MIL-OSI United Kingdom: Patients get care closer to home as GP scheme expanded

Source: United Kingdom – Government Statements

Press release

Patients get care closer to home as GP scheme expanded

Government confirms expansion of Advice and Guidance scheme, with more patients now receiving their care closer to home

More patients to get care in the community thanks to roll out of expanded scheme to keep patients off waiting lists
£80m available to support GPs in getting patients care in the right place, rather than being sent to hospitals
Expanded scheme marks latest step to deliver government’s Plan for Change to cut waiting lists after data shows 3 million extra appointments created since July

Tens of thousands of patients are receiving care closer to home, so they don’t have to be added to lengthy NHS waiting lists, as the government confirms the expansion of a GP scheme to shift care from hospital to community.

The scheme named “Advice and Guidance” sees GPs working more closely with hospital specialists to access expert advice quickly and speed their patients through the system, so they get care in the right place as soon as possible.

That means patients are being directed to more appropriate care – such as being prescribed medication, accessing blood tests or scans via their GP, or receiving care in a local women’s health hub or community physio service, rather than being put on long NHS waiting lists.

And new data shows that, between July and December 2024, around 660,000 treatments were diverted from hospitals and into the community thanks to the scheme – a 60,000 increase on the same period the previous year.

The government has pledged to expand the use of the system, with an ambition to increase diversions from the elective waiting list to up to 2 million by the end of 2025/26 – meaning that more patients will benefit from faster and more convenient care. The NHS is now rolling out payments to GPs across the country, replacing the previous approach which led to patchy provision and meant a postcode lottery for patients.

As a result of tough but necessary decisions made at the Budget, the government has been able to put £26 billion of investment into the NHS, which is funding the £80 million expansion of this efficient and effective “Advice and Guidance” service – alongside driving forward work to cut waiting lists and improve care for patients through the Plan for Change.

Thanks to the scheme, patients suffering from something as common as irritable bowel syndrome – which is estimated to affect up to 1 in 5 people – can avoid being added to already long waiting lists, which stand at almost 400,000 for digestive conditions. Instead, after an initial consultation with their family doctor, the GP can seek expert advice and refer the patient directly to dieticians to provide quicker care, closer to home – all without the patient having to set foot inside a hospital.

Health Minister Karin Smyth said:

By caring for patients closer to home, we save time and stop masses of people having to head to hospital for unnecessary appointments in the first place.

We are rewiring the NHS so that we are doing things differently, more efficiently and delivering better outcomes for patients. This scheme is a perfect example of how we are saving patients time and reducing pressure on key NHS services in the process.

It will take time to reverse the damaging neglect the NHS has suffered in recent years, but our Plan for Change is starting to deliver benefits for patients, with waiting lists cut by 219,000 since July, and 1,500 new GPs in post.

Dr Amanda Doyle, NHS national director for primary care and community services, said:

GPs have been working closely with specialist hospital teams to make sure patients get the right care and treatment.

Expanding this service with this new funding will help even more patients access the right support, closer to their home while reducing unnecessary waits for hospital care.

“Advice and Guidance” opens a channel between GPs and hospital specialists before patients are referred onto waiting lists for hospital care. It enables patients to get the right tests and treatment via their GP or local services within their community.

From April, GP practices can now claim for every request raised via the scheme in recognition of their vital role in helping to deliver the shift from hospital to community. The expansion of the scheme aims to standardise its use across the country and ensure it is being deployed consistently to get patients treated in the right place.

Many patients suffering from certain conditions, can and should be safely and effectively managed in an out-of-hospital setting. This means people can take more power over decision making, which can help to improve overall wellbeing and potentially even reduce healthcare costs.

Other examples of patients who stand to benefit from the expansion include:

Women seeking gynaecological care, including treatment for menopause symptoms where GPs may need specialist advice on which types of hormone replacement therapy (HRT) to prescribe. Providing this treatment in the community saves patients being added to the waiting list for gynaecological care, which stands at more than 580,000.
Patients with ear, nose and throat (ENT) issues – 30 per cent of referrals to secondary care currently include many conditions which can and should be managed in an out-of-hospital setting, including tinnitus, ear wax removal, and simple ear infections. As of February 2025, the waiting list for ENT services is 634,000.

Professor Sir Sam Everington OBE, GP in Tower Hamlets since 1989, said:

Advice and guidance enables patients and GPs to get advice direct from a specialist, typically within a week for routine cases. This means that patients get their health problems sorted rapidly, preventing health deterioration and avoiding long waits to be seen. In my experience, over two-thirds of patients with kidney disease can be managed in this way with advice from a consultant and treatment by the GP, removing the enormous stress and uncertainty of waiting a long time.

Ruth Rankine, director of primary care at the NHS Confederation, said:

Advice and Guidance, if implemented effectively, can support improved patient care, streamlined referrals processes, and efficient use of resources. It can give the patient and their GP more control over their treatment options and support care closer to home.

For many conditions, we know that hospital treatment isn’t the best option so this measure will support a greater drive to provision of out of hospital services in line with the government’s priorities, and deliver more investment in primary and community services to provide more cost-effective support to patients.

Sharon Brennan, Director of Policy and External Affairs, National Voices, said:

If genuine shared decision-making sits at the centre of the advice and guidance service it has the potential to ensure, where appropriate, patients receive the most suitable care closer to home without having to anxiously sit on consultant waiting lists. To make sure patient develop trust in this new service, we must see real choice offered to patients about what best treatment routes are, and strong communication about what the service is and what it means in practical terms for patient care.

The government has set out its plan to reform and rebuild the NHS, with the ambition that 92% of patients will be waiting less than 18 weeks by the end of this Parliament.

The Plan for Change is already delivering tangible impacts for patients – with industrial action ended, NHS waiting lists falling, and over 3 million additional appointments delivered since July 2024.

We have also begun fixing the front door of the NHS, hiring an extra 1,500 GPs since October and changing the GP contract to help bring an end to the 8am scramble for appointments.

Published 17 April 2025

MIL OSI United Kingdom –

April 17, 2025

MIL-OSI USA: SBA Offers Relief to Louisiana Businesses, Nonprofits and Residents Affected by March Storms

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to Louisiana businesses, nonprofits and residents who sustained physical damages and economic losses from severe storms and flooding which occurred March 29–April 2. The SBA issued a disaster declaration in response to a request received from Gov. Jeff Landry on April 15.

The disaster declaration covers the Louisiana parishes of Acadia, Evangeline, Jefferson Davis, Lafayette, St. Landry and Vermilion.

Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

“When disasters strike, SBA’s Disaster Loan Outreach Centers play a vital role in helping small businesses and their communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “At these centers, SBA specialists assist business owners and residents with disaster loan applications and provide information on the full range of recovery programs available.”

SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit (PNP)organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

EIDLs are for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

Beginning Thursday, April 17, SBA customer service representatives will be on hand at the Disaster Loan Outreach Center (DLOC) in Acadia Parish to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application.

At the DLOC, individuals can connect directly with SBA specialists to apply for disaster loans and learn about the full range of programs available to rebuild and move forward in their recovery journey. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov.

The DLOC’s hours of operations are listed below.

ACADIA PARISH
Disaster Loan Outreach Center
City of Rayne – The Green Room
318 Gossen Memorial Dr.
Rayne, LA 70578

Opens at 12 p.m. Thursday, April 17

Mondays – Fridays, 9 a.m. – 6 p.m.

Interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.75% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The deadline to return physical damage applications is June 16. The deadline to return economic injury applications is Jan. 16, 2026.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –

April 17, 2025

MIL-OSI: Great Southern Bancorp, Inc. Reports Preliminary First Quarter Earnings of $1.47 Per Diluted Common Share

Source: GlobeNewswire (MIL-OSI)

SPRINGFIELD, Mo., April 16, 2025 (GLOBE NEWSWIRE) — Great Southern Bancorp, Inc. (NASDAQ:GSBC), the holding company for Great Southern Bank, today reported that preliminary earnings for the three months ended March 31, 2025, were $1.47 per diluted common share ($17.2 million net income) compared to $1.13 per diluted common share ($13.4 million net income) for the three months ended March 31, 2024.

For the quarter ended March 31, 2025, annualized return on average common equity was 11.30%, annualized return on average assets was 1.15%, and annualized net interest margin was 3.57%, compared to 9.36%, 0.93% and 3.32%, respectively, for the quarter ended March 31, 2024.

First Quarter 2025 Key Results:

Net Interest Income: Net interest income for the first quarter of 2025 increased $4.5 million (or approximately 10.1%) to $49.3 million compared to $44.8 million for the first quarter of 2024, largely driven by higher interest income on loans and lower interest expense on deposit accounts. Annualized net interest margin was 3.57% for the quarter ended March 31, 2025, compared to 3.32% for the quarter ended March 31, 2024, and 3.49% for the quarter ended December 31, 2024. During the quarter ended March 31, 2025, the Company recorded additional interest income of $744,000 related to recoveries on cash-basis loans and other assets, positively affecting net interest income and net interest margin.
Asset Quality: Non-performing assets and potential problem loans totaled $17.0 million at March 31, 2025, an increase of $342,000 from $16.6 million at December 31, 2024. At March 31, 2025, non-performing assets were $9.5 million (0.16% of total assets), a decrease of $48,000 from $9.6 million (0.16% of total assets) at December 31, 2024.
Liquidity: The Company had secured borrowing line availability at the FHLBank and Federal Reserve Bank of $1.17 billion and $370.5 million, respectively, at March 31, 2025. In addition, at March 31, 2025, the Company had unpledged securities with a market value totaling $337.4 million, which could be pledged as collateral for additional borrowing capacity at either the FHLBank or Federal Reserve Bank.
Capital: The Company’s capital position remained strong as of March 31, 2025, significantly exceeding the thresholds established by regulators. On a preliminary basis, as of March 31, 2025, the Company’s Tier 1 Leverage Ratio was 11.3%, Common Equity Tier 1 Capital Ratio was 12.4%, Tier 1 Capital Ratio was 12.9%, and Total Capital Ratio was 15.6%. The Company’s tangible common equity to tangible assets ratio was 10.1% at March 31, 2025.
Significant Item: In the quarter ended March 31, 2025, the Company received an annual marketing and card expense reimbursement for qualifying expenditures from its debit card brand provider of $433,000, which offset marketing and advertising costs that included this branding.
Stock Purchase Authorization: In April 2025, the Company’s Board of Directors approved a new stock repurchase program of up to one million additional shares of the Company’s common stock, which will succeed the existing repurchase program (authorized in November 2022) following the repurchase of the existing program’s remaining available shares, which were approximately 270,000 shares at March 31, 2025.

Selected Financial Data:

	Three Months Ended
		March 31,			March 31,		December 31,
		2025			2024		2024
		(Dollars in thousands, except per share data)

Net interest income	$	49,334		$	44,816	$	49,534
Provision (credit) for credit losses on loans and unfunded commitments		(348	)		630		1,556
Non-interest income		6,590			6,806		6,934
Non-interest expense		34,822			34,422		36,947
Provision for income taxes		4,290			3,163		3,043

Net income	$	17,160		$	13,407	$	14,922

Earnings per diluted common share	$	1.47		$	1.13	$	1.27

Joseph W. Turner, President and CEO of Great Southern, commented, “Our first-quarter 2025 results reflect the strength of our underlying strategy and our ability to adapt with discipline amid ongoing economic and financial sector challenges. Our core banking fundamentals remain sound, with quarterly profitability strengthened by higher interest income, disciplined expense management, and favorable contributions from interest income recoveries and an expense reimbursement. We reported net income of $17.2 million, or $1.47 per diluted common share, for the first quarter of 2025, compared to $13.4 million, or $1.13 per diluted common share, in the same period last year. The increase in net income compared to the prior year quarter was primarily driven by strong growth in net interest income, which rose $4.5 million, or 10.1%, supported by increases in both loan yields and average loan balances. Additionally, a negative provision for losses on unfunded commitments of $348,000 in the first quarter of 2025, compared to a combined provision of $630,000 in the prior year quarter, contributed significantly to the improvement in profitability.”

He noted, “Despite external economic pressures, our core operations remained strong. Total interest income for the first quarter of 2025 was $80.2 million, reflecting higher earning asset levels and loan yields. Net interest income for the quarter remained healthy at $49.3 million, supported by disciplined asset-liability management and a deliberate strategy to control funding costs through management of our funding mix and duration amid persistent deposit competition. Importantly, we saw no material deterioration in our core non-time deposit balances, reflecting customer stability and the durability of our franchise.”

Turner added, “Our balance sheet remains well positioned, with total assets of approximately $5.99 billion at March 31, 2025, and a loan portfolio that has been carefully managed in terms of both growth and risk composition. We continue to emphasize prudent lending practices, focusing on relationship-based lending and credit quality rather than volume. Our allowance for credit losses stood at $64.7 million at March 31, 2025, representing 1.36% of total loans. Our non-performing assets remained at minimal levels consistent with previous quarters, underscoring the strength of our underwriting standards and ongoing credit monitoring.”

He further noted, “On the expense side, we continued to demonstrate operating discipline. Noninterest expense totaled $34.8 million for the first quarter of 2025, flat from the prior-year first quarter despite inflationary pressures, with reductions in legal and professional fees offsetting modest increases in salaries, occupancy, and technology investments. Noninterest income totaled $6.6 million for the first quarter of 2025, which was generally consistent with the prior-year first quarter.”

Turner continued, “As we look ahead, our priorities remain unchanged. We will continue to manage costs tightly, safeguard credit quality, and strive to optimize our funding mix to ensure long-term financial stability. At March 31, 2025, our capital and liquidity positions were solid, with a tangible common equity ratio of 10.1% and approximately $2 billion of secured available lines and on-balance sheet liquid assets, providing us with ample flexibility to support customers, pursue strategic growth opportunities, and continue returning value to shareholders through dividends and share repurchases. In the first quarter of 2025 we repurchased nearly 175,000 shares of our common stock.”

“Great Southern’s Q1 2025 results underscore the consistency of our business model and our track record of delivering sustainable returns, supported by strong core fundamentals and disciplined execution. We remain focused on long-term value creation and are confident in our ability to navigate the current environment while continuing to serve our customers, communities, and shareholders,” Turner concluded.

NET INTEREST INCOME

	Three Months Ended
		March 31,		March 31,	December 31,

		2025		2024		2024
		(Dollars in thousands)
Interest Income	$	80,243	$	77,390	$	82,585
Interest Expense		30,909		32,574		33,051
Net Interest Income	$	49,334	$	44,816	$	49,534

Net interest margin		3.57%		3.32%		3.49%
Average interest-earning assets to average interest-bearing liabilities		125.5%		127.4%		127.0%

Net interest income for the first quarter of 2025 increased $4.5 million to $49.3 million, compared to $44.8 million for the first quarter of 2024. This increase in net interest income was driven primarily by higher loan interest income and improved overall yields, as well as the strategic management of maturing/repricing brokered deposits and interest-bearing demand deposits. Net interest margin was 3.57% in the first quarter of 2025, compared to 3.32% in the same period of 2024 and 3.49% in the fourth quarter of 2024. The additional interest income items outlined above, under “First Quarter 2025 Key Results – Net Interest Income,” contributed 5 basis points to net interest margin in the first quarter of 2025. Compared to the 2024 first quarter, the average yield on loans increased 10 basis points, the average yield on investment securities increased 33 basis points and the average yield on other interest earning assets decreased 99 basis points. The average rate paid on interest-bearing demand and savings deposits, time deposits and brokered deposits decreased 29 basis points, 40 basis points and 67 basis points, respectively, in the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The average interest rate spread was 3.00% for the three months ended March 31, 2025, compared to 2.66% for the three months ended March 31, 2024, and 2.87% for the three months ended December 31, 2024.

The average rates paid on deposits and borrowings decreased compared to the prior-year first quarter as market interest rates, primarily the federal funds rate and SOFR rates, declined in the fourth quarter of 2024. Yields on the Company’s portfolio of investment securities increased compared to the prior-year first quarter due to higher-yielding securities purchased in the second quarter of 2024. While market interest rates decreased compared to the first quarter of 2024, the average yield on loans increased slightly as cash flows from lower-rate fixed rate loans were redeployed into loans with comparably higher rates of interest.

To mitigate exposure to the risk of fluctuations in future cash flows resulting from changes in interest rates (primarily related to falling interest rates), the Company has, from time to time, strategically utilized derivative financial instruments, primarily interest rate swaps, as part of its interest rate risk management strategy.

The following table presents the effect of cash flow hedge accounting included in interest income in the consolidated statements of income:

	Three Months Ended
		March 31,			March 31,			December 31,
		2025			2024			2024
		(In thousands)
Terminated interest rate swaps	$	2,003		$	2,025		$	2,047
Active interest rate swaps		(1,742	)		(4,653	)		(2,116	)
Increase (decrease) to interest income	$	261		$	(2,628	)	$	(69	)

The Company entered into an interest rate swap in October 2018, which was terminated in March 2020. Upon termination, the Company received $45.9 million, inclusive of accrued but unpaid interest, from its swap counterparty. The net amount, after deducting accrued interest and deferred income taxes, is being accreted to interest income on loans monthly until the original termination date of October 6, 2025. After this date, the Company will no longer have the benefit of that income from the terminated swap. In 2025, the Company anticipates recording approximately $2.0 million in interest income from the terminated swap in each of the first three quarters, after which no further interest income will be realized.

The Company’s net interest income in the first quarter of 2025 increased 10.1% compared to net interest income in the first quarter of 2024. The cost of deposits has been negatively impacted over several quarters by the high level of competition for deposits across the industry and the lingering effects of liquidity events at several banks in March and April 2023. After the second quarter of 2023, the Company had a significant amount of time deposits maturing at relatively low interest rates. These deposits were either renewed at higher rates or withdrawn, requiring the Company to replace the withdrawn deposits with other funding sources at the prevailing higher market rates. Market rates for time deposits for much of 2024 remained elevated, but have recently declined as the FOMC cut the federal funds rate by 100 basis points in late 2024 and signaled that further rate cuts may occur in 2025. As of March 31, 2025, time deposit maturities over the next 12 months were as follows: within three months — $669 million, with a weighted-average rate of 4.10%; within three to six months — $495 million, with a weighted-average rate of 3.74%; and within six to twelve months — $133 million, with a weighted-average rate of 3.23%. Based on time deposit market rates in March 2025, replacement rates for these maturing time deposits are likely to be approximately 3.50-4.00%.

NON-INTEREST INCOME

For the quarter ended March 31, 2025, non-interest income decreased $216,000 to $6.6 million when compared to the quarter ended March 31, 2024. None of the components of non-interest income experienced increases or decreases exceeding $200,000 in comparing the two periods.

NON-INTEREST EXPENSE

For the quarter ended March 31, 2025, non-interest expense increased $400,000 to $34.8 million when compared to the quarter ended March 31, 2024, primarily as a result of the following items:

Net occupancy and equipment expenses: Net occupancy and equipment expenses increased $694,000, or 8.9%, from the prior-year quarter. Various components of computer license and support expenses related to upgrades of core systems capabilities collectively increased by $322,000 in the first quarter of 2025 compared to the first quarter of 2024. Parking lot maintenance expenses, primarily related to above normal snow removal activity, collectively increased by $232,000 in the first quarter of 2025 compared to the first quarter of 2024.
Salaries and employee benefits: Salaries and employee benefits increased $473,000, or 2.4%, from the prior-year quarter. Much of this increase related to normal annual merit increases in various lending and operations areas.
Legal, audit and other professional fees: Legal, audit and other professional fees decreased $687,000 from the prior-year quarter, to $1.0 million. In the quarter ended March 31, 2024, the Company expensed a total of $929,000 related to training and implementation costs for the intended core systems conversion and professional fees to consultants engaged to support the Company’s proposed transition of core and ancillary software and information technology systems, with no such costs expensed in the quarter ended March 31, 2025.

The Company’s efficiency ratio for the quarter ended March 31, 2025, was 62.27% compared to 66.68% for the same quarter in 2024. The Company’s ratio of non-interest expense to average assets was 2.34% for the three months ended March 31, 2025, compared to 2.39% for the three months ended March 31, 2024. Average assets for the three months ended March 31, 2025, increased $200.2 million, or 3.5%, compared to the three months ended March 31, 2024, primarily due to growth in average balances of net loans receivable and investment securities.

INCOME TAXES

For the three months ended March 31, 2025 and 2024, the Company’s effective tax rate was 20.0% and 19.1%, respectively. These effective rates were below the statutory federal tax rate of 21%, due primarily to the utilization of certain investment tax credits and the Company’s tax-exempt investments and tax-exempt loans, which reduced the Company’s effective tax rate. The Company’s effective tax rate may fluctuate in future periods as it is impacted by the level and timing of the Company’s utilization of tax credits, the level of tax-exempt investments and loans, the amount of taxable income in various state jurisdictions and the overall level of pre-tax income. State tax expense estimates continually evolve as taxable income and apportionment between states are analyzed. The Company currently expects its effective tax rate (combined federal and state) will be approximately 18.0% to 20.0% in future periods.

CAPITAL

	March 31,		December 31,
	2025		2024
Consolidated Regulatory Capital Ratios	(Preliminary)
Tier 1 Leverage Ratio	11.3	%	11.4	%
Common Equity Tier 1 Capital Ratio	12.4	%	12.3	%
Tier 1 Capital Ratio	12.9	%	12.8	%
Total Capital Ratio	15.6	%	15.4	%
Tangible Common Equity Ratio	10.1	%	9.9	%

As of March 31, 2025, total stockholders’ equity was $613.3 million, representing 10.2% of total assets and a book value of $53.03 per common share. This compares to total stockholders’ equity of $599.6 million, or 10.0% of total assets, and a book value of $51.14 per common share at December 31, 2024. The $13.7 million increase in stockholders’ equity was primarily driven by $17.2 million in net income and a $1.2 million increase from stock option exercises, partially offset by $4.6 million in cash dividends declared on the Company’s common stock and $10.2 million in common stock repurchases.

Decreased unrealized losses on the Company’s available-for-sale investment securities and interest rate swaps, which totaled $44.1 million (net of taxes) at March 31, 2025, also increased stockholders’ equity by $10.2 million during the quarter. These net unrealized losses primarily resulted from increased intermediate-term market interest rates in prior periods, which generally decreased the fair value of the investment securities and interest rate swaps.

The Company had unrealized losses on its portfolio of held-to-maturity investment securities, which totaled $20.6 million and $24.7 million at March 31, 2025 and December 31, 2024, respectively, that were not included in its total capital balance. If held-to-maturity unrealized losses were included in capital (net of taxes) at March 31, 2025, they would have decreased total stockholder’s equity at that date by $15.6 million. This amount was equal to 2.5% of total stockholders’ equity of $613.3 million at March 31, 2025, compared to 3.1% of total stockholders’ equity at December 31, 2024.

In November 2022, the Company’s Board of Directors authorized the purchase of an additional one million shares of the Company’s common stock. As of March 31, 2025, approximately 270,000 shares remained available in this stock repurchase authorization.

In April 2025, the Company’s Board of Directors approved a new stock repurchase program, which will succeed the existing repurchase program (authorized in November 2022) following the repurchase of the existing program’s remaining available shares. The new stock repurchase program authorizes the purchase, from time to time, of up to one million additional shares of the Company’s common stock.

During the three months ended March 31, 2025, the Company repurchased 173,344 shares of its common stock at an average price of $58.38, and the Company’s Board of Directors declared a regular quarterly cash dividend of $0.40 per common share, which, combined, reduced stockholders’ equity by $14.8 million.

LIQUIDITY AND DEPOSITS

Liquidity is a measure of the Company’s ability to generate sufficient cash to meet present and future financial obligations in a timely manner. The Company’s primary sources of funds are customer deposits, FHLBank advances, other borrowings, loan repayments, unpledged securities, proceeds from sales of loans and available-for-sale securities and funds provided from operations. The Company utilizes some or all of these sources of funds depending on the comparative costs and availability at the time. The Company has from time to time chosen not to pay rates on deposits as high as the rates paid by certain of its competitors and, when believed to be appropriate, supplements deposits with less expensive alternative sources of funds. Management believes that the Company maintains overall liquidity sufficient to satisfy its depositors’ requirements and meet its borrowers’ credit needs.

At March 31, 2025, the Company had the following available secured lines and on-balance sheet liquidity:

	March 31, 2025
Federal Home Loan Bank line	$1,172.6 million
Federal Reserve Bank line	370.5 million
Cash and cash equivalents	217.2 million
Unpledged securities – Available-for-sale	312.9 million
Unpledged securities – Held-to-maturity	24.5 million

During the three months ended March 31, 2025, the Company’s total deposits increased $152.5 million. Interest-bearing checking balances increased $33.5 million (1.5%), primarily in certain money market accounts, and non-interest-bearing checking balances increased $9.7 million (1.2%). Time deposits generated through the Company’s banking center and corporate services networks decreased $14.1 million (1.8%). Brokered deposits increased $123.3 million (16.0%) through a variety of sources.

At March 31, 2025, the Company had the following deposit balances:

	March 31, 2025
Interest-bearing checking	$2,248.3 million
Non-interest-bearing checking	852.7 million
Time deposits	761.7 million
Brokered deposits	895.4 million

At March 31, 2025, the Company estimated that its uninsured deposits, excluding deposit accounts of the Company’s consolidated subsidiaries, were approximately $683.9 million (14% of total deposits).

LOANS

Total net loans, excluding mortgage loans held for sale, were generally flat at $4.69 billion at March 31, 2025 compared to December 31, 2024. Increases in other residential (multi-family) loans of $43.2 million and construction loans of $29.1 million were offset by decreases in commercial real estate loans and one- to four-family residential loans of $54.4 million and $10.3 million, respectively.

The pipeline of unfunded loan commitments decreased in the first quarter of 2025, primarily due to a decline related to construction loans. The unfunded portion of construction loans remained significant, notwithstanding this decline.

For additional details about the Company’s loan portfolio, please refer to the quarterly loan portfolio presentation available on the Company’s Investor Relations website under “Presentations.”

Loan commitments and the unfunded portion of loans at the dates indicated were as follows (in thousands):

		March 31, 2025		December 31, 2024		December 31, 2023		December 31, 2022
Closed non-construction loans with unused available lines
Secured by real estate (one- to four-family)	$	211,119	$	205,599	$	203,964	$	199,182
Secured by real estate (not one- to four-family)		—		—		—		—
Not secured by real estate – commercial business		106,211		106,621		82,435		104,452

Closed construction loans with unused available lines
Secured by real estate (one-to four-family)		96,807		94,501		101,545		100,669
Secured by real estate (not one-to four-family)		657,828		703,947		719,039		1,444,450

Loan commitments not closed
Secured by real estate (one-to four-family)		19,264		14,373		12,347		16,819
Secured by real estate (not one-to four-family)		50,296		53,660		48,153		157,645
Not secured by real estate – commercial business		18,484		22,884		11,763		50,145

	$	1,160,009	$	1,201,585	$	1,179,246	$	2,073,362

PROVISION FOR CREDIT LOSSES AND ALLOWANCE FOR CREDIT LOSSES

During the quarter ended March 31, 2025, the Company did not record a provision expense on its portfolio of outstanding loans, compared to a provision expense of $500,000 in the same period in 2024. Total net charge-offs were $56,000 for the three months ended March 31, 2025, compared to net charge-offs of $83,000 during the same period in the prior year. Additionally, for the quarter ended March 31, 2025, the Company recorded a negative provision for losses on unfunded commitments of $348,000, compared to a provision expense of $130,000 for the same period in 2024.

The Bank’s allowance for credit losses as a percentage of total loans was 1.36% at March 31, 2025, consistent with 1.36% at December 31, 2024. Management considers the allowance for credit losses adequate to cover losses inherent in the Bank’s loan portfolio at March 31, 2025, based on recent reviews of the portfolio and current economic conditions. However, if challenging economic conditions persist or worsen, or if management’s assessment of the loan portfolio changes, additional provisions for credit losses may be required, which could adversely impact the Company’s future financial performance.

ASSET QUALITY

At March 31, 2025, non-performing assets were $9.5 million, a decrease of $48,000 from $9.6 million at December 31, 2024. Non-performing assets as a percentage of total assets were 0.16% at both March 31, 2025 and December 31, 2024.

Activity in the non-performing loans categories during the quarter ended March 31, 2025, was as follows:

		Beginning Balance, January 1		Additions to Non- Performing		Removed from Non- Performing		Transfers to Potential Problem Loans		Transfers to Foreclosed Assets and Repossessions			Charge- Offs			Payments			Ending Balance, March 31
		(In thousands)

One- to four-family construction	$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—
Subdivision construction		—		—		—		—		—			—			—			—
Land development		464		—		—		—		—			—			(96	)		368
Commercial construction		—		—		—		—		—			—			—			—
One- to four-family residential		2,631		473		—		—		—			—			(28	)		3,076
Other residential (multi-family)		—		—		—		—		—			—			—			—
Commercial real estate		77		—		—		—		(77	)		—			—			—
Commercial business		384		—		—		—		—			(135	)		(249	)		—
Consumer		17		24		—		—		—			—			(3	)		38
Total non-performing loans	$	3,573	$	497	$	—	$	—	$	(77	)	$	(135	)	$	(376	)	$	3,482

Compared to December 31, 2024, non-performing loans decreased $91,000.
The non-performing one- to four-family residential category consisted of nine loans at March 31, 2025, two of which were added during the current quarter.
The largest relationship in the one- to four-family residential category totaled $884,000 at March 31, 2025, was added to non-performing loans in 2024 and is collateralized by a single-family residential property in the Buffalo, N.Y. area.
The land development category consisted of one loan added in 2024. This loan is collateralized by improved commercial land in the Omaha, Neb. area.

Activity in the potential problem loans categories during the quarter ended March 31, 2025, was as follows:

		Beginning Balance, January 1		Additions to Potential Problem		Removed from Potential Problem			Transfers to Non- Performing		Transfers to Foreclosed Assets and Repossessions		Charge- Offs			Loan Advances (Payments)			Ending Balance, March 31
		(In thousands)

One- to four-family construction	$	—	$	—	$	—		$	—	$	—	$	—		$	—		$	—
Subdivision construction		—		—		—			—		—		—			—			—
Land development		—		—		—			—		—		—			—			—
Commercial construction		—		—		—			—		—		—			—			—
One- to four-family residential		1,202		1,099		(151	)		—		—		(9	)		(13	)		2,128
Other residential (multi-family)		—		—		—			—		—		—			—			—
Commercial real estate		4,331		—		—			—		—		—			(18	)		4,313
Commercial business		—		—		—			—		—		—			—			—
Consumer		1,529		138		(642	)		—		—		—			(14	)		1,011
Total potential problem loans	$	7,062	$	1,237	$	(793	)	$	—	$	—	$	(9	)	$	(45	)	$	7,452

Compared to December 31, 2024, potential problem loans increased $390,000.
At March 31, 2025, the commercial real estate category consisted of three loans, all of which are part of one relationship and were added in 2024.
The commercial real estate relationship is collateralized by three nursing care facilities located in southwest Missouri. The borrower’s business cash flow was negatively impacted by a reduction in labor participation and increased operating costs as well as ongoing changes to the Missouri Medicaid reimbursement rate. Monthly payments were timely made prior to the transfer to this category and have continued to be paid timely.
At March 31, 2025, the one- to four-family residential category consisted of 12 loans, one of which was added to potential problem loans during the current quarter and one of which was transferred from the consumer category (the loan was drawn on a home equity line of credit) during the current quarter.
The largest relationship in the one- to four-family category, mentioned above as the loan transferred from the consumer category, totaled $966,000 and is collateralized by a single-family residential property in the Orlando, Fla. area.
At March 31, 2025, the consumer category of potential problem loans consisted of 16 loans, six of which were added during the current quarter.
The largest loan in the consumer category is a home equity loan totaling $748,000 related to the nursing care facility relationship, noted above.

Activity in the foreclosed assets and repossessions categories during the quarter ended March 31, 2025 was as follows:

		Beginning Balance, January 1		Additions		ORE and Repossession Sales			Capitalized Costs		ORE and Repossession Write-Downs		Ending Balance, March 31
		(In thousands)

One-to four-family construction	$	—	$	—	$	—		$	—	$	—	$	—
Subdivision construction		—		—		—			—		—		—
Land development		—		—		—			—		—		—
Commercial construction		—		—		—			—		—		—
One- to four-family residential		—		—		—			—		—		—
Other residential (multi-family)		—		—		—			—		—		—
Commercial real estate		5,960		76		—			—		—		6,036
Commercial business		—		—		—			—		—		—
Consumer		33		2		(35	)		—		—		—
Total foreclosed assets and repossessions	$	5,993	$	78	$	(35	)	$	—	$	—	$	6,036

Compared to December 31, 2024, foreclosed assets increased $43,000.
The commercial real estate category consisted of two foreclosed properties, one of which, totaling $76,000, was added during the current quarter.
The largest asset in the commercial real estate category, totaling $6.0 million, consisted of an office building located in Clayton, Mo. This asset was foreclosed upon in the fourth quarter of 2024.

BUSINESS INITIATIVES

During the quarter ended March 31, 2025, no material changes occurred regarding the status of the litigation and the agreement in principle between Great Southern and its third-party vendor involving a previously proposed new core banking platform. No assurance can be given as to when or whether final agreements will be executed and a full settlement of the matter will be achieved.

Technology updates and advancements continue with the Company’s current core provider. Projects involving a full array of products and services are moving forward, with completions expected beginning in the third quarter of 2025 and continuing into 2026.

During the quarter ended March 31, 2025, the Company installed 10 ITM units in the St. Louis, Mo. market, replacing existing end-of-life ATM units. The ITMs, all located at banking center locations, offer customers live teller services, extended banking hours, and services beyond those traditionally available via an ATM.

In March 2025, the Company began construction of a new banking center at 723 N. Benton in Springfield, Mo., to replace the existing facility at that location. The new construction, designed as a next-generation banking center, will allow for flexibility in testing new designs, processes, technology and tools balanced with customer convenience. Construction is expected to be completed in the fourth quarter of 2025. During construction, customers are being served by a temporary facility on the property. The Company has 11 other banking centers and an Express Center in Springfield.

2025 Annual Meeting of Stockholders

The Company announced that its 2025 Annual Meeting of Stockholders will be held at 10 a.m. Central Time on May 7, 2025, and will be held in a virtual format. Stockholders will be able to attend the Annual Meeting via a live webcast. Holders of record of Great Southern Bancorp, Inc. common stock at the close of business on the record date, March 4, 2025, may vote during the live webcast of the Annual Meeting or by proxy. Please see the Company’s Notice of Annual Meeting and Proxy Statement available on the Company’s website,
www.GreatSouthernBank.com (click “About” then “Investor Relations”) for additional information about the virtual meeting.

Earnings Conference Call

The Company will host a conference call on Thursday, April 17, 2025, at 2:00 p.m. Central Time to discuss first quarter 2025 preliminary earnings. The call will be available live or in a recorded version at the Company’s Investor Relations website, http://investors.greatsouthernbank.com. Participants may register for the call at https://register-conf.media-server.com/register/BI2135774c93e14b34ad13657bf45a7dd2.

About Great Southern Bancorp, Inc.

Headquartered in Springfield, Missouri, Great Southern offers a broad range of banking services to customers. The Company operates 89 retail banking centers in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska and commercial lending offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, and Phoenix. The common stock of Great Southern Bancorp, Inc. is listed on the Nasdaq Global Select Market under the symbol “GSBC.”

www.GreatSouthernBank.com

Forward-Looking Statements

When used in this press release and in other documents filed or furnished by Great Southern Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “might,” “could,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “believe,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions, known trends and statements about future performance, operations, products and services of the Company. The Company’s ability to predict results or the actual effects of future plans or strategies is inherently uncertain, and the Company’s actual results could differ materially from those contained in the forward-looking statements.

Factors that could cause or contribute to such differences include, but are not limited to: (i) expected revenues, cost savings, earnings accretion, synergies and other benefits from the Company’s merger and acquisition activities might not be realized 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, might be greater than expected; (ii) changes in economic conditions, either nationally or in the Company’s market areas; (iii) the effects of any new or continuing public health issues on general economic and financial market conditions; (iv) fluctuations in interest rates, the effects of inflation or a potential recession, whether caused by Federal Reserve actions or otherwise; (v) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (vi) slower or negative economic growth caused by tariffs, changes in energy prices, supply chain disruptions or other factors; (vii) 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; (viii) the possibility of realized or unrealized losses on securities held in the Company’s investment portfolio; (ix) the Company’s ability to access cost-effective funding and maintain sufficient liquidity; (x) fluctuations in real estate values and both residential and commercial real estate market conditions; (xi) the ability to adapt successfully to technological changes to meet customers’ needs and developments in the marketplace; (xii) the possibility that security measures implemented might not be sufficient to mitigate the risk of a cyber-attack or cyber theft, and that such security measures might not protect against systems failures or interruptions; (xiii) legislative or regulatory changes that adversely affect the Company’s business; (xiv) changes in accounting policies and practices or accounting standards; (xv) results of examinations of the Company and Great Southern Bank by their regulators, including the possibility that the regulators may, among other things, require the Company to limit its business activities, change its business mix, increase its allowance for credit losses, write-down assets or increase its capital levels, or affect its ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; (xvi) costs and effects of litigation, including settlements and judgments; (xvii) competition; and (xviii) natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates. The Company wishes to advise readers that the factors listed above and other risks described in the Company’s most recent Annual Report on Form 10-K, including, without limitation, those described under “Item 1A. Risk Factors,” subsequent Quarterly Reports on Form 10-Q and other documents filed or furnished from time to time by the Company with the SEC (which are available on our website at www.greatsouthernbank.com and the SEC’s website at www.sec.gov), could affect the Company’s financial performance and cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The Company does not undertake-and specifically declines any obligation- to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

The following tables set forth selected consolidated financial information of the Company at the dates and for the periods indicated. Financial data at all dates other than December 31, 2024, and for all periods is unaudited. In the opinion of management, all adjustments, which consist only of normal recurring accrual adjustments, necessary for a fair presentation of the results at and for such unaudited dates and periods have been included. The results of operations and other data for the three months ended March 31, 2025 and 2024, and the three months ended December 31, 2024, are not necessarily indicative of the results of operations which may be expected for any future period.


		March 31,		December 31,
		2025		2024
Selected Financial Condition Data:	(In thousands)

Total assets	$	5,993,842	$	5,981,628
Loans receivable, gross		4,761,378		4,761,848
Allowance for credit losses		64,704		64,760
Other real estate owned, net		6,036		5,993
Available-for-sale securities, at fair value		535,914		533,373
Held-to-maturity securities, at amortized cost		185,853		187,433
Deposits		4,758,046		4,605,549
Total borrowings		535,953		679,341
Total stockholders’ equity		613,293		599,568
Non-performing assets		9,518		9,566

		Three Months Ended					Three Months Ended
		March 31,					December 31,
		2025			2024		2024
		(In thousands)
Selected Operating Data:
Interest income	$	80,243		$	77,390	$	82,585
Interest expense		30,909			32,574		33,051
Net interest income		49,334			44,816		49,534
Provision (credit) for credit losses on loans and unfunded commitments		(348	)		630		1,556
Non-interest income		6,590			6,806		6,934
Non-interest expense		34,822			34,422		36,947
Provision for income taxes		4,290			3,163		3,043
Net income	$	17,160		$	13,407	$	14,922

	At or For the Three Months Ended				At or For the Three Months Ended
	March 31,				December 31,
	2025		2024		2024
	(Dollars in thousands, except per share data)
Per Common Share:
Net income (fully diluted)	$	1.47	$	1.13	$	1.27
Book value	$	53.03	$	48.31	$	51.14

Earnings Performance Ratios:
Annualized return on average assets		1.15%		0.93%		1.00%
Annualized return on average common stockholders’ equity		11.30%		9.36%		9.76%
Net interest margin		3.57%		3.32%		3.49%
Average interest rate spread		3.00%		2.66%		2.87%
Efficiency ratio		62.27%		66.68%		65.43%
Non-interest expense to average total assets		2.34%		2.39%		2.46%

Asset Quality Ratios:
Allowance for credit losses to period-end loans		1.36%		1.40%		1.36%
Non-performing assets to period-end assets		0.16%		0.37%		0.16%
Non-performing loans to period-end loans		0.07%		0.46%		0.07%
Annualized net charge-offs to average loans		0.00%		0.01%		0.01%


Great Southern Bancorp, Inc. and Subsidiaries Consolidated Statements of Financial Condition (In thousands, except number of shares)

		March 31, 2025			December 31, 2024

Assets
Cash	$	106,336		$	109,366
Interest-bearing deposits in other financial institutions		110,845			86,390
Cash and cash equivalents		217,181			195,756

Available-for-sale securities		535,914			533,373
Held-to-maturity securities		185,853			187,433
Mortgage loans held for sale		6,857			6,937
Loans receivable, net of allowance for credit losses of $64,704 – March 2025; $64,760 – December 2024		4,690,636			4,690,393
Interest receivable		21,504			20,430
Prepaid expenses and other assets		132,930			136,594
Other real estate owned and repossessions, net		6,036			5,993
Premises and equipment, net		132,165			132,466
Goodwill and other intangible assets		9,985			10,094
Federal Home Loan Bank stock and other interest-earning assets		25,813			28,392
Current and deferred income taxes		28,968			33,767

Total Assets	$	5,993,842		$	5,981,628

Liabilities and Stockholders’ Equity
Liabilities
Deposits	$	4,758,046		$	4,605,549
Securities sold under reverse repurchase agreements with customers		75,322			64,444
Short-term borrowings		359,907			514,247
Subordinated debentures issued to capital trust		25,774			25,774
Subordinated notes		74,950			74,876
Accrued interest payable		5,416			12,761
Advances from borrowers for taxes and insurance		7,451			5,272
Accounts payable and accrued expenses		65,528			70,634
Liability for unfunded commitments		8,155			8,503
Total Liabilities		5,380,549			5,382,060

Stockholders’ Equity
Capital stock
Preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding March 2025 and December 2024 -0- shares		—			—
Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding March 2025 – 11,565,211 shares; December 2024 – 11,723,548 shares		116			117
Additional paid-in capital		51,076			50,336
Retained earnings		606,239			603,477
Accumulated other comprehensive loss		(44,138	)		(54,362	)
Total Stockholders’ Equity		613,293			599,568

Total Liabilities and Stockholders’ Equity	$	5,993,842		$	5,981,628


Great Southern Bancorp, Inc. and Subsidiaries Consolidated Statements of Income (In thousands, except per share data)

		Three Months Ended						Three Months Ended
		March 31,						December 31,
		2025			2024			2024
Interest Income
Loans	$	73,071		$	71,076		$	75,380
Investment securities and other		7,172			6,314			7,205
		80,243			77,390			82,585
Interest Expense
Deposits		24,600			27,637			25,799
Securities sold under reverse repurchase agreements		371			333			295
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities		4,450			3,044			5,417
Subordinated debentures issued to capital trust		382			454			434
Subordinated notes		1,106			1,106			1,106
		30,909			32,574			33,051

Net Interest Income		49,334			44,816			49,534
Provision for Credit Losses on Loans		—			500			—
Provision (Credit) for Unfunded Commitments		(348	)		130			1,556
Net Interest Income After Provision for Credit Losses and Provision (Credit) for Unfunded Commitments		49,682			44,186			47,978

Noninterest Income
Commissions		262			381			217
Overdraft and Insufficient funds fees		1,215			1,289			1,314
POS and ATM fee income and service charges		3,234			3,183			3,348
Net gains on loan sales		601			677			899
Late charges and fees on loans		243			167			132
Loss on derivative interest rate products		(24	)		(13	)		(1	)
Other income		1,059			1,122			1,025
		6,590			6,806			6,934

Noninterest Expense
Salaries and employee benefits		20,129			19,656			19,509
Net occupancy and equipment expense		8,533			7,839			8,300
Postage		931			807			884
Insurance		1,165			1,144			1,163
Advertising		290			350			955
Office supplies and printing		266			267			273
Telephone		706			721			697
Legal, audit and other professional fees		1,038			1,725			1,001
Expense (income) on other real estate and repossessions		(70	)		61			(114	)
Acquired intangible asset amortization		108			108			108
Other operating expenses		1,726			1,744			4,171
		34,822			34,422			36,947

Income Before Income Taxes		21,450			16,570			17,965
Provision for Income Taxes		4,290			3,163			3,043

Net Income	$	17,160		$	13,407		$	14,922

Earnings Per Common Share
Basic	$	1.47		$	1.14		$	1.27
Diluted	$	1.47		$	1.13		$	1.27

Dividends Declared Per Common Share	$	0.40		$	0.40		$	0.40

Average Balances, Interest Rates and Yields

The following table presents, for the periods indicated, the total dollar amounts of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Average balances of loans receivable include the average balances of nonaccrual loans for each period. Interest income on loans includes interest received on nonaccrual loans on a cash basis. Interest income on loans also includes the amortization of net loan fees, which were deferred in accordance with accounting standards. Net fees included in interest income were $970,000 and $1.2 million for the three months ended March 31, 2025 and 2024, respectively. Tax-exempt income was not calculated on a tax equivalent basis. The table does not reflect any effect of income taxes.

	March 31, 2025			Three Months Ended March 31, 2025							Three Months Ended March 31, 2024
				Average				Yield/			Average				Yield/
	Yield/Rate			Balance			Interest	Rate			Balance			Interest	Rate
	(Dollars in thousands)
Interest-earning assets:
Loans receivable:
One- to four-family residential	4.18	%	$	830,615		$	8,568	4.18	%	$	889,969		$	8,697	3.93	%
Other residential	6.86			1,546,209			26,450	6.94			959,975			16,858	7.06
Commercial real estate	6.12			1,510,432			23,015	6.18			1,499,641			22,768	6.11
Construction	7.08			490,586			8,652	7.15			856,571			15,844	7.44
Commercial business	6.03			211,791			3,822	7.32			286,074			4,609	6.48
Other loans	6.41			166,424			2,564	6.25			173,636			2,300	5.33

Total loans receivable	6.13			4,756,057			73,071	6.23			4,665,866			71,076	6.13

Investment securities	3.12			738,122			6,074	3.34			669,680			5,010	3.01
Other interest-earning assets	4.33			105,286			1,098	4.23			100,503			1,304	5.22

Total interest-earning assets	5.73			5,599,465			80,243	5.81			5,436,049			77,390	5.73
Non-interest-earning assets:
Cash and cash equivalents				100,558							90,474
Other non-earning assets				262,490							235,817
Total assets			$	5,962,513						$	5,762,340

Interest-bearing liabilities:
Interest-bearing demand and savings	1.37		$	2,221,475			7,797	1.42		$	2,223,780			9,482	1.71
Time deposits	3.47			772,054			6,714	3.53			937,720			9,165	3.93
Brokered deposits	4.46			892,611			10,089	4.58			688,820			8,990	5.25
Total deposits	2.49			3,886,140			24,600	2.57			3,850,320			27,637	2.89
Securities sold under reverse repurchase agreements	2.09			82,400			371	1.83			74,468			333	1.80
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities	4.53			392,646			4,450	4.60			241,591			3,044	5.07
Subordinated debentures issued to capital trust	6.15			25,774			382	6.01			25,774			454	7.08
Subordinated notes	5.90			74,919			1,106	5.99			74,619			1,106	5.96

Total interest-bearing liabilities	2.73			4,461,879			30,909	2.81			4,266,772			32,574	3.07
Non-interest-bearing liabilities:
Demand deposits				821,759							854,849
Other liabilities				71,360							67,879
Total liabilities				5,354,998							5,189,500
Stockholders’ equity				607,515							572,840
Total liabilities and stockholders’ equity			$	5,962,513						$	5,762,340

Net interest income:						$	49,334						$	44,816
Interest rate spread	3.00	%						3.00	%						2.66	%
Net interest margin*								3.57	%						3.32	%
Average interest-earning assets to average interest-bearing liabilities				125.5	%						127.4	%

*Defined as the Company’s net interest income divided by average total interest-earning assets.

NON-GAAP FINANCIAL MEASURES

This document contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). This non-GAAP financial information includes the tangible common equity to tangible assets ratio.

In calculating the ratio of tangible common equity to tangible assets, we subtract period-end intangible assets from common equity and from total assets. Management believes that the presentation of this measure excluding the impact of intangible assets provides useful supplemental information that is helpful in understanding our financial condition and results of operations, as it provides a method to assess management’s success in utilizing our tangible capital as well as our capital strength. Management also believes that providing a measure that excludes balances of intangible assets, which are subjective components of valuation, facilitates the comparison of our performance with the performance of our peers. In addition, management believes that this is a standard financial measure used in the banking industry to evaluate performance.

This non-GAAP financial measurement is supplemental and is not a substitute for any analysis based on GAAP financial measures. Because not all companies use the same calculation of non-GAAP measures, this presentation may not be comparable to other similarly titled measures as calculated by other companies.

Non-GAAP Reconciliation: Ratio of Tangible Common Equity to Tangible Assets

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

Common equity at period end	$	613,293		$	599,568
Less: Intangible assets at period end		9,985			10,094
Tangible common equity at period end (a)	$	603,308		$	589,474

Total assets at period end	$	5,993,842		$	5,981,628
Less: Intangible assets at period end		9,985			10,094
Tangible assets at period end (b)	$	5,983,857		$	5,971,534

Tangible common equity to tangible assets (a) / (b)		10.08	%		9.87	%

CONTACT:

Jeff Tryka, CFA,
Investor Relations,
(616) 233-0500
GSBC@lambert.com

The MIL Network –

April 17, 2025

MIL-OSI: Bigstack Opportunities I Inc. Enters Into Definitive Agreement For Qualifying Transaction

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 16, 2025 (GLOBE NEWSWIRE) — Bigstack Opportunities I Inc. (“Bigstack”) (TSXV: STAK.P), a capital pool company as defined under the policies of the TSX Venture Exchange (the “TSXV” or the “Exchange”), is pleased to announce that, further to the non-binding letter of intent dated November 3, 2024 between Bigstack and Reeflex Coil Solutions Inc. (“Reeflex”) and its press releases dated November 4, 2024 and January 17, 2025, it has entered into a business combination agreement dated April 14, 2025 (the “Business Combination Agreement”) with Reeflex and 2704122 Alberta Ltd., a wholly-owned subsidiary of Bigstack (“Subco”). Reeflex and all of the shareholders (the “Coil Shareholders”) of Coil Solutions Inc. (“Coil”) have entered into a share purchase agreement dated April 14, 2025 (the “Share Purchase Agreement”).

Terms of the Transaction

The Business Combination Agreement provides for a three-cornered amalgamation (the “Business Combination”), whereby (i) Reeflex will amalgamate with Subco under the Business Corporations Act (Alberta), (ii) all of the issued and outstanding common shares in the capital of Reeflex (the “Reeflex Shares”) immediately prior to the Business Combination will be cancelled and, in consideration therefor, the holders thereof (the “Reeflex Shareholders”) will receive one common share in the capital of Bigstack (“Bigstack Share”) on the basis of one Reeflex Share for one Bigstack Share at a deemed price of $0.10 per Bigstack Share and (iii) the amalgamated corporation (the “Amalco”) will be a wholly-owned subsidiary of Bigstack, all on the terms and conditions of the Business Combination Agreement.

Prior to the completion of the Business Combination, pursuant to the Share Purchase Agreement, it is intended that Reeflex will purchase all of the issued and outstanding shares in the capital of Coil (the “Acquisition” and, together with the Business Combination, the “Transaction”) from the Coil Shareholders for aggregate consideration of $5.8 million, subject to a post-closing working capital adjustment, which is expected to be paid and satisfied by way of (i) Reeflex issuing secured non-interest bearing promissory notes to each Coil Shareholder with an aggregate principal amount equal to $1,700,000 that are to be fully paid within 5 business days of the closing of the Acquisition, (ii) Reeflex issuing secured promissory notes to each Coil Shareholder with an aggregate principal amount equal to $2,300,000 that bear interest at the prime rate published by the Bank of Canada from time to time and are paid down monthly and to be fully paid on the fifth anniversary of the closing of the Acquisition and (iii) Reeflex issuing an aggregate of 18,000,000 Reeflex Shares to the Coil Shareholders at a deemed price of $0.10 per Reeflex Share, all upon the terms and conditions of the Share Purchase Agreement.

After giving effect to the Transaction, the Reeflex Shareholders will collectively exercise control over Bigstack, Bigstack will wholly-own Amalco and Amalco will wholly-own Coil. Bigstack, as it exists upon completion of the Transaction (the “Resulting Issuer”), is expected to continue the business of Coil.

It is anticipated that all convertible securities of Bigstack will be exercised prior to completion of the Transaction; however, if any warrants to purchase common shares of Bigstack remain outstanding following the completion of the Transaction, they shall continue to be exercisable for common shares of the Resulting Issuer in accordance with their terms. It is anticipated that Bigstack will change its name to “Reeflex Solutions Inc.” on or immediately prior to the completion of the Transaction.

Immediately prior to the closing of the Transaction, it is anticipated that (i) assuming completion of the anticipated exercise of all convertible securities of Bigstack, there will be 10,662,000 Bigstack Shares issued and outstanding and (ii) holders of Reeflex Shares will hold 36,239,500 Reeflex Shares. Therefore, immediately following the closing of the Transaction, it is anticipated that there will be 46,901,500 common shares of the Resulting Issuer issued and outstanding.

Bigstack anticipates that the Transaction will constitute its Qualifying Transaction pursuant to Policy 2.4 – Capital Pool Companies of the Exchange (the “CPC Policy”), as such term is defined in the policies of the Exchange, and it is expected that Bigstack will be a Tier 2 Industrial Issuer on the Exchange upon completion of the Transaction.

The proposed Transaction is not a “Non-Arm’s Length Qualifying Transaction” as such term is defined in the CPC Policy. No Non-Arm’s Length Party to Bigstack (as such term is defined in the CPC Policy) (a) has any direct or indirect beneficial interest in Reeflex or Coil, or (b) is an insider of Reeflex or Coil. There is no relationship between or among a Non-Arm’s Length Party to Bigstack and a Non-Arm’s Length Party to the Qualifying Transaction (as such terms are defined in the CPC Policy). It is not expected that the Transaction will be subject to approval by the shareholders of Bigstack.

Completion of the Transaction is subject to a number of conditions, including but not limited to, the satisfaction of all conditions provided for in the Business Combination Agreement, which will include representations, warranties, covenants and conditions customary for a transaction of this nature, and the receipt of all necessary regulatory, corporate and third party approvals, including TSXV acceptance and, if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Business and History of Reeflex

Reeflex is a privately-held corporation incorporated under the Business Corporations Act (Alberta) on June 14, 2024. Its head and registered offices are located in Calgary. Reeflex currently has no business operations or assets other than cash and a management team that has been working on the Transaction and the proposed going public structure for the past year.

Business and History of Coil

Founded in 2007 in Redcliff, Alberta, Coil specializes in innovative drilling products and services for the global oil and gas industry. In 2010, Coil expanded its operations, opening a second facility in Calgary, Alberta, introducing a line of downhole fracking tools and venturing into custom tool design. In 2012, Coil launched its coil tubing injector line. In 2013, Coil opened a third facility in Red Deer, Alberta. In 2014, Coil developed two distinct models of, and manufactured, its first full coil tubing units. In 2016, Coil expanded sales to Asia, Africa, Australia, North America, South America and Europe. In 2017, Coil designed and built the largest free-standing mast unit in the world. In 2022, Coil established a dedicated manufacturing division in Calgary, Alberta, operating under its tradename, Ranglar, for injectors and mobile equipment. In 2024, Coil completed a reorganization with its shareholders, which resulted in the conversion of preferred shares and debt into common shares. Today, Coil continues to focus on coiled tubing solutions and downhole tools, offering a comprehensive range of services including rentals, sales, training, testing and consulting. With 41 employees, Coil has developed patented products that are distributed worldwide, including a key distributor in Germany and more than 60 active clients.

The following tables set out selected financial information of Coil for the periods indicated therein:

	Financial Year ended 2024 (audited) ($)	Financial Year ended 2023 (audited) ($)
Total revenues	14,265,524	14,069,331
Income from continuing operations	1,750,495	2,193,603
Net income or loss, in total	1,089,024	1,554,716
Total assets	9,969,946	11,752,788
Total long term financial liabilities	735,009	1,006,362
Cash dividends	NIL	111,736

Concurrent Financing

In advance of the Transaction, Reeflex completed a non-brokered private placement of 4,139,500 subscription receipts (each, a “Subscription Receipt”) at a price of $0.20 per Subscription Receipt, for aggregate gross proceeds of $827,900 (the “Concurrent Financing”).

The gross proceeds resulting from the Concurrent Financing are (and will continue to be) held by Marrelli Trust Company Limited as subscription receipt and escrow agent until certain escrow release conditions are satisfied, including the completion of the Acquisition and the receipt of written confirmation from the TSX Venture Exchange that all conditions precedent to the Transaction have been satisfied (collectively, the “Escrow Release Conditions”). Upon satisfaction of the Escrow Release Conditions, and prior to the completion of the Transaction, the gross proceeds from the Concurrent Financing will be released from escrow and each Subscription Receipt will automatically convert into one Reeflex Share. In connection with the Concurrent Financing, Reeflex has paid to registered dealers and such other persons permitted under applicable securities laws who act as finders for the Concurrent Offering a finder’s fee an aggregate of $21,336, representing 7% of the gross proceeds resulting from subscriptions that were introduced to Reeflex by the finder. Except for the foregoing, it is not expected that any finder’s fee or commission will be payable in connection with the Transaction.

Reeflex intends to use the proceeds of the Concurrent Financing for general corporate and working capital purposes.

Resulting Issuer

The Parties expect that the Resulting Issuer following from the Transaction will carry on the existing business of Coil and be an industrial issuer focused on providing coiled tubing and downhole tool solutions to the oil and gas industry. See “Terms of the Transaction” above for details concerning the expected corporate structure of the Resulting Issuer upon completion of the Transaction.

Upon completion of the Transaction, the Parties expect that the board of directors of the Resulting Issuer will consist of the following four (4) directors, of whom three (3) will be independent. John Babic will not be independent as he will be the President and Chief Executive Officer of the Resulting Issuer.

John Babic – Proposed President, Chief Executive Officer and Director of Resulting Issuer

John Babic is an accomplished executive with nearly 40 years of experience in the oil and gas sector, covering upstream, downstream, and manufacturing operations. He currently serves as the President and CEO of 1175317 Alberta Ltd., an investment and real estate holding company.

Throughout his career, Mr. Babic has held several senior executive positions, including CEO of Reeflex Coil Solutions Inc. and CEO and Director of various public companies such as Dalmac Energy Inc., an oilfield transportation and services company; Raydan Manufacturing Inc., a manufacturer specializing in heavy-duty transportation suspension systems; Hyduke Energy Services Inc., a manufacturer of oilfield equipment, including drilling and service rigs; and Sawtooth Resources Inc., an oil and gas exploration and production company.

In addition, Mr. Babic has served for 7 years as a Director of Edmonton Economic Development Corporation, contributing to the city’s economic growth and development initiatives.

Mr. Babic holds both a Bachelor of Arts and Bachelor of Commerce degree from the University of Alberta.

Shawn Szydlowski – Proposed Director of Resulting Issuer

Shawn Szydlowski is a seasoned business leader with over 30 years of experience in corporate management, entrepreneurship, and financial oversight. As the founder of Care For A Ride, established in 2009, Mr. Szydlowski built a successful business focused on providing safe, reliable transportation for seniors, enabling them to maintain independence and quality of life.

His career also includes 15 years with Dalmac Energy, where he held key roles such as Interim CFO and Chairman of the Audit Committee. Mr. Szydlowski played a crucial role in navigating the company through complex financial challenges, ensuring regulatory compliance, and fostering sustainable growth. Additionally, he brings 20 years of experience in corporate sales and account management, where he consistently drove strategic results, earning the President’s Club Award for three consecutive years.

Eric Szustak – Proposed Director of Resulting Issuer

Mr. Szustak is currently the President, Chief Executive Officer, Chief Financial Officer, Corporate Secretary and a director of Bigstack. He is a Chartered Professional Accountant and Chartered Accountant with over 35 years’ experience in financial services, business development, marketing, accounting, and as Chief Financial Officer of various reporting issuers. Mr. Szustak is currently Chairman and Corporate Secretary of Quinsam Capital Corporation, which is a public merchant bank listed on the CSE, a director of Copper Road Resources Inc., a mining company listed on the TSXV, and a director of Nevada Organic Phosphate Inc., a fertilizer company listed on the CSE. Mr. Szustak’s previous experience also includes 14 years with three national brokerage firms: Midland Walwyn, Merril Lynch and BMO Nesbitt Burns, in various positions, including private client wealth groups, management and securities compliance. Mr. Szustak will be Chair of the Audit Committee of the Resulting Issuer in addition to his general duties as a director of the Resulting Issuer. Mr. Szustak will devote such percentage of his working time to the affairs of the Resulting Issuer as is required to fulfill his duties to the same.

Derrek Dobko – Proposed Director of Resulting Issuer

Derrek Dobko is a seasoned financial officer with over 20 years of experience in the oilfield service, manufacturing, and transportation industries. He has held senior finance positions in both public and private companies, showcasing his expertise in financial management and reporting.

As controller of Raydan Manufacturing, Mr. Dobko was responsible for the company’s financial reporting in accordance with IFRS and the preparation of all financial information required under TSXV reporting standards. His career also includes senior accounting roles at Peak Energy Services, Alta-Fab Structures, and his current position with NTS Amega Canada.

Additionally, Mr. Dobko has gained valuable operational experience in the transportation sector, particularly in managing financial operations for Liquids in Motion, a mid-sized trucking company. He holds a Bachelor of Commerce from the University of Alberta and is a Certified Professional Accountant (CPA), with a designation from CPA Alberta.

Upon completion of the Transaction, the following persons are also expected to constitute insiders of the Resulting Issuer:

Trevor Conway – Proposed Chief Financial Officer and Secretary of Resulting Issuer

Trevor Conway is an accomplished mid-market investment banking professional with extensive transaction experience across various industry sectors, including energy. He previously served as CFO of Reconciliation Energy Transition Inc., a Calgary-based energy transition project development company and as Special Advisor to BluMaple Capital Partners, a Calgary-based private equity firm focused on low-carbon energy innovators.

Prior to these roles, Mr. Conway was the Managing Director and Head of Energy Investment Banking at iA Capital Markets, a division of iA Private Wealth and part of iA Financial Group, a leading Canadian financial institution.

Mr. Conway holds an MBA from the Ivey Business School at Western University, a BA (Special) in Economics from the University of Alberta, and a Sustainable Investment Professional Certificate (SIPC) from the John Molson Executive Centre at Concordia University. He is also a former Fellow of the Canadian Securities Institute (FCSI).

In addition to his professional work, Mr. Conway has contributed to several industry and community initiatives. He has served on the National & Local Advisory Committee of the TSX Venture Exchange and was Past Director and Governor of the Canadian Energy Executive Association.

George Wu – Proposed Director of Amalco

George Wu is a distinguished financial executive with a proven track record in leading complex financial strategies and driving portfolio success. With extensive expertise in bank debt, structured finance, fixed income, and equity analysis, he excels in portfolio management and strategic financial planning. His leadership has successfully optimized portfolios, resulting in a 20% increase in returns over the past three years.

Known for his exceptional relationship-building skills, Mr. Wu has effectively engaged as a financial strategist with c-suite executives and diverse stakeholders. He holds a CFA, MBA, and B.Sc. (Honours Program) and currently serves as Portfolio Manager and Chief Compliance Officer at a leading independent portfolio management firm in Edmonton, ensuring top-tier financial stewardship and compliance.

In addition to his professional accomplishments, Mr. Wu mentors commerce undergraduates through the University of Alberta’s PRIME Program, contributing to the development of future leaders in investment management. Mr. Wu and his family have called Edmonton home since 2000, where they enjoy a multilingual household speaking English, French, and Mandarin Chinese.

Cecil Hassard – Proposed Director of Amalco

Mr. Cecil Hassard is an accomplished entrepreneur and business leader with a proven track record of driving innovation and operational excellence in the oil and gas industry. In 2007, he co-founded Coil which has grown to become a global provider of high-quality products and innovative solutions for the energy sector. He further diversified the company’s offerings by introducing the “Ranglar” division, based in Calgary, Alberta, which manufactures custom mobile equipment for industries such as oil and gas, mining, and more.

Under his leadership, Coil has established a strong presence in Canada and the United States, and in serving clients worldwide. He broadened Coil’s capabilities with the “Ranglar” division, enabling tailored solutions to a broader range of industries with specialized equipment. He has driven advancements in operational efficiency and provided cutting-edge solutions for the energy sector. Mr. Cecil Hassard’s entrepreneurial vision has established Coil as a dynamic and influential leader in the global oil and gas industry.

Bryan Hassard – Proposed Chief Operating Officer of Coil

Mr. Bryan Hassard is an accomplished business leader and co-founder of Coil, established in 2007. He serves as the Vice President of Manufacturing and a director of Coil, playing a critical role in the company’s operations and strategic direction.

Mr. Bryan Hassard’s leadership has been instrumental in expanding Coil’s sales from Canada to the United States and globally, enhancing the company’s ability to serve the oil and gas industry on a broader scale utilizing distributors in different areas. As Vice President of Manufacturing, he oversees production processes, ensuring high-quality standards and operational efficiency. Mr. Bryan Hassard’s dedication to innovation and excellence has significantly contributed to the growth and success of Coil.

Sponsorship

Sponsorship of a qualifying transaction of a capital pool company is required by the TSXV unless an exemption from the sponsorship requirement is available. Bigstack has applied for a waiver from the sponsorship requirements. There is no assurance that the Bigstack will be able to obtain such a waiver.

Trading Halt

Trading in the Bigstack Shares was halted, as previously disclosed in Bigstack’s press release dated November 4, 2024, and is not expected to resume until the Transaction is completed or until the Exchange receives the requisite documentation to resume trading.

Further updates with respect to the Transaction may be provided as the Transaction proceeds.

Overview of Bigstack

Bigstack is a “capital pool company” under the policies of the Exchange and it is intended that the Transaction will constitute the “Qualifying Transaction” of Bigstack, as such term is defined in CPC Policy. The Bigstack Shares are currently listed on the Exchange and Bigstack is a reporting issuer in the provinces of Alberta, British Columbia and Ontario. Bigstack was incorporated under the Business Corporations Act (Ontario) on November 25, 2020.

Additional Information

All information contained in this press release with respect to Reeflex and Coil was provided by Reeflex and Coil, respectively, to Bigstack for inclusion herein. Bigstack and its directors and officers have not independently verified such information and have relied exclusively on Reeflex and Coil for any information concerning Reeflex and Coil.

Forward Looking Information

This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this press release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “anticipate”, “believe”, “estimate”, “expect”, “intend” or variations of such words and phrases or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

More particularly and without limitation, this press release contains forward-looking statements concerning the Transaction and its constituents steps, including the Acquisition and the Business Combination (including the completion, structure, terms and timing thereof), the binding definitive agreements relating to the Transaction, including in respect of the Acquisition, the expected capital structure and expected shareholders of, and the expected size of their shareholdings in, the Resulting Issuer, the expected corporate structure of the Resulting Issuer and its subsidiaries, if any, the future financial performance of the Resulting Issuer or any of the parties, the Concurrent Financing, including the amount expected to be raised thereunder, any finder’s fees or commissions payable in relation to the same, and expected use of proceeds therefrom, the Subscription Receipts and Escrow Release Conditions, the expected composition of the board of directors and management of the Resulting Issuer and its subsidiaries, if any, TSXV sponsorship requirements and any exemptions therefrom, the issuance of additional press releases describing the Transaction, the trading of the Bigstack Shares on the TSXV and the holding of shareholder meetings in connection with the Transaction. Although Bigstack believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: delay or failure to receive board, shareholder or regulatory approvals; inability to complete the Concurrent Financing on the terms described herein or at all; and general business, economic, competitive, political and social uncertainties. There can be no certainty that the Transaction and related transactions will be completed on the terms set out in the Letter of Intent and other agreements among the Parties or at all. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, Bigstack disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

Bigstack Opportunities I Inc.

For further information, please contact Eric Szustak, the President, Chief Executive Officer, Chief Financial Officer, Corporate Secretary and a director of Bigstack.

Eric Szustak
President, CEO, CFO, Corporate Secretary and Director
Email: eszustak@jbrlimited.com
Telephone: (905) 330-7948

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The MIL Network –

April 17, 2025

MIL-OSI Security: Great Lakes Regional Fugitive Task Force Arrests Chicago Man for Violent Stabbing

Source: US Marshals Service

Chicago, IL – The U.S. Marshals Service’s (USMS) Great Lakes Regional Fugitive Task Force (GLRFTF) and the Chicago Police Department (CPD) April 8 arrested a man for a stabbing that occurred in the Loop area of downtown Chicago March 18.

Ralwin Galito Perez, 30, was charged with aggravated battery with a deadly weapon after a verbal altercation turned physical and he stabbed the victim in the chest and arm.

During their search for Galito Perez GLRFTF and CPD investigators developed information that led them to a residence in the 100 block of West 87th Street where they found Galito Perez and took him into custody without incident. He was booked into a local detention facility.

The U. S. Marshals Service Great Lakes Regional Fugitive Task Force was created by the Presidential Threat Protection Act of 2000. Congress recognized the U. S. Marshals expertise in tracking and apprehending dangerous fugitives and ordered the creation of regional fugitive task forces (RFTFs) in core cities throughout the country. Via this mandate, GLRFTF was created in 2003 and has offices in Illinois, Indiana, and Wisconsin to assist state, county, and local agencies as a central investigative base to identify, locate and apprehend dangerous offenders.

MIL Security OSI –

April 17, 2025

MIL-OSI USA: 04.16.2025 Chairmen Cruz and Babin Lead State Delegation in Support of Relocating NASA HQ to Texas

US Senate News:

Source: United States Senator for Texas Ted Cruz

WASHINGTON, D.C. – Today, U.S. Senate Commerce, Science, and Transportation Committee Chairman Ted Cruz (R-Texas) and U.S. House Science, Space, and Technology Committee Chairman Brian Babin (R-Texas-36) led a bicameral coalition of federal lawmakers representing Texas communities in sending a letter to President Trump urging his administration to move the headquarters for the National Aeronautics and Space Administration (NASA) from Washington, D.C. to the Lyndon B. Johnson Space Center (JSC) in Houston, Texas. The lease for NASA’s current DC office expires in 2028.
In the letter, the lawmakers argue that NASA is disconnected from the day-to-day work of its centers and hindered by bureaucratic micromanagement in Washington, D.C. Houston is well suited for NASA’s headquarters because of JSC’s substantial involvement in nearly everything that makes America a leader in space exploration. JSC maintains the largest NASA workforce, accommodates extensive research and development partnerships, and houses Mission Control, the NASA astronaut corps, and the Lunar Sample Laboratory Facility.
Additionally, Texas boasts a strong business environment, low government regulation, a robust commercial space sector, and a cost of living that is less than half of the Washington, D.C. area. Moving the NASA headquarters to Texas will create more jobs, save taxpayer dollars, and reinvigorate America’s space agency.
Joining Sen. Cruz and Rep. Babin in sending the letter are Sen. John Cornyn and Reps. Jodey Arrington, John Carter, Michael Cloud, Dan Crenshaw, Monica De La Cruz, Jake Ellzey, Pat Fallon, Brandon Gill, Craig Goldman, Tony Gonzales, Lance Gooden, Wesley Hunt, Ronny Jackson, Morgan Luttrell, Michael McCaul, Nathaniel Moran, Troy E. Nehls, August Pfluger, Chip Roy, Keith Self, Pete Sessions, Beth Van Duyne, Randy Weber, and Roger Williams.
As the lawmakers wrote:
“From its founding in 1958, the National Aeronautics and Space Administration (NASA) has a storied history of exploring new frontiers, making transformational discoveries, and reaching far into the great beyond. However, as NASA’s leadership has languished in our nation’s capital, the core missions of this critical agency are more divided than ever before. This seismic disconnect between NASA’s headquarters and its missions has opened the door to bureaucratic micromanagement and an erosion of centers’ interdependence. For NASA to return to its core mission of excellence in exploration, its headquarters should be located at a place where NASA’s most critical missions are and where transformational leadership from the ground up can be provided. In 2028 the lease for NASA’s current headquarters building in Washington, D.C. expires. We write to urge you to use this opportunity to reinvigorate our national space agency and move NASA’s headquarters from Washington D.C. to the Lyndon B. Johnson Space Center (JSC) in Houston, Texas.
“Perhaps no city is more closely linked to America’s space program than ‘Space City.’ Some of the first words spoken on the surface of the moon called out to Houston which is home to numerous aerospace businesses. JSC in particular is the largest home of the NASA workforce, with more than 12,000 employees across its 1,620-acre facility and supporting more than 52,000 public and private jobs. As the pinnacle of human spaceflight development, Houston is home to Mission Control, the NASA astronaut corps, the Lunar Sample Laboratory Facility, commercial space agreements, and extensive research and development partnerships. JSC plays a role in nearly everything that makes America a leader in space exploration.
“Houston is particularly well suited for NASA’s headquarters due in part to the unique strengths of the city and the state. Texas is the eighth largest economy in the world, with low government regulation and a strong business environment. Houston boasts a cost of living that is less than half that of the Washington, D.C. area ; three ‘R1: Doctoral Universities’ producing the high caliber professionals necessary for human spaceflight; and two major commercial service airports for easy connectivity around the country. In contrast, NASA’s current headquarters in Washington, D.C. is disconnected from the NASA centers across the country and thus much of the day-to-day work. Consolidating greater and greater levels of work and authority in Washington, D.C. has been a decades-long trend, resulting in decision making funneled up to bureaucrats at headquarters rather than empowering scientists and astronauts across the centers. This strategy has separated decision makers from the actual workforce and stands antithetical to NASA’s core function.
“Relatedly, for the United States to reach the surface of Mars, NASA must rely on a robust commercial space sector. Towards that end, no state offers greater economic and geographic benefits than Texas. The Lone Star State is home to more than 2,000 aerospace, aviation, and defense-related companies, with 18 of the 20 largest aerospace companies based in Texas. Notably, SpaceX relocated their entire company to Texas, establishing the town of Starbase, Texas, to develop, test, and launch SpaceX vehicles. Similarly, Blue Origin develops engines and rockets in West Texas, leading a new generation of spaceflight, and conducts its commercial sub-orbital flights there. Firefly Aerospace, in Cedar Park, recently sent photos of Earth from its Blue Ghost lunar lander on its voyage to explore the surface of the moon. Axiom Space, based in Houston, is building the next generation spacesuit for NASA and a commercial space station to succeed the International Space Station. In addition, the State of Texas recently stood up the Texas Space Commission to promote innovation in space operations and commercial aerospace and to attract commercial space ventures to the state. These are just a few of the ways Texas aerospace companies, projects, and institutions are transforming our nation’s leadership in the space economy.
“A central location among NASA’s centers and the geographical center of the United States, Houston offers the ideal location for NASA to return to its core mission of space exploration and to do so at a substantially lower operating cost than in Washington, D.C. Therefore, we strongly encourage you to stand shoulder-to-shoulder with the great servants of NASA — who are focused on recommitting America’s space agency to its roots and exploring the final frontier — by relocating NASA’s headquarters from Washington, D.C. to the Johnson Space Center.”
Read the full text of the letter HERE.

MIL OSI USA News –

April 17, 2025

MIL-OSI USA: Senator Collins, Bipartisan Group Introduce Bill to Boost Weatherization Aid

US Senate News:

Source: United States Senator for Maine Susan Collins

Washington, D.C. – In an effort to make more homes energy efficient and help residents save on their utility bills, U.S. Senators Susan Collins, Jack Reed (D-RI), Chris Coons (D-DE) and Jeanne Shaheen (D-NH) introduced the Weatherization Assistance Program Improvements Act. This bipartisan bill seeks to improve public health and lower household energy costs by expanding the federal Weatherization Assistance Program (WAP), which covers home weatherization, window replacement, sealing air leaks, ventilation improvements, and other key energy-saving measures.

“The Weatherization Assistance Program is a proven, cost-effective way to permanently decrease energy usage while reducing low-income Americans’ energy bills,” said Senator Collins. “This bipartisan bill would help build on the significant investments we have secured for the Weatherization Assistance Program so that more Americans are able to make improvements that will allow them to affordably heat their homes.”

Since 1976, the Weatherization Assistance Program has helped more than 7.4 million low-income families reduce their energy bills by making their homes more energy efficient. The U.S Department of Energy estimates that these upgrades help each household save $372 in energy bills annually.

The bill would authorize a Weatherization Readiness Fund to help those in need repair structural issues and prepare homes for weatherization assistance, increasing the number of homes the program is able to serve. It also seeks to raise the amount of funding allowed to be spent on each home to keep up with current labor and material costs, and will raise the cap on the amount of funding allowed to be spent on renewable energy upgrades in each home. These provisions are essential updates to a program that has helped so many families over the past few decades.

“We applaud Senators Reed, Collins, Coons and Shaheen for introducing this important bipartisan piece of legislation, which will help low-income and elderly Americans. The sponsoring senators are continuing their long-time support of energy efficiency programs that reduce costs for the public,” said David Terry, the President of the National Association of State Energy Officials.

“The Weatherization Assistance Program Improvements Act keeps hundreds of community teams hard at work with streamlined processes and up to date technology. It will help make older homes safer and sturdier, so retirees and working families can stay in their communities; energy bills will be lower; residents will be healthier and even make fewer emergency hospital visits. Thousands of contractors and crew members will be trained in valuable specialty skills of measuring and improving building performance. The unwavering leadership of Senators Jack Reed, Susan Collins, Chris Coons and Jeanne Shaheen keeps the Weatherization Assistance Program robust and relevant through changing times,” said David Bradley, CEO of the National Community Action Foundation.

“NASCSP is thrilled to support the Weatherization Assistance Program Improvements Act, introduced by Senators Reed, Collins, Coons, and Shaheen, long time champions of weatherization. This legislation paves the way toward decreasing energy burdens and improving the health and safety of low-income households, while supporting more than 8,500 highly skilled jobs across the country,” said Cheryl Williams, Executive Director of the National Association for State Community Services Programs.

Senators Collins and Reed spearheaded the bipartisan effort to include $3.5 billion in WAP funding in the Bipartisan Infrastructure Law.

Click here to read the full bill text.

MIL OSI USA News –

April 17, 2025

MIL-OSI Global: ‘STOP the American takeover of Canada!’ — Inspiration and humour from a London, Ont. art movement

Source: The Conversation – Canada – By Ruth Skinner, Sessional instructor, School for Advanced Studies in the Arts & Humanities, Western University

Facing American tariffs and taunts of becoming the 51st state, Canada can look inward for inspiration, humour and reassurance.

On social media, many arts figures or associations have shared versions of Canadian artist Greg Curnoe’s (1936-92) Map of North America.

As seen on accounts that include the Arts Canada Institute, the Banff Centre’s Derek Beaulieu, filmmaker Stephen Broomer, the Embassy Cultural House, the Curnoe estate and others, the map erases the United States from the continent. It re-imagines the longest border to lie between Canada and Mexico.

Curnoe’s Map of North America, first created in 1972, is inseparable from his hometown of London, Ont. The work, artist and city offer valuable insights for navigating this new relationship with our nearest neighbour. My recent doctoral dissertation explores the cosmopolitan outlook of London’s artists and arts publishers, both historic and present. This includes their incisive commentary on Canada-U.S. relations.

London as test market

London is a leading test market for Canadian and American retailers. This is thanks to its moderate size, demographic composition and proximity to major cities, highways and the border.

Test marketing involves localized experience with a concept or product before incurring large-scale expense. A landmark example for London was the development of Wellington Square, North America’s first enclosed shopping centre, in 1961.

A 1967 cover of the London arts publication 20 Cents Magazine satirically celebrated this “test market” status. It also chided the reader: “Are you getting your share of the business, for fair?” Artists of London have long played with the local flavour of their city, and the city has a distinct arts scene.

Distinct arts scene

Curator and author Barry Lord profiled the city in a 1969 Art in America feature entitled “What London, Ontario Has That Everywhere Else Needs.” Lord positioned London as “younger than Montréal, livelier than Toronto, vying with Vancouver in variety and sheer quantity of output [and] in many ways the most important of the four.”

This scene included the burgeoning London Regionalist movement — an art movement of which Curnoe was a feature — and the birth of Canadian Artists’ Representation (now Canadian Artists’ Representation/Le Front des artistes canadiens). Lord lauded London artists as “indelibly Canadian, and perhaps among the first global villagers.”

Nationalist with wicked humour

What would Curnoe make of the present dynamic between Canada and its closest neighbour?

“I think he would be fired up,” says Jennie Kraehling, associate director of Michael Gibson Gallery, which represents the Curnoe estate.

Kraehling continues: “Greg would be making a lot of statements, and I think he’d be very passionate. Just knowing his devout patriotism, his interest in the local and his pro-Canadian sentiments, I think that he would be trying to get a movement going.” Rather than anti-American, however, Kraehling describes Curnoe as a nationalist with a wicked sense of humour.

As the late journalist Robert Fulford wrote in a 2001 column, in the early 80s Curnoe noted: “My work is about resisting as much as possible the tendency of American culture to overwhelm other cultures.”

Social critique

Historian Judith Rodger emphasizes Curnoe’s Map as “tongue-in-cheek” even as it levies sharp social critique. Observing the negotiations between Canada, the U.S. and Mexico that would lead to the North American Free Trade Agreement, Curnoe revisited the work through the 1980s and 1990s in lithographs and clay.

Curnoe’s Nihilist Party of Canada (NPC), an absurdist political movement formed in 1963, advertised regularly in 20 Cents magazine. One ad encouraged the reader to “STOP the American takeover of Canada,” and to “Stop Pollution, Stop Killing, Stop Exploitation … Get off your Butt – Do Something! THINK NEGATIVELY.”

Rodger notes that despite its strong politics, the party had “no platform and no candidates.”

The NPC preceded the Nihilist Spasm Band, an internationally lauded, multi-member noise band that inspired a second generation of artistic collaboration. Members have included performers John Boyle, Murray Favro, John Clement, Bill Exley, Art Pratten, Aya Onishi, as well as the late Hugh McIntyre, Archie Leitch and Curnoe.

The track “Destroy the Nations” opens their 1968 No Record album. It begins with Pratten railing: “Destroy the nations! Destroy America! England is dead! Destroy America! AHHHHHH!” The NSB’s performance is a howl against imperial servitude and corporate greed.

In a city forever mimicking the topography and titles of an older London, and so close to the U.S., Ontario’s Londoners are aware of an implied second-fiddle position. Yet Curnoe volleyed his pro-Canadian attitude at the border, just 200 kilometres south. In one of his bicycle series paintings, Mariposa 10 Speed No. 2 (1973), the words “CLOSE THE 49th PARALLEL ETC.” are emblazoned across Curnoe’s bike’s top tube.

Canada, U.S. markets and fine art

Yet the situation is not entirely insular, nor is it comparable with the “Buy Canadian” encouragement seen at supermarkets, liquor stores and other retail outlets today.

Canada’s art market is, in the words of Mackenzie Sinclair of the Art Dealers Association of Canada, “a fragile ecosystem.” Canada’s GDP (including its art) is deeply integrated with the U.S.: many Canadian artists have American dealers, show in American galleries and use American-made materials.

With ongoing threats of American tariffs and export restrictions, Canadian collectors and galleries are abstaining from American art fairs and seeking stronger connections with European markets. Canada’s only international art fair, Art Toronto, is fostering a special new partnership with Mexican galleries, enacting a version of Curnoe’s Map of North America in real time.

Curation about nationalist rhetoric

Curnoe’s nationalist perspective is an important one right now. However, nationalism can quickly devolve into dangerous and exclusivist rhetoric.

Until recently, London-based artist Angie Quick was in a group exhibition curated by Andil Gosine for Washington’s Art Museum of the Americas. The show was abruptly cancelled. Speaking with the Globe and Mail, Gosine speculated this was due to due to the museum pre-emptively bending to the new political order in D.C. in light of the exhibition’s queer perspectives.

For Quick, this cancellation signals a transnational warning. She notes that The Museum of the Americas is an arm of the Organization of the American States, a regional organization that brings together North and South American governments including Canada, the U.S. and Mexico.

The call to cancel, she says, far exceeds a phenomena happening only in the U.S.:

“It is a reminder of what role funding has in liberation politics when it comes to the arts. And as we [Canadians] like to other ourselves from the U.S. it’s just as important to remember we are just as much at risk to nationalism dictating values in the arts.”

Ruth Skinner has received funding from The Social Sciences and Humanities Research Council of Canada (SSHRC) and the London Arts Council (LAC).

– ref. ‘STOP the American takeover of Canada!’ — Inspiration and humour from a London, Ont. art movement – https://theconversation.com/stop-the-american-takeover-of-canada-inspiration-and-humour-from-a-london-ont-art-movement-252980

MIL OSI – Global Reports –

April 17, 2025

MIL-OSI USA: Governor Kehoe Announces FEMA to Participate in Joint Damage Assessments for Damage to Roads, Bridges and Public Infrastructure in 25 Counties

Source: US State of Missouri

APRIL 16, 2025

Jefferson City — Today, Governor Mike Kehoe announced that the Federal Emergency Management Agency (FEMA) will participate in joint Preliminary Damage Assessments (PDAs) of public infrastructure in 25 counties following the deadly severe storms and flooding that began March 30 and that continues to affect much of the state.

“Our state and local public works crews have been doing an incredible job reopening roads and making initial repairs to bridges, low water crossings and other infrastructure, but it is clear that the extent of the damage across the state will require federal disaster assistance,” Governor Kehoe said. “Our State Emergency Management Agency, local and FEMA teams began assessing damage to homes and private property yesterday and will be working through the week. Next week, we will begin joint PDAs to document and tally the damage to public infrastructure and validate what we believe is a clear need for federal Public Assistance.”

Joint PDAs are being requested for the following counties Bollinger, Butler, Cape Girardeau, Carter, Cooper, Douglas, Dunklin, Howell, Iron, Madison, Maries, Mississippi, New Madrid, Oregon, Ozark, Pemiscot, Reynolds, Ripley, Scott, Shannon, Stoddard, Texas, Vernon, Wayne, and Webster counties. Additional counties may be added as damage information is received from local officials.

Joint PDA teams are made up of representatives from FEMA, SEMA, and local emergency management officials. Beginning Tuesday, April 22, six teams will verify documented damage to determine if Public Assistance can be requested through FEMA. Public Assistance allows local governments and qualifying nonprofit agencies to seek federal assistance for reimbursement of emergency response and recovery costs, including repair and replacement of damaged roads, bridges and other public infrastructure.

These PDAs will be in addition to those that began yesterday for Individual Assistance, which allows eligible residents to seek federal assistance for temporary housing, housing repairs, replacement of damaged belongings, vehicles and other qualifying expenses.

To assist Missouri farmers, ranchers, and rural communities, Governor Kehoe sent a letter last week to United States Department of Agriculture Secretary Brooke Rollins requesting the assistance of the Missouri Farm Service Agency in conducting agricultural damage assessments.

Earlier this week, Governor Kehoe also signed Executive Order 25-22, extending Executive Orders 25-19, 25-20, and 25-21 until May 14, 2025, allowing resources of the State of Missouri to continue assisting affected communities.

SEMA is coordinating with local officials, other state agencies, and volunteer and faith-based partners as clean-up and recovery efforts continue across the state. If you have damage, contact your insurance company and file a claim as soon as possible.

Individuals interested in helping those in need are encouraged to direct donations to trusted disaster relief organizations such as those found at National Voluntary Organizations Active in Disaster. Financial contributions are the fastest and most flexible method of donating as it allows these organizations to quickly address urgent or emerging needs. If you wish to donate supplies, first check to see what items have been identified as high need and where.

Missourians with unmet needs are encouraged to contact United Way by dialing 2-1-1 or the American Red Cross at 1-800-733-2767. For additional resources and information about disaster recovery in Missouri, including general clean-up information, housing assistance, and mental health services, visit recovery.mo.gov.

###

MIL OSI USA News –

April 17, 2025

MIL-OSI Security: Felon Indicted for Discharging a Firearm in a School Zone

Source: Office of United States Attorneys

SALT LAKE CITY, Utah – A federal grand jury returned an indictment today charging a previously convicted felon with gun charges after he allegedly possessed and discharged an AR-15 style rifle within a school zone. The defendant is restricted from possessing firearms and ammunition.

Carson Moffitt, 40, of Salt Lake County, Utah, was charged by complaint on April 3, 2025.

According to court documents, on April 2, 2025, South Salt Lake City Police Department officers responded to a call of shots fired at Granite Park Junior High School in South Salt Lake, Utah, at 7:15 p.m. After officers arrived, they discovered AR-15 style shell casings in the middle of the road near the school. Surveillance cameras, provided by Granite School District law enforcement, captured the suspect’s vehicle, a Subaru WRX. Shortly after, a Utah Highway Patrol trooper observed a Subaru WRX speeding more than 100 miles per hour near 6000 South and I-15. UHP attempted to conduct a traffic stop, but the driver, later identified as Moffitt, fled and continued speeding up to 130 miles per hour before exiting Redwood Road and I-215 in Taylorsville. The pursuit was terminated. A run of the vehicles license plate showed the vehicle was registered to Moffitt. UHP troopers responded to the address on the vehicle’s registration and while troopers were working to make contact with Moffit, multiple shots were fired from inside the residence. A witness inside the home advised law enforcement Moffitt had a rifle. Moffitt eventually opened the garage door and fled in the Subaru. A Taylorsville City Police Department Officer intercepted and crashed into Moffitt’s Subaru, disabling the vehicle. Moffit was taken into custody. Officers seized an AR-15 style rifle with a drum magazine and ammunition from inside the vehicle.

Moffitt is charged with felon in possession of a firearm, possession of a firearm within a school zone, and discharge of a firearm within a school zone. His initial appearance on the indictment is scheduled for April 17, 2025, at 1:30 p.m. in courtroom 8.4 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 by the Utah State Bureau of Investigation (SBI). Valuable assistance was provided by the Granite School District law enforcement, South Salt Lake Police Department, Utah Highway Patrol, and Taylorsville City Police Department.

Assistant United States Attorney Carlos A. Esqueda 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 –

April 17, 2025

MIL-OSI Security: Four St. Louis Area Residents Admit Committing Bank Fraud with Checks Stolen from the Mail

Source: Office of United States Attorneys

ST. LOUIS – Four people, including a former U.S. Postal Service employee, have pleaded guilty to federal charges and admitted to involvement in a conspiracy that stole checks from the mail to commit bank fraud.

Johnathan Barnett, 29, of University City, was sentenced Tuesday in U.S. District Court in St. Louis to 80 months in prison by U.S. District Judge Matthew T. Schelp, who also ordered him to pay restitution of $44,135.

Barnett pleaded guilty in December to one count of conspiracy to commit bank fraud, one count of possession of stolen mail and one count of being a felon in possession of a firearm. He admitted participating in a conspiracy from January of 2022 to September of 2023 to steal checks from the mail and alter the checks to defraud banks.

Barnett bought a key to U.S. Postal Service collection boxes from a U.S. Postal Service mail carrier, Wynter Hinton, and then he and others, including Ryan McKinney and Jayden Burklow, used that key to open collections boxes in St. Louis County and steal mail. Hinton also stole checks from the mail while on her postal route.

Barnett, Burklow and McKinney altered personal and business checks they found in the mail to create counterfeit checks. They recruited others to allow their bank accounts to be used to deposit the fraudulent checks. The conspirators then withdrew the money before the banks realized the checks were fraudulent. Barnett, Burklow and McKinney admitted trying to commit at least $800,000 worth of fraud this way.

On Sept. 15, 2023, when investigators were conducting a court-approved search of Barnett’s home, he tried to flee through a window with an AR-15-style rifle with a high-capacity drum magazine loaded with 76 rounds. Four other firearms were found in his home, as well as check-making equipment. Barnett was convicted of a 2014 drug charge and charges of first-degree assault and armed criminal action in 2020.

Hinton, 29, of St. Ann, and McKinney, 24, of St. Louis, both pleaded guilty Wednesday. Hinton pleaded guilty to unlawful use of a mail key and McKinney pleaded guilty to one count of conspiracy to commit bank fraud and one count of possession of stolen mail. They are scheduled to be sentenced in July.

Burklow, 21, of O’Fallon, Illinois, pleaded guilty in March to one count of conspiracy to commit bank fraud and one count of possession of stolen mail. He is scheduled to be sentenced in June.

“The sentencing in this case illustrates that individuals who engage in mail theft will be held accountable for their actions,” stated Inspector in Charge, Ruth Mendonça, who leads the Chicago Division of the U.S. Postal Inspection Service, which includes the St. Louis Field Office. “The Inspection Service is proud to work with our local, state and federal partners to bring Mail Theft perpetrators to justice and prevent financial crimes targeting local citizens, postal customers, and financial institutions.”

This sentencing and guilty pleas represent the hard work and dedication by USPS OIG Special Agents working with the U.S. Attorney’s Office to bring charges on this significant mail theft investigation,” said Special Agent in Charge Dennus Bishop, U.S. Postal Service Office of Inspector General, Central Area Field Office. “The USPS OIG, along with our law enforcement partners, remain committed to safeguarding the U.S. Mail and ensuring the accountability and integrity of U.S. Postal Service employees.”

The U.S. Postal Inspection Service, the U.S. Postal Service Office of Inspector General, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Creve Coeur Police Department and the University City Police Department investigated the case. Assistant U.S. Attorney Gwen Carroll is prosecuting the case.

MIL Security OSI –

April 17, 2025

MIL-OSI: Record First Quarter Highlights the Stability of HOMB; Strength Is No Accident

Source: GlobeNewswire (MIL-OSI)

CONWAY, Ark., April 16, 2025 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights
Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Net income	$115.2 million	$100.6 million	$100.0 million	$101.5 million	$100.1 million
Net income, as adjusted (non-GAAP)⁽¹⁾	$111.9 million	$99.8 million	$99.0 million	$103.9 million	$99.2 million
Total revenue (net)	$260.1 million	$258.4 million	$258.0 million	$254.6 million	$246.4 million
Income before income taxes	$147.2 million	$129.5 million	$129.1 million	$133.4 million	$130.4 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾	$147.2 million	$146.2 million	$148.0 million	$141.4 million	$134.9 million
PPNR, as adjusted (non-GAAP)⁽¹⁾	$142.8 million	$145.2 million	$146.6 million	$141.9 million	$133.7 million
Pre-tax net income to total revenue (net)	56.58%	50.11%	50.03%	52.40%	52.92%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾	54.91%	49.74%	49.49%	52.59%	52.45%
P5_NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾	56.58%	56.57%	57.35%	55.54%	54.75%
P5_NR, as adjusted (non-GAAP)⁽¹⁾	54.91%	56.20%	56.81%	55.73%	54.28%
ROA	2.07%	1.77%	1.74%	1.79%	1.78%
ROA, as adjusted (non-GAAP)⁽¹⁾	2.01%	1.76%	1.72%	1.83%	1.76%
NIM	4.44%	4.39%	4.28%	4.27%	4.13%
Purchase accounting accretion	$1.4 million	$1.6 million	$1.9 million	$1.9 million	$2.8 million
ROE	11.75%	10.13%	10.23%	10.73%	10.64%
ROE, as adjusted (non-GAAP)⁽¹⁾	11.41%	10.05%	10.12%	10.98%	10.54%
ROTCE (non-GAAP)⁽¹⁾	18.39%	15.94%	16.26%	17.29%	17.22%
ROTCE, as adjusted (non-GAAP)⁽¹⁾	17.87%	15.82%	16.09%	17.69%	17.07%
Diluted earnings per share	$0.58	$0.51	$0.50	$0.51	$0.50
Diluted earnings per share, as adjusted (non-GAAP)⁽¹⁾	$0.56	$0.50	$0.50	$0.52	$0.49
Non-performing assets to total assets	0.56%	0.63%	0.63%	0.56%	0.48%
Common equity tier 1 capital	15.4%	15.1%	14.7%	14.4%	14.3%
Leverage	13.3%	13.0%	12.5%	12.3%	12.3%
Tier 1 capital	15.4%	15.1%	14.7%	14.4%	14.3%
Total risk-based capital	19.1%	18.7%	18.3%	18.0%	17.9%
Allowance for credit losses to total loans	1.87%	1.87%	2.11%	2.00%	2.00%
Book value per share	$20.40	$19.92	$19.91	$19.30	$18.98
Tangible book value per share (non-GAAP)⁽¹⁾	13.15	12.68	12.67	12.08	11.79

⁽¹⁾ Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

“This industry boils down to revenue and expenses. The magic is, doing the simple things repeatedly and long enough, creating a compounding effect of success. A record setting first quarter has paved the way for a strong year,” said John Allison, Chairman and CEO of HOMB.

Operating Highlights

Net income for the three-month period ended March 31, 2025 was $115.2 million, or $0.58 diluted earnings per share. Diluted earnings per share of $0.58 was a record for the Company. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $111.9 million⁽¹⁾ and $0.56 per share⁽¹⁾, respectively, for the three months ended March 31, 2025.

Our net interest margin was 4.44% for the three-month period ended March 31, 2025, compared to 4.39% for the three-month period ended December 31, 2024. The yield on loans was 7.38% and 7.49% for the three months ended March 31, 2025 and December 31, 2024, respectively, as average loans increased from $14.80 billion to $14.89 billion. Additionally, the rate on interest bearing deposits decreased to 2.67% as of March 31, 2025, from 2.80% as of December 31, 2024, while average interest-bearing deposits increased from $12.86 billion to $13.20 billion.

During the first quarter of 2025, there was $1.3 million of event interest income compared to $1.5 million of event interest income for the fourth quarter of 2024. Purchase accounting accretion on acquired loans was $1.4 million and $1.6 million for the three-month periods ended March 31, 2025 and December 31, 2024, respectively, and average purchase accounting loan discounts were $17.5 million and $19.1 million for the three-month periods ended March 31, 2025 and December 31, 2024, respectively.

Net interest income on a fully taxable equivalent basis was $217.2 million for the three-month period ended March 31, 2025, and $219.5 million for the three-month period ended December 31, 2024. This decrease in net interest income for the three-month period ended March 31, 2025, was the result of a $10.0 million decrease in interest income, partially offset by a $7.7 million decrease in interest expense. The $7.7 million decrease in interest expense was due to a $3.8 million decrease in interest expense on deposits and a $3.6 million decrease in FHLB and other borrowed funds resulting from the payoff of the BTFP advance during the fourth quarter of 2024 and the declining interest rate environment. The $10.0 million decrease in interest income was primarily the result of a $7.6 million decrease in loan income, a $1.4 million decrease in investment income and a $965,000 decrease in income from deposits with other banks resulting from the payoff of the BTFP advance and the declining interest rate environment. The overall decrease in interest income and interest expense is primarily due to the declining interest rate environment.

The Company reported $45.4 million of non-interest income for the first quarter of 2025. The most important components of non-interest income were $11.4 million from other income, $10.7 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $4.8 million from trust fees, $3.6 million in mortgage lending income, $2.7 million from dividends from FHLB, FRB, FNBB and other, $1.8 million from the increase in cash value of life insurance and $442,000 from the fair value adjustment for marketable securities. Included within other income was $3.9 million in special income from equity investments.

Non-interest expense for the first quarter of 2025 was $112.9 million. The most important components of non-interest expense were $61.9 million from salaries and employee benefits, $28.1 million in other operating expense, $14.4 million in occupancy and equipment expenses and $8.6 million in data processing expenses. For the first quarter of 2025, our efficiency ratio was 42.22%, and our efficiency ratio, as adjusted (non-GAAP), was 42.84%⁽¹⁾_.

Financial Condition

Total loans receivable were $14.95 billion at March 31, 2025, compared to $14.76 billion at December 31, 2024. Total loans receivable of $14.95 billion were a record for the Company. Total deposits were $17.54 billion at March 31, 2025, compared to $17.15 billion at December 31, 2024. Total assets were $22.99 billion at March 31, 2025, compared to $22.49 billion at December 31, 2024.

During the first quarter of 2025, the Company had a $187.6 million increase in loans. Our community banking footprint experienced $291.5 million in organic loan growth during the quarter ended March 31, 2025, and Centennial CFG experienced $103.9 million of organic loan decline and had loans of $1.71 billion at March 31, 2025.

Non-performing loans to total loans were 0.60% and 0.67% at March 31, 2025 and December 31, 2024, respectively. Non-performing assets to total assets were 0.56% and 0.63% at March 31, 2025 and December 31, 2024, respectively. Net loans recovered were $4.1 million for the three months ended March 31, 2025, and net loans charged-off were $53.4 million for the three months ended December 31, 2024. During the fourth quarter of 2024, the Company completed an asset quality cleanup project which resulted in the significant level of charge-offs. The charge-off detail by region for the quarters ended March 31, 2025 and December 31, 2024 can be seen below.

For the Three Months Ended March 31, 2025
(in thousands)	Texas			Arkansas			Centennial CFG			Shore Premier Finance			Florida			Alabama			Total
Charge-offs	$	444		$	474		$	—		$	53		$	2,479		$	8		$	3,458
Recoveries		(6,514	)		(228	)		(658	)		(3	)		(117	)		(2	)		(7,522	)
Net (recoveries) charge-offs	$	(6,070	)	$	246		$	(658	)	$	50		$	2,362		$	6		$	(4,064	)

For the Three Months Ended December 31, 2024
(in thousands)	Texas			Arkansas			Centennial CFG		Shore Premier Finance			Florida			Alabama			Total
Charge-offs	$	47,774		$	2,108		$	1,973	$	1,457		$	637		$	10		$	53,959
Recoveries		(174	)		(181	)		—		(15	)		(193	)		(2	)		(565	)
Net charge-offs	$	47,600		$	1,927		$	1,973	$	1,442		$	444		$	8		$	53,394

At March 31, 2025, non-performing loans were $89.6 million, and non-performing assets were $129.4 million. At December 31, 2024, non-performing loans were $98.9 million, and non-performing assets were $142.4 million.

The table below shows the non-performing loans and non-performing assets by region as March 31, 2025:

(in thousands)	Texas	Arkansas	Centennial CFG	Shore Premier Finance	Florida	Alabama	Total
Non-accrual loans	23,694	15,214	2,766	5,444	39,108	157	86,383
Loans 90+ days past due	3,264	—	—	—	—	—	3,264
Total non-performing loans	26,958	15,214	2,766	5,444	39,108	157	89,647

Foreclosed assets held for sale	15,357	1,052	22,820	—	451	—	39,680
Other non-performing assets	63	—	—	—	—	—	63
Total other non-performing assets	15,420	1,052	22,820	—	451	—	39,743
Total non-performing assets	42,378	16,266	25,586	5,444	39,559	157	129,390

The table below shows the non-performing loans and non-performing assets by region as December 31, 2024:

(in thousands)	Texas	Arkansas	Centennial CFG	Shore Premier Finance	Florida	Alabama	Total
Non-accrual loans	23,494	18,448	7,390	5,537	38,778	206	93,853
Loans 90+ days past due	4,134	538	—	—	362	—	5,034
Total non-performing loans	27,628	18,986	7,390	5,537	39,140	206	98,887

Foreclosed assets held for sale	13,924	757	22,775	—	5,951	—	43,407
Other non-performing assets	63	—	—	—	—	—	63
Total other non-performing assets	13,987	757	22,775	—	5,951	—	43,470
Total non-performing assets	41,615	19,743	30,165	5,537	45,091	206	142,357

The Company’s allowance for credit losses on loans was $279.9 million at March 31, 2025, or 1.87% of total loans, compared to the allowance for credit losses on loans of $275.9 million, or 1.87% of total loans, at December 31, 2024. As of March 31, 2025 and December 31, 2024, the Company’s allowance for credit losses on loans was 312.27% and 278.99% of its total non-performing loans, respectively. The increase in the allowance for credit losses reflects the net recoveries during the quarter.

Stockholders’ equity was $4.04 billion at March 31, 2025, which increased approximately $81.5 million from December 31, 2024. The net increase in stockholders’ equity is primarily associated with the $76.5 million increase in retained earnings and the $31.6 million decrease in accumulated other comprehensive loss, which was partially offset by the $29.7 million in stock repurchases for the quarter. Book value per common share was $20.40 at March 31, 2025, compared to $19.92 at December 31, 2024. Tangible book value per common share (non-GAAP) was $13.15⁽¹⁾ at March 31, 2025, compared to $12.68⁽¹⁾ at December 31, 2024. Book value per common share and tangible book value per common share, as of March 31, 2025, were both records for the Company.

Branches

The Company currently has 75 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, April 17, 2025. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: h ttps://events.q4inc.com/attendee/447517977. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=a44e9900&confId=79637. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 947933. A replay of the call will be available by calling 1-866-813-9403, Passcode: 685290, which will be available until April 24, 2025, at 11:59 p.m. CT. Internet access to the call will be available live or in recorded version on the Company’s website at www.homebancshares.com.

About Home BancShares

Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures–including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets–to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

General

This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including any future impacts from inflation or changes in tariffs or trade policies; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025.

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625


Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)

(In thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
ASSETS
Cash and due from banks	$	319,747		$	281,063		$	265,408		$	229,209		$	205,262
Interest-bearing deposits with other banks		975,983			629,284			752,269			829,507			969,996
Cash and cash equivalents		1,295,730			910,347			1,017,677			1,058,716			1,175,258
Federal funds sold		6,275			3,725			6,425			—			5,200
Investment securities – available-for-sale, net of allowance for credit losses		3,003,320			3,072,639			3,270,620			3,344,539			3,400,884
Investment securities – held-to-maturity, net of allowance for credit losses		1,269,896			1,275,204			1,277,090			1,278,853			1,280,586
Total investment securities		4,273,216			4,347,843			4,547,710			4,623,392			4,681,470
Loans receivable		14,952,116			14,764,500			14,823,979			14,781,457			14,513,673
Allowance for credit losses		(279,944	)		(275,880	)		(312,574	)		(295,856	)		(290,294	)
Loans receivable, net		14,672,172			14,488,620			14,511,405			14,485,601			14,223,379
Bank premises and equipment, net		384,843			386,322			388,776			383,691			389,618
Foreclosed assets held for sale		39,680			43,407			43,040			41,347			30,650
Cash value of life insurance		221,621			219,786			219,353			218,198			215,424
Accrued interest receivable		115,983			120,129			118,871			120,984			119,029
Deferred tax asset, net		170,120			186,697			176,629			195,041			202,882
Goodwill		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit intangible		38,280			40,327			42,395			44,490			46,630
Other assets		376,030			345,292			352,583			350,192			347,928
Total assets	$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905		$	22,835,721

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing	$	4,079,289		$	4,006,115		$	3,937,168		$	4,068,302		$	4,115,603
Savings and interest-bearing transaction accounts		11,586,106			11,347,850			10,966,426			11,150,516			11,047,258
Time deposits		1,876,096			1,792,332			1,802,116			1,736,985			1,703,269
Total deposits		17,541,491			17,146,297			16,705,710			16,955,803			16,866,130
Securities sold under agreements to repurchase		161,401			162,350			179,416			137,996			176,107
FHLB and other borrowed funds		600,500			600,750			1,300,750			1,301,050			1,301,050
Accrued interest payable and other liabilities		207,154			181,080			238,058			230,011			241,345
Subordinated debentures		439,102			439,246			439,394			439,542			439,688
Total liabilities		18,949,648			18,529,723			18,863,328			19,064,402			19,024,320

Stockholders’ equity
Common stock		1,982			1,989			1,989			1,997			2,008
Capital surplus		2,246,312			2,272,794			2,272,100			2,295,893			2,326,824
Retained earnings		2,018,801			1,942,350			1,880,562			1,819,412			1,753,994
Accumulated other comprehensive loss		(224,540	)		(256,108	)		(194,862	)		(261,799	)		(271,425	)
Total stockholders’ equity		4,042,555			3,961,025			3,959,789			3,855,503			3,811,401
Total liabilities and stockholders’ equity	$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905		$	22,835,721

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)

	Quarter Ended															Three Months Ended
(In thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
Interest income:
Loans	$	270,784		$	278,409		$	281,977		$	274,324		$	265,294		$	270,784		$	265,294
Investment securities
Taxable		27,433			28,943			31,006			32,587			33,229			27,433			33,229
Tax-exempt		7,650			7,704			7,704			7,769			7,803			7,650			7,803
Deposits – other banks		6,620			7,585			12,096			12,564			10,528			6,620			10,528
Federal funds sold		55			73			62			59			61			55			61
Total interest income		312,542			322,714			332,845			327,303			316,915			312,542			316,915
Interest expense:
Interest on deposits		86,786			90,564			97,785			95,741			92,548			86,786			92,548
Federal funds purchased		—			—			1			—			—			—			—
FHLB and other borrowed funds		5,902			9,541			14,383			14,255			14,276			5,902			14,276
Securities sold under agreements to repurchase		1,074			1,346			1,335			1,363			1,404			1,074			1,404
Subordinated debentures		4,124			4,121			4,121			4,122			4,097			4,124			4,097
Total interest expense		97,886			105,572			117,625			115,481			112,325			97,886			112,325
Net interest income		214,656			217,142			215,220			211,822			204,590			214,656			204,590
Provision for credit losses on loans		—			16,700			18,200			8,000			5,500			—			5,500
Provision for (recovery of) credit losses on unfunded commitments		—			—			1,000			—			(1,000	)		—			(1,000	)
(Recovery of) provision for credit losses on investment securities		—			—			(330	)		—			—			—			—
Total credit loss expense		—			16,700			18,870			8,000			4,500			—			4,500
Net interest income after credit loss expense		214,656			200,442			196,350			203,822			200,090			214,656			200,090
Non-interest income:
Service charges on deposit accounts		9,650			9,935			9,888			9,714			9,686			9,650			9,686
Other service charges and fees		10,689			11,651			10,490			10,679			10,189			10,689			10,189
Trust fees		4,760			4,526			4,403			4,722			5,066			4,760			5,066
Mortgage lending income		3,599			3,518			4,437			4,276			3,558			3,599			3,558
Insurance commissions		535			483			595			565			508			535			508
Increase in cash value of life insurance		1,842			1,215			1,161			1,279			1,195			1,842			1,195
Dividends from FHLB, FRB, FNBB & other		2,718			2,820			2,637			2,998			3,007			2,718			3,007
Gain on SBA loans		288			218			145			56			198			288			198
(Loss) gain on branches, equipment and other assets, net		(163	)		26			32			2,052			(8	)		(163	)		(8	)
(Loss) gain on OREO, net		(376	)		(2,423	)		85			49			17			(376	)		17
Fair value adjustment for marketable securities		442			850			1,392			(274	)		1,003			442			1,003
Other income		11,442			8,403			7,514			6,658			7,380			11,442			7,380
Total non-interest income		45,426			41,222			42,779			42,774			41,799			45,426			41,799
Non-interest expense:
Salaries and employee benefits		61,855			60,824			58,861			60,427			60,910			61,855			60,910
Occupancy and equipment		14,425			14,526			14,546			14,408			14,551			14,425			14,551
Data processing expense		8,558			9,324			9,088			8,935			9,147			8,558			9,147
Other operating expenses		28,090			27,536			27,550			29,415			26,888			28,090			26,888
Total non-interest expense		112,928			112,210			110,045			113,185			111,496			112,928			111,496
Income before income taxes		147,154			129,454			129,084			133,411			130,393			147,154			130,393
Income tax expense		31,945			28,890			29,046			31,881			30,284			31,945			30,284
Net income	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars and shares in thousands, except per share data)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
PER SHARE DATA
Diluted earnings per common share	$	0.58		$	0.51		$	0.50		$	0.51		$	0.50		$	0.58		$	0.50
Diluted earnings per common share, as adjusted (non-GAAP)⁽¹⁾		0.56			0.50			0.50			0.52			0.49			0.56			0.49
Basic earnings per common share		0.58			0.51			0.50			0.51			0.50			0.58			0.50
Dividends per share – common		0.195			0.195			0.195			0.18			0.18			0.195			0.18
Book value per common share		20.40			19.92			19.91			19.30			18.98			20.40			18.98
Tangible book value per common share (non-GAAP)⁽¹⁾		13.15			12.68			12.67			12.08			11.79			13.15			11.79

STOCK INFORMATION
Average common shares outstanding		198,657			198,863			199,380			200,319			201,210			198,657			201,210
Average diluted shares outstanding		198,852			198,973			199,461			200,465			201,390			198,852			201,390
End of period common shares outstanding		198,206			198,882			198,879			199,746			200,797			198,206			200,797

ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)		2.07	%		1.77	%		1.74	%		1.79	%		1.78	%		2.07	%		1.78	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)⁽¹⁾		2.01	%		1.76	%		1.72	%		1.83	%		1.76	%		2.01	%		1.76	%
Return on average assets excluding intangible amortization (non-GAAP)⁽¹⁾		2.24	%		1.92	%		1.88	%		1.94	%		1.93	%		2.24	%		1.93	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		2.18	%		1.91	%		1.86	%		1.98	%		1.91	%		2.18	%		1.91	%
Return on average common equity (ROE)		11.75	%		10.13	%		10.23	%		10.73	%		10.64	%		11.75	%		10.64	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)⁽¹⁾		11.41	%		10.05	%		10.12	%		10.98	%		10.54	%		11.41	%		10.54	%
Return on average tangible common equity (ROTCE) (non-GAAP)⁽¹⁾		18.39	%		15.94	%		16.26	%		17.29	%		17.22	%		18.39	%		17.22	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)⁽¹⁾		17.87	%		15.82	%		16.09	%		17.69	%		17.07	%		17.87	%		17.07	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)⁽¹⁾		18.64	%		16.18	%		16.51	%		17.56	%		17.50	%		18.64	%		17.50	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		18.12	%		16.07	%		16.34	%		17.97	%		17.34	%		18.12	%		17.34	%

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars in thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024

Efficiency ratio		42.22	%		42.24	%		41.42	%		43.17	%		44.22	%		42.22	%		44.22	%
Efficiency ratio, as adjusted (non-GAAP)⁽¹⁾		42.84	%		42.00	%		41.66	%		42.59	%		44.43	%		42.84	%		44.43	%
Net interest margin – FTE (NIM)		4.44	%		4.39	%		4.28	%		4.27	%		4.13	%		4.44	%		4.13	%
Fully taxable equivalent adjustment	$	2,534		$	2,398		$	2,616		$	2,628		$	892		$	2,534		$	892
Total revenue (net)		260,082			258,364			257,999			254,596			246,389			260,082			246,389
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾		147,154			146,154			147,954			141,411			134,893			147,154			134,893
PPNR, as adjusted (non-GAAP)⁽¹⁾		142,821			145,209			146,562			141,886			133,728			142,821			133,728
Pre-tax net income to total revenue (net)		56.58	%		50.11	%		50.03	%		52.40	%		52.92	%		56.58	%		52.92	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾		54.91	%		49.74	%		49.49	%		52.59	%		52.45	%		54.91	%		52.45	%
P5_NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾		56.58	%		56.57	%		57.35	%		55.54	%		54.75	%		56.58	%		54.75	%
P5_NR, as adjusted (non-GAAP)⁽¹⁾		54.91	%		56.20	%		56.81	%		55.73	%		54.28	%		54.91	%		54.28	%
Total purchase accounting accretion	$	1,378		$	1,610		$	1,878		$	1,873		$	2,772		$	1,378		$	2,772
Average purchase accounting loan discounts		17,493			19,090			20,832			22,788			24,820			17,493			24,820

OTHER OPERATING EXPENSES
Advertising	$	1,928		$	1,941		$	1,810		$	1,692		$	1,654		$	1,928		$	1,654
Amortization of intangibles		2,047			2,068			2,095			2,140			2,140			2,047			2,140
Electronic banking expense		3,055			3,307			3,569			3,412			3,156			3,055			3,156
Directors’ fees		452			356			362			423			498			452			498
Due from bank service charges		281			271			302			282			276			281			276
FDIC and state assessment		3,387			3,216			3,360			5,494			3,318			3,387			3,318
Insurance		999			900			926			905			903			999			903
Legal and accounting		3,641			2,361			1,902			2,617			2,081			3,641			2,081
Other professional fees		1,947			1,736			2,062			2,108			2,236			1,947			2,236
Operating supplies		711			711			673			613			683			711			683
Postage		503			518			522			497			523			503			523
Telephone		436			438			455			444			470			436			470
Other expense		8,703			9,713			9,512			8,788			8,950			8,703			8,950
Total other operating expenses	$	28,090		$	27,536		$	27,550		$	29,415		$	26,888		$	28,090		$	26,888

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

(Dollars in thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
BALANCE SHEET RATIOS
Total loans to total deposits		85.24	%		86.11	%		88.74	%		87.18	%		86.05	%
Common equity to assets		17.58	%		17.61	%		17.35	%		16.82	%		16.69	%
Tangible common equity to tangible assets (non-GAAP)⁽¹⁾		12.09	%		11.98	%		11.78	%		11.23	%		11.06	%
										.
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential	$	5,588,681		$	5,426,780		$	5,496,536		$	5,599,925		$	5,616,965
Construction/land development		2,735,760			2,736,214			2,741,419			2,511,817			2,330,555
Agricultural		335,437			336,993			335,965			345,461			337,618
Residential real estate loans
Residential 1-4 family		1,947,872			1,956,489			1,932,352			1,910,143			1,899,974
Multifamily residential		576,089			496,484			482,648			509,091			415,926
Total real estate		11,183,839			10,952,960			10,988,920			10,876,437			10,601,038
Consumer		1,227,745			1,234,361			1,219,197			1,189,386			1,163,228
Commercial and industrial		2,045,036			2,022,775			2,084,667			2,242,072			2,284,775
Agricultural		314,323			367,251			352,963			314,600			278,609
Other		181,173			187,153			178,232			158,962			186,023
Loans receivable	$	14,952,116		$	14,764,500		$	14,823,979		$	14,781,457		$	14,513,673

ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period	$	275,880		$	312,574		$	295,856		$	290,294		$	288,234
Loans charged off		3,458			53,959			2,001			3,098			3,978
Recoveries of loans previously charged off		7,522			565			519			660			538
Net loans (recovered) charged off		(4,064	)		53,394			1,482			2,438			3,440
Provision for credit losses – loans		—			16,700			18,200			8,000			5,500
Balance, end of period	$	279,944		$	275,880		$	312,574		$	295,856		$	290,294

Net (recoveries) charge-offs to average total loans		(0.11	)%		1.44	%		0.04	%		0.07	%		0.10	%
Allowance for credit losses to total loans		1.87	%		1.87	%		2.11	%		2.00	%		2.00	%

NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans	$	86,383		$	93,853		$	95,747		$	78,090		$	67,055
Loans past due 90 days or more		3,264			5,034			5,356			8,251			12,928
Total non-performing loans		89,647			98,887			101,103			86,341			79,983
Other non-performing assets
Foreclosed assets held for sale, net		39,680			43,407			43,040			41,347			30,650
Other non-performing assets		63			63			63			63			63
Total other non-performing assets		39,743			43,470			43,103			41,410			30,713
Total non-performing assets	$	129,390		$	142,357		$	144,206		$	127,751		$	110,696

Allowance for credit losses for loans to non-performing loans		312.27	%		278.99	%		309.16	%		342.66	%		362.94	%
Non-performing loans to total loans		0.60	%		0.67	%		0.68	%		0.58	%		0.55	%
Non-performing assets to total assets		0.56	%		0.63	%		0.63	%		0.56	%		0.48	%

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Three Months Ended
	March 31, 2025						December 31, 2024
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	611,962	$	6,620	4.39	%	$	643,959	$	7,585	4.69	%
Federal funds sold		5,091		55	4.38	%		6,068		73	4.79	%
Investment securities – taxable		3,179,290		27,433	3.50	%		3,291,472		28,943	3.50	%
Investment securities – non-taxable – FTE		1,135,783		10,061	3.59	%		1,154,384		9,980	3.44	%
Loans receivable – FTE		14,893,912		270,907	7.38	%		14,798,953		278,531	7.49	%
Total interest-earning assets		19,826,038		315,076	6.45	%		19,894,836		325,112	6.50	%
Non-earning assets		2,722,797						2,670,241
Total assets	$	22,548,835					$	22,565,077

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,402,688	$	69,672	2.48	%	$	11,058,959	$	72,220	2.60	%
Time deposits		1,801,503		17,114	3.85	%		1,800,618		18,344	4.05	%
Total interest-bearing deposits		13,204,191		86,786	2.67	%		12,859,577		90,564	2.80	%
Securities sold under agreement to repurchase		155,861		1,074	2.79	%		174,759		1,346	3.06	%
FHLB and other borrowed funds		600,681		5,902	3.98	%		889,880		9,541	4.27	%
Subordinated debentures		439,173		4,124	3.81	%		439,319		4,121	3.73	%
Total interest-bearing liabilities		14,399,906		97,886	2.76	%		14,363,535		105,572	2.92	%
Non-interest bearing liabilities
Non-interest bearing deposits		3,980,944						4,024,433
Other liabilities		190,314						226,933
Total liabilities		18,571,164						18,614,901
Shareholders’ equity		3,977,671						3,950,176
Total liabilities and shareholders’ equity	$	22,548,835					$	22,565,077
Net interest spread					3.69	%					3.58	%
Net interest income and margin – FTE			$	217,190	4.44	%			$	219,540	4.39	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Three Months Ended
	March 31, 2025						March 31, 2024
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	611,962	$	6,620	4.39	%	$	801,456	$	10,528	5.28	%
Federal funds sold		5,091		55	4.38	%		5,012		61	4.90	%
Investment securities – taxable		3,179,290		27,433	3.50	%		3,473,511		33,229	3.85	%
Investment securities – non-taxable – FTE		1,135,783		10,061	3.59	%		1,257,861		8,642	2.76	%
Loans receivable – FTE		14,893,912		270,907	7.38	%		14,487,494		265,347	7.37	%
Total interest-earning assets		19,826,038		315,076	6.45	%		20,025,334		317,807	6.38	%
Non-earning assets		2,722,797						2,657,925
Total assets	$	22,548,835					$	22,683,259

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,402,688	$	69,672	2.48	%	$	11,038,910	$	75,597	2.75	%
Time deposits		1,801,503		17,114	3.85	%		1,685,193		16,951	4.05	%
Total interest-bearing deposits		13,204,191		86,786	2.67	%		12,724,103		92,548	2.93	%
Securities sold under agreement to repurchase		155,861		1,074	2.79	%		172,024		1,404	3.28	%
FHLB and other borrowed funds		600,681		5,902	3.98	%		1,301,091		14,276	4.41	%
Subordinated debentures		439,173		4,124	3.81	%		439,760		4,097	3.75	%
Total interest-bearing liabilities		14,399,906		97,886	2.76	%		14,636,978		112,325	3.09	%
Non-interest bearing liabilities
Non-interest bearing deposits		3,980,944						4,017,659
Other liabilities		190,314						244,970
Total liabilities		18,571,164						18,899,607
Shareholders’ equity		3,977,671						3,783,652
Total liabilities and shareholders’ equity	$	22,548,835					$	22,683,259
Net interest spread					3.69	%					3.29	%
Net interest income and margin – FTE			$	217,190	4.44	%			$	205,482	4.13	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars and shares in thousands, except per share data)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Pre-tax adjustments
FDIC special assessment		—			—			—			2,260			—			—			—
BOLI death benefits		—			(95	)		—			—			(162	)		—			(162	)
Gain on sale of building		—			—			—			(2,059	)		—			—			—
Fair value adjustment for marketable securities		(442	)		(850	)		(1,392	)		274			(1,003	)		(442	)		(1,003	)
Special income from equity investment		(3,891	)		—			—			—			—			(3,891	)		—
Total pre-tax adjustments		(4,333	)		(945	)		(1,392	)		475			(1,165	)		(4,333	)		(1,165	)
Tax-effect of adjustments		(1,059	)		(208	)		(348	)		119			(251	)		(1,059	)		(251	)
Deferred tax asset write-down		—			—			—			2,030			—			—			—
Total adjustments after-tax (B)		(3,274	)		(737	)		(1,044	)		2,386			(914	)		(3,274	)		(914	)
Earnings, as adjusted (C)	$	111,935		$	99,827		$	98,994		$	103,916		$	99,195		$	111,935		$	99,195

Average diluted shares outstanding (D)		198,852			198,973			199,461			200,465			201,390			198,852			201,390

GAAP diluted earnings per share: (A/D)	$	0.58		$	0.51		$	0.50		$	0.51		$	0.50		$	0.58		$	0.50
Adjustments after-tax: (B/D)		(0.02	)		(0.01	)		0.00			0.01			(0.01	)		(0.02	)		(0.01	)
Diluted earnings per common share, as adjusted: (C/D)	$	0.56		$	0.50		$	0.50		$	0.52		$	0.49		$	0.56		$	0.49

ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)		2.07	%		1.77	%		1.74	%		1.79	%		1.78	%		2.07	%		1.78	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)		2.01	%		1.76	%		1.72	%		1.83	%		1.76	%		2.01	%		1.76	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))		2.24	%		1.92	%		1.88	%		1.94	%		1.93	%		2.24	%		1.93	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))		2.18	%		1.91	%		1.86	%		1.98	%		1.91	%		2.18	%		1.91	%

GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Amortization of intangibles (B)		2,047			2,068			2,095			2,140			2,140			2,047			2,140
Amortization of intangibles after-tax (C)		1,547			1,563			1,572			1,605			1,605			1,547			1,605
Adjustments after-tax (D)		(3,274	)		(737	)		(1,044	)		2,386			(914	)		(3,274	)		(914	)
Average assets (E)	22,548,835			22,565,077			22,893,784			22,875,949			22,683,259			22,548,835			22,683,259
Average goodwill & core deposit intangible (F)		1,437,515			1,439,566			1,441,654			1,443,778			1,445,902			1,437,515			1,445,902

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars in thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)		11.75	%		10.13	%		10.23	%		10.73	%		10.64	%		11.75	%		10.64	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)		11.41	%		10.05	%		10.12	%		10.98	%		10.54	%		11.41	%		10.54	%
Return on average tangible common equity: (A/(D-E))		18.39	%		15.94	%		16.26	%		17.29	%		17.22	%		18.39	%		17.22	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))		17.87	%		15.82	%		16.09	%		17.69	%		17.07	%		17.87	%		17.07	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))		18.64	%		16.18	%		16.51	%		17.56	%		17.50	%		18.64	%		17.50	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))		18.12	%		16.07	%		16.34	%		17.97	%		17.34	%		18.12	%		17.34	%

GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Earnings excluding intangible amortization (B)		116,756			102,127			101,610			103,135			101,714			116,756			101,714
Adjustments after-tax (C)		(3,274	)		(737	)		(1,044	)		2,386			(914	)		(3,274	)		(914	)
Average common equity (D)	3,977,671			3,950,176			3,889,712			3,805,800			3,783,652			3,977,671			3,783,652
Average goodwill & core deposits intangible (E)	1,437,515			1,439,566			1,441,654			1,443,778			1,445,902			1,437,515			1,445,902

EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-G)/(B+C+E))		42.22	%		42.24	%		41.42	%		43.17	%		44.22	%		42.22	%		44.22	%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))		42.84	%		42.00	%		41.66	%		42.59	%		44.43	%		42.84	%		44.43	%
Pre-tax net income to total revenue (net) (A/(B+C))		56.58	%		50.11	%		50.03	%		52.40	%		52.92	%		56.58	%		52.92	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))		54.91	%		49.74	%		49.49	%		52.59	%		52.45	%		54.91	%		52.45	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)	$	147,154		$	146,154		$	147,954		$	141,411		$	134,893		$	147,154		$	134,893
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)	$	142,821		$	145,209		$	146,562		$	141,886		$	133,728		$	142,821		$	133,728
P5_NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)		56.58	%		56.57	%		57.35	%		55.54	%		54.75	%		56.58	%		54.75	%
P5_NR, as adjusted (B+C-D+F)/(B+C)		54.91	%		56.20	%		56.81	%		55.73	%		54.28	%		54.91	%		54.28	%

Pre-tax net income (A)	$	147,154		$	129,454		$	129,084		$	133,411		$	130,393		$	147,154		$	130,393
Net interest income (B)		214,656			217,142			215,220			211,822			204,590			214,656			204,590
Non-interest income (C)		45,426			41,222			42,779			42,774			41,799			45,426			41,799
Non-interest expense (D)		112,928			112,210			110,045			113,185			111,496			112,928			111,496
Fully taxable equivalent adjustment (E)		2,534			2,398			2,616			2,628			892			2,534			892
Total pre-tax adjustments (F)		(4,333	)		(945	)		(1,392	)		475			(1,165	)		(4,333	)		(1,165	)
Amortization of intangibles (G)		2,047			2,068			2,095			2,140			2,140			2,047			2,140

Adjustments:
Non-interest income:
Fair value adjustment for marketable securities	$	442		$	850		$	1,392		$	(274	)	$	1,003		$	442		$	1,003
(Loss) gain on OREO		(376	)		(2,423	)		85			49			17			(376	)		17
(Loss) gain on branches, equipment and other assets, net		(163	)		26			32			2,052			(8	)		(163	)		(8	)
Special income from equity investment		3,891			—			—			—			—			3,891			—
BOLI death benefits		—			95			—			—			162			—			162
Total non-interest income adjustments (H)	$	3,794		$	(1,452	)	$	1,509		$	1,827		$	1,174		$	3,794		$	1,174

Non-interest expense:
FDIC special assessment		—			—			—			2,260			—			—			—
Total non-interest expense adjustments (I)	$	—		$	—		$	—		$	2,260		$	—		$	—		$	—

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)	$	20.40		$	19.92		$	19.91		$	19.30		$	18.98
Tangible book value per common share: ((A-C-D)/B)		13.15			12.68			12.67			12.08			11.79

Total stockholders’ equity (A)	$	4,042,555		$	3,961,025		$	3,959,789		$	3,855,503		$	3,811,401
End of period common shares outstanding (B)		198,206			198,882			198,879			199,746			200,797
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)		38,280			40,327			42,395			44,490			46,630

TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)		17.58	%		17.61	%		17.35	%		16.82	%		16.69	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))		12.09	%		11.98	%		11.78	%		11.23	%		11.06	%

Total assets (A)	$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905		$	22,835,721
Total stockholders’ equity (B)		4,042,555			3,961,025			3,959,789			3,855,503			3,811,401
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)		38,280			40,327			42,395			44,490			46,630

The MIL Network –

April 17, 2025

MIL-OSI: CBL International Limited Reports 2024 Full-Year Results: Revenue Soars 35.9% to $592.5 Million Amid Global Expansion

Source: GlobeNewswire (MIL-OSI)

KUALA LUMPUR, Malaysia, April 16, 2025 (GLOBE NEWSWIRE) — CBL International Limited (NASDAQ: BANL) (the “Company” or “CBL”), the listing vehicle of Banle Group (“Banle” or “the Group”), a leading marine fuel logistic company in the Asia-Pacific region, today announced its annual financial results for the year ended December 31, 2024.

Financial Performance Overview

The company reported consolidated revenue of $592.52 million for the year ended December 31, 2024, marking a 35.9% increase from $435.90 million in 2023. This growth was primarily driven by a 38.1% increase in sales volume, supported by the addition of new customers during the year, expansion of our supply network to cover more ports, and a broader customer base that now includes bulk carriers and oil and gas tankers in addition to container liner operators.

Due to challenging market conditions, the Company reported a net loss of $3.87 million in 2024, compared to a net income of $1.13 million in 2023, mainly attributed to a 25.5% decrease in gross profit to $5.37 million in 2024 from $7.21 million in 2023 and a 56.8% rise in operating expenses to $8.70 million in 2024 from $5.55 million in 2023. The Company adopted a volume-driven growth strategy that involved offering more competitive pricing in a market characterized by intensified competition and pricing pressure. While this approach supported increased sales volume and market share, it also contributed to narrower profit margins.

In addition to reduced gross margins, the net loss was impacted by increased expenses for business expansion, biofuel operation, additional expenses to enhance ESG, and a rise in interest expenses. These were partially offset by a reduction in income tax expenses. The financial outcome reflects both the dynamic nature of the bunkering industry and the Company’s ongoing investment in client base development and geographic growth, which are expected to enhance long-term positioning as market conditions normalize.

Earnings per share (EPS) reflected this, decreasing to $(0.136) in 2024 from $0.045 in 2023. Cash and cash equivalents increased by 8.3% to $8.02 million as of December 31, 2024 from $7.40 million as of December 31, 2023.

Business Expansion in Challenging Times

CBL International’s operational expansion was a key focus in 2024, particularly in a challenging industry environment marked by geopolitical tensions, such as the Red Sea crisis and broader Middle East tensions. The company grew its service network from 36 ports at the time of its IPO in March 2023 to over 60 ports by year-end 2024, covering Asia Pacific, Europe, Africa, and Central America. Revenue growth year-on-year was notable across China, Hong Kong, Malaysia, Singapore, and South Korea.

Key new ports included Mauritius, Panama, and India, enhancing its global reach. This expansion was supported by servicing nine of the world’s top 12 container shipping lines, representing nearly 60% of global container fleet capacity. The Company’s European expansion focused on strengthening cross-regional service offerings for Euro–Asia trade routes. Growth was supported by a stronger presence in the Amsterdam-Rotterdam-Antwerp (ARA) region and a new Ireland office established in late 2023, enhancing local sourcing capabilities.

Customer diversification was another priority, with the share of non-container liners in total revenue increased, and sales concentration among the top five customers declined in fiscal year 2024.

A significant highlight was the company’s push towards sustainability, with biofuel sales surging by 628.8% and volume by 603.0%. The introduction of B24 biofuel (76% fossil fuel, 24% used cooking oil methyl ester) in Hong Kong, China, and Malaysia reduced greenhouse gas emissions by 20%, supported by ISCC EU and ISCC Plus certifications secured in 2023. This aligns with global trends towards greener shipping solutions and positions CBL as a leader in sustainable fuel logistics.

Strategically, CBL enhanced its IT systems, implementing real-time order tracking, data analytics, and workflow automation to improve efficiency. Credit risk management was strengthened, and working capital management improved with increased factoring facilities and a cash balance rise, navigating macroeconomic challenges through pricing strategies and port network adjustments. Additionally, CBL expanded its funding sources by accessing capital markets, such as private placement, increasing financial flexibility to support growth initiatives.

Bullish Outlook and Customer Loyalty Strategy

Despite the net loss, CBL’s management remains optimistic about the future, viewing current industry challenges as an opportunity to build resilience and enhance customer loyalty. While prudently evaluating the impact of the latest U.S. tariff policy, among other macro incidents such as geopolitical tensions, regulatory changes, and shifting global trade dynamics, on the economy and the bunkering sector, CBL believes its broad global network, primarily focused on intra-Asia and Euro-Asia trade routes, helps mitigate potential adverse effects. Since the Company has no operation on U.S. ports, the impact of such policies may be limited in the near future.

The Company’s strategic expansion of ports, diversification of its client base, and commitment to sustainable initiatives are designed to position it for growth when market conditions improve. By investing in new ports and expanding relationships with key industry players, CBL aims to secure long-term partnerships that will strengthen its market position as global trade stabilizes and profitability improves.

Management Commentary and Future Outlook

Dr. Teck Lim Chia, Chairman and CEO of CBL International Limited, stated, “We are confident in our strategy to expand our service network, maximize sales volume and explore sustainable offerings, even in these challenging times. Our investments in new ports, diversified clients, and sustainable fuels are building a foundation for future growth. We believe that by demonstrating our capabilities at present, we will earn customer loyalty that will yield substantial benefits as the market recovers, positioning CBL International for significant success in the years ahead.”

Looking ahead, CBL remains focused on expanding its market presence, particularly in biofuels, and enhancing its global supply network. The company is committed to driving operational efficiency and delivering sustainable growth.

Webcast Details

CBL International Limited (Nasdaq: BANL) cordially invites you to participate in a webcast to discuss its financial results for the year ended December 31, 2024.

About the Banle Group

CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company based in the Asia Pacific region that was established in 2015. We are committed to providing customers with one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. We facilitate vessel refueling mainly through local physical suppliers in over 60 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam, as of 16 April, 2025. The Group actively promotes the use of sustainable fuels and is awarded with the ISCC EU and ISCC Plus certifications.

For more information about our company, please visit our website at: https://www.banle-intl.com.

Forward-Looking Statements

Certain statements in this announcement are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” “should,” “would,” “plan,” “future,” “outlook,” “potential,” “project” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. They involve known and unknown risks and uncertainties and are based on various assumptions, whether or not identified in this press release and on current expectations of BANL’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of BANL. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, fuel prices and tariffs, market, financial, political and legal conditions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

CBL INTERNATIONAL LIMITED
(Incorporated in Cayman Islands with limited liabilities)

For more information, please contact:
CBL International Limited
Email: investors@banle-intl.com

Strategic Financial Relations Limited
Shelly Cheng Iris Au Yeung Email:	Tel: (852) 2864 4857 Tel: (852) 2114 4913 sprg_cbl@sprg.com.hk

The MIL Network –

April 17, 2025

MIL-OSI USA: Ernst, Hassan Strengthen Penalties for Crimes in U.S. Directed by Foreign Adversaries

US Senate News:

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

Published: April 16, 2025

WASHINGTON – U.S. Senators Joni Ernst (R-Iowa) and Maggie Hassan (D-N.H.) introduced the Deterring External Threats and Ensuring Robust Responses to Egregious and Nefarious Criminal Endeavors Act (DETERRENCE) Act to strengthen criminal penalties for individuals who commit, or attempt to commit, violent crimes in the United States on behalf of foreign adversaries.
Last month, two eastern European organized crime leaders were convicted of targeting an American journalist in a murder-for-hire scheme on behalf of the Iranian government.
“We cannot allow foreign adversaries, like Iran, to fund crimes against Americans on our own soil,” said Ernst. “Criminals are on notice, anyone helping to carry out Tehran’s malign ‘death to America’ will face severe consequences. The DETERRENCE Act is another peace through strength action that will make bad actors think twice before targeting our citizens.”
“Foreign adversaries are working with gangs and criminals in the United States to try to kill people on our soil, which is a national security risk,” said Hassan. “This bipartisan legislation will crack down on criminals who commit violence on behalf of a foreign government. I urge my colleagues in Congress to quickly take up and pass this legislation and send a clear message to our foreign adversaries that they will face particularly serious consequences if they expand their criminal activity to American soil.”
“The United States is the home of liberty and freedom of expression. Everyone, from the President to every-day citizens, are threatened when rogue regimes like Iran attempt to infiltrate our borders and commit crimes against us,” said Carrie Filipetti, Executive Director of the Vandenberg Coalition. “Enforcing higher punishments for those doing these rogue regime’s bidding is an important step in the right direction to deter would-be criminals. States like Iran need to get the message that America is back, and their rules don’t work in our country.”
The DETERRENCE Act increases criminal penalties for the following federal crimes when the crimes are committed under U.S. jurisdiction on behalf of foreign governments, including:

Engaging in a murder-for-hire scheme;
Murdering or attempting to murder certain federal officials, including Presidents-elect;
Murdering or attempting to murder certain former federal officials, or their families, because of their official actions;
Assaulting certain former federal officials, or their families, because of their official actions;
Kidnapping or attempted kidnapping;
Threats of violence using a dangerous weapon against certain current and former federal officials, as well as their families, because of their official actions; and
Stalking.

MIL OSI USA News –

April 17, 2025

MIL-OSI USA: Cantwell Joins WA Small Business Owners at Port of Seattle to Explain Harms of Trump Trade Wars

US Senate News:

Source: United States Senator for Washington Maria Cantwell

04.16.25

Cantwell Joins WA Small Business Owners at Port of Seattle to Explain Harms of Trump Trade Wars

Trump’s chaotic tariffs drive up costs for local companies and threatens to put them out of business; “Congress needs to get back in the game,” says Cantwell; her bipartisan bill would reassert Congressional role in U.S. trade policy

SEATTLE – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, joined nine local business owners and leaders at the Port of Seattle to push back against the Trump administration’s tariffs-first trade policy.

“These businesses here today are reminding us what we already should know: that this kind of tariff policy disrupts an integrated economy, hurts small businesses, and basically disrupts what is an important opportunity for the United States to grow more jobs for the future,” said Sen. Cantwell. “Building alliances and [strengthening] our innovation economy is what we should be doing.”

“In my 32 years of designing and manufacturing KAVU has survived tough times, but nothing close to this,” said Barry Barr, CEO of KAVU. “Due to the extreme spikes in prices, we are expecting that many if not all of our 2,000 independent outdoor retailers … will cancel their orders, leaving us with no sales and at the precipice of shutting down.”

“I never thought geopolitics would get in the way of making delicious pizza, yet here were are,” said Joe Fugere, CEO of Tutta Bella. “People in the United States should not have to travel overseas to enjoy the religious experience of great Italian pizza. We can have it right here at home. But only if we’re smart about how we unlock access to the world’s best products.”

“Last month we brought in a container with a value of about $200,000, and we had to pay an extra $20,000 to bring that in with the 10% [tariff],” said Jeff Demir, COO of SwaddleDesigns. “This month we’re bringing in another container, that container will cost us an extra $40,000 because the China tariffs went from 10% to 20%. … We have a container that’s right now sitting in China ready to ship, that container would cost us $300,000 of extra tariffs given the 145% [tariff]. Obviously that container is going to stay in China and it’s not going to be brought over here. Our company will have to operate with the product that we have until this gets resolved.”

Also appearing at today’s event were: Northwest Seaport Alliance and Northwest Seaport Alliance Co-Chair and Port of Tacoma Commissioner John McCarthy; Port of Seattle Commissioner Sam Cho; Gordon Bluechel, CEO of Access Laser; Chris Stone, Deputy Director of the Washington State Wine Commission; Blas Alfaro, Partner at Fulcrum Coffee Roasters; and Molly Neitzel, CEO of Molly Moon’s.

Sen. Cantwell recently introduced the bipartisan Trade Review Act of 2025 to reaffirm Congress’ key role in setting and approving U.S. trade policy, and reestablish limits on the president’s ability to impose unilateral tariffs. Since the introduction, Sen. Cantwell has appeared on CNN International, CNBC , CBS’s Face the Nation, MSNBC’s All In with Chris Hayes, MSNBC’s The Last Word with Lawrence O’Donnell, to discuss the bill.

Sen. Cantwell’s bill has since picked up 12 additional cosponsors – an equal mix of Republicans and Democrats – and been endorsed by multiple major U.S. business organizations, including the National Retail Federation, which is the largest retail trade association in the world. Last week, a bipartisan House companion bill was introduced.

In Washington state, two out of every five jobs are tied to trade and trade-related industries. More information about how those tariffs will affect consumers and businesses in the State of Washington can be found HERE.

For the past three months, President Trump has been sowing economic chaos across the country with unpredictable and ever-changing tariff announcements. His back-and-forth announcements and actions, which have whipsawed American businesses and consumers, as well as close neighbors and allies, include:

On January 31 — citing punishment for failing to crack down on fentanyl trafficking — the Trump administration announced plans to impose a 25% tax on many goods imported into the U.S. from Canada and Mexico and a 10% tax on goods imported from China, then abruptly postponed those tariffs.
In February, he doubled down, announcing an additional 25% tax on all steel and aluminum imports.
At 12:01 a.m. ET on March 4, President Trump’s long-promised 25% tariffs on goods from Mexico and Canada and 10% tariff increase on goods from China took effect, causing stock prices in the United States to plummet.
Then, on March 5, he announced that automobiles from Canada and Mexico would be exempt from his tariffs for one month.
The morning of March 6, he announced that he would suspend the tariffs for some products from Mexico. Then, later that same afternoon, he announced he was suspending most new tariffs on products from both Mexico and Canada until April 2.
On March 11, Trump threatened to double tariffs on Canadian steel and aluminum – increasing them to 50% – before reversing himself later the same day.
On March 13, he threatened 200% tariffs on alcoholic products from the European Union, including all wine and Champagne.
On March 27, he announced plans to impose a 25% tax on all imported sedans, SUVs, crossovers, minivans, cargo vans, and light trucks, as well as some auto parts, beginning on April 2.
On March 29, President Trump said, “I couldn’t care less,” if automakers raise the price of cars in response to his tariffs.
On April 2, he announced a “National Economic Emergency,” and signed an executive order declaring a 10% minimum baseline tariff on all countries as well as additional tariffs on nearly 60 countries.
On April 7, he threatened to impose an additional 50% tariff on China.
On April 9, he announced a rollback of his April 2 tariffs down to the 10% baseline across the board, with the exception of China, which he increased to 125%.
On April 11, the administration announced that electronics, including smartphones and laptops, would be exempt from the 125% rate.

Video of today’s press conference is HERE; photos are HERE; video of Sen. Cantwell’s remarks is HERE; audio of Sen. Cantwell’s remarks is HERE; and a transcript of Sen. Cantwell’s remarks is HERE.

MIL OSI USA News –

April 17, 2025

MIL-OSI USA: Cornyn, Texas GOP Colleagues Urge President Trump to Move NASA Headquarters to Houston

US Senate News:

Source: United States Senator for Texas John Cornyn

AUSTIN – Today, U.S. Senator John Cornyn (R-TX), along with Senator Ted Cruz (R-TX) and Congressman Brian Babin (TX-36), led a letter to President Trump urging his administration to move the headquarters for the National Aeronautics and Space Administration (NASA) from Washington, D.C. to the Lyndon B. Johnson Space Center (JSC) in Houston, Texas, when the D.C. office lease expires in 2028. For decades, Houston has been a leader in space exploration and innovation, and the lawmakers argue that relocating NASA’s headquarters to the Lone Star State will help save American taxpayer dollars and spur growth in the nation’s space sector.

The full text of the letter is available here and below.

The lawmakers wrote: “From its founding in 1958, the National Aeronautics and Space Administration (NASA) has a storied history of exploring new frontiers, making transformational discoveries, and reaching far into the great beyond. However, as NASA’s leadership has languished in our nation’s capital, the core missions of this critical agency are more divided than ever before. This seismic disconnect between NASA’s headquarters and its missions has opened the door to bureaucratic micromanagement and an erosion of centers’ interdependence. For NASA to return to its core mission of excellence in exploration, its headquarters should be located at a place where NASA’s most critical missions are and where transformational leadership from the ground up can be provided. In 2028 the lease for NASA’s current headquarters building in Washington, D.C. expires. We write to urge you to use this opportunity to reinvigorate our national space agency and move NASA’s headquarters from Washington D.C. to the Lyndon B. Johnson Space Center (JSC) in Houston, Texas.”

“Perhaps no city is more closely linked to America’s space program than ‘Space City.’ Some of the first words spoken on the surface of the moon called out to Houston which is home to numerous aerospace businesses. JSC in particular is the largest home of the NASA workforce, with more than 12,000 employees across its 1,620-acre facility and supporting more than 52,000 public and private jobs. As the pinnacle of human spaceflight development, Houston is home to Mission Control, the NASA astronaut corps, the Lunar Sample Laboratory Facility, commercial space agreements, and extensive research and development partnerships. JSC plays a role in nearly everything that makes America a leader in space exploration.”

U.S. Representatives Jodey Arrington (TX-19), John Carter (TX-31), Michael Cloud (TX-27), Dan Crenshaw (TX-02), Monica De La Cruz (TX-15), Jake Ellzey (TX-06), Pat Fallon (TX-04), Brandon Gill (TX-26), Craig Goldman (TX-12), Tony Gonzales (TX-23), Lance Gooden (TX-05), Wesley Hunt (TX-38), Ronny Jackson (TX-14), Morgan Luttrell (TX-08) , Michael McCaul (TX-10), Nathaniel Moran (TX-01), Troy E. Nehls (TX-22), August Pfluger (TX-11), Chip Roy (21), Keith Self (TX-03), Pete Sessions (TX-17) , Beth Van Duyne (TX-24), Randy Weber (TX-14), and Roger Williams (TX-25) also joined the letter.

April 16, 2025

President Donald J. Trump

The White House

1600 Pennsylvania Avenue, N.W.

Washington, D.C. 20500

Dear Mr. President:

From its founding in 1958, the National Aeronautics and Space Administration (NASA) has a storied history of exploring new frontiers, making transformational discoveries, and reaching far into the great beyond. However, as NASA’s leadership has languished in our nation’s capital, the core missions of this critical agency are more divided than ever before. This seismic disconnect between NASA’s headquarters and its missions has opened the door to bureaucratic micromanagement and an erosion of centers’ interdependence. For NASA to return to its core mission of excellence in exploration, its headquarters should be located at a place where NASA’s most critical missions are and where transformational leadership from the ground up can be provided. In 2028 the lease for NASA’s current headquarters building in Washington, D.C. expires. We write to urge you to use this opportunity to reinvigorate our national space agency and move NASA’s headquarters from Washington, D.C. to the Lyndon B. Johnson Space Center (JSC) in Houston, Texas.

Perhaps no city is more closely linked to America’s space program than “Space City.” Some of the first words spoken on the surface of the moon called out to Houston which is home to numerous aerospace businesses. JSC in particular is the largest home of the NASA workforce, with more than 12,000 employees across its 1,620-acre facility and supporting more than 52,000 public and private jobs. As the pinnacle of human spaceflight development, Houston is home to Mission Control, the NASA astronaut corps, the Lunar Sample Laboratory Facility, commercial space agreements, and extensive research and development partnerships. JSC plays a role in nearly everything that makes America a leader in space exploration.

Houston is particularly well suited for NASA’s headquarters due in part to the unique strengths of the city and the state. Texas is the eighth largest economy in the world, with low government regulation and a strong business environment. Houston boasts a cost of living that is less than half that of the Washington, D.C. area; three “R1: Doctoral Universities” producing the high caliber professionals necessary for human spaceflight; and two major commercial service airports for easy connectivity around the country. In contrast, NASA’s current headquarters in Washington, D.C. is disconnected from the NASA centers across the country and thus much of the day-to-day work. Consolidating greater and greater levels of work and authority in Washington, D.C. has been a decades-long trend, resulting in decision making funneled up to bureaucrats at headquarters rather than empowering scientists and astronauts across the centers. This strategy has separated decision makers from the actual workforce and stands antithetical to NASA’s core function.

Relatedly, for the United States to reach the surface of Mars, NASA must rely on a robust commercial space sector. Towards that end, no state offers greater economic and geographic benefits than Texas. The Lone Star State is home to more than 2,000 aerospace, aviation, and defense-related companies, with 18 of the 20 largest aerospace companies based in Texas. Notably, SpaceX relocated their entire company to Texas, establishing the town of Starbase, Texas, to develop, test, and launch SpaceX vehicles. Similarly, Blue Origin develops engines and rockets in West Texas, leading a new generation of spaceflight, and conducts its commercial sub-orbital flights there. Firefly Aerospace, in Cedar Park, recently sent photos of Earth from its Blue Ghost lunar lander on its voyage to explore the surface of the moon. Axiom Space, based in Houston, is building the next generation spacesuit for NASA and a commercial space station to succeed the International Space Station. In addition, the State of Texas recently stood up the Texas Space Commission to promote innovation in space operations and commercial aerospace and to attract commercial space ventures to the state. These are just a few of the ways Texas aerospace companies, projects, and institutions are transforming our nation’s leadership in the space economy.

A central location among NASA’s centers and the geographical center of the United States, Houston offers the ideal location for NASA to return to its core mission of space exploration and to do so at a substantially lower operating cost than in Washington, D.C. Therefore, we strongly encourage you to stand shoulder-to-shoulder with the great servants of NASA — who are focused on recommitting America’s space agency to its roots and exploring the final frontier — by relocating NASA’s headquarters from Washington, D.C. to the Johnson Space Center.

Sincerely,

/s/

MIL OSI USA News –

April 17, 2025

MIL-OSI: DT Midstream to Announce First Quarter 2025 Financial Results, Schedules Earnings Call

Source: GlobeNewswire (MIL-OSI)

DETROIT, April 16, 2025 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) plans to announce first quarter 2025 financial results before the market opens on Wednesday, April 30, 2025.

DT Midstream has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) the same day. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 9881735. International access numbers are available here.

The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

About DT Midstream

DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

The MIL Network –

April 17, 2025

MIL-Evening Report: ‘They are like my children’: research reveals 4 types of indoor plant owners. Which one are you?

Source: The Conversation (Au and NZ) – By Brianna Le Busque, Lecturer in Environmental Science, University of South Australia

maramorosz/Shutterstock

Walk into any home or workplace today, and you’re likely to find an array of indoor plants. The global market for indoor plants is growing fast – projected to reach more than US$28 billion (A$44 billion) by 2031.

People keep indoor plants inside for a variety of reasons, including as decoration, to clean the air and for stress relief. But my colleagues and I wanted to delve further. What sort of relationships do people have with indoor plants? And what can this tell us about ties between humans and nature?

We surveyed indoor plant owners in Australia, and found many of us form highly meaningful connections with our leafy companions. Some people even consider their plants as family, get anxious about their health and mourn a plant when it dies.

Some people worry about the wellbeing of their indoor plants.
Yurii_Yarema/Shutterstock

A blooming hobby

People have grown plants inside for thousands of years.

Evidence suggests Egyptians brought plants indoors in the 3rd century BC. The remains of the former city of Pompeii reveal indoor plants used there more than 2,000 years ago, and in medieval England, indoor plants were used in medicine and cooking.

The keeping of indoor plants became widespread across the world in the second half of the 20th century. The practice was particularly popular during the COVID-19 pandemic, likely due to a desire to connect with nature when access to outdoor green spaces was limited.

The benefits of indoor plants go beyond nature connection. Studies show they can increase positive emotions, reduce stress, enhance productivity, and even decrease physical discomfort such as pain.

However, people have varying levels of connection to their plants, as research by my colleagues and I shows.

Why we love indoor plants

We surveyed 115 Australian adults, recruited through social media posts and poster advertisements at the University of South Australia. Participants were roughly 69% female, 30% male and 1% non-binary, and ranged in age from 18 to 69.

On average, participants owned 15 indoor plants. Some owned a single indoor plant and one person owned a whopping 500!

Between them, respondents kept 51 different varieties of house plants. The most common were succulents, devil’s ivy and monstera. They most commonly kept the plants in the living room, kitchen or bedroom.

Across all participants, 11 benefits of having indoor plants were reported.

Half the respondents described the aesthetic appeal of indoor plants. Comments included that indoor plants were “nice to look at”, “soften rooms” and “add colour”. Participants also reported air quality benefits, and that they found indoor plants calming.

Other less commonly reported benefits were that the plants helped the respondents set habits, improved their physical health, provided distraction, relieved fatigue and had a pleasant smell.

4 types of relationships with indoor plants

Our research identified four types of relationships people have with their indoor plants:

1. Highly connected (14% of respondents)

These people typically described a deep personal connection to their plants. Comments included:

They are like my children. (male, 28)

I often water them and take care of them as family members. (female, 26)

Well I cried over my plants leaf getting broken off today, so you could say I’m pretty attached
to her. (female, 21)

I feel terrible if one dies, I feel as though I have let it down and generally bury it in the garden. (female, 34)

2. Engaged (42% of respondents)

These people enjoyed and tended to their plants, but without deep emotional attachment. For example:

Watering them and watching them grow is exciting, I feel proud to keep them alive so long (female, 22)

I get sad when one dies or is looking droopy, I feel happy when they look alive and freshly
watered. (female, 22)

One respondent said his plants were ‘like my children’.
pikselstock/Shutterstock

3. Limited engagement (23%)

These respondents enjoyed having indoor plants but spent minimal time caring for them and reported minimal emotional connections to them. One participant said:

Feel like indoor plants are fine but through our large windows we can see our outdoor plants and that’s more important to us. (female, 45)

4. No relationship (12%)

Participants who did not have a relationship with their indoor plants said:

Hardly watered it as it’s a succulent. (male, 21)

They are all gifts rather than something I’ve gone out to buy. (male, 21)

(For the remaining 9% of participants, their responses to the question of their relationship with house plants were invalid and not included.)

A minority of survey participants said they had no relationship with their indoor plants.
Sophia Floerchinger/Shutterstock

Unlocking the potential of indoor plants

Our research suggests indoor plants can enrich our lives in ways we are only beginning to understand.

It’s important to note that data for our study were collected in 2020, during the COVID-19 pandemic. This context may have influenced our results. For example, some participants may have felt particularly connected to their indoor plants because their access to outdoor green space was curtailed. So, further research is needed in the post-pandemic context.

Human–nature relationships are an emerging field of research. By understanding the relationship between people and plants, we may help unlock the potential for nature to improve our health and wellbeing.

Brianna Le Busque 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. ‘They are like my children’: research reveals 4 types of indoor plant owners. Which one are you? – https://theconversation.com/they-are-like-my-children-research-reveals-4-types-of-indoor-plant-owners-which-one-are-you-252387

MIL OSI Analysis – EveningReport.nz –

April 17, 2025

MIL-OSI USA: ICE arrests 44 criminal aliens during week-long multi-agency operation

Source: US Immigration and Customs Enforcement

LAREDO, Texas – U.S. Immigration and Customs Enforcement, with assistance from federal partners, arrested 44 illegal aliens – including 24 criminal aliens and one documented Paisas gang member – during a targeted enforcement operation conducted from April 6-12 to bolster public safety, national security, and border security.

The illegal aliens are either charged or convicted of various criminal offenses including:

Four criminal aliens convicted of driving while intoxicated.
One criminal alien convicted of theft.
Six criminal aliens arrested for driving while intoxicated.
Two criminal aliens convicted for evading arrest.
Five criminal aliens arrested for assault.
Four criminal aliens arrested for possession of marijuana.
Three criminal aliens convicted for alien smuggling.
Six criminal aliens convicted for illegal re-entry.
One criminal alien arrested for sexual assault.
One criminal alien convicted for sexual assault.
One criminal alien convicted for possession of marijuana.
One criminal alien arrested for resisting arrest.
One criminal alien arrested for possession of a controlled substance.
Two criminal aliens convicted for burglary.
One criminal alien convicted for alien in possession of a firearm.
One criminal alien arrested for tampering with evidence.
One criminal alien was a documented Paisas gang member.

“We remain committed to our mission of keeping communities safe by locating, arresting and removing criminal aliens who pose a threat to public safety and national security,” said ICE Enforcement and Removal Operations Harlingen acting Field Office Director Robert Cerna. “ICE will no longer exempt classes or categories of removable aliens from potential enforcement. Routine operations will continue in south Texas and the nation to find the worst of all aliens in violation of our immigration laws. They will be subject to arrest, detention and – if found removable by final order – removal from the United States.”

“The success of this targeted enforcement effort highlights the value of a comprehensive, multi-agency approach to ensuring public safety in our south Texas communities,” said ICE Homeland Security Investigations San Antonio Special Agent in Charge Craig Larrabee. “We remain committed to working closely with our law enforcement partners and leveraging all available resources to protect our communities along the southern border.”

Some of these criminal aliens will face additional criminal charges, removal to their home country or remain in ICE custody pending immigration proceedings.

Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

MIL OSI USA News –

April 17, 2025

MIL-OSI USA: Lt. Governor Primavera Celebrates Military-Connected Students During Month of the Military Child

Source: US State of Colorado

AURORA — Today, Lt. Governor Dianne Primavera visited first-grade students at Edna and John W. Mosley P-8 in Aurora to celebrate the Month of the Military Child, a national recognition for the selfless service and sacrifices of military-connected children.

Lt. Governor Primavera was joined by Chief Master Sergeant Lisa Perry, Senior Enlisted Leader of the Colorado National Guard, Senior Master Sergeant Kristina Davis, Christine Kaleikini, Director of 460th Force Support Squadron, and Stephanie Iverson, School Liaison Officer for Buckley Space Force Base.

“Colorado is committed to being the best home for our military communities,” said Lt. Governor Primavera. “We honor the selfless service and sacrifice of our military-connected students. They carry strength beyond their years, which helps ensure their parents can fulfill the mission. It was important to me to show up for them, just like their families show up for our country.”

Month of the Military Child is an opportunity for communities to show support for students whose parents or caregivers serve in the United States Armed Forces. Edna and John W. Mosley P-8 is home to a significant number of students from military families, and the Lt. Governor’s visit served as a heartfelt gesture of appreciation and encouragement.

The visit reflects the Polis-Primavera administration’s continued support of Colorado’s military community, including efforts to improve access to healthcare, education, and economic opportunity. Colorado is proud of the role we play in ensuring our national security and military readiness.

Earlier this month, Governor Polis and Commissioner of Education Susana Córdova awarded the state’s first-ever Purple Star School designation to 27 schools, including Edna and John W. Mosley P-8, from eight school districts and the Charter School Institute. The Purple Star School designation recognizes school communities for supporting military-connected students and their families. These awards are the result of House Bill 24-1076, signed into law by Governor Polis and sponsored by Reps. Bob Marshall (D-Douglas County) and Mike Weissman (D-Adams/Arapahoe) and Sens. Rhonda Fields (D-Adams/Arapahoe) and Bob Gardner (R-El Paso/Teller).

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MIL OSI USA News –

April 17, 2025

MIL-OSI USA: Private Investigator Sentenced to Prison for Interstate Stalking and Harassment of Chinese Nationals on Behalf of the People’s Republic of China

Source: US State of North Dakota

Michael McMahon, a Retired New York City Police Department (NYPD) Sergeant, and Two Co-Conspirators Were First Defendants Convicted After a U.S. Trial in Connection with Repatriation Program ‘Operation Fox Hunt’

Today, in federal court in Brooklyn, New York, Michael McMahon, 57, of Mahwah, New Jersey, was sentenced to 18 months in prison and ordered to pay an $11,000 fine for acting as an illegal agent of the government of the People’s Republic of China (PRC) and interstate stalking and conspiracy to commit the same, for his participation in a scheme to coerce repatriation of a U.S. resident to the PRC as part of its international repatriation effort known as “Operation Fox Hunt.” McMahon and co-defendants Zhu Yong, 68, of East Elmhurst, New York, and Congying Zheng, 29, of Brooklyn, were convicted by a federal jury in June 2023 following a three-week trial. In January 2025, Zhu and Zheng were sentenced respectively to 24 months and 16 months in prison.

As proven at trial, between approximately 2016 and 2019, the defendants and their co-conspirators participated in an international campaign to threaten, harass, surveil, and intimidate John Doe #1 and his family in order to force him and his wife, Jane Doe #1, to return to the PRC to face purported corruption charges. Beginning in 2012, John Doe #1 and Jane Doe #1 had been targeted for repatriation as part of the PRC’s transnational repression programs known as “Operation Fox Hunt” and “Operation Sky Net.” John Doe #1 and his family had accordingly sought to keep their address out of public records.

Zhu hired McMahon, a retired NYPD sergeant working as a private investigator, to locate John Doe #1. McMahon obtained sensitive information about John Doe #1, which he then reported back to Zhu and others, including a PRC police officer. McMahon also conducted surveillance outside the New Jersey home of John Doe #1’s relative and provided Zhu and PRC officials with detailed reports of what he observed. The operation was supervised and directed by several PRC officials, including a PRC police officer and a PRC prosecutor.

As McMahon knew, the operation was intended not only to locate John Doe #1, but to coerce him to return to the PRC by exerting pressure on his family members. In April 2017, PRC officials threatened to jail John Doe #1’s sister, who lived in the PRC, in order to coerce John Doe #1’s then-82-year-old father to travel from the PRC to their relative’s home in New Jersey. John Doe #1’s father, who had recently suffered a brain hemorrhage, was so frail that a doctor accompanied him for the trip. McMahon followed John Doe #1’s father from the relative’s New Jersey home, and, by doing so, was able to learn John Doe #1’s address. McMahon immediately provided this information to a PRC operative.

On Sept. 4, 2018, Zheng and another co-conspirator drove to the New Jersey residence of John Doe #1 and Jane Doe #1 – at the address that McMahon had provided – where they pounded on the front door, attempted to enter the house, and then peered through the windows in the back of the home. They left a note on the front door informing John Doe #1 that his “wife and children will be okay” if John Doe #1 surrendered himself to face a ten-year prison term in the PRC.

McMahon knew that the subjects of his investigation were wanted by the PRC government, a fact that he texted about with another investigator he contracted to help him. Following his arrest, McMahon acknowledged knowing that his employers wanted to get the victim back to China “so they could prosecute him.” After providing the victims’ address, McMahon told his surveillance partner that he was “waiting for a call” to find out what to do next. McMahon’s partner responded, “Yeah. From NJ State Police about an abduction,” to which McMahon responded “Lol.” McMahon later suggested to a PRC co-conspirator that they “harass” John Doe #1 by “[p]ark[ing] outside his home and let[ting] him know we are there.” McMahon took other investigative steps designed to harass the victims, such as researching their daughter’s university residence and college major. McMahon was paid more than $19,000 in total for his role in the illegal repatriation scheme. In an apparent attempt to conceal the source, McMahon deposited payments from his PRC clients into his son’s bank account, the only time he had done so with client payments.

Previously, three co-defendants pleaded guilty in connection with their roles in the PRC-directed harassment and intimidation campaign. They are awaiting sentencing.

Sue J. Bai, head of the Justice Department’s National Security Division, U.S. Attorney John J. Durham for the Eastern District of New York, and Assistant Director Roman Rozhavsky of the FBI’s Counterintelligence Division made the announcement.

The FBI New York Field Office investigated the case, with valuable assistance provided by the Department of State’s Diplomatic Security Service.

Assistant U.S. Attorneys Meredith A. Arfa and Irisa Chen for the Eastern District of New York and Trial Attorney Christine A. Bonomo of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case. Paralegal Specialist Rebecca Roth for the Eastern District of New York provided valuable assistance.

The FBI has created a website for victims to report efforts by foreign governments to stalk, intimidate, or assault people in the United States. If you believe that you are or have been a victim of transnational repression, please visit the FBI’s website.

MIL OSI USA News –

April 17, 2025

MIL-OSI USA: Kelly Announces Winner of 2025 Congressional Art Competition

Source: United States House of Representatives – Representative Trent Kelly (R-Miss)

Kelly Announces Winner of 2025 Congressional Art Competition

Washington, April 16, 2025

WASHINGTON, D.C. – U.S. Congressman Trent Kelly is proud to announce Halle Riddle as the winner of the 2025 Congressional Art Competition for Mississippi’s First Congressional District.

Riddle, a senior at Booneville High School, earned this honor for her drawing title Tunnel Vision, created using black charcoal and white chalk. She chose this piece to challenge herself artistically and was encouraged by her teacher, Amelia Gardner, to push her creative boundaries.

“My biggest art goal has always been to win the Congressional Competition,” Riddle said.

The Congressional Art Competition is an annual event that highlights and encourages the creative talents of high school students across the country. One winner is selected from each Congressional district. Riddle’s artwork will be displayed in the U.S. Capitol for one year, and she will receive two airline tickets to attend the national awards ceremony in Washington, D.C., this summer.

She is the daughter of Jim and Kami Caver and Jonathan and Amanda Riddle, and has two siblings, Jase and Mollie Anna Riddle.

For more information about the Congressional Art Competition, contact melinda.whited@mail.house.gov.

MIL OSI USA News –

April 17, 2025

MIL-OSI: Symbotic Announces Date for Reporting Second Quarter Fiscal 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

WILMINGTON, Mass., April 16, 2025 (GLOBE NEWSWIRE) — Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, today announced it will release second quarter fiscal 2025 financial results after the market close on Wednesday, May 7, 2025. The press release will also be available on the Symbotic Investor Relations website: www.ir.symbotic.com. The company will host a live webcast to discuss its financial results for the quarter at 5:00 p.m. ET on the same date.

To listen to the live webcast, register at https://edge.media-server.com/mmc/go/Symbotic-Q2-2025 for a personal access code. The webcast will be available for replay on the Symbotic Investor Relations website at: www.ir.symbotic.com.

Please direct any questions regarding obtaining access to the webcast to Symbotic Investor Relations at ir@symbotic.com.

ABOUT SYMBOTIC

Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today’s complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit www.symbotic.com.

INVESTOR RELATIONS CONTACT

Charlie Anderson
Vice President, Investor Relations & Corporate Development
ir@symbotic.com

MEDIA INQUIRIES

mediainquiry@symbotic.com

The MIL Network –

April 17, 2025

MIL-Evening Report: With the end of Flybuys NZ, what happens to the personal data of nearly 3 million Kiwis?

Source: The Conversation (Au and NZ) – By Lisa M. Katerina Asher, Doctoral Candidate, Business School, University of Sydney

JuSun/Getty Images

After almost three decades in New Zealand, loyalty programme Flybuys announced it would be closing in 2024. The company behind the scheme, Loyalty New Zealand, has since entered liquidation, leaving the future of one of Flybuys’ key assets uncertain.

That asset is a customer database containing sensitive personal information about millions of New Zealanders. So what happens to it matters.

Founded in 1996, some 2.9 million New Zealanders representing 74% of the nation’s households eventually signed up to Flybuys. Members collected points at affiliated retailers which they could then redeem through the Flybuys website.

But over the past decade, partners such as Air New Zealand, Mitre 10 and New World pulled out of the scheme to either join other loyalty programmes or start their own.

In May last year, Loyalty New Zealand announced it was closing Flybuys New Zealand and liquidators were called in to manage the company’s end. Flybuys Australia continues to operate, jointly owned by Coles Group and Wesfarmers (which owns retailers K-mart and Bunnings).

According to the first liquidator’s report from early April, Loyalty New Zealand is solvent. This means it is not bankrupt and can pay all debts in full.

Once creditors are paid, the remaining funds will go to shareholders – Z Energy, BNZ, IAG and Foodstuffs Ventures (NZ), a joint subsidiary of Foodstuffs North Island and Foodstuffs South Island.

However, the report is silent on Flybuys’ customer database. That data likely includes years of shopping histories, behavioural profiles and potentially sensitive demographic or inferred financial information.

When the end of Flybuys was announced, Loyalty New Zealand assured customers and retailers it would manage private data according to the New Zealand Privacy Act. But with the liquidation of the company, it is unclear what will now happen to this information.

While no one has publicly said the information will be sold, there is no assurance it will be deleted either. And the database is arguably Loyalty New Zealand’s most valuable, albeit intangible, asset. Unless liquidators explicitly commit to deletion, the data could potentially be transferred or sold.

Loyalty schemes such as Flybuys can gather a great deal of information on those who sign-up. That information can become a valuable – and potentially tradable – asset.
Zamrznuti tonovi/Shutterstock

Data ownership, privacy and sovereignty

The risks are far from theoretical. In March this year, DNA ancestry company 23andMe filed for bankruptcy. The genetic data held by the company was put up for sale as an asset, exposing users and their relatives to substantial privacy risks.

While privacy laws vary by country, the 23andMe case showed how personal data can make customers vulnerable. Flybuys’ data may not be genetic, but it is similarly rich, detailed and easily re-identifiable when combined with other datasets.

If sold or reused without proper controls or oversight, it might potentially expose former members to discriminatory insurance profiling, targeted scams, manipulative political advertising and algorithmic credit scoring.

In extreme cases, such data can be used to infer sensitive customer characteristics such as financial stress or health-related behaviours. This could lead to political profiling or surveillance captialism – the collection and commodification of personal data.

New Zealand’s Privacy Act 2020 is designed to protect personal information. If data is reused for purposes beyond its original intent, or transferred without proper consent, it may breach the law. But the act does not clearly prohibit the sale of data during a liquidation. Nor is it clear on how the rules could be enforced.

Australia’s Privacy Act 1988 offers even less protection. It allows companies to send personal data overseas if they take “reasonable steps” to ensure recipients follow similar privacy rules. This means Australian Flybuys’ data could be sent to countries such as the United States.

That is especially worrying given the power of US tech giants, which routinely collect, profile and monetise data with little oversight. In the wrong hands, Flybuys’ trove of shopping habits, preferences and behavioural patterns could be repurposed to build invasive consumer profiles without people’s knowledge or control.

Setting a global standard

If Flybuys New Zealand’s data is treated as an asset during the liquidation process, could set a precedent and shape future regulatory standards internationally.

We have seen this before. In November 2022, Deliveroo Australia entered voluntary administration, raising concerns about how it would handle its extensive customer data. Users were told they had six months to download their own information, but there was no clarity on whether the data would then be deleted, retained or sold.

This lack of transparency revealed a gap in Australia’s data protection laws during liquidation. While the ultimate fate of the data remains publicly unknown, experts have suggested it was transferred to Deliveroo’s UK-based parent company.

While Australia’s 1988 Privacy Act requires organisations to handle personal information responsibly, it does not clearly regulate the sale or transfer of data during insolvencies or liquidations. There is a legal grey area which leaves customers and consumers vulnerable, as their data could be treated as a tradable asset without their consent.

The need for ethical stewardship

Customer data accumulation is the product of a relationship built on trust that should end when the company and relationship does. Ethical stewardship demands deletion, not redistribution.

This aligns with global norms such as the “right to be forgotten” under the European Union’s General Data Protection Regulation.

When a company winds down, users should be clearly informed of their options: to retrieve their data, delete it or consent to its transfer. That decision should rest with the member or customer, not be made behind closed doors for potential financial gain.

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

– ref. With the end of Flybuys NZ, what happens to the personal data of nearly 3 million Kiwis? – https://theconversation.com/with-the-end-of-flybuys-nz-what-happens-to-the-personal-data-of-nearly-3-million-kiwis-254568

MIL OSI Analysis – EveningReport.nz –

April 17, 2025

MIL-Evening Report: People are ‘microdosing’ weight-loss drugs. A GP explains what to watch out for

Source: The Conversation (Au and NZ) – By Natasha Yates, General Practitioner, PhD Candidate, Bond University

MillaF/Shutterstock

Injectable medications originally developed for the treatment of diabetes are also effective for weight loss, and have surged in popularity for this purpose around the world.

In Australia, Ozempic is approved for the treatment of type 2 diabetes, while Wegovy is approved for weight management. Both are formulations of the drug semaglutide, which mimics the action of the naturally occurring GLP-1 hormone on GLP-1 receptors in the gut and the brain, helping regulate appetite and making you feel fuller for longer.

However these medications are expensive, and sometimes hard to get. They also come with side effects. For these reasons, people are taking to “microdosing” weight-loss drugs, or using less than the dose recommended by the manufacturer.

But is this effective, and is it safe? As a GP, people are asking me these questions. Here’s what we know – and what we don’t know yet.

Why are people microdosing weight-loss drugs?

Microdosing usually refers to psychedelic medication, where people take a low dose of a psychedelic drug to enhance performance, or reduce symptoms of stress and anxiety.

However, the term is increasingly being used to describe the use of weight-loss injectables at lower-than-recommended doses.

Three common reasons come up when I ask patients why they microdose weight-loss drugs.

Cost: injectables used for weight loss are not covered by the Pharmaceutical Benefits Scheme, so patients must pay for these out-of-pocket. Costs start from A$260 per month and increase from there.

Availability: worldwide shortages of these injectable medications have led doctors and patients to seek alternative solutions.

Side-effects: side-effects are common, and can include nausea, vomiting, bowel habit changes and reflux. Lower doses cause fewer side-effects, which is why the recommended dosing schedule starts low and gradually builds up.

Weight-loss drugs can cause a range of gastrointestinal side-effects.
PeopleImages.com – Yuri A/Shutterstock

How do people microdose weight-loss drugs?

A standard dose of semaglutide is 2.4mg, but we start patients on much lower doses (0.25mg) and gradually build up to this by increasing the dose each month. This is because starting at the full dose invariably causes bad side-effects.

Injectables come in an adjustable auto-injector pen which is twisted until the dose counter shows the prescribed dose in milligrams. There’s a click every time the dial is turned. Once the prescribed dose is showing, it’s injected under the skin.

To microdose, patients simply turn the dial fewer times than recommended for the full dose. They estimate a microdose by “counting clicks”, which means they’re turning it according to the clicks they hear rather than until they see the dial showing the correct dose has been reached.

Weight-loss drugs come in an adjustable auto-injector pen.
myskin/Shutterstock

Alternatively, they may inject the full recommended dose but do so less often than once per week.

Is it safe?

Using injectables in this way has not been researched, so the safety has not been established. However, it’s unlikely lower doses would lead to higher safety concerns.

In fact, logically, lower doses are likely to mean fewer side-effects.

But these drugs do expire after a few weeks, and microdosing could increase the risk of inadvertently using them after their expiration date. Injecting out-of-date medication can be a significant health risk. For example, it could cause infection if bacteria has started to grow.

The biggest concern around the safety of microdosing is if patients are doing it without the knowledge of their treating team (such as their GP, dietitian and pharmacist).

Because there are no clear guidelines around microdosing, patients should only try it with caution and under medical care. Their team can assist with issues such as accounting for the limited shelf-life of the medication.

Is it effective?

As lower doses than recommended for weight loss have not been tested, we cannot answer this question yet. However, reduced side-effects at lower doses make it likely there are also reduced therapeutic effects.

In my experience there’s a reason patients increase their doses as recommended: they simply don’t lose enough weight on the starting doses.

It’s best to seek advice from your medical team before making any dose changes.
AnnaStills/Shutterstock

At the height of semaglutide shortages in 2023, experts from the American Diabetes Association published recommendations around how to prescribe lower doses for patients with diabetes. But these recommendations were for diabetes management, not for patients using the drug for weight loss.

It’s also important to note that for patients using Wegovy to reduce heart attack and stroke risk – which Australia’s Therapeutic Goods Administration recently approved it for – there’s no evidence that cardiovascular benefits will be achieved at lower-than-recommended doses.

Is there any role for microdosing weight-loss drugs?

There may be a role for microdosing in a few scenarios:

When side-effects are not manageable: when side-effects are intolerable for patients, even on the lowest introductory dose, there may be a role for individualised approaches. But this is best done with clear communication and regular monitoring, so patients are not under-treated.

Supply disruption: if there’s a supply disruption, lowering the dose or lengthening the time between doses may be preferable to ceasing the medication altogether.

Maintenance of weight loss: once therapeutic levels have helped patients achieve their goal weight, lowering the dose may be a helpful longer-term way of keeping them there. We know stopping these drugs altogether results in rebound weight gain. We await evidence for microdosing for weight maintenance.

So what’s the take-home message?

Patients who use injectables as part of their approach to weight loss should be under the care of an experienced team, including a GP, who can monitor their progress and ensure they achieve their weight loss in a safe and sustainable way.

Microdosing weight-loss drugs currently has no clear evidence base, but if a person wants to attempt it, they should do so with the full knowledge of their treating team.

Natasha Yates wishes to thank Dr Terri-Lynne South – a GP, dietician, and the chair of the Royal Australian College of General Practitioners’ specific interest group in obesity management – for providing feedback and peer review on this article.

Natasha Yates is affiliated with the Royal Australian College of General Practitioners.

– ref. People are ‘microdosing’ weight-loss drugs. A GP explains what to watch out for – https://theconversation.com/people-are-microdosing-weight-loss-drugs-a-gp-explains-what-to-watch-out-for-253955

MIL OSI Analysis – EveningReport.nz –

April 17, 2025

MIL-Evening Report: State of the states: six experts on how the campaign is playing out around Australia

Source: The Conversation (Au and NZ) – By David Clune, Honorary Associate, Government and International Relations, University of Sydney

The federal election campaign has passed the halfway mark, with politicians zig-zagging across the country to spruik their policies and achievements.

Where politicians choose to visit (and not visit) give us some insight into their electoral priorities and strategy.

Here, six experts analyse how the campaign has looked so far in New South Wales, Queensland, South Australia, Tasmania, Victoria and Western Australia.

New South Wales

David Clune, honorary associate, government and international relations, University of Sydney

Opposition Leader Peter Dutton’s strategy in NSW seems to include a tacit concession Liberal heartland seats won by the Teals in 2022 are unlikely to come back.

Instead, the Liberals are hoping to make inroads into Western Sydney electorates held by Labor. It’s a fast-growing, diverse area where families are struggling to pay the mortgage and household bills, and young people have difficulty renting or buying homes. Dutton and Prime Minister Anthony Albanese have concentrated their campaigning in this area, both claiming to be the best choice for cost-of-living relief and housing affordability.

Many of these seats are among Labor’s safest. Most would require a two-party preferred swing of 6% or more to be lost. Historically speaking, swings of this size are unlikely, although nevertheless possible.

Labor is putting much effort into “sandbagging” marginal coastal seats. A major issue is Labor’s emphasis on renewables versus the Coalition’s policy of building nuclear power plants, including one in the Hunter Valley.

Dutton’s messaging in the early part of the campaign was confusing, combining pragmatic politics, such as cutting the excise on petrol, with right-wing ideology, such as slashing the public service. The former resonated in the marginals, the latter did not. Albanese, by contrast, stayed on message, releasing a stream of expensive handouts to win the votes of battling Sydneysiders.

A wildcard is the emergence of Muslim lobby groups, The Muslim Vote and Muslim Votes Matter. These were formed to support pro-Palestine candidates in safe Labor seats in Western Sydney where there is a large Muslim population, such as Blaxland and Watson.

One factor that won’t be influential is the state government. Premier Chris Minns leads a Labor administration whose performance has generally been lacklustre, but which is not notably unpopular. Unlike in Victoria, NSW voters seem to have their baseball bats in the closet.

The opinion polls continue to show the trend developing since February of a swing back to Labor in NSW, mirroring the national trend. According to an aggregate of polling data, as at April 15 the Labor two-party preferred vote in NSW was 51.9%, an increase of 1.7% since the March federal budget.

Queensland

Paul Williams, associate professor of politics and journalism, Griffith University

The fact neither Albanese nor Dutton has spent a disproportionate amount of time campaigning in Queensland underscores the view the Sunshine State is not a pathway to The Lodge.

But the fact both leaders have made several visits – Albanese campaigned here four times in 12 days – also indicates neither leader is taking any seat for granted.

Indeed, Albanese has visited normally tough-to-win seats, such as Leichhardt in far north Queensland (held by the Coalition for 26 of the past 29 years), which reveals an emboldened Labor Party. With the retirement of popular Coalition MP Warren Entsch, and held by just 3.44%, Labor thinks Leichhardt is “winnable”, especially after reports the LNP candidate Jeremy Neal had posted questionable comments regarding China and Donald Trump on social media.

If so – and given the growing lead Labor boasts in national polls – the LNP would be also at least a little concerned in Longman (3.1%), Bonner (3.4%), Flynn (3.8%), Forde (4.2%) and Petrie (4.4%).

At least the opposition can placate itself with this week’s Resolve Strategic poll, which indicates it still leads Labor in Queensland by six points after preferences, 53% to 47%. That’s just a one-point swing to Labor since 2022. However, it would be concerned that the LNP’s lead has been slashed ten points from the previous YouGov poll.

But most concerning must surely be a uComms poll in Dutton’s own seat of Dickson, held by a slender 1.7%, which forecast the opposition leader losing to high-profile Labor candidate Ali France, 51.7 to 48.3%. The entry of the Climate 200-backed independent candidate Ellie Smith appears to have disrupted preference flows.

Labor’s own polling indicated a closer contest at 50% each, while the LNP’s polling indicates an easy win for Dutton, 57% to 43%, despite Labor spending A$130,000 on France’s campaign.

An alleged terror plot against Dutton in Brisbane doesn’t appear to have shifted the dial. But voters’ potential to conflate Dutton with Trump may well have, especially given Trump’s tariffs now threaten Queensland beef producers’ $1.4 billion trade with the United States. In the closing weeks, watch as Dutton draws on the new and popular Premier David Crisafulli for electoral succour.

South Australia

Rob Manwaring, associate professor of politics and public policy, Flinders University

Is there a federal election campaign taking place? In South Australia, there is a something of an elusive air about the current festival of democracy, with many voters disengaged. The lack of excitement reflects the fact that only two seats in the state are marginal: Sturt (0.5%) and Boothby (3.3%).

The party campaigns have sparkled and flickered, but not really caught alight. The signature move was Albanese’s early announcement of the $150 million new healthcare centre at Flinders, in the seat of Boothby. For the ALP, this neatly coalesced around Labor’s campaign on Medicare.

Federal Labor also sees its strongest asset in the state in Premier Peter Malinauskas, who was prominent during the recent AFL gather round – the round played entirely in Adelaide and its surrounds.

In a welcome development for the state, Labor’s announcement Adelaide would be put forward to host the next Climate COP conference in 2026 was an interesting flashpoint. Locally, many businesses welcomed the announcement, as it potentially will generate significant footfall and economic activity.

Yet, the Coalition quickly announced they would not support the bid, trying to shift the attention away from climate to cost-of-living issues.

More generally, there is a perception the Coalition has been struggling to build campaign momentum. Notably, in a recent visit by members of the shadow cabinet, energies appear to be focused more on sandbagging the seat of Sturt than on winning Boothy, which Labor holds with a nominal 3.3%.

Other factors also might explain a sense of indifference in South Australia. There have been key developments in state politics, for example, notably the ongoing criminal case against former Liberal leader David Speirs, and independent MP, and former Liberal, Nick McBride, who faces assault charges related to family and domestic violence (to which he’s yet to enter a plea).

Tasmania

Robert Hortle, deputy director of the Tasmanian Policy Exchange, University of Tasmania

The Labor and Liberal campaign strategies started quite differently across Tasmania’s five electorates.

Labor is desperate to defend Lyons and Franklin and hopeful of picking up Braddon (though perhaps overly ambitious, given the 8% margin).

Its candidates have focused on promoting Labor’s big, national-level policies. In the first couple of weeks of the campaign, this meant pushing its flagship healthcare and childcare policies. Following the campaign launches on the weekend, housing is the new flavour.

The Liberal Party – there is no Coalition in Tassie – is focused on winning super marginal Lyons (0.9%) and holding Braddon and Bass. In contrast to Labor, the Liberal campaign was initially defined by lots of community-level funding announcements and Tasmania-specific infrastructure support.

Since the Coalition’s plan to halve the fuel excise was announced, the approach has changed somewhat. Tasmanian Liberal candidates are now swinging in behind this and other national policy pronouncements about – you guessed it – housing.

Both major party candidates have been pretty quiet on the controversial issue of salmon farming. This is surprising given the national spotlight on Braddon’s Macquarie Harbour and the waterways of Franklin. The only exception is Braddon Labor candidate Anne Urquhart’s very vocal support for the salmon industry.

For the Greens, the goal is to build on their 2022 vote share and turn one Senate seat into two, although this is a long shot. They have campaigned hard on issues – mainly salmon farming and native forest logging – where agreement between the Labor and Liberal parties has left space for a dissenting voice.

Although the Greens’ chances of winning any of the lower house seats are slim, they will be hoping these issues help them make further inroads into the declining primary vote share of the major parties.

Victoria

Zareh Ghazarian, senior lecturer in politics, school of social sciences, Monash University

Victoria has several seats that can potentially change hands at this election. As ABC election analyst Antony Green reminds us, the state is home to at least a dozen seats the major parties hold by a margin of 6% or less. Additionally, the independents in Kooyong and Goldstein are also on thin margins (2.2% and 3.3% respectively).

Within this context, the campaign in Victoria has been marked by several visits by the major party leaders. The challenge, however, has been how they have worked with their state counterparts.

State Liberal Leader Brad Battin has fallen short of explicitly supporting the Coalition’s focus on nuclear energy. Instead, he says he’s ready to have an “adult conversation” about the prospect. Coal currently provides more than 60% of electricity in Victoria.

Dutton was, however, happy to campaign alongside Battin and also visited a petrol station with the state leader while in Melbourne.

The Labor Party in Victoria, on the other hand, has been grappling with a drop in support in the polls, with Premier Jacinta Allan’s popularity falling. As a result, there’s been much speculation among political commentators about whether Albanese would want to be campaigning with a leader seemingly struggling to attract support.

In one of the first visits to the state, Albanese did not campaign with Allan. This was even though he had been happy to be with the premiers of South Australia and Western Australia while campaigning there.

According to Albanese, it was the fact that parliament was sitting that made it impossible for Allan to join him on the campaign trail. Both leaders were together at a subsequent visit, but this elicited questions about the impact of Allan’s leadership on Labor’s standing in Victoria.

Western Australia

Narelle Miragliotta, associate professor in politics, Murdoch University

Reports the state’s 16 seats will decide which party grouping will form government has resulted in WA voters being treated to regular visits by the major party leaders, including Labor’s campaign launch.

The campaign context in WA is shaped by its mining economy. Perth is the fastest growing capital in the country, which has led to strong growth in the median housing price and an expensive rental market.

While the state’s economic prosperity is one of the drivers of cost-of-living pressures, some of this has been offset by relief measures from the state Labor government, relatively low unemployment and some of the highest average weekly incomes in the country.

On top of this two potentially divisive issues – the nature positive laws and North West shelf gas expansion – have been defused by federal Labor. The party has backtracked in the case of the former. In the case of the latter, it has merely delayed (not without criticism, however) what is likely to be an eventual approval.

Clearer differences have emerged on future of the WA live sheep trade. But while important to communities directly affected by the phasing out of the practice, the issue does not appear to be capturing the attention of most metropolitan voters.

What might we expect? Labor’s two-party-preferred margin is comfortable in eight of the nine seats it holds. The five Liberal-held seats are on much slimmer margins. Polling suggests little improvement in their state-wide share of the two party preferred vote since 2022.

To the extent the polls portend the outcome, the Liberals’ lack of electoral momentum in WA suggests it will be a struggle to regain the target seats of Curtin and Tangney. Only the outcome in WA’s newest seat, Bullwinkel, remains uncertain.

Paul Williams is a research associate with the TJ Ryan Foundation.

David Clune, Narelle Miragliotta, Rob Manwaring, Robert Hortle, and Zareh Ghazarian 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. State of the states: six experts on how the campaign is playing out around Australia – https://theconversation.com/state-of-the-states-six-experts-on-how-the-campaign-is-playing-out-around-australia-253124

MIL OSI Analysis – EveningReport.nz –

April 17, 2025

MIL-Evening Report: Cracks in social cohesion – the major parties must commit to reinvigorating multiculturalism

Source: The Conversation (Au and NZ) – By Andrew Jakubowicz, Emeritus Professor of Sociology, University of Technology Sydney

In the run up to the May 3 election, questions are being raised about the value of multiculturalism as a public policy in Australia.

They’ve been prompted by community tensions arising from the Israeli/Palestinian conflict and the sharp increase in antisemitic and Islamophobic hate crimes.

Is the erosion of social cohesion a consequence of multiculturalism? Or is multiculturalism the most effective approach to minimising the fissures opening up in the Australian community?

Can Australia still pride itself on being one of the world’s most successful multicultural societies? Or will reinvigorating Australian multiculturalism be one of the great policy challenges for the next government?

Landmark review

It could be argued the election of the Albanese government three years ago was only possible because new multicultural candidates unexpectedly won in marginal electorates.

Yet, the 2022 campaign barely mentioned multicultural policies apart from Labor’s pledge for a Multicultural Framework Review. That pledge was announced the day before the election. It was the first detailed examination of the state of Australia’s multicultural society in 40 years.

Its report last year recommended the existing structures for managing multiculturalism be replaced. A Multicultural Affairs Commission and a standalone Department of Multicultural Affairs should be established.

The existing Australian Multicultural Council was criticised as having “limited influence under Home Affairs”. Its proposed replacement, a renamed Multicultural Community Advisory Council, would be better armed to provide strategic advice. It would also have legislated powers to implement institutional change.

But the government ignored the recommendation. It has persisted with the current Council with a slightly revised membership. Labor hasn’t indicated how it plans to overcome the problem of the Council’s ineffectual influence on multicultural affairs.

The review stressed the importance of bipartisanship and found discrimination and prejudice is “stubbornly common” in Australia.

But bipartisanship has been hard to find. Shadow Citizenship Minister Dan Tehan complained the review failed to deal with antisemitism. Nor did it tackle the strains on social cohesion. He blamed this on pro-Palestine civic action, hate speech and intimidation.

Shifting focus

The review was rapidly overtaken by events, especially public tensions associated with the Israel/Gaza war and local outbreaks of vandalism. Many grassroots initiatives proposed by the review to promote multiculturalism have been supplanted by urgent action to repair community facilities and improve safety.

Two government-appointed envoys against antisemitism and Islamophobia have been crossing the country talking to communities, and testing the capacity of institutions to support their aspirations.

This hive of activity around social cohesion distracts from the limited action on multiculturalism and the persistence and pervasiveness of racism in Australia.

Last month’s federal budget funded increased security and support for multicultural communities. But the government has failed to rework the institutional infrastructure needed to move forward on the deeper issues raised by the review.

Multicultural battleground

There are signs in the first weeks of the campaign that the parties are aware of the issues facing particular communities. However, multiculturalism may struggle to flourish, whoever wins the election.

Opposition Leader Peter Dutton launched a preemptive attack on diversity, equity and inclusion (DEI), by threatening to sack DEI positions in the Australian Public Service. And he nailed his colours to the mast by declaring he won’t stand in front of Aboriginal and Torres Strait Islander flags if he is elected prime minister.

The Coalition may have painted itself into a tight corner after Liberal Senator Dave Sharma declared Islamophobia in Australia was “fictitious”. He contradicted the envoy on Islamophobia and potentially alienated hundreds of thousands of conservative Muslim voters.

Nor has Labor been served well by its initial small target position on multiculturalism and its lethargic implementation of the framework review.

It’s been wedged on the Middle East conflict: pilloried by the Coalition for its perceived weakness on antisemitism, and condemned by the Greens, who accuse it of a morally questionable position on Gaza and Palestinian issues.

Labor also suffered a setback with Senator Fatima Payman’s desertion to the cross bench over its approach to the war in Gaza. This was shadowed by rising hostility from the “Arab street”, which could put some Western Sydney seats at risk.

For its part, the coalition is targeting Teal seats with Jewish communities, while the contest to secure the Chinese-Australian vote could be critical in up to ten seats.

Muliticultralism post election

Multicultural policy cannot be allowed to drift, let alone be degraded. High levels of political alienation in many communities across the country suggest a much more fractured electorate.

It is critical for Australians’ sense of community cohesion, inclusion and social justice that a more robust multicultural strategy be articulated by the major parties. A Multicultural Community Advisory Council with the heft to influence debate must be adopted, as should the recommendation for a legislated Australian Multicultural Commission.

Silence on multicultural policy will not deliver these outcomes. At the moment the sound of that silence is deafening.

This is the ninth article in our special series, Australia’s Policy Challenges. You can read the other articles here

Andrew Jakubowicz was a consultant to the Multicultural Framework Review on research.

– ref. Cracks in social cohesion – the major parties must commit to reinvigorating multiculturalism – https://theconversation.com/cracks-in-social-cohesion-the-major-parties-must-commit-to-reinvigorating-multiculturalism-250635

MIL OSI Analysis – EveningReport.nz –

April 17, 2025

MIL-OSI Security: Private Investigator Sentenced to Prison for Interstate Stalking and Harassment of Chinese Nationals on Behalf of the People’s Republic of China

Source: United States Department of Justice