    Investment securities   46,991       47,321       48,620       49,213       50,090  
    Loans held for sale   42,132       20,600       7,565             797  
    Loans receivable   3,517,359       3,486,565       3,413,894       3,321,813       3,195,101  
    Allowance for credit losses   (183,178 )     (176,994 )     (171,674 )     (148,878 )     (139,941 )
    Total assets   4,339,282       4,121,208       4,064,472       3,959,549       3,863,062  
    Interest bearing deposits   3,251,599       3,057,808       3,047,861       2,949,643       2,888,867  
    Noninterest bearing deposits   539,630       527,524       579,427       593,789       574,112  
    Core deposits (1)   3,321,772       3,123,434       3,190,869       3,528,339       3,447,864  
    Total deposits   3,791,229       3,585,332       3,627,288       3,543,432       3,462,979  
    Total borrowings   47,923       47,884       47,847       47,810       47,771  
    Total shareholders’ equity   449,917       438,704       331,930       316,693       303,709  
                       
    Share and Per Share Data (2):                  
    Earnings per share – basic $ 0.65     $ 0.97     $ 1.00     $ 0.86     $ 0.51  
    Earnings per share – diluted $ 0.63     $ 0.94     $ 0.97     $ 0.84     $ 0.50  
    Dividends per share                            
    Book value per share (3) $ 29.98     $ 29.37     $ 24.51     $ 23.54     $ 22.65  
    Tangible book value per share (4) $ 29.98     $ 29.37     $ 24.51     $ 23.54     $ 22.65  
    Weighted avg outstanding shares – basic   14,962,507       13,828,605       13,447,066       13,412,667       13,340,997  
    Weighted avg outstanding shares – diluted   15,462,041       14,268,229       13,822,270       13,736,508       13,676,917  
    Shares outstanding at end of period   15,009,225       14,935,298       13,543,282       13,453,805       13,407,320  
    Stock options outstanding at end of period   163,932       186,354       198,370       286,119       309,069  

    See footnotes that follow the tables below

      As of and for the Three Month Period
      March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
    Credit Quality Data:                  
    Nonperforming assets (5) to total assets   1.30 %     1.52 %     1.63 %     1.34 %     1.42 %
    Nonperforming assets (5) to loans receivable and OREO   1.60 %     1.80 %     1.94 %     1.60 %     1.72 %
    Nonperforming loans (5) to total loans receivable   1.60 %     1.80 %     1.94 %     1.60 %     1.72 %
    Allowance for credit losses to nonperforming loans   325.0 %     282.5 %     257.2 %     278.6 %     254.3 %
    Allowance for credit losses to total loans receivable   5.21 %     5.08 %     5.03 %     4.45 %     4.35 %
    Gross charge-offs $ 53,686     $ 61,585     $ 53,305     $ 55,207     $ 58,994  
    Gross recoveries $ 5,486     $ 5,223     $ 4,516     $ 2,254     $ 2,036  
    Net charge-offs to average loans (6)   5.57 %     6.56 %     5.60 %     6.54 %     7.30 %
                       
    Capital Ratios:                  
    Company                  
    Tier 1 leverage capital   10.67 %     10.78 %     8.40 %     8.31 %     8.24 %
    Common equity Tier 1 risk-based capital   12.13 %     12.04 %     9.24 %     9.03 %     8.98 %
    Tier 1 risk-based capital   12.22 %     12.14 %     9.34 %     9.13 %     9.08 %
    Total risk-based capital   14.73 %     14.67 %     11.89 %     11.70 %     11.70 %
    Bank                  
    Tier 1 leverage capital   10.57 %     10.64 %     9.29 %     9.24 %     9.19 %
    Common equity Tier 1 risk-based capital   12.12 %     11.99 %     10.34 %     10.15 %     10.14 %
    Tier 1 risk-based capital   12.12 %     11.99 %     10.34 %     10.15 %     10.14 %
    Total risk-based capital   13.42 %     13.28 %     11.63 %     11.44 %     11.43 %
    (1)  Core deposits are defined as all deposits excluding brokered and time deposits.
    (2) Share and per share amounts are based on total actual or average common shares outstanding, as applicable.
    (3) We calculate book value per share as total shareholders’ equity at the end of the relevant period divided by the outstanding number of our common shares at the end of each period.
    (4) Tangible book value per share is a non-GAAP financial measure. We calculate tangible book value per share as total shareholders’ equity at the end of the relevant period, less goodwill and other intangible assets, divided by the outstanding number of our common shares at the end of each period. The most directly comparable GAAP financial measure is book value per share. We had no goodwill or other intangible assets as of any of the dates indicated. As a result, tangible book value per share is the same as book value per share as of each of the dates indicated.
    (5) Nonperforming assets and nonperforming loans include loans 90+ days past due and accruing interest.
    (6) Annualized calculations.
       

    Key Performance Ratios

    Return on average assets (“ROA”) was 0.93% for the quarter ended March 31, 2025 compared to 1.30% and 0.73% for the quarters ended December 31, 2024 and March 31, 2024, respectively.  ROA for the quarter ended March 31, 2025, decreased 0.37% and increased 0.19% compared to December 31, 2024 and March 31, 2024, respectively. Noninterest expenses were higher for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024 largely due to higher salaries and employee benefits, due to annual pay increases and for new hires that contribute to our continued investments in growth, technology and risk management, legal and professional expenses and increased BaaS loan expense, which is directly related to interest earned on CCBX loans. These increases were partially offset by a decrease in BaaS fraud expense. Noninterest expenses were higher than the quarter ended March 31, 2024 due primarily to an increase in salaries and employee benefits, data processing and software licenses and legal and professional expenses, all of which are related to the growth of Company and investments in technology and risk management.

    Legal and professional fees in first quarter were elevated in multiple areas including compliance, BSA, audit, legal and projects as we prepare for new partners, and we may experience a similar level of expenses again in second quarter before returning to a more historical level in third quarter 2025.

    Yield on earning assets and yield on loans receivable increased 0.07% and 0.23%, respectively, for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. Average loans receivable as of March 31, 2025 increased $92.2 million compared to December 31, 2024 as net CCBX loans continue to grow, despite selling $744.6 million in CCBX loans during the quarter ended March 31, 2025.

    The following table shows the Company’s key performance ratios for the periods indicated.  

        Three Months Ended
    (unaudited)   March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
                         
    Return on average assets (1)     0.93 %     1.30 %     1.34 %     1.21 %     0.73 %
    Return on average equity (1)     8.91 %     14.90 %     16.67 %     15.22 %     9.21 %
    Yield on earnings assets (1)     10.32 %     10.24 %     10.79 %     10.49 %     10.21 %
    Yield on loans receivable (1)     11.33 %     11.12 %     11.44 %     11.22 %     11.01 %
    Cost of funds (1)     3.11 %     3.24 %     3.62 %     3.60 %     3.52 %
    Cost of deposits (1)     3.08 %     3.21 %     3.59 %     3.58 %     3.49 %
    Net interest margin (1)     7.48 %     7.23 %     7.42 %     7.12 %     6.92 %
    Noninterest expense to average assets (1)     6.87 %     6.54 %     6.42 %     6.05 %     6.10 %
    Noninterest income to average assets (1)     6.06 %     7.19 %     7.85 %     7.22 %     9.30 %
    Efficiency ratio     51.59 %     46.02 %     42.65 %     42.84 %     38.08 %
    Loans receivable to deposits (2)     93.89 %     97.82 %     94.33 %     93.75 %     92.29 %
    (1)   Annualized calculations shown for quarterly periods presented.
    (2)   Includes loans held for sale.
       

    Management Outlook; CEO Eric Sprink

    “Looking ahead to the balance of 2025, elevated onboarding activity is expected to continue into the second quarter as our CCBX pipeline remains very robust with high quality and potentially impactful opportunities. We plan to continue to invest in and enhance our technology and risk management infrastructure to support our next phase of CCBX growth. Our risk reduction efforts, namely our fraud and credit indemnifications via our partners, continued to function as expected despite the volatile macroeconomics conditions towards the end of first quarter. These efforts, plus additional growth in noninterest income should help mitigate the uncertainties associated with fluctuating interest rates and provide a stable, recurring income source.” said CEO Eric Sprink.

    Coastal Financial Corporation Overview

    The Company has one main subsidiary, the Bank, which consists of three segments: CCBX, the community bank and treasury & administration.  The CCBX segment includes all of our BaaS activities, the community bank segment includes all community banking activities and the treasury & administration segment includes treasury management, overall administration and all other aspects of the Company.  

    CCBX Performance Update

    Our CCBX segment continues to evolve, and we have 25 relationships, at varying stages, including two partners in testing, three in implementation/onboarding, one signed LOI as of March 31, 2025.  We continue to refine the criteria for CCBX partnerships, exploring relationships with larger more established partners, with experienced management teams, existing customer bases and strong financial positions. We also will consider promising medium and smaller sized partners that align with our approach and terms including financial wherewithal and will continue to exit relationships where it makes sense for us to do so.

    While we explore relationships with new partners we continue to expand our product offerings with existing CCBX partners. As we become more proficient in the BaaS space we aim to cultivate new relationships that align with our long-term goals. We believe that a strategy of adding new partnerships and launching new products with existing partners allows us to expand and grow our customer base with a modest increase in regulatory risk given our operational history with them. Increases in partner activity/transaction counts is positively impacting noninterest income and we expect this trend to continue as current products grow and new products are introduced . We plan to continue selling loans as part of our strategy to balance partner and lending limits, and manage the loan portfolio and credit quality. We retain a portion of the fee income for our role in processing transactions on sold credit card balances, and will continue this strategy to provide an on-going and passive revenue source with no on balance sheet risk or capital requirement.

    On April 1, 2025, we went live with the T-Mobile deposit program and our second quarter deposits will include those balances. As we build our deposit base, we will be able to sweep deposits off and on the balance sheet as needed. This deposit sweep capability allows us to better manage liquidity and deposit programs. At March 31, 2025 we swept off $406.3 million in deposits for FDIC insurance and liquidity purposes. We are also launching a new suite of deposit products with RobinHood, which are expected to launch in the back half of 2025. The introduction of theses products are expected to increase deposits.

    The following table illustrates the activity and evolution in CCBX relationships for the periods presented.

      As of
    (unaudited) March 31, 2025   December 31,
    2024
      March 31, 2024
    Active 19   19   19
    Friends and family / testing 2   1   1
    Implementation / onboarding 3   1   1
    Signed letters of intent 1   3   0
    Total CCBX relationships 25   24   21
               

    CCBX loans increased $47.2 million, or 2.9%, to $1.65 billion despite selling $744.6 million in loans during the three months ended March 31, 2025. In accordance with the program agreement for one partner, effective April 1, 2024, the portion of the CCBX portfolio that we are responsible for losses on decreased from 10% to 5%. At March 31, 2025 the portion of this portfolio for which we are responsible represented $19.9 million in loans.

    The following table details the CCBX loan portfolio:

    CCBX   As of
        March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands; unaudited)   Balance   % to Total   Balance   % to Total   Balance   % to Total
    Commercial and industrial loans:                        
    Capital call lines   $ 133,466       8.1 %   $ 109,017       6.8 %   $ 135,671       10.3 %
    All other commercial & industrial loans     29,702       1.8       33,961       2.1       47,160       3.6  
    Real estate loans:                        
    Residential real estate loans     285,355       17.3       267,707       16.7       265,148       20.2  
    Consumer and other loans:                        
    Credit cards     532,775       32.2       528,554       33.0       505,706       38.6  
    Other consumer and other loans     670,026       40.6       664,780       41.4       358,528       27.3  
    Gross CCBX loans receivable     1,651,324       100.0 %     1,604,019       100.0 %     1,312,213       100.0 %
    Net deferred origination (fees) costs     (498 )         (442 )         (394 )    
    Loans receivable   $ 1,650,826         $ 1,603,577         $ 1,311,819      
    Loan Yield – CCBX (1)(2)     16.88 %         16.81 %         17.74 %    
                             
    (1) CCBX yield does not include the impact of BaaS loan expense.  BaaS loan expense represents the amount paid or payable to partners for credit enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
    (2) Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.
       

    The increase in CCBX loans in the quarter ended March 31, 2025, includes an increase of $24.4 million, or 22.4%, in capital call lines as a result of normal balance fluctuations and business activities, an increase of $17.6 million, or 6.6%, in residential real estate loans and an increase of $9.5 million or 0.8%, in other consumer and other loans. We continue to monitor and manage the CCBX loan portfolio, and sold $744.6 million in CCBX loans during the quarter ended March 31, 2025 compared to sales of $845.5 million in the quarter ended December 31, 2024. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio earnings and generate off balance sheet fee income. CCBX loan yield increased 0.07% for the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024.

    The following chart shows the growth in credit card accounts that generate fee income. This includes accounts with balances, which are included in our loan totals, and accounts that have been sold and have no corresponding balance in our loan totals, and that generate fee income.

    The following table details the CCBX deposit portfolio:

    CCBX   As of
        March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands; unaudited)   Balance   % to Total   Balance   % to Total   Balance   % to Total
    Demand, noninterest bearing   $ 58,416       2.6 %   $ 55,686       2.7 %   $ 58,669       2.9 %
    Interest bearing demand and money market     2,145,608       94.6       1,958,459       94.9       1,964,942       96.8  
    Savings     16,625       0.7       5,710       0.3       5,338       0.3  
    Total core deposits     2,220,649       97.9       2,019,855       97.9       2,028,949       100.0  
    Other deposits     46,359       2.1       44,233       2.1              
    Total CCBX deposits   $ 2,267,008       100.0 %   $ 2,064,088       100.0 %   $ 2,028,949       100.0 %
    Cost of deposits (1)     4.01 %         4.19 %         4.93 %    
    (1) Cost of deposits is annualized for the three months ended for each period presented.
       

    CCBX deposits increased $202.9 million, or 9.8%, in the three months ended March 31, 2025 to $2.27 billion as a result of growth and normal balance fluctuations. This excludes the $406.3 million in CCBX deposits that were transferred off balance sheet for increased Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and sweep purposes, compared to $273.2 million for the quarter ended December 31, 2024. Amounts in excess of FDIC insurance coverage are transferred, using a third-party facilitator/vendor sweep product, to participating financial institutions.

    Community Bank Performance Update

    In the quarter ended March 31, 2025, the community bank saw net loans decrease $16.5 million, or 0.9%, to $1.87 billion, as a result of normal balance fluctuations.

    The following table details the Community Bank loan portfolio:

    Community Bank   As of
        March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands; unaudited)   Balance   % to Total   Balance   % to Total   Balance   % to Total
    Commercial and industrial loans   $ 149,104       8.0 %   $ 150,395       8.0 %   $ 154,395       8.2 %
    Real estate loans:                        
    Construction, land and land development loans     166,551       8.9       148,198       7.8       160,862       8.5  
    Residential real estate loans     202,920       10.8       202,064       10.7       231,157       12.2  
    Commercial real estate loans     1,340,647       71.6       1,374,801       72.8       1,342,489       71.0  
    Consumer and other loans:                        
    Other consumer and other loans     13,326       0.7       13,542       0.7       1,447       0.1  
    Gross Community Bank loans receivable     1,872,548       100.0 %     1,889,000       100.0 %     1,890,350       100.0 %
    Net deferred origination fees     (6,015 )         (6,012 )         (7,068 )    
    Loans receivable   $ 1,866,533         $ 1,882,988         $ 1,883,282      
    Loan Yield(1)     6.53 %         6.53 %         6.46 %    
    (1) Loan yield is annualized for the three months ended for each period presented and includes loans held for sale and nonaccrual loans.
       

    Community bank loans decreased $34.2 million in commercial real estate loans, $1.3 million in commercial and industrial loans and $216,000 in consumer and other loans, partially offset by an increase of $18.4 million in construction, land and land development loans, during the quarter ended March 31, 2025.

    The following table details the community bank deposit portfolio:

    Community Bank   As of
        March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands; unaudited)   Balance   % to Total   Balance   % to Total   Balance   % to Total
    Demand, noninterest bearing   $ 481,214       31.5 %   $ 471,838       31.0 %   $ 515,443       35.9 %
    Interest bearing demand and money market     560,416       36.8       570,625       37.5       834,725       58.2  
    Savings     59,493       3.9       61,116       4.0       68,747       4.8  
    Total core deposits     1,101,123       72.2       1,103,579       72.5       1,418,915       99.0  
    Other deposits     407,391       26.7       400,118       26.3       1       0.0  
    Time deposits less than $100,000     5,585       0.4       5,920       0.4       7,199       0.5  
    Time deposits $100,000 and over     10,122       0.7       11,627       0.8       7,915       0.6  
    Total Community Bank deposits   $ 1,524,221       100.0 %   $ 1,521,244       100.0 %   $ 1,434,030       100.0 %
    Cost of deposits(1)     1.76 %         1.86 %         1.66 %    
    (1)   Cost of deposits is annualized for the three months ended for each period presented.
       

    Community bank deposits increased $3.0 million, or 0.2%, during the three months ended March 31, 2025 to $1.52 billion as result of normal balance fluctuations. The community bank segment includes noninterest bearing deposits of $481.2 million, or 31.5%, of total community bank deposits, resulting in a cost of deposits of 1.76%, which compared to 1.86% for the quarter ended December 31, 2024, largely due to the decreases in the Fed funds rate late in the third quarter and during the fourth quarter of 2024.

    Net Interest Income and Margin Discussion

    Net interest income was $76.1 million for the quarter ended March 31, 2025, an increase of $3.7 million, or 5.1%, from $72.4 million for the quarter ended December 31, 2024, and an increase of $13.9 million, or 22.3%, from $62.2 million for the quarter ended March 31, 2024. Net interest income compared to December 31, 2024, was higher due to an increase in average loans receivable, an increase in loan yield and a decrease in cost of funds. The increase in net interest income compared to March 31, 2024 was largely related to growth in higher yielding loans, partially offset by an increase in cost of funds relating to higher interest rates and growth in interest bearing deposits.  

    Net interest margin was 7.48% for the three months ended March 31, 2025, compared to 7.23% for the three months ended December 31, 2024, largely due to higher loan yield and lower cost of deposits. Net interest margin, net of BaaS loan expense, (a reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release) was 4.28% for the three months ended March 31, 2025, compared to 4.16% for the three months ended December 31, 2024. Net interest margin was 6.92% for the three months ended March 31, 2024. The increase in net interest margin for the three months ended March 31, 2025 compared to the three months ended March 31, 2024 was largely due to an increase in loan yield, partially offset by higher interest rates on interest bearing deposits. Interest and fees on loans receivable increased $2.6 million, or 2.7%, to $98.1 million for the three months ended March 31, 2025, compared to $95.6 million for the three months ended December 31, 2024, as a result of loan growth. Interest and fees on loans receivable increased $12.3 million, or 14.3%, compared to $85.9 million for the three months ended March 31, 2024, due to an increase in outstanding balances and higher interest rates. Net interest margin, net of BaaS loan expense (a reconciliation of the non-GAAP measures are set forth in the Non-GAAP Financial Measures section of this earnings release) increased 0.12% for the three months ended March 31, 2025, compared to the three months ended December 31, 2024 and increased 0.26% compared the three months ended March 31, 2024.

    The following tables illustrate how net interest margin and loan yield is affected by BaaS loan expense:

    Consolidated   As of and for the Three Months Ended
    (dollars in thousands; unaudited)   March 31
    2025
      December 31
    2024
      March 31
    2024
    Net interest margin, net of BaaS loan expense:        
    Net interest margin (1)     7.48 %     7.23 %     6.92 %
    Earning assets     4,124,065       3,980,078       3,613,769  
    Net interest income (GAAP)     76,062       72,377       62,206  
    Less: BaaS loan expense     (32,507 )     (30,720 )     (26,107 )
    Net interest income, net of BaaS loan expense(2)   $ 43,555     $ 41,657     $ 36,099  
    Net interest margin, net of BaaS loan expense (1)(2)     4.28 %     4.16 %     4.02 %
    Loan income net of BaaS loan expense divided by average loans:    
    Loan yield (GAAP)(1)     11.33 %     11.12 %     11.01 %
    Total average loans receivable   $ 3,511,724     $ 3,419,476     $ 3,137,271  
    Interest and earned fee income on loans (GAAP)     98,147       95,575       85,891  
    BaaS loan expense     (32,507 )     (30,720 )     (26,107 )
    Net loan income(2)   $ 65,640     $ 64,855     $ 59,784  
    Loan income, net of BaaS loan expense, divided by average loans (1)(2)     7.58 %     7.55 %     7.66 %
    (1) Annualized calculations shown for periods presented.
    (2) A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.
       

    Average investment securities decreased $974,000 to $47.2 million compared to the three months ended December 31, 2024 and decreased $68.2 million compared to the three months ended March 31, 2024 as a result of principal paydowns and maturing securities.

    Cost of funds was 3.11% for the quarter ended March 31, 2025, a decrease of 13 basis points from the quarter ended December 31, 2024 and a decrease of 42 basis points from the quarter ended March 31, 2024. Cost of deposits for the quarter ended March 31, 2025 was 3.08%, compared to 3.21% for the quarter ended December 31, 2024, and 3.49% for the quarter ended March 31, 2024. The decreased cost of funds and deposits compared to December 31, 2024 and March 31, 2024 were largely due to the recent reductions in the Fed funds rate.

    The following table summarizes the average yield on loans receivable and cost of deposits:

      For the Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      Yield on
    Loans (2)
      Cost of
    Deposits (2)
      Yield on
    Loans (2)
      Cost of
    Deposits (2)
      Yield on
    Loans (2)
      Cost of
    Deposits (2)
    Community Bank   6.53 %     1.76 %     6.53 %     1.86 %     6.46 %     1.66 %
    CCBX (1)   16.88 %     4.01 %     16.81 %     4.19 %     17.74 %     4.93 %
    Consolidated   11.33 %     3.08 %     11.12 %     3.21 %     11.01 %     3.49 %
    (1) CCBX yield on loans does not include the impact of BaaS loan expense.  BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating & servicing CCBX loans. To determine Net BaaS loan income earned from CCBX loan relationships, the Company takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income which can be compared to interest income on the Company’s community bank loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
    (2) Annualized calculations for periods presented.
       

    The following table illustrates how BaaS loan interest income is affected by BaaS loan expense resulting in net BaaS loan income and the associated yield:

        For the Three Months Ended
        March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands, unaudited)   Income / Expense   Income /
    expense divided
    by average
    CCBX loans
    (2)
      Income / Expense   Income /
    expense divided
    by average
    CCBX loans
    (2)
      Income / Expense   Income /
    expense divided
    by average
    CCBX loans
    (2)
    BaaS loan interest income   $ 67,855       16.88 %   $ 64,532       16.81 %   $ 55,839       17.74 %
    Less: BaaS loan expense     32,507       8.09 %     30,720       8.00 %     26,107       8.29 %
    Net BaaS loan income (1)   $ 35,348       8.79 %   $ 33,812       8.81 %   $ 29,732       9.45 %
    Average BaaS Loans(3)   $ 1,630,088         $ 1,527,178         $ 1,265,857      
    (1) A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.
    (2) Annualized calculations shown for the periods presented.
    (3) Includes loans held for sale.
       

    Noninterest Income Discussion

    Noninterest income was $63.5 million for the three months ended March 31, 2025, a decrease of $10.6 million from $74.1 million for the three months ended December 31, 2024, and a decrease of $22.7 million from $86.2 million for the three months ended March 31, 2024.  The decrease in noninterest income for the quarter ended March 31, 2025 as compared to the quarter ended December 31, 2024 was primarily due to a decrease of $10.8 million in total BaaS income.  The $10.8 million decrease in total BaaS income included an $8.4 million decrease in BaaS credit enhancements related to the provision for credit losses and a $3.1 million decrease in BaaS fraud enhancements partially offset by an increase of $724,000 in BaaS program income. The $724,000 increase in BaaS program income is largely due to higher reimbursement of CCBX partner expenses and an increase in transaction and interchange fees and servicing and other BaaS fees, (see “Appendix B” for more information on the accounting for BaaS allowance for credit losses and credit and fraud enhancements).

    The $22.7 million decrease in noninterest income over the quarter ended March 31, 2024 was primarily due to a $25.1 million decrease in BaaS credit and fraud enhancements and an increase of $2.2 million in BaaS program income.

    Noninterest Expense Discussion

    Total noninterest expense increased $4.6 million to $72.0 million for the three months ended March 31, 2025, compared to $67.4 million for the three months ended December 31, 2024, and increased $15.5 million from $56.5 million for the three months ended March 31, 2024. The $4.6 million increase in noninterest expense for the quarter ended March 31, 2025, as compared to the quarter ended December 31, 2024, was primarily due to a $3.5 million increase in salaries and benefits, $1.9 million increase in legal and professional fees, and $1.8 million increase in BaaS loan expense, partially offset by a $3.1 million decrease in BaaS fraud expense. The salaries and benefits and legal and professional fees increases were part of our continued investments in growth, technology and risk management. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, and originating & servicing CCBX loans. BaaS fraud expense represents non-credit fraud losses on partner’s customer loan and deposit accounts. A portion of this expense is realized during the quarter in which the loss occurs, and a portion is estimated based on historical or other information from our partners.

    The increase in noninterest expenses for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024 was largely due to a $6.4 million increase in BaaS loan expense, a $1.1 million increase in BaaS fraud expense, a $2.8 million increase in legal and professional expenses, a $3.5 million increase in salary and employee benefits, and a $1.3 million increase in data processing and software licenses due to enhancements in technology all of which are related to the growth of Company and investments in technology and risk management.

    Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and the reimbursement of expenses from our CCBX partner in noninterest income. The following table reflects the portion of noninterest expenses that are reimbursed by partners to assist the understanding of how the increases in noninterest expense are related to expenses incurred for and reimbursed by CCBX partners:

      Three Months Ended
      March 31,   December 31,   March 31,
    (dollars in thousands; unaudited)   2025       2024       2024  
    Total noninterest expense (GAAP) $ 71,989     $ 67,411     $ 56,509  
    Less: BaaS loan expense   32,507       30,720       26,107  
    Less: BaaS fraud expense   1,993       5,043       923  
    Less: Reimbursement of expenses (BaaS)   1,026       812       254  
    Noninterest expense, net of BaaS loan expense, BaaS fraud expense
    and reimbursement of expenses (BaaS) (1)
    $ 36,463     $ 30,836     $ 29,225  
    (1) A reconciliation of the non-GAAP measures are set forth at the end of this earnings release.
       

    Provision for Income Taxes

    The provision for income taxes was $2.0 million for the three months ended March 31, 2025, $3.8 million for the three months ended December 31, 2024 and $1.9 million for the first quarter of 2024.  The income tax provision was lower for the three months ended March 31, 2025 compared to the quarter ended December 31, 2024 as a result of the deductibility of certain equity awards which reduced tax expense during the quarter ended March 31, 2025, and was higher compared to the quarter ended March 31, 2024, primarily due to higher net income compared to that quarter, partially offset by the deductibility of certain equity awards.

    The Company is subject to various state taxes that are assessed as CCBX activities and employees expand into other states, which has increased the overall tax rate used in calculating the provision for income taxes in the current and future periods. The Company uses a federal statutory tax rate of 21.0% as a basis for calculating provision for federal income taxes and 2.55% for calculating the provision for state income taxes.

    Financial Condition Overview

    Total assets increased $218.1 million, or 5.3%, to $4.34 billion at March 31, 2025 compared to $4.12 billion at December 31, 2024.  The increase is primarily comprised of a $171.8 million increase in cash and a $30.8 million increase in loans receivable. Total loans receivable increased to $3.52 billion at March 31, 2025, from $3.49 billion at December 31, 2024.

    As of March 31, 2025, in addition to the $624.3 million in cash on hand the Company had the capacity to borrow up to a total of $662.4 million from the Federal Reserve Bank discount window and Federal Home Loan Bank, plus an additional $50.0 million from a correspondent bank. There were no borrowings outstanding on these lines as of March 31, 2025.

    The Company, on a stand alone basis, had a cash balance of $45.5 million as of March 31, 2025, which is retained for general operating purposes, including debt repayment, for funding $468,000 in commitments to bank technology investment funds and $40.0 million is available to be contributed to the Bank as capital.  

    Uninsured deposits were $558.8 million as of March 31, 2025, compared to $543.0 million as of December 31, 2024.

    Total shareholders’ equity as of March 31, 2025 increased $11.2 million since December 31, 2024.  The increase in shareholders’ equity was primarily comprised of an increase of $1.5 million in common stock outstanding as a result of equity awards exercised during the three months ended March 31, 2025 combined with $9.7 million in net earnings.

    The Company and the Bank remained well capitalized at March 31, 2025, as summarized in the following table.

    (unaudited)   Coastal
    Community
    Bank
      Coastal
    Financial
    Corporation
      Minimum Well
    Capitalized
    Ratios under
    Prompt
    Corrective
    Action
    (1)
    Tier 1 Leverage Capital (to average assets)     10.57 %     10.67 %     5.00 %
    Common Equity Tier 1 Capital (to risk-weighted assets)     12.12 %     12.13 %     6.50 %
    Tier 1 Capital (to risk-weighted assets)     12.12 %     12.22 %     8.00 %
    Total Capital (to risk-weighted assets)     13.42 %     14.73 %     10.00 %
    (1) Presents the minimum capital ratios for an insured depository institution, such as the Bank, to be considered well capitalized under the Prompt Corrective Action framework. The minimum requirements for the Company to be considered well capitalized under Regulation Y include to maintain, on a consolidated basis, a total risk-based capital ratio of 10.0 percent or greater and a tier 1 risk-based capital ratio of 6.0 percent or greater.
       

    Asset Quality

    The total allowance for credit losses was $183.2 million and 5.21% of loans receivable at March 31, 2025 compared to $177.0 million and 5.08% at December 31, 2024 and $139.9 million and 4.38% at March 31, 2024. The allowance for credit loss allocated to the CCBX portfolio was $164.2 million and 9.95% of CCBX loans receivable at March 31, 2025, with $19.0 million of allowance for credit loss allocated to the community bank or 1.02% of total community bank loans receivable.

    The following table details the allocation of the allowance for credit loss as of the period indicated:

        As of March 31, 2025   As of December 31, 2024   As of March 31, 2024
    (dollars in thousands; unaudited)   Community
    Bank
      CCBX   Total   Community
    Bank
      CCBX   Total   Community
    Bank
      CCBX   Total
    Loans receivable   $ 1,866,533     $ 1,650,826     $ 3,517,359     $ 1,882,988     $ 1,603,577     $ 3,486,565     $ 1,883,282     $ 1,311,819     $ 3,195,101  
    Allowance for credit losses     (18,992 )     (164,186 )     (183,178 )     (18,924 )     (158,070 )     (176,994 )     (21,384 )     (118,557 )     (139,941 )
    Allowance for credit losses to total loans receivable     1.02 %     9.95 %     5.21 %     1.00 %     9.86 %     5.08 %     1.14 %     9.04 %     4.38 %
                                                                             

    Net charge-offs totaled $48.2 million for the quarter ended March 31, 2025, compared to $56.4 million for the quarter ended December 31, 2024 and $57.0 million for the quarter ended March 31, 2024. Net charge-offs as a percent of average loans decreased to 5.57% for the quarter ended March 31, 2025 compared to 6.56% for the quarter ended December 31, 2024. CCBX partner agreements provide for a credit enhancement that covers the net-charge-offs on CCBX loans and negative deposit accounts by indemnifying or reimbursing incurred losses, except in accordance with the program agreement for one partner where the Company was responsible for credit losses on approximately 5% of a $299.8 million loan portfolio. At March 31, 2025, our portion of this portfolio represented $19.9 million in loans. Net charge-offs for this $19.9 million in loans were $1.1 million for the three months ended March 31, 2025 and December 31, 2024 and $2.1 million for the three months ended March 31, 2024.

    The following table details net charge-offs for the community bank and CCBX for the period indicated:

        Three Months Ended
        March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands; unaudited)   Community
    Bank
      CCBX   Total   Community
    Bank
      CCBX   Total   Community
    Bank
      CCBX   Total
    Gross charge-offs   $ 4     $ 53,682     $ 53,686     $ 139     $ 61,446     $ 61,585     $ 15     $ 58,979     $ 58,994  
    Gross recoveries     (7 )     (5,479 )     (5,486 )     (3 )     (5,220 )     (5,223 )     (4 )     (2,032 )     (2,036 )
    Net charge-offs   $ (3 )   $ 48,203     $ 48,200     $ 136     $ 56,226     $ 56,362     $ 11     $ 56,947     $ 56,958  
    Net charge-offs to
    average loans (1)
        0.00 %     11.99 %     5.57 %     0.03 %     14.65 %     6.56 %     0.00 %     18.09 %     7.30 %
    (1)  Annualized calculations shown for periods presented.
       

    During the quarter ended March 31, 2025, a $54.3 million provision for credit losses was recorded for CCBX partner loans, compared to the $63.7 million provision for credit losses was recorded for CCBX partner loans for the quarter ended December 31, 2024. The provision was based on management’s analysis, bringing the CCBX allowance for credit losses to $164.2 million at March 31, 2025 compared to $158.1 million at December 31, 2024. The increase in the allowance is due to the addition of new loans, partially offset by loan sales. CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses. Agreements with our CCBX partners provide for a credit enhancement which protects the Bank by indemnifying or reimbursing incurred losses.

    In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans and reclassified negative deposit accounts. When the provision for CCBX credit losses and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements). Expected losses are recorded in the allowance for credit losses. The credit enhancement asset is relieved when credit enhancement recoveries are received from the CCBX partner. If our partner is unable to fulfill their contracted obligations then the Bank could be exposed to additional credit losses. Management regularly evaluates and manages this counterparty risk.

    The factors used in management’s analysis for community bank credit losses indicated that a provision of $65,000 was needed for the quarter ended March 31, 2025 compared to a provision recapture of $1.1 million and $199,000 for the quarters ended December 31, 2024 and March 31, 2024, respectively. The provision in the current period was due to a change in the mix of the community bank loan portfolio and growth in construction loans.

    The following table details the provision expense/(recapture) for the community bank and CCBX for the period indicated:

        Three Months Ended
    (dollars in thousands; unaudited)   March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Community bank   $ 65     $ (1,071 )   $ (199 )
    CCBX     54,319       63,741       79,717  
    Total provision expense   $ 54,384     $ 62,670     $ 79,518  
                             

    A provision for unfunded commitments of $613,000 was recorded for the quarter ended March 31, 2025 as a result of a change in the loan mix of available balance. A provision for accrued interest receivable of $784,000 was recorded for the quarter ended March 31, 2025 on CCBX loans.

    At March 31, 2025, our nonperforming assets were $56.4 million, or 1.30%, of total assets, compared to $62.7 million, or 1.52%, of total assets, at December 31, 2024, and $54.9 million, or 1.42%, of total assets, at March 31, 2024. These ratios are impacted by nonperforming CCBX loans that are covered by CCBX partner credit enhancements. As of March 31, 2025, $54.1 million of the $56.2 million in nonperforming CCBX loans were covered by CCBX partner credit enhancements described above.

    Nonperforming assets decreased $6.3 million during the quarter ended March 31, 2025, compared to the quarter ended December 31, 2024. This change is due to a decrease in CCBX loans 90 days or more past due and still on accrual. Community bank nonperforming loans increased $89,000 from December 31, 2024 to $189,000 as of March 31, 2025, and CCBX nonperforming loans decreased $6.4 million to $56.2 million from December 31, 2024. The decrease in CCBX nonperforming loans is due to a $7.1 million decrease in CCBX loans that are past due 90 days or more and still accruing interest partially offset by an increase of $707,000 in nonaccrual loans from December 31, 2024 to $20.2 million. Some CCBX partners have a collection practice that places certain loans on nonaccrual status to improve collectability. $16.1 million of these loans are less than 90 days past due as of March 31, 2025. As a result of the type of loans (primarily consumer loans) originated through our CCBX partners we anticipate that balances 90 days past due or more and still accruing will generally increase as those loan portfolios grow. Installment/closed-end and revolving/open-end consumer loans originated through CCBX lending partners will continue to accrue interest until 120 and 180 days past due, respectively and are reported as substandard, 90 days or more days past due and still accruing. There were no repossessed assets or other real estate owned at March 31, 2025. Our nonperforming loans to loans receivable ratio was 1.60% at March 31, 2025, compared to 1.80% at December 31, 2024, and 1.72% at March 31, 2024. The lower nonperforming loans to loans receivable ratio is a reflection of our on-going risk reduction efforts.

    For the quarter ended March 31, 2025, there were $3,000 community bank net recoveries and $48.2 million in net charge-offs were recorded on CCBX loans. These CCBX loans have a higher level of expected losses than our community bank loans, which is reflected in the factors for the allowance for credit losses.

    The following table details the Company’s nonperforming assets for the periods indicated.

    Consolidated As of
    (dollars in thousands; unaudited) March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Nonaccrual loans:          
    Commercial and industrial loans $ 381     $ 334     $  
    Real estate loans:          
    Residential real estate               212  
    Commercial real estate               7,731  
    Consumer and other loans:          
    Credit cards   13,602       10,262        
    Other consumer and other loans   6,376       8,967        
    Total nonaccrual loans   20,359       19,563       7,943  
    Accruing loans past due 90 days or more:          
    Commercial & industrial loans   782       1,006       1,793  
    Real estate loans:          
    Residential real estate loans   2,407       2,608       1,796  
    Consumer and other loans:          
    Credit cards   27,187       34,490       37,603  
    Other consumer and other loans   5,632       4,989       5,731  
    Total accruing loans past due 90 days or more   36,008       43,093       46,923  
    Total nonperforming loans   56,367       62,656       54,866  
    Real estate owned                
    Repossessed assets                
    Total nonperforming assets $ 56,367     $ 62,656     $ 54,866  
    Total nonaccrual loans to loans receivable   0.58 %     0.56 %     0.25 %
    Total nonperforming loans to loans receivable   1.60 %     1.80 %     1.72 %
    Total nonperforming assets to total assets   1.30 %     1.52 %     1.42 %
                           

    The following tables detail the CCBX and community bank nonperforming assets which are included in the total nonperforming assets table above.

    CCBX As of
    (dollars in thousands; unaudited) March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Nonaccrual loans:          
    Commercial and industrial loans:          
    All other commercial & industrial loans $ 192     $ 234     $  
    Consumer and other loans:          
    Credit cards   13,602       10,262        
    Other consumer and other loans   6,376       8,967        
    Total nonaccrual loans   20,170       19,463        
    Accruing loans past due 90 days or more:          
    Commercial & industrial loans   782       1,006       1,793  
    Real estate loans:          
    Residential real estate loans   2,407       2,608       1,796  
    Consumer and other loans:          
    Credit cards   27,187       34,490       37,603  
    Other consumer and other loans   5,632       4,989       5,731  
    Total accruing loans past due 90 days or more   36,008       43,093       46,923  
    Total nonperforming loans   56,178       62,556       46,923  
    Other real estate owned                
    Repossessed assets                
    Total nonperforming assets $ 56,178     $ 62,556     $ 46,923  
    Total CCBX nonperforming assets to total consolidated assets   1.29 %     1.52 %     1.21 %
                           
    Community Bank As of
    (dollars in thousands; unaudited) March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Nonaccrual loans:          
    Commercial and industrial loans $ 189     $ 100     $  
    Real estate:          
    Residential real estate               212  
    Commercial real estate               7,731  
    Total nonaccrual loans   189       100       7,943  
    Accruing loans past due 90 days or more:          
    Total accruing loans past due 90 days or more                
    Total nonperforming loans   189       100       7,943  
    Other real estate owned                
    Repossessed assets                
    Total nonperforming assets $ 189     $ 100     $ 7,943  
    Total community bank nonperforming assets to total consolidated assets   0.01 %     %     0.21 %
                           

    About Coastal Financial

    Coastal Financial Corporation (Nasdaq: CCB) (the “Company”), is an Everett, Washington based bank holding company whose wholly owned subsidiaries are Coastal Community Bank (“Bank”) and Arlington Olympic LLC.  The $4.34 billion Bank provides service through 14 branches in Snohomish, Island, and King Counties, the Internet and its mobile banking application.  The Bank provides banking as a service to digital financial service providers, companies and brands that want to provide financial services to their customers through the Bank’s CCBX segment.  To learn more about the Company visit www.coastalbank.com.

    CCB-ER

    Contact

    Eric Sprink, Chief Executive Officer, (425) 357-3659
    Joel Edwards, Executive Vice President & Chief Financial Officer, (425) 357-3687

    Forward-Looking Statements

    This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. Any statements about our management’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Any or all of the forward-looking statements in this earnings release may turn out to be inaccurate. The inclusion of or reference to forward-looking information in this earnings release should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of risks, uncertainties and assumptions that are difficult to predict. Factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, the risk that changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations and those other risks and uncertainties discussed under “Risk Factors” in our Annual Report on Form 10-K for the most recent period filed and in any of our subsequent filings with the Securities and Exchange Commission.

    If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. You are cautioned not to place undue reliance on forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.

    COASTAL FINANCIAL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Dollars in thousands; unaudited)

    ASSETS
      March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
    Cash and due from banks $ 43,467     $ 36,533     $ 45,327     $ 59,995     $ 32,790  
    Interest earning deposits with other banks   580,835       415,980       438,699       427,250       482,338  
    Investment securities, available for sale, at fair value   34       35       38       39       41  
    Investment securities, held to maturity, at amortized cost   46,957       47,286       48,582       49,174       50,049  
    Other investments   12,589       10,800       10,757       10,664       10,583  
    Loans held for sale   42,132       20,600       7,565             797  
    Loans receivable   3,517,359       3,486,565       3,413,894       3,321,813       3,195,101  
    Allowance for credit losses   (183,178 )     (176,994 )     (171,674 )     (148,878 )     (139,941 )
    Total loans receivable, net   3,334,181       3,309,571       3,242,220       3,172,935       3,055,160  
    CCBX credit enhancement asset   183,377       181,890       173,600       149,096       142,412  
    CCBX receivable   12,685       14,138       16,060       11,520       10,369  
    Premises and equipment, net   28,639       27,431       25,833       24,526       22,995  
    Lease right-of-use assets   5,117       5,219       5,427       5,635       5,756  
    Accrued interest receivable   21,109       21,104       22,315       21,620       22,485  
    Bank-owned life insurance, net   13,501       13,375       13,255       13,132       12,991  
    Deferred tax asset, net   3,912       3,600       3,083       2,221       2,221  
    Other assets   10,747       13,646       11,711       11,742       12,075  
    Total assets $ 4,339,282     $ 4,121,208     $ 4,064,472     $ 3,959,549     $ 3,863,062  
                       
    LIABILITIES AND SHAREHOLDERS’ EQUITY
    LIABILITIES                  
    Deposits $ 3,791,229     $ 3,585,332     $ 3,627,288     $ 3,543,432     $ 3,462,979  
    Subordinated debt, net   44,331       44,293       44,256       44,219       44,181  
    Junior subordinated debentures, net   3,592       3,591       3,591       3,591       3,590  
    Deferred compensation   310       332       369       405       442  
    Accrued interest payable   1,107       962       1,070       999       1,061  
    Lease liabilities   5,293       5,398       5,609       5,821       5,946  
    CCBX payable   29,391       29,171       37,839       32,539       30,899  
    Other liabilities   14,112       13,425       12,520       11,850       10,255  
    Total liabilities   3,889,365       3,682,504       3,732,542       3,642,856       3,559,353  
    SHAREHOLDERS’ EQUITY                  
    Common Stock   229,659       228,177       134,769       132,989       131,601  
    Retained earnings   220,259       210,529       197,162       183,706       172,110  
    Accumulated other comprehensive loss, net of tax   (1 )     (2 )     (1 )     (2 )     (2 )
    Total shareholders’ equity   449,917       438,704       331,930       316,693       303,709  
    Total liabilities and shareholders’ equity $ 4,339,282     $ 4,121,208     $ 4,064,472     $ 3,959,549     $ 3,863,062  
                                           

    COASTAL FINANCIAL CORPORATION
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except per share amounts; unaudited)

      Three Months Ended
      March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
    INTEREST AND DIVIDEND INCOME                  
    Interest and fees on loans $ 98,147     $ 95,575     $ 99,676     $ 90,879     $ 85,891  
    Interest on interest earning deposits with other banks   6,070       6,021       4,781       5,683       4,780  
    Interest on investment securities   650       661       675       686       1,034  
    Dividends on other investments   40       191       33       174       37  
    Total interest income   104,907       102,448       105,165       97,422       91,742  
    INTEREST EXPENSE                  
    Interest on deposits   28,185       29,404       32,083       30,578       28,867  
    Interest on borrowed funds   660       667       809       672       669  
    Total interest expense   28,845       30,071       32,892       31,250       29,536  
    Net interest income   76,062       72,377       72,273       66,172       62,206  
    PROVISION FOR CREDIT LOSSES   55,781       61,867       70,257       62,325       83,158  
    Net interest income/(expense) after provision for credit losses   20,281       10,510       2,016       3,847       (20,952 )
    NONINTEREST INCOME                  
    Service charges and fees   860       932       952       946       908  
    Loan referral fees                           168  
    Unrealized gain (loss) on equity securities, net   16       1       2       9       15  
    Other income   682       473       486       257       308  
    Noninterest income, excluding BaaS program income and BaaS indemnification income   1,558       1,406       1,440       1,212       1,399  
    Servicing and other BaaS fees   1,419       1,043       1,044       1,525       1,131  
    Transaction and interchange fees   3,833       3,699       3,549       2,934       2,661  
    Reimbursement of expenses   1,026       812       565       857       254  
    BaaS program income   6,278       5,554       5,158       5,316       4,046  
    BaaS credit enhancements   53,648       62,097       70,108       60,826       79,808  
    BaaS fraud enhancements   1,993       5,043       2,084       1,784       923  
    BaaS indemnification income   55,641       67,140       72,192       62,610       80,731  
    Total noninterest income   63,477       74,100       78,790       69,138       86,176  
    NONINTEREST EXPENSE                  
    Salaries and employee benefits   21,532       17,994       17,101       17,005       17,984  
    Occupancy   1,034       958       964       985       1,518  
    Data processing and software licenses   4,232       4,010       4,297       3,625       2,892  
    Legal and professional expenses   6,488       4,606       3,597       3,631       3,672  
    Point of sale expense   107       89       73       72       90  
    Excise taxes   722       778       762       (706 )     320  
    Federal Deposit Insurance Corporation (“FDIC”) assessments   755       750       740       690       683  
    Director and staff expenses   631       683       559       470       400  
    Marketing   50       28       67       14       53  
    Other expense   1,938       1,752       1,482       1,383       1,867  
    Noninterest expense, excluding BaaS loan and BaaS fraud expense   37,489       31,648       29,642       27,169       29,479  
    BaaS loan expense   32,507       30,720       32,698       29,011       26,107  
    BaaS fraud expense   1,993       5,043       2,084       1,784       923  
    BaaS loan and fraud expense   34,500       35,763       34,782       30,795       27,030  
    Total noninterest expense   71,989       67,411       64,424       57,964       56,509  
    Income before provision for income taxes   11,769       17,199       16,382       15,021       8,715  
    PROVISION FOR INCOME TAXES   2,039       3,832       2,926       3,425       1,915  
    NET INCOME $ 9,730     $ 13,367     $ 13,456     $ 11,596     $ 6,800  
    Basic earnings per common share $ 0.65     $ 0.97     $ 1.00     $ 0.86     $ 0.51  
    Diluted earnings per common share $ 0.63     $ 0.94     $ 0.97     $ 0.84     $ 0.50  
    Weighted average number of common shares outstanding:                  
    Basic   14,962,507       13,828,605       13,447,066       13,412,667       13,340,997  
    Diluted   15,462,041       14,268,229       13,822,270       13,736,508       13,676,917  
                                           

    COASTAL FINANCIAL CORPORATION
    AVERAGE BALANCES, YIELDS, AND RATES – QUARTERLY
    (Dollars in thousands; unaudited)

      For the Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      Average
    Balance
      Interest &
    Dividends
      Yield /
    Cost (1)
      Average
    Balance
      Interest &
    Dividends
      Yield /
    Cost (1)
      Average
    Balance
      Interest &
    Dividends
      Yield /
    Cost (1)
    Assets                                  
    Interest earning assets:                                  
    Interest earning deposits with
    other banks
    $ 553,393     $ 6,070       4.45 %   $ 501,654     $ 6,021       4.77 %   $ 350,868     $ 4,780       5.48 %
    Investment securities, available for sale (2)   37       1       10.96       39                   64,878       349       2.16  
    Investment securities, held to maturity (2)   47,154       649       5.58       48,126       661       5.46       50,490       685       5.46  
    Other investments   11,757       40       1.38       10,783       191       7.05       10,262       37       1.45  
    Loans receivable (3)   3,511,724       98,147       11.33       3,419,476       95,575       11.12       3,137,271       85,891       11.01  
    Total interest earning assets   4,124,065       104,907       10.32       3,980,078       102,448       10.24       3,613,769       91,742       10.21  
    Noninterest earning assets:                                  
    Allowance for credit losses   (170,542 )             (156,687 )             (114,985 )        
    Other noninterest earning assets   296,993               277,922               229,437          
    Total assets $ 4,250,516             $ 4,101,313             $ 3,728,221          
                                       
    Liabilities and Shareholders’ Equity                                  
    Interest bearing liabilities:                                  
    Interest bearing deposits $ 3,166,384     $ 28,185       3.61 %   $ 3,068,357     $ 29,404       3.81 %   $ 2,728,884     $ 28,867       4.25 %
    FHLB advances and other borrowings         1                   1             5              
    Subordinated debt   44,309       598       5.47       44,272       599       5.38       44,159       598       5.45  
    Junior subordinated debentures   3,592       61       6.89       3,591       67       7.42       3,590       71       7.95  
    Total interest bearing liabilities   3,214,285       28,845       3.64       3,116,220       30,071       3.84       2,776,638       29,536       4.28  
    Noninterest bearing deposits   543,784               577,453               595,693          
    Other liabilities   49,624               50,824               58,829          
    Total shareholders’ equity   442,823               356,816               297,061          
    Total liabilities and shareholders’ equity $ 4,250,516             $ 4,101,313             $ 3,728,221          
    Net interest income     $ 76,062             $ 72,377             $ 62,206      
    Interest rate spread           6.68 %             6.40 %             5.93 %
    Net interest margin (4)           7.48 %             7.23 %             6.92 %
    (1) Yields and costs are annualized.
    (2) For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
    (3) Includes loans held for sale and nonaccrual loans.
    (4) Net interest margin represents net interest income divided by the average total interest earning assets.
       

    COASTAL FINANCIAL CORPORATION
    SELECTED AVERAGE BALANCES, YIELDS, AND RATES – BY SEGMENT – QUARTERLY
    (Dollars in thousands; unaudited)

      For the Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands, unaudited) Average
    Balance
      Interest &
    Dividends
      Yield /
    Cost (1)
      Average
    Balance
      Interest &
    Dividends
      Yield /
    Cost (1)
      Average
    Balance
      Interest &
    Dividends
      Yield /
    Cost (1)
    Community Bank                                  
    Assets                                  
    Interest earning assets:                                  
    Loans receivable (2) $ 1,881,636     $ 30,292     6.53 %   $ 1,892,298     $ 31,043     6.53 %   $ 1,871,414     $ 30,052     6.46 %
    Total interest earning assets   1,881,636       30,292     6.53       1,892,298       31,043     6.53       1,871,414       30,052     6.46  
    Liabilities                                  
    Interest bearing liabilities:                                
    Interest bearing deposits   1,045,971       6,604     2.56 %     1,029,346       7,161     2.77 %     922,340       6,013     2.62 %
    Intrabank liability   356,337       3,909     4.45       357,442       4,290     4.77       410,993       5,599     5.48  
    Total interest bearing liabilities   1,402,308       10,513     3.04       1,386,788       11,451     3.28       1,333,333       11,612     3.50  
    Noninterest bearing deposits   479,329               505,510               538,081          
    Net interest income     $ 19,779             $ 19,592             $ 18,440      
    Net interest margin(3)         4.26 %           4.12 %           3.96 %
                                       
    CCBX                                  
    Assets                                  
    Interest earning assets:                                  
    Loans receivable (2)(4) $ 1,630,088     $ 67,855     16.88 %   $ 1,527,178     $ 64,532     16.81 %   $ 1,265,857     $ 55,839     17.74 %
    Intrabank asset   554,781       6,085     4.45       583,776       7,007     4.78       598,299       8,151     5.48  
    Total interest earning assets   2,184,869       73,940     13.72       2,110,954       71,539     13.48       1,864,156       63,990     13.81  
    Liabilities                                  
    Interest bearing liabilities:                            
    Interest bearing deposits   2,120,413       21,581     4.13 %     2,039,011       22,243     4.34 %     1,806,544       22,854     5.09 %
    Total interest bearing liabilities   2,120,413       21,581     4.13       2,039,011       22,243     4.34       1,806,544       22,854     5.09  
    Noninterest bearing deposits   64,455               71,943               57,612          
    Net interest income     $ 52,359             $ 49,296             $ 41,136      
    Net interest margin(3)         9.72 %           9.29 %           8.88 %
    Net interest margin, net of BaaS loan expense(5)         3.68 %           3.50 %           3.24 %
                                             
      For the Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands, unaudited) Average
    Balance
      Interest &
    Dividends
      Yield /
    Cost (1)
      Average
    Balance
      Interest &
    Dividends
      Yield /
    Cost (1)
      Average
    Balance
      Interest &
    Dividends
      Yield /
    Cost (1)
    Treasury & Administration                            
    Assets                                  
    Interest earning assets:                                  
    Interest earning
    deposits with
    other banks
    $ 553,393     $ 6,070     4.45 %   $ 501,654     $ 6,021     4.77 %   $ 350,868     $ 4,780     5.48 %
    Investment securities,
    available for sale (6)
      37       1     10.96       39                 64,878       349     2.16  
    Investment securities,
    held to maturity (6)
      47,154       649     5.58       48,126       661     5.46       50,490       685     5.46  
    Other investments   11,757       40     1.38       10,783       191     7.05       10,262       37     1.45  
    Total interest
    earning assets
      612,341       6,760     4.48 %     560,602       6,873     4.88 %     476,498       5,851     4.94 %
    Liabilities                                  
    Interest bearing
    liabilities:
                                     
    FHLB advances
    and borrowings
    $       1     %   $       1     %   $ 5           %
    Subordinated debt   44,309       598     5.47 %     44,272       599     5.38 %     44,159       598     5.45 %
    Junior subordinated
    debentures
      3,592       61     6.89       3,591       67     7.42       3,590       71     7.95  
    Intrabank liability, net (7)   198,444       2,176     4.45       226,334       2,717     4.78       187,306       2,552     5.48  
    Total interest
    bearing liabilities
      246,345       2,836     4.67       274,197       3,384     4.91       235,060       3,221     5.51  
    Net interest income     $ 3,924             $ 3,489             $ 2,630      
    Net interest margin(3)         2.60 %           2.48 %           2.22 %
    (1)  Yields and costs are annualized.
    (2) Includes loans held for sale and nonaccrual loans.
    (3)  Net interest margin represents net interest income divided by the average total interest earning assets.
    (4) CCBX yield does not include the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements and originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release for the impact of BaaS loan expense on CCBX loan yield.
    (5) Net interest margin, net of BaaS loan expense, includes the impact of BaaS loan expense. BaaS loan expense represents the amount paid or payable to partners for credit enhancements, fraud enhancements, originating & servicing CCBX loans. See reconciliation of the non-GAAP measures at the end of this earnings release.
    (6) For presentation in this table, average balances and the corresponding average rates for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
    (7)  Intrabank assets and liabilities are consolidated for period calculations and presented as intrabank asset, net or intrabank liability, net in the table above.
       

    Non-GAAP Financial Measures

    The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance.

    However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies.

    The following non-GAAP measures are presented to illustrate the impact of BaaS loan expense on net loan income and yield on loans and CCBX loans and the impact of BaaS loan expense on net interest income and net interest margin.

    Loan income, net of BaaS loan expense, divided by average loans, is a non-GAAP measure that includes the impact BaaS loan expense on loan income and the yield on loans. The most directly comparable GAAP measure is yield on loans.

    Net BaaS loan income divided by average CCBX loans is a non-GAAP measure that includes the impact BaaS loan expense on net BaaS loan income and the yield on CCBX loans. The most directly comparable GAAP measure is yield on CCBX loans.

    Net interest income, net of BaaS loan expense, is a non-GAAP measure that includes the impact BaaS loan expense on net interest income. The most directly comparable GAAP measure is net interest income.

    CCBX net interest margin, net of BaaS loan expense, is a non-GAAP measure that includes the impact of BaaS loan expense on net interest rate margin. The most directly comparable GAAP measure is CCBX net interest margin.

    Reconciliations of the GAAP and non-GAAP measures are presented below.

    CCBX   As of and for the Three Months Ended
    (dollars in thousands; unaudited)   March 31
    2025
      December 31
    2024
      March 31
    2024
    Net BaaS loan income divided by average CCBX loans:
    CCBX loan yield (GAAP)(1)     16.88 %     16.81 %     17.74 %
    Total average CCBX loans receivable   $ 1,630,088     $ 1,527,178     $ 1,265,857  
    Interest and earned fee income on CCBX loans (GAAP)     67,855       64,532       55,839  
    BaaS loan expense     (32,507 )     (30,720 )     (26,107 )
    Net BaaS loan income   $ 35,348     $ 33,812     $ 29,732  
    Net BaaS loan income divided by average CCBX loans (1)     8.79 %     8.81 %     9.45 %
    CCBX net interest margin, net of BaaS loan expense:        
    CCBX net interest margin (1)     9.72 %     9.29 %     8.88 %
    CCBX earning assets     2,184,869       2,110,954       1,864,156  
    Net interest income (GAAP)     52,359       49,296       41,136  
    Less: BaaS loan expense     (32,507 )     (30,720 )     (26,107 )
    Net interest income, net of BaaS loan expense   $ 19,852     $ 18,576     $ 15,029  
    CCBX net interest margin, net of BaaS loan expense (1)     3.68 %     3.50 %     3.24 %
                             
    Consolidated   As of and for the Three Months Ended
    (dollars in thousands; unaudited)   March 31
    2025
      December 31
    2024
      March 31
    2024
    Net interest margin, net of BaaS loan expense:        
    Net interest margin (1)     7.48 %     7.23 %     6.92 %
    Earning assets     4,124,065       3,980,078       3,613,769  
    Net interest income (GAAP)     76,062       72,377       62,206  
    Less: BaaS loan expense     (32,507 )     (30,720 )     (26,107 )
    Net interest income, net of BaaS loan expense   $ 43,555     $ 41,657     $ 36,099  
    Net interest margin, net of BaaS loan expense (1)     4.28 %     4.16 %     4.02 %
    Loan income net of BaaS loan expense divided by average loans:    
    Loan yield (GAAP)(1)     11.33 %     11.12 %     11.01 %
    Total average loans receivable   $ 3,511,724     $ 3,419,476     $ 3,137,271  
    Interest and earned fee income on loans (GAAP)     98,147       95,575       85,891  
    BaaS loan expense     (32,507 )     (30,720 )     (26,107 )
    Net loan income   $ 65,640     $ 64,855     $ 59,784  
    Loan income, net of BaaS loan expense, divided by average loans (1)     7.58 %     7.55 %     7.66 %
    (1) Annualized calculations for periods presented.
       

    The following non-GAAP measure is presented to illustrate the impact of BaaS loan expense, BaaS fraud expense and reimbursement of expenses (BaaS) on noninterest expense. Certain noninterest expenses are reimbursed by our CCBX partners. In accordance with GAAP we recognize all expenses in noninterest expense and the reimbursement of expenses from our CCBX partner in noninterest income. This non-GAAP measure shows the portion of noninterest expenses that are reimbursed by partners to assist the understanding of how the increases in noninterest expense are related to expenses incurred for and reimbursed by CCBX partner. The most comparable GAAP measure is noninterest expense.

        As of and for the Three Months Ended
    (dollars in thousands, unaudited)   March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Noninterest expense, net of reimbursement of expenses (BaaS)
    Noninterest expense (GAAP)   $ 71,989     $ 67,411     $ 56,509  
    Less: BaaS loan expense     32,507       30,720       26,107  
    Less: BaaS fraud expense     1,993       5,043       923  
    Less: Reimbursement of expenses     1,026       812       254  
    Noninterest expense, net of BaaS loan expense, BaaS fraud expense
    and reimbursement of expenses
      $ 36,463     $ 30,836     $ 29,225  
                             

    APPENDIX A –
    As of March 31, 2025

    Industry Concentration

    We have a diversified loan portfolio, representing a wide variety of industries. Our major categories of loans are commercial real estate, consumer and other loans, residential real estate, commercial and industrial, and construction, land and land development loans. Together they represent $3.52 billion in outstanding loan balances. When combined with $2.14 billion in unused commitments the total of these categories is $5.67 billion.

    Commercial real estate loans represent the largest segment of our loans, comprising 38.0% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $29.4 million, and the combined total in commercial real estate loans represents $1.37 billion, or 24.2% of our total outstanding loans and loan commitments.

    The following table summarizes our loan commitment by industry for our commercial real estate portfolio as of March 31, 2025:

    (dollars in thousands; unaudited)   Outstanding Balance   Available Loan Commitments   Total Outstanding Balance & Available Commitment   % of Total Loans
    (Outstanding Balance &
    Available Commitment)
      Average Loan Balance   Number of Loans
    Apartments   $ 392,740     $ 4,488     $ 397,228     7.0 %   $ 3,927     100  
    Hotel/Motel     149,859       61       149,920     2.6       6,516     23  
    Convenience Store     138,838       561       139,399     2.5       2,314     60  
    Office     121,346       7,183       128,529     2.3       1,379     88  
    Retail     101,118       744       101,862     1.8       972     104  
    Warehouse     103,813             103,813     1.8       1,790     58  
    Mixed use     91,025       5,220       96,245     1.7       1,167     78  
    Mini Storage     73,172       8,022       81,194     1.4       3,659     20  
    Strip Mall     43,678             43,678     0.8       6,240     7  
    Manufacturing     36,887       370       37,257     0.7       1,272     29  
    Groups < 0.70% of total     88,171       2,752       90,923     1.6       1,145     77  
    Total   $ 1,340,647     $ 29,401     $ 1,370,048     24.2 %   $ 2,082     644  
                                                 

    Consumer loans comprise 34.5% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $910.8 million, and the combined total in consumer and other loans represents $2.13 billion, or 37.5% of our total outstanding loans and loan commitments. As illustrated in the table below, our CCBX partners bring in a large number of mostly smaller dollar loans, resulting in an average consumer loan balance of just $1,000. CCBX consumer loans are underwritten to CCBX credit standards and underwriting of these loans is regularly tested, including quarterly testing for partners with portfolio balances greater than $10.0 million.

    The following table summarizes our loan commitment by industry for our consumer and other loan portfolio as of March 31, 2025:

    (dollars in thousands; unaudited)   Outstanding Balance   Available Loan Commitments (1)   Total Outstanding Balance & Available Commitment (1)   % of Total Loans
    (Outstanding Balance &
    Available Commitment)
      Average Loan Balance   Number of Loans
    CCBX consumer loans
    Credit cards   $ 532,775     $ 868,969     $ 1,401,744     24.7 %   $ 1.7     314,203  
    Installment loans     654,844       29,027       683,871     12.1       0.8     776,669  
    Lines of credit     627       2       629     0.0       1.3     477  
    Other loans     14,555             14,555     0.3       0.1     185,894  
    Community bank consumer loans
    Installment loans     1,846       3       1,849     0.0       65.9     28  
    Lines of credit     173       357       530     0.0       5.2     33  
    Other loans     11,307       12,400       23,707     0.4       34.6     327  
    Total   $ 1,216,127     $ 910,758     $ 2,126,885     37.5 %   $ 1.0     1,277,631  

    (1)  Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

    Residential real estate loans comprise 13.9% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $529.3 million, and the combined total in residential real estate loans represents $1.02 billion, or 18.0% of our total outstanding loans and loan commitments.

    The following table summarizes our loan commitment by industry for our residential real estate loan portfolio as of March 31, 2025:

    (dollars in thousands; unaudited)   Outstanding Balance   Available Loan Commitments (1)   Total Outstanding Balance & Available Commitment (1)   % of Total Loans
    (Outstanding Balance &
    Available Commitment)
      Average Loan Balance   Number of Loans
    CCBX residential real estate loans
    Home equity line of credit   $ 285,355     $ 481,778     $ 767,133     13.5 %   $ 28     10,291  
    Community bank residential real estate loans
    Closed end, secured by first liens     164,284       1,649       165,933     3.0       533     308  
    Home equity line of credit     27,931       45,016       72,947     1.3       115     242  
    Closed end, second liens     10,705       892       11,597     0.2       357     30  
    Total   $ 488,275     $ 529,335     $ 1,017,610     18.0 %   $ 45     10,871  

    (1)  Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits. CCBX home equity lines of credit are limited to a $375.0 million portfolio maximum.

    Commercial and industrial loans comprise 8.9% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $601.0 million, and the combined total in commercial and industrial loans represents $913.2 million, or 16.1% of our total outstanding loans and loan commitments. Included in commercial and industrial loans is $133.5 million in outstanding capital call lines, with an additional $514.9 million in available loan commitments which is limited to a $350.0 million portfolio maximum. Capital call lines are provided to venture capital firms through one of our CCBX BaaS clients. These loans are secured by the capital call rights and are individually underwritten to the Bank’s credit standards and the underwriting is reviewed by the Bank on every capital call line.

    The following table summarizes our loan commitment by industry for our commercial and industrial loan portfolio as of March 31, 2025:

    (dollars in thousands; unaudited)   Outstanding Balance   Available Loan Commitments (1)   Total Outstanding Balance & Available Commitment (1)   % of Total Loans
    (Outstanding Balance &
    Available Commitment)
      Average Loan Balance   Number of Loans
    CCBX C&I Loans
    Capital Call Lines   $ 133,466     $ 514,864     $ 648,330     11.4 %   $ 1,019     131  
    Retail and other loans     29,702       21,736       51,438     0.9       10     3,002  
    Community bank C&I Loans
    Construction/Contractor Services     30,768       31,642       62,410     1.1       152     202  
    Financial Institutions     48,648             48,648     0.9       4,054     12  
    Medical / Dental / Other Care     6,721       2,739       9,460     0.2       517     13  
    Manufacturing     5,611       4,022       9,633     0.2       156     36  
    Groups < 0.20% of total     57,356       25,969       83,325     1.4       222     258  
    Total   $ 312,272     $ 600,972     $ 913,244     16.1 %   $ 85     3,654  

    (1) Total exposure on CCBX loans is subject to CCBX partner/portfolio maximum limits.

    Construction, land and land development loans comprise 4.7% of our total balance of outstanding loans as of March 31, 2025. Unused commitments to extend credit represents an additional $72.5 million, and the combined total in construction, land and land development loans represents $239.0 million, or 4.2% of our total outstanding loans and loan commitments.

    The following table details our loan commitment for our construction, land and land development portfolio as of March 31, 2025:

    (dollars in thousands; unaudited)   Outstanding Balance   Available Loan Commitments   Total Outstanding Balance & Available Commitment   % of Total Loans
    (Outstanding Balance &
    Available Commitment)
      Average Loan Balance   Number of Loans  
    Commercial construction   $ 96,716     $ 41,654     $ 138,370     2.4 %   $ 6,908     14  
    Residential construction     39,375       22,253       61,628     1.1       2,316     17  
    Developed land loans     7,788       2       7,790     0.1       556     14  
    Undeveloped land loans     16,684       4,185       20,869     0.4       1,112     15  
    Land development     5,988       4,382       10,370     0.2       665     9  
    Total   $ 166,551     $ 72,476     $ 239,027     4.2 %   $ 2,414     69  
                                                 

    Exposure and risk in our construction, land and land development portfolio increased compared to recent periods as indicated in the following table:

        Outstanding Balance as of
    (dollars in thousands; unaudited)   March 31,
    2025
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
    Commercial construction   $ 96,716     $ 83,216     $ 97,792     $ 110,372     $ 102,099  
    Residential construction     39,375       40,940       35,822       34,652       28,751  
    Undeveloped land loans     16,684       8,665       8,606       8,372       8,190  
    Developed land loans     7,788       8,305       14,863       13,954       14,307  
    Land development     5,988       7,072       5,968       5,714       7,515  
    Total   $ 166,551     $ 148,198     $ 163,051     $ 173,064     $ 160,862  
                                             

    Commitments to extend credit total $2.14 billion at March 31, 2025,   however we do not anticipate our customers using the $2.14 billion that is showing as available due to CCBX partner and portfolio limits.

    The following table presents outstanding commitments to extend credit as of March 31, 2025:

    Consolidated    
    (dollars in thousands; unaudited)   As of March 31, 2025
    Commitments to extend credit:    
    Commercial and industrial loans   $ 86,108  
    Commercial and industrial loans – capital call lines     514,864  
    Construction – commercial real estate loans     50,221  
    Construction – residential real estate loans     22,255  
    Residential real estate loans     529,335  
    Commercial real estate loans     29,401  
    Credit cards     868,969  
    Consumer and other loans     41,789  
    Total commitments to extend credit   $ 2,142,942  
             

    We have individual CCBX partner portfolio limits with our each of our partners to manage loan concentration risk, liquidity risk, and counter-party partner risk. For example, as of March 31, 2025, capital call lines outstanding balance totaled $133.5 million and, while commitments totaled $514.9 million, the commitments are limited to a maximum of $350.0 million by agreement with the partner. If a CCBX partner goes over their individual limit, it would be a breach of their contract and the Bank may impose penalties and would have the choice to fund or not fund the loan.

    See the table below for CCBX portfolio maximums and related available commitments:

    CCBX                
    (dollars in thousands; unaudited)   Balance   Percent of CCBX loans receivable Available Commitments (1)   Maximum Portfolio Size Cash Reserve/Pledge Account Amount (2)
    Commercial and industrial loans:            
    Capital call lines   $ 133,466     8.1 % $ 514,864     $ 350,000   $  
    All other commercial & industrial loans     29,702     1.8     21,736       475,720     541  
    Real estate loans:                
    Home equity lines of credit (3)     285,355     17.3     481,778       375,000     33,436  
    Consumer and other loans:            
    Credit cards – cash secured     339                  
    Credit cards – unsecured     532,436         868,969         27,589  
    Credit cards – total     532,775     32.2     868,969       850,000     27,589  
    Installment loans – cash secured     127,426         29,027          
    Installment loans – unsecured     527,418                 1,175  
    Installment loans – total     654,844     39.7     29,027       1,814,541     1,175  
    Other consumer and other loans     15,182     0.9     2       4,739     419  
    Gross CCBX loans receivable     1,651,324     100.0 %   1,916,376       3,870,000   $ 63,160  
    Net deferred origination fees     (498 )            
    Loans receivable   $ 1,650,826              
    (1) Remaining commitment available, net of outstanding balance.
    (2) Balances are as of April 9, 2025.
    (3) These home equity lines of credit are secured by residential real estate and are accessed by using a credit card, but are classified as 1-4 family residential properties per regulatory guidelines.
       

    APPENDIX B –
    As of March 31, 2025

    CCBX – BaaS Reporting Information

    During the quarter ended March 31, 2025, $53.6 million was recorded in BaaS credit enhancements related to the provision for credit losses – loans and reserve for unfunded commitments for CCBX partner loans and negative deposit accounts. Agreements with our CCBX partners provide for a credit enhancement provided by the partner which protects the Bank by indemnifying or reimbursing incurred losses. In accordance with accounting guidance, we estimate and record a provision for expected losses for these CCBX loans, unfunded commitments and negative deposit accounts. When the provision for credit losses – loans and provision for unfunded commitments is recorded, a credit enhancement asset is also recorded on the balance sheet through noninterest income (BaaS credit enhancements) in recognition of the CCBX partner legal commitment to indemnify or reimburse losses. The credit enhancement asset is relieved as credit enhancement payments and recoveries are received from the CCBX partner or taken from the partner’s cash reserve account. Agreements with our CCBX partners also provide protection to the Bank from fraud by indemnifying or reimbursing incurred fraud losses. BaaS fraud includes non-credit fraud losses on loans and deposits originated through partners, generally fraud losses related to loans are comprised primarily of first payment defaults. Fraud losses are recorded when incurred as losses in noninterest expense, and the enhancement received from the CCBX partner is recorded in noninterest income, resulting in a net impact of zero to the income statement. Many CCBX partners also pledge a cash reserve account at the Bank which the Bank can collect from when losses occur that is then replenished by the partner on a regular interval. Although agreements with our CCBX partners provide for credit enhancements that provide protection to the Bank from credit and fraud losses by indemnifying or reimbursing incurred credit and fraud losses, if our partner is unable to fulfill their contracted obligation then the bank would be exposed to additional loan and deposit losses if the cash flows on the loans were not sufficient to fund the reimbursement of loan losses, as a result of this counterparty risk. If a CCBX partner does not replenish their cash reserve account the Bank may consider an alternative plan for funding the cash reserve. This may involve the possibility of adjusting the funding amounts or timelines to better align with the partner’s specific situation. If a mutually agreeable funding plan is not agreed to, the Bank could declare the agreement in default, take over servicing and cease paying the partner for servicing the loan and providing credit enhancements. The Bank would evaluate any remaining credit enhancement asset from the CCBX partner in the event the partner failed to determine if a write-off is appropriate. If a write-off occurs, the Bank would retain the full yield and any fee income on the loan portfolio going forward, and our BaaS loan expense would decrease once default occurred and payments to the CCBX partner were stopped.

    The Bank records contractual interest earned from the borrower on CCBX partner loans in interest income, adjusted for origination costs which are paid or payable to the CCBX partner. BaaS loan expense represents the amount paid or payable to partners for credit and fraud enhancements and originating and servicing CCBX loans. To determine net revenue (Net BaaS loan income) earned from CCBX loan relationships, the Bank takes BaaS loan interest income and deducts BaaS loan expense to arrive at Net BaaS loan income (a reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release) which can be compared to interest income on the Company’s community bank loans.

    The following table illustrates how CCBX partner loan income and expenses are recorded in the financial statements:

    Loan income and related loan expense   Three Months Ended
    (dollars in thousands; unaudited)   March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Yield on loans (1)     16.88 %     16.81 %     17.74 %
    BaaS loan interest income   $ 67,855     $ 64,532     $ 55,839  
    Less: BaaS loan expense     32,507       30,720       26,107  
    Net BaaS loan income (2)   $ 35,348     $ 33,812     $ 29,732  
    Net BaaS loan income divided by average BaaS loans (1)(2)     8.79 %     8.81 %     9.45 %

    (1) Annualized calculation for quarterly periods shown.
    (2) A reconciliation of the non-GAAP measures are set forth in the preceding section of this earnings release.

    An increase in average CCBX loans receivable resulted in increased interest income on CCBX loans during the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. The increase in average CCBX loans receivable was primarily due to our strategy to optimize the CCBX loan portfolio and strengthen our balance sheet through originating higher quality new loans with enhanced credit standards. These higher quality loans also have lower stated rates and expected losses than some of our CCBX loans historically. Our yield on loans and our net interest margin net of BaaS loan expense slightly increased, as our CCBX portfolio is leveling out. Current loan sales and new loan growth are at more similar interest rates compared to prior periods when we were selling loans with higher risk and higher interest rates and replacing them with higher quality lower interest rate loans. We continue to reposition ourselves by managing CCBX credit and concentration levels in an effort to optimize our loan portfolio and also generate off balance sheet fee income. Growth in CCBX loans and deposits has resulted in increases in interest income and expense for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024.

    The following tables are a summary of the interest components, direct fees and expenses of BaaS for the periods indicated and are not inclusive of all income and expense related to BaaS.

    Interest income   Three Months Ended
    (dollars in thousands; unaudited)   March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Loan interest income   $ 67,855     $ 64,532     $ 55,839  
    Total BaaS interest income   $ 67,855     $ 64,532     $ 55,839  
                             
    Interest expense   Three Months Ended
    (dollars in thousands; unaudited)   March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    BaaS interest expense   $ 21,581     $ 22,243     $ 22,854  
    Total BaaS interest expense   $ 21,581     $ 22,243     $ 22,854  
                             
    BaaS income   Three Months Ended
    (dollars in thousands; unaudited)   March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    BaaS program income:            
    Servicing and other BaaS fees   $ 1,419     $ 1,043     $ 1,131  
    Transaction and interchange fees     3,833       3,699       2,661  
    Reimbursement of expenses     1,026       812       254  
    Total BaaS program income     6,278       5,554       4,046  
    BaaS indemnification income:            
    BaaS credit enhancements     53,648       62,097       79,808  
    BaaS fraud enhancements     1,993       5,043       923  
    BaaS indemnification income     55,641       67,140       80,731  
    Total noninterest BaaS income   $ 61,919     $ 72,694     $ 84,777  
                             

    Servicing and other BaaS fees increased $376,000 and transaction and interchange fees increased $134,000 in the quarter ended March 31, 2025 compared to the quarter ended December 31, 2024. We expect servicing and other BaaS fees to be higher when we are bringing new partners on and then to decrease when transaction and interchange fees increase as partner activity grows and contracted minimum fees are replaced with these recurring fees when they exceed the minimum fees. Increases in BaaS reimbursement of fees offsets increases in noninterest expense from BaaS expenses covered by CCBX partners.

    BaaS loan and fraud expense:   Three Months Ended
    (dollars in thousands; unaudited)   March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    BaaS loan expense   $ 32,507     $ 30,720     $ 26,107  
    BaaS fraud expense     1,993       5,043       923  
    Total BaaS loan and fraud expense   $ 34,500     $ 35,763     $ 27,030  
                             

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/26a7ee4c-99dc-493e-8703-90dc906581e2

    The MIL Network

  • MIL-OSI Europe: Georgia: EUAA publishes overview of the health landscape and accessibility to oncological and psychiatric care

    Source: European Asylum Support Office

    The Agency has just published two topical reports that provide an overview of the access to oncology and psychiatry in Georgia. These two reports complement another: Georgia: Provision of Healthcare, which outlines the organisation and structure of the healthcare system in Georgia. The reports come as EU+ countries received just over 15 000 asylum applications from Georgian citizens in 2024.

    The European Union Agency for Asylum (EUAA) has recently published three Medical Country of Origin Information (“MedCOI”) reports on the state of healthcare provision in Georgia. The reports cover the general situation of healthcare provision in the country and, separately, access to oncological and psychiatric care.

    These reports are the first to be published by the EUAA, following a recently developed and agreed MedCOI methodology, the first one to be published by any public body in the world. The new methodology establishes the guiding principles for MedCOI and includes guidance on how to research and draft the reports, as well as the different quality control mechanisms integrated into the production process.

    Provision of healthcare

    In its report Georgia: Provision of Healthcare, the EUAA provides updates on the organisation of the health system, the public and private healthcare sectors, the pharmaceutical sector, as well as an overview of health insurance schemes and healthcare expenditure.

    The report outlines key developments in Georgia’s healthcare system, highlighting major reforms since the shift from the Soviet system to a decentralised model. The MedCOI report serves as a resource for understanding the evolving landscape and addressing ongoing gaps in the delivery of healthcare services. The launch of the Universal Health Care Programme (UHCP) in 2013 expanded access, but high out-of-pocket costs persist due to the dominance of private facilities. While public insurance now better supports vulnerable groups, low-income households often face significant costs. 

    New topical reports on Oncology and Psychiatry in Georgia

    Separately, the Agency has also published two topical reports on the healthcare situation in Georgia as it relates to oncology and psychiatry.

    With cancer remaining a leading cause of mortality in Georgia; in its report on Oncology, the EUAA highlights both the significant progress and ongoing challenges in cancer care, with a particular focus on insurance and access to treatment and medication.

    Under the UHCP, national authorities have increased funding for oncological treatments, now fully covering chemotherapy, radiotherapy, and surgery for all citizens, including those with private insurance. However, private insurance policies often exclude full oncological treatment, leaving many patients covering the costs of diagnostics and essential medications out-of-pocket. Despite State efforts to procure medications directly and support vulnerable groups, disparities persist, particularly in rural areas and among those needing services beyond annual public coverage limits.

    In its report on Psychiatry, the EUAA highlights both the progress and persistent challenges in Georgia’s mental healthcare system. Georgia has seen a rising prevalence of mental and behavioural disorders, especially among young adults, though underreporting remains an issue, due to the stigma often associated with mental health disorders.

    Mental healthcare services are mainly funded by public schemes, such as the state’s Mental Health Programme and the Drug Addiction Programme. Services are delivered through a mix of public and private providers, but access remains uneven across regions, and community-based care is underdeveloped. Despite increased funding in recent years, the system still falls short of international standards, and integrated care for dual diagnoses.

    Background

    The EUAA regularly publishes Medical Country-of-Origin Information reports, which aim to provide accurate and reliable up-to-date information on third countries to support EU+ national asylum and migration authorities involved in migration and international protection procedures. Medical Country of Origin information is used within international protection procedures or in the context of family reunification. Member States’ national authorities also make use of the information within migration and return procedures, to comply with their obligations under the EU Charter of Fundamental Rights.

    MIL OSI Europe News