Justice – Page 453 – NewzIntel.com

MIL-OSI Global: How Iran’s government has weaponized sexual violence against women who dare to resist

Source: The Conversation – Canada – By Mina Fakhravar, PhD Candidate, Feminist and Gender Studies, L’Université d’Ottawa/University of Ottawa

In Iran’s 2022–2023 “Woman, Life, Freedom” uprising, women’s bodies quite literally became battlefields.

The protest movement erupted after the death in custody of 22-year-old Mahsa (Jina) Amini, who was arrested by Iran’s morality police for improperly wearing a hijab.

Her death became a powerful symbol of the government’s patriarchal control over women’s bodies, and ignited protests that exposed the regime’s use of sexual violence as a weapon of repression.

Testimonies from survivors, shared despite stigma and fear, revealed harrowing abuses: women protesters were beaten, sexually assaulted, raped (including gang rape and rape with objects), stripped naked and tortured during their arrests, transfers and detention in both official and unofficial sites, and throughout interrogations.

These were not isolated acts but calculated techniques to punish dissent and instil terror.

An Iranian woman protests the death of Mahsa Amini, who died after being detained by the morality police in Tehran in September 2022. This photo was taken by an individual not employed by the Associated Press and obtained by the AP outside Iran.
(AP Photo/Middle East Images)

Marking, punishing, controlling women

One of the most chilling testimonies belongs to a young woman detained during the protests:

“My friends and I removed our veils in public and we were chanting. The thought never crossed my mind that the security forces would arrest us… From the moment we were arrested, they beat us violently… They told us ‘There is no God here. We are your God.’”

She was later subjected to a violent gang rape.

The Iranian government apparently views women’s bodies as territories to be marked, disciplined and punished. Its patriarchal ideology reduces women to bearers of family honour and religious purity, legitimizing state control over their appearance, behaviour and movement.

As French materialist feminist Colette Guillaumin theorized with the concept of “sexage”, patriarchal systems reduce women to “natural objects” — beings whose bodies, time and sexuality are appropriated and controlled. Nicole-Claude Mathieu further underlined how this appropriation operates across diverse contexts of domination.

In Iran, these insights help explain how the state instrumentalizes women’s bodies as symbols of ideological domination and as resources to be regulated and exploited. Forcibly veiling or unveiling women, as Guillaumin argued, signifies public ownership over their bodies, transforming their visibility and autonomy into objects of state control.

The politics of sexual violence

The Iranian state seemingly perceives unveiled women not merely as disobedient citizens but as bodies that have escaped control and refused their assigned status of possession.

For this transgression, punishment seeks to annihilate them: through humiliation, torture and rape. Media reports have indicate that security forces have deliberately targeted female protesters’ eyes and genitals, further exemplifying how women are reduced to mere sexual and reproductive objects.

This targeted violence exposes how, in the eyes of the authorities, women’s identities are crudely reduced to their faces and genitals, symbols of their visibility and sexuality.

Far from isolated acts, rapes and sexual violence committed by Iranian state forces during the “Woman, Life, Freedom” uprising embody what feminist scholar Catharine MacKinnon defines as a “system of sexual terrorism”, where sexual violence is neither private nor incidental but a methodical instrument of political domination.

Rape allows the authorities to discipline women who have dissented, to humiliate them and to reassert control over those who dared reclaim their bodies and voices.

Stigma, silence and legal abandonment

But sexual violence never ends with the act itself. Its aftermath carves deep and lasting scars in survivors’ lives.

In Iran, rape survivors endure not only trauma but also social exclusion, stigma and judicial abandonment. The Iranian legal system, which narrowly defines rape under “zina” (fornication), often punishes the victim if she cannot produce four male witnesses. This often silences survivors.

As another survivor, interviewed by Amnesty International, declared:

“I will never be the same person again… But I hope that my testimony will result in justice, and not just for me … so maybe we can prevent similar bitter events from happening again in the future.”

The Iranian government’s obsession with controlling women extends beyond their bodies to systems of surveillance. In 2025, Tehran authorities have deployed 15,000 new AI-powered surveillance cameras, alongside drones and facial recognition technologies, explicitly to enforce compulsory hijab laws.

In Iran, veiling is not only religious but profoundly political, a public sign of submission to patriarchal rule.

Meanwhile, executions in Iran have surged to alarming levels, with at least 972 people executed in 2024 alone, the highest in eight years. Among those targeted are women activists, particularly from ethnic minority groups, facing death sentences for their resistance.

The 2025 report by the United Nation’s Fact-Finding Mission highlights the ongoing cases of Pakhshan Azizi, Sharifeh Mohammadi and Varisheh Moradi, all sentenced to death.

Their cases, alongside Iran’s skyrocketing execution rate, expose a terrifying pattern of state femicide: the execution of women who dare to fight for gender justice and human rights.

Global responsibility

These are not domestic Iranian matters — they are crimes against humanity.

As MacKinnon reminds us, sexual violence is not private, it is a political weapon and a civil rights violation. The world must act by imposing targeted sanctions on perpetrators, offering asylum to survivors and supporting Iranian feminist movements demanding justice.

To let these crimes go unanswered is to surrender women’s bodies to impunity. Iranian women have shown extraordinary courage. The global response must match their bravery with action.

Mina Fakhravar 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. How Iran’s government has weaponized sexual violence against women who dare to resist – https://theconversation.com/how-irans-government-has-weaponized-sexual-violence-against-women-who-dare-to-resist-253791

MIL OSI – Global Reports –

April 23, 2025

MIL-OSI USA: AG Labrador Announces Sentencing of Ada County Man to 25 Years for Sexual Exploitation of a Child and Enticement of a Minor

Source: US State of Idaho

Home Newsroom AG Labrador Announces Sentencing of Ada County Man to 25 Years for Sexual Exploitation of a Child and Enticement of a Minor

BOISE — Attorney General Raúl Labrador has announced that Joseph Michael Przybylski, 31, was convicted of one count of Sexual Exploitation of a Child by Possession of Sexually Exploitative Material (Child Pornography) and one count of Enticing a Child Through the Use of the Internet. The Possession of Sexually Exploitative Material is a felony punishable by up to 10 years in prison and the Felony Enticement of a Child is punishable by up to 15 years in prison. Przybylski was sentenced on April 14, 2025 by Ada County District Judge Patrick Miller.
In June 2024, the Internet Crimes Against Children (ICAC) Unit received a priority CyberTip from the National Center for Missing and Exploited Children (NCMEC) that an account belonging to Przybylski contained child sexual abuse material (CSAM). After obtaining search warrants, officers found over 400 files of CSAM on Przybylski’s account. During an interview of Przybylski, he admitted to the possession of the CSAM files on the account and admitted to having a sexually explicit chat with a 12-year-old minor female. The CSAM files found on Przybylski’s account depicted minor females ranging from two (2) years old and up. Many of these files depicted young children being raped by adult men. Przybylski was previously convicted of the Possession of Sexually Exploitative Material in 2019 and placed on 10 years of probation.
Attorney General Labrador stated, “I’m grateful to our Internet Crimes Against Children Unit, local law enforcement, and prosecutors for their unwavering commitment to protecting Idaho’s kids and ensuring this offender is removed from society. We will continue to use every tool at our disposal to pursue and prosecute child predators to the fullest extent of the law.”
The State recommended the maximum sentences on both counts. Judge Miller sentenced Przybylski to a total of twenty-five (25) years, ordering that he be eligible for parole after serving fifteen (15) years. Przybylski was also ordered to pay a fine and court costs. Upon release, Przybylski will have to remain on the sex offender registry pursuant to Idaho law.
The investigation of this case was led by ICAC Commander Nicholas Edwards. The case was prosecuted by Deputy Attorney General Madison Allen.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: Three Large-Scale Energy Projects Gain Approvals

Source: US State of New York

o celebrate Earth Day, Governor Kathy Hochul announced the New York State Office of Renewable Energy Siting and Electric Transmission (ORES) has issued final siting permits to develop and operate Foothills Solar, a 40 megawatt (MW) solar facility in the Town of Mayfield in Fulton County; Rock District Solar, a 20 MW solar facility in the towns of Seward and Carlisle in Schoharie County; and York Run Solar, a 90 MW solar facility in the towns of Kiantone and Busti in Chautauqua County. The projects will create good-paying jobs, invest in crucial infrastructure, and increase tax revenues for local schools and other community priorities.

“On Earth Day, New York is proud to announce its latest investment in solar and wind technology, upholding our commitment to build a clean energy economy,” Governor Hochul said. “With refined siting protocols through the establishment of ORES four years ago, New York is expediting permitting for clean energy projects – all while creating good-paying jobs throughout the state. These projects are a testament to New York’s commitment to sustainability and resiliency in the face of a changing climate.”

Together, the Foothills, Rock District and York Run solar facilities will contribute a combined 150 MW of clean, renewable energy to New York’s electric grid while offsetting over 97,000 metric tons of CO2 and providing power for approximately 40,000 average-sized homes.

The new solar facilities will consist of the solar array and associated support equipment, along with an interconnection substation, fencing, access roads, and an operations and maintenance building. The facilities will interconnect to the New York electrical grid via new points of interconnection, located on National Grid’s transmission lines.

The projects were approved in less than the one-year timeframe required under the law, and were issued after a thorough, timely, and transparent review process that included public comment periods and hearings.

Office of Renewable Energy Siting and Electric Transmission Executive Director Zeryai Hagos said, “As the state approaches 4 gigawatts of wind and solar energy permitted, ORES continues to advance New York’s nation-leading clean energy policies while being responsive to community feedback and protecting the environment.”

These three projects are anticipated to create a total of 240 jobs during construction and mark 24 clean energy projects approved by ORES since 2021, when it was created to accelerate permitting for renewable energy generation. New York State has approved 28 large-scale solar and wind projects since 2021, including 24 permitted by ORES and four approved by the NYS Siting Board under Article 10, the statute that governed solar and wind projects over 25MW prior to the creation of ORES. The 28 permitted facilities represent 3.7 gigawatts of new clean, renewable energy.

ORES’ decision for these facilities follows a detailed and transparent review process with robust public participation to ensure the proposed project meets or exceeds the requirements of Article VIII of the New York State Public Service Law and its implementing regulations. The Foothills Solar application was deemed complete on June 25, 2024, and a draft permit was issued by ORES on August 26, 2024; the application for the Rock District Solar application was deemed complete on June 10, 2024, and a draft permit was issued by ORES on August 2, 2024; the York Run Solar application was deemed complete on October 9, 2024, and a draft permit was issued by ORES on December 6, 2024. These solar power projects meaningfully advance New York’s clean energy goals while establishing the State as a paradigm for efficient, transparent, and thorough siting permitting process of major renewable energy facilities.

Today’s decisions may be obtained by going to the ORES website at https://dps.ny.gov/ores-permit-applications.

New York State’s Climate Agenda

New York State’s climate agenda calls for an affordable and just transition to a clean energy economy that creates family-sustaining jobs, promotes economic growth through green investments, and directs a minimum of 35 percent of the benefits to disadvantaged communities. New York is advancing a suite of efforts to achieve an emissions-free economy by 2050, including in the energy, buildings, transportation, and waste sectors.

MIL OSI USA News –

April 23, 2025

MIL-OSI Security: Bronx District Leader and Former Board of Elections Employee Pleads Guilty to Conspiracy to Commit Extortion and Fraud

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

Matthew Podolsky, the Acting United States Attorney for the Southern District of New York, announced that NICOLE TORRES, an elected district leader in the Bronx and former employee of the New York City Board of Elections, (the “NYC-BOE”), pled guilty today to conspiracy to commit extortion and mail fraud for illegally demanding payments from Bronx residents in exchange for selecting those individuals as poll workers and for agreeing with others to falsify documents to make it appear that certain individuals had worked as poll workers when they had not. TORRES pled guilty before U.S. District Judge Mary Kay Vyskocil.

Acting U.S. Attorney Matthew Podolsky said: “For five years, Nicole Torres abused her position of public trust as an elected official and City employee by taking bribes and falsifying records in connection with the selection and placement of poll workers in the Bronx. Today’s plea highlights this Office’s commitment to rooting out corruption in local government, and to protecting the integrity of poll workers and our elections.”

According to the allegations contained in the Indictment:

From at least 2019 through at least 2024, TORRES was a district leader for New York’s 81st Assembly District in the Bronx, New York. In addition, from at least 2016 through at least 2024, TORRES was an employee of the NYC-BOE. While working at the NYC-BOE, TORRES had, at times, been responsible for ensuring that poll workers were paid for their work during early voting and election day. TORRES abused her power as a district leader and a NYC-BOE employee to engage in two illegal schemes.

First, from at least 2019 through August 2024, TORRES agreed to require and required Bronx residents to pay a sum of money, usually $150, either to her or to a local organization (the “Bronx Organization”) in exchange for TORRES selecting those individuals as poll workers for upcoming elections. Both the Bronx Organization and TORRES profited from the scheme. TORRES personally obtained at least approximately $28,000 in illegal payments. TORRES received the payments, often in the amount of $150, through mobile payment applications, money orders, and checks. In certain instances, TORRES received money orders or checks that were written out to the Bronx Organization, and TORRES altered the payee line on those money orders or checks to say “Nicole Torres” so that she could deposit that money into her personal bank account.

Second, from at least 2018 through August 2024, TORRES agreed to falsify the Forms Booklet—which is a NYC-BOE record in which poll workers record their attendance at a particular poll site—to make it appear that certain individuals (the “NoShow Poll Workers”) worked as poll workers during early voting and election day when, in truth and fact, and as TORRES well knew, those individuals did not work on those dates. TORRES often worked with coordinators who oversaw the Forms Booklets at specific poll sites. These coordinators signed in No-Show Poll Workers in the Forms Booklets, frequently at TORRES’s direction. TORRES and her coconspirators then received the salaries for the NoShow Poll Workers—sometimes through the mail—and split the fraudulently obtained salaries among themselves. Based on her participation in the scheme, TORRES personally obtained at least approximately $36,000 in fraud proceeds.

* * *

TORRES, 44, of the Bronx, New York, pled guilty to one count of conspiracy to commit extortion under color of official right and one count of conspiracy to commit mail fraud, which each carry a maximum sentence of 20 years in prison.

The maximum potential sentence is prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. TORRES is scheduled to be sentenced by Judge Vyskocil on July 8, 2025.

Mr. Podolsky praised the outstanding investigative work of the Federal Bureau of Investigation and the New York City Department of Investigation.

The case is being handled by the Office’s Public Corruption Unit. Assistant U.S. Attorneys Benjamin M. Burkett and Rebecca T. Dell are in charge of the prosecution.

MIL Security OSI –

April 23, 2025

MIL-OSI: First Bank Announces First Quarter 2025 Net Income of $9.4 Million

Source: GlobeNewswire (MIL-OSI)

HAMILTON, N.J., April 22, 2025 (GLOBE NEWSWIRE) — First Bank (Nasdaq Global Market: FRBA) (“the Bank”) today announced results for the first quarter of 2025. Net income for the first quarter of 2025 was $9.4 million, or $0.37 per diluted share, compared to $12.5 million, or $0.50 per diluted share, for the first quarter of 2024. Return on average assets, return on average equity and return on average tangible equityⁱ for the first quarter of 2025 were 1.00%, 9.20% and 10.54%, respectively, compared to 1.41%, 13.36% and 15.64%, respectively, for the first quarter of 2024.

First Quarter 2025 Performance Highlights:

Total loans of $3.24 billion at March 31, 2025 grew $91.8 million, or 11.8%, annualized, from the linked quarter ended December 31, 2024.
Total deposits were $3.12 billion at March 31, 2025, increasing $63.9 million, or 8.5% annualized from the linked quarter ended December 31, 2024.
Net interest margin measured 3.65% for the first quarter of 2025, increasing 11 basis points from 3.54% for the linked quarter ended December 31, 2024.
Tangible book value per shareⁱⁱ grew to $14.47 at March 31, 2025, increasing 8.0%, annualized, from $14.19 at December 31, 2024.
Strong asset quality continued, with nonperforming assets decreasing to 0.42% of total assets at March 31, 2025, compared to 0.46% at December 31, 2024 and 0.64% at March 31, 2024.

“We are pleased to report high-quality loan and deposit growth in the first quarter of 2025,” Patrick L. Ryan, President and CEO of First Bank, reflecting on the Bank’s performance. “Our team produced excellent Commercial and Industrial (“C&I”) loan growth during the quarter with an improved net interest margin and sustained asset quality. We are especially pleased to have achieved this with an efficiency ratio that remained below 60% for the 23^rd consecutive quarter, and with continued growth in our primary areas of focus. Our recent and ongoing investments in technology and new C&I lending and deposit-focused business units are building scale and bearing fruit, as reflected in our 10.8% year-over-year increase in tangible book value per share.”

Mr. Ryan continued, “Our success demonstrates a deep commitment to continuing our evolution from a traditional community bank into a full-service, middle market commercial bank. We are executing with a clear vision for our future success, growing our balance sheet and earnings power through strategic initiatives focused on diversification and profitability. Our goal is to achieve top-quartile performance among our peers in any economic environment. We expect our strong underwriting and diversification strategies will support quality growth in 2025 and beyond. As our new business units continue to scale up, we expect to see even better efficiency and profitability moving forward. Additionally, we are pleased to continue driving returns for shareholders through successful share buybacks and meaningful dividends.”

Income Statement

In the first quarter of 2025, the Bank’s net interest income increased to $32.1 million, growing $1.8 million, or 5.9%, compared to the same period in 2024. The increase was primarily driven by an increase of $2.2 million in interest income which outpaced the $450,000 increase in interest expense in the first quarter of 2025 compared to the same quarter in 2024. Net interest income increased $498,000, or 1.6%, over the linked fourth quarter of 2024. This increase was primarily driven by a decrease of $1.6 million in interest expense on deposits, resulting from lower average rates in the first quarter, partially offset by a $1.1 million decrease in interest income from interest bearing deposits with banks, due to lower average balances and yields.

The Bank’s tax equivalent net interest margin measured 3.65% for the first quarter of 2025, increasing by one basis point from 3.64% for the prior year quarter, and increasing by 11 basis points from 3.54% for the fourth quarter of 2024. The relatively flat margin from the prior year quarter was primarily driven by similar decreases in the average rate on interest earning assets and interest bearing liabilities. The Bank’s net interest margin increased compared to the linked fourth quarter primarily due to declines in average rates on deposits and borrowings outpacing the slight reduction in average rates on earning assets. The Bank’s tax equivalent net interest margin includes the impact of amortization and accretion of premiums and discounts from fair value measurements of assets acquired and liabilities assumed in acquisitions. The net impact of amortization of premiums and accretion of discounts from fair value measurements of assets acquired and liabilities assumed in acquisitions was a $2.8 million increase in net interest income during the first quarter of 2025, compared to $3.1 million for the quarter ended December 31, 2024 and $4.2 million for the first quarter of 2024.

The Bank recorded a credit loss expense totaling $1.5 million during the first quarter of 2025, compared to a credit loss expense totaling $234,000 for the fourth quarter of 2024 and a $698,000 credit loss benefit for the first quarter of 2024. The increased credit loss expense for the first quarter of 2025 is primarily due to the Bank’s loan growth during the quarter. The Bank’s credit loss benefit for the first quarter of 2024 reflected the Bank’s strong and stable asset quality and lack of loan growth during the quarter.

In the first quarter of 2025, the Bank recorded non-interest income totaling $2.0 million, compared to non-interest income measuring $2.0 million during the same period in 2024 and $2.2 million in non-interest income during the fourth quarter of 2024. Non-interest income declined from the linked quarter primarily due to lower loan fee income.

Non-interest expense for the first quarter of 2025 was $20.4 million, an increase of $2.6 million, or 14.5%, compared to $17.8 million for the prior year quarter. Higher non-interest expense was largely due to increases of $1.1 million in salaries and employee benefits primarily due to a larger employee base, $832,000 in other real estate owned (“OREO”) expense due to an $815,000 impairment of an OREO asset recorded during the quarter, and $438,000 in occupancy and equipment primarily due to new branch locations added at the end of 2024.

On a linked quarter basis, non-interest expense increased $1.3 million from $19.1 million for the fourth quarter of 2024. The linked quarter increase primarily reflects increases of $781,000 in OREO expense due to the $815,000 impairment of an OREO asset recorded during the quarter, $606,000 in salaries and employee benefits costs due to year-end salary increases and higher payroll taxes due to bonus payments made in the first quarter of 2025, $202,000 in occupancy and equipment costs due to the new branch locations added at the end of 2024 and higher maintenance and repair costs. These increases were partially offset by a decrease of $425,000 in other professional fees compared to the linked quarter primarily due to lower consulting services and personnel placement fees.

Income tax expense for the three months ended March 31, 2025 was $2.8 million with an effective tax rate of 22.7%, compared to $2.7 million with an effective tax rate of 17.5% for the first quarter of 2024. The effective tax rate for the first quarter of 2025 included the impact of certain discrete items related to stock compensation activity as well as the impact of additional tax credit investments made by the Bank during the quarter. The effective tax rate for the first quarter of 2024 was lower due to certain one-time adjustments primarily related to the finalization of certain tax items related to our acquisition of Malvern Bancorp, Inc. and Malvern Bank, National Association (“Malvern”). Income tax expense for the three months ended December 31, 2024 was $3.9 million with an effective tax rate of 27.2%, which included additional tax related to the Bank’s bank-owned life insurance (“BOLI”) restructuring completed in the second half of 2024. We anticipate our future effective tax rate will be in the range of 23% to 24%.

Balance Sheet

Total assets increased $100.4 million, or 2.7%, from December 31, 2024 to March 31, 2025. Total loans as of March 31, 2025 increased $91.8 million, or 2.9%, from $3.14 billion at December 31, 2024. The Bank’s cash and cash equivalents increased by $16.2 million, or 5.9%, compared to December 31, 2024, as management continued to ensure adequate on-balance sheet liquidity.

The Bank reported total assets of $3.88 billion at March 31, 2025, an increase of $289.4 million, or 8.1%, from $3.59 billion at March 31, 2024. Total loans increased $243.6 million, or 8.1%, to $3.24 billion at March 31, 2025 compared to $2.99 billion at March 31, 2024. The increase primarily reflects strong organic loan growth, particularly in the C&I and owner-occupied commercial real estate portfolios.

Total deposits increased by $63.9 million or 2.1% from $3.06 billion at December 31, 2024 to $3.12 billion at March 31, 2025, due to a combination of in-market and brokered deposits which were utilized to support significant loan growth during the first quarter of 2025. The Bank’s total deposits increased $149.5 million, or 5.0%, from $2.97 billion at March 31, 2024. Organic deposit growth was primarily due to our team’s success in attracting new deposit relationships while also maintaining existing balances amid heightened industry-wide pricing competition.

During the three months ended March 31, 2025, stockholders’ equity increased by $5.8 million, or 1.4%, primarily due to net income, partially offset by dividends and share repurchases.

As of March 31, 2025, the Bank continued to exceed all regulatory capital requirements to be considered well-capitalized, with a Tier 1 Leverage ratio of 9.63%, a Tier 1 Risk-Based capital ratio of 9.59%, a Common Equity Tier 1 Capital ratio of 9.59%, and a Total Risk-Based capital ratio of 11.46%. The tangible stockholders’ equity to tangible assets ratioⁱⁱⁱ measured 9.47% as of March 31, 2025 compared to 9.56% at December 31, 2024. The decline from December 31, 2024, was primarily due to the asset growth during the quarter ended March 31, 2025.

Asset Quality

First Bank’s asset quality metrics remained favorable during the first quarter of 2025. Total nonperforming loans declined from $11.7 million at December 31, 2024 to $11.6 million at March 31, 2025. Total nonperforming assets declined from $17.3 million to $16.4 million during the same period primarily due to the $815,000 impairment of an OREO asset recorded during the quarter.

The Bank recorded net recoveries of $15,000 during the first quarter of 2025 compared to net recoveries of $155,000 in the fourth quarter of 2024 and net charge-offs of $5.3 million in the first quarter of 2024. Net charge-offs for the first quarter of 2024 reflected the charge-off of a $5.5 million purchased credit deteriorated (“PCD”) loan acquired from Malvern, partially offset by $201,000 in net recoveries. The allowance for credit losses on loans as a percentage of total loans measured 1.21% at March 31, 2025, compared to 1.20% at December 31, 2024 and 1.22% at March 31, 2024.

Liquidity and Borrowings

Management believes the Bank’s current liquidity position, coupled with our various contingent funding sources, provides the Bank with a strong liquidity base and a diverse source of funding options. The Bank’s cash and cash equivalents increased by $16.2 million, or 5.9%, compared to December 31, 2024, ensuring adequate on-balance sheet liquidity. Borrowings increased by $34.9 million compared to December 31, 2024, as the Bank utilized Federal Home Loan Bank (“FHLB”) advances to support loan growth, while continuing to maintain adequate available borrowing capacity at the FHLB.

Cash Dividend Declared

On February 21, 2025, the Bank paid $0.06 per share in cash dividends to common stockholders totaling $1.5 million that was declared by the Bank’s Board of Directors on January 21, 2025.

On April 15, 2025, the Bank’s Board of Directors declared a quarterly cash dividend of $0.06 per share to common stockholders of record at the close of business on May 9, 2025, payable on May 23, 2025.

Share Repurchase Program

During the first quarter of 2025 the Bank repurchased 256,454 shares of common stock at an average price of $15.06 per share, under the share repurchase program authorized in October 2024. Through March 31, 2025, 350,000 shares have been repurchased from the current share repurchase plan with a total cost of $5.2 million or $14.74 per share on average. The share repurchase program provides for the repurchase of up to 1.0 million shares of First Bank common stock with an aggregate repurchase amount of up to $16.0 million. The share repurchase program will expire on September 30, 2025.

Conference Call and Earnings Release Supplement

Additional details on the quarterly results and the Bank are included in the attached earnings release supplement. http://ml.globenewswire.com/Resource/Download/b39afd8e-20bb-4429-bcd7-61a0762ab19e

First Bank will host its earnings call on Wednesday, April 23, 2025 at 9:00 AM Eastern Time. The direct dial toll free number for the live call is 1-800-715-9871 and the access code is 3909613. For those unable to participate in the call, a replay will be available by dialing 1-800-770-2030 (access code 3909613) from one hour after the end of the conference call until July 22, 2025. Replay information will also be available on First Bank’s website at www.firstbanknj.com under the “About Us” tab. Click on “Investor Relations” to access the replay of the conference call.

About First Bank

First Bank is a New Jersey state-chartered bank with 26 full-service branches in Cinnaminson, Delanco, Denville, Ewing, Fairfield, Flemington, Hamilton, Lawrence, Monroe, Morristown, Pennington, Randolph, Somerset, Trenton and Williamstown, New Jersey; and Coventry, Devon, Doylestown, Lionville, Malvern, Media, Paoli, Trevose, Warminster and West Chester, Pennsylvania; and Palm Beach, Florida. With $3.88 billion in assets as of March 31, 2025, First Bank offers a full range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank’s common stock is listed on the Nasdaq Global Market under the symbol “FRBA.”

Forward Looking Statements

This press release contains certain forward-looking statements, either express or implied, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding First Bank’s future financial performance, business and growth strategy, projected plans and objectives, and related transactions, integration of acquired businesses, ability to recognize anticipated operational efficiencies, and other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions, current expectations, estimates and projections about First Bank, any of which may change over time and some of which may be beyond First Bank’s control. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Further, certain factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: whether First Bank can: successfully implement its growth strategy, including identifying acquisition targets and consummating suitable acquisitions, integrate acquired entities and realize anticipated efficiencies, sustain its internal growth rate, and provide competitive products and services that appeal to its customers and target markets; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; the impact of public health emergencies, on First Bank, its operations and its customers and employees; an increase in unemployment levels and slowdowns in economic growth; First Bank’s level of nonperforming assets and the costs associated with resolving any problem loans including litigation and other costs; changes in market interest rates may increase funding costs and reduce earning asset yields thus reducing margin; the impact of changes in interest rates and the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Bank’s investment securities portfolio; the extensive federal and state regulation, supervision and examination governing almost every aspect of First Bank’s operations, including changes in regulations affecting financial institutions and expenses associated with complying with such regulations; uncertainties in tax estimates and valuations, including due to changes in state and federal tax law; First Bank’s ability to comply with applicable capital and liquidity requirements, including First Bank’s ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; and possible changes in trade, monetary and fiscal policies, laws and regulations and other activities of governments, agencies, and similar organizations. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to “Forward-Looking Statements” and “Risk Factors” in First Bank’s Annual Report on Form 10-K and any updates to those risk factors set forth in First Bank’s proxy statement, subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if First Bank’s underlying assumptions prove to be incorrect, actual results may differ materially from what First Bank anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and First Bank does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All forward-looking statements expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that First Bank or persons acting on First Bank’s behalf may issue.

______________________

This press release contains “non-GAAP” financial measures, which management uses in its analysis of First Bank’s performance. Management believes these non-GAAP financial measures allow for better comparability of period to period operating performance. Additionally, First Bank believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These 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. A reconciliation of the non-GAAP measures used in this presentation to the most directly comparable GAAP measures is provided in the accompanying financial tables.

ⁱ Return on average tangible equity is a non-GAAP financial measure and is calculated by dividing net income by average tangible equity (average equity minus average goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release

ⁱⁱ Tangible book value per share is a non-GAAP financial measure and is calculated by dividing common shares outstanding by tangible equity (equity minus goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

ⁱⁱⁱ Tangible stockholders’ equity to tangible assets ratio is a non-GAAP financial measure and is calculated by dividing tangible equity (equity minus goodwill and other intangible assets) by tangible assets (total assets minus goodwill and other intangible assets). For a reconciliation of this non-GAAP financial measure, along with the other non-GAAP financial measures in this press release, to their comparable GAAP measures, see the financial reconciliations at the end of this press release.

FIRST BANK CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (in thousands, except for share data, unaudited)

	March 31, 2025		December 31, 2024
Assets
Cash and due from banks	$	32,396	$	18,252
Restricted cash		11,910		14,270
Interest bearing deposits with banks		243,778		239,392
Cash and cash equivalents		288,084		271,914
Interest bearing time deposits with banks		743		743
Investment securities available for sale, at fair value (amortized cost of $90,393 and $84,083, respectively)		85,059		77,413
Equity securities, at fair value		1,860		1,870
Investment securities held to maturity, net of allowance for credit losses of $209 and $206, respectively (fair value of $42,565 and $42,770, respectively)		46,387		47,123
Restricted investment in bank stocks		15,933		14,333
Other investments		13,388		11,612
Loans held for sale		618		–
Loans, net of deferred fees and costs		3,236,039		3,144,266
Less: Allowance for credit losses		(39,223)		(37,773)
Net loans		3,196,816		3,106,493
Premises and equipment, net		21,267		21,351
Other real estate owned, net		4,822		5,637
Accrued interest receivable		14,889		14,267
Bank-owned life insurance		86,258		85,553
Goodwill		44,166		44,166
Other intangible assets, net		8,341		8,827
Deferred income taxes, net		25,178		25,528
Other assets		26,950		43,516
Total assets	$	3,880,759	$	3,780,346

Liabilities and Stockholders’ Equity
Liabilities:
Non-interest bearing deposits	$	535,584	$	519,320
Interest bearing deposits		2,584,210		2,536,576
Total deposits		3,119,794		3,055,896
Borrowings		281,867		246,933
Subordinated debentures		29,981		29,954
Accrued interest payable		4,887		3,820
Other liabilities		29,315		34,587
Total liabilities		3,465,844		3,371,190
Stockholders’ Equity:
Preferred stock, par value $2 per share; 10,000,000 shares authorized; no shares issued and outstanding		–		–
Common stock, par value $5 per share; 40,000,000 shares authorized; 27,576,676 shares issued and 25,045,612 shares outstanding and 27,375,439 shares issued and 25,100,829 shares outstanding, respectively		136,220		135,495
Additional paid-in capital		124,555		124,524
Retained earnings		184,657		176,779
Accumulated other comprehensive loss		(3,938)		(4,925)
Treasury stock, 2,531,064 and 2,274,610 shares, respectively		(26,579)		(22,717)
Total stockholders’ equity		414,915		409,156
Total liabilities and stockholders’ equity	$	3,880,759	$	3,780,346

FIRST BANK CONSOLIDATED STATEMENTS OF INCOME (in thousands, except for share data, unaudited)

	Three Months Ended
	March 31,
	2025		2024
Interest and Dividend Income
Investment securities—taxable	$	1,188	$	1,182
Investment securities—tax-exempt		51		38
Interest bearing deposits with banks, Federal funds sold and other		2,997		3,025
Loans, including fees		51,552		49,319
Total interest and dividend income		55,788		53,564

Interest Expense
Deposits		20,844		20,786
Borrowings		2,412		2,116
Subordinated debentures		440		344
Total interest expense		23,696		23,246
Net interest income		32,092		30,318
Credit loss expense (benefit)		1,544		(698)
Net interest income after credit loss expense		30,548		31,016

Non-Interest Income
Service fees on deposit accounts		356		344
Loan fees		326		102
Income from bank-owned life insurance		793		785
Gains on sale of loans, net		29		229
Gains on recovery of acquired loans		24		118
Other non-interest income		443		386
Total non-interest income		1,971		1,964

Non-Interest Expense
Salaries and employee benefits		11,118		10,038
Occupancy and equipment		2,464		2,026
Legal fees		368		316
Other professional fees		726		756
Regulatory fees		684		602
Directors’ fees		282		242
Data processing		805		806
Marketing and advertising		399		296
Travel and entertainment		236		244
Insurance		214		244
Other real estate owned expense, net		920		88
Other expense		2,168		2,152
Total non-interest expense		20,384		17,810
Income Before Income Taxes		12,135		15,170
Income tax expense		2,754		2,658
Net Income	$	9,381	$	12,512

Basic earnings per common share	$	0.37	$	0.50
Diluted earnings per common share	$	0.37	$	0.50

Basic weighted average common shares outstanding		25,118,062		25,039,949
Diluted weighted average common shares outstanding		25,269,002		25,199,381

FIRST BANK AVERAGE BALANCE SHEETS WITH INTEREST AND AVERAGE RATES (dollars in thousands, unaudited)

	Three Months Ended March 31,
	2025						2024
	Average				Average		Average				Average
	Balance		Interest		Rate ⁽⁵⁾		Balance		Interest		Rate ⁽⁵⁾
Interest earning assets
Investment securities ^{(1) (2)}	$	134,274	$	1,250		3.78%	$	147,147	$	1,228		3.36%
Loans ⁽³⁾		3,170,772		51,552		6.59%		2,979,522		49,319		6.66%
Interest bearing deposits with banks,
Federal funds sold and other		234,032		2,575		4.46%		203,158		2,710		5.37%
Restricted investment in bank stocks		14,137		300		8.61%		10,421		199		7.68%
Other investments		14,054		122		3.52%		11,870		116		3.93%
Total interest earning assets ⁽²⁾		3,567,269		55,799		6.34%		3,352,118		53,572		6.43%
Allowance for credit losses		(38,181)						(37,607)
Non-interest earning assets		261,101						261,237
Total assets	$	3,790,189					$	3,575,748

Interest bearing liabilities
Interest bearing demand deposits	$	644,736	$	4,027		2.53%	$	618,941	$	3,666		2.38%
Money market deposits		1,045,013		8,631		3.35%		1,014,906		9,789		3.88%
Savings deposits		142,502		650		1.85%		162,113		574		1.42%
Time deposits		717,881		7,536		4.26%		671,546		6,757		4.05%
Total interest bearing deposits		2,550,132		20,844		3.31%		2,467,506		20,786		3.39%
Borrowings		234,526		2,412		4.17%		167,141		2,116		5.09%
Subordinated debentures		29,963		440		5.87%		42,470		344		3.24%
Total interest bearing liabilities		2,814,621		23,696		3.41%		2,677,117		23,246		3.49%
Non-interest bearing deposits		521,326						481,503
Other liabilities		40,570						40,586
Stockholders’ equity		413,672						376,542
Total liabilities and stockholders’ equity	$	3,790,189					$	3,575,748
Net interest income/interest rate spread ⁽²⁾				32,103		2.93%				30,326		2.92%
Net interest margin ^{(2) (4)}						3.65%						3.64%
Tax equivalent adjustment ⁽²⁾				(11)						(8)
Net interest income			$	32,092					$	30,318

(1) Average balance of investment securities available for sale is based on amortized cost.

(2) Interest and average rates are presented on a tax equivalent basis using a federal income tax rate of 21%.

(3) Average balances of loans include loans on nonaccrual status.

(4) Net interest income divided by average total interest earning assets.

(5) Annualized.

FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (in thousands, except for share and employee data, unaudited)

	As of or For the Quarter Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
EARNINGS
Net interest income	$	32,092	$	31,594	$	30,094	$	30,540	$	30,318
Credit loss expense (benefit)		1,544		234		1,579		63		(698)
Non-interest income		1,971		2,176		2,479		689		1,964
Non-interest expense		20,384		19,124		18,644		17,953		17,810
Income tax expense		2,754		3,915		4,188		2,140		2,658
Net income		9,381		10,497		8,162		11,073		12,512

PERFORMANCE RATIOS
Return on average assets ⁽¹⁾		1.00%		1.10%		0.88%		1.23%		1.41%
Return on average equity ⁽¹⁾		9.20%		10.27%		8.15%		11.52%		13.36%
Return on average tangible equity ^{(1) (2)}		10.54%		11.82%		9.42%		13.40%		15.64%
Net interest margin ^{(1) (3)}		3.65%		3.54%		3.48%		3.62%		3.64%
Yield on loans ⁽¹⁾		6.59%		6.62%		6.73%		6.81%		6.66%
Total cost of deposits ⁽¹⁾		2.75%		2.89%		3.06%		3.01%		2.83%
Efficiency ratio ⁽²⁾		57.65%		56.98%		58.49%		55.88%		55.56%

SHARE DATA
Common shares outstanding		25,045,612		25,100,829		25,186,920		25,144,983		25,096,449
Basic earnings per share	$	0.37	$	0.42	$	0.32	$	0.44	$	0.50
Diluted earnings per share		0.37		0.41		0.32		0.44		0.50
Book value per share		16.57		16.30		15.96		15.61		15.23
Tangible book value per share ⁽²⁾		14.47		14.19		13.84		13.46		13.06

MARKET DATA
Market value per share	$	14.81	$	14.07	$	15.20	$	12.74	$	13.74
Market value / Tangible book value		102.35%		99.16%		109.83%		94.65%		105.20%
Market capitalization	$	370,926	$	353,169	$	382,841	$	320,347	$	344,825

CAPITAL & LIQUIDITY
Stockholders’ equity / assets		10.69%		10.82%		10.70%		10.86%		10.64%
Tangible stockholders’ equity / tangible assets ⁽²⁾		9.47%		9.56%		9.41%		9.50%		9.27%
Loans / deposits		103.73%		102.89%		101.23%		101.02%		100.75%

ASSET QUALITY
Net charge-offs	$	(15)	$	(155)	$	386	$	175	$	5,293
Net charge-offs (recoveries), excluding PCD loan charge-off ⁽⁴⁾		(15)		(155)		386		175		(201)
Nonperforming loans		11,584		11,677		12,014		14,227		17,054
Nonperforming assets		16,406		17,314		17,651		20,226		23,053
Net charge offs / average loans ⁽¹⁾		0.00%		(0.02%)		0.05%		0.02%		0.72%
Net charge offs (recoveries), excluding PCD loan charge-off / average loans ^{(1) (4)}		(0.00%)		(0.02%)		0.05%		0.02%		(0.03%)
Nonperforming loans / total loans		0.36%		0.37%		0.39%		0.47%		0.57%
Nonperforming assets / total assets		0.42%		0.46%		0.47%		0.56%		0.64%
Allowance for credit losses on loans / total loans		1.21%		1.20%		1.21%		1.21%		1.22%
Allowance for credit losses on loans / nonperforming loans		338.60%		323.48%		311.59%		254.81%		213.42%

OTHER DATA
Total assets	$	3,880,759	$	3,780,346	$	3,757,653	$	3,615,731	$	3,591,398
Total loans		3,236,039		3,144,266		3,087,488		2,998,029		2,992,423
Total deposits		3,119,794		3,055,896		3,050,070		2,967,634		2,970,262
Total stockholders’ equity		414,915		409,156		402,070		392,489		382,254
Number of full-time equivalent employees		315		318		313		294		288

(1) Annualized.

(2) Non-GAAP financial measure that we believe provides management and investors with information that is useful in understanding our financial performance and condition. See the accompanying table, “Non-GAAP Financial Measures,” for calculation and reconciliation.

(3) Tax equivalent using a federal income tax rate of 21%.

(4) Excludes $5.5 million in a PCD loan charge-off in first quarter of 2024, which was reserved for through purchase accounting marks at the time of the Malvern acquisition.

FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited)

	As of the Quarter Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
LOAN COMPOSITION
Commercial and industrial	$	651,690	$	576,625	$	546,541	$	530,996	$	508,911
Commercial real estate:
Owner-occupied		694,113		671,357		688,988		647,625		625,643
Investor		1,160,549		1,181,684		1,170,508		1,143,954		1,172,311
Construction and development		200,262		205,096		193,460		190,108		184,816
Multi-family		308,217		287,843		267,861		270,238		279,668
Total commercial real estate		2,363,141		2,345,980		2,320,817		2,251,925		2,262,438
Residential real estate:
Residential mortgage and first lien home equity loans		142,298		142,769		144,081		144,978		154,704
Home equity–second lien loans and revolving lines of credit		52,438		51,020		49,763		46,882		45,869
Total residential real estate		194,736		193,789		193,844		191,860		200,573
Consumer and other		29,760		31,324		29,518		26,321		23,702
Total loans prior to deferred loan fees and costs		3,239,327		3,147,718		3,090,720		3,001,102		2,995,624
Net deferred loan fees and costs		(3,288)		(3,452)		(3,232)		(3,073)		(3,201)
Total loans	$	3,236,039	$	3,144,266	$	3,087,488	$	2,998,029	$	2,992,423

LOAN MIX
Commercial and industrial		20.1%		18.3%		17.7%		17.7%		17.0%
Commercial real estate:
Owner-occupied		21.5%		21.4%		22.3%		22.3%		20.9%
Investor		35.9%		37.6%		37.9%		37.9%		39.2%
Construction and development		6.2%		6.5%		6.3%		6.3%		6.2%
Multi-family		9.5%		9.1%		8.7%		8.7%		9.3%
Total commercial real estate		73.1%		74.6%		75.2%		75.2%		75.6%
Residential real estate:
Residential mortgage and first lien home equity loans		4.4%		4.6%		4.7%		4.7%		5.2%
Home equity–second lien loans and revolving lines of credit		1.6%		1.6%		1.6%		1.6%		1.5%
Total residential real estate		6.0%		6.2%		6.3%		6.3%		6.7%
Consumer and other		0.9%		1.0%		0.9%		0.9%		0.8%
Net deferred loan fees and costs		(0.1%)		(0.1%)		(0.1%)		(0.1%)		(0.1%)
Total loans		100.0%		100.0%		100.0%		100.0%		100.0%

FIRST BANK QUARTERLY FINANCIAL HIGHLIGHTS (dollars in thousands, unaudited)

	As of the Quarter Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
DEPOSIT COMPOSITION
Non-interest bearing demand deposits	$	535,584	$	519,320	$	519,079	$	499,765	$	470,749
Interest bearing demand deposits		629,974		629,099		597,802		574,515		580,864
Money market and savings deposits		1,197,517		1,198,039		1,235,637		1,199,382		1,219,634
Time deposits		756,719		709,438		697,552		693,972		699,015
Total Deposits	$	3,119,794	$	3,055,896	$	3,050,070	$	2,967,634	$	2,970,262

DEPOSIT MIX
Non-interest bearing demand deposits		17.2%		17.0%		17.0%		16.8%		15.8%
Interest bearing demand deposits		20.2%		20.6%		19.6%		19.4%		19.6%
Money market and savings deposits		38.4%		39.2%		40.5%		40.4%		41.1%
Time deposits		24.2%		23.2%		22.9%		23.4%		23.5%
Total Deposits		100.0%		100.0%		100.0%		100.0%		100.0%

FIRST BANK NON-GAAP FINANCIAL MEASURES (in thousands, except for share data, unaudited)

	As of or For the Quarter Ended
	3/31/2025		12/31/2024		9/30/2024		6/30/2024		3/31/2024
Return on Average Tangible Equity
Net income (numerator)	$	9,381	$	10,497	$	8,162	$	11,073	$	12,512

Average stockholders’ equity	$	413,672	$	406,579	$	398,535	$	386,644	$	376,542
Less: Average Goodwill and other intangible assets, net		52,805		53,278		53,823		54,347		54,790
Average Tangible stockholders’ equity (denominator)	$	360,867	$	353,301	$	344,712	$	332,297	$	321,752

Return on average tangible equity ⁽¹⁾		10.54%		11.82%		9.42%		13.40%		15.64%

Tangible Book Value Per Share
Stockholders’ equity	$	414,915	$	409,156	$	402,070	$	392,489	$	382,254
Less: Goodwill and other intangible assets, net		52,507		52,993		53,484		54,026		54,483
Tangible stockholders’ equity (numerator)	$	362,408	$	356,163	$	348,586	$	338,463	$	327,771

Common shares outstanding (denominator)		25,045,612		25,100,829		25,186,920		25,144,983		25,096,449

Tangible book value per share	$	14.47	$	14.19	$	13.84	$	13.46	$	13.06

Tangible Equity / Tangible Assets
Stockholders’ equity	$	414,915	$	409,156	$	402,070	$	392,489	$	382,254
Less: Goodwill and other intangible assets, net		52,507		52,993		53,484		54,026		54,483
Tangible stockholders’ equity (numerator)	$	362,408	$	356,163	$	348,586	$	338,463	$	327,771

Total assets	$	3,880,759	$	3,780,346	$	3,757,653	$	3,615,731	$	3,591,398
Less: Goodwill and other intangible assets, net		52,507		52,993		53,484		54,026		54,483
Tangible total assets (denominator)	$	3,828,252	$	3,727,353	$	3,704,169	$	3,561,705	$	3,536,915

Tangible stockholders’ equity / tangible assets		9.47%		9.56%		9.41%		9.50%		9.27%

Efficiency Ratio
Non-interest expense	$	20,384	$	19,124	$	18,644	$	17,953	$	17,810
Less: Other real estate owned write-down		815		–		362		–		–
Adjusted non-interest expense (numerator)	$	19,569	$	19,124	$	18,282	$	17,953	$	17,810

Net interest income	$	32,092	$	31,594	$	30,094	$	30,540	$	30,318
Non-interest income		1,971		2,176		2,479		689		1,964
Total revenue		34,063		33,770		32,573		31,229		32,282
Add: Losses on sale of investment securities, net		–		–		555		–		–
(Subtract) Add: (Gains) losses on sale of loans, net		(29)		(38)		(135)		900		(229)
Less: Bank Owned Life Insurance Incentive		(88)		(168)		(1,116)		–		–
Adjusted total revenue (denominator)	$	33,946	$	33,564	$	31,877	$	32,129	$	32,053

Efficiency ratio		57.65%		56.98%		57.35%		55.88%		55.56%

(1) Annualized.

The MIL Network –

April 23, 2025

MIL-OSI USA: Warren, Over 175 Members of Congress Demand Trump Administration Preserve and Expand Free Tax Filing Program

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
April 22, 2025
After lobbying campaign by tax prep industry, Trump Administration reportedly plans to end Direct File
“Ending this free, easy-to-use, and popular program would be an insult to American taxpayers, eliminating an important alternative to commercial options provided by the tax prep industry.”
Text of Letter (PDF)
Washington, D.C. – In response to recent reporting that the Trump administration plans to end the Direct File program, U.S. Senator Elizabeth Warren (D-Mass.) led over 175 Congressional Democrats in a letter to Treasury Secretary Scott Bessent and Acting IRS Commissioner Michael Faulkender, slamming the administration’s reported decision and demanding instead that officials preserve and expand Direct File.
Direct File is a free, easy-to-use tax filing program that has already delivered significant benefits to taxpayers. In 2024, during the program’s pilot phase, Direct File saved the average user $160 in tax return fees and hours of effort preparing their return. Users overwhelmingly love the program: 98 percent of Direct File taxpayers in 2025 were “satisfied” or “very satisfied” with their experience, a world-class figure.
Yet, new reporting indicates that the Trump administration “plans to eliminate the IRS’ Direct File program.”
“Ending this free, easy-to-use, and popular program would be an insult to American taxpayers, eliminating an important alternative to commercial options provided by the tax prep industry,” wrote the lawmakers.
The tax prep industry has fought Direct File at every turn, spending millions on lobbying to kill the program and encouraging Republican members of Congress to do the same.
“It’s no secret why: a free, easy-to-use tax filing program requires the [tax prep] industry to compete for taxpayer business and is a direct threat to the industry’s bottom line,” the lawmakers continued.
Even before reports that the Trump administration planned to end Direct File, the Trump administration had already sabotaged the program during its time in office. This filing season, the Trump administration fired the team at the Treasury Department that had been running awareness campaigns about Direct File, scaled back communications promoting the program, and did little to partner with local groups and media outlets to promote the program. In February, Elon Musk, the head of the Department of Government Efficiency (DOGE), tweeted that the team that helped build Direct File, “has been deleted.” While Direct File remained operational after Musk’s tweet, “Direct File usage immediately fell by roughly one quarter.”
“The Trump Administration’s dismantling of a program that makes tax filing easier and free for millions of Americans is shameful. Taxpayers have spoken loudly and clearly: Direct File works well for them, and more Americans want access to it,” concluded the lawmakers.
The lawmakers demanded that Secretary Bessent and Acting IRS Commissioner Faulkender provide a written commitment to preserve and expand Direct File for the 2026 tax season and beyond by May 5, 2025.
The following 36 Senators also signed the letter: Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawai’i), Timothy Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Jack Reed (D-R.I.), Lisa Blunt Rochester (D-Del.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawai’i), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Elisa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.).
The following 142 Representatives signed the letter as well: Alma Adams (D-N.C.), Gabo Amo (D-R.I.), Yassamin Ansari (D-Ariz.), Jake Auchincloss (D-Mass.), Becca Balint (D-Vt.), Nanette Diaz Barragán (D-Calif.), Joyce Beatty (D-Ohio), Wesley Bell (D-Mo.), Donald Beyer (D-Va.), Sanford D. Bishop, Jr. (D-Ga.), Suzanne Bonamici (D-Ore.), Brendan Boyle (D-Pa.), Julia Brownley (D-Calif.), Nikki Budzinski (D-Ill.), Salud Carbajal (D-Calif.), Andre Carson (D-Ind.), Troy Carter (D-La.), Greg Casar (D-Texas), Sean Casten (D-Ill.), Kathy Castor (D-Fla.), Joaquin Castro (D-Texas), Sheila Cherfilus-McCormick (D-Fla.), Judy Chu (D-Calif.), Gilbert Cisneros (D-Calif.), Yvette Clark (D-N.Y.), Steven Cohen (D-Tenn.), Bonnie Watson Coleman (D-N.J.),, Herbert Conaway (D-N.J.), Gerald Connolly (D-Va.), Alexandria Ocasio-Cortez (D-N.Y.), Jim Costa (D-Calif.), Jasmine Crockett (D-Texas), Jason Crow (D-Colo.), Danny Davis (D-Ill.), Madeleine Dean (D-Pa.), Diana DeGette (D-Colo.), April McClain Delaney (D-Md.), Rosa DeLauro (D-Conn.), Suzan K. DelBene (D-Wash.), Chris Deluzio (D-Pa.), Mark DeSaulnier (D-Calif.), Maxine Dexter (D-Ore.), Lloyd Doggett (D-Texas), Sarah Elfreth (D-Md.), Veronica Escobar (D-Texas), Adriano Espaillat (D-N.Y.), Dwight Evans (D-Pa.), Teresa Leger Fernández (D-N.M.), Cleo Fields (D-La.), Bill Foster (D-Ill.), Valerie P. Foushee (D-N.C.), Laura Friedman (D-Calif.), John Garamendi (D-Calif.), Jesús G. “Chuy” García (D-Ill.), Sylvia R. Garcia (D-Texas), Robert Garcia (D-Calif.), Al Green (D-Texas), Dan Goldman (D-N.Y.), Jimmy Gomez (D-Calif.), Maggie Goodlander (D-N.H.), Steven Horsford (D-Nev.), Chrissy Houlahan (D-Md.), Steny H. Hoyer (D-Md.), Val Hoyle (D-Ore.), Jared Huffman (D-Calif.), Glenn Ivey (D-Md.), Jonathan L. Jackson (D-Ill.), Sara Jacobs (D-Calif.), Pramila Jayapal (D-Wash.), Henry C. “Hank” Johnson, Jr. (D-Ga.), Julie Johnson (D-Texas), Marcy Kaptur (D-Ohio), William R. Keating (D-Mass.), Robin L. Kelly (D-Ill.), Ro Khanna (D-Calif.), Greg Landsman (D-Ohio), Rick Larsen (D-Wash.), George Latimer (D-N.Y.), Summer L. Lee (D-Pa.), Stephen F. Lynch (D-Mass.), Seth Magaziner (D-R.I.), Jennifer L. McClellan (D-Va.), Betty McCollum (D-Minn.), James P. McGovern (D-Mass.), LaMonica McIver (D-N.J.), Robert J. Menendez (D-N.J.), Grace Meng (D-N.Y.), Dave Min (D-Calif.), Kelly Morrison (D-Minn.), Jared Moskowitz (D-Fla.), Seth Moulton (D-Mass.), Kevin Mullin (D-Calif.), Jerrold Nadler (D-N.Y.), Eleanor Holmes Norton (D-D.C.), Johnny Olszewski, Jr. (D-Md.), Ilhan Omar (D-Minn.), Frank Pallone, Jr. (D-N.J.), Chris Pappas (D-N.H.), Brittany Pettersen (D-Colo.), Chellie Pingree (D-Maine), Mark Pocan (D-Wisc.), Ayanna Pressley (D-Mass.), Mike Quigley (D-Ill.), Delia C. Ramirez (D-Ill.), Jamie Raskin (D-Md.), Kristen McDonald Rivet (D-Mich.), Raul Ruiz, M.D. (D-Calif.), Andrea Salinas (D-Ore.), Linda T. Sánchez (D-Calif.), Mary Gay Scanlon (D-Pa.), Jan Schakowsky (D-Ill.), Bradley Scott Schneider (D-Ohio), Debbie Wasserman Schultz (D-Fla.), Robert C. “Bobby” Scott (D-Va.), Terri A. Sewell (D-Ala.), Lateefah Simon (D-Calif.), Brad Sherman (D-Calif.), Mikie Sherrill (D-N.I.), Adam Smith (D-Wash.), Darren Soto (D-Fla.), Melanie Stansbury (D-N.M.), Greg Stanton (D-Ariz.), Suhas Subramanyam (D-Va.), Eric Swalwell (D-Calif.), Emilia Strong Sykes (D-Ohio), Mark Takano (D-Calif.), Shri Thanedar (D-Mich.), Dina Titus (D-Nev.), Bennie G. Thompson (D-Miss.), Rashida Tlaib (D-Mich.), Jill Tokuda (D-Hawaii), Paul Tonko (D-N.Y.), Ritchie Torres (D-N.Y.), Lori Trahan (D-Mass.), Derek T. Tran (D-Calif.), Nikema Williams (D-Ga.), Frederica S. Wilson (D-Fla.), Juan Vargas (D-Calif.), Marc A. Veasey (D-Texas), Nydia M. Velázquez (D-N.Y.), Eugene Simon Vindman (D-Va.), and George Whitesides (D-Calif.).
The following groups endorsed the letter: Americans for Tax Fairness, Public Citizen, Economic Security Project Action, MoveOn, United for Respect, P Street, 20/20 Vision, Young Invincibles, Patriotic Millionaires, Groundwork Action, Unitarian Universalists for Social Justice, Meals4Families, Beyond Careers, Grow Brooklyn, National Consumer Law Center, Color of Change, End Child Poverty California, Consumer Action, United Ways of the Pacific Northwest, Northwest Progressive Institute, NETWORK Lobby for Catholic Social Justice, Shriver Center on Poverty Law, Accountable.US, United for a Fair Economy, Responsible Wealth, National Association of Social Workers, National Women’s Law Center Action Fund, Golden State Opportunity, OnTrack Financial Education & Counseling, North Carolina Council of Churches.

MIL OSI USA News –

April 23, 2025

MIL-OSI: Range Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, April 22, 2025 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its first quarter 2025 financial results.

First Quarter 2025 Highlights –

Cash flow from operating activities of $330 million
Cash flow from operations, before working capital changes, of $397 million
Repurchased $68 million of shares, paid $22 million in dividends, and reduced net debt by $42 million
Capital spending was $147 million, approximately 22% of the annual 2025 budget
Realized price, including hedges, was $4.02 per mcfe
Natural gas differential, including basis hedging, of ($0.15) per mcf to NYMEX
Pre-hedge NGL realizations of $27.79 per barrel – a premium of $1.05 over Mont Belvieu equivalent
Production averaged 2.20 Bcfe per day, approximately 69% natural gas
Strategic collaboration to supply natural gas to potential data center and industrial development in Pennsylvania

Commenting on the results, Dennis Degner, the Company’s CEO said, “Range is off to a great start in 2025 with efficient operations, consistent well performance and strong free cash flow. Our solid financial results supported increased returns of capital to shareholders alongside further bolstering of the balance sheet. As demand for natural gas and NGLs increases and in-basin demand opportunities continue to materialize, we believe Range is well positioned given our growing in-process inventory, consistent well results, and high-return, long-life assets measured in decades.”

Financial Discussion

Except for generally accepted accounting principles (“GAAP”) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. “Unit costs” as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See “Non-GAAP Financial Measures” for a definition of non-GAAP financial measures and the accompanying tables that reconcile each non-GAAP measure to its most directly comparable GAAP financial measure.

First Quarter 2025 Results

GAAP revenues and other income for first quarter 2025 totaled $691 million, GAAP net cash provided from operating activities (including changes in working capital) was $330 million, and GAAP net income was $97 million ($0.40 per diluted share). First quarter earnings results include a $159 million mark-to-market derivative loss due to increases in commodity prices.

Cash flow from operations before changes in working capital, a non-GAAP measure, was $397 million. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $232 million ($0.96 per diluted share) in first quarter 2025.

The following table details Range’s first quarter 2025 unit costs per mcfe^(a):

Expenses	1Q 2025 (per mcfe)		1Q 2024 (per mcfe)		Increase (Decrease)

Direct operating^(a)	$	0.13	$	0.11	18	%
Transportation, gathering, processing and compression^(a)		1.55		1.49	4	%
Taxes other than income		0.04		0.03	33	%
General and administrative^(a)		0.16		0.18	(11	)%
Interest expense^(a)		0.14		0.15	(7	)%
Total cash unit costs^(b)		2.01		1.96	3	%
Depletion, depreciation and amortization (DD&A)		0.46		0.45	2	%
Total unit costs plus DD&A^(b)	$	2.46	$	2.40	3	%

^{(a) Excludes stock-based compensation, one-time settlements, and amortization of deferred financing costs.}
^{(b) Totals may not be exact due to rounding.}

The following table details Range’s average production and realized pricing for first quarter 2025^(a):

	1Q25 Production & Realized Pricing
		Natural Gas (mcf)			Oil (bbl)			NGLs (bbl)			Natural Gas Equivalent (mcfe)
		Natural Gas (mcf)			Oil (bbl)			NGLs (bbl)			Natural Gas Equivalent (mcfe)

Net production per day			1,510,705			4,706			110,222			2,200,276

Average NYMEX price		$	3.66		$	71.40		$	26.74
Differential, including basis hedging			(0.15	)		(10.28	)		1.05
Realized prices before NYMEX hedges			3.51			61.12			27.79			3.93
Settled NYMEX hedges			0.13			0.60			(0.04	)		0.09
Average realized prices after hedges		$	3.64		$	61.72		$	27.75		$	4.02

^{(a) Totals may not be exact due to rounding}

First quarter 2025 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $4.02 per mcfe.

The average natural gas price, including the impact of basis hedging, was $3.51 per mcf, or a ($0.15) per mcf differential to NYMEX. Range continues to expect its 2025 natural gas differential to average ($0.40) to ($0.48) relative to NYMEX.
Range’s pre-hedge NGL price during the quarter was $27.79 per barrel, approximately $1.05 above the Mont Belvieu weighted equivalent. Range is improving its full-year NGL price guidance to a range of +$0.25 to +$1.25 relative to a Mont Belvieu equivalent barrel.
Crude oil and condensate price realizations, before realized hedges, averaged $61.12 per barrel, or $10.28 below WTI (West Texas Intermediate). Range continues to expect its 2025 condensate differential to average ($10.00) to ($15.00) relative to NYMEX.

Financial Position and Repurchase Activity

As of March 31, 2025, Range had net debt outstanding of approximately $1.36 billion, consisting of $1.71 billion of senior notes and $345 million in cash. During the first quarter, Range repurchased in the open market $2.2 million principal amount of 4.875% senior notes due 2025 at a discount.

During the quarter, Range repurchased 1,826,562 shares at an average price of approximately $36.97 per share. As of March 31, 2025, the Company had approximately $949 million of availability under the share repurchase program.

Capital Expenditures and Operational Activity

First quarter 2025 drilling and completion expenditures were $130 million. In addition, during the quarter, approximately $16 million was invested in acreage, and $1 million was invested in infrastructure and other investments. First quarter capital spending represented approximately 22% of Range’s total capital budget in 2025.

During the quarter, Range drilled ~250,000 lateral feet across 18 wells, while turning to sales ~132,000 lateral feet across 10 wells. The added inventory of drilled but not completed laterals is in line with Range’s plans to exit 2025 with ~400,000 lateral feet of surplus inventory to support future development.

The table below summarizes expected 2025 activity plans regarding the number of wells to sales in each area.

	Wells TIL 1Q 2025	Remaining 2025	2025 Planned TIL
SW PA Super-Rich	0	8	8
SW PA Wet	10	19	29
SW PA Dry	0	5	5
NE PA Dry	0	4	4
Total Wells	10	36	46

Marketing and Midstream Update

Range is collaborating with Liberty Energy Inc. and Imperial Land Corporation to supply natural gas to a proposed state-of-the-art power generation facility in Washington County, PA. The proposed power facility is expected to serve as a catalyst for attracting data centers and industrial operations seeking long-term, reliable, efficient energy solutions. The project plans to utilize modular, scalable power generation systems and Marcellus natural gas, which has an advantaged emissions profile versus other basins in the U.S.

Guidance – 2025

Capital & Production Guidance

Range’s 2025 all-in capital budget is $650 million – $690 million. Annual production is expected to be approximately 2.2 Bcfe per day in 2025. Liquids are expected to be over 30% of production.

Full Year 2025 Expense Guidance

	Direct operating expense:	$0.12 – $0.14 per mcfe
	Transportation, gathering, processing and compression expense:	$1.50 – $1.55 per mcfe
	Taxes other than income:	$0.03 – $0.04 per mcfe
	Exploration expense:	$24 – $28 million
	G&A expense:	$0.17 – $0.19 per mcfe
	Net Interest expense:	$0.12 – $0.13 per mcfe
	DD&A expense:	$0.45 – $0.46 per mcfe
	Net brokered gas marketing expense:	$8 – $12 million

Updated Full Year 2025 Price Guidance

Based on recent market indications, Range expects to average the following price differentials for its production in 2025.

	FY 2025 Natural Gas:⁽¹⁾	NYMEX minus $0.40 to $0.48
	FY 2025 Natural Gas Liquids:⁽²⁾	MB plus $0.25 to $1.25 per barrel
	FY 2025 Oil/Condensate:	WTI minus $10.00 to $15.00

(1) Including basis hedging
(2) Mont Belvieu-equivalent pricing based on weighting of 53% ethane, 27% propane, 8% normal butane, 4% iso-butane and 8% natural gasoline.

Hedging Status

Range hedges portions of its expected future production volumes to increase the predictability of cash flow and maintain a strong, flexible financial position. Please see the detailed hedging schedule posted on the Range website under Investor Relations – Financial Information.

Range has also hedged basis across the Company’s numerous natural gas sales points to limit volatility between benchmark and regional prices. The combined fair value of natural gas basis hedges as of March 31, 2025, was a net gain of $11.7 million.

Conference Call Information

A conference call to review the financial results is scheduled on Wednesday, April 23 at 8:00 AM Central Time (9:00 AM Eastern Time). Please click here to pre-register for the conference call and obtain a dial in number with passcode.

A simultaneous webcast of the call may be accessed at www.rangeresources.com. The webcast will be archived for replay on the Company’s website until May 23^rd.

Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles (GAAP), the Company’s earnings press release contains certain financial measures that are not presented in accordance with GAAP. Management believes certain non-GAAP measures may provide financial statement users with meaningful supplemental information for comparisons within the industry. These non-GAAP financial measures may include, but are not limited to Net Income, excluding certain items, Cash flow from operations before changes in working capital, realized prices, Net debt and Cash margin.

Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods.

Cash flow from operations before changes in working capital represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital (sometimes referred to as “adjusted cash flow”) is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.

The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.

Net debt is calculated as total debt less cash and cash equivalents. The Company believes this measure is helpful to investors and industry analysts who utilize Net debt for comparative purposes across the industry.

The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s Annual or Quarterly Reports on Form 10-K or 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.

We believe that the presentation of PV₁₀ value of our proved reserves is a relevant and useful metric for our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV₁₀ is based on prices and discount factors that are consistent for all companies. Because of this, PV₁₀ can be used within the industry and by credit and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.

Included within this release are certain “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future events. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “outlook”, “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements.

All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, future commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management’s assumptions and Range’s future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range’s filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as “resource potential,” “unrisked resource potential,” “unproved resource potential” or “upside” or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC’s guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range’s internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range’s management. “EUR”, or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range’s interests could differ substantially. Factors affecting ultimate recovery include the scope of Range’s drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.

In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price or drilling cost changes. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.

SOURCE: Range Resources Corporation

Range Investor Contacts:

Laith Sando
817-869-4267

Matt Schmid
817-869-1538

Range Media Contact:

Mark Windle
724-873-3223

RANGE RESOURCES CORPORATION


STATEMENTS OF OPERATIONS
Based on GAAP reported earnings with additional
details of items included in each line in Form 10-Q
(Unaudited, In thousands, except per share data)
	Three Months Ended March 31,
	2025			2024			%
Revenues and other income:
Natural gas, NGLs and oil sales (a)	$	791,920		$	567,001
Derivative fair value (loss) income		(158,957	)		46,598
Brokered natural gas and marketing		54,408			28,831
ARO settlement loss (b)		–			(26	)
Interest income (b)		3,053			2,943
Gain on sale of assets (b)		62			87
Other (b)		68			22
Total revenues and other income		690,554			645,456			7	%

Costs and expenses:
Direct operating		24,836			21,664
Direct operating – stock-based compensation (c)		537			497
Transportation, gathering, processing and compression		306,109			290,875
Taxes other than income		6,987			5,368
Brokered natural gas and marketing		57,361			30,895
Brokered natural gas and marketing – stock-based compensation (c)		840			708
Exploration		6,044			4,202
Exploration – stock-based compensation (c)		347			324
Abandonment and impairment of unproved properties		4,574			2,371
General and administrative		31,553			33,772
General and administrative – stock-based compensation (c)		10,111			9,978
General and administrative – lawsuit settlements		27			191
Exit costs		8,897			10,315
Deferred compensation plan (d)		2,879			6,405
Interest expense		27,785			29,116
Interest expense – amortization of deferred financing costs (e)		1,376			1,360
Gain on early extinguishment of debt		(3	)		(64	)
Depletion, depreciation and amortization		90,559			87,137
Total costs and expenses		580,819			535,114			9	%

Income before income taxes		109,735			110,342			-1	%

Income tax expense
Current		2,000			1,582
Deferred		10,683			16,622
		12,683			18,204

Net income	$	97,052		$	92,138			5	%


Net income Per Common Share
Basic	$	0.40		$	0.38
Diluted	$	0.40		$	0.38

Weighted average common shares outstanding, as reported
Basic		240,035			240,505			0	%
Diluted		241,755			242,406			0	%


(a) See separate natural gas, NGLs and oil sales information table.
(b) Included in Other income in the 10-Q.
(c) Costs associated with stock compensation and restricted stock amortization, which have been reflected in the
categories associated with the direct personnel costs, which are combined with the cash costs in the 10-Q.
(d) Reflects the change in market value of the vested Company stock held in the deferred compensation plan.
(e) Included in interest expense in the 10-Q.

RANGE RESOURCES CORPORATION


BALANCE SHEET
(In thousands)	March 31,			December 31,
	2025			2024
	(Unudited)			(Audited)
Assets
Current assets	$	714,502		$	636,982
Derivative assets		6,470			87,098
Natural gas and oil properties, net (successful efforts method)		6,476,813			6,421,700
Other property and equipment, net		2,799			2,465
Operating lease right-of-use assets		100,110			119,838
Other		82,030			79,592
	$	7,382,724		$	7,347,675

Liabilities and Stockholders’ Equity
Current liabilities	$	1,211,926		$	1,263,247
Asset retirement obligations		1,189			1,189
Derivative liabilities		70,845			9,634
Senior notes, excluding current maturities		1,090,107			1,089,614
Deferred tax liabilities		552,057			541,378
Derivative liabilities		32,178			10,488
Deferred compensation liabilities		66,336			65,233
Operating lease liabilities		35,535			35,737
Asset retirement obligations and other liabilities		140,607			137,181
Divestiture contract obligation		242,583			257,317
		3,443,363			3,411,018

Common stock and retained deficit		4,520,586			4,449,987
Other comprehensive income		597			611
Common stock held in treasury		(581,822	)		(513,941	)
Total stockholders’ equity		3,939,361			3,936,657
	$	7,382,724		$	7,347,675

RECONCILIATION OF TOTAL DEBT AS REPORTED
TO NET DEBT, a non-GAAP measure
(Unaudited, in thousands)
	March 31,			December 31,
	2025			2024			%

Total debt, net of deferred financing costs, as reported	$	1,696,541		$	1,697,883			0	%
Unamortized debt issuance costs, as reported		10,001			10,819
Less cash and cash equivalents, as reported		(344,574	)		(304,490	)
Net debt, a non-GAAP measure	$	1,361,968		$	1,404,212			-3	%

RANGE RESOURCES CORPORATION



CASH FLOWS FROM OPERATING ACTIVITIES
(Unaudited, in thousands)

	Three Months Ended March 31,
	2025			2024

Net income		97,052			92,138
Adjustments to reconcile net cash provided from continuing operations:
Deferred income tax expense		10,683			16,622
Depletion, depreciation and amortization		90,559			87,137
Abandonment and impairment of unproved properties		4,574			2,371
Derivative fair value loss (income)		158,957			(46,598	)
Cash settlements on derivative financial instruments		4,573			122,373
Divestiture contract obligation, including accretion		8,897			10,267
Amortization of deferred financing costs and other		1,182			1,232
Deferred and stock-based compensation		15,083			18,215
Gain on sale of assets		(62	)		(87	)
Gain on early extinguishment of debt		(3	)		(64	)

Changes in working capital:
Accounts receivable		(28,722	)		107,454
Other current assets		(9,028	)		(8,944	)
Accounts payable		36,181			12,188
Accrued liabilities and other		(59,843	)		(82,374	)
Net changes in working capital		(61,412	)		28,324
Net cash provided from operating activities		330,083			331,930



RECONCILIATION OF NET CASH PROVIDED FROM OPERATING
ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS
BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP measure
(Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Net cash provided from operating activities, as reported	$	330,083		$	331,930
Net changes in working capital		61,412			(28,324	)
Exploration expense		6,044			4,202
Lawsuit settlements		27			191
Non-cash compensation adjustment and other		(175	)		(101	)
Cash flow from operations before changes in working capital – non-GAAP measure	$	397,391		$	307,898



ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING
(Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Basic:
Weighted average shares outstanding		240,776			242,082
Stock held by deferred compensation plan		(741	)		(1,577	)
Adjusted basic		240,035			240,505

Dilutive:
Weighted average shares outstanding		240,776			242,082
Dilutive stock options under treasury method		979			324
Adjusted dilutive		241,755			242,406

RANGE RESOURCES CORPORATION



RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES
AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO
CALCULATED CASH REALIZED NATURAL GAS, NGLs AND
OIL PRICES WITH AND WITHOUT THIRD-PARTY
TRANSPORTATION, GATHERING, PROCESSING AND
COMPRESSION COSTS, a non-GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended March 31,
	2025					2024					%
Natural gas, NGLs and Oil Sales components:
Natural gas sales	$		490,377			$		271,475
NGLs sales			275,654					256,076
Oil sales			25,889					39,450
Total Natural Gas, NGLs and Oil Sales, as reported	$		791,920			$		567,001				40		%

Derivative Fair Value (Loss) Income, as reported	$		(158,957		)	$		46,598
Cash settlements on derivative financial instruments – (gain) loss:
Natural gas			(4,729		)			(120,913	)
NGLs			412					77
Oil			(256		)			(1,537	)
Total change in fair value related to commodity derivatives prior to
settlement, a non GAAP measure	$		(163,530		)	$		(75,775	)

Transportation, gathering, processing and compression components:
Natural Gas	$		157,519			$		150,112
NGLs			147,838					140,274
Oil			752					489
Total transportation, gathering, processing and compression, as reported	$		306,109			$		290,875

Natural gas, NGL and Oil sales, including cash-settled derivatives: (c)
Natural gas sales	$		495,106			$		392,388
NGLs sales			275,242					255,999
Oil Sales			26,145					40,987
Total	$		796,493			$		689,374				16		%

Production of natural gas, NGLs and oil during the periods (a):
Natural Gas (mcf)			135,963,430					132,650,240				2		%
NGLs (bbls)			9,919,989					9,760,723				2		%
Oil (bbls)			423,579					610,279				-31		%
Gas equivalent (mcfe) (b)			198,024,838					194,876,252				2		%

Production of natural gas, NGLs and oil – average per day (a):
Natural Gas (mcf)			1,510,705					1,457,695				4		%
NGLs (bbls)			110,222					107,261				3		%
Oil (bbls)			4,706					6,706				-30		%
Gas equivalent (mcfe) (b)			2,200,276					2,141,497				3		%

Average prices, excluding derivative settlements and before third-party
transportation costs:
Natural Gas (per mcf)	$		3.61			$		2.05				76		%
NGLs (per bbl)	$		27.79			$		26.24				6		%
Oil (per bbl)	$		61.12			$		64.64				-5		%
Gas equivalent (per mcfe) (b)	$		4.00			$		2.91				37		%

Average prices, including derivative settlements before third-party
transportation costs: (c)
Natural Gas (per mcf)	$		3.64			$		2.96				23		%
NGLs (per bbl)	$		27.75			$		26.23				6		%
Oil (per bbl)	$		61.72			$		67.16				-8		%
Gas equivalent (per mcfe) (b)	$		4.02			$		3.54				14		%

Average prices, including derivative settlements and after third-party
transportation costs: (d)
Natural Gas (per mcf)	$		2.48			$		1.83				36		%
NGLs (per bbl)	$		12.84			$		11.86				8		%
Oil (per bbl)	$		59.95			$		66.36				-10		%
Gas equivalent (per mcfe) (b)	$		2.48			$		2.05				21		%

Transportation, gathering and compression expense per mcfe	$		1.55			$		1.49				4		%

(a) Represents volumes sold regardless of when produced.
(b) Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy content of oil to natural gas, which is not necessarily
indicative of the relationship of oil and natural gas prices.
(c) Excluding third-party transportation, gathering, processing and compression costs.
(d) Net of transportation, gathering, processing and compression costs.
RANGE RESOURCES CORPORATION



RECONCILIATION OF INCOME BEFORE INCOME
TAXES AS REPORTED TO INCOME BEFORE INCOME TAXES
EXCLUDING CERTAIN ITEMS, a non-GAAP measure
(Unaudited, In thousands, except per share data)
		Three Months Ended March 31,
		2025					2024				%

Income from operations before income taxes, as reported				109,735			110,342					-1	%
Adjustment for certain special items:
Gain on the sale of assets				(62	)		(87			)
ARO settlement loss				–			26
Change in fair value related to derivatives prior to settlement				163,530			75,775
Abandonment and impairment of unproved properties				4,574			2,371
Gain on early extinguishment of debt				(3	)		(64			)
Lawsuit settlements				27			191
Exit costs				8,897			10,315
Brokered natural gas and marketing – stock-based compensation				840			708
Direct operating – stock-based compensation				537			497
Exploration expenses – stock-based compensation				347			324
General & administrative – stock-based compensation				10,111			9,978
Deferred compensation plan – non-cash adjustment				2,879			6,405

Income before income taxes, as adjusted				301,412			216,781					39	%

Income tax expense, as adjusted
Current (a)				2,000			1,582
Deferred (a)				67,325			48,278

Net income, excluding certain items, a non-GAAP measure		$		232,087			$	166,921				39	%

Non-GAAP income per common share
Basic		$		0.97			$	0.69				41	%
Diluted		$		0.96			$	0.69				39	%

Non-GAAP diluted shares outstanding, if dilutive				241,755			242,406





(a) Taxes are estimated to be approximately 23% for 2024 and 2025

RANGE RESOURCES CORPORATION



RECONCILIATION OF NET INCOME, EXCLUDING
CERTAIN ITEMS AND ADJUSTED EARNINGS PER
SHARE, non-GAAP measures
(In thousands, except per share data)
	Three Months Ended March 31,
	2025			2024

Net income, as reported	$	97,052		$	92,138
Adjustments for certain special items:
Gain on the sale of assets		(62	)		(87	)
ARO settlement loss		–			26
Gain on early extinguishment of debt		(3	)		(64	)
Change in fair value related to derivatives prior to settlement		163,530			75,775
Abandonment and impairment of unproved properties		4,574			2,371
Lawsuit settlements		27			191
Exit costs		8,897			10,315
Stock-based compensation		11,835			11,507
Deferred compensation plan		2,879			6,405
Tax impact		(56,642	)		(31,656	)

Net income, excluding certain items, a non-GAAP measure	$	232,087		$	166,921

Net income per diluted share, as reported	$	0.40		$	0.38
Adjustments for certain special items per diluted share:
Gain on the sale of assets		–			–
ARO settlement loss		–			–
Gain on early extinguishment of debt		–			–
Change in fair value related to derivatives prior to settlement		0.68			0.31
Abandonment and impairment of unproved properties		0.02			0.01
Lawsuit settlements		–			–
Exit costs		0.04			0.04
Stock-based compensation		0.05			0.05
Deferred compensation plan		0.01			0.03
Adjustment for rounding differences		(0.01	)		–
Tax impact		(0.23	)		(0.13	)
Dilutive share impact (rabbi trust and other)		–			–

Net income per diluted share, excluding certain items, a non-GAAP measure	$	0.96		$	0.69

Adjusted earnings per share, a non-GAAP measure:
Basic	$	0.97		$	0.69
Diluted	$	0.96		$	0.69

RANGE RESOURCES CORPORATION

RECONCILIATION OF CASH MARGIN PER MCFE, a non-
GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended March 31,
	2025			2024

Revenues
Natural gas, NGLs and oil sales, as reported	$	791,920		$	567,001
Derivative fair value (loss) income, as reported		(158,957	)		46,598
Less non-cash fair value loss		163,530			75,775
Brokered natural gas and marketing, as reported		54,408			28,831
Other income, as reported		3,183			3,026
Less gain on sale of assets		(62	)		(87	)
Less ARO settlement		–			26
Cash revenues		854,022			721,170

Expenses
Direct operating, as reported		25,373			22,161
Less direct operating stock-based compensation		(537	)		(497	)
Transportation, gathering and compression, as reported		306,109			290,875
Taxes other than income, as reported		6,987			5,368
Brokered natural gas and marketing, as reported		58,201			31,603
Less brokered natural gas and marketing stock-based compensation		(840	)		(708	)
General and administrative, as reported		41,691			43,941
Less G&A stock-based compensation		(10,111	)		(9,978	)
Less lawsuit settlements		(27	)		(191	)
Interest expense, as reported		29,161			30,476
Less amortization of deferred financing costs		(1,376	)		(1,360	)
Cash expenses		454,631			411,690

Cash margin, a non-GAAP measure	$	399,391		$	309,480

Mmcfe produced during period		198,025			194,876

Cash margin per mcfe	$	2.02		$	1.59

RECONCILIATION OF INCOME BEFORE INCOME TAXES
TO CASH MARGIN, a non-GAAP measure
(Unaudited, in thousands, except per unit data)
	Three Months Ended March 31,
	2025			2024

Income before income taxes, as reported	$	109,735		$	110,342
Adjustments to reconcile income before income taxes to cash margin:
ARO settlements		–			26
Derivative fair value loss (income)		158,957			(46,598	)
Net cash receipts on derivative settlements		4,573			122,373
Exploration expense		6,044			4,202
Lawsuit settlements		27			191
Exit costs		8,897			10,315
Deferred compensation plan		2,879			6,405
Stock-based compensation (direct operating, brokered natural gas and		11,835			11,507
Marketing, and general and administrative)
Bad debt expense		–			–
Interest – amortization of deferred financing costs		1,376			1,360
Depletion, depreciation and amortization		90,559			87,137
Gain on sale of assets		(62	)		(87	)
Gain on early extinguishment of debt		(3	)		(64	)
Abandonment and impairment of unproved properties		4,574			2,371
Cash margin, a non-GAAP measure	$	399,391		$	309,480

The MIL Network –

April 23, 2025

MIL-Evening Report: Gambling in Australia: how bad is the problem, who gets harmed most and where may we be heading?

Source: The Conversation (Au and NZ) – By Alex Russell, Principal Research Fellow, CQUniversity Australia

Mick Tsikas/AAP, Joel Carret/AAP, Darren England/AAP, Ihor Koptilin/Shutterstock, The Conversation, CC BY

Gambling prevalence studies provide a snapshot of gambling behaviour, problems and harm in our communities. They are typically conducted about every five years.

In some Australian states and territories, four or five have been conducted over the past 20 or so years. These have provided a snapshot into how gambling has changed – and how it has not.

So, how has gambling in Australia changed in the past two decades or so, and where may we be heading?

The intensification of gambling

In 1997-98, the Productivity Commission found about 82% of Australians had gambled in the previous 12 months.

Almost all further prevalence studies show the proportion of adults gambling has declined substantially over time.

The 2024 NSW prevalence survey, for example, found 54% reported gambling in the previous 12 months, down from 69% in 2006.

While fewer people are gambling, the proportion of people experiencing problems has not changed much, nor has gambling turnover.

In some states, gambling turnover has increased, even when you take inflation into account.

So while a smaller proportion of people are gambling, those who do gamble are doing so more frequently, and spend more money – a phenomenon we have described as the “intensification” of the industry.

As figures from the Grattan Institute show, the vast majority of gambling spend comes from a very small proportion of people who gamble.

What’s the problem?

Typically, the focus in gambling studies has been on “problem gamblers”, a term we now avoid because it can be stigmatising.

This refers to those experiencing severe problems due to their gambling, which is typically about 1% of the adult population, and around 2% of people who gamble.

This doesn’t sound like much, until you remember 1% of adults in Australia is more than 200,000 people. That’s a lot of people struggling with severe problems.

Based on recent prevalence surveys in Australia, these gamblers spend about 60 times as much as people who do not experience problems.

However, that’s just the most severe cases.

How gambling harms people

When most people think of gambling harm, they think about financial harm. But gambling can cause problems with relationships, work and study, emotional and psychological harm, and even cause health issues.

Some degree of gambling harm is experienced by around 10-15% of people who gamble.

Some groups are overrepresented: young men typically experience very high levels of harm compared to others. Other overrepresented groups are:

those who have not completed tertiary education
people who speak a language other than English
people who identify as Aboriginal or Torres Strait Islander.

Harm isn’t just experienced by people who gamble, though – it impacts the people around them.

While young men are more likely to experience harm from their own gambling, women, particularly young women, are most likely to experience harm from someone else’s gambling.

When we take all of these sources of harm into account, we get a much better picture of gambling harm in our community: around 15-20% of all adults (not all gamblers) experience harm.

That’s very different to the figure of 1% we’ve focused on in the past.

We’re still missing some accounting, though: we don’t know how much harm is experienced by people under 18, for example, because prevalence studies typically only include adults.

Where does the harm come from?

The most problematic form in Australia is pokies, responsible for about 51-57% of problems.

Casinos are responsible for another 10-14%, although fewer people have been gambling in casino games in recent years.

Sports betting and race betting together account for about another 19-20% of harm.

Between them, pokies, casino games and sports and race betting account for about 90% of harm to Australian gamblers.

Availability is an issue

This widespread availability of pokies is the biggest single driver behind gambling harm in Australia.

In other countries, pokies are limited to venues that are specifically used for gambling, like casinos or betting shops.

We have pokies in a huge number of our pubs and clubs, except in Western Australia.

A couple of years ago, we used national prevalence data to compare gambling problems in WA to the rest of the country.

A higher percentage of adults in WA gamble, but mostly on the lotteries which are typically not associated with much harm.

Gambling on pokies is far less prevalent in WA because they’re only available in one casino. Gambling problems and harm are about one-third lower in WA, and our analysis shows this can be attributed to the limited access to pokies.

This also tells us something important. If pokies are not available, people will typically not substitute them with other harmful forms. It points to the role of the availability of dangerous gambling products in gambling harm, rather than personal characteristics.

Online gambling has also become a lot more available. Most of us now have a mobile phone almost surgically implanted onto our hand, making online gambling more accessible than ever. Not surprisingly, online gambling continues to increase.

An obvious solution to try

Governments have taken increasingly proactive measures to help address gambling harm, such as the National Consumer Protection Framework for Online Gambling, strategies for minimising harm such as NSW’s investment into gambling harm minimisation, Victoria’s proposed reforms on pokies including mandatory precommitment limits, Queensland’s Gambling Harm Minimisation Plan and the ACT’s Strategy for Gambling Harm Prevention.

Voluntary limits have been trialled to help people keep their gambling under control, but have had virtually no uptake.

For example, the recent NSW Digital Gaming Wallet trial was conducted in 14 venues. Only 32 people were active users, and 14 of these were deemed genuine users. Another study found only 0.01% of all money put through machines in Victoria used the voluntary YourPlay scheme.

The problem with voluntary limits is, no one volunteers.

Mandatory limits though are almost certainly necessary, just like we have mandatory limits for how fast you can drive, or how much you can drink before the bartender puts you in a taxi.

There will almost certainly be push back against this, just like the introduction of mandatory seatbelts in the 1970s, or the introduction of random breath testing.

Now, we accept them as important public health measures.

History tells us the same will happen with mandatory gambling limits, even if we’re a bit uncomfortable about it at first.

Alex Russell received funding from the Star Entertainment Group from 2014-2016 to conduct research examining gambling behaviour and problems amongst casino staff, and to provide recommendations to minimise risks associated with occupational exposure to gambling. He no longer accepts industry funding, or works on industry-funded projects.

Matthew Browne receives funding from New Zealand and Australian State and Federal Government Authorities. Most recently, the Queensland Department of Justice and Attorney-General, New Zealand Ministry of Health, and the Victorian Responsible Gambling Foundation.

Matthew Rockloff has receives funding from New Zealand and Australian State and Federal Government Authorities. Most recently, the Queensland Department of Justice and Attorney-General, the NSW Office of Responsible Gambling, the New Zealand Ministry of Health, the Victorian Responsible Gambling Foundation, the Government of South Australia, Gambling Research Australia, and the ACT Gambling and Racing Commission.

– ref. Gambling in Australia: how bad is the problem, who gets harmed most and where may we be heading? – https://theconversation.com/gambling-in-australia-how-bad-is-the-problem-who-gets-harmed-most-and-where-may-we-be-heading-252389

MIL OSI Analysis – EveningReport.nz –

April 23, 2025

MIL-OSI Security: Edmond Resident Sentenced for Attempted Coercion and Enticement

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

MUSKOGEE, OKLAHOMA – The United States Attorney’s Office for the Eastern District of Oklahoma announced that Lee Edward Redman, age 52, of Edmond, Oklahoma, was sentenced to 120 months in prison for one count of Attempted Coercion and Enticement.

The charge arose from an investigation by the Muskogee County Sheriff’s Office and the Federal Bureau of Investigation.

On November 7, 2024, Redman pleaded guilty to attempting to use the internet to entice an individual who he believed to be under the age of 16 to engage in sexual activity. According to investigators, between October 21 and October 24 of 2022, Redman initiated contact with an account appearing to belong to a young female. That account was actually operated as part of an undercover operation conducted by Muskogee County Sheriff’s Office Investigators. After a conversation in which Redman learned that his intended target was 15 years of age, Redman arranged to meet the account holder for sexual intercourse. On October 24, 2022, deputies arrested Redman in the parking lot of a Muskogee mall where he had arranged to meet the 15 year old intended victim.

The Honorable Ronald A. White, Chief U.S. District Judge in the United States District Court for the Eastern District of Oklahoma, presided over the hearing. Redman will remain in the custody of the U.S. Marshals Service pending transportation to a designated United States Bureau of Prisons facility to serve a non-paroleable sentence of incarceration.

Assistant U.S. Attorney Morgan A. Muzljakovich represented the United States.

MIL Security OSI –

April 23, 2025

MIL-OSI Security: Enfield — Missing person: Help the RCMP find Paul Joseph Freel

Source: Royal Canadian Mounted Police

East Hants District RCMP is asking for the public’s assistance in locating 45-Year-Old Paul Joseph Freel, from East Uniacke, who was reported missing on April 13, 2025. He is believed to have been last seen on April 4, 2025.

Freel is described as 5 foot 11 and approximately 250 lbs. He has brown hair and brown eyes.

When someone goes missing, it has deep and far-reaching impacts for the person and those who know them. We ask that people spread the word through social media respectfully.

Anyone with information on the whereabouts of Paul Freel is asked to contact the East Hants District RCMP at 902-883-7077. To remain anonymous, call Nova Scotia Crime Stoppers, toll-free at 1-800-222-TIPS(8477), submit a secure web tip at www.crimestoppers.ns.ca , or use the P3 tips app.

Note: Photo of Paul Joseph Freel is attached.

MIL Security OSI –

April 23, 2025

MIL-OSI Security: Michigan Woman Sentenced to 30 years for Fentanyl and Methamphetamine Trafficking

Source: Office of United States Attorneys

LEXINGTON, Ky. – A Detroit, Michigan, woman, Chanel Lashae Logan, 25, was sentenced on Monday by U.S. District Judge Danny Reeves to 360 months in prison, for one count of conspiracy to distribute methamphetamine and fentanyl, and one count of possession with intent to distribute methamphetamine and fentanyl.

According to her court records, between March 1, 2024 and June 6, 2024, Logan conspired with co-defendant Saruba Asante Smith to distribute substantial quantities of methamphetamine and fentanyl in the Lexington, Kentucky area. In her plea agreement, Logan admitted to selling methamphetamine and fentanyl to an undercover operative on April 23, 2024, followed by an additional larger quantity of methamphetamine to the same undercover operative on May 30, 2024. Both transactions occurred in Lexington. Shortly thereafter, Logan agreed with the undercover operative to sell 10 pounds of methamphetamine and 4 ounces of fentanyl, which she intended to obtain in Detroit. On June 6, 2024, in Shelby County, Kentucky, law enforcement stopped Logan and Smith in Logan’s vehicle as it traveled back from Detroit. Law enforcement located 6.8 kilograms of methamphetamine in the car, along with 76 grams of fentanyl. A search warrant executed at Logan’s and Smith’s Lexington apartment that same day led to the seizure of an additional 4.3 kilograms of methamphetamine and 892 grams of fentanyl.

Logan’s co-defendant, Saruba Smith, was previously sentenced to 92 months in prison.

Under federal law, Logan must serve 85 percent of her prison sentence. Upon her release from prison, she will be under the supervision of the U.S. Probation Office for five years.

Paul McCaffrey, Acting United States Attorney for the Eastern District of Kentucky; Jim Scott, Special Agent in Charge, DEA, Louisville Field Division; Phillip J. Burnett, Jr., Commissioner of the Kentucky State Police; Chief Lawrence Weathers, Lexington Police Department; and Sheriff David Charles, Montgomery County Sheriff’s Office, jointly announced the sentence.

The investigation was conducted by the DEA, KSP, Lexington Police Department, and Montgomery County Sheriff’s Office. Assistant U.S. Attorney Roger West is prosecuting the case on behalf of the United States.

This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

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MIL Security OSI –

April 23, 2025

MIL-OSI USA: Defense Contractor’s Longtime Associate Pleads Guilty to Conspiracy to Defraud the United States

Source: US State of Vermont

Note: View Information here.

A longtime associate of a former defense contractor pleaded guilty today to conspiring to defraud the United States.

The following is according to court documents and statements made in court: from 2009 until approximately 2022, Thomas G. Ehr worked for or on behalf of a co-conspirator, a defense contractor who owned 50% of a business that supplied jet fuel to U.S. troops in Afghanistan and Middle East. Ehr was hired to manage several music television and entertainment projects funded with proceeds from this business. Over time Ehr played a role in several of his co-conspirator’s other investments, including a $60 million real estate investment in Tulum, Mexico, and a $50 million fuel infrastructure project.

Ehr understood that the defense contractor was the business’s 50% owner since it was created, and that the contractor controlled hundreds of millions of dollars in profits from it.

Nevertheless, Ehr agreed to conceal the contractor’s ownership and control of the company, primarily by falsely asserting that the contractor’s wife had founded the company, so that the contractor could obstruct the IRS’ ability to assess and collect the contractor’s taxes — including taxes on profits he made from contracts with the U.S. Department of Defense. Ehr acknowledged that because of the conspiracy, the contractor evaded taxes on more than $350 million of income and caused a tax loss to the United States of approximately $128 million.

Additionally, despite making hundreds of thousands of dollars per year in income, Ehr did not file tax returns for years 2010 to 2015, nor make payments on taxes he owed for 2010 to 2023. By doing so, Ehr caused a tax loss to the United States of more than $700,000.

Ehr is the sixth defendant associated with the defense contracting company to plead guilty. Charles Squires pleaded guilty to tax evasion in February 2022, James Robar pleaded guilty to tax evasion in March 2022, Ronald “Ron” Thomas pleaded guilty to tax evasion in April 2022, Zachary “Zack” Friedman pleaded guilty to tax evasion in August 2022, and Robert Dooner pleaded guilty to tax evasion in November 2023.

Sentencing will be set at a later date. Ehr faces a maximum penalty of five years in prison for the conspiracy count and a maximum penalty of one year in prison for the tax count. He also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Interim U.S. Attorney Edward R. Martin Jr. for the District of Columbia made the announcement.

IRS Criminal Investigation and the Special Inspector General for Afghanistan Reconstruction are investigating the case, with assistance from His Majesty’s Revenue & Customs of the United Kingdom. Assistance was also provided by the Joint Chiefs of Global Tax Enforcement (J5), which brings together the taxing authorities of Australia, Canada, the Netherlands, the United Kingdom, and the United States.

Senior Litigation Counsel Nannette Davis, Assistant Chief Sarah Ranney, and Trial Attorney Ezra Spiro of the Tax Division; and Assistant U.S. Attorney Joshua Gold for the District of Columbia are prosecuting the case.

MIL OSI USA News –

April 23, 2025

MIL-OSI USA: California Department of Justice Releases Report on Officer-Involved Shooting of Darnell Travis

Source: US State of California

OAKLAND – California Attorney General Rob Bonta, pursuant to Assembly Bill 1506 (AB 1506), today released a report on Darnell Travis’s death from an officer-involved shooting in Fontana, California, on June 21, 2022. The incident involved an officer from the Fontana Police Department (FPD). The report is part of the California Department of Justice’s (DOJ) ongoing efforts to provide transparency and accountability in law enforcement practices. The report provides a detailed analysis of the incident and outlines DOJ’s findings. After a thorough investigation, DOJ concluded that criminal charges were not appropriate in this case.

“I sincerely hope that this report provides the valuable insights and information that the community has been seeking,” said Attorney General Bonta. “The California Department of Justice is dedicated to working in partnership with law enforcement agencies to establish a legal framework that is both fair and equitable. Our commitment is to uphold the rule of law while ensuring that justice is accessible to everyone, regardless of their background or circumstances. Together, we aim to foster a system that not only protects the rights of individuals but also promotes trust and accountability between law enforcement and our communities.”

On June 21, 2022, at 7:12 pm, the Fontana Police Department Rapid Response Team was conducting surveillance to apprehend individuals believed to be involved in the sale of an illegal firearm. During the operation and attempted arrest of the individuals, the suspects tried to flee. In the process, they hit FPD vehicles and did not obey commands. A FPD officer opened the passenger side door where Mr. Travis was sitting, reportedly holding a black firearm. The suspects managed to get away but not before Mr. Travis was fatally shot. After a 22-mile vehicle pursuit, no firearm was found in the passenger area, but two cell phones belonging to Mr. Travis’ were located.

Under AB 1506, which requires DOJ to investigate all incidents of officer-involved shootings resulting in the death of an unarmed civilian in the state, DOJ conducted a thorough investigation into this incident and concluded that there is insufficient evidence to prove, beyond a reasonable doubt, that the officer involved acted without the intent to defend himself and others from what he reasonably believed to be the imminent risk of death or serious bodily injury. Therefore, there is insufficient evidence to support a criminal prosecution of the officer. As such, no further action will be taken in this case.

As part of its investigation, DOJ has identified three policy recommendations related to this incident. It is recommended that FPD develop written policies and procedures for undercover and surveillance operations to ensure that the work of crime prevention does not compromise public safety and officer safety. The policies and procedures should include: (1) Guidelines for authorizing undercover and surveillance operations that define clear objectives and outcomes, and (2) Operations planning should include specific details and anticipated manner of enforcement, i.e., vehicle takedown, incident command and coordination so that the supervisor does not become the primary contact officer, and contingency plans for fleeing suspects to ensure officer safety and public safety.

The second recommendation is that FPD provide refresher use of force training so that officers will make reasonable efforts to move out of the path of a moving vehicle when time and opportunity permit. Additionally, officers who are not readily identifiable as police officers, shall identify themselves as police officers and verbalize their intent to use deadly force, when it is safe to do so, such as using the public address system.

The third recommendation is that FPD develop a written policy for high-risk felony stops for its policy manual.

A copy of the report can be found here.

MIL OSI USA News –

April 23, 2025

MIL-OSI Security: Defense Contractor’s Longtime Associate Pleads Guilty to Conspiracy to Defraud the United States

Source: United States Attorneys General 1