NewzIntel.com

Category: housing

  • MIL-OSI China: China’s e-commerce sector reports steady growth in Q1

    Source: China State Council Information Office

    China’s e-commerce sector has reported steady growth in the first quarter of the year, boosted by the country’s pro-consumption policies such as its large-scale consumer goods trade-in program, the Ministry of Commerce said on Monday.

    Official data shows that China’s online retail sales totaled 3.6 trillion yuan (about 499.6 billion U.S. dollars) in the first quarter, with online retail sales of physical goods increasing 5.7 percent.

    There was also a 7.4-percent increase in online sales of digital products in this period, the ministry said.

    It noted that boosted by the release of quality films, China’s online entertainment sales volume grew 40 percent in the first three months.

    In the first quarter, the government and enterprises have worked together to accelerate the integration of domestic and foreign trade to cope with external risks, the ministry said, noting that more than 10 e-commerce platforms have taken swift measures to deliver quality foreign trade products to domestic households through e-commerce channels. 

    MIL OSI China News –

  • MIL-OSI Australia: Step into Canberra’s time machine

    Source: Northern Territory Police and Fire Services

    Cover art: Lake Burley Griffin tourist brochure from ArchivesACT

    In Brief:

    • The ArchivesACT Reading Room has moved to a new location.
    • This story outlines some of the records that have been discovered at ArchivesACT.
    • It details how to visit or book an appointment at the Reading Room.

    “Experience the elegant charm of the old Lanyon Homestead.”

    “Try an English counter lunch and a Guinness in Tudor surrounds at the George Harcourt Inn.”

    “Go dancing at Juliana’s disco at the Lakeside International.”

    Can you guess where these phrases might have been published?

    The first two could easily be from a VisitCanberra Instagram post. The third might be a giveaway – especially if you were of nightclubbing age in the ‘80s.

    These recommendations are straight from a 1982 Canberra Tourist Bureau brochure. It was called Canberra: for Romantics. It serves as a window back in time to what our city was like in the early ‘80s.

    Tips from other brochures in the series include:

    • booking a stay at Gowrie Hostel
    • trying a grill-your-own steakhouse, like the Stockade
    • dining at Emma’s at “the Civic” or “the Kingston”.

    The brochures are the November 2024 find of the month from ArchivesACT. It’s just one example of the many pieces of Canberra’s history you’ll find within their records.

    What is the Reading Room?

    The ArchivesACT Reading Room is like Canberra’s very own time machine. It is open to the public and holds most ACT Government records that are more than 20 years old.

    The records offer more than just a moment of nostalgia. These are some of the community members who’ve recently used the Reading Room:

    • a group of Spence locals organising a party to celebrate the suburbs 50th birthday
    • a researcher looking into the history of Wyabalena Grove in Cook
    • a curator from ACT Historic Places investigating the history of Mugga Way.

    What sort of records can I find?

    ArchivesACT are a great source of information if you’ve ever wanted to find out more about:

    • the history of your home, street, or suburb
    • historic events or festivals
    • the background of a Canberra organisation
    • information about the development or history of a cultural institution.

    How can I visit the Reading Room?

    The Reading Room has recently moved to Building 6, 9 Sandford Street Mitchell. You can organise a visit by contacting Archives ACT or visiting on one of their ‘Walk In’ service days. These are on Mondays and Thursdays from 9am to 3pm.

    Find out more or book an appointment.

    Read more about these brochures and explore previous Find of the Month.

    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 USA: Rep. Scholten Launches Health Care Advisory Board Amid Alarming Attacks on Health Care

    Source: United States House of Representatives – Congresswoman Hillary Scholten – Michigan

    GRAND RAPIDS, MI – Today, U.S. Congresswoman Hillary Scholten (MI03) announced the formation of her new Health Care Advisory Board, bringing together a group of health leaders from across West Michigan for a roundtable conversation focused on protecting access to care, advancing medical innovation, and confronting looming federal health care cuts to Medicaid, health care research, and more.

    “The Health Care Advisory Board is the next step in my ongoing partnership with health care providers throughout West Michigan—one that brings together some of the most innovative and compassionate health care minds in the country who serve right here in West Michigan,” said Rep. Scholten. “At a time when leaders in Washington are pushing dangerous cuts that would kneecap our ability to prevent illness, fight disease, make progress on cancer research and save lives, I am fighting back–with my vote in Washington, and my voice back home here in West Michigan. I will keep engaging to ensure our region remains a leader in health care innovation and access.”

    The roundtable today convened a broad coalition of regional medical leaders who represent institutions ranging from major medical centers to community clinics, federally qualified health centers, and individual family practices across urban and rural settings. The Advisory Board will serve as a long-term partner to Rep. Scholten, helping shape her health policy work in Washington and ensuring that the voices of health care professionals and patients across West Michigan are front and center in the fight for equitable, accessible care. 

    The launch comes at a critical moment. Proposed cuts to health care will slash nearly a third of the federal health budget, including a 40% cut to the Centers for Disease Control and Prevention (CDC) as well as a 40% cut to the National Institutes of Health (NIH), reducing its 27 research centers to just eight. The Department of Health and Human Services also plans to cut 10,000 employees from the workforce. Additionally, an upcoming May 7 mark-up in the House will look to cut $880 billion from the Energy and Commerce budget, which covers Medicaid. 

    Rep. Scholten emphasized her interest in supporting safe and accessible innovation and reiterated her commitment to bringing local insights back to Congress.

    ###

    MIL OSI USA News –

  • MIL-OSI New Zealand: Police urge public to prepare following two land rescues in the Kaimai Ranges

    Source: New Zealand Police (National News)

    Attributable to Sergeant Anna Plowman:

    Police are urging the public to prepare for the worst before heading outdoors this long holiday period following two land rescues in the Kaimai Ranges.

    The first call for help came around 3.30pm on Friday 18 April, when Police were notified of two people having not returned from their hike.

    The pair were located at around 7pm near a river that had flooded and blocked their exit.

    Police kept in contact with the pair overnight before Search and Rescue, and Swift Water Rescue teams assisted them in getting back home safe the next day.

    On Monday 21 April at around 6.45pm, Police were called to an area near Rataroa Stream where a hiker got stuck while walking a four hour hike. The person was located around two hours later.

    Although we are pleased to have provided a swift response in both these incidents and help the three people return home safe, these incidents are a reminder to the public to prepare for any situation that may arise.

    New Zealand’s environment and weather can be unpredictable, and with the recent wet weather, our rivers and streams are flooded, fast flowing, and high. It will take a few days for the rivers to return back to normal levels once the rain has completely stopped.

    Your safety is your responsibility in the outdoors, by preparing for the worst-case scenario, you can enjoy your trip knowing you will be okay if anything goes wrong.

    Even the most experienced people can get caught up in situations where they need assistance, and any day trip has the potential to turn into an overnight situation.

    If you are going outdoors, no matter if it is hiking, hunting, or climbing, please follow the five simple steps of the Land Safety Code,

    1. Choose the right trip for you. Learn about the route and make sure you have the skills for it. It is important to choose a trip that suits everyone in your group. When you are looking at options, make sure to think about everyone’s fitness levels and experience in the outdoors.
    2. Understand the weather. New Zealand weather can change fast. Check the forecast and change your plans if needed. Weather can make or break a trip. It is one of the most important things to consider when going into the outdoors.
    3. Park warm clothes and extra food. Prepare for bad weather and an unexpected night out. Any trip, even if it is short and easy, need preparation. Packing the right things can make trips safer and more enjoyable.
    4. Share your plans and take ways to get help. Telling a trusted person about your trip details and taking a personal locator beacon can save your life. We all want our trips to go as planned – but sometimes they don’t. If you get hurt or lost on your trip, how would you get help?
    5. Take care of yourself and each other. East, drink, and rest, stick with your group and make decisions together. The best way to enjoy your experience in the outdoors and make it home safely is to look out for one another.

    Distress beacons can be hired for as little as $10 from many Department of Conservation Visitor Centres, and outdoor tramping and hunting stores.

    If you have purchased a beacon, make sure to register it at www.beacons.org.nz.

    For more information on outdoor safety, helpful free resources and videos, head to Know Before You Go – AdventureSmart – NZ Search & Rescue Council | AdventureSmart.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Podiatrist prescribers will increase access to medicines

    Source: New Zealand Government

    Regulations that will soon allow podiatrists to prescribe certain medicines have been approved, giving patients with painful foot and leg conditions better access to healthcare, Health Minister Simeon Brown has announced.
    “Enabling podiatrists to be able to prescribe medicines is all part of our Government’s commitment to ensuring Kiwis have access to timely, quality healthcare in their communities,” Mr Brown says.
    “Podiatrists play a critical role in managing a range of conditions affecting feet and lower limbs, including symptoms of chronic health conditions like diabetes, which impact many New Zealanders.
    “New regulations will give podiatrists the authority to prescribe medicines relating to their role, enabling patients to have more direct access to the medicines for these conditions.
    “This means podiatrists will join other health professions that have designated prescriber rights, including specially trained nurses, dieticians, and pharmacists. Medicines will include some oral painkillers and oral antibiotics, and some topical antifungals, topical steroids, and local anaesthetics.
    “Podiatrists usually work in community and rural settings. They are particularly important for helping manage diabetes or health conditions of older people, as people with diabetes and older people are vulnerable to nerve and circulation problems, both of which can lead to foot and leg sores and infections.
    “These changes will allow podiatrists to prescribe medicines directly, so patients can access the treatments they need without requiring extra GP appointments for the same condition.
    “The Government has also recently announced changes to prescriber regulations to give nurse practitioners and other professions increased prescribing rights within their scope of practice.
    “By expanding access to medicines and enabling health professionals to get on with their jobs, we can make it easier and quicker for people to get the care they need in their communities, closer to home,” Mr Brown says.  

    MIL OSI New Zealand News –

  • MIL-OSI China: Putin ratifies comprehensive strategic partnership agreement with Iran

    Source: China State Council Information Office

    Russian President Vladimir Putin has officially ratified a comprehensive strategic partnership agreement with Iran, according to an official document published online Monday.

    The treaty was initially signed by the Russian president and his Iranian counterpart, Masoud Pezeshkian, on Jan. 17 following bilateral talks in Moscow.

    Russia’s State Duma, or the lower house of parliament, ratified the treaty on April 8, and Russia’s upper house of parliament, the Federation Council, approved the agreement on April 16.

    According to the agreement, the two countries aim to deepen and expand relations in all areas of mutual interest, strengthen cooperation on security and defense, and closely coordinate activities at regional and global levels, which corresponds to a long-term, comprehensive and strategic partnership.

    During a press conference following the Russia-Iran talks in January, Putin stressed the significance of the agreement, saying it outlines “ambitious goals” for deepening long-term cooperation.

    He said the treaty is designed to create stable conditions for the sustainable development of both countries and the whole Eurasian region. 

    MIL OSI China News –

  • MIL-OSI USA: ICYMI: In New Op-Ed, Padilla Outlines Bipartisan Approach to Mitigating Wildfire Risk

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    ICYMI: In New Op-Ed, Padilla Outlines Bipartisan Approach to Mitigating Wildfire Risk

    LA Daily News Op-Ed
    LOS ANGELES — U.S. Senator Alex Padilla (D-Calif.), co-chair of the bipartisan Senate Wildfire Caucus, published an op-ed in the Los Angeles Daily News highlighting his bipartisan push to address wildfires in the aftermath of the devastating Southern California fires.
    In the piece, Padilla discusses the Senate version of the Fix Our Forests Act, which he recently introduced alongside Senators John Curtis (R-Utah), John Hickenlooper (D-Colo.), and Tim Sheehy (R-Mont.). The Senate version of the legislation would help combat catastrophic wildfires, restore forest ecosystems, and make federal forest management more efficient and responsive.
    A list of Senate Fix Our Forests Act provisions particularly impactful for California is available here.
    Full text of the op-ed is available here and below.
    “California can’t wait for the political winds to shift. My bipartisan wildfire bill would save lives.”
    By Senator Alex Padilla (D-Calif.)
    No matter how many times you’ve seen it, nothing can prepare you for the devastation you find in the aftermath of a wildfire.
    Nothing.
    I’ve visited the Forest Service’s Incident Post in Quincy as fire crews battled the raging Dixie Fire in 2021.
    And I toured what’s left of the Pacific Palisades and Altadena neighborhoods that were hit worst by this winter’s fires. What I’ve seen is heart wrenching.
    Car wheels melted into the sidewalk.
    A sea of embers and ashes, interrupted only by chimneys and fireplace mantels where family photos once rested.
    In some cases, brick sidewalks and doorways that once led to baby cribs and kitchen tables, that now lead to nowhere.
    No one could walk away after seeing what I’ve seen, year after year in California, and still deny the threat of climate change.
    We have to do more.
    That begins with listening to our climate scientists and working to reduce emissions to protect our planet in the long term.
    But reducing emissions alone won’t save your house or keep your neighborhood from burning down.
    As long as massive wildfires continue to burn, we’ll see those same greenhouse gases pouring out into the atmosphere — just as we did in 2020, when wildfires alone emitted enough to wipe out nearly 20 years of California’s emissions reduction progress.
    This isn’t a choice between addressing short-term wildfire risk and combatting climate change. We must do both.
    It may seem like an impossible task in our current political environment — Republicans control the House, the Senate, and the White House. That means we face an uphill battle to passing any law that address the impacts of climate change.
    But whether it’s political division in Washington, or wildfires raging in Los Angeles — Californians can’t afford to wait.
    Since January, I’ve convened a bipartisan group of senators from Western states willing to work towards a comprehensive wildfire bill that could pass both chambers of Congress.
    It’s been hard, but I’ve been driven by that image I have of the Californians who would do anything they could to save their homes, their property, and their families.
    That’s why, I was proud to announce our Senate version of the Fix Our Forests Act.
    It starts with a basic premise: The status quo isn’t working. Wildfires are getting worse. To protect our communities, we have to reassess how we prevent and mitigate wildfires.
    That means increasing the speed and scale of our prevention and mitigation efforts, while making sure no one exploits this crisis to compromise our natural resources.
    We’ve worked to make sure our Senate bill will protect both communities close to forests AND those in non-forested, urban areas like Los Angeles and Santa Rosa.
    Here’s how:
    Our bill would allow us to responsibly speed up the removal of hazardous fuels from our forests that serve as kindling for mega wildfires. Think dry branches, leaves, and dead and diseased trees that can pile up and spread fires very easily.
    It would make it easier for land managers and utilities to build “fuel breaks.” These strips of thinned out trees can serve like a gap in a long line of falling dominos which can allow firefighters to gain a foothold or even stop a growing wildfire in its tracks.
    It would help neighborhoods become more resilient to wildfires, with guidance to help Americans build or retrofit their homes with more fire-resistant materials and landscaping plans. And it would allow for prescribed burns to proactively clear hazardous fuel — just as Native American tribes have done for countless generations.
    Finally, it would create the first-ever Wildfire Intelligence Center to streamline our wildfire preparedness and response — similar to what the National Weather Service does for storms.
    These are exactly the types of tools firefighters and state, tribal, and local agencies have been asking for.
    That’s why our bill is already supported by Governor Gavin Newsom, CAL FIRE Chief Joe Tyler, California Natural Resources Agency Secretary Wade Crowfoot, and the International Association of Fire Chiefs, along with environmental groups like The Nature Conservancy, Audubon, the Environmental Defense Fund, and the National Wildlife Federation.
    Of course, the Senate version of the Fix Our Forests Act may not stop every wildfire. Nothing could.
    But if these measures can prevent just one more community from having to experience the same heartbreak felt by families in Santa Rosa, in Paradise, and now in the Palisades and Altadena, then our efforts will have been worth it.Alex Padilla represents California in the United States Senate.

    MIL OSI USA News –

  • MIL-OSI Australia: Teens surprisingly ‘confident’ about money

    Source: Premier of Victoria

    Aussie teens report feeling confident about their financial skills but are keen to learn more about money outside the classroom, according to new NAB Economics data.

    The NAB Economics data found high school students felt most confident in:

    1. Opening a bank account: Nearly 70% of students feel confident doing this
    2. Tracking their expenses: Around 65% of students felt they could do this.
    3. Money management skills: 64% of students felt confident in this area.
    4. Creating a budget: 63% of students felt prepared to make one.
    5. Setting financial goals: 62% of students felt they could do this.

    NAB Banker Claudia Dior said the research challenged assumptions about teenagers and their relationship with money.

    “Contrary to popular belief, the research shows that today’s teens are relatively confident when it comes to talking about money.

    “They’ve grown up during significant economic shifts. Many of them have seen their parents flex their budgeting muscles, and they’re eager to learn how to set themselves up for success. They’re using their digital fluency to self-source their own financial knowledge, but it’s crucial they find the information through legitimate sources.

    “As a banker, I’ve noticed a shift in how young people approach banking. They’re asking informed questions about interest rates and long-term planning – things we rarely heard a decade ago.

    “At home, we discuss our family budget with my 18-year-old, and when we shop, we compare prices and value. All of a sudden, concepts from Economics textbooks have become part of our everyday life.”

    Thanks to early conversations around money management, Melbourne highschooler Hugo Black is clued into his finances. It’s come in handy, as the 17-year-old has held three jobs over the past two years.

    “My parents taught me the importance of being aware of my spending habits early on by helping me set savings goals and budget my pocket money,” Hugo said.

    “This foundation helped when I got my first job at 15. Now, working in hospitality and babysitting, I aim to save between 30 to 60% of my wages.”

    Hugo’s ultimate savings goal is to self-fund a gap year in Europe after high school.

    “My brothers did it after year 12 so seeing them go before me has shown it’s achievable. Having these goals means I’m working towards something. It keeps me responsible in managing my money. When I get back, I plan to save for a car and start investing in a share portfolio to build towards buying my first home.”

    NAB Banker Claudia Dior offers three tips for boosting kids financial literacy at home:

    • Use technology as a financial tool: Leverage your teens’ digital fluency by introducing them to legitimate banking apps to help them track their spending for a month, categorise expenses and identify patterns. This will help them build critical financial management habits.
    • Make the weekly grocery shop an economics lesson: Involve children in meal planning within a budget, comparing prices, identifying sales and calculating unit pricing. This teaches practical maths skills while demonstrating how small decisions accumulate into significant financial impacts.
    • Transform bill-paying into financial education: Rather than paying bills in private, invite children to watch how it’s done. Explain the difference between fixed and variable expenses, show how services are linked to costs, and discuss how income needs to cover these bills. This will help them understand household finances and prepare them for their future responsibilities.

    Notes to editors 

    • Data sourced from NAB Educations Insights Special Report Part Three

    Customers, banking & finance

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    For all media enquiries, please contact the NAB Media Line on 03 7035 5015

    MIL OSI News –

  • MIL-Evening Report: Haka in the House: what will Te Pāti Māori’s protest mean for tikanga in parliament?

    Source: The Conversation (Au and NZ) – By Dominic O’Sullivan, Professor of Political Science, Charles Sturt University and Adjunct Professor Stout Research Centre, Victoria University of Wellington and Auckland University of Technology., Charles Sturt University

    Te Pāti Māori’s Debbie Ngarewa-Packer and Hana-Rāwhiti Maipi-Clarke lead a haka with Eru Kapa-Kingi outside parliament, November 19, 2024. Getty Images

    Time is apparently running out for the three Te Pāti Māori MPs whose haka in parliament during the Treaty Principles Bill debate last year attracted huge international attention.

    Parliament’s Privileges Committee has summoned the MPs to appear on Wednesday (April 23). But given their previous resistance to fronting up, it seems unlikely they will.

    The committee is investigating whether the haka broke parliament’s rules. The MPs say they don’t think they’ll get a fair hearing because the committee won’t allow legal representation or evidence from an expert in tikanga Maori.

    According to Te Pāti Māori co-leader Debbie Ngawera-Packer, this “is a display of power designed to silence us”.

    But the case is about more than possible breaches of parliamentary protocol and standing orders. It also asks serious questions about our liberal democracy in general.

    Everybody needs to express themselves freely and without fear. So, when MPs leave their seats and come close to their opponents, does it cross a line? That was certainly the ruling last year when Green MP Julie Anne Genter was censured for crossing the floor and confronting another MP.

    Perhaps there is still good reason for New Zealand following the British parliamentary tradition of the government and opposition benches being two and a half sword lengths apart.

    But it has already been established that haka are allowed in parliament. The real questions are how, when, why and according to which rules or tikanga?

    The problem with ‘partnership’

    According to the political philosopher Nancy Fraser, democracy should support every citizen to participate in public life equally:

    [Justice] requires social arrangements that permit all members to participate in social interaction on a par with one another. So that means they must be able to participate as peers in all the major forms of social interaction.

    If parliament and the democratic system belong equally to everyone, then everyone should be able to say this ideal matches their experience. In other words, people have one voice of equal value, not just one vote.

    This is why the appropriate use of haka in parliament needs to be worked out. At one level it is about people being able to express their ideas in ways that make sense to them and the people they represent.

    At a deeper level, the issue revolves around who actually “owns” parliament. Everyone? Or everyone except Māori people and their representatives? Does everyone have a voice of equal value?

    Part of the problem is the notion of “partnership” between Māori and the Crown proposed by the Court of Appeal in 1987. Well intentioned as it might have been, this also created an “us and them” way of thinking.

    In this sense, the Crown and its institutions are seen as separate or foreign to Māori – as belonging to other people. If that’s the case, parliament can’t then belong to everybody or reflect everybody’s customs and ways of being.

    But if parliament belongs to everyone and sovereignty is not simply the oppressive authority of a distant king, but rather the shared property of every citizen, then the haka belongs as a distinctive form of political expression. It becomes part of the tikanga of the parliament.

    Tikanga Māori in practice

    However, tikanga is not simply about how parliamentary procedure deals with haka, waiata or the Māori language itself.

    As an authority on tikanga, Hirini Moko Mead, put it, the concept is

    a set of beliefs and practices associated with procedures to be followed in conducting the affairs of a group or an individual. These procedures, as established by precedents through time, are held to be ritually, are validated by usually more than one generation and are always subject to what a group or an individual is able to do.

    Like parliamentary standing orders, tikanga is procedural and grounded in broader principles of justice and ethics.

    Legal scholars Māmari Stephens and Carwyn Jones describe how tikanga prioritises relationships, collective obligations and inclusive decision-making. The Māori concept of wānganga or “active discussion”, Jones has written, is a framework for robust debate to enhance mutual understanding, but which doesn’t necessarily require consensus.

    Tikanga Māori and deliberative democracy

    The idea that political decisions should be based on reasoning, listening and serious reflection is known as deliberative democracy. It’s basically the opposite of outright majority rule based on “having the numbers”, which sometimes happens without any debate at all.

    Political theorists Selen Ercan and John Dryzek define deliberative democracy as being about

    putting communication at the heart of politics, recognising the need for reflective justification of positions, stressing the pursuit of reciprocal understanding across those who have different frameworks or ideologies.

    If that is true, then shouting across the parliamentary debating chamber doesn’t help. Nor does using the haka to intimidate.

    But using it to make a fair and reasonable point, to which others may respond, is essential to a parliament that is genuinely a “house of representatives”. Tikanga Māori and deliberative democratic processes offer complementary ways of working out what this could mean in practice.

    Dominic O’Sullivan 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. Haka in the House: what will Te Pāti Māori’s protest mean for tikanga in parliament? – https://theconversation.com/haka-in-the-house-what-will-te-pati-maoris-protest-mean-for-tikanga-in-parliament-254772

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Europe: Thank you forever, Pope Francis

    Source: Agenzia Fides – MIL OSI

    VaticanMedia

    by Gianni ValenteRome ( Fides Agency) – “Remember your leaders, who preached the word of God to you, and as you reflect on the outcome of their lives, imitate their faith.”This passage from the Letter to the Hebrews was very dear to Father Bergoglio. He often quoted it when he wanted to show how beautiful and important it is to remember the people and friends who brought us Christ’s liberation and who have already left this world. Those men and women who “brought us closer to sources of life and hope from which those who follow us will also be able to drink.”Pope Francis also left this world today, April 21, Easter Monday, due to complications from a seasonal illness. As is the case with many elderly people in the Villas Miseria of Buenos Aires, who in the heart of the Argentine winter ask San Pantaleo, doctor and martyr, for protection from atching the “flu” and falling ill with pneumonia. Thus, the offering of his mortal body, of his never-spared physicality, of the increasingly fragile reality of his human condition, that he never shied away from until the last of the days of work, hardships, inclement weather, and contagious diseases to which his vocation and ministry exposed him, was fulfilled to the very end. Even his death, which coincided with Holy Week, when the Church celebrates the mysteries of salvation brought to fulfillment by Christ, is also part of the mystery of offering and self-giving that marked his life.Now, for his children and for all those who loved him from near and far, the time has come to remember him. To give thanks with hearts filled with peace and gratitude for the things that he remembered, repeated, and showed to the Church and to the world during his mortal life. Small things and great things. Old things and new ones.Even during his years as Pope, Bergoglio repeatedly told us that faith does not come from man. Faith is a gift from Jesus. And no one can go to Jesus unless Jesus himself draws them to himself, unless he wins and captivates hearts “by attraction,” as he always said, quoting Pope Ratzinger, by “delectatio,” as St. Augustine said.That is why he said that “Each of us is chosen, no one chooses to be Christian among all the possibilities offered by the religious ‘marketplace’, we are chosen. We are Christians because we have been chosen” (Homily of April 2, 2020, at the beginning of the pandemic). He also said that faith is not “a spiritual path to perfection,” but “a gift of the Holy Spirit, a gift that goes beyond all preparation.” And when it weakens, it can become “only a culture or a gnosis, a knowledge” (homily, January 26, 2015).This is why he said that “It is not enough for us to know that God exists: a risen but distant God does not fill our lives; a distant God, however just and holy, does not attract us. We too need to ‘see God,’ to touch with our hands that he is risen, and risen for us, like the disciples: through his wounds.”Pope Francis repeated that the Church is the work of Christ and His Spirit. That the Church is His, that it is not “built” by itself, it is not self-sufficient.He repeated that only Christ, by forgiving it, can free/bring the Church itself from its inertial self-referentiality, from its withdrawal into itself.Pope Francis continued to repeat tirelessly that the “protagonist of the Church” is the Holy Spirit, the One who “from the very beginning gave the Apostles the strength to proclaim the Gospel,” and even now “does everything,” “carries the Church forward,” and even “when persecution breaks out,” it is He “who gives believers the strength to remain in the faith.”Pope Francis repeated that “it is not we, the popes, bishops, priests, or nuns who carry the Church forward,” but “it is the saints” (homily at Santa Marta, January 12, 2016).As Pope, he said that changes and possible reforms in the Church are fruitful if they have as their ultimate criterion the good and salvation of souls and serve to remove burdens and veils from the work of grace, to make it easier for souls to encounter Christ. Even with contradictions and things that went wrong, even with his human errors and his fragility as a “sinner whom Christ looked upon,” he has given witness that the miracles that save the Church cannot be performed by a poor man. He experienced in the flesh of his limitations and his earthly days, even as the Successor of Peter, the “Mysterium Lunae,” the formula – so dear to him – with which the Greek and Latin Fathers of the early Christian centuries suggested the most intimate nature and mystery of the Church, which can remain an opaque and dark body, with all its apparatus, its performances, its glorious antiquities, and its shrewd modernity, if Christ does not illuminate it with His light, as the sun does with the moon.Pope Francis has repeated and demonstrated with insistence devoid of human respect that in the mystery of salvation wrought by Christ and his Spirit, it is the poor of all poverty who are loved. The little ones, because of their smallness, enter more easily through the narrow gate that leads to the banquet of the Kingdom of Heaven.Pope Francis has repeated that the salvation promised by Jesus is for everyone, that its horizon is the world. And he freely inspires in his followers a closeness of mercy and charity toward all the expectations, sorrows, despair, sins, and miseries of the world. Towards all members of the human family, beginning with the derailed lives of the most wounded, the fallen and shipwrecked, those who suffer most and are most in need.The “pastoral conversion” he suggested to the whole Church was not and is not a retreat into a parallel world, separate from the world of men. It is precisely an “imperfect” and “battered” Church, a “Church with wounds,” he said, “that is capable of understanding the wounds of today’s world and making them its own, suffering them, accompanying them, and seeking to heal them.” Because “a Church with wounds does not place itself at the center, does not believe itself to be perfect, but places at the center the only one who can heal wounds, and that is Jesus Christ.” (Address during the trip to Chile, January 16, 2018).Much has already been written about this, and much more will be written. But for more than twelve years, the words and gestures of the Bishop of Rome who arrived from Buenos Aires have also and above all become almost daily companionship and comfort for multitudes of souls scattered throughout the world, of every language, culture, and nation, through the ordinary magisterium of the homilies at Santa Marta, the reflections accompanying the Angelus prayer, and the catechesis in St. Peter’s Square and in the Paul VI Hall.This unmediated closeness to the multitude was perhaps the most intimate treasure of the twelve years of his pontificate. An incomparable treasure, a flow of healed life, which he presented in simple and repeated terms, the words and gestures most proper and intimate to the dynamism of Christian faith and experience, reduced to their minimal traits: grace, mercy, sin, forgiveness, charity, salvation, predilection for the poor.Perhaps above all for this reason, the people of God have continued to bless Bishop Francis of Rome and to pray for him, as they did at his request on the first evening of his pontificate, when Pope Francis invoked the prayer of the crowd gathered in St. Peter’s Square (“I would like to give you the blessing, but first I ask you for a favor, I ask you to pray to the Lord: the prayer of the people who ask for the blessing of their bishop”).In the weave of those prayers, the People of God, with their sensus fidei, have always recognized and continue to recognize that the election of Pope Francis was a gift, a sign that the Lord still loves his Church. And only this enduring love of their Lord, a love without repentance, can make the Church—and also the Papacy—interesting to the world, interesting to everyone.With the same serene confidence, the People of God began months ago to accompany the Successor of Peter, chosen from “almost the end of the world,” in his last days. There was no sense of doom or abstract anguish over “unfinished projects” or “plans gone awry” in the hearts and eyes of those who accompanied him with their prayers during these last months of illness. There was only peace and moving gratitude in the prayers that rose to heaven for Pope Bergoglio from St. Peter’s Square and from homes, churches, and squares around the world. This was in complete harmony with the words with which the Pope himself had imagined his end. “The Lord, with his goodness,” Pope Bergoglio had pointed out in one of his homilies at Santa Marta, “says to each of us: ‘Stop, stop, not all days will be like this. Don’t get used to this as if it were eternity. There will be a day when you will be taken away, the other will remain, you will be taken away, you will be taken away.’ It is going with the Lord, thinking that our life will end. And this is good.”Thinking about death, he added, “is not a bad fantasy, it is a reality. Whether it is ugly or not, depends on me, on how I think about it, but it will be there. And there will be the encounter with the Lord. This will be the beauty of death. It will be the encounter with the Lord. He will come to meet us. He will say, ‘Come, come, blessed by my Father, come with me.’”Those who perceived him as a comforting companion on their journey prayed for him with peace in their hearts. This was something he himself often testified to, incredibly, in the midst of storms.Now, the same multitudes pray for him to Mary, Our Lady of Lujan. Mary, Salus Populi Romani. May she come and take him in her arms, like a child, on his final journey.On January 28, 2018, when he celebrated Mass on the feast of the transfer of the restored icon of Salus Populi Romani in the Basilica of Saint Mary Major, the Pope recalled that “Where Our Lady is at home, the devil does not enter. Where the Mother is, turmoil does not prevail, fear does not win. Who among us does not need this, who among us is not sometimes troubled or anxious? (…). And we need her like a traveler needs refreshment, like a child needs to be carried in her arms.”For this reason, as he himself wished, Pope Francis’ mortal remains will rest forever in a chapel in the Basilica of Saint Mary Major, connected by Via Merulana to the Basilica of Saint John Lateran. He will rest under the gaze of the Salus Populi Romani. Forever, in the heart of Rome.(Fides Agency 21/4/2025).
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    MIL OSI Europe News –

  • MIL-OSI Europe: VATICAN – Pope Francis 1936-2025

    Source: Agenzia Fides – MIL OSI

    Monday, 21 April 2025

    Vatican Media

    Vatican City (Fides Agency) – At 9:47 this morning, Monday, April 21, Easter Monday, Cardinal Kevin Joseph Farrell, Camerlengo of the Holy Roman Church, announced with sorrow the death of Pope Francis with these words: “Dearest brothers and sisters, with deep sorrow I must announce the death of our Holy Father Francis. At 7.35 this morning the Bishop of Rome, Francis, returned to the house of the Father. His entire life was devoted to service to the Lord and His Church. He taught us to live the values of the Gospel with fidelity, courage and universal love, especially in favour of the poorest and most marginalized. With immense gratitude for his example as a true disciple of the Lord Jesus, we commend the soul of Pope Francis to the infinite merciful love the One and Triune God”.Pope Francis, formerly Jorge Mario Bergoglio, was born in Buenos Aires on December 17, 1936. On December 25th of the same year, Christmas Day, he received the sacrament of Baptism.At the age of 22, he entered the diocesan seminary of Villa Devoto, then run by the Jesuits. On March 11, 1958, he entered the novitiate of the Society of Jesus. After completing his humanistic studies in Chile, he returned to Argentina in 1963 and graduated in philosophy from the Colegio San José in San Miguel. From 1967 to 1970, he studied theology, also graduating from the Colegio San José.On December 13th, 1969, he was ordained a priest by Archbishop Ramón José Castellano. He continued his formation between 1970 and 1971 in Spain, and on April 22, 1973, he made his perpetual profession in the Jesuits. On July 31st, 1973, he was appointed provincial of the Jesuits in Argentina.On May 20th, 1992, John Paul II appointed him titular bishop of Auca and auxiliary bishop of Buenos Aires. On June 27th, he received episcopal ordination. On June 3rd, 1997, he was appointed coadjutor archbishop of Buenos Aires. Nine months later, upon the death of Cardinal Quarracino, he succeeded him on February 28th, 1998, as Archbishop and Primate of Argentina.In the Consistory of February 21st, 2001, John Paul II created him Cardinal, with the title of San Roberto Bellarmino. He was elected Supreme Pontiff on March 13th, 2013.( Fides Agency)
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    MIL OSI Europe News –

  • MIL-OSI USA: Congressman Glenn Ivey Leads House Colleagues in Demanding Return of Kilmar Abrego Garcia

    Source: United States House of Representatives – Congressman Glenn Ivey – Maryland (4th District)

    Contact: Aaron Harawa

    Email: Aaron.Harawa@mail.house.gov

    WASHINGTON, DC – Today, Congressman Glenn Ivey (MD-04) sent a letter to President Donald Trump demanding the immediate return of Kilmar Abrego Garcia, who was wrongfully deported to El Salvador, to the United States, despite having been granted protection from deportation by a United States immigration court. Despite the Trump Administration admitting Mr. Abrego Garcia’s removal was a mistake and the Supreme Court ordering the facilitation of his return, the Trump Administration has indicated repeatedly it does not intend to comply with the Supreme Court’s order and bring Mr. Abrego Garcia back to the United States. Mr. Abrego Garcia is a Maryland resident, living in Maryland’s Fourth Congressional District with his U.S. citizen wife and family.  

    Congressman Ivey is joined by 150 of his House Democratic colleagues in sending this urgent letter to President Trump. 

    “Due process is a fundamental pillar of the rule of law. When those in power trample on due process rights and disregard the rule of law, it threatens the rights and freedoms of all Americans,” said Congressman Glenn Ivey. “Instead of the endless spin and excuses, the Trump Administration should comply with the Supreme Court’s order to facilitate Kilmar Abrego Garcia’s return to his family in the United States. The President has the power to do so and must act without delay. I thank my House Democratic colleagues for their support and for standing up for our nation’s principles.”

    150 House Democrats signed the letter, including Reps. Amo, Ansari, Balint, Barragán, Bell, Bera, Beyer, Bonamici, Boyle, Brownley, Budzinski, Carbajal, Carson, Carter, Casar, Casten, Castor, Castro, Chu, Cisneros, Clarke, Cleaver, Cohen, Conaway, Connolly, Correa, Costa, Courtney, Craig, Crow, Davids, Davis, Dean, DeLauro, DelBene, DeSaulnier, Dexter, Doggett, Elfreth, Escobar, Espaillat, Evans, Foster, Foushee, Frankel, Friedman, Frost, Garcia (CA), 

    Garcia (TX), Goldman, Gomez, Gonzalez, Goodlander, Gottheimer, Green, Hernández, Horsford, Houlahan, Hoyer, Hoyle, Huffman, Jackson (IL), Jacobs, Jayapal, Johnson (GA), Johnson (TX), Kamlager-Dove, Keating, Kelly (IL), Kennedy, Khanna, Krishnamoorthi, Landsman, Larsen, Larson, Lee (PA), Leger Fernandez, Liccardo, Lofgren, Lynch, Magaziner, Matsui, McClain Delaney, McClellan, McCollum, McGovern, McIver, Meeks, Menendez, Meng, Mfume, Moore (WI), Morrison, Mrvan, Mullin, Nadler, Neguse, Norcross, Norton, Ocasio-Cortez, Olszewski, Pallone, Panetta, Peters, Pettersen, Pingree, Pocan, Pressley, Quigley, Ramirez, Randall, Raskin, Rivas, Ross, Ruiz, Sánchez, Scanlon, Schakowsky, Schneider, Scholten, Schrier, Sewell, Sherman, Sherrill, Simon, Smith (WA, Soto, Stansbury, Stevens, Subramanyam, Takano, Thanedar, Thompson (MS), Thompson (CA), Titus, Tlaib, Tonko, Torres (CA), Torres (NY), Trahan, Vargas, Veasey, Velázquez, Vindman, Wasserman Schultz, Waters, Watson Coleman, Williams, Wilson. 

    Please find the text of the letter here.

    ###

    MIL OSI USA News –

  • MIL-OSI Security: Honduran Nationals Accused of Possessing and Distributing Fentanyl Face Federal Charges

    Source: Office of United States Attorneys

    SALT LAKE CITY, Utah – A federal grand jury returned an indictment charging two Honduran nationals, living in the United States illegally, with drug crimes.

    Jorge Luis Hernandez-Valle, 36, and Luis Alfredo Hernandez, 35, both Honduran nationals, living in the United States illegally in Salt Lake County, Utah, were charged by complaint on April 10, 2025. 
        
    According to court documents, since March 2025, detectives with the Utah County Major Crimes Task Force began investigating an alleged drug trafficking organization. During the investigation, detectives purchased narcotics during a controlled buy. During this time, two alleged drug runners involved with the organization and two vehicles were identified. On April 8, 2025, one of the vehicles, a Toyota 4-Runner, was stopped in Kearns, Utah, and a search warrant was executed. From the vehicle, detectives seized approximately 4,500 individual field-tested positive fentanyl pills. Hernandez and Hernandez-Valle were subsequently taken into custody. According to court documents, Hernandez was previously removed from the United States in July 2009 and September 2018. Hernandez-Valle was previously removed from the United States on three occasions, December 2007, September 2010, and May 2019.

    Hernandez-Valle and Hernandez are charged with possession with intent to distribute fentanyl. Their initial appearance on the indictment was April 18, 2025 before a U.S. Magistrate Judge at the Orrin G. Hatch United States District Courthouse in downtown Salt Lake City.

    Acting United States Attorney Felice John Viti for the District of Utah made the announcement.

    The case is being investigated jointly by the Utah County Major Crimes Task Force and U.S. Immigration and Customs Enforcement (ICE).

    Special Assistant United States Attorney Peter Reichman of the U.S. Attorney’s Office for the District of Utah is 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 (OCDETF) and Project Safe Neighborhoods (PSN).

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

    MIL Security OSI –

  • MIL-OSI Security: Leader of Catalytic Converter Theft Ring Sentenced to 5 Years in Federal Prison

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that ALEXANDER KOLITSAS, 31, of Wolcott, was sentenced today by U.S. District Judge Sarala V. Nagala in Hartford to 60 months of imprisonment, followed by two years of supervised release, for operating a catalytic converter theft and trafficking ring.  Judge Nagala also ordered Kolitsas to pay a $50,000 fine.

    According to court documents and statements made in court, this matter stems from an investigation into the theft of catalytic converters from motor vehicles across Connecticut.  A catalytic converter contains precious metals, can easily be removed from its vehicle, and is difficult to trace, making it a desirable target for thieves.  The average scrap price for catalytic converters currently varies between $300 and $1,500, depending on the model and type of precious metal component.

    Kolitsas owned and operated Downpipe Depot & Recycling LLC (“Downpipe Depot”), which had a warehouse on Park Avenue in East Hartford.  From approximately January 2021 to June 2022, Kolitsas used Downpipe Depot to purchase stolen catalytic converters from a network of thieves.  Kolitsas instructed his suppliers on the types of converters that would obtain the most profit upon resale, and he would often meet with them and transact business at his home late at night or behind a family member’s restaurant in Middlebury after hours.  Analysis of records seized from Downpipe Depot revealed that many of Kolitsas’s suppliers were selling thousands to tens of thousands of dollars’ worth of stolen converters to Kolitsas each week.

    Starting in January 2022, Kolitsas maintained electronic invoices reflecting the purchase of stolen catalytic converters from his suppliers.  In several of the invoices, Kolitsas permitted his suppliers to use fictitious names or business names in order to create the appearance of proper recordkeeping while obscuring from his records the true source of the stolen converters.  The invoices show that between approximately January 26, 2022, and May 31, 2022, which was only a portion of the time period that Kolitsas operated Downpipe Depot and trafficked stolen catalytic converters, Kolitsas and Downpipe Depot paid more than $3.3 million to purchase converters from his suppliers.

    Kolitsas regularly transported and sold the catalytic converters to recycling businesses in New York and New Jersey.  Some of these trips yielded payments in excess of $200,000.  In an interview with law enforcement, the owner of the New York recycling business estimated that he paid Kolitsas a total of approximately $10 million in cash for catalytic converters.

    The investigation also revealed that Kolitsas used proceeds from the theft and sale of catalytic converters to purchase a Ford Transit Van and other items.

    Kolitsas was arrested on August 24, 2022.  On October 7, 2024, he pleaded guilty to one count of conspiracy to commit interstate transportation of stolen property and one count of promotional money laundering.

    Judge Nagala ordered Kolitsas to forfeit the Ford Transit Van, a 2016 Polaris Slingshot, $91,581 held in a Downpipe Depot bank account, and $75,127 in cash, all of which was seized by law enforcement during the investigation.

    Kolitsas, who is released on a $150,000 bond, is required to report to prison on July 14.

    This investigation is being led by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the Internal Revenue Service – Criminal Investigation Division (IRS-CI), and the East Hartford Police Department.  The case is being prosecuted by Assistant U.S. Attorneys Lauren C. Clark and A. Reed Durham through the Organized Crime Drug Enforcement Task Forces (OCDETF) Program.  OCDETF identifies, disrupts, and dismantles drug traffickers, money launderers, gangs, and transnational criminal organizations through a prosecutor-led and intelligence-driven approach that leverages the strengths of federal, state, and local law enforcement agencies.  Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    MIL Security OSI –

  • MIL-OSI Security: Manhattan Man Convicted Of Raping And Sexually Abusing Two Teenage Girls And Distributing Methamphetamine To Minors

    Source: Office of United States Attorneys

    Matthew Podolsky, the Acting United States Attorney for the Southern District of New York, announced today that a jury returned a guilty verdict against SHYMELL EPHRON, a/k/a “Shy,” on two counts of enticement of a minor to engage in unlawful sexual activity, one count of conspiring to distribute methamphetamine and cocaine, and two counts of distributing methamphetamine to a minor, in a trial before U.S. District Judge Margaret M. Garnett.  EPHRON is scheduled to be sentenced on September 19, 2025.

    Acting U.S. Attorney Matthew Podolsky said: “As a unanimous jury found, Shymell Ephron lured two runaway teenagers back to his apartment in Harlem, where he repeatedly raped and sexually abused them for five days while plying them with methamphetamine and alcohol.  Thanks to the FBI and the NYPD, the girls were eventually found and returned to their parents.  I commend these young women for the bravery they showed by testifying at trial.  This Office is committed to keeping the children of New York City safe from sexual predators, and thanks to the hard work of the career prosecutors of this Office and our law enforcement partners, the support of victim services specialists of this Office, and the willingness of the victims to speak up, Ephron has now been convicted for his egregious conduct and will face justice for the harm he caused.” 

    As reflected in the evidence presented at trial:

    Between approximately May 2024 and July 2024, EPHRON worked with others to distribute narcotics, including methamphetamine and cocaine, in Times Square and other locations in New York City.  On or about May 17, 2024, EPHRON approached two teenage girls in Times Square while he was selling drugs.  The girls had run away from home.  EPHRON convinced the two girls to follow him to his residence in Harlem, where they stayed with EPHRON for several days.

    EPHRON engaged in multiple acts of forcible rape, forcible touching, sexual abuse, and illegal sex with a minor while the girls were staying in EPHRON’s apartment.  EPHRON repeatedly provided the girls with methamphetamine, marijuana, and alcohol.  EPHRON also provided a cellphone to the girls to monitor their whereabouts, communicate with them about narcotics, and to persuade, induce, and entice them to return to his apartment each night so he could engage in unlawful sex with them.  Law enforcement agents with the Federal Bureau of Investigation (“FBI”) and the New York City Police Department (“NYPD”) eventually rescued the two girls and returned them to their parents.

    *                *               *

    EPHRON, 35, of New York, New York, was convicted of two counts of coercion and enticement of a minor, each of which carries a mandatory minimum sentence of 10 years in prison and a maximum potential sentence of life in prison; one count of narcotics conspiracy, which carries a maximum potential sentence of 20 years in prison; and two counts of distributing narcotics to a minor, each of which carries a mandatory minimum sentence of one year in prison and a maximum potential sentence of 40 years in prison.

    The mandatory minimum and maximum potential sentences in this case are prescribed by Congress and are provided here for informational purposes only, as the sentencing of the defendant will be determined by a judge.

    Mr. Podolsky praised the work of the FBI’s Westchester Safe Streets Task Force and the NYPD.  Mr. Podolsky also thanked the New York State Police and the Yorktown Police Department for their assistance in the investigation.

    This case is being handled by the Office’s Violent & Organized Crime Unit.  Assistant U.S. Attorneys Ryan W. Allison, Lisa Daniels, Michael R. Herman, and Andrew W. Jones are in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI: SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY RESULTS FOR THIRD QUARTER OF FISCAL 2025; DECLARES QUARTERLY DIVIDEND OF $0.23 PER COMMON SHARE; CONFERENCE CALL SCHEDULED FOR TUESDAY, APRIL 22, AT 8:30 AM CENTRAL TIME

    Source: GlobeNewswire (MIL-OSI)

    Poplar Bluff, Missouri, April 21, 2025 (GLOBE NEWSWIRE) — Southern Missouri Bancorp, Inc. (“Company”) (NASDAQ: SMBC), the parent corporation of Southern Bank (“Bank”), today announced preliminary net income for the third quarter of fiscal 2025 of $15.7 million, an increase of $4.4 million or 38.7%, as compared to the same period of the prior fiscal year. The increase was attributable to increases in net interest income and noninterest income, partially offset by increases in noninterest expense, income taxes, and provision for credit losses. Preliminary net income was $1.39 per fully diluted common share for the third quarter of fiscal 2025, an increase of $0.40 as compared to the $0.99 per fully diluted common share reported for the same period of the prior fiscal year.

    Highlights for the third quarter of fiscal 2025:

    • Earnings per common share (diluted) were $1.39, up $0.40, or 40.4%, as compared to the same quarter a year ago, and up $0.09, or 6.9%, from the second quarter of fiscal 2025, the linked quarter.
    • Annualized return on average assets (ROA) was 1.27%, while annualized return on average common equity (ROE) was 12.1%, as compared to 0.99% and 9.5%, respectively, in the same quarter a year ago, and 1.26% and 11.5%, respectively, in the second quarter of fiscal 2025, the linked quarter.
    • Net interest margin for the quarter was 3.39%, as compared to 3.15% reported for the same quarter a year ago, and up from 3.36% reported for the second quarter of fiscal 2025, the linked quarter. Net interest income increased $5.0 million, or 14.4%, compared to the same quarter a year ago, and increased $1.3 million, or 3.5% compared to the second quarter of fiscal 2025, the linked quarter.
    • Noninterest income was up 19.4% for the quarter, as compared to the same quarter a year ago, primarily as a result of losses realized on sale of available-for-sale (AFS) securities in the year ago quarter, and down 2.9% from the second quarter of fiscal 2025, the linked quarter.
    • Gross loan balances as of March 31, 2025, decreased by $3.5 million, or 0.1%, as compared to December 31, 2024, and increased by $252.3 million, or 6.7%, as compared to March 31, 2024.
    • Deposit balances as of March 31, 2025, increased by $50.8 million, or 1.2%, as compared to December 31, 2024, and by $275.3, million, or 6.9%, as compared to March 31, 2024.
    • Cash equivalent balances and time deposits as of March 31, 2025, increased by $81.1 million, or 55.5%, as compared to December 31, 2024, and increased by $58.4 million, or 34.6% as compared to March 31, 2024.
    • Tangible book value per share was $40.37, having increased by $4.86, or 13.7%, as compared to March 31, 2024.

    Dividend Declared:

    The Board of Directors, on April 15, 2025, declared a quarterly cash dividend on common stock of $0.23, payable May 30, 2025, to stockholders of record at the close of business on May 15, 2025, marking the 124th consecutive quarterly dividend since the inception of the Company. The Board of Directors and management believe the payment of a quarterly cash dividend enhances stockholder value and demonstrates our commitment to and confidence in our future prospects.

    Conference Call:

    The Company will host a conference call to review the information provided in this press release on Tuesday, April 22, 2025, at 8:30 a.m., central time. The call will be available live to interested parties by calling 1-833-470-1428 in the United States and from all other locations. Participants should use participant access code 154288. Telephone playback will be available beginning one hour following the conclusion of the call through April 27, 2025. The playback may be accessed by dialing 1-866-813-9403, and using the conference passcode 580314.

    Balance Sheet Summary:

    The Company experienced balance sheet growth in the first nine months of fiscal 2025, with total assets of $5.0 billion at March 31, 2025, reflecting an increase of $372.2 million, or 8.1%, as compared to June 30, 2024. Growth primarily reflected increases in net loans receivable, cash equivalents, and available for sale (AFS) securities.

    Cash equivalents and time deposits were a combined $227.1 million at March 31, 2025, an increase of $165.7 million, or 270.0%, as compared to June 30, 2024. The increase was primarily the result of strong deposit generation that outpaced loan growth during the period. AFS securities were $462.9 million at March 31, 2025, up $35.0 million, or 8.2%, as compared to June 30, 2024.

    Loans, net of the allowance for credit losses (ACL), were $4.0 billion at March 31, 2025, an increase of $171.3 million, or 4.5%, as compared to June 30, 2024. Gross loans increased by $173.7 million, while the ACL attributable to outstanding loan balances increased $2.4 million, or 4.6%, as compared to June 30, 2024. The increase in loan balances was attributable to growth in 1-4 family residential, commercial and industrial, construction and land development, multi-family real estate, agriculture real estate, owner occupied commercial real estate, and agricultural production loan balances. This increase was somewhat offset by decreases in consumer loans, loans secured by non-owner occupied commercial real estate, and other loan balances. The table below illustrates changes in loan balances by type over recent periods:

                                   
    Summary Loan Data as of:      Mar. 31,      Dec. 31,      Sep. 30,      June 30,      Mar. 31,
    (dollars in thousands)   2025     2024     2024     2024     2024  
                                   
    1-4 residential real estate   $ 978,908     $ 967,196     $ 942,916     $ 925,397     $ 903,371  
    Non-owner occupied commercial real estate     897,125       882,484       903,678       899,770       898,911  
    Owner occupied commercial real estate     440,282       435,392       438,030       427,476       412,958  
    Multi-family real estate     405,445       376,081       371,177       384,564       417,106  
    Construction and land development     323,499       393,388       351,481       290,541       268,315  
    Agriculture real estate     247,027       239,912       239,787       232,520       233,853  
    Total loans secured by real estate     3,292,286       3,294,453       3,247,069       3,160,268       3,134,514  
                                   
    Commercial and industrial     488,116       484,799       457,018       450,147       436,093  
    Agriculture production     186,058       188,284       200,215       175,968       139,533  
    Consumer     54,022       56,017       58,735       59,671       56,506  
    All other loans     3,216       3,628       3,699       3,981       4,799  
    Total loans     4,023,698       4,027,181       3,966,736       3,850,035       3,771,445  
                                   
    Deferred loan fees, net     (189 )     (202 )     (218 )     (232 )     (251 )
    Gross loans     4,023,509       4,026,979       3,966,518       3,849,803       3,771,194  
    Allowance for credit losses     (54,940 )     (54,740 )     (54,437 )     (52,516 )     (51,336 )
    Net loans   $ 3,968,569     $ 3,972,239     $ 3,912,081     $ 3,797,287     $ 3,719,858  

    Loans anticipated to fund in the next 90 days totaled $163.3 million at March 31, 2025, as compared to $172.5 million at December 31, 2024, and $117.2 million at March 31, 2024.

    The Bank’s concentration in non-owner occupied commercial real estate loans is estimated at 304.0% of Tier 1 capital and ACL on March 31, 2025, as compared to 317.5% as of June 30, 2024, with these loans representing 40.4% of total loans at March 31, 2025. Multi-family residential real estate, hospitality (hotels/restaurants), care facilities, retail stand-alone, and strip centers are the most common collateral types within the non-owner occupied commercial real estate loan portfolio. The multi-family residential real estate loan portfolio commonly includes loans collateralized by properties currently in the low-income housing tax credit (LIHTC) program or that have exited the program. The hospitality and retail stand-alone segments include primarily franchised businesses; care facilities consisting mainly of skilled nursing and assisted living centers; and strip centers, which can be defined as non-mall shopping centers with a variety of tenants. Non-owner-occupied office property types included 31 loans totaling $23.9 million, or 0.59% of gross loans at March 31, 2025, none of which were adversely classified, and are generally comprised of smaller spaces with diverse tenants. The Company continues to monitor its commercial real estate concentration and the individual segments closely.

    Nonperforming loans (NPL) were $22.0 million, or 0.55% of gross loans, at March 31, 2025, as compared to $6.7 million, or 0.17% of gross loans at June 30, 2024. Nonperforming assets (NPA) were $23.8 million, or 0.48% of total assets, at March 31, 2025, as compared to $10.6 million, or 0.23% of total assets, at June 30, 2024. The rise in NPAs reflects an increase in NPLs. The increase in NPLs was primarily attributable to several commercial relationships added in the third quarter of 2025 and the addition of three unrelated loans collateralized by single-family residential property in the linked quarter. The increase during the third quarter was mostly attributable to loans totaling $10 million primarily secured by two specific-purpose non-owner occupied commercial properties in different states. The loans have some guarantors in common. The properties, now vacant, were originally leased to a single tenant that became insolvent.

    Our ACL at March 31, 2025, totaled $54.9 million, representing 1.37% of gross loans and 250% of nonperforming loans, as compared to an ACL of $52.5 million, representing 1.36% of gross loans and 786% of nonperforming loans at June 30, 2024. The Company has estimated its expected credit losses as of March 31, 2025, under ASC 326-20, and management believes the ACL as of that date was adequate based on that estimate. There remains, however, significant uncertainty as borrowers adjust to relatively high market interest rates, although the Federal Reserve has reduced short-term rates somewhat during this fiscal year. Qualitative adjustments in the Company’s ACL model were increased compared to June 30, 2024, due to various factors that are relevant to determining expected collectability of credit. Additionally, a provision for credit loss was required due to loan net charge offs and to provide reserves for overdrafts in the third quarter of fiscal year 2025. As a percentage of average loans outstanding, the Company recorded net charge offs of 0.11% (annualized) during the current period, as compared to 0.01% for the same period of the prior fiscal year. In the three-month period ended March 31, 2025, $1.1 million of net charge offs were realized, with the increase from prior periods primarily due to a single agricultural relationship with suspected fraudulent activity.

    Total liabilities were $4.4 billion at March 31, 2025, an increase of $332.1 million, or 8.1%, as compared to June 30, 2024. Growth primarily reflected an increase in total deposits, other liabilities from the increase of accrued interest payable and income taxes payable, securities sold under agreements to repurchase, and FHLB advances.

    Deposits were $4.3 billion at March 31, 2025, an increase of $318.3 million, or 8.1%, as compared to June 30, 2024. The deposit portfolio saw year-to-date increases in certificates of deposit and savings accounts, as customers remained willing to move balances into high yield savings accounts and special rate time deposits in the higher rate environment. Public unit balances totaled $575.8 million at March 31, 2025, a decrease of $18.8 million compared to June 30, 2024, and increased $9.8 million from December 31, 2024, the linked quarter, reflecting seasonal trends. Brokered deposits totaled $235.6 million at March 31, 2025, an increase of $61.8 million as compared to June 30, 2024, but a decrease of $18.5 million compared to December 31, 2024, the linked quarter. The average loan-to-deposit ratio for the third quarter of fiscal 2025 was 94.2%, as compared to 96.3% for the quarter ended June 30, 2024, and 92.7% for the same period of the prior fiscal year. The table below illustrates changes in deposit balances by type over recent periods:

                                   
    Summary Deposit Data as of:      Mar. 31,      Dec. 31,      Sep. 30,      June 30,      Mar. 31,
    (dollars in thousands)   2025   2024   2024   2024   2024
                                   
    Non-interest bearing deposits   $ 513,418   $ 514,199   $ 503,209   $ 514,107   $ 525,959
    NOW accounts     1,167,296     1,211,402     1,128,917     1,239,663     1,300,358
    MMDAs – non-brokered     345,810     347,271     320,252     334,774     359,569
    Brokered MMDAs     2,013     3,018     12,058     2,025     10,084
    Savings accounts     626,175     573,291     556,030     517,084     455,212
    Total nonmaturity deposits     2,654,712     2,649,181     2,520,466     2,607,653     2,651,182
                                   
    Certificates of deposit – non-brokered     1,373,109     1,310,421     1,258,583     1,163,650     1,158,063
    Brokered certificates of deposit     233,561     251,025     261,093     171,756     176,867
    Total certificates of deposit     1,606,670     1,561,446     1,519,676     1,335,406     1,334,930
                                   
    Total deposits   $ 4,261,382   $ 4,210,627   $ 4,040,142   $ 3,943,059   $ 3,986,112
                                   
    Public unit nonmaturity accounts   $ 472,010   $ 482,406   $ 447,638   $ 541,445   $ 572,631
    Public unit certificates of deposit     103,741     83,506     62,882     53,144     51,834
    Total public unit deposits   $ 575,751   $ 565,912   $ 510,520   $ 594,589   $ 624,465

    FHLB advances were $104.1 million at March 31, 2025, an increase of $2.0 million, or 2.0%, as compared to June 30, 2024.

    The Company’s stockholders’ equity was $528.8 million at March 31, 2025, an increase of $40.0 million, or 8.2%, as compared to June 30, 2024. The increase was attributable primarily to earnings retained after cash dividends paid, in combination with a $3.5 million reduction in accumulated other comprehensive losses (AOCL) as the market value of the Company’s investments appreciated due to the decrease in market interest rates. The AOCL totaled $14.0 million at March 31, 2025, compared $17.5 million at June 30, 2024. The Company does not hold any securities classified as held-to-maturity.    

    Quarterly Income Statement Summary:

    The Company’s net interest income for the three-month period ended March 31, 2025, was $39.5 million, an increase of $5.0 million, or 14.4%, as compared to the same period of the prior fiscal year. The increase was attributable to a 6.2% increase in the average balance of interest-earning assets in the current three-month period compared to the same period a year ago, and an increase of 24 basis points in the net interest margin, from 3.15% to 3.39%. The primary driver of the net interest margin expansion, compared to the year ago period, was the yield on interest earning assets increasing 16 basis points, while the cost of interest bearing liabilities decreased 11 basis points.

    Loan discount accretion and deposit premium amortization related to the Company’s November 2018 acquisition of First Commercial Bank, the May 2020 acquisition of Central Federal Savings & Loan Association, the February 2022 merger of FortuneBank, and the January 2023 acquisition of Citizens Bank & Trust resulted in $1.5 million in net interest income for the three-month period ended March 31, 2025, as compared to $1.2 million in net interest income for the same period a year ago. Combined, this component of net interest income contributed 13 basis points to net interest margin in the three-month period ended March 31, 2025, as compared to an 11-basis point contribution for the same period of the prior fiscal year, and as compared to a nine-basis point contribution in the linked quarter, ended December 31, 2024, when net interest margin was 3.36%.

    The Company recorded a PCL of $932,000 in the three-month period ended March 31, 2025, as compared to a PCL of $900,000 in the same period of the prior fiscal year. The current period PCL was the result of a $1.3 million provision attributable to the ACL for loan balances outstanding and a $368,000 negative provision attributable to the allowance for off-balance sheet credit exposures.

    The Company’s noninterest income for the three-month period ended March 31, 2025, was $6.7 million, an increase of $1.1 million, or 19.4%, as compared to the same period of the prior fiscal year. The increase was primarily attributable to recognized losses on the sale of AFS securities, which totaled $807,000 in the comparable quarter, as compared to a small gain recognized in the current quarter. Additionally, deposit account charges and related fees increased, partially offset by decreases in loan late charges and loan servicing fees.

    Noninterest expense for the three-month period ended March 31, 2025, was $25.4 million, an increase of $342,000, or 1.4%, as compared to the same period of the prior fiscal year. The increase as compared to the year-ago period was primarily attributable to increases in other noninterest expense, occupancy and equipment, and legal and professional fees. The increase in other noninterest expense was primarily due to card fraud losses and deposit product expenses. Occupancy and equipment expenses increased due to depreciation on recent capitalized expenditures, including buildings, equipment, and signage. In addition, higher maintenance costs and service agreements were experienced. Lastly, legal and professional fees were elevated due primarily to an increase in accruals for audit expenses and the remaining expenses associated with the performance improvement project. Partially offsetting these increases from the prior year period were decreases in in telecommunication expenses; intangible amortization, as the core deposit intangible recognized in an older merger was fully amortized in the second quarter of fiscal 2025; and advertising expenses.

    The efficiency ratio for the three-month period ended March 31, 2025, was 55.1%, as compared to 61.2% in the same period of the prior fiscal year. The improvement was attributable to net interest income and noninterest income growing faster than operating expenses.

    The income tax provision for the three-month period ended March 31, 2025, was $4.1 million, an increase of 45.9% as compared to the same period of the prior fiscal year, primarily due to the increase in net income before income taxes. The effective tax rate was 20.9% as compared to 20.1% in the same quarter of the prior fiscal year.  

    Forward-Looking Information:

    Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent expected, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; the strength of the United States economy in general and the strength of local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; potential imposition of new or increased tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for credit losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.

    Southern Missouri Bancorp, Inc.
    UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION

                                     
    Summary Balance Sheet Data as of:      Mar. 31,      Dec. 31,      Sep. 30,      June 30,      Mar. 31,  
    (dollars in thousands, except per share data)   2025   2024   2024   2024   2024  
                                     
    Cash equivalents and time deposits   $ 227,136   $ 146,078   $ 75,591   $ 61,395   $ 168,763  
    Available for sale (AFS) securities     462,930     468,060     420,209     427,903     433,689  
    FHLB/FRB membership stock     18,269     18,099     18,064     17,802     17,734  
    Loans receivable, gross     4,023,509     4,026,979     3,966,518     3,849,803     3,771,194  
    Allowance for credit losses     54,940     54,740     54,437     52,516     51,336  
    Loans receivable, net     3,968,569     3,972,239     3,912,081     3,797,287     3,719,858  
    Bank-owned life insurance     75,156     74,643     74,119     73,601     73,101  
    Intangible assets     74,677     75,399     76,340     77,232     78,049  
    Premises and equipment     95,987     96,418     96,087     95,952     95,801  
    Other assets     53,772     56,738     56,709     53,144     59,997  
    Total assets   $ 4,976,496   $ 4,907,674   $ 4,729,200   $ 4,604,316   $ 4,646,992  
                                     
    Interest-bearing deposits   $ 3,747,964   $ 3,696,428   $ 3,536,933   $ 3,428,952   $ 3,437,420  
    Noninterest-bearing deposits     513,418     514,199     503,209     514,107     548,692  
    Securities sold under agreements to repurchase     15,000     15,000     15,000     9,398     9,398  
    FHLB advances     104,072     107,070     107,069     102,050     102,043  
    Other liabilities     44,057     39,424     38,191     37,905     46,712  
    Subordinated debt     23,195     23,182     23,169     23,156     23,143  
    Total liabilities     4,447,706     4,395,303     4,223,571     4,115,568     4,167,408  
                                     
    Total stockholders’ equity     528,790     512,371     505,629     488,748     479,584  
                                     
    Total liabilities and stockholders’ equity   $ 4,976,496   $ 4,907,674   $ 4,729,200   $ 4,604,316   $ 4,646,992  
                                     
    Equity to assets ratio     10.63 %     10.44 %     10.69 %     10.61 %     10.32 %
                                     
    Common shares outstanding     11,299,962     11,277,167     11,277,167     11,277,737     11,366,094  
    Less: Restricted common shares not vested     50,658     46,653     56,553     57,956     57,956  
    Common shares for book value determination     11,249,304     11,230,514     11,220,614     11,219,781     11,308,138  
                                     
    Book value per common share   $ 47.01   $ 45.62   $ 45.06   $ 43.56   $ 42.41  
    Less: Intangible assets per common share     6.64     6.71     6.80     6.88     6.90  
    Tangible book value per common share (1)     40.37     38.91     38.26     36.68     35.51  
    Closing market price     52.02     57.37     56.49     45.01     43.71  

    (1)   Non-GAAP financial measure.

                                     
    Nonperforming asset data as of:      Mar. 31,      Dec. 31,      Sep. 30,      June 30,      Mar. 31,  
    (dollars in thousands)   2025   2024   2024   2024   2024  
                                     
    Nonaccrual loans   $ 21,970   $ 8,309   $ 8,206   $ 6,680   $ 7,329  
    Accruing loans 90 days or more past due     —     —     —     —     81  
    Total nonperforming loans     21,970     8,309     8,206     6,680     7,410  
    Other real estate owned (OREO)     1,775     2,423     3,842     3,865     3,791  
    Personal property repossessed     56     37     21     23     60  
    Total nonperforming assets   $ 23,801   $ 10,769   $ 12,069   $ 10,568   $ 11,261  
                                     
    Total nonperforming assets to total assets     0.48 %     0.22 %     0.26 %     0.23 %     0.24 %  
    Total nonperforming loans to gross loans     0.55 %     0.21 %     0.21 %     0.17 %     0.20 %  
    Allowance for credit losses to nonperforming loans     250.07 %     658.80 %     663.38 %     786.17 %     692.79 %  
    Allowance for credit losses to gross loans     1.37 %     1.36 %     1.37 %     1.36 %     1.36 %  
                                     
    Performing modifications to borrowers experiencing financial difficulty   $ 23,304   $ 24,083   $ 24,340   $ 24,602   $ 24,848  
                                   
        For the three-month period ended
    Quarterly Summary Income Statement Data:   Mar. 31,      Dec. 31,      Sep. 30,      June 30,      Mar. 31,
    (dollars in thousands, except per share data)      2025   2024   2024   2024   2024  
                                   
    Interest income:                                   
    Cash equivalents   $ 1,585   $ 784   $ 78   $ 541   $ 2,587  
    AFS securities and membership stock     5,684     5,558     5,547     5,677     5,486  
    Loans receivable     62,656     63,082     61,753     58,449     55,952  
    Total interest income     69,925     69,424     67,378     64,667     64,025  
    Interest expense:                              
    Deposits     28,795     29,538     28,796     27,999     27,893  
    Securities sold under agreements to repurchase     189     226     160     125     128  
    FHLB advances     1,076     1,099     1,326     1,015     1,060  
    Subordinated debt     386     418     435     433     435  
    Total interest expense     30,446     31,281     30,717     29,572     29,516  
    Net interest income     39,479     38,143     36,661     35,095     34,509  
    Provision for credit losses     932     932     2,159     900     900  
    Noninterest income:                              
    Deposit account charges and related fees     2,048     2,237     2,184     1,978     1,847  
    Bank card interchange income     1,341     1,301     1,499     1,770     1,301  
    Loan late charges     —     —     —     170     150  
    Loan servicing fees     224     232     286     494     267  
    Other loan fees     843     944     1,063     617     757  
    Net realized gains on sale of loans     114     133     361     97     99  
    Net realized gains (losses) on sale of AFS securities     48     —     —     —     (807 )
    Earnings on bank owned life insurance     512     522     517     498     483  
    Insurance brokerage commissions     340     300     287     331     312  
    Wealth management fees     902     843     730     838     866  
    Other noninterest income     294     353     247     974     309  
    Total noninterest income     6,666     6,865     7,174     7,767     5,584  
    Noninterest expense:                              
    Compensation and benefits     13,771     13,737     14,397     13,894     13,750  
    Occupancy and equipment, net     3,869     3,585     3,689     3,790     3,623  
    Data processing expense     2,359     2,224     2,171     1,929     2,349  
    Telecommunications expense     330     354     428     468     464  
    Deposit insurance premiums     674     588     472     638     677  
    Legal and professional fees     603     619     1,208     516     412  
    Advertising     530     442     546     640     622  
    Postage and office supplies     350     283     306     308     344  
    Intangible amortization     889     897     897     1,018     1,018  
    Foreclosed property expenses     37     73     12     52     60  
    Other noninterest expense     1,979     2,074     1,715     1,749     1,730  
    Total noninterest expense     25,391     24,876     25,841     25,002     25,049  
    Net income before income taxes     19,822     19,200     15,835     16,960     14,144  
    Income taxes     4,139     4,547     3,377     3,430     2,837  
    Net income     15,683     14,653     12,458     13,530     11,307  
    Less: Distributed and undistributed earnings allocated                              
    to participating securities     71     61     62     69     58  
    Net income available to common shareholders   $ 15,612   $ 14,592   $ 12,396   $ 13,461   $ 11,249  
                                   
    Basic earnings per common share   $ 1.39   $ 1.30   $ 1.10   $ 1.19   $ 1.00  
    Diluted earnings per common share     1.39     1.30     1.10     1.19     0.99  
    Dividends per common share     0.23     0.23     0.23     0.21     0.21  
    Average common shares outstanding:                              
    Basic     11,238,000     11,231,000     11,221,000     11,276,000     11,302,000  
    Diluted     11,262,000     11,260,000     11,240,000     11,283,000     11,313,000  
                                     
        For the three-month period ended  
    Quarterly Average Balance Sheet Data:   Mar. 31,      Dec. 31,      Sep. 30,      June 30,      Mar. 31,  
    (dollars in thousands)      2025   2024   2024   2024   2024  
                                     
    Interest-bearing cash equivalents   $ 143,206   $ 64,976   $ 5,547   $ 39,432   $ 182,427  
    AFS securities and membership stock     508,642     479,633     460,187     476,198     472,904  
    Loans receivable, gross     4,003,552     3,989,643     3,889,740     3,809,209     3,726,631  
    Total interest-earning assets     4,655,400     4,534,252     4,355,474     4,324,839     4,381,962  
    Other assets     290,739     291,217     283,056     285,956     291,591  
    Total assets   $ 4,946,139   $ 4,825,469   $ 4,638,530   $ 4,610,795   $ 4,673,553  
                                     
    Interest-bearing deposits   $ 3,737,849   $ 3,615,767   $ 3,416,752   $ 3,417,360   $ 3,488,104  
    Securities sold under agreements to repurchase     15,000     15,000     12,321     9,398     9,398  
    FHLB advances     106,187     107,054     123,723     102,757     111,830  
    Subordinated debt     23,189     23,175     23,162     23,149     23,137  
    Total interest-bearing liabilities     3,882,225     3,760,996     3,575,958     3,552,664     3,632,469  
    Noninterest-bearing deposits     513,157     524,878     531,946     539,637     532,075  
    Other noninterest-bearing liabilities     31,282     31,442     33,737     35,198     33,902  
    Total liabilities     4,426,664     4,317,316     4,141,641     4,127,499     4,198,446  
                                     
    Total stockholders’ equity     519,475     508,153     496,889     483,296     475,107  
                                     
    Total liabilities and stockholders’ equity   $ 4,946,139   $ 4,825,469   $ 4,638,530   $ 4,610,795   $ 4,673,553  
                                     
    Return on average assets     1.27 %     1.21 %     1.07 %     1.17 %     0.97 %
    Return on average common stockholders’ equity     12.1 %     11.5 %     10.0 %     11.2 %     9.5 %
                                     
    Net interest margin     3.39 %     3.36 %     3.37 %     3.25 %     3.15 %
    Net interest spread     2.87 %     2.79 %     2.75 %     2.65 %     2.59 %
                                     
    Efficiency ratio     55.1 %     55.3 %     59.0 %     58.3 %     61.2 %

    The MIL Network –

  • MIL-OSI USA: US Department of Labor honors fallen workers with national Workers Memorial Day program April 24

    Source: US Department of Labor

    The U.S. Department of Labor will honor workers whose jobs have claimed their lives during its national Workers Memorial Day program on April 24, 2025. 

    The department will welcome families traveling from across the country to the nation’s capital for the program, which pays tribute to men and women who have lost their lives while on the job, as well as all the fallen workers before them, and the survivors who remain to grieve and carry on.

    Today, work-related injuries in the U.S. claim about 15 people’s lives a day. In 2023, a reported 5,283 workers  suffered fatal injuries, a decrease of 203 worker deaths from 2022.

    U.S. Secretary of Labor Lori Chavez-DeRemer, Occupational Safety and Health Administration Acting Assistant Secretary Amanda Wood Laihow, and Mine Safety and Health Administration Deputy Assistant Secretary for Policy James Paul McHugh will speak during this year’s Workers Memorial Day ceremony, which will be held at the department’s Washington headquarters at 1 p.m. EDT. The event will also be livestreamed. 

    Workers Memorial Day is observed on April 28 with local observances across the country that bring together workers, families, and unions in a shared commitment to preventing workplace hazards so that every worker can return home safely at the end of the day. 

    April 28 also marks a significant milestone in workplace safety – the anniversary of the Occupational Safety and Health Administration – which opened its doors in 1971 following the passage of the Occupational Safety and Health Act of 1970. 

    Every worker has the right to a safe and healthy workplace. Ensuring workers’ well-being is a shared responsibility that demands ongoing collaboration among employers, labor unions, safety professionals, and workers. Reinforcing workplace protections and promoting a strong safety culture helps prevent tragedies and builds a future where every job is a safe, family-sustaining one.

    Learn more about Workers Memorial Day events nationwide.

    MIL OSI USA News –

  • MIL-OSI: Wintrust Financial Corporation Reports Record First Quarter 2025 Net Income

    Source: GlobeNewswire (MIL-OSI)

    ROSEMONT, Ill., April 21, 2025 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record quarterly net income of $189.0 million, or $2.69 per diluted common share, for the first quarter of 2025, compared to net income of $185.4 million, or $2.63 per diluted common share in the fourth quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled a record $277.0 million, compared to $270.1 million for the fourth quarter of 2024.

    Timothy S. Crane, President and Chief Executive Officer, commented, “Building on our record results in 2024, we are pleased with our strong start to the year. Our balanced business model supported disciplined loan growth, which was funded by robust deposit growth in the first quarter of 2025.”

    Additionally, Mr. Crane noted, “Net interest margin in the first quarter increased by five basis points to 3.56% compared to the fourth quarter of 2024. The improvement in net interest margin was primarily attributed to decreased funding costs. The higher net interest margin and balance sheet growth supported record net interest income levels in the first quarter of 2025.”

    Highlights of the first quarter of 2025:
    Comparative information to the fourth quarter of 2024, unless otherwise noted

    • Total loans increased by $653 million, or 6% annualized.
    • Total deposits increased by approximately $1.1 billion, or 8% annualized.
    • Total assets increased by $1.0 billion, or 6% annualized.
    • Net interest income increased to $526.5 million in the first quarter of 2025, compared to $525.1 million in the fourth quarter of 2024, supported by improvement in net interest margin and balance sheet growth.        
      • Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025.
    • Non-interest income and non-interest expense were relatively stable in the first quarter of 2025. Notable impacts were:
      • Net gains on investment securities totaled $3.2 million.
      • Macatawa Bank acquisition-related costs were $2.7 million.
    • Provision for credit losses totaled $24.0 million in the first quarter of 2025, as compared to a provision for credit losses of $17.0 million in the fourth quarter of 2024.
    • Net charge-offs totaled $12.6 million, or 11 basis points of average total loans on an annualized basis, in the first quarter of 2025 compared to $15.9 million, or 13 basis points of average total loans on an annualized basis, in the fourth quarter of 2024.

    Mr. Crane noted, “The Company exhibited disciplined and consistent loan growth, as loans increased by $653 million compared to the prior quarter, or 6% on an annualized basis. Loan pipelines are strong and we remain prudent in our review of credit opportunities, ensuring our loan growth adheres to our conservative credit standards. Strong deposit growth of $1.1 billion, or 8% on an annualized basis, in the first quarter of 2025 outpaced loan growth, which resulted in our loans-to-deposits ratio ending the quarter at 90.9%. Non-interest bearing deposits totaled $11.2 billion and comprised 21% of total deposits at the end of the first quarter of 2025. We continue to leverage our enviable market positioning to generate deposits, grow loans and expand our franchise value.”

    Commenting on credit quality, Mr. Crane stated, “Prudent credit management, involving in-depth reviews of the portfolio, has led to positive outcomes by proactively identifying and resolving problem credits in a timely fashion. We continue to be conservative, diversified, and maintain our consistently strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to maintaining credit quality as evidenced by our improved net charge-offs, stable levels of non-performing loans and our core loan allowance for credit losses of 1.37%.”

    In summary, Mr. Crane concluded, “Overall, we are proud of our first quarter results and believe we are well-positioned to continue our strong momentum as we navigate the macroeconomic uncertainty in 2025. The first quarter results highlighted the quality of our core deposit franchise and multifaceted nature of our business model, which uniquely positions us to be successful. Anticipated solid loan growth in the second quarter, combined with a stable net interest margin should result in higher levels of net interest income in the second quarter of 2025. Increasing our long-term franchise value and net interest income, coupled with disciplined expense control and maintaining our conservative credit standards, remain our focus in 2025.”

    The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2025 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

    Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/cdbdc506-1b5a-4776-ae2e-e0b14106e712

    SUMMARY OF RESULTS:

    BALANCE SHEET

    Total assets increased $1.0 billion in the first quarter of 2025 as compared to the fourth quarter of 2024. Total loans increased by $653.4 million as compared to the fourth quarter of 2024. The increase in loans was primarily driven by growth in the commercial and premium finance life insurance loan portfolios.

    Total liabilities increased by $734.2 million in the first quarter of 2025 as compared to the fourth quarter of 2024, driven by a $1.1 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposits as a percentage of total deposits were 21% at March 31, 2025, relatively stable compared to recent quarters. The Company’s loans-to-deposits ratio ended the quarter at 90.9%.

    For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.

    NET INTEREST INCOME

    For the first quarter of 2025, net interest income totaled $526.5 million, an increase of $1.3 million as compared to the fourth quarter of 2024, primarily due to improvement in net interest margin and growth in the balance sheet, partially offset by two fewer calendar days in the quarter.

    Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025, up five basis points compared to the fourth quarter of 2024. The yield on earning assets declined 11 basis points during the first quarter of 2025 primarily due to a 15 basis point decrease in loan yields. The net free funds contribution declined six basis points compared to the fourth quarter of 2024. These declines were more than offset by a 22 basis point reduction in funding cost, primarily due to a 23 basis point decline in the rate paid on interest-bearing deposits, compared to the fourth quarter of 2024.

    For more information regarding net interest income, see Table 4 through Table 7 in this report.

    ASSET QUALITY

    The allowance for credit losses totaled $448.4 million as of March 31, 2025, an increase from $437.1 million as of December 31, 2024. A provision for credit losses totaling $24.0 million was recorded for the first quarter of 2025 as compared to $17.0 million recorded in the fourth quarter of 2024. The higher provision for credit losses recognized in the first quarter of 2025 is primarily attributable to impacts related to the macroeconomic outlook. Future economic performance remains uncertain, thus downside risks to the baseline scenario, including widening credit spreads and lower valuations in financial markets, were considered to derive a qualitative addition to the provision for the first quarter of 2025. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 in this report.

    Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of March 31, 2025, December 31, 2024, and September 30, 2024 is shown on Table 11 of this report.

    Net charge-offs totaled $12.6 million in the first quarter of 2025, a decrease of $3.3 million as compared to $15.9 million of net charge-offs in the fourth quarter of 2024. Net charge-offs as a percentage of average total loans were 11 basis points in the first quarter of 2025 on an annualized basis, compared to 13 basis points on an annualized basis in the fourth quarter of 2024. For more information regarding net charge-offs, see Table 9 in this report.

    The Company’s delinquency rates remain low and manageable. For more information regarding past due loans, see Table 12 in this report.

    Non-performing assets and non-performing loans have remained relatively stable compared to prior quarters. Non-performing assets totaled $195.0 million and comprised 0.30% of total assets as of March 31, 2025, as compared to $193.9 million, or 0.30% of total assets, as of December 31, 2024. Non-performing loans totaled $172.4 million and comprised 0.35% of total loans at March 31, 2025, as compared to $170.8 million and 0.36% of total loans at December 31, 2024. For more information regarding non-performing assets, see Table 13 in this report.

    NON-INTEREST INCOME

    Non-interest income totaled $116.6 million in the first quarter of 2025, increasing $3.2 million, as compared to $113.5 million in the fourth quarter of 2024.

    Wealth management revenue decreased by $4.7 million in the first quarter of 2025, as compared to the fourth quarter of 2024. Revenue in the first quarter of 2025 was impacted by the transition of systems and support for brokerage and certain private client business to a new third party in the current quarter, as well as lower assets under management due to lower market valuations. The reduction in revenue was driven by anticipated slowdown in activity from the transition, market conditions, and certain offsets to expenses. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

    Mortgage banking revenue totaling $20.5 million in the first quarter of 2025 was essentially unchanged compared to the fourth quarter of 2024. For more information regarding mortgage banking revenue, see Table 15 in this report.

    The Company recognized $19.4 million in service charges on deposit accounts in the first quarter of 2025, as compared to $18.9 million in the fourth quarter of 2024. The $0.5 million increase in the first quarter of 2025 was primarily due to increased commercial account fees.

    The Company recognized $3.2 million in net gains on investment securities in the first quarter of 2025 as compared to $2.8 million in net losses in the fourth quarter of 2024. The net gains in the first quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.

    For more information regarding non-interest income, see Table 14 in this report.

    NON-INTEREST EXPENSE

    Non-interest expenses totaled $366.1 million in the first quarter of 2025, decreasing $2.4 million as compared to $368.5 million in the fourth quarter of 2024.

    Salaries and employee benefits expense decreased by $0.6 million in the first quarter of 2025 as compared to the fourth quarter of 2024. This was primarily driven by decreased commissions and incentives compensation expense related to lower mortgage originations and wealth management revenue in the quarter partially offset by higher salaries expense which can be attributed to annual merit increases taking effect in the first quarter of the year.

    Advertising and marketing expenses in the first quarter of 2025 totaled $12.3 million, which was a $0.8 million decrease as compared to the fourth quarter of 2024. The reduction in the first quarter is primarily due to timing of marketing campaigns, sponsorship arrangements and other investments.

    Professional fees expense totaled $9.0 million in the first quarter of 2025, resulting in a decrease of $2.3 million as compared to the fourth quarter of 2024. The decrease in the current quarter relates primarily to decreased fees on consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments.

    Travel and entertainment expense totaled $5.3 million in the first quarter of 2025 which decreased $2.9 million as compared to the fourth quarter of 2024. The decrease is primarily due to seasonal corporate events that occur during the fourth quarter.

    The Macatawa Bank acquisition related costs were $2.7 million in the first quarter of 2025, primarily driven by consulting expenses, employee retention and severance costs, and contracted resource costs.

    For more information regarding non-interest expense, see Table 16 in this report.

    INCOME TAXES

    The Company recorded income tax expense of $64.0 million in the first quarter compared to $67.7 million in the fourth quarter of 2024. The effective tax rates were 25.30% in the first quarter of 2025 compared to 26.76% in the fourth quarter of 2024. The effective tax rates were partially impacted by the tax effects related to share-based compensation, which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $3.7 million in the first quarter of 2025, compared to excess tax benefits of $50,000 in the fourth quarter of 2024 related to share-based compensation.

    BUSINESS SUMMARY

    Community Banking

    Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

    Mortgage banking revenue was $20.5 million for both the first quarter of 2025, and the fourth quarter of 2024. See Table 15 for more detail. Service charges on deposit accounts totaled $19.4 million in the first quarter of 2025 as compared to $18.9 million in the fourth quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2025 indicating momentum for expected continued loan growth in the second quarter of 2025.

    Specialty Finance

    Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $4.8 billion during the first quarter of 2025. Average balances increased by $213.4 million, as compared to the fourth quarter of 2024. The Company’s leasing divisions’ portfolio balances increased in the first quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.7 billion, $1.1 billion, and $280.5 million as of March 31, 2025 respectively, as compared to $2.5 billion, $1.1 billion, and $278.3 million as of December 31, 2024, respectively. Revenues from the Company’s out-sourced administrative services business were $1.4 million in the first quarter of 2025, which was relatively stable compared to the fourth quarter of 2024.

    Wealth Management

    Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. See “Items Impacting Comparative Results,” regarding the sale of the Company’s Retirement Benefits Advisors (“RBA”) division during the first quarter of 2024. Wealth management revenue totaled $34.0 million in the first quarter of 2025, down slightly as compared to the fourth quarter of 2024. At March 31, 2025, the Company’s wealth management subsidiaries had approximately $51.1 billion of assets under administration, which included $8.4 billion of assets owned by the Company and its subsidiary banks.

    ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

    Business Combination

    On August 1, 2024, the Company completed its previously announced acquisition of Macatawa, the parent company of Macatawa Bank. In conjunction with the completed acquisition, the Company issued approximately 4.7 million shares of common stock. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had fair values of approximately $2.9 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. As of March 31, 2025, the Company recorded goodwill of approximately $142.1 million on the purchase.

    Division Sale

    In the first quarter of 2024, the Company sold its RBA division and recorded a net gain of approximately $19.3 million ($20.0 million in other non-interest income from the sale, offset by $0.7 million in commissions/incentive compensation expense).

    WINTRUST FINANCIAL CORPORATION
    Key Operating Measures

    Wintrust’s key operating measures and growth rates for the first quarter of 2025, as compared to the fourth quarter of 2024 (sequential quarter) and first quarter of 2024 (linked quarter), are shown in the table below:

                  % or (1)basis point (bp) change  from
    4th Quarter
    2024    		   % or basis point (bp) change from
    1st Quarter
    2024
        Three Months Ended  
    (Dollars in thousands, except per share data)   Mar 31, 2025   Dec 31, 2024   Mar 31, 2024  
    Net income   $ 189,039     $ 185,362     $ 187,294   2   %   1   %
    Pre-tax income, excluding provision for credit losses (non-GAAP) (2)     277,018       270,060       271,629   3       2    
    Net income per common share – Diluted     2.69       2.63       2.89   2       (7 )  
    Cash dividends declared per common share     0.50       0.45       0.45   11       11    
    Net revenue (3)     643,108       638,599       604,774   1       6    
    Net interest income     526,474       525,148       464,194   0       13    
    Net interest margin     3.54 %     3.49 %     3.57 % 5   bps   (3 ) bps
    Net interest margin – fully taxable-equivalent (non-GAAP) (2)     3.56       3.51       3.59   5       (3 )  
    Net overhead ratio (4)     1.58       1.60       1.39   (2 )     19    
    Return on average assets     1.20       1.16       1.35   4       (15 )  
    Return on average common equity     12.21       11.82       14.42   39       (221 )  
    Return on average tangible common equity (non-GAAP) (2)     14.72       14.29       16.75   43       (203 )  
    At end of period                      
    Total assets   $ 65,870,066     $ 64,879,668     $ 57,576,933   6   %   14   %
    Total loans (5)     48,708,390       48,055,037       43,230,706   6       13    
    Total deposits     53,570,038       52,512,349       46,448,858   8       15    
    Total shareholders’ equity     6,600,537       6,344,297       5,436,400   16       21    

    (1)   Period-end balance sheet percentage changes are annualized.
    (2)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
    (3)   Net revenue is net interest income plus non-interest income.
    (4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
    (5)   Excludes mortgage loans held-for-sale.

    Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. Additional supplemental financial information showing quarterly trends can be found on the Company’s website at www.wintrust.com by choosing “Financial Reports” under the “Investor Relations” heading, and then choosing “Financial Highlights.”


    WINTRUST FINANCIAL CORPORATION
    Selected Financial Highlights

        Three Months Ended
    (Dollars in thousands, except per share data)   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024   Mar 31, 2024
    Selected Financial Condition Data (at end of period):
    Total assets   $ 65,870,066     $ 64,879,668     $ 63,788,424     $ 59,781,516     $ 57,576,933  
    Total loans (1)     48,708,390       48,055,037       47,067,447       44,675,531       43,230,706  
    Total deposits     53,570,038       52,512,349       51,404,966       48,049,026       46,448,858  
    Total shareholders’ equity     6,600,537       6,344,297       6,399,714       5,536,628       5,436,400  
    Selected Statements of Income Data:                    
    Net interest income   $ 526,474     $ 525,148     $ 502,583     $ 470,610     $ 464,194  
    Net revenue (2)     643,108       638,599       615,730       591,757       604,774  
    Net income     189,039       185,362       170,001       152,388       187,294  
    Pre-tax income, excluding provision for credit losses (non-GAAP) (3)     277,018       270,060       255,043       251,404       271,629  
    Net income per common share – Basic     2.73       2.68       2.51       2.35       2.93  
    Net income per common share – Diluted     2.69       2.63       2.47       2.32       2.89  
    Cash dividends declared per common share     0.50       0.45       0.45       0.45       0.45  
    Selected Financial Ratios and Other Data:                    
    Performance Ratios:                    
    Net interest margin     3.54 %     3.49 %     3.49 %     3.50 %     3.57 %
    Net interest margin – fully taxable-equivalent (non-GAAP) (3)     3.56       3.51       3.51       3.52       3.59  
    Non-interest income to average assets     0.74       0.71       0.74       0.85       1.02  
    Non-interest expense to average assets     2.32       2.31       2.36       2.38       2.41  
    Net overhead ratio (4)     1.58       1.60       1.62       1.53       1.39  
    Return on average assets     1.20       1.16       1.11       1.07       1.35  
    Return on average common equity     12.21       11.82       11.63       11.61       14.42  
    Return on average tangible common equity (non-GAAP) (3)     14.72       14.29       13.92       13.49       16.75  
    Average total assets   $ 64,107,042     $ 63,594,105     $ 60,915,283     $ 57,493,184     $ 55,602,695  
    Average total shareholders’ equity     6,460,941       6,418,403       5,990,429       5,450,173       5,440,457  
    Average loans to average deposits ratio     92.3 %     91.9 %     93.8 %     95.1 %     94.5 %
    Period-end loans to deposits ratio     90.9       91.5       91.6       93.0       93.1  
    Common Share Data at end of period:                    
    Market price per common share   $ 112.46     $ 124.71     $ 108.53     $ 98.56     $ 104.39  
    Book value per common share     92.47       89.21       90.06       82.97       81.38  
    Tangible book value per common share (non-GAAP) (3)     78.83       75.39       76.15       72.01       70.40  
    Common shares outstanding     66,919,325       66,495,227       66,481,543       61,760,139       61,736,715  
    Other Data at end of period:                    
    Common equity to assets ratio     9.4 %     9.1 %     9.4 %     8.6 %     8.7 %
    Tangible common equity ratio (non-GAAP) (3)     8.1       7.8       8.1       7.5       7.6  
    Tier 1 leverage ratio (5)     9.6       9.4       9.6       9.3       9.4  
    Risk-based capital ratios:                    
    Tier 1 capital ratio (5)     10.8       10.7       10.6       10.3       10.3  
    Common equity tier 1 capital ratio (5)     10.1       9.9       9.8       9.5       9.5  
    Total capital ratio (5)     12.5       12.3       12.2       12.1       12.2  
    Allowance for credit losses (6)   $ 448,387     $ 437,060     $ 436,193     $ 437,560     $ 427,504  
    Allowance for loan and unfunded lending-related commitment losses to total loans     0.92 %     0.91 %     0.93 %     0.98 %     0.99 %
    Number of:                    
    Bank subsidiaries     16       16       16       15       15  
    Banking offices     208       205       203       177       176  

    (1)   Excludes mortgage loans held-for-sale.
    (2)   Net revenue is net interest income plus non-interest income.
    (3)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
    (4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
    (5)   Capital ratios for current quarter-end are estimated.
    (6)   The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.


    WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CONDITION

        (Unaudited)       (Unaudited)   (Unaudited)   (Unaudited)
        Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (In thousands)     2025       2024       2024       2024       2024  
    Assets                    
    Cash and due from banks   $ 616,216     $ 452,017     $ 725,465     $ 415,462     $ 379,825  
    Federal funds sold and securities purchased under resale agreements     63       6,519       5,663       62       61  
    Interest-bearing deposits with banks     4,238,237       4,409,753       3,648,117       2,824,314       2,131,077  
    Available-for-sale securities, at fair value     4,220,305       4,141,482       3,912,232       4,329,957       4,387,598  
    Held-to-maturity securities, at amortized cost     3,564,490       3,613,263       3,677,420       3,755,924       3,810,015  
    Trading account securities     —       4,072       3,472       4,134       2,184  
    Equity securities with readily determinable fair value     270,442       215,412       125,310       112,173       119,777  
    Federal Home Loan Bank and Federal Reserve Bank stock     281,893       281,407       266,908       256,495       224,657  
    Brokerage customer receivables     —       18,102       16,662       13,682       13,382  
    Mortgage loans held-for-sale, at fair value     316,804       331,261       461,067       411,851       339,884  
    Loans, net of unearned income     48,708,390       48,055,037       47,067,447       44,675,531       43,230,706  
    Allowance for loan losses     (378,207 )     (364,017 )     (360,279 )     (363,719 )     (348,612 )
    Net loans     48,330,183       47,691,020       46,707,168       44,311,812       42,882,094  
    Premises, software and equipment, net     776,679       779,130       772,002       722,295       744,769  
    Lease investments, net     280,472       278,264       270,171       275,459       283,557  
    Accrued interest receivable and other assets     1,598,255       1,739,334       1,721,090       1,671,334       1,580,142  
    Trade date securities receivable     463,023       —       551,031       —       —  
    Goodwill     796,932       796,942       800,780       655,955       656,181  
    Other acquisition-related intangible assets     116,072       121,690       123,866       20,607       21,730  
    Total assets   $ 65,870,066     $ 64,879,668     $ 63,788,424     $ 59,781,516     $ 57,576,933  
    Liabilities and Shareholders’ Equity                    
    Deposits:                    
    Non-interest-bearing   $ 11,201,859     $ 11,410,018     $ 10,739,132     $ 10,031,440     $ 9,908,183  
    Interest-bearing     42,368,179       41,102,331       40,665,834       38,017,586       36,540,675  
    Total deposits     53,570,038       52,512,349       51,404,966       48,049,026       46,448,858  
    Federal Home Loan Bank advances     3,151,309       3,151,309       3,171,309       3,176,309       2,676,751  
    Other borrowings     529,269       534,803       647,043       606,579       575,408  
    Subordinated notes     298,360       298,283       298,188       298,113       437,965  
    Junior subordinated debentures     253,566       253,566       253,566       253,566       253,566  
    Accrued interest payable and other liabilities     1,466,987       1,785,061       1,613,638       1,861,295       1,747,985  
    Total liabilities     59,269,529       58,535,371       57,388,710       54,244,888       52,140,533  
    Shareholders’ Equity:                    
    Preferred stock     412,500       412,500       412,500       412,500       412,500  
    Common stock     67,007       66,560       66,546       61,825       61,798  
    Surplus     2,494,347       2,482,561       2,470,228       1,964,645       1,954,532  
    Treasury stock     (9,156 )     (6,153 )     (6,098 )     (5,760 )     (5,757 )
    Retained earnings     4,045,854       3,897,164       3,748,715       3,615,616       3,498,475  
    Accumulated other comprehensive loss     (410,015 )     (508,335 )     (292,177 )     (512,198 )     (485,148 )
    Total shareholders’ equity     6,600,537       6,344,297       6,399,714       5,536,628       5,436,400  
    Total liabilities and shareholders’ equity   $ 65,870,066     $ 64,879,668     $ 63,788,424     $ 59,781,516     $ 57,576,933  

    WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

      Three Months Ended
    (Dollars in thousands, except per share data) Mar 31,
    2025    		   Dec 31,
    2024    		   Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024
    Interest income                  
    Interest and fees on loans $ 768,362     $ 789,038     $ 794,163     $ 749,812     $ 710,341  
    Mortgage loans held-for-sale   4,246       5,623       6,233       5,434       4,146  
    Interest-bearing deposits with banks   36,766       46,256       32,608       19,731       16,658  
    Federal funds sold and securities purchased under resale agreements   179       53       277       17       19  
    Investment securities   72,016       67,066       69,592       69,779       69,678  
    Trading account securities   11       6       11       13       18  
    Federal Home Loan Bank and Federal Reserve Bank stock   5,307       5,157       5,451       4,974       4,478  
    Brokerage customer receivables   78       302       269       219       175  
    Total interest income   886,965       913,501       908,604       849,979       805,513  
    Interest expense                  
    Interest on deposits   320,233       346,388       362,019       335,703       299,532  
    Interest on Federal Home Loan Bank advances   25,441       26,050       26,254       24,797       22,048  
    Interest on other borrowings   6,792       7,519       9,013       8,700       9,248  
    Interest on subordinated notes   3,714       3,733       3,712       5,185       5,487  
    Interest on junior subordinated debentures   4,311       4,663       5,023       4,984       5,004  
    Total interest expense   360,491       388,353       406,021       379,369       341,319  
    Net interest income   526,474       525,148       502,583       470,610       464,194  
    Provision for credit losses   23,963       16,979       22,334       40,061       21,673  
    Net interest income after provision for credit losses   502,511       508,169       480,249       430,549       442,521  
    Non-interest income                  
    Wealth management   34,042       38,775       37,224       35,413       34,815  
    Mortgage banking   20,529       20,452       15,974       29,124       27,663  
    Service charges on deposit accounts   19,362       18,864       16,430       15,546       14,811  
    Gains (losses) on investment securities, net   3,196       (2,835 )     3,189       (4,282 )     1,326  
    Fees from covered call options   3,446       2,305       988       2,056       4,847  
    Trading (losses) gains, net   (64 )     (113 )     (130 )     70       677  
    Operating lease income, net   15,287       15,327       15,335       13,938       14,110  
    Other   20,836       20,676       24,137       29,282       42,331  
    Total non-interest income   116,634       113,451       113,147       121,147       140,580  
    Non-interest expense                  
    Salaries and employee benefits   211,526       212,133       211,261       198,541       195,173  
    Software and equipment   34,717       34,258       31,574       29,231       27,731  
    Operating lease equipment   10,471       10,263       10,518       10,834       10,683  
    Occupancy, net   20,778       20,597       19,945       19,585       19,086  
    Data processing   11,274       10,957       9,984       9,503       9,292  
    Advertising and marketing   12,272       13,097       18,239       17,436       13,040  
    Professional fees   9,044       11,334       9,783       9,967       9,553  
    Amortization of other acquisition-related intangible assets   5,618       5,773       4,042       1,122       1,158  
    FDIC insurance   10,926       10,640       10,512       10,429       14,537  
    OREO expenses, net   643       397       (938 )     (259 )     392  
    Other   38,821       39,090       35,767       33,964       32,500  
    Total non-interest expense   366,090       368,539       360,687       340,353       333,145  
    Income before taxes   253,055       253,081       232,709       211,343       249,956  
    Income tax expense   64,016       67,719       62,708       58,955       62,662  
    Net income $ 189,039     $ 185,362     $ 170,001     $ 152,388     $ 187,294  
    Preferred stock dividends   6,991       6,991       6,991       6,991       6,991  
    Net income applicable to common shares $ 182,048     $ 178,371     $ 163,010     $ 145,397     $ 180,303  
    Net income per common share – Basic $ 2.73     $ 2.68     $ 2.51     $ 2.35     $ 2.93  
    Net income per common share – Diluted $ 2.69     $ 2.63     $ 2.47     $ 2.32     $ 2.89  
    Cash dividends declared per common share $ 0.50     $ 0.45     $ 0.45     $ 0.45     $ 0.45  
    Weighted average common shares outstanding   66,726       66,491       64,888       61,839       61,481  
    Dilutive potential common shares   923       1,233       1,053       926       928  
    Average common shares and dilutive common shares   67,649       67,724       65,941       62,765       62,409  

    TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

                        % Growth From
    (Dollars in thousands) Mar 31,
    2025    		   Dec 31,
    2024    		   Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024    		 Dec 31,
    2024 (1)    		   Mar 31,
    2024
    Balance:                        
    Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies $ 181,580     $ 189,774     $ 314,693     $ 281,103     $ 193,064   (18 )%   (6 )%
    Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies   135,224       141,487       146,374       130,748       146,820   (18 )   (8 )
    Total mortgage loans held-for-sale $ 316,804     $ 331,261     $ 461,067     $ 411,851     $ 339,884   (18 )%   (7 )%
                             
    Core loans:                        
    Commercial                        
    Commercial and industrial $ 6,871,206     $ 6,867,422     $ 6,774,683     $ 6,236,290     $ 6,117,004   0 %   12 %
    Asset-based lending   1,701,962       1,611,001       1,709,685       1,465,867       1,355,255   23     26  
    Municipal   798,646       826,653       827,125       747,357       721,526   (14 )   11  
    Leases   2,680,943       2,537,325       2,443,721       2,439,128       2,344,295   23     14  
    Commercial real estate                        
    Residential construction   55,849       48,617       73,088       55,019       57,558   60     (3 )
    Commercial construction   2,086,797       2,065,775       1,984,240       1,866,701       1,748,607   4     19  
    Land   306,235       319,689       346,362       338,831       344,149   (17 )   (11 )
    Office   1,641,555       1,656,109       1,675,286       1,585,312       1,566,748   (4 )   5  
    Industrial   2,677,555       2,628,576       2,527,932       2,307,455       2,190,200   8     22  
    Retail   1,402,837       1,374,655       1,404,586       1,365,753       1,366,415   8     3  
    Multi-family   3,091,314       3,125,505       3,193,339       2,988,940       2,922,432   (4 )   6  
    Mixed use and other   1,652,759       1,685,018       1,588,584       1,439,186       1,437,328   (8 )   15  
    Home equity   455,683       445,028       427,043       356,313       340,349   10     34  
    Residential real estate                        
    Residential real estate loans for investment   3,561,417       3,456,009       3,252,649       2,933,157       2,746,916   12     30  
    Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies   86,952       114,985       92,355       88,503       90,911   (99 )   (4 )
    Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies   36,790       41,771       43,034       45,675       52,439   (48 )   (30 )
    Total core loans $ 29,108,500     $ 28,804,138     $ 28,363,712     $ 26,259,487     $ 25,402,132   4 %   15 %
                             
    Niche loans:                        
    Commercial                        
    Franchise $ 1,262,555     $ 1,268,521     $ 1,191,686     $ 1,150,460     $ 1,122,302   (2 )%   12 %
    Mortgage warehouse lines of credit   1,019,543       893,854       750,462       593,519       403,245   57     NM
    Community Advantage – homeowners association   525,492       525,446       501,645       491,722       475,832   0     10  
    Insurance agency lending   1,070,979       1,044,329       1,048,686       1,030,119       964,022   10     11  
    Premium Finance receivables                        
    U.S. property & casualty insurance   6,486,663       6,447,625       6,253,271       6,142,654       6,113,993   2     6  
    Canada property & casualty insurance   753,199       824,417       878,410       958,099       826,026   (35 )   (9 )
    Life insurance   8,365,140       8,147,145       7,996,899       7,962,115       7,872,033   11     6  
    Consumer and other   116,319       99,562       82,676       87,356       51,121   68     NM
    Total niche loans $ 19,599,890     $ 19,250,899     $ 18,703,735     $ 18,416,044     $ 17,828,574   7 %   10 %
                             
    Total loans, net of unearned income $ 48,708,390     $ 48,055,037     $ 47,067,447     $ 44,675,531     $ 43,230,706   6 %   13 %

    (1)   Annualized.


    TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

                        % Growth From
    (Dollars in thousands) Mar 31,
    2025    		   Dec 31,
    2024    		   Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024    		 Dec 31,
    2024 (1)    		   Mar 31, 2024
    Balance:                        
    Non-interest-bearing $ 11,201,859     $ 11,410,018     $ 10,739,132     $ 10,031,440     $ 9,908,183   (7 )%   13 %
    NOW and interest-bearing demand deposits   6,340,168       5,865,546       5,466,932       5,053,909       5,720,947   33     11  
    Wealth management deposits (2)   1,408,790       1,469,064       1,303,354       1,490,711       1,347,817   (17 )   5  
    Money market   18,074,733       17,975,191       17,713,726       16,320,017       15,617,717   2     16  
    Savings   6,576,251       6,372,499       6,183,249       5,882,179       5,959,774   13     10  
    Time certificates of deposit   9,968,237       9,420,031       9,998,573       9,270,770       7,894,420   24     26  
    Total deposits $ 53,570,038     $ 52,512,349     $ 51,404,966     $ 48,049,026     $ 46,448,858   8 %   15 %
    Mix:                        
    Non-interest-bearing   21 %     22 %     21 %     21 %     21 %      
    NOW and interest-bearing demand deposits   12       11       11       11       12        
    Wealth management deposits (2)   3       3       3       3       3        
    Money market   34       34       34       34       34        
    Savings   12       12       12       12       13        
    Time certificates of deposit   18       18       19       19       17        
    Total deposits   100 %     100 %     100 %     100 %     100 %      

    (1)   Annualized.
    (2)   Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.


    TABLE 3    : TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
    As of March 31, 2025

    (Dollars in thousands)   Total Time
    Certificates of
    Deposit    		   Weighted-Average
    Rate of Maturing
    Time Certificates
    of Deposit
    1-3 months   $ 3,845,120     4.34 %
    4-6 months     2,345,184     3.81  
    7-9 months     2,694,739     3.72  
    10-12 months     711,206     3.62  
    13-18 months     210,063     3.03  
    19-24 months     87,336     2.72  
    24+ months     74,589     2.47  
    Total   $ 9,968,237     3.94 %

    TABLE 4: QUARTERLY AVERAGE BALANCES

        Average Balance for three months ended,
        Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (In thousands)     2025       2024       2024       2024       2024  
    Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents (1)   $ 3,520,048     $ 3,934,016     $ 2,413,728     $ 1,485,481     $ 1,254,332  
    Investment securities (2)     8,409,735       8,090,271       8,276,576       8,203,764       8,349,796  
    FHLB and FRB stock     281,702       271,825       263,707       253,614       230,648  
    Liquidity management assets (3)   $ 12,211,485     $ 12,296,112     $ 10,954,011     $ 9,942,859     $ 9,834,776  
    Other earning assets (3)(4)     13,140       20,528       17,542       15,257       15,081  
    Mortgage loans held-for-sale     286,710       378,707       376,251       347,236       290,275  
    Loans, net of unearned income (3)(5)     47,833,380       47,153,014       45,920,586       43,819,354       42,129,893  
    Total earning assets (3)   $ 60,344,715     $ 59,848,361     $ 57,268,390     $ 54,124,706     $ 52,270,025  
    Allowance for loan and investment security losses     (375,371 )     (367,238 )     (383,736 )     (360,504 )     (361,734 )
    Cash and due from banks     476,423       470,033       467,333       434,916       450,267  
    Other assets     3,661,275       3,642,949       3,563,296       3,294,066       3,244,137  
    Total assets   $ 64,107,042     $ 63,594,105     $ 60,915,283     $ 57,493,184     $ 55,602,695  
                         
    NOW and interest-bearing demand deposits   $ 6,046,189     $ 5,601,672     $ 5,174,673     $ 4,985,306     $ 5,680,265  
    Wealth management deposits     1,574,480       1,430,163       1,362,747       1,531,865       1,510,203  
    Money market accounts     17,581,141       17,579,395       16,436,111       15,272,126       14,474,492  
    Savings accounts     6,479,444       6,288,727       6,096,746       5,878,844       5,792,118  
    Time deposits     9,406,126       9,702,948       9,598,109       8,546,172       7,148,456  
    Interest-bearing deposits   $ 41,087,380     $ 40,602,905     $ 38,668,386     $ 36,214,313     $ 34,605,534  
    Federal Home Loan Bank advances     3,151,309       3,160,658       3,178,973       3,096,920       2,728,849  
    Other borrowings     582,139       577,786       622,792       587,262       627,711  
    Subordinated notes     298,306       298,225       298,135       410,331       437,893  
    Junior subordinated debentures     253,566       253,566       253,566       253,566       253,566  
    Total interest-bearing liabilities   $ 45,372,700     $ 44,893,140     $ 43,021,852     $ 40,562,392     $ 38,653,553  
    Non-interest-bearing deposits     10,732,156       10,718,738       10,271,613       9,879,134       9,972,646  
    Other liabilities     1,541,245       1,563,824       1,631,389       1,601,485       1,536,039  
    Equity     6,460,941       6,418,403       5,990,429       5,450,173       5,440,457  
    Total liabilities and shareholders’ equity   $ 64,107,042     $ 63,594,105     $ 60,915,283     $ 57,493,184     $ 55,602,695  
                         
    Net free funds/contribution (6)   $ 14,972,015     $ 14,955,221     $ 14,246,538     $ 13,562,314     $ 13,616,472  

    (1)   Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
    (2)   Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.
    (3)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
    (4)   Other earning assets include brokerage customer receivables and trading account securities.
    (5)   Loans, net of unearned income, include non-accrual loans.
    (6)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.


    TABLE 5: QUARTERLY NET INTEREST INCOME

        Net Interest Income for three months ended,
        Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (In thousands)     2025       2024       2024       2024       2024  
    Interest income:                    
    Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents   $ 36,945     $ 46,308     $ 32,885     $ 19,748     $ 16,677  
    Investment securities     72,706       67,783       70,260       70,346       70,228  
    FHLB and FRB stock     5,307       5,157       5,451       4,974       4,478  
    Liquidity management assets (1)   $ 114,958     $ 119,248     $ 108,596     $ 95,068     $ 91,383  
    Other earning assets (1)     92       310       282       235       198  
    Mortgage loans held-for-sale     4,246       5,623       6,233       5,434       4,146  
    Loans, net of unearned income (1)     770,568       791,390       796,637       752,117       712,587  
    Total interest income   $ 889,864     $ 916,571     $ 911,748     $ 852,854     $ 808,314  
                         
    Interest expense:                    
    NOW and interest-bearing demand deposits   $ 33,600     $ 31,695     $ 30,971     $ 32,719     $ 34,896  
    Wealth management deposits     8,606       9,412       10,158       10,294       10,461  
    Money market accounts     146,374       159,945       167,382       155,100       137,984  
    Savings accounts     35,923       38,402       42,892       41,063       39,071  
    Time deposits     95,730       106,934       110,616       96,527       77,120  
    Interest-bearing deposits   $ 320,233     $ 346,388     $ 362,019     $ 335,703     $ 299,532  
    Federal Home Loan Bank advances     25,441       26,050       26,254       24,797       22,048  
    Other borrowings     6,792       7,519       9,013       8,700       9,248  
    Subordinated notes     3,714       3,733       3,712       5,185       5,487  
    Junior subordinated debentures     4,311       4,663       5,023       4,984       5,004  
    Total interest expense   $ 360,491     $ 388,353     $ 406,021     $ 379,369     $ 341,319  
                         
    Less: Fully taxable-equivalent adjustment     (2,899 )     (3,070 )     (3,144 )     (2,875 )     (2,801 )
    Net interest income (GAAP) (2)     526,474       525,148       502,583       470,610       464,194  
    Fully taxable-equivalent adjustment     2,899       3,070       3,144       2,875       2,801  
    Net interest income, fully taxable-equivalent (non-GAAP) (2)   $ 529,373     $ 528,218     $ 505,727     $ 473,485     $ 466,995  

    (1)   Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.
    (2)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.


    TABLE 6: QUARTERLY NET INTEREST MARGIN

        Net Interest Margin for three months ended,
        Mar 31,
    2025    		   Dec 31,
    2024    		   Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024
    Yield earned on:                    
    Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents   4.26 %   4.68 %   5.42 %   5.35 %   5.35 %
    Investment securities   3.51     3.33     3.38     3.45     3.38  
    FHLB and FRB stock   7.64     7.55     8.22     7.89     7.81  
    Liquidity management assets   3.82 %   3.86 %   3.94 %   3.85 %   3.74 %
    Other earning assets   2.84     6.01     6.38     6.23     5.25  
    Mortgage loans held-for-sale   6.01     5.91     6.59     6.29     5.74  
    Loans, net of unearned income   6.53     6.68     6.90     6.90     6.80  
    Total earning assets   5.98 %   6.09 %   6.33 %   6.34 %   6.22 %
                         
    Rate paid on:                    
    NOW and interest-bearing demand deposits   2.25 %   2.25 %   2.38 %   2.64 %   2.47 %
    Wealth management deposits   2.22     2.62     2.97     2.70     2.79  
    Money market accounts   3.38     3.62     4.05     4.08     3.83  
    Savings accounts   2.25     2.43     2.80     2.81     2.71  
    Time deposits   4.13     4.38     4.58     4.54     4.34  
    Interest-bearing deposits   3.16 %   3.39 %   3.72 %   3.73 %   3.48 %
    Federal Home Loan Bank advances   3.27     3.28     3.29     3.22     3.25  
    Other borrowings   4.73     5.18     5.76     5.96     5.92  
    Subordinated notes   5.05     4.98     4.95     5.08     5.04  
    Junior subordinated debentures   6.90     7.32     7.88     7.91     7.94  
    Total interest-bearing liabilities   3.22 %   3.44 %   3.75 %   3.76 %   3.55 %
                         
    Interest rate spread (1)(2)   2.76 %   2.65 %   2.58 %   2.58 %   2.67 %
    Less: Fully taxable-equivalent adjustment   (0.02 )   (0.02 )   (0.02 )   (0.02 )   (0.02 )
    Net free funds/contribution (3)   0.80     0.86     0.93     0.94     0.92  
    Net interest margin (GAAP) (2)   3.54 %   3.49 %   3.49 %   3.50 %   3.57 %
    Fully taxable-equivalent adjustment   0.02     0.02     0.02     0.02     0.02  
    Net interest margin, fully taxable-equivalent (non-GAAP) (2)   3.56 %   3.51 %   3.51 %   3.52 %   3.59 %

    (1)   Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
    (2)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
    (3)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.


    TABLE 7    : INTEREST RATE SENSITIVITY

    As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios.

    The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:

    Static Shock Scenario   +200 Basis
    Points    		   +100 Basis
    Points    		   -100 Basis
    Points    		   -200 Basis
    Points
    Mar 31, 2025   (1.8 )%   (0.6 )%   (0.2 )%   (1.2 )%
    Dec 31, 2024   (1.6 )   (0.6 )   (0.3 )   (1.5 )
    Sep 30, 2024   1.2     1.1     0.4     (0.9 )
    Jun 30, 2024   1.5     1.0     0.6     (0.0 )
    Mar 31, 2024   1.9     1.4     1.5     1.6  
    Ramp Scenario +200 Basis
    Points    		   +100 Basis
    Points    		   -100 Basis
    Points    		     -200 Basis
    Points
    Mar 31, 2025 0.2 %   0.2 %   (0.1 )%   (0.5 )%
    Dec 31, 2024 (0.2 )   (0.0 )   0.0     (0.3 )
    Sep 30, 2024 1.6     1.2     0.7     0.5  
    Jun 30, 2024 1.2     1.0     0.9     1.0  
    Mar 31, 2024 0.8     0.6     1.3     2.0  

    As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. As the current interest rate cycle progressed, management took action to reposition its sensitivity to interest rates. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer-term fixed-rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.


    TABLE 8    : MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

      Loans repricing or contractual maturity period
    As of March 31, 2025
    (In thousands)
    		 One year or
    less    		   From one to
    five years    		   From five to fifteen years   After fifteen years   Total
    Commercial                  
    Fixed rate $ 405,736     $ 3,600,171     $ 2,122,563     $ 20,444     $ 6,148,914  
    Variable rate   9,781,709       703       —       —       9,782,412  
    Total commercial $ 10,187,445     $ 3,600,874     $ 2,122,563     $ 20,444     $ 15,931,326  
    Commercial real estate                  
    Fixed rate $ 658,413     $ 2,762,221     $ 365,181     $ 63,593     $ 3,849,408  
    Variable rate   9,054,583       10,843       67       —       9,065,493  
    Total commercial real estate $ 9,712,996     $ 2,773,064     $ 365,248     $ 63,593     $ 12,914,901  
    Home equity                  
    Fixed rate $ 8,881     $ 838     $ —     $ 17     $ 9,736  
    Variable rate   445,947       —       —       —       445,947  
    Total home equity $ 454,828     $ 838     $ —     $ 17     $ 455,683  
    Residential real estate                  
    Fixed rate $ 13,336     $ 4,473     $ 74,883     $ 1,055,143     $ 1,147,835  
    Variable rate   97,815       623,879       1,815,630       —       2,537,324  
    Total residential real estate $ 111,151     $ 628,352     $ 1,890,513     $ 1,055,143     $ 3,685,159  
    Premium finance receivables – property & casualty                  
    Fixed rate $ 7,135,963     $ 103,899     $ —     $ —     $ 7,239,862  
    Variable rate   —       —       —       —       —  
    Total premium finance receivables – property & casualty $ 7,135,963     $ 103,899     $ —     $ —     $ 7,239,862  
    Premium finance receivables – life insurance                  
    Fixed rate $ 350,802     $ 207,832     $ 4,000     $ 4,248     $ 566,882  
    Variable rate   7,798,258       —       —       —       7,798,258  
    Total premium finance receivables – life insurance $ 8,149,060     $ 207,832     $ 4,000     $ 4,248     $ 8,365,140  
    Consumer and other                  
    Fixed rate $ 44,731     $ 7,937     $ 883     $ 914     $ 54,465  
    Variable rate   61,854       —       —       —       61,854  
    Total consumer and other $ 106,585     $ 7,937     $ 883     $ 914     $ 116,319  
                       
    Total per category                  
    Fixed rate $ 8,617,862     $ 6,687,371     $ 2,567,510     $ 1,144,359     $ 19,017,102  
    Variable rate   27,240,166       635,425       1,815,697       —       29,691,288  
    Total loans, net of unearned income $ 35,858,028     $ 7,322,796     $ 4,383,207     $ 1,144,359     $ 48,708,390  
    Less: Existing cash flow hedging derivatives (1)   (6,700,000 )                
    Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity $ 29,158,028                  
                       
    Variable Rate Loan Pricing by Index:                  
    SOFR tenors (2)                 $ 18,328,835  
    12- month CMT (3)                   6,722,305  
    Prime                   3,420,624  
    Fed Funds                   819,437  
    Other U.S. Treasury tenors                   190,187  
    Other                   209,900  
    Total variable rate                 $ 29,691,288  

    (1)   Excludes cash flow hedges with future effective starting dates.
    (2)   SOFR – Secured Overnight Financing Rate.
    (3)   CMT – Constant Maturity Treasury Rate.

    Graph available at the following link: http://ml.globenewswire.com/Resource/Download/bebf97a7-5d4d-430d-a436-ae832412a4db

    Source: Bloomberg

    As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate, which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $15.4 billion tied to one-month SOFR and $6.7 billion tied to twelve-month CMT. The above chart shows:

        Basis Point (bp) Change in
        1-month
    SOFR    		   12- month CMT   Prime  
    First Quarter 2025   (1 ) bps (13 ) bps 0   bps
    Fourth Quarter 2024   (52 )   18     (50 )  
    Third Quarter 2024   (49 )   (111 )   (50 )  
    Second Quarter 2024   1     6     0    
    First Quarter 2024   (2 )   24     0    

    TABLE 9: ALLOWANCE FOR CREDIT LOSSES

        Three Months Ended
        Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (Dollars in thousands)     2025       2024       2024       2024       2024  
    Allowance for credit losses at beginning of period   $ 437,060     $ 436,193     $ 437,560     $ 427,504     $ 427,612  
    Provision for credit losses – Other     23,963       16,979       6,787       40,061       21,673  
    Provision for credit losses – Day 1 on non-PCD assets acquired during the period     —       —       15,547       —       —  
    Initial allowance for credit losses recognized on PCD assets acquired during the period     —       —       3,004       —       —  
    Other adjustments     4       (187 )     30       (19 )     (31 )
    Charge-offs:                    
    Commercial     9,722       5,090       22,975       9,584       11,215  
    Commercial real estate     454       1,037       95       15,526       5,469  
    Home equity     —       —       —       —       74  
    Residential real estate     —       114       —       23       38  
    Premium finance receivables – property & casualty     7,114       13,301       7,790       9,486       6,938  
    Premium finance receivables – life insurance     12       —       4       —       —  
    Consumer and other     147       189       154       137       107  
    Total charge-offs     17,449       19,731       31,018       34,756       23,841  
    Recoveries:                    
    Commercial     929       775       649       950       479  
    Commercial real estate     12       172       30       90       31  
    Home equity     216       194       101       35       29  
    Residential real estate     136       0       5       8       2  
    Premium finance receivables – property & casualty     3,487       2,646       3,436       3,658       1,519  
    Premium finance receivables – life insurance     —       —       41       5       8  
    Consumer and other     29       19       21       24       23  
    Total recoveries     4,809       3,806       4,283       4,770       2,091  
    Net charge-offs     (12,640 )     (15,925 )     (26,735 )     (29,986 )     (21,750 )
    Allowance for credit losses at period end   $ 448,387     $ 437,060     $ 436,193     $ 437,560     $ 427,504  
                         
    Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
    Commercial     0.23 %     0.11 %     0.61 %     0.25 %     0.33 %
    Commercial real estate     0.01       0.03       0.00       0.53       0.19  
    Home equity     (0.20 )     (0.18 )     (0.10 )     (0.04 )     0.05  
    Residential real estate     (0.02 )     0.01       0.00       0.00       0.01  
    Premium finance receivables – property & casualty     0.20       0.59       0.24       0.33       0.32  
    Premium finance receivables – life insurance     0.00       —       (0.00 )     (0.00 )     (0.00 )
    Consumer and other     0.45       0.63       0.63       0.56       0.42  
    Total loans, net of unearned income     0.11 %     0.13 %     0.23 %     0.28 %     0.21 %
                         
    Loans at period end   $ 48,708,390     $ 48,055,037     $ 47,067,447     $ 44,675,531     $ 43,230,706  
    Allowance for loan losses as a percentage of loans at period end     0.78 %     0.76 %     0.77 %     0.81 %     0.81 %
    Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end     0.92       0.91       0.93       0.98       0.99  

    PCD – Purchase Credit Deteriorated


    TABLE 10    : ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

        Three Months Ended
        Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (In thousands)     2025       2024       2024       2024       2024  
    Provision for loan losses – Other   $ 26,826     $ 19,852     $ 6,782     $ 45,111     $ 26,159  
    Provision for credit losses – Day 1 on non-PCD assets acquired during the period     —       —       15,547       —       —  
    Provision for unfunded lending-related commitments losses – Other     (2,852 )     (2,851 )     17       (5,212 )     (4,468 )
    Provision for held-to-maturity securities losses     (11 )     (22 )     (12 )     162       (18 )
    Provision for credit losses   $ 23,963     $ 16,979     $ 22,334     $ 40,061     $ 21,673  
                         
    Allowance for loan losses   $ 378,207     $ 364,017     $ 360,279     $ 363,719     $ 348,612  
    Allowance for unfunded lending-related commitments losses     69,734       72,586       75,435       73,350       78,563  
    Allowance for loan losses and unfunded lending-related commitments losses     447,941       436,603       435,714       437,069       427,175  
    Allowance for held-to-maturity securities losses     446       457       479       491       329  
    Allowance for credit losses   $ 448,387     $ 437,060     $ 436,193     $ 437,560     $ 427,504  

    PCD – Purchase Credit Deteriorated 


    TABLE 11: ALLOWANCE BY LOAN PORTFOLIO

    The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of March 31, 2025, December 31, 2024 and September 30, 2024.

      As of Mar 31, 2025 As of Dec 31, 2024 As of Sep 30, 2024
    (Dollars in thousands) Recorded
    Investment    		   Calculated
    Allowance    		   % of its
    category’s balance    		 Recorded
    Investment    		   Calculated
    Allowance    		   % of its
    category’s balance    		 Recorded
    Investment    		   Calculated
    Allowance    		   % of its
    category’s balance
    Commercial:                              
    Commercial, industrial and other $ 15,931,326   $ 201,183   1.26 % $ 15,574,551   $ 175,837   1.13 % $ 15,247,693   $ 171,598   1.13 %
    Commercial real estate:                              
    Construction and development   2,448,881     71,388   2.92     2,434,081     87,236   3.58     2,403,690     97,949   4.07  
    Non-construction   10,466,020     138,622   1.32     10,469,863     135,620   1.30     10,389,727     133,195   1.28  
    Total commercial real estate $ 12,914,901   $ 210,010   1.63 % $ 12,903,944   $ 222,856   1.73 % $ 12,793,417   $ 231,144   1.81 %
    Total commercial and commercial real estate $ 28,846,227   $ 411,193   1.43 % $ 28,478,495   $ 398,693   1.40 % $ 28,041,110   $ 402,742   1.44 %
    Home equity   455,683     9,139   2.01     445,028     8,943   2.01     427,043     8,823   2.07  
    Residential real estate   3,685,159     10,652   0.29     3,612,765     10,335   0.29     3,388,038     9,745   0.29  
    Premium finance receivables                              
    Property and casualty insurance   7,239,862     15,310   0.21     7,272,042     17,111   0.24     7,131,681     13,045   0.18  
    Life insurance   8,365,140     729   0.01     8,147,145     709   0.01     7,996,899     698   0.01  
    Consumer and other   116,319     918   0.79     99,562     812   0.82     82,676     661   0.80  
    Total loans, net of unearned income $ 48,708,390   $ 447,941   0.92 % $ 48,055,037   $ 436,603   0.91 % $ 47,067,447   $ 435,714   0.93 %
                                   
    Total core loans (1) $ 29,108,500   $ 397,664   1.37 % $ 28,804,138   $ 392,319   1.36 % $ 28,363,712   $ 396,394   1.40 %
    Total niche loans (1)   19,599,890     50,277   0.26     19,250,899     44,284   0.23     18,703,735     39,320   0.21  

    (1)   See Table 1 for additional detail on core and niche loans.


    TABLE 12    : LOAN PORTFOLIO AGING

    (In thousands)   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024   Mar 31, 2024
    Loan Balances:                    
    Commercial                    
    Nonaccrual   $ 70,560     $ 73,490     $ 63,826     $ 51,087     $ 31,740  
    90+ days and still accruing     46       104       20       304       27  
    60-89 days past due     15,243       54,844       32,560       16,485       30,248  
    30-59 days past due     97,397       92,551       46,057       36,358       77,715  
    Current     15,748,080       15,353,562       15,105,230       14,050,228       13,363,751  
    Total commercial   $ 15,931,326     $ 15,574,551     $ 15,247,693     $ 14,154,462     $ 13,503,481  
    Commercial real estate                    
    Nonaccrual   $ 26,187     $ 21,042     $ 42,071     $ 48,289     $ 39,262  
    90+ days and still accruing     —       —       225       —       —  
    60-89 days past due     6,995       10,521       13,439       6,555       16,713  
    30-59 days past due     83,653       30,766       48,346       38,065       32,998  
    Current     12,798,066       12,841,615       12,689,336       11,854,288       11,544,464  
    Total commercial real estate   $ 12,914,901     $ 12,903,944     $ 12,793,417     $ 11,947,197     $ 11,633,437  
    Home equity                    
    Nonaccrual   $ 2,070     $ 1,117     $ 1,122     $ 1,100     $ 838  
    90+ days and still accruing     —       —       —       —       —  
    60-89 days past due     984       1,233       1,035       275       212  
    30-59 days past due     3,403       2,148       2,580       1,229       1,617  
    Current     449,226       440,530       422,306       353,709       337,682  
    Total home equity   $ 455,683     $ 445,028     $ 427,043     $ 356,313     $ 340,349  
    Residential real estate                    
    Early buy-out loans guaranteed by U.S. government agencies (1)   $ 123,742     $ 156,756     $ 135,389     $ 134,178     $ 143,350  
    Nonaccrual     22,522       23,762       17,959       18,198       17,901  
    90+ days and still accruing     —       —       —       —       —  
    60-89 days past due     1,351       5,708       6,364       1,977       —  
    30-59 days past due     38,943       18,917       2,160       130       24,523  
    Current     3,498,601       3,407,622       3,226,166       2,912,852       2,704,492  
    Total residential real estate   $ 3,685,159     $ 3,612,765     $ 3,388,038     $ 3,067,335     $ 2,890,266  
    Premium finance receivables – property & casualty                    
    Nonaccrual   $ 29,846     $ 28,797     $ 36,079     $ 32,722     $ 32,648  
    90+ days and still accruing     18,081       16,031       18,235       22,427       25,877  
    60-89 days past due     19,717       19,042       18,740       29,925       15,274  
    30-59 days past due     39,459       68,219       30,204       45,927       59,729  
    Current     7,132,759       7,139,953       7,028,423       6,969,752       6,806,491  
    Total Premium finance receivables – property & casualty   $ 7,239,862     $ 7,272,042     $ 7,131,681     $ 7,100,753     $ 6,940,019  
    Premium finance receivables – life insurance                    
    Nonaccrual   $ —     $ 6,431     $ —     $ —     $ —  
    90+ days and still accruing     2,962       —       —       —       —  
    60-89 days past due     10,587       72,963       10,902       4,118       32,482  
    30-59 days past due     29,924       36,405       74,432       17,693       100,137  
    Current     8,321,667       8,031,346       7,911,565       7,940,304       7,739,414  
    Total Premium finance receivables – life insurance   $ 8,365,140     $ 8,147,145     $ 7,996,899     $ 7,962,115     $ 7,872,033  
    Consumer and other                    
    Nonaccrual   $ 18     $ 2     $ 2     $ 3     $ 19  
    90+ days and still accruing     98       47       148       121       47  
    60-89 days past due     162       59       22       81       16  
    30-59 days past due     542       882       264       366       210  
    Current     115,499       98,572       82,240       86,785       50,829  
    Total consumer and other   $ 116,319     $ 99,562     $ 82,676     $ 87,356     $ 51,121  
    Total loans, net of unearned income                    
    Early buy-out loans guaranteed by U.S. government agencies (1)   $ 123,742     $ 156,756     $ 135,389     $ 134,178     $ 143,350  
    Nonaccrual     151,203       154,641       161,059       151,399       122,408  
    90+ days and still accruing     21,187       16,182       18,628       22,852       25,951  
    60-89 days past due     55,039       164,370       83,062       59,416       94,945  
    30-59 days past due     293,321       249,888       204,043       139,768       296,929  
    Current     48,063,898       47,313,200       46,465,266       44,167,918       42,547,123  
    Total loans, net of unearned income   $ 48,708,390     $ 48,055,037     $ 47,067,447     $ 44,675,531     $ 43,230,706  

    (1)   Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.


    TABLE 13:     NON-PERFORMING ASSETS(1)

      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (Dollars in thousands)   2025       2024       2024       2024       2024  
    Loans past due greater than 90 days and still accruing:                  
    Commercial $ 46     $ 104     $ 20     $ 304     $ 27  
    Commercial real estate   —       —       225       —       —  
    Home equity   —       —       —       —       —  
    Residential real estate   —       —       —       —       —  
    Premium finance receivables – property & casualty   18,081       16,031       18,235       22,427       25,877  
    Premium finance receivables – life insurance   2,962       —       —       —       —  
    Consumer and other   98       47       148       121       47  
    Total loans past due greater than 90 days and still accruing   21,187       16,182       18,628       22,852       25,951  
    Non-accrual loans:                  
    Commercial   70,560       73,490       63,826       51,087       31,740  
    Commercial real estate   26,187       21,042       42,071       48,289       39,262  
    Home equity   2,070       1,117       1,122       1,100       838  
    Residential real estate   22,522       23,762       17,959       18,198       17,901  
    Premium finance receivables – property & casualty   29,846       28,797       36,079       32,722       32,648  
    Premium finance receivables – life insurance   —       6,431       —       —       —  
    Consumer and other   18       2       2       3       19  
    Total non-accrual loans   151,203       154,641       161,059       151,399       122,408  
    Total non-performing loans:                  
    Commercial   70,606       73,594       63,846       51,391       31,767  
    Commercial real estate   26,187       21,042       42,296       48,289       39,262  
    Home equity   2,070       1,117       1,122       1,100       838  
    Residential real estate   22,522       23,762       17,959       18,198       17,901  
    Premium finance receivables – property & casualty   47,927       44,828       54,314       55,149       58,525  
    Premium finance receivables – life insurance   2,962       6,431       —       —       —  
    Consumer and other   116       49       150       124       66  
    Total non-performing loans $ 172,390     $ 170,823     $ 179,687     $ 174,251     $ 148,359  
    Other real estate owned   22,625       23,116       13,682       19,731       14,538  
    Total non-performing assets $ 195,015     $ 193,939     $ 193,369     $ 193,982     $ 162,897  
    Total non-performing loans by category as a percent of its own respective category’s period-end balance:                  
    Commercial   0.44 %     0.47 %     0.42 %     0.36 %     0.24 %
    Commercial real estate   0.20       0.16       0.33       0.40       0.34  
    Home equity   0.45       0.25       0.26       0.31       0.25  
    Residential real estate   0.61       0.66       0.53       0.59       0.62  
    Premium finance receivables – property & casualty   0.66       0.62       0.76       0.78       0.84  
    Premium finance receivables – life insurance   0.04       0.08       —       —       —  
    Consumer and other   0.10       0.05       0.18       0.14       0.13  
    Total loans, net of unearned income   0.35 %     0.36 %     0.38 %     0.39 %     0.34 %
    Total non-performing assets as a percentage of total assets   0.30 %     0.30 %     0.30 %     0.32 %     0.28 %
    Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans   296.25 %     282.33 %     270.53 %     288.69 %     348.98 %
                       

    (1)   Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.

    Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies

      Three Months Ended
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (In thousands)   2025       2024       2024       2024       2024  
                       
    Balance at beginning of period $ 170,823     $ 179,687     $ 174,251     $ 148,359     $ 139,030  
    Additions from becoming non-performing in the respective period   27,721       30,931       42,335       54,376       23,142  
    Additions from assets acquired in the respective period   —       —       189       —       —  
    Return to performing status   (1,207 )     (1,108 )     (362 )     (912 )     (490 )
    Payments received   (15,965 )     (12,219 )     (10,894 )     (9,611 )     (8,336 )
    Transfer to OREO and other repossessed assets   —       (17,897 )     (3,680 )     (6,945 )     (1,381 )
    Charge-offs, net   (8,600 )     (5,612 )     (21,211 )     (7,673 )     (14,810 )
    Net change for premium finance receivables   (382 )     (2,959 )     (941 )     (3,343 )     11,204  
    Balance at end of period $ 172,390     $ 170,823     $ 179,687     $ 174,251     $ 148,359  


    Other Real Estate Owned

      Three Months Ended
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (In thousands)   2025       2024       2024       2024       2024  
    Balance at beginning of period $ 23,116     $ 13,682     $ 19,731     $ 14,538     $ 13,309  
    Disposals/resolved   —       (8,545 )     (9,729 )     (1,752 )     —  
    Transfers in at fair value, less costs to sell   —       17,979       3,680       6,945       1,436  
    Fair value adjustments   (491 )     —       —       —       (207 )
    Balance at end of period $ 22,625     $ 23,116     $ 13,682     $ 19,731     $ 14,538  
                       
      Period End
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    Balance by Property Type:   2025       2024       2024       2024       2024  
    Residential real estate $ —     $ —     $ —     $ 161     $ 1,146  
    Commercial real estate   22,625       23,116       13,682       19,570       13,392  
    Total $ 22,625     $ 23,116     $ 13,682     $ 19,731     $ 14,538  

    TABLE 14: NON-INTEREST INCOME

      Three Months Ended Q1 2025 compared to
    Q4 2024    		 Q1 2025 compared to
    Q1 2024
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (Dollars in thousands)   2025       2024       2024       2024       2024   $ Change   % Change $ Change   % Change
    Brokerage $ 4,757     $ 5,328     $ 6,139     $ 5,588     $ 5,556   $ (571 )   (11 )% $ (799 )   (14 )%
    Trust and asset management   29,285       33,447       31,085       29,825       29,259     (4,162 )   (12 )   26     0  
    Total wealth management   34,042       38,775       37,224       35,413       34,815     (4,733 )   (12 )   (773 )   (2 )
    Mortgage banking   20,529       20,452       15,974       29,124       27,663     77     0     (7,134 )   (26 )
    Service charges on deposit accounts   19,362       18,864       16,430       15,546       14,811     498     3     4,551     31  
    Gains (losses) on investment securities, net   3,196       (2,835 )     3,189       (4,282 )     1,326     6,031     NM   1,870     NM
    Fees from covered call options   3,446       2,305       988       2,056       4,847     1,141     50     (1,401 )   (29 )
    Trading (losses) gains, net   (64 )     (113 )     (130 )     70       677     49     (43 )   (741 )   NM
    Operating lease income, net   15,287       15,327       15,335       13,938       14,110     (40 )   (0 )   1,177     8  
    Other:                              
    Interest rate swap fees   2,269       3,360       2,914       3,392       2,828     (1,091 )   (32 )   (559 )   (20 )
    BOLI   796       1,236       1,517       1,351       1,651     (440 )   (36 )   (855 )   (52 )
    Administrative services   1,393       1,347       1,450       1,322       1,217     46     3     176     14  
    Foreign currency remeasurement (losses) gains   (183 )     (682 )     696       (145 )     (1,171 )   499     (73 )   988     (84 )
    Changes in fair value on EBOs and loans held-for-investment   383       129       518       604       (439 )   254     NM   822     NM
    Early pay-offs of capital leases   768       514       532       393       430     254     49     338     79  
    Miscellaneous   15,410       14,772       16,510       22,365       37,815     638     4     (22,405 )   (59 )
    Total Other   20,836       20,676       24,137       29,282       42,331     160     1     (21,495 )   (51 )
    Total Non-Interest Income $ 116,634     $ 113,451     $ 113,147     $ 121,147     $ 140,580   $ 3,183     3 % $ (23,946 )   (17 )%

    NM – Not meaningful.
    BOLI- Bank-owned life insurance.
    EBO- Early buy-out.


    TABLE 15: MORTGAGE BANKING

      Three Months Ended
    (Dollars in thousands) Mar 31,
    2025    		   Dec 31,
    2024    		   Sep 30,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2024
    Originations:                  
    Retail originations $ 348,468     $ 483,424     $ 527,408     $ 544,394     $ 331,504  
    Veterans First originations   111,985       176,914       239,369       177,792       144,109  
    Total originations for sale (A) $ 460,453     $ 660,338     $ 766,777     $ 722,186     $ 475,613  
    Originations for investment   217,177       355,119       218,984       275,331       169,246  
    Total originations $ 677,630     $ 1,015,457     $ 985,761     $ 997,517     $ 644,859  
    As a percentage of originations for sale:                  
    Retail originations   76 %     73 %     69 %     75 %     70 %
    Veterans First originations   24       27       31       25       30  
    Purchases   77 %     65 %     72 %     83 %     75 %
    Refinances   23       35       28       17       25  
    Production Margin:                  
    Production revenue (B) (1) $ 9,941     $ 6,993     $ 13,113     $ 14,990     $ 13,435  
    Total originations for sale (A) $ 460,453     $ 660,338     $ 766,777     $ 722,186     $ 475,613  
    Add: Current period end mandatory interest rate lock commitments to fund originations for sale (2)   197,297       103,946       272,072       222,738       207,775  
    Less: Prior period end mandatory interest rate lock commitments to fund originations for sale (2)   103,946       272,072       222,738       207,775       119,624  
    Total mortgage production volume (C) $ 553,804     $ 492,212     $ 816,111     $ 737,149     $ 563,764  
    Production margin (B / C)   1.80 %     1.42 %     1.61 %     2.03 %     2.38 %
    Mortgage Servicing:                  
    Loans serviced for others (D) $ 12,402,352     $ 12,400,913     $ 12,253,361     $ 12,211,027     $ 12,051,392  
    Mortgage Servicing Rights (“MSR”), at fair value (E)   196,307       203,788       186,308       204,610       201,044  
    Percentage of MSRs to loans serviced for others (E / D)   1.58 %     1.64 %     1.52 %     1.68 %     1.67 %
    Servicing income $ 10,611     $ 10,731     $ 10,809     $ 10,586     $ 10,498  
    MSR Fair Value Asset Activity                  
    MSR – FV at Beginning of Period $ 203,788     $ 186,308     $ 204,610     $ 201,044     $ 192,456  
    MSR – current period capitalization   4,669       10,010       6,357       8,223       5,379  
    MSR – collection of expected cash flows – paydowns   (1,590 )     (1,463 )     (1,598 )     (1,504 )     (1,444 )
    MSR – collection of expected cash flows – payoffs and repurchases   (3,046 )     (4,315 )     (5,730 )     (4,030 )     (2,942 )
    MSR – changes in fair value model assumptions   (7,514 )     13,248       (17,331 )     877       7,595  
    MSR Fair Value at end of period $ 196,307     $ 203,788     $ 186,308     $ 204,610     $ 201,044  
    Summary of Mortgage Banking Revenue:                
    Operational:                  
    Production revenue (1) $ 9,941     $ 6,993     $ 13,113     $ 14,990     $ 13,435  
    MSR – Current period capitalization   4,669       10,010       6,357       8,223       5,379  
    MSR – Collection of expected cash flows – paydowns   (1,590 )     (1,463 )     (1,598 )     (1,504 )     (1,444 )
    MSR – Collection of expected cash flows – pay offs   (3,046 )     (4,315 )     (5,730 )     (4,030 )     (2,942 )
    Servicing Income   10,611       10,731       10,809       10,586       10,498  
    Other Revenue   (172 )     (51 )     (67 )     112       (91 )
    Total operational mortgage banking revenue $ 20,413     $ 21,905     $ 22,884     $ 28,377     $ 24,835  
    Fair Value:                  
    MSR – changes in fair value model assumptions $ (7,514 )   $ 13,248     $ (17,331 )   $ 877     $ 7,595  
    Gain (loss) on derivative contract held as an economic hedge, net   4,897       (11,452 )     6,892       (772 )     (2,577 )
    Changes in FV on early buy-out loans guaranteed by US Govt (HFS)   2,733       (3,249 )     3,529       642       (2,190 )
    Total fair value mortgage banking revenue $ 116     $ (1,453 )   $ (6,910 )   $ 747     $ 2,828  
    Total mortgage banking revenue $ 20,529     $ 20,452     $ 15,974     $ 29,124     $ 27,663  

    (1)   Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.
    (2)   Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.


    TABLE 16    : NON-INTEREST EXPENSE

      Three Months Ended Q1 2025 compared to
    Q4 2024    		 Q1 2025 compared to
    Q1 2024
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (Dollars in thousands)   2025       2024       2024       2024       2024   $ Change   % Change $ Change   % Change
    Salaries and employee benefits:                              
    Salaries $ 123,917     $ 120,969     $ 118,971     $ 113,860     $ 112,172   $ 2,948     2 % $ 11,745     10 %
    Commissions and incentive compensation   52,536       54,792       57,575       52,151       51,001     (2,256 )   (4 )   1,535     3  
    Benefits   35,073       36,372       34,715       32,530       32,000     (1,299 )   (4 )   3,073     10  
    Total salaries and employee benefits   211,526       212,133       211,261       198,541       195,173     (607 )   (0 )   16,353     8  
    Software and equipment   34,717       34,258       31,574       29,231       27,731     459     1     6,986     25  
    Operating lease equipment   10,471       10,263       10,518       10,834       10,683     208     2     (212 )   (2 )
    Occupancy, net   20,778       20,597       19,945       19,585       19,086     181     1     1,692     9  
    Data processing   11,274       10,957       9,984       9,503       9,292     317     3     1,982     21  
    Advertising and marketing   12,272       13,097       18,239       17,436       13,040     (825 )   (6 )   (768 )   (6 )
    Professional fees   9,044       11,334       9,783       9,967       9,553     (2,290 )   (20 )   (509 )   (5 )
    Amortization of other acquisition-related intangible assets   5,618       5,773       4,042       1,122       1,158     (155 )   (3 )   4,460     NM
    FDIC insurance   10,926       10,640       10,512       10,429       9,381     286     3     1,545     16  
    FDIC insurance – special assessment   —       —       —       —       5,156     —     —     (5,156 )   (100 )
    OREO expense, net   643       397       (938 )     (259 )     392     246     62     251     64  
    Other:                              
    Lending expenses, net of deferred origination costs   5,866       6,448       4,995       5,335       5,078     (582 )   (9 )   788     16  
    Travel and entertainment   5,270       8,140       5,364       5,340       4,597     (2,870 )   (35 )   673     15  
    Miscellaneous   27,685       24,502       25,408       23,289       22,825     3,183     13     4,860     21  
    Total other   38,821       39,090       35,767       33,964       32,500     (269 )   (1 )   6,321     19  
    Total Non-Interest Expense $ 366,090     $ 368,539     $ 360,687     $ 340,353     $ 333,145   $ (2,449 )   (1 )% $ 32,945     10 %

    NM – Not meaningful.


    TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

    The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.

    Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.

      Three Months Ended
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (Dollars and shares in thousands) 2025   2024   2024   2024   2024
    Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
    (A) Interest Income (GAAP) $ 886,965     $ 913,501     $ 908,604     $ 849,979     $ 805,513  
    Taxable-equivalent adjustment:                  
    – Loans   2,206       2,352       2,474       2,305       2,246  
    – Liquidity Management Assets   690       716       668       567       550  
    – Other Earning Assets   3       2       2       3       5  
    (B) Interest Income (non-GAAP) $ 889,864     $ 916,571     $ 911,748     $ 852,854     $ 808,314  
    (C) Interest Expense (GAAP)   360,491       388,353       406,021       379,369       341,319  
    (D) Net Interest Income (GAAP) (A minus C) $ 526,474     $ 525,148     $ 502,583     $ 470,610     $ 464,194  
    (E) Net Interest Income (non-GAAP) (B minus C) $ 529,373     $ 528,218     $ 505,727     $ 473,485     $ 466,995  
    Net interest margin (GAAP)   3.54 %     3.49 %     3.49 %     3.50 %     3.57 %
    Net interest margin, fully taxable-equivalent (non-GAAP)   3.56       3.51       3.51       3.52       3.59  
    (F) Non-interest income $ 116,634     $ 113,451     $ 113,147     $ 121,147     $ 140,580  
    (G) Gains (losses) on investment securities, net   3,196       (2,835 )     3,189       (4,282 )     1,326  
    (H) Non-interest expense   366,090       368,539       360,687       340,353       333,145  
    Efficiency ratio (H/(D+F-G))   57.21 %     57.46 %     58.88 %     57.10 %     55.21 %
    Efficiency ratio (non-GAAP) (H/(E+F-G))   56.95       57.18       58.58       56.83       54.95  
      Three Months Ended
      Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
    (Dollars and shares in thousands) 2025   2024   2024   2024   2024
    Reconciliation of Non-GAAP Tangible Common Equity Ratio:
    Total shareholders’ equity (GAAP) $ 6,600,537     $ 6,344,297     $ 6,399,714     $ 5,536,628     $ 5,436,400  
    Less: Non-convertible preferred stock (GAAP)   (412,500 )     (412,500 )     (412,500 )     (412,500 )     (412,500 )
    Less: Intangible assets (GAAP)   (913,004 )     (918,632 )     (924,646 )     (676,562 )     (677,911 )
    (I) Total tangible common shareholders’ equity (non-GAAP) $ 5,275,033     $ 5,013,165     $ 5,062,568     $ 4,447,566     $ 4,345,989  
    (J) Total assets (GAAP) $ 65,870,066     $ 64,879,668     $ 63,788,424     $ 59,781,516     $ 57,576,933  
    Less: Intangible assets (GAAP)   (913,004 )     (918,632 )     (924,646 )     (676,562 )     (677,911 )
    (K) Total tangible assets (non-GAAP) $ 64,957,062     $ 63,961,036     $ 62,863,778     $ 59,104,954     $ 56,899,022  
    Common equity to assets ratio (GAAP) (L/J)   9.4 %     9.1 %     9.4 %     8.6 %     8.7 %
    Tangible common equity ratio (non-GAAP) (I/K)   8.1       7.8       8.1       7.5       7.6  
    Reconciliation of Non-GAAP Tangible Book Value per Common Share:
    Total shareholders’ equity $ 6,600,537     $ 6,344,297     $ 6,399,714     $ 5,536,628     $ 5,436,400  
    Less: Preferred stock   (412,500 )     (412,500 )     (412,500 )     (412,500 )     (412,500 )
    (L) Total common equity $ 6,188,037     $ 5,931,797     $ 5,987,214     $ 5,124,128     $ 5,023,900  
    (M) Actual common shares outstanding   66,919       66,495       66,482       61,760       61,737  
    Book value per common share (L/M) $ 92.47     $ 89.21     $ 90.06     $ 82.97     $ 81.38  
    Tangible book value per common share (non-GAAP) (I/M)   78.83       75.39       76.15       72.01       70.40  
                       
    Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
    (N) Net income applicable to common shares $ 182,048     $ 178,371     $ 163,010     $ 145,397     $ 180,303  
    Add: Intangible asset amortization   5,618       5,773       4,042       1,122       1,158  
    Less: Tax effect of intangible asset amortization   (1,421 )     (1,547 )     (1,087 )     (311 )     (291 )
    After-tax intangible asset amortization $ 4,197     $ 4,226     $ 2,955     $ 811     $ 867  
    (O) Tangible net income applicable to common shares (non-GAAP) $ 186,245     $ 182,597     $ 165,965     $ 146,208     $ 181,170  
    Total average shareholders’ equity $ 6,460,941     $ 6,418,403     $ 5,990,429     $ 5,450,173     $ 5,440,457  
    Less: Average preferred stock   (412,500 )     (412,500 )     (412,500 )     (412,500 )     (412,500 )
    (P) Total average common shareholders’ equity $ 6,048,441     $ 6,005,903     $ 5,577,929     $ 5,037,673     $ 5,027,957  
    Less: Average intangible assets   (916,069 )     (921,438 )     (833,574 )     (677,207 )     (678,731 )
    (Q) Total average tangible common shareholders’ equity (non-GAAP) $ 5,132,372     $ 5,084,465     $ 4,744,355     $ 4,360,466     $ 4,349,226  
    Return on average common equity, annualized (N/P)   12.21 %     11.82 %     11.63 %     11.61 %     14.42 %
    Return on average tangible common equity, annualized (non-GAAP) (O/Q)   14.72       14.29       13.92       13.49       16.75  
                       
    Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:    
    Income before taxes $ 253,055     $ 253,081     $ 232,709     $ 211,343     $ 249,956  
    Add: Provision for credit losses   23,963       16,979       22,334       40,061       21,673  
    Pre-tax income, excluding provision for credit losses (non-GAAP) $ 277,018     $ 270,060     $ 255,043     $ 251,404     $ 271,629  

    WINTRUST SUBSIDIARIES

    Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A.

    Additionally, the Company operates various non-bank businesses:

    • FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.
    • First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.
    • Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.
    • Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices.
    • Wintrust Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.
    • Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.
    • Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.
    • Wintrust Asset Finance offers direct leasing opportunities.
    • CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.

    FORWARD-LOOKING STATEMENTS

    This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2024 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

    • economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;
    • negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies;
    • the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
    • estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
    • the financial success and economic viability of the borrowers of our commercial loans;
    • commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin;
    • the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;
    • inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;
    • changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;
    • the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;
    • competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;
    • failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;
    • unexpected difficulties and losses related to FDIC-assisted acquisitions;
    • harm to the Company’s reputation;
    • any negative perception of the Company’s financial strength;
    • ability of the Company to raise additional capital on acceptable terms when needed;
    • disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
    • ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
    • failure or breaches of our security systems or infrastructure, or those of third parties;
    • security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;
    • adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);
    • adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
    • increased costs as a result of protecting our customers from the impact of stolen debit card information;
    • accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
    • ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
    • environmental liability risk associated with lending activities;
    • the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
    • losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
    • the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
    • the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;
    • the expenses and delayed returns inherent in opening new branches and de novo banks;
    • liabilities, potential customer loss or reputational harm related to closings of existing branches;
    • examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;
    • changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;
    • the ability of the Company to receive dividends from its subsidiaries;
    • the impact of the Company’s transition from LIBOR to an alternative benchmark rate for current and future transactions;
    • a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;
    • legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;
    • changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;
    • a lowering of our credit rating;
    • changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;
    • regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;
    • increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;
    • the impact of heightened capital requirements;
    • increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
    • delinquencies or fraud with respect to the Company’s premium finance business;
    • credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
    • the Company’s ability to comply with covenants under its credit facility;
    • fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; and
    • widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.

    Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.

    CONFERENCE CALL, WEBCAST AND REPLAY

    The Company will hold a conference call on Tuesday, April 22, 2025 at 9:00 a.m. (CDT) regarding first quarter 2025 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated March 31, 2025 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2025 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

    FOR MORE INFORMATION CONTACT:
    Timothy S. Crane, President & Chief Executive Officer
    David A. Dykstra, Vice Chairman & Chief Operating Officer
    (847) 939-9000
    Web site address: www.wintrust.com

    The MIL Network –

  • MIL-OSI USA: Flags Directed to Half Staff to Honor His Holiness Pope Francis

    Source: US State of New York

    overnor Kathy Hochul today directed flags to be lowered at half staff to honor the life and legacy of His Holiness Pope Francis, who passed away today at the age of 88.

    “I join everyone around the world in mourning the loss of His Holiness Pope Francis, as his leadership transcended religious boundaries,” Governor Hochul said. “He embodied the values Christ taught us every day: helping the less fortunate, calling for peace, and ensuring every person is treated as a child of God. Pope Francis led with compassion, humility and inclusivity, emphasizing that God does not disown any of his children, and reminded us of our collective responsibility to protect this beautiful planet, our shared home. We should all strive to carry on his legacy.”

    Last year, Governor Hochul visited the Vatican to deliver remarks at a Pontifical Summit to discuss climate change where Pope Francis delivered an address calling on the world to take care of the most vulnerable in our society.

    Flags will be lowered from Monday, April 21 through the day of his funeral service.

    MIL OSI USA News –

  • MIL-OSI USA: Promoting Work Zone Safety Statewide

    Source: US State of New York

    overnor Kathy Hochul is promoting work zone safety by urging all drivers to slow down, stay alert and follow New York State’s Move Over Law to protect roadside workers and other motorists. As construction season kicks into high gear statewide, these efforts highlight National Work Zone Awareness Week — which is celebrated from April 21-25, 2025 — and the national theme: “Respect the zone so we all get home.”

    “Every roadside worker deserves to return home safely at the end of their shift,” Governor Hochul said. “We’re asking all drivers to do their part by reducing speed, eliminating distractions and staying vigilant in work zones so that our hard-working and dedicated roadside workers are safe. A few extra seconds of your time and attention can save a life.”

    In 2024, there were more than 156 crashes in Thruway work zones resulting in one fatality and 30 injuries. Distracted driving, following too closely, an unsafe lane change or disregarding traffic warning signs caused the majority of the crashes. In addition, two Thruway Authority employees died and another was seriously injured in separate incidents while working on the New York State Thruway. In its 70-plus year history, 22 Thruway employees have been killed while on the job.

    In 2024, there were 322 intrusions in New York State Department of Transportation (NYSDOT) work zones. These intrusions resulted in the deaths of two drivers who entered the work zones and 138 additional injuries to highway workers and the traveling public. A total of 58 members of the NYSDOT family have died on the job across New York State, dating as far back as 1939.

    Throughout National Work Zone Awareness Week, the New York State Thruway Authority and NYSDOT will be hosting awareness events, lighting digital highway signs with safety messages and sharing important safety reminders on social media platforms. In addition — at the direction of Governor Hochul — State landmarks will be illuminated in orange on Wednesday, April 23 in recognition of Go Orange Day. Drivers are encouraged to:

    • Slow down when approaching work zones.
    • Move over for all stopped vehicles including roadside workers, emergency responders and disabled vehicles.
    • Stay off phones and avoid other distractions while driving.
    • Follow posted signs and flagger instructions.

    This April also marks two years since the launch of the Automated Work Zone Speed Enforcement (AWZSE) pilot program. The pilot program was established by legislation enacted into law by Governor Hochul in 2021 which authorized a five-year pilot program run as a joint effort by NYSDOT and the Thruway Authority to enhance the State’s ongoing efforts to slow motorists down in work zones and make New York’s highways safer.

    More than 425,000 Notices of Liability have been issued statewide, with over 38,000 repeat offenders since the AWZSE program began issuing Notices of Liability in May 2023. In locations where the cameras have been present more than once, fewer Notices of Liability are being issued, meaning that people are slowing down when cameras are present.

    Fines through the pilot program are issued as follows:

    • First Notice of Liability: $50 fine
    • Second Notice of Liability: $75 fine if within an 18-month period of first violation
    • Third and Subsequent Notices of Liability: $100 fine if within an 18-month period of first violation

    To further protect the workers who build and maintain roads and bridges, Governor Hochul proposed making the AWZSE pilot program permanent and increasing penalties for repeat violators in her Fiscal Year 2026 Executive Budget, in addition to expanding the program to include Metropolitan Transportation Authority (MTA) Bridges and Tunnels and New York State Bridge Authority properties. Additionally, the Governor suggested enhancing penalties for assaults against transportation workers, extending protections similar to those provided to many MTA and retail workers. These actions will improve safety for both workers and drivers.

    Beginning with National Work Zone Awareness Week and continuing through the construction season, the New York State Police and local law enforcement agencies will once again be conducting “Operation Hardhat” details to enforce vehicle and traffic laws in highway work zones. Under “Operation Hardhat,” State Troopers or local police officers are dressed as highway maintenance workers in active NYSDOT or Thruway work zones across New York, identifying and citing motorists for several violations, including disobeying flagging personnel, speeding through work zones, cell phone and seatbelt use, and/or violations of the State’s Move Over law. Last year 2,755 tickets were issued by State Police and participating law enforcement agencies during 62 deployments across the State.

    The New York State Department of Transportation and Thruway Authority have produced new videos encouraging motorists to move over in work zones. See the NYSDOT video here and Thruway Authority video here.

    To celebrate “Go Orange Day” and to commemorate National Work Zone Awareness Week, the following New York State landmarks will be lit orange on Wednesday, April 23:

    • Governor Mario M. Cuomo Bridge
    • Kosciuszko Bridge
    • The H. Carl McCall SUNY Building
    • State Education Building
    • Alfred E. Smith State Office Building
    • Empire State Plaza
    • State Fairgrounds – Main Gate & Expo Center
    • Niagara Falls
    • The “Franklin D. Roosevelt” Mid-Hudson Bridge
    • Albany International Airport Gateway
    • MTA LIRR – East End Gateway at Penn Station
    • Fairport Lift Bridge over the Erie Canal
    • Moynihan Train Hall

    The New York State Bridge Authority (NYSBA) is observing Work Zone Awareness Week by conducting a “road show” at each of its five vehicular spans. Each day will consist of a meeting with staff, followed by a meeting with local stakeholders and first responders to discuss safety concerns, explore opportunities for collaboration, and share information about NYSBA’s upcoming construction season. Additionally, the necklace lights on the Mid-Hudson Bridge will be illuminated in orange in honor of “Go Orange Day” to promote work zone safety.

    New York State Thruway Authority Executive Director Frank G. Hoare said, “Each day, roadside workers risk their lives to enhance the safety of the roads we all rely on. It’s everyone’s responsibility to ensure they can perform their jobs safely and return to their families after their shifts. Drivers need to remain alert and reduce their speed in work zones. Let’s show our appreciation for the dedicated men and women who keep our roads operating safely.”

    New York State Department of Transportation Commissioner Marie Therese Dominguez said, “Our dedicated highway maintenance and construction workers routinely work in hazardous conditions so that the rest of us can get where we need to go, safely. They have families, friends and loved ones who love them and depend on them. We owe them all a debt of gratitude and paying back that debt begins with keeping them safe. I appreciate Governor Hochul’s continuing efforts to protect our workers so remember, every driver has a role to play — during National Work Zone Awareness Week and throughout the year – that is why I urge all motorists to put down your phones, slow down, and pay attention, especially in work zones. Lives are at stake.”

    New York State Bridge Authority Executive Director Dr. Minosca Alcantara said, “This week serves as an important reminder that work zone safety is a shared responsibility for everyone who travels on our state’s roadways. In recognition of this, the Bridge Authority is bringing together staff and local leaders at each of our five vehicular bridges to reinforce our partnerships and collective commitment to protecting employees working in construction zones. By remaining vigilant and looking out for our work crews, we help ensure that our staff return home safely to their loved ones—and that all travelers experience a safer journey.”

    New York State Police Superintendent Steven G. James said, “Highway workers, law enforcement officers and other emergency responders, work in a dangerous environment and risk their lives to keep the traveling public safe. They should be able to do their jobs without fear of harm and go home to their families at the end of each workday. It is important that motorists are aware of their responsibility to slow down, move over and put electronic devices away.”

    New York State Department of Motor Vehicles Commissioner and Chair of the Governor’s Traffic Safety Committee Mark J.F. Schroeder said, “As someone who spends a lot of time on the road driving across New York, I cannot understate my appreciation for the men and women who work to maintain the safety of those roads. We must all mind the rules of the road, and especially the rules of the work zone, to ensure that everyone on both sides of the cones and barricades are safe at all times.”

    State Senator Jeremy Cooney said, “This National Work Zone Awareness Week is a reminder for drivers to slow down, drive safely, and obey the rules of the road. Our highway employees work hard every day to improve our roads and get drivers where they need to go, and it’s only right that we work to keep them safe while on the job. I’m grateful to Governor Hochul, the Thruway Authority and NYSDOT for their continued partnership to keep all New Yorkers safe on the road.”

    Assemblymember William B. Magnarelli said, “Work Zone safety continues to be a priority for me as Chair of the Transportation Committee. In 2021, I was proud to sponsor and get passed into law legislation creating a pilot program for the use of speed cameras in work zones. There is no excuse for speeding and reckless driving in work zones. Our workers deserve a safe working environment and to safely go home to their families at the end of their shifts.”

    Associated General Contractors of New York State President and CEO Mike Elmendorf said, “Work zone safety isn’t just a one-week concern—it’s a year-round priority. As construction season ramps up, we urge all drivers: stay alert, slow down, and move over in work zones. Every day, highway workers and flaggers face serious risks from speeding and distracted drivers. That’s why New York’s work zone speed camera program is critical — it saves lives and must be made permanent and expanded. The recent rise in assaults on transportation workers makes it even more urgent to strengthen legal protections for those building and maintaining our infrastructure. AGC NYS is proud to partner with Governor Hochul and NYSDOT to create safer roads for workers and drivers alike. We applaud the Governor’s Executive Budget proposals to make the speed camera program permanent and close legal loopholes that leave workers vulnerable. Now, the Legislature must act to protect the men and women who keep New York moving.”

    New York State American Federation of Labor and Congress of Industrial Organizations President Mario Cliento said, “In just a few days, we will mark Workers Memorial Day to honor those who lost their lives on the job. As leaders move closer to finalizing the state budget, we have a unique opportunity to improve worker safety with new work zone protections and traffic laws. No worker should fear for their life while performing their job, and no family should have to grieve the loss of a loved one due to preventable and entirely avoidable roadway incidents. We thank Governor Hochul for prioritizing worker safety, and we look forward to working with her on protecting the workforce that keeps our roads safe.”

    New York State Building and Construction Trades Council President Gary LaBarbera said, “Construction sites are inherently dangerous and the added hazards and less-controllable variants of roadways and high speed traffic only increase the risks for worksites on our highways. This is why we must continue to encourage drivers to proceed with more caution and mindfulness around roadway work zones. We applaud Governor Hochul for her ongoing leadership and action on this important issue. Every hard-working New Yorker, including our brave tradesmen and tradeswomen working on our roadways, deserve to return home safely to their families at the end of each shift.”

    Laborers’ International Union of North America Vice President and New England Regional Manager Donato A. Bianco, Jr. said, “National Work Zone Awareness Week serves as an important reminder to everyone traveling our highways to slow down, stay alert and respect the men and women who perform this necessary and inherently dangerous work. Every day, LIUNA members build, repair and maintain the roads we drive to our jobs and back home to our families. It is because of these workers that our commutes are safer and more efficient. We all owe it to them to prioritize their safety and ensure they also return home to their loved ones at the end of their workday.”

    New York State Laborers Health and Safety Trust Fund Executive Director Frank Marchese, Jr. said, “National Work Zone Awareness Week is an important initiative that calls attention to the perils of road construction, and why driver attentiveness is imperative all year round. The data shows that prioritizing work zone safety legislation and initiatives creates a far less hazardous environment for workers simply doing their jobs by reducing speeding and distracted driving. Our union calls on everyone to do their part to keep workers safe, and show support for those who keep New York State moving forward.”

    New York State Conference of Operating Engineers President Thomas A. Callahan said, “Our members work hard building and repairing New York’s roads and bridges. That dangerous work becomes deadly with reckless and careless drivers. That’s why we urge the Legislature and the Governor to pass a budget that includes speed cameras in work zones legislation in addition to other safety measures.”

    Civil Service Employees Association Thruway Local 058 President Sean Kennedy said, “CSEA affirms our commitment to making sure all of our members make it home at the end of the work day. Drivers need to do their part too.”

    Civil Service Employees Association President Mary E. Sullivan said, “Our union joins Governor Hochul, the New York State Department of Transportation and the New York State Thruway Authority in observing National Work Zone Awareness Week from April 21 to April 25. As road work season begins, we want to once again highlight the importance of safe driving in highway work zones. This year, we observe this week remembering our union brother Stephen Ebling, who lost his life while working in a Thruway work zone. As motorists, we must always use caution while in work zones; respect the zone so we can all get home.”

    New York State Public Employees Federation President Wayne Spence said, “The 54,000 members of the New York State Public Employees Federation, especially the hardworking professionals at the NYS Department of Transportation, urge all New Yorkers to stay aware, on task and use caution when driving through highway work zones. As we enter National Work Zone Awareness Week, April 21-25, 2025, all New Yorkers should all be mindful that our highway workers have families that need them. In 2024 alone, there were more than 156 crashes in Thruway work zones resulting in one fatality and 30 injuries. Unfortunately, the vast majority of these accidents were entirely preventable if the drivers had focused on operating their vehicles and maintained appropriate work zone speeds — distracted driving and operator error were responsible for the vast majority of these crashes. PEF urges all motorists to pay attention and respect our highway work zones so all these dedicated workers can get home safely to their families.”

    Teamsters Local 456 President and Principal Officer Louis A. Picani said, “National Work Zone Awareness Week is a crucial time to reflect on the safety of our workers and the public. One of Teamsters Local 456’s objectives is to maintain the safety and well-being of our members. We support our partners in state government in enforcing stringent safety measures to protect those who build and maintain our roads. Local 456 not only represents the New York State Thruway workers, whose lives are in danger every day, but also the construction workers who are out fixing and maintaining roadways for those who travel them every day. We extend our heartfelt thanks to Governor Hochul for her unwavering support and commitment to enhancing work zone safety. Together, we can ensure that every work zone is a safe zone.”

    Safety is a shared responsibility. By working together, we can reduce accidents and ensure safer roads for workers and drivers alike.

    For more information on National Work Zone Awareness Week and how to stay safe while driving through work zones, visit the state’s comprehensive website at ny.gov/workzone.

    MIL OSI USA News –

  • MIL-OSI Security: 45th Anniversary of the Joint Terrorism Task Force

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

    Joint Terrorism Task Forces (JTTF) can be found at each of the FBI’s 55 field offices and many of their smaller offices—around 280 locations in all. FBI Atlanta organized its JTTF in 1994. The FBI Atlanta JTTF has representatives positioned around the state of Georgia.

    JTTFs gather trained investigators, intelligence analysts, linguists, and tactical experts from federal, state, local, territorial, and tribal law enforcement and intelligence agencies. Task force members share intelligence and investigative leads and respond to threats and incidents.

    “We rely on our law enforcement partners to help keep our communities safe,” said Paul Brown, special agent in charge of FBI Atlanta. “All of our partners bring their special skills and expertise to these teams, making us all that much stronger.”

    The FBI’s JTTF model dates to 1979, when the New York Police Department and the FBI’s New York Field Office created a joint task force to tackle violent bank robberies. They imitated the model in 1980, when terrorist bombings, bomb threats, and other violence plagued the city and announced the formation of the first JTTF in April 1980.

    After the 9/11 attacks, FBI leadership directed all FBI field offices to establish a JTTF. In addition, the FBI established its National Joint Terrorism Task Force to support the local task forces in June 2002. The NJTTF, at FBI Headquarters, enhances communication, coordination, and cooperation from partner agencies.

    JTTFs have disrupted dozens of plots in the past four decades.

    FBI Atlanta counts numerous disruptions of its own, including a plan to attack the White House in 2020. Thanks to a tip from a member of the Atlanta community, Hasher Jallal Taheb was captured and sentenced to 15 years in prison.

    https://www.justice.gov/archives/opa/pr/forsyth-man-sentenced-attempted-attack-white-house

    The FBI Atlanta JTTF also investigated the Jihadists of Georgia case, where two men living in Georgia made videos of the U.S. Capitol and other Washington, D.C., landmarks with plans to travel and attend a terrorist training camp.

    https://archives.fbi.gov/archives/news/stories/2009/december/jihadists_121509
    https://archives.fbi.gov/archives/news/stories/2009/december/jihadists_12170 .

    MIL Security OSI –

  • MIL-OSI Security: Former DOC Case Manager Pleads Guilty to Bribery in Smuggling Narcotics and Cigarettes for an Inmate

    Source: Office of United States Attorneys

    WASHINGTON – Herbert Baylor, 68, of the District, pleaded guilty today in U.S. District Court to one count of bribery in connection with a cigarettes and narcotics smuggling scheme at a facility operated by the District of Columbia Department of Corrections (DOC).

                The plea was announced by U.S. Attorney Edward R. Martin Jr., Special Agent in Charge Sean Ryan of the FBI Washington Field Office Criminal and Cyber Division, and Chief Investigator Kevin L. Hammond of the D.C. Department of Corrections Office of Investigative Services.

                The Honorable Tanya Chutkan scheduled sentencing for Aug. 11, 2025.

                A co-defendant, Pamela Porter, 56, of Washington D.C., pleaded guilty on April 17, 2025, to bribery in connection to her participation in the smuggling scheme.

                According to court documents, Baylor was a case manager employed by DOC to assist and manage inmates housed at the Correctional Treatment Facility (CTF), a specialized medium security facility that houses inmates receiving specialized medical treatment or monitoring related to substance dependencies. 

                From December 19, 2022, through September 23, 2024, Baylor’s duties included helping with the administrative pre-trial and trial needs of inmates, including facilitating communication with their attorneys or social workers.

                Baylor worked as Inmate-1’s case worker at CTF. Beginning in October 2023, Baylor agreed with Inmate-1 and others to smuggle contraband into CTF in exchange for money. Specifically, Inmate-1 directed his non-incarcerated associates, including Pamela Porter, to send CashApp payments to Baylor. Baylor then hid on himself cigarettes he had purchased or controlled substances received from Inmate-1’s associates, in order to clear security at CTF. Once through security, Baylor brought Inmate-1 to his office and provided him with the contraband. Inmate-1 then distributed the contraband to other inmates at CTF in exchange for money. As part of this scheme, Porter sent Baylor $1,200. In total, Baylor received $6,245 between October 20, 2023, and June 21, 2024.

                On September 19, 2024, Inmate-1 asked Baylor if Inmate-1 could call his attorney to talk about an appeal. Baylor authorized the inmate’s request. But instead of calling an attorney, Inmate-1 called Individual-1 to set up the delivery of prohibited objects to be smuggled into CTF. Baylor agreed to smuggle Suboxone strips into the CTF facility for Inmate-1. Suboxone strips contain Buprenorphine—a Schedule III narcotic drug.

                On September 23, 2024, Baylor met Individual-1 in the parking lot of CTF. Baylor accepted $1,000 in cash from Individual-1 and received a cigarette carton Baylor believed to be filled with Suboxone strips. Following the meeting with Individual-1, Baylor placed the $1,000 in his personal vehicle. He put the cigarette carton inside his underwear. Baylor went through security at the entrance to CTF and entered the facility. At that time, he was arrested.

                As a DOC employee, Baylor’s conduct was governed by the DOC’s Contraband Control policy which states that trafficking contraband of any kind to inmates is strictly prohibited. The policy describes any illegal drug or controlled substance and any tobacco product as major contraband. Additionally, federal law makes it a crime to provide “prohibited objects” to an inmate. Prohibited objects include any controlled substance or any object that threatens “the order, discipline, or security of a prison, or the life, health, or safety of any individual.”

                This case was investigated by the FBI’s Washington Field Office and the D.C. Department of Corrections Office of Investigative Services. It is being prosecuted by Assistant U.S. Attorney Joshua Gold.

    25cr87

    ##

    MIL Security OSI –

  • MIL-OSI: TruGolf Reports 2024 Financial Results 

    Source: GlobeNewswire (MIL-OSI)

    Salt Lake City, Utah, April 21, 2025 (GLOBE NEWSWIRE) — TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, announced today an overview of its 2024 results that were filed on Form 10-K on April 15, 2025. The Company reported record sales of $21.9 million, an increase of 6.2% percent as compared to 2023 sales. The gains were driven by continued enthusiastic market adoption of new hardware and software products launched earlier in 2024. Net losses narrowed by 14.5% to ($8.8) million for 2024, versus a net loss of ($10.3) million in 2023. Notably, 42% of the net loss for 2024 was due to non-cash expenses. EPS for the full year was ($0.76), a significant improvement from 2023’s ($857.35) loss per share. 

    Chief Executive Officer and Director Chris Jones said, “We are very pleased with our growing sales momentum for our upgraded and industry-leading golf simulators and software. Cost controls were effective and contributed to our greater cash generation in the second half of the year. We ended the year with $10.9 million in cash, and our debt went down. Interest in our franchise concept remains high and we anticipate announcing contracts for additional franchises in the United States throughout 2025. We now expect the first franchise locations to open by the end of the second quarter, with associated delivery of TruGolf simulators in the first half of 2025.”

    Mr. Jones continued, “2024 saw the rollout of our new, industry-leading golf simulator products that were eagerly accepted by the market. While 2024’s sales growth was somewhat hindered by select product availability, we expect to continue setting the standard in the world of virtual golf with further hardware and software innovations arriving in 2025.”

    Operations:

    Gross margin for 2024 improved to 66.7% as compared to 61.9% in 2023. 2024’s loss from operations was 75% lower at ($2.1) million as compared to ($8.7) million in 2023. 2024 operating expenses declined by 22% or $4.7 million. These improvements were driven by implementing better cost controls, reducing discretionary spending and achieving greater productivity through enhanced operational efficiencies.

    2024 SG&A expenses declined by 40%, or $4.4 million, in 2024 as compared to 2023. Non-cash stock compensation expense for the year was $658,000. Cash flow used in operations was $4.0 million in 2024, versus $6.1 million in 2023, an improvement of over 35%. TruGolf ended 2024 with $10.9 million in cash on the balance sheet.

    As previously disclosed, on October 2, 2024, the Company received a delist determination letter from the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market (“Nasdaq”) related to its failure to maintain stockholders’ equity for continued listing. The Company has requested a hearing to appeal the delist determination, which has been scheduled for May 15, 2025.

    Disclaimer on Forward Looking Statements

    This news release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the timing of new franchise openings during 2025. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ”believes,” ”estimates,” ”anticipates,” ”expects,” ”plans,” ”projects,” ”intends,” ”potential,” ”may,” ”could,” ”might,” ”will,” ”should,” ”approximately” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC’s website, www.sec.gov

    About TruGolf:

    Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf’s mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology – because TruGolf believes Golf is for Everyone. TruGolf’s team has built award-winning video games (“Links”), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf’s beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology.

    Contact: Michael Bacal
                   mbacal@darrowir.com 
                   917-886-9071

    TRUGOLF HOLDINGS, INC
    CONSOLIDATED BALANCE SHEETS

        December 31,     December 31,  
        2024     2023  
                 
    ASSETS                
                     
    Current Assets:                
    Cash and cash equivalents   $ 10,882,077     $ 3,297,564  
    Restricted cash     –       2,100,000  
    Marketable investment securities     –       2,478,953  
    Accounts receivable, net     1,399,153       2,398,872  
    Inventory, net     2,349,345       2,119,084  
    Prepaid expenses and other current assets     116,619       262,133  
    Other current assets     45,737       –  
    Total Current Assets     14,792,930       12,656,606  
                     
    Property and equipment, net     143,852       234,308  
    Capitalized software development costs, net     1,540,121       –  
    Right-of-use assets     634,269       972,663  
    Other long-term assets     31,023       1,905,983  
                     
    Total Assets   $ 17,142,195     $ 15,769,560  
                     
    LIABILITIES AND STOCKHOLDERS’ DEFICIT                
                     
    Current Liabilities:                
    Accounts payable   $ 2,819,702     $ 2,059,771  
    Deferred revenue     3,113,010       1,704,224  
    Notes payable, current portion     10,001       9,425  
    Notes payable to related parties, current portion     2,937,000       1,237,000  
    Line of credit, bank     802,738       802,738  
    Margin line of credit account     –       1,980,937  
    Convertible notes payable     –       954,622  
    Dividend notes payable     4,023,923       –  
    Derivative liability     –       –  
    Accrued interest     661,376       459,872  
    Accrued and other current liabilities     999,307       1,125,495  
    Accrued and other current liabilities – assumed in Merger     45,008       –  
    Lease liability, current portion     363,102       334,255  
    Total Current Liabilities     15,775,167       10,668,339  
                     
    Non-current Liabilities:                
    Notes payable, net of current portion     9,732       2,402,783  
    Note payables to related parties, net of current portion     624,000       861,000  
    PIPE loan payable, net     4,068,953       –  
    Dividend notes payable     –       4,023,923  
    Gross sales royalty payable     1,000,000       1,000,000  
    Lease liability, net of current portion     305,125       668,228  
    Other liabilities     –       63,015  
                     
    Total Liabilities     21,782,977       19,687,288  
                     
    Commitments and Contingencies                
                     
    Stockholders’ Deficit:                
    Preferred stock, $0.0001 par value, 10 million shares authorized; zero shares issued and outstanding, respectively     –       –  
    Common stock, $0.0001 par value, 100,000,000 shares authorized:                
    Common stock – Series A, $0.0001 par value, 90 million shares authorized; 26,120,545 and 13,098 shares issued and outstanding, respectively     2,612       120  
    Common stock – Series B, $0.0001 par value, 10 million shares authorized; 1,716,860 and 1,716,860 shares issued and outstanding, respectively     172       –  
    Treasury stock at cost, 4,692 shares of common stock held, respectively     (2,037,000 )     (2,037,000 )
    Additional paid-in capital     18,548,931       10,479,738  
    Accumulated other comprehensive loss     –       (1,662 )
    Accumulated deficit     (21,155,497 )     (12,358,924 )
          (4,640,782 )     (3,917,728 )
                     
    Total Stockholders’ Deficit     (4,640,782 )     (3,917,728 )
                     
    Total Liabilities and Stockholders’ Deficit   $ 17,142,195     $ 15,769,560  


    TRUGOLF HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

        For the     For the  
        Year Ended     Year Ended  
        December 31, 2024     December 31, 2023  
                 
    Revenue, net   $ 21,858,864     $ 20,583,851  
    Cost of revenue     7,271,512       7,825,768  
    Total gross profit     14,587,352       12,758,083  
                     
    Operating expenses:                
    Royalties     706,214       709,640  
    Salaries, wages and benefits     9,314,415       9,681,323  
    Selling, general and administrative     6,669,684       11,027,332  
    Total operating expenses     16,690,313       21,418,295  
                     
    Loss from operations     (2,102,962 )     (8,660,212 )
                     
    Other (expenses) income:                
    Interest income     106,400       108,011  
    Interest expense     (6,932,618 )     (1,730,908 )
    Gain on fair value adjustment     142,319       –  
    Loss on extinguishment of debt     (270,594 )     –  
    Gain on investment     262,035       –  
    Total other expense     (6,692,458 )     (1,622,897 )
                     
    Loss from operations before provision for income taxes     (8,795,420 )     (10,283,109 )
                     
    Provision for income taxes     –       –  
    Net loss   $ (8,795,420 )   $ (10,283,109 )
                     
    Net loss per common share Series A – basic and diluted   $ (0.76 )   $ (857.35 )
                     
    Weighted average shares outstanding Series A – basic and diluted     11,634,761       11,994  

    TRUGOLF HOLDINGS, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

        For the     For the  
        Year Ended     Year Ended  
        December 31, 2024     December 31, 2023  
                 
    Cash flows from operating activities:                
    Net loss   $ (8,795,420 )   $ (10,283,109 )
    Adjustments to reconcile net loss to net cash used in operating activities:                
    Depreciation and amortization     607,415       58,641  
    Amortization of convertible notes original issue discount     728,278       97,111  
    Amortization of right-of-use asset     338,394       298,208  
    Change in fair value of derivative liability     142,319          
    Fair value of warrants in excess of fair value of debt     –       93,530  
    Bad debt expense     767,913       681,479  
    Change in OCI     1,662       –  
    Stock issued for services     119,959       5,872,529  
    Stock issued for make good provisions on debt conversion     700,821       –  
    Stock options issued to employees     538,323       –  
    Changes in operating assets and liabilities:                
    Marketable investment securities     –       12,530  
    Accounts receivable, net     231,806       (1,335,714 )
    Inventory, net     (230,261 )     2,396  
    Prepaid expenses     145,514       (114,385 )
    Capitalized software, net     (2,070,742 )     –  
    Other current assets     (45,737 )     17,840  
    Other assets     13,662       (1,905,983 )
    Accounts payable     494,215       596,434  
    Deferred revenue     1,408,786       (1,008,296 )
    Accrued interest payable     201,504       615,582  
    Accrued and other current liabilities     (634,557 )     374,819  
    Other liabilities     (63,015 )     63,015  
    Lease liability     (334,256 )     (269,848 )
    Net cash used in operating activities     (5,733,416 )     (6,133,221 )
                     
    Cash flows from investing activities:                
    Purchases of property and equipment     –       (127,413 )
    Purchase of short-term investments     –       (2,493,145 )
    Sale of short-term investments     2,478,953       –  
                     
    Net cash provided by (used in) investing activities     2,478,953       (2,620,558 )
                     
    Cash flows from financing activities:                
    Proceeds from PIPE loans, net of discount     8,902,681       –  
    Proceeds from loan payable – related party     2,000,000       –  
    Proceeds from investment fund (PIPE)     2,112,560       –  
    Cash acquired in Merger     103,818       –  
    Debt refinance conversion     192,787       –  
    Proceeds from line of credit     –       1,980,937  
    Proceeds from notes payable     –       2,433,059  
    Proceeds from convertible notes     –       185,500  
    Costs of Merger paid from PIPE loan     (1,947,787 )     –  
    Repayments of line of credit     (1,980,937 )     –  
    Repayments of loans assumed in Merger     (100,000 )     –  
    Repayments of notes payable     (9,146 )     (107,569 )
    Repayments of notes payable – related party     (535,000 )     (37,000 )
    Dividends paid     –       40,150  
                     
    Net cash provided by financing activities     8,738,976       4,495,077  
                     
    Net change in cash , cash equivalents and restricted cash     5,484,513       (4,258,702 )
                     
    Cash, cash equivalents and restricted cash – beginning of year     5,397,564       9,656,266  
                     
    Cash and cash equivalents – end of year   $ 10,882,077     $ 5,397,564  
                     
    Supplemental cash flow information:                
    Cash paid for:                
    Interest   $ 923,975     $ 1,115,332  
    Income taxes   $ –     $ –  
    Non-cash investing and financing activities:                
    Derivative liability related to warrants   $ 142,319     $ –  
    PIPE note principal converted to Class A Common Stock   $ 5,832,600     $ –  
    Convertible notes exchanged for PIPE note   $ 2,419,622     $ –  
    Class A Common Stock exchanged in Merger   $ 3,854,573     $ –  
    Class A Common Stock issued in Merger   $ 1,154     $ –  
    Class B Common Stock issued in Merger   $ 172     $ –  
    Termination of loan payable   $ 1,875,000     $ –  
    Conversion of dividend note payable and accrued interest   $ –     $ 3,925,273  
    Conversion of note payable to line of credit   $ –     $ 257,113  
    Warehouse lease   $ –     $ 537,994  

    The MIL Network –

  • MIL-OSI: P10 Announces Appointments of Jennifer Glassman and Stephen Blewitt to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, April 21, 2025 (GLOBE NEWSWIRE) — P10, Inc. (NYSE: PX), (“P10” or the “Company”), a leading private markets solutions provider, today announced the appointment of Jennifer Glassman and Stephen Blewitt to its Board of Directors (“the Board”). Ms. Glassman will join the Board as an independent Class I director, effective April 21, 2025, and will serve on the Company’s Audit Committee. Mr. Blewitt will join the Board as an independent Class III director, effective April 21, 2025, and will serve on the Company’s Compensation Committee.

    “We are thrilled to welcome these two investment industry veterans to the P10 Board,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer. “Jennifer and Stephen have proven track records within the alternative asset management sector that will immediately strengthen our board. This board refreshment further enhances our governance profile as we seek to create long-term value for our investment strategies and shareholders.”

    Ms. Glassman is a seasoned financial services leader and currently serves as the Chief Financial Officer of Towerbrook Capital Partners. Ms. Glassman was previously a partner and CFO at Soros Private Equity, and she also served in a variety of financial control and reporting roles for Soros Fund Management LLC. Prior to joining Soros, Ms. Glassman was a senior manager at PricewaterhouseCoopers, LLP, where she worked in the Financial Services Business Assurance practice for over seven years. Ms. Glassman is a certified public accountant and earned her B.S. from the Wharton School of the University of Pennsylvania and received her M.B.A. from Columbia Business School.

    Mr. Blewitt is the co-founder of Youth.Work.Connect, a mission-based organization, founded in 2024. It was created to help high school youth from underserved communities build social capital to promote economic mobility. Previously, Mr. Blewitt served as the Chief Investment Officer (Private Markets) and Head of Private Markets at Manulife Investment Management from October 2018 to June 2023, where he was responsible for leading global investment teams across a wide range of asset classes, including private equity and credit, real estate, infrastructure, timber, and agriculture. Prior to that, Mr. Blewitt led Manulife’s private equity and credit business in the U.S. for almost 20 years. Mr. Blewitt earned his B.A. from the University of Chicago and received his M.B.A. from Boston University.

    About P10
    P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10’s mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of December 31, 2024, P10’s products have a global investor base of more than 3,800 investors across 50 states, 60 countries, and six continents, which includes some of the world’s largest pension funds, endowments, foundations, corporate pensions, and financial institutions. Visit www.p10alts.com.

    P10 Investor Contact:
    info@p10alts.com

    P10 Media Contact:
    Josh Clarkson
    Taylor Donahue
    pro-p10@prosek.com

    The MIL Network –

  • MIL-Evening Report: Fossil fuel companies ‘poisoned the well’ of public debate with climate disinformation. Here’s how Australia can break free

    Source: The Conversation (Au and NZ) – By Naomi Oreskes, Professor of the History of Science, Harvard University

    President Donald Trump has issued an executive order that would block state laws seeking to tackle greenhouse gas emissions – the latest salvo in his administration’s campaign to roll back United States’ climate action.

    Under Trump, the US has clearly abdicated climate leadership. But the US has in fact obstructed climate action for decades – largely due to damaging actions by the powerful fossil fuel industry.

    In 20 years studying attacks on climate science and the powerful forces at work behind the scenes, I’ve come to think the United States is simply not going to lead on climate action. The fossil fuel industry has so poisoned the well of public debate in the US that it’s unlikely the nation will lead on the issue in our lifetimes.

    Australia, on the other hand, has enormous potential.

    I recently visited Australia from Harvard University for a series of public talks. This nation is very close to my heart. I trained as a mining geologist and spent three years in outback South Australia, before returning to academia.

    The vacuum Trump has created on climate policy provides a chance for other countries to lead. Australia has much more to gain from the clean-energy future than it stands to lose – and your climate action could be pivotal.

    The climate crisis: a long time coming

    Scientists first warned against burning fossil fuels way back in the 1950s. When the US Clean Air Act was passed in 1970, the words “weather” and “climate” were included because scientists had already explained to Congress that carbon dioxide was a pollutant with serious — even dire — effects.

    In the late 1980s, scientists at NASA observed changes in the climate system that could only be explained by the extra heating effect of atmospheric carbon dioxide. The predictions had become reality.

    When George H.W. Bush ran successfully for president in 1988, he promised to use the power of the “White House effect” to fight the “greenhouse effect”. In 1992, Bush and other world leaders gathered in Rio de Janeiro, Brazil, to sign the United Nations Framework Convention on Climate Change. Together, 178 countries promised action to prevent “dangerous anthropogenic interference” with Earth’s climate. But that action never came.

    Trump has undoubtedly been bad news for global climate action. He makes preposterous claims about science and is dismantling the federal agencies responsible for supporting climate science and maintaining climate data.

    But the US has long failed to play its part in cutting dangerous greenhouse gas emissions. The reason for this lies largely outside the White House.

    If only George H.W. Bush had used the White House effect to counter the greenhouse effect, as he once promised to.
    mark reinstein, Shutterstock

    A long-running campaign of disinformation

    The fossil fuel industry has known about climate change for as long as scientists have.

    In the late 1970s and early 1980s, scientists at Esso (later ExxonMobil) actively researched the topic, building climate models and coauthoring scientific papers.

    The scientists informed their managers of the risk of catastrophic damage if the burning of oil, gas and coal continued unabated. They even suggested the company might need a different business model – one not so dependent on fossil fuels.

    But managers at ExxonMobil made a fateful decision: to turn from information to disinformation. Working in tandem with other oil, gas and coal companies, as well as automobile and aluminium manufacturers, ExxonMobil launched an organised campaign, sustained over decades, to block climate action by casting doubt on the underlying science.

    They ran ad campaigns in national and local newspapers insisting the science was too unsettled to warrant action. They created “astroturf” organisations that only pretended to be green, and funded “third-party allies” to argue that proposed remedies would be too expensive, cost jobs and damage the economy.

    The company funded outlier scientists to publish papers claiming atmospheric warming was the result of natural climate variability. They pressured journalists to give equal time to “their side” of the story in the name of “balance”.

    Over the next three decades, whenever any meaningful climate policy seemed to be gaining traction, the industry and its allies lobbied Congress and state legislatures to block it. So, neither Democratic nor Republican administrations were able to undertake meaningful climate action.

    While people were dying in climate-charged floods and fires, the fossil fuel industry persuaded a significant proportion of the US population, including Trump, that the whole thing might just be a hoax.

    Rise up Australia

    In a matter of weeks after becoming president, Trump pulled out of the Paris Agreement to limit global warming, shut down government websites hosting climate data, and withdrew support for research that dares to mention the word “climate”.

    This has created a vacuum that other countries, including Australia, can step up to fill.

    Few countries have more to lose from climate change than Australia. The continent has already witnessed costly and devastating wildfires and floods — affecting remote areas and major cities. It’s not unreasonable to worry that in coming years, significant parts of Australia could become uninhabitable.

    Like the US, Australia has a powerful fossil fuel industry that has disproportionately influenced its politics. Unlike the US, however, that industry is based mainly on coal for export, which Australians do not depend on in their daily lives.

    And Australia is truly a lucky country. It has unsurpassed potential to replace fossil fuels with renewable energy.

    More than 15 years ago, Australian researchers in the Zero Carbon Australia project offered a blueprint for how the country could eliminate fossil fuel use entirely. Since then, renewable energy has only become cheaper and more efficient.

    South Australia has proved the point: the state was 100% reliant on fossil fuels for electricity in 2002, but now more than 70% comes from renewables.

    Across Australia, the share of renewable electricity generation is growing. Victoria, New South Wales and Queensland are vying for second place after SA. It’s fascinating to watch the National Electricity Market balance supply and demand in real time, where a large proportion of the electricity comes from rooftop solar.

    For decades, the fossil fuel industry has told the public our societies can’t manage without fossil fuels. Large parts of Australia have proved it’s just not so. The rest of the nation can follow that lead, and model the energy transition for the world. Here’s your chance.

    Over the past two decades, Naomi Oreskes has received grant funding from various governments and non-government organisations to support the research upon which this piece is based. She serves on the board of The Climate Science Legal Defense Fund, which works to protect the integrity of climate science, and climate scientists, from politically motivated attacks. The Fund is a registered 501 c(3) non-profit organisation, meaning it does not engage in political activities. She is also an emerita board member of Protect our Winters, a 501 c (3) that works with the winter sports community to educate people about climate change and the threat it poses to winter sports. Naomi serves on the board of the Kann-Rasmussen foundation (Denmark), a non-profit foundation that works “to support the transition to a more environmentally resilient stable, and sustainable planet”.
    Naomi currently serves as a consultant to a number of groups pursuing climate litigation in the United States, and recently submitted an expert report to the International Court of Justice on behalf of Vanuatu. She also receives speaking fees and book royalties for talks and publications on the history of climate science and climate change denial. Co-author, with Erik M. Conway, of Merchants of Doubt (2010) and The Big Myth (2023).

    – ref. Fossil fuel companies ‘poisoned the well’ of public debate with climate disinformation. Here’s how Australia can break free – https://theconversation.com/fossil-fuel-companies-poisoned-the-well-of-public-debate-with-climate-disinformation-heres-how-australia-can-break-free-251221

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Beyer: “Hegseth Must Resign or Be Fired”

    Source: United States House of Representatives – Representative Don Beyer (D-VA)

    U.S. Representative Don Beyer (D-VA), who represents a Northern Virginia district in the U.S. House that includes the Pentagon, again called for the resignation or termination of Secretary of Defense Pete Hegseth today after New York Times reporting revealed that Hegseth sent sensitive, and potentially classified, information about military strikes in Yemen in a separate Signal group chat that included his wife, brother and personal lawyer:

    “As we have seen in the weeks since reporting by The Atlantic’s Jeffrey Goldberg first revealed the Secretary’s reckless violation of national security procedures, this was not an isolated incident nor was it a mistake. He has shown a pattern of flagrant disregard for the rules and responsibilities entrusted to his office and made clear that he is unfit and unqualified to serve as our Secretary of Defense. Such repeated lapses in judgement not only disprove Hegseth’s claims of ‘100% operations security,’ but also actively put our servicemembers at home and abroad in harm’s way.

    “The Secretary has not shown the discretion nor the sound judgement needed to manage his own communications or his front office. As he has previously stated himself: Any security professional ‘would be fired on the spot for this type of conduct and criminally prosecuted for being so reckless with this kind of information.’ The Secretary of Defense is not above the law. He is not exempt from the standards every servicemember serving in the Department of Defense is held to.

    “At minimum, Hegseth must resign immediately. If he refuses, President Trump must remove him without delay. Every day he remains in office is a threat to American national security.”

    MIL OSI USA News –

  • MIL-OSI Security: Former US Forest Service law enforcement officer pleads guilty to fraud

    Source: Office of United States Attorneys

    MISSOULA – A Thompson Falls man accused of falsifying time and attendance records admitted to charges today, U.S. Attorney Kurt Alme said.

    The defendant, Nathan J. Snead, 47, pleaded guilty to theft of government money. Snead faces ten years of imprisonment, a $250,000 fine, and three years of supervised release.

    U.S. Magistrate Judge Kathleen DeSoto presided. U.S. District Judge Dana Christensen will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. Sentencing is set for August 27, 2025. Snead was released with conditions pending further proceedings.

    The government alleged in court documents that the defendant was required to work 40 hours of regular time per week, and he was compensated for administratively uncontrollable overtime, which is premium pay designed to compensate law enforcement officers (LEOs) for irregular and unscheduled overtime duty. In 2023, the defendant’s overtime rate was 15%, meaning he was required to justify an additional 5-7 hours per week to maintain that percentage at his next overtime review.

    The defendant documented his regular and overtime hours on his Time and Attendance Record for each pay period and signed the following certification: “I certify that the above information on hours worked and leave used is true and accurate.” The defendant also completed a record of overtime for each pay period in which he provided a case number and justification for the overtime and signed the following certification: “I certify that the official duties were performed as described above and were administratively uncontrollable.”

    On May 2, 2023, based on information Snead was not working his claimed hours, agents installed a GPS tracker on his government-issued patrol vehicle to monitor his movements. The tracker data showed Snead’s patrol vehicle was stationary at his house during hours he claimed to be working.

    On several occasions, Snead certified on his Time and Attendance Record he worked an 8-hour regular shift. However, his patrol vehicle remained stationary at his house for the entire 8 hours. Additionally, Snead claimed overtime hours when his patrol vehicle was stationary at his house for much of his regular shift and for the entire time of claimed overtime.

    Agents also evaluated Snead’s law enforcement statistics from 2021 through 2023. His productivity levels, measured via incident reports and the issuance of violation notices, were much lower than other similarly situated LEOs. The United States estimates Snead’s false time claims resulted in him stealing approximately $18,645.

    The U.S. Attorney’s Office prosecuted the case. The U.S. Forest Service conducted the investigation.

    XXX

    MIL Security OSI –

  • MIL-Evening Report: Since its very conception, Star Wars has been political. Now Andor will take on Trump 2.0

    Source: The Conversation (Au and NZ) – By Dan Golding, Professor and Chair of the Department of Media and Communication, Swinburne University of Technology

    Lucasfilm Ltd™

    Premiering today, the second and final season of Star Wars streaming show Andor seems destined to be one of the pop culture defining moments of the second Trump presidency.

    Andor, which began airing in 2022, tells the story of the early days of the Rebel Alliance before the adventures of Luke Skywalker and Princess Leia. The series is the most politically articulate of the Star Wars franchise.

    Where older Star Wars entries focused on lightsaber battles and dogfights in space, Andor shows a world of political manifestos, fractious alliances between rebel groups, and surreptitious fundraising for revolution.

    Season one of the show followed the political awakening of the titular Cassian Andor (Diego Luna), who progresses from troubled thief to total ideological commitment to fighting the Empire. The show also follows a covert revolutionary leader (Stellan Skarsgård), an ineffective politician who secretly finances the rebellion (Genevieve O’Reilly), and two Imperials manoeuvring for power (Denise Gough and Kyle Soller).

    Showrunner Tony Gilroy has so far taken inspiration for Andor from a variety of real historical revolutionary events, from Stalin’s bank robbery in Tiflis of 1907 to the Baader-Meinhof group in West Germany.

    Aesthetically, Andor has more in common with the political filmmaking of the likes of The Battle of Algiers (1966), the films of Costa-Gavras, or early Paul Greengrass than the central Flash Gordon-inspired Star Wars saga.

    As authoritarian governments and conflicts loom large globally, the final season of Andor in 2025 is perfectly timed to articulate anxieties much closer to home than the galaxy far, far away.

    Star Wars has always been political

    Andor is far from the first time that Star Wars has captured the political zeitgeist. In fact, much of the franchise’s success stems from the way it provides us with a pop culture language to talk about politics.

    In 2016, Trump’s first election win coincided with the release of Rogue One, the Star Wars precursor to Andor.

    Within days, two Star Wars creatives made public comparisons between Trump and Rogue One’s villains, with writer Chris Weitz posting on Twitter “the Empire is a white supremacist (human) organization”. Writer Gary Whitta replied: “Opposed by a multi-cultural group led by brave women”.

    They were officially reprimanded by the studio. “This is a film that the world should enjoy,” said Disney CEO Bob Iger at the time. “It is not a film that is, in any way, a political film.”

    Under the ownership of a risk averse corporation like Disney, Star Wars is supposed to be family friendly, apolitical entertainment.

    However, since its very conception, Star Wars has been political.

    Inspired by anti-Vietnam war protests, director George Lucas described Darth Vader and the Empire as “Nixonian gangsters” in early drafts of the original film’s script. Lucas, who had developed Apocalypse Now before Francis Ford Coppola ultimately directed the film, has consistently claimed to have thought of the Rebel Alliance as similar to North Vietnamese fighters resisting United States forces.

    When it came time for the prequel trilogy in the 2000s, Lucas told a story of democracy willingly falling to dictatorship (beginning with a trade war, something not lost on contemporary observers). In 2005, Lucas even had Darth Vader paraphrase George W. Bush.

    It has also shaped politics. Scholars and critics like Andrew Britton and Robin Wood argued Star Wars was so escapist and disconnected from politics here on earth that it set the scene for Ronald Reagan’s good-versus-evil rhetoric.

    A galaxy not so far away

    It is precisely Star Wars’ apolitical image that gives it so much political utility. A series with such strong heroes and villains inevitably invites comparison.

    Almost immediately after its release in 1977, Star Wars became a pop culture language for understanding politics.

    When Maggie Thatcher won government in the United Kingdom on May 4 1979, the Conservative Party took out an advertisement in the London Evening News congratulating her with the words “May the Fourth Be With You”.

    When Ronald Reagan proposed a “Strategic Defense Initiative” missile system in 1983, critics immediately and famously labelled it “Star Wars” (something Lucas tried unsuccessfully to stop). Reagan himself eventually joined in, too, claiming in a speech in 1985 that “the Force is with us”.

    It is easy to find examples of politicians of all stripes being likened to Star Wars villains like Darth Vader (most enduring was Dick Cheney who claimed to not mind the comparison).

    Composer John Williams’ Imperial March has even been played at protests as a way to antagonise opponents.

    The enduring currency of the political language of Star Wars is in part due to its generalities. In any political conflict it helps to have a way to describe an archetypal evil puppet master (the Emperor), his henchman (Darth Vader), and the soulful heroes putting their lives on the line (the Jedi).

    The real trick to Star Wars’ ongoing relevance, however, lies in its very real inspirations. Whether it is George W. Bush, the Viet Cong, or the Bolsheviks, Star Wars has time and again turned the specifics of political history into mythology.

    At a time where many see global politics as having set the stage for the Empire to Strike Back, the final season of Andor may give many a language to articulate A New Hope.

    Dan Golding 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. Since its very conception, Star Wars has been political. Now Andor will take on Trump 2.0 – https://theconversation.com/since-its-very-conception-star-wars-has-been-political-now-andor-will-take-on-trump-2-0-254208

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Parents delay sending kids to school for social reasons and physical size. It’s not about academic advantage

    Source: The Conversation (Au and NZ) – By Penny Van Bergen, Associate Professor in the Psychology of Education, Macquarie University

    If you have a child born at the start of the year, you may be faced with a tricky and stressful decision. Do you send them to school “early”, in the year they turn five? Or do you “hold them back” and send them in the year they turn six?

    Media reports refer to parents who want to “hold children back”. This is particularly the case for boys. Some parents express concerns boys may develop more slowly and school activities may favour girls.

    Our new study surveyed Australian parents to understand their reasons for sending children to school early or on time or holding them back.

    School entry in Australia

    State regulations for the age of starting school vary across Australia, and between public, Catholic and independent schools.

    Typically, however, children born in the first part of the year can be sent to school in either the year they turn five or the year they turn six. This can lead to big age caps in a school year level.

    Public school cutoff dates are April 30 in Victoria, May 1 in South Australia, June 30 in Queensland and July 31 in New South Wales.

    A 2019 study of more than 160,000 NSW students showed overall, 26% of children were held back, although there was variation between different regions. This is much higher than in many other countries. For example, delayed entry is as low as 5.5% in the United States and 6% in Germany.



    Read more:
    A push to raise the school starting age to 6 sounds like good news for parents, but there’s a catch

    Our research

    In our research published in Early Education and Development, we surveyed 226 Australian parents who had a choice about whether to send their child to school in the year they turned five or six. Parents were from a mix of states and recruited via social media and a variety of other media, including parenting magazines.

    We found 29% of parents intended to send their child to school in the first year they were eligible and 66% planned to start later. About 5% were unsure. Consistent with trends in other countries, parents were almost four times as likely to report they intended to start boys later than girls.

    There were five key factors guiding their decisions.

    1. Money and work

    One group of factors, which we labelled “practical realities”, meant parents were more likely to send a child on time or early.

    This included high early childhood education costs (it is much cheaper to send a child to a government school than pay for daycare) and parents’ work demands (and the benefits of regular school hours). As one parent said:

    School is a cheaper option for many parents and community preschool (which is cheaper, depending on the number of days) is not a practical option for many working families.

    2. A child’s size

    Parents also considered their child’s physical size relative to their peers. Other studies suggest parents worry smaller boys will be bullied and will struggle to demonstrate sporting prowess.

    Reflecting on this trend, one parent said:

    I would prefer that my child wasn’t starting school with children well over a year older just because other parents think boys need a bit more time to mature. They are then significantly older and bigger by then.

    3. Social readiness

    Another group of factors involved children’s social, emotional and behavioral readiness for school. This includes their ability to pay attention and sit still, follow instructions, regulate and manage emotions and show empathy and consideration for others.

    One parent sending their child to school in the year they turn five said:

    Our child will be fine […] He is able, social and confident and hopefully this will mean he will have a positive school experience irrespective of what year he starts.

    Another who chose to hold their child back suggested:

    I want my child to be introduced to formal schooling as late as possible to ensure his brain development and emotional regulation are mature enough to handle the transition.

    4. Family time

    Another set of reasons influencing parents’ decisions was a desire to spend time together with their child before formal schooling. As one parent said:

    I always hear that no one ever regrets sending their child a bit later but they often regret sending early. I can afford for her to have an extra year of preschool and time at home and that is a luxury I acknowledge not everyone has.

    5. Milestones

    Parents also looked to the future and considered their child’s age relative to peers. This included when they would be starting high school or completing teenage milestones, such as driving, drinking, managing friendships and finishing school. This might explain why rates of holding children back vary by region. As one parent told us:

    The people around me having a choice (and holding their children back) ended up influencing my choice. She [my daughter] could have started school but would have been in a peer group that had been held back.

    What about academic concerns?

    Interestingly, parents did not typically express academic concerns or motivations (such as a desire to see their child move ahead of others academically) as a factor in their decision. Indeed, as one parent said:

    I have very strong beliefs about what school readiness means and for me it is much more than just being academically ready.

    Although there is evidence older children have a developmental advantage over younger children when entering school, academic benefits dissipate over time. For example, older children do better on Year 3 and 5 NAPLAN numeracy and literacy tests, but benefits fade or disappear by Year 9.

    What does this mean?

    Our research suggests the reasons why parents start a child early or hold them back are complex – and very much based on the needs of individual families and children.

    Taken together they suggest teachers not only need to accommodate a wide range of ages starting school but a sizeable portion of families who will have “delayed” school for a variety of personal reasons.

    Penny Van Bergen receives funding from the ARC, Google and the Marsden Fund.

    Naomi Sweller receives funding from the ARC.

    Rebecca Andrews receives funding from NSW Department of Education and the Australian Children’s Early Childhood Quality Authority.

    Anne McMaugh and Kay Bussey 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. Parents delay sending kids to school for social reasons and physical size. It’s not about academic advantage – https://theconversation.com/parents-delay-sending-kids-to-school-for-social-reasons-and-physical-size-its-not-about-academic-advantage-254076

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Rates will never be enough – councils need the power to raise money in other ways

    Source: The Conversation (Au and NZ) – By Guy C. Charlton, Adjunct Associate Professor at Auckland University of Technology and Associate Professor, University of New England

    Getty Images

    You might have recently received voting papers for your local body elections. Going by our historically low participation rates, many of those envelopes will remain unopened.

    This is a shame, because New Zealand’s local authorities face major financial challenges that affect nearly everyone. Only by increasing democratic engagement and giving ratepayers more reason to vote will real change happen.

    Local Government New Zealand recently estimated an extra NZ$11 billion is needed over the next seven years to meet unexpected cost increases. The credit rating agency S&P Global has downgraded 18 councils and three council-controlled organisations, and given negative outlooks to three more councils.

    The auditor-general reported in February that inflation has driven up the costs of construction, insurance and debt servicing. This is putting pressure on operational expenses and capital improvements at the same time as demand for council services is increasing.

    The central government problem

    Central government supports councils primarily through grants, subsidies, shared revenue (such as from road taxes) and development contributions. But its main response to the financial stress now being felt has been to urge local governments to focus on “core tasks”, not “pet” and “vanity” projects.

    To that end, the government has introduced annual council benchmark reports that will compare rates, debt levels, capital spending breakdowns and road conditions. It is also amending in the Local Government Act to remove references to the social, economic, environmental and cultural wellbeing of communities.

    It also wants to encourage inter-council cooperation with its Regional Deals Strategic Framework and streamline resource management requirements that it believes hinder economic development.

    It is unlikely these measures will be enough. Government contributions to councils have averaged around 10% of local government operating income since 2000, not enough to meet increasing legal and infrastructure costs.

    Other OECD countries transfer significantly higher proportions of central taxes to local governments. In New Zealand, this might include central government reimbursing taxes and other revenues it captures due to local government activity (such the GST on rates).

    The government could also pick up local costs that have national benefits, such as water and wastewater capacity at prime international tourism destinations. But more fundamental reform is needed.

    Councils’ operational budgets are static while demand for their services are increasing.
    Getty Images

    Rates aren’t enough

    At the moment, councils generate about 80% of their income from general and targeted rates, with the rest coming from things such as parking fines, amenities fees and investment interest.

    This heavy reliance of rates is clearly inadequate to pay for local operational and infrastructure costs. This is despite recent court decisions giving councils more leeway to set, raise and target rates.

    But to really make a difference, councils must also be given the legal authority to raise additional revenue themselves. This could include excise taxes on petrol and visitor accommodation, sales taxes and stamp duties.

    As the recently repealed Auckland regional fuel tax demonstrated, excise taxes can be an effective way to raise funds for specific activities. The roughly $780 million it raised helped pay for the Eastern Busway ($272 million) and new commuter train cars ($330 million).

    Room or lodging levies on overnight stays in hotels, motels, campgrounds, Airbnb and other short-term visitor rentals can help mitigate the impacts of tourism on local infrastructure and services.

    In the Queenstown Lakes district, for example, a 5% levy on the estimated $413 million spent on accommodation in 2023 would generate $210 million over ten years, about 30% of the $756 million cost attributed to tourism.

    Councils could also add a small extra levy on GST in their regions, a common practice in many large American cities and counties. Or they could apply a stamp duty on things like real estate transactions as Australia does.

    Stamp duties might be a political non-starter in New Zealand. But what are known as “tax incremental districts” could be an effective way of offsetting the infrastructure and public facilities costs of new developments or economic revitalisation projects.

    These schemes work by applying incremental increases in rates during the private development of an area. Done properly, they can be useful in brownfield redevelopment sites, as well as speeding up housing developments on city fringes.

    Reinvigorating local democracy

    New taxes are rarely popular, and selling the idea of local governments levying other sources of revenue to already stretched ratepayers will be difficult. But infrastructure and other costs cannot simply be ignored and passed down to future generations.

    On top of more funding from central government, local authorities need the flexibility to creatively address their financial and infrastructure needs. The decision on whether and how they do this ultimately resides with ratepayers and electors.

    Having more authority would also create more accountability in local government, reinvigorate local democracy and encourage overall policy innovation.

    Without greater funding authority and fewer constraints on their activities, elected community representatives risk becoming mere administrators of central government policy rather than truly reflecting and shaping their electorates.

    The author thanks Avi Charlton Diesch, a post-graduate student in finance at the University of Hong Kong, for his help with the preparation of this article.

    Guy C. Charlton 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. Rates will never be enough – councils need the power to raise money in other ways – https://theconversation.com/rates-will-never-be-enough-councils-need-the-power-to-raise-money-in-other-ways-252718

    MIL OSI Analysis – EveningReport.nz –